thesis-anne/data/articles/all_02.csv

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'851832b877c770634589560e657625c0ce943ef2'|'Glencore sticks with 2017 production targets'|'Business News - Thu Feb 2, 2017 - 8:20am GMT Glencore sticks with 2017 production targets 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 Glencore ( GLEN.L ) stuck with its target for broadly higher output in 2017 on Thursday after reporting falls in copper and zinc which led overall production lower last year. The Swiss-based company said fourth-quarter copper production fell 3 percent and for the full year was down 5 percent at 1.4 million tonnes reflecting the closure of some African operations. Glencore''s steepest fall in output came in zinc which was down 24 percent in 2016 despite finishing the year with an 8 percent quarter-on-quarter rise to 304,900 tonnes. Zinc prices CMZN3 rallied 60 percent last year, making them the best performing metal on the London Metals Exchange in 2016, helped partly by Glencore''s production cuts. The company has said capacity for zinc will stay shut until market conditions allow for extra supply without pushing down prices. (Reporting by Zandi Shabalala; editing by David Goodman and Jason Neely) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-glencore-production-idUKKBN15H0PA'|'2017-02-02T15:20:00.000+02:00'
'3729996d87909df950d9f93c71378757fd76097e'|'Vanguard Natural becomes latest oil firm to file for bankruptcy'|'Oil and natural gas explorer Vanguard Natural Resources LLC ( VNR.O ) filed for bankruptcy protection, adding to a long list of energy firms that have succumbed to weak oil prices.The company said it signed an agreement with certain bondholders that includes a $19.25 million equity investment, with some debtors backing a $255.75 million rights offering.Vanguard also said it had obtained a $50 million debtor-in-possession financing facility, underwritten by Citibank NA, JPMorgan Securities LLC and Wells Fargo Bank NA.The financing, which is subject to court approval, combined with Vanguard''s cash from operations, is expected to give the company sufficient liquidity during the Chapter 11 process.Paul Hastings LLP is serving as Vanguard''s legal counsel and Evercore Partners is the company''s financial adviser. Opportune LLP is the restructuring adviser.(Reporting by Swetha Gopinath in Bengaluru; Editing by Anil D''Silva)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-vnr-bankruptcy-idINKBN15H1FP'|'2017-02-02T09:51:00.000+02:00'
'9788185ca6692a9c78ef0bc1d90da35b661bb485'|'Fitch Rates BAWAG''s Senior Debt ''A-''; Subordinated Notes ''BBB+'''|'Financials  53am EST Fitch Rates BAWAG''s Senior Debt ''A-''; Subordinated Notes ''BBB+'' (The following statement was released by the rating agency) LONDON, February 02 (Fitch) Fitch Ratings has assigned Austrian bank BAWAG P.S.K. Bank fuer Arbeit und Wirtschaft und Oesterreichische Postsparkasse Aktiengesellschaft''s (BAWAG) senior unsecured notes and subordinated notes ratings of ''A-'' and ''BBB+'', respectively. KEY RATING DRIVERS SENIOR DEBT The bank''s senior debt ratings are driven by and equalised with BAWAG''s Long-Term Issuer Default Rating (IDR). In Fitch''s view, the likelihood of default on senior unsecured notes reflects the likelihood of default of the bank. BAWAG''s Viability Rating and IDRs reflect the bank''s successful management track record, and improved financial profile post-restructuring, as well the bank''s effective risk management and generally conservative risk appetite. The ratings also reflect BAWAG''s planned significant growth in the medium term, especially through further opportunistic acquisitions, which could also result in a moderate dilution of the bank''s strong capital ratios. SUBORDINATED DEBT AND OTHER HYBRID SECURITIES BAWAG''s Tier 2 subordinated debt is rated one notch below the Viability Rating to reflect below-average recovery prospects. These securities are subordinated to all senior unsecured creditors. No notching is applied for incremental non-performance risk because write-down of the notes will only occur once the point of non-viability is reached and there is no coupon flexibility prior to non-viability. RATING SENSITIVITIES SENIOR DEBT BAWAG''s senior debt ratings are sensitive to changes in the bank''s Long-Term IDR and hence Viability Rating. An upgrade of the Viability Rating would require a longer track record of generating resilient earnings and maintaining sound asset quality or successful expansion and diversification of the bank''s asset base while maintaining a conservative risk appetite. A downgrade of the Viability Rating could arise from excessive, capital-eroding growth, deterioration in the bank''s risk profile or material increase in risk appetite. SUBORDINATED DEBT AND OTHER HYBRID SECURITIES The subordinated notes'' ratings are sensitive to changes in BAWAG''s Viability Rating. The ratings are also sensitive to a widening of notching if Fitch''s view of the probability of non-performance on the bank''s subordinated debt relative to the probability of the bank failing, as measured by its Viability Rating, increases or if Fitch''s view of recovery prospects changes. Contact: Primary Analyst Krista Davies Director +44 203 350 1579 Fitch Ratings Limited 30 North Colonnade London E14 5GN Secondary Analyst Christian Schindler Associate Director +44 203 530 1323 Committee Chairperson Olivia Perney Guillot Senior Director + 33 1 44 29 91 74 Media Relations: Elaine Bailey, London, Tel: +44 203 530 1153, Email: elaine.bailey@fitchratings.com. Additional information is available on www.fitchratings.com Applicable Criteria Global Bank Rating Criteria (pub. 25 Nov 2016) here Additional Disclosures Dodd-Frank Rating Information Disclosure Form here _id=1018500 Solicitation Status here 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. 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
'ef23799ea9d2b6bfc025d2026106562791f0910c'|'Futures rise ahead on jobs data; bank shares gain'|'Business News - Fri Feb 3, 2017 - 7:24am EST Futures rise ahead on jobs data; bank shares gain Traders work on the floor of the New York Stock Exchange (NYSE) shortly after the opening bell in New York, U.S., January 31, 2017. REUTERS/Lucas Jackson By Yashaswini Swamynathan U.S. stock index futures were up on Friday as investors awaited a crucial employment report to get a steer on the economy, while bank shares added to the upside. * Bank stocks were up in premarket trading on reports that President Donald Trump was preparing to scale back the Dodd-Frank Wall Street reform law. * Citigroup ( C.N ) and Bank of America''s ( BAC.N ) shares climbed more than 1 percent, while Goldman Sachs ( GS.N ) and JPMorgan ( JPM.N ) gained about 0.7 percent. * Hiring in the private and public sectors in the United States in January is expected to have risen to 175,000 from 156,000 the previous month, a report by the Labor Department will show at 8:30 a.m. ET (1330 GMT). * Wall Street ended little changed on Thursday as Trump''s policy plans remained sketchy, nearly two weeks after he took office. * Still, the indexes are not far away from their record levels, and the nonfarm payrolls report and further clarity on bank regulatory reforms could be catalysts for the market after weeks of range-bound trading. * Other data vying for attention include the ISM non-manufacturing index report, which is likely to indicate continued strength in U.S. services sector activity. The data is due at 10:00 a.m. ET. * Chicago Federal Reserve President and voting member Charles Evans is scheduled to speak on current economic conditions at 9:15 a.m. ET, and could provide insight on when the central bank is likely to raise interest rates. * Among stocks, Amazon.com ( AMZN.O ) fell 3.8 percent to $808.23 after the world''s largest online retailer forecast a surprise dip in operating profit for the current quarter. * Dow component Visa ( V.N ) rose 4 percent to $85.63 following quarterly profit and revenue that beat analysts'' expectations. * Apparel and footwear maker Deckers Outdoor ( DECK.N ) dropped 21.4 percent to $43.64 after missing quarterly revenue estimates. * Cyber security firm FireEye ( FEYE.O ) reported its first-ever drop in quarterly revenue on Thursday, sending its shares down nearly 19 percent. Futures snapshot at 7:19 a.m. ET: * Dow e-minis 1YMc1 were up 40 points, or 0.2 percent, with 18,193 contracts changing hands. * S&P 500 e-minis ESc1 were up 3.5 points, or 0.15 percent, with 92,249 contracts traded. * Nasdaq 100 e-minis NQc1 were up 4.75 points, or 0.09 percent, on volume of 18,386 contracts. (Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Sriraj Kalluvila) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-usa-stocks-idUSKBN15I1KS'|'2017-02-03T19:24:00.000+02:00'
'e7d5e95f50f0689fc3cad3c10adea2d3b63e99e4'|'TREASURIES-Yields fall as tepid wage growth points to low inflation'|'Company News - Fri Feb 3, 2017 - 8:59am EST TREASURIES-Yields fall as tepid wage growth points to low inflation * Tepid wage growth eases inflation concerns * Bonds rally after jobs report By Karen Brettell NEW YORK, Feb 3 U.S. Treasury yields fell on Friday after a jobs report for January showed disappointing wage growth, indicating inflation is not rising at a pace that would lead the Federal Reserve to raise rates in the near-term. Nonfarm payrolls increased by 227,000 jobs last month, the largest gain in four months, the Labor Department said. Average hourly earnings, however, increased only three cents or 0.1 percent last month. December''s wage gain was revised down to 0.2 percent from the previously reported 0.4 percent increase. "Most of the disappointment is really focused around the inflation pressures that would presumably force the Fed to act," said Aaron Kohli, an interest rate strategist at BMO Capital Markets in New York. "The whole narrative behind the pressure in rates is you might get to a situation where labor markets are really tight and the incremental gain for any additional stimulus would be to push up wages and trigger inflation. In this case you see that is likely not materializing," Kohli said. Benchmark 10-year notes gained 6/32 in price to yield 2.45 percent, down from a high of 2.49 percent before the report was released. The yield curve between 5-year notes and 30-year bonds steepened to 119 basis points, the widest since Dec. 14. The Fed on Wednesday said job gains remained solid, inflation had increased and economic confidence was rising, although it gave no firm signal on the timing of its next rate move. (Editing by Bernadette Baum) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-bonds-idUSL1N1FO0PZ'|'2017-02-03T20:59:00.000+02:00'
'667bb05ac7334ebd2b94b072a961fc5b57b3cf67'|'SK Innovation acquires Dow Chemical''s ethylene acrylic acid business'|'SEOUL South Korea''s SK Innovation ( 096770.KS ) said on Thursday it will acquire Dow Chemical Co''s ( DOW.N ) ethylene acrylic acid (EAA) business in a bid to boost its efforts to lead high-value added chemical markets.SK Global Chemical Co Ltd, a unit of SK Innovation, signed the acquisition deal worth $370 million, SK Innovation said in a filing to the stock exchange.Under the deal, SK Global Chemical will take over Dow Chemical-owned assets and the EAA business in the United States and Spain, the company said.(Reporting by Jane Chung; Editing by Stephen Coates)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-sk-innovation-dow-idINKBN15H01Q'|'2017-02-01T21:30:00.000+02:00'
'0dfda9d8490837d87e5943c72aedc2abc643dd93'|'Drug maker Sobi eyes sale of Partner Products unit'|'STOCKHOLM Swedish drug maker Swedish Orphan Biovitrum (Sobi) ( SOBIV.ST ) said on Friday it was in talks with a private equity firm regarding a possible sale of its Partner Products business area."We have noted specific information in the market regarding a possible sale of Sobi Partner Products. We confirm that we are in discussions which may or may not lead to an agreement," Sobi CEO Geoffrey McDonough said in a statement.Sobi, which has Investor AB ( INVEb.ST ) as its biggest owner, said the talks did not include drugs Kineret and Orfadin.Partner Products had sales of 617 million Swedish crowns ($70 million) in the January-September period 2016, while Sobi''s total sales were 3.9 billion crowns.Sobi rose 2.1 percent at 1402 GMT after an earlier trading halt was lifted. The share was flat before the trading halt.(Reporting by Johannes Hellstrom; editing by Niklas Pollard)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-swedish-orphan-m-a-idUSKBN15I1VO'|'2017-02-03T17:13:00.000+02:00'
'dae6e3c44a69e0025dba20cf4ac41e8906b87388'|'UK''s Premier Oil agrees debt restructuring deal after months of wrangling'|'LONDON North Sea-focused Premier Oil ( PMO.L ), which has struggled to contain its $2.8 billion debt pile, has agreed further terms with lenders to stretch out repayment of its debt after months of wrangling.Premier has agreed to pay an additional 1.5 percent interest on debt repayments and to issue equity warrants to lenders equivalent to around 15 percent in the company''s issued shares, the company said.The restructuring deal is expected to complete by the end of May by which time negotiations will have taken more than one year.Premier''s debt rose after it bought the North Sea assets of German energy company E.ON last year and after weak oil prices ate into revenue streams. Its debt reached $2.8 billion in December."What today is about, although we''re not quite done, is that we can get on with the business of running the company," Premier Chief Executive Tony Durrant told Reuters."We can get back to making some interesting decisions on the 700 million barrels of oil and gas we''ve got sitting underground, awaiting development."Premier''s Catcher oil field in the North Sea is expected to start producing the first oil before the end of the year, which will add another 50,000 barrels of oil to Premier''s production once it is fully operational.Analysts welcomed the progress on Premier''s restructuring."Resolving corporate negotiations will allow greater focus on delivering the Catcher project on time and below budget in the second half of 2017," said analysts at Bernstein, who rate Premier''s stock as ''outperform''.Premier''s shares were trading up 0.6 percent at 1200 GMT, underperforming the sector index .SXEP which was trading 1.1 percent higher.(Reporting by Karolin Schaps; Editing by Adrian Croft)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-premier-oil-restructuring-idUSKBN15I1J5'|'2017-02-03T15:08:00.000+02:00'
'415357a53443aa16b51f615e76511c6ddf8b0621'|'UPDATE 1-Private equity executive Feinberg in talks to join Trump administration'|'(Adds background on Feinberg)By Greg RoumeliotisFeb 2 Cerberus Capital Management LP''s chief executive, Stephen Feinberg, is in talks to join U.S. President Donald Trump''s administration in a senior role, the private equity firm said on Thursday.Feinbeg''s move would make him the latest Wall Street veteran to serve under Trump. U.S. Treasury Secretary nominee Steven Mnuchin, U.S. Commerce Secretary designate Wilbur Ross, and Gary Cohn, director of the White House National Economic Council, are just some of the high-profile financiers who have agreed to join Trump''s administration.It is not clear what role Feinberg is discussing with Trump''s senior team. His appointment would require him to provide "voluminous information" and disclosures to the Office of Government Ethics and comply with all applicable conflict-of-interest rules and regulations, Cerberus told its investors earlier on Thursday in a letter seen by Reuters.Cerberus also told its investors that it has a succession plan in place that would result in minimal changes to the current management and operation of the firm.Feinberg, who served as one of Trump''s economic advisers during his U.S. election campaign, co-founded Cerberus in 1992.A Princeton graduate, he previously worked at bond trader Drexel Burnham Lambert. Forbes Magazine currently pegs 56-year-old Feinberg''s net worth at $1.25 billion.Cerberus became well known for a $7.4 billion deal it struck in 2007, along with co-investors, to buy an 80 percent stake in car maker Chrysler and its financing arm Chrysler Financial.Chrysler was pushed to the brink of liquidation in 2009 before a bailout that was the subject of intense debate within the administration of former U.S. President Barack Obama. Cerberus lost control of the automaker during its restructuring.In December 2010, Cerberus struck a deal to sell Chrysler Financial to Toronto-Dominion Bank for $6.3 billion. A source close to Cerberus said at the time that deal meant the private equity firm would end up close to break-even on its investment in Chrysler as a whole.Feinberg attracted more controversy in 2012, when a gunman killed 20 children and six adults at Sandy Hook Elementary School in Newtown, Connecticut, using a Bushmaster rifle made by Freedom Group Inc, an arms manufacturer owned by Cerberus.Following unease by Cerberus investors, the New York-based buyout firm sought to sell Freedom Group, but could not sell it for the $1 billion price tag it expected. Instead, Feinberg came up with a mechanism for Cerberus fund investors to sell their stakes in Freedom Group. (Reporting by Greg Roumeliotis in New York)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-trump-feinberg-idINL1N1FN1F2'|'2017-02-02T15:54:00.000+02:00'
'db8ce213b5349f5af7e2f712c2db5b008cd246e1'|'Shell says renegotiating Permian JV with Anadarko'|'By Ron Bousso - LONDON LONDON Royal Dutch Shell ( RDSa.L ) and Anadarko Petroleum ( APC.N ) are renegotiating their five-year-old joint venture in the Permian shale basin in Texas, Shell Chief Financial Officer Simon Henry said on Thursday.The 50-50 JV in the Delaware basin, which expires this year, will likely see the operatorship of the asset "consolidated in a different way", Henry said in an earnings presentation to analysts.Henry also said that Shell''s position in the Haynesville basin to the east of the Permian, which it acquired through its takeover of BG Group last year, "won''t necessarily stay in our portfolio."The Anglo-Dutch oil and gas company is in the midst of a $30 billion global asset disposal program and has previously said it has put up for sale two assets in its U.S. shale portfolio.Shell plans to make its shale operations in North America and Argentina a major production growth engine in the 2020s.On Thursday it said it plans to grow its production in the Permian and Fox Creek basin in Canada by some 140,000 barrels per day of oil equivalent in the near-term.Oil majors including Exxon Mobil ( XOM.N ) and Statoil ( STL.OL ) have significantly increased their stakes in U.S. shale in recent months as they seek to profit from the relatively short time and low spending it takes to ramp up production.(Reporting by Ron Bousso and Karolin Schaps; Editing by Adrian Croft)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-shell-anadarko-petrol-idINKBN15H24Y'|'2017-02-02T13:59:00.000+02:00'
'0f978c307456ba6d62a6df32750dd351a96454a8'|'Starbucks to speed up hiring of veterans amid refugee blowback'|'Thu Feb 2, 2017 - 4:59pm GMT Starbucks to speed up hiring of veterans amid refugee blowback A Starbucks store is seen inside the Tom Bradley terminal at LAX airport in Los Angeles, California, United States, October 27, 2015. REUTERS/Lucy Nicholson Starbucks Corp ( SBUX.O ), facing backlash from some customers over its plans to hire refugees, said it would speed up its previously stated goal of hiring 10,000 veterans and military spouses by 2018. Chief Executive Howard Schultz announced on Sunday the company''s plans to hire 10,000 refugees over the next five years, two days after U.S. President Donald Trump''s executive order put a four-month hold on allowing refugees into the United States and temporarily barred travelers from Syria and six other Muslim-majority countries. It was one of the strongest commitments from a CEO of a major U.S. company against Trump''s order, after several other corporate bosses have stayed silent on Trump''s immigration curbs though the president is likely to face questions when he meets some of them on Friday. As part of the refugee hiring plan, Schultz said the Starbucks would initially focus on hiring those who have served with U.S. troops as interpreters and support personnel abroad. The world''s largest coffee chain soon after faced backlash on social media with several people using #BoycottStarbucks to urge customers to stay away from its stores. Some users also posted screenshots of them deleting the company''s app on their phones. However, users including actor Jessica Chastain tweeted in support of the company after it announced its refugee hiring plans. The world''s largest coffee chain said on Thursday it had already hired over 8,800 veterans and spouses so far and pledged to "keep going". Starbucks, along with former Secretary of Defense Robert Gates, had announced plans in 2013 to hire 10,000 veterans and military spouses over the next five years. (Reporting by Abhijith Ganapavaram in Bengaluru; Editing by Shounak Dasgupta) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-usa-trump-immigration-starbucks-idUKKBN15H24F'|'2017-02-03T00:12:00.000+02:00'
'17733a3c53421452a52620c7fce67242801ecfd7'|'Rates revaluation could finish off high street, warn small businesses - Guardian Small Business Network'|'The situation faced by author Jeanette Winterson, who is planning to close her delicatessen cafe Verde in London because of escalating business rates, will be familiar to small business owners around the country who are facing their own hikes.Jeanette Winterson to close London shop due to business rates surge Read moreBusiness rates are based on the value of commercial property and, according to analysis by CVS Business Rent & Rates Specialists , shops in 791 villages, towns and cities in England and Wales will see their rateable values rise from 1 April. Overall, rateable values between the last property assessment in 2010 (based on 2008 figures) and today, have risen by <20>654m.The coastal town Southwold in Suffolk is top of the list. The town<77>s 79 shops (which excludes department stores, supermarkets and superstores) are facing a rateable value rise of 152%. Rates are rising by 136% for retailers in Blaenavon in south-east Wales, and Port Isaac in north Cornwall is expecting average rises of 121%. In contrast, rateable values in Merthyr Tydfil near the Brecon Beacons National Park, are due to decrease by 43% from April and Yeovil<69>s 313 shops will see a drop of almost 25%.It''s a massive increase for me. Because I''m above the threshold, I''m now reclassified as a medium-sized businessRebecca BishopSouthwold resident Rebecca Bishop has run The Two Magpies bakery on the town<77>s high street for four years. She says while her rent has remained stable over that time, she is now surrounded by chains, which has pushed the shop<6F>s valuation up from <20>9,200 to <20>25,500 per year. It also makes her ineligible for small business rate relief, the threshold for which has been increased . Chancellor Philip Hammond revealed in the Autumn budget that properties that fall under <20>12,000 will pay no business rates from 1 April, with tapered relief to <20>15,000. There is also likely to be some transitional relief , spread over the next five years.<2E>It<49>s a massive increase for me,<2C> Bishop says. <20>Because I<>m above the threshold, I<>m now reclassified as a medium-sized business. I<>ve still got the same amount of staff, I<>ve got the same turnover, I<>ve got the same footprint, nothing has changed except [the property value].<2E>We are the victims of our own success in Southwold,<2C> she adds. <20>We<57>re known as this high street of lovely independent shops that are now being squeezed [out] <20> Shops aren<65>t just shops so they can be there to make a profit, they<65>re what makes the local community. The government need to do a fundamental review into how the rates are calculated.<2E>Fellow resident Irena Sibrijns, who runs a 30-year-old gallery and shop for a cooperative of artists nearby, has started a petition online , calling for the government to reconsider rate rises. A dramatic review of the business rates system was promised by the then chief secretary to the Treasury, Danny Alexander, in 2015. But it fell short of the revolution promised. In a summary of the responses [pdf] collected from the review, the majority were in favour of retaining a property-based tax. Of the 269 parties consulted, 38% were local authorities or their representatives. Under the current rules, local authorities retain 50% of the value of business rates, with the other half going to the Treasury. Only 15% of the respondents to the review were small businesses and the Federation of Small Businesses (FSB), which replied on behalf of its thousands of members, only counted as one response.Rateable values are based on a site<74>s potential rental value per square metre, which considers the rents paid by surrounding businesses, rather than those currently paid by the occupier. These are then multiplied by the shop<6F>s size, and by a central government multiplier, that is set annually (this was 48p for small businesses [pdf] in 2015) to calculate the bill owed by occupiers of the shop. Rateable values are also added together for those retailers that have 
'3327d82d8cad3b2269c86c72d58206e86ba35efc'|'Argentina plans to issue $1.5 bln-$2 bln in Swiss franc bonds - govt'|'BUENOS AIRES Feb 2 Argentina plans to issue $1.5 billion-$2 billion of Swiss franc bonds in two to three issuances this year, one of which will be in the first quarter, Finance Minister Luis Caputo said on Thursday.Caputo has previously said a total of $3 billion in non-dollar bonds will be issued this year, following the sale of $7 billion in dollar bonds last month. (Reporting by Luc Cohen; Writing by Caroline Stauffer; Editing by Bernard Orr)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/argentina-bonds-idINL1N1FN1E0'|'2017-02-02T15:22:00.000+02:00'
'0f478f5fd93ee68f6b9112cdfe2dc3fd37cfb229'|'New York Times reports 28.1 percent fall in quarterly profit'|'The New York Times Co reported a 28.1 percent fall in quarterly profit, hurt by higher operating costs as the newspaper publisher ramps up its digital business.Net income attributable to the company fell to $37.1 million, or 24 cents per share, in the fourth quarter, from $51.7 million, or 31 cents per share, a year earlier.The company''s revenue fell to $439.7 million from $444.7 million.(Reporting by Laharee Chatterjee in Bengaluru; Editing by Maju Samuel)'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/new-york-times-results-idINKBN15H1L5'|'2017-02-02T10:43:00.000+02:00'
'aea6690f5819e4bd9879155613577d4c13d1c1b8'|'Sports Direct in talks to bid for Bob''s, Eastern Mountain Sports - sources'|' 40pm GMT Sports Direct in talks to bid for Bob''s, Eastern Mountain Sports - sources A worker walks up stairs before a Sports Direct general meeting to vote on the re-appointment of chairman Keith Hellawell in Shirebrook, January 5, 2017. REUTERS/Darren Staples By Jessica DiNapoli Struggling British sportswear retailer Sports Direct ( SPD.L ) is in talks to bid for Eastern Outfitters LLC, the parent of U.S. discount chain Bob''s Stores and outdoor retailer Eastern Mountain Sports, people familiar with the matter said. The sportswear chain, founded and controlled by Chief Executive Mike Ashley, is Britain''s largest sporting goods retailer with about 700 stores there and in the rest of Europe and has been looking for ways to expand in the United States. A regulatory filing to the London Stock Exchange on Thursday also revealed that Sports Direct had taken a 11.2 percent stake in troubled UK fashion retailer French Connection ( FCCN.L ), through contracts for difference. A spokesman for Sports Direct declined to comment on its intentions in either situation. The firm had a disastrous 2016. British lawmakers condemned it for "Victorian" working conditions, investors and media criticised its corporate governance and trading was poor with a series of profit warnings issued. It bid for the intellectual property of bankrupt U.S. retailer Sports Authority last year, but lost out to Dick''s Sporting Goods Inc ( DKS.N ). Sports Direct is now in talks with Eastern Outfitters about becoming a stalking horse bidder in a bankruptcy auction for the company, the people familiar with the matter said on Wednesday. That would set the price floor for more bids in the auction. Shares in Sports Direct, down 24 percent over the last year, were up 1.7 percent at 303.5 pence at 1505 GMT. Meriden, Connecticut-based Eastern Outfitters has hired law firm Cole Schotz PC to prepare for a Chapter 11 bankruptcy filing, expected in the coming days, the people said. Together, Bob''s and Eastern Mountain Sports have a total of close to 90 stores in the United States. Sports Direct has expressed interest in preserving at least some of them, according to the sources who asked not to be identified because the negotiations are confidential. Eastern Outfitters and Cole Schotz did not immediately return requests for comment. Eastern Outfitters is owned by private equity firm Versa Capital Management LLC, which acquired Bob''s and Eastern Mountain Sports through the bankruptcy last year of the store chains'' then holding company, Vestis Retail Group LLC. Versa said at the time that Eastern Outfitters had more than $400 million in annual revenue. The U.S. sporting goods sector is being tested by the advent of internet shopping and discount chains. Sports Authority, speciality golf retailer Golfsmith International Holdings Inc and sporting goods manufacturer Performance Sports Group Ltd are among companies that filed for bankruptcy in 2016. Sports Direct''s brands include boxing-inspired line Everlast and fitness label LA Gear. It sold the Dunlop brand to Sumitomo Rubber Industries for $137.5 million (<28>109.66 million) in December. (Reporting by Jessica DiNapoli, additional reporting by James Davey; Editing by Chris Reese and Adrian Croft) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-easternoutfitters-m-a-sports-direct-idUKKBN15H228'|'2017-02-02T23:40:00.000+02:00'
'd9eb59b6875bd2f082d3289de834bed6b5f781f6'|'Bank of England jacks up 2017 growth forecast, most rate-setters calm on inflation'|' 34pm IST Bank of England jacks up 2017 growth forecast, most rate-setters calm on inflation FILE PHOTO: Commuters walk past the Bank of England in London, Britain, October 7, 2016. REUTERS/Peter Nicholls/File Photo By William Schomberg and David Milliken The Bank of England boosted its forecast for British growth in 2017 and some rate-setters were more nervous about rising inflation, but the Bank overall seemed in no rush to raise interest rates as the economy adjusts to the prospect of Brexit. In a sign of a developing split, the BoE said some of its rate-setters had "moved a little closer" to their limits for tolerating an overshoot of the Bank''s 2 percent inflation target, caused by sterling''s slide since June''s Brexit vote. But the BoE, announcing its latest quarterly thinking on Britain''s economy on Thursday, sent broader signals that it was comfortable with its record low interest rates. It said it now expected inflation would be slightly lower in two years'' time than it did in November, a key yard-stick. Significantly, the BoE also said its rate setters now believed the unemployment rate could fall to 4.5 percent - down from its previous estimate of 5 percent and below the current rate - before it starts to push up inflation. That could give the Bank more margin to keep rates at their record low for longer and may be useful as it announced the second big increase in three months to its forecast for economic growth in 2017. BoE Governor Mark Carney and his fellow policymakers were wrong-footed by the resilience of Britain''s economy last year following the referendum decision in June to take the country out of the European Union. Britain''s growth in 2016 was stronger than in any other Group of Seven big rich economy, confounding the BoE''s pre-referendum warnings of a quick Brexit hit to the economy. The BoE said on Thursday it now expected economic growth of 2.0 percent this year, higher than economists had predicted and up a lot from its previous forecast of 1.4 percent. The new 2017 outlook towered above the forecast of 0.8 percent growth made by Bank in the weeks after the Brexit vote, when the economy seemed to be heading for a recession and the BoE cut interest rates to a record low of 0.25 percent. Since then, Britain''s consumers have carried on spending and finance minister Philip Hammond has relaxed the country''s austerity drive, something noted by the BoE on Thursday. "The upgraded outlook ... reflects the fiscal stimulus announced in the chancellor''s Autumn Statement, firmer momentum in global activity, higher global equity prices and more supportive credit conditions," the Bank said. Growth forecasts for 2018 and 2019 were raised by a moderate 0.1 percentage points in each year, and the Bank said it still expected rising inflation to cause household living standards to start stagnating at the end of this year. The outlook for Britain''s economy remains highly uncertain for political reasons too. Prime Minister Theresa May has said she wants to take the country out of the EU''s single market when it leaves the bloc and the trade policies of new U.S. President Donald Trump are likely to put strains on the world economy. Carney was due to give a news conference to explain the Bank''s latest Inflation Report at 1230 GMT. RATES ON HOLD, NO NEW QE The BoE said on Thursday its policymakers had voted 9-0 to keep rates on hold at 0.25 percent, in line with economists'' expectations in a Reuters poll. The Monetary Policy Committee also decided unanimously to let its latest, 60 billion-pound phase of British government bond purchases close on schedule later this month. It made no change to its smaller corporate bond buying programme. The BoE to stuck to its announcement in November that it its next policy move could be a rate hike or a cut, reflecting the uncertain outlook for the economy. Before Thursday''s announcement, financial markets had been pricing in a roughly 50-50 c
'a83a121a2c02a16214aef0825dcf87692ecc670a'|'Uber says will suspend its ride-hailing service in Taiwan from Feb. 10'|'Company News - Thu Feb 2, 2017 - 12:34am EST Uber says will suspend its ride-hailing service in Taiwan from Feb. 10 TAIPEI Feb 2 Uber Technologies Inc said it will suspend its service in Taiwan from Feb. 10, the latest salvo in the wrangle between the island''s authorities and the global ride-hailing service company. Late last year, Taiwan''s legislature finalised regulations raising fines against unlicensed ride-sharing services, targeted at Uber, which said at the time that was the highest level for such fines globally. "Today, we are announcing our intention to pause our Taiwan service starting Friday 10th February. We hope that pressing pause will reset the conversation and inspire President Tsai (Ing-wen) to take action," Uber said in a statement on its website. The statement did not specify what action Uber wanted the president to take. (Reporting by J.R. Wu; Editing by Muralikumar Anantharaman) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/taiwan-uber-idUSL4N1FN17B'|'2017-02-02T12:34:00.000+02:00'
'a9220bc4cbce47db28f64731d8a0ab36b17746e0'|'QE-Driven European Corporate Issuance Shrugs off Political Risk'|'Financials - Thu Feb 2, 2017 - 6:04am EST QE-Driven European Corporate Issuance Shrugs off Political Risk (The following statement was released by the rating agency) LONDON, February 02 (Fitch) Fitch Ratings says that bond sales by European corporates and financial institutions in all currencies reached EUR130 billion in January 2017, broadly matching the volume a year ago, despite heightened political risk manifesting in wider sovereign spreads. Such apparent calm in European credit markets is aided by the ECB''s various bond-buying programmes and their capacity to compress spreads and distort risk-pricing. Corporate euro-denominated bond issuance jumped almost 4x to EUR26 billion, as utilities and telecoms-sectors rebounded from very low levels in January 2016, reflecting strong technical conditions in the European credit market. Notable issues include those by Italgas S.p.A and Deutsche Telekom AG. The automotive sector was also active, raising a total of EUR4.5 billion. We expect bond issuance by automotive manufacturers to pick up this year after a decrease in 2016, primarily due to the absence of emission crisis-stricken Volkswagen, which more than offset the increase in issuance from companies such as BMW and Daimler AG. Despite the recovery of euro-denominated issuance in certain sectors, much of the surge in corporate supply was magnified by low base effects, as January 2016 volume was the lightest start to a year since the financial crisis, at a time when global growth concerns and doubts over the effectiveness of QE hit sentiment. Total corporate issuance in all currencies declined by a quarter to EUR39 billion, heavily skewed by AB Inbev SA''s record January 2016 EUR44 billion offering in the US bond market, related to its acquisition of SABMiller Plc. <iframe src="//e.infogr.am/ec64b225-91d6-458b-9ee8-89db751acca2?src=embe d" title="170020 FW: European Corporate and Financials'' Issuance and Spreads" width="680" height="524" scrolling="no" frameborder="0" style="border:none;"> European high-yield (EHY) also posted a strong January, with issuance jumping 2.8x yoy to EUR12.5 billion, of which EUR7.9 billion was corporate issuance - the first start-of-year increase since 2013 - as issuers took advantage of favourable technicals that have been in place in high-yield markets for some time. The increase bucks an overall downward trend in annual issuance over the past two years due to waning post-crisis drivers of supply; namely, a reversal in the loan-to-bond phenomenon and diminished savings from refinancing in the low-yield environment. Crossover five-year CDS spreads tightened 74bp yoy in January, underscoring issuer-friendly market conditions. Total financial-sector issuance (senior and regulatory capital) rose 18% to EUR91 billion - the first meaningful departure from a trend of consecutive declines since the crisis, reflecting the regulatory-driven shrinkage of bank balance sheets. A third of new volume was denominated in US dollars, up marginally yoy and double the average share over the prior 10-year period. Banks have increasingly tapped the Yankee market since 2015 as the negative EURUSD cross-currency basis swap spread makes it attractive to issue in US-dollars and swap proceeds into euros. Banks have also taken advantage of benign market conditions to bolster capital and leverage ratios, aided by further clarity in EU regulation. Total loss absorbing capacity (TLAC)-related issuance accounted for 10% (EUR8.6 billion) of volume in January, with 70% denominated in US dollars. Continued growth in lending in 2016 - albeit, still at low levels - implies bank deleveraging at an aggregate level may have peaked, supporting issuance in 2017 although political risk may be a source of periodic supply disruption. The ECB remains a major influencing force in European credit markets. Strong positive technical conditions created by its corporate sector purchase programme (CSPP) have pushed credit spreads tig
'61051ca519086fd85d3fed27c3ba7b8b2852bb59'|'Amazon plans more than 200 daily flights from new cargo hub'|'Company News - Wed Feb 1, 2017 - 6:56pm EST Amazon plans more than 200 daily flights from new cargo hub By Jeffrey Dastin - SAN FRANCISCO SAN FRANCISCO Feb 1 Amazon.com Inc plans to schedule more than 200 flight departures and landings per day at a $1.49 billion cargo hub it is building near Cincinnati, the airport''s chief said in an interview on Wednesday, in a sign of the soaring ambitions of the online retailer. Amazon announced the airport project on Tuesday but gave few details. The flight estimate offers new insight into Amazon''s plan to handle shipping in-house, cut costs and speed packages to shoppers faster. It is written in the lease term sheet that Amazon and the airport expect to sign, said Candace McGraw, chief executive of Cincinnati/Northern Kentucky International Airport. (Reporting By Jeffrey Dastin; Editing by Peter Henderson and Sandra Maler) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/amazoncom-shipping-idUSL1N1FM2CR'|'2017-02-02T06:56:00.000+02:00'
'dad776e0a833662ece9dd1b5908609e78ce740c1'|'Samsung Elec may build a U.S. manufacturing base for appliances - source'|'Technology   3:38am GMT Samsung Electronics may build a U.S. manufacturing base for appliances: source A flag bearing the logo of Samsung Electronics is pictured at its headquarters in Seoul, South Korea, November 29, 2016. REUTERS/Kim Hong-Ji/File Photo SEOUL Samsung Electronics Co Ltd may build a manufacturing base   for its home appliances business, a person familiar with the matter told Reuters on Thursday, amid growing concerns about protectionist policies pursued by the new Trump administration. The person, who declined to be identified due to lack of authorization to speak publicly on the matter, told Reuters Samsung has not yet decided on specifics including how much it might invest and where it might build a new base. Samsung said in an emailed statement that the company continues to "evaluate new investment needs"  . LG Electronics Inc is looking at Tennessee as a location for a new home appliances and television plant that is under consideration, a separate source familiar with the matter said. LG said in January that it was considering building a U.S. manufacturing facility. A company spokeswoman declined to comment further. (Reporting by Se Young Lee; Editing by Edwina Gibbs) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-samsung-elec-lg-elec-usa-idUKKBN15H08S'|'2017-02-02T10:26:00.000+02:00'
'3d074b24be84ddf3710df62cac22410001808ffa'|'UFO Moviez India Dec-qtr consol profit falls'|'Feb 2 UFO Moviez India Ltd :* Dec quarter consol net profit 135.9 million rupees versus 160.3 million rupees year ago* Dec quarter consol net sales 1.48 billion rupees versus 1.44 billion rupees year ago* Demonetization has slowed down growth in second half of fiscal 2017 making it difficult to achieve advertisement growth target Source text: ( bit.ly/2jG7Pst ) '|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/idINFWN1FN0EI'|'2017-02-02T05:47:00.000+02:00'
'3d75ef6bacf45643c4f28a995d93a6d9c3430c2a'|'UPDATE 1-South Africa''s Premier fishing unit to list in March on JSE'|'Financials  40am EST UPDATE 1-South Africa''s Premier fishing unit to list in March on JSE (Adds CEO quotes, details) CAPE TOWN Feb 1 South Africa''s African Equity Empowerment Investments Ltd. will list its fishing and food unit on the Johannesburg Stock Exchange on March 2 to grow its market share, its chief executive said on Wednesday. Khalid Abdulla said the firm expected the Initial Public Offering (IPO) to value the unit at around 1.2 billion rand ($90 million) and that the cash "war chest" from the IPO will be used for further growth and acquisitions. "We will be raising about 550 million rand with the listing and obviously we will use that money to grow the business further, to buy other fishing and food-related businesses," Abdulla told Reuters in an interview. "We will have a nice war chest to go and build this business to another level," he said. He said the company, South Africa''s largest black-owned and managed fishing and food firm, will be placing about 45-49 percent of Premier''s share on the market, with each share selling for approximately 4.50 rand. Headquarted in Cape Town, Premier Food and Fishing said during its 2016 end-of-year results that operating profit rose by 37 percent to 74 million rand on the back of higher sales and good catch rates. Abdulla said the firm would initially be looking for acquisition opportunities in the fishing sector that complement Premier''s existing portfolio of species - where it holds medium to long-term quotas for west coast rock lobster, squid, pilchards and hake. He said Premier''s empowerment credentials, part of government policy to spread wealth to the majority of blacks excluded during white-minority rule, should stand it in good stead when buying other companies. (Reporting by Wendell Roelf; Editing by James Macharia) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/safrica-premier-ipo-idUSL5N1FM3P0'|'2017-02-01T19:40:00.000+02:00'
'29a817bba49779a042021a456dd33b7cf1345a80'|'BRIEF-EIV Capital closes $450 mln Midstream Energy Private Equity Fund'|'Funds  29am EST BRIEF-EIV Capital closes $450 mln Midstream Energy Private Equity Fund Feb 1 EIV Capital: * EIV Capital - final closing of EIV Capital Fund III, LP and its affiliates at its hard cap of $450 million, surpassing original $350 million target Source text for Eikon: Next In Funds News * Blackrock acquires energy infrastructure franchise from First Reserve MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories Reuters News Agency - Brand Attribution Guidelines 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/financialsNews'|'http://www.reuters.com/article/idUSFWN1FM0XK'|'2017-02-01T21:29:00.000+02:00'
'e4314b3129446e388904484cd61021da5793cb71'|'UK inflation expectations for year ahead hit 3-year high - Citi/YouGov'|'Money - Wed Feb 1, 2017 - 10:43am GMT UK inflation expectations for year ahead hit 3-year high - Citi/YouGov FILE PHOTO - A woman shops at a Sainsbury''s store in London, Britain October 11, 2016. REUTERS/Neil Hall/File Photo LONDON The British public''s expectations for inflation over the coming year rose to their highest level in just over three years last month, a monthly survey by bank Citi and polling firm YouGov showed on Wednesday. Short-run inflation expectations rose to 2.6 percent from 2.4 percent in December, the highest since December 2013 and above their long-run average of 2.4 percent. The Bank of England forecast in November that inflation would exceed 2.7 percent by the end of this year, pushed up by the fall in the value of sterling after last year''s Brexit vote. The BoE and is due to publish updated forecasts on Thursday. Citi said longer-run inflation expectations for the next five to 10 years were unchanged at 3.0 percent, their joint-highest level since 2014. The survey was based on a sample of 2,023 adults polled between Jan. 20 and Jan. 23. (Reporting by William Schomberg, writing by David Milliken) Next In Money'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-inflation-citi-idUKKBN15G42K'|'2017-02-01T17:43:00.000+02:00'
'902888069681106d8197534f5a3ef5bcce276065'|'Oil markets range-bound as supplies remain plentiful amid OPEC-led cuts'|'Business   2:02am GMT Oil markets range-bound as supplies remain plentiful amid OPEC-led cuts By Henning Gloystein - SINGAPORE SINGAPORE Oil dipped on Wednesday, weighed by ongoing high supplies despite an OPEC-led production cut, but prices remained within a narrow range that has bound the market since late January. Brent crude futures LCOc1, the international benchmark for oil prices, were trading at $55.48 per barrel at 0140 GMT, down 10 cents from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $52.73 a barrel, down 8 cents. The Organization of the Petroleum Exporting Countries (OPEC) has said it will cut production by around 1.2 million barrels per day (bpd) in the first half of 2017 in an effort to end global over-production that has dogged markets for over two years. Other producers, including Russia, have pledged to cut another 600,000 bpd in output. A Reuters survey published late on Tuesday showed that OPEC''s output fell by over 1 million bpd in January to 32.27 million bpd between December and January. "That''s a good start...to cut production to bring the market back toward balance," said Greg McKenna, chief market strategist at futures brokerage AxiTrader. But McKenna added that there were still "some questions about whether or not OPEC will achieve its goals" to cut even deeper and for the full period of the first half of 2017. With uncertainty over the final outcome of OPEC''s cuts and also little known so far regarding Russia''s commitments to its supply reductions, crude futures have been range-bound, trading within a $2 per barrel range over the past week, and within $1.25 a barrel since Monday. Reuters'' technical commodity analyst Wang Tao said that both Brent and WTI price signals were mixed, with bullish and bearish drivers largely offsetting each other. (Reporting by Henning Gloystein; Editing by Kenneth Maxwell) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-global-oil-idUKKBN15G341'|'2017-02-01T09:02:00.000+02:00'
'bda1bccb1e4583832bffe2eb12d50263290cb870'|'India budgets for recovery, and for the poor, after cash crunch'|'Business   6:31am GMT India budgets for recovery, and for the poor, after cash crunch left right Finance Minister Arun Jaitley (C) arrives at the parliament where he is due to present the federal budget, in New Delhi, February 1, 2017. REUTERS/Adnan Abidi 1/3 left right Finance Minister Arun Jaitley arrives at the parliament where he is due to present the federal budget, in New Delhi, February 1, 2017. REUTERS/Adnan Abidi 2/3 left right Prime Minister Narendra Modi walks to speak with the media as he arrives at the parliament house to attend the first day of the budget session, in New Delhi, January 31, 2017. REUTERS/Adnan Abidi 3/3 By Suvashree Choudhury and Swati Bhat - NEW DELHI NEW DELHI India is a "bright spot" in the world economy, Finance Minister Arun Jaitley said as he unveiled his annual budget on Wednesday, adding the impact on growth from the government''s cash crackdown would wear off soon. Delivering his fourth budget address to parliament, Jaitley vowed to spend more on rural areas, infrastructure and poverty alleviation in what he called a budget for the poor. Yet he also said the government would pursue prudent fiscal management to preserve India''s economic stability. "We are seen as an engine of global growth," Jaitley said in his opening remarks. But he cautioned that the prospect of U.S. interest rate hikes, rising oil prices and signs that globalisation is in retreat could adversely affect India. Prime Minister Narendra Modi''s surprise decision last November to scrap high-value banknotes worth 86 percent of India''s cash in circulation has hit consumer demand, disrupted supply chains and hurt capital investments. The worst of the cash crunch is now over, however, and Jaitley said he expected it would not have spillover into the fiscal year starting on April 1. A private manufacturing survey on Wednesday showed business was slowly returning to normal. Still, the finance ministry forecasts that growth could dip to as low as 6.5 percent in the current fiscal year to March, before picking up slightly in the coming fiscal year to between 6.75 and 7.5 percent. That is below the target rate of 8 percent or more that Modi needs to create enough jobs for the 1 million young Indians who enter the workforce in India each year. Half the population in the nation of 1.3 billion is below the age of 25. While opinions vary on how long the disruptions caused by Modi''s crackdown on untaxed and illicit wealth will last, there is near unanimity among economists that Asia''s third-largest economy needs a helping hand. DEFICIT DILEMMA Arvind Subramanian, Jaitley''s chief economic adviser, on Tuesday advocated slashing personal income tax and accelerating cuts in corporate tax rates. He cautioned, however, against pursuing debt-fuelled fiscal expansion. Economists are pencilling in a federal fiscal deficit of 3.3 percent of GDP for 2017/18. That would be higher than the 3 percent pledged earlier but lower than 3.5 percent that the government has budgeted for the year soon to end. The rollout of a nationwide Goods and Services tax (GST), expected in July after years of delays, could also weigh on economic growth. Countries that have introduced GST in the past have often faced a relative economic slowdown before the benefits of a unified tax regime feed through. Jaitley''s fiscal largesse will not only boost consumer spending, but may also shore up the fortunes of Modi''s nationalist party in five regional elections for which voting begins on Saturday. The electoral outcome, particularly in the battleground state of Uttar Pradesh that is home to one in every six Indians, would play a big part in determining whether Modi can win a second term in 2019. Busting the deficit target, however, would worry ratings agencies at a time when oil prices - India''s most costly import - are on an upswing. Standard & Poor''s has already warned that, at 68.5 percent, India''s public debt-to-GDP ratio is still too high. A slowdown
'd03a9bb741742f600a713e705f4c4d432fc5e48f'|'Laureate Education flunks IPO debut'|'Feb 1 Shares of Laureate Education Inc slumped as much as 13.4 percent in their debut on Wednesday, valuing the higher education provider at $1.97 billion, more than a year after it filed to go public.Laureate, which was taken private by a consortium of investors in 2007, raised $490 million after pricing 35 million class A shares at $14 each, below their expected range of $17-$20.The company''s shares opened at $12.50 and hit a low of $12.12 on the Nasdaq.Laureate, which first filed to go public in October 2015, operates a network of more than 200 university campuses in 25 countries, with 95 percent of its students outside the United States.For-profit higher education is currently a controversial and complex business in the United States, given the industry''s reliance on government subsidies, regulatory scrutiny over the sector, and Trump University''s legal battles.Laureate said in a filing that it plans to use proceeds from the offering to repay, redeem or repurchase debt.Credit Suisse Securities (USA) LLC, Morgan Stanley & Co LLC and Barclays Capital Inc were joint lead bookrunners for the offering. (Reporting by Richa Naidu in Bengaluru; Editing by Shounak Dasgupta)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/laureate-education-ipo-idINL4N1FM343'|'2017-02-01T13:13:00.000+02:00'
'e589614fbf4d7768818a2b965e898810f172754c'|'Acting SEC chair seeks to scale back ''conflict minerals'' rule'|'Business News - Tue Jan 31, 2017 - 7:24pm EST Acting SEC chair seeks to scale back ''conflict minerals'' rule Michael Piwowar, Commissioner of the U.S. Secuirites and Exchange Commission, speaks at the Milken Institute Global Conference in Beverly Hills, California, U.S., May 2, 2016. REUTERS/Lucy Nicholson By Sarah N. Lynch - WASHINGTON WASHINGTON The top Republican at the U.S. Securities and Exchange Commission on Tuesday took the first step toward scaling back the controversial "conflict minerals" rule, which requires companies to trace whether their products contain minerals from a war-torn part of Africa. In his first major action since becoming Acting SEC Chair earlier this month, Michael Piwowar announced he has directed agency staff to reconsider how companies should comply with the rule and whether "additional relief" from its requirements is necessary. (Reporting by Sarah N. Lynch; Editing by Sandra Maler) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-usa-sec-conflictminerals-idUSKBN15G2ZF'|'2017-02-01T07:24:00.000+02:00'
'3941ec00d41d2d993830938d24cf62fc499c41a3'|'Ford, GM see January sales gains in Canada'|'  4:03pm EST Ford, GM see January sales gains in Canada A Ford flag flies outside the Oakville Assembly Plant as workers with UNIFOR attended a ratification vote nearby, in Oakville, Ontario, Canada November 6, 2016. REUTERS/Chris Helgren TORONTO The Canadian arms of Ford Motor Co ( F.N ) and General Motors Co ( GM.N ) reported single-digit gains for January car and light truck sales on Wednesday, in contrast to modest declines in the United States. Ford Motor Co of Canada said sales increased 3.5 percent in January over the same month of the previous year to 17,232 vehicles. Truck sales rose 6.1 percent to 15,371 vehicles, offsetting a 13.9 drop in car sales to 1,861 vehicles. GM Canada said its Chevrolet, GMC and Cadillac dealers sold 14,605 vehicles in January, up 1.5 percent on the year. Sales of Chevrolet vehicles gained 4 percent, Buick models 40 percent and GM utility vehicles 14 percent, while Cadillac sales dropped 19 percent, it said. U.S. sales declined from strong year-ago levels as automakers scaled back bulk sales to focus on higher-profit sales to individual consumers, but were still better than analysts expected. Industry executives are optimistic 2017 U.S. sales could reach another record, lifted by pro-growth economic and regulatory policies expected from President Trump. (Reporting by Susan Taylor; Editing by Alan Crosby) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-canada-autos-idUSKBN15G5M0'|'2017-02-02T04:03:00.000+02:00'
'4536fc75392262df79deddd19c6c17734b967ff8'|'Uniper hires Goldman to sell stake in Italy LNG terminal-sources'|'By Stephen Jewkes and Christoph Steitz - MILAN/FRANKFURT MILAN/FRANKFURT Germany''s Uniper ( UN01.DE ) has hired Goldman Sachs ( GS.N ) to sell its stake in a liquefied natural gas (LNG) terminal in Italy, a deal that could value the whole business at 1 billion euros ($1.1 billion), three people familiar with the deal told Reuters.Books have been opened for due diligence on OLT Offshore LNG Toscana''s business and a deal could materialize in the first half of 2017, the people said, also adding that there was no guarantee that a sale would take place.Energy firm Uniper holds a 48.24 percent stake in the OLT terminal, while Italian utility group Iren ( IREE.MI ) owns 49.07 percent. The remaining 2.69 percent stake is held by U.S.-based shipping group Golar LNG ( GLNG.O )."It''s a regulated asset so there should be healthy demand," one of the people said.With a regulated asset base of about 900 million euros and 64 percent of revenues guaranteed, OLT shares characteristics with regulated power and gas grids that have met with strong interest from infrastructure investors.The terminal is expected to attract established players, including Macquarie ( MQG.AX ) as well as First State Investments, the asset management arm of Commonwealth Bank of Australia (CBA) ( CBA.AX ), the people said.OLT started commercial activities in late 2013 and can handle LNG - which is frozen at minus 163 Celsius (-261 Fahrenheit) to significantly reduce volume - from carriers with a capacity of 65,000-155,000 cubic meters.The high density means large volumes of LNG can be transported by ship, thereby reducing reliance on pipelines from Russia and North Africa.Uniper''s stake in OLT could be valued at about 500 million euros, the people said, putting a price tag of about 1 billion on the whole business with a capacity of 3.75 billion cubic meters a year, about 4 percent of Italy''s requirement.Iren Chief Executive Massimiliano Bianco in October also hinted at strategic options for the group''s OLT stake, which he said was not strategic, adding Iren would assess what to do with it in the coming months.Iren recently said its stake was worth 476 million euros.Uniper, Goldman Sachs, OLT, Iren, Macquarie and First State declined to comment. Golar LNG was not immediately available for comment.The deal would help Uniper, which was spun off from E.ON ( EONGn.DE ) last year, to reach its target of selling at least 2 billion euros in assets by 2018, a plan that is likely to include its stake in Brazil''s Eneva ( ENEV3.SA ).(Additional reporting by Arno Schuetze, Tom Kaeckenhoff and Alexander Huebner; Editing by Georgina Prodhan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-uniper-lng-sale-idINKBN15I202'|'2017-02-03T11:55:00.000+02:00'
'e03d828eaefaaf5d27327f9b8be9a57cf601102a'|'US CLO market grapples with timeframe for disclosing risk-retention holdings'|'By Kristen Haunss - NEW YORK NEW YORK Feb 3 (Reuters LPC) - The US Collateralized Loan Obligation (CLO) market is attempting to set a standard timeframe for managers to disclose how much risk they intend to hold to comply with Dodd-Frank regulation, even as President Donald Trump pushes ahead with plans to dismantle the law.Regulators want managers to give fair value determinations before CLOs are priced to give potential investors enough time to understand the calculations. A set timeframe could allow CLOs to be issued more quickly, removing another brake on new issuance, which has fallen for the last two years and is expected to drop again in 2017.Risk-retention rules that require CLO managers to hold 5% of their deals came into effect in December and prompted more pessimistic bank forecasts of a 30% drop in CLO issuance in 2017. As CLOs are the biggest buyers of leveraged loans, this could leave less capital available to fund new leveraged buyouts or help companies refinance.Under Dodd-Frank regulation, CLO managers that want to buy a horizontal retention slice have to show the calculation used to determine the size of the holding.Managers can buy 5% of every tranche of a CLO, known as a vertical strip to comply with US risk-retention rules, or 5% of the face amount of all of the fund''s tranches, which is known as a horizontal strip, and held in the most junior equity tranche. Managers can also purchase a combination of vertical and horizontal strips.The exact timing for the disclosure is still being decided, but managers must describe a range for what fair value is expected to be in the last preliminary offering document before pricing, according to Deborah Festa, head of law firm Milbank, Tweed, Hadley & McCloy''s West Coast securitization and investment management practices. Managers then have to disclose precise fair value when the CLO closes."There is a lot of negotiation happening now and the market will settle on norms and methods of disclosure and timing," Festa said.Managers that choose horizontal strips are required to disclose the fair value of the entire capital structure and the fair value of the retained interest to investors, Festa said, and will also need to include a description of what fair value is and the methodology used in a fund''s offering documents.As fair value is determined using assumptions and there are significant unknowns before pricing, managers are allowed to give investors a range rather than the specific determination, according to William Fellows, a partner in Deloitte & Touche''s valuation and modeling practice.When CLOs close, fair value is calculated for every tranche to ensure that collateral managers keep equity equal to at least 5% of the entire deal, according to Cindy Ma, global head of the portfolio valuation and fund advisory service practice at Houlihan Lokey.Apex Credit Partners, a unit of Jefferies Finance, which priced its US$453.85m JFIN 2017-1 CLO with Jefferies last month, said that the manager will buy a horizontal retention slice, sources said.CIFC, which manages about US$13.7bn in assets, is also planning to retain a horizontal strip to comply with US risk-retention rules in a CLO it is raising with Deutsche Bank, according to sources. (Reporting by Kristen Haunss; Editing by Tessa Walsh and Michelle Sierra)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/clo-timeframes-idINL1N1FO16F'|'2017-02-03T13:53:00.000+02:00'
'8b0649aa84409cc6fd6eb20c501ecbf164826432'|'Norway picks Germany over France in race to supply submarines'|'Business News - Fri Feb 3, 2017 - 9:27am GMT Norway picks Germany over France in race to supply submarines OSLO Norway has picked Germany as its strategic partner for new submarines, making Thyssenkrupp ( TKAG.DE ) the likely supplier, Defence Minister Ine Eriksen Soereide announced on Friday. The Nordic country said last April France''s DCNS and ThyssenKrupp were the strongest candidates to supply submarines to replace its existing fleet. "Norway will now enter into final negotiations with German authorities. When a government-to-government agreement is in place, a German-Norwegian negotiation towards the German submarine supplier Thyssenkrupp Marine Systems will commence," Norway''s Defence Ministry said in a statement. The submarines will be based on the so-called 212-design already in service in Germany and Italy. Norway''s Kongsberg Gruppen ( KOG.OL ) is expected to be a key supplier of equipment to the submarines. The aim is to sign a common contract for submarines in 2019, enabling deliveries from the mid-2020s to 2030, Norway said. "Independent of this decision, the work to establish further cooperation with other nations continues in order to achieve even greater synergies and economies of scale. Norway has for several years worked closely (with) ... the Netherlands and Poland to create a broad submarine cooperation. This work will continue," it added. (Reporting by Joachim Dagenborg, writing by Terje Solsvik, editing by Nerijus Adomaitis and Ralph Boulton) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-norway-submarines-idUKKBN15I0ZI'|'2017-02-03T16:27:00.000+02:00'
'60d35e7f9b2ad600e68f69d9052fc353202a63ba'|'Honda raises full-year profit outlook on lower costs, weaker yen'|'Business  32am GMT Honda raises full-year profit outlook on lower costs, weaker yen A woman walks past Honda Motor cars outside the company''s showroom in Tokyo, Japan, May 13, 2016. REUTERS/Toru Hanai TOKYO Honda Motor Co ( 7267.T ) on Friday lifted its annual net profit forecast for the second time in as many quarters due to cost-cutting and the impact of a weakening yen, while sales in China remained strong. Japan''s third-largest automaker said it expected profit for the year through March at 545.0 billion yen (3.8 billion pounds), up from a previously upgraded guidance issued in November, and 58.2 percent higher than the 344.5 billion yen booked in 2015/16. It also raised its forecast for operating profit to 785.0 billion yen after it posted 207.6 billion yen for October-December - up 27.4 percent from a year prior and exceeding a mean forecast of 157.07 billion yen from 11 analysts polled by Reuters I/B/E/S/. Analysts expect the automaker to post full-year operating profit of 753.27 billion yen and net profit of 533.44 billion yen. The automaker forecasts the local currency to average 107 yen to the U.S. dollar through March, compared with an earlier forecast of 103 yen. (Reporting by Naomi Tajitsu; Editing by Christopher Cushing) Next In Business News Leading indicator of London new home builds slumps by a third LONDON The number of new homes built in London fell 6 percent last year and a closely watched indicator of future supply dropped by a third, industry data showed on Friday, as the Brexit vote hit a market already coming off record highs.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-honda-results-idUKKBN15I0L0'|'2017-02-03T13:32:00.000+02:00'
'c2be1e9f73803f22065b6b20f17041b13fc13dd9'|'South Africa''s Sibanye mulls raising equity cash call to fund Stillwater deal'|'JOHANNESBURG Feb 3 South Africa''s Sibanye Gold Ltd said it is considering tapping shareholders for up to $1.3 billion to partly fund a $2.2 billion takeover of Stillwater Mining Co, the only U.S. miner of platinum and palladium.Sibanye had initially penciled in a minimum of $750 million in rights issue but said on Friday it reconsidered after some shareholders expressed concerns about the company''s debt levels."Sibanye believes that increasing the equity component would be prudent in the current strong rand environment, allowing the company to maintain a strong balance sheet," it said in statement accompanying a half-year trading update.(Reporting by Tiisetso Motsoeneng; Editing by Randy Fabi)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/stillwater-minng-ma-sibanye-gold-idINL5N1FO0QE'|'2017-02-03T03:39:00.000+02:00'
'3f5caf076af39f6577b575e3a9eec62fcbf6ef25'|'UPDATE 1-Lockheed to announce $8.5 billion F-35 order on Friday-sources'|'(Adds background, graphic)By Mike StoneWASHINGTON Feb 3 The U.S. Department of Defense and Lockheed Martin Corp are set to announce a deal worth about $8.5 billion for 90 F-35 jets on Friday, people familiar with the talks said.The deal for the tenth batch of the stealthy fighter aircraft brings the price per jet below $95 million for the first time, compared to $102 million in the previous batch, saving the Pentagon more than $700 million, the people said.This is more than the $600 million that U.S. President Donald Trump claimed on Monday he had been able to shave off from the F-35, the Pentagon''s costliest arms program.Trump had lashed out at the program as being "out of control" in December and vowed to bring the prices down.Defense analysts have said the discount hailed by Trump was in line with what had been flagged by Lockheed and Pentagon officials for months.A Lockheed representative declined to comment. A representative for the Defense Department''s F-35 program did not immediately respond to requests for comment.Though the F-35 program has been criticized by Trump as too expensive, the price per jet has been steadily declining as production ramps up.Lockheed, the prime contractor, and its partners have been working on building a more cost-effective supply chain to fuel the production line in Fort Worth, Texas.Air Force Lieutenant General Chris Bogdan, who runs the F-35 program for the Pentagon, said on Dec. 19 the cost per plane should decrease about "6 to 7 percent" for the latest contract.Lockheed''s F-35 program manager Jeff Babione also said last summer that the price of the F-35A conventional takeoff and landing version of the jet would drop to under $100 million per plane for the first time.Lockheed and its main partners, including Northrop Grumman Corp, United Technologies Corp''s Pratt & Whitney and BAE Systems Plc, have been developing and building F-35s for the U.S. military and 10 allies.The F-35 comes in three configurations, the A-model for the U.S. Air Force and U.S. allies; a F-35 B-model which can handle short takeoffs and vertical landings for the Marine Corps and the British navy; and carrier-variant F-35C jets for the U.S. Navy.The U.S. Defense Department expects to spend $391 billion in the coming decades to develop and buy 2,443 of the supersonic warplanes.(Reporting by Mike Stone in Washington; Editing by Soyoung Kim and Bernadette Baum)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/lockheed-pentagon-order-idINL1N1FO143'|'2017-02-03T13:32:00.000+02:00'
'ccd948aa9f2ca9c7a4507131790c5a3d600c544d'|'Snap makes $3 billion IPO details public'|'Snap Inc, owner of popular messaging service Snapchat, made many of its financial details public for the first time on Thursday as it prepared to raise up to $3 billion in an initial public offering.The Los Angeles-based company said it generated $404.5 million in sales in 2016, up from $58.7 million in 2015. It had a net loss of $514.6 million in 2016, up from a net loss of $372.9 million in 2015.Snap expects to go public as soon as March and could be valued at between $20 billion and $25 billion, sources familiar with the situation have said. That would give the company the richest valuation in a U.S. technology IPO since Facebook Inc.Snap said it will list on the New York Stock Exchange under the ticker "SNAP".(Reporting by Lauren Hirsch; Editing by Meredith Mazzilli)'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/us-snap-inc-ipo-idINKBN15H2VB'|'2017-02-02T19:03:00.000+02:00'
'56bc45113fcd3caf0c888b9a6ed7c854b527f1eb'|'Leading indicator of London new home builds slumps by a third'|'Business  50am GMT Leading indicator of London new home builds slumps by a third 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 By Costas Pitas - LONDON LONDON The number of new homes built in London fell 6 percent last year and a closely watched indicator of future supply dropped by a third, industry data showed on Friday, as the Brexit vote hit a market already coming off record highs. Registrations with the National House-Building Council (NHBC), when a builder pays to take out a warranty on a home about to be constructed, dropped 33 percent to 17,322 units in 2016 compared to a near record in 2015. NHBC statistics account for around 80 percent of the market and are a leading indicator as it can take years for registrations to feed into the number of completed homes. Business Development Director Mark Jones said several factors were at play in the London market such as "the timings of the registrations and the build coming through including the impact of Brexit in those early months." Registrations in the capital rose marginally in the first four months of 2016 but then slumped by over 60 percent in the run-up to the June 23 Brexit vote and its immediate aftermath between May and July. Britain''s biggest builder Barratt ( BDEV.L ) built nearly 60 percent fewer homes in the second half of 2016 in London, saying the rising cost of land over recent years had priced it out of the market. It has also cut the price of top-end homes in central London by up to 10 percent, as a hike in stamp duty property tax on second homes and buy-to-let properties has pushed down prices and made the city centre less attractive to buyers and builders. The number of new homes built in London last year fell by 6 percent to 21,464 units and rose nationwide by just over 0.5 percent to 141,175 units, far fewer than the government would have wanted in its bid to boost supply to deal with a chronic shortage. Several housebuilders are also concerned that future growth could be hit by any Brexit-imposed curbs on the number of Europeans coming to Britain, who make up the majority of workers on some London building sites. Prime Minister Theresa May has said she will control immigration in response to the Brexit vote but has yet to set out specific details, prompting several sectors reliant on foreign labour to make their case to government. "Our lobbying is all about ensuring that we are at the top of the agenda when it comes to immigrant labour," said Peter Andrew, deputy chairman of the Home Builders Federation. "If we''re to get the increases in output that the government is looking for, we are going to need the labour we''ve got now plus the labour required to build the increases," he said. (Editing by Stephen Addison)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-economy-housing-idUKKBN15I003'|'2017-02-03T09:46:00.000+02:00'
'658656feb920b77f9525a186f9097d28d71d5a04'|'Brazil to expand home financing to more affluent -industry group'|'Company News  28pm EST Brazil to expand home financing to more affluent -industry group SAO PAULO Feb 2 Brazil''s government plans to dedicate an additional 500 million reais ($160 million) of the FGTS workers'' severance fund to home financing and raise the price threshold of eligible homes nearly 60 percent to as much as 1.5 million reais, Jos<6F> Carlos Martins, president of construction industry group CBIC, said on Thursday. Martins said the government also planned to expand a subsidized mortgage program to more affluent Brazilian families earning up to 9,000 reais a month. The measures may be announced as early as Monday, when the FGTS board of directors is scheduled to meet, he said. ($1 = 3.12 reais) (Reporting by Ana Mano and Gabriela Mello; Editing by Peter Cooney) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brazil-construction-idUSL1N1FN1KZ'|'2017-02-03T03:28:00.000+02:00'
'af17ae68a3c74a2c32e1ad73b37a573bfe605fc0'|'Pfizer hires JPMorgan to weigh sale of some drugs - Bloomberg'|'Business News - Thu Feb 2, 2017 - 6:17pm GMT Pfizer hires JPMorgan to weigh sale of some drugs - Bloomberg A company logo is seen at a Pfizer office in Dublin, Ireland November 24, 2015. REUTERS/Cathal McNaughton Pfizer Inc ( PFE.N ) is exploring sale of a group of treatments in cardiology, urology and primary care, Bloomberg reported on Thursday, citing people familiar with the matter. The drugs could fetch more than $2 billion (<28>1.6 billion), Bloomberg reported. Pfizer is working with financial adviser JPMorgan Chase & Co for the potential portfolio sale and the process is at a preliminary stage, Bloomberg said. Pfizer could not be immediately reached for comment. (Reporting by Akankshita Mukhopadhyay in Bengaluru; Editing by Savio D''Souza) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-pfizer-divestiture-idUKKBN15H2EO'|'2017-02-03T01:17:00.000+02:00'
'b1751c08f9f6f8c45b1eb646991179368bdde64c'|'European shares down on poor earnings, Deutsche Bank suffers'|'(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)* STOXX 600 index falls 0.2 percent* Deutsche Bank and Kesko among top fallers* Nokian features among biggest gainersBy Atul PrakashLONDON, Feb 2 European equities fell on Thursday, with companies such as Germany''s Deutsche Bank and Denmark''s Novo Nordisk leading the broader market lower after their results failed to cheer investors.The pan-European STOXX 600 index fell 0.2 percent by 0918 GMT after gaining 0.9 percent in the previous session.The European auto index, down 1.2 percent, was the biggest sector decliner as Mercedes maker Daimler fell 4 percent after its fourth-quarter results missed expectations, hampered by slowing U.S. and China auto market growth as well as persistently weak truck demand.Among the top fallers, Deutsche Bank fell 5.4 percent after posting a net loss of 1.9 billion euros ($2.05 billion) in the fourth quarter as legal costs for past misdeeds outstripped gains from a rebound in bond trading."The bank is still undergoing a significant restructuring process and ... the numbers don''t really shed any further light on whether the bank will need to raise extra capital, in order to meet future international bank liquidity rules," said Michael Hewson, chief market analyst at CMC Markets.Drugmaker Novo Nordisk dropped 6 percent after the world''s top maker of diabetes drugs said fourth-quarter operating profit came in below forecasts, while Kesko fell 5.9 percent after reporting net sales of 2.77 billion euros, against a Reuters poll of 2.95 billion.However, the overall earnings picture stayed positive. Thomson Reuters data shows one-fifth of the firms in the STOXX 600 have announced fourth-quarter results so far, of which 57 percent have beaten forecasts and 4 percent have met. Their earnings in the quarter are seen up around 10 percent from the same period of 2015.Aberdeen Asset Management also faced selling pressure, with its shares falling 4.4 percent after the company said that total assets dropped 3 percent to 302.7 billion pounds ($383.22 billion) in the first quarter as fresh outflows after the U.S. election overshadowed market gains.Bucking the downward trend was Finnish tyre maker Nokian , which rose 5 percent after reporting a rise in fourth quarter operating profit.Reckitt Benckiser was up 3 percent after announcing that it was in advanced talks to buy baby formula maker Mead Johnson Nutrition in a $16.7 billion deal."The market''s initial reaction to the deal is positive, and we can see why. RB''s track record of reinvigorating brands is a strong one, and they already have strong sales links into pharmacies and supermarkets globally," said Steve Clayton, a fund manager at Hargreaves Lansdown.European shares got little direction from overseas markets. Asian equities touched four-month highs after the Fed stuck to its mildly upbeat economic view but gave no hint of accelerating rate hikes. (Editing by Richard Lough)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/europe-stocks-idINL5N1FN28S'|'2017-02-02T06:56:00.000+02:00'
'66a0ec9e19abbcc5af7cde1a2e444615d40bddd3'|'Sony cuts annual profit view on movie business writedown'|' 13am GMT Sony cuts annual profit view on movie business writedown FILE PHOTO - A reception staff walks under a logo of Sony Corp at its headquarters in Tokyo February 4, 2015. REUTERS/Yuya Shino/File Photo TOKYO Sony Corp ( 6758.T ) on Thursday cut its full-year outlook for operating profit on Thursday after the Japanese TV-to-gaming group took a $1 billion writedown on its struggling movie business. Sony forecast group operating profit of 240 billion yen ($2.13 billion) for the year ending in March, down from a previous estimate of 270 billion yen. It also said October-December operating profit fell to 92.4 billion yen from 202.1 billion yen a year earlier. The company said earlier this week it had cut the goodwill value of its movie business by 112.1 billion yen due to a dimming outlook for earnings from DVD and Blu-ray discs. ($1 = 112.5700 yen) (Reporting by Makiko Yamazaki; Editing by Christopher Cushing) Up Next'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-sony-results-idUKKBN15H0E6'|'2017-02-02T13:19:00.000+02:00'
'4cafa5cf72c9fb5721f6043554cf8119c4b7e9e6'|'Google sells satellite imaging business Terra Bella to Planet Labs'|'Technology  40pm EST Google sells satellite imaging business Terra Bella to Planet Labs FILE PHOTO The Google logo is seen on a door at the company''s office in Tel Aviv January 26, 2011. REUTERS/Baz Ratner/File Photo Alphabet Inc''s Google said on Friday it would sell its satellite imaging business, Terra Bella, to Planet Labs, a San Francisco-based private satellite operator founded by former NASA scientists. The financial terms of the deal were not disclosed. As part of the deal, Planet Labs will acquire the Terra Bella business including the SkySat constellation of satellites, Alphabet said. bit.ly/2kqmTfL Google will enter into a multi-year contract to purchase Earth-imaging data from Planet Labs after the deal closes. Google had acquired Terra Bella, originally known as Skybox Imaging, for $500 million in 2014. The deal will help Planet Labs broaden its available data and add new customers. Planet Labs is one of several startups aiming to harness technology allowing satellites to become smaller and less expensive, making it easier to deploy large networks of satellites at less risk and lower cost than previously. (Reporting by Narottam Medhora in Bengaluru; Editing by Savio D''Souza) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-alphabet-terra-bella-sale-idUSKBN15I2Y8'|'2017-02-04T04:31:00.000+02:00'
'4d7beba50e5239d396b55b553ddb3317406a5ed5'|'Factbox - Sweeping Dodd-Frank financial law created new agencies, rules'|'By Amanda Becker The Dodd<64>Frank Wall Street Reform and Consumer Protection Act, named for former Democratic lawmakers Senator Chris Dodd and Representative Barney Frank, was signed by former President Barack Obama in 2010 as a response to the financial crisis.Dodd-Frank is the most sweeping financial regulatory statute enacted since the response to the Great Depression in the 1930s. It created new regulatory bodies and directed already-existing agencies to write hundreds of regulations aimed at creating stability in the financial markets.Republican lawmakers, including President Donald Trump, have said that Dodd-Frank is burdensome for financial institutions, and many seek to repeal it in whole or part. Trump signed an executive order on Friday that did not mention Dodd-Frank by name. But White House Press Secretary Sean Spicer told reporters on Friday, "Dodd-Frank is a disastrous policy that''s hindering our markets" and the order would be the first step taken to review the law.Here are some of the Dodd-Frank law''s main provisions:The Financial Stability Oversight CouncilDodd-Frank created the FSOC to monitor risk in the financial system and it was granted the power to deem institutions, including non-bank firms such as asset managers and insurance companies "systemically important financial institutions." These firms are often called "too-big-to-fail" and subject to additional capital requirements.The Office of Financial ResearchDodd-Frank created the independent Office of Financial Research within the Treasury Department to provide data and support related to risks in the financial system to relevant government agencies, including the FSOC. This data is used in part to assess whether a firm is a systemically important financial institution.Consumer Financial Protection BoardDodd-Frank created the CFPB, a federal agency that oversees consumer protection in the financial sector, including banks, payday lenders, credit unions, mortgage servicers and other companies. A federal appeals court ruled in October that the bureau''s structure is unconstitutional because its director, currently Richard Cordray, cannot be removed by the president without cause. That ruling was stayed and has not taken effect pending appeal.Volcker RuleA portion of Dodd-Frank known named for former Federal Reserve Chairman Paul Volcker prohibits commercial banks from also engaging in proprietary trading and restricts them from investing in hedge and private equity funds. The Volcker Rule also limits the liabilities that can be taken on by the country''s largest banks. The rule was delayed several times and took effect in July 2015. Some large Wall Street banks asked the Federal Reserve to grant them an additional five-year grace period to comply with the rule.Capital RequirementsThe law''s so-called capital requirements forced banks to fund themselves more by raising money from shareholders than by borrowing. Regulators used a variety of requirements to force banks to cut their reliance on debt, including by imposing tougher rules for riskier assets. The most stringent requirements fell on the biggest banks. Banks say the process has been costly.Living WillsDodd-Frank required banks with assets of $50 billion or more to submit living wills to regulators. A bank''s living will is a kind of prepackaged bankruptcy plan that will guide its dissolution and liquidation without taxpayer assistance should it collapse. If these living wills are deemed insufficient by regulators, institutions get another chance to submit a new plan. At that point, if regulators again deem a living will insufficient, a bank can face sanctions.Swaps Push-Out RuleThe initial swaps proposal prohibited banks active in swaps markets from receiving federal assistance. The rule was narrowed to apply to only swaps entities. A swaps entity is a swap dealer that is registered with the Commodity Futures Trading Commission or Securities and Exchange Commission. The rule
'303e75373c136fcecb555c7652d02a9725b26056'|'MOTOR RACING-F1 teams should not dismiss Liberty''s stake offer - Mercedes'' Wolff'|' 30am EST MOTOR RACING-F1 teams should not dismiss Liberty''s stake offer - Mercedes'' Wolff VIENNA Feb 3 Formula One teams should consider Liberty Media''s invitation to take a stake in the sport and should not reject it out of hand, Mercedes motorsport head Toto Wolff said on Friday. "This is an idea which one shouldn''t dismiss easily," Wolff, a shareholder and team boss of world champions Mercedes, told Austrian magazine Trend. "But in any case one must know more about the business case and our role in the whole (project). Talks about this have only just begun and will probably last over the coming months," added the Austrian. Liberty Media said last month it hoped the competing teams, reduced to 10 after Manor folded in January, would buy a stake in the sport following the U.S. based media company''s takeover and had reserved $400 million of shares for them. The shares will be retired if not issued to teams within six months of the takeover, which completed on Jan. 23. Some of the smaller privately-owned teams, such as Sauber and Force India, are unlikely to participate since they operate on very tight budgets and have had cash flow problems. Wolff also said in the interview that Liberty, which has ambitious plans to grow the sport in the Americas while also safeguarding the traditional European grands prix, should think about making races more affordable for fans. "Liberty Media will certainly have to tackle the topic of ticket prices," he said. (Reporting By Shadia Nasralla; Editing by Alan Baldwin and Ed Osmond)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/motor-f1-mercedes-liberty-idUSL5N1FO2S1'|'2017-02-03T18:30:00.000+02:00'
'168aeef6550ecb363b0f8bb525da2bb966aa7089'|'Liberty House mulls partial public listing in London by 2018'|'Money News - Fri Feb 3, 2017 - 10:50pm IST Liberty House mulls partial public listing in London by 2018 Sanjeev Gupta, executive chairman of Liberty House Group, listens to the speaker at the completion of a 330 million pound deal to buy Britain''s last remaining Aluminium smelter in Fort William Lochaber Scotland, Britain December 19, 2016. REUTERS/Russell Cheyne/File Photo LONDON Liberty House Group, an industrial and commodities group which has been buying up British steel assets, could list parts of the company in London by 2018, its executive chairman told Reuters on Friday. Twenty-five years after setting up the company when he was a student at the University of Cambridge, Sanjeev Gupta said he wants to tap either the equity or debt market to raise capital to expand. His businesses now generate turnover of more than $6 billion. Liberty is part of the Gupta Family Group (GFG), which includes his father''s energy and commodities business SIMEC. The family''s assets span steel mills and aluminium smelters to hydro-power plants and a private bank. "Going into the equity or bonds market to raise funds to keep our expansion going and make the businesses even more transparent is a logical next step," Gupta told Reuters from his Mayfair office. "We are talking to our banking advisors<72> we don''t want to list the (Liberty House) group as a whole, but would look at individual businesses and would aim to retain a majority (share)," he said, adding there was no firm decision yet. Liberty House, which has previously worked with Australian investment bank Macquarie as an advisor and potential source of funding, is in talks with four banking advisors for the potential listing in London. It was not clear whether Macquarie is one of them. Gupta hit the headlines last year when he bid to acquire Tata Steel''s loss-making Port Talbot operations in South Wales, before the Indian conglomerate opted to engage in merger talks with German rival Thyssenkrupp. In the past year, the British businessman spent around $630 million on acquisitions, including Rio Tinto''s aluminum smelter in Scotland and the Tungsten bank business from British financier Edi Truell. With a strategy of buying mostly distressed assets, he is conducting due diligence on the $120 million specialty steel unit that Tata Steel put up for sale in northern England. He is also bidding to buy Australia''s bankrupt steel producer Arrium and three steel businesses in the United States. Gupta has moved downstream by buying up engineering firms that will consume the steel his plants produce, and turn it into higher value added, more lucrative end-products. His model for producing steel profitably and sustainably in Britain is to use local supplies of scrap and renewable energy to make the alloy, instead of importing expensive steelmaking raw materials such as iron ore and coking coal. "The future of the West is in steel recycling, not primary production," Gupta said. (Reporting by Clara Denina; Editing by Elaine Hardcastle) Next In Money News Indian authorities impound ships, detain crew over oil spill Port authorities in Chennai have impounded a BW LPG vessel and a local ship carrying heavy fuel oil, and detained their crews, a spokesman for the port said on Friday, after their collision last week caused an oil spill affecting marine life and local fishing.'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/liberty-house-ipo-idINKBN15I2H7'|'2017-02-04T00:20:00.000+02:00'
'4af84c5698c27f383195da4b5dd16a6308d606cb'|'London led growing ranks of EU''s million euro bankers in 2015'|'Bonds News - Thu Feb 2, 2017 - 6:00am EST London led growing ranks of EU''s million euro bankers in 2015 By Huw Jones - LONDON LONDON Feb 2 Britain boasted the most bankers earning more than a million euros a year in the European Union during 2015, with their overall ranks rising despite policymakers'' efforts to curb pay. Figures released on Thursday by the European Banking Authority (EBA) showed the number of high earners in banking hit 5,142 in 2015, up from 3,865 in 2014, with 80 percent of those paid above a million euros based in London. "The largest population of high earners in the EU of 4,133 is located in the United Kingdom...and most of them are remunerated in pounds," the EBA said in a statement. The figures are affected by changes in the value of the pound and the euro, although as the EU''s biggest financial centre, Britain has long dominated the high earners table. "In most of the other member states, the number of high earners also slightly increased," the EBA added. Bonuses across the EU were capped at twice fixed salaries for the region''s bankers in 2014 and the EBA data showed this ceiling was being respected by the firms it tracks. The watchdog said the average ratio of fixed pay to bonuses for all those earning a million euros or more rose from 127 percent in 2014 to 147 percent in 2015. This was well under the 200 percent limit, although waivers from regulators in several member states meant the ratio largely bust the 200 percent limit at asset managers that form part of banking groups, where it hit 468 percent. EBA banker pay figures for 2016 are due in early 2018 and will likely reflect a slump in sterling in the immediate aftermath of Britain''s vote to quit the EU last June. Banks in Britain are also deciding whether to shift operations to the continent ahead of the UK''s anticipated departure from the EU in 2019, which could cut the number of high earners in the UK. (Editing by Alexander Smith) Next In Bonds News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/eu-banks-pay-idUSL5N1FN2MN'|'2017-02-02T18:00:00.000+02:00'
'46fbbaa58c5f0366daaeb257fa319102e9fe6249'|'Exclusive: Snap''s secrecy frustrates banks'' pursuit of IPO glory'|'Thu Feb 2, 2017 - 2:22am GMT Exclusive: Snap''s secrecy frustrates banks'' pursuit of IPO glory A Snapchat sign hangs on the facade of the New York Stock Exchange (NYSE) in New York City, U.S., January 23, 2017. REUTERS/Brendan McDermid By Lauren Hirsch and Liana B. Baker Some investment banks seeking to be added as underwriters to Snapchat owner Snap Inc''s initial public offering registration document have been denied access to review it before it is made public this week, according to people familiar with the matter. The unusual move underscores Snap''s relentless campaign to crack down on information leaks. For Wall Street banks, it pits their desire to appear on the front cover of this year''s most high-profile IPO against their reluctance to have their names featured in a regulatory document they have not seen. Snap''s stance reinforces its reputation as one the world''s most secretive companies. It made privacy its hallmark by developing an app that sends disappearing messages, before rebranding itself as a "camera" company making video recording glasses and visual effects for video taken by smartphones. "I cannot imagine any other deal in which banks would let something like this happen," said Christopher Austin, an equity capital markets lawyer at Orrick Herrington & Sutcliffe LLP, who is not involved in Snap''s IPO. While Snap''s lead IPO underwriters, Morgan Stanley and Goldman Sachs Group Inc, had an opportunity to review and draft the registration document, the more than 10 banks that have recently signed up as IPO co-managers, including Citigroup Inc and Royal Bank of Canada, have been told they cannot see it ahead of it becoming public, the sources said on Wednesday. Instead, the Los Angeles-based company has organized meetings with teams of banks to answer their questions about the document, and has also made lawyers from the lead underwriters available, the sources added. Typically, banks have "commitment committees" to review IPO registration documents before gaining internal permission to have their name included in a registration document. They usually seek assurances that disclosures on a company''s business risks and accounting standards have been made properly. "Commitment committees are there to keep bankers from making stupid mistakes, and to protect a bank''s reputation," Austin said. Most of the new banks involved became comfortable with their name appearing on the IPO registration document after speaking to Snap and its lawyers, according to the sources. Some banks are still hoping for full access to the document before its public filing, though it is uncertain whether Snap will acquiesce. It is still possible that Snap will agree to give some banks access to the filing a couple of hours before it is made public, the sources said. The sources asked not to be identified because the matter is confidential. Snap   The banks either declined to comment, or did not immediately respond to   BRAGGING RIGHTS Snap has already submitted its IPO registration document with the U.S. Securities and Exchange Commission under the Jobs Act, which allows companies with less than $1 billion in revenue to file confidentially. Snap is set to update the filing and make it public this week. To be sure, banks hired by Snap for the IPO can simply wait for the registration document to be made public, and then ask for their name to be included next time the document is updated. Once made public this week, the IPO document will likely be updated several times before the launch of the offering that is expected in March. Nevertheless, there are significant bragging rights for banks that have their names featured in the original publication of the IPO document, because subsequent updates to that document tend to attract less media attention. What is more, big IPOs such as Snap''s have been few and far between recently. Proceeds from IPOs were down 40 percent last year from 2015. Technology IPOs, often a large chu
'6889ddc745508a3a169092bc6670cce6d8cb64ce'|'ING Q4 beats forecast on customer growth, stable lending margins'|'Financials  05am EST ING Q4 beats forecast on customer growth, stable lending margins AMSTERDAM Feb 2 ING Groep, the largest Dutch financial services company, reported on Thursday better than expected fourth-quarter underling income of 4.45 billion euros ($4.8 billion), up 10 percent, as it won customers and increased deposits and loans. Analysts polled for Reuters had seen underlying income on average at 4.22 billion euros, from 4.04 billion in the same period of 2015. ($1 = 0.9266 euros) (Reporting by Toby Sterling; Editing by Mark Potter) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/ing-groep-results-idUSL5N1FN1UW'|'2017-02-02T15:05:00.000+02:00'
'0d8dcca285e928a1f5fbb3f26bc713d130787fe5'|'Swedbank proposes raised dividend, Q4 profit just beats forecast'|'Financials  14am EST Swedbank proposes raised dividend, Q4 profit just beats forecast STOCKHOLM Feb 2 Swedish bank Swedbank proposed raising its dividend on Thursday after it reported a marginally higher than expected rise in fourth-quarter net earnings as increased lending volumes supported interest income. Net profit rose to 4.15 billion Swedish crowns ($475.57 million) versus a mean forecast of 4.08 billion in a Reuters poll of analysts and compared with 3.81 billion in the year-ago period. The bank proposed a dividend of 13.20 crowns per share, up from 10.70 crowns in 2015 and slightly higher than the expected 13.00 crowns. The dividend was in line with the bank''s policy of paying out 75 percent of profits. ($1 = 8.7263 Swedish crowns) (Reporting by Johan Ahlander; editing by Niklas Pollard) Next In Financials TABLE-Foreign trading in Japan stocks for latest week TOKYO, Feb 2 Weekly net trading in shares on the first section of the Tokyo Stock Exchange, Japan''s main stock exchange, in thousands of yen. A negative figure indicates net selling. Week to: TOTAL Proprietary Brokerage Jan 27 -377,862 316,670,258 -317,048,120 Jan 20 -1,974,372 162,166,932 -164,141,304 Jan 13 -855,001 -43,512,988 42,657,987 Jan 6 6,546,353 142,055,504 -135,509,151 Dec 30'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/swedbank-results-idUSFWN1FN06H'|'2017-02-02T13:14:00.000+02:00'
'c4aaab890b20033974c63c548f8a6e846fa7661a'|'BRIEF-NXP Semiconductors Q4 shr $0.37'|' 07pm EST BRIEF-NXP Semiconductors Q4 shr $0.37 Feb 2 NXP Semiconductors Nv : * NXP semiconductors reports fourth quarter and full-year 2016 results * Qtrly revenue $2.440 billion * Qtrly gaap gross margin 48.7 % * Qtrly earnings per share $0.37 * Says Q4 HPMS segment revenue was $2.06 billion, an increase of 58 percent year on year  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSASB0AY4K'|'2017-02-02T08:07:00.000+02:00'
'8b7971ad9707f16b5bb04761b003dc1ca0f98454'|'VBS Mutual Bank to list on South African bourse'|'Financials  38am EST VBS Mutual Bank to list on South African bourse JOHANNESBURG Feb 2 VBS Mutual Bank, which made headlines last year after it gave South African President Jacob Zuma a loan to reimburse the state for upgrades to his personal home, plans to list on the Johannesburg Securities Exchange, its chairman said on Thursday. The bank lent Zuma 7.8 million rand ($582,000) after a court ordered he pay back part of the $16 million the state spent on his luxury home. The lender, whose clients are mostly rural homebuilders or small businesses, plans to expand from only four branches now to a nationwide network, chairman Tshifhiwa Matodzi said. "It is a no-brainer to list within the next 3 years," Matodzi told Reuters after a media conference. VBS has its roots in a 1980s building society based in Venda, a rural area given a degree of autonomy by the apartheid government before 1994. It has 30,000 clients with deposits of around 800 million rand ($59.71 million). "First we will convert from a mutual bank to a bank, then we will list on the JSE," Matodzi said, adding that the institution wanted to broaden its shareholder base. Though VBS got plenty of publicity for the loan to Zuma last year, the president is not among VBS''s biggest debtors, having "maybe one of the top-20 home loans," said Matodzi. The Public Investment Corporation, Africa''s largest fund manager with more than $120 billion of South African government employee pension assets under its custody, is a major shareholder in VBS, holding 25 percent. The lender on Thursday signed an agreement with a church group to issue cards to the church''s 6.8 million members. Though they will not automatically bank with VBS, the bank said it hoped to sign them all up eventually. ($1 = 13.3992 rand) (Reporting by TJ Strydom; Editing by James Macharia and Richard Lough) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/vbsbank-ipo-idUSL5N1FN59U'|'2017-02-02T22:38:00.000+02:00'
'e40cf77d87ade9ef6766a57bac2f514a71f814f5'|'Eurozone reforms could help ECB reverse policy - German deputy finance minister'|'Business News - Thu Feb 2, 2017 - 9:18am GMT Eurozone reforms could help ECB reverse policy - German deputy finance minister The European Central Bank (ECB) headquarters is pictured in Frankfurt, Germany, December 8, 2016. REUTERS/Ralph Orlowski BERLIN Euro zone countries have failed to use the low interest rate environment created by the European Central Bank''s expansionary policy to reform their economies and consolidate their budgets, German Deputy Finance Minister Michael Meister said on Thursday. "Politicians should focus on solving fundamental problems - competitiveness of national economies and the consolidation of public budgets," he said at a business conference in Berlin. "If we achieve this, then the need for low interest rates is eliminated and the central bank is in a position to pursue a different monetary policy," he added. (Reporting by Joseph Nasr; Editing by Paul Carrel) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ecb-policy-germany-reforms-idUKKBN15H0TT'|'2017-02-02T16:18:00.000+02:00'
'0b09e31bcac48ba2a789270187584be95e328842'|'CEE MARKETS-Romanian assets, hit by protests, lag post-Fed rebound'|'* CEE currencies, bonds firm as Fed does not turn hawkish * Romanian protests continue, weigh on asset prices * Czech central bank unlikely to change guidance on crown cap By Sandor Peto and Jason Hovet BUDAPEST/PRAGUE, Feb 2 Central European assets mostly firmed on Thursday on relief that the U.S. Federal Reserve gave no hint of accelerating its rate hikes, but Romania lagged behind the region following anti-government protests. Rising interest rates in the United States would make emerging markets assets relatively less attractive. Hungary''s forint led regional gains, firming 0.4 percent to 308.65 against the euro, to levels seen before dovish central bank comments sent it into a slide last month. The leu steadied at 4.5405, slightly off 7-month lows hit on Wednesday after massive street protests erupted in Romania over the four-week-old leftist government''s "emergency" decree to ease anti-corruption rules. Hundreds of thousands rallied on Wednesday night again, Romania''s president condemned the decree, Western states including Germany and the United Statses expressed concern over the decision and on Thursday a cabinet minister resigned. Romanian markets have calmed somewhat after Wednesday''s plunge, but analysts said further jitters in politics and asset prices were likely. "The street protests announced in Bucharest and in the main cities could continue in the following days," Raiffeisen said in a note on the region''s markets. Romania''s 3-year bond yield was bid at a 7-month high of 1.878 percent, up 13 basis points, and the uncertainty could weigh on an auction of 2-year bonds scheduled for Thursday. Meanwhile, an auction of bonds is seen drawing ample demand in Hungary, where yields dropped 2-3 basis points, a Budapest-based dealer said. Czech bond yields dropped ahead of the central bank''s meeting. The meeting might revive speculation for a surge of the Czech crown later this year, even though the bank is not expected to change its guidance that a likely exit from a cap on the crown''s, would happen around mid-2017. The cap has kept the crown weaker than 27 against the euro since 2013, but as inflation has risen to the bank''s target, investors have scrambled to buy crown assets this year, speculating on a removal of the ceiling. Commerzbank analysts said in a note that commodity prices and base effects still played a major role in Czech price data, so the bank would not scrap the cap before mid-2017. Most analysts in a Reuters poll said the cap would be removed in the second quarter. "Whatever the (central bank) says, the (inflation) forecast will be a key thing to watch," one trader said. CEE SNAPS AT 1010 MARKETS HOT CET CURRENCIES Lates Previ Daily Chang t ous e bid close chang in e 2017 Czech crown 27.02 27.02 +0.0 -0.05 10 45 1% % Hungary 308.6 309.8 +0.4 0.06% forint 500 800 0% Polish 4.309 4.312 +0.0 2.20% zloty 0 8 9% Romanian 4.540 4.541 +0.0 -0.12 leu 5 5 2% % Croatian 7.456 7.465 +0.1 1.32% kuna 5 3 2% Serbian 123.9 124.0 +0.1 -0.45 dinar 100 500 1% % 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 940.9 938.2 +0.2 +2.1 9 3 9% 0% Budapest 32623 32584 +0.1 +1.9 .41 .18 2% 4% Warsaw 2075. 2079. -0.18 +6.5 41 10 % 4% Bucharest 7521. 7527. -0.09 +6.1 22 94 % 6% Ljubljana 744.0 741.1 +0.4 +3.6 9 6 0% 9% Zagreb 2150. 2151. -0.05 +7.8 68 72 % 1% Belgrade <.BELEX15 698.5 700.8 -0.33 -2.62 > 8 8 % % Sofia 594.2 593.8 +0.0 +1.3 2 0 7% 3% BONDS Yield Yield Sprea Daily d (bid) chang vs chang e Bund e in Czech sprea Republic d 2-year <CZ2YT=RR -0.72 -0.08 +001 -6bps > 2 1 bps 5-year <CZ5YT=RR -0.12 -0.01 +028 +0bp > 9 8 bps s 10-year <CZ10YT=R 0.47 -0.02 +001 -1bps R> 2 bps Poland 2-year <PL2YT=RR 2.208 -0.01 +294 +1bp > 1 bps s 5-year <PL5YT=RR 3.141 -0.02 +355 -1bps > 9 bps 10-year <PL10YT=R 3.832 -0.04 +337 -3bps R> bps FORWARD RATE AGREEMENT 3x6 6x9 9x12 3M inter bank Czech Rep < 0.25 0.23 0.24 0 PRIBOR=> Hun
'd6a2511160835ab9761c6c08572415b08b8ac547'|'EU probes online sales in electronics, video games, hotels'|'Technology   2:25pm GMT EU probes online sales in electronics, video games, hotels 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 By Foo Yun Chee - BRUSSELS BRUSSELS EU antitrust regulators opened three investigations on Thursday into 15 companies suspected of restricting online sales of electronics, video games and hotel rooms to deny consumers choice and prevent them from buying at the lowest prices. The EU aims to boost online cross-border sales and stop "geo-blocking" - restricting offers based on a customer''s location - which runs counter to its goal of a single market for digital goods and services that would underpin economic growth. "E-commerce should give consumers a wider choice of goods and services, as well as the opportunity to make purchases across borders," European Competition Commissioner Margrethe Vestager said in a statement. The European Commission investigations, launched after a nearly two-year inquiry, will look into whether the companies are breaking EU competition rules by unfairly restricting retail prices or by excluding customers from certain offers because of their nationality or location. The Commission said in a statement that such curbs were widespread in the 28-country bloc. The consumer electronics investigate targets Taiwan''s Asus , Denon & Marantz, Philips and Pioneer, suspected of having restricted the ability of online retailers to set their own prices for appliances, notebooks and hi-fi products. For video games, Valve Corp, the owner of the Steam distribution platform and five game makers - Bandai Namco, Capcom, Focus Home, Koch Media and ZeniMax - accused of preventing purchases because of a consumer''s location or country of residence. The effect would be to prevent consumers from being able to benefit from lower prices available elsewhere. The Commission said it had also responded to complaints about hotel accommodation, specifically that room availability and prices varied according to where the customer is located. This investigation concerns agreements between tour operators Kuoni, REWE [REGRP.UL], Thomas Cook and TUI and hotel group Melia. Thomas Cook said it noted the Commission''s decision to investigate and that it would cooperate fully. "Across our 15 European source markets, Thomas Cook is committed to fair and open competition," it said in a statement. Melia Hotels said the investigation did not imply any infringement had taken place and that the Commission was simply gathering information. "Meli<6C> will continue to collaborate with the Commission both actively and constructively ... trusting in a speedy solution to the procedure that will confirm the absence of any undue conduct concerning the rights of European consumer," the Spanish hotel chain said. Companies face fines up to 10 percent of their global turnover if found guilty of breaching EU rules. The Commission stressed the opening of formal proceedings did not prejudge the outcome and that there was no legal deadline to bringing an antitrust investigation to a close. The Commission has proposed a ban on online retailers stopping a customer in one EU country from buying from a website in another, although this would not initially apply to copyright-protected items such as e-books, music and games. It has also sought to increase transparency of prices for cross-border parcel delivery. (Additional reporting by Robert Hetz; Editing by Philip Blenkinsop and Tom Heneghan) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-eu-antitrust-ecommerce-idUKKBN15H11U'|'2017-02-02T21:23:00.000+02:00'
'ad431012375a46d7674c1443942441bed8d6ce78'|'UPDATE 1-Hastor family says not seeking a hostile takeover of Grammer'|'Cyclical Consumer Goods  54am EST UPDATE 1-Hastor family says not seeking a hostile takeover of Grammer * Hastor family owns just over 20 pct of Grammer * Demands EGM to replace nearly half of supervisory board * Says Grammer has not addressed margin erosion (Adds further Hastor comments, background) FRANKFURT, Feb 2 Bosnia''s Hastor family said its demand to replace nearly half of German automotive interiors maker Grammer''s supervisory board should not be construed as an aggressive move to gain control of the company. The Hastor family, which controls automotive supplier Prevent, has built a stake of just over 20 percent in Grammer but has so far not made clear its intentions. The family''s investment vehicle Cascade International Investment GmbH said in a statement on Thursday that Grammer''s leadership had not sufficiently addressed eroding profit margins, renewing its call for an extraordinary general meeting. "Intensified supervision in the face of the aforementioned deficits should not be misunderstood as a hostile takeover," the Cascade statement said. Grammer''s operating margin shrank to 3.0 percent in 2015 from 4.2 percent in 2014 and 4.6 percent in 2013 as the group invested to expand production at its automotive division, which among other makes head rests and centre consoles for cars. Grammer earlier this week rebuffed the Hastor family''s push to replace five of the company''s 12 supervisory board members. Cascade holds about half of the Hastor family''s stake in Grammer while the other half is owned by Halog, another investment vehicle. Both are controlled by Damir and Kenan Hastor, the sons of Prevent founder Nijaz Hastor who are listed by Forbes as the richest Bosnians. Prevent was in a dispute with Volkswagen last year. Grammer counts Germany''s big automakers among its major customers, with Volkswagen alone accounting for 35 percent of sales at its automotive business. (Reporting by Maria Sheahan; Editing by Christoph Steitz and Jane Merriman) Next In Cyclical Consumer Goods Trump threatens U.C. Berkeley after protests stop far-right speech Feb 2 U.S. President Donald Trump threatened on Thursday to cut funding to the University of California at Berkeley after protesters smashed windows and set fires at the liberal-leaning school, forcing the cancellation of an appearance by a far-right Breitbart News editor. Video shows French reporter dragged off as he questions Le Pen PARIS, Feb 2 A video showing a reporter being grabbed by security men and hustled away after asking a question of National Front leader Marine Le Pen circulated on the Internet on Thursday amid confusion over the circumstances of the incident. ANKARA, Feb 2 Iran said on Thursday the U.S. National Security Advisor''s (NSA) comments on the recent ballistic missile test were "repetitive, baseless and provocative", state TV quoted Foreign Ministry spokesman Bahram Ghasemi as saying. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/grammer-ma-hastor-idUSL5N1FN5LU'|'2017-02-02T21:54:00.000+02:00'
'5adbe04de708ca155b904c68a99e4379cd0eea1e'|'BRIEF-Span-America Q1 earnings per share $0.35'|' 27pm EST BRIEF-Span-America Q1 earnings per share $0.35 Feb 2 Span-America Medical Systems Inc * Span-America reports first quarter fiscal 2017 results * Q1 earnings per share $0.35 * Q1 sales fell 29 percent to $15.2 million * Span-America Medical Systems Inc- "our outlook for fiscal 2017 remains positive" * Span-America Medical Systems Inc- "we expect medical sales to continue to show solid growth during remainder of fiscal 2017" * Span-America Medical Systems Inc- for second half of fiscal 2017, expect consumer sales comparisons to improve compared with first half of fiscal 2017  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSASB0AYCV'|'2017-02-03T04:27:00.000+02:00'
'4d8ce8eea4d70f9c9d37502e6ee988cd22ec5819'|'BRIEF-Amgen reports Q4 EPS $2.59'|' 28pm EST BRIEF-Amgen reports Q4 EPS $2.59 Feb 2 Amgen Inc - * Amgen reports fourth quarter and full year 2016 financial results * Q4 revenue $6.0 billion versus I/B/E/S view $5.74 billion * Sees fy 2017 non-gaap earnings per share $11.80 to $12.60 * Sees fy 2017 gaap earnings per share $10.45 to $11.31 * Q4 non-gaap earnings per share $2.89 * Q4 gaap earnings per share $2.59 * Sees fy 2017 revenue $22.3 billion to $23.1 billion * Q4 earnings per share view $2.79 -- Thomson Reuters I/B/E/S * Sees 2017 capital expenditures to be approximately $700 million * Fy2017 earnings per share view $12.46, revenue view $23.31 billion -- Thomson Reuters I/B/E/S * For full year 2017 expects gaap EPS in range of $10.45 to $11.31 * Sees 2017 share repurchases of approximately $2.5 billion to $3.5 billion  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSASB0AYDM'|'2017-02-03T04:28:00.000+02:00'
'a00ff8b3c51c0b4f147532457d324c49385db530'|'BRIEF-Paylocity Q2 non-gaap pro forma earnings per share $0.10'|' 27pm EST BRIEF-Paylocity Q2 non-gaap pro forma earnings per share $0.10 Feb 2 Paylocity Holding Corp : * Paylocity announces second quarter fiscal year 2017 financial results * Q2 non-gaap pro forma earnings per share $0.10 * Q2 loss per share $0.03 * Q2 revenue $68.7 million versus I/B/E/S view $68.4 million * Sees Q3 2017 non-gaap earnings per share $0.22 to $0.24 * Sees FY 2017 non-gaap earnings per share $0.41 to $0.43 * Sees Q3 2017 revenue $87.5 million to $88.5 million * Sees FY 2017 revenue $296 million to $298 million * Q3 earnings per share view $0.25, revenue view $88.6 million -- Thomson Reuters I/B/E/S * FY 2017 earnings per share view $0.38, revenue view $297.0 million -- Thomson Reuters I/B/E/S * Q2 earnings per share view $0.02 -- Thomson Reuters I/B/E/S  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSASB0AYCJ'|'2017-02-03T04:27:00.000+02:00'
'ea77d3e1673d887b75bf0f45df0661207cd8626a'|'South Korea court says expects to declare Hanjin Shipping bankrupt on Feb. 17'|'SEOUL A South Korean court said on Thursday it decided to end Hanjin Shipping Co Ltd''s ( 117930.KS ) court receivership process and expects to declare bankruptcy on February 17 after a two-week period for appeals.The Seoul Central District Court said in a statement that it made the decision as the firm''s liquidation value would be worth more than its value as a going concern.Hanjin Shipping, which had been the world''s seventh-largest container shipper, applied for court receivership in late August after its creditor banks halted further support.Swiss shipping group MSC said on Wednesday its unit has bought a stake in Hanjin Shipping''s U.S. port operator, the latest Hanjin asset to be sold.(Reporting by Joyce Lee; Editing by Muralikumar Anantharaman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-hanjin-shipping-bankruptcy-idINKBN15H0NX'|'2017-02-02T05:00:00.000+02:00'
'03a3073e4fd0749a98f8bacb544d883646b3ab73'|'HSBC hires Deutsche Bank''s Laing to cover emerging markets ECM - sources'|' 08am GMT HSBC hires Deutsche Bank''s Laing to cover emerging markets ECM - sources FILE PHOTO: A logo of HSBC is displayed outside a branch in Hong Kong, China, June 2, 2015. REUTERS/Bobby Yip/File Photo LONDON HSBC ( HSBA.L ) has hired former Deutsche Bank ( DBKGn.DE ) executive Christopher Laing to cover emerging markets equity capital financing, sources with direct knowledge of the matter said on Thursday. Laing''s title is still to be finalised but he will perform a similar role to that of head of emerging markets Equity Capital Markets (ECM) that he held at Deutsche Bank, one of the sources said. A spokesman for HSBC declined to comment. Separately, the bank announced on Wednesday it has named Hossein Zami as its new global head of equities, and JPMorgan ( JPM.N ) veteran Ray Doody as global head of leveraged and acquisition finance, according to internal memos obtained by Reuters. (Reporting By Anjuli Davies and Lawrence White) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-hsbc-moves-laing-idUKKBN15H12S'|'2017-02-02T18:08:00.000+02:00'
'6ebf2bb3c030d3cf4701ff4262c214bf9c6c2c8e'|'PRESS DIGEST- Financial Times - Feb 2'|'Company  54pm EST PRESS DIGEST- Financial Times - Feb 2 Feb 2 The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy. Headlines * Theresa May wins Article 50 Commons vote. on.ft.com/2ksaU3P * Facebook earnings soar on holiday advertising. on.ft.com/2ks5oy2 * U.S. puts Iran ''on notice'' after weekend missile test. on.ft.com/2ksnkIX Overview * Prime Minister Theresa May''s plan to take Britain out of the European Union easily cleared its first legislative hurdle on Wednesday, paving the way for the government to launch divorce talks by the end of March. * Facebook Inc shares rose more than 2 percent in after-hours trading on Wednesday as the world''s largest online social network reported higher-than-expected quarterly profit and revenue, helped by continued growth in mobile advertising. * U.S. President Donald Trump''s administration on Wednesday signalled a tougher stance on Tehran declaring that it has put Iran "on notice", following a weekend missile test by the Islamic republic. (Compiled by Parikshit Mishra in Bengaluru; Editing by Sandra Maler) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-press-ft-idUSL1N1FN01K'|'2017-02-02T07:54:00.000+02:00'
'484ebed4f0efcb15246523f9e504a11316788127'|'Analysis: Trump''s dollar paradox promises roller-coaster ride for currencies'|' 36pm IST Analysis: Trump''s dollar paradox promises roller-coaster ride for currencies FILE PHOTO - A man wears U.S. dollar sign rings in a jewellery shop in Manhattan in New York City November 6, 2014. REUTERS/Mike Segar/File Photo By Jamie McGeever - LONDON LONDON If visibility and predictability are two foundations upon which stable financial markets are built, comments from the White House this week on the U.S. dollar suggest investors should brace for increased foreign exchange volatility. President Donald Trump and his top trade adviser waded into the debate over the currency''s strength and the damage they say it is doing to U.S. competitiveness, drawing rebuffs from Germany and Japan and casting doubt over the strength of global cooperation on foreign exchange policy. On the one hand, this should come as little surprise. A key pillar of Trump''s election campaign was to reinvigorate U.S. manufacturing and bring back what he sees as lost jobs. A weaker dollar would be instrumental to achieving that goal. But his desire to boost U.S. economic growth - via tax cuts, increased spending and encouraging U.S. firms to repatriate billions of dollars of cash held overseas - is consistent with higher interest rates and a stronger dollar. For global policymakers, the verbal volleys from Washington sharpen the focus on the Group of 20 leading nations'' commitment to "abstain from competitive devaluations and not set exchange targets for competitive reasons". But for investors, increased volatility looks on the cards. "If the administration is talking the dollar down but pursuing policies that will push it the other way, then that''s a recipe for uncertainty, if not volatility," said Joseph Gagnon, senior fellow at the Peterson Institute for International Economics in Washington and former official at the Federal Reserve. "I see a tension between policies that will push the dollar up, and their desire for it to weaken. You could say it''s a paradox, or incoherent. And it could end up in a bit of a mess," he said. ROLLER COASTER Trump and his top trade adviser, Peter Navarro, this week criticised Germany, Japan and China, saying the three key U.S. trading partners were engaged in devaluing their currencies to the harm of U.S. companies and consumers. German Chancellor Angela Merkel and Prime Minister Shinzo Abe rejected the claims. But the verbal intervention from the White House appears to be working. The dollar hit its lowest since the week after the U.S. presidential election - its index value against a basket of currencies falling to 99.35 and the euro rising above $1.08 for the first time in almost two months. Implied volatility measured by one-month euro/dollar options, a gauge of the expected trading range over the period, has fallen back to historically low levels as the euro has moved further away from parity with the dollar. But Trump''s election win gave a glimpse of the potential volatility his policies might induce. One-month euro/dollar implied volatility posted its third biggest monthly rise on record in November, only behind September and October 2008 in the white heat of the global financial crisis. Analysis last year by Hyun Song Shin at the Basel-based Bank for International Settlements shows that the dollar had supplanted the VIX index, a measure of implied volatility on Wall Street, as the variable most associated with investor banks'' appetite for risk-taking. The dollar''s surge over the previous three years was potentially destabilising for the global financial system, given that dollar borrowing from non-U.S. institutions firms and households outside the United States is almost $10 trillion. But while a weaker dollar helps ease global financial conditions, increases global lending and contributes to market stability, as Shin''s research suggests, mixed signals on Washington''s position on the world''s pre-eminent currency may not. "The dollar might jump around on these sorts of 
'b6ed5676762f89970ad476b596d6f302f9f1399c'|'Trump''s move on Iran could cost jobs at Boeing'|'Trump''s move on Iran could cost jobs at Boeing by Chris Isidore @CNNMoney February 3, 2017: 5:56 PM ET WH issues additional sanctions against Iran Boeing''s $8 billion deal to sell 80 jets to Iran Air was already in trouble before President Trump took office. Now it''s even more in doubt. And that could mean trouble for American factory workers whose jobs depend on that sale. Trump has long been harshly critical of the Iran nuclear deal which allowed the Obama administration to clear Boeing''s sale to Iran last December. After he assumed office, he signed an immigration ban restricting people from seven Muslim-majority countries, including Iran, from entering the U.S. Then, after Iran performed a missile test, he issued a new round of Iranian sanctions Friday morning. These new sanctions don''t specifically kill the Boeing deal, but they could make it harder for it to go through, should Iran retaliate and cancel the deal. A similar deal for European rival Airbus, to sell 100 Airbus jets to Iran for about $10 billion could also be in jeopardy. Since the Airbus jets are made with mostly U.S. parts, that sale also needs U.S. approval . "This doesn''t end well for the jetliner deals," said Richard Aboulafia, aviation analyst with the Teal Group. Boeing wouldn''t comment directly on its outlook for the deal. "We''re operating under our current...license," said Boeing Friday. "Should we receive new guidance from the Treasury Department, we will act accordingly." The problem for Trump is that a hard line stance on Iran could hurt the U.S. manufacturing jobs he says are his top priority. Boeing ( BA ) and its U.S. suppliers such as jet engine makers GE ( GE ) and United Technologies ( UTX ) are major U.S. employers. Boeing said at the time the Iran deal was announced that it would support nearly 100,000 jobs at the company and its suppliers. Boeing has a large backlog of orders, so there won''t necessarily be 100,000 layoff notices if the deal falls through. But Boeing has been trimming jobs . Likewise, if Trump nixes the Airbus sale, that could cause problems for the U.S. aircraft parts makers, according to Adam Pilarski, vice president with industry consulting firm Avitas. Related: The big risk Trump poses for Boeing is in relations with China "That would really annoy the Europeans," said Adam Pilarski, vice president with industry consulting firm Avitas. "And that could cause problems for the U.S. because it could move the Europeans not to rely as much on American parts." Aboulafia said the Trump administration doesn''t necessarily have to block these deals for them to fall through. He said Trump''s tougher stance on Iran could hurt their ability to finance an Iran purchase with western banks, since they might be reluctant to sign on to risky deals. "If nothing else, the climate for financing jets is going to get worse and worse, and that alone could kill the deal," he said. "That risk premium was already pretty high." Neither Iran nor Boeing or Airbus have provided details on the financing particulars, he said. CNNMoney (New York) First published February 3, 2017: 5:56 PM ET'|'cnn.com'|'http://rss.cnn.com/rss/edition_business.rss'|'http://money.cnn.com/2017/02/03/news/companies/trump-iran-boeing-sale/index.html'|'2017-02-04T05:56:00.000+02:00'
'a857493c508890ca9a98a6ed0bae4e382d410921'|'New York court approves Verizon settlement over ''merger tax'' objections'|'By Jonathan Stempel - NEW YORK NEW YORK A New York state appeals court on Thursday said its door remains open for settlements of merger litigation where shareholders receive no money, approving an accord tied to Verizon Communications Inc''s ( VZ.N ) $130 billion buyout of Vodafone Group Plc''s ( VOD.L ) stake in their Verizon Wireless venture.The Appellate Division, First Department in Manhattan said a lower court judge erred in rejecting a class-action settlement requiring Verizon to disclose more information to shareholders who thought it overpaid, and get a "fairness opinion" if it sold some of the venture''s assets. It also entitled the shareholders'' lawyers to up to $2 million for fees and expenses."Disclosure-only" settlements have lost favor in recent years, with critics saying they provide little benefit to shareholders and companies, while forcing companies to pay fees of shareholders'' lawyers in a so-called "merger tax."Judges in Delaware courts routinely approved such settlements for many years but have in recent decisions made clear those days are over, causing lawyers to file dozens of merger-related lawsuits in other courts instead.The Verizon settlement drew objections from two shareholders, and was rejected in December 2014 by New York State Supreme Court Justice Melvin Schweitzer.He said the accord failed to materially boost shareholder knowledge about the merger, which had closed in February 2014, and could impede the New York-based phone company''s ability to sell assets.But in Thursday''s decision, a four-judge appellate division panel said the added disclosures provided at least "some benefit" to shareholders, while the fairness opinion requirement could help insure good prices for asset sales.The panel also tightened its nearly 27-year-old test for approving such settlements, adding requirements that they be in shareholders'' and companies'' best interests. It said the Verizon settlement achieved both."Given the changing circumstances and concerns surrounding nonmonetary settlements of class actions," the Verizon case offered an opportunity "to address present day concerns," Justice Marcy Kahn wrote.The appellate division returned the case to the lower court to determine legal fees."We are pleased," Juan Monteverde, a lawyer for the plaintiffs, said in an email. "Litigation that provides enhanced corporate disclosures and corporate governance will continue to play a vital role in protecting public shareholders."A lawyer for one of the objecting shareholders did not immediately respond to requests for comment. The other objector, Gerald Walpin, a former inspector general under President George W. Bush, died last year.The case is Gordon et al v. Verizon Communications Inc et al, New York State Supreme Court, Appellate Division, 1st Department, No. 653084/2013.(Reporting by Jonathan Stempel in New York; Editing by Chizu Nomiyama)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-verizon-settlement-idINKBN15H2NO'|'2017-02-02T17:15:00.000+02:00'
'67952fd66585aefe251ac859a0304b998de919f8'|'Benefits of leaving the euro are a mirage - Draghi'|'Business   2:36pm GMT Benefits of leaving the euro are a mirage - Draghi FILE PHOTO: European Central Bank (ECB) President Mario Draghi delivers a speech at the Economic Forum in Brussels, Belgium, June 9, 2016. REUTERS/Francois Lenoir/File Photo FRANKFURT Ditching the euro would not benefit any country in the currency bloc, and governments mostly have themselves to blame for their economic problems, European Central Bank President Mario Draghi said on Thursday. Euroscepticism has gained ground in the region as its political landscape has become more populist, and the currency union arguably faces its toughest test as the 5-Star Movement campaigns to pull Italy out of the euro and presidential candidate Marine Le Pen proposes the same for France. Encouraged in part by Britain''s decision to quit the European Union, opponents of the euro argue that a flexible exchange rate would let them restore competitiveness, letting them escape a seemingly endless cycle of austerity and a relatively strong currency. The single currency has been driven up by robust growth in economic powerhouse Germany, which has benefited disproportionately. But in some of his strongest comments yet pointing the finger at politicians for waning confidence in the currency bloc, Draghi said the root cause of Europe''s economic problems was political. "Countries that have implemented reforms do not depend on a flexible exchange rate to achieve sustainable growth," he told said at a celebration in Ljubljana marking Slovenia''s 10th year in the euro. "If a country has low productivity growth because of deep-rooted structural problems, the exchange rate cannot be the answer." He identified a slowdown in structural reforms, the watering-down of the EU''s Growth and Stability Pact, the fragility of financial integration, and underlying divergence between countries. "We need to be very clear that it was not the euro as a currency that was to blame for this," Draghi said. "National authorities knew what they had to do." "The currency could not protect them from their own policy decisions," he added. Draghi said that the severity of the euro crisis and fears about immigration, globalisation, and social change were impeding integration - which was the key to openness, wealth and political security. (Reporting by Balazs Koranyi, Andreas Framke and Marja Novak-Vogric; editing by John Stonestreet) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ecb-policy-draghi-idUKKBN15H1Q0'|'2017-02-02T21:36:00.000+02:00'
'1a8c64c589c35b32193884d39528c5ebd511c044'|'Futures fall as Fed gives no clarity on next rate hike'|'Business News - Thu Feb 2, 2017 - 7:27am EST Futures fall as Fed gives no clarity on next rate hike A trader works on the floor of the New York Stock Exchange (NYSE) shortly after the opening bell in New York, U.S., January 31, 2017. REUTERS/Lucas Jackson By Yashaswini Swamynathan U.S. stock index futures fell on Thursday after the Federal Reserve gave little insight into whether it would raise interest rates at its next meeting, even as the central bank painted an upbeat picture of the economy. * The Fed left interest rates unchanged on Wednesday but gave no firm signal of a hike in March, as it awaits more clarity on President Donald Trump''s fiscal policies, adding another layer to the uncertainty triggered by his recent comments and decisions. * The dollar dropped to a near 12-week low of 99.23 against a basket of major currencies. The greenback has been beaten down by Trump''s comments on its strength and concerns over his protectionist policies. * Investors are also closely watching comments from the U.S. administration that could cause short-term volatility in the market. * Wall Street was lifted by a spike in Apple ( AAPL.O ) after the company reported strong results, but the S&P 500 and the Dow pared most of their gains at the close due to losses in energy and utilities. * A clutch of earnings including Amazon.com ( AMZN.O ), Visa ( V.N ) and Amgen ( AMGN.O ) will keep investors busy on Thursday. * Initial jobless claims is expected to have slipped by 9,000 to 250,000 last week. The report is due at 8:30 a.m. ET (1330 GMT) and comes ahead of a closely watched monthly hiring data on Friday. * Among stocks, Facebook ( FB.O ) edged up 1.4 percent to $135.03 in heavy premarket trading following the company''s strong quarterly earnings and revenue. * Shutterfly ( SFLY.O ) dropped nearly 20 percent to $41.50 after the digital imaging company reported a 30.6 percent decline in quarterly profit. * Mead Johnson ( MJN.N ) jumped 25 percent to $87 after Reckitt Benckiser ( RB.L ) said it was in advanced talks to buy the baby formula maker for $16.7 billion. Futures snapshot at 7:00 a.m. ET: * Dow e-minis 1YMc1 were down 48 points, or 0.24 percent, with 21,675 contracts changing hands. * S&P 500 e-minis ESc1 were down 6 points, or 0.26 percent, with 112,227 contracts traded. * Nasdaq 100 e-minis NQc1 were down 17.25 points, or 0.34 percent, on volume of 21,834 contracts. (Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Sriraj Kalluvila) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-stocks-idUSKBN15H1CX'|'2017-02-02T19:27:00.000+02:00'
'f67ce4900ce189002dd4debc001b4363b4c50597'|'Japan PM says forex policy should not be discussed by leaders'|'  4:51am GMT Japan PM says forex policy should not be discussed by leaders A TV monitor showing   and Japanese Prime Minister Shinzo Abe is seen next to another monitor showing the Japanese yen''s exchange rate against the U.S. dollar at a foreign exchange trading company in Tokyo, Japan, February 1, 2017. REUTERS/Kim Kyung-Hoon TOKYO Japanese Prime Minister Shinzo Abe said on Thursday that currency policy was not an issue that should be discussed between leaders of countries as doing so would make it a political issue. Abe made the remark in parliament when asked by a lawmaker if he would discuss currencies in a meeting with   next week. "I''ll explain (our policy) if asked," Abe said. (Reporting by Leika Kihara and Tetsushi Kajimoto; Editing by Chris Gallagher)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-trump-japan-forex-idUKKBN15H0BW'|'2017-02-02T11:51:00.000+02:00'
'c9840745950173d914c141a5a82651be768c0a43'|'As private lawyer, Trump high court pick was friend to business'|'Politics - Wed Feb 1, 2017 - 5:02pm EST   U.S. President Donald Trump and Neil Gorsuch (L) smile as Trump nominated Gorsuch to be an associate justice of the U.S. Supreme Court at the White House in Washington, D.C., U.S., January 31, 2017. REUTERS/Kevin Lamarque By Lawrence Hurley - WASHINGTON   Gorsuch, a conservative federal appeals court judge from Colorado nominated by wealthy businessman Trump on Tuesday, could turn out to be a friend to business, having represented the U.S. Chamber of Commerce in fending off securities class actions, one of the most hotly contested areas of corporate law. The chamber is the largest U.S. business lobbying group. If confirmed, Gorsuch would be one of the only current justices with extensive experience on business issues in private practice. Securities class action lawsuits are filed by investors who allege misconduct by a company whose stock price has tanked, hurting investors'' portfolios. These once-common lawsuits now face higher hurdles and are filed less often. Congress passed laws in 1995 and 1998 making it harder to bring securities class actions. Later court rulings, including one in which Gorsuch was involved, clarified the requirements under the laws. From 1995 to 2005, Gorsuch worked at boutique law firm Kellogg, Huber, Hansen, Todd, Evans & Figel in Washington, becoming a partner in 1998. He had a wide range of clients, including individuals and nonprofits, as well as various business interests. While there, he filed two briefs on behalf of the Chamber of Commerce seeking limits to securities class actions. One of Gorsuch''s briefs came in a securities fraud case called Dura Pharmaceuticals v. Broudo. The Supreme Court in 2005 ruled unanimously for the company, but did not issue the kind of broad ruling Gorsuch had sought, said Patrick Coughlin, the lawyer who argued the case on behalf of the investors who sued. Of Gorsuch''s role, Coughlin said representing the Chamber of Commerce is the epitome of corporate defense work for a lawyer. "The chamber had always been against us," Coughlin said, referring to class action lawyers. "He''d always been on the other side of what we were doing, so it was not surprising he was selected by Trump." Prior to the ruling, Gorsuch co-wrote an article in the Legal Times trade publication for lawyers in which he described some securities class actions as a "free ride to fast riches" for plaintiffs'' lawyers. He said the Dura case was a chance for the court to "curb frivolous fraud claims" in which plaintiffs cannot prove a stock price drop was caused by misrepresentations by a company. Gorsuch''s background promises to be valuable on the Supreme Court, which hears a significant number of business disputes among the roughly 70 cases considered each annual term. Businesses have been trying with mixed success to get the Supreme Court to put new curbs on class action litigation beyond the securities context. Class actions can lead to huge jury awards against companies and is harder to defend against than lawsuits brought by individuals. If confirmed by the U.S. Senate in time, Gorsuch could play an immediate role in a major case on whether companies can head off costly class action lawsuits by forcing employees to give up their right to pursue work-related legal claims in court as a group. MERITLESS CASES Paul Bland, executive director of consumer advocacy group Public Justice, said he hoped Gorsuch, if confirmed, would see that "most of what he saw as meritless cases in 2005 have been weeded out, and that the vast majority of the cases that remain raise substantial issues that protect investors." Chamber of Commerce official Tom Collamore joined Trump at the White House on Wednesday for a meeting with advocacy groups touting Gorsuch''s pick, calling it "a fantastic nomination." The chamber declined comment on Gorsuch''s work for the group. In a statement issued after the nomination was announced, chamber President Tom Donohue congrat
'3389de8af6561c9dc16552b2016d3f3bed64c131'|'Washington state pipeline disruption jury fails to reach verdict'|'U.S.  26pm EST Washington state pipeline disruption jury fails to reach verdict Marla Marcum reads from the Gospel and offers prayers before activists Ken Ward (C) and Jay O''Hara blockade a 40,000 ton shipment of coal at the Brayton Point power station with their lobster boat named the ''''Henry David T'''' in Newport, Rhode Island, U.S. on May 15, 2013 in... REUTERS A jury weighing charges against an activist behind a coordinated protest that disrupted the flow of millions of barrels of crude oil into the United States failed to reach a verdict in a case in Washington state, prosecutors said on Wednesday. Ken Ward did not dispute that he shut down a valve on Kinder Morgan Inc''s Trans Mountain Pipeline near Burlington, Washington, but a jury could not agree on a verdict for his charges of trespassing, burglary and sabotage. "I am surprised and hugely pleased," Ward said by phone on Wednesday afternoon. Skagit County Prosecutor Rich Weyrich said by email that his office has the ability to retry Ward and planned to make that decision shortly. Ward''s trial was the first in a series of proceedings that activists hope will serve as a referendum on climate change. Ward, 60, maintained that his actions are necessary in the face of the government''s failure to address global warming. Ward was arrested in October when he and other activists in four states cut padlocks and chains and entered remote flow stations to turn off valves to try to stop crude from moving through lines that carry as much as 15 percent of daily U.S. oil consumption. Officials, pipeline companies and experts said the protesters could have caused environmental damage themselves by shutting down the lines. Supporters called Ward''s trial an "all hands on deck moment" for the climate change movement, which has also spawned protests of the Dakota Access and Keystone XL pipeline. Last week U.S. President Donald Trump signed orders smoothing the path for those pipelines in an effort to expand energy infrastructure. Native Americans and activists protesting the Dakota Access Pipeline project expressed alarm on Wednesday after federal lawmakers from North Dakota said the final permit had been granted for the project, a statement later contradicted by the U.S. Army, which issues such permits. (Reporting by Curtis Skinner in San Francisco; Editing by Bill Rigby) Next In U.S.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-washington-pipeline-trial-idUSKBN15G5WC'|'2017-02-02T06:18:00.000+02:00'
'56e79eed981691921cbff4db6ffacac0d1b2cb2b'|'Divisions in Turkey''s economic team hamper response to lira slide'|'By Nevzat Devranoglu and Orhan Coskun - ANKARA ANKARA Divisions among Turkey''s economic policy makers, which have hindered the central bank and unnerved investors, are unlikely to abate before an April referendum on granting the stronger powers that President Tayyip Erdogan has long sought.The lira has been one of the world''s worst-performing currencies this year, falling more than seven percent against the dollar, on top of double-digit losses in both of the last two years. Inflation is rapidly heading toward double figures.Yet Erdogan''s aides and some government officials, eager to maintain the Turkish leader''s reputation for delivering strong growth, insist the country can ill-afford rate increases with the economy slowing at its sharpest pace in almost a decade.Other senior officials disagree and believe politicians should be less vocal about monetary policy, even if this means higher rates to steady the crumbling lira decisively and restrain inflation. But in Ankara''s corridors of power, theirs are the voices less heard."Truth be told, the dominant view in Ankara is clear: Erdogan needs to be convinced for interest rates to be hiked," said one senior economy official, speaking on condition of anonymity because the issue is so politically sensitive."The central bank''s position is truly very difficult because it cannot satisfy anyone with its decisions. It is under constant criticism."The bank has managed, for now, to put a brake on the lira''s decline. At its last meeting on Jan. 24, it significantly hiked funding costs while leaving its main interest rate at 8 percent, instead lifting overnight and last resort borrowing rates.The lira TRYTOM=D3 has since pulled back from its record low of 3.9417 to the dollar on Jan. 11, and was at 3.7505 in mid-session trading on Friday.But the convoluted methods of the central bank (CBRT) have done little to reassure investors worried about its independence, or to contain inflation, which rose to 9.22 percent year-on-year in January, according to data released on Friday."Big rise in inflation in January. CBRT has to take responsibility. Policy has been too loose for too long, and lira weakness taking toll," Timothy Ash of BlueBay Asset Management, a veteran Turkey watcher, said on Twitter.GRAPHIC-Lira value, interest rates tmsnrt.rs/2jUiH7wErdogan has said the bank has a free hand and has all the tools it needs to stem the lira''s falls. Senior officials around him have repeatedly said it is independent, and that politicians are merely stating their opinions.But his insistence that interest rates cause inflation and that those urging rate hikes are part of a conspiracy against Turkey have set him at odds with members of his own team."The economic leadership is split in half between the presidential palace and the government," said one government official. "The reality is that the central bank is worn out ... Its credibility, with the help of politicians, must be raised."INFLECTION POINT?Erdogan''s supporters see the move to replace Turkey''s parliamentary democracy with an all-powerful presidency as a guarantee of stability at a time when the country faces significant security threats and the economic slowdown."The economic leadership has a harmony problem, this is undeniable ... But the problems with coordination can be resolved with constitutional change and the presidential system," said a senior member of the ruling AK Party.Opponents fear a lurch toward authoritarianism, saying checks on Erdogan''s substantial powers will be removed.But some investors are hopeful that once the political noise dies down, there will be more clarity on the leadership structure and pragmatism will prevail."The base case is (Erdogan) gets what he wants," said one London-based fund manager. However, he pointed to the long-standing presence in the cabinet of Deputy Prime Minister Mehmet Simsek as a reassuring sign."We saw in the past after the last election ... that people had been
'eec0c4f7588b97feb28314c7f18adff45194005a'|'Britain tells EU: Pay your fair share into NATO'|'Britain tells Europe: Pay your fair share into NATO by Ivana Kottasova @ivanakottasova February 3, 2017: 6:11 AM ET What''s the point of NATO? U.K. Prime Minister Theresa May will call on other members of the European Union to increase their defense spending at a summit in Malta on Friday. May is expected to brief EU leaders on her recent trip to the United States, where she received assurances that President Trump is fully committed to NATO. The push for more defense spending follows a warning from U.K. Defense Secretary Michael Fallon on the dangers of Russia''s military resurgence: Moscow''s recent aggression couldn''t be treated as "business as usual." NATO was designed to counter exactly such a threat. But Trump called the alliance "obsolete" during the presidential campaign and accused other members of not spending their fair share. "We are spending a tremendous amount in NATO and other people proportionately less," he said. "No good." When it comes to costs, Trump and May have a point. Only five of NATO''s 28 members -- the U.S., Greece, Poland, Estonia and the U.K. -- meet the alliance''s target of spending at least 2% of GDP on defense. U.S. ambassador to UN hits Russia hard over Ukraine The alliance increased overall defense spending for the first time in two decades in 2015, but the U.S. is still doing a lot of the heavy lifting. It spends the highest proportion of its GDP on defense: 3.61%. The second biggest NATO spender in proportional terms is Greece, at 2.38%, according to NATO. The U.K. is third, at 2.2%. Meanwhile, Germany spent 1.19% last year, while France forked out 1.78%. Canada, Slovenia, Belgium, Spain and Luxembourg all spent less than 1%. NATO admits it is overly dependent on the U.S. for the provision of essential capabilities, including intelligence, surveillance and reconnaissance, air-to-air refueling, ballistic missile defense and airborne electronic warfare. According to NATO statistics, the U.S. spent an estimated $664 billion on defense in 2016. That''s more than double the amount all the other 27 NATO countries spent between them, even though their combined GDP tops that of the U.S. NATO is now pushing hard for the 2% guideline to be taken more seriously. Back in 2014, all member countries that fall below the threshold committed to ramp up military spending to reach the target within a decade. Most countries are sticking with the promise: 12 increased their spending in 2014, and 16 did so in 2015. Last year, 22 countries spent more as a share of their national economic output. Trump, China, Europe: Why 2017 is impossible to predict Fear of Russian aggression is driving some of the splurge. Latvia, which shares a border with Russia, increased its defense spending by 42% in 2016. Its neighbor Lithuania boosted its outlays by 34%. Both, however, are still below the 2% threshold. NATO is based on the principle of collective defense: an attack against one or more members is considered an attack against all. So far that has only been invoked once -- in response to the September 11 attacks. A Polish soldier takes part in NATO exercises. Poland is one of only five members that meets NATO''s guideline for defense spending. Retired Marine Gen. James Mattis, Trump''s defense secretary, has described NATO as vital to U.S. national interests and security. Former ExxonMobil ( XOM ) CEO Rex Tillerson, who has been confirmed as secretary of state, has also defended the alliance. CNNMoney (London) First published February 3, 2017: 6:11 AM ET'|'cnn.com'|'http://rss.cnn.com/rss/edition_business.rss'|'http://money.cnn.com/2017/02/03/news/donald-trump-nato-theresa-may/index.html'|'2017-02-03T18:28:00.000+02:00'
'a86d569c6fd554db4462ce4a59916f3ef40d9599'|'Prosecutors confirm investigating Deutsche Boerse CEO for insider trading'|' 40am GMT Prosecutors confirm investigating Deutsche Boerse CEO for insider trading Carsten Kengeter, CEO of Deutsche Boerse talks to the media during the presentation of FinTec start-up facilities provided by Deutsche Boerse in Frankfurt, Germany, February 24, 2016. EUTERS/Kai Pfaffenbach FRANKFURT German prosecutors said on Thursday their investigation of Deutsche Boerse ( DB1Gn.DE ) Chief Executive Carsten Kengeter for suspected insider trading related to talks held between the group''s management and the London Stock Exchange ( LSE.L ) between July/August and December 2015. Prosecutors searched offices at Deutsche Boerse''s headquarters in Eschborn near Frankfurt on Wednesday in connection with a 4.5 million euro ($4.85 million) purchase of Deutsche Boerse shares by Kengeter in December 2015, just over two months before Boerse and LSE announced merger talks. The Frankfurt prosecutor''s office said in a statement that the search was meant to help clear up the course of talks up to Feb. 23, 2016, when the two companies confirmed they were in negotiations for a merger. ($1 = 0.9274 euros) (Reporting by Maria Sheahan; Editing by Christoph Steitz) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-deutsche-boerse-investigation-prosecu-idUKKBN15H0MF'|'2017-02-02T14:35:00.000+02:00'
'66d3fa9d78b7e38041131b51aede0e94fc382f0e'|'Japan GPIF denies media report it will invest in U.S. infrastructure bonds'|'Funds News - Wed Feb 1, 2017 - 9:20pm EST Japan GPIF denies media report it will invest in U.S. infrastructure bonds TOKYO Feb 2 Japan''s Government Pension Investment Fund on Thursday denied a newspaper report that it would invest in U.S. infrastructure bonds as part of an economic cooperation package to be discussed between the two countries'' leaders next week. In a statement on the fund''s Twitter account, GPIF President Norihiro Takahashi said "there was no truth" to the report, adding that its investment decisions were made for the benefit of its policyholders. The Nikkei business daily reported earlier that infrastructure investments in the United States by GPIF, the world''s largest pension fund, would feature largely in the package that Prime Minister Shinzo Abe will present to U.S. President Donald Trump at their meeting. (Reporting by Chang-Ran Kim and Kaori Kaneko; Editing by Richard Borsuk) Next In Funds News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/usa-trump-japan-gpif-idUST9N1EA01R'|'2017-02-02T09:20:00.000+02:00'
'933f610da0a0a538df4886711a5d4484ba524063'|'Indian shares inch down; auto stocks fall'|'Financials  24am EST Indian shares inch down; auto stocks fall * NSE index down 0.29 pct; BSE 0.19 pct lower * Most auto stocks down on weak Jan sales * Market in consolidation phase - analyst By Darshana Sankararaman Feb 2 Indian shares fell on Thursday as auto makers such as Tata Motors slipped on lower vehicle sales, pausing after a budget with a range of incentives for companies helped stocks gain nearly 2 percent in the previous session. Shares briefly hit their highest since late October, although they were unable to build on Wednesday''s gains after the government unveiled a budget to help the poor with hikes in spending and cuts in taxes. "There is some consolidation after the moves we saw yesterday. In the longer term, the market remains extremely positive," said Gaurang Shah, vice president, Geojit BNP Paribas. Markets would also remain supported as the impact of a ban on higher value banknotes eases, analysts said. The broader NSE index was down 0.29 percent at 8,690.05 by 0609 GMT, while the benchmark BSE index was 0.19 percent lower at 28,088.29. Both indexes gained about 1.8 percent on Wednesday, their biggest single-day percentage gain since Nov. 25. Auto stocks dropped on Thursday after reporting lower January sales, with the Nifty auto index falling as much as 1.17 percent. Mahindra and Mahindra Ltd and Tata Motors Ltd were down about 2 percent each, among the top percentage losers on the NSE index. ITC Ltd rallied as much as 3.8 percent to a record high after the budget proposed a lower-than-expected increase in excise duty on some cigarette categories. Asian shares meanwhile hit four-months highs after the U.S. Federal Reserve held interest rates steady on Wednesday, without giving a firm signal on the timing of its next rate move. (Reporting By Darshana Sankararaman in Bengaluru; Editing by Biju Dwarakanath) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/india-stocks-idUSL4N1FN18L'|'2017-02-02T13:24:00.000+02:00'
'c5fb6d724a5d5e84379f3a6e2e074381164427da'|'Dakota Access Pipeline to be completed by second quarter - Phillips 66 CEO'|'Business   12:21pm EST Dakota Access Pipeline to be completed by second quarter: Phillips 66 CEO An opponent of the Dakota Access oil pipeline is seen through concertina wire while snowmobiling toward the protest camp near Cannon Ball, North Dakota, U.S., January 29, 2017. REUTERS/Terray Sylvester NEW YORK The controversial Dakota Access Pipeline is expected to be completed by the second quarter, Phillips 66 Chief Executive Greg Garland said in the company''s earning call. Phillips 66 has a 25 percent stake in the pipeline project. (Reporting By Jarrett Renshaw)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-north-dakota-pipeline-phillips-idUSKBN15I2H1'|'2017-02-04T00:18:00.000+02:00'
'f77fa08303912f554a00962ee6ed689b4fee4860'|'Ford upbeat on local sales despite safety recall in South Africa'|'Fri Feb 3, 2017 - 7:52am GMT Ford upbeat on local sales despite safety recall in South Africa A logo of Ford is pictured on a car at the 86th International Motor Show in Geneva, Switzerland, March 1, 2016. REUTERS/Denis Balibouse CAPE TOWN U.S. auto-maker Ford ( F.N ) said on Friday sales of its vehicles in South Africa remained resilient, despite a challenging start to the year as safety concerns led to the recall of thousands of vehicles, a senior company official said. In January, Ford recalled around 4,500 Kuga SUVs sold in South Africa after dozens of reports of the vehicles catching fire spontaneously due to engine overheating. With a total of 6,634 vehicles sold last month, Ford sales were up 1.7 percent compared to the same month last year, while the company''s overall market share was 14.5 percent, Ford said in a statement. "We are encouraged by and grateful for the continued customer confidence in the Ford brand... despite the challenges relating to the safety recall announced in January for the 1.6-litre Kuga sold in South Africa in 2013 and 2014," said Gerhard Herselman, general manager for sales at Ford''s sub-Saharan region. He said Ford was committed to addressing customer concerns as it sought to limit the impact among affected customers who complain that Ford was tardy in its response to the Kuga problem. South Africa''s new vehicle sales rose 3.7 percent year-on-year to 50,333 units in January, data from the trade and industry department showed this week. (Reporting by Wendell Roelf; Editing by Adrian Croft) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-safrica-ford-idUKKBN15I0SQ'|'2017-02-03T14:52:00.000+02:00'
'7f9ba125557edbf452aad21049ae387a0f1994f0'|'British construction grows more slowly, costs soar - PMI'|'Thu Feb 2, 2017 - 9:33am GMT British construction grows more slowly, costs soar: PMI Construction cranes are seen by St Paul''s cathedral at dawn in London, Britain, January 13, 2017. REUTERS/Toby Melville LONDON Britain''s construction industry grew last month at the weakest rate since August against a backdrop of rocketing costs linked to the Brexit vote, but builders were more upbeat about the year ahead, an industry survey showed on Thursday. The Markit/CIPS construction purchasing managers'' index (PMI) hit a five-month low of 52.2 in January after December''s nine-month high of 54.2, a steeper decline than all forecasts in a Reuters poll, though still indicating modest growth. The index also showed the sharpest rise in costs since August 2008, as sterling''s slide since the referendum decision in June to leave the European Union pushed up the price of imported raw materials. The surge in price pressures echoed a record rise in raw materials costs reported by manufacturers in a similar survey on Wednesday. "There were more positive trends in terms of staff hiring and business optimism regarding the year-ahead outlook," Markit economist Tim Moore said. The Bank of England is expected to revise up its growth forecasts, and possibly those for inflation too, when it gives a quarterly economic update later on Thursday. Construction firms reported a boost to their workloads thanks to Britain''s resilient economic growth since the referendum and a strong pipeline of new projects, Moore said. The Royal Institution of Chartered Surveyors had a similar message in a separate survey also released on Thursday. A growing majority of firms expect output to increase over the coming year, led by hopes of more road and railway building, RICS said. Finance minister Philip Hammond promised more spending on transport infrastructure in a budget statement in November. He set aside 23 billion pounds ($29 billion) to spend on boosting economic productivity over the next five years. Official construction data has been more lackluster than the PMI surveys, with output in the last three months of 2016 just 0.8 percent higher than the previous year. ($1 = 0.7915 pounds) (Reporting by David Milliken; Editing by William Schomberg/Jeremy Gaunt) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-britain-economy-construction-idUKKBN15H0UZ'|'2017-02-02T16:32:00.000+02:00'
'4f69577cfdf76c361c6f860340f5951930a16480'|'Australia shares steady, miners higher; NZ slightly lower'|'Financials - Wed Feb 1, 2017 - 9:02pm EST Australia shares steady, miners higher; NZ slightly lower By Christina Martin Feb 2 Australian shares edged higher on Thursday, helped by basic materials and energy stocks as the dollar stepped back on disappointment that the Federal Reserve did not take a more hawkish policy stance. The S&P/ASX 200 index gained 0.1 percent or 6.14 points to 5,659.3. The benchmark ended 0.57 percent higher on Wednesday. The Fed, which stood pat on policy as expected, painted a relatively upbeat picture of the U.S. economy but gave no firm signal on the timing of its next rate move. The dollar index trimmed about 0.3 percent of its gains on the day after the Fed statement. The Aussie gained 0.6 percent to $0.7620, after data from the Australian Bureau of Statistics showed a trade surplus of A$3.51 billion ($2.68 billion) in December, handily outpacing forecasts of A$2.2 billion. "There is just an assumption that the Fed will be very mindful of the fiscal implications of the spending Trump intends to do," said James McGlew, executive director of corporate stockbroking at Argonaut. "Markets are more focused on how, where, and when he''s gonna spend." Basic materials stocks benefited from the pullback in the dollar with the mining and metals index rising about 1 percent higher. Global miners BHP Billiton and Rio Tinto gained 0.4 percent and 0.8 percent. However, gold miners were the top performers on the index, owing to higher gold prices after the Fed meeting. The gold index, which added 2.1 percent, touched a week high as heavy-weights Newcrest Mining and Evolution Mining, and OceanaGold Corp, rose between 2 percent and 3 percent. Oil and gas explorers were the beneficiaries of an overnight rally in oil prices. Prices eventually settled lower after official data showed U.S. crude and gasoline stockpiles rose sharply. Woodside Petroleum Ltd and Oil Search Ltd added about 0.4 percent each. The top performer on the main index, however, was engineering contractor Downer EDI Ltd, which hit a 7-year high, gaining as much as 19.4 percent after posting better-than-expected first-half results and raising its full-year guidance. The stock posted its biggest percentage gain in over 14 years. New Zealand''s benchmark S&P/NZX 50 index eased off slightly by 0.05 percent or 3.9 points to 7,051.6, pressured by materials, utilities and real estate stocks. Goodman Property, Fletcher Builder and Meridian Energy, all lost about 1 percent each. (Reporting by Christina Martin; Additional reporting by Krishna V Kurup in Bengaluru; Editing by Shri Navaratnam) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/australia-stocks-midday-idUSL4N1FN0GU'|'2017-02-02T09:02:00.000+02:00'
'337b42882c708c7f87a6b4cb46dbcedc1963c296'|'Nigeria equity trading falls 40 pct in 2016 as investors fret over currency'|'Financials - Thu Feb 2, 2017 - 10:59am EST Nigeria equity trading falls 40 pct in 2016 as investors fret over currency LAGOS Feb 2 Share dealing on Nigeria''s bourse dropped 40 percent to 1.15 trillion naira ($3.8 billion) in 2016, the stock exchange said on Thursday, as foreign investors unnerved by the country''s illiquid currency markets sold equities. Nigeria''s main stock market average fell 6.2 percent last year. In dollar terms, stocks shed 40 percent in 2016 as the naira fell by a third in the official market against the dollar due to central bank currency reforms. In 2017, stocks have so far fallen a further 3.6 percent. On the black market meanwhile, the naira is almost 40 percent cheaper than the official rate, due to dollar shortages caused by low oil prices. The stock exchange said foreign investors traded shares valued at 517.55 billion naira in 2016, down from 1.03 trillion naira a year earlier, with more than half of the transactions deals to sell shares. It said domestic transactions accounted for 55 percent of total share dealing in 2016, compared with the last four years when foreign players dominated the stock market. In January, stock exchange chief executive Oscar Onyema acknowledged in his annual briefing the sharp drop in foreign inflows in 2016 and said the outlook for this year will be determined by the central bank''s currency reforms. Equity investments from portfolio investors and direct investment rose sharply from 2012 to 2014, at a time when Nigeria was one of the fastest growing economies in the world and a top destination for investment. But a sharp drop in the price of crude oil, Nigeria''s main export, from mid-2014, has since crippled the economy. Africa''s biggest economy is battling its first recession in 25 years amidst galloping inflation and a weakening currency, which has led foreign investors to flee its financial markets. The government''s statistics office on Wednesday said total capital imports into Nigeria in 2016 fell to a nine-year low. Last June, the central bank scrapped its currency peg to allow the naira float to lure back foreign investors but dollar shortages has persisted creating a black market where the greenback trades at a premium. ($1 = 304.20 naira) (Reporting by Chijioke Ohuocha; Editing by Hugh Lawson) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/nigeria-stocks-idUSL5N1FN6BS'|'2017-02-02T22:59:00.000+02:00'
'1721e1ee7c7c3256f181ef583672e4375da58b86'|'Fitch Affirms China Construction Bank (Brasil) S.A.''s National Ratings'|'Financials  07pm EST Fitch Affirms China Construction Bank (Brasil) S.A.''s National Ratings (The following statement was released by the rating agency) SAO PAULO/RIO DE JANEIRO, February 01 (Fitch) Fitch Ratings has affirmed the National ratings of China Construction Bank Brasil S.A. (CCB Brasil) as follows: --Long-term National rating at ''AAA(bra)''; Outlook Stable; --Short-term National rating at ''F1+(bra)''. KEY RATING DRIVERS - NATIONAL RATINGS China Construction Bank (Brasil) S.A.''s (CCB Brasil) National Ratings are driven by the high ability and propensity of the ultimate parent, China Construction Bank Corporation (CCBC; ''A''/Stable), to provide support if needed. CCB Brasil is a strategically important subsidiary, even though it does not operate in a core CCBC market. The Brazilian subsidiary has strong strategic and administrative synergies with the parent, besides sharing the same brand. Risk management policies are also aligned to those at the parent level and to local regulatory practices. CCB Brasil is also small relative to the consolidated group, suggesting that supporting the subsidiary would be relatively easy for CCBC. CCB Brasil''s credit assets continue to post a poor performance, which has been intensively eroding the bank''s capital stance as a result of accumulated net losses over the past three consecutive years. In the first six months of 2016, net losses amounted to BRL339.9 million (BRL267.9 million in the same period of 2015), as provision expenses maintained a negative trend. Profitability has also been hampered by the bank''s weak revenue generation and strong asset deleveraging, following management''s decision to not grow its loan activities until a more acceptable run-off from the old legacy problematic loans is achieved. In the meantime, capitalization will remain weak, volatile and limit any possible restoration of CCB Brasil''s risk appetite and the growth of the loan portfolio. CCB Brasil''s viability remains heavily contingent on CCBC capital support. The local subsidiary has been consistently striving to comply with minimum required Basel III capitalization ratios and has required consistant equity support from the group. In December 2015, CCB Brasil''s Tier 1 capital fell below the regulatory levels, after reaching 4.3% versus the minimum requirement of 6%. After the capital injection of BRL760 million in April, the Tier 1 capital ratio improved to 6.9% in June 2016, which Fitch views as very tight considering CCB Brasil''s lackluster results. The new management has been gradually shifting CCB Brasil''s loan mix, targeting higher quality corporates while reducing the exposure to smaller entities and exiting some problematic segments. Yet, impaired loans in June 2016 remained high, at 20.4%, and provisioning coverage on D-H levels of 45.7% of the loans may prove to be insufficient. In Fitch''s base-case scenario, 2017 results will remain fragile, constrained by still high credit costs and weak revenue generation, meaning that capital ratios will fall further and additional capital support from the parent will be required. On a positive note, CCB Brasil liquidity remains solid, backed by strong support from its Chinese parent. CCBC has been very active in extending support through several liquidity lines, which amounted to USD2 billion in June 2016. This has allowed the local operation to repay costly funding sources. The lines also provide the bank with stable long-term funding, granted at below-average market prices. The liquidity will also help to address competitive pressures from CCB Brasil''s main peers, whenever the bank resumes growth in loan operations. RATING SENSITIVITIES Multiple downgrades in CCBC''s IDRs or its propensity to support CCB Brasil would lead to a negative rating action on CCB Brasil''s ratings - not currently part of Fitch''s base case scenario. Contacts: Primary Analyst Raphael Nascimento Associate Director +55-11 3957-3664 Fitch Rati
'5aff31198377d194e7602853efd9d7709895877b'|'Risky to relocate London-based markets after Brexit - BoE''s Carney'|'Big Story 10  57am EST Risky to relocate London-based markets after Brexit: BoE''s Carney LONDON Attempts to relocate London-based financial markets as Britain leaves the European Union could pose big risks to the financial stability of the continent, Bank of England Governor Mark Carney said on Thursday. Carney used derivatives as an example of a highly complex market dominated by London that requires constant supervision, which would be difficult to relocate. "There is huge operational risk involved in that, there''s huge financial risk involved in that. It''s not something you do overnight," he said at a news conference after the BoE left interest rates on hold. Carney it could take around four years for just one institution dealing in derivatives to move successfully. (Reporting by UK bureau; writing by Andy Bruce; editing by Richard Lough) Next In Big Story 10'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-britain-boe-carney-risks-idUSKBN15H1MU'|'2017-02-02T20:50:00.000+02:00'
'17601e20b11e6cd30ec1cb2aa020d7118822a572'|'Shell nears deals to sell $5 bln of assets -CFO'|'LONDON Feb 2 Royal Dutch Shell is nearing deals to divest $5 billion of assets, Chief Financial Officer Simon Henry said on Thursday, adding that the company was "selectively accelerating" shale oil production in the United States. (Reporting by Ron Bousso and Karolin Schaps; Editing by David Goodman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/shell-results-divestments-idINL9N13S02J'|'2017-02-02T06:47:00.000+02:00'
'13124920c0aa0db38715e16bad79e35c2a021ec5'|'Sony cuts annual profit view on movie business writedown - Reuters'|'TOKYO Sony Corp ( 6758.T ) on Thursday cut its full-year outlook for operating profit on Thursday after the Japanese TV-to-gaming group took a $1 billion writedown on its struggling movie business.Sony forecast group operating profit of 240 billion yen ($2.13 billion) for the year ending in March, down from a previous estimate of 270 billion yen.It also said October-December operating profit fell to 92.4 billion yen from 202.1 billion yen a year earlier.The company said earlier this week it had cut the goodwill value of its movie business by 112.1 billion yen due to a dimming outlook for earnings from DVD and Blu-ray discs.But a weaker yen and an image sensor business recovering from April earthquakes at Japanese plants helped partially offset the movie business writedown.Sony has stressed that the pictures segment overall - including television programs and media networks - would improve through efforts to cut costs and bolster income from intellectual property. The segment "continues to be an important business," it has said.Sony''s pictures segment, which accounts for some 10 percent of the company''s overall sales, is regarded as a key growth driver under its current three-year business plan through March 2018, along with image sensors, videogames and music.Pictures supported Sony''s earnings during years of struggle in its core consumer electronics business. Its profitability prompted activist shareholder Daniel Loeb to urge Sony in 2013 to partially spin off the segment as well as the music arm to free up cash to revive the electronics business.($1 = 112.5700 yen)(Reporting by Makiko Yamazaki; Editing by Christopher Cushing)'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/us-sony-results-idINKBN15H0E6'|'2017-02-02T03:27:00.000+02:00'
'd5744acca4c1b86d7a6f88c9078ce139942c0433'|'EU mobile roaming charges to disappear after deal on wholesale caps'|'BRUSSELS The European Union clinched a preliminary deal on Wednesday to cap wholesale charges telecom operators pay each other when their customers call, send texts or surf the web abroad, paving the way for the abolition of roaming fees in June, the European Commission''s digital chief said on Twitter.The caps on wholesale roaming charges were the last piece of the puzzle needed for the smooth implementation of a law abolishing retail roaming charges as of June 2017, crowning a decade of efforts by Brussels to allow citizens to use their phones abroad without paying extra.Wholesale charges for data will be capped at 7.75 euros per gigabyte from June 2017, going down to 2.5 euros per gigabyte in 2022, according to a document seen by Reuters.(Reporting by Julia Fioretti; Editing by Andrew Hay)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-eu-telecoms-roaming-idINKBN15G2YB'|'2017-01-31T21:13:00.000+02:00'
'683e4ecc0f83b309c483519ddfff9220519fa4e5'|'Chilean workers vote to strike at world no.1 copper mine'|'Business News - Wed Feb 1, 2017 - 3:31am GMT Chilean workers vote to strike at world no.1 copper mine SANTIAGO Workers at BHP Billiton''s ( BLT.L ) ( BHP.AX ) Chilean mine Escondida, the world''s biggest copper mine, have voted to reject a company wage offer and go on strike, the union said in the early hours of Wednesday. The strike is due to begin in 48 hours but will likely be postponed for a five-day government mediation to attempt a resolution. (Reporting by Fabian Cambero, Writing by Rosalba O''Brien; Editing by Michael Perry) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-chile-copper-escondida-idUKKBN15G392'|'2017-02-01T10:31:00.000+02:00'
'7ca47a171b89ebb02fb064472512122e22ff27d6'|'Nikkei rises as yen stops strengthening; steel sector outperforms'|'TOKYO Feb 1 Japan''s Nikkei share average rose on Wednesday as the yen''s appreciation slowed, but gains were limited as investors continued to worry about some policies of President Donald Trump''s administration.The steel sector was the best sectoral performer on the board, helped by a strong earnings forecast from JFE Holdings.The dollar had slumped after Trump and his trade adviser Peter Navarro on Tuesday singled out Japan, China and Germany as key U.S. trading partners engaged in devaluing their currencies.But the U.S. currency recovered and traded above 113 yen in afternoon trade, lifting overall sentiment about Japanese shares.The Nikkei, which was down in early trade, ended 0.6 percent higher to 19,148.08.The broader Topix gained 0.4 percent to 1,527.77, with 28 of its 33 subsectors in positive territory.The JPX-Nikkei Index 400 also rose 0.4 percent to 13,696.93.Later on Wednesday, the U.S. Federal Reserve is expected to keep interest rates unchanged when it concludes a two-day meeting, its first policy decision since Trump took office. (Reporting by Ayai Tomisawa; Editing by Richard Borsuk)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/japan-stocks-close-idINL4N1FM1FA'|'2017-02-01T03:29:00.000+02:00'
'fcdc3eb15ff5ddf0203afa8c340c1cc6f2ed9330'|'SK Innovation acquires Dow Chemical''s ethylene acrylic acid business'|'Deals  30pm EST SK Innovation acquires Dow Chemical''s ethylene acrylic acid business The Dow logo is seen at the entrance to Dow Chemical headquarters in Midland, Michigan May 14, 2015. REUTERS/Rebecca Cook/File Photo SEOUL South Korea''s SK Innovation ( 096770.KS ) said on Thursday it will acquire Dow Chemical Co''s ( DOW.N ) ethylene acrylic acid (EAA) business in a bid to boost its efforts to lead high-value added chemical markets. SK Global Chemical Co Ltd, a unit of SK Innovation, signed the acquisition deal worth $370 million, SK Innovation said in a filing to the stock exchange. Under the deal, SK Global Chemical will take over Dow Chemical-owned assets and the EAA business in the United States and Spain, the company said. (Reporting by Jane Chung; Editing by Stephen Coates) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-sk-innovation-dow-idUSKBN15H01Q'|'2017-02-02T07:27:00.000+02:00'
'daa171682de657baab629d6789ebae6b5de76d51'|'RBI issues revised rules on commercial paper issuance - Reuters'|'MUMBAI The Reserve Bank of India (RBI) issued revised guidelines for commercial papers, including mandating that the issuer must disclose the end-use of such funds and that it cannot buy back its securities before 60 days from the sale to investors.The central bank, in a circular late on Thursday, added the issuer will also need to ensure that proceeds from CP issuance are used to finance only current assets and operating expenses.Among other guidelines, the RBI said the issuer must receive at least two ratings from a credit agency, and would have to assign the lower rating to the CP, up from a requirement of needing only one rating.CP issuers must now also keep any lender from which it has outstanding loans informed about such market borrowing.For the full circular, see: bit.ly/2klqXhf(Reporting by Suvashree Dey Choudhury; Editing by Rafael Nam)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/india-cenbank-debt-idINKBN15H1YC'|'2017-02-02T13:00:00.000+02:00'
'e4dbc722d46cbc3f44fb13feec5d79342ad736ba'|'EU set to approve ChemChina''s $43 billion bid for Syngenta: sources'|'BRUSSELS EU antitrust regulators are set to approve ChemChina''s [CNNCC.UL] $43 billion bid for Swiss pesticides and seeds group Syngenta ( SYNN.S ) after the Chinese company agreed to sell some products, two people familiar with the matter said on Thursday.The deal is the largest foreign acquisition ever by a Chinese company.ChemChina will divest a couple of national product registrations, including existing products and a few in the pipeline, in more than a dozen EU countries to allay the European Commission''s concerns, one of the people said.The products are generally from ChemChina unit and Israeli crop protection company Adama while a few are from Syngenta, the person said. No plants, facilities or personnel are involved.(Reporting by Foo Yun Chee)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-syngenta-ag-m-a-china-natl-chem-eu-idINKBN15H1SQ'|'2017-02-02T11:58:00.000+02:00'
'd1f87cdb371e70e79d7dca85334fe6d82a67d0cd'|'PRESS DIGEST- New York Times business news - Feb 3'|'Feb 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.- Uber CEO Travis Kalanick plans to step down from the president''s council, after internal pressure from employees and a social media backlash. nyti.ms/2jJwrRe- Stephen A. Feinberg, founder of Cerberus Capital Management, is in discussions to join the Trump administration, the firm disclosed on Thursday. nyti.ms/2jJAfBT- Republicans on Thursday took one of their first steps to officially dismantle Obama-era environmental regulations by easing restrictions on coal mining, bolstering an industry that President Trump has made a symbol of America''s neglected heartland. nyti.ms/2jJyHYy- Department store operator Nordstrom Inc said it would put the brakes on its relationship with Ivanka Trump and it removed her brand from a list on its site. nyti.ms/2jJxErO- John Cryan, chief executive of Deutsche Bank, apologized in especially contrite terms on Thursday for the long list of misdeeds that tarnished the German lender''s reputation and cost it billions of euros in fines and settlements, adding that bonuses of top managers would be cut. nyti.ms/2jJyKUm(Compiled by Vishal Sridhar in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/press-digest-nyt-idINL4N1FO1BM'|'2017-02-03T02:39:00.000+02:00'
'2e1ff73664d8abe708efa7fb67553631739cac42'|'Nigeria hires banks for US dollar bond'|' 16am EST Nigeria hires banks for US dollar bond By Robert Hogg Feb 2 (IFR) - The Federal Republic of Nigeria has mandated Citigroup and Standard Chartered to organise a series of fixed income investor meetings in London and the United States commencing February 3, according to a lead. A 144A/Reg S benchmark US dollar-denominated offering with a final maturity of up to 15 years, under the Republic''s to be established GMTN programme, may follow. Meetings will take place in London on February 3, Los Angeles on February 6, Boston on February 7 and finish in New York on February 8. The sovereign is rated B1 (stable)/B (stable)/ B+ (negative). (Reporting by Robert Hogg; editing by Sudip Roy)  '|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/nigeria-bonds-idUSL5N1FM5JZ'|'2017-02-02T16:16:00.000+02:00'
'47f35a6334dcb911e19b4af4875101fc3e2d33e2'|'UniCredit prices rights issue at 38 percent discount'|'MILAN UniCredit ( CRDI.MI ) said on Wednesday it had priced its 13 billion euro ($14 billion) rights issue at a 38 percent discount to the so-called theoretical ex-rights price.Sources said last month the lender was expected to offer the shares at a discount of between 30 percent and 40 percent.Italy''s biggest bank said in a statement it had priced the issue at 8.09 euros per share, offering 13 new ordinary shares for every 5 ordinary and/or savings shares owned.The offer will start on Monday and will close before March 10.It said an underwriting agreement had been signed with the whole banking syndicate.The lender also confirmed its strategic plan targets including a fully-loaded CET1 capital ratio of more than 12.5 percent in 2019.(Reporting by Stephen Jewkes)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-eurozone-banks-unicredit-cashcall-idINKBN15G5KA'|'2017-02-01T17:37:00.000+02:00'
'02bdb9f22577c9842602783c91498e07a4912cac'|'BRIEF-Eplus Q3 non-gaap earnings per share $1.91'|' 28pm EST BRIEF-Eplus Q3 non-gaap earnings per share $1.91 Feb 2 Eplus Inc : * Eplus Inc- stock split will be in form of a 100 percent stock dividend payable on March 31, 2017 * Eplus reports third quarter and nine month financial results and announces a 2 for 1 stock split * Q3 non-gaap earnings per share $1.91 * Q3 earnings per share $1.81 * Q3 sales $326.7 million versus I/B/E/S view $326.4 million  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSASB0AYCK'|'2017-02-03T04:28:00.000+02:00'
'5bd1d1c1717a90814d3d6a266f659b79bf749432'|'Visa''s quarterly profit rises 6.6 percent'|'Technology News - Thu Feb 2, 2017 - 4:16pm EST Visa''s quarterly profit rises 6.6 percent Visa credit cards are seen in this picture illustration taken June 9, 2016. REUTERS/Maxim Zmeyev/Illustration/File Photo Visa Inc ( V.N ), the world''s largest payments network operator, reported a 6.6 percent rise in first-quarter profit due to higher payment volumes growth. The company''s net income rose to $2.07 billion, or 86 cents per Class A share, in the quarter ended Dec. 31, from $1.94 billion, or 80 cents per share, a year earlier. Net operating revenue rose to $4.46 billion from $3.57 billion, Visa said in its first earnings report since new chief executive, Alfred Kelly, took over. (Reporting by Sruthi Shankar in Bengaluru; Editing by Savio D''Souza) Next In Technology News Microsoft asks Trump administration for exception program on immigration orders Microsoft Corp on Thursday said it had sent a proposal to U.S. President Donald Trump''s administration to create a program to let people from seven predominantly Muslim nations enter and leave the United States on business or family emergency travel if they hold a valid work or student visa and have not committed any crimes.'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-visa-results-idUSKBN15H2S0'|'2017-02-03T04:16:00.000+02:00'
'3ad72ca18820a5c0e8aff74143ea0b3b7f342264'|'Enterprise says Seaway pipeline to resume service by Feb. 7'|'Company  46pm EST Enterprise says Seaway pipeline to resume service by Feb. 7 Feb 2 Enterprise Products Partners LP''s Seaway pipeline is expected to resume service on or before Tuesday following its closure due to a leak in Collin County, Texas, earlier this week, the company said on Thursday. The company continued to make progress in repairing its 30-inch (76-cm) diameter pipeline, which was struck by a third-party contractor on Monday, according to a company statement. The 400,000-barrel-per-day pipeline, which brings crude from Cushing, Oklahoma, down to the U.S. Gulf Coast, is a joint venture between Enterprise Products Partners LP, the operator, and Enbridge Inc.. (Reporting by Swati Verma in Bengaluru; Editing by Jonathan Oatis) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-pipeline-enterprise-seaway-idUSFWN1FN10S'|'2017-02-03T00:46:00.000+02:00'
'85f0cbe4b9a4c20f0abccd14d849727a241b376e'|'Microsoft asks Trump administration for exception program on immigration orders'|'Business News - Thu Feb 2, 2017 - 4:24pm GMT Microsoft asks Trump administration for exception program on immigration orders Microsoft CEO Satya Nadella after meeting with President-elect Trump at Trump Tower. REUTERS/Shannon Stapleton By Stephen Nellis Microsoft Corp on Thursday said it had sent a proposal to U.S. President Donald Trump''s administration to create a program to let people from seven predominantly Muslim nations enter and leave the United States on business or family emergency travel if they hold a valid work or student visa and have not committed any crimes. In a letter to Secretary of Homeland Security John Kelly and Secretary of State Rex Tillerson, Microsoft President Brad Smith outlined a program for case-by-case review of exceptions to a travel ban instituted last week for "Responsible Known Travellers with Pressing Needs." The proposal argues that the secretaries have the power to grant exceptions to the travel ban under the order issued last week by President Trump. Technology companies including Microsoft, Google owner Alphabet Inc, Apple Inc and Amazon.com Inc have been vocal in their opposition to Trump<6D>s order, arguing that they rely on workers from around the world to create their products and services. Amazon and Expedia Inc filed declarations of support on Monday in a legal challenge by the Washington state Attorney General to the order. Microsoft said on Thursday that 76 of its employees and 41 dependents were affected by the travel ban. Microsoft<66>s proposal would cover holders of the H-1B visa, a temporary work visa that the tech sector relies on to recruit foreign talent. Secretary Kelly issued an order on Sunday saying that green card holders would be allowed to travel under the executive orders, but H-1B holders from the seven affected countries are still banned. (Reporting by Stephen Nellis; Editing by Peter Henderson and Meredith Mazzilli) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-usa-trump-immigration-microsoft-idUKKBN15H20H'|'2017-02-02T23:24:00.000+02:00'
'f2318457e2e5b7393e22fe3ba2099c6f94d54cfd'|'Daimler sees slight growth in 2017 operating profit, sales'|'Business News -  24am GMT Daimler sees slight growth in 2017 operating profit, sales Mercedes-Benz cars are pictured in a production line at the plant of German carmaker Mercedes-Benz in Bremen, Germany January 24, 2017. REUTERS/Fabian Bimmer FRANKFURT Mercedes maker Daimler ( DAIGn.DE ) guided for a slight rise in operating profit, unit sales and revenue this year, barely meeting market expectations, with strong car sales growth continuing to outweigh weakness in trucks. Analysts had expected reported earnings before interest and tax (EBIT) of 14.2 billion euros (12.1 billion pounds) for 2017, according to the average estimate in a Reuters poll, a 10 percent increase on 2016''s reported 12.9 billion euros. A slight rise in EBIT, according to Daimler''s terminology, means anything between 2.5 and 10 percent. "Daimler expects to profit from slight growth in global demand for motor vehicles and from its strengthened market position," it said in a statement on Thursday. Daimler, which overtook BMW ( BMWG.DE ) to become the world''s biggest-selling premium carmaker in 2016, reported 5 percent growth in unit sales and 3 percent growth in revenue for 2016. (Reporting by Georgina Prodhan; Editing by Laurence Frost) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-daimler-results-idUKKBN15H0KH'|'2017-02-02T14:24:00.000+02:00'
'3755434222fa7fc90409d2d57d5f574380f2459d'|'London led growing ranks of EU''s million euro bankers in 2015'|'By Huw Jones - LONDON LONDON Britain boasted the most bankers earning more than a million euros a year in the European Union during 2015, with their overall ranks rising despite policymakers'' efforts to curb pay.Figures released on Thursday by the European Banking Authority (EBA) showed the number of high earners in banking hit 5,142 in 2015, up from 3,865 in 2014, with 80 percent of those paid above a million euros based in London."The largest population of high earners in the EU of 4,133 is located in the United Kingdom...and most of them are remunerated in pounds," the EBA said in a statement.The figures are affected by changes in the value of the pound and the euro, although as the EU''s biggest financial center, Britain has long dominated the high earners table."In most of the other member states, the number of high earners also slightly increased," the EBA added.Bonuses across the EU were capped at twice fixed salaries for the region''s bankers in 2014 and the EBA data showed this ceiling was being respected by the firms it tracks.The watchdog said the average ratio of fixed pay to bonuses for all those earning a million euros or more rose from 127 percent in 2014 to 147 percent in 2015.This was well under the 200 percent limit, although waivers from regulators in several member states meant the ratio largely bust the 200 percent limit at asset managers that form part of banking groups, where it hit 468 percent.EBA banker pay figures for 2016 are due in early 2018 and will likely reflect a slump in sterling in the immediate aftermath of Britain''s vote to quit the EU last June.Banks in Britain are also deciding whether to shift operations to the continent ahead of the UK''s anticipated departure from the EU in 2019, which could cut the number of high earners in the UK.(Editing by Alexander Smith)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/us-eu-banks-pay-idINKBN15H13Y'|'2017-02-02T08:20:00.000+02:00'
'9d815f792d34d3d50120712318042e2d13107789'|'UPDATE 1-In Congo, Tshisekedi''s death undermines chances of 2017 transition'|'Basic Materials  44am EST UPDATE 1-In Congo, Tshisekedi''s death undermines chances of 2017 transition (Adds police firing tear gas in para 5) By Aaron Ross KINSHASA Feb 2 The death on Wednesday of Congo''s opposition leader Etienne Tshisekedi leaves opponents of President Joseph Kabila seriously weakened in their bid to force Kabila to quit power after he defied constitutional term limits to stay on last year. Democratic Republic of Congo has never experienced a peaceful transition of power and Kabila''s refusal to stand down when his final term expired in December has raised fears the chronically unstable country could slide back into civil war. Despite his 84 years and failing health, Tshisekedi known as "the Sphinx" for his sparse but profound statements, remained the undisputed leader of the opposition to Kabila. He was expected to head a transitional council to oversee Kabila''s exit by the end of this year under a deal struck on Dec. 31. As hundreds of mourners congregated in front of a hastily-erected, candlelit shrine at his house in the Limete district of the capital, Kinshasa, on Thursday, many said they had little faith that anyone else could carry on his legacy. Nearby, police fired tear gas at more than a hundred Tshisekedi supporters from his Union for Democracy and Social Progress Party (UDSP) as a nearby vehicle burned, a Reuters witness said. Tshisekedi founded the party in 1982, creating the first organised opposition party under former leader Mobotu Sese Seko''s single-party rule. Many admired him for remaining outside the folds of power in a country where many opponents have cycled in and out of government over the decades. "He never betrayed the nation," said Rejeton Tshawuke, 35, his eyes misty, speaking over the loud wails of female mourners. "We can''t invest hope in just anyone. Many opposition leaders are only interested in money." In an interview on Thursday, Okello Oryem, the Minister of State for Foreign Affairs in neighbouring Uganda, told Reuters that the instability almost certain to follow Tshisekedi''s death meant there should be no rush to push Kabila out of office in accordance with the December deal. "There might be a need to examine the whole time agreement," he said. "(Tshisekedi''s death) might cause some ripples and a shaking of the system, hence the need for Kabila to continue holding the country together until such time as things stabilize." SUCCESSION Tshisekedi''s credibility with an impoverished and frustrated population enabled him to mobilise the masses like no other figure in the country. Tens of thousands lined the streets of Kinshasa last July for his return from two years abroad for medical treatment. But his critics say he failed to leave in place political structures that could survive him. His absence from Congo touched off bitter infighting within the UDPS. His son Felix''s rapid ascent within the UDPS ranks has led to criticism that the party had become a private family patrimony. He is now tipped to become the next prime minister in a forthcoming power-sharing government. There are few obvious opposition leaders to assume Tshisekedi''s leadership role. The former governor of Congo''s copper-mining region, Moise Katumbi, has consolidated support from several prominent opposition groupings for a planned presidential bid. However, Katumbi has been in self-imposed exile since May after the government accused him of plotting against the state - charges he denies. Meanwhile, negotiations on implementing the December deal had already stalled amid wrangling over the composition of the power-sharing government, rendering the prospect of an election by the end the year increasingly remote. (Additional reporting by Ed Cropley in Kampala; editing by Ralph Boulton) Next In Basic Materials In Congo, Tshisekedi''s death undermines chances of 2017 transition KINSHASA, Feb 2 The death on Wednesday of Congo''s opposition leader Etienne Tshisekedi leaves oppon
'6b901d98bba0ffbabdfddb5ce7ee0916b13089cc'|'Dubai Islamic Bank to meet investors ahead of possible sukuk'|'Financials  16am EST Dubai Islamic Bank to meet investors ahead of possible sukuk DUBAI Feb 2 Dubai Islamic Bank, the largest Islamic bank in the United Arab Emirates by assets, will meet fixed income investors in London on Feb. 6 ahead of a potential sukuk issuance, the bank said on Thursday. A five-year benchmark issue, which usually means upwards of $500 million, might follow. The lender has appointed Bank ABC, Dubai Islamic Bank, Emirates NBD, HSBC, KFH Capital, Maybank Investment Bank Berhard, National Bank of Abu Dhabi, Sharah Islamic Bankk and Standard Chartered Bank as joint lead managers and bookrunners. (Reporting by Davide Barbuscia; Editing by Amrutha Gayathri) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/dubai-islamic-bank-sukuk-idUSD5N1D7045'|'2017-02-02T13:16:00.000+02:00'
'c693a3067f1be100afaac0b469c20078548eb57c'|'FTC to focus on consumer injury, minimizing paperwork requests to companies'|'  1:38pm EST FTC to focus on consumer injury, minimizing paperwork requests to companies The Federal Trade Commission building is seen in Washington on March 4, 2012. REUTERS/Gary Cameron By Diane Bartz - WASHINGTON WASHINGTON The Federal Trade Commission will focus on fraud and be judicious in making paperwork requests when it opens an investigation into a company, acting FTC Chairman Maureen Ohlhausen said in a speech on Thursday. Ohlhausen called fighting fraud the "core of the FTC''s consumer protection mission." "These cases may not forge new legal ground or prompt huge headlines but such actions defend the consumer harmed by an unscrupulous con artist," she said at an American Bar Association Consumer Protection Conference in Atlanta, according to an advance text of her speech. Taking a cue from   interest in cutting red tape, Ohlhausen said that she would push to streamline agency information requests. "Such requests impose large compliance costs on legitimate companies," she said. During the Obama administration, the FTC was aggressive in going after companies such as Wyndham Hotels ( WYN.N ) that it alleged were sloppy with consumer data and also pursued companies like POM Wonderful that made health claims the agency felt were inadequately substantiated. That said, she said she supported the FTC''s decision to go after the infidelity-dating website Ashley Madison after a 2015 data breach resulted in a leak of details on 36 million user accounts. She noted that people committed suicide after they were found to have used the site. "Although monetary injury has been our primary focus, we have seen substantial injury arise from the exposure of more than just financial information," she said. But she disagreed with other assessments of harm, including the agency''s $20 million settlement with ride-hailing company Uber last month over allegations it exaggerated earnings claims to attract drivers. "It was an order of magnitude higher than our best evidence of consumer harm," she said. But John Simpson of Consumer Watchdog, which has pushed the FTC to be more aggressive, strongly supported the Uber settlement. "Disgorgement seems to be the only way to get the attention of these companies," he said. Alden Abbott of the conservative Heritage Foundation called the acting chairman''s priorities "good steps forward. She''s careful, she''s judicious and focused on consumer injury." The FTC normally has five members but two seats are vacant. A third becomes vacant next week when former Chairwoman Edith Ramirez steps down, leaving just Ohlhausen and Democrat Terrell McSweeny at the agency. It is not known when Trump will name a permanent chair or fill the three empty seats. (Reporting by Diane Bartz; Editing by Cynthia Osterman)  '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-ftc-ohlhausen-idUSKBN15H2GQ'|'2017-02-03T01:38:00.000+02:00'
'd28494e7fb1394ac73f7ad06b369005fc7856582'|'Pfizer hires JPMorgan to weigh sale of some drugs: Bloomberg'|'Pfizer Inc ( PFE.N ) is exploring sale of a group of treatments in cardiology, urology and primary care, Bloomberg reported on Thursday, citing people familiar with the matter.The drugs could fetch more than $2 billion, Bloomberg reported. ( bloom.bg/2kWj1q1 )Pfizer is working with financial adviser JPMorgan Chase & Co for the potential portfolio sale and the process is at a preliminary stage, Bloomberg said.Pfizer could not be immediately reached for comment.(Reporting by Akankshita Mukhopadhyay in Bengaluru; Editing by Savio D''Souza)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-pfizer-divestiture-idINKBN15H2CX'|'2017-02-02T15:03:00.000+02:00'
'a17431e33c8560d8c2b1cd0ff9fc8c12c191c315'|'Dollar''s sudden weakness could help U.S. profit picture'|'Business News - Sat Feb 4, 2017 - 4:10am IST Wall St. Week Ahead: Dollar''s sudden weakness could help U.S. profit picture FILE PHOTO: U.S. dollar notes are seen in this November 7, 2016 picture illustration. REUTERS/Dado Ruvic/File Photo By Caroline Valetkevitch and Sinead Carew - NEW YORK NEW YORK Stock investors could have at least one less worry in the next earnings period: the suddenly limp U.S. dollar. The greenback, whose strong rally after the Nov. 8 U.S. election hit profits at many U.S. multinationals in the fourth quarter, has had a sharp reversal since the start of the year. Coupled with comments suggesting that the Trump administration favors a weaker currency, that could shift the picture for the current quarter. Fourth-quarter results, even with the dollar''s drag, are mostly beating Wall Street''s expectations and helping provide a buffer to some of the uncertainties facing investors, including the new U.S. president''s policies. The S&P 500 .SPX ended with a slight gain for the week. With earnings in from more than half the S&P 500 companies, year-over-year profit growth for the fourth quarter is now estimated at 8.0 percent, up from 6.1 percent forecast at the start of January, and on track to be the strongest since the third quarter of 2014, according to Thomson Reuters data. Analysts expect first-quarter earnings to rise 11.5 percent. That "sets the stage for a stronger Q1, particularly when you look at the jobs numbers coming out and when you look at the business confidence surveys and consumer confidence surveys. There''s a lot of improving sentiment," said Brad McMillan, chief investment officer for Commonwealth Financial in Waltham, Massachusetts. U.S. nonfarm payrolls had the largest increase in four months in January. "Even as the companies are talking their expectations down, consumers and businesses are likely to act on that better sentiment." The dollar index .DXY on Jan. 31 posted its worst start to a year in three decades, putting in a decline of 2.6 percent for January after gaining 7.1 percent in the last quarter of 2016. Comments this week by President Donald Trump and a top economics adviser suggested to some that the administration is prepared to jettison two decades of "strong dollar" policies advocated by predecessors. A strong dollar is a worry for equity investors because it makes U.S. multinationals'' foreign currency earnings worth less in dollars. Nearly half of S&P 500 sales come from overseas, according to S&P-Dow Jones Indices. Executives from a slew of U.S. companies cited the strong dollar as a negative in their fourth-quarter reports and also concern about its effect on 2017 results. Among them, Apple ( AAPL.O ) gave a cautious outlook for the current quarter that it mainly attributed to the strong dollar, despite its upbeat fourth-quarter results. "For a company like ours where we do about two-thirds of our business outside the United States, the strong dollar presents a headwind of more than 2 percent growth," Apple Chief Financial Officer Luca Maestri told Reuters. Other companies citing currency hurdles for the last quarter or for 2017 included Procter & Gamble ( PG.N ), Mead Johnson Nutrition ( MJN.N ), 3M Co ( MMM.N ) and PPG Industries ( PPG.N ). Procter & Gamble said it expects combined headwinds of foreign exchange and minor brand divestitures to cut sales growth by two to three percentage points for fiscal 2017. Some strategists say the dollar is still likely to be stronger rather than weaker this year, especially given expectations for interest rate hikes for this year, but that earnings should still benefit from an improving economy. "You should get more than enough growth from the economy if you''re a corporation to more than offset the rise in the dollar," said Sameer Samana, global quantitative strategist for Wells Fargo Investment Institute, which expects the dollar index to rise 7 percent by year end. (Reporting by Caroline Valetkevitch and Sinead Carew 
'c5e98ad4640280ca00ce2ba1e608e38690014e3d'|'Medical helicopter company Air Methods exploring sale: WSJ'|'U.S. medical helicopter company Air Methods Corp ( AIRM.O ) is exploring a potential sale, the Wall Street Journal reported on Wednesday, citing people familiar with the matter.The company is working with bankers to find potential buyers, the Journal said. ( on.wsj.com/2kSZwey )Air Methods'' shares were up 6.3 percent at $37.95.(Reporting by Arunima Banerjee in Bengaluru; Editing by Savio D''Souza)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-air-methods-m-a-idINKBN15G5F9'|'2017-02-01T16:26:00.000+02:00'
'046de244e58cdfb6fb35eaf4d883d65422bf5813'|'BRIEF-Ingersoll-Rand Q4 adjusted profit $0.84/shr from cont ops'|' 54am EST BRIEF-Ingersoll-Rand Q4 adjusted profit $0.84/shr from cont ops Feb 1 Ingersoll-rand Plc * Ingersoll rand reports fourth-quarter and record annual 2016 results * Q4 earnings per share $0.76 from continuing operations * Q4 earnings per share $0.75 * Q4 earnings per share view $0.92 -- Thomson Reuters I/B/E/S * Q4 adjusted earnings per share $0.84 from continuing operations * Ingersoll-Rand plc qtrly net revenues $3,358.8 million versus $3,325.8 million * Ingersoll-Rand plc sees 2017 organic revenues up about 3 percent compared with 2016 * Ingersoll-Rand plc sees full-year 2017 revenues up about 2 percent; organic revenues up about 3 percent * Ingersoll-Rand plc sees full-year 2017 continuing eps of $4.15 to $4.35 * Ingersoll-Rand plc sees full-year 2017 adjusted eps from continuing operations of $4.30 to $4.50 * Ingersoll-Rand plc sees targeting $1.5 billion cash deployment between share buybacks and acquisitions and about $420 million for dividends in 2017 * Ingersoll-Rand plc sees 2017 capex of about $250 million * Fy2017 earnings per share view $4.50 -- Thomson Reuters I/B/E/S * Fy2017 revenue view $13.77 billion -- Thomson Reuters I/B/E/S Source  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSASB0AXTY'|'2017-02-01T18:54:00.000+02:00'
'6f1ac9d5a55c5c7430c795e23d7c33abc44a14b5'|'UPDATE 1-Arconic digs in heels against Elliott as proxy fight begins'|'(Adds details and background, paragraphs 2-12)By Michael FlahertyNEW YORK Feb 1 Arconic Inc Chief Executive Officer Klaus Kleinfeld, under pressure from hedge fund Elliott Management, on Wednesday defended the metal maker''s performance since spinning off from aluminum producer Alcoa Corp .Elliott on Tuesday nominated five directors to Arconic''s board, taking aim at Kleinfeld''s leadership, company strategy and its performance compared to peers."The board, as well as management, have had intense dialogue with Elliott and spent countless hours to go through those assertions," Kleinfeld told network CNBC in an interview on Tuesday. "The board stands behind the strategy and they stand behind me.".On Tuesday, Arconic announced the board unanimously backed the CEO, a sign the company was digging in its heels against Elliott, making it more likely the fight over Kleinfeld and the company''s path could go to a shareholder vote this spring. Arconic spun off from aluminum producer Alcoa last November in a move orchestrated by Kleinfeld.With any proxy fight, the two sides can reach an agreement all the way up to the final hour of the vote. Arconic''s annual meeting is usually in May.Arconic''s stock soared to $25 on Wednesday, as investors bet that Elliott''s pressure will drive the stock even higher.Prior to Elliott''s nominations, Arconic''s shares had risen from $17 late last year to around $22.After the split, Alcoa retained the company''s legacy aluminum, alumina and bauxite smelting business, while Arconic focused on higher-end aluminum and titanium alloys used in planes and cars."Each Arconic business will massively miss the performance targets that management set for 2016," Elliott said in its presentation, sent to shareholders on Wednesday.Kleinfeld on Wednesday told CNBC that margins were improving and the business has come a long way since the commodity market plunge in 2009 nearly sank Alcoa.Elliott has said Larry Lawson, formerly CEO of Spirit AeroSystems Holdings Inc should be the CEO of Arconic.Elliott first invested in Alcoa in 2015, and struck a deal with the company prior to its Arconic spin-off, which avoided a proxy fight and allowed three Elliott-supported directors to serve on the boards of both companies.Six of 12 independent directors on Arconic''s board joined within the last year, which includes Elliott''s three nominees and three appointed after the separation last November. (Reporting by Michael Flaherty; Editing by Lisa Von Ahn and David Gregorio)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/arconic-elliott-idINL1N1FM0YE'|'2017-02-01T13:44:00.000+02:00'
'f36cd918fe753f69f45a3e070b97e274c4a4ff02'|'Brazil''s BM&FBovespa mulls sharing Cetip cost savings with clients'|'Company News - Fri Feb 3, 2017 - 10:11am EST Brazil''s BM&FBovespa mulls sharing Cetip cost savings with clients SAO PAULO Feb 3 BM&FBovespa SA, Brazil''s sole financial exchange, is considering passing along to clients part of the cost savings from the acquisition of rival clearinghouse Cetip SA Mercados Organizados. In a Friday securities filing, BM&FBovespa said the matter was being discussed preliminarily and no decision had been made. Newspaper Valor Econ<6F>mico said earlier in the day, citing an investor letter from a fund manager, that BM&FBovespa could share up to 30 percent of the cost savings from Cetip''s acquisition with clients. (Reporting by Brad Haynes; Editing by Bernadette Baum) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/cetip-ma-bmf-bovespa-prices-idUSE6N1CB01X'|'2017-02-03T22:11:00.000+02:00'
'2bee6846519e57e7a822c63dca51f8c0ba862a07'|'U.S. CEOs to meet with Trump amid tension over his policies'|'Business News - Fri Feb 3, 2017 - 11:09am GMT U.S. CEOs to meet with Trump amid tension over his policies President Donald Trump looks on following a swearing-in ceremony for Defense Secretary James Mattis at the Pentagon in Washington, January 27, 2017. REUTERS/Carlos Barria By Emily Stephenson and David Shepardson - WASHINGTON WASHINGTON President Donald Trump will huddle with chief executives of major U.S. companies on Friday as the business community finds itself increasingly split over how to respond to his policies. Uber CEO Travis Kalanick on Thursday quit the business leaders'' group, a panel selected by Trump in December, under pressure from activists over Trump''s week-old executive order halting travel to the United States for people from seven Muslim-majority countries. Executives from Ford Motor Co ( F.N ) and Tesla Inc ( TSLA.O ) also criticized Trump''s travel ban, but other advisory group members, including General Motors Co ( GM.N ) and JPMorgan Chase & Co ( JPM.N ) have not taken a position. Trump previously met with executives from the U.S. pharmaceutical and auto industries as part of a push to step up U.S. job creation. U.S. companies of all political stripes want Trump, a Republican, to fulfil a campaign pledge to slash corporate taxes, but a schism has developed over how to do it. The splits highlight business leaders'' struggles to navigate a divisive political environment and a new president who does not hesitate to use his platform against companies that vex him. The businessman-turned-politician has threatened companies that manufacture in Mexico with a 20 percent tax on imports and needled pharmaceutical executives to make more drugs in the United States. On Thursday, he publicly cheered South Korea''s Samsung Electronics Co ( 005930.KS ) for saying it might build a U.S. plant for its home appliances business. Some investors want companies to speak up. "I certainly don''t think investors want people who run corporate America to be afraid of making smart business decisions," Art Hogan, chief market strategist at Wunderlich Securities, said in an interview on Thursday. The sharpest outcry about Trump''s travel restrictions, which caused chaos and protests at U.S. airports last weekend, came from tech companies, which have broad concerns about his immigration plans. Uber criticized the ban but took heat from activists when its chief competitor, Lyft, appeared more vocal on the issue. "Joining the group was not meant to be an endorsement of the president," Kalanick said in a memo explaining why he left Trump''s advisory panel. Tesla''s Elon Musk said in a tweet on Thursday: "In tomorrow''s meeting, I and others will express our objections to the recent executive order on immigration and offer suggestions for changes to the policy." The White House said in a statement on Thursday evening that did not mention Uber that Trump "understands the importance of an open dialogue with fellow business leaders to discuss how to best make our nation''s economy stronger." SPLIT ON TAX REFORM A more complicated division is developing over taxes. Boeing Co ( BA.N ) and General Electric Co ( GE.N ) on Thursday joined a group in support of a congressional plan to tax all imports. But that plan, which does not have universal support among Republicans, is opposed by many U.S. retailers, which say it could raise prices for consumers. Republican leaders say tax reform is a top priority, but they have acknowledged it could take until the end of 2017 or longer to finish legislation. "If I were a company, I''d be worried about tax reform," said Bernie Williams, chief investment officer at USAA Investment Solutions, in San Antonio. The White House meeting with the group, which also includes leaders of the Cleveland Clinic, PepsiCo Inc ( PEP.N ) and IBM Corp ( IBM.N ), is set to cover tax and trade, regulatory relief and infrastructure. (Additional reporting by Ross Kerber in Boston; Editing by Peter Cooney) Next In Bu
'652f0da46d7d9c0f20548ec8c46073993e351dca'|'Electra to receive 203 million pounds from Audiotonix sale'|'Business News - Fri Feb 3, 2017 - 8:01am GMT Electra to receive 203 million pounds from Audiotonix sale LONDON Electra Private Equity ( ELTA.L ) is to receive 203 million pounds after its investment arm sold Audiotonix, a manufacturer of audio mixing consoles, to French buyout group Astorg. The sale comes as Electra is in the process of separating itself from the investment arm, which has renamed itself Epiris and is due to split from the firm in June. Epiris said the deal had generated a return close to five times the amount originally invested. "This has been a fantastic deal for Epiris and its investors, and clearly demonstrates our strategy in action," said Charles Elkington, a partner at Epiris. The Auditonix sale is expected to close in the first quarter of this year. (Reporting By Andrew MacAskill; Editing by Rachel Armstrong) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-electra-pvt-eqty-sale-idUKKBN15I0TQ'|'2017-02-03T15:01:00.000+02:00'
'0f86cb3ba710adb4056c97090985e718de9a4553'|'U.S. oil prices fall after sharp rise in stockpiles'|'Business News - Thu Feb 2, 2017 - 12:37am GMT U.S. oil prices fall after sharp rise in stockpiles A gas station worker fuels a vehicle in Tokyo August 26, 2015. REUTERS/Toru Hanai TOKYO U.S. oil fell on Thursday after official data showed U.S. crude and gasoline stockpiles rose sharply, although signs that OPEC and other producers are holding the line on output cuts are helping support prices. Front month futures for West Texas Intermediate CLc1 were down 34 cents at $53.54 a barrel at 0016 GMT (1.16 a.m. BST) on Thursday. They rose $1.07 to close at $53.88 the day before. Trading of Brent crude LCOc1 had not started. The contract settled up $1.22 a barrel at $56.80 on Wednesday. U.S. crude stocks grew last week, along with gasoline and distillate inventories, the Energy Information Administration said on Wednesday, as refiners let stocks build further in a seasonally slow season for production. Crude inventories USOILC=ECI rose 6.5 million barrels in the week to Jan. 27, far exceeding analyst expectations for an increase of 3.3 million barrels. Gasoline stocks USOILG=ECI climbed by 3.9 million barrels, compared with analyst expectations in a Reuters poll for a 1-million barrel gain. Gasoline demand has been seasonally weak, down 5.7 percent from a year ago over the past four weeks. But indications that producers from the Organization of the Petroleum Exporting Countries and others including Russia are curbing output helped underpin prices. Russia cut production in January by around 100,000 barrels per day (bpd), according to data seen by Reuters. Earlier this week, a Reuters survey found high compliance by OPEC with agreed cuts. [OPEC/O] The curbs follow last year''s agreement to lower supplies by a combined 1.8 million bpd to prop up prices that remain at about half their mid-2014 levels. (Reporting by Aaron Sheldrick; Editing by Joseph Radford) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-global-oil-idUKKBN15H020'|'2017-02-02T07:37:00.000+02:00'
'85fa03fe7d73d4d92ddc5d1d3105e4e7ddaa677c'|'BoE faces Brexit balancing act on growth and rates'|' 23am GMT BoE faces Brexit balancing act on growth and rates City workers walk past the Bank of England in central London November 9, 2007. REUTERS/Alessia Pierdomenico By William Schomberg - LONDON LONDON The Bank of England will probably try on Thursday to avoid adding to speculation about a first interest rate hike in nearly a decade, even as it acknowledges the resilience of Britain''s economy since last year''s Brexit vote shock. After Britain surprisingly outgrew the world''s other big rich economies last year, the BoE is expected to raise its 2017 growth forecast for the second time in three months, according to a Reuters poll of economists. A fresh growth upgrade might encourage some investors to bet on a first rate hike since 2007 as well as invite further criticism of warnings before June''s referendum by Governor Mark Carney and his fellow rate-setters that a vote to leave the bloc would deliver a quick hit to the economy. Inflation is already set to overshoot the Bank''s 2 percent target in the coming months. But the BoE is likely to raise its inflation forecasts only marginally on Thursday in a quarterly report on the economy. Furthermore, Carney and his colleagues have no clear idea of the implications of Prime Minister Theresa May''s plan to take Britain out of the EU''s single market when it leaves the bloc, nor of the protectionist trade policies of new U.S. President Donald Trump which could put strains on the world economy. "I would be very surprised if they are agonising about whether they could keep policy stimulatory or ought to be moving quickly to remove it," Charlie Bean, a former BoE deputy governor, said. He said he expected a "significant slowing of consumer spending over the next year or two" as a strong increase in inflation eats into the spending power of many households. While financial markets are pricing in a roughly 50-50 chance of a rate hike by the BoE this year, most economists say it probably will not happen until mid-2019, once Britain has wrapped up its Brexit negotiations and left the EU. The Bank is likely to say on Thursday that it now expects economic growth of about 1.7 or 1.8 percent this year, according to various private economists. While that would be more than double the forecast the Bank made in August, a few weeks after the referendum, and higher than its November forecast of 1.4 percent, it would still represent a slight slowdown from last year. The BoE is expected to stick to its announcement in November that it was taking a neutral stance on whether its next policy move would be a rate hike or a cut. The Bank is also expected to say on Thursday that its nine policymakers voted to keep interest rates at their record low of 0.25 percent and to let their 60 billion pound expansion of the BoE''s government bond purchases end this month as scheduled. But some Monetary Policy Committee members might choose to send a signal of their growing confidence in the outlook. Kallum Pickering, an economist with Berenberg, said some of them might vote for an early end to the Bank''s smaller corporate bond-buying programme, which was launched in August. (Additional reporting by Andy Bruce; Editing by Catherine Evans)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-boe-idUKKBN15H013'|'2017-02-02T07:23:00.000+02:00'
'858f7cbd0f788b0df65625e20ab169e9d63a66ba'|'TVS Motor January total sales marginally down'|'Feb 2 TVS Motor Co Ltd* Says January total sales of 207,059 vehicles versus 208,485 last year* Says January two-wheeler sales of 202,209 vehicles versus 201,233 last year* Says January three-wheeler sales of 4,850 vehicles versus 7,252 last year* Says January domestic two-wheeler sales of 172,101 vehicles versus 172,162 last year* Says January total exports 34,110 vehicles versus 34,823 last year* Says January two wheeler exports 30,108 vehicles versus 29,071 last year Source text: bit.ly/2kkd3My '|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/idINFWN1FN0AH'|'2017-02-02T05:28:00.000+02:00'
'738b65c3b61331e111671f39ba183a6cbdc391fb'|'BRIEF-Parexel International agrees to acquire Medical Affairs Company'|' 07pm EST BRIEF-Parexel International agrees to acquire Medical Affairs Company Feb 1 Parexel International Corp * Parexel announces definitive agreement to acquire the Medical Affairs Company * Parexel International- TMAC management team will remain in place and continue to manage its employees and services it currently provides to clients  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1FM15Q'|'2017-02-02T08:07:00.000+02:00'
'fce5b9aac02739cb1acee27e9d2efdb1661ced95'|'Fitch Affirms Brazilian Subsidiaries of Foreign Banks'|'Financials  14am EST Fitch Affirms Brazilian Subsidiaries of Foreign Banks (The following statement was released by the rating agency) SAO PAULO, February 02 (Fitch) Fitch Ratings has affirmed the ratings on the following Brazilian subsidiaries of foreign banks: -- Banco Societe Generale Brasil S.A. (BSGBr) -- Banco Caixa Geral Brasil S.A. (BCG-Brasil) -- Banco Credit Agricole Brasil S.A. (BCAB) -- China Construction Bank (Brasil) S.A. (CCB Brasil) -- Banco Rabobank International Brasil S.A. (Rabobank Brasil) -- Bank of America Merrill Lynch - Banco Multiplo S.A. (BofABra) -- Deutsche Bank S.A. - Banco Alemao (DBSA) -- Banco de Investimento Credit Suisse (Brasil) (Bics) A full list of rating actions is provided at the end of this release. The ratings of all eight banks are based on support from their respective parent entities, classified as strategically important subsidiaries. None of the banks have Viability Ratings. For further details on these entities, as well as for regulatory information, please see the individual press releases for each bank published today, available on Fitch''s website at ''www.fitchratings.com'' and ''www.fitchratings.com.br''. Fitch has affirmed the following ratings: BSGBr: --National Long-term rating at ''AAA(bra)'', Outlook Stable; --National Short-term rating at ''F1+(bra)''. BCG-Brasil: --National Long-term rating at ''A-(bra)'', Outlook Stable; --National Short-term rating at ''F2(bra)''. BCAB: --National Long-term rating at ''AAA(bra)'', Outlook Stable; --National Short-term rating at ''F1+(bra)''. Bics: --National Long-term rating at ''AAA(bra)'', Outlook Stable; --National Short-term rating at ''F1+(bra)''. CCB Brasil: --National Long-term rating at ''AAA(bra)'', Outlook Stable; --National Short-term rating at ''F1+(bra)''. Rabobank: --National Long-term rating at ''AAA(bra)'', Outlook Stable; --National Short-term rating at ''F1+(bra)''. BofABra: --National Long-term rating at ''AAA(bra)'', Outlook Stable; --National Short-term rating at ''F1+(bra)''. DBSA: --National Long-term rating at ''AAA(bra)'', Outlook Stable; --National Short-term rating at ''F1+(bra)''. Contact: Raphael Nascimento (Primary: CCB Brasil, BCG-Brasil, Rabobank Brasil / Secondary:BCAB, DBSA) Associate Director +55 11 3957-3664 Fitch Rating Brasil Ltda. Alameda Santos 700 Sao Paulo, Brazil Claudio Gallina (Primary: DBSA) Senior Director +55 11 4504-2216 Pedro Gomes (Primary: BofABra / Secondary: CCB Brasil, BSGBr, Bics) Director +55 11 4504-2604 Esin Celasun (Primary: BSGBr / Secondary: BCG-Brasil, BofABra, Rabobank Brasil) Director +55 21 4503-2626 Fitch Ratings Brasil Ltda. Praca XV de Novembro, 20 - 401 B, Rio de Janeiro, RJ, Brasil Pedro Carvalho (Primary: Bics, BCAB) Analyst +55 21 4503-2602 Media Relations: Elizabeth Fogerty, New York, Tel: +1 (212) 908 0526, Email: elizabeth.fogerty@fitchratings.com. Additional information is available at www.fitchratings.com 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. 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 Fitch Ratings, Inc., Fitch Ratings Ltd. and its subsidiaries. 33 Whitehall Street, NY, NY 10004. Telephone: 1-800-753-4824, (212) 908-0500. Fax: (212) 480-4435. Reproduction or
'ce4d9841aee423a55801a7eb55ff67d03eb91495'|'TABLE-Nippon Reit Investment -6 MTH forecast'|'Financials  09am EST TABLE-Nippon Reit Investment -6 MTH forecast Feb 2 (Reuters) Nippon Reit Investment Corporation EARNINGS ESTIMATES (in billions of yen unless specified) 6 months to 6 months to Dec 31, 2016 Dec 31, 2016 LATEST PRIOR FORECAST FORECAST Revenues 6.84 6.78 Net 3.05 2.89 Div 7,800 yen 7,385 yen To see Company Overview page, click reuters://REALTIME/verb=CompanyData/ric=3296.T Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSL4N1FN1W2'|'2017-02-02T15:09:00.000+02:00'
'cc7837529af315a2af472f2fec6631a1609323d4'|'Uber says will suspend its ride-hailing service in Taiwan from Feb. 10 - Reuters'|'TAIPEI Uber Technologies Inc said it will suspend its service in Taiwan from Feb. 10, the latest salvo in the wrangle between the island''s authorities and the global ride-hailing service company.Late last year, Taiwan''s legislature finalised regulations raising fines against unlicensed ride-sharing services, targeted at Uber, which said at the time that was the highest level for such fines globally."Today, we are announcing our intention to pause our Taiwan service starting Friday 10th February. We hope that pressing pause will reset the conversation and inspire President Tsai (Ing-wen) to take action," Uber said in a statement on its website.The statement did not specify what action Uber wanted the president to take.(Reporting by J.R. Wu; Editing by Muralikumar Anantharaman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/taiwan-uber-idINKBN15H0DA'|'2017-02-02T02:39:00.000+02:00'
'e96c7890da6feeab5444a78236837960fbd8eff7'|'MetLife''s results weighed down by derivatives loss'|'Feb 1 MetLife Inc, the largest U.S. life insurer, reported a quarterly net loss, compared with a profit a year earlier, dragged down by a derivative loss of $3.2 billion.The company posted a net loss of $2.13 billion, or $1.94 per share, for the fourth quarter ended Dec. 31, compared with a profit of $785 million, or 70 cents per share, a year earlier.MetLife''s operating income, which excludes investment and derivative gains or losses, rose to $1.28 per share.Total operating revenue rose 0.5 percent to $17.20 billion. (Reporting by Pallavi Dewan and Sruthi Shankar in Bengaluru; Editing by Savio D''Souza)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/metlife-results-idINL4N1FM444'|'2017-02-01T18:36:00.000+02:00'
'e21075793aad67942f724d4f5de5cfdf98b9b5db'|'UK mobile, TV masts group Arqiva hires Rothschild for sale or listing - sources'|'Internet News -  14am GMT UK mobile, TV masts group Arqiva hires Rothschild for sale or listing: sources LONDON Arqiva, a company that runs much of Britain''s TV and mobile infrastructure but is little known outside the industry, could put itself up for sale or list on the stock market as part of a review led by Rothschild, two sources said on Wednesday. Arqiva, which carried the BBC''s first TV broadcast in 1936, works with major mobile operators, independent radio groups and leading British broadcasters. Its biggest shareholders include the Canada Pension Plan Investment Board and Macquarie. Media reports have suggested the firm could be worth between 5 and 6 billion pounds ($7.57 billion). With revenues in the year to end June 2016 of 850 million pounds, Arqiva could draw interest from other large pension funds, sovereign investors and private equity groups attracted to its predictable cash flow, as well as telecom towers operators in Europe and the United States. Prime Minister Theresa May''s government has signaled it would take a more cautious approach in future over foreign investment in "critical infrastructure" after it initially put a major nuclear deal with Chinese investors on hold last year, saying it needed more time to assess it. Chinese investors have shown they are willing to invest billions in British infrastructure and Chinese network equipment maker Huawei is already a key player in Britain''s telecoms sector, working with fixed and mobile operators. The first source, who declined to be named because the talks are not public, said the company was still weighing its next move and had not taken any final decisions. The second source said a market flotation remained an option due to "lukewarm" interest from potential bidders for broadcasting towers. They said the process was at an early stage and no formal talks have been held with possible bidders. With industry players such as Cellnex and American Tower focusing on mobile towers, the source said it made sense to see if there would be more value in a stock listing for a firm that combines mobile and TV assets. Arqiva declined to comment while Rothschild [ROT.UL] was not immediately available to comment. Next In Internet News Tech companies to meet on legal challenge to Trump immigration order SAN FRANCISCO A group of technology companies plans to meet on Tuesday to discuss filing an amicus brief in support of a lawsuit challenging U.S. President Donald Trump''s order restricting immigration from seven Muslim-majority countries, said a spokesperson for a company organizing the gathering.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-arqiva-m-a-idUKKBN15G46B'|'2017-02-01T18:06:00.000+02:00'
'd6ab8786304579f73f8d5aa2f97812c362100ae6'|'UK supermarkets ration iceberg lettuce on supply crunch'|'LONDON British supermarkets are rationing shoppers to three iceberg lettuces per visit, blaming poor growing conditions in Spain for a shortage in supply.Tesco, Morrisons and Sainsbury''s have all imposed restrictions on bulk purchases after production in Spain was hit by crop damage from flooding late last year and compounded by cold weather last month.The limited supply of iceberg lettuces follows an ongoing shortage of courgettes in Britain. Broccoli and aubergines have also suffered from limited availability.Analysts noted that as the vegetables tend to be farmed in southern Europe on a quarterly cycle it is likely to remain a problem until the end of March."Due to bad weather conditions in Spain, we are experiencing some availability issues but are working with our suppliers to resolve them as quickly as possible," said a spokesman for Tesco, Britain''s biggest supermarket group."To make sure customers don<6F>t miss out, we are asking them to limit the number of iceberg lettuces they buy to three."Morrisons, Britain''s fourth-biggest supermarket chain, has also limited customers to three heads of broccoli and three iceberg lettuces.A spokesman for the grocer said that Morrisons'' availability of broccoli and iceberg lettuce is good."However, other businesses (such as cafes and restaurants) are experiencing shortages and we have seen some bulk buying in our stores. We have therefore had a cap on sales of broccoli and iceberg lettuce to ensure we maintain good supplies for our regular customers," he said.A spokeswoman for Sainsbury''s, Britain''s second-largest supermarket group, said it was working with suppliers to maintain supply but that customers would be prevented from making bulk purchases.No. 3 player Asda, the British arm of Wal-Mart, said that it had availability issues on a small number of salad items and vegetables such as courgettes and aubergines."We<57>re doing everything we can to support our growers and get back up to full supply as quickly as possible," a spokesman said.Discounters Aldi [ALDIEI.UL] and Lidl [LIDUK.UL] both said they were not experiencing significant availability issues and have no need to ration.(Reporting by James Davey; Editing by David Goodman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-britain-food-shortages-idINKBN15I15F'|'2017-02-03T07:22:00.000+02:00'
'ca9338753290fb0d0ae20e8d1e54c88344f59ab7'|'UK plans to adopt EU''s trade agreements with third countries after Brexit - minister'|' 11am GMT UK plans to adopt EU''s trade agreements with third countries after Brexit: minister Britain''s Secretary of State for International Trade Liam Fox gestures as he leaves 10 Downing Street, London, January 17, 2017. REUTERS/Peter Nicholls LONDON Britain expects to be able to adopt the European Union''s free trade agreements (FTA) with around 40 countries after it leaves the bloc rather than negotiate new deals, trade minister Liam Fox said on Wednesday. Fox said the agreements were not all of equal value and Britain would prioritize the EU-Korea and EU-Switzerland deals as they accounted for about 80 percent of the trade by value. "We see it as simply being transitions," he told a committee of lawmakers. "We have made it very clear to countries that we would like to see a transition of their agreements to a UK agreement when we leave the EU. So far we have not yet had a country that didn<64>t want to do that. That is a lot easier as a process than negotiating a new FTA." (Reporting by Kylie MacLellan; editing by Stephen Addison) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-britain-eu-trade-idUKKBN15G46E'|'2017-02-01T18:09:00.000+02:00'
'a69553acd95eef004170b6289407366ead70ee63'|'S.Korea c.bank board member warns against debt, ineffective monetary policy'|'Financials - Wed Feb 1, 2017 - 3:00am EST S.Korea c.bank board member warns against debt, ineffective monetary policy SEOUL Feb 1 A board member of South Korea''s central bank warned on Wednesday the country''s financial stability could be at risk if financial debt continues to grow. Bank of Korea board member Lee Il-houng said monetary policy can spark financial instability, especially when it only results in financial borrowing and not an increase in income. "The increasing debt in South Korea after the last global financial crisis is, along with income imbalances, constraining our consumption," Lee told reporters at the central bank. "In this situation, growing debt without resolving structural problems can threaten financial stability." He added the usage of monetary policy at times when it cannot be fully effective due to structural problems in the market or real economy can heighten uncertainties, possibly leading to crises. The 2008 global financial crisis was one example where monetary policy exacerbated uncertainties in inflation and growth, he said, resulting in global turmoil. Lee, who joined the Bank of Korea''s monetary policy board last April, also advised South Koreans to boost their savings as the population ages. He explained consumer spending was subdued as South Koreans realised they had not saved enough and were now trying to make up for lost time. "When people are trying to increase their savings because of worries over their future, and you lower interest rates, that effect on consumption is not going to be very visible," Lee said. The Bank of Korea''s base rate currently stands at 1.25 percent after it lowered them eight times in its latest easing cycle that began in mid-2012. The bank''s last rate cut was in June last year. The bank is largely seen keeping interest rates on hold indefinitely as market rates rise in the face of higher interest rates in the United States and as uncertainty mounts inside and outside South Korea. (Reporting by Christine Kim; Editing by Randy Fabi) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/southkorea-economy-cenbank-idUSL4N1FM1EO'|'2017-02-01T15:00:00.000+02:00'
'0edd13bd2bda85275038077cd2c6adad4986c594'|'Rating agencies appear to have learnt from past errors - ECB study'|'Business News - Thu Feb 2, 2017 - 12:13pm GMT Rating agencies appear to have learnt from past errors - ECB study The European Central Bank (ECB) headquarters is pictured in Frankfurt, Germany, December 8, 2016. REUTERS/Ralph Orlowski FRANKFURT Global rating agencies appear to have learnt from past errors and their current assessment may better reflect euro zone vulnerabilities before the continent''s debt crisis, a European Central Bank research paper concluded. Ratings before 2010 did not serve as a leading indicator of debt and growth risks but there is some evidence that ratings are now more sensitive to institutional factors and economic fundamentals, the authors said in a paper that does not necessarily reflect the ECB''s views. Some regulators and policymakers questioned the judgement of rating agencies for giving top-notch credit scores to debt that later unravelled, and for failing to properly appreciate the risks in more complex financial instruments. EU lawmakers implemented new regulations on rating agencies after the crisis but some have called for even more stringent rules. "While in the pre-sovereign crisis period buoyancy was masking latent vulnerabilities, there appear to have been some learning process by rating agencies since 2010, leading to a swifter adjustment of rating agencies to a move in fundamentals," the ECB paper, published on Thursday, said. Rating moves suggest that agencies have attached a higher emphasis to risks stemming from the fiscal dynamics, whereas economic development seemed to have played a stronger role in the pre-crisis period. "This implies that the current ratings may better reflect the significant vulnerabilities and risks of several euro area countries," the paper said. "The size of the downgrades observed since the start of the sovereign crisis has been broadly in line with the deterioration of economic fundamentals for most countries." (Reporting by Balazs Koranyi Editing by Jeremy Gaunt) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ecb-policy-ratings-idUKKBN15H1BE'|'2017-02-02T19:13:00.000+02:00'
'c1a2a0a99837d730d3db0f4ba7676470c8e110dd'|'Toyota a Japanese brand, but also a U.S. manufacturer - president'|'Business   4:07am GMT Toyota a Japanese brand, but also a U.S. manufacturer - president Akio Toyoda, president of Toyota Motor Corporation, speaks during the North American International Auto Show in Detroit, Michigan, U.S., January 9, 2017. REUTERS/Mark Blinch TOKYO Toyota Motor Corp ( 7203.T ) President Akio Toyoda said on Thursday that his company was increasing its U.S. production, and that it may be a Japanese brand but was also a U.S. manufacturer. Toyoda''s comment comes as global automakers face pressure from U.S. President Donald Trump, who has demanded that more cars sold   be made locally to increase jobs and shrink the U.S. trade deficit. (Reporting by Naomi Tajitsu; Writing by Chris Gallagher; Editing by Muralikumar Anantharaman) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-trump-japan-toyota-idUKKBN15H0A9'|'2017-02-02T11:07:00.000+02:00'
'e95950953c3b8845ce7fb964f6c3b7d6c3905b2a'|'NEWSMAKER-Congo''s Tshisekedi leaves legacy of democratic struggle, unfulfilled promise'|'Basic Materials - Wed Feb 1, 2017 - 6:13pm EST NEWSMAKER-Congo''s Tshisekedi leaves legacy of democratic struggle, unfulfilled promise By Aaron Ross - KINSHASA KINSHASA Feb 2 The dates below the framed black-and-white photograph of Etienne Tshisekedi in the reception hall of the prime minister''s offices in Democratic Republic of Congo''s capital, Kinshasa, testify to a fraught and complicated relationship with power. Tshisekedi, who died on Wednesday in Brussels at 84, was named prime minister four times of the country then known as Zaire, between 1991 and 1997. His longest stint lasted three-and-a-half months; the shortest just five days after he purposely omitted a reference to autocratic ruler Mobutu Sese Seko as "guarantor of the nation" from his oath of office, and was promptly fired. Nicknamed "the Sphinx" for not speaking much but causing a lot of trouble when he did, Tshisekedi was a crusading voice for political pluralism and democracy in Congo, whose politics since independence in 1960 from Belgium has been marred by foreign intervention, civil war, coups and authoritarian rule. While his popularity in Congo made him impossible to ignore, his legendary irascibility may have thwarted his hopes of reaching the summit of Congolese politics. Now, as Congo experiences its latest political crisis over President Joseph Kabila''s failure to step down at the end of his constitutional mandate last December, Tshisekedi''s absence will test Congo''s divided and often ineffectual opposition. Tshisekedi began his political career as a close loyalist of Mobutu but broke ranks in 1982 to found the Union for Democracy and Social Progress (UDPS). As the first organized opposition platform at a time of strict one-party rule, the UDPS endured harsh repression and Tshisekedi was repeatedly imprisoned. But he tapped into widespread discontent as Mobutu''s kleptocratic rule entered its third decade and the appeal of his calls to Zairean "authenticity" wore thin. UNREALISED POTENTIAL The post-Soviet democratic wave that swept across Africa forced Mobutu to accede to multi-partyism in 1990, but he held onto power for another seven years. He finally fell in 1997 to an invasion by Rwanda, Uganda and other neighbouring countries in support of a rebel movement led by Laurent Kabila. That war and a subsequent 1998-2003 regional conflict killed millions of Congolese, most from hunger and disease. Under the rules of Laurent Kabila and his son, Joseph, who took power in 2001 after Laurent''s assassination, Tshisekedi reprised his role as opposition leader, presiding over a UDPS party installed across the vast central African country. But many, including some collaborators, thought his legendary stubborness and disdain for what he perceived to be the establishment squandered repeated opportunities to unseat entrenched rulers. He called for a boycott of the 2005 constitutional referendum and also sat out the 2006 presidential vote, Congo''s first free elections in over 40 years, won by Joseph Kabila. He finished runner-up to Kabila in the 2011 presidential election, a vote international observers said was marred by widespread fraud. Foreign diplomats and investors were wary of the unpredictable Tshisekedi who, in turn, harboured lingering suspicions of the western powers who had backed the anti-communist Mobutu during the Cold War. "He''s someone who attacked ferociously but didn''t know how to take power," said Jean Omasombo, Congo expert at the Royal Central Africa Museum in Belgium. He spent much of his latter years outside the country receiving medical treatment as Congo spiralled toward constitutional crisis. Dozens have died in anti-government protests over the last two years, including about 40 last month when Kabila failed to step down at the end of his term. Under a deal cut on Dec. 31, Tshisekedi was set to take the top post in a transitional council that would oversee Kabila''s exit by the end of this
'e27bad3ed9107e07945865b41be7b7aa71cddb61'|'Spain''s Caixabank posts 29 pct profit rise in 2016, misses forecasts'|' 30am EST Spain''s Caixabank posts 29 pct profit rise in 2016, misses forecasts MADRID Feb 2 Spain''s third biggest Caixabank on Thursday reported a 28.6 percent rise in its 2016 net profit from a year earlier due to a favourable comparison against the previous year when results were hit by huge writedowns in the last quarter. Caixabank, which is in the process of taking over Portuguese lender BPI, posted a 2016 net profit of 1.05 billion euros ($1.13 billion) below the average of analysts'' estimates of 1.2 billion euros, according to Thomson Reuters data. Net profit in the fourth quarter came in at 77 million euros against a 182 million euros loss in the same period last year. However, results in the final quarter were negatively impacted as the lender had to set aside tens of millions of euros to provision for mis-sold mortgages. ($1 = 0.9268 euros) (Reporting By Jesus Aguado; Editing by Sonya Dowsett) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/caixabank-results-idUSE8N18A012'|'2017-02-02T13:30:00.000+02:00'
'c3c82fe4fa152080b825ad674f6e8d77a6957dc0'|'BRIEF-Devry Education Group Q2 EPS $0.85 excluding items'|' 29pm EST BRIEF-Devry Education Group Q2 EPS $0.85 excluding items Feb 2 Devry Education Group Inc : * Devry Education Group announces second quarter fiscal 2017 results * Q2 earnings per share $0.85 excluding items * Q2 earnings per share $0.23 * Q2 earnings per share view $0.73 -- Thomson Reuters I/B/E/S * Devry - qtrly total revenue was flat versus prior year at $456.4 million * Devry - Q3 revenue is expected to be down 3 to 4 percent versus prior year * Devry - full year capital spending is expected to be in $65 million to $70 million range * Devry - for full year, revenue is expected to be flat to down approximately 1 percent * Devry - Devry University achieved $40.5 million of cost savings in Q2, excluding special items * Devry - for devry university, additional cost reductions are expected throughout fiscal 2017 * Q3 revenue view $470.9 million -- Thomson Reuters I/B/E/S * Fy2017 earnings per share view $2.55, revenue view $1.85 billion -- Thomson Reuters I/B/E/S  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSASB0AYCT'|'2017-02-03T04:29:00.000+02:00'
'a1cabcaeacb4335e515c78d09b4bbd0aba3b4bac'|'CANADA STOCKS-TSX inches up as gold miners gain; BCE, Cameco weigh'|'(Adds details on specific stocks, updates prices)* TSX up 10.17 points, or 0.07 percent, at 15,412.56* Six of the TSX''s 10 main groups move higherTORONTO, Feb 2 Canada''s main stock index inched higher on Thursday as gold miners gained and insurers slipped with uncertainty around when the U.S. Federal Reserve might next raise interest rates.The most influential movers on the index also included BCE Inc, which fell 1.4 percent to C$57.59 as the telecom company paid heavily to win wireless customers and forecast 2017 profit below analyst estimates.At 10:25 a.m. ET (1525 GMT), the Toronto Stock Exchange''s S&P/TSX composite index was up 10.17 points, or 0.07 percent, at 15,412.56.Canadian Natural Resources Ltd advanced 2 percent to C$40.09, with oil prices holding near the top end of recent ranges as evidence OPEC and other big exporters were cutting production outweighed a sharp rise in U.S. crude and gasoline stockpiles.But the energy group was flat overall, with Cameco Corp falling sharply for a second day, down 5.9 percent to C$13.83, as the uranium producer said it would take legal action against Tokyo Electric Power Company for attempting to terminate a supply contract and RBC Capital cut its view on the stock to "sector perform" from "outperform".Manulife Financial Corp slipped 0.4 percent to C$24.89 and Sun Life Financial Inc fell 0.5 percent to C$50.82 after the U.S. Federal Reserve gave little insight into whether it would raise interest rates at its next meeting.The lack of clarity on the U.S. rates outlook boosted the price of gold, helping Goldcorp Inc add 2.1 percent to C$21.25 and Agnico Eagle Mines Ltd rose 2.2 percent to C$63.24.The materials group, which includes precious and base metals miners and fertilizer companies, added 0.6 percent, as gold futures rose 1.2 percent to $1,220.1 an ounce.Six of the index''s 10 main groups were in positive territory, with advancers outnumbering decliners by a 1.35-to-1 ratio. (Reporting by Alastair Sharp; Editing by Chizu Nomiyama)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/canada-stocks-idINL1N1FN10L'|'2017-02-02T13:04:00.000+02:00'
'7de686d3e5df0afcfab415f7c3f42c1b26565cc6'|'Argentine GDP warrants rally on improving economic data'|'Company  51pm EST Argentine GDP warrants rally on improving economic data By Paul Kilby NEW YORK, Feb 2 (IFR) - Argentine GDP warrants are rallying this week as investors bet that stronger economic data will soon translate into a payout. The US dollar warrants were trading as high as US$10.30 on Thursday, up from around US$9.00 last week just before the government released data on January 26 showing that economic activity in November had jumped 1.4% month on month. That marked the second month-on-month gain, raising hopes that Argentina''s GDP growth could eventually top 3% and trigger payment on the warrants. "Accumulated strong data is creating strong conviction and putting the coupon back in play," Siobhan Morden, head of Latin America fixed-income strategy at Nomura. Prices have been further bolstered following reports that car sales had surged in January and that the government is further hiking electricity prices to cut fiscal deficits. "If higher inflation (from electricity hikes) is not coupled with an accordingly weaker peso, which we believe is likely, it also will boost the value of the US dollar and euro warrants," wrote an analyst this week. Last year the government said it would offer investors options to retire the GDP warrants, but the finance ministry has yet to follow through with such plans. Under that plan, the US dollar warrants issued in 2005 and 2010 could be sold back at US$10.25 and US$10.00 respectively, while euro and the peso denominated instruments had a sell-back price of 10.00. (Reporting By Paul Kilby; Editing by Jack Doran) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/latam-bonds-idUSL1N1FN1AD'|'2017-02-03T00:51:00.000+02:00'
'0e8c533a9dcf232968a16f91745ca61d767d72e7'|'EMERGING MARKETS-LatAm currencies gain as U.S. wages rise less than expected'|'Company News  55am EST EMERGING MARKETS-LatAm currencies gain as U.S. wages rise less than expected SAO PAULO, Feb 3 Latin American currencies strengthened on Friday after U.S. wages remained nearly flat in January, reducing expectations of a fast interest rate-hike cycle in the coming months. Wages rose just three cents last month despite the largest gain in U.S. nonfarm payrolls in four months, a report showed. Investors bet the figures would keep the U.S. Federal Reserve on a trajectory of gradual interest rate increases, sustaining the allure of high-yielding emerging market assets. The Mexican and Chilean pesos firmed around 1 percent, while the Brazilian real rose 0.4 percent. Other emerging markets had been pressured earlier in the day by an unexpected Chinese interest rate raise, but pared back losses after the U.S. report. Brazil''s benchmark Bovespa stock index rose 1 percent, supported by appetite for risky assets. The stock of TIM Participa<70><61>es SA was the biggest gainer after the company reported strong fourth-quarter margins. Key Latin American stock indexes and currencies at 1550 GMT: Stock indexes daily % YTD % change change Latest MSCI Emerging Markets 921.81 0.72 6.14 MSCI LatAm 2570.89 1.4 8.32 Brazil Bovespa 65286.55 1.1 8.40 Mexico IPC 47049.66 -0.1 3.08 Chile IPSA 4228.35 0.05 1.85 Chile IGPA 21115.44 0.05 1.84 Argentina MerVal 19470.07 0.49 15.09 Colombia IGBC 10190.89 -0.03 0.62 Venezuela IBC 27893.74 -1.07 -12.02 Currencies daily % YTD % change change Latest Brazil real 3.1087 0.38 4.52 Mexico peso 20.3390 1.01 1.99 Chile peso 636.1 1.15 5.44 Colombia peso 2848.3 0.87 5.38 Peru sol 3.236 0.37 5.50 Argentina peso (interbank) 15.6300 0.38 1.57 Argentina peso (parallel) 16.39 0.73 2.62 (Reporting by Bruno Federowski; Editing by Bernadette Baum) Next In Company News Lockheed to announce $8.5 billion F-35 order on Friday-sources WASHINGTON, Feb 3 The U.S. Department of Defense and Lockheed Martin Corp are set to announce a deal worth about $8.5 billion for 90 F-35 jets on Friday, people familiar with the talks said.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/emerging-markets-latam-idUSL1N1FO12E'|'2017-02-03T22:55:00.000+02:00'
'de973db0204c9181095c5a096e147333f78e58c2'|'U.S. reversal on transparency could sting Canadian, European oil companies'|'Fri Feb 3, 2017 - 6:13am GMT U.S. reversal on transparency could sting Canadian, European oil companies Filled oil drums are seen at Royal Dutch Shell Plc''s lubricants blending plant in the town of Torzhok, north-west of Tver, November 7, 2014. REUTERS/Sergei Karpukhin By Ernest Scheyder and Nia Williams - HOUSTON/CALGARY HOUSTON/CALGARY Canadian and European oil companies will find themselves at a competitive disadvantage to their American rivals if U.S. lawmakers scrap tighter transparency requirements on the industry, as expected, according to company executives, legal experts and trade groups. The U.S. Senate is poised to overturn the so-called "resource extraction rule", a regulation requiring U.S. natural resources companies to disclose taxes and other payments to foreign governments, in a vote that could come as early as Friday. The rule is among a handful of regulations ushered in during the final months of Barack Obama''s presidency that Republican lawmakers - who now control Congress - have targeted as being overly burdensome and bad for the U.S. economy. Democrats have no way to keep the law in place as Republicans need only a simple majority to kill the measure. But overturning the regulation, set to take effect next year, would leave Canadian and European natural resource companies with the most-stringent reporting standards in the world for payments to foreign governments - as U.S. behemoths like Exxon Mobil Corp ( XOM.N ) and Chevron Corp ( CVX.N ) get a reprieve. Certain details of contract negotiations and terms of bids to access reserves are currently required under regulations now in place in both Canada and Europe. Such information could reveal to competitors negotiating tactics and other metrics that many companies consider proprietary, observers say. "It definitely could put Canada at a disadvantage because we are fairly stringent on our rules, both domestically and internationally, on how our companies operate," said Mark Salkeld, chief executive officer of the Petroleum Services Association of Canada, an industry trade group. European oil company Royal Dutch Shell Plc ( RDSa.L ), meanwhile, pointed out that a reversal in the United States would go against the broader global trend toward transparency in the notoriously murky industry. "The trend that we have, with access to information, with bringing distant countries into our space all the time, we will have to live with that. I don<6F>t think any single political system can turn that around," CEO Ben van Beurden told reporters when asked about the proposed change in U.S. regulation. "BANG FOR THEIR BUCK" Required by the 2010 Dodd-Frank Wall Street reform law, the U.S. Securities and Exchange Commission''s extraction rule was finalized last summer. Canadian and European regulations were modeled after the Dodd-Frank efforts. But the rule was quickly targeted by Congressional Republicans after victories in the November election that brought   and his anti-regulation, pro-energy agenda into the White House. Trump has signaled a sweeping reduction in regulation to bolster the American drilling and mining industries, including by undoing Obama''s initiatives to combat climate change. Vivek Warrier, a partner at Bennett Jones, a law firm in Calgary, said that could put Canadian companies at an even steeper disadvantage. "When a potential investor comes in, they will look at the additional regulatory compliance costs that will impact Canadian companies and probably conclude there''s better bang for their buck south of the border," he said. Suncor Energy Inc ( SU.TO ), Canada''s largest oil and gas producer, said reporting on payments to foreign governments is a minor administrative burden. "But generally speaking we support reporting payments to governments as it contributes to greater transparency," said Sneh Seetal, a Suncor spokeswoman. Canadian Natural Resources Ltd ( CNQ.TO ) and Cenovus Energy Inc ( CVE.TO ), two Canadian oil prod
'e034c333e5922882ddb6fd4d7bb57286118d580a'|'Denied a H-1B visa, now he takes on Amazon'|'Kunal Bahl was denied an H-1B visa. Now he competes with Amazon by Rishi Iyengar @Iyengarish February 2, 2017: 11:28 AM ET This India startup competes with Amazon Kunal Bahl had a business degree from the University of Pennsylvania, a job with Microsoft ( MSFT , Tech30 ) in Seattle and a dream of moving to Silicon Valley to start his own company. That was 2007. Then U.S. immigration officials rejected his application for an H-1B visa, putting an end to those dreams. "If they want me here, I would love to be here because I can learn a lot," Bahl said in an interview with CNN in 2012, explaining his thinking at the time. "But if it''s going to be that hard for me, then I''m better off just going back to India and starting a company." India''s tech industry has been rattled this week by reports that President Trump may make it harder for skilled workers to enter the U.S. It makes heavy use of H-1B visas to hire engineers to provide services to big U.S. firms. For Bahl, the forced change of direction worked out well. Denied a career at Microsoft, he returned to India and launched Snapdeal with his friend Rohit Bansal in 2010. Snapdeal is now one of India''s top online retailers, valued at about $7 billion . It is backed by global players such as China''s Alibaba ( BABA , Tech30 ) and Japan''s Softbank ( SFTBF ) , and competes with Amazon ( AMZN , Tech30 ) and local market leader Flipkart. Related: Amazon has an India problem "When we first started, we thought that if we did a hundred orders in a day, that would be a big, big step for us," the entrepreneur told CNNMoney. "Within a matter of a month or two, we were doing a hundred orders a minute." Snapdeal has around 50 million users on its platform and over 300,000 vendors selling everything from shoes to TVs across 6,000 Indian cities and towns. It branched out into digital payments two years ago when it bought Freecharge. That service is gaining millions of users after India suddenly banned 86% of its cash last November. "We are extremely strong in the smaller towns and cities of India, which is where a significant chunk of the demand going forward is going to come from," Bahl said. Much bigger rivals share his conviction. Bringing the south Asian nation''s rural population of more than 900 million people online is a challenge Google and Facebook are trying to figure out. So is the Indian government. Related: India plans to give free WiFi to over 1,000 villages India will soon have more smartphone users than the U.S. and e-commerce is one of the country''s fastest growing industries. Amazon has invested over $5 billion in the country since 2013. "What is today a $15 billion market will become potentially a $300 billion market in the next ten years," Bahl estimated. "There''s tremendous growth still ahead of us." And the 33-year-old CEO is equally optimistic about the opportunities for young Indians in the country he returned to nearly a decade ago. Related: India freaks out over U.S. plans to change high-skilled visas "We have the best engineers in the world, we have a large English-speaking population, we have a large digitally connected population," he said. "Many of our team members will start their own companies and team members of their companies will start their own companies," he says. "What our country needs right now is more entrepreneurs, not more policy." CNNMoney (New Delhi)   11:20 AM ET'|'cnn.com'|'http://rss.cnn.com/rss/edition_business.rss'|'http://money.cnn.com/2017/02/02/news/india/snapdeal-india-kunal-bahl-h1b-visa/index.html'|'2017-02-02T23:33:00.000+02:00'
'4ea59fe4d68917764495e1391b534839561d7d00'|'New York court approves Verizon settlement over ''merger tax'' objections'|'Technology News - Thu Feb 2, 2017 - 3:15pm EST New York court approves Verizon settlement over ''merger tax'' objections The Verizon logo is seen on the side of a truck in New York City, U.S., October 13, 2016. REUTERS/Brendan McDermid By Jonathan Stempel - NEW YORK NEW YORK A New York state appeals court on Thursday said its door remains open for settlements of merger litigation where shareholders receive no money, approving an accord tied to Verizon Communications Inc''s ( VZ.N ) $130 billion buyout of Vodafone Group Plc''s ( VOD.L ) stake in their Verizon Wireless venture. The Appellate Division, First Department in Manhattan said a lower court judge erred in rejecting a class-action settlement requiring Verizon to disclose more information to shareholders who thought it overpaid, and get a "fairness opinion" if it sold some of the venture''s assets. It also entitled the shareholders'' lawyers to up to $2 million for fees and expenses. "Disclosure-only" settlements have lost favor in recent years, with critics saying they provide little benefit to shareholders and companies, while forcing companies to pay fees of shareholders'' lawyers in a so-called "merger tax." Judges in Delaware courts routinely approved such settlements for many years but have in recent decisions made clear those days are over, causing lawyers to file dozens of merger-related lawsuits in other courts instead. The Verizon settlement drew objections from two shareholders, and was rejected in December 2014 by New York State Supreme Court Justice Melvin Schweitzer. He said the accord failed to materially boost shareholder knowledge about the merger, which had closed in February 2014, and could impede the New York-based phone company''s ability to sell assets. But in Thursday''s decision, a four-judge appellate division panel said the added disclosures provided at least "some benefit" to shareholders, while the fairness opinion requirement could help insure good prices for asset sales. The panel also tightened its nearly 27-year-old test for approving such settlements, adding requirements that they be in shareholders'' and companies'' best interests. It said the Verizon settlement achieved both. "Given the changing circumstances and concerns surrounding nonmonetary settlements of class actions," the Verizon case offered an opportunity "to address present day concerns," Justice Marcy Kahn wrote. The appellate division returned the case to the lower court to determine legal fees. "We are pleased," Juan Monteverde, a lawyer for the plaintiffs, said in an email. "Litigation that provides enhanced corporate disclosures and corporate governance will continue to play a vital role in protecting public shareholders." A lawyer for one of the objecting shareholders did not immediately respond to requests for comment. The other objector, Gerald Walpin, a former inspector general under President George W. Bush, died last year. The case is Gordon et al v. Verizon Communications Inc et al, New York State Supreme Court, Appellate Division, 1st Department, No. 653084/2013. (Reporting by Jonathan Stempel in New York; Editing by Chizu Nomiyama) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-verizon-settlement-idUSKBN15H2NO'|'2017-02-03T03:15:00.000+02:00'
'159c5c946630dee4772f6e19ef4d7e9810bf1e15'|'UPDATE 1-Mongolian citizens offer cash, jewellery, horses to pay off gov''t debt'|'Financials - Thu Feb 2, 2017 - 5:50am EST UPDATE 1-Mongolian citizens offer cash, jewellery, horses to pay off gov''t debt * Govt in talks with China and IMF for assistance * Development Bank of Mongolia''s $580 mln of bonds due in March * Donation pledges flood in this week after a campaign * Financing difficult due to Mongolia''s FX reserves at 7-year low (Adds investor comment, Thursday bond price) ULAANBAATAR/HONG KONG, Feb 2 Private citizens in Mongolia are donating cash, jewellery, gold and even horses to help the government make a near $600 million payment to bondholders next month. The cash-strapped nation has been embroiled in an economic crisis brought about by a collapse in foreign investment, slowing growth in China and weak commodity prices. Its currency, the tugrik, lost nearly a quarter of its value last year. The government has been in talks with China and the International Monetary Fund for assistance, but investors are worried that any bailouts might not be negotiated in time, with the Development Bank of Mongolia''s $580 million of bonds due in March. "If they don''t get the IMF bailout, where do they get the resources for this payment, without which they can''t do a new bond to refinance? It''s a chicken and egg situation," said a Hong Kong-based trader. The bonds were showing a bid of 98 cents on the dollar on Thursday, with a yield as high as 21.5 percent because of their closeness to maturity. Though the Mongolian public has been hit by welfare cuts, rising food and fuel costs and a tough winter that is threatening to kill large numbers of livestock, donation pledges began to flood in this week after a campaign was launched by a prominent economist and members of parliament. Corporate groups and legislators were also chipping in with cash contributions of as much as 100 million tugrik ($40,650). Mongolia''s foreign currency reserves are at a seven-year low, according to credit rating agency Fitch, and redeeming DBM''s bonds could halve its total stockpile, which stood at $1.1 billion in September last year. "The biggest issue for Mongolia is the very low level of FX reserves for financing this year, which is essentially why investors are closely watching out for an agreement with the IMF," said Simon Quijano, emerging markets strategist with Legal & General Investment Management. "Of course, Mongolia could go for other financing options but it is always the uncertainty on each of those options that causes unnecessary volatility," he said. Prime Minister Jargaltulga Erdenebat said that while the government would accept the donations, it had already "found a solution" for the March bond payment and would spend the cash elsewhere. "The government cannot prohibit the start of any citizen-run campaign," he said in a statement released on Wednesday. "The cabinet has decided to spend voluntary donations on health, education and reducing smog as well as public infrastructure," he added. A senior Mongolian finance official said late last year that the country was looking to refinance its debt through lower-interest loans, and insisted the payments would be met in full. ($1 = 2,460 tugrik) (Reporting by Terrence Edwards in ULAANBAATAR and Umesh Desai in HONG KONG; Editing by Kim Coghill and Jacqueline Wong) Next In Financials QE-Driven European Corporate Issuance Shrugs off Political Risk (The following statement was released by the rating agency) LONDON, February 02 (Fitch) Fitch Ratings says that bond sales by European corporates and financial institutions in all currencies reached EUR130 billion in January 2017, broadly matching the volume a year ago, despite heightened political risk manifesting in wider sovereign spreads. Such apparent calm in European credit markets is aided by the ECB''s various bond-buying programmes and their capacity to compress spreads and distort'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/mongolia-bon
'4c880aab2301c1c74de043aed9fa3578e26ed472'|'BRIEF-Insurer CNP cancels earlier deal to buy Pan Seguros, Pan Corretora stakes'|' 55am EST BRIEF-Insurer CNP cancels earlier deal to buy Pan Seguros, Pan Corretora stakes Feb 2 Cnp Assurances : * CNP says in statement that conditions needed to complete the previously agreed deal have not been met * "As indicated in the press release dated April 21, 2016, the completion of such acquisition was subject to the fulfilment of various conditions precedent. In view of the fact that some of these conditions precedent have not been met, both CNP Assurances and BTGP acknowledged that the acquisition agreements ceased to be effective," CNP says in statement * CNP had previously struck a deal in 2016 to buy 51 percent stakes in Pan Seguros and Pan Corretora for around R$700 million.   Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFWN1FM18F'|'2017-02-02T14:55:00.000+02:00'
'fdf92d3bb1f3b0aeea32715cdf30e0bebf6ff0b6'|'Brazil audit court delays decision on Petrobras asset sales'|'BRASILIA Feb 1 Brazil''s federal audit court on Wednesday postponed a decision regarding asset sales by state-controlled oil company Petroleo Brasileiro SA, leaving in place a court order blocking new deals in the company''s divestment program.The order has prevented Petrobras, as the company is known, from signing any new asset sales, while allowing the company to proceed with five deals in their final stages worth around $3.3 billion. (Reporting by Leonardo Goy)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/petrobras-divestiture-idINE6N1CB01R'|'2017-02-01T14:45:00.000+02:00'
'fad6385ff10d2a2456e67925901d1c195fbd41ed'|'UPDATE 1-S.Korea''s Kookmin to sell stake in Kazakh lender'|' 41am EST UPDATE 1-S.Korea''s Kookmin to sell stake in Kazakh lender (Adds context) ALMATY Feb 1 South Korea''s Kookmin Bank plans to sell its 41.93 percent stake in Kazakhstan''s Bank CenterCredit to a group of Kazakh investors that includes Tsesnabank, CenterCredit said in a bourse filing on Wednesday. Among the buyers is also CenterCredit chairman Bakhytbek Baiseitov, who also plans to purchase a 10 percent stake from the International Finance Corporation, a private-sector arm of the World Bank, CenterCredit said. CenterCredit, Kazakhstan''s fifth-biggest lender with assets of $4.1 billion, provided no pricing details in the statement. Tsesnabank is Kazakhstan''s third-biggest lender by assets. Kookmin bought a 30 percent stake in CenterCredit for about $500 million in 2008, just before Kazakhstan''s banking system was hit by the fallout from the United States sub-prime mortgage meltdown. Kookmin said at the time that it would eventually become a controlling shareholder. (Reporting by Olzhas Auyezov; Editing by David Goodman)  '|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/bank-centercred-kb-financial-idUSL5N1FM2E8'|'2017-02-01T17:41:00.000+02:00'
'616d48797286fd4f642ded7ed07fdc6794395aec'|'BRIEF-Littelfuse Q4 adjusted earnings per share $1.57'|' 52am EST BRIEF-Littelfuse Q4 adjusted earnings per share $1.57 Feb 1 Littelfuse Inc * Littelfuse reports fourth quarter and full year results * Q4 adjusted earnings per share $1.57 * Q4 gaap earnings per share $1.19 * Q4 earnings per share view $1.52 -- Thomson Reuters I/B/E/S * Sees q1 2017 adjusted earnings per share $1.56 to $1.70 * Sees q1 2017 sales $278 million to $288 million * Q4 revenue $284.5 million versus i/b/e/s view $274.9 million * Littelfuse inc sees fy 2017 capital expenditures are expected to be approximately $70 million * Q1 earnings per share view $1.63, revenue view $280.6 million -- Thomson Reuters I/B/E/S * Littelfuse inc - "remain focused on our financial goals of double-digit sales and earnings per share growth for 2017" Source  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSASB0AXTX'|'2017-02-01T18:52:00.000+02:00'
'f033aba9db73bc985bb2ab97d5dff6adef7bd92f'|'Ryanair adds 15 routes to Israel for sun-seeking Europeans'|'Industrials - Wed Feb 1, 2017 - 6:28am EST Ryanair adds 15 routes to Israel for sun-seeking Europeans JERUSALEM Feb 1 Ryanair is adding 15 new routes between Europe and Israel to cater for Europeans seeking a milder climate in the winter, the Irish low-cost carrier said on Wednesday. Europe''s largest airline entered the Israeli market in late 2015 with seasonal flights between October and March from Budapest, Bratislava, Krakow in Poland and Kaunas in Lithuania to Ovda Airport, which is north of the Red Sea resort Eilat. Ryanair said these routes, which came after Israel signed an Open Skies agreement with the European Union in 2012, were "performing well". The deal has led to a 30 percent increase in flights to Tel Aviv the past three years. From October 2017, Ryanair will add twice weekly flights to Ovda Airport from Baden Baden, Berlin, Brussels, Frankfurt, Milan and Polish cities Warsaw, Gdansk and Poznan. It will also add seven new routes to Ben Gurion International Airport near Tel Aviv from Baden Baden, Gdansk, Milan, Poznan, Krakow and Wroclaw in Poland and Paphos in Cyprus. David O''Brien, Ryanair''s chief commercial officer, said the airline was working with Israel''s Tourism Ministry to "establish Eilat as a viable alternative to competing sunshine destinations in Europe." Tourism Minister Yariv Levin said the significant expansion of Ryanair should cut the cost of fares to and from Israel, while "expressing great confidence in Israeli tourism." The ministry offers subsidies to encourage low cost airlines to fly to Israel. (Reporting by Steven Scheer; Editing by Keith Weir) Next In Industrials'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/ryanair-israel-idUSL5N1FM2T8'|'2017-02-01T18:28:00.000+02:00'
'5606f937644f2798f0fe3752ddd10a681f833f74'|'Australia shares gain on mining stocks, NZ steady'|'  1:34am EST Australia shares gain on mining stocks, NZ steady (Updates to close) Feb 1 Australian shares advanced on Wednesday, as a tumbling greenback sent mining and oil stocks into positive territory. The S&P/ASX 200 index ended 0.57 percent, or 32.289 points, higher at 5,653.2 at the close of trade. The benchmark fell 0.7 percent on Tuesday. The dollar faltered against a basket of currencies and suffered its worst January in three decades after U.S. President Donald Trump criticised key trading partners. Global stocks remain subdued as Trump''s comments led to a risk-off mood. Safe haven assets such as gold glittered at a one-week high, while materials held on to strong gains from earlier in the session. Fortescue Metals Group Ltd rallied as much as 4.7 percent to hit a near six-year high, as the world''s fourth-largest iron ore miner expected a boost in iron ore demand after China''s decision to close steel mills that use scrap metal. Index heavyweights BHP Billiton Ltd and South32 Ltd rose 1.7 percent and 1.1 percent, respectively. The country''s biggest gold producer Newcrest Mining Ltd rose as much as 3.1 percent in its third straight session of gains. Westpac Banking Corp, one of the index''s top performers, perked up 0.9 percent while international investment advisor AMP Limited rose 1 percent. Oil markets were range-bound on a surplus of supplies. Oil and gas giant Woodside Petroleum Ltd edged up 1.4 percent. Senex Energy Ltd surged as much as 8.9 percent after the oil and gas explorer lined up U.S. partners to fund a gas project, which could help ease a pending gas shortage in Australia''s east. The market also found support from strong property data. An index of home prices for the combined capital cities climbed 0.7 percent in January, according to property consultant CoreLogic. Strong housing prices, however, posed a worry for the Reserve Bank of Australia (RBA), which had hoped the market would have cooled following the implementation of tighter lending rules on banks. New Zealand''s benchmark S&P/NZX 50 index ended flat at 7,055.5 points, as the gains in industrials were offset by losses in material stocks. Port of Tauranga Ltd jumped to its highest ever, surging as much 3.8 percent, while Meridian Energy Ltd rose more than 3 percent. Fletcher Building Ltd fell 1.6 percent, while Z Energy Limited lost 2.2 percent. Sentiment was boosted as New Zealand''s unemployment surged 5.2 percent in December, from an eight-year low of 4.8 percent, suggesting a lower chance of a rate hike later in the year. (Reporting by Hanna Paul in Bengaluru; Editing by Randy Fabi) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/australia-stocks-close-idUSL4N1FM19E'|'2017-02-01T13:34:00.000+02:00'
'00b225d3b08932c390c03812d9f7d137b636e8bd'|'Vodafone joins BT in warning of pressures on international corporate business'|'Business News - Thu Feb 2, 2017 - 3:06pm GMT Vodafone joins BT in warning of pressures on international corporate business FILE PHOTO - The headquarters of Vodafone Germany are pictured in Duesseldorf September 12, 2013. REUTERS/Ina Fassbender/File Photo LONDON Vodafone ( VOD.L ), the world''s second-biggest mobile operator, said on Thursday that the rate of growth in its international business division had slowed, echoing a similar warning given by British rival BT ( BT.L ) last week. BT, Britain''s dominant fixed-line telecoms operator that provides networked IT and cloud services to companies and governments around the world, had said that it had seen a marked slowdown in its international order book, prompting it to take a more cautious approach to the sector. Vodafone, reporting its third-quarter results on Thursday, said it was also seeing lower rates of growth in its global enterprise division, and said it was taking a more disciplined approach to agreeing contracts. Neither spelled out whether the slowdown in spending was due to concerns by corporate customers for the global economy or whether it reflected competitive pressures from cloud service specialists such as Amazon Web Services ( AMZN.O ). "Global enterprise used to grow (around) 5 percent, now it''s 2, so yes there is a deceleration," Vodafone Chief Executive Vittorio Colao told reporters. "What I hear, what I see is there is a pressure on revenues and we are a little bit stricter on the profitability of some contracts, so we don''t always bid to the last penny to win." BT issued a major profit warning last week, with the business hit by a slowdown in British government work and an accounting scandal discovered in its Italian business. The firm also said it had seen a drop in new work from multinational companies, forcing it to lower its growth forecasts for the unit. "We''re taking action to address this trend," BT Finance Director Simon Lowth told analysts. "We are now more cautious on the outlook for the international markets for this year and next and we''ve revised downwards our expectations of future growth rates in this part of our business." IT research firm Gartner has predicted that spending on global communications services will rise by 1.7 percent this year, while it expects IT services to rise by 4.2 percent. (Reporting by Kate Holton and Paul Sandle) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-telecoms-spending-idUKKBN15H1SM'|'2017-02-02T22:06:00.000+02:00'
'952c5a7e4b24a552ec907491d074148379227690'|'Nikkei falls to more than 1-week low as stronger yen sours mood - Reuters'|'TOKYO Feb 2 Japan''s Nikkei share average fell on Thursday to its lowest in more than a week after a stronger yen soured sentiment.Toyota Motor Corp underperformed after posting weak monthly sales in the United States.Eyes were also on Japanese domestic corporate earnings, with Mitsubishi Heavy and Mitsubishi Electric falling 4.6 percent and 4.8 percent respectively in afternoon trade after their forecasts fell short of market expectations.The Nikkei fell 1.2 percent to 18,914.58, the lowest closing level since Jan. 24.The broader Topix shed 1.1 percent to 1,510.41 and the JPX-Nikkei Index 400 declined 1.1 percent to 13,550.30 points. (Reporting by Ayai Tomisawa; Editing by Eric Meijer)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/japan-stocks-close-idINL4N1FN1ET'|'2017-02-02T03:15:00.000+02:00'
'fe09558caba900b2858d4cac33c2dce5e4c1f632'|'Swatch annual profit plunges, targets return to "healthy growth"'|'  5:01pm IST Swatch annual profit plunges, targets return to "healthy growth" FILE PHOTO - Watches of Swiss watchmaker Swatch are displayed at a shop at the Bahnhofstrasse in Zurich, Switzerland July 15, 2016. REUTERS/Arnd Wiegmann/File Photo By Silke Koltrowitz and John Revill - ZURICH ZURICH Swatch Group cut its dividend after weak sales and high fixed costs at the world''s biggest watchmaker drove annual profit sharply lower, although it held out the prospect of a return to "healthy growth" this year. Swiss watchmakers have been hurt by declining sales in their biggest markets, Hong Kong and the United States, and tourist shoppers avoiding Europe for fear of extremist attacks, but recently mainland China sales turned the corner. "Based on the positive development of the last three months, healthy growth is expected for the year 2017," the company, based in Biel in western Switzerland, said in a statement on Thursday, pointing to a turnaround in mainland China over the last three months. Net profit at the maker of Omega and Longines watches slumped 47 percent to a worse-than-expected 593 million Swiss francs ($598.9 million), reflecting the company''s reluctance to cut costs. The operating profit margin slid to 10.7 percent, from 17.2 percent. Some investors have been critical of Swatch CEO Nick Hayek for the reliability of his forecasts and a plan to expand into launching a battery for electric vehicles. Swatch''s fixed costs are high because it has to supply watch movements to the industry and because, unlike rival Richemont, it has so far refused to cut jobs in watch production. "Personnel expenses were down 2 percent, but other expenses were up 3 percent implying limited cost measures during 2016," Vontobel analyst Pascal Furger said, confirming his "Hold" rating on the stock. The group cut its dividend to 6.75 francs per share, from 7.50 francs in 2015, the first reduction since 2009. ZKB analyst Patrik Schwendimann said this was "unnecessary given their strong cash reserves." Shares, which have risen over 10 percent so far this year on hopes of a market recovery, were down 0.5 percent at 0945 GMT, paring earlier losses, but still lagging a 0.15 percent higher European sector index. Sales at constant currencies fell 10.8 percent to 7.55 billion francs, mirroring a 10 percent decline in Swiss watch exports in 2016. Europe remained difficult due to the slump in tourism, but the situation at Hong Kong watch retailers improved and mainland China saw over 20 percent growth "in recent months", Swatch said. Bernstein''s Mario Ortelli said he believed the improvement trend would continue, especially given the very easy comparables, but not "enough to justify the decision of the Swatch Group to not decrease the production capacity". ($1 = 0.9902 Swiss francs) (Editing by Keith Weir)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/swatch-ch-results-idINKBN15H14S'|'2017-02-02T18:31:00.000+02:00'
'3ae0afbb47a4f7dcf47aa6cfcee657b74a85c12c'|'Global air passenger traffic demand up 8.8 percent in December - IATA'|'Business News - Thu Feb 2, 2017 - 10:56am GMT Global air passenger traffic demand up 8.8 percent in December - IATA A passenger looks out the window at Miami International Airport in Miami December 10, 2013. REUTERS/Carlo Allegri Global demand for air travel finished 2016 on a high note, with double-digit growth in the Middle East, Asia Pacific and Europe driving an industry-wide 8.8 percent year-on-year increase in December, the International Air Transport Association (IATA) said on Thursday. Full-year demand increased by 6.3 pct, helped by the combination of passengers adjusting to the uncertain environment and moderate pick-up in the global economic cycle, IATA said. "Demand for air travel is still expanding. The challenge for governments is to work with the industry to meet that demand with infrastructure that can accommodate the growth, regulation that facilitates growth and taxes that don<6F>t choke growth," said IATA Director General and CEO Alexandre de Juniac. We must defend aviation''s social and economic benefits from barriers to travel and protectionist agendas, he added. (Reporting by Pawel Goraj; Editing by David Goodman) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-airlines-iata-passenger-idUKKBN15H11C'|'2017-02-02T17:56:00.000+02:00'
'f943f56422248b5a8910b6240da1b6bd48acc86e'|'Prosecutors investigate Deutsche Boerse CEO''s 2015 share purchase - Reuters'|'By Andreas Kr<4B>ner and Maria Sheahan - FRANKFURT FRANKFURT Deutsche Boerse ( DB1Gn.DE ) said on Wednesday that German prosecutors were investigating a share purchase by its chief executive in December 2015, which was just over two months before the exchange operator announced merger talks.Deutsche Boerse said the purchase of around 4.5 million euros ($4.8 million) of its shares by Chief Executive Carsten Kengeter at that time was related to the management board''s remuneration programme. The company and the CEO were fully cooperating with the Frankfurt public prosecutor''s office, it said in a statement.Two people familiar with the case told Reuters that investigators searched offices at Deutsche Boerse''s headquarters in Eschborn near Frankfurt on Wednesday in relation to suspected insider trading in connection with the share purchase.Kengeter bought 60,000 shares in Deutsche Boerse on Dec. 14, 2015. Just over two months later, Deutsche Boerse and the London Stock Exchange ( LSE.L ) announced that they were making a third attempt at a merger, pushing up the share price of both companies."The accusations are groundless," Deutsche Boerse''s supervisory board Chairman Joachim Faber said."Only in the second half of January 2016 did the two chairmen and CEOs agree to begin negotiations for a merger of LSE Group Plc and Deutsche Boerse AG," he added.No one at the Frankfurt prosecutor''s office was immediately available for comment.Kengeter, who attended Deutsche Boerse''s New Year''s reception in London on Tuesday, was not present during the searches, one of the sources said.Faber said Kengeter bought the shares ahead of an end-December deadline set by the group''s management remuneration programme.Under the programme, he was allowed to make a one-time purchase of shares worth up to 4.5 million euros, which he would be required to hold onto until the end of 2019.As part of the deal, he received what the company calls "co-performance shares" in the same amount, whose value depends on a mix of Deutsche Boerse''s profits and its share price movement relative to a benchmark index.Deutsche Boerse''s stock has gained around 11 percent since Kengeter bought the shares.Kengeter joined Deutsche Boerse in April 2015, having previously worked at investment bank UBS ( UBSG.S ) and Goldman Sachs ( GS.N ), and moved up to the helm two months later.Financial sources have told Reuters that he started discussing with the rest of the management board possible avenues for growth, including a deal with LSE, right after assuming his position as CEO. But they said that concrete preparations for a merger and initial talks did not take place until January 2016.($1 = 0.9304 euros)(Editing by Greg Mahlich and Susan Fenton)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/deutsche-boerse-investigation-idINKBN15G5MH'|'2017-02-01T18:09:00.000+02:00'
'08cc8f1ce920c4e679e479f736d396842359ca1e'|'Rating agencies appear to have learned from past errors: ECB study'|' 05pm IST Rating agencies appear to have learned from past errors: ECB study FILE PHOTO: The headquarters of the European Central Bank (ECB) in Frankfurt, Germany, June 28, 2015. REUTERS/Ralph Orlowski/File Photo FRANKFURT Global rating agencies appear to have learned from past errors and their current assessment may better reflect euro zone vulnerabilities before the continent''s debt crisis, a European Central Bank research paper concluded. Ratings before 2010 did not serve as a leading indicator of debt and growth risks but there is some evidence that ratings are now more sensitive to institutional factors and economic fundamentals, the authors said in a paper that does not necessarily reflect the ECB''s views. Some regulators and policymakers questioned the judgment of rating agencies for giving top-notch credit scores to debt that later unravelled, and for failing to properly appreciate the risks in more complex financial instruments. EU lawmakers implemented new regulations on rating agencies after the crisis but some have called for even more stringent rules. "While in the pre-sovereign crisis period buoyancy was masking latent vulnerabilities, there appear to have been some learning process by rating agencies since 2010, leading to a swifter adjustment of rating agencies to a move in fundamentals," the ECB paper, published on Thursday, said. Rating moves suggest that agencies have attached a higher emphasis to risks stemming from the fiscal dynamics, whereas economic development seemed to have played a stronger role in the pre-crisis period. "This implies that the current ratings may better reflect the significant vulnerabilities and risks of several euro area countries," the paper said. "The size of the downgrades observed since the start of the sovereign crisis has been broadly in line with the deterioration of economic fundamentals for most countries." (Reporting by Balazs Koranyi Editing by Jeremy Gaunt) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/ecb-policy-ratings-idINKBN15H1AX'|'2017-02-02T19:35:00.000+02:00'
'44c29a02ea4964acae827bc496936bca1df424fd'|'Ralph Lauren CEO to leave after differences with founder'|'Business News - Thu Feb 2, 2017 - 8:22pm GMT Ralph Lauren CEO to leave after differences with founder Designer Ralph Lauren greets the crowd after presenting his Spring/Summer 2016 collection during New York Fashion Week in New York, September 17, 2015. REUTERS/Lucas Jackson - RTS1LE0 By Gayathree Ganesan and Jessica Kuruthukulangara Ralph Lauren Corp ( RL.N ) said Chief Executive Stefan Larsson, hired over a year ago to turn the company around, would step down following differences with founder Ralph Lauren over the direction of the luxury brand. The company''s shares fell as much as 12 percent to a more than 6-year low of $76.86 in morning trading on Thursday. Larsson, who was credited with reviving sales at Gap Inc''s ( GPS.N ) Old Navy brand and has also and worked at H&M ( HMb.ST ), was hired for his experience in managing fast-fashion businesses with efficient supply chains. At the time, his appointment was considered a good fit for Ralph Lauren, which was seeking to reorganize and centralize business units and brands. In his short tenure, Larsson embarked on a major overhaul of the company, calling it the "Way Forward Plan", which included shutting down underperforming stores, cutting back on inventory and shedding about 1,000 jobs. But things soured soon after. Larsson''s cost-cutting plan, which involved replacing incumbents with his own people, hit morale at the 50-year old company, a fashion industry source said, citing people familiar with the matter. Larsson''s approach could have been a cultural misfit with what Lauren had built over the years, forcing the board to step in, the source said. Differences stemmed from the direction in which to take the company''s product, marketing and shopping experience, Larsson said on a call with analysts on Thursday. Lauren, who is also the chairman and chief creative officer of the company, said they had different views on how to evolve the creative and consumer-facing parts of the business. The company is yet to realise the benefits of the restructuring programme, with revenue falling for the seventh straight quarter in its latest earnings report on Thursday. The company''s shares have lost more than a fifth of their value since Larsson succeeded Lauren in November 2015. Ralph Lauren said a search was being conducted for a new CEO. Until then, Chief Financial Officer Jane Nielsen will head the company''s restructuring programme. Lauren''s son David Lauren, who was appointed vice chairman in October, is a likely CEO candidate, the source said. Larsson, who will stay on until May 1, will get $10 million (8 million pounds) in severance pay over two years and his bonus for the company''s 2017 fiscal year as part of his separation agreement. He is also entitled to receive a pro-rated bonus based on his performance until he exits the company. The company was recently in the spotlight for dressing up Melania Trump for Donald Trump''s presidential inauguration, leading to calls by some on Twitter to boycott the brand using the hashtag #boycottralphlauren. Several top designers, including Tom Ford and Marc Jacobs, had publicly declined to dress Melania Trump for the inauguration. (Additional reporting by Siddharth Cavale in Bengaluru; Editing by Sriraj Kalluvila and Anil D''Silva) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ralph-lauren-moves-ceo-idUKKBN15H2OJ'|'2017-02-03T03:22:00.000+02:00'
'aa6daeef1672f7666c3a1382fbc7a7dcf65c030c'|'UPDATE 1-DONG Energy faces tough year as offshore wind returns drop'|'Utilities  31am EST UPDATE 1-DONG Energy faces tough year as offshore wind returns drop (Adds CEO, analyst comment, background) COPENHAGEN Feb 2 DONG Energy, the world''s biggest offshore wind farm developer, on Thursday reported its first full-year net profit since 2011, but will face tough competition for projects in Europe and the United States from new players that are pushing down margins. The Danish company, whose listing in Copenhagen in June was one of the biggest globally last year, has profited from being a pioneer in offshore wind for two decades and has build more than a quarter of the world''s wind farms at sea. But over the past year, prices for new projects were pushed to record lows by companies eager to establish a foothold in the market, which could mark an end to high returns in the industry. In November, DONG lost a tender at home, when Swedish utility Vattenfall was awarded a project off Denmark with a winning bid to produce electricity for a price of 50 euros per megawatt hour (MWh). That beat a record DONG had itself set four months earlier with a price of 72.7 euros per MWh for a Dutch project. "We were all surprised about how fast prices have come down," DONG Energy''s chief executive Henrik Poulsen told investors and analysts at a capital markets day in Copenhagen on Thursday. "Some people have said that the outcome of the (Dutch and Danish) tenders was the end of value creation in offshore wind. I firmly believe that''s a wrong conclusion," he said. Some 18.2 billion euros were committed to offshore wind projects in Europe in 2016, a 39 percent increase from the previous year, with more than half of investments made in Britain. New project developers include oil majors like Statoil and Royal Dutch Shell, which have come under pressure from shareholders to diversify into green energy and have snapped up new projects in both the United States and the Netherlands. Lesser known players from China are also trying to establish a foothold, with a Chinese developer last year partnering in a Scottish offshore wind farm. "A dramatic shift has happened in the offshore wind industry over the last six months, which puts into question how much return you can get on new projects," Sydbank analyst Morten Imsgaard said. But DONG''s Poulsen said: "Irresponsible players who might submit bids that are not value-creating over time will eventually be weeded out." DONG Energy is the biggest owner of offshore wind power in Europe with 16.2 percent of installed capacity, Vattenfall second with 8.3 percent, according to industry group WindEurope. "Getting to scale in this industry is a massive undertaking," Poulsen said. He also acknowledged that in the more mature European market, there was "no reason to believe that returns we were seeing a few years ago of well above 10 percent will continue in the long term." Still, DONG forecast an average return on capital employed in wind power of 13-15 percent between 2017 and 2023, a target it aims to achieve by expanding into new markets like Taiwan and the United States. "But even if you have a large balance sheet or whatever ownership structure you may have, there is a limit to how far you can go in terms of undertaking value-destroying activities of that scale," he said. On Thursday, the company posted earnings before interest, taxation, depreciation and amortization (EBITDA) of 6.3 billion crowns and revenue at 15.68 billion crowns in the last three months of 2016, both below analysts expectations. (Reporting by Jacob Gronholt-Pedersen; Editing by Jane Merriman) Next In Utilities'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/dongenergy-results-idUSL5N1FN12Q'|'2017-02-02T23:31:00.000+02:00'
'4dd663b0f7febc7aec819d6edc729d1df79b2978'|'Power tools and sausage sizzles: Bunnings DIY opens first UK store'|'A t dawn on Thursday, Aussie retailer PJ Davis will be throwing his first snags on a barbie carefully sheltered among flowers and plant pots in a former Homebase store on an unglamorous retail park in St Albans.The barbecue chef is the new UK boss of Bunnings , often billed as Australia<69>s favourite retail chain and famous for its <20>sausage sizzles<65>. Drizzle may have replaced Aussie sunshine at Bunnings<67> first UK outpost, but the waft of onions and sausages through the store will give British shoppers the first taste of how they do DIY down under. <20>There<72>s always a sausage sizzle,<2C> says Davis, the 57-year-old company veteran who has been seconded to Britain to lead the charge on the UK<55>s <20>38bn home improvement and gardening market. Dressed in the Bunnings staff uniform of a green apron and red fleece, only the numerous badges, awarded for long service and training, pinned to his bib give away the seniority of the down-to-earth Australian.Bunnings, which is part of the Wesfarmers conglomerate, sees a chance to take on market leader B&Q. <20>We think there<72>s a real opportunity to grow in the UK,<2C> says Davis. <20>The housing stock in this country is reasonably old compared with what we are used to in Australia and the British are keen gardeners. No one has a market share of more than 15% <20> We think the large amount of players is an opportunity.<2E>As soon as Bunnings got the keys to Homebase they axed the entire Homebase senior management team and around 164 middle managers. <20>You have to drive strong management change and to do that, you need to change the senior team,<2C> says Davis. He was also unimpressed by the shape of the 260 stores he inherited. Facebook Twitter Pinterest Staff and visitors at the opening of Bunnings in St Albans. Photograph: Bunnings He says there is no question Homebase had been starved of investment to keep the stores in good shape: <20>I don<6F>t think, I know,<2C> he says. <20>The next store we<77>re doing had no lights. It was disgusting.<2E>The St Albans store is a Bunnings Warehouse - the chain<69>s biggest store format - and one of four planned prototypes for the DIY chain that will replace Homebase over the next five years. The Homebase of old sought to attract female DIY shoppers with <20>personalised mood boards<64> and attractive displays of cushions, throws and other nicknacks from brands including Laura Ashley and Habitat. But Davis has chucked out the chintz, ushering in a new era of basic warehouse chic, where special offers at the checkouts include incinerator bins and disposable boiler suits.<2E>We<57>ve made the decision to be a home improvement and garden retailer and have got rid of the duvets, cushions and coffee cups,<2C> he says <20>We<57>re going back to the core of home improvement and garden. We don<6F>t want to sell the soft side. There are plenty of other retailers, like Dunelm, Ikea and Next, doing a good job of that.<2E>Fans of Homebase are in for a rude awakening, with St Albans shoppers greeted with rows of serious-looking tool boxes and display tables featuring the latest thinking in power tools. Bunnings is an institution down under , famous for its customer service, massive range of products and low prices. It took a big gamble with last year<61>s purchase of Homebase chain for <20>340m . The retailer has promised to spend another <20>500m giving the chain a complete facelift <20> the biggest DIY SOS the British high street has seen in recent years. Foreign retailers, even those with enviable track records at home, have come unstuck in the UK. The biggest disaster in recent times was Best Buy<75>s assault on the electricals market in partnership with Carphone Warehouse. The stores were launched to great fanfare in 2009 but closed down two years later.<2E>Bunnings is clearly an effective DIY force in Australia, but the fact some key analysts and shareholders have been vociferous critics of the move into the UK suggests that there are some misgivings,<2C> says TCC Global analyst Bryan Roberts. <20>The decision to adopt a scorched earth po
'35fc2799ffedad5c78752e1b7537fc338fc59ff6'|'Hastor family says not seeking a hostile takeover of Grammer'|'Financials  51am EST Hastor family says not seeking a hostile takeover of Grammer FRANKFURT Feb 2 Bosnia''s Hastor family said its demand to replace nearly half of German automotive interiors maker Grammer''s supervisory board should not be construed as an aggressive move to gain control of the company. "Intensified supervision in the face of ... deficits should not be misunderstood as a hostile takeover," Hastor''s investment vehicle Cascade International Investment GmbH said in a statement on Thursday. The Hastor family, which controls automotive supplier Prevent that was in dispute with Volkswagen last year, has built a stake of just over 20 percent in Grammer. Grammer earlier this week rebuffed its efforts to push for an extraordinary general meeting to replace five of the company''s 12 supervisory board members, saying the demand was "completely unexpected and not comprehensible". (Reporting by Maria Sheahan; Editing by Christoph Steitz) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/grammer-ma-hastor-idUSFWN1FN0SR'|'2017-02-02T20:51:00.000+02:00'
'39e450e7652d9aec163841dbb79255b77d6b4780'|'World food prices rise to near two-year high in January - UN FAO'|'Lifestyle - Thu Feb 2, 2017 - 4:18am EST World food prices rise to near two-year high in January: U.N. FAO A farmer harvests rice on a field in Lalitpur, Nepal October 26, 2016. REUTERS/Navesh Chitrakar ROME World food prices rose to a near two-year high in January, driven by surges in sugar quotations and export prices for cereals and vegetable oils, the United Nations food agency said on Thursday. The Food and Agriculture Organization''s (FAO) food price index, which measures monthly changes for a basket of cereals, oilseeds, dairy products, meat and sugar, averaged 173.8 points in January, versus a revised 170.2 in December. The 2.1 percent monthly rise pushed food prices on international markets to their highest since February 2015, and 16.4 percent above their levels in January last year. Global cereals output is now expected to reach 2.592 billion tonnes in the 2016-17 season, confirming prospects of a record harvest, FAO said. (Reporting by Isla Binnie; editing by Philip Pullella) Next In Lifestyle'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-global-economy-food-idUSKBN15H0TV'|'2017-02-02T16:16:00.000+02:00'
'1055bb67bae39a998d0f2d475da43e8437f304b3'|'Utility EDF to cut six pct of staff between 2017-2019'|'Business   1:41pm GMT Utility EDF to cut six pct of staff between 2017-2019 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 French state-controlled utility EDF ( EDF.PA ) said on Thursday that it would cut staff numbers by around six percent between 2017-2019, as part of a broader restructuring in the company. EDF did not precise the exact number of job losses in its statement, although a source close to the matter told Reuters earlier this week that the company would be cutting as many as 5,100 jobs in France. EDF said there would not be redundancies as the company would be encouraging staff to leave on a voluntary basis, and added it would plan to hire 2,500 staff between 2017-2018. (Reporting by Sudip Kar-Gupta; editing by Michel rose) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-edf-layoffs-idUKKBN15H1L8'|'2017-02-02T20:41:00.000+02:00'
'bbaddb527d43909e0368de6186961afbcf4b9126'|'Total''s Pouyanne says 2016 earnings better compared with peers'|'Business News - Thu Feb 2, 2017 - 6:50pm GMT Total''s Pouyanne says 2016 earnings better compared with peers Workers fix a sign for oil giant Total at a petrol station in Cairo, Egypt, October 13, 2016. Picture taken October 13, 2016. REUTERS/Amr Abdallah Dalsh PARIS French oil and gas company Total''s ( TOTF.PA ) will post "good" 2016 earnings, Chief Executive Patrick Pouyanne told France Info Radio on Thursday, adding that the results were expected to be better compared with those of its peers. "I cannot reveal the results but what I can say is that the results were good. They were very resistant, and they will be among the best compared with other oil majors," Pouyanne said, adding that the earnings were helped by its ambitious cost-cutting plan. (Reporting by Bate Felix; Editing by Maya Nikolaeva) Next In Business News EU set to approve ChemChina''s $43 billion bid for Syngenta - sources BRUSSELS ChemChina [CNNCC.UL] is set to secure conditional EU antitrust approval for its $43 billion (34 billion pound) bid for Swiss pesticides and seeds group Syngenta , the largest foreign acquisition by a Chinese company, two people familiar with the matter said on Thursday.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-total-results-idUKKBN15H2I7'|'2017-02-03T01:50:00.000+02:00'
'190ebc2ccd9360332eb0418ea58051a690cb372f'|'Starbucks to speed up hiring of veterans amid refugee blowback'|'U.S. - Thu Feb 2, 2017 - 11:59am EST Starbucks to speed up hiring of veterans amid refugee blowback A Starbucks store is seen inside the Tom Bradley terminal at LAX airport in Los Angeles, California, United States, October 27, 2015. REUTERS/Lucy Nicholson Starbucks Corp ( SBUX.O ), facing backlash from some customers over its plans to hire refugees, said it would speed up its previously stated goal of hiring 10,000 veterans and military spouses by 2018. Chief Executive Howard Schultz announced on Sunday the company''s plans to hire 10,000 refugees over the next five years, two days after U.S. President Donald Trump''s executive order put a four-month hold on allowing refugees into the United States and temporarily barred travelers from Syria and six other Muslim-majority countries. It was one of the strongest commitments from a CEO of a major U.S. company against Trump''s order, after several other corporate bosses have stayed silent on Trump''s immigration curbs though the president is likely to face questions when he meets some of them on Friday. As part of the refugee hiring plan, Schultz said the Starbucks would initially focus on hiring those who have served with U.S. troops as interpreters and support personnel abroad. The world''s largest coffee chain soon after faced backlash on social media with several people using #BoycottStarbucks to urge customers to stay away from its stores. Some users also posted screenshots of them deleting the company''s app on their phones. However, users including actor Jessica Chastain tweeted in support of the company after it announced its refugee hiring plans. The world''s largest coffee chain said on Thursday it had already hired over 8,800 veterans and spouses so far and pledged to "keep going". Starbucks, along with former Secretary of Defense Robert Gates, had announced plans in 2013 to hire 10,000 veterans and military spouses over the next five years. (Reporting by Abhijith Ganapavaram in Bengaluru; Editing by Shounak Dasgupta) Next In U.S.'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-usa-trump-immigration-starbucks-idUSKBN15H24F'|'2017-02-02T23:55:00.000+02:00'
'1582ee4b636e24465f7d7e022233e201989ab43c'|'Generali shares jump on talk Intesa bid could come soon'|'MILAN Shares in Generali ( GASI.MI ) rose more than 4 percent on Thursday, with traders cited market talk a bid for the insurer from Italy''s biggest retail bank Intesa Sanpaolo ( ISP.MI ) was round the corner.One of the traders said there were rumors that Intesa Sanpaolo was readying a cash and paper deal valuing Generali at 17 euros per share.A spokesman for Intesa Sanpaolo categorically denied that a possible bid for Italy''s biggest insurer was on the agenda of board meetings scheduled for Thursday and Friday.At 1001 GMT Generali shares were up 4.4 percent at 15.3 euros.Intesa said last week it was examining a possible tie-up with Generali in what would be one of Europe''s biggest deals of this kind.(Reporting by Giancarlo Navach and Paola Arosio, writing by Stephen Jewkes)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-generali-m-a-intesa-sp-idINKBN15H0YD'|'2017-02-02T07:16:00.000+02:00'
'3507366442f0345fa2765ac6d55b24a8d30958b5'|'Italy''s Intesa says still examining possible Generali tie-up'|'By Silvia Aloisi and Gianluca Semeraro - MILAN MILAN Italy''s top retail bank Intesa Sanpaolo ( ISP.MI ) is still examining a possible tie-up with insurer Generali and will take all the time it needs to make up its mind, it said on Friday.Chief executive Carlo Messina told analysts on a conference call the lender would not sacrifice its strong capital base nor a planned 3.4 billion euros ($3.7 billion) dividend payout on its 2017 accounts for the sake of a deal."We are still checking if potential industrial combinations involving Assicurazioni Generali fit with the strategic priorities included in our plan," Messina said."This step will take all the time necessary for performing a comprehensive and solid assessment," he said, adding that this phase had to be successfully completed before the bank could start work on the possible structure of a deal.Intesa, whose stock closed up 2.7 percent at 2.2380 euros, has been under pressure to reveal its intentions after confirming last week that it was looking at a possible bid for Generali as it seeks to cement its shift toward asset management to offset the low profitability of core retail banking.But bankers have warned that any such deal would be complex and could lead to a break-up of Generali to clear antitrust hurdles and minimize overlaps between the two companies. Intesa has an extensive insurance business of its own.Management changes at Generali and political weakness in Rome have helped fuel bid talk in recent months with media reports pointing to Axa ( AXAF.PA ), Allianz ( ALVG.DE ) and Zurich Insurance Group ( ZURN.S ) as being interested in the group or parts of it.The insurer, whose biggest investor is influential investment bank Mediobanca ( MDBI.MI ), is seen by Rome as a strategic asset because of its large holdings of Italian government bonds.A source close to Generali, whose market value of 23 billion euros compares to Intesa''s 36.5 billion euros, said there was a growing feeling the bank could walk away from a deal."The picture is increasingly blurred but it seems to me things are dragging out, possibly making Generali more vulnerable to a foreign takeover," said Roberto Lottici, fund manager at Ifigest which owns shares in Intesa and Generali.LOWER 2017 DIVIDENDSIntesa''s planned dividend payout of 3.4 billion euros for 2017 is lower than the 4 billion euros previously pledged by Messina, who said he had preferred to take a prudent stance given the challenging market environment.Despite the guidance cut, Intesa will still be meeting its goal of paying 10 billion euros in dividends between 2014-2017.The bank''s fourth-quarter net profit came in at 776 million euros, a tad lower than an analyst average forecast of 801 million euros.The results were hit by contributions the bank made to rescue funds set up to help weaker Italian lenders, including a 227 million euro writedown - or 33 percent - on its investment in bailout fund Atlante.Intesa confirmed its solid capital position with a Common Equity Tier 1 at 12.9 percent, one of the strongest in Italy.($1 = 0.9270 euros)(Editing by Mark Potter and Ruth Pitchford)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-eurozone-banks-italy-intesasanpaolo-idINKBN15I2JJ'|'2017-02-03T14:49:00.000+02:00'
'b6c67dfa1b27f7f0a18cc50c4385a60a1d7f9680'|'Dutch court declines to bring bankruptcy proceedings against Oi subsidiaries'|'Company  51pm EST Dutch court declines to bring bankruptcy proceedings against Oi subsidiaries SAO PAULO Feb 2 A court in the Netherlands on Thursday has declined to enforce bankruptcy proceedings against two subsidiaries of debt-laden Brazilian phone carrier Oi SA , a person who had access to the court''s document said. The ruling affects Oi Brasil Holdings Co<43>peratief UA and Portugal Telecom International Finance BV, which will remain operating under "suspension of payments" legal status, said the source, who is not authorized to speak about the matter publicly. (Reporting by Ana Mano) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/oi-sa-restructuring-netherlands-bankrupt-idUSL1N1FN1AE'|'2017-02-03T00:51:00.000+02:00'
'05fcfe132593a5b5cf8fc781b0b17fe7f792d944'|'Facebook loses $500M Oculus lawsuit'|'Facebook loses $500 million Oculus lawsuit by Selena Larson @selenalarson February 1, 2017: 5:35 PM ET See Zuckerberg''s dog Beast in VR, future of Oculus in :60 A jury has awarded game development firm ZeniMax $500 million in its lawsuit against Facebook-owned Oculus. The lawsuit, filed months after Facebook ( FB , Tech30 ) acquired Oculus in 2014, claimed Oculus founder Palmer Luckey and CTO John Carmack stole proprietary information and used it to make Oculus Rift, the virtual reality headset partially responsible for launching the concept into the mainstream. The Dallas-based jury ruled on WednesdayLuckey violated a non-disclosure agreement. However, it said Oculus did not steal trade secrets misappropriate intellectual property as the suit alleges. Facebook isn''t on the hook for all of the damages. As Polygon reports , Oculus will pay $200 million for non-disclosure agreement violations and $50 million for copyright infringement. Oculus and Luckey are both responsible for $50 million for misrepresenting the origin of a product. Former CEO Brendan Iribe -- who now leads a PC VR division within Facebook -- must also pay $150 million. Oculus plans to appeal the ruling. Related: Zuckerberg lays out Oculus'' long-term VR plans The Oculus Rift headset. "The heart of this case was about whether Oculus stole ZeniMax''s trade secrets, and the jury found decisively in our favor," an Oculus spokeswoman said in a statement to CNNTech. "We''re obviously disappointed by a few other aspects of today''s verdict, but we are undeterred." She continued: "Oculus products are built with Oculus technology. Our commitment to the long-term success of VR remains the same, and the entire team will continue the work they''ve done since day one, developing VR technology that will transform the way people interact and communicate." Facebook CEO Mark Zuckerberg testified during the weeks-long trial, marking his first court appearance. "We are highly confident that Oculus products are built on Oculus technology," Zuckerberg said during his testimony. "The idea that Oculus products are based on someone else''s technology is just wrong." The company''s stock was unaffected by the news on Wednesday. CNNMoney (San Francisco) First published February 1, 2017: 5:35 PM ET'|'cnn.com'|'http://rss.cnn.com/rss/edition_business.rss'|'http://money.cnn.com/2017/02/01/technology/zenimax-oculus-lawsuit-500-million/index.html'|'2017-02-02T05:41:00.000+02:00'
'b76aa3a1f24e46a0b435115852ed802ff44e0f16'|'SoFi rides rally with new student loan securitization'|'By Joy Wiltermuth NEW YORK, Feb 2 (IFR) - Social Finance seized the recent risk-on wave for consumer-related debt by dramatically pulling in pricing on Thursday on its latest student loan securitization.The online startup priced the biggest part of its new US$561m bond at 45bp, or 10bp tighter than its prior broadly syndicated deal, according to bankers.Lower rated tranches came even tighter in a 25bp-40bp range, according to IFR data."I think they are really starting to make a name for themselves," said Jason Merrill, a structured analyst at Penn Mutual Asset Management.SoFi''s CFO Nino Fanlo said the new deal attracted more than US$4bn of orders and the participation of about 40 accounts, or double the investor base in SoFi deals sold a year ago.The new trade also came with the added cache of being the first to carry S&P''s top Triple A ratings."We are really happy the company is being well-received," Fanlo told IFR.Its 1.29-year US$218.7m Triple A class came at EDSF plus 45bp. The company priced similar notes at 55bp in mid-November, according to IFR data.Its riskier 8.88-year class of A(low)/Baa2 notes cleared at 225bp over swaps, whereas similar notes in November came at 265bp, according to IFR data.Where other online lenders have stumbled, SoFi has built up a platform with a strong bond buyer following.It has now completed a total of 14 private student loan ABS transactions, according to Moody''s Investors Service, which pegged its delinquencies and defaults at just a handful.And while other startups have cut staff to offset lower originations, SoFi this week announced yet another expansion with its acquisition of mobile lender ZenBanx.The move puts the company a step closer to offering deposits, credit cards and other payment solutions, in addition to its student loans, mortgages and insurance products, Fanlo said.TOP OF CROPSoFi plans to build on its niche of lending to "not rich yet" borrowers with student debt.The US government provides a backstop for a huge chunk of the roughly US$1.3trn of outstanding US student loans - and SoFi has seized on refinancing its top earners.Only US$5.7m of SoFi student loans had been charged off from the US$9.2bn pool it had originated as of December 31, according to Moody''s.By contrast, popular payment caps for financially stressed borrowers in the US Department of Education''s direct loan program are expected to cost the government US$74.5bn in the fiscal year 2017 as the government shores up missed payments, according to a recent Government Accountability Office report.Put another way, the subsidies are expected to cost US$21 per every US$100 lent by the direct loans, according to the watchdog''s November report.SoFi''s new bond deal, however, refinanced only workers earning an average of US$170,000 annually and with roughly US$7,000 of free cash flow each month after paying their bills, according to DBRS."We expect SoFi''s borrowers to be more resistant to harsh economic conditions than a typical student loan borrower owing to the pristine credit quality of SoFi borrowers," Moody''s said in its presale report.Morgan Stanley, which structured the new trade, declined to comment. It acted as lead manager with Bank of America Merrill Lynch and Goldman Sachs. (Reporting by Joy Wiltermuth; editing by Shankar Ramakrishnan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-corpbonds-abs-idINL5N1FM4ZF'|'2017-02-02T18:03:00.000+02:00'
'bdd75bde0f3adc29ca4e76cb70575c5d6e4e259c'|'Shell misses fourth-quarter estimates after $500 million of impairments'|'Business News - Thu Feb 2, 2017 - 7:19am GMT Shell misses fourth-quarter estimates after $500 million of impairments LONDON Royal Dutch Shell ( RDSa.L ), Europe''s largest oil major, missed analysts'' profit expectations for the fourth quarter after booking $500 million (394.5 million pounds) of impairments. Shell''s cost of supplies excluding identified items, its preferred way of measuring profit, was $1.8 billion in the fourth quarter, against analyst expectations of $2.8 billion. "Earnings were impacted by charges of $0.5 billion related to deferred tax reassessments which were not included as identified items," the company said. (Reporting by Karolin Schaps and Ron Bousso; Editing by David Goodman) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-shell-results-idUKKBN15H0K7'|'2017-02-02T14:19:00.000+02:00'
'640b3283de3223975e92bbdb99e485cf51b88cae'|'Samsung Elec to launch web payments service for Android phones in S.Korea'|'Technology News - Wed Feb 1, 2017 - 9:02pm EST Samsung Electronics to launch web payments service for Android phones in South Korea Employees walk past a building of Samsung Electronics in Seoul, South Korea, November 8, 2016. REUTERS/Kim Hong-Ji SEOUL Tech giant Samsung Electronics Co Ltd said on Thursday it will launch a mobile web payments service for all smartphones powered by Google Inc''s Android mobile operating system in South Korea in the first quarter. The service, called Samsung Pay Mini, will allow Android smartphones to make online transactions in Samsung''s home country after downloading a dedicated app. The company did not comment on whether the service will be offered in other markets. The announcement comes as Samsung seeks to boost its services offerings in a search for new growth. In October-December, the South Korean firm fell behind archrival Apple Inc in the global smartphone market for the first time since the fourth quarter of 2015, hurt by the demise of the fire-prone Galaxy Note 7 smartphones. The new service augments Samsung''s existing Samsung Pay payments platform, which allows users to make offline credit or debit card transactions through a supported Samsung smartphone or smartwatch. The platform''s rivals include Google''s Android Pay and Apple''s Apple Pay. Samsung executives have previously said they were open to offering Samsung Pay services for non-Galaxy smartphones at some point and planned to eventually add online transactions to the mobile payments platform. The offline capability will remain limited to Samsung devices, the company said on Thursday. The company does not currently make money from Samsung Pay users'' transactions but hopes the convenience of the service will drive users to Samsung products. (Reporting by Se Young Lee; Editing by Richard Pullin) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/us-samsung-elec-samsungpay-idUSKBN15H052'|'2017-02-02T09:00:00.000+02:00'
'2b5faf083162aa1633fe67e5ba57f4c826f0229a'|'UK Stocks-Factors to watch on Feb 3'|'Company News - Fri Feb 3, 2017 - 2:01am EST UK Stocks-Factors to watch on Feb 3 Feb 3 Britain''s FTSE 100 index is seen opening down 3 points at 7,137 points on Friday, according to financial bookmakers. * The UK blue chip index closed 0.5 percent higher at 7,140.75 points on Thursday, marking its biggest one-day gain in two weeks. The index extended gains when sterling reversed course after the Bank of England disappointed bets that interest rates could be hiked by the end of the year. * SHELL: Royal Dutch Shell and Anadarko Petroleum are renegotiating their five-year-old joint venture in the Permian shale basin in Texas, Shell Chief Financial Officer Simon Henry said on Thursday. * VODAFONE/VERIZON: A New York state appeals court on Thursday said its door remains open for settlements of merger litigation where shareholders receive no money, approving an accord tied to Verizon Communications Inc''s $130 billion buyout of Vodafone Group Plc''s stake in their Verizon Wireless venture. * BRITAIN HOMES: The number of new homes built in London fell 6 percent last year and a closely watched indicator of future supply dropped by a third, industry data showed on Friday, as the Brexit vote hit a market already coming off record highs. * BRITAIN DRUG: Drugmakers are preparing for Britain to quit Europe''s medicines regulator as part of Brexit, but industry leaders believe the country can still work closely with the EU agency to agree on drug approvals. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets * UK CORPORATE DIARY: Beazley Plc Full Year Results 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 Amrutha Gayathri) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-stocks-factors-idUSL4N1FO1C1'|'2017-02-03T14:01:00.000+02:00'
'6221aea2823dba5778475a8a91fbb7c8817a3a94'|'Deutsche Boerse, LSE to offer small antitrust concessions: sources'|'FRANKFURT Deutsche Boerse ( DB1Gn.DE )( DB11.DE ) and the London Stock Exchange ( LSE.L ) will offer the European Commission to make small adjustments to their combined business in the area of derivatives clearing in a bid to win antitrust approval of their planned merger, two people familiar with the matter said.It was not clear what precise concessions would be made. The people said that there would be no large sales, such as of LCH Clearnet or Borsa Italiana, as part of the offering."One can do a lot to help rivals," one of the people said.The companies and the European Commission declined to comment.(Reporting By Andreas Kroener; Writing by John O''Donnell; Editing by Maria Sheahan)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/us-deutsche-boerse-m-a-lse-idINKBN15I1LU'|'2017-02-03T09:30:00.000+02:00'
'3fa37e0039363866bf5d657d0f1e429ce9547158'|'It''s not in Britain''s interests for other countries to quit EU, minister says'|' 24am GMT It''s not in Britain''s interests for other countries to quit EU, minister says A general view shows the city of London, Britain June 28, 2016. REUTERS/Neil Hall/File Photo BERLIN Britain''s Minister of State for Trade and Investment said in a newspaper interview that Britain did not want other countries to follow its lead by quitting the European Union. Britons voted in a referendum last June to leave the EU and the British government is aiming to begin exit negotiations with the bloc by March 31, which would kick off two years of divorce talks. "It''s not in Britain''s interests for other EU members to follow our example and leave the EU," Greg Hands told German newspaper Rheinische Post''s Friday edition. He said Britain wanted the EU to remain united and strong. U.S. President Donald Trump has called Brexit a "great thing" and has said he believes other countries will follow Britain in leaving the EU. (Reporting by Michelle Martin; Editing by Hugh Lawson)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-hands-idUKKBN15I017'|'2017-02-03T07:24:00.000+02:00'
'deb996214374c274c31b14ed4857639282de28c7'|'PRESS DIGEST- Financial Times - Feb 3'|'Company News - Thu Feb 2, 2017 - 7:30pm EST PRESS DIGEST- Financial Times - Feb 3 Feb 3 The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy. Headlines * Snap lays out plans for $3 bln IPO filing. on.ft.com/2jJ9Bch * Uber chief Travis Kalanick quits Trump business council. on.ft.com/2jIW8S2 * ''Costly and unfair'' tax differences need reform, says think-tank. on.ft.com/2jIOWFr Overview * Snap Inc, owner of popular messaging service Snapchat, made many of its financial details public for the first time on Thursday, as it prepared to raise up to $3 billion in an initial public offering in New York that is expected to come in March. * Uber Technologies Inc Chief Executive Officer Travis Kalanick, facing criticism from immigration advocates for serving on President Donald Trump''s business advisory group, quit the group on Thursday, the company said. * The Institute for Fiscal Studies, a think tank, said that the United Kingdom needs more reforms to tackle "costly, inefficient and unfair" differences in the way the self-employed, owner-managers and employees are taxed. (Compiled by Parikshit Mishra in Bengaluru; Editing by Sandra Maler) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-press-ft-idUSL1N1FO00Z'|'2017-02-03T07:30:00.000+02:00'
'f8b97325fab541a3d5b68e24d2d76c6fc4389d7e'|'Opioid addiction implant maker Braeburn Pharma pulls IPO'|'Deals - Thu Feb 2, 2017 - 10:08am EST Opioid addiction implant maker Braeburn Pharma pulls IPO Braeburn Pharmaceuticals Inc, the maker of the first long-acting implant to treat opioid addiction in the United States, said on Thursday that it had decided not to proceed with its initial public offering, citing current market environment. The company, which filed to go public in late December, was expected to offer about 7.7 million shares in the price range of $18-$21 per share. bit.ly/2jAS1vV This decision does not preclude Braeburn and its sole shareholder Apple Tree Partners from considering an IPO or an alternative financing in the future, the company said in an emailed statement. The U.S. healthcare industry is facing considerable uncertainty. President Donald Trump has accused drugmakers of "getting away with murder" and vowed to repeal and replace Obamacare. He, however, has promised to speed up approvals and ease regulations. (Reporting by Natalie Grover in Bengaluru; Editing by Anil D''Silva) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-braeburn-pharms-ipo-idUSKBN15H1TU'|'2017-02-02T22:05:00.000+02:00'
'363251d00fcd7da936c0669bd1daa05d0a1121e4'|'U.S. Jury issues $500 million verdict in Facebook virtual reality lawsuit'|' 24pm EST U.S. Jury issues $500 million verdict in Facebook virtual reality lawsuit Facebook logo is seen at a start-up companies gathering at Paris'' Station F in Paris, France, January 17, 2017. REUTERS/Philippe Wojazer By Jonathan Stempel A U.S. jury in Texas on Wednesday ordered Facebook Inc., its virtual reality unit Oculus, and other defendants to pay a combined $500 million to ZeniMax Media Inc., a video game publisher that says Oculus stole its technology. The jury in federal court in Dallas found Oculus, which Facebook acquired for about $2 billion in 2014, used ZeniMax<61>s computer code to launch the Rift virtual-reality headset. ZeniMax alleges that video game designer John Carmack developed core parts of the Rift<66>s technology while working at a ZeniMax subsidiary. Oculus hired Carmack in 2013. Well-known for helping to conceive games such as "Quake" and "Doom," Carmack worked for id Software LLC before that company was acquired by ZeniMax. He is now the chief technology officer at Oculus. Facebook chief executive Mark Zuckerberg testified last month during the three-week trial that none of ZeniMax<61>s proprietary code was incorporated into the Rift. Oculus did not immediately respond to a request for comment. (Editing by Chris Reese)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-facebook-lawsuit-idUSKBN15G5N6'|'2017-02-02T04:18:00.000+02:00'
'a4f16e2ffcedc2a3285d4629d6796c2170cc0318'|'TABLE-Top 20 selling vehicles in U.S. in January'|'Feb 1 The following are the 20 top-selling vehicles in the U.S. in January as reported by the automakers and ranked by total units. Top 20 selling vehicles in the United States in January RANK VEHICLE January 17 January 16 PCT CHNG 1 Ford F-Series P/U 57,995 51,540 12.5 2 Chevy Silverado-C/K P/U 35,553 37,863 -6.1 3 Ram P/U 33,769 32,564 3.7 4 Honda CR-V 29,287 19,208 52.5 5 Nissan Rogue 28,760 19,762 45.5 6 Honda Civic 23,095 26,741 -13.6 7 Toyota RAV4 22,155 21,554 2.8 8 Toyota Corolla 21,567 23,612 -8.7 9 Ford Escape 20,588 19,219 7.1 10 Toyota Camry 20,313 26,848 -24.3 11 Chevrolet Cruze 19,949 14,362 38.9 12 Honda Accord 19,536 20,765 -5.9 13 Nissan Altima 18,931 22,156 -14.6 14 Chevrolet Equinox 17,574 18,574 -5.4 15 Jeep Grand Cherokee 17,301 13,975 23.8 16 Ford Fusion 15,515 19,877 -21.9 17 Ford Explorer 15,294 14,266 7.2 18 GMC Sierra P/U 13,732 14,381 -4.5 19 Nissan Sentra 13,444 16,144 -16.7 20 Hyundai Elantra 13,185 9,885 +33.4 (Compiled by Bengaluru Newsroom)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/autosalesusa-top-idINL4N1FM3P2'|'2017-02-01T17:26:00.000+02:00'
'004a9c2967f330ba6f5a7314542616fe5ef9736e'|'UPDATE 1-Miner Grupo Mexico swings to profit in 4th quarter'|'Company News  39am EST UPDATE 1-Miner Grupo Mexico swings to profit in 4th quarter (Adds details from filing) MEXICO CITY Feb 1 Mexican mining, rail, and infrastructure company Grupo Mexico swung to profitability in the fourth quarter, boosted by a lower tax payment. Grupo Mexico, one of the world''s largest copper producers, reported a net profit of $95.9 million between October and December, compared with a net loss of $17.1 million in the same quarter in 2015. Revenue rose 3.5 percent to $2.1 billion, on increased production of copper and gold at the company''s Buenavista mine in northern Mexico. Even so, the company said volatility in the price of metals and rising inflation could have a negative impact on results in the future. After a record year of copper production, the company said it expected 2017 production to be slightly lower. Shares in the company were up 1.5 percent in morning trading at 63.49 pesos per share. ($1 = 20.64 pesos on Dec. 30) (Reporting by Natalie Schachar; Editing by Chizu Nomiyama and Alan Crosby) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/grupo-mexico-results-idUSL1N1FM0YH'|'2017-02-01T23:39:00.000+02:00'
'7b7fbc717b8623ee54a2584172090462589cccc9'|'JGBs slip on caution ahead of 10-year bond auction'|'TOKYO Feb 1 Japanese government bonds dipped on Wednesday as investors refrained from buying ahead of a 10-year JGB auction on Thursday.Shorter maturities fared better on safe-haven bids, reflecting concerns over the new U.S. administration''s policies.The 10-year JGB yield rose 1.0 basis point to 0.090 percent , matching a six-week high touched last week and near the 0.10 percent mark, which is widely seen as the Bank of Japan''s line of defence to keep the yield around its policy target of "around zero percent".The Ministry of Finance will auction 2.4 trillion yen ($21.2 billion) of JGBs on Tuesday in February''s first bond auction.While market players expect decent demand, they typically reduce their long positions or take short positions ahead of auctions to make room for buying.The BOJ''s bond buying plan for February -- announced late on Tuesday -- contained few surprises as it was essentially the same as the January plan.Still, investors remained nervous on the Bank of Japan''s bond buying plans, especially after it surprised the market by skipping a widely anticipated round of buying in one to five-year bonds late last month, taking its January buying to the lowest in more than two years.The 20-year yield rose 0.5 basis point to 0.660 percent while the 30-year yield rose 0.5 basis point to 0.830 percent.Short-dated bonds were firm, thanks to steady demand from foreign investors.The two-year yield fell 1.5 basis point to minus 0.225 percent while the five-year yield dipped 0.5 basis point to minus 0.105 percentThe price of 10-year JGB futures fell 0.04 point to 149.83 . ($1 = 113.18 yen) (Reporting by Tokyo Markets Team; Editing by Eric Meijer)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/japan-bonds-idINL4N1FM176'|'2017-02-01T02:20:00.000+02:00'
'63662466d604380f8f97bfbf061f264112e15266'|'Advertising<6E>s old guard face new brand of change'|'Advertising<6E>s old guard face new brand of change Publicis reshuffle raises questions about succession at WPP, Omnicom and IPG Read next Former ARM chairman delays joining board of tech <20>unicorn<72> Ve Interactive Friday, 3 February, 2017 Digital disruption to the ''Mad Men'' age of advertising, along with decades-long tenures of the bosses at the leading agencies, makes serious change inevitable <20> FT montage by: David Bond in London, Matthew Garrahan in New York and Harriet Agnew in Paris A generational changing of the guard at the world<6C>s biggest and most powerful marketing agencies began last week after the head of France<63>s Publicis , Maurice L<>vy, finally bowed out as chief executive after three decades at the helm. Mr L<>vy is one of a small clique of rival advertising executives to have steered the advertising world through its transition from Mad Men -like decades of boozy creativity to take in digital disruption from the ad-blocking, algorithms and big data of recent years. Mr L<>vy, who will become chairman of the supervisory board of Publicis, and rivals Sir Martin Sorrell at WPP , John Wren at Omnicom and Michael Roth at Interpublic boast a combined total of 92 years at the top. Between them, and their many satellite agencies around the world, they have a strong claim to have shaped what people eat, watch and wear. David Kershaw, who has run London agency M&C Saatchi since 1994, says Mr L<>vy<76>s move has renewed the focus on what rivals do next when it comes to leadership. <20>Maurice L<>vy<76>s departure was easy to predict,<2C> he says. <20>It<49>s much harder to see at WPP but it will inevitably mean more questions will be asked about other companies.<2E> The advertising industry has changed fundamentally during their tenures, and not just in the end of the long lunches that used to define the working day until relatively recently. As technology upends the buying and selling of advertising, there are new questions facing the big four communications groups <20> and they are likely to be settled not in London<6F>s Soho or on Madison Avenue in New York but in Silicon Valley. Technology is a new tool for creative people. If you<6F>re a painter, it<69>s like you<6F>re discovering new colours Yannick Bollor<6F>, Havas chairman and chief executive Digital advertising is growing much faster than spending on television, which is largely flat around the world. In the UK, digital advertising grew from <20>224m in 2000 to an estimated <20>10bn in 2016 <20> half of the total UK spend on advertising, according to the Advertising Association and Warc Expenditure. In the US, digital spending in the third quarter of 2016 hit $17.6bn, according to the Internet Advertising Bureau. But about two-thirds of this total is going to two companies: Google and Facebook. <20>You have two dominant companies <20> Facebook and Google <20> and that will cause extraordinary transformation in advertising going forward,<2C> says Claire Enders, head of media research firm Enders. As an example of the growing power of the online groups, WPP, the world<6C>s largest advertising agency, says that in 2016 it spent approximately $5bn on advertising for its clients with Google, the company<6E>s number one platform by spend. In second place were two companies controlled by Rupert Murdoch <20> 21st Century Fox and News Corp <20> with $2.5bn. Facebook was next with $1.7bn. The increasing market power of Google and Facebook has led some media executives to ask whether brands would be better served by dealing directly with the technology companies <20> and cutting out the agencies altogether. <20>The concern for some investors is that, in a world where effectively the purchase of advertising is becoming automated, dealing directly with an online group might be better for the client,<2C> says Thomas Singlehurst, an analyst with Citi. The dominance of Google and Facebook could have big implications for media buying groups <20> the companies that buy ad space on behalf of clients. But the two Silicon Valley companies have shown no sign yet of encroach
'4c7e4f0699c7f8edc1a79c1b0e8874f27b06b2ed'|'Brazil''s Movida cuts low end of IPO price range, sources say'|'SAO PAULO Feb 3 Movida Participa<70><61>es SA has agreed to lower the bottom end of a suggested price range for its initial public offering slated to price on Monday, a sign demand for the Brazilian car rental company''s shares is holding up at such levels, five people with direct knowledge of the decision said.The people, who requested anonymity because the transaction is in the works, said that Movida and bankers working on the IPO have already notified potential bidders that the lowest end of the price range went to 7.50 reais a share from 8.90 reais originally.The company said on Jan. 16 that the maximum end of the price range was 11.30 reais a share. Movida expected to raise as much as 1.184 billion reais ($378 million) with the deal.($1 = 3.1303 reais) (Reporting by Guillermo Parra-Bernal and Bruno Federowski)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/movida-participaes-ipo-idINL1N1FO0MI'|'2017-02-03T10:42:00.000+02:00'
'76ff450000317858dadde820bed34136416ec66e'|'Bank of England back in Brexit spotlight after growth rethink'|'  1:53pm GMT Bank of England back in Brexit spotlight after growth rethink FILE PHOTO: Commuters walk past the Bank of England in London, Britain, October 7, 2016. REUTERS/Peter Nicholls/File Photo By William Schomberg - LONDON LONDON The Bank of England is feeling the heat again after its new, more upbeat picture for Britain''s economy put an uncomfortable focus back on its warning last year about a quick and sharp Brexit vote hit to growth. Governor Mark Carney woke up on Friday to headlines in anti-European Union newspapers that accused him of leading the Bank into a U-turn. "More humble pie for Bank as economy keeps growing," the Daily Express said. The BoE surprised investors on Thursday when it hiked its forecast for growth this year to 2.0 percent. That was up from a call of 1.4 percent made just three months ago and represented a leap from its first post-referendum forecast of 0.8 percent. The new prediction was higher than all but one of 50 forecasts by private economists in a Reuters poll in January, raising some eyebrows in the City of London. The BoE also edged up its growth forecasts for the following two years. At the same time, Carney and his fellow policymakers lowered their forecasts for inflation over the next three years, potentially making it easier for them not to put Britain''s economy to the test of higher interest rates any time soon. Asked by a reporter on Thursday whether he was nervous that the BoE''s new projections - which influence investments in financial markets and spending decisions by businesses - might turn out to be wayward like its ones in August, Carney said things were different now. "Last summer we were in pretty exceptional circumstances," he said. A string of surveys in the weeks after the referendum showed a collapse in confidence among consumers and companies in July and persuaded the BoE that a slump was coming. In fact, confidence bounced back almost immediately and Britain''s economy barely flinched after the referendum. Yet Carney was unrepentant about the BoE''s decision to cut interest rates to a new record low and ramp up its bond-buying programme in August, action that he credited for some of the strong performance of the economy since then. "The committee took the judgment which in retrospect was correct," he said. "We still have the same policy stance so it''s hard to sit here and say, well, we shouldn''t have done that." The BoE''s new view on the economy rests in part on factors that would have been hard to call in August, chiefly the victory of Donald Trump in the U.S. presidential elections, which some believe could boost the world economy, and the British government''s relaxation of its austerity targets late last year. DISMAL SCIENCE Central bankers are no strangers to criticism for failing to predict how their economies will perform. The U.S. Federal Reserve, like the BoE, failed to see how slow the economic recovery would be after the financial crisis. The European Central Bank raised interest rates in 2011 to head off a rise in inflation only to reverse the decision quickly later that year as the euro zone crisis deepened. The BoE''s chief economist Andy Haldane said last month that it was a "fair cop" to say that the central bank had misread the initial impact of the Brexit vote although he still believed it would weigh on the economy over the long term. In fairness, many of the world''s biggest banks were further off the mark than the BoE with their calls for the Brexit impact on the economy. Most economists who took part in a Reuters poll in August said Britain was heading into a recession while the BoE predicted the economy would still grow, albeit barely. One lesson for the BoE might be to rely less on surveys of consumers and businesses - which gave the false signals of a slump last July - and more on how momentum in economic growth may withstand political shocks better than widely thought. BoE Deputy Governor Ben Broadbent said the Bank was due
'a63755ecf021579ae6b51c858d61706610817065'|'UPDATE 2-AutoNation quarterly earnings rise despite pressure on margins'|'Fri Feb 3, 2017 - 10:27am EST AutoNation quarterly earnings rise despite pressure on margins By Joseph White AutoNation Inc ( AN.N ) said on Friday fourth-quarter net income from continuing operations surged 31 percent despite dwindling profit margins on vehicle sales, thanks in part to a gain from the sale of assets. The largest United States auto retail chain said it earned $115.6 million, or $1.14 a share, from continuing operations in the quarter ended Dec. 31, up 18 percent from $97.8 million a year earlier, or 87 cents a share. Revenues for the quarter rose 3 percent to $5.5 billion. AutoNation shares were down 2.9 percent in New York trading on Friday. Results in the latest quarter reflected a gain of $20 million, or 19 cents a share, from the sale of operations. Without that gain, the company''s net from continuing operations of 95 cents a share would have been a penny below the 96 cents a share consensus estimate of analysts, according to ThomsonReuters I/B/E/S. AutoNation''s results reflect the pressure the U.S. auto business faces despite record levels of sales. Demand for trucks and sport utility vehicles has surged, but passenger cars have slumped, forcing dealers and manufacturers to offer steeper discounts. That stress was reflected in AutoNation''s profit margins on sales of new and used vehicles. Gross profit margins on new vehicles declined to 5.2 percent of sales in the fourth quarter from 5.6 percent a year earlier. Used vehicle profit margins fell to 6.3 percent from 7.3 percent a year ago. AutoNation Chief Executive Mike Jackson told Reuters on Friday industry inventories were high. "I look at the production plans, I see now plans to bring them down," Jackson said. Discounting pressure cut an average $100 a vehicle from AutoNation''s new vehicle profits in the quarter, he said. "That pressure remains in 2017." However, Jackson said he expects used vehicle profitability to stabilize after the first quarter, as AutoNation disposes of vehicles affected by a recall relating to Takata airbags. AutoNation''s asset sale in the fourth quarter was part of a broader plan to sell assets, including dealership properties, to raise $500 million to fund expansion into businesses beyond new vehicle sales, including standalone used car stores, collision repair and vehicle auctions, Jackson said. Because of the pressure on new vehicle profit margins, "we have to grow the business where we have opportunity," Jackson said. "We did $250 million of these transactions in the last year, and we''ll do another $250 million in next year and a half," he said. Factoring out results from discontinued operations, AutoNation had net income of $115.3 million, compared to $97.5 million a year earlier. AutoNation has been repurchasing its shares, and its number of shares outstanding was down 9 percent in the latest quarter from a year earlier. (Editing by Bernadette Baum)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-autonation-results-idUSKBN15I1YP'|'2017-02-03T22:26:00.000+02:00'
'60de3d75430a59933761850dbcdabf3d9600dcfb'|'Buyout firm Apollo Q4 earnings beat forecasts'|'Money News - Fri Feb 3, 2017 - 10:46pm IST Buyout firm Apollo Q4 earnings beat forecasts NEW YORK Asset manager Apollo Global Management LLC said on Friday it is monitoring details of the expected U.S. tax reform after its fourth-quarter earnings beat forecasts, as sturdy financial markets buoyed its buyout investments. A steady stock market and a recovery in the energy sector have helped to lift the performance of private equity managers, who took a drubbing a year ago when oil prices slumped below $30 a barrel. "We need to know a lot more about what the tax reform is going to look like down the pike," Leon Black, Apollo''s billionaire chairman and chief executive officer, said in response to questions on how possible changes to the U.S. tax code may affect the firm. "It''s a brave new world for all of us." President Donald Trump has promised to change the U.S. tax law that could include reducing the corporate tax rate to as low as 15 percent. Other possible changes include imposing an import tax, ending an income tax break for those who work in private equity, and prohibiting companies from deducting interest expense from taxable income. Apollo reported an economic net income, a key earnings metric for U.S. private equity firms that accounts for unrealized investment gains or losses, of $452.4 million after taxes, more than 14 times the $30.9 million earned a year earlier. That translates to an economic net income of 98 cents a share. Analysts had expected Apollo to post earnings of 76 cents, according to Thomson Reuters I/B/E/S. The New York-based firm said in a statement its earnings were lifted in part by the successful stock market listing of its portfolio company Athene Holding Ltd, a fixed service annuity provider. Athene shares jumped over 9 percent in its stock market debut last month and currently trade about 18 percent above the offer price. The performance of Apollo''s private equity investments outshone other segments. Returns for its buyout business jumped 13.5 percent in 2016, outpacing a 9.5 percent rise in the S&P 500 stock index. Apollo''s credit investments, which account for around 70 percent of the firm''s business, appreciated 11.2 percent last year. Distributable earnings after taxes, which show cash available to pay dividends, jumped 1.8 times from a year ago to $226 million. In 2016, Apollo invested a total of $16 billion, the most in any year. It managed a total of $192 billion as of the end of December. (Reporting by Koh Gui Qing; Editing by Chizu Nomiyama and Phil Berlowitz) Next In Money News Indian authorities impound ships, detain crew over oil spill Port authorities in Chennai have impounded a BW LPG vessel and a local ship carrying heavy fuel oil, and detained their crews, a spokesman for the port said on Friday, after their collision last week caused an oil spill affecting marine life and local fishing.'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/apollo-results-idINKBN15I2GN'|'2017-02-04T00:16:00.000+02:00'
'8cb106f23545c2f53dee8c6790317f9a7180d095'|'Google sells satellite imaging business Terra Bella to Planet Labs'|'Alphabet Inc''s Google said on Friday it would sell its satellite imaging business, Terra Bella, to Planet Labs, a San Francisco-based private satellite operator founded by former NASA scientists.The financial terms of the deal were not disclosed.As part of the deal, Planet Labs will acquire the Terra Bella business including the SkySat constellation of satellites, Alphabet said. bit.ly/2kqmTfLGoogle will enter into a multi-year contract to purchase Earth-imaging data from Planet Labs after the deal closes.Google had acquired Terra Bella, originally known as Skybox Imaging, for $500 million in 2014.The deal will help Planet Labs broaden its available data and add new customers.Planet Labs is one of several startups aiming to harness technology allowing satellites to become smaller and less expensive, making it easier to deploy large networks of satellites at less risk and lower cost than previously.(Reporting by Narottam Medhora in Bengaluru; Editing by Savio D''Souza)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-alphabet-terra-bella-sale-idINKBN15I2Y8'|'2017-02-03T18:40:00.000+02:00'
'66b585c9ed61c2522742d2f56630021195618dc1'|'Foreign flights to slip under the radar of EU emissions limits'|'Global Energy   6:08am EST Foreign flights to slip under the radar of EU emissions limits By Julia Fioretti - BRUSSELS BRUSSELS International flights in and out of the European Union could be exempted from emissions limits for at least another four years to give the United Nations time to implement a global system to curb pollution from planes. The EU proposed extending the exemption, which was set to end at the start of 2017, on Friday to avoid a repeat of tensions when it tried to include all flights in 2012. The International Civil Aviation Organization (ICAO) clinched a deal on a global market-based measure for offsetting airline emissions in October, but it will not be mandatory until 2027, prompting criticism from environmental campaigners. Airlines strongly backed the ICAO deal as they want to avoid a patchwork of national and regional schemes. But it was seen as not being ambitious enough by the European Parliament, which along with member states, will have to approve the EU exemption proposal. This foresees an indefinite extension of the so-called "stop the clock" provision exempting airlines from surrendering carbon allowances for flights into and out of the bloc. It will be reviewed by the European Commission as details on the implementation of the UN scheme become clear and before it takes effect in 2021. The fate of the emissions trading system (ETS) covering flights within Europe will also be assessed in the review, EU officials said, adding that all options were on the table, including dismantling it once the global system is in place to avoid double counting for flights within the bloc. "The European Union is now focused on getting the global scheme up and running. We are serious about achieving carbon neutral growth for aviation worldwide, and we will provide technical support to make it happen," Violeta Bulc, the EU''s transport commissioner, said. The EU had ordered carriers to buy credits for foreign flights under its ETS in 2012 but backtracked when countries said it violated their sovereignty and China threatened to cancel plane orders from Airbus Group. The ETS is much more stringent than the ICAO deal as emissions are capped at certain levels. The deal reached by ICAO allows carriers to increase emissions without limit as long as they offset them by purchasing carbon credits from designated environmental projects. Aviation, which produces about 2 percent of carbon dioxide emissions, was excluded from the Paris accord to fight climate change, and environmental groups say the ICAO deal is not compatible with accord''s aim to limit temperature increases. (Editing by Alexander Smith)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-eu-carbon-aviation-idUSKBN15I1CV'|'2017-02-03T18:00:00.000+02:00'
'68ee70c15c201d8c5249b7e5c7add5a94adb36f0'|'Mali forecasts 2017 GDP growth at 5.3 percent'|'BAMAKO Feb 4 Mali is forecasting 2017 GDP growth of 5.3 percent due to expectations of a strong grain and cotton harvest and gold production, Diakaridia Demb<6D>l<EFBFBD>, technical adviser at the finance ministry said on Saturday.This compares with an estimated GDP growth of 5.4 percent last year in the West African country.Agricultural output will rise due to subsidies and increased mechanization, while two gold mines should open this year, Demb<6D>l<EFBFBD> said. These are the Fekola mine operated by Canadian company B2Gold and Yanfolila operated by British company Hummingbird Resources.Gold and cotton are mainstays of Mali''s economy. Mali has long faced a separatist movement in the north and is also battling a rise of Islamist militancy. (Reporting by Tiemoko Diallo; Writing by Matthew Mpoke Bigg; Editing by Alexander Smith)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/mali-economy-idINL5N1FP09G'|'2017-02-04T09:08:00.000+02:00'
'9afa2b3ce4fced2d59a5aeec31bc88f6f89f725d'|'Telecom Italia reports 14 pct rise in core earnings'|'  10:36pm GMT Telecom Italia reports 14 pct rise in core earnings FILE PHOTO: Telecom Italia logo is seen at the headquarters in Milan, Italy, May 25, 2016. REUTERS/Stefano Rellandini/File Photo By Agnieszka Flak - MILAN MILAN Telecom Italia ( TLIT.MI ) on Friday posted a better than expected 14.4 percent rise in full-year core earnings, helped by cost cuts and its domestic operations returning to growth. Italy''s biggest phone group also said it would spend around 11 billion euros (9 billion pounds) in its home market over the next three years, with 5 billion euros of the total going on speeding up the installation of a nationwide ultrafast broadband network. Outlining its 2017-19 business plan, the former monopoly network operator said its fibre optic cables would cover 95 percent of Italy by the end of 2019, while its 4G mobile broadband network would reach more than 99 percent of the population by then. The group, in which French media firm Vivendi ( VIV.PA ) holds a 24 percent stake, also said it was aiming to make 1.9 billion euros in efficiency savings by 2019. Chief Executive Flavio Cattaneo, who took over the running of the heavily indebted group last year, has been seeking to cut costs and return the business to growth. The company reported on Friday that core earnings before interest, tax, depreciation and amortisation (EBITDA) rose 14.4 percent last year to 8.02 billion euros, above analysts'' consensus forecast of 7.98 billion euros, on revenue down a less than expected 3.5 percent at 19.04 billion euros. The firm also said annual turnover and domestic EBITDA would increase for the next three years, with the latter rising at a low-single digit percentage rate, while the aim is to cut net debt to below 2.7 times reported EBITDA by the end of 2018. Adjusted net debt stood at 25.12 billion euros at the end of December, down from 27.28 billion a year earlier, helped by the sale of the group''s stake in Telecom Argentina and the expiration in November of a mandatory convertible bond. The company also expects recovery to continue at TIM Participa<70><61>es SA ( TIMP3.SA ), Brazil''s second-biggest cellular network operator and majority-owned by Telecom Italia. Earlier on Friday TIM Brasil reported a stronger than expected fourth-quarter operating margin, pushing its shares to a three-month high. ($1 = 0.9294 euros)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-telecomitalia-results-idUKKBN15I30H'|'2017-02-04T05:36:00.000+02:00'
'1b4c47b8a56b4da600c5d5d51f62478fd01c95fa'|'UPDATE 1-Problem at Dutch air traffic control causing delays at Amsterdam airport - official'|'World  31am EST Problem at Dutch air traffic control causing delays at Amsterdam airport - official FILE PHOTO - Aerial view of Schiphol airport near Amsterdam April 9, 2014. REUTERS/Yves Herman AMSTERDAM A technical problem at the national air traffic control in the Netherlands is causing delays and flight diversions at Amsterdam''s Schiphol Airport, an official said on Wednesday. "We are not sure yet what the cause is or how long it will take to fix it," said spokesman Paul Weber. The problem at Schiphol, one of Europe''s largest flight hubs with 58 million passengers in 2015, started at about 0715 GMT (02:15 a.m. ET). Dozens of arriving and departing flights were delayed, according to the airport''s website. (Reporting By Anthony Deutsch; Editing by Toby Chopra) Next In World News'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/us-netherlands-airport-delays-idUSKBN15G3PM'|'2017-02-01T15:29:00.000+02:00'
'd5375f89582a4ac04b9ce50c113e57820faf957a'|'BRIEF-India budget halves import tax on LNG to 2.5 percent'|'Financials - Wed Feb 1, 2017 - 3:15am EST BRIEF-India budget halves import tax on LNG to 2.5 percent Feb 1 India''s finance minister Arun Jaitley unvieled a budget for recovery in parliament on Wednesday. For more details and other highlights from Jaitley''s budget for the 2017/18 fiscal year that begins on April 1, see . Next In Financials * Said that due to mandatory squeeze-out of Aplitt shares it resolved to suspend trading of Aplitt shares on WSE main market as of Feb. 1 MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories Reuters News Agency - Brand Attribution Guidelines 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/financialsNews'|'http://www.reuters.com/article/idUSD8N1EA05I'|'2017-02-01T15:15:00.000+02:00'
'9e7de507ca9d53fd443e7eeb429a2ae8db91ac07'|'Japan to explain BOJ policy not aimed at manipulating yen: Suga'|'TOKYO Japan will explain to the United States that the Bank of Japan''s monetary easing is aimed at achieving price stability, not at manipulating the yen, its chief government spokesman said on Wednesday.Chief Cabinet Secretary Yoshihide Suga told a news conference that Japan was conducting policy in line with G7 and G20 agreements. He added that there was no change to its stance that it would respond appropriately against "one-sided" currency moves.Suga was speaking after U.S. President Donald Trump and trade adviser Peter Navarro criticized China, Germany and Japan, saying they were engaged in devaluing their currencies to the disadvantage of the United States.(Reporting by Leika Kihara and Hitoshi Ishida; Writing by Chris Gallagher; Editing by Randy Fabi)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/us-usa-trump-japan-suga-idINKBN15G38O'|'2017-02-01T00:28:00.000+02:00'
'a42dac8ca5f734c6c09ef3c151c7af3e786e84b7'|'UPDATE 1-Late-2016 pick-up sees Julius Baer hit asset gathering goal'|'Financials - Wed Feb 1, 2017 - 2:33am EST UPDATE 1-Late-2016 pick-up sees Julius Baer hit asset gathering goal * Adjusted net profit in 2016 706 mln Sfr * Assets under management 336 bln Sfr at end-2016 * Net new money growth 4 pct, within target range (Recasts, adds CEO comment, market reaction) By Joshua Franklin ZURICH, Feb 1 An end-of-the-year pick-up in asset gathering helped Julius Baer hit its target for taking in new client money, the Swiss private bank said in full-year 2016 results on Wednesday. Switzerland''s third-biggest private bank said it brought in 12 billion Swiss francs ($12.1 billion) in net new money in 2016, a growth rate of 4 percent and at the bottom end of its 4-6 percent medium-term target range. In November, the bank had said net new money, seen as an important indicator of future earnings in private banking, was "close to" 4 percent. Aside from some smaller deals, Baer in 2016 focused on hiring relationship managers (RMs), or private bankers, from peers to attract new clients. The bank brought in a net 116 RMs last year, though there is a typical lag of around 18 months for a new private banker to break even. "We will now go back to a more normalised hiring mode of approximately 80 relationship managers per annum," Chief Executive Boris Collardi said in a call with reporters. "With this number we expect to be well within our target net new money range in the years to come." Overall, assets under management rose to 336 billion francs. Baer said it saw "solid" net inflows from Asia, the Middle East and western Europe, which helped make up for withdrawals in Latin America and central and eastern Europe due to tax amnesty programmes. A strain for many private banks has been lower activity by risk-adverse clients, something which Baer said had weighed on its gross margin in 2016. However, the bank said net commission and fee income improved in the second half of the year. The Zurich-based bank posted 2016 adjusted net profit of 705.5 million francs, ahead of the average estimate for 679 million in a Reuters poll. Net profit under IFRS accounting standards was 619 million francs, up 411 percent on 2015 when the bank''s bottom line was hit by provisions for penalties in a U.S. probe into tax evasion by American clients. The bank said it would propose a dividend of 1.20 francs per share, compared to 1.10 francs last year. Shares were seen opening up 1.4 percent in premarket indicators. ($1 = 0.9910 Swiss francs) (Reporting by Joshua Franklin; editing by Brenna Hughes Neghaiwi and Michael Shields) Next In Financials UPDATE 1-UK house price growth weakest since Nov 2015 - Nationwide LONDON, Feb 1 British house prices rose at their slowest annual rate in more than a year last month, and the prospect of weaker jobs growth and higher inflation is likely to weigh further on their prospects in 2017, mortgage lender Nationwide said on Wednesday.'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/julius-baer-results-idUSL5N1FM0U4'|'2017-02-01T14:33:00.000+02:00'
'11c3f157d4169f84563223581b27fc7e4cb9ea32'|'BRIEF-Mad Catz Q3 loss per share $0.05'|' 29pm EST BRIEF-Mad Catz Q3 loss per share $0.05 Feb 2 Mad Catz Interactive Inc : * Mad Catz reports fiscal 2017 third quarter financial results * Q3 loss per share $0.05 * Q3 sales $19.1 million * Mad Catz Interactive Inc - "company has not made a decision at this time to pursue any specific strategic transaction or other strategic alternatives" * Mad Catz Interactive Inc - "there can be no assurance that exploration of strategic alternatives will result in sale of co or any other transaction"  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSASB0AYCL'|'2017-02-03T04:29:00.000+02:00'
'1617dd4bdb0a85ffb489bb69c58dfd38aa70accc'|'Amgen fourth-quarter profit tops Street view, but 2017 outlook light'|'Business News - Thu Feb 2, 2017 - 4:39pm EST Amgen fourth-quarter profit tops Street view, but 2017 outlook light A trader works on the floor of the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S., January 20, 2017. REUTERS/Stephen Yang Amgen Inc ( AMGN.O ) on Thursday posted a higher-than-expected fourth-quarter profit, helped by a jump in sales of its Enbrel rheumatoid arthritis drug, but it issued a 2017 sales and earnings forecast range below current Wall Street estimates. The world''s largest biotechnology company said net profit in the latest quarter rose to $1.94 billion, or $2.59 per share, from $1.8 billion, or $2.37 per share, in the same period a year earlier. Excluding special items, Amgen said it earned $2.89 per share. Analysts on average had expected $2.79 a share, according to Thomson Reuters I/B/E/S. The company also announced that its Repatha cholesterol drug reduced the risk of heart attacks, strokes and cardiac death in a huge, long-awaited study of patients with heart disease, sending its share more than 3 percent higher. (Reporting by Bill Berkrot, editing by G Crosse) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-amgen-results-idUSKBN15H2TE'|'2017-02-03T04:39:00.000+02:00'
'044cd4bb7936b9f2571e23ec7962a52b8b849600'|'UPDATE 1-Iran tested nuclear-capable cruise missile-German newspaper'|'World News - Thu Feb 2, 2017 - 4:51am EST Iran tested nuclear-capable cruise missile: German newspaper BERLIN Iran has tested a cruise missile called "Sumar" that is capable of carrying nuclear weapons in addition to test-firing a medium-range ballistic missile on Sunday, German newspaper Die Welt reported Thursday, citing unspecified intelligence sources. No comment was immediately available from Germany''s BND foreign intelligence agency or from Iranian authorities. The newspaper said the Sumar cruise missile was built in Iran and traveled around 600 km in its first known successful test. The missile is believed to be capable of carrying nuclear weapons and may have a range of 2,000 to 3,000 km, the paper said, citing intelligence sources. Cruise missiles are harder to counter than ballistic missiles since they fly at lower altitudes and can evade enemy radar, confounding missile defense missiles and hitting targets deep inside an opponent''s territory. But the biggest advantage from Iran''s point of view, a security expert told Die Welt, was that cruise missiles are not mentioned in any United Nations resolutions that ban work on ballistic missiles capable of carrying nuclear weapons. International sanctions on Tehran were lifted in January last year under a nuclear deal brokered in 2015 by Britain, France, Germany, China, Russia and the United States. Under the nuclear deal Iran agreed to curb its nuclear program in exchange for lifting of most sanctions. According to a 2015 U.N. resolution endorsing the deal, Iran is still called upon to refrain from work on ballistic missiles designed to deliver nuclear weapons for up to eight years. News of Iran''s reported cruise missile test came hours after Washington said it was putting Iran "on notice" for its ballistic missile test and signaled that it could impose new sanctions. Iran confirmed on Wednesday that it had test-fired a new ballistic missile, but said the test did not breach the Islamic Republic''s nuclear agreement with world powers or a U.N. Security Council resolution endorsing the pact. (Writing by Andrea Shalal, Addirional reporting by Parisa Hafezi in Ankara; editing by Ralph Boulton) Next In World News Trump''s defense chief, in Seoul, takes stock of North Korea threat SEOUL U.S. Defense Secretary Jim Mattis said he would sound out ally South Korea on efforts to address North Korea''s nuclear and missile programs as he arrived in Seoul on Thursday, including plans to deploy a U.S. missile defense system there. For hardline West Bank settlers, Jared Kushner''s their man BET EL, West Bank For many in the Israeli settlement of Bet El, deep in the occupied West Bank, Donald Trump''s choice of Jared Kushner as his senior adviser on the Middle East is a sign of politics shifting in their favor. SYDNEY U.S. President Donald Trump labeled a refugee swap deal with Australia "dumb" on Thursday after a Washington Post report of an acrimonious telephone call with Australia''s prime minister threatened a rare rift in ties between the two staunch allies. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/us-iran-missiles-cruise-idUSKBN15H0WR'|'2017-02-02T16:49:00.000+02:00'
'2f9fc7278a9cf670e4bff20f6660b5178143f5a5'|'Reckitt Benckiser in talks to buy Mead Johnson Nutrition for $16.7 billion'|' 07am GMT Reckitt Benckiser in talks to buy Mead Johnson Nutrition for $16.7 billion UK consumer giant Reckitt Benckiser Group Plc ( RB.L ) said it was in advanced talks to buy baby food maker Mead Johnson Nutrition Co ( MJN.N ) in a deal valued at about $16.7 billion (13.21 billion pounds). Reckitt Benckiser said it would pay $90 in cash for each Mead Johnson share, a 29.5 percent premium to Wednesday''s close. Mead Johnson shares jumped 22 percent in after-market trading. Reckitt Benckiser said it expected to finance the proposed deal through cash and debt. The Wall Street Journal first reported on the deal. (Reporting by Sruthi Shankar in Bengaluru and Lauren Hirsch in New York; editing by Alan Crosby, G Crosse) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-mead-johnson-m-a-reckitt-benc-grp-idUKKBN15H03Z'|'2017-02-02T08:07:00.000+02:00'
'bcededb4f280774258fbcd949318dbebd6d52184'|'Nokia beats market expectations in fourth quarter'|' 28am GMT Nokia beats market expectations in fourth quarter Headquarters of Finnish telecommunication network company Nokia are pictured in Espoo, Finland August 4, 2016. Lehtikuva/Irene Stachon/via REUTERS HELSINKI Finnish network equipment maker Nokia reported on Thursday a better-than-expected quarterly profit, helped by cost cuts, and repeated its forecast for falling network sales in 2017. Fourth-quarter group earnings before interest and taxes (EBIT) fell 27 percent from a year ago to 940 million euros ($1.01 billion) due to drop in spending by telecom operators, but beat analysts'' average forecast of 788 million euros in a Reuters poll. Noki said it expected sales at its networks unit to decline this year in line with its primary addressable market. ($1 = 0.9264 euros) (Reporting by Jussi Rosendahl and Tuomas Forsell) Up Next'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-nokia-results-idUKKBN15H0G2'|'2017-02-02T13:21:00.000+02:00'
'b24f932534892b32043895a6a50a629aef2e602b'|'South Korea court says expects to declare Hanjin Shipping bankrupt on Feb. 17'|'Deals - Thu Feb 2, 2017 - 3:00am EST South Korea court says expects to declare Hanjin Shipping bankrupt on Feb. 17 A Hanjin Shipping Co ship is seen stranded outside the Port of Long Beach, California, September 8, 2016. REUTERS/Lucy Nicholson/File Photo - RTSS0CF SEOUL A South Korean court said on Thursday it decided to end Hanjin Shipping Co Ltd''s ( 117930.KS ) court receivership process and expects to declare bankruptcy on February 17 after a two-week period for appeals. The Seoul Central District Court said in a statement that it made the decision as the firm''s liquidation value would be worth more than its value as a going concern. Hanjin Shipping, which had been the world''s seventh-largest container shipper, applied for court receivership in late August after its creditor banks halted further support. Swiss shipping group MSC said on Wednesday its unit has bought a stake in Hanjin Shipping''s U.S. port operator, the latest Hanjin asset to be sold. (Reporting by Joyce Lee; Editing by Muralikumar Anantharaman) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-hanjin-shipping-bankruptcy-idUSKBN15H0NX'|'2017-02-02T15:00:00.000+02:00'
'7f69ef6e42bad415207251fc512d0cf0c6dad48c'|'Shell nears deals to sell $5 billion of assets - CFO'|'Business News - Thu Feb 2, 2017 - 9:51am GMT Shell nears deals to sell $5 billion of assets - CFO A logo of Shell is pictured at a gas station in the western Canakkale province, Turkey April 25, 2016. REUTERS/Murad Sezer LONDON Royal Dutch Shell ( RDSa.L ) is nearing deals to divest $5 billion of assets, Chief Financial Officer Simon Henry said on Thursday, adding that the company was "selectively accelerating" shale oil production in the United States. (Reporting by Ron Bousso and Karolin Schaps; Editing by David Goodman) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-shell-results-divestments-idUKKBN15H0WE'|'2017-02-02T16:51:00.000+02:00'
'f95eef41950a04cc5e4de43597504fe05d966895'|'UPDATE 1-Lyondell, buyers differed on value of Houston refinery -CEO'|'Company  50pm EST UPDATE 1-Lyondell, buyers differed on value of Houston refinery -CEO (Recasts with comments from CEO, adds company background) By Erwin Seba HOUSTON Feb 3 Differing estimates between would-be buyers and LyondellBasell Industries over the value of the company''s Houston refinery resulted in Lyondell''s inability to sell the plant last year, Chief Executive Bob Patel said on Friday. A sale of the plant, with a price tag of about $1.5 billion, would have marked Lyondell''s exit from refining and emergence as solely a petrochemical producer. Lyondell has owned the refinery since 1985. "So it''s really at the end of the day our view of value versus the buyer''s view of value," Patel told analysts on a conference call to discuss fourth-quarter results. The refinery located along the Houston Ship Channel is considered desirable for its capability to process heavy, sour crude oil. Lyondell retained Bank of America Merrill Lynch in 2016 to help sell the 263,776 barrel-per-day (bpd) refinery. Would-be buyers, including Saudi Aramco IPO-ARMO.SE, Valero Energy Corp and Suncor, were interested in the plant. Saudi Aramco appeared to be the leading contender, sources said, but the company said it never bid on the plant. Patel said the estimates of the refinery''s value turned on the many outages it endured in 2016. "Given sort of the challenges we had in the operation of the plant and if you''ll recall in Q3 and 4 the outlook for the industry was being revised, as we were trying to get through all of that," he said. Within two weeks of an April 8, 2016, fire on a coking unit, production at the refinery fell to 32 percent of capacity as distillation units were shut to replace piping thought to be at risk of failure. Full production was not restored until the restart of the repaired coker in mid-July, but was reduced in the second half of the year by power outages and another fire. On Friday, Lyondell said the refinery''s 2016 production averaged 201,000 bpd and earnings before interest, tax, depreciation and amortization (EBITDA) from refining were $72 million, $447 million less than 2015. Lyondell is working to improve the refinery''s reliability, which includes a planned overhaul, currently under way, of the 90,000 bpd gasoline-producing fluidic catalytic cracking unit and the 120,000 bpd crude distillation unit. No other major maintenance is planned for this year at the refinery, he said. The FCCU and CDU maintenance will negatively impact first-quarter revenue by an estimated $80 million, Patel said. (Editing by Matthew Lewis)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/refinery-lyondell-houston-idUSL1N1FO163'|'2017-02-04T03:50:00.000+02:00'
'6a98c4ff72e3e6dda5decbff82887918b26e1725'|'InterContinental reports payment card breach at 12 U.S. hotels'|'Technology  56pm EST InterContinental reports payment card breach at 12 U.S. hotels InterContinental Hotels Group Plc said on Friday that a malware in the servers at 12 of its hotels in the United States tracked payment card data if the card was used at the hotels'' restaurants and bars between August and December last year. The company said that the malware searched for track data <20> the cardholder''s name, card number, expiration date and the verification code <20> read from the magnetic stripe of a card as it was being routed through the affected server. InterContinental did not identify the properties or specify the number of cards affected or if any data had been stolen. The company was not immediately reachable for comment. InterContinental said payment cards used at the front desk of the 12 hotels were not affected and that it was still conducting an investigating on its other hotels in the Americas region. The company, which owns the Holiday Inn brand, said in December it had hired cybersecurity firms to investigate claims of a possible payment card breach at some of its U.S. hotels. InterContinental''s Kimpton Hotels & Restaurants in August had reported a similar malware attack on servers that processed payment cards used at some of its hotels. The breach follows similar attacks last year at Hyatt Hotels Corp and Starwood Hotels, which is now owned by Marriott International Inc. (Reporting by Arunima Banerjee in Bengaluru; Editing by Savio D''Souza) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-intercontinental-cyber-idUSKBN15I2VZ'|'2017-02-04T03:48:00.000+02:00'
'3e32eee462d3d232d15680eb5e2de99eec323caa'|'U.S. fines RBS $85 million for forex swap rates manipulation bid'|'Business  35pm GMT U.S. fines RBS $85 million for forex swap rates manipulation bid WASHINGTON The U.S. Commodity Futures Trading Commission said it ordered the Royal Bank of Scotland ( RBS.L ) to pay an $85 million (<28>67.98 million) fine as part of a settlement reached on Friday to settle charges RBS tried to manipulate a key foreign exchange swaps benchmark rate. RBS tried to manipulate the U.S. Dollar International Swaps and Derivatives Association Fix (USD ISDAFIX) rate from 2007 to March 2012, the CFTC said in a statement. "RBS engaged in the unlawful conduct in order to benefit certain derivatives positions it held that were priced or valued off of the USD ISDAFIX benchmark," it said. (Reporting by Eric Walsh)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-royal-bank-scot-cftc-penalty-idUKKBN15I252'|'2017-02-03T22:35:00.000+02:00'
'9996e9ff790fa74d5bf887c47e2d0ac682976399'|'U.S. CEOs to meet with Trump amid tension over his policies'|'Business News - Fri Feb 3, 2017 - 6:04am EST U.S. CEOs to meet with Trump amid tension over his policies President Donald Trump looks on following a swearing-in ceremony for Defense   at the Pentagon in Washington, January 27, 2017. REUTERS/Carlos Barria By Emily Stephenson and David Shepardson - WASHINGTON WASHINGTON President Donald Trump will huddle with chief executives of major U.S. companies on Friday as the business community finds itself increasingly split over how to respond to his policies. Uber CEO Travis Kalanick on Thursday quit the business leaders'' group, a panel selected by Trump in December, under pressure from activists over Trump''s week-old executive order halting travel to the United States for people from seven Muslim-majority countries. Executives from Ford Motor Co ( F.N ) and Tesla Inc ( TSLA.O ) also criticized Trump''s travel ban, but other advisory group members, including General Motors Co ( GM.N ) and JPMorgan Chase & Co ( JPM.N ) have not taken a position. Trump previously met with executives from the U.S. pharmaceutical and auto industries as part of a push to step up U.S. job creation. U.S. companies of all political stripes want Trump, a Republican, to fulfill a campaign pledge to slash corporate taxes, but a schism has developed over how to do it. The splits highlight business leaders'' struggles to navigate a divisive political environment and a new president who does not hesitate to use his platform against companies that vex him. The businessman-turned-politician has threatened companies that manufacture in Mexico with a 20 percent tax on imports and needled pharmaceutical executives to make more drugs in the United States. On Thursday, he publicly cheered South Korea''s Samsung Electronics Co ( 005930.KS ) for saying it might build a U.S. plant for its home appliances business. Some investors want companies to speak up. "I certainly don''t think investors want people who run corporate America to be afraid of making smart business decisions," Art Hogan, chief market strategist at Wunderlich Securities, said in an interview on Thursday. The sharpest outcry about Trump''s travel restrictions, which caused chaos and protests at U.S. airports last weekend, came from tech companies, which have broad concerns about his immigration plans. Uber criticized the ban but took heat from activists when its chief competitor, Lyft, appeared more vocal on the issue. "Joining the group was not meant to be an endorsement of the president," Kalanick said in a memo explaining why he left Trump''s advisory panel. Tesla''s Elon Musk said in a tweet on Thursday: "In tomorrow''s meeting, I and others will express our objections to the recent executive order on immigration and offer suggestions for changes to the policy." The White House said in a statement on Thursday evening that did not mention Uber that Trump "understands the importance of an open dialogue with fellow business leaders to discuss how to best make our nation''s economy stronger." SPLIT ON TAX REFORM A more complicated division is developing over taxes. Boeing Co ( BA.N ) and General Electric Co ( GE.N ) on Thursday joined a group in support of a congressional plan to tax all imports. But that plan, which does not have universal support among Republicans, is opposed by many U.S. retailers, which say it could raise prices for consumers. Republican leaders say tax reform is a top priority, but they have acknowledged it could take until the end of 2017 or longer to finish legislation. "If I were a company, I''d be worried about tax reform," said Bernie Williams, chief investment officer at USAA Investment Solutions, in San Antonio. The White House meeting with the group, which also includes leaders of the Cleveland Clinic, PepsiCo Inc ( PEP.N ) and IBM Corp ( IBM.N ), is set to cover tax and trade, regulatory relief and infrastructure. (Additional reporting by Ross Kerber in Boston; Editing by Peter Cooney) Next In Business News'|'reuters
'dd48f555207d781cb1184776d87ec2fd8a1fb242'|'Hudson''s Bay makes takeover approach to Macy''s: WSJ'|'Uniper hires Goldman to sell stake in Italy LNG terminal-sources MILAN/FRANKFURT Germany''s Uniper has hired Goldman Sachs to sell its stake in a liquefied natural gas (LNG) terminal in Italy, a deal that could value the whole business at 1 billion euros ($1.1 billion), three people familiar with the deal told Reuters. Deutsche Boerse, LSE to offer small antitrust concessions: sources FRANKFURT Deutsche Boerse and the London Stock Exchange will offer the European Commission to make small adjustments to their combined business in the area of derivatives clearing in a bid to win antitrust approval of their planned merger, two people familiar with the matter said. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-macy-s-m-a-hudson-s-bay-idUSKBN15I22X'|'2017-02-03T22:23:00.000+02:00'
'c194bcd2579c289390d74e97ef992b85c751378e'|'BRIEF-Nelnet board approves dividend'|' 21pm EST BRIEF-Nelnet board approves dividend * Sets quarterly cash dividend of $0.14 per share Source text for Eikon:   NEW YORK, Feb 3 With a swipe of his pen, U.S. President Donald Trump on Friday started killing off a retirement advice rule that wealth managers from Wall Street to Wisconsin have spent the last six years lobbying against. 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/idUSFWN1FO12O'|'2017-02-04T04:21:00.000+02:00'
'd69990faccf67203f401a8d96a14d9a96949378a'|'Japan readies package for Trump to help create 700,000 U.S. jobs'|'TOKYO Japan is putting together a package it says would generate 700,000 U.S. jobs and help create a $450-billion market to present to President Donald Trump next week, government sources familiar with the plans said.The plans, to be unveiled when Prime Minister Shinzo Abe visits Trump on Feb. 10 in Washington, envisage investments in infrastructure projects such as high-speed trains and cybersecurity, said the sources, who declined to be identified as they are not authorized to speak to the media.Investing in overseas infrastructure projects dovetails with a key plank in Abe<62>s growth strategy, which is to export "high-quality" infrastructure technology.The government may tap its foreign exchange reserves account to fund the package, the sources said.($1=113.0100 yen)(Reporting by Tokyo Newsroom; Editing by Clarence Fernandez)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-usa-trump-japan-idINKBN15I0RS'|'2017-02-03T04:49:00.000+02:00'
'b90f01a9eb21da639330d1fe8344e6abeb8f9508'|'Visa''s profit, revenue tops estimates on payment volume growth'|'Visa Inc ( V.N ), the world''s largest payments network operator, reported better-than-expected quarterly profit and revenue due to higher payment volume growth and cross-border volumes, sending the company''s shares up 3 percent in extended trading.The company''s total payments volume rose 39 percent to $1.8 trillion on a constant dollar basis in the first quarter, far exceeding the 11 percent growth in the year-ago quarter.Visa''s cross-border volumes rose 140 percent on a constant dollar basis in the quarter ended Dec. 31.This is Visa''s first earnings report since new chief executive, Alfred Kelly, took over from Charles Scharf on Dec. 1."Visa''s fiscal 2017 is off to a terrific start with a strong first quarter of revenue and earnings growth driven by accelerating growth in payments volume, cross-border commerce and processed transactions in virtually all regions around the world," said Kelly.Under Scharf, who had been Visa''s CEO since 2012, the company saw a near 45 percent jump in annual revenue. Scharf orchestrated the company''s reunion with Visa Europe.The company''s net income rose to $2.07 billion, or 86 cents per Class A share, in the latest quarter from $1.94 billion, or 80 cents per share, a year earlier.Analysts on average were expecting a profit of 78 cents per share, according to Thomson Reuters I/B/E/S.Visa''s net operating revenue rose 25 percent to $4.46 billion, exceeding analysts'' expectations of $4.29 billion.The San Francisco-based company''s shares were up about 3 percent at $84.70 after the bell on Thursday. Up to Thursday''s close, they had risen about 12 percent in the past one year.MasterCard, the world''s second-biggest payments processor, reported a lower-than-expected quarterly revenue last week, hurt by rise in rebates, incentives and a stronger U.S. dollar.(Reporting by Sruthi Shankar and Pallavi Dewan in Bengaluru; Editing by Savio D''Souza)'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/visa-results-idINKBN15H2U9'|'2017-02-02T18:49:00.000+02:00'
'83025ddbd5fb4aa4f4fedd0479a1d44313131e3e'|'Chinese industry wants "win-win" end to U.S. anti-dumping duties on washing machines'|'Business News - Sat Feb 4, 2017 - 9:43am EST Chinese industry wants ''win-win'' end to U.S. anti-dumping duties on washing machines BEIJING Chinese industry called on Saturday for talks with the United States to seek an end to anti-dumping duties imposed on its exports of large washing machines, state news agency Xinhua reported. The U.S. International Trade Commission last month made a final finding of harm to a U.S. manufacturer after a Commerce Department probe found some large residential washers were being imported from China at below fair value. "The move hurts not only Chinese manufacturers, but also the interests of U.S. consumers," the China Chamber of Commerce for Import and Export of Machinery and Electronic Products (CCCME) said, according to Xinhua. "The chamber is concerned about the U.S. use of trade remedy measures to protect its own market, and hopes to solve the issue through negotiations to gain win-win results." The investigation followed a petition by Whirlpool Corp( WHR.N ) over imports of washers manufactured in China by two South Korean companies, Samsung Electronics Co Ltd ( 005930.KS )and LG Electronics Inc ( 066570.KS ). The ITC decision imposed of final duties of up to 52.5 percent. In 2015, U.S. imports of such washers from China were valued at an estimated $1.1 billion. (Reporting by Ryan Woo; Editing by Robin Pomeroy) Next In Business News Wall Street stands with two Fed-hike outlook for 2017: Reuters poll NEW YORK Wall Street''s top banks expect just two rate hikes from the Federal Reserve this year and see only modest risk to the U.S. central bank being pressed into a more aggressive pace of monetary policy tightening, a Reuters poll showed on Friday.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-china-washers-idUSKBN15J0L2'|'2017-02-04T21:37:00.000+02:00'
'66b885e033a1b0cc35cf47cb907ee1d3a5edb3ed'|'UPDATE 1-Dutch court declines to put Oi units into bankruptcy proceedings'|'(Tweaks lead and headline, adds details of Oi statement)SAO PAULO Feb 2 A court in the Netherlands on Thursday decided that two subsidiaries of debt-laden Brazilian phone carrier Oi SA would not start bankruptcy proceedings, the company said in a securities filing.The filing confirmed a Reuters report that Oi Brasil Holdings Co<43>peratief UA and Portugal Telecom International Finance BV, would remain operating under "suspension of payments" legal status.Creditors had sought to convert the companies'' status from "suspension of payments" to bankruptcy proceedingsOi''s two Dutch subsidiaries issued about 5.8 billion euros ($6.2 billion) of debt, representing most of the company''s outstanding bond debt of approximately 8.5 billion euros.The company did not provide additional details of the court decision, saying it did not have access to a full translation of the Dutch ruling.Rio de Janeiro-based Oi made Brazil''s largest ever bankruptcy filing in June, and is seeking to restructure about 65 billion reais ($20.8 billion) of bond, bank and regulatory liabilities.($1 = 3.12 reais) (Reporting by Ana Mano; Editing by Cynthia Osterman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/oi-sa-restructuring-netherlands-bankrupt-idINL1N1FN1YB'|'2017-02-02T19:16:00.000+02:00'
'fecc983f70089afbbd582493c96b12c7bc8edec9'|'LSE looks forward to completing merger with Deutsche Boerse'|'FRANKFURT The London Stock Exchange ( LSE.L ) said it welcomed that Deutsche Boerse''s ( DB1Gn.DE ) chairman backed its chief executive in the face of an insider trading probe and said it looked forward to completing a planned merger between the two exchange operators.Frankfurt prosecutors are investigating a share purchase by Deutsche Boerse Chief Executive Carsten Kengeter in December 2015, just over two months before merger talks between the two groups were publicly announced.Supervisory board Chairman Joachim Faber said late on Wednesday that the accusation of insider trading was groundless.(Reporting by John O''Donnell and Alexander Huebner; Writing by Maria Sheahan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-deutsche-boerse-investigation-lse-idINKBN15H0QZ'|'2017-02-02T05:43:00.000+02:00'
'c7b630189851a9d7a399137723f263a1def507ee'|'UPDATE 1-Autos lift Infineon profit as chipmaker sticks to 2017 outlook'|'Company News - Thu Feb 2, 2017 - 2:42am EST UPDATE 1-Autos lift Infineon profit as chipmaker sticks to 2017 outlook * Q1 oper profit 246 mln euro vs 232 avg in Reuters poll * Still sees 2017 sales of 6.86 bln, oper margin of 16 pct * Shares indicated 1.6 pct higher, outperforming DAX (Adds detail, CEO comment, background) By Harro Ten Wolde FRANKFURT, Feb 2 Demand for chips for cars lifted Infineon''s profit in the first quarter, with the German chipmaker sticking to its full year forecast for revenue growth and profit margin. Chips made by Infineon are used by carmakers including Tesla and Hyundai as well as auto suppliers Continental and Bosch to activate airbags, enable cruise control, manage power supplies and cut emissions. Infineon is the world''s second largest semiconductor supplier to the car sector, with a market share of 10.4 percent according to Strategy Analytics, behind NXP with 14.2 percent. Its automotive unit accounts for more than 40 percent of revenues at Infineon, which on Thursday posted a 12 percent rise in operating profit, excluding special items, to 246 million euros ($265 million) for the quarter ending in December. That was above the highest estimate in a Reuters poll with an average forecast of 232 million euros, while revenues of 1.65 billion euros were also better then expected. "In the first quarter revenue and earnings were better than expected, driven in particular by strong demand for our components for automotive electronics and MOSFET power transistors," Chief Executive Reinhard Ploss said. First-quarter sales of the autos unit, whose chips are used in one in every 15 cars worldwide, booked a 15-percent revenue rise, while its operating profit rose 58 percent. Infineon said it still expected revenues for the fiscal year, ending Sept. 30, to rise by some 6 percent to 6.86 billion euros, with an operating margin of about 16 percent, which was in line with analysts'' expectations. Shares in Infineon were indicated to open 1.6 percent higher, according to pre-market data from broker Lang & Schwarz, outperforming the German blue chip index which was seen 0.5 percent lower. ($1 = 0.9268 euros) (Editing by Maria Sheahan and Alexander Smith) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/infineon-technol-results-idUSL5N1FN13M'|'2017-02-02T14:42:00.000+02:00'
'cdd445a0de20b9334aea3a230686a8825a7d04b0'|'ECB to give "considerable attention" to cross-border deals - Dickson'|'Deals - Thu Feb 2, 2017 - 6:51am GMT ECB to give ''considerable attention'' to cross-border deals: Dickson left right The headquarters of the European Central Bank (ECB) are pictured in Frankfurt, Germany, September 8, 2016. REUTERS/Ralph Orlowski/File Photo 1/2 left right A woman walks past the London Stock Exchange building in the City of London, Britain, January 16 , 2017. REUTERS/Toby Melville 2/2 FRANKFURT The European Central Bank would give "considerable attention" to any merger or takeover between banks in different European countries, a top supervisor said on Thursday, highlighting issues with deals involving a party from outside the European Union. Julie Dickson''s comments come as the ECB''s Single Supervisory Mechanism (SSM) is set to assess a proposed merger between the London Stock Exchange ( LSE.L ) and Germany''s Deutsche Boerse ( DB1Gn.DE ), because some of their units are licensed as banks. "Any pan European takeovers or mergers would receive considerable attention by the SSM," Dickson, who sits on the board of the SSM, said in slides accompanying a speech. She noted a European Commission proposal to require banks from outside the EU to establish an intermediate holding company in the bloc under SSM supervision. (Reporting By Francesco Canepa; Editing by Kim COghill) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-deutsche-boerse-lse-ecb-idUKKBN15H0HW'|'2017-02-02T13:49:00.000+02:00'
'd47df58af3c2ac5cc95811334c17ffa137047c34'|'Reckitt Benckiser in talks to buy Mead Johnson for $16.7 billion'|'UK consumer goods maker Reckitt Benckiser Group Plc ( RB.L ) said it was in advanced talks to buy baby formula maker Mead Johnson Nutrition Co ( MJN.N ) in a $16.7 billion deal that would take it in a new direction and boost its business in Asia.Reckitt Benckiser said late on Wednesday night it would pay $90 in cash for each Mead Johnson share, a 29.5 percent premium to Wednesday''s close.Shares of Mead Johnson, long rumored to be a takeover target for Danone ( DANO.PA ), jumped 22 percent in after-market trading.Mead Johnson, which makes Enfamil baby formula, has been seen as an attractive takeover target since being spun off from drugmaker Bristol-Myers Squibb in 2009, due in part to its big international footprint in Latin America and Asia.Reckitt''s proposed price represents a multiple of 17 times Mead Johnson''s estimated 2017 earnings before interest, tax, depreciation and amortization (EBITDA), said analysts at Wells Fargo, falling short of the 20 times Nestle ( NESN.S ) paid for Wyeth in 2012 and the 22 times Danone paid for Numico in 2007.Still, the premium is in line with other recent consumer staples deals, and is appropriate given regulatory changes in China and price promotion, Wells Fargo said.Reckitt Benckiser, which makes Durex condoms, Nurofen tablets and Scholl footcare products, said it expected to finance the proposed deal through cash and debt.Sources told Reuters in 2014 that Danone was interested in buying it, but the French company agreed late last year to buy WhiteWave ( WWAV.N ) instead.The Wall Street Journal first reported on the deal.(Reporting by Martinne Geller in London, Sruthi Shankar in Bengaluru and Lauren Hirsch in New York; Editing by Alan Crosby, G Crosse and Gopakumar Warrier)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-mead-johnson-m-a-reckitt-benc-grp-idINKBN15H0JR'|'2017-02-02T04:18:00.000+02:00'
'78eb685ea5572f52462a3da9e1dd17d0f756cf9a'|'Turkish foreign minister warns of Greek "provocations"'|'  3:55am EST Turkish foreign minister warns of Greek ''provocations'' Turkish Foreign Minister Mevlut Cavusoglu (C) the attends a ceremony in the ''''House of Independence'''' before meeting Paraguay''s foreign minister Eladio Loizaga at his office in Asuncion, Paraguay, January 31, 2017. REUTERS/Mario Valdez ANKARA Turkey has accused Greece of provocative actions and warned there could be "no going back" if tensions were allowed to escalate, a newspaper said on Thursday, underscoring strains from territorial disputes and Athens'' failure to hand over Turkish soldiers who fled after an abortive coup. Tensions between the NATO allies rose when a Greek court last week blocked the extradition of eight Turkish soldiers Ankara accuses of involvement in July''s failed coup. The move angered Turkey, which said relations with Greece would be reviewed. On Wednesday, Greece reported mass incursions by Turkish military aircraft over the central and southern Aegean, which Greek Defence Minister Panos Kammenos called "cowboy antics". Turkish Foreign Minister Mevlut Cavusoglu told the mass circulation Hurriyet newspaper Turkey was behaving "reasonably". "Greece has been doing provocative things for a long time. We are behaving reasonably so there are no tensions with our neighbors," the newspaper quoted him as saying while on an official trip to Latin America. "We know how to give the necessary response, the minister''s approach isn''t new... If the situation escalates, God forbid, if there is an unwanted accident, there will be no going back." He did not specify what he meant by "no going back". Turkey and Greece came to the brink of war in 1996 over the ownership of uninhabited islets known as Imia in Greek and Kardak in Turkish. The two countries play an important role in the handling of Europe''s worst migration crisis in decades and the EU depends on Ankara to enforce a deal to stem mass migration to Europe. (Reporting by Tulay Karadeniz; Writing by Tuvan Gumrukcu; editing by Ralph Boulton; Editing by David Dolan)  '|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/us-greece-turkey-tensions-idUSKBN15H0RL'|'2017-02-02T15:52:00.000+02:00'
'8ec87bc3249735de34ded616830e6de110f9b266'|'BRIEF-EV Energy Partners reports a $59 mln acquisition in the Eagle Ford'|' 42pm EST BRIEF-EV Energy Partners reports a $59 mln acquisition in the Eagle Ford Feb 1 EV Energy Partners Lp : * EV Energy Partners Lp says acquisition was funded with $52.1 million of proceeds from 1031 ''like-kind'' exchange account * EV Energy Partners Lp - as part of eagle ford acquisition, evep acquired a 5.8 percent working interest in 9,151 gross acres in Karnes county, TX * EV Energy Partners Lp says acquisition was also funded by $6.6 million of borrowings under partnership''s revolving credit facility * EV Energy Partners announces a $59 million acquisition in the eagle ford and a $52 million divestiture in the barnett shale Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/mergersNews'|'http://www.reuters.com/article/idUSASB0AY1V'|'2017-02-02T04:42:00.000+02:00'
'cf4509c7818dc73954e7985028f49db3c3b00c5a'|'Bumper start to 2017 pushes British M&A to nine-year high'|'By Pamela Barbaglia - LONDON LONDON Britain has had its strongest start to the year for M&A activity since 2008 on the back of a spate of big deals, a sign that some businesses are trying to plan for a more uncertain future outside the European Union.British consumer goods company Reckitt Benckiser''s ( RB.L ) $16.7 billion bid for U.S. baby formula maker Mead Johnson Nutrition ( MJN.N ) on Thursday, pushed the value of deals announced so far this year to almost $35 billion, according to Thomson Reuters data, the highest in nine years.Bankers say fears of an economic slowdown after Britain leaves the EU has put pressure on companies to secure growth in new markets and business areas, making them more open to large deals than they were before the June vote on EU membership."Brexit is a long-term structural shift which needs to be addressed now," Dwayne Lysaght, head of UK M&A at JPMorgan, said."M&A has its risks but strategically sound, well-financed and properly implemented takeovers have enormous benefits in the long run."Last week, Britain''s biggest retailer Tesco ( TSCO.L ) announced a 3.7 billion pound takeover of food supplier Booker, increasing its exposure to the fast-growing catering sector.That was followed by a long-awaited announcement by Royal Dutch Shell ( RDSa.L ) that it was selling a package of oil and gas fields to private equity-backed Chrysaor for up to $3.8 billion."Of course there may be bumps in the road with Brexit but CEOs are seeing the glass half full," said Pieter-Jan Bouten, managing director at boutique investment bank Greenhill ( GHL.N ), which acted as lead adviser to Tesco on its purchase of Booker.Most of the companies announcing takeovers, including Tesco and Reckitt, have seen their share prices rise when their deals became public, pushing bankers to tout the benefits of doing transactions now.Outbound M&A, where British firms buy companies or assets overseas, has risen 548 percent so far this year, with deals valued at $19.5 billion, while inbound M&A has dropped 63 percent to $2.4 billion, Thomson Reuters data shows.Last year, the fall in the pound to a 31-year low after the Brexit vote was followed by SoftBank''s ( 9984.T ) $32 billion swoop on chip designer ARM Holdings, raising the prospect that foreign companies were looking to buy up British firms on the cheap.But bankers said the threat of becoming a takeover target has prompted other British companies to go on the offensive."UK Plc want to be in control of their own destiny, rather than waiting to see what is going to happen and risking becoming prey," Bouten said.(Reporting By Pamela Barbaglia. Editing by Jane Merriman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-britain-eu-m-a-idINKBN15H2J0'|'2017-02-02T15:59:00.000+02:00'
'5b0d54fa06efd083853c7c4fc2ffd0783aaa51fa'|'European shares edge lower on disappointing company updates'|'Business News - Thu Feb 2, 2017 - 8:36am GMT European shares edge lower on disappointing company updates People walk through the lobby of the London Stock Exchange in London, Britain August 25, 2015. REUTERS/Suzanne Plunkett/File photo LONDON European shares fell on Thursday after disappointing company updates, with Denmark''s Novo Nordisk ( NOVOb.CO ) leading the market down and Finnish retailer Kesko ( KESBV.HE ) weakening on lower-than-expected sales. The pan-European STOXX 600 index fell 0.3 percent by 0812 GMT after gaining 0.9 percent in the previous session. Novo Nordisk fell 6.7 percent, making it the biggest faller in the STOXX 600, after the world''s top maker of diabetes drugs said fourth-quarter operating profit came in below forecasts. Kesko shares were down more than 6 percent after the company registered net sales of 2.77 billion euros in the fourth quarter. A Reuters poll had predicted the company''s net sales at 2.95 billion. However, losses were capped by companies including Reckitt Benckiser ( RB.L ), which rose 5 percent after saying that it was in advanced talks to buy baby formula maker Mead Johnson Nutrition ( MJN.N ) in a $16.7 billion deal. (Reporting by Atul Prakash; Editing by Louise Ireland) Next In Business News Reckitt Benckiser in talks to buy Mead Johnson for $16.7 billion British consumer goods maker Reckitt Benckiser Group Plc is in advanced talks to buy baby formula maker Mead Johnson Nutrition Co for $16.7 billion (13.2 billion pounds), in a deal that would take it in a new direction and boost its business in Asia.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-europe-stocks-idUKKBN15H0QM'|'2017-02-02T15:36:00.000+02:00'
'168b37457470d4038ce9f6436afa51b1095425d6'|'CEE MARKETS-Protests hit Romanian auction, Czechs keep guidance on crown'|'* CEE currencies, bonds firm as Fed does not turn hawkish * Romanians protest, all bids rejected at bond auction * Crown forwards ease, Czech c.bank keeps crown cap guidance (Recasts with bond auctions, kuna surge, unchanged Czech guidance on crown cap) By Sandor Peto and Jason Hovet BUDAPEST/PRAGUE, Feb 2 Romania scrapped a bond auction on Thursday due to flagging demand amid huge street protests against corruption, the biggest demonstrations in the country since the collapse of communism three decades ago. Central European currencies and bonds, meanwhile, mostly firmed on relief that the U.S. Federal Reserve gave no hint of accelerating its rate hikes, which would make emerging markets assets relatively less attractive. The zloty hit a 2-month high against the euro, the forint a 2-week high and the kuna, boosted by improved Croatian economic indicators including a current account surplus, was the strongest since mid-2013. "At some point they (the Croatian central bank) will probably step in (to weaken the kuna)," one currency dealer said. Government bond auctions in Hungary and Poland were robustly oversubscribed. The yield on Polish 10-year papers fell 10 basis points in the secondary market to 3.69 percent. But bids at Romania''s 2-year bond sale were below the offered amount. The government scrapped the auction. The leu rebounded after Wednesday''s 7-month low, but the country''s assets could remain under pressure as the four-week-old government is in turmoil. Hundreds of thousands rallied in Bucharest after an "emergency" decree from the government on Wednesday eased anti-corruption rules. A cabinet minister resigned and the justice minister temporarily ceded his duties. "The street protests announced in Bucharest and in the main cities could continue in the following days," Raiffeisen said in a note on the region''s markets. Romania''s 3-year bond yield was bid at a 7-month high of 1.878 percent, up 13 basis points, while the 10-year yield retreated from a 18-month high, dropping 16 basis points to 3.79 percent. The Czech crown''s euro exchange rate implied in 6-month forward deals hit a 4-week low at 26.848 as the country''s central bank kept its guidance unchanged over a cap on the currency at 27, launched in 2013 to fight deflation risks. The latest data showed a rise in inflation to the bank''s target and the bank had to buy billions of euros early this month to keep the crown weaker than the ceiling and stem speculation for a surge of the crown once the cap is removed. It reiterated after its meeting that the likely exit from the cap would come around the middle of 2017. Most analysts in a Reuters poll had projected an exit in the second quarter. Governor Jiri Rusnok said the bank wanted to see "robust" fulfilment of its inflation target before it drops the crown''s rein, and that any firming of the crown afterwards could be muted by hedging and closing of positions. CEE SNAPS AT 1438 MARKETS HOT CET CURRENCIES Lates Previ Daily Chang t ous e bid close chang in e 2017 Czech crown 27.02 27.02 +0.0 -0.06 30 45 1% % Hungary 308.8 309.8 +0.3 -0.01 forint 400 800 4% % Polish 4.307 4.312 +0.1 2.24% zloty 5 8 2% Romanian 4.533 4.541 +0.1 0.04% leu 0 5 9% Croatian 7.443 7.465 +0.3 1.51% kuna 0 3 0% Serbian 123.9 124.0 +0.0 -0.48 dinar 500 500 8% % 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 942.6 938.2 +0.4 +2.2 3 3 7% 8% Budapest 32594 32584 +0.0 +1.8 .01 .18 3% 5% Warsaw 2074. 2079. -0.22 +6.5 62 10 % 0% Bucharest 7502. 7527. -0.34 +5.8 59 94 % 9% Ljubljana 744.0 741.1 +0.4 +3.6 9 6 0% 9% Zagreb 2149. 2151. -0.12 +7.7 17 72 % 4% Belgrade <.BELEX15 704.6 700.8 +0.5 -1.78 > 3 8 4% % Sofia 596.1 593.8 +0.3 +1.6 3 0 9% 5% BONDS Yield Yield Sprea Daily d (bid) chang vs chang e Bund e in Czech sprea Republic d 2-year <CZ2YT=RR -0.66 -0.02 +006 -1bps > 8 7 bps 5-year <CZ5YT=RR -0.08 0.023 +033 +5bp > 9 bps s 10-year 
'a27daa748b7e643cf5cb43af9e1d30205e19465f'|'Brazil''s Vale more optimistic than market on iron ore prices -exec'|'Company   1:58pm EST Brazil''s Vale more optimistic than market on iron ore prices -exec RIO DE JANEIRO Feb 2 Brazilian miner Vale SA is more optimistic than the market consensus in terms of iron ore prices for 2017, Investor Relations Director Andre Figueiredo told reporters on Thursday. Figueiredo also said Vale had likely made a profit in 2016, and should pay dividends equivalent to about 25 percent of net profit. (Reporting by Marta Nogueira; Editing by David Gregorio) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/vale-sa-iron-price-idUSE5N19901F'|'2017-02-03T01:58:00.000+02:00'
'4090667d53c12161d9ee0bc3de0d73ebb70f594b'|'HSBC hires Deutsche Bank''s Laing to cover emerging markets ECM- sources'|'Financials - Thu Feb 2, 2017 - 6:05am EST HSBC hires Deutsche Bank''s Laing to cover emerging markets ECM- sources LONDON Feb 2 HSBC has hired former Deutsche Bank executive Christopher Laing to cover emerging markets equity capital financing, sources with direct knowledge of the matter said on Thursday. Laing''s title is still to be finalised but he will perform a similar role to that of head of emerging markets Equity Capital Markets (ECM) that he held at Deutsche Bank, one of the sources said. A spokesman for HSBC declined to comment. Separately, the bank announced on Wednesday it has named Hossein Zami as its new global head of equities, and JPMorgan veteran Ray Doody as global head of leveraged and acquisition finance, according to internal memos obtained by Reuters. [ID:nL5N1FM5KY} (Reporting By Anjuli Davies and Lawrence White) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/hsbc-moves-laing-idUSL9N1D200E'|'2017-02-02T18:05:00.000+02:00'
'fa6d6438323b5bca3181fb70cfec1c5164806bc3'|'Index funds to surpass active fund assets in U.S. by 2024 -Moody''s'|'Funds News - Thu Feb 2, 2017 - 6:00am EST Index funds to surpass active fund assets in U.S. by 2024 -Moody''s By Trevor Hunnicutt - NEW YORK NEW YORK Feb 2 Index funds will grab more than half the assets in the investment-management business by 2024 "at the latest," Moody''s Investors Service Inc said in a research note on Thursday. Investors are increasingly buying relatively cheap funds that mimic benchmarks, while shunning active portfolio managers who strive to beat the market and often come up short. Passive funds currently account for 29 percent of the U.S. market, according to Moody''s. "We estimate that passive investments will overtake active market share between 2021 and 2024," the credit rating company said, noting the changes "will continue irrespective of market environments." "The main driver of flows out of active funds into passive funds has been investors'' growing awareness that, by definition, actively managed investments, in aggregate, cannot deliver above average performance, and that investing is therefore a zero-sum game - for every winner, there must be a loser." In 2016, passive funds in the United States attracted $506 billion, and actively managed funds posted $341 billion in withdrawals, according to Morningstar Inc. Some index-tracking exchange-traded funds charge as little as $3 annually for every $10,000 they manage, while the average charged by U.S. stock mutual fund managers is $131, according to data for 2015 from the Investment Company Institute trade group. U.S. regulators have pushed for more fee disclosure and attempted to reduce conflicts of interest among brokers who sell funds. One such measure, the Obama administration''s "fiduciary" rule covering retirement accounts, is being fought by the industry in court. The rise of passive investments has caused indigestion within the asset management industry, squeezing famously lush profit margins and rewarding a small group of companies with large index fund businesses, such as Vanguard Group, BlackRock Inc and State Street Corp. Some analysts have argued that the loss of investors who study and bet on individual companies is distorting the ability of markets to set the appropriate prices for stocks and bonds. Others have warned that index funds cannot protect investors from otherwise avoidable market selloffs. A widely discussed report last year by the broker-dealer Sanford C. Bernstein & Co LLC, for instance, described passive investing as promoting a system of capital allocation worse than both capitalism and Marxism. (Reporting by Trevor Hunnicutt; editing by Diane Craft) Next In Funds News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/funds-passive-idUSL1N1FN01O'|'2017-02-02T18:00:00.000+02:00'
'e33d4df4fac7e7c52cd51a4e1771426c50b8e936'|'Facebook''s quarterly profit, revenue beat estimates'|'  10:47pm GMT Facebook''s quarterly profit, revenue beat estimates The Facebook logo is displayed on their website in an illustration photo taken in Bordeaux, France, February 1, 2017. REUTERS/Regis Duvignau By Rishika Sadam and David Ingram Facebook Inc ( FB.O ) shares rose more than 2 percent in after-hours trading on Wednesday as the world''s largest online social network reported higher-than-expected quarterly profit and revenue, helped by continued growth in mobile advertising. The results offered some reassurance to investors who have been concerned since the company warned in November that ad growth would likely slow "meaningfully" due to limits on ad load - the total number of ads Facebook can show to each user. Facebook has faced doubts about whether it can continue its runaway success in the face of such limits, as well as its absence from the Chinese market and criticism about its handling of so-called "fake news" posts during last year''s U.S. election. The company suffered a slight setback just before the market close when a jury in Texas ordered Facebook, its virtual reality unit Oculus, and other defendants to pay a combined $500 million to ZeniMax Media Inc, a video game publisher that says Oculus stole its technology. Facebook shares were up 2.4 percent at $136.44 after the bell on Wednesday. Mobile ad revenue accounted for 84 percent of the company''s total advertising revenue of $8.63 billion (6.82 billion pounds) in the fourth quarter that ended Dec. 31, compared with 80 percent a year earlier. Analysts on average had expected total ad revenue of $8.31 billion, according to research firm FactSet StreetAccount. The company inched closer to reaching 2 billion users, saying that about 1.86 billion people were using its service monthly as of Dec. 31, up 17 percent from a year earlier. Mobile daily active users rose 23 percent to 1.15 billion, the company said. About 90 percent of Facebook''s users access the network through mobile devices. However, many analysts have raised concerns about Facebook''s ability to meet its own targets it sets every quarter. "I think the rate of growth will decline, but it will remain very high," said analyst Michael Pachter of Wedbush Securities. "They grew 57 percent in 2016, and our current model has ''only'' 38 percent revenue growth in 2017. That''s still pretty impressive." Pachter said he expects Facebook to appeal Wednesday''s jury verdict in Texas, but that the result would not affect the share price even if the company loses. "Even if Facebook has to pay $300 million, it''s less than $0.10 per share and they have $29.5 billion in cash," he said. Apart from the core Facebook network, which contributes the lion''s share to overall revenue, the company''s photo-sharing app Instagram and messaging service WhatsApp also have huge user bases. Facebook has been adding features to attract more users and retain those already on the network, with a feature to tackle fake news posts being the most recent addition, after the criticism that followed the U.S. election on Nov. 8. Facebook is expected to generate about $29.71 billion in mobile ad revenue in 2017, according to research firm eMarketer, up about 35.2 percent from 2016. Net income attributable to Facebook shareholders rose to $3.56 billion, or $1.21 per share, from $1.56 billion, or 54 cents per share, a year earlier. Excluding items, the company earned $1.41 per share. Total revenue rose to $8.81 billion from $5.84 billion. Analysts on average had expected a profit of $1.31 per share on revenue of $8.51 billion, according to Thomson Reuters I/B/E/S. (Reporting by Rishika Sadam in Bengaluru and David Ingram in New York; Editing by Saumyadeb Chakrabarty and Bill Rigby)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-facebook-results-idUKKBN15G5MQ'|'2017-02-02T05:47:00.000+02:00'
'fbfc861382edfd13d338434791dc90ec7d0a3cc3'|'PRESS DIGEST- Financial Times - Feb 3'|'Feb 3 The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy.Headlines* Snap lays out plans for $3 bln IPO filing. on.ft.com/2jJ9Bch* Uber chief Travis Kalanick quits Trump business council. on.ft.com/2jIW8S2* ''Costly and unfair'' tax differences need reform, says think-tank. on.ft.com/2jIOWFrOverview* Snap Inc, owner of popular messaging service Snapchat, made many of its financial details public for the first time on Thursday, as it prepared to raise up to $3 billion in an initial public offering in New York that is expected to come in March.* Uber Technologies Inc Chief Executive Officer Travis Kalanick, facing criticism from immigration advocates for serving on President Donald Trump''s business advisory group, quit the group on Thursday, the company said.* The Institute for Fiscal Studies, a think tank, said that the United Kingdom needs more reforms to tackle "costly, inefficient and unfair" differences in the way the self-employed, owner-managers and employees are taxed.(Compiled by Parikshit Mishra in Bengaluru; Editing by Sandra Maler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/britain-press-ft-idINL1N1FO00Z'|'2017-02-02T21:30:00.000+02:00'
'dd07ce1078b600918160df8f87bcaa3d9fc9dbbc'|'Air France swaps two cancelled A380s for smaller A350 jets'|'  10:34pm GMT Air France swaps two cancelled A380s for smaller A350 jets left right FILE PHOTO: The logo of Airbus is pictured on a scale model during the annual Airbus Commercial Press Briefing in Blagnac, Southwestern France, January 11, 2017. REUTERS/Regis Duvignau/File Photo 1/2 left right A passenger walks past an Air France logo at the Marseille-Provence airport in Marignane on the first day of a strike by Air France stewards, France, July 27, 2016. REUTERS/Philippe Laurenson/File Photo 2/2 PARIS Air France ( AIRF.PA ) has swapped its remaining orders for two Airbus A380 superjumbos for three smaller A350s, Airbus confirmed on Friday, highlighting a switch towards lighter twinjets. The French carrier announced the swap last March and included it in its 2015 annual report, but the switchover only appeared in Airbus''s published order list for January 2017. An Airbus spokesman said the company records a cancellation once a formal agreement is signed. "In the case of the Air France A380 cancellation, this occurred in January." Air France was one of the first airlines to order the world''s largest passenger jet, placing 10 orders in 2001 and becoming its first European operator. It ordered another two in 2007 as part of a compensation deal for delays caused by industrial problems. Air France and several other carriers later cooled towards the double-decker as a new generation of smaller and lighter twin-engined models came into service. The drop in demand forced Airbus to announce a cut in production last year. Qantas has indicated it will not take undelivered A380s, but British Airways has expressed interest in buying second-hand models soon to come on the market, a decade after the A380 entered service in 2007. Dubai''s Emirates, by far the largest customer, is still a big advocate for the A380 but has deferred taking some deliveries as Gulf airlines face slower growth. Airbus has said it is confident the aircraft will see fresh demand as congestion limits the number of slots at major hub airports and as relatively weak oil prices boost its economics. Boeing, whose competing 747 jumbo is nearing the end of a long career, took two cancellations in the same category this month. In total, Airbus booked four new orders in January, or two after adjusting for the A380 cancellations, heralding what is expected to be a slower year across the industry as airlines continue to take stock after a longer than expected order cycle. It delivered 25 aircraft in January. Airbus net orders fell 32 percent to 731 jets last year. It is expected to target something closer to 600 this year as new bookings fall below deliveries for the first time in eight years in the face of slower demand, especially for bigger jets. Airbus delivered 688 jets in 2016 and its planemaking president, Fabrice Bregier, said last month he expected over 700 deliveries in 2017. Boeing posted 11 orders and received two cancellations between the start of the year and January 24, the only period for which 2017 data is available. (Reporting by Tim Hepher; Editing by Dominique Vidalon) Next In Business News Global stocks rise after jobs report, U.S. yield curve steepens NEW YORK Major world stock indexes rose on Friday, with U.S. equities closing near record highs, as data showed the creation of more U.S. jobs than expected, while President Donald Trump''s executive order to review banking regulations boosted financial sector shares.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-airbus-orders-idUKKBN15I30B'|'2017-02-04T05:34:00.000+02:00'
'19420b79d177e50502a603e33a2cfbad815da307'|'Hudson''s Bay makes takeover approach to Macy''s: WSJ'|'Canadian department store operator Hudson''s Bay Co ( HBC.TO ) has made a takeover approach to U.S. department store chain Macy''s Inc ( M.N ), the Wall Street Journal reported, citing sources.Shares of Macy''s, which had a market value of about $9.4 billion as of Thursday''s close, were up 7.3 percent at $32.96.Shares of Hudson''s Bay, which also owns the Saks Fifth Avenue store, were up 2.1 percent at C$10.26. The company had a market cap of C$1.82 billion ($1.40 billion) as of Thursday''s close.Talks between the companies are at a preliminary stage and also encompass other ways they could cooperate, the Journal said, citing one of the people, adding that a deal for Macy<63>s real estate is also a possibility.Hudson''s Bay could raise equity and debt against its real estate portfolio, which could be worth $14 billion, to fund the deal, the Journal said.The company could also bring in a partner, the Journal reported.Hudson''s Bay said it does not comment on rumors or speculation, while Macy''s was not immediately available to comment.(Reporting by Siddharth Cavale in Bengaluru; Editing by Anil D''Silva)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-macy-s-m-a-hudson-s-bay-idINKBN15I22X'|'2017-02-03T12:39:00.000+02:00'
'e11474dbc0f4ceaec7041f6f6aa2a4f20062b5ca'|'RBS to pay $85 million penalty over attempted benchmark manipulation'|'  3:42pm GMT RBS to pay $85 million penalty over attempted benchmark manipulation People walk past a Royal Bank of Scotland office in London, Britain, February 6, 2013. REUTERS/Neil Hall/File Photo - RTSUPE8 LONDON Royal Bank of Scotland ( RBS.L ) will pay a $85 million (<28>67.98 million) penalty to resolve civil charges that it attempted to manipulate a global benchmark for interest rate products, U.S. derivatives regulators said on Friday. The case against RBS, brought by the Commodity Futures Trading Commission, was the latest in a series of broad investigations into manipulation by big banks of a variety of global benchmark rates. Several pension funds and municipalities accused 14 banks, including those that settled, of conspiring to rig the "ISDAFIX" benchmark for their own gain from at least 2007 to 2012. "This is an example of past misconduct that has no place at RBS," RBS Chief Executive Ross McEwan said in a statement. "These findings make for uncomfortable reading and we have already taken significant steps to make sure this kind of behaviour cannot happen again." ISDAFIX rates are used to help value the cash settlement of options on interest rate swaps and other products. Pension funds and local governments often rely on products priced off the benchmark rate to help hedge against future interest rate changes. To date, the CFTC has imposed penalties of $570 million for rigging the ISDAFIX benchmark. (Reporting By Andrew MacAskill; editing by Carolyn Cohn) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-rbs-fine-idUKKBN15I25N'|'2017-02-03T22:42:00.000+02:00'
'86b40eb82f3c3a7aab3b443bf0df5a8c29e33403'|'EU capital rules treat insurers like traders, trade body says'|' 14am GMT EU capital rules treat insurers like traders, trade body says LONDON New European Union capital rules treat insurers like traders making risky short-term bets and require them to set aside too much capital, trade body Insurance Europe said on Wednesday. Fifteen years in the making, the Solvency II regulations came into force in Europe in this month, with the aim of ensuring that companies have enough capital to cover underwriting, investment and operational risk. British insurers Prudential ( PRU.L ) and Legal & General ( LGEN.L ) have complained that the rules make it harder for them to compete with insurers globally. "The many layers of conservativeness built into the design of Solvency II and its tendency to treat insurers like traders instead of long-term investors could harm consumers, long-term investment and the economy," Insurance Europe said in a statement. "Policymakers need to take action to make the framework more reflective of reality." Insurers have to calculate the level of assets they need today to pay future liabilities such as pensions on the basis that interest rates will stay low for the next 20 years, which Insurance Europe described as "an unlikely scenario". The European Commission is due to review the Solvency II rules in 2018. (Reporting by Carolyn Cohn; Editing by David Goodman)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-europe-insurance-regulations-idUKKBN15G3L6'|'2017-02-01T14:14:00.000+02:00'
'3c8ddc804a8789169892a67a0ee5b34f336e4179'|'Trump, trade adviser signal displeasure with U.S. ''strong dollar'' policy'|'Foreign Exchange Analysis   10:27pm GMT Trump, trade adviser signal displeasure with U.S. ''strong dollar'' policy  , flanked by Kenneth Frazier (L) CEO of Merck, Robert Hugin (2nd R) Executive Chairman of Celgene and Robert Bradway (R) CEO of Amgen meets with Pharma industry representatives at the White House in Washington, U.S., January 31, 2017. REUTERS/Yuri Gripas By Sinead Carew and Jamie McGeever - NEW YORK/LONDON NEW YORK/LONDON   and a top economics adviser on Tuesday unleashed a barrage of criticism against Germany, Japan and China, saying the three key U.S. trading partners were engaged in devaluing their currencies to the harm of American companies and consumers. The comments from Trump at the end of a White House meeting with pharmaceutical executives, as well as from trade adviser Peter Navarro in a newspaper interview, were the starkest indication yet that the first-term Republican president is prepared to jettison two decades of "strong dollar" policies advocated by predecessors dating back to the Clinton administration. The criticism also signals a weakening of the U.S. commitment to an agreement among the financial leaders of the world''s top 20 economies, struck after the 2008 financial crisis, that countries would not pursue policies to target exchange rates for competitive purposes. "Those comments, talking about somebody else''s currency, talking about valuation, almost seem like they''re criticizing the construction of the euro zone which is a whole other issue," said Greg Anderson, Global head of FX strategy for BMO Capital Markets in New York. "I''m sure a lot of people have those thoughts. In the gentleman''s agreement, as an official you don''t mention those thoughts." Trump and Navarro''s remarks are just the latest to deepen a growing unease in financial markets about the outlook for global trade in the Trump era and sent the U.S. dollar into a tailspin against the euro and yen on Tuesday. A broad measure of the dollar against the currencies of key trading partners sank by 0.85 percent to cap a 2.6 percent decline in January, its weakest monthly showing since last March. The market convulsions began when Navarro, who heads Trump''s newly created National Trade Council, told the Financial Times newspaper that the euro was like an "implicit Deutsche Mark" whose low valuation gave Germany an edge over the United States and its European Union partners. That propelled the euro up about 0.5 percent against the U.S. dollar and drew a rebuff from German Chancellor Angela Merkel, who said the country respects the independence of the European Central Bank. Some blame the ECB for engineering an ultra-loose monetary policy in order to keep the trading bloc''s common currency weak and stimulate economic growth in the euro-zone. "Germany is a country that has always called for the European Central Bank to pursue an independent policy, just as the Bundesbank did before the euro existed," Merkel told a news conference in Stockholm with Swedish Prime Minister StefanLofven. Hours later, Trump added his own critique of Japan and China to the mix, veering from discussing drug prices to currency valuations as he wrapped up a meeting with the heads of six top pharmaceuticals companies whom he is pressuring to lower prices. Bemoaning the fact that so many drug makers had relocated outside the United States, Trump blamed U.S. regulations and contended other countries "take advantage of us with their money and their money supply and devaluation." "Every other country lives on devaluation," he said. "You look at what China''s doing, you look at what Japan has done over the years. They -- they play the money market, they play the devaluation market and we sit there like a bunch of dummies." Japan''s yen gained more than 1.0 percent against the dollar following Trump''s off-the-cuff comments. With on-shore Chinese markets closed for a week for the lunar New Year holiday in Asia, reaction in its curren
'eeb6be8f13038e8ab9e784ceefa27b4f1c281736'|'UniCredit writedowns ring alarm bells for Italian banks'|'  5:44pm GMT UniCredit writedowns ring alarm bells for Italian banks FILE PHOTO: Unicredit''s bank logo is pictured on block notes and pens at the headquarters in Milan, Italy, February 9, 2016. REUTERS/Stefano Rellandini/File Photo By Silvia Aloisi and Paola Arosio - MILAN MILAN UniCredit has heavily written down the value of its 700 million euro ($756 million) investment in Italy''s bank rescue fund and other investors are likely to follow suit, sources told Reuters, complicating efforts to stabilise the nation''s banking sector. Italy biggest bank has cut the value of its investment in the Atlante fund by significantly more than a third on its books, according to two sources familiar with the matter. The move is part of its plan to clean up its balance sheet before it taps the market for 13 billion euros in a share issue next week. By writing down the stake, UniCredit is indicating that it does not believe it will make money on the investment it made into the state-managed fund created to recapitalise a number of failing Italian banks and help the industry offload bad loans. A source at another bank estimated UniCredit''s ( CRDI.MI ) writedown could be closer to 70 percent. Atlante declined to comment. Intesa Sanpaolo ( ISP.MI ), which together with UniCredit is Atlante''s biggest investor, on Friday said it had written down the value of its stake in the fund by 33 percent. A group of about half a dozen other banks that have invested in Atlante have held a series of meetings in recent days to discuss the scale of their own possible writedowns, said another source with direct knowledge of the talks. They are also likely to write down their investments by 30 percent, according to the source, who did not name the lenders. Atlante executives have acknowledged that the value of investments has fallen but have said the fund created last April has an investment horizon of five years and aims to create value for its backers over that period. The losses, just 10 months into a government-orchestrated campaign to shore up the industry, suggest that mending the sector has become a far more painful task than expected by many industry and government officials. UniCredit''s move is also likely to discourage the private sector from pumping any more money into Atlante to bail out weaker banks. That in turn could put more pressure on Rome, increasing doubts over whether 20 billion euros set aside by the government to stabilise the euro zone''s fourth-biggest banking system will be enough, say analysts. It has already earmarked about a third of that to rescue just one lender, Monte dei Paschi di Siena. "The 20 billion euros the government has set aside is starting to look like small beer," said Milan-based banking analyst Vincenzo Longo of brokerage IG.( BMPS.MI ). The finance ministry declined to comment on the Atlante writedowns or whether the government was under more pressure as a result. Bank of Italy Governor Ignazio Visco said on Saturday the 20 billion euros were enough to recapitalise other banks after Monte dei Paschi. Economy Minister Pier Carlo Padoan has also said the money is sufficient to address the needs of weaker lenders, adding the overall banking system is solid. The fund writedowns are not the only new problem facing the banking sector. UniCredit has separately sold 18 billion euros of its bad loans at an average price of just 13 cents to the euro, said the first two sources, who declined to be named because the investment writedown and loan pricing are confidential. That price - little more than a tenth of the loans'' gross nominal value - sets a tough market precedent for other banks looking to offload their own piles of non-performing loans without incurring losses that could dangerously deplete their capital. These include banks being helped by Atlante. Italian lenders are under pressure from the European Central Bank (ECB) to offload their soured debts, which now stand at 356 billion euros - a third of the eur
'46d8f1a339f19d97e657e40eff8576b04665cf4b'|'Takata selects KSS as final bidder for restructuring deal: sources'|'TOKYO A steering committee for Takata Corp ( 7312.T ) has selected U.S.-based auto parts supplier Key Safety Systems as the final bidder to extend financial support for the Japanese air bag maker, three sources with knowledge of the process have told Reuters.The steering committee has told the Japanese air bag maker''s automaker clients that it has tapped Key Safety Systems, owned by China''s Ningbo Joyson ( 600699.SS ), to provide financial support for the company, three sources told Reuters.Takata is in the process of selecting a financial backer as it faces billions of dollars in costs to replace as many as around 100 million potentially defective air bag inflators that have been linked to at least 16 deaths globally.(Reporting by Naomi Tajitsu; Editing by Sandra Maler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-takata-restructuring-idINKBN15J00F'|'2017-02-03T21:11:00.000+02:00'
'341bdc0ab6ba601631ce4eccc780e01b942177a6'|'Wall Street stands with two Fed-hike outlook for 2017: Reuters poll'|'Business News - Fri Feb 3, 2017 - 4:14pm EST Wall Street stands with two Fed-hike outlook for 2017: Reuters poll The Federal Reserve Building stands in Washington April 3, 2012. REUTERS/Joshua Roberts/File Photo NEW YORK Wall Street''s top banks expect just two rate hikes from the Federal Reserve this year and see only modest risk to the U.S. central bank being pressed into a more aggressive pace of monetary policy tightening, a Reuters poll showed on Friday. The poll of primary dealers - the 23 banks that do business directly with the Fed - indicated none expect the next rate hike to occur before the second quarter, despite a report on Friday that employers added far more workers than expected in January. While the Bureau of Labor Statistics monthly non-farm payrolls report showed employment growth continues to be healthy, wages are not keeping pace, leading many to predict the Fed will stick to a leisurely pace of rate hikes. Fed policymakers earlier this week left their benchmark federal funds target rate unchanged in a range of 0.50 percent to 0.75 percent. They lifted the range by a quarter percentage point at their December meeting, marking just the second rate increase in about a decade. In the poll of dealers taken after Friday''s jobs report, all 14 respondents predicted the Fed would leave rates unchanged at its next meeting in mid-March, and 12 of the 14 forecast policy makers would lift the range by 0.25 percentage point to between 0.75 percent and 1.00 percent by the end of the second quarter. Furthermore, 12 respondents see the fed funds target range rising above 1 percent by year end, with 10 predicting an end-of-year range of 1.00 percent to 1.25 percent and two others seeing it rise to as high as 1.25 percent to 1.50 percent. Just one respondent, Mizuho, sees the Fed raising rates only once this year and holding off thereafter until 2018. Fed policy makers in December signaled as many as three increases in 2017 as the Trump administration takes over with promises to boost growth through tax cuts, spending and deregulation. Short-term U.S. interest rates futures, however, imply only about a 40 percent probability of three hikes this year, according to CME Group''s FedWatch. The median view of 12 primary dealers pegs the fed funds rate range rising to 1.75 percent to 2.00 percent by the end of 2018. Looking to factors that could pose risks to the near-term economic outlook, five of nine economists answering the question cited President Donald Trump''s hawkish stance on trade as a factor that could trip up the pace of growth. Trump, who ran on a platform of putting "America first," has rattled trading partners and currency exchange rates with his promise to renegotiate the North American Free Trade Agreement with Mexico and Canada and his pointed criticisms of the currency valuations of China, Japan and Germany. Economists also cited Trump''s foreign policy, fiscal policy and general strength of the dollar as significant risks. (Reporting by Dion Rabouin, Karen Brettell, Lewis Krauskopf, Sinead Carew, Caroline Valetkevitch, Gertrude Chavez-Dreyfuss, Sam Forgione and Charles Mikolajczak in New York; Writing by Dan Burns; Editing by Chizu Nomiyama) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-usa-fed-poll-idUSKBN15I2X5'|'2017-02-04T04:10:00.000+02:00'
'007821d1b12e59afec3d6a14e1fb759d0722c690'|'EU founders speak of possible ''multispeed'' future after Brexit - Reuters'|'VALLETTA German Chancellor Angela Merkel and leaders of other founding states of the European Union spoke on Friday of some countries moving ahead faster than others with further integration.After a summit in Malta at which all national leaders discussed plans for a formal declaration in March on the future of the bloc following Britain''s departure, Merkel and others offered endorsements of a so-called "multispeed Europe", which some governments fear could damage EU unity in the wake of Brexit.Though they disagree on details, Berlin, Paris and many of the 17 other states which use the euro currency are keen to bind the euro zone closer together after years of crisis in which investors have doubted the currency''s survival. But some countries around the periphery of the bloc fear creating a system in which a hard core of states pushes the EU into policies they do not want.The last few years, Merkel told reporters, showed "that there will be an EU with different speeds, that not everyone will take part in the same levels of integration".One area in which governments are divided over the degree of integration is defence. With the departure of long-time sceptic Britain, France and Germany are keen to develop closer EU ties.The 27 leaders are due to meet without British Prime Minister Theresa May on March 25 in the Italian capital to celebrate the 60th anniversary of the founding Treaty of Rome.French President Francois Hollande said he thought that the Rome statement could mention "several speeds" as a possible way forward, though he stressed: "European unity is essential."In a reminder of divisions in the bloc, Hollande, who will step down in May, took a dig at East European states which Paris complains fail to honour commitments -- such as taking in asylum-seekers -- while accepting big subsidies from Brussels:"Europe isn''t a cash-box, not a self-service restaurant, a Europe where you come and take what you need, where you take your structural funds or get access to the internal market and then show no solidarity at all in return," he told reporters."Europe was built to be stronger together and it''s that rule, that principle, which should be driven home in March."In a paper offering proposals for the Rome declaration, the three Benelux neighbours said "different paths of integration and enhanced cooperation could provide for effective responses to challenges that affect member states in different ways".(Reporting by Andreas Rinke, Elizabeth Pineau and Alastair Macdonald; Editing by Hugh Lawson)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/eu-future-idINKBN15J028'|'2017-02-03T22:20:00.000+02:00'
'66394b39efb6fbbee930c5a97cf18e919ef6fe7e'|'Gold steadies after U.S. payrolls data'|'Money News - Sat Feb 4, 2017 - 1:22am IST Gold steadies after U.S. payrolls data Gold alloy bars are seen at Altyntau gold mine extraction factory outside northern Kazakhstan''s town of Kokshetau June 13, 2013. REUTERS/Andrey Lunin/File Photo By Marcy Nicholson and Jan Harvey - NEW YORK/LONDON NEW YORK/LONDON Gold was little changed on Friday, erasing earlier losses as the dollar came under pressure from a U.S. payrolls report that flagged up weak wage growth last month, weakening the case for near-term interest rate hikes. While U.S. job growth surged more than expected in January as construction firms and retailers ramped up hiring, wages barely rose. Graphic - 2017 asset returns: here Spot gold XAU= was unchanged at $1,215.75 an ounce by 2:25 p.m. EST (1925 GMT), off an earlier low of $1,207.10. U.S. gold futures GCv1 for April delivery settled up 0.1 percent at $1,220.80 per ounce. "Markets seem to be looking at the soft wage data, which signal rather weak inflationary pressure, and therefore less need for the Fed to raise interest rates," Commerzbank analyst Carsten Fritsch told the Reuters Global Gold Forum in the wake of the report. The U.S. dollar .DXY and 10-year U.S. Treasury yields US10YT=RR were little changed, having come off session highs. Gold is on track to rise around 2 percent this week as the dollar headed for a fourth weekly drop on worries about Donald Trump''s presidential style and a lack of clarity on rate hikes. The yellow 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. Holdings of the world''s largest gold-backed exchange-traded fund, SPDR Gold Shares ( GLD ), rose for a second day on Thursday by 1.5 tonnes to 811.22 tonnes. [GOL/ETF] A bounce in investment to a four-year high drove a modest gain in gold demand last year, data from the World Gold Council showed on Friday, even as use of the metal in jewellery slid to its lowest since 2009 and coin and bar buying slid. "ETF inflows were the sole driver of demand growth in 2016 <20> we saw the second highest inflows since 2009," the WGC''s head of market intelligence Alistair Hewitt said. Spot palladium XPD= was 1.5 percent lower at $745.75. "Technical analysis still look bullish for the white metal," said Miguel Perez-Santalla, vice president of Heraeus Metal Management in New York. "But the lack of liquidity and concerns that China, due to its pollution problem, may direct the auto sector towards electric vehicles looms in the shadows." Silver XAG= was down 0.2 percent at $17.40, having reached its highest in more than 11 weeks at $17.73 in the previous session. Platinum XPT= was down 0.4 percent at $995.85, having hit a 12-week high of $1,011.60 on Thursday. (Additional reporting by Nallur Sethuraman and Arpan Varghese in Bengaluru; Editing by Jane Merriman and Chizu Nomiyama) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/global-precious-idINKBN15I2T4'|'2017-02-04T02:51:00.000+02:00'
'5e5819eb278f0f46321ec2b8f734d00d2f764567'|'Deutsche Boerse, LSE to offer small antitrust concessions - sources'|'Business News - Fri Feb 3, 2017 - 12:32pm GMT Deutsche Boerse, LSE to offer small antitrust concessions - sources left right Traders work at their desks in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, January 17, 2017. REUTERS/Staff/Remote 1/2 left right People walk through the lobby of the London Stock Exchange in London, Britain August 25, 2015. REUTERS/Suzanne Plunkett/File photo 2/2 FRANKFURT Deutsche Boerse ( DB1Gn.DE )( DB11.DE ) and the London Stock Exchange ( LSE.L ) will offer the European Commission to make small adjustments to their combined business in the area of derivatives clearing in a bid to win antitrust approval of their planned merger, two people familiar with the matter said. It was not clear what precise concessions would be made. The people said that there would be no large sales, such as of LCH Clearnet or Borsa Italiana, as part of the offering. "One can do a lot to help rivals," one of the people said. The companies and the European Commission declined to comment. (Reporting By Andreas Kroener; Writing by John O''Donnell; Editing by Maria Sheahan) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-deutsche-boerse-m-a-lse-idUKKBN15I1MB'|'2017-02-03T19:32:00.000+02:00'
'3104096802760d378616b8d5a362c8915f34e16d'|'Indian authorities impound ships, detain crew over oil spill'|'By Sudarshan Varadhan Port authorities in Chennai have impounded a BW LPG vessel and a local ship carrying heavy fuel oil, and detained their crews, a spokesman for the port said on Friday, after their collision last week caused an oil spill affecting marine life and local fishing.About 20 tonnes of heavy fuel oil leaked and a complete clean-up is expected to take eight to 10 days, according to an Indian coast guard spokesman.BW Maple, with a total capacity of 82,000 cubic metres of liquefied petroleum gas, was half full when it collided near Chennai with the Indian ship Dawn Kanchipuram on Saturday.The port spokesman said the sludge - a mixture of oil, water and sand - has travelled over 18 miles, polluting the Marina Beach, one of the world''s longest.Reuters Television footage showed black layers of oil floating near the shoreline, with buckets being used by volunteers and coast guard officials to clean up the sludge.No one at Darya Shipmanagement Pvt Ltd., owner of the Indian vessel or the Oslo-listed company BW LPG were immediately available for comment.(Reporting by Sudarshan Varadhan in New Delhi; Editing by Greg Mahlich)'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/india-oilspill-idINKBN15I20J'|'2017-02-03T12:05:00.000+02:00'
'17b37ee75b1ae406491c4bda458b326cba52385e'|'ECB unconvinced by inflation surge, pledges continued support'|'Business News - Thu Feb 2, 2017 - 6:34pm GMT ECB unconvinced by inflation surge, pledges continued support FILE PHOTO: The European Central Bank (ECB) headquarters is pictured in Frankfurt, Germany, January 21, 2015. REUTERS/Kai Pfaffenbach/File Photo By Balazs Koranyi and Francesco Canepa - FRANKFURT FRANKFURT The rapid rise in euro zone inflation is still temporary and the European Central Bank will keep looking through such blips, unswayed by short-term swings in economic data, the bank''s chief economist said on Thursday. With inflation surging well past expectations last month, calls have increased for the bank to claw back stimulus and start phasing out its unprecedented 2.3 trillion euro stimulus programme that has kept borrowing costs at record lows for years. But the rise is almost entirely due to oil higher oil prices and ECB chief economist Peter Praet argued that underlying price growth is still weak, requiring more ECB help. "The ups and downs of monthly data are not relevant if they are temporary and have no implications for the medium term outlook for price stability," Praet, who sits on the ECB''s Executive Board, said in Berlin. "Continued monetary policy support is necessary." "The current environment still falls short of a sustained adjustment in the path of inflation to levels closer to 2 percent over the medium term," Praet said. "It will take time for inflation to stabilise around levels consistent with our price stability objective." Convincing sceptical Germans may be his toughest job. With inflation likely to exceed the ECB''s target this year, real interest rates are in negative territory, a politically sensitive issue in Berlin, especially as the government prepares for elections in September. Lending Praet some unexpected support, the chief economist of the traditionally hawkish Bundesbank also said that the time was not yet right for tapering or winding down the asset buys, given stubbornly weak underlying prices. "I cannot see a reason to reduce the degree of the monetary stimulus for now," Jens Ulbrich said. Tensions may still rise, however, especially as the ECB has already extended its asset buying programme until the end of year, even while reducing purchases by a quarter from April. Praet added that tariffs on imports and other protectionist proposals from the new U.S. administration are also alarming, with potential implications for the economic outlook. "I am worried about the signals we get from the U.S. But still, at the end of the day we hope it will be reasonable," he said. Euro zone inflation rose to 1.8 percent last month, essentially meeting the ECB''s target, but core inflation was only half that figure, holding steady with little sign that price pressures are building. "The ECB will continue to adhere to its monetary policy strategy, that is look through transitory changes in inflation and remain focused on underlying inflation dynamics," he said. The ECB estimates that higher oil prices will add more than 40 basis points to inflation by February but the cumulative impact will then gradually wane. (Additional reporting by Andreas Framke, Paul Carrel and Joseph Nasr; Editing by Catherine Evans) Next In Business News EU set to approve ChemChina''s $43 billion bid for Syngenta - sources BRUSSELS ChemChina [CNNCC.UL] is set to secure conditional EU antitrust approval for its $43 billion (34 billion pound) bid for Swiss pesticides and seeds group Syngenta , the largest foreign acquisition by a Chinese company, two people familiar with the matter said on Thursday.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ecb-policy-inflation-idUKKBN15H0SZ'|'2017-02-03T01:34:00.000+02:00'
'275f37670d723040224e02fed315354918f3fd11'|'BRIEF-La-Z-Boy to invest in Dayton, TN Manufacturing Campus'|' 29pm EST BRIEF-La-Z-Boy to invest in Dayton, TN Manufacturing Campus Feb 2 La-Z-Boy Inc * La-Z-Boy to invest in Dayton, TN Manufacturing Campus * La-Z-Boy inc - To invest approximately $26 million over a three-year period in its largest U.S. manufacturing facility, located in Dayton, Tennessee  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1FN0Z3'|'2017-02-03T04:29:00.000+02:00'
'dbaa66c918c16041217ded64dc194c042a6554f1'|'AFRICA-FX-Nigeria''s naira, Ghana''s cedi to steady as regulators step in'|'Financials  44am EST AFRICA-FX-Nigeria''s naira, Ghana''s cedi to steady as regulators step in JOHANNESBURG Feb 2 Nigeria''s naira, Ghanaian cedi set to steady in the coming week as regulators step in to meet forex shortages, while a weaker dollar is seen boosting other African currencies. NIGERIA Nigeria''s naira is expected to trade within a recent range after the central bank released around $660 million to quench greenback shortages in Africa''s biggest economy. The naira was quoted at 498 to the dollar on the parallel market, the same as last week, while banks quoted the currency at 314.50/dollar on the official interbank window. The unit is seen closing around 305 to the dollar, the same level it has traded at since August. "The pressure on the market has reduced slightly because of the recent dollar sales by the central bank to clear part of the backlog of demand and the regular sales to bureaux de change by Travelex," one trader said. On Wednesday, Nigeria sold dollars in a special auction aimed at clearing the backlog of dollar obligations of manufacturers, airlines, the agriculture and petroleum sectors. ZAMBIA Zambia''s kwacha is expected to remain firm, albeit in a narrow range, as demand for the dollar eased significantly while supply ticked up. "In the days ahead, we expect the kwacha to remain bullish as demand for dollar had significantly eased while we continue to see an improvement on the supply side," said a currency dealer at one of the commercial banks in the capital Lusaka. "We expect it to trade next week in the range of 9.84 and 9.90 against the dollar." GHANA Ghana''s cedi could steady next week on improving dollar sales by the central bank and mining firms to offset persistently high demand for forex from offshore investors, analysts said. The cedi, under pressure since mid-January, plunged to a record low of 4.3850 per dollar mid-morning on Thursday, after the new government said it inherited undisclosed debt arrears of about $1.6 billion and a budget deficit of around 10 percent. "There are signs the government is now wary of market sensitivity to its comments and is taking measures to calm the markets," a currency dealer at a leading bank in Accra said. "We are also seeing increased forex offers that could help steady the currency in the weeks ahead," the dealer said. KENYA The Kenyan shilling is expected to trade in a tight range in the week ahead as the market assesses the potential impact of external developments, especially weakness in the U.S. dollar. At 0920 GMT, commercial banks posted the shilling at 103.80/90, slightly up from 103.85/104.05 last week. Traders said the shilling would trade in a band of 103.50-104.00. UGANDA The Ugandan shilling is expected to remain stable next week amid thin demand from importers and supported by some inflows of foreign exchange from Ugandans working abroad as well as commodity exporters. At 1107 GMT commercial banks quoted the shilling at 3,580/3,590, little changed from last Wednesday''s close of 3,585/3,595. Last Thursday markets were closed in Uganda for a public holiday. "Importer appetite is pretty flat but on the other hand some flows are coming in from commodity exporters. Some remittances are also trickling in," said David Bagambe, a trader at Diamond Trust Bank. Bagambe added that the shilling would likely hover between 3,575 and 3,625. TANZANIA The Tanzanian shilling is seen trading in a stable range next week, amid slack demand for dollars. Commercial banks quoted the shilling at 2,230/2,240 to the dollar on Thursday, weaker than 2,225/2,235 a week ago. "We expect the shilling to be fairly stable next week due to the prevailing sluggish demand for dollars and support from the central bank," said a trader at a commercial bank. "However, it could weaken if we get strong demand for dollars," the trader said. (Reporting by Duncan Miriri, Kwasi Kpodo, Oludare Mayowa, Elias Biryabarema, Chiwoyu Sinyangwe and Edmund Blair; Com
'1908f0abb70578c0a21c4a431a6c86240c78c0b4'|'Bumper start to 2017 pushes British M&A to nine-year high'|'Business News - Thu Feb 2, 2017 - 7:04pm GMT Bumper start to 2017 pushes British M&A to nine-year high Reckitt Benckiser CEO Rakesh Kapoor speaks during the Reuters Global Consumer and Retail Summit in London, Britain September 11, 2013. REUTERS/Benjamin Beavan/File Photo - RTX2MKMQ By Pamela Barbaglia - LONDON LONDON Britain has had its strongest start to the year for M&A activity since 2008 on the back of a spate of big deals, a sign that some businesses are trying to plan for a more uncertain future outside the European Union. British consumer goods company Reckitt Benckiser''s ( RB.L ) $16.7 billion (13 billion pound) bid for U.S. baby formula maker Mead Johnson Nutrition ( MJN.N ) on Thursday, pushed the value of deals announced so far this year to almost $35 billion, according to Thomson Reuters data, the highest in nine years. Bankers say fears of an economic slowdown after Britain leaves the EU has put pressure on companies to secure growth in new markets and business areas, making them more open to large deals than they were before the June vote on EU membership. "Brexit is a long-term structural shift which needs to be addressed now," Dwayne Lysaght, head of UK M&A at JPMorgan, said. "M&A has its risks but strategically sound, well-financed and properly implemented takeovers have enormous benefits in the long run." Last week, Britain''s biggest retailer Tesco ( TSCO.L ) announced a 3.7 billion pound takeover of food supplier Booker, increasing its exposure to the fast-growing catering sector. That was followed by a long-awaited announcement by Royal Dutch Shell ( RDSa.L ) that it was selling a package of oil and gas fields to private equity-backed Chrysaor for up to $3.8 billion. "Of course there may be bumps in the road with Brexit but CEOs are seeing the glass half full," said Pieter-Jan Bouten, managing director at boutique investment bank Greenhill ( GHL.N ), which acted as lead adviser to Tesco on its purchase of Booker. Most of the companies announcing takeovers, including Tesco and Reckitt, have seen their share prices rise when their deals became public, pushing bankers to tout the benefits of doing transactions now. Outbound M&A, where British firms buy companies or assets overseas, has risen 548 percent so far this year, with deals valued at $19.5 billion, while inbound M&A has dropped 63 percent to $2.4 billion, Thomson Reuters data shows. Last year, the fall in the pound to a 31-year low after the Brexit vote was followed by SoftBank''s ( 9984.T ) $32 billion swoop on chip designer ARM Holdings, raising the prospect that foreign companies were looking to buy up British firms on the cheap. But bankers said the threat of becoming a takeover target has prompted other British companies to go on the offensive. "UK Plc want to be in control of their own destiny, rather than waiting to see what is going to happen and risking becoming prey," Bouten said. (Reporting By Pamela Barbaglia. Editing by Jane Merriman) Next In Business News EU set to approve ChemChina''s $43 billion bid for Syngenta - sources BRUSSELS ChemChina [CNNCC.UL] is set to secure conditional EU antitrust approval for its $43 billion (34 billion pound) bid for Swiss pesticides and seeds group Syngenta , the largest foreign acquisition by a Chinese company, two people familiar with the matter said on Thursday.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-m-a-idUKKBN15H2J6'|'2017-02-03T02:04:00.000+02:00'
'8f47d2fabb3a90ccc9296f54d2546b34f2a3e1f2'|'Reckitt Benckiser in talks to buy Mead Johnson Nutrition - WSJ'|'Funds   7:06pm EST Reckitt Benckiser in talks to buy Mead Johnson Nutrition - WSJ Feb 1 UK consumer giant Reckitt Benckiser Group Plc is in talks to buy baby-food maker Mead Johnson Nutrition Co, The Wall Street Journal reported, citing sources. Terms of the potential deal were unclear, people familiar with the matter told the newspaper. ( on.wsj.com/2kSNSDU ) Mead Johnson, which was valued at $12.84 billion as of Wednesday''s close, could fetch more than $15 billion with a takeover premium, the Journal reported. As with all such negotiations, the talks could fall apart before a deal is reached, the newspaper said. Neither company was immediately available for comment. (Reporting by Sruthi Shankar in Bengaluru; Editing by Alan Crosby) Next In Funds News Gundlach''s Doubleline Total Return Fund posts $1 bln outflow -Morningstar NEW YORK, Feb 1 The DoubleLine Total Return Bond Fund posted a net outflow of $1 billion in January, its third straight net cash withdrawal after it bled $3.5 billion the previous month, data from research firm Morningstar showed on Wednesday.'|'reuters.com'|'http://feeds.reuters.com/reuters/mergersNews'|'http://www.reuters.com/article/mead-johnson-ma-reckitt-benc-grp-idUSL4N1FM4SR'|'2017-02-02T07:06:00.000+02:00'
'305a1b65de3d4d002efe6e7913af94bd5f9c7fc1'|'Lockheed Martin backs UK cyber-training initiative'|'Aerospace & Defense - Fri Feb 3, 2017 - 10:27am EST Lockheed Martin backs UK cyber-training initiative FILE PHOTO - A RAF Lockheed Martin F-35B fighter jet taxis along a runway after landing at the Royal International Air Tattoo at Fairford, Britain July 8, 2016. REUTERS/Peter Nicholls/File Photo LONDON The British arm of U.S. defense major Lockheed Martin ( LMT.N ) said on Friday it would back a UK government initiative to train students in cyber security to combat a growing skills gap in the area. Through the UK government''s CyberFirst initiative, Lockheed Martin will sponsor a number of students across a three-year period and provide them with work placements during their studies. "There''s an emerging cyber skills gap and it''s vital that this gap is addressed," said Peter Ruddock, chief executive of Lockheed Martin UK. "Supporting CyberFirst will become an integral part of our work to maintain Britain''s cyber defenses ..." Launched in May 2016, CyberFirst is a work-study program in online security targeted at students who are about to start university or are in their first year and run by the UK''s National Cyber Security Centre (NCSC). Earlier on Friday, a parliamentary report said the British government is taking too long to consolidate co-ordinate an "alphabet soup" of agencies tasked with information protection. (Reporting by Ritvik Carvalho; editing by Stephen Addison) Next In Aerospace & Defense'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-britain-cyber-lockheed-idUSKBN15I23L'|'2017-02-03T22:27:00.000+02:00'
'4d876859f4d612de849f65058d9441d1241119e8'|'UPDATE 2-Freeport warns of Indonesian cuts if export approval delayed'|'Commodities  50am EST Freeport warns of Indonesian cuts if export approval delayed By Susan Taylor - TORONTO TORONTO Freeport-McMoRan Inc, the world''s biggest public-listed copper miner, said on Friday it will need to cut staff and development spending in Indonesia if the government there continues to delay export approval of its copper concentrates. The Phoenix-based miner said it has the right to export copper concentrate from its Grasberg mine without restriction or export duties under its current contract, and was considering alternatives to enforce its rights. Freeport said it continues to work with the Indonesian government to resolve the issue. Exports of its copper concentrate were halted Jan. 12, when a ban on shipping semi-processed ore out of the Southeast Asian country came into effect to boost the local smelter industry. Freeport shares dropped nearly 2.9 percent in early trade on Friday to $16.33. Last week, the stock shed nearly 6 percent after the company reported disappointing financial results and cut its 2017 copper and gold production forecast. For every month that it awaits export approval, Freeport said its share of production will be reduced by about 70 million pounds of copper and 70,000 ounces of gold. Bolstering a warning it made last week, Freeport said if the export delay continues, it would need to make "near-term" production cuts to match capacity at its smelter, which processes about 40 percent of its concentrate production. The company said it also would need to "significantly adjust its cost structure," reduce staffing, investments on underground development projects and a new smelter, and spending with suppliers. Delays for another new export license, for anode slimes required in smelter operations, could further hurt operations, Freeport said. To gain a new special mining license, Freeport must agree to pay taxes and royalties that it is currently exempt from and divest up to 51 percent of its Indonesian unit, up from 30 percent under current rules. To date, it has divested only 9.36 percent. (Reporting by Susan Taylor; Editing by Bernadette Baum) Next In Commodities Indian authorities impound ships, detain crew over oil spill Port authorities in Chennai have impounded a BW LPG vessel and a local ship carrying heavy fuel oil, and detained their crews, a spokesman for the port said on Friday, after their collision last week caused an oil spill affecting marine life and local fishing.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-indonesia-freeport-mcmoran-idUSKBN15I1YZ'|'2017-02-03T22:49:00.000+02:00'
'c74917e0fc0cca386aa4f97f69958a4bda0c29f5'|'Battered Toshiba seeks exit from UK, India in nuclear retreat - sources'|'Global Energy News - Fri Feb 3, 2017 - 8:09am GMT Battered Toshiba seeks exit from UK, India in nuclear retreat - sources The logo of Toshiba Corp is seen behind a traffic signal at its headquarters in Tokyo, Japan January 27, 2017. REUTERS/Toru Hanai By Geert De Clercq and Kentaro Hamada - LONDON/TOKYO LONDON/TOKYO Toshiba Corp plans to withdraw from its lead role in projects to build nuclear plants in Britain and India, sources with direct knowledge of the matter said, marking a retreat as it wrestles with an imminent multi-billion dollar writedown. Such a move would leave Toshiba''s U.S.-based Westinghouse focused on the much narrower field of nuclear reactors and services, rather than civil engineering for nuclear power plants, or their construction, the sources said. But it would throw into question the future of a key plank in Britain''s plans to replace ageing nuclear reactors, and the future of India''s biggest nuclear project to date. Toshiba became one of the nuclear sector''s biggest players with the purchase of Westinghouse in 2006, the height of a short-lived boom. But the industry was left battered by the 2011 Fukushima nuclear disaster and Toshiba''s woes have only deepened - first with a 2015 accounting scandal and now damaging cost overruns at U.S. projects. Sources familiar with the matter have said the writedown on the U.S. business - set to be detailed on Feb. 14 when Toshiba reports earnings - could be around $6 billion, wiping out the group''s shareholder equity. NuGen, a Toshiba-led venture with French utility Engie, was set up to build three AP1000 nuclear reactors designed by the Japanese conglomerate''s Westinghouse unit at the Moorside site on the coast of Cumbria. But the $15 billion-$20 billion investment is now an impossible financial burden for Toshiba to help shoulder, one of the sources said, adding it had not yet notified the UK government. Two of the sources said Engie also wants to pull out of NuGen, as new Chief Executive Isabelle Kocher does not want to invest in new nuclear projects. Engie declined to comment. That could leave Britain searching for new backers. "It has to be someone with a big cheque book. The real question for London is to what extent should this be a private sector venture anyway," said one veteran adviser. One of the sources said Toshiba was considering a full exit from the NuGen project, in which it currently has a 60 percent stake, but would take a firm decision once it had completed the sale of a stake in its memory chips business. That sale was announced last month but started on Friday. All three sources with knowledge of the matter declined to be identified as they were not authorised to speak to the media. A Toshiba spokesman said it was reviewing all its nuclear power business outside Japan. "Nothing has been decided at this time, including the impact on our Moorside nuclear project." NuGen declined to comment. OUT OF INDIA In India, Westinghouse has also been in talks with state-owned Nuclear Power Corporation of India about a contract to build six AP1000s, a project strongly backed by both Prime Minister Narendra Modi and former U.S. President Barack Obama. The three sources said that was now almost impossible. "The Indian government was happy to have one sole counterpart, but this cannot continue," the first source said, adding that either an Indian civil engineering group or a foreign, possibly American, group would have to step in to negotiate, oversee and eventually finance the project. Westinghouse would instead just provide nuclear equipment, the source said. Representatives for India''s state-run nuclear body and the Ministry of External Affairs did not immediately respond to requests for comment. Westinghouse has traditionally been a builder of nuclear reactors, not entire nuclear power plants including steam turbines, generators and transformers. But as tightening safety regulations following Fukushima made building nuclear pla
'162fe1b99519799bb19a8b76cd3837196adda3a2'|'UPDATE 1-Dutch court declines to put Oi units into bankruptcy proceedings'|'(Tweaks lead and headline, adds details of Oi statement)SAO PAULO Feb 2 A court in the Netherlands on Thursday decided that two subsidiaries of debt-laden Brazilian phone carrier Oi SA would not start bankruptcy proceedings, the company said in a securities filing.The filing confirmed a Reuters report that Oi Brasil Holdings Co<43>peratief UA and Portugal Telecom International Finance BV, would remain operating under "suspension of payments" legal status.Creditors had sought to convert the companies'' status from "suspension of payments" to bankruptcy proceedingsOi''s two Dutch subsidiaries issued about 5.8 billion euros ($6.2 billion) of debt, representing most of the company''s outstanding bond debt of approximately 8.5 billion euros.The company did not provide additional details of the court decision, saying it did not have access to a full translation of the Dutch ruling.Rio de Janeiro-based Oi made Brazil''s largest ever bankruptcy filing in June, and is seeking to restructure about 65 billion reais ($20.8 billion) of bond, bank and regulatory liabilities.($1 = 3.12 reais) (Reporting by Ana Mano; Editing by Cynthia Osterman)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/oi-sa-restructuring-netherlands-bankrupt-idUSL1N1FN1YB'|'2017-02-03T01:16:00.000+02:00'
'8788d0063d97141c34fba971225a3a4a48529742'|'UK agency says Pfizer breast cancer drug too expensive'|' 26am GMT UK agency says Pfizer breast cancer drug too expensive The Pfizer logo is seen at their world headquarters in New York April 28, 2014. REUTERS/Andrew Kelly/File photo LONDON Pfizer''s ( PFE.N ) breast cancer drug Ibrance, or palbociclib, is too expensive to justify its use on Britain''s state-run health service, the country''s healthcare cost-effectiveness watchdog said on Friday. The National Institute for Health and Care Excellence (NICE) said in draft guidance that although the medicine was likely to offer some improvement in overall survival, this could not be quantified from clinical trials. "Even when allowing for these potential benefits, it was still not enough to make palbociclib cost effective at its current price," Carole Longson, director of NICE''s centre for health technology assessment, said in a statement on Friday. Ibrance''s list price is 2,950 pounds per 28 days. Pfizer UK''s oncology head David Montgomery noted that the NICE decision was not final decision and said the U.S. drugmaker was committed to working to try and find a solution to make the drug available. (Reporting by Ben Hirschler, editing by Pritha Sarkar)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-pfizer-britain-cancer-idUKKBN15I01F'|'2017-02-03T07:26:00.000+02:00'
'b720365ebb78390af7fca05119fa982c9b781015'|'Oil edges up as U.S. could be set to issue new Iran sanctions'|'Commodities - Thu Feb 2, 2017 - 7:52pm EST Oil edges up as U.S. could be set to issue new Iran sanctions left right A worker checks the valves at Al-Sheiba oil refinery in Basra, Iraq, January 26, 2016. REUTERS/Essam Al-Sudani/File Photo 1/2 left right Workers stand behind a yellow tape at a Pemex petrol station closed due to fuel shortage, caused by a blockade of a storage site by demonstrators protesting a gasoline price hike, at the border city of Mexicali, Mexico, January 10, 2017. REUTERS/Stringer 2/2 TOKYO Oil prices edged up on Friday on news that U.S. President Donald Trump could be poised to impose new sanctions on multiple Iranian entities, firing geopolitical tensions between the two nations. Reuters reported that the U.S. administration is prepared to roll out new measures against more than two dozen Iranian targets following Tehran''s ballistic missile test, according to sources, but the package was formulated in a way that would not violate the 2015 Iran nuclear deal. NYMEX crude for March delivery was up 37 cents at $53.91 a barrel, after settling down 34 cents on Thursday. For the week, the contract is up a little over 1 percent. London Brent crude had yet to trade after settling down 24 cents at $56.56. Global oil output was cut by 1.4 million barrels per day (bpd) last month, Russian energy minister Alexander Novak said, as part of the deal last year between the Organization of the Petroleum Exporting Countries (OPEC) and other producers led by Russia. Novak said Russian companies may cut oil production quicker than had been initially agreed with OPEC and added that he expected the market to rebalance by the middle of this year. (Reporting by Osamu Tsukimori; Editing by Joseph Radford) Next In Commodities Exclusive: Brazil to ease foreign land ownership with restrictions: minister BRASILIA Brazil should push through a bill in the first of half of this year to ease limits on foreign purchases of agricultural land in a bid to rekindle economic growth, the agriculture minister said in an interview, adding it would be accompanied by measures to prevent speculation and ensure farms are not left idle. In avocado country, Mexicans not afraid of Trump tariff threats URUAPAN, Mexico Avocado farmers in the rolling hillsides of Mexico''s Michoacan state are not worried for now by U.S. President Donald Trump''s threats to tear up a trade deal which could make the favorite snack of Super Bowl viewers more expensive. WASHINGTON The U.S. Congress moved swiftly on Thursday to undo Obama-era rules on the environment, corruption, labor and guns, with the Senate wiping from the books a rule aimed at reducing water pollution. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-global-oil-idUSKBN15I03P'|'2017-02-03T07:52:00.000+02:00'
'68c0bfe93ccb0a8f603bc0e4802bec0cb2056b24'|'Asian stocks shaky ahead of U.S. jobs data, China markets'|' 58am GMT Asian   left right A billboard displays the morning trading on the first day of trade after Lunar New Year at the Hong Kong Exchanges in Hong Kong February 1, 2017. REUTERS/Bobby Yip 1/3 left right People are seen behind an electronic board showing stock prices after the New Year opening ceremony at the Tokyo Stock Exchange (TSE), held to wish for the success of Japan''s stock market, in Tokyo, Japan, January 4, 2017. REUTERS/Kim Kyung-Hoon 2/3 left right A man stands next to an electronic stock board at the Indonesia Stock Exchange in Jakarta, Indonesia November 11, 2016. REUTERS/Iqro Rinaldi 3/3   MSCI''s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS was flat after touching its highest level since mid-October in the previous session. Morning trade in markets such as Australia was broadly steady, while Japan''s Nikkei share average was up 0.6 percent. "A strong reading in the payrolls data above 200,000 coupled with a rise in wage growth could put the March 15th (Federal Reserve) meeting in serious contention for a hike despite uncertainty around the potential flow on effects from Trump<6D>s stated economic policies," James Woods, global investment analyst at Rivkin Securities in Sydney. According to a Reuters survey of economists, nonfarm payrolls probably increased by 175,000 jobs last month, picking up from the 156,000 jobs added in December. The unemployment rate is expected to be unchanged at 4.7 percent in January, near a nine-year low. The S&P 500 settled at levels around six weeks ago, losing steam due to lingering investor anxiety about   Trump''s aggressive policies, such as restricting travel to the United States and rewriting trade deals. The Fed held interest rates steady on Wednesday in its first meeting since Trump took office, but painted a relatively upbeat picture of the U.S. economy that suggested it was on track to tighten monetary policy this year. Markets had run up sharply following Trump''s Nov. 8 election win on the expectation that tax cuts, deregulation and a fiscal stimulus would accelerate economic growth. [.N] China''s markets reopen trade after a week long holiday with investors wary that a slowing economy may force investors to lock in profits. In Hong Kong, the benchmark index .HSI fell on Thursday, led by property firms and casino companies. In currency markets, the dollar was pinned near its weakest level against a basket of major rivals since mid-November .DXY amid uncertainty about the Trump''s administration mixed comments on the greenback. The Australian dollar AUD= gave back some of its strong gains on Thursday after a record December trade surplus burnished its appeal among foreign investors. It was trading at 0.7653 per dollar after hitting a high of 0.7696 per dollar in the previous session. Oil prices were broadly flat as traders grew less concerned about   United States and Iran. Brent LCOc1 futures settled around $56.56 a barrel. [O/R] (Reporting by Saikat Chatterjee; Editing by Shri Navaratnam)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-global-markets-idUKKBN15I047'|'2017-02-03T07:55:00.000+02:00'
'81b2474a199768f4539d2593e2c1726baa66c72c'|'Amazon shares dip as cloud revenue misses Street; analysts still upbeat'|'Technology News - Fri Feb 3, 2017 - 10:46am EST Amazon shares dip as cloud revenue misses Street; analysts still upbeat Amazon.com''s logo is seen at Amazon Japan''s office building in Tokyo, Japan, August 8, 2016. REUTERS/Kim Kyung-Hoon By Rishika Sadam Amazon.com Inc''s ( AMZN.O ) shares fell as much as 4.2 percent on Friday after the company missed Wall Street targets for its closely watched cloud computing business. Shares fell to $804 in early trading, a day after the company reported lower-than-expected fourth-quarter revenue and said it would continue to spend heavily this year, as it looks to take control of its delivery chain and expand its video service around the world. At least six brokerages cut their price targets on the stock, bringing the median target price to $925. "This is the first time we can recall that AWS (Amazon Web Services) revenue has missed Street numbers," RBC analysts said in a note. "One likely explanation for the miss could be the seven price cuts in the quarter and that took effect on December 1st." Amazon competes with Microsoft Corp ( MSFT.O ) and Google-parent Alphabet Inc ( GOOGL.O ) in cloud computing, and all three companies have been cutting prices to attract more customers who are moving to cloud for the first time. Amazon Web Services, the company''s fast-growing and lucrative cloud business, posted a 47 percent jump in revenue to $3.54 billion, but fell short of the average analyst estimate of $3.60 billion, according to FactSet StreetAccount. However, analysts were largely unconcerned about the company''s spending plans, and instead focused on its longer term prospects. Amazon''s rising investments have been a worry for investors, but for the most part they have bought into founder and Chief Executive Jeff Bezos''s vision of building the business over turning profits. "Amazon''s initial investment in countries such as India is already bearing fruit, and the launch of Amazon Prime in China could be a meaningful tailwind going forward if Amazon can scale their efforts in the region through accretive investment," Benchmark analyst Daniel Kurnos said in a note. The company''s stock, which had risen nearly 53 percent in the past twelve months, hit a record high in October. The stock trades at 97 times forward earnings. Microsoft trades at 21.3 and video streaming pioneer Netflix Inc ( NFLX.O ) trades at 126.6. Of the 47 brokerages covering the stock, 42 have "buy" or higher ratings. (Reporting by Rishika Sadam in Bengaluru; Editing by Sayantani Ghosh) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-amazon-com-results-research-idUSKBN15I272'|'2017-02-03T22:46:00.000+02:00'
'78a051cebc369e46fed57b58f08f8f736f58fbec'|'Europe without Merkel? Investors think through another ''surprise'''|'Business News - Fri Feb 3, 2017 - 10:20am EST Europe without Merkel? Investors think through another ''surprise'' FILE PHOTO: German Chancellor Angela Merkel addresses the media at the Chancellery in Berlin, Germany, January 18, 2017. REUTERS/Fabrizio Bensch/File Photo By Marc Jones and Paul Carrel - LONDON/BERLIN LONDON/BERLIN A serious challenger to German Chancellor Angela Merkel is forcing global investors to parse another potential electoral surprise - removal of a key political constant through years of euro zone turbulence but also an end to Europe''s austerity bias. Martin Schulz''s appointment as the Social Democrats'' (SPD) candidate to run against Merkel has energized Germany''s September election race and those in his party daring to think they could unseat her. He remains the underdog, but polls show him pulling closer by the day. One published on Thursday gave just a six point gap between Merkel''s alliance and the SPD. It said Schulz far outstripped her in one-on-one popularity. That is an unnerving prospect for some investors now accustomed to Merkel''s generally steady handling of Europe''s rolling crises that has contributed to triple-digit gains from German stocks .GDAXI to Portuguese bonds. PT10YT=TWEB Just a few weeks ago, Larry Fink, head of the world''s biggest asset manager BlackRock, praised "the moral leadership Chancellor Merkel and Germany have played in an increasingly discordant world," adding that he hoped it would continue. Schulz, a former European Parliament president, though, is looking to shake things up. Having seen his party wither during its time as the junior partner in a ''grand coalition'' with Merkel''s conservative alliance, he is vowing to fight for fairer tax rules, higher wages, better education and to overcome the "deep divisions" that have fueled populism. Financial markets will see that as a nod to loosening the fiscal purse strings - no problem for a major economy with a large surplus and probably good for European stocks, although not so great for bonds if it fuels inflation. One lesson for investors from 2016 was that political shocks from the U.S. election of Donald Trump and Britain''s vote to leave the EU did not crash markets. In part that''s because growth-friendly fiscal policies have come to the fore, away from an over-reliance on maxed out monetary policy. A change in Germany could also help ease international strains about its budget and trade surpluses that surfaced again this week when Donald Trump''s trade advisor lashed out at the boost German exporters gets from a "grossly undervalued" euro. Another question for international investors will be what happens to Wolfgang Schaeuble''s tough stance on financial aid for Greece if the veteran finance minister is replaced. They will want to know if Schulz could end the push for austerity in Europe and take aim at the European Central Bank''s money printing program and the sub-zero interest rates that have been crushing German savers. "If you read between the lines, the Merkel administration has been very supportive of the ECB''s actions," said Tim Barker, Head of Credit at Old Mutual Global Investors. "Were she not to be in power, would that support remain? We don''t know the answer." EUROPEAN DNA Schulz is unsurprisingly pro European. He told Der Spiegel magazine in 2012 the introduction of common ''euro bonds'' across the single currency bloc would be the best way to reduce the interest burden on indebted countries in the south, though he said this was "a theoretical debate" as northern countries didn''t want them. Greek, Italian, Spanish and Portuguese bonds have all been underperforming this year on nervousness about ECB policy and rising anti-euro sentiment several countries including France. JP Morgan Asset Management''s Tilmann Galler said with "European DNA running through his political career," Schulz might be the antidote. Any rally could easily reverse if it opened the government borrowing
'0389ab468349591337395fd1781b2620ae309200'|'World business grows as it faces upcoming risks'|'Business  36pm GMT World business grows as it faces upcoming risks left right FILE PHOTO: A customer shops in a Casino supermarket in Nice, France, January 16, 2017. REUTERS/Eric Gaillard/File Photo 1/3 left right FILE PHOTO: A tree is seen surrounded by plastic pipes at a factory in Jiaxing, Zhejiang province, China January 12, 2017. REUTERS/Aly Song /File Photo 2/3 left right FILE PHOTO: A waiter carries plates of food for customers at the Britannia and Co. restaurant in Mumbai September 19, 2013. REUTERS/Danish Siddiqui/File Photo 3/3 By Jonathan Cable - LONDON LONDON Global businesses started 2017 on a solid footing, surveys showed on Friday, thriving ahead of a myriad of political risks in the coming year. Fears of a growing protectionist agenda in the United States, whether national elections across Europe upset the status quo and just how fractious Britain''s divorce proceedings from the European Union become, are all expected to weigh in the months ahead. Yet so far those risks seem to have been mostly ignored with firms from Asia to Europe to the United States increasing or at least largely maintaining activity. Euro zone businesses started 2017 by increasing activity at the same multi-year record pace they set in December while the U.S. non-farm payroll report showed job growth surging more than expected in January as construction firms and retailers ramped up hiring. "Overall while this report is further evidence that the (U.S.) labor market is buoyant the continued slow pace of wage growth means that the (Federal Reserve) will feel under no great pressure to step up the pace of monetary tightening," economists at Lloyds Bank told clients in a note. China''s factory activity grew for a seventh month and while India''s services business contracted for a third month as firms struggled to recover from a government crackdown on currency in circulation, the pace slowed. "The outlook for this year is reasonably bright despite all the risks. The numbers for January have generally been quite positive," said Andrew Kenningham, chief global economist at Capital Economics. Growth in Britain''s services sector slowed for the first time in four months in January, dipping just below its long-run average, as businesses battled the sharpest rise in costs in more than five years. But on Thursday the Bank of England sharply revised up its growth forecast for 2017 to 2.0 percent, a view held by only the most optimistic forecaster in a Reuters poll of 50 economists taken last month. Britain''s economy unexpectedly outpaced all its major peers last year, wrongfooting those who expected an immediate hit from June''s Brexit vote. The Markit/CIPS British services Purchasing Managers'' Index dropped to a three-month low of 54.5 last month from December''s 15-month high, at the bottom end of a range of forecasts in a Reuters poll of economists, but Markit said the PMIs still point to first quarter growth of 0.5 percent. "Despite the slightly disappointing outcome this remains a very strong report," said James Knightley, senior economist at ING. IHS Markit''s final composite PMI for the euro zone, seen as a good guide to growth, held at 54.4. It has not been higher since May 2011 and has remained above the 50 mark dividing growth from contraction since mid-2013. That points to first quarter expansion of 0.4 percent, Markit said, matching the median prediction in a Reuters poll. A similar survey from the U.S. showed non-manufacturing growth dipped marginally last month. China''s factory activity expanded for the seventh straight month in January, giving Beijing more room to tackle chronic imbalances in the economy. The Caixin/Markit Manufacturing PMI fell to 51.0. The world''s second largest economy has seen a broad-based pickup in recent months, with fourth-quarter GDP beating expectations due largely to a strong housing market and higher government spending on infrastructure projects. A recovery in the country''s "smokestack" industries has a
'f88c0e9e303f8066693558728a01aabffddf0b22'|'Brazil''s Movida cuts IPO price floor to save deal: sources'|'By Guillermo Parra-Bernal and Bruno Federowski - SAO PAULO SAO PAULO Brazilian rental car firm Movida Participa<70><61>es SA has cut the bottom of a suggested price range for an initial public offering slated for Monday, a sign investors still have the upper hand in pricing new listings amid uncertainty over the government''s reform agenda.According to five people with direct knowledge of the decision, Movida and bankers working on the IPO have notified potential bidders that the lowest end of the price range was reduced to 7.50 reais a share from the original 8.90 reais. The deadline for making firm bids on the deal is later on Friday.One of the people, who requested anonymity since the deal is in the works, said demand for Movida''s shares is holding up satisfactorily at the new suggested price floor. Movida expected to raise as much as 1.184 billion reais ($378 million) with the deal.But the change is a setback for Movida and its top shareholder, JSL SA ( JSLG3.SA ), which worked on the listing for months and had robust informal backing from investors lured by the rent-a-car firm''s rapid growth and aggressive taking of market share.Still, sources told Reuters earlier this week that bids at the previous price floor would only cover a third of the offering."What happens is that we''re still at a time of uncertainty. Companies remain unable to get the prices they want, so institutional investors are taking advantage of this," one of the people said.The move also casts doubts on the ability of larger rival Unidas SA to complete its own Feb. 9 IPO, in which the company is seeking to fetch as much as 864 million reais.Movida declined to comment, citing a quiet period related to the IPO.CONFIDENCEThe competing IPO deals underscore the resilience of the car rental market in Brazil in the face of its harshest recession in eight decades, high unemployment and a slump in spending.According to some of the people, JSL is counting on the IPO to cut debt taken to finance Movida''s expansion and allow the rent-a-car firm to pay for future investments.The company said on Jan. 16 that the maximum end of the price range was 11.30 reais a share.Brazilian President Michel Temer''s push of an ambitious fiscal reform agenda has helped reignite confidence in Latin America''s largest economy, allowing its currency to stabilize and the central bank to aggressively cut interest rates.Temer replaced leftist Dilma Rousseff after her impeachment last year.With the implementation of Temer''s agenda still in the early stages, investors want more signs of execution before taking on additional risk in the country.Brazil''s benchmark Bovespa stock index .BVSP has moved off of a five-year peak touched earlier this week, as some investors believe recent gains have been overdone.($1 = 3.1303 reais)(Editing by Paul Simao)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-movida-participa-es-ipo-idINKBN15I24S'|'2017-02-03T12:35:00.000+02:00'
'348bfcae856bd5964f7be50926d33bdbe3035c56'|'China January factory activity grows for seventh month, but at slower pace - Caixin PMI'|'Fri Feb 3, 2017 - 2:10am GMT China January factory activity grows for seventh month, but at slower pace: Caixin PMI A woman works in the Tianye Tolian Heavy Industry Co. factory in Qinhuangdao in the QHD economic development zone, Hebei province, China December 2, 2016. REUTERS/Thomas Peter BEIJING China''s factory activity expanded for the seventh straight month in January, giving Beijing more room to tackle chronic imbalances in the economy, though the rate of growth slowed from December, a private survey showed on Friday. The Caixin/Markit Manufacturing Purchasing Managers'' index (PMI) fell to 51.0 on a seasonally adjusted basis, from 51.9 in December and missing analysts'' forecasts of 51.8. Despite missing estimates, the Caixin PMI showed China''s industrial sector continued to perform well in January, with factories enjoying their longest period of expansion since 2011. China''s economy has seen a broad-based pickup in recent months, with fourth-quarter GDP beating expectations due largely to a strong housing market and higher government spending on infrastructure projects. A recovery in the country''s "smokestack" industries has also been supported by government mandates to close down outdated production capacity in the coal and steel sectors, as well as a rebound in investment in the property sector that came amid a record flood of credit. The momentum continued in January, though there were signs of slowing from December, the Caixin PMI showed. China''s official PMI released on Feb. 1 showed the manufacturing sector expanded for the sixth month in a row in January, though also at a slightly slower pace from December. The Caixin PMI sub-index for output fell to 51.3, down from 53.7 in December and a four-month low. New order growth also eased to a four-month low, but new export orders rose at the fastest pace since September 2014, a welcome sign as China has lagged an export recovery which is being seen by some of its North Asian neighbors. Firms also continued to cut staff levels to control costs, the survey showed. Inflationary pressures remained sharp, with input and output prices continuing to see healthy gains, though again the speed of increases slowed. The factory PMI figures were seasonally adjusted, but economists and investors are generally cautious about China data early in the year due to the timing of the long Lunar New Year holidays, when many factories and offices shut. This year''s Lunar New Year fell relatively early, starting at the end of January, and China''s statistics bureau cited the holiday as a reason for the decline in the official PMI. The Caixin survey tends to focus more on small and mid-sized firms. But even as global demand shows signs of finally picking up, China and other Asian exporters face considerably uncertainty as new U.S. President Donald Trump signals he will take a tougher stance on trade. Trump has repeatedly targeted China as benefiting from unfair trade practices including government subsidies and keeping its currency undervalued. Trump and a top economics adviser on Tuesday unleashed a barrage of criticism against China, Germany and Japan, saying the three key U.S. trading partners were engaged in devaluing their currencies to the harm of American companies and consumers. Despite the pick-up in the fourth quarter last year, China''s economy also faces internal challenges as the leadership tries to clamp down on high debt levels and asset bubbles without impacting growth too much. "The Chinese economy maintained stable growth in January. But the sub-indices showed that the current growth momentum may be hard to sustain," said Zhengsheng Zhong, Director of Macroeconomic Analysis at CEBM Group, in a note with the PMI data." "We must remain wary of downward pressures on the economy this year." (Reporting by Elias Glenn; Editing by Kim Coghill) Up Next Volatility swoon opens up options market opportunities NEW YORK Whether you believe the 
'3f58afcffdabef4914a29228e43a9f564b8c5572'|'Preview: Japan''s economy seen expanding for fourth straight quarter, led by exports'|'By Kaori Kaneko - TOKYO TOKYO Japan''s economy was seen growing for a fourth straight quarter in October-December thanks to stronger exports and a pickup in capital spending, a Reuters poll found on Friday.Poll respondents saw the economy as likely continuing to recover even though uncertainty over the policies of U.S. President Donald Trump remains deep.The economy was expected to expand at an annualised rate of 1.1 percent in the fourth quarter, according to the poll of 20 analysts, after posting growth of 1.3 percent in the third quarter.Under those circumstances quarter-on-quarter growth would a 0.3 percent gain, unchanged from July-September."Data will likely confirm the economy is on a moderate recovery led by a pickup in overseas economies," said Hidenobu Tokuda, senior economist at Mizuho Research Institute."Japan''s economic recovery is expected to continue, helped by global economic growth and yen weakness. But downside risks are also high because of uncertainty over protectionism in the U.S. and the political situation in Europe."The poll found net exports added 0.3 percentage point to growth in October-December, the same as it contributed in the third quarter.Capital spending was seen growing 0.9 percent in the last quarter, the poll found, rising for the first time in two quarters.Private consumption, which accounts for roughly 60 percent of gross domestic product, was seen flat in the last quarter, after posting modest gains in the previous three quarters.The Cabinet Office will announce the GDP data on Feb. 13 at 8:50 a.m.(2350 GMT, Feb. 12).Japan''s core machinery orders, a leading indicator of capital spending, were seen rising 3.1 percent in December from the previous month, up for the first time in two months.The highly volatile data series, regarded as an indicator of capital spending in the next six to nine months, fell 5.1 percent in November.From a year ago, core orders, which exclude orders for ships and electrical equipment, were expected to rise 4.6 percent in December after a 10.4 percent gain in November."Corporate investment sentiment is picking up as a brighter mood is spreading in the global economy - although we cannot dispel risks from U.S. policy," said Takumi Tsunoda, senior economist at Shinkin Central Bank.The Cabinet Office will publish the machinery orders data at 8:50 a.m. on Feb. 9.The poll found Japan was likely to post a current account surplus of 1.29 trillion yen ($11.42 billion) in December, which would be 30 straight surplus month.The corporate goods price index (CGPI), which measures the price companies charge each other for goods and services likely stopped falling in December helped by price gains in oil- and coal-related products after 21 straight months of posting year-on-year declines.($1 = 112.9200 yen)(Reporting by Kaori Kaneko; Editing by Eric Meijer)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/japan-economy-gdp-idINKBN15I0N7'|'2017-02-03T03:56:00.000+02:00'
'aa50b2bc218cd4d295aa0bf3660e2176180ae83b'|'UPDATE 1-Opioid addiction implant maker Braeburn Pharma pulls IPO'|'(Adds details)Feb 2 Braeburn Pharmaceuticals Inc, the maker of the first long-acting implant to treat opioid addiction in the United States, said on Thursday that it had decided to withdraw its initial public offering, citing current market conditions.U.S. healthcare IPO activity has dramatically slowed from 53 issues in 2015 to 31 last year. At least two pharmaceutical companies have gone public so far this year.Braeburn, which filed to go public in late December, was expected to offer about 7.7 million shares in the price range of $18-$21 per share.At the mid point of this range, the Princeton, New Jersey-based company would have raised about $150 million.This decision does not preclude Braeburn and its sole shareholder Apple Tree Partners from considering an IPO or alternative financing in the future, the company said in an emailed statement.The U.S. healthcare industry is facing considerable uncertainty, with President Donald Trump accusing drugmakers of "getting away with murder." Trump has also vowed to repeal and replace Obamacare, and promised to speed up approvals and ease regulations.Braeburn''s matchstick-sized implant, Probuphine, was developed in partnership with Titan Pharmaceuticals Inc and was approved last May.The product is less susceptible to abuse or illicit resale that plagues existing oral therapies for opioid dependence, including methadone.Lawmakers, regulators and drugmakers are working on ways to arrest the epidemic of opioid abuse, which many experts partly attribute to the unrestricted prescription of painkillers.The Centers for Disease Control and Prevention estimates at least 91 Americans succumb every day to opioid overdose.This class of drugs includes both heroin and prescription painkillers.Braeburn also has a weekly and monthly injectable for opioid addiction in development, as well as other experimental treatments for pain, schizophrenia and spasticity. (Reporting by Natalie Grover and additional reporting by Richa Naidu in Bengaluru; Editing by Anil D''Silva)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/braeburn-pharms-ipo-idINL4N1FN3HQ'|'2017-02-02T13:10:00.000+02:00'
'abffed9835dc24561f5c711f525fe9b1ce708749'|'LATAM CLOSE-LatAm primary sees US$1.5bn this week'|' 55pm EST LATAM CLOSE-LatAm primary sees US$1.5bn this week   * JBS raises US$2.8bn, extends debt maturity * Ecuador election may be LatAm''s next big score - investors By Mike Gambale NEW YORK, Feb 3 (IFR) - There are no new deals pricing in the LatAm primary market on Friday. THIS WEEK''S US$ VOLUME: 1 tranche for US$300m equivalent PIPELINE Compania Latinoamericana de Infraestructura y Servicios (CLISA) has set initial price thoughts of high 9% on a US$100m tap of its 9.5% 2023 bonds. The Argentine infrastructure firm is expected to price the deal as soon as Monday through BCP Securities and Santander. The company issued US$200m of the notes in July last year, pricing them at 98.753 to yield 9.75%. Ratings are B-/B-. The Province of Buenos Aires is readying fixed-income investors meetings as it prepares to market a US dollar bond sale. The borrower will split into two teams and will be in New York and London on February 6 and in New York and Boston on February 7. Ratings are B3/B-. BBVA, BNP Paribas and JP Morgan have been mandated to coordinate the meetings. Stoneway Capital Corporation, a private company with equity contributed by Siemens AG, formed for the purpose of constructing, owning, and operating four simple-cycle power generating plants in the Buenos Aires region of Argentina, has secured four Power Purchase Agreements through CAMMESA for a 10-year period on each. The company mandated Jefferies as sole global coordinator and Jefferies and Seaport Global as joint-bookrunners to arrange meetings with fixed income investors starting on January 31 for a US$500m US dollar-denominated 144A/Reg S senior secured offering of 10-year maturity. The roadshow schedule is as follows: Wed Feb 1: New York, Thu Feb 2: New York, Fri Feb 3: Los Angeles, Mon Feb 6: Boston, Tue Feb 7: London, Wed Feb 8: London, Thu Feb 9: Frankfurt/Munich. Peruvian mortgage bank Fondo Mivivienda started roadshows this week to market a possible sol and/or dollar denominated bond issue. The company wrapped up roadshows in New York on Friday. Expected ratings are BBB+/BBB+ by S&P and Fitch. Morgan Stanley and Scotiabank have been mandated to organize the fixed-income investor meetings. Fondo Mivivienda is controlled by the government of Peru and is the country''s leading mortgage financing developer and promoter. Uruguay will sell $2.05 billion in debt in 2017, up from $1.7 billion last year, the Economy Ministry said in a report, as the country aims to balance its books after posting its sharpest fiscal deficit in years. The South American country''s financing needs will total $2.97 billion, the report said. The country plans to receive $550 million from multilateral lenders and will tap reserves for $200 million, with the remaining $170 million coming from other sources. Argentina plans to issue US$1.5bn-$2bn of Swiss franc bonds in two to three issuances this year, one of which will be in the first quarter, Reuters quoted Finance Minister Luis Caputo saying. Caputo has previously said a total of $3 billion in non-dollar bonds will be issued this year, following the sale of $7 billion in dollar bonds last month. Brazilian power company Neoenergia is considering a possible US dollar bond debut this year after sending out requests for proposals in late 2016, two market sources told IFR. Neoenergia Group''s principal shareholders are Banco do Brasil''s pension fund Previ, with a 49.01% stake, and Spain''s Iberdrola with a 39% stake, according to the company''s website. Paraguay is considering raising up to US$550m in the bond market in March, Reuters quoted Finance Minister Santiago Pena saying. Inversiones Atlantida, the largest financial group in Honduras, has finished roadshows to market a potential debut US dollar bond through Oppenheimer. Expected ratings are B/B by S&P and Fitch. (Reporting by Mike Gambale; Editing by Paul Kilby and Shankar Ramakrishnan)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article
'f94096b7027aaca2eb806d22b982666ef9a2c0b4'|'Demand in IPO of Brazil''s Movida gaining traction, source says'|'Company News - Fri Feb 3, 2017 - 1:13pm EST Demand in IPO of Brazil''s Movida gaining traction, source says SAO PAULO Feb 3 Demand for shares in the initial public offering (IPO) of Brazilian rental car firm Movida Participa<70><61>es SA was gaining traction after it reduced the lower limit in a suggested price range, a source said on Friday. According to the source, Movida''s controlling shareholder, JSL SA, has placed a "significant bid" to secure the IPO''s success. Reuters had reported earlier on Friday that Movida had cut the price floor to 7.50 reais a share from the original 8.90 reais. (Reporting by Guillermo Parra-Bernal; Writing by Bruno Federowski; Editing by Jonathan Oatis) Next In Company News   -Baker Hughes Feb 3       46 TORONTO, Feb 3 A rising domestic stock market will barely lift the confidence of ordinary Canadians, who are more concerned about job prospects in an economy threatened by a more protectionist United States, economists say. 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/movida-particip-ipo-demand-idUSE6N1DJ02N'|'2017-02-04T01:13:00.000+02:00'
'abbbe8c4305f39b1ffb10e9ce2416286c9e16f60'|'TREASURIES-Yield curve steepens as wage data points to low inflation'|'(Adds Quote: s, data, Fed speakers, updates prices) * Fed''s Williams hawkish on inflation, rate hikes * Tepid wage growth eases inflation concerns * Treasury to sell $62 bln new issues next week By Karen Brettell NEW YORK, Feb 3 The U.S. Treasury yield curve was the steepest in one-and-a-half months on Friday after the jobs report for January showed disappointing wage growth, indicating inflation is not rising at a pace that would lead the Federal Reserve to raise rates in the near-term. Nonfarm payrolls increased by 227,000 jobs last month, the largest gain in four months, the Labor Department said. Average hourly earnings, however, increased only three cents or 0.1 percent and December''s wage gain was revised down. "Most of the disappointment is really focused around the inflation pressures that would presumably force the Fed to act," said Aaron Kohli, an interest rate strategist at BMO Capital Markets in New York. The yield curve between 5-year notes and 30-year bonds steepened to 120 basis points, the widest since Dec. 14. Five-year notes, which are very sensitive to rate increases, were supported by the payrolls report while long-dated bonds were weighed down by anticipation of new debt issuance next week. The Treasury Department will sell $62 billion in three-year, 10-year and 30-year debt. Hawkish comments from San Francisco Fed President John Williams on Friday afternoon, however, undid much of the bond rally sparked by the jobs report. The Fed can prepare to raise interest rates this year without knowing details of any new U.S. fiscal policies because inflation is firming and the labor market looks good, Williams said. Benchmark 10-year notes fell 6/32 in price on the day to yield 2.49 percent, after the yields fell as low as 2.43 percent after the jobs data. Expectations that the Fed could raise rates at its March meeting have fallen since the U.S. central bank gave a more dovish than expected statement after it''s meeting on Wednesday. The odds dropped further on the jobs report. "The wage numbers from today definitely takes March off the table for anything from the Fed," said Mary Ann Hurley, vice president in fixed income trading at D.A. Davidson in Seattle. "The Fed has been very, very concerned about weak wage growth." Futures traders are now pricing in only a 9 percent of a rate increase in March, down from 18 percent on Thursday, according to CME Group''s FedWatch Tool. Chicago Fed President Charles Evans said on Friday that the Fed should raise interest rates slowly. (Editing by Bernadette Baum and Andrew Hay)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-bonds-idINL1N1FO1KX'|'2017-02-03T16:44:00.000+02:00'
'd8614dcc016a49864d72d3fb1e27246515ec3b74'|'CANADA STOCKS-TSX gains as banks rise, Hudson''s Bay jumps on M&A talk'|'Company News  11pm EST CANADA STOCKS-TSX gains as banks rise, Hudson''s Bay jumps on M&A talk TORONTO Feb 3 Canada''s main stock index ended higher on Friday, helped by gains for the country''s biggest banks, which stand to benefit moves to scale back regulations in the U.S. financial industry, and a surge in Hudson''s Bay Co on a takeover move. The Toronto Stock Exchange''s S&P/TSX composite index unofficially closed up 77.28 points, or 0.50 percent, at 15,476.39. The index fell 0.6 percent over the course of the week. (Reporting by Alastair Sharp, editing by G Crosse) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-close-idUSL1N1FO1TS'|'2017-02-04T04:11:00.000+02:00'
'f5205a031565eda9ab9fdf0bfd1a0b074c6e9901'|'ASIA CREDIT CLOSE: Credits mostly flat amid weaker sentiment'|'Financials  04am EST ASIA CREDIT CLOSE: Credits mostly flat amid weaker sentiment SINGAPORE, Feb 2 (IFR) - Asian credits were flat today as traders chose to await clearer direction cues amid weaker sentiment in the regional equity markets. The Hang Seng Index was down 0.7% and the Nikkei closed 1.22% lower. "High-grade credits in Asia were unchanged today and there is really not much trading going on," said one trader. "There have been no issues to drive the markets this week." Recently priced notes were moving sideways. IBK''s 2020s were quoted at 114bp/113bp, while Siam Commercial Bank''s 3.2% 2022s were seen at 129bp/127bp, just under the reoffer spread of 130bp over US Treasuries. "The high-grade bonds that were priced in January were bought mainly by real-money accounts, which take and hold. So, you will not see much movement in their paper," said the trader. "All the flippers and traders seem to be on the sidelines to avoid rate volatility." The Philippines'' 2042s were still under par at 97.90/98.129, while Shui On''s 2021s were at 99.25/99.40, under reoffer of 99.834. However, China Water''s 2022s showed strong gains at 100.375/100.75 versus a reoffer price of 98.92, while Vedanta''s 2022s were at 100.25, above reoffer of par. The iTraxx Asia IG index was indicated at 111bp/113bp in mid-afternoon, flat to yesterday''s close, but tighter than this morning, when it was spotted at 112/114bp. (Reporting by Kit Yin Boey; editing by Dharsan Singh) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/markets-asia-debt-idUSL4N1FN1V7'|'2017-02-02T15:04:00.000+02:00'
'3dba80acc2ec189c2184a90c89c6170100555f2e'|'Iran tested nuclear-capable cruise missile-German newspaper'|'BERLIN Feb 2 Iran tested a cruise missile called "Sumar" that is capable of carrying nuclear weapons in addition to test-firing a medium-range ballistic missile on Sunday, German newspaper Die Welt reported Thursday, citing unspecified intelligence sources.No comment was immediately available from Germany''s BND foreign intelligence agency or from Iranian authorities.The newspaper said the Sumar cruise missile was built in Iran and travelled around 600 km in its first known successful test. The missile is believed to be capable of carrying nuclear weapons and may have a range of 2,000 to 3,000 km, the paper said, citing intelligence sources.Cruise missiles are harder to counter than ballistic missiles since they fly at lower altitudes and can evade enemy radar, confounding missile defence missiles and hitting targets deep inside an opponent''s territory.But the biggest advantage from Iran''s point of view, a security expert told Die Welt, was that cruise missiles are not mentioned in any United Nations resolutions that ban work on ballistic missiles capable of carrying nuclear weapons.News of Iran''s reported cruise missile test came hours after the White House put Iran "on notice" for its ballistic missile test and signalled that it could impose new sanctions, taking an aggressive posture toward Tehran that could raise tensions in the region.Iran confirmed on Wednesday that it had test-fired a new ballistic missile, but said the test did not breach the Islamic Republic''s nuclear agreement with world powers or a U.N. Security Council resolution endorsing the pact. (Reporting by Andrea Shalal; editing by Ralph Boulton)'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/iran-missiles-cruise-idUSL5N1FN1WW'|'2017-02-02T11:28:00.000+02:00'
'63b38545533389a50aee10fe458bb7c592ea8320'|'Prosecutors investigate Deutsche Boerse CEO''s 2015 share purchase'|'  9:04pm GMT Prosecutors investigate Deutsche Boerse CEO''s 2015 share purchase The plaque of the Deutsche Boerse AG is pictured at the entrance of the Frankfurt stock exchange February 1, 2012. REUTERS/Alex Domanski/File Photo By Andreas Kr<4B>ner and Maria Sheahan - FRANKFURT FRANKFURT Deutsche Boerse ( DB1Gn.DE ) said on Wednesday that German prosecutors were investigating a share purchase by its chief executive in December 2015, which was just over two months before the exchange operator announced merger talks. Deutsche Boerse said the purchase of around 4.5 million euros (3.80 million pounds) of its shares by Chief Executive Carsten Kengeter at that time was related to the management board''s remuneration programme. The company and the CEO were fully cooperating with the Frankfurt public prosecutor''s office, it said in a statement. Two people familiar with the case told Reuters that investigators searched offices at Deutsche Boerse''s headquarters in Eschborn near Frankfurt on Wednesday in relation to suspected insider trading in connection with the share purchase. Kengeter bought 60,000 shares in Deutsche Boerse on Dec. 14, 2015. Just over two months later, Deutsche Boerse and the London Stock Exchange ( LSE.L ) announced that they were making a third attempt at a merger, pushing up the share price of both companies. "The accusations are groundless," Deutsche Boerse''s supervisory board Chairman Joachim Faber said. "Only in the second half of January 2016 did the two chairmen and CEOs agree to begin negotiations for a merger of LSE Group Plc and Deutsche Boerse AG," he added. No one at the Frankfurt prosecutor''s office was immediately available for comment. Kengeter, who attended Deutsche Boerse''s New Year''s reception in London on Tuesday, was not present during the searches, one of the sources said. Faber said Kengeter bought the shares ahead of an end-December deadline set by the group''s management remuneration programme. Under the programme, he was allowed to make a one-time purchase of shares worth up to 4.5 million euros, which he would be required to hold onto until the end of 2019. As part of the deal, he received what the company calls "co-performance shares" in the same amount, whose value depends on a mix of Deutsche Boerse''s profits and its share price movement relative to a benchmark index. Deutsche Boerse''s stock has gained around 11 percent since Kengeter bought the shares. Kengeter joined Deutsche Boerse in April 2015, having previously worked at investment bank UBS ( UBSG.S ) and Goldman Sachs ( GS.N ), and moved up to the helm two months later. Financial sources have told Reuters that he started discussing with the rest of the management board possible avenues for growth, including a deal with LSE, right after assuming his position as CEO. But they said that concrete preparations for a merger and initial talks did not take place until January 2016. (Editing by Greg Mahlich and Susan Fenton)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-deutsche-boerse-investigation-idUKKBN15G56Y'|'2017-02-02T04:04:00.000+02:00'
'7b9feedf8c12eccea7dce2123d66eb976907408f'|'BRIEF-Apivio Systems recommends rejection of Nuri Telecom''s unsolicited offer'|' 25am EST BRIEF-Apivio Systems recommends rejection of Nuri Telecom''s unsolicited offer Feb 1 Apivio Systems Inc - * Apivio Systems Inc recommends rejection of Nuri Telecom''s unsolicited offer * Board has unanimously concluded Nuri offer significantly undervalues Apivio and not in best interests of Apivio or shareholders Source text for Eikon:   Next In Market News * SAS shares rise nearly 4 percent (Adds Norwegian, Swedish government comments) MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories Reuters News Agency - Brand Attribution Guidelines 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/mergersNews'|'http://www.reuters.com/article/idUSASB0AXX9'|'2017-02-01T21:25:00.000+02:00'
'3ca902c7fa3342347cbd92487e107865e72ae3a7'|'Leading indicator of London new home builds slumps by a third'|'Business News - Fri Feb 3, 2017 - 12:13am GMT Leading indicator of London new home builds slumps by a third Estate agents boards are lined up outside houses in south London June 3, 2014. REUTERS/Andrew Winning By Costas Pitas - LONDON LONDON The number of new homes built in London fell 6 percent last year and a closely watched indicator of future supply dropped by a third, industry data showed on Friday, as the Brexit vote hit a market already coming off record highs. Registrations with the National House-Building Council (NHBC), when a builder pays to take out a warranty on a home about to be constructed, dropped 33 percent to 17,322 units in 2016 compared to a near record in 2015. NHBC statistics account for around 80 percent of the market and are a leading indicator as it can take years for registrations to feed into the number of completed homes. Business Development Director Mark Jones said several factors were at play in the London market such as "the timings of the registrations and the build coming through including the impact of Brexit in those early months." Registrations in the capital rose marginally in the first four months of 2016 but then slumped by over 60 percent in the run-up to the June 23 Brexit vote and its immediate aftermath between May and July. Britain''s biggest builder Barratt ( BDEV.L ) built nearly 60 percent fewer homes in the second half of 2016 in London, saying the rising cost of land over recent years had priced it out of the market. It has also cut the price of top-end homes in central London by up to 10 percent, as a hike in stamp duty property tax on second homes and buy-to-let properties has pushed down prices and made the city center less attractive to buyers and builders. The number of new homes built in London last year fell by 6 percent to 21,464 units and rose nationwide by just over 0.5 percent to 141,175 units, far fewer than the government would have wanted in its bid to boost supply to deal with a chronic shortage. Several housebuilders are also concerned that future growth could be hit by any Brexit-imposed curbs on the number of Europeans coming to Britain, who make up the majority of workers on some London building sites. Prime Minister Theresa May has said she will control immigration in response to the Brexit vote but has yet to set out specific details, prompting several sectors reliant on foreign labor to make their case to government. "Our lobbying is all about ensuring that we are at the top of the agenda when it comes to immigrant labor," said Peter Andrew, deputy chairman of the Home Builders Federation. "If we''re to get the increases in output that the government is looking for, we are going to need the labor we''ve got now plus the labor required to build the increases," he said. (Editing by Stephen Addison)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-britain-economy-housing-idUKKBN15I00D'|'2017-02-03T07:08:00.000+02:00'
'6bfb6d7a61fcd55090c0e4e79ad3c803aee1c97f'|'MOVES-OnDeck Capital''s chief operating officer to step down'|'(Adds details on Hobson, company, sector)By Anna IrreraNEW YORK Feb 3 James Hobson, the chief operating officer of New York-based marketplace lender On Deck Capital Inc, will resign on March 15 to become chief executive of online insurance startup Attune, according to an OnDeck statement.Hobson, who has been COO since June 2012, will remain at the small business lender for six weeks to assist with the transition, but no replacement will be named, a OnDeck spokesman said.The responsibilities of the position will instead be filled by existing members of the company''s executive team, the spokesman said.Hobson''s achievements during his time at the firm have included helping the company go public in 2014 and helping it secure a high-profile partnership with JP Morgan Chase & Co a year later.His move comes as the marketplace lenders, which help consumers and small businesses secure loans from investors online, grapple with weaker demand from institutional investors who had helped boost their origination volumes.OnDeck''s shares have fallen around 77 percent since its initial public offering, to $5.15. Similarly, shares of consumer marketplace lender LendingClub Corp, whose founder and chief executive resigned abruptly in May, have plunged more than 74 percent since its IPO in 2014. They closed at $6.34 on Friday.Despite the sector''s growing pains, online lending services have piqued the interest of incumbent banks through their better use of automation to make lending cheaper and faster. Banks including JP Morgan, Banco Santander, Goldman Sachs Group Inc and Citigroup Inc have either partnered with startups or launched their own online lending services.Hobson''s job move also underscores the growing popularity of the online insurance sector. Startups in the so-called insurtech space have attracted more investment from venture capital firms over the past few years, as they seek to help modernize the $4.7 trillion global insurance market. (Editing by Matthew Lewis)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/on-deck-cap-moves-coo-idINL1N1FO1XD'|'2017-02-03T20:03:00.000+02:00'
'12737627f26db66e867704532337ced56944a059'|'Exclusive: LabCorp explores acquisition of clinical trials firm PPD - sources'|'Laboratory Corporation of America Holdings (LabCorp) was in talks to acquire contract researcher Pharmaceutical Product Development LLC (PPD) for more than $8 billion, including debt, people familiar with the matter said on Friday.LabCorp was just one of the parties participating in an auction for private equity-owned PPD, which has also attracted interest from buyout firms, the people said. There was no certainty that LabCorp would clinch a deal, they added.The sources asked not to be identified because the deliberations were confidential. LabCorp and PPD did not immediately respond to requests for comment. PPD''s owners, Carlyle Group LP and Hellman & Friedman LLC, declined to comment.(Reporting by Carl O''Donnell and Greg Roumeliotis in New York; Editing by Jonathan Oatis)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-ppd-m-a-labcorp-exclusive-idINKBN15I2YP'|'2017-02-03T18:51:00.000+02:00'
'9c7f39ea8dc4a89bdd54e245d4c786caa96ae7a4'|'Premier Oil agrees debt restructuring deal after months of wrangling'|' 11pm GMT Premier Oil agrees debt restructuring deal after months of wrangling LONDON North Sea-focused Premier Oil ( PMO.L ), which has struggled to contain its $2.8 billion (<28>2.24 billion) debt pile, has agreed further terms with lenders to stretch out repayment of its debt after months of wrangling. Premier has agreed to pay an additional 1.5 percent interest on debt repayments and to issue equity warrants to lenders equivalent to around 15 percent in the company''s issued shares, the company said. The restructuring deal is expected to complete by the end of May by which time negotiations will have taken more than one year. Premier''s debt rose after it bought the North Sea assets of German energy company E.ON last year and after weak oil prices ate into revenue streams. Its debt reached $2.8 billion in December. "What today is about, although we''re not quite done, is that we can get on with the business of running the company," Premier Chief Executive Tony Durrant told Reuters. "We can get back to making some interesting decisions on the 700 million barrels of oil and gas we''ve got sitting underground, awaiting development." Premier''s Catcher oil field in the North Sea is expected to start producing the first oil before the end of the year, which will add another 50,000 barrels of oil to Premier''s production once it is fully operational. Analysts welcomed the progress on Premier''s restructuring. "Resolving corporate negotiations will allow greater focus on delivering the Catcher project on time and below budget in the second half of 2017," said analysts at Bernstein, who rate Premier''s stock as ''outperform''. Premier''s shares were trading up 0.6 percent at 1200 GMT, underperforming the sector index .SXEP which was trading 1.1 percent higher. (Reporting by Karolin Schaps; Editing by Adrian Croft)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-premier-oil-restructuring-idUKKBN15I1I6'|'2017-02-03T19:11:00.000+02:00'
'dacd14cb029b696656feae07ca13140cd13285a1'|'At Snap, cost of hosting sets high bar for revenue growth'|'By Stephen Nellis and Liana B. Baker - SAN FRANCISCO SAN FRANCISCO Snap Inc<6E>s initial public offering filing seemed to show a company with a basic math problem: the company''s cost of revenue for 2016 - the amount it had to spend just to keep the messaging service running - was $47 million higher than its $405 million in sales.The high cost of revenue, which in Snap''s case consists mainly of payments to Alphabet Inc''s ( GOOGL.O ) Google for hosting the service, means that, on an annual basis, Snap lost money on every one of its 158 million users in 2016, even before accounting for salaries, office rents or anything else.Snap revealed in its IPO prospectus, filed with securities regulators on Thursday, that it will pay Google at least $2 billion over the next five years.But the cost side of the problem may not be as serious as it seems. The company''s hosting costs are broadly in line with other social media companies. Its cost of revenue per active daily user was 97 cents in the last quarter of 2016, not much higher than the 85 cents that Facebook Inc ( FB.O ) paid for each of its 1.23 billion daily users in the final quarter of 2016.Further, while Snap<61>s cost of revenue was higher than sales on a yearly basis in 2016, the company drastically tightened up hosting costs over the course of the year. While costs were nearly double revenues at the start of the year, by the fourth quarter, when Snap hit 158 million users, the company eked out a small gross margin.Snap<61>s bigger math problem is how much revenue it generates per user. The $1.05 per user for the last quarter of 2016 was a massive increase from the 31 cents per user it drew in the same period in 2015. In its IPO filing, Snap said it hopes to increase its revenue per user by focusing on more lucrative advertising markets, like North America, where its revenue per user was $2.15 at the end of 2016, nearly double the global rate.But even those higher rates for Snap pale in comparison to the $7.16 in revenue per user that Facebook brought in in the fourth quarter.<2E>Snap<61>s issue is not cost, but user growth and revenue per user,<2C> said Ethan Kurzweil, a venture investor with Bessemer Venture Partners who backed startups such as Twitch and Periscope but has not backed Snap. <20>If they can get revenue per user into the kind of territory they think is possible, the cost of hosting will be a hit to gross margin but it<69>s not going to be an issue.<2E>Facebook provides the example. Even though its cost per user rose 7.4 percent between the last quarter of 2016 versus a year earlier, its revenue per user grew at a much faster 27.5 percent, a difference that helped drive its $10.2 billion in profits for the full year.All of that does, however, mean that Snap has little leeway in delivering dramatic revenue growth in light of the high underlying cost of delivering all those pictures and videos.The cost of revenue figure, noted analyst Brian Wieser at Pivotal Group, "was notable for what it indicates about the expense of running Snap."(Reporting by Stephen Nellis and Liana Baker; Editing by Jonathan Weber and Bill Rigby)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/uk-snap-ipo-costs-idINKBN15I2YZ'|'2017-02-03T18:58:00.000+02:00'
'6ba12b31c07b610790ef9d85280a11c95796c5ec'|'Global FDI fell 13 percent in 2016, facing bumpy 2017 - U.N.'|'Business   5:10pm GMT Global FDI fell 13 percent in 2016, facing bumpy 2017 - U.N. A man observes a board showing the Brazilian Real-U.S. dollar and several other foreign currencies exchange rates in Rio de Janeiro, Brazil November 9, 2016. REUTERS/Sergio Moraes By Tom Miles - GENEVA GENEVA Global foreign direct investment (FDI) fell 13 percent in 2016 and a possible 10 percent rise in 2017 is beset by uncertainty, the United Nations trade and development agency UNCTAD said on Wednesday. FDI, which largely comprises cross-border mergers and acquisitions (M&A) and investment in start-up projects abroad, is a bellwether of globalisation and a potential sign of growth of corporate supply chains and future trade ties. "FDI recovery continues along a bumpy road," said UNCTAD Secretary-General Mukhisa Kituyi. "Significant uncertainties about the shape of future economic policy developments could hamper FDI in the short-term." Global FDI was an estimated $1.52 trillion in 2016. The United States was the top destination with $385 billion, an 11 percent rise from 2015. Britain was second with $179 billion, up almost six-fold because of three big M&A deals, and China third with $139 billion. Inflows to India and Africa both slipped about 5 percent, and Latin America by 19 percent. Europe saw a 29 percent fall, partly because of a significant drop in investment channelled via low tax regimes in Switzerland, Ireland and the Netherlands. The 2017 growth forecast is based on expected economic growth and rising commodity prices, but the outlook is clouded by uncertainty over the policies of U.S. President Donald Trump and the evolution of Britain''s plan to leave the European Union. Until the fog lifts, companies might keep plans on hold, said UNCTAD''s investment chief James Zhan. If Trump cuts taxes on repatriated profits, U.S. firms will have an incentive to bring foreign earnings back to the United States, but that might not translate into an investment boom there, Zhan said. "The challenge is that those who are holding large earnings overseas may not be those companies that are in the business of infrastructure or those areas (requiring investment), and besides, the interest rate in the U.S. has been low, so liquidity or capital shortage hasn<73>t been a problem.<2E> While domestic tax enticements may mean the United States draws down its stock of investment globally, China is going in the other direction, having become a net source of FDI for the first time in 2016. Last year China was the third largest outward investor globally, with big spending in Brazil, Germany and Spain. But after several years of "spectacular" growth, China''s boom in outward FDI may slow down this year due to policies to reduce capital flight, Zhan said. (Editing by Dominic Evans)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-economy-fdi-idUKKBN15G54S'|'2017-02-02T00:10:00.000+02:00'
'32856e8b215a999c059a12efec75985819361fc2'|'BRIEF-Bioceres S.A files to withdraw U.S. IPO plans'|'Feb 1 (Reuters) -* Bioceres S.A files to withdraw u.s. Ipo plans - sec filing* Bioceres S.A says it does not intend at this time to pursue the contemplated public offering* Bioceres S.A had filed for U.S. IPO of up to $80.5 million of its ordinary shares in Sept 2015 Source text: ( bit.ly/2kSPB8X )'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/idINFWN1FM131'|'2017-02-01T15:30:00.000+02:00'
'1906f8b158170e6ddc25d69415c6674622b68153'|'Somaliland students: Trump destroying our dreams'|'Somaliland students to Trump: You''re destroying our dreams by Alanna Petroff @AlannaPetroff February 1, 2017: 11:51 AM ET Arab-American business owners: We create jobs & wealth President Trump''s decision to ban the citizens of seven Muslim-majority countries has jeopardized the university dreams of hundreds of students from the self-declared republic of Somaliland. The Abaarso boarding school in Somaliland has become an unlikely feeder school for elite universities in the United States, having sent dozens of its students to schools like Harvard , Yale and MIT since 2013. Somaliland is an autonomous region that declared its independence from Somalia in 1991, but its residents are also included in Trump''s travel ban. The risk of the ban being extended beyond 90 days has made students at the school question their future. "I feel lucky that I''ve been accepted to an elite college in the U.S., but also sad that I might not be able to start my college education," said Shukri Ali, a 19-year-old Abaarso student who was accepted last month to study at Wellesley College in September. She said she wants to study neuroscience in order to open a hospital in Somaliland after completing her education. Despite the uncertainty, Ali was stoic, saying she accepts Trump''s explanation that the travel ban was intended to keep the U.S. safe . "I will not take this personally because I know I''m not a terrorist," she said. Shukri Ali, 19, was accepted to study at Wellesley College in September 2017. The Abaarso school was founded in 2009 by Jonathan Starr, an American former hedge fund manager. It was designed to educate underprivileged kids in the local community. Starr said he''s now concerned about his students'' ability to study and travel, and he argued that the ban was counterproductive. "Our students are wonderful for America and its safety," he said. "They are only in the U.S. to get the education needed to develop their country." Starr noted that the first five of his former students will be graduating from U.S. colleges this year and plan to come back home. "They''ll be educating their population and developing industry using American know-how. A developed Somaliland and Somalia is good for America and its safety," he said. Related: Trump''s immigration ban triggers panic at universities Starr''s students have secured millions of dollars in scholarships to pursue higher education. Most Abaarso students need full scholarships to pursue their undergraduate studies, which can cost up to $50,000 per year. Starr said it''s important for them to study in the U.S., where scholarship financing is more readily available. "Europe has few full scholarships for international students. Our students have no money so they must get full scholarships," he said. Starr said he is worried about students in Somaliland, and those already studying in the U.S. As it stands now, anyone with a Somaliland passport who leaves the U.S. risks being barred from re-entry. Related: The world''s best university costs just $12,000 a year Starr has worked for years to build up the reputation of his school in Somaliland. Getting colleges to notice Abaarso''s bright students was a struggle in the beginning. Starr said he was aggressive about canvassing universities and promoting his school. Starr also works with U.S. boarding schools to send his students on extended exchanges to ensure they are up-to-speed with their Western peers before attending college. This additional year -- or years -- of education helps students acclimatize to Western culture. The Abaarso boarding school is Somaliland has become an unlikely feeder school for elite U.S. universities. Fahima Ali, an Abaarso student who is finishing her final year of high school in upstate New York, said she''s relieved that she can stay in the U.S. and begin her studies at Columbia University in the autumn. But Ali -- who is not related to Shukri Ali -- said she is upset that her classmates and younger siblings may not
'8072b48d909db43906b04500305541b3432b020a'|'BRIEF-Liberty Hall capital partners acquires Quatro Composites'|'Funds News  19am EST BRIEF-Liberty Hall capital partners acquires Quatro Composites Feb 1 (Reuters) - * Liberty Hall Capital Partners acquires Quatro Composites Source text for Eikon: (Bangalore.newsroom@thomsonreuters.com) Next In Funds News UPDATE 1-GE to sell entire stake in S.Korea''s Hyundai Card SEOUL, Feb 1 General Electric said on Wednesday it has agreed to sell its 43 percent stake in South Korean credit card firm Hyundai Card Co Ltd as the U.S. industrial giant continues to trim its exposure to the financial services sector.'|'reuters.com'|'http://feeds.reuters.com/reuters/mergersNews'|'http://www.reuters.com/article/idUSASB0AXUW'|'2017-02-01T19:19:00.000+02:00'
'2c189e70aea5b7cdbdd8873e5b8f37b37823ebfb'|'Laureate Education flunks IPO debut'|'  11:16am EST Laureate Education flunks IPO debut Shares of Laureate Education Inc ( LAUR.O ) slumped as much as 13.4 percent in their debut on Wednesday, valuing the higher education provider at $1.97 billion, more than a year after it filed to go public. Laureate, which was taken private by a consortium of investors in 2007, raised $490 million after pricing 35 million class A shares at $14 each, below their expected range of $17-$20. The company''s shares opened at $12.50 and hit a low of $12.12 on the Nasdaq. Laureate, which first filed to go public in October 2015, operates a network of more than 200 university campuses in 25 countries, with 95 percent of its students outside the United States. For-profit higher education is currently a controversial and complex business in the United States, given the industry''s reliance on government subsidies, regulatory scrutiny over the sector, and Trump University''s legal battles. Laureate said in a filing that it plans to use proceeds from the offering to repay, redeem or repurchase debt. Credit Suisse Securities (USA) LLC, Morgan Stanley & Co LLC and Barclays Capital Inc were joint lead bookrunners for the offering. (Reporting by Richa Naidu in Bengaluru; Editing by Shounak Dasgupta) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/news/deals'|'http://www.reuters.com/article/us-laureate-education-ipo-idUSKBN15G4Z6'|'2017-02-01T23:16:00.000+02:00'
'81ca5284e31370d13a713ba21d24ac14c6af74f1'|'TABLE-Aeon Reit Investment -6 MTH forecast'|'  1:59am EST TABLE-Aeon Reit Investment -6 MTH forecast Feb 1 (Reuters) Aeon Reit Investment Corporation EARNINGS ESTIMATES (in billions of yen unless specified) 6 months to 6 months to Jul 31, 2017 Jul 31, 2017 LATEST PRIOR FORECAST FORECAST Revenues 14.60 12.23 Net 4.68 3.55 Div 2,855 yen 2,710 yen To see Company Overview page, click reuters://REALTIME/verb=CompanyData/ric=3292.T Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSL4N1FM1LR'|'2017-02-01T13:59:00.000+02:00'
'eb2f03dad2d3542f78919b42a2712414fb627720'|'EU, Mexico accelerate talks to update free trade pact'|'Business News - Wed Feb 1, 2017 - 12:37pm GMT EU, Mexico accelerate talks to update free trade pact left right European Trade Commissioner Cecilia Malmstrom holds a news conference on Commission''s proposal for a new methodology for anti-dumping investigations, at the EU Commission headquarters in Brussels, Belgium November 9, 2016. REUTERS/Yves Herman 1/2 left right Mexico''s Economy Minister Ildefonso Guajardo speaks about U.S. President Donald Trump, during the Plenary Meeting of Senators of the Institutional Revolutionary Party (PRI), at the Senate of the Republic''s building in Mexico City, Mexico January 30, 2017. REUTERS/Henry Romero 2/2 BRUSSELS The European Union and Mexico have set two new rounds of trade talks in the first half of 2017, an acceleration of negotiations to deepen economic ties in the wake of Donald Trump''s inauguration as U.S. president. The European Commission said on Wednesday that EU Trade Commissioner Cecilia Malmstrom and Mexican Economy Minister Ildefonso Guajardo had scheduled subsequent rounds for April 3-7 and June 26-29. "Together, we are witnessing the worrying rise of protectionism around the world. Side by side, as like-minded partners, we must now stand up for the idea of global, open cooperation," the two said in a joint statement. European leaders have said Brussels should take advantage of a more protectionist U.S. leader, who has already withdrawn from the Trans-Pacific Partnership (TPP) trade deal, to step up negotiations with would-be partners. Mexico faces the prospect of a renegotiated North American Free Trade Agreement (NAFTA) and possibly higher U.S. import duties. The EU and Mexico have a free trade pact dating from 2000 that they began to update last year, holding talks in June and November. The EU has said a new deal would seek to include public tenders, trade in energy products and raw materials, broader protection of intellectual property, more flexible rules on what products can benefit from lower customs tariffs and greater benefits for smaller companies. It could also lead to more liberalized trade in meat, dairy products, cereals and certain fruits and vegetables. The European Union is Mexico''s third largest trading partner after the United States and China. EU-Mexico trade in goods more than doubled from 2000 to 53 billion euros ($57.23 billion) in 2015. The EU is particularly focused on trade deals with Asian countries, including those that had signed up to the TPP before Trump entered office. (Reporting by Philip Blenkinsop; Editing by Tom Heneghan) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eu-mexico-trade-idUKKBN15G4FQ'|'2017-02-01T19:37:00.000+02:00'
'1847c0b39d300140ddc1cf0df9d7cad2c81fc521'|'Reckitt Benckiser in talks to buy Mead Johnson for $16.7 billion'|'Deals - Thu Feb 2, 2017 - 7:18am GMT Reckitt Benckiser in talks to buy Mead Johnson for $16.7 billion Products produced by Reckitt Benckiser; Vanish, Finish, Dettol and Harpic, are seen in London February 12, 2008. REUTERS/Stephen Hird/File Photo UK consumer goods maker Reckitt Benckiser Group Plc ( RB.L ) said it was in advanced talks to buy baby formula maker Mead Johnson Nutrition Co ( MJN.N ) in a $16.7 billion deal that would take it in a new direction and boost its business in Asia. Reckitt Benckiser said late on Wednesday night it would pay $90 in cash for each Mead Johnson share, a 29.5 percent premium to Wednesday''s close. Shares of Mead Johnson, long rumored to be a takeover target for Danone ( DANO.PA ), jumped 22 percent in after-market trading. Mead Johnson, which makes Enfamil baby formula, has been seen as an attractive takeover target since being spun off from drugmaker Bristol-Myers Squibb in 2009, due in part to its big international footprint in Latin America and Asia. Reckitt''s proposed price represents a multiple of 17 times Mead Johnson''s estimated 2017 earnings before interest, tax, depreciation and amortization (EBITDA), said analysts at Wells Fargo, falling short of the 20 times Nestle ( NESN.S ) paid for Wyeth in 2012 and the 22 times Danone paid for Numico in 2007. Still, the premium is in line with other recent consumer staples deals, and is appropriate given regulatory changes in China and price promotion, Wells Fargo said. Reckitt Benckiser, which makes Durex condoms, Nurofen tablets and Scholl footcare products, said it expected to finance the proposed deal through cash and debt. Sources told Reuters in 2014 that Danone was interested in buying it, but the French company agreed late last year to buy WhiteWave ( WWAV.N ) instead. The Wall Street Journal first reported on the deal. (Reporting by Martinne Geller in London, Sruthi Shankar in Bengaluru and Lauren Hirsch in New York; Editing by Alan Crosby, G Crosse and Gopakumar Warrier) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-mead-johnson-m-a-reckitt-benc-grp-idUKKBN15H0JR'|'2017-02-02T14:08:00.000+02:00'
'67b55db43bbae4ffb7963bad044e7681a9dd919a'|'BRIEF-Amgen appoints Charles Holley Jr. to board of directors'|' 24pm EST BRIEF-Amgen appoints Charles Holley Jr. to board of directors Feb 3 Amgen Inc * Amgen announces appointment of Charles M. Holley Jr. To board of directors * Amgen Inc - following appointment of Holley, board will comprise 15 directors, 14 of whom are independent. Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSASB0AYIC'|'2017-02-04T04:24:00.000+02:00'
'e5b3db567281c07bb1c3e4a0a10dff642392fb8e'|'InterContinental reports payment card breach at 12 U.S. hotels'|'Internet   8:56pm GMT   The company said that the malware searched for track data <20> the cardholder''s name, card number, expiration date and the verification code <20> read from the magnetic stripe of a card as it was being routed through the affected server. InterContinental did not identify the properties or specify the number of cards affected or if any data had been stolen. The company was not immediately reachable for comment. InterContinental said payment cards used at the front desk of the 12 hotels were not affected and that it was still conducting an investigating on its other hotels in the Americas region. The company, which owns the Holiday Inn brand, said in December it had hired cybersecurity firms to investigate claims of a possible payment card breach at some of its U.S. hotels. InterContinental''s Kimpton Hotels & Restaurants in August had reported a similar malware attack on servers that processed payment cards used at some of its hotels. The breach follows similar attacks last year at Hyatt Hotels Corp and Starwood Hotels, which is now owned by Marriott International Inc. (Reporting by Arunima Banerjee in Bengaluru; Editing by Savio D''Souza) Next In Internet News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-intercontinental-cyber-idUKKBN15I2VZ'|'2017-02-04T03:54:00.000+02:00'
'bdd0aa67f19bff31dcc8a08e3b27d3a6a7ad901c'|'Speculators cut U.S. dollar longs to lowest since Oct-CFTC, - Reuters'|'NEW YORK Feb 3 Speculators reduced bullish bets on the U.S. dollar for a fourth straight week, as net longs fell to their lowest since late October, according to data from the Commodity Futures Trading Commission released on Friday and calculations by Reuters.The value of the dollar''s net long position totaled $18.47 billion in the week ended Jan. 31, down from $20.04 billion the previous week. CFTC data also showed that net shorts on the Japanese yen fell to their lowest since early December. (Reporting by Gertrude Chavez-Dreyfuss)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/cftc-forex-idINL1N1FO1QV'|'2017-02-03T17:53:00.000+02:00'
'04f2c4409fc6694338c3339e2d2391f40b152e5a'|'Liberty House mulls partial public listing in London by 2018'|'Deals - Fri Feb 3, 2017 - 5:13pm GMT Liberty House mulls partial public listing in London by 2018 Sanjeev Gupta, executive chairman of Liberty House Group, listens to the speaker at the completion of a 330 million pound deal to buy Britain''s last remaining Aluminium smelter in Fort William Lochaber Scotland, Britain December 19, 2016. REUTERS/Russell Cheyne LONDON Liberty House Group, an industrial and commodities group which has been buying up British steel assets, could list parts of the company in London by 2018, its executive chairman told Reuters on Friday. Twenty-five years after setting up the company when he was a student at the University of Cambridge, Sanjeev Gupta said he wants to tap either the equity or debt market to raise capital to expand. His businesses now generate turnover of more than $6 billion. Liberty is part of the Gupta Family Group (GFG), which includes his father''s energy and commodities business SIMEC. The family''s assets span steel mills and aluminum smelters to hydro-power plants and a private bank. "Going into the equity or bonds market to raise funds to keep our expansion going and make the businesses even more transparent is a logical next step," Gupta told Reuters from his Mayfair office. "We are talking to our banking advisors<72> we don''t want to list the (Liberty House) group as a whole, but would look at individual businesses and would aim to retain a majority (share)," he said, adding there was no firm decision yet. Liberty House, which has previously worked with Australian investment bank Macquarie as an advisor and potential source of funding, is in talks with four banking advisors for the potential listing in London. It was not clear whether Macquarie is one of them. Gupta hit the headlines last year when he bid to acquire Tata Steel''s ( TISC.NS ) loss-making Port Talbot operations in South Wales, before the Indian conglomerate opted to engage in merger talks with German rival Thyssenkrupp. In the past year, the British businessman spent around $630 million on acquisitions, including Rio Tinto''s aluminum smelter in Scotland and the Tungsten bank business from British financier Edi Truell. With a strategy of buying mostly distressed assets, he is conducting due diligence on the $120 million specialty steel unit that Tata Steel put up for sale in northern England. He is also bidding to buy Australia''s bankrupt steel producer Arrium and three steel businesses in the United States. Gupta has moved downstream by buying up engineering firms that will consume the steel his plants produce, and turn it into higher value added, more lucrative end-products. His model for producing steel profitably and sustainably in Britain is to use local supplies of scrap and renewable energy to make the alloy, instead of importing expensive steelmaking raw materials such as iron ore and coking coal. "The future of the West is in steel recycling, not primary production," Gupta said. (Reporting by Clara Denina; Editing by Elaine Hardcastle) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-liberty-house-ipo-idUKKBN15I2G7'|'2017-02-04T00:13:00.000+02:00'
'867c4e1896b0a8a4ea40b4d1a9e08b0ef8a12987'|'Hudson''s Bay makes takeover approach to Macy''s - WSJ'|'Company News  19am EST Hudson''s Bay makes takeover approach to Macy''s - WSJ Feb 3 Canadian department store operator Hudson''s Bay Co has made a takeover approach to U.S. department store chain Macy''s Inc, the Wall Street Journal reported, citing sources. Shares of Macy''s, which had a market value of about $9.4 billion as of Thursday''s close, were up 7.3 percent at $32.96. on.wsj.com/2jKYQ9s (Reporting by Siddharth Cavale in Bengaluru; Editing by Anil D''Silva) Next In Company News UPDATE 1-Brazil''s Movida cuts IPO price floor to save deal -sources SAO PAULO, Feb 3 Brazilian rental car firm Movida Participa<70><61>es SA has cut the bottom of a suggested price range for an initial public offering slated for Monday, a sign investors still have the upper hand in pricing new listings amid uncertainty over the government''s reform agenda.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/macys-ma-hudsons-bay-idUSL4N1FO39M'|'2017-02-03T22:19:00.000+02:00'
'41a0e68bcaa1ada67ce0f0218f72cf5e45777a51'|'Vodafone says pressures in India and UK to weigh on earnings'|'Business News - Thu Feb 2, 2017 - 7:16am GMT Vodafone says pressures in India and UK to weigh on earnings FILE PHOTO: A man casts silhouette onto an electronic screen displaying logo of Vodafone India after a news conference to announce the half year results in Mumbai, India, November 10, 2015. REUTERS/Shailesh Andrade/File Photo LONDON Vodafone, the world''s second biggest mobile phone group, said it would meet the "lower end" of its earnings guidance for the full year as its battles intensifying competition in India and Britain. India, where new entrant Jio has shaken up the market, overshadowed continued growth in Europe, with the exception of its home British market. It reported a 1.7 percent rise in organic service revenue for its third quarter. "We anticipate intense competitive pressure in India in the fourth quarter and are taking a series of commercial actions, including the extension of 4G services to 17 leading circles," the company said on Thursday. The company confirmed on Monday it was in talks to merge its Indian subsidiary with local rival Idea Cellular in an all-share deal to create a market leader better able to take on new entrant Reliance Jio Infocomm. Analysts were expecting organic service revenue excluding the Netherlands to grow 1.6 percent, based on 13 forecasts. (Reporting by Paul Sandle; editing by Kate Holton) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-vodafone-group-outlook-idUKKBN15H0JV'|'2017-02-02T14:16:00.000+02:00'
'30ef8b21961498c2b49112b50b5550a23c6b8928'|'Abercrombie & Fitch names merchandising head as new CEO'|'Business News - Wed Feb 1, 2017 - 5:04pm EST Abercrombie & Fitch names merchandising head as new CEO A woman is reflected in a window as she walks past an Abercrombie & Fitch store on 5th Avenue in the Manhattan borough of New York, U.S., May 23, 2016. REUTERS/Carlo Allegri Abercrombie & Fitch Co ( ANF.N ) said on Wednesday that Fran Horowitz, the company''s merchandising head, has been promoted to chief executive at the teen apparel retailer. Horowitz replaces Michael Jeffries, who stepped down in 2014 after over two decades at the helm. Abercrombie said Chief Financial Officer Joanne Crevoiserat has been given the additional responsibilities of chief operating officer. (Reporting by Anya George Tharakan in Bengaluru; Editing by Savio D''Souza) Next In Business News U.S. factory, private payrolls data point to firming economy WASHINGTON U.S. factory activity accelerated to more than a two-year high in January amid sustained gains in new orders and raw material costs, pointing to a recovery in manufacturing as domestic demand strengthens and the drag from low oil prices ebbs.     NEW YORK The S&P 500 edged higher on Wednesday to cap a four-day losing streak, buoyed by gains in Apple shares and after the Federal Reserve kept U.S. interest rates unchanged, as expected. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-abercrombie-moves-franhorowitz-idUSKBN15G5QD'|'2017-02-02T05:04:00.000+02:00'
'47b2a75379b6ec9c0b54e00307c2201319567581'|'UPDATE 1-SEB proposes higher dividend as Q4 profit beats forecast'|'  2:01am EST UPDATE 1-SEB proposes higher dividend as Q4 profit beats forecast * Q4 operating profit SEK 5.56 bln vs expected 5.07 bln * Proposes dividend of 5.50 crowns per share * Higher customer demand for risk management helped results (Adds details, background) STOCKHOLM, Feb 1 SEB, Sweden''s fourth-biggest bank by market capitalization, reported fourth-quarter operating profit above analysts'' expectations on Wednesday and proposed higher dividend as customer demand for risk management services increased. Operating profit rose to 5.56 billion Swedish crowns ($635 million) from 5.51 billion crowns in the year-ago period, beating the mean forecast for 5.07 billion crowns in a Reuters poll of analysts. Volatile markets and higher customer activity helped the bank''s performance as demand for risk management services led to higher net financial income, Sweden''s top corporate bank said. Net financial income, which includes revenues from customer trading and hedging, rose to 2.04 billion crowns from 1.62 billion crowns and was higher than the expected 1.54 billion crowns. The bank said it would propose a dividend of 5.50 crowns per share, compared with the poll forecast of 5.31 crowns and 5.25 crowns in 2015. The pay-out ratio, excluding items affecting comparability, was 75 percent. SEB''s target is to distribute 40 percent or more of earnings per share, and paid out 69 percent of profits for 2015. Net interest income, which includes revenue from mortgages and loans to companies, rose to 4.80 billion crowns in the fourth quarter from 4.68 billion crowns a year earlier and higher than the forecast of 4.77 billion crowns. Net commission income rose to 4.61 billion crowns from 4.40 billion crowns and was higher than the 4.34 billion crown forecast. Losses from loans came in at 284 million crowns, marginally better than the 289 million crown loss expected by analysts. SEB said last month CEO Annika Falkengren was quitting after 11 years at the helm, to join Swiss wealth and asset manager firm Lombard Odier Group. ($1 = 8.7535 Swedish crowns) (Reporting by Johan Ahlander; Editing Niklas Pollard and Subhranshu Sahu) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/seb-results-idUSL5N1FM0S7'|'2017-02-01T14:01:00.000+02:00'
'3e764fcda75fecbe473d6481073c1c06ac5c81bb'|'Highlights - India unveils budget for recovery after cash crunch - Reuters'|'NEW DELHI India is a "bright spot" in the world economy, Finance Minister Arun Jaitley said as he unveiled his annual budget on Wednesday, adding that the impact on growth from the government''s cash crackdown would wear off soon.Here are the highlights of Jaitley''s budget for the 2017/18 fiscal year that begins on April 1.FISCAL DEFICIT* The 2017/18 budget seeks to pursue prudent fiscal management to preserve financial stabilityGROWTH* Jaitley says India seen as an engine of global growthDEMONETISATION* Demonetisation "a bold and decisive measure", will make GDP bigger and lead to higher tax revenues - finance minister* Hit to economy from government decision to outlaw high-denomination notes will be "transient", effects of demonetisation not expected to spill over to next year* Pace of remonetisation has picked up and will soon reach comfortable levels* Surplus money in the banking system will lower borrowing costs, increase credit flowINFLATION*Consumer price index inflation is expected to remain within the central bank''s mandated range of 2 to 6 percentSPENDING* India to spend more in rural areas, infrastructure and poverty alleviation* The government will continue process of economic reforms for the benefit of poorAGRICULTURE* With a better monsoon agriculture is expected to grow at 4.1 percent in 2016/17* Agricultural credit target fixed at 10 trillion rupees for 2017/18FINANCE MINISTER COMMENTS* "India stands out as a bright spot in the world economic landscape."* "My approach in preparing the budget is to spend more on rural areas, infrastructure and poverty alleviation with fiscal prudence."* "Signs of retreat from globalization have potential to affect exports from many emerging economies, including India."(Compiled by Tommy Wilkes; Editing by Sanjeev Miglani)'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/india-budget-highlights-idINKBN15G3FQ'|'2017-02-01T03:11:00.000+02:00'
'6337df6a54102e4218b4ad001ad23770d4c820cc'|'BRIEF-Indian government to repurchase 750 bln rupees worth bonds in 2017/18'|'Financials - Wed Feb 1, 2017 - 3:16am EST BRIEF-Indian government to repurchase 750 bln rupees worth bonds in 2017/18 Feb 1 India''s finance minister Arun Jaitley said on Wednesday the government will repurchase 750 billion rupees worth bonds in 2017/18. For more details and other highlights from Jaitley''s budget for the 2017/18 fiscal year that begins on April 1, see . Next In Financials * Said that due to mandatory squeeze-out of Aplitt shares it resolved to suspend trading of Aplitt shares on WSE main market as of Feb. 1 MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories Reuters News Agency - Brand Attribution Guidelines 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/financialsNews'|'http://www.reuters.com/article/idUSD8N1AX01D'|'2017-02-01T15:16:00.000+02:00'
'b9a14f78075a450e17a584ee908f416e80ca6483'|'Daimler to build electric cars in existing Mercedes plants'|' 49am EST Daimler to build electric cars in existing Mercedes plants Daimler AG sign is pictured at the IAA truck show in Hanover, Germany, September 22, 2016. REUTERS/Fabian Bimmer/File Photo FRANKFURT German carmaker Daimler ( DAIGn.DE ) plans to build its new electric vehicles in existing Mercedes plants by integrating them with serial production of cars with combustion engines, the group said. "In this way, we are taking advantage of the opportunities offered by electric mobility and are significantly limiting the required investment," Mercedes-Benz Cars production chief Markus Schaefer said on Wednesday. Daimler has said its Mercedes-Benz and Smart brands planned to launch more than 10 electric cars by 2025, with zero-emission vehicles accounting for 15 to 25 percent of Mercedes sales. It has already said that it would build the first model under its new EQ electric vehicle brand in the northern German city of Bremen, and on Wednesday it made Sindelfingen the second plant designated to join the electric cars push. Daimler plans to invest up to 10 billion euros ($10.8 billion) in the development of electric vehicles, and labor representatives have been pushing for a large part of that investment to be made in the carmaker''s home country. The group said on Wednesday its factories in Germany''s Bremen, Rastatt and Sindelfingen as well as its Smart model plant in Hambach, France, would be competence centers for its electric vehicle production. Labor representatives welcomed the move as it gives existing German plants a stake in the shift to electric vehicles. "It must be clear that the jobs are safe despite all the challenges," works council chief Michael Brecht said. Daimler has agreed to keep on 125 temporary workers at its Sindelfingen plant, its biggest German factory with 25,000 workers, for another year and make it a center for car electronics. In return, workers'' representatives have agreed to discuss more flexible working hours. (Reporting by Ilona Wissenbach; Writing by Maria Sheahan; Editing by Louise Heavens)   Apple defies Wall Street with strong revival in iPhone sales SAN FRANCISCO Apple Inc reclaimed the throne as the world''s top smartphone seller for the first time in five years on Tuesday, beating out rival Samsung in units shipped for the holiday quarter and boosting revenues with a strong showing for its new, top-of-the-line iPhone 7 Plus. Tech companies to meet on legal challenge to Trump immigration order SAN FRANCISCO A group of technology companies plans to meet on Tuesday to discuss filing an amicus brief in support of a lawsuit challenging U.S. President Donald Trump''s order restricting immigration from seven Muslim-majority countries, said a spokesperson for a company organizing the gathering. Facebook Inc is creating an app for television set-top boxes, including Apple Inc''s Apple TV, the Wall Street Journal reported, 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/businessNews'|'http://www.reuters.com/article/us-daimler-electric-idUSKBN15G4KZ'|'2017-02-01T20:49:00.000+02:00'
'bce8466131f50f9c5695811e9beb5ba3a40e2bef'|'Hyundai Commercial to buy part of GE stake in credit card firm for $258 mln'|'Deals - Wed Feb 1, 2017 - 2:59am EST Hyundai Commercial to buy part of GE stake in credit card firm for $258 million SEOUL Hyundai Commercial Inc on Wednesday said it has decided to buy part of General Electric Co''s (GE) ( GE.N ) stake in South Korean credit card firm Hyundai Card Co Ltd for 298 billion won ($258 million). Hyundai Commercial, an auto-financing company, said in a regulatory filing that it plans to buy 30.5 million shares of Hyundai Card from GE on Feb. 24 for "management purposes," without elaborating. GE had 69 million shares in Hyundai Card while Hyundai Motor Co ( 005380.KS ) held 59.3 million as at the end of September. ($1 = 1,155.2400 won)'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-hyundai-card-m-a-hyundai-comm-idUSKBN15G3O4'|'2017-02-01T14:47:00.000+02:00'
'58d04309da0398dddd51c0c8d2af4e267a0cefe6'|'Atlantia mulls bid for Mexican toll road operator RCO - sources'|'Company News  45am EST Atlantia mulls bid for Mexican toll road operator RCO - sources MILAN/ROME Feb 1 Italy''s Atlantia is working on a bid to buy a majority stake in a Mexican toll road operator as the infrastructure group presses ahead with plans to grow outside its home market, three sources close to the matter said. The group may table a joint bid with several Mexican partners to acquire 51 percent of Red de Carreteras de Occidente (RCO) from Goldman Sachs, one of the source said, but added recent tensions between Mexico and the United States could still play a role in the final decision to go ahead. Diplomatic relations between the United States and Mexico have soured fast this month after U.S. President Donald Trump insisted Mexico pay for a new border wall, pushing Mexico''s President Enrique Pena Nieto to cancel a U.S. trip. Trump has also pledged to renegotiate the North American Free Trade Agreement trade deal with Mexico and Canada. If the deal goes through, Atlantia could spend as much as 650 million euros ($699 million) for its part of the stake, the same source said. Atlantia is looking to boost its share of core profit from overseas operations to 50 percent in 2020 from the current 25 percent. In 2015 the company posted earnings before interests, tax, amortization and depreciation of 3.2 billion euros. The group''s main assets are Autostrade per l''Italia, Italy''s biggest highway network, and Aeroporti di Roma, the company that runs Rome''s airports. Last year it bought a majority stake in France''s Nice Cote d''Azur airport and a stake in the operator of Venice airport SAVE. ($1 = 0.9304 euros) (Reporting by Francesca Landini and Stefano Bernabei) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/red-de-carreteras-ma-atlantia-idUSI6N1FA01V'|'2017-02-01T23:45:00.000+02:00'
'2e75369af0f7601a5201f3d1de0fb620d9c366b9'|'Indian budget to try and ease pain from cash crunch'|'By Rajesh Kumar Singh - NEW DELHI NEW DELHI Indian Finance Minister Arun Jaitley will likely boost spending and ease back on cutting the deficit when he presents his fourth budget on Wednesday, as he seeks to lift growth hit by the government''s drive to purge the economy of "black money".Prime Minister Narendra Modi''s surprise decision last November to scrap high-value banknotes worth 86 percent of India''s cash in circulation has hit consumer demand, disrupted supply chains and hurt capital investments.Jaitley will present the 2017/18 budget at 11 am (0530 GMT) to the lower house of parliament.The finance ministry forecasts that growth could dip to as low as 6.5 percent in the current fiscal year to March, before picking up in the coming fiscal year to between 6.75 and 7.5 percent.While opinions vary on how long the disruptions caused by Modi''s crackdown on untaxed and illicit wealth will last, there is near unanimity among economists that Asia''s third-largest economy needs a helping hand.Arvind Subramanian, Jaitley''s chief economic adviser, on Tuesday advocated slashing personal income tax and accelerating cuts in corporate tax rates. He cautioned, however, against pursuing debt-fuelled fiscal expansion.Still, economists are pencilling in a federal fiscal deficit of 3.3 percent of GDP for 2017/18. That would be higher than the 3 percent pledged earlier but lower than 3.5 percent that the government has budgeted for the year soon to end."Expectations are running high for an expansive budget," said Radhika Rao, an economist with DBS Bank in Singapore.The rollout of a nationwide Goods and Services tax (GST), expected in July after years of delays, could also weigh on economic growth. Countries that have introduced GST in the past have often faced a relative economic slowdown before the benefits of a unified tax regime feed through.BENEFITS AND COSTSJaitley''s fiscal largesse will not only boost consumer spending, but may also shore up the fortunes of Modi''s nationalist party in five regional elections for which voting begins on Saturday.The electoral outcome, particularly in the battleground state of Uttar Pradesh that is home to one in every six Indians, would play a big part in determining whether Modi can win a second term in 2019.Busting the deficit target, however, would worry ratings agencies at a time when oil prices - India''s most costly import - are on an upswing.Standard & Poor''s has already warned that, at 68.5 percent, India''s public debt-to-GDP ratio is still too high.A slowdown in fiscal consolidation would also limit the room for monetary easing. Investors are betting that the Reserve Bank of India would lower its policy rate by another 25 basis points (bps) as early as next Wednesday.The central bank has cut interest rates by 175 bps since January 2015 to 6.25 percent."Signs of a populist budget will be positive for markets, but if accompanied by a larger-than-expected borrowing programme will quickly reverse sentiment," said Rao of DBS Bank.(Reporting by Rajesh Kumar Singh; Editing by Douglas Busvine and Kim Coghill)'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/india-budget-idINKBN15F2UX'|'2017-01-31T20:44:00.000+02:00'
'2205d6b40e49666b46315a890730608e2bcc2f49'|'UK Stocks-Factors to watch on Feb 2'|'Company News - Thu Feb 2, 2017 - 1:36am EST UK Stocks-Factors to watch on Feb 2 Feb 2 Britain''s FTSE 100 index is seen opening 10 to 15 points lower, or down as much as 0.2 percent on Thursday, according to financial bookmakers. * The UK blue chip index ended up 0.1 percent, coming off earlier highs as commodity-related stocks retreated. The benchmark index dropped to its lowest level since late December on Tuesday before closing 0.3 percent weaker. * RECKITT BENCKISER:UK consumer giant Reckitt Benckiser Group Plc said it was in advanced talks to buy baby food maker Mead Johnson Nutrition Co in a deal valued at about $16.7 billion. * SPORTS DIRECT: British sporting goods company Sports Direct International Plc is in talks to bid for Eastern Outfitters LLC, the parent of U.S. discount chain Bob''s Stores and outdoor retailer Eastern Mountain Sports, people familiar with the matter said. * DEUTSCHE BOERSE: Deutsche Boerse said on Wednesday that German prosecutors were investigating a share purchase by its chief executive in December 2015, which was just over two months before the exchange operator announced merger talks. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets * UK CORPORATE DIARY: Vodafone Group Plc Q3 2016 Trading Statement Release Aberdeen Asset Q1 2017 Trading Management Plc Statement Release Cranswick Plc Q3 2016 Trading Statement Release 3i Infrastructure Plc Q4 2016 Performance Update AstraZeneca Plc Full Year 2016 Earnings Release Compass Group Plc Q1 2017 Trading Statement Release Shell Q4 and Full Year Glencore Plc Full Year Production 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) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-stocks-factors-idUSL4N1FN1BW'|'2017-02-02T13:36:00.000+02:00'
'59bb3885a8739a43b800ccb07af347096640c24a'|'UPDATE 1-South Africa''s rand, stocks firm on Chinese data'|'Financials  24am EST UPDATE 1-South Africa''s rand, stocks firm on Chinese data * Currency gains in choppy trade ahead of Fed * Resource stocks rise (Adds closing prices, analyst comment) JOHANNESBURG Feb 1 South Africa''s rand strengthened on Wednesday, stretching gains into a second session as upbeat manufacturing data from China helped lift demand for emerging currencies. Stocks were firmer, supported by resources and e-commerce firm Naspers. By 1615 GMT the rand had gained 0.35 percent to 13.44 per dollar, edging towards technical resistance at 13.4100, as momentum swung again following a sharp fall in the beginning of the week over rumours of a cabinet reshuffle. With the U.S. Federal Reserve due to announce its policy decision later in the session and the dollar hovering around 7-week lows as the Donald Trump administration talked down the greenback, investors looked to the global economy for direction. Data from China showed the manufacturing sector of the world''s no.2 economy expanded for the sixth month in a row in January, boosting emerging currencies that rely on the Asian giant for export revenues. On the bourse, resource stocks were also supported by the Chinese data, with mining firms Anglo American and BHP Billiton both advancing. The benchmark Top-40 index was up 0.6 percent to 46,213 points and likewise the broader All-share index rose 0.6 percent to 53,104. Anglo American and BHP Billiton gained 2.1 percent to 235.14 rand and 1.3 percent to 247.70 rand respectively. "It was more resources again today with the likes of Anglogold (Ashanti) up overnight in New York the start of it," said Independent Securities trader Ryan Woods. "A lot of it has to do with what''s going on in America and the statements Trump is making. It''s the age-old flight to quality," said Woods. Anglogold was flat on 169.87 rand in Johannesburg, but other precious metals producers firmed, with Impala Platinum taking the lead, rising 2 percent to 54.49 rand. E-commerce and media firm Naspers gained 2.9 percent to 2,200.00 rand after Deutchse Bank raised its target price for the share to 3,245.00 rand from 3,078 rand. Bonds were flat, with the yield on the paper due 2026 adding 0.5 basis points to 8.865 percent. (Reporting by TJ Strydom and Mfuneko Toyana; Editing by Alison Williams) Next In Financials Soros nabs star UBS investment exec Dawn Fitzpatrick NEW YORK, Feb 1 UBS Group AG asset management executive Dawn Fitzpatrick is set to become chief investment officer of Soros Fund Management, which controls the fortunes of billionaire philanthropist George Soros, his family and foundations, his spokesman confirmed on Wednesday.'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/safrica-markets-idUSL5N1FM5CT'|'2017-02-01T23:24:00.000+02:00'
'e896a1d34ce3488b23aac072e79db6ed4e665425'|'Banque du Caire officially requests listing'|'Financials  29am EST Banque du Caire officially requests listing CAIRO Feb 1 Egyptian state-run lender Banque du Caire has officially requested that its shares be listed, the Cairo bourse said in a statement on Wednesday. "The documents are currently being examined to be submitted," it said. The bank has 2.25 billion Egyptian pounds ($119.17 million) in capital distributed over 562.5 million shares at a nominal value of 4 pounds per share, it said. ($1 = 18.8800 Egyptian pounds) (Reporting by Ehab Farouk; writing by Asma Alsharif; editing by Jason Neely) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/banque-du-caire-listing-idUSC6N1DT00J'|'2017-02-01T19:29:00.000+02:00'
'fb5b71a6215e11e3bf258a5a8a561e1c13192750'|'Investor Standard Life seeks change at Sports Direct, Volkswagen'|' 34am EST Investor Standard Life seeks change at Sports Direct, Volkswagen LONDON Feb 1 Standard Life Investments has concerns about governance at Sports Direct and Volkswagen and will press for more change at the companies, it said in its annual governance report on Wednesday. Mike Ashley''s role as executive deputy chairman of retailer Sports Direct was "ill-defined and did not seem to reflect the reality of his influence at the company," Standard Life Investments (SLI) said, adding it had "major concerns" about the firm''s remuneration policy. At Volkswagen, SLI said "increased board independence is crucial to rebuilding trust" in the company. Both companies were marked as "escalation candidates" in the investor''s report, indicating it planned to ask for more changes in the way they are run. However, SLI said it had been influential in achieving change at WPP, the world''s largest advertising agency. "We were reassured that progress had been made, both in the ownership of the succession planning process by the board, led by the chairman, and the process itself." (Reporting by Carolyn Cohn. Editing by Andrew MacAskill) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/britain-governance-standard-life-idUSL5N1FM240'|'2017-02-01T16:34:00.000+02:00'
'e5a4f6fd5ab85200a3b76602150c867c9e8c3d44'|'Saudi''s Mobily signs 7.9 bln riyals refinancing with banks'|'  12:41am EST Saudi''s Mobily signs 7.9 bln riyals refinancing with banks DUBAI Feb 1 Etihad Etisalat (Mobily), Saudi Arabia''s second largest mobile telephone operator, said on Wednesday it had signed a 7.9 billion riyals ($2.11 bln) refinancing facility with a group of banks. The murabaha facility will refinance a significant part of Mobily''s current debt, the company said in a statement, adding that the new facility was unsecured and had a seven years maturity, with a two-year grace period and five years repayment period. A murabaha is a cost-plus-profit arrangement which complies with Islamic finance standards. The group of banks included National Commercial Bank , Banque Saudi Fransi, Samba Financial Group , Saudi British Bank, Riyad Bank and Al Rajhi Bank, it said. ($1 = 3.7505 riyals) (Reporting By Tom Arnold; Editing by Vyas Mohan) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/mobily-loans-idUSD5N1F601Y'|'2017-02-01T12:41:00.000+02:00'
'3463a307915e5536ce7375cac99fb0e4516c0f5a'|'World First closes FX options business'|'Financials - Wed Feb 1, 2017 - 7:09am EST World First closes FX options business LONDON Feb 1 Currency broker World First is closing its corporate options business, the company said on Wednesday, in a move that will affect up to 50 staff at the UK-based firm. World First cited changes in its business, which put more emphasis on areas such as automated electronic trading, where it has strong growth. (Reporting by John Geddie and Patrick Graham; Editing by David Goodman) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/worldfirst-options-cuts-idUSL5N1FM3GT'|'2017-02-01T19:09:00.000+02:00'
'7e5137704b395b21cf566513ce71a1fbf665c632'|'CEE MARKETS-Leu falls on street protests, strong PMI buoys Polish equities'|'* Romanian assets fall after protests against government decree * Romanian government retreats from anti-corruption reforms * Czech, Hungarian, Polish PMIs show economic pick-up * Poland leads stocks rise, Bucharest equities fall By Sandor Peto and Luiza Ilie BUDAPEST/BUCHAREST, Feb 1 The Romanian leu weakened as a government decree to ease anti-corruption rules triggered new street protests in Bucharest, while strong manufacturing indices buoyed other Central European assets. The leu fell 0.4 percent to 4.517 against the euro by 0919 GMT. Thousands protested in Bucharest in freezing cold Tuesday night after the new leftist government decriminalized a number of graft offences in an emergency decree which took effect immediately. The plan for a retreat from anti-corruption reforms, and a delay in drafting the 2017 budget have caused jitters in Romanian markets in the past weeks. The budget was also approved on Tuesday, and many analysts doubt that the deficit can be held below the European Union''s ceiling, 3 percent of economic output. Looser anti-corruption rules increase risks. "The leu is weaker and longer term debt yields have jumped in reaction to the emergency decree and the ensuing protests," said one trader in Bucharest. The yield on 10-year Romanian bonds reached a 6-month high, bid at 3.92 percent, up 12 basis points, while Hungarian and Polish bond prices were steady. The forint and the zloty were also steady, after better-than-expected Purchasing Managers'' Indices published in Hungary, Poland and the Czech Republic showed a pick-up in economic activity. The main indices of the region''s biggest bourses rose, except for Bucharest which shed 0.5 percent. Warsaw led the gains, rising 1 percent. "After weak GDP data yesterday, solid PMI may be seen as a signal of some improvement in the economy and it could contribute in today stocks rise," said Pawel Bartczak, equity trader at BZ WBK. "But the biggest motor for the increases of WIG20 index is (copper producer) KGHM, which follows sharp rise in copper prices yesterday," he said. The PMI rise would normally lift regional currencies, but the global environment abounds in risks currently, one Budapest-based dealer said. The dollar suffered its worst January in three decades after President Donald Trump complained that every "other country lives on devaluation." Despite strong PMI figures in Central Europe, the region''s currencies treaded water, as global risks such as Trump''s comments on the dollar, an ECB meeting on Thursday and tensions in eastern Ukraine all posed uncertainty, making investors edgy. Despite a strong Czech PMI at 55.7, the crown did not strengthen in its implied euro exchange rate in 6-month forward deals. The crown was heavily bought early this month due to speculation that it could surge once the central bank removes its cap which has kept the currency''s spot euro rate weaker than 27 since 2013. CEE SNAPS AT 1019 MARKETS HOT CET CURRENCIES Lates Previ Daily Chang t ous e bid close chang in e 2017 Czech crown 27.02 27.02 +0.0 -0.05 10 45 1% % Hungary 310.0 310.1 +0.0 -0.39 forint 300 300 3% % Polish 4.321 4.321 +0.0 1.90% zloty 9 9 0% Romanian 4.517 4.500 -0.37 0.40% leu 0 3 % Croatian 7.467 7.474 +0.0 1.17% kuna 5 0 9% Serbian 123.9 124.0 +0.0 -0.46 dinar 200 200 8% % 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 936.0 932.4 +0.3 +1.5 6 6 9% 7% Budapest 32525 32481 +0.1 +1.6 .97 .29 4% 3% Warsaw 2077. 2056. +1.0 +6.6 41 83 0% 5% Bucharest 7477. 7517. -0.54 +5.5 51 85 % 4% Ljubljana 741.1 741.1 +0.0 +3.2 3 6 0% 8% Zagreb 2137. 2142. -0.24 +7.1 55 69 % 5% Belgrade <.BELEX15 699.8 699.0 +0.1 -2.44 > 9 1 3% % Sofia 599.0 602.2 -0.54 +2.1 1 8 % 5% BONDS Yield Yield Sprea Daily d (bid) chang vs chang e Bund e in Czech sprea Republic d 2-year <CZ2YT=RR -0.67 -0.00 +003 +0bp > 1 9 bps s 5-year <CZ5YT=RR -0.14 -0.00 +024 -2bps > 2 bps 10-year <C
'd68c9aa1b3d21d129cb9a671e500520f0e5ceb13'|'UniCredit writedowns ring alarm bells for Italian banks'|'  4:28pm GMT UniCredit writedowns ring alarm bells for Italian banks Unicredit bank logo is seen on a banner downtown Milan, Italy, May 23, 2016. REUTERS/Stefano Rellandini/File Photo GLOBAL BUSINESS WEEK AHEAD PACKAGE - SEARCH ''BUSINESS WEEK AHEAD NOV 7'' FOR ALL IMAGES By Silvia Aloisi and Paola Arosio - MILAN MILAN UniCredit has heavily written down the value of its 700 million euro ($756 million) investment in Italy''s bank rescue fund and other investors are likely to follow suit, sources told Reuters, complicating efforts to stabilize the nation''s banking sector. Italy biggest bank has cut the value of its investment in the Atlante fund by significantly more than a third on its books, according to two sources familiar with the matter. The move is part of its plan to clean up its balance sheet before it taps the market for 13 billion euros in a share issue next week. By writing down the stake, UniCredit is indicating that it does not believe it will make money on the investment it made into the state-managed fund created to recapitalize a number of failing Italian banks and help the industry offload bad loans. A source at another bank estimated UniCredit''s writedown could be closer to 70 percent. Atlante declined to comment. Intesa Sanpaolo, which together with UniCredit is Atlante''s biggest investor, on Friday said it had written down the value of its stake in the fund by 33 percent. A group of about half a dozen other banks that have invested in Atlante have held a series of meetings in recent days to discuss the scale of their own possible writedowns, said another source with direct knowledge of the talks. They are also likely to write down their investments by 30 percent, according to the source, who did not name the lenders. Atlante executives have acknowledged that the value of investments has fallen but have said the fund created last April has an investment horizon of five years and aims to create value for its backers over that period. The losses, just 10 months into a government-orchestrated campaign to shore up the industry, suggest that mending the sector has become a far more painful task than expected by many industry and government officials. UniCredit''s move is also likely to discourage the private sector from pumping any more money into Atlante to bail out weaker banks. That in turn could put more pressure on Rome, increasing doubts over whether 20 billion euros set aside by the government to stabilize the euro zone''s fourth-biggest banking system will be enough, say analysts. It has already earmarked about a third of that to rescue just one lender, Monte dei Paschi di Siena. "The 20 billion euros the government has set aside is starting to look like small beer," said Milan-based banking analyst Vincenzo Longo of brokerage IG.. The finance ministry declined to comment on the Atlante writedowns or whether the government was under more pressure as a result. Bank of Italy Governor Ignazio Visco said on Saturday the 20 billion euros were enough to recapitalize other banks after Monte dei Paschi. Economy Minister Pier Carlo Padoan has also said the money is sufficient to address the needs of weaker lenders, adding the overall banking system is solid. The fund writedowns are not the only new problem facing the banking sector. UniCredit has separately sold 18 billion euros of its bad loans at an average price of just 13 cents to the euro, said the first two sources, who declined to be named because the investment writedown and loan pricing are confidential. That price - little more than a tenth of the loans'' gross nominal value - sets a tough market precedent for other banks looking to offload their own piles of non-performing loans without incurring losses that could dangerously deplete their capital. These include banks being helped by Atlante. Italian lenders are under pressure from the European Central Bank (ECB) to offload their soured debts, which now stand at 356 billion euros - a third of t
'7e5fe0898486e00a2a7c3acbc72ef656e2590cd6'|'Amazon forecasts lower operating income, shares dip'|'By Anya George Tharakan and Jeffrey Dastin Amazon.com Inc ( AMZN.O ) forecast a greater-than-expected dip in operating income for the current quarter, a sign of its dedication to building expensive new warehouses and creating video content.The world''s largest online retailer also reported lower-than-expected fourth-quarter revenue and missed Wall Street targets for its closely watched cloud computing unit, sending its shares down more than 4 percent in extended trading on Thursday.The Seattle-based company is spending heavily to take greater control of its delivery systems as well as expanding its video service around the world. Key to its plan is to entice sign-ups for Amazon Prime, its $99-per-year shopping club.But the pace of investment has sometimes concerned investors.Amazon forecast first-quarter operating income between $250 million and $900 million, below the consensus estimate of $1.34 billion, according to market research firm FactSet StreetAccount.Amazon had reported operating income of $1.1 billion for the same period last year.Amazon is now producing television shows for Prime subscribers to watch online. It is developing gadgets with an artificially intelligent assistant, Alexa, so users can buy toilet paper and other goods by voice command. And it is building out a system of trucks, planes and warehouses so orders are sped to Prime members in two days or less, a convenience that few online retailers can afford to match.As part of its push for faster delivery times, the company said last month it would create more than 100,000 jobs in the United States.Amazon is also the market leader in the fast-growing and lucrative cloud business, selling computer services, hosting websites and storing data.That unit, Amazon Web Services, reported a 47 percent jump in revenue to $3.54 billion, but fell short of the average analyst estimate of $3.60 billion, according to FactSet StreetAccount.Amazon said its net sales rose 22.4 percent to $43.74 billion in the fourth quarter, compared with the average analyst estimate of $44.68 billion, according to Thomson Reuters I/B/E/S.Amazon''s net income rose to $749 million, or $1.54 per share, from $482 million, or $1.00 per share, a year earlier.The company said last month that the 2016 holiday period was its best-ever shopping season, when it shipped 50 percent more items than the prior year for third-party vendors.(Reporting by Anya George Tharakan in Bengaluru and Jeffrey Dastin in San Francisco; Editing by Saumyadeb Chakrabarty and Bill Rigby)'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/us-amazon-com-results-idINKBN15H2RO'|'2017-02-02T18:57:00.000+02:00'
'358356bd734877e94b6cf41f3700d920a25ab159'|'UniCredit agrees job cuts with unions ahead of cash call start'|'MILAN Italy''s biggest bank UniCredit ( CRDI.MI ) said on Saturday it had signed a deal with trade unions to cut 3,900 jobs in the country as it prepares to launch a record 13 billion euro ($14 billion) share issue next week.A total of 14,000 job cuts by 2019 are key to a business plan unveiled in December by UniCredit''s new chief executive, Jean Pierre Mustier, to bolster the bank''s balance sheet. The plan also includes the proposed sale of 17.7 billion euros in bad debts.UniCredit has said it will book one-off restructuring costs of 1.7 billion euros in the fourth quarter to cut a total of 5,600 jobs."With the agreement defined today, the negotiations with the trade unions in the affected countries (Italy, Germany, Austria) have been completed," the bank said in a statement. "(The plan''s) targets are confirmed."The cuts in Italy will be carried out on a voluntary basis and UniCredit has committed to hiring 1,300 people over the next three years."It''s a good accord which paves the way for the capital increase," said Massimo Masi, secretary general at the UILCA bank workers'' union.To offset fourth-quarter losses stemming mainly from 8.1 billion euros in loan writedowns, UniCredit will sell new shares starting from Monday in Italy''s biggest ever corporate cash call.In a document published on Friday, UniCredit said it was not aware that anyone planned to take on more than 5 percent of the share offer.It added that none of its shareholders with a stake of at least 3 percent had yet committed to exercise their rights to buy new shares and avoid dilution.UniCredit''s top shareholder is U.S. investment firm Capital Research and Management Company with 6.7 percent, followed by Abu Dhabi''s sovereign wealth fund Aabar and asset manager BlackRock ( BLK.N ) with a stake of about 5 percent each.($1 = 0.9276 euros)(Reporting by Valentina Za; Editing by Helen Popper)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-italy-banks-unicredit-jobs-idINKBN15J0S4'|'2017-02-04T15:33:00.000+02:00'
'eb44975c3192f501ffcd30e6f33d46ef8963e3bb'|'Chinese industry wants ''win-win'' end to U.S. anti-dumping duties on washing machines'|'Business News - Sat Feb 4, 2017 - 2:45pm GMT Chinese industry wants ''win-win'' end to U.S. anti-dumping duties on washing machines Employees assemble washing machines on the production line inside a factory of Hefei Rongshida Sanyo Electric in Hefei, Anhui province August 13, 2013. REUTERS/Stringer BEIJING Chinese industry called on Saturday for talks with the United States to seek an end to anti-dumping duties imposed on its exports of large washing machines, state news agency Xinhua reported. The U.S. International Trade Commission last month made a final finding of harm to a U.S. manufacturer after a Commerce Department probe found some large residential washers were being imported from China at below fair value. "The move hurts not only Chinese manufacturers, but also the interests of U.S. consumers," the China Chamber of Commerce for Import and Export of Machinery and Electronic Products (CCCME) said, according to Xinhua. "The chamber is concerned about the U.S. use of trade remedy measures to protect its own market, and hopes to solve the issue through negotiations to gain win-win results." The investigation followed a petition by Whirlpool Corp( WHR.N ) over imports of washers manufactured in China by two South Korean companies, Samsung Electronics Co Ltd ( 005930.KS )and LG Electronics Inc ( 066570.KS ). The ITC decision imposed of final duties of up to 52.5 percent. In 2015, U.S. imports of such washers from China were valued at an estimated $1.1 billion (<28>880.8 million). (Reporting by Ryan Woo; Editing by Robin Pomeroy) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-china-washers-idUKKBN15J0L4'|'2017-02-04T21:45:00.000+02:00'
'93e57de7760771d65a5232ed8a5004211c0b73b7'|'Trump issues orders to review banking law and retirement advice rule'|'Business News - Fri Feb 3, 2017 - 6:44pm GMT Trump issues orders to review banking law and retirement advice rule left right U.S. President Donald Trump speaks before signing an executive order rolling back regulations from the 2010 Dodd-Frank law on Wall Street reform at the White House in Washington February 3, 2017. REUTERS/Kevin Lamarque 1/3 left right After signing, U.S. President Donald Trump holds up an executive order rolling back regulations from the 2010 Dodd-Frank law on Wall Street reform at the White House in Washington February 3, 2017. REUTERS/Kevin Lamarque 2/3 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 3/3 By Sarah N. Lynch and Suzanne Barlyn - WASHINGTON WASHINGTON U.S. President Donald Trump on Friday ordered a review of banking regulations introduced after the 2008 financial crisis, including a review of a rule on retirement advice. Trump pledged during his campaign to replace the Dodd-Frank law introduced under the Obama administration which raised capital requirements for banks, restricted their trading by means of the "Volcker Rule", and also created the Consumer Financial Protection Bureau. A presidential order also imposed a 180-day delay on the implementation of a "fiduciary rule" for brokers offering retirement advice, according to a draft memo seen by Reuters. During that time the U.S. Labor Department is to conduct an economic and legal analysis of the regulation and rescind the rule if it is inconsistent with Trump administration priorities, according to the memo, which is not final. Originally slated to take effect in April, the rule requires brokers to act as "fiduciaries," or in their clients'' best interests, when advising them about retirement plans. The U.S. Chamber of Commerce and other trade groups are seeking to have the fiduciary rule overturned in court and a federal judge reviewing the case signalled in a court filing on Thursday that she plans to issue a decision no later than Feb. 10. Democrats and consumer rights groups say the rule is necessary to protect individuals against potential conflicts of interest that brokers may have when guiding them to invest for the future. U.S. Republicans on Friday also repealed a rule aimed at curbing corruption at oil, gas and mining companies and voted to axe emissions limits on drilling operations, part of a push to remove Obama-era regulations on the energy industry. DODD-FRANK MOVE LARGELY SYMBOLIC Trump''s order on reviewing the 2010 Dodd-Frank Wall Street reform regulations may be largely symbolic though because only Congress can rewrite the legislation, but Wall Street embraced the possibility of simpler bank regulations by pushing financial stocks up in morning trade. [.N] "The first thing that we are going to attack is regulation, over-regulation. It''s not just in the financial markets, it''s in all markets," said White House National Economic Council Director Gary Cohn on Fox Business Network on Friday. "So today you''re going to start seeing the beginning of some of our executive actions to roll back regulation in the financial services market," he said. Dodd-Frank, the biggest Wall Street regulatory overhaul in decades, set out a long list of rules intended to keep the financial system from a repeat of the 2007-2009 crisis. The rules included strict new capital standards on banks, called for annual stress tests for banks considered "too big to fail", provided more oversight of derivatives trading, and restricted trading on their own account by means of the so-called "Volcker rule". The legislation also created new consumer protection watchdog to guard against predatory lending. Analysts said Trump could make many changes without involving lawmakers, such as by appointing new personnel or simply choosing not to enforce rules already enacted. 
'43f541ac1a3db0b9f69b77f0ed34deafe1db27b7'|'Euro zone businesses stay buoyant at start of 2017 - PMI'|' 03am GMT Euro zone businesses stay buoyant at start of 2017 - PMI FILE PHOTO: People walk past a shop with a sale sign on display in Brussels, Belgium, July 2, 2014. REUTERS/Eric Vidal/File Photo LONDON Feb 3 Euro zone businesses started 2017 by increasing activity at the same multi-year record pace they set in December and faster growth in demand suggested the good times will continue, a survey showed on Friday. IHS Markit''s final composite Purchasing Managers'' Index held at December''s 54.4. It has not been higher since May 2011 and beat a 54.3 flash estimate. It has been above the 50 mark dividing growth from contraction since mid-2013. "The latest reading is comparable to GDP rising at a quarterly rate of 0.4 percent, indicating that the economy is starting 2017 on a solid footing," said Chris Williamson, chief business economists at IHS Markit. "Meanwhile, faster growth of new business and an upturn in confidence about the year ahead to the highest since the region''s debt crisis bodes well for the robust pace of growth to be sustained in coming months." The new business sub-index climbed to 54.3 last month from 54.1, its highest reading since November 2015. A PMI for the dominant services industry matched December''s 53.7, just pipping the earlier flash reading of 53.6. Service providers remained optimistic last month and increased headcount at the fastest rate since July. The employment index rose to 52.8 from 52.2. But recent hopes the euro zone growth and inflation have finally turned a corner are on shaky ground and will only be maintained if there are no major upsets in several national elections this year, a Reuters poll showed last month. The poll also predicted first quarter economic growth of 0.4 percent. (Reporting by Jonathan Cable; editing by John Stonestreet)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eurozone-economy-pmi-idUKKBN15I0XS'|'2017-02-03T16:03:00.000+02:00'
'6eaa22035962319d8ee070aa01a0612b1b9469b3'|'Indian police bust $550-million internet scam that duped thousands'|'By Tommy Wilkes - NEW DELHI NEW DELHI Indian police have busted an internet scam in which around 650,000 people lost a combined 37 billion rupees ($549 million) after sending money to a company that promised they would earn cash by clicking on web links, police said on Friday.Police, who described the pyramid-style scheme as one of India''s biggest ever, said they had arrested three ringleaders on the outskirts of New Delhi, the capital, and seized more than 5 billion rupees ($74 million) from bank accounts."They learned that if you give some money back to members, the investments would go up exponentially," Amit Pathak, head of a police cyber crime unit in India''s populous northern state of Uttar Pradesh, told Reuters.The men ran a series of websites that promised would-be subscribers a chance to earn five rupees ($0.07) each time they clicked or liked web links sent to their mobile phones, police said.The unsuspecting investors each paid thousands of rupees into the company''s bank accounts to join the scheme, but the web links they received were fake.The company running the alleged scam had operated for years, but earned almost all the money over a few months from last August, after it began to distribute some of the proceeds, using the beneficiaries to draw in more investors.Police said the ringleaders had not yet appointed lawyers as the chargesheet was still being prepared.When police raided the company''s head office in the city of Noida they found 250 passports of employees and members who had been rewarded with a holiday to Australia.The scammers planned to film the holiday and then post it online as promotional material to lure more subscribers.The alleged mastermind spent some of the proceeds on houses, cars and celebrity parties. Pathak said it would take time to trace most of the money, and several bank employees were believed to be involved."It''s a very big task for us. We have brought in the income-tax department, and other government agencies, to trace the money," Pathak said.Cyber crime in India, home to the world''s second largest number of internet users, jumped 350 percent in the three years to 2014 as criminals exploited booming smartphone use, a study by auditing services firm PwC and industry lobby group Assocham showed last year.($1=67.3100 Indian rupees)(Reporting by Tommy Wilkes)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/india-fraud-idINKBN15I18V'|'2017-02-03T07:30:00.000+02:00'
'4e5b172425f786b9fcf35da8df621bf175080042'|'UPDATE 1-U.S. FERC delegates authority to staff in absence of a quorum'|'Business   12:15pm EST FERC delegates authority to staff in absence of a quorum The U.S. Federal Energy Regulatory Commission (FERC) on Friday issued an order delegating further authority to its staff in absence of a quorum on the Commission starting Feb. 4. FERC needs at least three of the five commissioners to have a quorum. It will only have two commissioners, Cheryl LaFleur and Colette Honorable, once commissioner Norman Bay leaves on Friday. Last week, President Donald Trump appointed LaFleur as acting chairman, which prompted Bay, the former chairman, to announce he would step down on Feb. 3. Changes at the top of FERC prompted several energy firms to request the agency make decisions this week on proposed natural gas pipelines to avoid potential construction delays. FERC on Thursday approved construction of Energy Transfer Partners LP''s ( ETP.N ) Rover gas pipeline from Pennsylvania to Ontario. Other companies hoping for decisions this week include units of Spectra Energy Corp ( SE.N ) ( SEP.N ) on the Nexus pipeline, Williams Cos Inc ( WMB.N ) ( WPZ.N ) on Atlantic Sunrise, TransCanada Corp ( TRP.TO ) on Leach and National Fuel Gas Co ( NFG.N ) on Northern Access. As part of the delegation to the staff, FERC said the Director of the Office of Energy Market Regulation can accept and suspend rate filings, take action on uncontested filings and can accept settlements not contested by any party. The Commission said on Friday it "anticipates that it will lack a quorum for an indeterminate period in the near future." The Commission said the additional authority granted to agency staff will last until the Commission again has a quorum and moves to lift the delegation order. When regulated entities make rate filings that, in the absence of Commission action, would take effect without suspension, refund protection or the ability for protesting parties to appeal, the Commission said its general practice has been not to allow that to happen. By issuing the order Friday, the Commission said it intends to ensure that FERC staff has authority to prevent such filings from taking effect during the no-quorum period. FERC also said staff can extend the time for action on matters where it is permitted by statute. (Reporting by Scott DiSavino; Editing by Chizu Nomiyama and Chris Reese) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-ferc-quorum-idUSKBN15I2GB'|'2017-02-04T00:12:00.000+02:00'
'31bbee4706a5ebf1a8e75a926d388aa771e9ca31'|'Japan''s Takeda committed to single-digit U.S. drug price rises'|'Business News - Wed Feb 1, 2017 - 3:21am EST Japan''s Takeda committed to single-digit U.S. drug price rises FILE PHOTO - Logos of Japanese Takeda Pharmaceutical Co are seen at an office building in Glattbrugg near Zurich March 7, 2012. REUTERS/Arnd Wiegmann/File Photo TOKYO Japan''s largest drugmaker, Takeda Pharmaceuticals Co, on Wednesday said it would maintain its pricing model in the U.S. market, brushing off demands by U.S. President Donald Trump for drugmakers to offer cheaper drugs. "Takeda has for many years been reasonable in its price increases in the U.S. and we are very committed to single-digit price increase," Takeda Chief Executive Christophe Weber told reporters at a results briefing. Trump has called on global pharmaceutical companies to make more of their drugs in the United States and cut prices. Takeda, which produces cancer treatments including Velcade, which targets a type of blood cancer, earns around a third of its drugs revenues from the United States, its biggest market outside Japan. After picking up cancer drug maker Ariad Pharmaceuticals Inc in a $5.2-billion deal this month, the company said it was looking for more acquisitions to bolster its drug portfolio and expand to more overseas markets. (Reporting by Naomi Tajitsu; Editing by Clarence Fernandez) Next In Business News VW, Robert Bosch agree to pay $1.6 billion to settle U.S. diesel claims WASHINGTON Volkswagen AG has agreed to pay at least $1.26 billion to fix or buy back and compensate owners of about 80,000 polluting 3.0 liter diesel-engined vehicles -- and could be forced to pay more than $4 billion if regulators don''t approve fixes for all vehicles, court documents filed late Tuesday showed.'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-trump-pharmaceuticals-takeda-idUSKBN15G3Q2'|'2017-02-01T15:21:00.000+02:00'
'2900f627ee0aa66328a5d36047a8b9315c49d199'|'Trump, trade adviser signal displeasure with U.S. ''strong dollar'' policy'|'Money   4:23am IST Trump, trade adviser signal displeasure with U.S. ''strong dollar'' policy left right A bank employee counts U.S. dollar notes at a Kasikornbank in Bangkok, Thailand, May 12, 2016. REUTERS/Athit Perawongmetha 1/2 left right A man counts U.S dollars and Euros at a money changer office in central Cairo, Egypt, December 27, 2016. Picture taken December 27, 2016. REUTERS/Mohamed Abd El Ghany 2/2 By Sinead Carew and Jamie McGeever - NEW YORK/LONDON NEW YORK/LONDON U.S. President Donald Trump and a top economics adviser on Tuesday unleashed a barrage of criticism against Germany, Japan and China, saying the three key U.S. trading partners were engaged in devaluing their currencies to the harm of American companies and consumers. The comments from Trump at the end of a White House meeting with pharmaceutical executives, as well as from trade adviser Peter Navarro in a newspaper interview, were the starkest indication yet that the first-term Republican president is prepared to jettison two decades of "strong dollar" policies advocated by predecessors dating back to the Clinton administration. The criticism also signals a weakening of the U.S. commitment to an agreement among the financial leaders of the world''s top 20 economies, struck after the 2008 financial crisis, that countries would not pursue policies to target exchange rates for competitive purposes. "Those comments, talking about somebody else''s currency, talking about valuation, almost seem like they''re criticizing the construction of the euro zone which is a whole other issue," said Greg Anderson, Global head of FX strategy for BMO Capital Markets in New York. "I''m sure a lot of people have those thoughts. In the gentleman''s agreement, as an official you don''t mention those thoughts." Trump and Navarro''s remarks are just the latest to deepen a growing unease in financial markets about the outlook for global trade in the Trump era and sent the U.S. dollar into a tailspin against the euro and yen on Tuesday. A broad measure of the dollar against the currencies of key trading partners sank by 0.85 percent to cap a 2.6 percent decline in January, its weakest monthly showing since last March DXY. The market convulsions began when Navarro, who heads Trump''s newly created National Trade Council, told the Financial Times newspaper that the euro was like an "implicit Deutsche Mark" whose low valuation gave Germany an edge over the United States and its European Union partners. That propelled the euro EUR= up about 0.5 percent against the U.S. dollar and drew a rebuff from German Chancellor Angela Merkel, who said the country respects the independence of the European Central Bank. Some blame the ECB for engineering an ultra-loose monetary policy in order to keep the trading bloc''s common currency weak and stimulate economic growth in the euro-zone. "Germany is a country that has always called for theEuropean Central Bank to pursue an independent policy, just asthe Bundesbank did before the euro existed," Merkel told a newsconference in Stockholm with Swedish Prime Minister StefanLofven. Hours later, Trump added his own critique of Japan and China to the mix, veering from discussing drug prices to currency valuations as he wrapped up a meeting with the heads of six top pharmaceuticals companies whom he is pressuring to lower prices. Bemoaning the fact that so many drug makers had relocated outside the United States, Trump blamed U.S. regulations and contended other countries "take advantage of us with their money and their money supply and devaluation." "Every other country lives on devaluation," he said. "You look at what China''s doing, you look at what Japan has done over the years. They -- they play the money market, they play the devaluation market and we sit there like a bunch of dummies." Japan''s yen JPY= gained more than 1.0 percent against the dollar following Trump''s off-the-cuff comments. With on-shore Chinese markets 
'14ea97ccdd8a0192ad21f2db26aa5c5bdc8b44ca'|'Budget to try and ease pain from cash crunch'|'By Rajesh Kumar Singh - NEW DELHI NEW DELHI Finance Minister Arun Jaitley will likely boost spending and ease back on cutting the deficit when he presents his fourth budget on Wednesday, as he seeks to lift growth hit by the government''s drive to purge the economy of "black money".Prime Minister Narendra Modi''s surprise decision last November to scrap high-value banknotes worth 86 percent of India''s cash in circulation has hit consumer demand, disrupted supply chains and hurt capital investments.Jaitley will present the 2017/18 budget at 11 am (0530 GMT) to the lower house of parliament.The finance ministry forecasts that growth could dip to as low as 6.5 percent in the current fiscal year to March, before picking up in the coming fiscal year to between 6.75 and 7.5 percent.While opinions vary on how long the disruptions caused by Modi''s crackdown on untaxed and illicit wealth will last, there is near unanimity among economists that Asia''s third-largest economy needs a helping hand.Arvind Subramanian, Jaitley''s chief economic adviser, on Tuesday advocated slashing personal income tax and accelerating cuts in corporate tax rates. He cautioned, however, against pursuing debt-fuelled fiscal expansion.Still, economists are pencilling in a federal fiscal deficit of 3.3 percent of GDP for 2017/18. That would be higher than the 3 percent pledged earlier but lower than 3.5 percent that the government has budgeted for the year soon to end."Expectations are running high for an expansive budget," said Radhika Rao, an economist with DBS Bank in Singapore.The rollout of a nationwide Goods and Services tax (GST), expected in July after years of delays, could also weigh on economic growth. Countries that have introduced GST in the past have often faced a relative economic slowdown before the benefits of a unified tax regime feed through.BENEFITS AND COSTSJaitley''s fiscal largesse will not only boost consumer spending, but may also shore up the fortunes of Modi''s nationalist party in five regional elections for which voting begins on Saturday.The electoral outcome, particularly in the battleground state of Uttar Pradesh that is home to one in every six Indians, would play a big part in determining whether Modi can win a second term in 2019.Busting the deficit target, however, would worry ratings agencies at a time when oil prices - India''s most costly import - are on an upswing.Standard & Poor''s has already warned that, at 68.5 percent, India''s public debt-to-GDP ratio is still too high.A slowdown in fiscal consolidation would also limit the room for monetary easing. Investors are betting that the Reserve Bank of India would lower its policy rate by another 25 basis points (bps) as early as next Wednesday.The central bank has cut interest rates by 175 bps since January 2015 to 6.25 percent."Signs of a populist budget will be positive for markets, but if accompanied by a larger-than-expected borrowing programme will quickly reverse sentiment," said Rao of DBS Bank.(Reporting by Rajesh Kumar Singh; Editing by Douglas Busvine and Kim Coghill)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/india-budget-jaitley-idINKBN15F2UX'|'2017-01-31T23:28:00.000+02:00'
'deb6a411ac69b623e7e05bf7b5a2b9bf38ebe892'|'Nikkei wobbles as investors fret about yen, Trump''s policies'|'* Wall Street skids as investors weigh Trump''s policies* Trump criticises Japan, Germany for their currency decisions* Earnings in focus for investors this weekTOKYO, Feb 1 Japan''s Nikkei share average wobbled on Wednesday, undermined by a stronger yen currency and a drop on Wall Street as investors fretted about the impact of some of the Trump administration''s policies.While market participants remain hopeful that U.S. President Donald Trump will return his focus to tax reform, fiscal stimulus and deregulation, his protectionist stances and immigration curbs weighed on overall sentiment."There are lots of concerns about his policy moves, particularly for Japan whenever he mentions the currency rate," said Harumi Taguchi, principal economist at IHS Markit in Tokyo.The dollar slumped after Trump and trade adviser Peter Navarro on Tuesday singled out Japan, China and Germany as key U.S. trading partners engaged in devaluing their currencies.The Nikkei was flat at the end of morning trade, at 19,040.74 points."Below 19,000, the Nikkei''s next support level lies at 18,800, and then at 18,500," said Yutaka Miura, a senior technical analyst at Mizuho Securities.Later on Wednesday, the U.S. Federal Reserve is expected to keep interest rates unchanged when it concludes its two-day meeting, its first policy decision since Trump took office, as it awaits greater clarity on his economic policies.Earnings were in focus this week, with shares of Nintendo Co Ltd dropping 3.7 percent after it cut its full-year profit forecast due to weak sales of console games.Shares of Omron Corp rose 6.6 percent after the Japanese electronics maker raised its operating profit guidance for the fiscal year through March.Ricoh Co Ltd slipped 7.3 percent after posting a smaller net profit in the nine months through December and cutting its full year guidance.Shares of steel group JFE Holdings Inc were up 3.6 percent, after it raised its operating profit forecast for its fiscal year through March.The broader Topix slipped 0.3 percent to 1,517.67, while the JPX-Nikkei Index 400 also fell 0.3 percent to 13,608.00.(Reporting by Tokyo markets team; Editing by Randy Fabi)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/japan-stocks-midday-idINL4N1FM0RO'|'2017-02-01T00:13:00.000+02:00'
'fe05a74bf5165f432c466ed4498e1a2c08218a96'|'Thai banks'' bad loans to decline as economy improves - finmin'|'Financials  51am EST Thai banks'' bad loans to decline as economy improves - finmin BANGKOK Feb 1 Thai banks'' non-performing loans (NPLs) are expected to fall over the next six months as the economy is improving, the finance minister said on Wednesday. A rise last year in NPLs reflected economic conditions that are worse than current ones, Finance Minister Apisak Tantivorawong told reporters. "So over the next six months, NPLs will improve... It''s banks'' cycle. That''s why we are trying to get the economy fully recovering," said Apisak, who was former Krung Thai Bank chief. The minister gave no numbers on NPL levels. At the end of September, they accounted for 2.89 percent of total Thai lending up from 2.55 percent at the end of 2015, central bank data showed. Market leader Bangkok Bank said its NPLs were at 3.2 percent of lending at the end of 2016, up from 2.8 percent at end-2015. The finance ministry has forecast economic growth at 3.6 percent this year and 3.2 percent for 2016. (Reporting by Kitiphong Thaichareon; Writing by Orathai Sriring; Editing by Richard Borsuk; Editing by Richard Borsuk) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/thailand-economy-loans-idUSL4N1FM1BL'|'2017-02-01T15:51:00.000+02:00'
'ae65405e059634588b4072c13c7f8fb7fec9c114'|'BRIEF-GE to sell 43 pct stake in Hyundai Card to Hyundai Commercial, Affinity Equity Partners, GIC and Alpinvest'|'United States Market News - Wed Feb 1, 2017 - 2:49am EST BRIEF-GE to sell 43 pct stake in Hyundai Card to Hyundai Commercial, Affinity Equity Partners, GIC and Alpinvest Feb 1 General Electric Co : * GE to sell shares in Hyundai Card Co. to Hyundai Commercial, Affinity Equity Partners and other investors * General Electric Co - Signed agreement to sell 43% stake in Hyundai Card Co. to Hyundai Commercial, Affinity Equity Partners, GIC and Alpinvest * Transaction represents aggregate GE ending net investment (ENI) of approximately US$1.3 billion as of end of Q4 2016 * Signed an agreement to exit its entire 43% ownership in HCC Source text for Eikon:'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSASB0AXTE'|'2017-02-01T14:49:00.000+02:00'
'02978f6220d5825c0cf2ea290e1c461dc85bcedd'|'Fed''s message on portfolio trimming: prepare, don''t fret'|'Business   1:05am EST Fed''s message on portfolio trimming: prepare, don''t fret 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 Ann Saphir and Richard Leong - SAN FRANCISCO/NEW YORK SAN FRANCISCO/NEW YORK Federal Reserve policymakers are putting markets on notice that the central bank''s $4.5 trillion balance sheet is back on the agenda in an apparent effort to give investors time to prepare for changes rather than to signal any action is imminent. Policymakers want to minimize any volatility that slimming the Fed''s massive balance sheet might cause, and have said they will only do so after interest rate increases are "well underway." The central bank is expected to keep that line in its statement on Wednesday following this year''s initial policy meeting and the first one under Donald Trump''s administration. The Fed amassed the bonds during and after the financial crisis to inject cash into the economy and put downward pressure on long-term rates, and has been keeping its portfolio steady since December 2013. While the Fed has only raised rates twice since the crisis, a number of Fed policymakers are already voicing support for allowing the debt holdings to shrink by letting bonds mature without reinvesting the proceeds. Some have argued the process, or at least the debate over how to proceed, should begin later this year. Only a few months ago, several voices from within the Fed suggested the balance sheet could remain big for many years to come. But with labor markets continuing to tighten and Trump promising tax cuts and more spending, inflation and rates may rise faster than last year. Trimming the balance sheet would be the Fed''s next step in normalizing monetary policy. Most Wall Street investors do not expect it until mid-2018, policymakers are playing it safe, keen to avoid a repeat of the 2013 "taper tantrum", when bond yields surged after then-Fed Chair Ben Bernanke hinted at cutting the pace of bond buying. "They don''t want to shock the market," said Robert Tipp, chief investment strategist at Prudential Fixed Income. "They want to prepare the market," he said, commenting on a slew of comments from Dallas Fed''s Robert Kaplan, San Francisco Fed''s John Williams and Philadelphia Fed''s Patrick Harker. WEAKER ANCHOR The Fed is also putting investors on notice in case the slimming "could come up faster if the rate hikes were faster," said Tim Duy, a professor at the University of Oregon. While giving markets plenty of time, the Fed is also laying out evidence why they do not need to be unduly concerned. As Fed Chair Janet Yellen pointed out in a speech in January, one reason is that the average maturity of the securities in the Fed''s portfolio has declined, while that of the overall Treasury market has increased. (Graphic: reut.rs/2knWguk ) Essentially, that means the Fed''s portfolio has become less influential as an anchor for long-term rates than in the past. In addition, the overall bond market has grown, reducing the relative size and impact of the Fed''s holdings. Bernanke, for one, argues the economy is "growing into" the Fed''s expanded portfolio and there is no need to bring it back to pre-crisis levels of around $800 billion. In fact, several Wall Street banks suggest the Fed only needs to cut its bond holdings by $1 billion to $1.5 billion. One tricky question the Fed will face is what to cut first. The Fed''s $1.76 trillion mortgage-backed securities holdings account for about a quarter of that market, compared to the Fed''s 12 percent share of the Treasury market. Any marked change in the Fed''s MBS ownership could have a greater impact on that market and consequently housing borrowing costs. On top of that, in contrast to the Fed''s $2.46 trillion of Treasuries which mature according to a set calendar, the pace at which mortgage bonds mature can vary substantially. It slows down wh
'16dd156d6f8c85c1069a5525b055fde0d20cb96b'|'At Snap, cost of hosting sets high bar for revenue growth'|'Technology News  57pm EST At Snap, cost of hosting sets high bar for revenue growth FILE PHOTO - The Snapchat logo is seen on the door of their headquarters in Venice, Los Angeles, California October 13, 2014. REUTERS/Lucy Nicholson/File Photo By Stephen Nellis and Liana B. Baker - SAN FRANCISCO SAN FRANCISCO Snap Inc<6E>s initial public offering filing seemed to show a company with a basic math problem: the company''s cost of revenue for 2016 - the amount it had to spend just to keep the messaging service running - was $47 million higher than its $405 million in sales. The high cost of revenue, which in Snap''s case consists mainly of payments to Alphabet Inc''s Google for hosting the service, means that, on an annual basis, Snap lost money on every one of its 158 million users in 2016, even before accounting for salaries, office rents or anything else. Snap revealed in its IPO prospectus, filed with securities regulators on Thursday, that it will pay Google at least $2 billion over the next five years. But the cost side of the problem may not be as serious as it seems. The company''s hosting costs are broadly in line with other social media companies. Its cost of revenue per active daily user was 97 cents in the last quarter of 2016, not much higher than the 85 cents that Facebook Inc paid for each of its 1.23 billion daily users in the final quarter of 2016. Further, while Snap<61>s cost of revenue was higher than sales on a yearly basis in 2016, the company drastically tightened up hosting costs over the course of the year. While costs were nearly double revenues at the start of the year, by the fourth quarter, when Snap hit 158 million users, the company eked out a small gross margin. Snap<61>s bigger math problem is how much revenue it generates per user. The $1.05 per user for the last quarter of 2016 was a massive increase from the 31 cents per user it drew in the same period in 2015. In its IPO filing, Snap said it hopes to increase its revenue per user by focusing on more lucrative advertising markets, like North America, where its revenue per user was $2.15 at the end of 2016, nearly double the global rate. But even those higher rates for Snap pale in comparison to the $7.16 in revenue per user that Facebook brought in in the fourth quarter. <20>Snap<61>s issue is not cost, but user growth and revenue per user,<2C> said Ethan Kurzweil, a venture investor with Bessemer Venture Partners who backed startups such as Twitch and Periscope but has not backed Snap. <20>If they can get revenue per user into the kind of territory they think is possible, the cost of hosting will be a hit to gross margin but it<69>s not going to be an issue.<2E> Facebook provides the example. Even though its cost per user rose 7.4 percent between the last quarter of 2016 versus a year earlier, its revenue per user grew at a much faster 27.5 percent, a difference that helped drive its $10.2 billion in profits for the full year. All of that does, however, mean that Snap has little leeway in delivering dramatic revenue growth in light of the high underlying cost of delivering all those pictures and videos. The cost of revenue figure, noted analyst Brian Wieser at Pivotal Group, "was notable for what it indicates about the expense of running Snap." (Reporting by Stephen Nellis and Liana Baker; Editing by Jonathan Weber and Bill Rigby) Next In Technology News FCC closes ''sponsored data'' inquiries WASHINGTON The U.S. Federal Communications Commission said on Friday it was closing inquiries into sponsored data programs and TV services offered by AT&T Inc, Verizon Communications Inc , Comcast Corp , T-Mobile USA Inc undertaken during the Obama administration without taking any action.'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-snap-ipo-costs-idUSKBN15I2YV'|'2017-02-04T04:57:00.000+02:00'
'00f6b31f937e152750c992fa1741d2976e6837f0'|'Stocks: 5 things to know before the U.S. open'|'Jobs report; Trump meets his CEO team; Amazon stumbles by Alanna Petroff @AlannaPetroff February 3, 2017: 5:03 AM ET Click chart for in-depth premarket data. 1. Jobs report: Investors are preparing for the first U.S. employment report of the Trump era. Labor Department officials will release the January jobs report at 8:30 a.m. ET. It''s one of the most important measures of the U.S. economy and the results are known to cause markets to swing. Economists forecast the country added 175,000 jobs in January and that the unemployment rate will remain unchanged at 4.7% . Trump has slammed the jobs numbers in the past, saying the unemployment rate data was a hoax . The data is produced by the Bureau of Labor Statistics , a wing of the Labor Department. The formula for the unemployment rate hasn''t changed in years. "U.S. President Trump indicated he does not believe the data. This is sensible. Employment data is revised frequently, and mainly survey-based. Rather than trust a single data release, economists look at trends. Trends show the U.S. at full employment," said Paul Donovan, global chief economist at UBS Wealth Management. Before the Bell newsletter: Key market news. In your inbox. Subscribe now! 2. Trump meets his CEO team: The new president is scheduled to meet with a group of influential CEOs he''s tapped to share their views on the economy. The group, dubbed the Strategic and Policy Forum, is led by Blackstone ( BX ) boss Stephen Schwarzman and includes JPMorgan Chase ( JPM ) CEO Jamie Dimon and Tesla ( TSLA ) founder Elon Musk . Uber CEO Travis Kalanick has pulled out of the group. 3. Market movers -- Visa, Amazon and more: Shares in Visa ( V ) were higher in extended trading after the firm reported strong earnings on Thursday. But investors were unimpressed with the earnings from Amazon ( AMZN , Tech30 ) , GoPro ( GPRO , Tech30 ) , FireEye ( FEYE ) and HanesBrands ( HBI ) . Shares in these companies are set to drop at the open. FireEye shares are down by about 19% premarket. Meanwhile, more earnings are coming through on Friday morning from Clorox ( CLX ) , Hershey Foods ( HSY ) , Honda Motors ( HMC ) and Phillips 66 ( PSX ) . 4. Global market overview: Investors seem to have a spring in their step on Friday morning. U.S. stock futures are edging up. European markets are all positive in early trading. However, global mining firms are seeing their shares slump a bit, which is holding back the indexes. Asian markets are mostly closing with small losses. This follows a relatively calm trading session on Thursday. The Dow Jones industrial average was flat, while the S&P 500 moved up 0.1% and the Nasdaq dipped 0.1%.'|'cnn.com'|'http://rss.cnn.com/rss/edition_business.rss'|'http://money.cnn.com/2017/02/03/investing/premarket-stocks-trading/index.html'|'2017-02-03T17:04:00.000+02:00'
'9badfe42e5ac3ff252967a451e7fe0ca28865480'|'Speculators cut U.S. dollar longs to lowest since Oct-CFTC, Reuters'|'Company  53pm EST Speculators cut U.S. dollar longs to lowest since Oct-CFTC, Reuters NEW YORK Feb 3 Speculators reduced bullish bets on the U.S. dollar for a fourth straight week, as net longs fell to their lowest since late October, according to data from the Commodity Futures Trading Commission released on Friday and calculations by Reuters. The value of the dollar''s net long position totaled $18.47 billion in the week ended Jan. 31, down from $20.04 billion the previous week. CFTC data also showed that net shorts on the Japanese yen fell to their lowest since early December. (Reporting by Gertrude Chavez-Dreyfuss) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/cftc-forex-idUSL1N1FO1QV'|'2017-02-04T03:53:00.000+02:00'
'd31cbd79d0838548ffb5018dee050e8691908dcc'|'Let<65>s move to Ashbourne, Derbyshire: <20>A delightful town<77> - Money - The Guardian'|'W hat<61>s going for it? I am not a football kind of chap. I barely know my Nobby Stiles from my Cristiano Ronaldo. But, if I were, this is the kind of footy I<>d like to play. Ashbourne<6E>s Royal Shrovetide match has been played every Shrove Tuesday for hundreds of years, and employs lots of elbows and a fair amount of handball, bunting, beer and clambering through the river. The whole town plays: the Up<55>ards (those living north of the river) versus the Down<77>ards. Ashbourne<6E>s pretty, sloping, stone streets course for eight hours a day over two days with limbs, shouting and sweaty bodies. The point is to get the cork ball to one of two millstones at either end of town. But really, it<69>s the taking part. The event is an annual blood-letting for the town, which, soon after, reverts to normal <20> antique hunters peering through windows, pavements bustling with walkers off to the Tissington Trail, the whole surreal game just a dream for another 363 days.The case against<73> Very little. It<49>s a delightful town, though pretty sleepy outside Shrovetide. The outskirts are increasingly troubled with new developments, with mixed results.Well connected? Trains: no. Driving: well-placed on the A52, with Derby half an hour one way, and Stoke 40 mins the other <20> another 10-15 mins and you<6F>re at the M1/M6; you<6F>re at the foot of the Peak District, so wild hills are 15 mins away. Buses to Derby (hourly, 40 mins), or to Buxton (35 mins, hourly or every 2 hours).Schools Primaries: Parkside Junior , St Oswald<6C>s C of E Infant and Ashbourne Hilltop Infant are <20>good<6F>, says Ofsted; as are nearby Henry Prince C of E First . Secondaries: Queen Elizabeth<74>s Grammar is <20>good<6F>.Hang out at<61> Bramhalls<6C> Deli for posh provisions, White<74>s for arguably the best food, and in Fenny Bentley, the Coach and Horses for the best beer.Where to buy There<72>s an old heart of sloping stone streets and nice 18th- and 19th-century town houses, with the odd Tudor and Stuart remnant. Nearby villages, such as Tissington and Ilam, are drop-dead gorgeous. Lots of new-build estates popping up on the outskirts, such as Saxon Fields. Large detacheds and town houses, <20>300,000-<2D>550,000. Detacheds and smaller town houses, <20>180,000-<2D>300,000. Semis, <20>150,000-<2D>300,000. Terraces and cottages, <20>110,000-<2D>230,000. Flats, <20>100,000-<2D>200,000.Bargain of the week On the edge of town, a three-bedroom semi for <20>129,950, with Draycotts, via onthemarket.com .Let<65>s move to Fishguard and Newport, Pembrokeshire: <20>They<65>re rather idyllic<69> Read more From the streets Nathalie Quigley <20>It<49>s a great location for accessing the lovely villages and landscapes of the national park. Lots of independent shops, coffee shops and restaurants.<2E>Arthur Watts <20>Stunning countryside; welcoming, friendly people. Desperately needs a bypass, as it<69>s frequently choked by lorries and tourists.<2E> Live in Ashbourne? Join the debate below.<2E> Do you live in Hither Green, south-east London? Do you have a favourite haunt or a pet hate? If so, email lets.move@theguardian.com by Tuesday 7 February.'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/money/2017/feb/03/lets-move-to-ashbourne-derbyshire'|'2017-02-03T02:00:00.000+02:00'
'dca39575d1dc6a67e91f398bf890777c24436f03'|'BMW to recall 230,117 vehicles that may have Takata air bags'|'Feb 3 Germany''s BMW said on Friday it would recall 230,117 cars and sport utility vehicles in the United States that may have been fitted with faulty air-bag inflators made by Takata Corp.The vehicles were being brought in for checks again as they may have had an air bag replaced with a Takata inflator after a crash or in a previous recall, BMW said, adding this was part of a wider recall of 900,000 vehicles announced in 2015.The vehicles were originally built with inflators made by another company, the automaker said.Takata inflators have been linked to at least 16 deaths worldwide. The inflators can explode with excessive force and send metal shrapnel inside cars and trucks.BMW said the recall covers certain X5 SUVs between 2001-2002, some 3 Series from 2000-2002 and some 5 Series from 2001-2003. (Reporting by Ankit Ajmera in Bengaluru and Irene Preisinger in Munich; Editing by Anil D''Silva)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/bmw-recall-idINL4N1FO371'|'2017-02-03T12:51:00.000+02:00'
'29a9024df179182aa8bdb6eb9ccd0d6c7fb0edff'|'European stocks seen opening higher - For more see the European equities LiveMarkets blog'|' 16am EST European stocks seen opening higher - For more see the European equities LiveMarkets blog LONDON Feb 1 Live coverage of European markets now available on cpurl://apps.cp./cms/?pageId=livemarkets Summary: **Spreadbetters expect European stocks to open higher **London''s FTSE 100 seen up 34 points **Frankfurt''s DAX seen up 61 points **Paris'' CAC 40 expected to open 20 points higher (Reporting by Helen Reid)'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSL5N1FM0RQ'|'2017-02-01T13:16:00.000+02:00'
'97e0e797e8a4d261ea614dc91ed5b1eabbf3503a'|'BRIEF-India allocates 480 bln rupees to rural job scheme in 2017/18'|'  1:36am EST BRIEF-India allocates 480 bln rupees to rural job scheme in 2017/18 Feb 1 India''s finance minister Arun Jaitley on Wednesday allocated 480 billion rupees to the country''s rural job scheme in 2017/18. For more details and other highlights from Jaitley''s budget for the 2017/18 fiscal year that begins on April 1, see . (Reporting by Delhi bureau) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSD8N1AX015'|'2017-02-01T13:36:00.000+02:00'
'e22ce02ea29e0a99b82df5f6019fddc28932c000'|'UPDATE 1-Airline Wizz Air cuts profit forecast on low prices, severe weather'|'Industrials - Wed Feb 1, 2017 - 2:49am EST UPDATE 1-Airline Wizz Air cuts profit forecast on low prices, severe weather (Adds quote, detail) LONDON Feb 1 Eastern European-focussed budget airline Wizz Air cut its full-year profit guidance on Wednesday due to low prices and disruption from severe weather that hit some of its services. Wizz Air lowered its underlying net profit guidance to a range of between 225 million euros and 235 million euros for the full year, from a previous forecast of 245 to 255 million euros. "Although the current financial year is looking like a very good year for Wizz Air and we remain excited about our prospects for the next financial year, lower fuel prices continue to feed through to lower airfares, and this downward trend looks likely to continue well into 2017," Chief Executive Jozsef Varadi said. In the last two years, Europe''s biggest airlines including low-cost rivals like easyJet and Ryanair have driven fares down as they put more seats onto the market to try to take advantage of previously low oil prices and gain market share. The cautious outlook by Wizz Air echoes an update from Flybe earlier in the week, which also cited poor weather as hindering its performance at the start of the current quarter. Wizz Air said it expected to deliver full-year capacity growth of 20 percent. Unlike most of its rivals, Wizz Air did not downgrade its profit forecasts in the wake of Britain''s vote to leave the European Union last June, as the London-listed group has relatively little exposure to Britain. The company said it had started operating 26 new routes in the third quarter, and increased the numbers of passengers carried by 20.1 percent. (Reporting by Alistair Smout; editing by Kate Holton) Next In Industrials'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/wizz-air-hldgs-outlook-idUSL5N1FM1AN'|'2017-02-01T14:49:00.000+02:00'
'138790074a689131a7048a16f885000d135f4c6a'|'MIDEAST STOCKS-Region may be firm with global markets but Qatar''s QEWC misses estimates'|'Financials  45am EST MIDEAST STOCKS-Region may be firm with global markets but Qatar''s QEWC misses estimates DUBAI Feb 2 Middle Eastern stock markets may generally be firm on Thursday because of a positive tone in global equities and oil prices, although Qatar Electricity and Water Co missed fourth-quarter profit estimates, which could dampen that market. MSCI''s broadest index of Asia-Pacific shares outside Japan is up 0.2 percent after rising as much as 0.6 percent at one point to hit its highest level since mid-October. Brent crude oil futures jumped $1.22 a barrel on Wednesday although they have since dropped back 0.4 percent to $56.59. Holding interest rates steady on Wednesday, the U.S. Federal Reserve painted an upbeat picture of the U.S. economy but gave no firm signal on the timing of its next rate move. Qatar Electricity reported a 13.8 percent fall in fourth-quarter net profit to 310 million riyals ($85.2 million); EFG Hermes had forecast 386.1 million riyals and QNB Financial Services, 388.2 million riyals. The board proposed paying a 75 percent cash dividend for 2016, the same as for 2015. (Reporting by Andrew Torchia) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/mideast-stocks-idUSL5N1FN0I2'|'2017-02-02T12:45:00.000+02:00'
'5a3612b9ef9630549f87082c11fa11c82959f8c3'|'Swiss financial watchdog FINMA sanctions Coutts for 1MDB breaches'|'Business News  29am EST Swiss financial watchdog FINMA sanctions Coutts for 1MDB breaches FILE PHOTO -- A man walks past a 1 Malaysia Development Berhad (1MDB) billboard at the funds flagship Tun Razak Exchange development in Kuala Lumpur, March 1, 2015. REUTERS/Olivia Harris/File Photo ZURICH Swiss financial markets watchdog FINMA sanctioned private bank Coutts & Co Ltd for breaching money laundering regulations in its business relationships with Malaysia''s scandal-tainted sovereign wealth fund 1MDB. "Coutts & Co Ltd has seriously breached money laundering regulations by failing to carry out adequate background checks into business relationships and transactions associated with Malaysian sovereign wealth fund 1MDB," FINMA said in a statement on Thursday. FINMA said it ordered the bank to disgorge unlawfully generated profits of 6.5 million Swiss francs ($6.56 million) and will also consider opening enforcement proceedings against the bank employees responsible. In December, Singapore''s central bank imposed a penalty of 2.4 million Singapore dollars ($1.70 million)on Coutts, which was sold by Royal Bank of Scotland ( RBS.L ) to Union Bancaire Privee in March 2015, for money laundering breaches related to 1MDB. ($1 = 0.9907 Swiss francs) (Reporting by Silke Koltrowitz, editing by John Revill) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-rbs-coutts-finma-idUSKBN15H0PX'|'2017-02-02T15:19:00.000+02:00'
'f98bd781ad2ee6f3e356894756fdab858a8a72aa'|'Gambling firm GVC sees 2016 gaming revenue ahead of estimate'|'Business News - Thu Feb 2, 2017 - 8:12am GMT Gambling firm GVC sees 2016 gaming revenue ahead of estimate Gambling company GVC Holdings Plc ( GVC.L ) said it expected full-year net gaming revenue to rise about 9 percent, slightly ahead of its previous estimate, on strong fourth-quarter trading. GVC, which bought Bwin for 1.1 billion pounds in September 2015 after a heated bidding war with 888 Holdings Plc ( 888.L ), said it expected pro-forma group net gaming revenue to rise to 894 million euros (761.5 million pounds) for the year ended Dec. 31, 2016 from 822 million euros reported a year earlier. The company posted a 7 percent increase in net gaming revenue per day for the fourth quarter as international business helped it offset impact of "punter friendly" sports results in the UK. Shares in the company were up 3.7 percent at 641 pence at 0803 GMT. (Reporting by Rahul B in Bengaluru; Editing by Amrutha Gayathri) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-gvc-holdings-outlook-idUKKBN15H0OY'|'2017-02-02T15:12:00.000+02:00'
'de621af462a72e91ed3f5f5b42593e88aca6fea7'|'Deutsche Bank so far benefited from Trump effect on markets - CEO'|'Company News - Thu Feb 2, 2017 - 6:25am EST Deutsche Bank so far benefited from Trump effect on markets - CEO FRANKFURT Feb 2 Deutsche Bank has so far benefited from effects that the election of Donald Trump as new U.S. president has had on global markets, Chief Executive John Cryan said. "The effect has been seen in asset prices, market activity and volatility - all of those generally have been good for us," Cryan said at a news conference on Thursday to discuss the bank''s 2016 results. "The three most important drivers of revenues of our markets business would be asset prices, volatility levels and customer activity. Particularly with the latter we have been very pleased," he said. Despite Trump''s rhetoric on deregulation, Deutsche Bank does not expect a massive change in U.S. bank rules. "We don''t expect the wheel to be reversed," he said. (Reporting by Arno Schuetze; Editing by Maria Sheahan) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/deutsche-bank-trump-idUSL5N1FN2GH'|'2017-02-02T18:25:00.000+02:00'
'80f1b816988ef522cb7bc14a130ea019ec080619'|'Nigeria sells 400 bln naira bills to mop up money market liquidity'|'Company  23am EST Nigeria sells 400 bln naira bills to mop up money market liquidity LAGOS Feb 3 Nigeria''s central bank sold about 400 billion naira ($1.27 billion) of Treasury bills on Friday, lifting the interbank lending rate up to 12 percent, traders said. The bank sold 82 billion naira in 181-day Treasury bills at 18 percent and 309 billion at 18.6 percent, mopping up liquidity from the money market and pushing up the cost of borrowing among commercial lenders. "We have some major placers quoting about 20 percent for overnight placement, but most takers are not willing to borrow at that rate," one dealer said, adding that the rate eventually settled around between 10 percent and 12 percent at 1328 GMT. Markets had opened on Thursday with a surplus liquidity of about 467 billion naira due to an injection of matured Treasury bills until the central bank later debited banks for the purchases of 302.4 billion in primary market Treasury bills. Traders said the central bank on Friday further moved to reduce liquidity with the sale of open market operations bills, which fetched returns above the inflation rate. Nigeria raised 302.4 billion naira at Wednesday''s Treasury bills auction, more than the 242 billion planned due to strong demand for the one-year debt, while payment for the purchased was debited from commercial lenders'' accounts on Friday. Local currency traded flat at both official interbank window and parallel market, with black market traders quoting the naira flat at 498 to the dollar. Commercial lenders quoted the currency at 305.25 a dollar, about the level it has traded since August. Nigeria''s main all-share index . fell by 0.52 percent to close at 25.802 points on Friday, dragged down by losses in Nestle (2.86 percent) and Guaranty Trust Bank (2.46 percent). ($1 = 314.50 naira) (Reporting by Oludare Mayowa, editing by Ed Osmond) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/nigeria-markets-idUSL5N1FO4HB'|'2017-02-03T21:23:00.000+02:00'
'28120a6876f8fc01ffccbaf23c7a079543a0041c'|'Exclusive: Snap''s secrecy frustrates banks'' pursuit of IPO glory'|'Technology News - Wed Feb 1, 2017 - 9:22pm EST Exclusive: Snap''s secrecy frustrates banks'' pursuit of IPO glory A Snapchat sign hangs on the facade of the New York Stock Exchange (NYSE) in New York City, U.S., January 23, 2017. REUTERS/Brendan McDermid By Lauren Hirsch and Liana B. Baker Some investment banks seeking to be added as underwriters to Snapchat owner Snap Inc''s initial public offering registration document have been denied access to review it before it is made public this week, according to people familiar with the matter. The unusual move underscores Snap''s relentless campaign to crack down on information leaks. For Wall Street banks, it pits their desire to appear on the front cover of this year''s most high-profile IPO against their reluctance to have their names featured in a regulatory document they have not seen. Snap''s stance reinforces its reputation as one the world''s most secretive companies. It made privacy its hallmark by developing an app that sends disappearing messages, before rebranding itself as a "camera" company making video recording glasses and visual effects for video taken by smartphones. "I cannot imagine any other deal in which banks would let something like this happen," said Christopher Austin, an equity capital markets lawyer at Orrick Herrington & Sutcliffe LLP, who is not involved in Snap''s IPO. While Snap''s lead IPO underwriters, Morgan Stanley and Goldman Sachs Group Inc, had an opportunity to review and draft the registration document, the more than 10 banks that have recently signed up as IPO co-managers, including Citigroup Inc and Royal Bank of Canada, have been told they cannot see it ahead of it becoming public, the sources said on Wednesday. Instead, the Los Angeles-based company has organized meetings with teams of banks to answer their questions about the document, and has also made lawyers from the lead underwriters available, the sources added. Typically, banks have "commitment committees" to review IPO registration documents before gaining internal permission to have their name included in a registration document. They usually seek assurances that disclosures on a company''s business risks and accounting standards have been made properly. "Commitment committees are there to keep bankers from making stupid mistakes, and to protect a bank''s reputation," Austin said. Most of the new banks involved became comfortable with their name appearing on the IPO registration document after speaking to Snap and its lawyers, according to the sources. Some banks are still hoping for full access to the document before its public filing, though it is uncertain whether Snap will acquiesce. It is still possible that Snap will agree to give some banks access to the filing a couple of hours before it is made public, the sources said. The sources asked not to be identified because the matter is confidential. Snap declined to comment. The banks either declined to comment, or did not immediately respond to requests for comment. BRAGGING RIGHTS Snap has already submitted its IPO registration document with the U.S. Securities and Exchange Commission under the Jobs Act, which allows companies with less than $1 billion in revenue to file confidentially. Snap is set to update the filing and make it public this week. To be sure, banks hired by Snap for the IPO can simply wait for the registration document to be made public, and then ask for their name to be included next time the document is updated. Once made public this week, the IPO document will likely be updated several times before the launch of the offering that is expected in March. Nevertheless, there are significant bragging rights for banks that have their names featured in the original publication of the IPO document, because subsequent updates to that document tend to attract less media attention. What is more, big IPOs such as Snap''s have been few and far between recently. Proceeds from IPOs were down 40 percen
'ab5e73b9243688de5af5df7a8fe0f492ddf42221'|'Deutsche Bank posts 1.9 bln Q4 loss as legal bill weighs'|'Thu Feb 2, 2017 - 1:47am EST Deutsche Bank posts 1.9 billion fourth-quarter loss as legal bill weighs The headquarters of Germany''s Deutsche Bank are seen early evening in Frankfurt, Germany January 31, 2017. REUTERS/Kai Pfaffenbach FRANKFURT Deutsche Bank ( DBKGn.DE ) posted a net loss of 1.9 billion euros ($2.05 billion) in the fourth quarter as legal costs for past misdeeds outstripped gains from a rebound in bond trading. Germany''s flagship lender missed the higher expectations of analysts who had expected the bank to post a fourth-quarter net loss of just 1.16 billion euros. The bank hiked its litigation reserves to 7.6 billion euros from 5.9 billion euros in the quarter, as it had to put more money aside for settlements such as over the sale of toxic mortgages and sham Russian equities trades. Revenues at its cash cow bond trading division were up 11 percent in the quarter as it benefited from a surge in trading across interest rate products, commodities and foreign exchange (FICC) as investors responded to Donald Trump''s victory in the U.S. presidential election. ($1 = 0.9266 euros) (Reporting by Arno Schuetze; Editing by John O''Donnell) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-deutsche-bank-results-idUSKBN15H0H8'|'2017-02-02T13:43:00.000+02:00'
'87b962f853827df754afcbbbcc81e28276271782'|'Delphi Automotive earnings widely beat Wall Street estimates'|'Business News - Thu Feb 2, 2017 - 1:01pm GMT Delphi Automotive earnings widely beat Wall Street estimates DETROIT Delphi Automotive Plc''s ( DLPH.N ) fourth-quarter earnings widely beat Wall Street expectations, as the automotive supplier continued to benefit from automaker interest as it helps develop technology in the evolution towards self-driving vehicles. Delphi reported a fourth-quarter profit of $1.83 per share, excluding one-time items, versus expectations of $1.60 per share by analysts polled by Thomson Reuters I/B/E/S. Delphi Chief Executive Kevin Clark said in the company''s earnings press release that Delphi is "well positioned" for growth in 2017. Delphi said its 2017 revenue will grow 4 to 6 percent at between $16.5 billion (<28>13.11 billion) and $16.9 billion, and that its operating income will grow 13.3 to 13.5 percent at $2.185 billion to percent to $2.285 billion. The year''s operating cash flow is forecast at $2.l billion and its capital expenditures will be $850 million. Its shares were up 3.2 percent in pre-market trade at $73.25. Delphi said in 2017 it will have "mid-single digit organic growth driven by (its) portfolio of advanced technologies, and that it will have "solid operating margin expansion." For the first quarter of this year, Delphi said it expects revenue of $4.050 billion to $4.150 billion and operating income of $490 million to $520 million. Delphi''s fourth-quarter revenue grew 10 percent from a year earlier at $4.3 billion, its operating income grew 20 percent at $600 million. Fourth-quarter net income from continuing operations was $281 million, or $1.03 per diluted share, compared to $199 million, or $0.70 per diluted share in the fourth quarter of 2015. The company, which has much of its operations in the United States, is based in Britain for tax purposes. (Reporting by Bernie Woodall; Editing by Lisa Von Ahn and Chizu Nomiyama) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-delphi-results-idUKKBN15H1GA'|'2017-02-02T20:01:00.000+02:00'
'a2a6c68bb2e3a4e794f1ce469d26c8d53015c239'|'Pakistan inflation rate falls to 3.66 pct y/y in Jan - statistics bureau'|'  1:53am EST Pakistan inflation rate falls to 3.66 pct y/y in Jan - statistics bureau ISLAMABAD Feb 1 Pakistan''s inflation rate eased to 3.66 percent year-on-year in January, a touch lower from 3.70 percent in December, the Bureau of Statistics said on Wednesday. On a month-on-month basis, prices increased by 0.18 percent in January compared with December, the bureau said. The rise in month-on-month inflation was mostly due to higher prices of food items such as cucumber, pomegranate and oranges, as well as the cost of house rent, petrol and diesel. (Reporting by Mehreen Zahra-Malik,; writing by Drazen Jorgic; Editing by Biju Dwarakanath) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/pakistan-inflation-idUSN6N10L01H'|'2017-02-01T13:53:00.000+02:00'
'8d17d639c4d34b9944329b89d5053157ed034cd5'|'Late-2016 pick up sees Julius Baer hit asset goal'|'By Joshua Franklin - ZURICH ZURICH Swiss private bank Julius Baer ( BAER.S ) hit the bottom of its target range for attracting cash from wealthy clients in 2016, providing some relief to investors after larger rival UBS ( UBSG.S ) suffered withdrawals at the end of the year.Wealthy clients have been pulling billions of dollars out of banks to take part in tax amnesty programs and register previously undeclared assets.These programs, which have spread from western Europe to Latin America and Asia, resulted in a net outflow of assets in the fourth quarter at UBS, the world''s biggest private bank.But Baer said on Wednesday it had attracted 12 billion Swiss francs ($12.1 billion) in net new money in 2016, up 4 percent on the year before and at the bottom end of its 4-6 percent medium-term target range. After 10 months of last year, the bank had said growth was "close to" 4 percent.Net new money is a closely watched indicator of future earnings in private banking. Overall, Baer''s assets under management reached 336 billion francs in 2016.The Zurich-based bank posted 2016 adjusted net profit of 705.5 million francs, ahead of the average estimate of 679 million in a Reuters poll. Net profit under IFRS accounting standards was 619 million francs.Analysts said the bank''s gross margin of 91 basis points compared favorably with UBS."The solid gross margin reading is particularly noteworthy, since the peer UBS''s WM (wealth management) unit has disappointed on that metric in both 3Q and 4Q," Baader Helvea analyst Tomasz Grzelak wrote in a note. He rates Baer shares as a "buy".At 1211 GMT, the shares were up 1.1 percent, slightly higher than the European banking sector index .SX7P.After making a string of acquisitions in the recent years, Baer mostly focused in 2016 on hiring relationship managers (RMs), or private bankers, to attract new clients, adding a net 116 RMs. The bank expects to hire around 80 RMs per year.There is a typical lag of around 18 months for a new private banker to break even, but Baer expects its recruitment drive to pay dividends."With this number we expect to be well within our target net new money range in the years to come," Chief Executive Boris Collardi said in a call with reporters.The bank said it would propose a dividend of 1.20 francs per share, compared with 1.10 francs last year.(Editing by Michael Shields and Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-julius-baer-results-capital-idINKBN15G40K'|'2017-02-01T09:57:00.000+02:00'
'8ac3ebf57874df6ff5ea186e7ffe6f4b8c6fc2d6'|'PRESS DIGEST - Wall Street Journal - Feb 3'|'Company News - Fri Feb 3, 2017 - 12:25am EST PRESS DIGEST - Wall Street Journal - Feb 3 Feb 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. - The Trump administration is set to impose fresh sanctions on dozens of Iranian entities for their alleged role in missile development and terrorism, in a move likely to escalate U.S. tensions with Tehran, according to people close to the deliberations. on.wsj.com/2knPJxg - President Donald Trump''s administration said on Thursday night that the growth of Israeli settlements "may not be helpful" in achieving a goal of peace in the Middle East, an abrupt shift that signals a potentially tougher stance with Israeli Prime Minister Benjamin Netanyahu. on.wsj.com/2knPNxc - Snap Inc lifted the veil on its highly anticipated initial public offering, revealing a business that is growing at a torrid clip but that also faces challenges keeping users engaged, attracting new ones - and justifying a valuation that could reach $25 billion. on.wsj.com/2knQRBi - President Donald Trump vowed on Thursday to repeal a ban on churches engaging in political campaigning, while his administration also was exploring other steps to expand religious rights, including increased protection for individuals, organizations and employers acting on their faith. on.wsj.com/2knTfrx - Uber Technologies Inc chief executive Travis Kalanick said he is stepping down from President Donald Trump''s economic advisory council, saying that his participation has been misunderstood as an endorsement of the new administration''s policies. on.wsj.com/2knJwkU - Amazon.com Inc on Thursday said fourth-quarter profit jumped 55 percent to $749 million, topping the company''s own guidance. on.wsj.com/2knK0b5 - A dispute over creative control led Ralph Lauren Corp Chief Executive Stefan Larsson to leave the struggling luxury fashion brand after less than two years at the helm. on.wsj.com/2knKo9b (Compiled by Bhanu Pratap in Bengaluru) Next In Company News Morning News Call - India, February 3 To access the newsletter, click on the link: http://share.thomsonreuters.com/assets/newsletters/Indiamorning/MNC_IN_02032017.pdf If you would like to receive this newsletter via email, please register at: https://forms.thomsonreuters.com/india-morning/ FACTORS TO WATCH 11:00 am: Budget session of parliament continues in New Delhi. 3:00 pm: Finance Minister at interactive session with industry chambers in New Delhi. 5:00 pm: RBI to release weekly f Nikkei edges down in choppy trade; bank shares outperform TOKYO, Feb 3 Japan''s Nikkei edged down in choppy trade on Friday, as investors awaited the release of the U.S. monthly jobs report that will set the tone for the Federal Reserve''s policy outlook, while bank stocks outperformed on higher yields. * Q1 earnings per share view $0.17 -- Thomson Reuters I/B/E/S 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/press-digest-wsj-idUSL4N1FO1A0'|'2017-02-03T12:25:00.000+02:00'
'ae9ea490cd6396afa3de41fa5c07d287c09f9cac'|'Sibanye may raise up to $1.3 billion in equity for Stillwater deal'|'JOHANNESBURG Sibanye Gold Ltd ( SGLJ.J ) said it might tap shareholders for up to $1.3 billion to partly fund a $2.2 billion takeover of Stillwater Mining Co ( SWC.N ), the only U.S. miner of platinum and palladium.Sibanye had initially said it would raise around $750 million via a rights issue to help to fund the deal, but said on Friday it had reconsidered after some shareholders expressed concerns about the company''s debt levels.Shares in Sibanye fell more than 4 percent at the market open before paring loses. By 0716 GMT, they were down 3 percent at 30.20 rand."Sibanye believes that increasing the equity component would be prudent in the current strong rand environment, allowing the company to maintain a strong balance sheet," it said in statement accompanying a half-year trading update.Sibanye''s proposed takeover offer for Stillwater will increase South Africa''s grip over global platinum and palladium supply and underline chief executive Neal Froneman''s determination to branch out of gold mining and South Africa.The bullion and platinum producer said gold production of 765,000 ounces for the six months to December 31 was similar to the amount produced in the six months ended June 30 2016, while platinum group metal production amounted to 230,000 ounces.Sibanye said the consensus outlook for precious metal prices in the near term, particularly in rand terms, was subdued and further sustained rand strength would impact on operating margins in its gold and platinum divisions.(Reporting by Tiisetso Motsoeneng and Nqobile Dludla; Editing by Randy Fabi and Jane Merriman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-stillwater-minng-m-a-sibanye-gold-idINKBN15I0W6'|'2017-02-03T05:30:00.000+02:00'
'701ba3a8eec3862153196df2555bb4e7511a3fd0'|'European shares inch higher helped by solid earnings'|'  8:30am GMT European shares inch higher helped by solid earnings Traders work at their desks in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, February 1, 2017. REUTERS/Staff/Remote MILAN Some well-received company updates helped European shares inch higher in early deals on Friday but the key pan-regional benchmark index remained on track to end the week with a fall. The STOXX 600 was up 0.4 percent by 0812 GMT, with the consumer staples and healthcare sectors proving the biggest early lift though basic resources lagged on weaker metals. The index is down 0.8 percent so far this week and flat over the past month as caution about the impact of U.S. President Donald Trump''s policies has halted the rally in risky assets. Top gainer on the STOXX index was Beazley BEZG.L after the British insurer reported a stronger than expected rise in full-year pretax profit. Well-received results also boosted shares in Sweden''s Hexpol ( HPOLb.ST ) and Skanska ( SKAb.ST ), while Spain''s Banco Popular ( POP.MC ) fell more than 5 percent after positing a record loss. Intesa Sanpaolo ( ISP.MI ) rose 1 percent, recovering part of recent losses after the bank denied it was preparing an all-share offer for Generali ( GASI.MI ). (Reporting by Danilo Masoni, Editing by Vikram Subhedar) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-europe-stocks-idUKKBN15I0W8'|'2017-02-03T15:30:00.000+02:00'
'f39a24d8177b597fca8a93140bb1f6d7c6c14861'|'UPDATE 2-Wizz Air cuts annual profit estimate as competition bites'|'Hot Stocks  48am EST UPDATE 2-Wizz Air cuts annual profit estimate as competition bites * Full-year profit guidance cut, Q3 disappoints * Sterling drop hits revenue * Airline ramps up expansion plans (Adds detail, interview quotes, analyst comment) By Alistair Smout LONDON, Feb 1 Eastern European-focused Wizz Air cut its full-year profit estimate on Wednesday, citing pressure on fares in the industry, and said it would press ahead with plans to expand aggressively to build market share. Wizz Air''s London-listed shares fell more than 8 percent, their steepest decline since the aftermath of Britain''s vote to leave the European Union last June, having been more resilient than rivals over the last year. The group has felt the effects of pricing pressures after larger low-cost rivals easyJet and Ryanair put more seats on to the market to take advantage of previously low oil prices and to try to capture market share. Both Lufthansa and Ryanair have said they expect fares to fall again this year, although they have predicted the drop will be less steep as oil prices creep back up. Wizz Air, which has its headquarters in Budapest, lowered its underlying net profit guidance to a range of between 225 million euros and 235 million euros for the year to the end of March, from a previous forecast of 245 to 255 million euros. Underlying net profit for the third quarter was 13.5 million euros ($14.6 million), a year on year decrease of 21.5 percent, which broker Goodbody described as "disappointing". The firm said around half of the cut to the profit forecast was due to the low fare environment, as a result of a combination of industry overcapacity and weakness in sterling. Rising fuel costs and disruptions because of severe weather also dented the outlook, echoing an update from Flybe earlier in the week. Unlike most of its rivals, Wizz Air did not downgrade its profit forecasts in the wake of last year''s Brexit vote, and it has outperformed since the start of 2016. reut.rs/2kfQzMM However, while it has limited exposure to Britain, a 15 percent slump in sterling has hit Wizz Air''s revenues, as it reports results in euros. The airline is continuing to expand and started 26 new routes over the previous three months. It is expecting to deliver full-year capacity growth of 20 percent. "We are taking advantage of the low-fare environment, and we are growing more aggressively than planned before," Chief Executive J<>zsef V<>radi told Reuters. "I think our competitors are affected in a much bigger way, and I think this is why this is right for us to take advantage." WizzAir flew 22.7 million passengers in 2016, compared with 117 million reported by Ryanair, which overtook Lufthansa as Europe''s biggest airline by passenger numbers.. ($1 = 0.9273 euros) (Reporting by Alistair Smout; Editing by Keith Weir) Next In Hot Stocks'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/wizz-air-outlook-idUSL5N1FM1AN'|'2017-02-01T17:48:00.000+02:00'
'974f15ae22b1d87f76e4ecf803f44dc12ee1bfce'|'UK financial watchdogs shake up enforcement system'|'Business News - Wed Feb 1, 2017 - 1:30pm GMT UK financial watchdogs shake up enforcement system 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 By Huw Jones - LONDON LONDON Britain''s financial regulators have changed how they pursue rule-breakers to speed up enforcement and make the process more flexible after criticisms over how it handled the collapse of lender HBOS nearly a decade ago. The Financial Conduct Authority and the Bank of England''s Prudential Regulation Authority published revised rules on Wednesday following a public consultation last year. Among the changes, firms facing enforcement action can challenge sanctions without the risk of losing discounts on fines for early settlements, reducing the likelihood of being bounced into an agreement, lawyers said. "It is essential that our enforcement decision-making processes command public confidence and operate both efficiently and fairly," said Mark Steward, the FCA''s director of enforcement. The changes are being made in response to a December 2014 review by the finance ministry of how regulators take enforcement decisions. Recommendations on changing enforcement practice were also set out in two reviews published in November 2015 into the collapse of HBOS during the financial crisis, which sparked criticism that few individuals have been punished. The FCA is now looking at whether it should ban individuals involved in the HBOS collapse in 2008. "Anything which increases the transparency of regulatory decision-making is good for public and market confidence, and good for those being investigated," said Stuart Alford, a partner at Latham & Watkins law firm. "These changes also give both sides in an investigation more options for resolving the issues, which must help bring quicker conclusions to these cases." The regulators say they will give firms and individuals more information on why they are being pursued, backed by regular updates during the investigation. The supervisory arm of the regulators will also be in closer touch with enforcement officials during an investigation. The new "partly contested" provision will allow firms to challenge some aspects of a case before an internal FCA committee, while accepting others. "They will still have the ability to obtain a discount on the penalty that will reflect the extent that issues have been agreed," the FCA said. In addition, the FCA said it will allow those under investigation to proceed more directly and quickly to the Upper Tribunal, an external adjudication body that is wholly independent of the watchdog. Simon Morris, a financial lawyer at CMS, said the changes showed that regulators can view enforcement from the "sometimes frightening perspective" of a firm or individual being pursued. "The promise to speak more often to firms and individuals undergoing enforcement about the progress, timing and direction of the case will be very welcome," Morris said. (Reporting by Huw Jones)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-britain-finance-regulator-idUKKBN15G4JN'|'2017-02-01T20:30:00.000+02:00'
'2ccb25695cc94700eb722ffcb491296ea78569f9'|'Medical helicopter company Air Methods exploring sale - WSJ'|'Deals - Wed Feb 1, 2017 - 2:26pm EST Medical helicopter company Air Methods exploring sale: WSJ U.S. medical helicopter company Air Methods Corp ( AIRM.O ) is exploring a potential sale, the Wall Street Journal reported on Wednesday, citing people familiar with the matter. The company is working with bankers to find potential buyers, the Journal said. ( on.wsj.com/2kSZwey ) Air Methods'' shares were up 6.3 percent at $37.95. (Reporting by Arunima Banerjee in Bengaluru; Editing by Savio D''Souza) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/mergersNews'|'http://www.reuters.com/article/us-air-methods-m-a-idUSKBN15G5F9'|'2017-02-02T02:25:00.000+02:00'
'181419907edeac4e5ee4bd2025ce5569ea36f6ef'|'Japan''s robotics startup ZMP Inc hopes to list in coming months - CEO'|'TOKYO Japanese robotics startup ZMP Inc hopes to list on the Tokyo Stock Exchange in the coming months, after a delay late last year due to client information being leaked on to the internet, the firm''s founder and CEO told Reuters on Friday.Despite the delay in its initial public offering, worth up to $82 million, ZMP remained on track to develop a self-driving taxi in time for the 2020 Tokyo Olympics, CEO Hisashi Taniguchi said.The company was ironing out internal security issues after it discovered some client information had been leaked to the public days ahead of its listing, Taniguchi said."We''re developing our security systems in-house, which will take some time, but this is not the sort of thing that takes a year to develop," he said."When we''re happy with our security system, then we''ll re-submit our listing application."Taniguchi said ZMP will push ahead with developing self-driving taxis, despite losing its partnership last month with gaming software developer DeNA Co. DeNA paired up instead with Nissan Motor Co to develop services for autonomous driving cars."At the moment our (taxi) plans are on track. We started testing on public roads last year, so we don''t want to rush anything," he said.ZMP has developed an automated driving system based on laser and stereo cameras, which it plans to use in fleet vehicles and also sell to automakers and mobility service providers.In a country famous as much for its auto industry as its fascination with robots, ZMP is one of a few domestic start-ups developing self-driving cars to compete against foreign firms including nuTonomy in the United States and China''s Future Mobility.ZMP also makes drones and automated dolly carts.($1 = 112.6300 yen)(Reporting by Naomi Tajitsu; Editing by Randy Fabi)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/olympics-tokyo-zmp-taxi-idINKBN15I0DN'|'2017-02-03T01:13:00.000+02:00'
'e3a61be4118136ce6a708114f2fe0330871b22c9'|'Tax reforms threaten US bond market'|'Company News - Fri Feb 3, 2017 - 10:26am EST Tax reforms threaten US bond market By Natalie Harrison NEW YORK, Feb 3 (IFR) - US corporate tax reform proposals are causing consternation among bond market players, who fear their implementation will drastically reduce issuance levels. President Donald Trump and Republicans in the House of Representatives have plans to cut corporate tax rates, allow repatriation of cash stuck in overseas accounts, and eliminate companies'' ability to deduct debt interest expenses from tax - actions some think would hugely reduce companies'' current reliance on debt. The biggest pain to corporates - and the bond bankers who serve them - would come from not being able to deduct debt interest expenses, a benefit given to US companies for almost a century. "Eliminating the interest deduction would complicate tax reform and disrupt the capital markets," Richard Farley, a debt financing partner at Kramer Levin Naftalis & Frankel, told IFR. The proposal to eliminate interest deductions is counter-intuitive, he said, as doing so would negate some of the benefits companies would see from a cut in the corporate tax rate. House Republicans and Trump have said they intend to cut the corporate tax rate to 20% and 15%, respectively, from the current 35%. "If you eliminate tax deductibility, corporates will show more pre-tax profits and pay more tax absent a rate reduction," said Farley. "What would the administration really accomplish by this, that simply lowering the corporate rate less wouldn''t accomplish?" GOING OFFSHORE The ability to take tax deductions on interest payments has spurred companies to load up on debt to fund capital expenditure, acquisitions, leveraged buyouts and share buybacks, among other things. But if the proposal is approved by Congress, companies may be forced to rethink their capital structure and raise less debt. Heavily indebted companies would see their tax bills jump considerably, perhaps even driving weaker companies into default. If interest tax deduction is eliminated at the same time as corporate taxes are slashed to the 20% level envisaged by House Republicans, only companies with an interest coverage ratio of four times or higher would be better off, a report from Citigroup credit strategist Matt King said. "This is fine for almost everything in investment grade - with average interest coverage of around 10 times - but exactly in line with the average for dollar high-yield," the report said. The proposed changes could also further stymie leveraged buyout activity, which has remained in the doldrums ever since the financial crisis, as a higher effective cost of debt reduces returns on equity for highly leveraged companies, and for LBOs in particular. Bank of America Merrill Lynch strategists reckon the elimination of interest tax deductibility would detract about 4% from S&P 500 earnings per share over time. Domestic issuance volumes in the US could also drop if companies issue more debt in jurisdictions where debt interest tax deductibility remained. "When it comes to multinational corporates with the ability to issue offshore, the unilateral removal of deductibility in the US seems likely to have a very clear effect: companies would have an incentive to pay down domestic bonds and loans and issue from their offshore affiliates instead," King''s report said. NOT THAT BAD The uncertainty and concern over the scope and shape of expected tax reforms is already prompting some blue-chip high-grade names to tap the market while conditions are still good. This week, for example, AT&T, Apple and Microsoft raised a total US$37bn. But most issuers are in wait-and-watch mode for now. "The wait-and-see camp is big," said one head of bond syndicate. "There are not many borrowers that want to raise debt when it''s still unclear what will happen." Of course, there is often a significant difference between what is proposed by politicians and what finally makes it to law. And many of the people that IFR
'199e3c7c9b71982d775ba966883f44ed37464c83'|'EU set to approve ChemChina''s $43 billion bid for Syngenta - sources'|'By Foo Yun Chee - BRUSSELS BRUSSELS ChemChina is set to secure conditional EU antitrust approval for its $43 billion bid for Swiss pesticides and seeds group Syngenta, the largest foreign acquisition by a Chinese company, two people familiar with the matter said on Thursday.The deal is important for China, the world''s largest agricultural market, which is seeking to secure the food supply for its huge population. Syngenta''s portfolio of top-tier chemicals and patent-protected seeds would boost its potential output.The Chinese state-owned company has agreed to minor concessions to allay the European Commission''s concerns over its takeover of the world''s largest pesticides maker. Regulators had been worried that the deal may lead to higher prices and fewer choices for farmers.ChemChina will divest a couple of national product registrations, including existing products and a few in the pipeline, in more than a dozen EU countries, one of the people said.The products are generally from ChemChina unit and Israeli crop protection company Adama while a few are from Syngenta, the person said. No plants, facilities or personnel are involved. Adama is the largest supplier of generic crop protection products in Europe.Commission spokesman Ricardo Cardoso declined to comment. It was not immediately possible to reach ChemChina for a comment outside regular office hours. Syngenta said it has not been notified of any decision by the Commission.The Commission may announce its approval next month, ahead of its scheduled April 12 deadline, the source said.Syngenta shares were 0.45 percent higher at 426.4 Swiss francs in late trade. The deal has already been approved by a U.S. national security panel.(Reporting by Foo Yun Chee, additional reporting by Adam Jourdan in Shanghai and Oliver Hirt in Zurich; Editing by Keith Weir)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/syngenta-ag-m-a-china-natl-chem-eu-idINKBN15H1YT'|'2017-02-02T13:02:00.000+02:00'
'0ec24443d2a277ad6fc5eac33b1d112b9e792e0b'|'Lacking voting rights, Snap IPO to test fund governance talk'|'Technology News - Fri Feb 3, 2017 - 3:53pm EST Lacking voting rights, Snap IPO to test fund governance talk FILE PHOTO - A portrait of the Snapchat logo in Ventura, California December 21, 2013. REUTERS/Eric Thayer/File Photo By Ross Kerber and Liana B. Baker - BOSTON/SAN FRANCISCO BOSTON/SAN FRANCISCO Shares sold in a $3 billion initial public offering by the parent of Snapchat will lack voting power, testing the commitment of big asset managers in their recent fight for investor rights. In a registration document on Thursday that it will use to pitch shares to investors, Snap Inc outlined an aggressive expansion plan for its social media network in what would be the biggest U.S. tech IPO since Facebook. But the document shows the shares will not have voting rights - an unprecedented feature for an IPO despite years of rising concerns about corporate governance from fund managers looking to gain influence over executives. Indeed, just earlier this week top fund managers including BlackRock Inc, Vanguard Group Inc and T Rowe Price launched an initiative to improve governance, among other things, calling for companies to give shareholders voting rights "in proportion to their economic interest." Technically, the framework outlined by the group does not go into effect until the start of 2018, to give companies time to adjust. But Charles Elson, a professor at the University of Delaware who follows corporate governance, said that to reinforce their message, the big fund managers should not buy into the IPO of Snap or others that might follow. "They should not buy common stock without a vote," Elson said. That should even include index funds, which ordinarily buy shares to reflect the sector or group of stocks they track, he said. For investors who do buy Snap shares without voting rights, Elson said, "You''re completely hostage to the actions of management." A Snap representative declined to comment. Snap''s filing states it will have a unique stock structure with three share classes, which will concentrate voting power with its co-founders Evan Spiegel and Robert Murphy. Each of their shares is entitled to 10 votes on governance matters. Current investors such as venture capital firms will have shares entitled to one vote, and shares being sold to the public will have no voting rights. The filing acknowledges the concentrated control could impact Snap''s share price. Other technology giants have also been adding to founders'' voting power including Facebook and Google. In a note on Friday, Edison Investment Research analyst Richard Windsor wrote that while tight control may be justified in a company''s private early stages, it is not in large, public companies whose problems can be worsened because founders "tend to be emotionally attached to their companies." Ordinarily his firm would discount its valuation of a company by 30 percent, when founders keep control to offset the extra risk to investors, Windsor wrote. A spokesman for T. Rowe Price Group said the company would not comment. Representatives of BlackRock and Vanguard did not comment. Another backer of the new governance principles is the California State Teachers'' Retirement System, with roughly $200 billion under management. Aeisha Mastagni, a portfolio manager for the system, said while it does not normally buy shares during IPOs, it usually buys companies like Snap once their stocks wind up in stock indexes like the Russell 3000. Avoiding Snap would only shift the risk to other parts of the portfolio, she said. The thinking could be different for actively-managed funds, she said, especially in a case like Snap where investors would lack votes needed to change management in a crisis. "With companies like this, you think they''re always fine, until they''re not," Mastagni said. A spokeswoman for Calsters said it has also signed on to a letter being circulated by the Council of Institutional Investors urging Snap to adopt a single-class voting structure. (
'dc89a643f56225950107222c32164b5ed048b741'|'U.S. CEOs meet with Trump amid tension over travel ban, taxes'|' 32pm GMT U.S. CEOs meet with Trump amid tension over travel ban, taxes left right Flanked by Blackstone CEO Stephen Schwarzman (L) and General Motors CEO Mary Barra (R),   holds a strategy and policy forum with chief executives of major U.S. companies at the White House in Washington, U.S. February 3, 2017. REUTERS/Kevin Lamarque 1/11 left right   puts his hand on General Motors CEO Mary Barra while hosting a strategy and policy forum with chief executives of major U.S. companies at the White House in Washington, U.S. February 3, 2017. REUTERS/Kevin Lamarque 2/11 left right   hosts a strategy and policy forum with chief executives of major U.S. companies at the White House in Washington February 3, 2017. REUTERS/Kevin Lamarque 3/11 left right   shakes hands with JPMorgan Chase & Co CEO Jamie Dimon (L) as he hosts a strategy and policy forum with chief executives of major U.S. companies at the White House in Washington February 3, 2017. REUTERS/Kevin Lamarque 4/11 left right Ernst & Young CEO Mark Weinberger and   look toward Ivaka Trump (L) during a strategy and policy forum with chief executives of major U.S. companies at the White House in Washington February 3, 2017. REUTERS/Kevin Lamarque 5/11 left right   stands with IBM CEO Ginni Rometty (L) and Pepsico CEO Indra Nooyi (C) while hosting a strategy and policy forum with chief executives of major U.S. companies at the White House in Washington February 3, 2017. REUTERS/Kevin Lamarque 6/11 left right   talks with BlackRock CEO Larry Fink as he hosts a strategy and policy forum with chief executives of major U.S. companies at the White House in Washington February 3, 2017. REUTERS/Kevin Lamarque 7/11 left right Tesla CEO Elon Musk (R) sits beside Senior Counselor to the President Steve Bannon (L) as   hosts a strategy and policy forum with chief executives of major U.S. companies at the White House in Washington February 3, 2017. REUTERS/Kevin Lamarque 8/11 left right   talks with Wal-Mart CEO Doug McMillon (L) and BlackRock CEO Larry Fink (R) as he hosts a strategy and policy forum with chief executives of major U.S. companies at the White House in Washington, U.S. February 3, 2017. REUTERS/Kevin Lamarque 9/11 left right   talks with IBM CEO Ginni Rometty (L) and his senior advisor Jared Kushner (R) while hosting a strategy and policy forum with chief executives of major U.S. companies at the White House in Washington February 3, 2017. REUTERS/Kevin Lamarque 10/11 left right Flanked by Blackstone CEO Stephen Schwarzman (L) and General Motors CEO Mary Barra (R),   holds a strategy and policy forum with chief executives of major U.S. companies at the White House in Washington February 3, 2017. REUTERS/Kevin Lamarque 11/11 By Emily Stephenson and David Shepardson - WASHINGTON WASHINGTON Chief executives of major U.S. companies huddled with President Donald Trump at the White House on Friday as the business community is increasingly split over how to respond to his policies, especially a travel ban announced last week. Trump kicked off the meeting with CEOs including Jamie Dimon of JP Morgan Chase & Co and Indra Nooyi of PepsiCo Inc, saying the group would discuss peeling back banking rules and declaring that companies would bring new jobs to the United States. Chief executives including Elon Musk of Tesla Inc have said they planned to raise objections at the talks to Trump''s week-old executive order halting travel to the United States for people from seven Muslim-majority countries. Business leaders have been divided in their approach on taxes and immigration, and some are wary of working with a president who uses his platform to attack companies that vex him, such as threatening penalties for manufacturing outside the United States. The leaders, which also included Mary Barra of General Motors Co and Jim McNerney, formerly of Boeing Co, are part of a business advisory panel Trump announced in December. Uber CEO Travis Kalanick quit the group under pressure from
'38327a03b92f0f0f110f4dbf6528467f1c519663'|'UK services PMI falls for first time in four months - Markit'|'Business News - Fri Feb 3, 2017 - 3:15pm IST UK services PMI falls for first time in four months: Markit A bus drives across a bridge as the sun sets over the Chelsea area in London, Britain December 11, 2016. REUTERS/Clodagh Kilcoyne By David Milliken - LONDON LONDON Growth in Britain''s services sector slowed for the first time in four months in January, dipping just below its long-run average, as businesses battled the sharpest rise in costs in more than five years, a closely watched survey showed on Friday. Britain''s economy unexpectedly outpaced all its major peers last year, wrongfooting those who expected an immediate hit from June''s Brexit vote, and the spotlight is now on how resilient it will prove this year as price rises start to bite more. On Thursday the Bank of England sharply revised up its growth forecast for 2017 to 2.0 percent - far stronger than most economists expect - after it highlighted a stronger global economy and more resilient consumers. Friday''s data suggest any slowdown is likely to be gradual. The Markit/CIPS services purchasing managers'' index (PMI) dropped to a three-month low of 54.5 last month from December''s 15-month high of 56.2, at the bottom end of a range of forecasts in a Reuters poll of economists. This follows drops in PMIs for the smaller manufacturing and construction sectors earlier this week. Nonetheless, Markit said that together they still pointed to growth of 0.5 percent in the first three months of 2017, matching the BoE''s latest forecast. "Optimism about the coming year has risen to its highest in one-and-a-half years, improving across the board in all sectors to suggest that January''s slowdown may only be temporary," IHS Markit economist Chris Williamson said. Services businesses said they were feeling more upbeat due to new orders, products and markets, as well as continued low interest rates and what they saw as more clarity about Britain''s exit from the European Union. Britain''s parliament has given Prime Minister Theresa May an initial green light to start Brexit talks, though BoE Governor Mark Carney predicted many twists and turns in the negotiations over future trading arrangements with the EU, Britain''s biggest export market. The BoE may take less comfort from the price pressures facing businesses. Manufacturers had previously reported the sharpest rise in raw material costs on record, and services businesses on Friday said their costs were rising at the fastest since March 2011 due to sterling''s fall since the referendum. "Anecdotal evidence widely attributed cost pressure to fuel, salaries, freight charges and imports," Markit said. Businesses in turn raised the prices they charged, keeping up the rapid increases seen in December, which were the most widespread since April 2011. "The degree to which costs are rising threatens to test the tolerance of some policymakers in terms of their willingness to ''look through'' what''s likely to be a marked upturn in inflation in 2017," Williamson said. The BoE on Thursday forecast that inflation, which jumped to 1.6 percent in December, would reach 2.7 percent by the end of this year - fractionally lower than it expected three months ago, as a partial recovery in the pound mildly eased pressure. Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-britain-economy-pmi-idINKBN15I12U'|'2017-02-03T16:37:00.000+02:00'
'bf1fa55c18de63c06d6420f605ed8a46de36b3b5'|'Slim''s America Movil reports surprise fourth-quarter loss'|'MEXICO CITY Mexican telecoms company America Movil on Thursday said it swung to an almost 6 billion peso ($289 million) net loss in the fourth quarter.The company ( AMXL.MX ), which is controlled by the family of billionaire Carlos Slim, said the 5.972 billion peso loss compared to a net profit of 15.663 billion pesos in the year-earlier quarter.The results bucked expectations for a 5.337 billion peso profit from a Reuters poll of six analysts.(Reporting by Christine Murray)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-america-movil-results-idUSKBN15I00V'|'2017-02-03T03:15:00.000+02:00'
'65f4487988701ce5518fea857791af3b0dab6c45'|'DERIVATIVES-FSB issues CCP resolution guidelines'|'Financials - Wed Feb 1, 2017 - 10:00am EST DERIVATIVES-FSB issues CCP resolution guidelines By Helen Bartholomew LONDON, Feb 1 (IFR) - The Financial Stability Board has issued guidance for the orderly wind-down of failed central counterparty clearinghouses as part of a global effort to avoid taxpayer bailouts of the systemically important facilities. The latest guidance for central counterparty resolution and resolution planning follows the FSB''s August 2016 discussion note, which attracted over 30 responses from industry participants. The latest consultative document also comes more than a month after the European Commission proposed draft rules for CCP recovery and resolution. Under the FSB''s proposals, where a CCP is no longer viable or can no longer meet its legal and regulatory requirements on an ongoing basis, resolution authorities will have the power to enforce any outstanding contractual rights and obligations of the CCP and its participants to meet cash calls. Authorities could also require further default fund contributions from non-defaulting members, where they have not been exhaustively applied prior to resolution. In a member default scenario, authorities will have the power to address outstanding losses and replenish financial resources through haircuts to variation margin gains made by non-defaulting participants. The guidance notes that those powers should be set out in CCP rules. A more controversial measure of initial margin haircutting is also included in the guidance but is limited to use as a last resort and can only be applied to IM that is not bankruptcy-remote. "In considering including such a power in their legal framework, jurisdictions should take into due account the impact on financial stability and on incentives to centrally clear," the FSB said in the report. EC draft rules published in November did not include any mention of initial margin haircuts as a tool to cover default losses. Some legal experts believe the omission effectively rules out use of IM, which is held in segregated accounts and protected in the same manner as customer deposits in a bank bankruptcy situation. Following publication of Europe''s proposals, many participants have called on lawmakers to explicitly exclude IM haircuts from final rules. Under the FSB guidance, authorities will have the power to restore the CCP to a matched book using a range of tools including soliciting voluntary actions, or through auctions, tear-ups and contract termination. Authorities are advised to establish the general approach to be applied in determining contracts for partial tear-up in advance. Full tear-up of contracts is considered a last resort and would only be applied if the clearing service is not critical and the tear-up will not have systemic consequences, or if no other option will result in a better outcome for financial stability. In the event of non-default losses, such as operational failure or cyber attack, authorities will have the power to write down unsecured liabilities for conversion into CCP equity. It can also require cash contributions up to a specified limit in certain circumstances. CCPs have become systemically significant facilities following sweeping post-crisis reforms that have pushed more than 60% of the US$544trn over-the-counter derivatives market into central clearing. "CCPs are an integral part of the financial system and play an important role in mitigating risks to the financial system," said Elke Koenig, chair of the FSB Resolution Steering Group and chair of the European Single Resolution Board. "The failure of a CCP would have a significant impact on financial stability. "It is essential that authorities have effective resolution planning arrangements in place, including legal powers and tools to take action in a crisis." A 2016 study by the Bank for International Settlements found a broad mismatch of resolution procedures across 30 CCPs. Under CPMI-IOSCO Principles for Financial Market Infrastructur
'6497236da0c2e589f02e77488a4d0e618ebd151b'|'Problem at Dutch air traffic control causing delays at Amsterdam airport - official'|'Industrials - Wed Feb 1, 2017 - 3:12am EST Problem at Dutch air traffic control causing delays at Amsterdam airport - official AMSTERDAM Feb 1 A technical problem at the national air traffic control in the Netherlands is causing delays and flight diversions at Amsterdam''s Schiphol Airport, an official said on Wednesday. "We are not sure yet what the cause is or how long it will take to fix it," said spokesman Paul Weber. The problem started at about 0715 GMT. (Reporting By Anthony Deutsch; Editing by Toby Chopra) Next In Industrials'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/netherlands-airport-delays-idUSA5N1BL00R'|'2017-02-01T15:12:00.000+02:00'
'55dced3cbb6d2619a564375f261211988939d9c5'|'MOVES-SVP to work with former Natixis loan trading head'|'Private Equity  41am EST MOVES-SVP to work with former Natixis loan trading head By Claire Ruckin - LONDON LONDON Feb 1 Strategic Value Partners is working with experienced secondary loan trader Cedric Beaumont, banking sources said on Wednesday. Beaumont is consulting in SVP''s London office, in a senior advisory capacity and will focus on secondary loan trading, particularly on the distressed side. Beaumont was head of secondary and loan trading at Natixis, a position he left in December as the bank moves to further consolidate its loan and bond operations. SVP has a strong European platform, with half of its investment team based in Europe. They opened a London office in 2004 and a Frankfurt office in 2005. (Editing by Christopher Mangham) Next In Private Equity'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/move-svp-beaumont-idUSL5N1FM5DK'|'2017-02-01T22:41:00.000+02:00'
'90e9060d0465c9c1c13489d1928ccc44f92c673b'|'BRIEF-Graham Corp Q3 earnings per share $0.19'|' 55am EST BRIEF-Graham Corp Q3 earnings per share $0.19 Feb 1 Graham Corp * Graham corporation reports fiscal 2017 third quarter results * Q3 earnings per share $0.19 * Q3 sales $23 million versus $17 million * Sees fy 2017 revenue $88 million to $92 million * Graham corp sees 2017 gross margin is expected to be between 21% and 23% * Graham corp sees 2017 sg&a expense is expected to be between $15 and $15.5 million, inclusive of $0.6 million restructuring charge * Graham corp-expects capital expenditures for fiscal 2017 to be approximately $0.5 million for full year * Graham corp- "sales growth was favorably impacted by execution of a large non-typical order received in q2 of fiscal 2017" * Backlog at end of fiscal 2017 first nine months was $99.1 million, down $4.9 million sequentially from end of fiscal 2017 q2 * Graham - "ongoing weakness in global energy markets is expected to continue to impact" co''s refining, chemical/petrochemical businesses for fiscal 2017 Source  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSASB0AXTZ'|'2017-02-01T18:55:00.000+02:00'
'8eb9c1b348f429bb389b15474743633325ae669e'|'BRIEF-Patheon announces completion of its acquisition of state-of-the-art manufacturing site'|' 28am EST BRIEF-Patheon announces completion of its acquisition of state-of-the-art manufacturing site Feb 1 Patheon Nv - * Patheon announces completion of its acquisition of State-Of-The-Art manufacturing site Source text for Eikon:   Next In Market News * SAS shares rise nearly 4 percent (Adds Norwegian, Swedish government comments) MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories Reuters News Agency - Brand Attribution Guidelines 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/mergersNews'|'http://www.reuters.com/article/idUSASB0AXXB'|'2017-02-01T21:28:00.000+02:00'
'257351ccbacb2d48d29fa599c3043be448f63ecd'|'Japan policymakers reject Trump devaluation claims'|'Business News - Wed Feb 1, 2017 - 5:46am GMT Japan policymakers reject Trump devaluation claims (L to R) Japanese Vice Finance Minister Masatsugu Asakawa, Finance Minister Taro Aso, and Bank of Japan Governor Haruhiko Kuroda take questions from reporters at the annual meetings of the IMF and World Bank Group in Washington October 7, 2016. REUTERS/James Lawler Duggan By Takashi Umekawa and Leika Kihara - TOKYO TOKYO Japanese policymakers hit back at U.S. President Donald Trump''s accusation of currency manipulation on Wednesday, stressing that Tokyo was abiding by a Group of 20 agreement to refrain from competitive currency devaluation. The dollar was on the defensive after Trump and trade adviser Peter Navarro criticized China, Germany and Japan, saying they were devaluing their currencies to the disadvantage of the United States. Senior Japanese government officials, worried about the pain a rise in the yen could inflict on Japan''s export-reliant economy, scrambled to contain damage as the dollar slid to a two-month low of 112.08 yen JPY= on Tuesday in the wake of Trump''s remarks. Japan''s top government spokesman told reporters it was "absolutely not the case" Tokyo was devaluing the yen to gain an unfair trade advantage. "Japan is guiding policy in line with agreements made by the G7 and G20 countries. There will be no change to that stance," said Chief Cabinet Secretary Yoshihide Suga, one of premier Shinzo Abe''s closest aides and the point-person on Japan''s economic policy. Japan would "seek to communicate closely" with the new U.S. administration on trade, economic and currency matters, Suga added. Masatsugu Asakawa, Japan''s top currency diplomat, also told reporters that exchange-rates are determined by markets and were not being manipulated. "As Bank of Japan Governor (Haruhiko) Kuroda has said repeatedly, Japan''s monetary policy aims to achieve the domestic purpose of ending deflation. It''s not aimed at currency rates," Asakawa, vice finance minister for international affairs, told reporters. "If (Trump) is talking about currency intervention, Japan hasn''t done any lately," he added. WON''T BIND BOJ? Japan has not intervened directly in the currency market since November 2011. However, the weak yen has been considered as one of the few successes of Abe''s "Abenomics" stimulus policies aimed at pulling the economy out of two decades of deflation. As one of the three arrows of Abenomics, the BOJ adopted a massive asset-buying program in 2013 praised for boosting exporters'' profits and brightening business sentiment through a weak yen. The yen has fallen 20 percent against the dollar since then, but is off its lows of around 125 yen to the dollar in 2015. While the yen spiked mid-last year as investors bought it as a safe have against global risk events like Britain''s decision to leave the European Union, it slid versus the dollar again as U.S. bond yields rose on market expectations of Trump''s inflation-stoking policies. Finance Minister Taro Aso will explain Japan''s stance on currencies and monetary policy when he joins Abe at next week''s meeting with Trump, a senior government source told Reuters. Japanese policymakers have argued that the BOJ''s ultra-easy monetary policy is solely aimed at beating deflation and did not go against a Group of 20 agreement to refrain from using monetary policy for currency devaluation. "There''s no reason for the U.S. to criticize our currency and monetary policies," said a Japanese government official with knowledge of Japan''s currency policy. "As for currency intervention, everyone was saying it was hard to do even under (former U.S. president Barack) Obama''s administration, so I don''t know if that will be made even tougher under Trump." Trump''s comments are unlikely to bind the BOJ''s hands on monetary policy, said Kazuo Momma, a former senior BOJ official, adding that central bank policymakers won''t ponder easing unless the yen spikes well above 100 to the dolla
'7d78d63db251444cb615e1f2a5e2b38ba4bfd068'|'Russia''s Sberbank to supply 20-25 tonnes of gold to India in 2017'|'Money  30pm IST Russia''s Sberbank to supply 20-25 tonnes of gold to India in 2017 A worker paints the facade of a branch of Sberbank in central Moscow, Russia, August 17, 2016. REUTERS/Sergei Karpukhin/Files MOSCOW Sberbank CIB, the investment and corporate banking unit of Russia''s largest bank Sberbank, plans to supply a total of 20-25 tonnes of gold to India this year, the bank said in a statement on Friday. Sberbank CIB started gold supplies to Indian corporate clients, who have the right to hold import operations with precious metals, on Jan. 27. The bank plans to start exporting silver to Indian clients at the end of the first quarter. Sberbank CIB plans to supply a total of 50-60 tonnes of gold to Asia in 2017, it added. (Reporting by Katya Golubkova; editing by Polina Devitt) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/russia-sberbank-gold-india-idINKBN15I0TI'|'2017-02-03T15:00:00.000+02:00'
'0e47118f2f38ab9324dda03c2b721cbfb6ee0c58'|'Nordstrom winds down relationship with Ivanka Trump brand -Bloomberg report'|'Feb 2 Nordstrom Inc is winding down its relationship with the Ivanka Trump brand, Bloomberg reported, citing a person with knowledge of the matter.The department store operator will be reducing the amount of Ivanka Trump merchandise it stocks, though some inventory could remain for now, Bloomberg said, citing the person.An Ivanka Trump brand spokesperson declined to comment and Nordstrom did not respond to requests seeking comment outside regular business hours. (Reporting by Sangameswaran S in Bengaluru; editing by Grant McCool)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/nordstrom-ivanka-trump-idUSL1N1FO00D'|'2017-02-03T03:11:00.000+02:00'
'e48add0541ce80ff65ba218ad704eb3b704c2925'|'Sensex rises 1.5 percent after Jaitley unveils budget for recovery'|'Money   2:56pm IST Sensex rises 1.5 percent after Jaitley unveils budget for recovery People walk as a telecast of Finance Minister Arun Jaitley presenting the budget is displayed inside the Bombay Stock Exchange (BSE) building in Mumbai, India, February 1, 2017. REUTERS/Shailesh Andrade By Darshana Sankararaman and Tanvi Mehta Indian shares rose 1.5 percent on Wednesday after Finance Minister Arun Jaitley unveiled a budget with a range of incentives for companies and geared towards boosting infrastructure and developing the rural economy. However, views on the fiscal deficit target were mixed after the government raised it to 3.2 percent from its earlier forecast of 3 percent, with some analysts expressing scepticism about whether it would be achievable. Bonds were down with the benchmark 10-year bond yields up 1 basis point at 6.42 percent after rising as much as 5 bps earlier amid confusion about the government''s planned gross borrowing numbers. The numbers initially provided by the government did not account for a buyback of a net 750 billion rupees in bonds, which is part of the 6.05 trillion rupees gross borrowing projection for the next fiscal year and 3.48 trillion rupees net borrowing projection. "The budget was neither popular nor populist. It was a rather tepid budget as has been the case lately," said Arvind Chari, head of fixed income and alternatives for Quantum Advisors. "The budget proposals are not inflationary and, thus, if food prices remain benign, we could expect some rate cuts by the RBI (Reserve Bank of India)." The Nifty was up 1.49 percent at 8,688.45 as of 0854 GMT, while the benchmark Sensex was 1.48 percent higher at 28,062.69. The rupee strengthened to 67.59 per dollar from its previous close of 67.86. Financials were among the top gainers on the NSE index, with the Nifty bank index climbing as much as 2.35 percent. State Bank of India was up 2.80 percent. Among other gainers, fertiliser shares gained after Jaitley said he expected the agriculture sector to grow at 4.1 percent in 2016/17 with a better monsoon. Deepak Fertilisers and Petrochemicals Corp rose as much as 7.29 percent, while Coromandel International Ltd climbed up to 5.21 percent. (Reporting By Darshana Sankararaman in Bengaluru; Editing by Subhranshu Sahu) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/india-stocks-sensex-nifty-budget-idINKBN15G3UY'|'2017-02-01T16:26:00.000+02:00'
'caef69edbf4b086fbc23d6293732addd51d38a08'|'Exclusive: Endeavor, giant of West Texas oil industry, mulls public offering'|'Commodities - Wed Feb 1, 2017 - 2:11pm EST Exclusive: Endeavor, giant of West Texas oil industry, mulls public offering By Ernest Scheyder - MIDLAND, Texas MIDLAND, Texas Endeavor Energy Resources LP, a privately-held Texas oil producer, is considering an initial public offering of stock to expand operations on more than 330,000 acres of land it controls in the booming Permian Basin. Endeavor is among the largest leaseholders in the biggest U.S. oil field, where acreage is coveted by the world''s top energy firms. Exxon Mobil ( XOM.N ) last month spent as much as $6.6 billion to double its holdings in the Permian. Firms last year spent more than $28 billion acquiring land here, and are now pumping about a quarter of all daily U.S. oil output. The IPO "is one of our options" for financing, Chief Executive Chuck Meloy told Reuters in an interview at Endeavor''s Midland, Texas, headquarters. The company has also been courting the bond market, he added. Meloy declined to give further details on the pricing target for an IPO, the timing, or the amount of capital that Endeavor is seeking to raise. A procession of companies have launched IPOs to fund a quick increase in activity in the Permian and capitalize on a rebound in U.S. oil prices from a 12-year low hit in February 2016. One of the latest was Jagged Peak Energy Inc Jag.N, which raised nearly half a billion dollars despite pricing below its target. [L1N1F91PM] Meloy, who retired from Anadarko Petroleum Corp P.ACN in 2015, was hired to run Endeavor last February by Autry Stephens, the company''s founder and a famed wildcatter. Stephens was featured in the reality TV show, "Black Gold," which aired on Time Warner''s ( TWX.N ) TruTV from 2008 through 2013. QUESTIONABLE DEALS When Meloy was hired, Endeavor was mired in debt and selling off some of its lease holdings for cash. Meloy sold about 10 percent of the company''s acreage for $1.3 billion to reduce that debt to below $500 million. The ensuing rally in land prices in the Permian Basin has made some of those transactions look like poor deals. Endeavor sold some acreage last January for an undisclosed amount to private equity-backed Luxe Energy LLC, which flipped the land a few months later for $560 million. "If we didn''t have to do it, we wouldn''t have done it," Meloy said of the land sales. "Thankfully, we had a currency we could use to rebuild our balance sheet." The company still has around 334,000 acres in the eastern Permian, known as the Midland Basin. Endeavor has strengthened its team of geologists and engineers in the past six months to help plan drilling on the land that remains. The company estimates its land holds crude, condensate and gas reserves that combined are the equivalent of 96 million barrels of oil. The company is bringing in a fifth drilling rig to its patch next week, having added a fourth in January, Meloy said. The goal for 2017 is to bring 75 horizontal wells online, adding to its existing 5,000 vertical wells and 45 horizontal wells. Endeavor is profitable with oil prices CLc1 of about $40 per barrel, Meloy said. The current price is about $53. (Reporting by Ernest Scheyder; Editing by Simon Webb and Brian Thevenot) Next In Commodities Royal Mint bullion coin sales surge on wave of political turmoil LLANTRISANT, Wales In a warehouse a dozen miles to the northwest of Cardiff, the Royal Mint is running its machines through the night to keep up with demand for one of the big beneficiaries of the last year''s political turmoil - gold and silver bullion.'|'reuters.com'|'http://feeds.reuters.com/news/deals'|'http://www.reuters.com/article/us-usa-oil-permian-endeavor-exclusive-idUSKBN15G5DZ'|'2017-02-02T02:11:00.000+02:00'
'e476a1604d8e6a122d59cc0e8a25857f12e2bcc0'|'Invitation Homes rises in IPO debut'|'Shares of Invitation Homes Inc ( INVH.N ), which is backed by private equity firm Blackstone Group, rose as much as 1.6 percent in their market debut on Wednesday, valuing the largest U.S. home rental company at about $6.14 billion.The company raised $1.54 billion in its initial public offering on Tuesday, the largest by a U.S. real estate investment trust (REIT) since Paramount Group Inc''s ( PGRE.N )$2.29 billion IPO in 2014.Invitation Homes'' shares opened at $20.10 and hit a high of $20.31 on the New York Stock Exchange.Blackstone Group LP ( BX.N ) founded Invitation Homes in 2012, about five years after the housing market began crashing and it started buying foreclosed homes in bulk.REITS such as Invitation Homes became popular after the recession as investors sought to benefit from low mortgage rates and property values.Blackstone has spent about $10 billion on the REIT''s 48,000-home portfolio, representing one of its biggest bets.Invitation Homes'' IPO is the biggest so far this year, and the IPO market has seen more than $2 billion raised from seven offerings in January.Nearly 15 percent of the REIT''s houses are in South Florida, while about 12 percent are in Southern California.Blackstone which owns a 73 percent stake in the company, will not be selling any shares.Deutsche Bank Securities and J.P. Morgan are lead underwriters for the IPO.For-profit higher-education company Laureate Education ( LAUR.O ) is also scheduled to debut on Wednesday.(Reporting by Nikhil Subba in Bengaluru; Editing by Shounak Dasgupta)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-invitation-homes-ipo-idINKBN15G4SU'|'2017-02-01T12:07:00.000+02:00'
'ddfd83f215854ebb5580eea1b09c77f3e54b6741'|'Trump pick for China ambassador aims to boost trade ties - Chinese state media'|'Business News - Fri Feb 3, 2017 - 3:17am GMT Trump pick for China ambassador aims to boost trade ties - Chinese state media Governor of Iowa Terry Branstad exits after meeting with U.S. President-elect Donald Trump at Trump Tower in Manhattan, New York City, U.S., December 6, 2016. REUTERS/Brendan McDermid BEIJING U.S. President Donald Trump''s pick for ambassador to China, Terry Branstad, said he would help increase trade between the two countries, Chinese state media reported, amid concerns over protectionist talk from the new U.S. administration. Trump has railed against China''s trade practices, blaming them for U.S. job losses, and has threatened to impose punitive tariffs on Chinese imports. Beijing says it will work with Washington to resolve any trade disputes, but state media has warned of retaliation if Trump takes the first steps toward a trade war. Branstad, currently the governor of Iowa, said he would help to work out differences and that there was immense potential for more Chinese investment in the United States. "We want to continue to enhance the relationship and to increase trade between our two countries," Branstad told China''s official Xinhua news agency in an interview in the United States published late on Thursday. "I hope ... that I can play a constructive role trying to work out many of these differences in a way that makes it a win-win. It is beneficial to both of our countries, and also benefits the rest of the world," Xinhua cited Branstad as saying. "I think we have seen just the tip of the iceberg of the potential (Chinese) investments here," he said. Trump''s nomination of Branstad, a longtime Republican governor who has developed relationships with Chinese President Xi Jinping and other Chinese leaders, was well-received, even among some Democrats. He still faces a confirmation hearing. Trump has moved to fill his administration with critics of China''s trade policies, including Wilbur Ross for Commerce Secretary, Robert Lighthizer for U.S. Trade Representative, and Peter Navarro, an economist and China hawk who will serve as a White House adviser. Free trade advocates worry the Trump trade team will be too quick to use tariffs to keep imports out, raising costs for manufacturers that rely on imported parts - or even sparking retaliatory trade wars. Xi made a vigorous defence of globalisation at the World Economic Forum last month, and presented China''s economy as a "wide open", despite complaints from the foreign business community that Beijing has not made good on pledges of economic liberalisation. (Reporting by Michael Martina; Editing by Nick Macfie) Next In Business News Leading indicator of London new home builds slumps by a third LONDON The number of new homes built in London fell 6 percent last year and a closely watched indicator of future supply dropped by a third, industry data showed on Friday, as the Brexit vote hit a market already coming off record highs. Bank of England, ramping up growth forecast, in no mood for rate hike LONDON The Bank of England made its latest sharp increase to forecasts for British economic growth in 2017 on Thursday, but appeared in no rush to raise interest rates, warning of "twists and turns" on the road out of the European Union. SAN FRANCISCO/WASHINGTON Uber Technologies Inc [UBER.UL] Chief Executive Officer Travis Kalanick quit President Donald Trump''s business advisory group on Thursday amid mounting pressure from activists and employees who oppose the administration''s immigration policies. 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-usa-trump-china-trade-idUKKBN15I0BO'|'2017-02-03T10:17:00.000+02:00'
'25949a7185328032784d4215cf48adf0a1354287'|'Swiss stocks - Factors to watch on Feb 3'|'ZURICH Feb 3 Here are some of the main factors that may affect Swiss stocks on Friday:NOVARTISJoerg Reinhardt, the Swiss drugmaker''s chairman, said on Thursday at a conference in Berne organised by the Ethos foundation that U.S. President Donald Trump''s strident talk about trimming high drug prices in America was no cause to react prematurely. Nothing is likely happen over the near term that would prompt Novartis to "massively relocate" from the United States, he said, adding "not every commentary on Twitter can be taken at face value".For more clickROCHEThe U.S. Food and Drug Administration on Thursday expanded the use of Bristol-Myers Squibb Co''s Opdivo to include treatment of urothelial carcinoma, the most common type of bladder cancer.Opdivo competes against Roche''s Tecentriq drug.COMPANY STATEMENTS* Also Holding AG said it acquired Finnish distributor Internet Smartsec.* Hypothekarbank Lenzburg said it was cooperating with EdgeLab, a FinTech company that helps calculate investment risks.ECONOMY (Reporting by Zurich newsroom)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/markets-swiss-stocks-idINL5N1FN6MY'|'2017-02-03T02:35:00.000+02:00'
'a08a922df71261cd5dc54477784b992e72dbc1d3'|'BRIEF-Oneok to buy rest of Oneok Partners for $9.3 bln'|' 56am EST BRIEF-Oneok to buy rest of Oneok Partners for $9.3 bln Feb 1 Oneok Inc * Oneok announces agreement to acquire remaining public stake in Oneok partners in a transaction valued at $17.2 billion * Says oneok will acquire all of outstanding common units of oneok partners it does not already own for $9.3 billion in oneok common stock * Oneok announces agreement to acquire remaining public stake in oneok partners in a transaction valued at $17.2 billion * Oneok - deal to be immediately accretive, and then double-digit accretive to oneok''s distributable cash flow (dcf) in all years from 2018 through 2021 * Oneok inc -each outstanding common unit of oneok partners that oneok does not already own will be converted into .985 shares of oneok common stock * Says oneok does not expect to pay cash income taxes through at least 2021 * Oneok inc - as a result of transaction, oneok''s annual dcf is expected to approximately double * Says following close of transaction, oneok is expected to have a more than $30 billion enterprise value * Oneok inc - oneok will acquire all of outstanding common units of oneok partners it does not already own for $9.3 billion in oneok common stock * Oneok inc - upon completion of transaction, oneok does not expect to pay cash income taxes through at least 2021 * Oneok inc - management intends to recommend to oneok board a 21 percent increase in first quarterly dividend following completion of transaction * Says upon completion of transaction, oneok does not expect to pay cash income taxes through at least 2021 * Oneok inc - to acquire 171.5 million outstanding units of oneok partners at exchange ratio of 0.985 oneok shares for each public unit of oneok partners * Says in aggregate, oneok will issue 168.9 million shares in connection with proposed transaction Source  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSASB0AXU0'|'2017-02-01T18:56:00.000+02:00'
'faca8776fda8a5a1f7f83930d577963c375c029b'|'EDF defends nuclear decommissioning cost estimate'|'  11:48am GMT EDF defends nuclear decommissioning cost estimate 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 French power company EDF ( EDF.PA ) on Wednesday defended its cost estimate of 22.2 billion euros ($24 billion) for dismantling nuclear power stations, rejecting a parliamentary committee report which said the costs may be higher. The parliamentary report, commissioned by a body looking into renewable energy, said that dismantling the sites could take longer than EDF had envisaged. "The optimistic scenarios upon which EDF has based its provisions, as well as a certain number of major costs which have been omitted, lead to questions over the validity of EDF<44>s estimates, while at the same time, certain other costs appear to have been underestimated," the report said. State-controlled EDF rejected those findings, and pointed out that the French Environment, Energy and Sea Ministry had backed EDF''s estimates earlier this month. "The Ministry concluded that the audit essentially backs up EDF''s estimate of the cost of dismantling its nuclear fleet," EDF said in a statement. EDF is the world''s biggest nuclear power operator. It currently manages 58 French reactors which provide over 75 percent of France''s electricity. (Reporting by Benjamin Mallet and Sudip Kar-Gupta; editing by Jason Neely)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-edf-nuclearpower-idUKKBN15G49C'|'2017-02-01T18:48:00.000+02:00'
'ffafd80ce448244de44d5d790197d021e54bae5d'|'French manufacturing activity nears six-year high in Jan - PMI'|' 53am GMT French manufacturing activity nears six-year high in Jan - PMI PARIS, French manufacturing activity expanded at the fastest pace in nearly six years in January as demand firmed up, a poll showed on Wednesday. Data compiler IHS Markit said its final purchasing managers'' index rose to 53.6 in January from 53.5 in December, reaching the highest level since May 2011. That was slightly higher than a preliminary reading of 53.4 and took the index further above the 50-point line dividing expansions in activity from contractions. Manufacturers hired staff at the fastest rate since June 2011 although the flow of new orders expanded at a slightly slower pace than in December. "These are encouraging signs given the broad desire in France to reduce its level of unemployment," said IHS Markit economist Alex Gill. However, he added that political uncertainty ahead of France''s two-round presidential election in April and May may weigh on demand in the coming months. ((Reporting by Leigh Thomas; Editing by Hugh Lawson))  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-france-economy-pmi-idUKKBN15G3SL'|'2017-02-01T15:53:00.000+02:00'
'4fe61da7f1f41b30354abe58e4b09447797a21bd'|'BRIEF-Vividion Therapeutics launches with $50 mln series A financing'|'Financials -  32am EST BRIEF-Vividion Therapeutics launches with $50 mln series A financing Feb 2 Vividion Therapeutics * Vividion Therapeutics Inc launches with $50 million series a financing * Vividion Therapeutics Inc - launches with $50 million series a financing   Next In Financials * Said on Wednesday that it has signed an annex to the letter of intent with Silva Capital Group SA concerning the negotiations over cooperation MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories Reuters News Agency - Brand Attribution Guidelines 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/financialsNews'|'http://www.reuters.com/article/idUSASB0AY53'|'2017-02-02T18:32:00.000+02:00'
'4a8ce8134faf685ee8569275f9f0d5beb3bd29cc'|'Honda raises full-year profit outlook on lower costs, weaker yen'|'Fri Feb 3, 2017 - 1:30am EST Honda raises full-year profit outlook on lower costs, weaker yen 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 GLOBAL BUSINESS WEEK AHEAD PACKAGE - SEARCH BUSINESS WEEK AHEAD 30 JANUARY FOR ALL IMAGES TOKYO Honda Motor Co ( 7267.T ) on Friday lifted its annual net profit forecast for the second time in as many quarters due to cost-cutting and the impact of a weakening yen, while sales in China remained strong. Japan''s third-largest automaker said it expected profit for the year through March at 545.0 billion yen ($4.82 billion), up from a previously upgraded guidance issued in November, and 58.2 percent higher than the 344.5 billion yen booked in 2015/16. It also raised its forecast for operating profit to 785.0 billion yen after it posted 207.6 billion yen for October-December - up 27.4 percent from a year prior and exceeding a mean forecast of 157.07 billion yen from 11 analysts polled by Reuters I/B/E/S/. Analysts expect the automaker to post full-year operating profit of 753.27 billion yen and net profit of 533.44 billion yen. The automaker forecasts the local currency to average 107 yen to the U.S. dollar through March, compared with an earlier forecast of 103 yen. ($1 = 113.0600 yen) (Reporting by Naomi Tajitsu; Editing by Christopher Cushing) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-honda-results-idUSKBN15I0KY'|'2017-02-03T13:24:00.000+02:00'
'6b678c9bee4eeb78c9ce263d85e38a06ece53780'|'U.S. reversal on transparency could sting Canadian, European oil companies'|'Commodities - Fri Feb 3, 2017 - 1:13am EST U.S. reversal on transparency could sting Canadian, European oil companies Filled oil drums are seen at Royal Dutch Shell Plc''s lubricants blending plant in the town of Torzhok, north-west of Tver, November 7, 2014. REUTERS/Sergei Karpukhin By Ernest Scheyder and Nia Williams - HOUSTON/CALGARY HOUSTON/CALGARY Canadian and European oil companies will find themselves at a competitive disadvantage to their American rivals if U.S. lawmakers scrap tighter transparency requirements on the industry, as expected, according to company executives, legal experts and trade groups. The U.S. Senate is poised to overturn the so-called "resource extraction rule", a regulation requiring U.S. natural resources companies to disclose taxes and other payments to foreign governments, in a vote that could come as early as Friday. The rule is among a handful of regulations ushered in during the final months of Barack Obama''s presidency that Republican lawmakers - who now control Congress - have targeted as being overly burdensome and bad for the U.S. economy. Democrats have no way to keep the law in place as Republicans need only a simple majority to kill the measure. But overturning the regulation, set to take effect next year, would leave Canadian and European natural resource companies with the most-stringent reporting standards in the world for payments to foreign governments - as U.S. behemoths like Exxon Mobil Corp ( XOM.N ) and Chevron Corp ( CVX.N ) get a reprieve. Certain details of contract negotiations and terms of bids to access reserves are currently required under regulations now in place in both Canada and Europe. Such information could reveal to competitors negotiating tactics and other metrics that many companies consider proprietary, observers say. "It definitely could put Canada at a disadvantage because we are fairly stringent on our rules, both domestically and internationally, on how our companies operate," said Mark Salkeld, chief executive officer of the Petroleum Services Association of Canada, an industry trade group. European oil company Royal Dutch Shell Plc ( RDSa.L ), meanwhile, pointed out that a reversal in the United States would go against the broader global trend toward transparency in the notoriously murky industry. "The trend that we have, with access to information, with bringing distant countries into our space all the time, we will have to live with that. I don<6F>t think any single political system can turn that around," CEO Ben van Beurden told reporters when asked about the proposed change in U.S. regulation. "BANG FOR THEIR BUCK" Required by the 2010 Dodd-Frank Wall Street reform law, the U.S. Securities and Exchange Commission''s extraction rule was finalized last summer. Canadian and European regulations were modeled after the Dodd-Frank efforts. But the rule was quickly targeted by Congressional Republicans after victories in the November election that brought President Donald Trump and his anti-regulation, pro-energy agenda into the White House. Trump has signaled a sweeping reduction in regulation to bolster the American drilling and mining industries, including by undoing Obama''s initiatives to combat climate change. Vivek Warrier, a partner at Bennett Jones, a law firm in Calgary, said that could put Canadian companies at an even steeper disadvantage. "When a potential investor comes in, they will look at the additional regulatory compliance costs that will impact Canadian companies and probably conclude there''s better bang for their buck south of the border," he said. Suncor Energy Inc ( SU.TO ), Canada''s largest oil and gas producer, said reporting on payments to foreign governments is a minor administrative burden. "But generally speaking we support reporting payments to governments as it contributes to greater transparency," said Sneh Seetal, a Suncor spokeswoman. Canadian Natural Resources Ltd ( CNQ.TO ) and Cenovus Energy In
'af108b335e1d636b8abdf7e57474ee85ec56ee2a'|'Intesa leaves investors guessing over Generali bid'|'By Stephen Jewkes - MILAN MILAN Intesa Sanpaolo ( ISP.MI ) said on Friday a possible tie up with insurer Generali ( GASI.MI ) was just a "case study", leaving investors guessing whether the bank would eventually launch a bid for Italy''s biggest insurer.Italy''s biggest retail bank said last week it was looking at possible "industrial combinations" with Generali after sources said it was mulling a share offer to take a majority stake.On Thursday Generali shares rose sharply on talk an offer could be on its way with one trader saying Intesa was readying a cash and shares deal worth 17 euros a share.A spokesman for the lender denied on Thursday it was preparing any bid. In its Friday statement, the bank said possible industrial combinations with Generali continued to be "only the subject of a case study."This was "part of the various analyses that the bank''s management regularly carries out about the group''s options for growth, both internal and external," it said.Fund managers said it was not clear if Intesa was back-pedaling or playing for more time to make up its mind."The picture is increasingly blurred but it seems to me things are dragging out, possibly making Generali more vulnerable to a foreign takeover," said Roberto Lottici, fund manager at Ifigest which owns shares in Intesa and Generali.Management changes at Generali and political weakness in Rome have helped fuel bid talk in recent months with media reports pointing to Axa ( AXAF.PA ), Allianz ( ALVG.DE ) and Zurich Insurance Group ( ZURN.S ) as being interested in the group or parts of it.Generali, whose biggest investor is influential investment bank Mediobanca ( MDBI.MI ), is seen by Rome as a strategic asset.A source close to Generali said there was a growing feeling Intesa could walk away from a deal."Intesa''s plan is too weak from an equity perspective and a piecemeal sale of Generali is anti-Italian," the source said, adding Allianz was not interested in coming to Intesa''s aid by buying Generali assets and Axa was not keen either.Last week Intesa''s Chief Executive Carlo Messina said he saw growth potential by combining banks with insurers but added any deal should not weaken capital strength or shareholder returns. Messina also said the bank would take the "necessary time" to assess its options.At 1010 GMT Generali shares were down 0.5 percent at 14.87 euros while Intesa shares were up 0.9 percent.Intesa is due to release its preliminary 2016 results later on Friday after a board meeting.On Thursday Intesa denied the board''s agenda would include a Generali bid and ruled out any extraordinary board meeting over the weekend.(Additional reporting by Danilo Masoni and Pamela Barbaglia; Editing by Elaine Hardcastle)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-generali-m-a-intesa-sp-idINKBN15I1CN'|'2017-02-03T08:07:00.000+02:00'
'80b49bde09242f2c3e8cef84986e96ef2238e749'|'Lacking voting rights, Snap IPO to test fund governance talk'|'By Ross Kerber and Liana B. Baker - BOSTON/SAN FRANCISCO BOSTON/SAN FRANCISCO Shares sold in a $3 billion initial public offering by the parent of Snapchat will lack voting power, testing the commitment of big asset managers in their recent fight for investor rights.In a registration document on Thursday that it will use to pitch shares to investors, Snap Inc outlined an aggressive expansion plan for its social media network in what would be the biggest U.S. tech IPO since Facebook.But the document shows the shares will not have voting rights - an unprecedented feature for an IPO despite years of rising concerns about corporate governance from fund managers looking to gain influence over executives.Indeed, just earlier this week top fund managers including BlackRock Inc, Vanguard Group Inc and T Rowe Price launched an initiative to improve governance, among other things, calling for companies to give shareholders voting rights "in proportion to their economic interest."Technically, the framework outlined by the group does not go into effect until the start of 2018, to give companies time to adjust.But Charles Elson, a professor at the University of Delaware who follows corporate governance, said that to reinforce their message, the big fund managers should not buy into the IPO of Snap or others that might follow."They should not buy common stock without a vote," Elson said. That should even include index funds, which ordinarily buy shares to reflect the sector or group of stocks they track, he said.For investors who do buy Snap shares without voting rights, Elson said, "You''re completely hostage to the actions of management."A Snap representative declined to comment. Snap''s filing states it will have a unique stock structure with three share classes, which will concentrate voting power with its co-founders Evan Spiegel and Robert Murphy.Each of their shares is entitled to 10 votes on governance matters. Current investors such as venture capital firms will have shares entitled to one vote, and shares being sold to the public will have no voting rights. The filing acknowledges the concentrated control could impact Snap''s share price. Other technology giants have also been adding to founders'' voting power including Facebook and Google.To be sure, Snap''s filing contains a provision to eventually grant all shares an equal vote, but only if both founders die or their ownership falls below a threshold.In a note on Friday, Edison Investment Research analyst Richard Windsor wrote that while tight control may be justified in a company''s private early stages, it is not in large, public companies whose problems can be worsened because founders "tend to be emotionally attached to their companies."Ordinarily his firm would discount its valuation of a company by 30 percent, when founders keep control to offset the extra risk to investors, Windsor wrote.A spokesman for T. Rowe Price Group said the company would not comment. Representatives of BlackRock and Vanguard did not comment.Another backer of the new governance principles is the California State Teachers'' Retirement System, with roughly $200 billion under management.Aeisha Mastagni, a portfolio manager for the system, said while it does not normally buy shares during IPOs, it usually buys companies like Snap once their stocks wind up in stock indexes like the Russell 3000. Avoiding Snap would only shift the risk to other parts of the portfolio, she said.The thinking could be different for actively-managed funds, she said, especially in a case like Snap where investors would lack votes needed to change management in a crisis."With companies like this, you think they''re always fine, until they''re not," Mastagni said.CalSTRS was among a group of 18 co-signers of a letter the Council of Institutional Investors sent to Snap on Friday, urging it to adopt a single-class structure.Other signatories came from representatives of public pension managers like the California Pub
'41f7ad10a52eef23c5ea5b76323fee6f20bae5f6'|'Fears of U.S. visa overhaul push Indian IT stocks lower'|'Technology   6:20pm GMT Fears of U.S. visa overhaul push Indian IT stocks lower An employee walks past a signage board in the Infosys campus at the Electronics City IT district in Bengaluru, India, February 28, 2012. REUTERS/Vivek Prakash/File Photo By Noel Randewich - SAN FRANCISCO SAN FRANCISCO Shares of Indian technology companies deepened losses on Wednesday as investors worried U.S. President Donald Trump and legislators would impose tougher rules on skilled-worker visas that those firms rely on. U.S. shares of Infosys ( INFY.NS ) ( INFY.N ) fell 1.5 percent, bringing their loss to 4 percent since the introduction of legislation in Congress last week aimed at tightening requirements for H-1B work visas. Indian IT companies serving U.S. corporations are among the largest sponsors for H-1B visas, using them to employ programmers and other technology workers. "Should the new political regime cap visa access we would expect margins to compress in the IT services sector," Susquehanna analyst James Friedman warned in a note to clients on Wednesday. U.S. shares of Wipro Ltd ( WIPR.NS ), another major Indian IT service firm, lost 1.7 percent and are down 6 percent in the past week. Arguing that they face a shortage of skilled U.S. workers, technology companies including Microsoft ( MSFT.O ) and Apple ( AAPL.O ) say they need more H-1B visas, while critics say the program is used as a source of low-cost labor. A bill introduced on Jan. 24 by Congresswoman Zoe Lofgren, a Democrat from California, would double the minimum salary required for holders of H-1B visas to $130,000, which is more than many currently make. White House Press Secretary Sean Spicer told reporters on Monday that Trump was looking at potential new rules for H-1B visas as part of a larger immigration effort. His proposed Attorney General, Senator Jeff Sessions, is a long-time critic of the H-1B program. An increase in the minimum salary paid to H-1B visa holders could hurt the earnings of Indian IT companies by as much as 22 percent, Deutsche Bank said in a report on Tuesday. In 2015, Tata Consultancy Services ( TCS.NS ) secured 8,333 H-1B visas, more than any other company, according to government data compiled by the Institute of Electrical and Electronics Engineers. Tata''s stock dropped 2.78 percent on the Indian stock market on Wednesday and is down 8 percent so far this week. (Reporting by Noel Randewich; Editing by Chris Reese) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-usa-markets-visas-idUKKBN15G5A3'|'2017-02-02T01:20:00.000+02:00'
'a3c7e8b14e5356e7a5bb6e2607524d43f8b196b4'|'A barb at Germany puts Trump administration on collision course with EU'|'Business News - Tue Jan 31, 2017 - 11:57pm GMT A barb at Germany puts Trump administration on collision course with EU 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 - RTS94FU WASHINGTON For seven years, the United States has fought to keep the euro zone intact, urging European officials towards action and supporting international bailout programs to keep the 17-nation currency union from cracking apart. That appears to have changed less than two weeks into Donald Trump''s new administration. A sharp shift in tone towards Germany, casting the euro as fuel for that country''s massive trade surplus, has raised concerns that the U.S. president''s trade-centric world view may see the euro not as a geopolitical plus, but as another needless bit of multilateralism. While Trump has refrained from commenting directly on the euro, he praised Britain''s decision to exit the European Union as a "great thing" and predicted that others would leave the bloc as the result of an influx of refugees. In comments published in the European press on Tuesday, Trump trade adviser Peter Navarro said the "grossly undervalued" euro served as a currency for Germany alone, allowing the country to "exploit" the United States and others. On Capitol Hill, Treasury Secretary-designate Steven Mnuchin softened the traditional U.S. "strong dollar" mantra, suggesting that the dollar''s current strength may be working against what has become perhaps the administration''s central economic priority: reviving U.S. manufacturing and exports. Framed narrowly, that could put the United States on a clear a collision course with Germany, the world''s fourth-largest economy and home to companies that rival top U.S. industrial giants, as it is with Mexico or China. "There seems to be this desire to go back to a divide and conquer style strategy where the U.S. negotiates against individual countries," said Douglas Rediker, executive chair of International Capital Strategies and a former U.S. executive board member at the International Monetary Fund. "To single (Germany) out when they don''t have authority to manipulate their currency, requires you to make a leap - which is to say that ''We don''t care that there actually is a common currency. We are going to take you to account.''" Monetary policy in the euro zone is set by the European Central Bank, and it is the ECB''s money creation policies that have contributed to the euro''s recent decline in value. Like the U.S. Federal Reserve''s quantitative easing, those efforts have been regarded internationally as a reasonable response to the region''s dangerous economic weakness - not as an effort to cheapen the currency to gain a trade advantage. "The question is how far will the new administration go with this?" said Jeromin Zettelmeyer, a senior fellow at the Peterson Institute for International Economics and a former German economic official. Trump could, for example, try to tax German goods to offset any perceived advantage gained from a cheap euro, Zettelmeyer said. An import duty has already been suggested as a way to redress alleged currency manipulation by China. "Trump seems to think that having a trade deficit with another country means that the other country is somehow stealing or at least getting the better deal," said Zettelmeyer. TRUMP CONCERNS ON THE RISE IN EUROPE The first days of Trump''s administration have touched off a wave of anxiety in Europe. European Council President Donald Tusk went so far as to list the new government in Washington among the chief "external" threats faced by Europe. Criticism of Germany''s trade surplus, however, is not unique to Trump. The Treasury Department under President Obama added Germany to a "watch list" because of its large trade imbalances. The U.S. trade deficit with Germany stood at $77 billion as of 2015, three times that of other Europea
'6365e0656f8f1c8b1b21ac76a8afb310795c4e59'|'BRIEF-Dominion Diamond recalculates ownership interests in buffer zone at Ekati diamond mine'|' 53am EST BRIEF-Dominion Diamond recalculates ownership interests in buffer zone at Ekati diamond mine Feb 1 Dominion Diamond Corp * Dominion Diamond Corporation recalculates ownership interests in buffer zone at Ekati diamond mine * Dominion Diamond - increase in ownership results from decision of minority partner not to participate in FY 2017 capital program for buffer zone JV * Company has funded those elements of program that were not funded by minority partner Source  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1FM0IV'|'2017-02-01T18:53:00.000+02:00'
'9b2921a004e57b94cefb06d729a4387c8373708c'|'UPDATE 1-Brazil''s Movida cuts IPO price floor to save deal -sources'|'Deals  35am EST Brazil''s Movida cuts IPO price floor to save deal: sources By Guillermo Parra-Bernal and Bruno Federowski - SAO PAULO SAO PAULO Brazilian rental car firm Movida Participa<70><61>es SA has cut the bottom of a suggested price range for an initial public offering slated for Monday, a sign investors still have the upper hand in pricing new listings amid uncertainty over the government''s reform agenda. According to five people with direct knowledge of the decision, Movida and bankers working on the IPO have notified potential bidders that the lowest end of the price range was reduced to 7.50 reais a share from the original 8.90 reais. The deadline for making firm bids on the deal is later on Friday. One of the people, who requested anonymity since the deal is in the works, said demand for Movida''s shares is holding up satisfactorily at the new suggested price floor. Movida expected to raise as much as 1.184 billion reais ($378 million) with the deal. But the change is a setback for Movida and its top shareholder, JSL SA ( JSLG3.SA ), which worked on the listing for months and had robust informal backing from investors lured by the rent-a-car firm''s rapid growth and aggressive taking of market share. Still, sources told Reuters earlier this week that bids at the previous price floor would only cover a third of the offering. "What happens is that we''re still at a time of uncertainty. Companies remain unable to get the prices they want, so institutional investors are taking advantage of this," one of the people said. The move also casts doubts on the ability of larger rival Unidas SA to complete its own Feb. 9 IPO, in which the company is seeking to fetch as much as 864 million reais. Movida declined to comment, citing a quiet period related to the IPO. CONFIDENCE The competing IPO deals underscore the resilience of the car rental market in Brazil in the face of its harshest recession in eight decades, high unemployment and a slump in spending. According to some of the people, JSL is counting on the IPO to cut debt taken to finance Movida''s expansion and allow the rent-a-car firm to pay for future investments. The company said on Jan. 16 that the maximum end of the price range was 11.30 reais a share. Brazilian President Michel Temer''s push of an ambitious fiscal reform agenda has helped reignite confidence in Latin America''s largest economy, allowing its currency to stabilize and the central bank to aggressively cut interest rates. Temer replaced leftist Dilma Rousseff after her impeachment last year. With the implementation of Temer''s agenda still in the early stages, investors want more signs of execution before taking on additional risk in the country. Brazil''s benchmark Bovespa stock index .BVSP has moved off of a five-year peak touched earlier this week, as some investors believe recent gains have been overdone. ($1 = 3.1303 reais)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-movida-participa-es-ipo-idUSKBN15I24S'|'2017-02-03T22:32:00.000+02:00'
'f63a052365b206b2cd366c8f56de7e0b2c2f77d8'|'Japan January services sector growth slows slightly, outlook stays bright'|' 34am GMT Japan January services sector growth slows slightly, outlook stays bright left right People walk past a restaurant under a railway arch in a business district in Tokyo, Japan, May 18, 2016. REUTERS/Thomas Peter 1/2 Women look at restaurant advertisement boards in central Tokyo, Japan June 7, 2016. REUTERS/Toru Hanai 2/2 TOKYO Activity in Japan''s services sector expanded in January at a slightly slower pace than the previous month, a survey showed on Friday, but the outlook remains bright as companies said they plan to open new stores to accommodate more business. The Markit/Nikkei Japan Services Purchasing Managers Index (PMI) fell to a seasonally adjusted 51.9 in January from 52.3 in December, which was an 11-month high. The index remained above the 50 threshold, which separates expansion from contraction, for the fourth consecutive month. Employment in services rose for the first time in eight months, and the rate of job creation was the highest since December 2015. January''s index for new business was 53.1, the same level recorded for December. Services account for around two-thirds of Japan''s gross domestic product, so expansion in that sector could help overall economic growth. (Reporting by Stanley White; Editing by Richard Borsuk)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-japan-economy-pmi-services-idUKKBN15I023'|'2017-02-03T07:34:00.000+02:00'
'72b37865d8db5ae8abae5deae80aec9f338c35b3'|'Bank of Japan to ponder rate hike timing even if yen rises on Trump - ex-Bank of Japan official'|'United States Business News - Wed Feb 1, 2017 - 3:41am GMT Bank of Japan to ponder rate hike timing even if yen rises on Trump - ex-Bank of Japan official Traffic signs are seen in front of Bank of Japan (BOJ) buildings in Tokyo, Japan June 24, 2015. REUTERS/Toru Hanai/File Photo By Leika Kihara - TOKYO TOKYO The Bank of Japan''s next policy move will be to raise, not cut, its bond yield targets even if the yen climbs in response to U.S. President Donald Trump''s comments accusing Japan of deliberately devaluing its currency, a former senior BOJ official said. The yen gained more than 1 percent against the dollar to around 112.08 after Trump accused Japan on Tuesday of devaluing its currency to gain a trade advantage, fuelling a risk-off mood that also kept stocks subdued. The remark could spell trouble for the BOJ, which worries about the damage any sharp yen gains could have on Japan''s export-reliant economy. The central bank has little ammunition left to counter such market moves after years of heavy money printing. But Kazuo Momma, a former senior BOJ official who was directly in charge of international relations, said Trump''s comments likely came as little surprise to the BOJ and won''t bind the central bank''s hands on monetary policy. "Trump''s comments could continue to create short-term market volatility, but the BOJ shouldn''t respond to each and every remark he makes," said Momma, currently executive economist at Mizuho Research Institute who retains close contact with incumbent Japanese policymakers. "The only thing the BOJ should do is to patiently persuade the U.S. administration its monetary policy is aimed at domestic purposes and not at manipulating the yen, in line with an agreement among G7 and G20 nations," he told Reuters on Wednesday. The dollar''s current levels of around 112-113 yen are still higher than the lows hit last year and should not cause any serious trouble for Japan''s economy, Momma said, suggesting that the BOJ won''t ease soon unless the yen rises much more. "If the yen spikes well above 100 (to the dollar), that could make the BOJ worried ... But for now, there''s no need to worry about a one-sided yen appreciation" as the dollar will benefit from the strength of the U.S. economy, he said. With Japan''s economy in good shape, the BOJ''s next policy move is likely to raise its 10-year government bond yield target from current levels of around zero, Momma said. That option could be under discussion within the BOJ later this year, he added. The BOJ revamped its policy framework in September last year to one targeting interest rates instead of the pace of money printing, after three years of heavy asset purchases failed to jolt the economy out of stagnation. At a policy meeting on Tuesday, it kept unchanged its pledge to guide short-term interest rates at minus 0.1 percent and the 10-year government bond yield around zero percent. (Reporting by Leika Kihara; Editing by Eric Meijer) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-japan-economy-boj-momma-idUKKBN15G396'|'2017-02-01T10:41:00.000+02:00'
'a5ac3234e98a2c958595897a1661b0040a721150'|'European index futures indicate higher open - For more see the European equities LiveMarkets blog'|'Financials - Wed Feb 1, 2017 - 2:48am EST European index futures indicate higher open - For more see the European equities LiveMarkets blog LONDON Feb 1 Live coverage of European markets now available on cpurl://apps.cp./cms/?pageId=livemarkets Summary: **Major European indexes seen opening higher **Spanish bank BBVA shows strain from Mexican peso exposure **Budget airline Wizz Air cuts profit guidance **Sweden''s SEB and Volvo exceed profit expectations (Reporting by Helen Reid) Next In Financials UPDATE 1-UK house price growth weakest since Nov 2015 - Nationwide LONDON, Feb 1 British house prices rose at their slowest annual rate in more than a year last month, and the prospect of weaker jobs growth and higher inflation is likely to weigh further on their prospects in 2017, mortgage lender Nationwide said on Wednesday.'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSL5N1FM1I7'|'2017-02-01T14:48:00.000+02:00'
'81b8aa7de0a26db2b6cb82f7b2af0126274b79e0'|'Japan to explain Bank of Japan policy not aimed at manipulating yen - Suga'|'Business News - Wed Feb 1, 2017 - 2:37am GMT Japan to explain Bank of Japan policy not aimed at manipulating yen - Suga left right FILE PHOTO - National flags of Japan and the U.S. are seen in front of a monitor showing a graph of the Japanese yen''s exchange rate against the U.S. dollar at a foreign exchange trading company in Tokyo, Japan, January 23, 2017. REUTERS/Toru Hanai/File Photo 1/2 left right Japan''s Chief Cabinet Secretary Yoshihide Suga attends a Thomson Reuters Newsmaker event in Tokyo, Japan August 30, 2016. REUTERS/Kim Kyung-Hoon 2/2 TOKYO Japan will explain to the United States that the Bank of Japan''s monetary easing is aimed at achieving price stability, not at manipulating the yen, its chief government spokesman said on Wednesday. Chief Cabinet Secretary Yoshihide Suga told a news conference that Japan was conducting policy in line with G7 and G20 agreements. He added that there was no change to its stance that it would respond appropriately against "one-sided" currency moves. Suga was speaking after U.S. President Donald Trump and trade adviser Peter Navarro criticised China, Germany and Japan, saying they were engaged in devaluing their currencies to the disadvantage of the United States. (Reporting by Leika Kihara and Hitoshi Ishida; Writing by Chris Gallagher; Editing by Randy Fabi) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-usa-trump-japan-suga-idUKKBN15G35M'|'2017-02-01T09:37:00.000+02:00'
'61a15b09ab2476cfe2a487281818f814b88d7441'|'PRESS DIGEST- Canada-Feb 1'|' 43am EST PRESS DIGEST- Canada-Feb 1 Feb 1 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 ** TransCanada Corp has long-term contracts from shippers backing its $15.7-billion Energy East project and is determined to proceed despite forecasts of a surplus in pipeline capacity in the next decade, company officials told a Senate hearing Tuesday. tgam.ca/2kg3K0d ** The Bank of Canada has launched a multiyear effort to overhaul the sophisticated computer models it uses to forecast the economy after they failed to foreshadow the deep and persistent aftershocks of the global financial crisis. tgam.ca/2kg3K0d NATIONAL POST ** Even as the Trump administration vows to toughen the procedures the United States uses to screen refugees, it has expressed "great confidence" in Canada''s largely similar refugee-vetting procedures and believes them to be "very good", more than one of Prime Minister Justin Trudeau''s senior advisers has told the National Post. bit.ly/2kUa7Fk ** The Canada Media Fund (CMF) is partnering with Google Canada to create a YouTube channel dedicated to showcasing original Canadian films as part of Canada''s 150th anniversary of Confederation celebrations. bit.ly/2kfZU7l (Compiled by Gaurika Juneja in Bengaluru) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/press-digest-canada-idUSL4N1FM2AS'|'2017-02-01T17:43:00.000+02:00'
'7bc6b9bb906195ba6a2e7bbcdd07cea452336d9f'|'BRIEF-India estimates 675.3 billion rupees in dividend receipts in 2017/18'|'Financials - Wed Feb 1, 2017 - 2:43am EST BRIEF-India estimates 675.3 billion rupees in dividend receipts in 2017/18 Feb 1 India estimates 675.3 billion rupees in dividend receipts in 2017/18, the country''s finance minister said on Wednesday. For more details and other highlights from Jaitley''s budget for the 2017/18 fiscal year that begins on April 1, see . Next In Financials UPDATE 1-UK house price growth weakest since Nov 2015 - Nationwide LONDON, Feb 1 British house prices rose at their slowest annual rate in more than a year last month, and the prospect of weaker jobs growth and higher inflation is likely to weigh further on their prospects in 2017, mortgage lender Nationwide said on Wednesday.'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSD8N1AX01C'|'2017-02-01T14:43:00.000+02:00'
'99ee3aba23b21483fcc2330613863e1c0abf6bef'|'Deutsche Boerse says prosecutors investigate CEO''s share purchase'|'FRANKFURT Feb 1 Deutsche Boerse said on Wednesday the Frankfurt public prosecutor''s office was investigating a share purchase made by its chief executive on Dec. 14, 2015.The exchange operator said the purchase was related to the management board''s remuneration programme and it and the CEO were fully cooperating with the public prosecutor.(Reporting by Maria Sheahan; Editing by Greg Mahlich)'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/deutsche-boerse-investigation-idUSFWN1FM10P'|'2017-02-01T20:28:00.000+02:00'
'b200b5e592872f937ac2d687c69ad540aa2c38b2'|'HK stocks ease after long holiday, Trump policies pressure'|'Industrials - Wed Feb 1, 2017 - 3:19am EST HK stocks ease after long holiday, Trump policies pressure HONG KONG Feb 1 Hong Kong stocks eased on Wednesday as traders returned from a long holiday and caught up to losses in overseas markets amid growing worries over the policies of U.S. President Donald Trump. The benchmark Hang Seng index trimmed earlier losses and ended 0.18 percent down at 23,318.39 points in the first day of trading since Friday. The China Enterprises Index fell 0.48 percent, to 9,756.61 points. Equity markets across the region were subdued as investors fretted over Trump''s protectionist stances and immigration curbs. Pressure from Trump''s comments were partially offset by strong China manufacturing data. China''s manufacturing sector grew slightly faster than expected in January as the world''s second-largest economy continued to benefit from record bank lending and a construction boom. Consumer staples Want Want China Holdings Ltd, which rose 11.6 percent last week, led the slide in the main index falling 3.1 percent. PetroChina Co Ltd and Kunlun Energy Co Ltd fell 1.5 percent. Macau gaming stocks fell after the world''s biggest casino hub posted a slower than expected 3.1 percent rise in gambling revenue in January. SJM Holdings Ltd and Galaxy Entertainment Group Ltd led the slide, falling 2.7 percent. Sands China Ltd slid 2.2 percent. Wynn Macau Ltd and MGM China Holdings Ltd fell more than 1 percent. China''s markets are shut for the Lunar New Year holiday and will resume trade on Friday. (Reporting by Donny Kwok; Editing by Randy Fabi) Next In Industrials'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/china-stocks-hongkong-close-idUSZZN2NXS00'|'2017-02-01T15:19:00.000+02:00'
'd28b46a7a2af79c1517f7c4a37e081a0d1e30008'|'BRIEF-Moneta Money Bank says has investment grade rating from Moody''s'|'Financials  18pm EST BRIEF-Moneta Money Bank says has investment grade rating from Moody''s PRAGUE Jan 31 Moneta Money Bank has received an investment grade rating from Moody''s agency, the Czech lender said on Tuesday. Moody''s rated Moneta''s short-term debt with P-2 and its long-term debt with Baa2, both with a stable outlook, Moneta said. The bank also got investment grade rating from Standard & Poor''s earlier on Tuesday. (Reporting by Robert Muller) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/czech-moneta-money-bnk-moodys-idUSL5N1FL7RM'|'2017-02-01T05:18:00.000+02:00'
'7f7364dc825b7799f7d5a12c6b2aa965fcc67f5a'|'BRIEF-India pegs 2017/18 market borrowing estimate at 3.48 trln rupees'|'  1:54am EST BRIEF-India pegs 2017/18 market borrowing estimate at 3.48 trln rupees Feb 1 India''s finance minister Arun Jaitley on Wednesday estimated the country''s 2017/18 market borrowing to be 3.48 trillion rupees. For more details and other highlights from Jaitley''s budget for the 2017/18 fiscal year that begins on April 1, see . Next In Financials * CFO tells news wires call January has so far has been ok in terms of client activity MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories Reuters News Agency - Brand Attribution Guidelines 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/financialsNews'|'http://www.reuters.com/article/idUSD8N1EA05F'|'2017-02-01T13:54:00.000+02:00'
'b374353073a717781491b0d31f83d4d0dfb29b2f'|'UK faces return to inequality of Thatcher years, says report - Business'|'Pressure on the government to help struggling Britons has intensified after a leading thinktank warned that falling living standards for the poor threatened the biggest rise in inequality since Margaret Thatcher was prime minister.The Resolution Foundation said Theresa May would need to make good on her pledge to support <20>just about managing<6E> households as it released a report showing that rising inflation and an end to recent strong jobs<62> growth would hit the least well-off hardest.Its warnings chime with other forecasts for a squeeze on family budgets on the back of sluggish wage growth, welfare cuts, rising global oil prices and the pound<6E>s sharp fall since the Brexit vote. The drop in sterling has made imports more expensive and there are already signs that is being passed on to consumers, with inflation hitting its highest level for more than two years in December .The Resolution Foundation<6F>s study found that the current parliament would be the worst for living standards for the poorest half of households since comparable records began in the mid-1960s and the worst since the early years of Thatcher<65>s 1979-90 premiership for inequality.Since its sharp increase in the early 1980s <20> a period of high unemployment, factory closures and a cut in the top rate of tax from 83% to 60% <20> inequality has broadly remained flat.But the Resolution Foundation forecast that between 2015 and the next general election in 2020 incomes for the poorest half of households will fall by 2%.UK inequality UK inequality That compares with a rise of 4% during the last parliament and 1% between 2005 and 2010 <20> the five-year period that included the deepest recession since the 1930s.Torsten Bell, director of the Resolution Foundation, said: <20>Britain has enjoyed a welcome mini-boom in living standards in recent years. But that boom is slowing rapidly as inflation rises, productivity flatlines and employment growth slows.<2E>The squeeze in the wake of the financial crisis tended to hit richer households the most. But this time around it<69>s low- and middle-income families with kids who are set to be worst affected.<2E>This could leave Britain with the worst of both worlds on living standards <20> the weak income growth of the last parliament and rising inequality from the time Margaret Thatcher was in Downing Street.<2E>The prime minister<65>s focus on supporting just managing families is absolutely right if we are to avoid the next few years being like the 1980s without the feelgood factor.<2E>The prediction that inequality is set to start rising again is based on the thinktank<6E>s forecast that while incomes will fall for the poorer half of households they will rise by about 5% for the richest fifth over the next four years. The foundation blames the upcoming living standards squeeze on a combination of stagnating pay, rising inflation and the rollout of more than <20>12bn of welfare cuts . It emphasised that the pound<6E>s weakness since the Brexit vote and other economic factors such as flat productivity growth were only part of the picture. The unequal nature of the squeeze would be the result of government policy on tax and benefits.<2E>The vote to leave the European Union does not, thus far, appear to have impacted on the macroeconomy or employment, but it has hastened the end of ultra-low inflation and increased how far it is likely to rise in the next few years,<2C> the report said.<2E>But, in some ways regardless of the average level of household income growth, Britain is also actively choosing to increase inequality. Despite welcome policies such as the national living wage, the plans the new prime minister has inherited are likely to ensure that the proceeds of growth are shared unequally and many families made worse off.<2E>Inequality is seen rising to record highs. The thinktank sees inequality rising to record highs by 2020 on three different measures: the 90:10 income ratio, which is the income of a household 90% up the income distribution scale, divided 
'adbf2bae41ea8805cc66df87259cd4dbb64b529c'|'China Jan factory activity expands for sixth month at modest pace - official PMI'|'By Norihiko Shirouzu and Elias Glenn - BEIJING BEIJING China''s manufacturing sector grew slightly faster than expected in January as the world''s second-largest economy continued to benefit from record bank lending and a construction boom.The improvement in the industrial sector could give the government more room to tackle high debt levels in many parts of the economy this year, though analysts are not sure if current growth levels can be sustained.The official Purchasing Managers'' Index (PMI) stood at 51.3 in January, slowing marginally from 51.4 in December, but above the 50-point mark that separates growth from contraction on a monthly basis.January''s reading was slightly above the prediction of a Reuters poll for 51.2, and marked the sixth straight month of expansion as China''s industrial sector continues to improve.Production remained robust, although its reading dipped to 53.1 from 53.3 in December.Overall new order growth also eased, while export orders grew at only a marginally better pace.China''s manufacturing sector has been buoyed by a government infrastructure building spree and a housing boom, which have fueled demand for building materials from cement to steel.Rising commodity prices and stronger demand have boosted profits for industrial firms, and helped revive inflation expectations worldwide.However, some analysts question whether the growth will be sustainable once the impact of earlier stimulus measures begins to wear off and as the property market starts to cool, which is widely expected.China''s economy expanded at a steady 6.7 percent clip in 2016, fueled by stronger government spending, record bank lending and a red-hot property market.But hitting the government''s growth target came at a high price, adding to explosive growth in debt.If the economy remains on better footing, China''s leaders are expected to turn their attention to containing financial risks this year, accepting a slightly lower growth target of around 6.5 percent.A separate reading on the services sector showed the pace of growth picked up in January from the previous month.The official non-manufacturing PMI stood at 54.6 in January, up from 54.5 in December, and well above the 50-point mark.The services sector accounted for over half of China''s economy last year and for the majority of growth, as rising wages give Chinese consumers the opportunity travel and eat out more.Policymakers are counting on growth in services to offset persistent weakness in exports that is dragging on the world''s second-largest economy.(Reporting by Norihiko Shirouzu; Editing by Kim Coghill)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/china-economy-pmi-factory-official-idINKBN15G36J'|'2017-02-01T00:18:00.000+02:00'
'ac030593e073d2ebaa2c086afaaa5a0cd6570f49'|'UPDATE 1-Banque du Caire to list its shares in first half of year'|'Financials  13am EST UPDATE 1-Banque du Caire to list its shares in first half of year (Adds timing for IPO, details, background) CAIRO Feb 1 Egyptian state-run lender Banque du Caire will list its shares in the first half of the year as part of the government''s plan to sell some stakes in state assets to strengthen the Egyptian stock market and attract investors. The Cairo stock exchange said that the bank had submitted a formal listing request. The bank has 2.25 billion Egyptian pounds ($119.17 million) in capital distributed over 562.5 million shares at a nominal value of 4 pounds per share, it said. The company will list on the stock market next week and undergo an initial public offering (IPO) by the first half of this year, market sources later told Reuters, describing it as the biggest stock offering since 2010. EFG-Hermes and HSBC had been selected as consultants for the initial public offer. Central Bank Governor Tarek Amer had said in March that the government plans to offer 20 percent of Banque du Caire as well as a 40 percent stake in the Arab African International Bank (AAIB), in which the central bank owns a stake. Egypt has been struggling to revive its economy since a popular uprising in 2011 drove away tourists and foreign investors. On Nov. 3 the central bank abandoned its peg of 8.8 per dollar, allowing the pound to halve in value. The stock market rallied in response to the float. ($1 = 18.8800 Egyptian pounds) (Reporting by Ehab Farouk; writing by Asma Alsharif; editing by Jason Neely and Louise Heavens) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/banque-du-caire-listing-idUSL5N1FM3VX'|'2017-02-01T20:13:00.000+02:00'
'33d2e1f31c6c10194f213518c55d560934ef517a'|'Pipeline company Oneok to buy rest of Oneok Partners for $9.3 bln'|'Deals  52am EST Pipeline company Oneok to buy rest of Oneok Partners for $9.3 billion Natural gas pipeline company Oneok Inc ( OKE.N ), which owns more than 19 percent of Oneok Partners LP ( OKS.N ), said it would buy the remainder of the company for $9.3 billion. Oneok said it would pay 0.985 shares for each Oneok Partners unit it does not already own. Based on both the stocks'' closing price on Tuesday, that works out to $54.28 per share, representing a premium of 26 percent for shareholders of Oneok Partners. (Reporting by Vishaka George in Bengaluru) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-oneok-partners-m-a-oneok-idUSKBN15G4A3'|'2017-02-01T18:51:00.000+02:00'
'7ff5029e47b118a77f954e457be898661b884061'|'UPDATE 2-Elliott starts proxy fight with Arconic as it posts Q4 loss'|'(Adds details of results, CEO comment, Elliott Management statements)By Nick CareyCHICAGO Jan 31 Activist investor Elliott Management Corp on Tuesday launched a proxy fight against Arconic Inc, which makes engineered metal parts for the aerospace, automotive and other industries, campaigning for the ouster of the company''s chief executive and saying it had a plan to boost the company''s performance.The news came after Arconic reported a quarterly net loss following the market close, caused by charges related to the company''s separation from Alcoa Corp last November and said cost-cutting would help it boost margins in 2017.Elliott, which manages funds that own 10.5 percent of common stock and equivalents of Arconic, has nominated five independent candidates to the board.In a presentation Elliott said it could improve Arconic''s valuation to at least between $33 and $54 per share. The stock closed at $22.79 on Tuesday."We believe a change in CEO is needed for the Company to sustainably create maximum shareholder value," the presentation says.Elliott said it had engaged Larry Lawson, formerly CEO of Spirit AeroSystems Holdings Inc, as a consultant and that it believes he should be a leading candidate for CEO of Arconic.New York-based Arconic said tax valuation allowance charges related to the split with Alcoa, plus restructuring and other costs were behind its fourth-quarter loss.Alcoa retained the company''s legacy aluminum, alumina and bauxite smelting business, while Arconic focused on higher-end aluminum and titanium alloys used in planes and cars.Arconic shares fell 2 percent in after-hours trading."In 2017 we are squarely focused on operational improvements, margin expansion, and capital efficiency to drive shareholder returns," CEO Klaus Kleinfeld said in a statement. "We will continue to cut cost through productivity and corporate overhead reduction."The company said on Monday that Kleinfeld had the unanimous support of its board of directors despite reports some shareholders wanted to oust him.When asked about those efforts, Kleinfeld said that Alcoa shareholders have seen returns of 21 percent since the split in November and Arconic shares have gained roughly 19 percent."It''s clearly been very successful in unleashing value," he said.Arconic said it expects revenue in the first quarter to range from $2.8 billion to $3 billion, and full-year 2017 revenue to be between $11.8 billion and $12.4 billion.This would be flat to down versus revenue of $12.4 billion in 2016 and 2015.Analysts have predicted full-year revenue for Arconic of $12.1 billion.The company reported a fourth-quarter net loss of $1.2 billion, or $2.88 per share. Adjusted for one-time items, the company reported net income for the quarter of $71 million or 12 cents per share. Analysts had expected earnings per share on an adjusted basis of 13 cents. (Reporting By Nick Carey; Editing by Bill Rigby and Sandra Maler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/arconic-results-idINL1N1FL1ZT'|'2017-01-31T19:46:00.000+02:00'
'ede9eeb4d7b130bbf3e157079678d223b62b6555'|'China says no to "currency war" after Trump criticism of yuan'|'  7:41am GMT China says has never used currency as tool for advantage in trade Light is cast on a U.S. one-hundred dollar bill next to a Japanese 10,000 yen note in this picture illustration shot February 28, 2013. REUTERS/Shohei Miyano/Illustration/File Photo BEIJING China said on Friday it has never used currency as a tool to gain an advantage in trade, after U.S. President Donald Trump criticized Beijing for harming American companies and consumers with the devaluation of the yuan. Foreign ministry spokesman Lu Kang made the comment at a regular news briefing. Trump on Tuesday unleashed a barrage of criticism against Japan and China, saying the two key U.S. trading partners were devaluing their currencies. (Reporting by Ben Blanchard; Writing by Michael Martina; Editing by Kim Coghill) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-usa-trump-dollar-china-idUKKBN15I0R8'|'2017-02-03T15:29:00.000+02:00'
'93f00d382472e5ba8b010a3e96c6f13ca4bc1e3a'|'Sharp swings to first quarterly net profit in over two years'|'Technology  52am GMT Japan''s Sharp raises forecast after first quarterly profit in over two years A logo of Sharp Corp is pictured at CEATEC (Combined Exhibition of Advanced Technologies) JAPAN 2016 at the Makuhari Messe in Chiba, Japan, October 3, 2016. REUTERS/Toru Hanai/File Photo TOKYO Sharp Corp lifted its full-year profit guidance after posting its first quarterly net profit in over two years as the Japanese liquid crystal display (LCD) maker pressed ahead with cost-cutting measures under the ownership of Taiwan''s Foxconn. Sharp, a major supplier of LCD panels to Apple Inc, raised its operating profit forecast to 37.3 billion yen ($329.85 million) for the year ending in March from an earlier forecast of 25.7 billion, the company said in a statement on Friday. Net profit was 4.2 billion yen for October-December, compared with a 24.7 billion yen loss in the same period a year earlier. It was the first profit on a net basis since July-September 2014. The result missed a Thomson Reuters Starmine SmartEstimate of 4.6 billion yen drawn from four analysts. SmartEstimates give greater weight to recent forecasts by top-rated analysts. The return to profit comes as Sharp tapped Foxconn''s massive parts procurement power, reviewed the lineup of products and implemented various measures to cut fixed costs. Sharp also benefited as production cutbacks by Korean rivals in LCD panels for television sets fueled an industry-wide shortage of panels and pushed up market prices. Its core display device unit posted an operating profit of 11 billion yen, against a 11 billion yen loss a year prior, swinging back to profit for the first time in two years. Foxconn, formally known as Hon Hai Precision Industry Co Ltd, bought two-thirds of Sharp for around $3.7 billion in August. (Reporting by Makiko Yamazaki; Editing by Muralikumar Anantharaman) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-sharp-results-idUKKBN15I0J8'|'2017-02-03T13:21:00.000+02:00'
'77352cd1744503e1a94b614595132eb05e0bc1c4'|'Apple takes step towards India iPhone production'|'Apple takes step towards India iPhone production Tech group looks to gain traction in world<6C>s fastest-growing smartphone market Read next by: Aliya Ram in New Delhi and Simon Mundy in Mumbai Apple is inching towards its goal of opening stores in India after securing regional government approvals that could give it traction in the world<6C>s fastest-growing smartphone market <20> where it has only a 2 per cent share of sales. Permissions to start iPhone assembly in India would see Apple bolster the government<6E>s high-profile campaign to secure manufacturing investment, at a time when the US company has been lobbying in vain for permission to open retail stores in the country. The US-based company on Thursday received approval from the government of Karnataka to have phones assembled in the south Indian state, although it remains locked in talks with New Delhi over the deal. If it receives final clearance, the phones would be assembled at a factory in Bangalore, Karnataka<6B>s capital city, which is home to much of India<69>s technology industry, according to a statement from the local information technology ministry. Local media reports suggested the factory would be run by Wistron , a Taiwanese manufacturer that assembles Apple products in China. <20>Apple<6C>s intentions to manufacture in [Bangalore] will foster cutting edge technology ecosystem and supply chain development in the state, which are critical for India to compete globally,<2C> said Priyank Kharge, Karnataka<6B>s IT minister. New Delhi has been eager for Apple to begin assembly operations in India, which would buttress a drive by the government, known as <20> Make in India <20>, to encourage foreign investment in the country<72>s manufacturing sector. But, in protracted talks with the government, Apple has maintained that it can do so only if offered concessions allowing it to avoid import duty on components, and an exemption on rules requiring it to source one-third of its parts from Indian suppliers. These rules have hamstrung Apple<6C>s hopes of opening a branded retail store in India, leaving it largely dependent on online sales. Operations are expected to begin in May or June if a deal can be struck with the central government over tax and trade conditions. Details of the scale of the operations remain unclear, with critics arguing that the assembly of iPhones from imported kits would not promote Indian manufacturing. Apple has been targeting India as growth in smartphone sales in China and developed markets slows, but it has come up against the country<72>s stringent restrictions on foreign investment by retailers. The company<6E>s focus on India was underscored last May when Tim Cook, Apple chief executive, made his first visit to meet prime minister Narendra Modi, however no deal was struck. Despite a push into midsized cities through distributors, Apple has been unable to open a single shop under its own brand. In China, where the majority of its supply chain is located, it has 40 stores. Analysts say that even if it secures approvals, Apple could struggle to build sales in the cost-conscious Indian market, where competition between South Korea<65>s Samsung and Chinese manufacturers such as Lenovo , Xiaomi and Huawei have pushed down prices, and sales growth is erratic. The average smartphone in India costs $145, according to Navkendar Singh, analyst at IDC, the research house, compared with $400 for the average iPhone in India. <20>The challenge of totally manufacturing in India is that the development of the whole ecosystem will take 3-5 years <20> China has a huge advantage in that area, even though they may be gradually losing the cost advantage they had,<2C> said Mr Singh. Apple sold 800,000 smartphones in India in the second quarter of last year, according to Strategy Analytics <20> a 35 per cent year-on-year fall, leaving it with market share of 2 per cent. Sample the FT<46>s top stories for a week You select the topic, we deliver the news. Select topic Invalid email Sign up By signing up you confirm that y
'faffaa750aaabebdc0cbfa2b5b973de170a99c9a'|'Wal-Mart CEO discusses economy, job creation at Trump meeting'|'Company  32pm EST Wal-Mart CEO discusses economy, job creation at Trump meeting CHICAGO Feb 3 Wal-Mart Stores Inc Chief Executive Officer Doug McMillon said on Friday his meeting with President Donald Trump offered an important opportunity to discuss the economy and job creation. Chief executives of major U.S. companies huddled at the White House, and some of them expressed concern about a travel ban on people from seven Muslim-majority countries traveling to the United States. McMillon described the dialogue with the President as "constructive" and "candid." "It''s always better to be engaged in trying to shape solutions than sitting on the sidelines," the discount retail chain''s CEO said in a statement. (Reporting by Nandita Bose in Chicago; Editing by Jonathan Oatis) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-trump-ceos-idUSL1N1FO1V0'|'2017-02-04T04:32:00.000+02:00'
'92a86988eaece0873f84ee1c493d604b5c5fd753'|'Europe lifts ban on Iraqi Airways entering airspace'|'  4:01am EST Europe lifts ban on Iraqi Airways entering airspace AirExplore charter aircraft, operating Iraqi Airways Flight IA264 to Erbil is pictured during take off at Tegel airport in Berlin, Germany, January 27, 2016. REUTERS/Fabrizio Bensch BAGHDAD The European Aviation Safety Agency has lifted a ban on Iraqi Airways entering European airspace, Iraq''s transport minister Kadhim al-Hamami told state television on Thursday. The national carrier was banned from flying to Europe in 2015 because it did not meet International Civil Aviation Organization safety standards. "Iraqi Airways were removed from the black list and put under monitoring by the European Aviation Safety Agency, Hamami said. (Reporting by Saif Hameed; Editing by Louise Ireland)  '|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/us-mideast-crisis-iraq-aviation-idUSKBN15H0RR'|'2017-02-02T15:56:00.000+02:00'
'12cfaffaf88397a354f2b83351f8bf352fd51b42'|'U.S. airline CEOs ask to meet with Tillerson on Gulf carriers'|'NEW YORK Feb 2 The CEO''s of the three largest U.S. airlines have asked to meet with Secretary of State Rex Tillerson to discuss allegations that Gulf-state subsidies are allowing Emirates, Etihad Airways and Qatar Airways to expand rapidly, drive down prices and crowd out competition on key routes - accusations those carriers deny.The chief executives of American Airlines Group Inc, United Continental Holdings Inc and Delta Air Lines Inc asked for the meeting in a letter posted online.The Obama administration convened talks on the topic but did not make the progress U.S. airlines expected, Delta has said. (Reporting by Jeffrey Dastin; Editing by Bernard Orr)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-airlines-tillerson-idINL1N1FN1KB'|'2017-02-02T17:02:00.000+02:00'
'04ef40b289eef4da1e0f468a11165017823c4e33'|'Why business is excited about Neil Gorsuch'|'Why business is excited about Neil Gorsuch by Chris Isidore @CNNMoney February 1, 2017: 12:01 PM ET Who is Judge Neil Gorsuch? One legal decision holds the key to why business is excited about Neil Gorsuch, President Trump''s nominee for the Supreme Court. And it''s not Hobby Lobby, which touched on Obamacare, birth control, religion and corporations -- though Gorsuch joined an influential opinion in that case . It''s a much lower-profile decision about whether federal regulators get to call the shots in interpreting the law. And it may help explain why Gorsuch appealed to Trump, who has made rolling back regulation a focus of his young administration. Under a decades-old legal precedent, courts have granted federal government agencies broad powers to interpret laws and rules. The precedent is called the Chevron doctrine, or Chevron deference, and it comes from a Supreme Court decision in 1984, when Gorsuch was in high school. Essentially, it holds that when the intent of a law is not clear, courts should defer to regulators to decide how rules should be applied. Gorsuch sits on the federal appeals court in Denver. In a concurring opinion last August in a case before that court, Gorsuch did not throw out the Chevron doctrine, but he made clear that he questions its validity. Chevron, he wrote, allows bureaucracies in the executive branch to "swallow huge amounts" of power from the judicial and legislative branches, and concentrates federal power "in a way that seems more than a little difficult to square with the Constitution of the framers'' design." "Maybe the time has come to face the behemoth," he wrote. Related: Trump taps Gorsuch for high court The decision also demonstrated Gorsuch''s widely acknowledged flair for writing. He wrote that allowing regulators the power to interpret laws gives them license to pre-empt the courts -- and essentially write laws without the inconvenience of the legislative process. "A form of Lawmaking Made Easy," he concluded, "one that permits all too easy intrusions on the liberty of the people." When the Environmental Protection Agency loosened air pollution rules during the Reagan administration, environmentalists mounted a challenge. The Chevron case affirmed the EPA''s authority to adjust those rules. Since that 1984 decision, the legal theory has frequently been used to allow greater regulation of businesses. For example, in 2015, the Obama administration used Chevron to give the EPA greater authority over relatively small bodies of water. So regulatory power remains a major issue for business, and business groups were quick to hail Gorsuch''s nomination on Tuesday night. His willingness to challenge the Chevron doctrine "is a very positive signal to small businesses," said Juanita Duggan, CEO of the National Federation of Independent Businesses, a small business trade group. "Regulatory overreach is a serious threat and the basis on which NFIB is actively fighting multiple agencies in federal court." Related: Cutting regulations is not so easy Regulatory power is also probably what several Democratic senators were thinking about as they unleashed attacks on Trump''s pick. Senator Charles Schumer, the Democratic leader in the Senate, said that Gorsuch "repeatedly sided with corporations over working people," and, "most troubling, hewed to an ideological approach to jurisprudence that makes me skeptical that he can be a strong, independent justice on the court." Chevron is such established legal theory that it was endorsed by Justice Antonin Scalia, the late conservative justice whose seat Gorsuch would fill. But it is not absolute. It has already been scaled back in recent decisions, including one by Scalia that limited other EPA rules. And if Gorsuch is confirmed, it will not necessarily mean an end to the precedent, said Jonathan Adler, who teaches constitutional, administrative, and environmental law at Case Western University''s law school. "His confirmation does not mean a wholesale revo
'6b1dafb4546868daaeeeb54938b3c5074a906f5c'|'Strong iPhone 7 sales ''a bridge'' to Apple''s next upgrade'|'Business News - Wed Feb 1, 2017 - 3:29pm GMT Strong iPhone 7 sales ''a bridge'' to Apple''s next upgrade A visitor takes pictures as customers gather at a store selling Apple products during the launch of the new iPhone 7 sales at the State Department Store, GUM, in central Moscow, Russia September 23, 2016. REUTERS/Sergei Karpukhin By Supantha Mukherjee and Rishika Sadam "Things don''t have to change the world to be important," Apple Inc co-founder Steve Jobs said in an interview in 1996. His words rang true, two decades later, as sales of the iPhone 7 and 7 Plus - similar in design to their predecessor - surpassed expectations to reinstate Apple as the world''s biggest smartphone seller after a five-year gap. This has only built expectations, however, that the 10th-anniversary iPhone will need to offer revolutionary new features if it is to trigger a substantial uptick in sales. "This is really the last (quarter) that anybody is going to care about iPhone until the launch this fall," Cowen & Co analysts wrote in a note. "It can be said that iPhone 7/7+ ''did its job'' as a bridge to get to the supercycle in 2017." Apple''s shares rose as much as 5.8 percent to $128.30 early on Wednesday, their highest in 18 months, a day after the company dethroned Samsung Electronics Co Ltd as the world''s top smartphone seller based on units shipped. At the day''s high, more than $36 billion was added to the company''s market value. Apple sold 78.29 million iPhones in its fiscal first quarter ended Dec. 31, up from 74.78 million a year earlier. Analysts on average had expected sales of 77.42 million. The sales reflected the first full quarter of iPhone 7 sales and come at a time when global demand for smartphones is slowing and cheaper Android alternatives are flooding the market. Apple may also have benefited from Samsung''s much-publicized recall of its fire-prone Galaxy Note 7. Apple''s strong sales set the stage for the 10th-anniversary iPhone, which analysts say is expected to feature better touchscreen display, wireless charging and a shift to a higher-resolution OLED display. The company typically launches 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 in anticipation of the next launch. Existing iPhone users tend to upgrade their devices when the new model has significant design changes. Apple last saw a significant uptick in sales with the introduction of iPhone 6 in 2015. "We see pent-up demand heading into a significant form factor change that is likely to accelerate iPhone unit growth," Morgan Stanley analysts wrote in a note. At least twelve brokerages raised their price targets on Apple. Stifel Nicolaus & Co and RBC Capital Markets - the most bullish brokerages - raised their price targets by $15. No brokerage changed their rating on the stock. Of the 48 analysts covering Apple''s stock, 39 have a "buy" rating or higher. Eight have a "hold" rating and one a "sell". Their median price target is $139. To Tuesday''s close of $121.35, Apple''s shares had risen nearly 25 percent in the past 12 months. (Reporting by Supantha Mukherjee and Rishika Sadam in Bengaluru; Additional reporting by Abdul Nishad in Bengaluru; Editing by Robin Paxton) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-apple-results-research-idUKKBN15G4UN'|'2017-02-01T22:29:00.000+02:00'
'9c013e61d26753697e8f4a3a87734729ed6f2294'|'European shares higher, Volvo and Julius Baer shine after profit beats'|'LONDON Feb 1 European shares rose on Wednesday, led by financials and industrials, as healthy corporate results from a slew of regional bluechips underpinned major benchmark indices.Shares in Swedish truck maker Volvo jumped more than 7 percent and were just shy of their highest in 6 years after the company topped profit forecasts. They were the top performers on the pan-European STOXX 600.Swiss bank Julius Baer led the banking sector index higher, up 5.3 percent and the second top gainer in the STOXX, after Switzerland''s third-largest listed bank posted net profits ahead of expectations.German engineering firm Siemens was also a top European gainer, up 4.3 percent after it raised its Q1 profit beat forecasts.Swedish stocks featured on the list of the biggest laggards across Europe too with home appliance maker Electrolux down 3.3 percent and engineering firm Trelleborg down 2.4 percent following results disappointments. (Reporting by Helen Reid, Editing by Vikram Subhedar)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/europe-stocks-idINL5N1FM1RY'|'2017-02-01T05:29:00.000+02:00'
'60dbb014cf2abab334e95e95c73f8acf3613a0f1'|'Fitch Rates Lloyd''s GBP300m Dated Subordinated Notes ''A-'''|'Financials - Thu Feb 2, 2017 - 11:09am EST Fitch Rates Lloyd''s GBP300m Dated Subordinated Notes ''A-'' (The following statement was released by the rating agency) LONDON, February 02 (Fitch) Fitch Ratings has assigned the Society of Lloyd''s (Issuer Default Rating (IDR) A+/Stable) issue of subordinated debt securities of GBP300m a final rating of ''A-''. The notes are rated two notches below the Society of Lloyd''s IDR of ''A+'' to reflect their subordination (one notch) and ''moderate'' risk of non-performance (one notch), in line with Fitch''s notching criteria. The assignment of the final rating follows the completion of the bond issue and receipt of documents conforming to the information previously received. The final rating is the same as the expected rating assigned on 24 January 2017. KEY RATING DRIVERS The net proceeds of the issue of the notes are being used to provide the issuer with additional solvency capital to meet regulatory capital requirements and for general corporate purposes. The securities are fixed- to floating-rate callable subordinated notes paying a fixed coupon of 4.875% annually in arrear until the first call date of 7 February 2027. If not called, the coupon will reset to a floating rate equal to 3 month LIBOR plus 4.479% payable quarterly in arrears, representing a step-up of 100bps. The scheduled maturity date is 7 February 2047. The issue is structured to qualify as Solvency II Tier 2 regulatory capital. The notes rank junior to the issuer''s senior creditors, pari passu with any other Tier 2 securities, and senior to any Tier 1 capital. The level of subordination is reflected in Fitch''s baseline recovery assumption of ''below average'' for the issue, which results in the notes being notched down once from the IDR. The notes include a mandatory interest deferral feature, which would be triggered on a breach of the solvency capital requirement (or minimum capital requirement) for the Lloyd''s market as a whole or for the central assets of the issuer. This results in Fitch''s assessment of ''moderate'' risk of non-performance and consequently a further notch down from the IDR. According to Fitch''s methodology, this subordinated bond is classified as 100% capital within Fitch''s own capital assessment, due to the application of the ''regulatory override''. However, given that it is a dated instrument, the notes are treated as 100% debt in Fitch''s financial leverage calculations. The issue will lead to a small increase in the Lloyd''s financial leverage, and a reduction in fixed-charge coverage. However, both metrics are expected remain commensurate with the rating level. RATING SENSITIVITIES The notes'' rating is subject to the same sensitivities that may affect the Society of Lloyd''s Long-Term IDR (for more details, see ''Fitch Affirms Lloyd''s of London''s IFS at ''AA-''; Outlook Stable'' dated 26 September 2016 at www.fitchratings.com). Contact: Primary Analyst Graham Coutts Director +44 20 3530 1654 Fitch Ratings Limited 30 North Colonnade London E14 5GN Secondary Analyst Harish Gohil Managing Director +44 20 3530 1257 Committee Chairperson David Prowse Senior Director +44 20 3530 1250 Media Relations: Athos Larkou, London, Tel: +44 203 530 1549, Email: athos.larkou@fitchratings.com. Date of relevant rating committee: 23 September 2016 Additional information is available on www.fitchratings.com Applicable Criteria Insurance Rating Methodology (pub. 15 Sep 2016) here Additional Disclosures Solicitation Status here 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
'0e811db9e5c837ac07f6a077859d7daf85634cbe'|'PRESS DIGEST - Wall Street Journal - Feb 3'|'Feb 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.- The Trump administration is set to impose fresh sanctions on dozens of Iranian entities for their alleged role in missile development and terrorism, in a move likely to escalate U.S. tensions with Tehran, according to people close to the deliberations. on.wsj.com/2knPJxg- President Donald Trump''s administration said on Thursday night that the growth of Israeli settlements "may not be helpful" in achieving a goal of peace in the Middle East, an abrupt shift that signals a potentially tougher stance with Israeli Prime Minister Benjamin Netanyahu. on.wsj.com/2knPNxc- Snap Inc lifted the veil on its highly anticipated initial public offering, revealing a business that is growing at a torrid clip but that also faces challenges keeping users engaged, attracting new ones - and justifying a valuation that could reach $25 billion. on.wsj.com/2knQRBi- President Donald Trump vowed on Thursday to repeal a ban on churches engaging in political campaigning, while his administration also was exploring other steps to expand religious rights, including increased protection for individuals, organizations and employers acting on their faith. on.wsj.com/2knTfrx- Uber Technologies Inc chief executive Travis Kalanick said he is stepping down from President Donald Trump''s economic advisory council, saying that his participation has been misunderstood as an endorsement of the new administration''s policies. on.wsj.com/2knJwkU- Amazon.com Inc on Thursday said fourth-quarter profit jumped 55 percent to $749 million, topping the company''s own guidance. on.wsj.com/2knK0b5- A dispute over creative control led Ralph Lauren Corp Chief Executive Stefan Larsson to leave the struggling luxury fashion brand after less than two years at the helm. on.wsj.com/2knKo9b (Compiled by Bhanu Pratap in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/press-digest-wsj-idINL4N1FO1A0'|'2017-02-03T02:25:00.000+02:00'
'fc37ec947584d7174e722affd4553e7cc367ac88'|'Ex-VW chairman Piech testifies in Winterkorn probe'|'Business News - Fri Feb 3, 2017 - 11:10am EST Ex-VW chairman Piech testifies in Winterkorn probe left right The Volkswagen logo is seen at the company''s display during the North American International Auto Show in Detroit, Michigan, U.S., January 10, 2017. REUTERS/Mark Blinch 1/2 left right Former Volkswagen chief executive Martin Winterkorn arrives to testify to a German parliamentary committee on the carmaker''s emissions scandal in Berlin, Germany, January 19, 2017. REUTERS/Fabrizio Bensch 2/2 FRANKFURT Volkswagen''s ( VOWG_p.DE ) former Chairman Ferdinand Piech, who left the company following a showdown with ex-Chief Executive Martin Winterkorn in 2015, has testified to prosecutors investigating Winterkorn''s involvement in the carmaker''s diesel scandal, according to Winterkorn''s lawyer. "Winterkorn learned a few days ago of the existence of more detailed testimony by the former chairman, Prof. Dr. F. Piech," a lawyer for Winterkorn said in an emailed statement, adding that Winterkorn did not know any details about what Piech told prosecutors. The prosecutor''s office was not reachable for comment on Friday. Piech, the carmaker''s former chief executive and chairman who spearheaded its global expansion, quit in April 2015 after more than two decades at VW''s helm following a power struggle with then-CEO Winterkorn. Prosecutors in Braunschweig near VW''s Wolfsburg headquarters said last week they were investigating Winterkorn over suspicions of fraud, citing indications that Winterkorn may have known about VW''s cheating on emissions tests sooner than he has said publicly. (Reporting by Jan Schwartz and Maria Sheahan; Editing by Georgina Prodhan) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-volkswagen-emissions-idUSKBN15I29P'|'2017-02-03T23:10:00.000+02:00'
'59470315df490bbea5fa5de1649da762a18e33f2'|'U.S. coal miners applaud Republican axing of stream protections'|'Business News - Thu Feb 2, 2017 - 11:54pm GMT U.S. coal miners applaud Republican axing of stream protections By Timothy Gardner - WASHINGTON WASHINGTON The battered U.S. coal industry rejoiced after the Senate voted on Thursday to repeal a rule that limited companies from dumping mining waste in streams, saying the move could halt the sector''s decline. The Senate, approving a resolution passed by the House of Representatives on Wednesday, overturned the Stream Protection Rule as part of a broader move by Republicans to reverse what they see as overregulation by former President Barack Obama''s administration on energy development. The demise of the rule had been expected. The Congressional Review Act allows Congress, controlled by Republicans, to undo rules finalised at the end of a previous administration. "This is one very, very important step to get coal back on its feet and stop the haemorrhaging of jobs that we''ve seen," said Luke Popovich, a spokesman for the National Mining Association. The coal industry hopes the move is the first step toward a recovery under President Donald Trump, who has vowed to clear away regulation to support more mining. Coal advocates are hoping his administration will overturn a moratorium the Obama administration placed on new coal leases on federal lands, and scrap regulations on carbon dioxide emissions. The coal waste rule was intended to protect 6,000 miles (9,700 km) of streams and large areas of forests over the next two decades, the Interior Department said when it issued the rule in December. It argued the rule would protect drinking water without undermining the economy or energy supply. The coal industry countered that the rule could have reduced the number of direct mining jobs by 30 percent and made 60 percent of its existing reservoirs uneconomic to produce. Coal companies such as Arch Coal Inc ( ARCH.N ) and Peabody Energy Corp ( BTUUQ.PK ) - two of the nation''s biggest miners - experienced recent bankruptcies because of a surge in production of natural gas and new regulations curbing carbon dioxide emissions. Stephanie Weiler, a spokeswoman at Peabody Energy ( BTUUQ.PK ) said the company was "pleased" by the elimination of the rule and supported "any actions aimed at reining in unnecessary regulations that don''t improve the environment yet harm the economic and jobs landscape." Arch did not immediately comment. Gary Broadbent, a spokesman for private company Murray Energy, said the rule was an attempt to "destroy our nation<6F>s underground coal mines" and put coal miners out of work. Democratic Senator Edward Markey said the coal industry''s request that Republicans kill the rule amounted to saying: "Please protect us from having to protect the public." (Reporting by Timothy Gardner; Editing by Richard Valdmanis and Peter Cooney) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-usa-congress-coal-idUKKBN15H31Q'|'2017-02-03T06:54:00.000+02:00'
'9f76ccc265bf520b1b6353c31aac325a636797ae'|'GIC-backed Global Logistic Properties gets bids as sale process accelerates'|'SINGAPORE Global Logistic Properties ( GLPL.SI ), which builds warehouses and distribution centers for clients such as Amazon and JD.Com, said it had received several bids for the Singapore-listed company, which counts sovereign wealth fund GIC Pte Ltd as its biggest investor.GLP, which operates about $40 billion of industrial properties worldwide and earns two-thirds of its revenue from China, was thrust into the spotlight late last year when it announced a strategic business review after being nudged by GIC."The company wishes to update that it has received variousnon-binding proposals from a number of parties in connection with the strategic review," GLP said in a statement on Friday.The company, whose shares have jumped since late last year to give it a market value of $9 billion, however said there was no assurance any transaction will materialize from such proposals or the strategic review.Sources have told Reuters that Chinese investment firms and global private equity groups were interested in GLP.(Reporting by Anshuman Daga; Editing by Muralikumar Anantharaman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-glp-m-a-idINKBN15I16A'|'2017-02-03T07:19:00.000+02:00'
'd7d83875b357a1df2fc625387789d5b2342deeaf'|'BRIEF-Imation Corp announces launch of investment adviser subsidiary, Glassbridge Asset Management'|' 17am EST BRIEF-Imation Corp announces launch of investment adviser subsidiary, Glassbridge Asset Management Feb 3 Imation Corp : * Imation Corp - announced launch of its investment adviser subsidiary, Glassbridge Asset Management, Llc * Imation Corp - on February 2, 2017, Imation''s board of directors appointed Danny Zheng as interim chief executive officer of imation * Imation Corp - Zheng will continue in his role as CFO, will serve interim chief executive officer until board of directors appoints a new ceo * Imation Corp - Zheng''s appointment follows Robert Fernander''s resignation as Imation''s interim CEO and director on February 2, 2017 Source  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1FO0KD'|'2017-02-03T18:17:00.000+02:00'
'99e151f22b7c40e9abd432b852dbed77a850ee14'|'Oil edges up as U.S. could be set to issue new Iran sanctions'|' 52am GMT Oil edges up as U.S. could be set to issue new Iran sanctions left right A worker checks the valves at Al-Sheiba oil refinery in Basra, Iraq, January 26, 2016. REUTERS/Essam Al-Sudani/File Photo 1/2 left right Workers stand behind a yellow tape at a Pemex petrol station closed due to fuel shortage, caused by a blockade of a storage site by demonstrators protesting a gasoline price hike, at the border city of Mexicali, Mexico, January 10, 2017. REUTERS/Stringer 2/2 TOKYO Oil prices edged up on Friday on news that   Trump could be poised to impose new sanctions on multiple Iranian entities, firing geopolitical   two nations. Reuters reported that the U.S. administration is prepared to roll out new measures against more than two dozen Iranian targets following Tehran''s ballistic missile test, according to sources, but the package was formulated in a way that would not violate the 2015 Iran nuclear deal. NYMEX crude for March delivery was up 37 cents at $53.91 a barrel, after settling down 34 cents on Thursday. For the week, the contract is up a little over 1 percent. London Brent crude had yet to trade after settling down 24 cents at $56.56. Global oil output was cut by 1.4 million barrels per day (bpd) last month, Russian energy minister Alexander Novak said, as part of the deal last year between the Organization of the Petroleum Exporting Countries (OPEC) and other producers led by Russia. Novak said Russian companies may cut oil production quicker than had been initially agreed with OPEC and added that he expected the market to rebalance by the middle of this year. (Reporting by Osamu Tsukimori; Editing by Joseph Radford)   Asian     Volatility swoon opens up options market opportunities NEW YORK Whether you believe the rally in U.S. stocks has run out of steam or expect shares to soar on to new highs, the recent slump in stock market volatility has opened up big opportunities for traders in the options market. NEW YORK A pair of analysts is recommending that investors tread lightly in the global landscape for small-and-midcap stocks following a strong post-election rally fueled by hopes they would benefit from policies implemented by   Trump. 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-global-oil-idUKKBN15I03P'|'2017-02-03T07:52:00.000+02:00'
'03e139a06f87d2878fbc9b8cea0b80735fdd75ef'|'U.S. technology startups panic over immigration ban'|' 13pm GMT U.S. technology startups panic over immigration ban Demonstrators participate in a protest by the Yemeni community against U.S. President Donald Trump''s travel ban in the Brooklyn borough of New York, U.S., February 2, 2017. REUTERS/Lucas Jackson By Heather Somerville and Kristina Cooke - SAN FRANCISCO SAN FRANCISCO Silicon Valley venture capitalist Kate Mitchell said her startup companies have a message for their employees who are foreign nationals: Don''t travel outside the country right now. "Common sense would say, why take the risk?" said Mitchell, co-founder and partner at Scale Venture Partners. Silicon Valley draws on a global workforce. These young businesses depend on hiring quickly from every corner of the world, travelling globally to find customers and having access to Silicon Valley venture capitalists to raise funding. President Donald Trump issued an executive order a week ago that put a 120-day halt on the U.S. refugee program, barred Syrian refugees indefinitely and imposed a 90-day suspension on people from seven predominantly Muslim countries - Iran, Iraq, Libya, Somalia, Sudan, Syria and Yemen. It triggered widespread protests, and the chilling effect has spread far beyond citizens of those nations. "Here and now, today, we have businesses that are stopping because their employees can''t travel in and out of the United States," said David Cowan, a partner at Silicon Valley firm Bessemer Venture Partners, one of the oldest top-tier venture practices. "This will be the No.1 cause of missed business plans in 2017." The immigration issue is still unfolding, but the broader and potentially more injurious effects could include a blow to the nation''s competitiveness in technology, hindering job growth and sending more capital overseas to the detriment of the American economy. The extent of the impact on startups is still unclear, but more than 15 venture capitalists and technology company founders described immediate concerns about the consequences of the travel ban. "I''ve never seen something impact the day-to-day thought process of CEOs so fast," said Neeraj Agrawal, general partner at Battery Ventures. CRISIS MODE IN SILICON VALLEY Immigrants have been behind many of Silicon Valley''s high-flying companies. More than half of all "unicorns" - or startups valued at $1 billion or more - have at least one immigrant founder, according to a 2016 study by the National Foundation for American Policy, a non-partisan think tank based in Arlington, Virginia. Since Trump''s order, some lawyers and venture capitalists have been in crisis mode, fielding inquires from concerned startup founders and their employees about travel and pending visa applications. Concerns stretch beyond the seven countries targeted by the order. "There is a panic in the startup community," said Bill Stock, president of the American Immigration Lawyers Association. "Startups are very concerned because of the unpredictability of the order." Startup founders often lead sales deals, globe-trotting to meet customers. The scrappy companies rarely have big human-resources departments or the ability of larger corporations to protect employees in immigration battles. Adil Aijaz, a Pakistani immigrant, is considering sending new hires of his software startup, Split, to Argentina, rather than the Silicon Valley headquarters. "I need to be able to hire the best and the brightest in the world," he said. "Any restriction on that, I''ll move the jobs over to Argentina." Cowan sits on the board of a cybersecurity company in Israel that has put the brakes on plans to move its headquarters to the United States because its employees are "from all sorts of countries," he said. A Pakistani founder has decided to start his artificial intelligence company outside the United States rather than incubate it with Bessemer in Silicon Valley, Cowan said. Some entrepreneurs funded by startup accelerator and venture fund 500 Startups have suspended plans to go t
'2a76de27e92d468c293b861f7ab68c33f8eefdf7'|'UK mobile, TV masts group Arqiva hires Rothschild for sale or listing: sources'|'LONDON Arqiva, a company that runs much of Britain''s TV and mobile infrastructure but is little known outside the industry, could put itself up for sale or list on the stock market as part of a review led by Rothschild, two sources said on Wednesday.Arqiva, which carried the BBC''s first TV broadcast in 1936, works with major mobile operators, independent radio groups and leading British broadcasters. Its biggest shareholders include the Canada Pension Plan Investment Board and Macquarie.Media reports have suggested the firm could be worth between 5 and 6 billion pounds ($7.57 billion). With revenues in the year to end June 2016 of 850 million pounds, Arqiva could draw interest from other large pension funds, sovereign investors and private equity groups attracted to its predictable cash flow, as well as telecom towers operators in Europe and the United States.Prime Minister Theresa May''s government has signaled it would take a more cautious approach in future over foreign investment in "critical infrastructure" after it initially put a major nuclear deal with Chinese investors on hold last year, saying it needed more time to assess it.Chinese investors have shown they are willing to invest billions in British infrastructure and Chinese network equipment maker Huawei is already a key player in Britain''s telecoms sector, working with fixed and mobile operators.The first source, who declined to be named because the talks are not public, said the company was still weighing its next move and had not taken any final decisions.The second source said a market flotation remained an option due to "lukewarm" interest from potential bidders for broadcasting towers. They said the process was at an early stage and no formal talks have been held with possible bidders.With industry players such as Cellnex and American Tower focusing on mobile towers, the source said it made sense to see if there would be more value in a stock listing for a firm that combines mobile and TV assets.Arqiva declined to comment while Rothschild [ROT.UL] was not immediately available to comment.'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-arqiva-m-a-idINKBN15G46B'|'2017-02-01T08:14:00.000+02:00'
'f36fa2ea8b51f99b54b73584e174cb7a4b19c412'|'Egypt''s CIB plans to issue dividend of 0.5 Egyptian pounds per share for 2016'|'Financials - Wed Feb 1, 2017 - 3:08am EST Egypt''s CIB plans to issue dividend of 0.5 Egyptian pounds per share for 2016 CAIRO Feb 1 Egypt''s Commercial International Bank (CIB), Egypt''s largest listed company, said on Wednesday its board recommends a cash dividend of 0.50 Egyptian pounds ($0.0265) per share for 2016. The CIB board also approved a Tier 2 capital loan of up to $300 million, the bank said in a bourse statement, adding that the float of the Egyptian pound Nov. 3 had resulted in a fall in the value of its assets and commitments in foreign currencies amounting to 325 million pounds. ($1 = 18.8500 Egyptian pounds) (Reporting by Asma Alsharif, editing by Louise Heavens) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/cib-dividend-idUSFWN1FM0CD'|'2017-02-01T15:08:00.000+02:00'
'e6cde9d2f43efc0b909de24dd0b1338bcd462d68'|'Dubai Islamic Bank mandates banks for potential sukuk sale -sources'|'Financials - Wed Feb 1, 2017 - 7:02am EST Dubai Islamic Bank mandates banks for potential sukuk sale -sources By Davide Barbuscia - DUBAI DUBAI Feb 1 Dubai Islamic Bank, the largest sharia-compliant bank in the United Arab Emirates, has appointed banks ahead of a potential benchmark-sized U.S. dollar sukuk sale, banking sources familiar with the situation said on Wednesday. The group of banks arranging the deal includes Bank ABC, Boubyan Bank, Emirates NBD, HSBC, Maybank, National Bank of Abu Dhabi, Sharjah Islamic Bank and Standard Chartered, the sources said, speaking on condition of anonymity because the information is private. Dubai Islamic Bank did not immediately respond to an emailed request for comment. The planned Islamic debt issuance would come at a busy time in the Gulf Cooperation Council debt capital market, as banks, sovereigns and corporates tap international funds to replenish their coffers and improve liquidity, which has been squeezed by low oil prices. After an issue in January by Bahrain''s Gulf International Bank, the UAE''s Bank of Sharjah recently mandated Bank ABC, Emirates NBD, JP Morgan and National Bank of Abu Dhabi to arrange fixed income investor meetings for a potential senior unsecured five-year international bond. Kuwait''s Equate Petrochemical ( IPO-EQUP.KW ) announced on Wednesday the dates of a series of investor meetings ahead of a potential sukuk issue, while Abu Dhabi, Kuwait, Oman and possibly Saudi Arabia are among the regional sovereigns expected soon to raise dollar-denominated debt. DIB''s sukuk, expected to be upwards of $500 million, is likely to be a five-year deal, said one of the bankers. The timing of the issue has not been decided yet, but the Islamic bond could hit the market next week, said the same banker. DIB''s latest sukuk was a $500 million five-year issue in March last year which offered a 3.6 percent profit rate. The bond, part of a $2.5 billion sukuk programme, was listed on the Dubai Financial Market and the Irish Stock Exchange. DIB is rated Baa1 by Moody''s and A by Fitch. (Editing by Andrew Torchia) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/dubai-islamic-bank-sukuk-idUSL5N1FM3ER'|'2017-02-01T19:02:00.000+02:00'
'2fc0fec6ae191bbed57de35231567143b7d24108'|'Gold steady ahead of U.S. Fed interest rate decision'|' 30am IST Gold steady ahead of U.S. Fed interest rate decision FILE PHOTO - A salesman shows gold bangles to a customer at a jewellery showroom during Dhanteras, a Hindu festival associated with Lakshmi, the goddess of wealth, in Kolkata, India October 28, 2016. REUTERS/Rupak De Chowdhuri/File photo Gold held firm on Wednesday after hitting a one-week high in the previous session, as traders awaited a decision on interest rates by the U.S. Federal Reserve, which is expected to keep policy on hold. FUNDAMENTALS * Spot gold was little changed at $1,210.79 an ounce by 0054 GMT. U.S. gold futures climbed 0.1 percent to $1,209.70. * Spot gold rose over 5 percent in January, its best month since June 2016. * The U.S. Federal Reserve is expected to keep interest rates unchanged on Wednesday in its first policy decision since   took office, as the central bank awaits greater clarity on his economic policies. * The dollar suffered its worst January in three decades after President Trump complained that every "other country lives on devaluation." [USD/] * The comments intensified expectations that the new U.S. administration was making moves to talk down the greenback just hours after Trump''s top trade adviser, Peter Navarro, told the Financial Times that Germany is using a "grossly undervalued" euro to gain advantage over the United States and its own European Union partners. * U.S. consumer confidence retreated from a 15-year high in January, likely as some of the election euphoria fizzled, but households remained upbeat about the labor market, suggesting that the economy would continue to grow this year. * Some of Wall Street''s largest fund managers have taken a contrarian bet on gold, wagering that U.S.  ''s governing style and upcoming elections in Europe will combine to create more stock market volatility and boost the prices of a metal long seen as a safe haven. * U.S. private equity firm Orion Mine Finance Group is in talks to sell a portfolio of 87 mining royalty, streaming and offtake assets, Orion portfolio manager Douglas Silver said on Tuesday. * Britain''s economy now looks set to slow only slightly in 2017 after its resilient response to last year''s Brexit vote, but growth is still likely to be a lot weaker than if the country had decided to stay in the European Union, a think tank said. * Inflation in the euro zone has risen to just below the European Central Bank''s target, economic growth is accelerating at greater speed than in the United States, and unemployment has hit a more than seven-year low. (Reporting By Nallur Sethuraman in Bengaluru; Editing by Richard Pullin) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/global-precious-idINKBN15G36X'|'2017-02-01T10:00:00.000+02:00'
'7a526dea03710157075fb29f442b1caa344f4986'|'U.S. small business borrowing rose slightly in December'|'Business News - Wed Feb 1, 2017 - 5:04am EST U.S. small business borrowing rose slightly in December Four thousand U.S. dollars are counted out by a banker counting currency at a bank in Westminster, Colorado November 3, 2009. REUTERS/Rick Wilking By Ann Saphir Small U.S. firms borrowed slightly more in December than in the prior month, data released on Wednesday showed, but more were repaying existing loans late, suggesting that default rates may rise this year. The Thomson Reuters/PayNet Small Business Lending Index rose to 129.7 in December from a downwardly revised 129.1 in November. Measured from a year earlier, when the index registered 135.6, it was the sixth decline in seven months. Movements in the index typically correspond with movements in gross domestic product growth a quarter or two ahead. "It''s an improved mood, but the questions are still out there on the policies and how they are going to play out," said Bill Phelan, PayNet''s chief executive and founder, referring to policies under U.S. President Donald Trump, who was elected in November. Since taking the top political U.S. post on Jan. 20, Trump has continued to meet with CEOs of big U.S. companies to urge them to boost jobs at home, and has signed a number of executive orders directing changes in immigration, health insurance, governments rule-writing and other policies that leave small businesses unclear on where they stand. The U.S. economy grew at a 1.9 percent annual pace in the fourth quarter, the latest government figures showed, slower than in the third quarter but close to what many economists see as its long-term potential. Small business borrowing is a key barometer of growth because small companies tend to do much of the hiring that drives economic gains. "Small businesses are show-me kind of companies, and then they will get more active if they like the direction it''s going," Phelan said. Companies also having a harder time paying back existing debts, PayNet data showed. The share of loans more than 30 days past due rose in December to 1.69 percent, the highest in four years. PayNet collects real-time loan information such as originations and delinquencies from more than 325 leading U.S. lenders. (Reporting by Ann Saphir; Editing by Meredith Mazzilli) Next In Business News VW, Robert Bosch agree to pay $1.6 billion to settle U.S. diesel claims WASHINGTON Volkswagen AG has agreed to pay at least $1.26 billion to fix or buy back nearly 80,000 polluting 3.0 liter diesel-engined vehicles -- and could be forced to pay up to $4.04 billion if regulators don''t approve fixes for all vehicles, court documents filed late Tuesday showed.'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-economy-lending-idUSKBN15G3Z0'|'2017-02-01T17:04:00.000+02:00'
'960c9a6485df3b39b7005c5d6813427290fb0ace'|'Swiss group MSC acquires Hanjin''s stake in U.S. ports operator'|'Deals - Wed Feb 1, 2017 - 10:54am EST Swiss group MSC acquires Hanjin''s stake in U.S. ports operator An MSC employee is seen during a press visit of the MSC Meraviglia class ship at the STX Les Chantiers de l''Atlantique shipyard site in Saint-Nazaire, France, September 2, 2016. REUTERS/Stephane Mahe LONDON A unit of Swiss shipping group MSC has bought a stake in U.S. ports operator Total Terminals International (TTI) from Hanjin ( 117930.KS ), MSC said on Wednesday, having overcome objections from the South Korean line''s U.S. creditors. Privately owned MSC, the world''s no.2 global shipping line, said in a statement its subsidiary Terminal Investment Ltd. (TiL) had completed the acquisition in conjunction with South Korea''s Hyundai Merchant Marine (HMM), which would see TiL assuming an 80 percent stake and HMM having the remaining 20 percent in TTI. Last month, a U.S. judge gave the green light for the sale of failed Hanjin''s stake in TTI despite objections from container companies owed money by Hanjin, concerned whether the shipping group was getting the best price. The TTI sale included Terminal Investment forgiving $54.6 million in debt owed by Hanjin. The U.S. judge said the sale was supported by the ports of Seattle and Long Beach. TTI leases and operates container terminals in Long Beach and Seattle on the West Coast of the United States. "Our focus throughout the acquisition consultation has been, and will continue to be, rebuilding the business and servicing the needs of our affiliated shipping line MSC, its 2M partner Maersk, and our new joint venture partner HMM," Til president Alistair Baillie said in a statement. Container lines are battling their worst ever downturn due to a glut of ships and weaker demand - prompting rivals to form vessel sharing arrangements including the 2M alliance between MSC and the world''s number one player Maersk ( MAERSKb.CO ). Heavily indebted South Korean line HMM said in December it had agreed to form a co-operative relationship with the 2M shipping alliance that fell short of full-fledged membership. TTI saw a steep drop in its container traffic after Hanjin, the world''s seventh-largest container line, filed for court protection from its creditors in August last year. The sale includes all of Hanjin<69>s equity interests and shareholder loans, in both TTI and the associated terminal equipment leasing company, Hanjin TEC Inc, MSC said. (Reporting by Jonathan Saul; Editing by Elaine Hardcastle) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/mergersNews'|'http://www.reuters.com/article/us-hanjinshipping-assetsale-idUSKBN15G4X8'|'2017-02-01T22:49:00.000+02:00'
'03033b0ccc5995cf6ebec2edfc89b9ca14cea22f'|'UPDATE 1-Egypt''s CIB plans to issue dividend of 0.5 Egyptian pounds per share for 2016'|' 28am EST UPDATE 1-Egypt''s CIB plans to issue dividend of 0.5 Egyptian pounds per share for 2016 (Adds details, background) CAIRO Feb 1 The board of Egypt''s Commercial International Bank (CIB) has recommended a cash dividend of 0.50 Egyptian pounds ($0.0265) per share, it said on Wednesday after reporting a 27 percent rise in net income for 2016. The CIB board also approved a Tier 2 capital loan of up to $300 million, the bank said in a bourse statement, adding that the float of the Egyptian pound Nov. 3 had resulted in a fall in the value of its assets and commitments in foreign currencies amounting to 325 million pounds ($17.38 million). Egypt''s largest listed company said despite tougher regulation and challenging economic conditions its full-year consolidated revenue hit a record 11.3 billion Egyptian pounds ($604.28 million). The company had reported a 34.8 percent rise in its fourth quarter net income to 1.55 billion pounds and a 27 percent increase in its annual net income for 2016 to 6 billion pounds, it said in a statement late on Tuesday. Egypt faces a foreign currency shortage since a popular uprising in 2011 drove away its key sources of foreign currency, tourists and foreign investors. The central bank had been keeping the pound artificially strong at 8.8 per dollar and had been rationing its reserves, prioritizing the imports of essential goods. On Nov. 3 it floated the pound in a sudden move and raised interest rates. ($1 = 18.7000 Egyptian pounds) (Reporting by Asma Alsharif, editing by Louise Heavens) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/cib-dividend-idUSL5N1FM1OX'|'2017-02-01T16:28:00.000+02:00'
'c0f353d23e25d2088961eb844906234d1b6fd145'|'BRIEF-Hamilton Lane files for IPO of up to $200 mln'|'Feb 1 (Reuters) -* Hamilton Lane Inc files for IPO of up to $200 million - SEC filing* Hamilton Lane Inc - Intend to apply to list its Class A common stock on Nasdaq under the symbol "HLNE"* Hamilton Lane Inc - J.P. Morgan, Morgan Stanley among underwriters to IPO* Hamilton Lane Inc - Underwriters to IPO also include Goldman Sachs, Keefe, Bruyette & Woods, Wells Fargo Securities* Hamilton Lane - Intend to use portion of IPO proceeds to purchase membership units in Hamilton Lane Advisors from certain of its existing owners* Hamilton Lane - Proposed IPO price is an estimate solely for purpose of calculating SEC registration fee Source text: ( bit.ly/2jvLWRG )'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/idINFWN1FM0Z0'|'2017-02-01T12:25:00.000+02:00'
'9a11cd18e1487bb4a2f9278af5ddafad3cf3cd95'|'BMW says will stick to investment plans despite Trump threats'|'Business News - Wed Feb 1, 2017 - 5:20am EST BMW says will stick to investment plans despite Trump threats A BMW logo as seen on a BMW X5 car at a showroom in Jakarta, Indonesia January 11, 2017. REUTERS/Beawiharta BOCHUM, Germany Germany''s BMW ( BMWG.DE ) will stick to its investment plans for Mexico and the United States despite warnings from President Donald Trump to impose border taxes on cars imported into the United States, the luxury carmaker''s CEO said. "We need free world trade," BMW Chief Executive Harald Krueger told an automotive congress in Bochum on Wednesday, adding that BMW would also continue to invest in its U.S. Spartanburg plant. Krueger said that BMW exported 70 percent of annual production at its Spartanburg plant, where it makes more than 400,000 cars a year, making it the country''s biggest net-exporter. Trump last month warned the United States would impose a border tax of 35 percent on imported cars. Germany''s three leading carmakers, Volkswagen ( VOWG_p.DE ), Daimler ( DAIGn.DE ) and BMW, have invested heavily in Mexico where production costs are lower than in the United States, with an eye to exporting smaller vehicles to the world''s No.2 car market. (Reporting by Matthias Inverardi; Writing by Harro ten Wolde; Editing by Christoph Steitz) Next In Business News VW, Robert Bosch agree to pay $1.6 billion to settle U.S. diesel claims WASHINGTON Volkswagen AG has agreed to pay at least $1.26 billion to fix or buy back nearly 80,000 polluting 3.0 liter diesel-engined vehicles -- and could be forced to pay up to $4.04 billion if regulators don''t approve fixes for all vehicles, court documents filed late Tuesday showed.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-bmw-usa-idUSKBN15G41G'|'2017-02-01T17:18:00.000+02:00'
'5dd33f884ea9db1fc83f63e38f3fb4f8ee6e1bd6'|'SEB Q4 operating profit beats forecast, proposes raised dividend'|' 15am EST SEB Q4 operating profit beats forecast, proposes raised dividend STOCKHOLM Feb 1 Swedish banking group SEB proposed raising its dividend for 2016 as reported fourth-quarter operating profit beat analysts'' expectations on Wednesday. SEB''s operating profit in the quarter rose to 5.56 billion Swedish crowns ($635 million) from 5.51 billion in the year-ago period, beating mean forecast for 5.07 billion in a Reuters poll of analysts. The bank said it would propose a dividend of 5.50 crowns per share compared to an average forecast of 5.31 crowns in the poll and 5.25 crowns in 2015. The pay-out ratio, excluding items affecting comparability, was 75 percent. SEB''s target is to distribute 40 percent or more of earnings per share and it paid out 69 percent of profits for 2015. ($1 = 8.7535 Swedish crowns) (Reporting by Johan Ahlander; editing Niklas Pollard) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/seb-results-idUSFWN1FM01L'|'2017-02-01T13:15:00.000+02:00'
'5a32dd9aa57d2c5e892b94d497718f7f2e4ca588'|'Invitation Homes rises in IPO debut'|'Feb 1 Shares of Invitation Homes Inc, which is backed by private equity firm Blackstone Group, rose as much as 1.6 percent in their market debut on Wednesday, valuing the largest U.S. home rental company at about $6.14 billion.The company raised $1.54 billion in its initial public offering on Tuesday, the largest by a U.S. real estate investment trust (REIT) since Paramount Group Inc''s $2.29 billion IPO in 2014.Invitation Homes'' shares opened at $20.10 and hit a high of $20.31 on the New York Stock Exchange.Blackstone Group LP founded Invitation Homes in 2012, about five years after the housing market began crashing and it started buying foreclosed homes in bulk.REITS such as Invitation Homes became popular after the recession as investors sought to benefit from low mortgage rates and property values.Blackstone has spent about $10 billion on the REIT''s 48,000-home portfolio, representing one of its biggest bets.Invitation Homes'' IPO is the biggest so far this year, and the IPO market has seen more than $2 billion raised from seven offerings in January.Nearly 15 percent of the REIT''s houses are in South Florida, while about 12 percent are in Southern California.Blackstone which owns a 73 percent stake in the company, will not be selling any shares.Deutsche Bank Securities and J.P. Morgan are lead underwriters for the IPO.For-profit higher-education company Laureate Education is also scheduled to debut on Wednesday. (Reporting by Nikhil Subba in Bengaluru; Editing by Shounak Dasgupta)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/invitation-homes-ipo-idINL4N1FL389'|'2017-02-01T11:59:00.000+02:00'
'82aba2f4a5b0b1e6c6a0eaf07b82ccb2abde71c5'|'Health insurer Cigna''s operating revenue rises 3 pct'|'Market News - Thu Feb 2, 2017 - 6:10am EST Health insurer Cigna''s operating revenue rises 3 pct Feb 2 Health insurer Cigna Corp, which is waiting for a ruling on the U.S. government''s lawsuit to block its acquisition by Anthem Inc, reported a 3 percent rise in quarterly operating revenue on Thursday, as it added new members. Cigna manages insurance plans for large corporations and sells health plans on the government exchanges created under Obamacare. The company said net income fell to $382 million, or $1.47 per share, in the fourth quarter ended Dec. 31, from $426 million, or $1.64 per share, a year earlier. Consolidated operating revenue increased to $9.89 billion from $9.58 billion. (Reporting by Ankur Banerjee in Bengaluru; Editing by Martina D''Couto) Next In Market News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/cigna-results-idUSL4N1FN2GN'|'2017-02-02T18:10:00.000+02:00'
'183bee19aedbc6543571e2354f3bf29275b98841'|'Chinese bankers brace for bonus blues'|'Business News - Thu Feb 2, 2017 - 12:26am GMT Chinese bankers brace for bonus blues left right Logos of Orient Securities are seen near a branch of the company in Shanghai, China, January 26, 2017. REUTERS/Aly Song 1/5 left right Logos of Orient Securities are seen near a branch of the company in Shanghai, China, January 26, 2017. REUTERS/Aly Song 2/5 left right A cyclist rides past a branch of Haitong Securities, in Shanghai, China, January 26, 2017. REUTERS/Aly Song 3/5 left right People walk past a branch of Haitong Securities, in Shanghai, China, January 26, 2017. REUTERS/Aly Song 4/5 left right A logo of Orient Securities is seen outside a branch of the company in Shanghai, China, January 26, 2017. REUTERS/Aly Song 5/5 By Engen Tham - HONG KONG HONG KONG Bankers and brokers in China are expecting a brutal bonus season over the next few weeks, as business dwindled on local stock markets last year, dragging industry profits down by half. Data from headhunters and industry sources suggest an equities trader in China would have earned between 500,000 and 850,000 yuan ($73,000-$124,000) in 2016, with a 12-month bonus paid in the first half. But this year the industry is struggling after the stock market boom came to a turbulent end in 2015 and regulators stepped in to manage the turmoil, hitting local banks and global players trying to boost their Asia business. According to Brett Rose, head of the Shanghai branch of recruitment firm Robert Walters, around 40 percent of investment bankers on the mainland are expecting no bonus at all. Some brokers are also planning lay-offs, having already pared back some of the perks that staff have long taken for granted, people at five brokerages and analysts said. Shanghai-based Orient Securities ( 600958.SS ), which reported a 68 percent drop in 2016 profit, has already signalled its belt-tightening, two executives at the brokerage said. First the free sweet treats and coffee disappeared from the pantry, then half-year bonuses were scrapped, they said, and most recently the cash advance on the annual bonus, customarily paid ahead of Lunar New Year, was slashed to a quarter for one of the sources. <20>This year performance was, broadly speaking, very bad, so it<69>s possible that (the year-end bonus) will only be half or a third of last year<61>s,<2C> said the source. Orient Securities has yet to respond to a request for comment. A source at Shenwan Hongyuan Group ( 000166.SZ ), the fifth-largest mainland-listed brokerage, said a new policy sacking the bottom fifth of last year''s performers on the business side would take effect by end-March. Shenwan Hongyuan did not return   Many Chinese brokers, highly dependent on trading fees, were badly hit by a 50 percent fall in average daily turnover in stocks and funds to 500 billion yuan last year, according to a January report by Haitong Securities. Government restrictions on margin financing continued to weigh on trading, while crackdowns on property-related and other structured products also hit revenues. Industry profits fell 50 percent to 123.4 billion yuan, according to the Securities Association of China. GLOBAL KNOCK-ON Staff at global banks that have bet on China to drive growth in their Asian equities trading franchises are also due to receive news of their bonuses in coming weeks. They typically earn as much as twice their Chinese counterparts'' basic pay, but they will also have to pull in their horns. "Global banks'' Asian revenues had been propped up by China''s massive stock market rally in 2015, but the secondary market is down considerably from its amazing bull run, which means sales and trading compensation should be lower," said Benjamin Quinlan, CEO of Hong Kong consultancy Quinlan & Associates. The slump in secondary market business, together with cost pressures, is likely to drag down average investment banking bonuses in Asia by 20 to 30 percent at the worst-performing global banks, said Quinlan. Even the best performers are likely to see bonuse
'c725983c81329ccc508340ba5ee6225ffdd7af4d'|'Etihad, Lufthansa sign catering, maintenance deals'|'ABU DHABI Etihad has signed a $100 million deal to take catering services from Lufthansa ( LHAG.DE ) unit LSG and will look at cooperation on maintenance as the two carriers seek to strengthen cooperation.The catering deal is for four years and will see LSG provide catering services at 16 cities outside of Etihad''s hub at Abu Dhabi, the CEOs of the two carriers said.The two have also signed a memorandum of understanding for Lufthansa Technik to explore opportunities for maintenance at Etihad and the airlines in which it holds equity stakes.The move follows a code share deal signed by the two last year and the airlines said on Wednesday they were still working on further ways to cooperate."We met this morning to discuss further ways in which we can develop and strengthen partnership over time," Etihad Aviation Group CEO James Hogan told a press conference.(Reporting by Stanley Cravalho and Alexander Cornwell; Writing by Victoria Bryan; Editing by Christoph Steitz)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-lufthansa-etihad-idINKBN15G42U'|'2017-02-01T07:32:00.000+02:00'
'b137b4845de383c42aba7cdb75fefa64efad4bb3'|'Robust factory data lifts emerging stocks; India outperforms'|'  4:08pm IST Robust factory data lifts emerging stocks; India outperforms People walk as a telecast of India''s Finance Minister Arun Jaitley presenting the budget is displayed inside the Bombay Stock Exchange (BSE) building in Mumbai, India, February 1, 2017. REUTERS/Shailesh Andrade By Claire Milhench - LONDON LONDON Indian stocks leapt almost 2 percent on Wednesday, cheering extra spending unveiled in the 2017 budget and outperforming broader emerging equities, which rose after data showed a factory activity uptick across the developing world. MSCI''s benchmark emerging equity index rose 0.5 percent, snapping a three-day losing streak after China''s manufacturing sector grew more than expected in January, growth in its services sector accelerated and South Korean exports rose at the fastest pace in nearly five years. In Europe too, Russian factory activity grew at the fastest rate in almost six years while Poland and Czech activity expanded at the fastest pace in 22 months and nearly one year respectively. While many Asian markets, including mainland China, remain shut, the won powered to a 2-1/2 month high against the dollar and Asia-Pacific shares excluding Japan added 0.5 percent. "This underscores the synchronised global recovery that we have been seeing for the past few months," said Jakob Christensen, head of emerging markets research at Danske Bank. "The recovery across the euro zone, United States and even Japan is spilling over into emerging markets." The surge was led by a 1.8 percent gain in India to over three-month highs after the annual budget offered a raft of incentives for companies, infrastructure and rural areas. The bullish mood was cemented by Indian factory activity which returned to growth in January, bouncing back from December''s contraction which was triggered by the government''s scrapping of high-value bank notes. The Indian rupee firmed 0.4 percent to touch its highest against the dollar since mid-December Economists were mixed however on the slightly wider budget deficit target of 3.2 percent. Ten-year bond yields rose as much as 5 bps at one point amid confusion about gross borrowing numbers, but later pared losses. Average yield spreads of Indian sub-sovereign bonds over Treasuries widened to 148 bps, a near one-month high, underperforming Asian peers. "The budget deficit target is a compromise between keeping rating agencies and the population happier, with a GDP growth forecast at 6.5 percent versus original plans of 7.1 percent. Markets are likely to take this well," Simon Quijano-Evans, an emerging markets strategist at Legal & General Investment Management, told clients. However, a stronger dollar held back many emerging currencies. The rouble and lira slipped around 0.2 percent, with Turkish manufacturing activity contracting at a slower pace in January after sinking to a four-month low in the previous month. "Until they really tighten monetary policy significantly, the lira will be trading weak," said Christensen. "Investors don''t see any comforting news - the economy is weakening, the central bank is seen as subject to political pressures and the external environment is difficult for Turkey." Markets will looking for fresh guidance from the U.S. Federal Reserve at its meeting later on Wednesday. The Fed is expected to keep rates unchanged as it awaits further clarity on U.S. President Donald Trump''s proposed fiscal stimulus. Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/emerging-markets-idINKBN15G43E'|'2017-02-01T17:38:00.000+02:00'
'919c5f9b989a7f208a597a096811e2b6dd72cf9a'|'Zimbabwe introduces new ''bond note'' as cash shortages bite'|'HARARE Zimbabwe has started circulating a $5 "bond note", the central bank said on Friday, as President Robert Mugabe''s government struggles with a cash crunch that has forced people to spend hours at banks queuing for money.The southern African nation introduced a $2 note and $1 coin last November to ease the cash shortages. Despite warnings that it could eventually cause hyperinflation, the "bond note" currency is still trading at par with the U.S. dollar.The Reserve Bank of Zimbabwe (RBZ) on Thursday released the purple $5 note to banks, its governor John Mangudya said. He said $15 million of the new notes had been released, bringing the total amount of bond notes in circulation to $88 million.Zimbabwe abandoned its own hyperinflation-hit currency in 2009 in favour of the U.S. dollar, but a widening trade deficit, lack of foreign investment and a decline in remittances by Zimbabweans abroad have helped to fuel foreign currency shortages.Some businesses, especially those importing goods, are now offering discounts on cash purchases in U.S. dollars, while charging more for mobile or card transactions.Importers defend the practice, saying they are struggling to pay for goods abroad because accounts held by local banks overseas have been depleted of foreign currency.Some banks have also drastically cut daily online purchases and cash withdrawals for foreign travellers from $1000 a day to as little as $50.(Reporting by MacDonald Dzirutwe; Editing by Kevin Liffey)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/zimbabwe-currency-idINKBN15I0T0'|'2017-02-03T04:55:00.000+02:00'
'6bd3b0a4ee0ffe4f98dab42fb24fb69876bbbfe9'|'Asian factories rev up, but Trump threat to demand looms large'|'Business   5:51am GMT Asian factories rev up, but Trump threat to demand looms large An employee welds the exterior of a vehicle along a production line at a factory in Qingdao, Shandong province December 1, 2014. REUTERS/China Daily By Nichola Saminather - SINGAPORE SINGAPORE Factories in China and Japan started 2017 on a positive note in a sign the global manufacturing revival is carrying through from late last year, but rising protectionism in the United States threatens to snuff out a nascent recovery in Asian exports. As global growth has gathered momentum over the past year thanks to a bounce in consumption, businesses have ramped up production in a boon to worldwide trade and investment. That has shown up in major economies like Japan, where manufacturing activity expanded in January at the fastest pace in almost three years as export orders surged, Markit/Nikkei purchasing manager index (PMI) numbers showed. In China, the world''s second-biggest economy, factory activity expanded for the sixth month in December, according to an official PMI survey, led by an investment and construction boom that has helped spur global growth. Even in laggard South Korea where manufacturing contracted for the sixth straight month, exports rose at the fastest pace in nearly five years. The fairly solid underlying numbers, however, belied the growing uncertainty stoked by rising protectionism in the United Stated. Indeed, in export-reliant Asia, and other regions where global supply chains are closely inter-linked, the election of Donald Trump as U.S. president has emerged as a major risk to both world trade and broad economic growth. "The uncertainty surrounding future market access to the U.S. is bound to weigh on investment activity as companies await regulatory certainty," said Frederic Neumann, co-head of Asian economic research at HSBC in Hong Kong. "I suspect there''s going to be a lot of capital expenditure expansion projects that will be put on hold as long as the uncertainty surrounding the trade environment persists," he added. Later in the day, analysts will get an opportunity to gauge the health of manufacturing activity in Europe and North America through similar PMI surveys. TRUMP DISRUPTION The Trump factor, allied with a stronger dollar as the U.S. Federal Reserve starts to raise interest rates at a faster pace, could knock global economic growth, and hurt Asian manufacturing and exports. On Tuesday, the Trump administration added to global political frictions, criticising China, Japan and Germany as having deliberately devalued their currencies. Analysts warn a slowdown in Chinese economic growth and a pullback in stimulus in the Asian economic powerhouse could also hit demand across the region and elsewhere. China''s official PMI stood at 51.3 in January, slowing marginally from 51.4 in December, but above the 50-point mark that separates growth from contraction on a monthly basis. China''s manufacturing sector has been buoyed by a government infrastructure building spree and a housing boom, which have fueled demand for building materials from cement to steel. However, some analysts question whether the growth will be sustainable once the impact of earlier stimulus measures begins to wear off and as the property market starts to cool. "Within China, we expect that real estate will slow down, because the government is quite keen to contain housing prices," said Louis Kuijs, head of Asia economics at Oxford Economics in Hong Kong. "There has also been a little bit of a shift toward more emphasis on reining in risk rather than supporting growth." Other major regional economies like Indonesia showed positive momentum in manufacturing activity, while Indian factory activity returned to modest growth in January, bouncing from a contraction in December triggered by the government''s scrapping of high value banknotes. In Japan, where the PMI rose to 52.7 in January from 52.4 in December, the index for new export o
'0a640c902eb182889f94f094865f4c4a83d73587'|'Trump, trade adviser signal displeasure with U.S. ''strong dollar'' policy'|'Business News - Tue Jan 31, 2017 - 7:32pm EST Trump, trade adviser signal displeasure with U.S. ''strong dollar'' policy U.S. President Donald Trump, watched by (L-R) Vice President Mike Pence, White House Chief of Staff Reince Priebus, head of the White House Trade Council Peter Navarro and senior advisor Jared Kushner, signs an executive order that places a hiring freeze on non-military... REUTERS/Kevin Lamarque By Sinead Carew and Jamie McGeever - NEW YORK/LONDON NEW YORK/LONDON U.S. President Donald Trump and a top economics adviser on Tuesday unleashed a barrage of criticism against Germany, Japan and China, saying the three key U.S. trading partners were engaged in devaluing their currencies to the harm of American companies and consumers. The comments from Trump at the end of a White House meeting with pharmaceutical executives, as well as from trade adviser Peter Navarro in a newspaper interview, were the starkest indication yet that the first-term Republican president is prepared to jettison two decades of "strong dollar" policies advocated by predecessors dating back to the Clinton administration. The criticism also signals a weakening of the U.S. commitment to an agreement among the financial leaders of the world''s top 20 economies, struck after the 2008 financial crisis, that countries would not pursue policies to target exchange rates for competitive purposes. "Those comments, talking about somebody else''s currency, talking about valuation, almost seem like they''re criticizing the construction of the euro zone which is a whole other issue," said Greg Anderson, Global head of FX strategy for BMO Capital Markets in New York. "I''m sure a lot of people have those thoughts. In the gentleman''s agreement, as an official you don''t mention those thoughts." Trump and Navarro''s remarks are just the latest to deepen a growing unease in financial markets about the outlook for global trade in the Trump era and sent the U.S. dollar into a tailspin against the euro and yen on Tuesday. A broad measure of the dollar against the currencies of key trading partners sank by 0.85 percent to cap a 2.6 percent decline in January, its weakest monthly showing since last March DXY. The market convulsions began when Navarro, who heads Trump''s newly created National Trade Council, told the Financial Times newspaper that the euro was like an "implicit Deutsche Mark" whose low valuation gave Germany an edge over the United States and its European Union partners. That propelled the euro EUR= up about 0.5 percent against the U.S. dollar and drew a rebuff from German Chancellor Angela Merkel, who said the country respects the independence of the European Central Bank. Some blame the ECB for engineering an ultra-loose monetary policy in order to keep the trading bloc''s common currency weak and stimulate economic growth in the euro-zone. "Germany is a country that has always called for the European Central Bank to pursue an independent policy, just as the Bundesbank did before the euro existed," Merkel told a news conference in Stockholm with Swedish Prime Minister StefanLofven. Hours later, Trump added his own critique of Japan and China to the mix, veering from discussing drug prices to currency valuations as he wrapped up a meeting with the heads of six top pharmaceuticals companies whom he is pressuring to lower prices. Bemoaning the fact that so many drug makers had relocated outside the United States, Trump blamed U.S. regulations and contended other countries "take advantage of us with their money and their money supply and devaluation." "Every other country lives on devaluation," he said. "You look at what China''s doing, you look at what Japan has done over the years. They -- they play the money market, they play the devaluation market and we sit there like a bunch of dummies." Japan''s yen JPY= gained more than 1.0 percent against the dollar following Trump''s off-the-cuff comments. With on-shore Chinese m
'c70298a7e12d3bf0aede3cb4c206629a948eaa50'|'Trump says he would like to speed up NAFTA talks'|'Business News - Thu Feb 2, 2017 - 5:18pm GMT Trump says he would like to speed up NAFTA talks U.S. President Donald Trump attends the National Prayer Breakfast event in Washington, U.S., February 2, 2017. REUTERS/Carlos Barria WASHINGTON U.S. President Donald Trump reiterated his concerns about the North American Free Trade Agreement (NAFTA) deal on Thursday and said he would like to speed up talks to either renegotiate or replace the deal. "I would like to speed it up if possible. You''re the folks who can do it," Trump said in the Oval Office where he met with bipartisan lawmakers from the Senate and House of Representatives. Trump said Wilbur Ross, his pick for Commerce Secretary, would lead the negotiations. "We are working very, very hard and will be very soon, as soon as we get the go-ahead - we have the 90-day period that we have to think about," Trump said. Under U.S. law, Congress has 90 days to review trade deals before they are signed. (Reporting by Jeff Mason and Roberta Rampton; Editing by Alan Crosby) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-trump-nafta-idUKKBN15H289'|'2017-02-03T00:18:00.000+02:00'
'd2b9c9cb9497ce53ec85b6c991a081dcdcf38d3d'|'Madoff victims'' recovery tops $9.7 billion with new payout'|'By Jonathan Stempel Feb 2 Bernard Madoff''s victims will soon recoup another $252 million from the trustee unwinding the swindler''s firm, boosting their total recovery to $9.72 billion.The latest payout by trustee Irving Picard was made possible by settlements in the second half of 2016 with people accused either of facilitating Madoff''s fraud or withdrawing more money from his firm than they deserved.This included money from a settlement with the family of Stanley Chais, who prior to his 2010 death managed money for Hollywood clients like director Steven Spielberg, and was accused by Picard of excess withdrawals.Picard''s eighth distribution started on Thursday, and will go to customers who once had 953 accounts at Bernard L. Madoff Investment Securities LLC.Checks will range from $271.80 to about $42.3 million.Once the distribution is finished, 1,335 Madoff accounts with valid claims will be fully paid off, including all claims of $1.25 million or less.Customers who have not been fully repaid will have received about 60 percent of what they are owed when the distribution is finished, the trustee said.Picard has estimated that Madoff customers lost $17.5 billion in a decades-long fraud that ended when Madoff was arrested in December 2008.Madoff, now 78, is serving a 150-year prison term.The trustee has recouped nearly $11.6 billion, but has held some of it back because of litigation.A separate $4 billion fund set up by the U.S. Department of Justice will also compensate Madoff victims, including people who invested with him through third parties.Richard Breeden, the former U.S. Securities and Exchange Commission chairman overseeing that fund, last month said he was on track to make a "large initial distribution" in 2017. Claims are subject to Justice Department review. (Reporting by Jonathan Stempel in New York; Editing by Jonathan Oatis)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/madoff-payout-idINL1N1FN1BE'|'2017-02-02T15:14:00.000+02:00'
'26ba1eecd06fe9a57fcea3f65a6afcdc4dc0eeed'|'SNB''s Moser says it will be able to normalise monetary policy in future'|'Financials  28am EST SNB''s Moser says it will be able to normalise monetary policy in future ZURICH Feb 2 The Swiss National Bank will be able to normalise its monetary policy and shrink its massive balance sheet in the future, a member of the bank''s expanded governing board said on Thursday. Dewet Moser said it would be possible for the SNB to normalise its balance sheet, which has become larger than Switzerland''s gross domestic product as the central bank bought foreign currency to weaken the Swiss franc. "Monetary policy is not a simple thing," Moser told an event in Zurich. "It would certainly be possible to normalise in the future," he added, referring to the bank''s balance sheet. "We have instruments in place, the mandate; we have all the ingredients to do this." Currency market interventions and negative interest rates have been the cornerstones of the SNB''s efforts to rein in the Swiss franc, which the central bank has consistently described as "significantly overvalued." Speculation has arisen in recent days that the bank has scaled back its interventions as the franc has risen to its highest level versus the euro since Britain voted to leave the European Union last June. (Reporting by John Revill; editing by Brenna Hughes Neghaiwi) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/swiss-snb-idUSZ8N1AC01Z'|'2017-02-02T22:28:00.000+02:00'
'a899cda9a22ded8961e366d4768c1d5028e9e4df'|'Ralph Lauren CEO to step down after disagreements with founder'|'Ralph Lauren Corp said Stefan Larsson, its chief executive for just over a year, will step down on May 1 following disagreements with chairman Ralph Lauren over the direction of the luxury fashion brand.Ralph Lauren''s shares were down 8.7 percent to $79.80 in premarket trading on Thursday.Stefan Larsson, a former head of Gap Inc''s Old Navy division, was appointed CEO of the company in late 2015, succeeding founder Ralph Lauren, who had helmed the company for nearly 50 years. ( reut.rs/2jZe8IE )The company said a search was being conducted for a new CEO.Ralph Lauren also reported a 12 percent fall in holiday quarter revenue to $1.71 billion, hurt by a slump in wholesale shipments to customers.(Reporting by Gayathree Ganesan in Bengaluru; Editing by Sriraj Kalluvila and Anil D''Silva)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/ralph-lauren-moves-ceo-idINKBN15H1L0'|'2017-02-02T10:41:00.000+02:00'
'5de6e57a8e13e9d0b19628ff782912fa710d01cc'|'Peru to seek arrest of ex president Toledo in mega graft inquiry'|'LIMA Feb 4 Prosecutors in Peru were preparing to request the arrest of former president Alejandro Toledo on Saturday after uncovering evidence that implicates him in $20 million in bribes that the Brazilian conglomerate Odebrecht has acknowledged distributing to win a contract during his government, a source said.Authorities searched a house owned by Toledo in Lima early on Saturday, the attorney general''s office said on Twitter without providing additional details.A source in the attorney general''s office who was not authorized to make public comments said the raid follows the detection of $11 million transferred to an associate of Toledo that prosecutors believe is part of $20 million in bribes that Odebrecht has said it gave to help secure an infrastructure contract during his 2001-2006 term.A representative of Toledo did not immediately respond to requests for comment. Toledo, reached by phone from Paris by the local daily El Comercio, denied taking any bribes, according to audio of the interview posted on the newspaper''s website.Peru already has imprisoned one of its former presidents for graft - ex-authoritarian leader Alberto Fujimori, who is serving a 25-year sentence for convictions that include human rights abuses.Toledo rose to power denouncing Fujimori and promising to usher in a democratic era free of corruption.In a settlement with U.S. prosecutors in December, Odebrecht acknowledged distributing $29 million in bribes to secure public work contracts in Peru over a period spanning three presidencies.The agreement said the family-owned engineering conglomerate made $20 million worth of corrupt payments between 2005 and 2008 to benefit an unnamed high-ranking official that offered to help the company win an infrastructure contract in 2005.Current President Pedro Pablo Kuczynski was Toledo''s finance minister and prime minister and has denied any involvement in Odebrecht''s kickback schemes."Justice must be the same for everyone," Kuczynski said on Twitter. "If someone committed acts of corruption, they must be penalized. I''ve ordered the executive to collaborate with whatever is necessary to guarantee the investigation is efficient. Corruption never again."Kuczynski is the subject of a separate preliminary investigation regarding a law he signed off on in 2006 that removed legal obstacles to highway contracts awarded to Odebrecht and other Brazilian companies. He has denied wrongdoing.Odebrecht has acknowledged doling out hundreds of millions in bribes to win public work contracts in Latin America, spurring inquiries from Peru to Panama that have shaken the region''s elites. (Reporting By Mitra Taj; Editing by Bill Trott)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/peru-toledo-idINL1N1FP0BC'|'2017-02-04T13:25:00.000+02:00'
'64782dd84400f5e6141478eeabd81ea3499da5fb'|'Royal Mint bullion coin sales surge on wave of political turmoil'|'Company News  34am EST Royal Mint bullion coin sales surge on wave of political turmoil By Jan Harvey - LLANTRISANT, Wales LLANTRISANT, Wales Feb 1 In a warehouse a dozen miles to the northwest of Cardiff, the Royal Mint is running its machines through the night to keep up with demand for one of the big beneficiaries of the last year''s political turmoil - gold and silver bullion. The 1,100-year-old Mint, based here since the 1960s, is producing 50 percent more gold bullion coins and bars than it was this time last year, director of bullion Chris Howard says, while its sales in January rose by a third. With growth prospects for its core minting business limited by the advent of the cashless society, the Mint has focused heavily on growing its bullion arm in the last few years. Its contribution to the overall business''s bottom line has gone from negligible levels in 2012 to more than a quarter in the last year. "We used to send these out by the box," head of bullion sales Nick Bowkett says, indicating stacks of silver coins packed for transit in the Mint''s bullion striking room. "Now we ship them out by the pallet." Next door, the Mint''s core business -- producing commemorative coins and legal tender for 60 different countries -- is churning out crates of coinage, including the new 12-sided British pound, due to launch in March. But it''s the bullion arm that is really ramping up. While in global terms the Mint is still small -- its total gold sales of 237,000 ounces last year were dwarfed by the U.S. Mint''s 1.2 million ounces of gold Eagle and Buffalo coin sales, the Austrian Mint''s 534,000 ounces of gold Philharmonic coin sales, and the Perth Mint''s 520,000 ounces of gold sales -- its bullion unit expanded both revenue and profit by two-thirds last year. It is forecasting similar growth this year, through expansion in its already core U.S. and German markets, and elsewhere. About 30 percent of its bullion sales - largely Britannia coins, but also sovereigns, and bars ranging in size from 1 gram to 1 kilogram - are made through the Mint''s website, while a further 70 percent goes to wholesale clients. RETAIL EXPLOSION Global retail investment in gold has exploded in the last 15 years. At nearly 1,000 tonnes last year, it was two and a half times the levels seen in 2001. While a sharp rise in investors selling gold back onto the market after prices surged last year weighed on the net demand figure, gold sales in Europe jumped after the Britain''s Brexit vote and resulting fluctuations in the currency markets. The government-owned Mint''s sales to Germany more than doubled last year in volume terms, while UK sales rose by more than a quarter. "The excitement around Brexit, and the uncertainty, brought a lot more (business), especially on to our ecommerce platform," Howard, a veteran of designer retail brands such as Guess and Swarowski, said. "The level of trading after Brexit was much higher than it was before, and it has continued to be at that level." Gold prices rose for the first year since 2012 last year, by 10 percent, while in sterling terms gold performed even more strongly, climbing 30 percent. The turmoil seen in stock markets this month after U.S. President Donald Trump took office and optimism over his plans for the U.S. economy dissipated suggests that investors will continue to need havens from risk. A monthly Reuters poll of investment professionals across Europe, the United States and Japan this week showed U.S. equity holdings at their highest since June 2015, but also suggested markets may have overcooked the "reflation" trade. This year Howard expects sales to the United States and Germany to stay strong, and he tips Asia -- home to the two biggest physical bullion markets, China and India -- as a key growth market. That''s not necessarily an easy sell. The mint has worked around import restrictions into India through a licensing agreement with Swiss-Indian refiner MMTC-PAMP, which produ
'b40b338203ff0a7c5bf4e62722d3415266628e8e'|'Fed''s message on portfolio trimming: prepare, don''t fret'|'Business   6:15am GMT Fed''s message on portfolio trimming: prepare, don''t fret The Federal Reserve Building stands in Washington April 3, 2012. REUTERS/Joshua Roberts/File Photo By Ann Saphir and Richard Leong - SAN FRANCISCO/NEW YORK SAN FRANCISCO/NEW YORK Federal Reserve policymakers are putting markets on notice that the central bank''s $4.5 trillion balance sheet is back on the agenda in an apparent effort to give investors time to prepare for changes rather than to signal any action is imminent. Policymakers want to minimize any volatility that slimming the Fed''s massive balance sheet might cause, and have said they will only do so after interest rate increases are "well underway." The central bank is expected to keep that line in its statement on Wednesday following this year''s initial policy meeting and the first one under Donald Trump''s administration. The Fed amassed the bonds during and after the financial crisis to inject cash into the economy and put downward pressure on long-term rates, and has been keeping its portfolio steady since December 2013. While the Fed has only raised rates twice since the crisis, a number of Fed policymakers are already voicing support for allowing the debt holdings to shrink by letting bonds mature without reinvesting the proceeds. Some have argued the process, or at least the debate over how to proceed, should begin later this year. Only a few months ago, several voices from within the Fed suggested the balance sheet could remain big for many years to come. [nL1N1B80IP] But with labour markets continuing to tighten and Trump promising tax cuts and more spending, inflation and rates may rise faster than last year. Trimming the balance sheet would be the Fed''s next step in normalizing monetary policy. Most Wall Street investors do not expect it until mid-2018, policymakers are playing it safe, keen to avoid a repeat of the 2013 "taper tantrum", when bond yields surged after then-Fed Chair Ben Bernanke hinted at cutting the pace of bond buying. "They don''t want to shock the market," said Robert Tipp, chief investment strategist at Prudential Fixed Income. "They want to prepare the market," he said, commenting on a slew of comments from Dallas Fed''s Robert Kaplan, San Francisco Fed''s John Williams and Philadelphia Fed''s Patrick Harker. WEAKER ANCHOR The Fed is also putting investors on notice in case the slimming "could come up faster if the rate hikes were faster," said Tim Duy, a professor at the University of Oregon. While giving markets plenty of time, the Fed is also laying out evidence why they do not need to be unduly concerned. As Fed Chair Janet Yellen pointed out in a speech in January, one reason is that the average maturity of the securities in the Fed''s portfolio has declined, while that of the overall Treasury market has increased. (Graphic: reut.rs/2knWguk ) Essentially, that means the Fed''s portfolio has become less influential as an anchor for long-term rates than in the past. In addition, the overall bond market has grown, reducing the relative size and impact of the Fed''s holdings. Bernanke, for one, argues the economy is "growing into" the Fed''s expanded portfolio and there is no need to bring it back to pre-crisis levels of around $800 billion. In fact, several Wall Street banks suggest the Fed only needs to cut its bond holdings by $1 billion to $1.5 billion. One tricky question the Fed will face is what to cut first. The Fed''s $1.76 trillion mortgage-backed securities holdings account for about a quarter of that market, compared to the Fed''s 12 percent share of the Treasury market. Any marked change in the Fed''s MBS ownership could have a greater impact on that market and consequently housing borrowing costs. On top of that, in contrast to the Fed''s $2.46 trillion of Treasuries which mature according to a set calendar, the pace at which mortgage bonds mature can vary substantially. It slows down when rates rise and homeowners stick with c
'9ef102b258af6be73100d995543b0f37bdb97303'|'MIDEAST STOCKS-Bank shares restrain Abu Dhabi, other Gulf markets move little'|'Financials - Wed Feb 1, 2017 - 3:19am EST MIDEAST STOCKS-Bank shares restrain Abu Dhabi, other Gulf markets move little DUBAI Feb 1 Shares in Abu Dhabi''s top three banks were mixed in early trade on Wednesday following fourth-quarter earnings, while other Gulf markets moved little. National Bank of Abu Dhabi fell 2.4 percent after it posted a fourth-quarter net profit of 1.33 billion dirhams ($362 million), up 28 percent from the prior-year period and broadly in line with analysts'' forecasts. NBAD''s board proposed an unchanged cash dividend for 2016. First Gulf Bank was flat after posting a net profit of 1.53 billion dirhams, down 11 percent from the year-earlier period but above the 1.37 billion dirham average forecast of analysts. FGB''s board also proposed a flat dividend; it is due to merge with NBAD on April 1. Abu Dhabi Commercial Bank was down 2.1 percent after announcing a 16 percent fall in fourth-quarter net profit to 1.0 billion dirhams. Three analysts had on average forecast a profit of 979 million dirhams. The general Abu Dhabi market index was down 0.2 percent. In Dubai, Emaar Malls Group outperformed an otherwise weak general market and rose 1.2 percent after posting a 3.9 percent rise in fourth-quarter net profit to 452 million dirhams. EFG Hermes had forecast 466.95 million dirhams and SICO Bahrain, 468.95 million dirhams. Dubai''s index was down 0.2 percent with Emaar Mall''s parent company, Emaar Properties, which has not yet reported earnings, dropping 0.7 percent. Qatar''s index added 0.8 percent with some of the week''s top losers rebounding. Doha Bank was up 1.5 percent and Islamic lender Masraf Al Rayan rose 1.3 percent. In Riyadh, the index ,>TASI> rose 0.2 percent in thin trade with activity focused on smaller companies. Etihad Atheeb Telecommunication, which is often thinly traded, jumped 9.4 percent in heavy trade after saying it had signed a deal with top telecommunications operator Saudi Telecom Co to sell it some of its tower network for 230 million riyals ($61.3 million). The second largest telecommunications operator Etihad Etisalat (Mobily) rose 0.9 percent after it signed a 7.9 billion riyal refinancing facility with a group of banks. (Reporting by Celine Aswad; Editing by Andrew Torchia) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/mideast-stocks-idUSL5N1FM1G9'|'2017-02-01T15:19:00.000+02:00'
'46a3f3ddded8dd68a4955153aafb97a02300ce33'|'Facebook''s quarterly revenue surges 50.8 percent'|'Technology News - Wed Feb 1, 2017 - 4:17pm EST Facebook''s quarterly revenue surges 50.8 percent left right The Facebook logo is displayed on their website in an illustration photo taken in Bordeaux, France, February 1, 2017. REUTERS/Regis Duvignau 1/2 left right A Facebook logo is displayed on the side of a tour bus in New York''s financial district July 28, 2015. REUTERS/Brendan McDermid/File Photo 2/2 Facebook Inc''s ( FB.O ) quarterly revenue surged 50.8 percent as the world''s largest social network continues to benefit from its aggressive push into mobiles and video. Mobile ad revenue accounted for 84 percent of company''s total advertising revenue of $8.63 billion in the fourth quarter ended Dec. 31, compared with 80 percent a year earlier. Analysts on average had expected total ad revenue of $8.31 billion, according to research firm FactSet StreetAccount. The strong results allay some concerns after the company warned in November that ad growth would likely slow "meaningfully" due to limits on "ad load" - the total number of ads Facebook can show to each user. Facebook is expected to generate about $29.71 billion in mobile ad revenue in 2017, according to research firm eMarketer, up about 35.2 percent from 2016. Net income attributable to Facebook shareholders rose to $3.56 billion, or $1.21 per share, from $1.56 billion, or 54 cents per share, a year earlier. Total revenue rose to $8.81 billion from $5.84 billion. (Reporting by Rishika Sadam in Bengaluru; Editing by Saumyadeb Chakrabarty) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-facebook-results-idUSKBN15G5MR'|'2017-02-02T04:17:00.000+02:00'
'240f469a524aa6558b92d691ba06563e62f53fb0'|'BRIEF-Japanese regional banks to join yuan payment network - Nikkei'|'Financials  27pm EST BRIEF-Japanese regional banks to join yuan payment network - Nikkei Feb 2 Nikkei * Hiroshima bank and 13 other Japanese regional banks to connect to interbank payment network that enables direct yuan wiring to Mainland China - Nikkei Source text ( s.nikkei.com/2jwOfnt )   Financials LONDON, Feb 1 (Thomson Reuters Foundation) - Squatters who occupied a $15 million central London mansion left empty by its foreign owner were forced to leave the property after bailiffs enforced a court order on Wednesday.   Reuters News Agency - Brand Attribution Guidelines 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/financialsNews'|'http://www.reuters.com/article/idUSFWN1FM13D'|'2017-02-02T02:27:00.000+02:00'
'b83c576ff075abc86bf45eff9576d272c6897be1'|'PRESS DIGEST- New York Times business news - Feb 3'|'Company News - Fri Feb 3, 2017 - 12:39am EST PRESS DIGEST- New York Times business news - Feb 3 Feb 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. - Uber CEO Travis Kalanick plans to step down from the president''s council, after internal pressure from employees and a social media backlash. nyti.ms/2jJwrRe - Stephen A. Feinberg, founder of Cerberus Capital Management, is in discussions to join the Trump administration, the firm disclosed on Thursday. nyti.ms/2jJAfBT - Republicans on Thursday took one of their first steps to officially dismantle Obama-era environmental regulations by easing restrictions on coal mining, bolstering an industry that President Trump has made a symbol of America''s neglected heartland. nyti.ms/2jJyHYy - Department store operator Nordstrom Inc said it would put the brakes on its relationship with Ivanka Trump and it removed her brand from a list on its site. nyti.ms/2jJxErO - John Cryan, chief executive of Deutsche Bank, apologized in especially contrite terms on Thursday for the long list of misdeeds that tarnished the German lender''s reputation and cost it billions of euros in fines and settlements, adding that bonuses of top managers would be cut. nyti.ms/2jJyKUm (Compiled by Vishal Sridhar in Bengaluru) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/press-digest-nyt-idUSL4N1FO1BM'|'2017-02-03T12:39:00.000+02:00'
'8b1c0cf3de52b60703c5d9561cb918eec12fb417'|'EU set to approve ChemChina''s $43 billion bid for Syngenta - sources'|'Business News - Thu Feb 2, 2017 - 2:58pm GMT EU set to approve ChemChina''s $43 billion bid for Syngenta: sources left right A Syngenta logo is pictured in their office in Singapore, February 12, 2016. REUTERS/Edgar Su/File Photo 1/2 left right A woman checks her phone at the headquarters of China National Chemical Corporation in Beijing, July 20, 2009. REUTERS/Stringer/File Photo 2/2 BRUSSELS EU antitrust regulators are set to approve ChemChina''s [CNNCC.UL] $43 billion bid for Swiss pesticides and seeds group Syngenta ( SYNN.S ) after the Chinese company agreed to sell some products, two people familiar with the matter said on Thursday. The deal is the largest foreign acquisition ever by a Chinese company. ChemChina will divest a couple of national product registrations, including existing products and a few in the pipeline, in more than a dozen EU countries to allay the European Commission''s concerns, one of the people said. The products are generally from ChemChina unit and Israeli crop protection company Adama while a few are from Syngenta, the person said. No plants, facilities or personnel are involved. (Reporting by Foo Yun Chee) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-syngenta-ag-m-a-china-natl-chem-eu-idUKKBN15H1SQ'|'2017-02-02T21:57:00.000+02:00'
'741974315940f0d10854d8d0adf529831ffea600'|'Exclusive: Japan considers buying more U.S. energy as Abe prepares to meet Trump'|'Business News - Thu Feb 2, 2017 - 7:57am GMT Exclusive: Japan considers buying more U.S. energy as Abe prepares to meet Trump left right FILE PHOTO - Snow covered transfer lines are seen at the Dominion Cove Point Liquefied Natural Gas (LNG) terminal in Lusby, Maryland March 18, 2014. REUTERS/Gary Cameron/File Photo 1/2 left right FILE PHOTO - Japan''s Prime Minister Shinzo Abe makes a policy speech at the start of the ordinary session of parliament in Tokyo, Japan, January 20, 2017. REUTERS/Toru Hanai/File Photo 2/2 By Tomo Uetake and Nobuhiro Kubo - TOKYO TOKYO Japanese Prime Minister Shinzo Abe is considering increasing energy imports from the United States, two sources familiar with the plan told Reuters, as he prepares to meet President Donald Trump, who has complained about Japan''s trade surplus. Japan is putting together a package of plans for Japanese companies to invest in infrastructure and job-creation projects in the United States for Abe to take to the Feb. 10 meeting with Trump in Washington. Another idea is to offer to increase liquid natural gas (LNG) imports from the United States, a source in the ruling coalition told Reuters. Another option, if Abe determines that Trump is most concerned about the trade gap, is to increase imports of U.S. shale oil or gas on top of the investment package, according to a top executive at a major Japanese corporation who is close to Abe. Japanese officials have been scrambling to respond to Trump''s scattershot comments since he took office. He has threatened to impose a tax on car imports from Mexico, criticized Japan''s trade gap with the United States and most recently accused Japan, along with China and Germany, of devaluing their currencies to the detriment of U.S. companies. "(Abe) wants to know what''s the most important thing for Trump," said the executive, who declined to be identified. "If it is the trade surplus that Trump cares the most about, for instance, then we could come up with a few possible solutions," including importing more U.S. shale oil or gas. Abe''s approach toward Trump would be "not accommodating, not opposing", he said. Utilities would be resistant to buying more U.S. shale gas because they have already committed to buying large amounts and Japan''s demand for energy is falling, an executive at a Japanese gas importer told Reuters on condition of anonymity. Prices for LNG in Asia LNG-AS have fallen by almost a fifth this year amid a supply glut. Japan is the world''s biggest buyer of the gas cooled to liquid form for transport on ships and takes in nearly a third of global shipments. Once seen as a panacea for Japan''s energy crisis after the Fukushima nuclear disaster in 2011 led to the shutdown of most reactors in the country, U.S. shale gas is now just one of many options for Japan to meet its needs. Japan took in its first shipment of shale gas in liquid form this month and more shipments are likely to come as more export terminals start shipments this year and next. The Yomiuri newspaper said on Thursday Abe''s growth and jobs initiative would include a plan for Japan and the United States to jointly develop a $450 billion "infrastructure market", into which the Japanese government and companies would invest $150 billion over 10 years. (Writing and additional reporting by Aaron Sheldrick; Editing by Robert Birsel) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-usa-trump-japan-lng-exclusive-idUKKBN15H0NJ'|'2017-02-02T14:54:00.000+02:00'
'6176ec4872b025b4df78a3e9662f6e2eca8c3806'|'India cenbank issues revised rules on commercial paper issuance'|'Financials  29am EST India cenbank issues revised rules on commercial paper issuance MUMBAI Feb 2 The Reserve Bank of India issued revised guidelines for commercial papers, including mandating that the issuer must disclose the end-use of such funds and that it cannot buy back its securities before 60 days from the sale to investors. The central bank, in a circular late on Thursday, added the issuer will also need to ensure that proceeds from CP issuance are used to finance only current assets and operating expenses. Among other guidelines, the RBI said the issuer must receive at least two ratings from a credit agency, and would have to assign the lower rating to the CP, up from a requirement of needing only one rating. CP issuers must now also keep any lender from which it has outstanding loans informed about such market borrowing. For the full circular, see: bit.ly/2klqXhf (Reporting by Suvashree Dey Choudhury; Editing by Rafael Nam) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/india-cenbank-debt-idUSL4N1FN3HG'|'2017-02-02T22:29:00.000+02:00'
'1623fb3684a256298de04fcfa23bf1f48580f0a2'|'Audi says reviewing provisions for dieselgate scandal'|'Wed Feb 1, 2017 - 8:37am GMT Audi says reviewing provisions for dieselgate scandal The logo of German car manufacturer Audi is seen at a building of a car dealer in Duebendorf, Switzerland November 22, 2016. REUTERS/Arnd Wiegmann MUNICH Audi ( NSUG.DE ) is reviewing whether it needs to put aside more provisions to cover the costs of a settlement in the United States over the dieselgate scandal. Parent group VW ( VOWG_p.DE ) has agreed to pay at least $1.26 billion to fix or buy back and compensate owners of about 80,000 polluting 3.0 liter diesel-engined vehicles -- and could be forced to pay more than $4 billion if regulators don''t approve fixes for all vehicles, court documents filed late Tuesday showed. "We are using the court documents to review what we still need to set aside for the annual accounts," a spokesman said on Wednesday, declining to provide further details. Audi has already set aside a total of 980 million euros ($1.06 billion) in provisions for the matter. Supplier Robert Bosch has separately agreed to pay $327.5 million, which it said did not reflect an admission of guilt. "After carefully weighing up all the factors, we decided to reach a settlement," Bosch CEO Volkmar Denner said in a statement. ($1 = 0.9270 euros) (Reporting by Irene Preisinger; Writing by Victoria Bryan; Editing by Christoph Steitz) Up Next VW, Robert Bosch agree to pay $1.6 billion to settle U.S. diesel claims WASHINGTON Volkswagen AG has agreed to pay at least $1.26 billion to fix or buy back and compensate owners of about 80,000 polluting 3.0 liter diesel-engined vehicles -- and could be forced to pay more than $4 billion if regulators don''t approve fixes for all vehicles, court documents filed late Tuesday showed.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-volkswagen-emissions-audi-idUKKBN15G3RX'|'2017-02-01T15:35:00.000+02:00'
'a9da77400e83cb38777738f059e016457e3a3a89'|'UPDATE 1-Spain''s BBVA takes Mexican peso drop, mortgage charge in stride'|'Market News - Wed Feb 1, 2017 - 2:44am EST UPDATE 1-Spain''s BBVA takes Mexican peso drop, mortgage charge in stride * BBVA Q4 profit falls 28 pct y/y, beats forecasts * Full-year profit up 32 pct y/y, last year hit by writedown * Mexican business makes up almost half of profits * Mortgage charges knock Q4 profit by 400 mln euros (Adds details, background) By Jes<65>s Aguado and Angus Berwick MADRID, Feb 1 BBVA outstripped forecasts for its fourth quarter profit on Wednesday, although a sharp drop in the peso in its largest market of Mexico and one-off charges for mis-sold Spanish mortgages meant a drop of nearly 30 percent. Mexico contributes almost half the profits at Spain''s second largest bank and has offset weakness at home in recent years, but this has been eroded by a 14 percent fall in the peso over the past year on concerns U.S. President Donald Trump could rip up a free trade deal with his southern neighbour. At 678 million euros ($731 million), BBVA''s net profit for the quarter was above an average of analysts'' estimates calculated by Thomson Reuters of 548 million euros. The bank suffered a hit of 400 million euros related to provisions on disputed mortgage clauses which have eaten into Spanish banks'' profits after Europe''s top court overturned a Spanish ruling in December that capped liabilities. Banks are now liable for more than 4 billion euros in charges. BBVA''s profit over the whole of 2016 was up 32 percent to 3.5 billion euros, in line with analysts'' forecasts, after 2015 earnings were hit by a 1.8-billion-euro writedown in Turkey, where it owns a majority stake in lender Garanti. The bank benefited in the past from its growing businesses abroad, chiefly in Mexico and Turkey, to offset weaker lending in its home market where it is focused on cutting costs. Profit in Mexico was down close to 6 percent at 571 million euros in the fourth quarter from the year before, although BBVA said underlying growth remained strong and profit would have risen 10 percent without the currency fluctuations. Overall full year 2016 net interest income - a measure of earnings on loans minus deposit costs - was 17 billion euros, up 4 percent from a year ago, due to lower funding costs. BBVA confirmed it would move towards a full cash dividend payment from 2017 onwards with a pay-out target of between 35 percent and 40 percent annually. ($1 = 0.9278 euros) (Editing by Alexander Smith) Next In Market News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/bbva-results-idUSL5N1FM0W9'|'2017-02-01T14:44:00.000+02:00'
'9a260a52a66f618e32aab3b0abfc0d3930a6e564'|'Euro zone factories started 2017 with fastest growth in nearly six years - PMI'|'Business News - Wed Feb 1, 2017 - 9:12am GMT Euro zone factories started 2017 with fastest growth in nearly six years - PMI LONDON, Euro zone factories started 2017 by ramping up activity at the fastest rate for nearly six years, according to a survey which showed manufacturers were more optimistic than they have been since at least mid-2012. The survey also highlighted mounting inflationary pressures, something that will be welcomed by policymakers at the European Central Bank who have struggled to get prices to rise as fast as they would like. IHS Markit''s final manufacturing Purchasing Managers'' Index for the euro zone rose to 55.2 in January from December''s 54.9. A reading above 50 indicates growth and an earlier preliminary estimate had indicated a more modest rise to 55.1. An index measuring output, which feeds into Friday''s composite PMI, held steady at December''s 56.1, which was its highest since April 2014. "Euro zone manufacturing is off to a strong start to the year," said Chris Williamson, chief business economist at IHS Markit. Manufacturers were increasingly upbeat. A future output sub-index jumped to 66.9 from 63.7, its highest reading since the data was first collected in July 2012. "Optimism about the year ahead has risen to the highest since the region''s debt crisis, suggesting companies are maintaining a buoyant mood despite the heightened political uncertainty caused by Brexit and looming general elections in the Netherlands, France and Germany," Williamson said. "Inflationary pressures are also picking up. Much of the increase in costs and prices can be linked to the weakened exchange rate and higher global commodity prices. However, there are also signs of demand running ahead of supply, which hints at a tentative build-up of core inflationary pressures." Euro zone inflation jumped to 1.8 percent in January, while economic growth picked up to a faster rate than in the United States and unemployment fell to a seven-year low at the end of last year, official data showed on Tuesday. But the rebound looks unlikely to prompt any early rethink of the ECB''s stimulus programme as rises in core prices were modest. Having already spent over 1.5 trillion euros (<28>1.29 trillion) buying mostly sovereign bonds, the ECB in December unexpectedly said it would trim its monthly spend to 60 billion euros from April. It currently spends 80 billion euros a month. Economists in a Reuters poll last month unanimously said the ECB''s next move, after April''s planned cut in monthly bond purchases, would be to taper quantitative easing further. ((Reporting by Jonathan Cable; Editing by Hugh Lawson)) Next In Business News UK house price growth weakest since Nov 2015 - Nationwide LONDON British house prices rose at their slowest annual rate in more than a year last month, and the prospect of weaker jobs growth and higher inflation is likely to weigh further on their prospects in 2017, mortgage lender Nationwide said on Wednesday.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-eurozone-economy-pmi-idUKKBN15G3TU'|'2017-02-01T16:12:00.000+02:00'
'2bd73ad3af76027b0818be1dea4a7eef23c9ff18'|'Unit of Brazil''s PDG to discuss missed payment with creditors'|'Financials - Tue Jan 31, 2017 - 7:20pm EST Unit of Brazil''s PDG to discuss missed payment with creditors SAO PAULO Jan 31 Brazilian homebuilder PDG Realty SA''s securitization unit failed to honor repayment of principal on an unspecified amount of real estate receivable-backed debt whose maturity expired on Jan. 23, according to a securities filing on Tuesday. The unit, PDG Companhia Securitizadora, said it would call a creditor assembly "with the aim of discussing suitable measures in light of the default." (Reporting by Brad Haynes; Editing by Sandra Maler) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/pdg-realty-sa-debt-idUSL1N1FM00T'|'2017-02-01T07:20:00.000+02:00'
'ba5cf7115ef290e72fefc414fe85a9276fdea93f'|'Indian shares rise 1.5 pct after Jaitley unveils budget for recovery'|' 23am EST Indian shares rise 1.5 pct after Jaitley unveils budget for recovery * Both NSE, BSE indexes up 1.5 pct * Fin Min Jaitley unveils 2017/18 budget * India to spend more on rural areas, infra By Darshana Sankararaman and Tanvi Mehta Feb 1 Indian shares rose 1.5 percent on Wednesday after Finance Minister Arun Jaitley unveiled a budget with a range of incentives for companies and geared towards boosting infrastructure and developing the rural economy. However, views on the fiscal deficit target were mixed after the government raised it to 3.2 percent from its earlier forecast of 3 percent, with some analysts expressing scepticism about whether it would be achievable. Bonds were down with the benchmark 10-year bond yields up 1 basis point at 6.42 percent after rising as much as 5 bps earlier amid confusion about the government''s planned gross borrowing numbers. The numbers initially provided by the government did not account for a buyback of a net 750 billion rupees in bonds, which is part of the 6.05 trillion rupees gross borrowing projection for the next fiscal year and 3.48 trillion rupees net borrowing projection. "The budget was neither popular nor populist. It was a rather tepid budget as has been the case lately," said Arvind Chari, head of fixed income and alternatives for Quantum Advisors. "The budget proposals are not inflationary and, thus, if food prices remain benign, we could expect some rate cuts by the RBI (Reserve Bank of India)." The broader NSE index was up 1.49 percent at 8,688.45 as of 0854 GMT, while the benchmark BSE index was 1.48 percent higher at 28,062.69. The rupee strengthened to 67.59 per dollar from its previous close of 67.86. Financials were among the top gainers on the NSE index, with the Nifty bank index climbing as much as 2.35 percent. State Bank of India was up 2.80 percent. Among other gainers, fertiliser shares gained after Jaitley said he expected the agriculture sector to grow at 4.1 percent in 2016/17 with a better monsoon. Deepak Fertilisers and Petrochemicals Corp rose as much as 7.29 percent, while Coromandel International Ltd climbed up to 5.21 percent. (Reporting By Darshana Sankararaman in Bengaluru; Editing by Subhranshu Sahu) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/india-stocks-idUSL4N1FM1XE'|'2017-02-01T16:23:00.000+02:00'
'724e59439ef3e2f5086fd77968e62b89d070b586'|'Chinese bankers brace for bonus blues'|' 16am IST Chinese bankers brace for bonus blues left right Logos of Orient Securities are seen near a branch of the company in Shanghai, China, January 26, 2017. REUTERS/Aly Song 1/5 left right Logos of Orient Securities are seen near a branch of the company in Shanghai, China, January 26, 2017. REUTERS/Aly Song 2/5 left right A cyclist rides past a branch of Haitong Securities, in Shanghai, China, January 26, 2017. REUTERS/Aly Song 3/5 left right People walk past a branch of Haitong Securities, in Shanghai, China, January 26, 2017. REUTERS/Aly Song 4/5 left right A logo of Orient Securities is seen outside a branch of the company in Shanghai, China, January 26, 2017. REUTERS/Aly Song 5/5 By Engen Tham - HONG KONG HONG KONG Bankers and brokers in China are expecting a brutal bonus season over the next few weeks, as business dwindled on local stock markets last year, dragging industry profits down by half. Data from headhunters and industry sources suggest an equities trader in China would have earned between 500,000 and 850,000 yuan ($73,000-$124,000) in 2016, with a 12-month bonus paid in the first half. But this year the industry is struggling after the stock market boom came to a turbulent end in 2015 and regulators stepped in to manage the turmoil, hitting local banks and global players trying to boost their Asia business. According to Brett Rose, head of the Shanghai branch of recruitment firm Robert Walters, around 40 percent of investment bankers on the mainland are expecting no bonus at all. Some brokers are also planning lay-offs, having already pared back some of the perks that staff have long taken for granted, people at five brokerages and analysts said. Shanghai-based Orient Securities ( 600958.SS ), which reported a 68 percent drop in 2016 profit, has already signalled its belt-tightening, two executives at the brokerage said. First the free sweet treats and coffee disappeared from the pantry, then half-year bonuses were scrapped, they said, and most recently the cash advance on the annual bonus, customarily paid ahead of Lunar New Year, was slashed to a quarter for one of the sources. <20>This year performance was, broadly speaking, very bad, so it<69>s possible that (the year-end bonus) will only be half or a third of last year<61>s,<2C> said the source. Orient Securities has yet to respond to a request for comment. A source at Shenwan Hongyuan Group ( 000166.SZ ), the fifth-largest mainland-listed brokerage, said a new policy sacking the bottom fifth of last year''s performers on the business side would take effect by end-March. Shenwan Hongyuan did not return requests for comment. Many Chinese brokers, highly dependent on trading fees, were badly hit by a 50 percent fall in average daily turnover in stocks and funds to 500 billion yuan last year, according to a January report by Haitong Securities. Government restrictions on margin financing continued to weigh on trading, while crackdowns on property-related and other structured products also hit revenues. Industry profits fell 50 percent to 123.4 billion yuan, according to the Securities Association of China. GLOBAL KNOCK-ON Staff at global banks that have bet on China to drive growth in their Asian equities trading franchises are also due to receive news of their bonuses in coming weeks. They typically earn as much as twice their Chinese counterparts'' basic pay, but they will also have to pull in their horns. "Global banks'' Asian revenues had been propped up by China''s massive stock market rally in 2015, but the secondary market is down considerably from its amazing bull run, which means sales and trading compensation should be lower," said Benjamin Quinlan, CEO of Hong Kong consultancy Quinlan & Associates. The slump in secondary market business, together with cost pressures, is likely to drag down average investment banking bonuses in Asia by 20 to 30 percent at the worst-performing global banks, said Quinlan. Even the best performers are likely to see bonuses fall 10 to 15 
'5f81608b6b5190088dee03b1ca8eb4fad436b8d4'|'Volvo profit beats forecast, raises European outlook'|'Business News - Wed Feb 1, 2017 - 7:03am GMT Volvo profit beats forecast, raises European outlook The logo of Swedish truck maker Volvo is pictured at the IAA truck show in Hanover, September 22, 2016. REUTERS/Fabian Bimmer STOCKHOLM Truck maker Volvo ( VOLVb.ST ) reported stronger than expected quarterly core earnings on Wednesday as years of cost cuts lifted profitability on top of healthy sales, and raised its forecast for the European market this year. Volvo, which competes with German rivals Daimler ( DAIGn.DE ) and Volkswagen''s ( VOWG_p.DE ) stable of truck brands, also said it saw signs of stabilisation in the contracting North American truck market with inventories of new trucks coming down. Adjusted operating profit at Sweden''s Volvo rose to 5.66 billion Swedish crowns ($646.5 million) from a year-ago 4.57 billion to come in well above a mean forecast of 4.76 billion in Reuters poll of analysts. Expectations that sweeping cost cuts will further boost profitability at Sweden''s biggest listed company by revenues have helped lift Volvo shares 46 percent over the past year, outpacing a 14 percent gain for Stockholm blue chips .OMXS30 . Those gains have also raised the bar for the company to deliver even when demand is less buoyant. Volvo, which sells under brands such as Mack, Renault and UD Trucks as well as its own name, said order intake of its trucks rose 10 percent year-on-year in the fourth quarter compared with the 3 percent decline seen by analysts. After reaching their highest peak last year since the global financial crisis, European truck sales have been widely seen slowing in 2017 while North American demand, already depleted by high inventories and low freight rates, extends a two-year slide. Gothenburg-based Volvo raised its forecast for the European heavy-duty truck sales this year, forecasting a roughly flat market of 300,000 vehicles versus the previous 280,000, and kept unchanged its outlook for North America. The company also said it had undertaken a review of its construction arm, seen by analysts as a potential spin-off, identifying further potential for improvement. "To create further simplicity, transparency and flexibility, the intention is to increase Volvo CE<43>s structural independence within the Volvo Group," Volvo said in a statement. (Reporting by Niklas Pollard and Johannes Hellstrom; Editing by Alistair Scrutton) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-volvo-results-idUKKBN15G3JY'|'2017-02-01T14:03:00.000+02:00'
'f44f1ed280108acfcd62a4d0069fe4bdd0dd5d8d'|'Russian retailer Detsky Mir''s IPO fully subscribed - sources'|'MOSCOW Feb 1 An initial public offering of shares in Russian toy seller Detsky Mir has been fully subscribed, a source close to the offering and a financial market source said on Wednesday.The company had set a price range for the share sale of 85-105 roubles per share.(Reporting by Olga Popova; writing by Maria Kiselyova; editing by Jack Stubbs)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/russia-detsky-mir-ipo-idINR4N1FC02D'|'2017-02-01T05:40:00.000+02:00'
'12b16c948e1993926ab4670cf4c8bbb8c7675769'|'Mastercard, UniRush fined $13 mln for prepaid card breakdowns -U.S. CFPB'|'Technology  19pm EST Mastercard, UniRush fined $13 million   U.S. CFPB MasterCard credit cards are seen in this illustrative photograph shot December 8, 2010. REUTERS/Jonathan Bainbridge/Illustration/File Photo WASHINGTON   The companies will pay $10 million in restitution to the "tens of thousands" of customers who could not access funds and $3 million civil money penalty, according to the U.S. Consumer Financial Protection Bureau. (Reporting by Lisa Lambert; Editing by Chizu Nomiyama) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-mastercard-unirush-fines-idUSKBN15G55I'|'2017-02-02T00:14:00.000+02:00'
'3b94dcfa484b1a436f5edc86e6136050d24b899e'|'MOVES-Oordeoo Oman appoints new CFO'|' 02am EST MOVES-Oordeoo Oman appoints new CFO DUBAI Feb 1 Ooredoo Oman announced the appointment of Abdul Razzaq al-Balushi as chief financial officer on Wednesday. Al-Balushi takes over from Jorgen Latte, who retired on Feb. 1, according to a bourse statement. Al-Balushi has previously served as Ooredoo Oman''s deputy financial officer. (Reporting by Alexander Cornwell; Editing by Sherry Jacob-Phillips) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/ooredoo-oman-moves-idUSL5N1FM0M1'|'2017-02-01T13:02:00.000+02:00'
'aec1069eaaaa9ad3f8ef22b3345143c378b98a3b'|'OPEC cut extension could hurt Saudi plan to balance market- Gunvor'|'Global Energy News - Wed Feb 1, 2017 - 12:14pm GMT OPEC cut extension could hurt Saudi plan to balance market- Gunvor 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 Libby George - ANTWERP ANTWERP An extension of OPEC oil production cuts could push oil prices too high to meet Saudi Arabia and others'' objective of balancing the market without encouraging U.S. shale output, Gunvor''s head of oil market research said on Wednesday. The Organization of the Petroleum Exporting Countries (OPEC) had already begun to achieve some of its aims, creating a virtual price floor of $50 per barrel, David Fyfe told the Platts Middle Distillates conference in Antwerp. OPEC, Russia and other producers have agreed to trim 1.8 million barrels per day (bpd) from their production for six months from Jan. 1. Fyfe said extending the cuts beyond the six month agreement could push prices so high that they would draw larger output increases from other regions. "If they hold 1 million bpd cuts into 2017, and the Russians contribute something, there could be a 250 million-barrel draw," Fyfe said. That size of a draw "would push prices sharply higher, and they don''t want that." OPEC has said its production deal is extendable for another six months but a number of the group''s oil ministers have said this is not likely. Some analysts have said an extension of the supply cuts would be necessary to maintain stability in global supply/demand balances. But Fyfe said that under OPEC''s current plan, the market could draw roughly 120 million barrels from storage, beginning in the second quarter, keeping prices in the $55-$60 per barrel range this year, eventually "drifting" to $70-$75 per barrel in 2018. Fyfe said this should ensure prices would not go too high or too low. He said a 120 million barrel stock draw would still leave global stocks above their five-year average. The International Energy Agency said in its latest report that stocks in the developed world were still some 300 million barrels above that level. Fyfe also said the lack of spare oil production capacity meant that higher stocks could help the market cope with further supply outages, such as those in Libya and Nigeria. (Reporting By Libby George. Editing by Jane Merriman) Next In Global Energy News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-oil-opec-idUKKBN15G4CU'|'2017-02-01T19:14:00.000+02:00'
'14a4befbc7baf09f5819d1c33e676b685c10c941'|'U.S. private sector adds 246,000 jobs in January, topping estimates: ADP'|'Business News - Wed Feb 1, 2017 - 8:24am EST U.S. private sector adds 246,000 jobs in January, topping estimates: ADP A man holds his briefcase while waiting in line during a job fair in Melville, New York July 19, 2012.   U.S. private employers added 246,000 jobs in January, above economists'' expectations, a report by a payrolls processor showed on Wednesday. Economists surveyed by Reuters had forecast the ADP National Employment Report would show a gain of 165,000 jobs, with estimates ranging from 140,000 to 200,000. Private payroll gains in the month earlier were revised down to 151,000 from an originally reported 153,000 increase. The report is jointly developed with Moody''s Analytics. The ADP figures come ahead of the U.S. Labor Department''s more comprehensive non-farm payrolls report on Friday, which includes both public and private-sector employment. Economists polled by Reuters are looking for U.S. private payroll employment to have grown by 169,000 jobs in January, up from 144,000 the month before. Total non-farm employment is expected to have climbed by 175,000. The unemployment rate is forecast to stay steady at the 4.7 percent recorded a month earlier. (Editing by Meredith Mazzilli)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-usa-economy-adp-idUSKBN15G4J5'|'2017-02-01T20:24:00.000+02:00'
'd044c1e97a5df44d5196805c914fedafd8c717b8'|'BRIEF-Apple considering legal options regarding Trump''s executive order on immigration - CNBC'|'Company News  51am EST BRIEF-Apple considering legal options regarding Trump''s executive order on immigration - CNBC Feb 1 (Reuters) - * Apple considering legal options regarding Trump''s executive order on immigration & company asking trump admin to reverse it - CNBC Next In Company News UPDATE 1-U.S. takes steps to review Dakota Access pipeline WASHINGTON, Feb 1 The U.S. Army Corp of Engineers on Wednesday said it had taken initial steps to review requests to approve the final permit to finish the controversial Dakota Access pipeline, which has been the focus of protests for months.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1FM0UC'|'2017-02-01T22:51:00.000+02:00'
'4932fea5c8e3cf308e063bde8c09a298499fc88f'|'Greek M&A strengthened in 2016 due to bank asset sales- PwC'|'Industrials - Wed Feb 1, 2017 - 10:20am EST Greek M&A strengthened in 2016 due to bank asset sales- PwC * Greek M&A deals triple in 2016 to 4.4 bln euros * Bank sales of non-core assets make up biggest chunk * Outlook for M&A expected to be stable in 2017 By George Georgiopoulos ATHENS, Feb 1 Mergers and acquisitions picked up in Greece last year, but remained at low levels as several privatisations were delayed, according to figures from business consultancy PricewaterhouseCoopers on Wednesday. The value of 38 Greek mergers and acquisitions in 2016 nearly tripled to 4.4 billion euros ($4.75 billion) from 1.4 billion in 2015, it said. The biggest chunk - 75 percent - were sales of Greek banks'' non-core assets. PwC said the economic climate in Greece would remain stable for mergers and acquisitions in 2017 and it did not see the value of transactions topping 2016 levels. "However there could be an improvement in 2018," it said. The conclusion of the sale of 14 regional Greek airports to German operator Fraport, the expected sale of a 30 percent stake in Athens International Airport and the divestment of a 67 percent stake in Thessaloniki port by the state privatisations agency would determine the level of M&A activity this year, PwC said. Greece''s revenues from privatisations rose slightly last year to 500 million euros but missed targeted proceeds of 1.3 billion. Privatisations have been a central condition of Greece''s three international bailouts since 2010, but political resistance and bureaucratic snags have meant few have gone ahead to date. Greece, grappling with a debt crisis since 2009, must raise 5.3 billion euros from state asset sales by 2018, when its current bailout programme ends. Privatisations that have been plagued by delays include the sale of gas grid operator DESFA and the real estate development of the old Athens airport site Hellenikon. Last year''s deals included the sale of National Bank''s Turkish unit Finansbank to Qatar National Bank and of its investment arm NBGI to Goldman Sachs and Deutsche Asset Management. Likewise, Piraeus Bank sold ATE Insurance to Ergo International while Alpha Bank divested its stake in the Athens Hilton hotel and sold its Bulgarian operations to Postbank. By contrast, the 20 biggest deals in Europe last year reached 293 billion euros, with 36 percent taking place in the telecoms and information technology sectors. Last year, nine Greek companies issued corporate bonds, raising a total of 1.6 billion euros, with coupons ranging from 1.0 to 7.0 percent - an improvement from 2015 when total issuance amounted to just 370 million. ($1 = 0.9271 euros) (Reporting by George Georgiopoulos; Editing by Adrian Croft) Next In Industrials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/greece-economy-ma-idUSL5N1FM4SJ'|'2017-02-01T22:20:00.000+02:00'
'2d8441079fa8999f1ab890ac441d53c04afc970e'|'Drugmakers look for reciprocal UK-EU regulation after Brexit'|' 37pm GMT Drugmakers look for reciprocal UK-EU regulation after Brexit 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 Drugmakers are preparing for Britain to quit Europe''s medicines regulator as part of Brexit, but industry leaders believe the country can still work closely with the EU agency to agree on drug approvals. Industry officials said ministers were open to developing a scheme whereby a separate British drugs regulator would work closely with the European Medicines Agency (EMA) through a system of reciprocal or mutual recognition. "We''re heading towards a situation where regulatory cooperation, through various equivalence procedures, is the preferred option," said one person familiar with discussions. "All stakeholders, including doctors, see a public health interest here." In a "White Paper" policy document on Thursday, setting out its plans for coming negotiations on leaving the EU, the government said it would discuss "future status and arrangements" with the EMA as part of the exit talks. The EMA currently approves treatments for all EU countries from its headquarters in London, where it employs a staff of nearly 900, making it the largest EU body in Britain. Health minister Jeremy Hunt said last week he expected those ties to be severed once Britain leaves the EU, fuelling fears that Britons might get slower access to new drugs than the rest of Europe, while companies would face extra regulatory hurdles. "It would be logical to assume that the EMA will have to stay with Europe and therefore the UK will have to have its own agency," said AstraZeneca ( AZN.L ) Chief Executive Pascal Soriot. Nonetheless, he believes Britain''s domestic regulator, the Medicines and Healthcare products Regulatory Agency, can still work collaboratively with the EMA. "That should be possible because it is in the interests of everybody and all the regulatory and scientific standards today are common. If you separate the two you could still decide to keep the same regulatory standards and as a result agree to recognise each others approvals," Soriot said. Mike Thompson, CEO of the Association of the British Pharmaceutical Industry, said negotiating such an alignment deal with the EMA would be a "win-win" for Britain and the EU. It would mean that British scientists could effectively continue to contribute to Europe''s drug regulation workload, while ensuring patient access to new medicines. Being cut off completely from the European system could put British patients at the back of the queue for drugs because applications for new licences from Europe - a market of 500 million people - would take priority over the much smaller British market with its population of 65 million. (Editing by Elaine Hardcastle)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-whitepaper-pharmaceuticals-idUKKBN15H218'|'2017-02-02T23:37:00.000+02:00'
'aca52831534d1d743af3f7506c05b04e21fcf013'|'FTC to focus on consumer injury, minimizing paperwork requests to companies'|'By Diane Bartz - WASHINGTON WASHINGTON Feb 2 The Federal Trade Commission will focus on fraud and be judicious in making paperwork requests when it opens an investigation into a company, acting FTC Chairman Maureen Ohlhausen said in a speech on Thursday.Ohlhausen called fighting fraud the "core of the FTC''s consumer protection mission.""These cases may not forge new legal ground or prompt huge headlines but such actions defend the consumer harmed by an unscrupulous con artist," she said at an American Bar Association Consumer Protection Conference in Atlanta, according to an advance text of her speech.Taking a cue from President Donald Trump''s interest in cutting red tape, Ohlhausen said that she would push to streamline agency information requests. "Such requests impose large compliance costs on legitimate companies," she said.During the Obama administration, the FTC was aggressive in going after companies such as Wyndham Hotels that it alleged were sloppy with consumer data and also pursued companies like POM Wonderful that made health claims the agency felt were inadequately substantiated.That said, she said she supported the FTC''s decision to go after the infidelity-dating website Ashley Madison after a 2015 data breach resulted in a leak of details on 36 million user accounts. She noted that people committed suicide after they were found to have used the site."Although monetary injury has been our primary focus, we have seen substantial injury arise from the exposure of more than just financial information," she said.But she disagreed with other assessments of harm, including the agency''s $20 million settlement with ride-hailing company Uber last month over allegations it exaggerated earnings claims to attract drivers. "It was an order of magnitude higher than our best evidence of consumer harm," she said.But John Simpson of Consumer Watchdog, which has pushed the FTC to be more aggressive, strongly supported the Uber settlement. "Disgorgement seems to be the only way to get the attention of these companies," he said.Alden Abbott of the conservative Heritage Foundation called the acting chairman''s priorities "good steps forward. She''s careful, she''s judicious and focused on consumer injury."The FTC normally has five members but two seats are vacant. A third becomes vacant next week when former Chairwoman Edith Ramirez steps down, leaving just Ohlhausen and Democrat Terrell McSweeny at the agency. It is not known when Trump will name a permanent chair or fill the three empty seats. (Reporting by Diane Bartz; Editing by Cynthia Osterman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/ftc-ohlhausen-idINL1N1FN1B8'|'2017-02-02T15:34:00.000+02:00'
'c19fc320d916710b60793b9d3ed59c6db938430c'|'Former HBOS bankers, businessmen sentenced to up to 15 years in UK loan scam'|'Company  41pm EST Former HBOS bankers, businessmen sentenced to up to 15 years in UK loan scam By Andrew MacAskill - LONDON LONDON Feb 2 Two former HBOS bankers and four business partners were sentenced to between three-and-a-half and 15 years in jail by a British judge on Thursday for orchestrating a $307 million fraud that siphoned off money from struggling businesses. Former HBOS bankers Lynden Scourfield and Mark Dobson, businessmen Michael Bancroft, David Mills and his wife Alison Mills and accountant Tony Cartwright were convicted on Monday of various crimes after a five-month jury trial in London. Scourfield, who was bribed with designer watches, sex with prostitutes and exotic foreign holidays by his business associates for his role in the scam, was sentenced to 11 years and three months in jail. His former colleague Mark Dobson was handed four-and-a-half years in jail. Mills was sentenced to 15 years in prison and his wife Alison to three and a half years. Mills'' former business associate Bancroft was sentenced to 10 years in jail and Cartwright handed a three-and-a-half year term. Judge Martin Beddoe said Scourfield had "sold his soul ... for sex, for luxury trips with and without your wife, for bling and for swank." The sentences are among the toughest handed out for a high-profile, white collar fraud in Britain in recent years. The bankers asked struggling business owners to employ a turnaround consultancy as a condition for getting a loan and they were obliged to pay the consultancy high fees for services and, in some cases, hand over ownership. Many of the businesses involved went into liquidation, resulting in job losses and financial hardship. "Their victims were people who were trying to contribute to the economy," said police detective Nick John. "They were normal people running small to medium-sized businesses who needed support and instead had their livelihoods, and in many cases, their lives destroyed by the greed of these parasites." HBOS, once Britain''s biggest mortgage lender under the Halifax and Bank of Scotland brands, incurred losses of 245 million pounds ($307 million) related to the conspiracy. The bank was rescued in a state-engineered takeover in 2008 by rival Lloyds Banking Group. Lloyds subsequently needed a 20 billion pound bailout of its own. Scourfield headed a division at HBOS that dealt with small companies in financial distress. In return for expensive gifts, cash, foreign travel and sex with prostitutes, Scourfield referred his clients to Mills and his restructuring consultancy. HBOS would extend far more money than the businesses needed, which the consultancy would then siphon off. Other high-profile cases related to Britain''s financial sector in recent years include that of Tom Hayes, a former UBS and Citigroup star trader, who was initially sentenced to 14 years in 2015 for manipulating Libor interest rates. His sentence was reduced to 11 years on appeal. Magnus Peterson, the founder of one of London''s oldest hedge funds, who was convicted of perpetrating a $540 million fraud in 2015, was sentenced to 13 years in prison. ($1 = 0.7972 pounds) (Additional reporting by Anjuli Davies; Editing by Adrian Croft) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/hbos-fraud-idUSL4N1FN3MC'|'2017-02-03T00:41:00.000+02:00'
'45294942196fd522352e029d99fb59db3614456c'|'UK services PMI falls for first time in four months - Markit'|'By David Milliken Growth in Britain''s services sector slowed for the first time in four months in January, dipping just below its long-run average, as businesses battled the sharpest rise in costs in more than five years, a closely watched survey showed on Friday.Britain''s economy unexpectedly outpaced all its major peers last year, wrong footing those who expected an immediate hit from June''s Brexit vote, and the spotlight is now on how resilient it will prove this year as price rises start to bite more.On Thursday the Bank of England sharply revised up its growth forecast for 2017 to 2.0 percent - far stronger than most economists expect - after it highlighted a stronger global economy and more resilient consumers.Friday''s data suggest any slowdown is likely to be gradual.The Markit/CIPS services purchasing managers'' index (PMI) dropped to a three-month low of 54.5 last month from December''s 15-month high of 56.2, at the bottom end of a range of forecasts in a Reuters poll of economists.This follows drops in PMIs for the smaller manufacturing and construction sectors earlier this week. Nonetheless, Markit said that together they still pointed to growth of 0.5 percent in the first three months of 2017, matching the BoE''s latest forecast."Optimism about the coming year has risen to its highest in one-and-a-half years, improving across the board in all sectors to suggest that January''s slowdown may only be temporary," HIS Markit economist Chris Williamson said.Services businesses said they were feeling more upbeat due to new orders, products and markets, as well as continued low interest rates and what they saw as more clarity about Britain''s exit from the European Union.Britain''s parliament has given Prime Minister Theresa May an initial green light to start Brexit talks, though BoE Governor Mark Carney predicted many twists and turns in the negotiations over future trading arrangements with the EU, Britain''s biggest export market.The BoE may take less comfort from the price pressures facing businesses.Manufacturers had previously reported the sharpest rise in raw material costs on record, and services businesses on Friday said their costs were rising at the fastest since March 2011 due to sterling''s fall since the referendum."Anecdotal evidence widely attributed cost pressure to fuel, salaries, freight charges and imports," Markit said. Businesses in turn raised the prices they charged, keeping up the rapid increases seen in December, which were the most widespread since April 2011."The degree to which costs are rising threatens to test the tolerance of some policymakers in terms of their willingness to ''look through'' what''s likely to be a marked upturn in inflation in 2017," Williamson said.The BoE on Thursday forecast that inflation, which jumped to 1.6 percent in December, would reach 2.7 percent by the end of this year - fractionally lower than it expected three months ago, as a partial recovery in the pound mildly eased pressure.(Reporting by David Milliken; editing by John Stonestreet)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/britain-economy-pmi-idINKBN15I10Q'|'2017-02-03T06:37:00.000+02:00'
'6564979be5ce043d474464e131b3407b147e750d'|'MOVES-Goldman Sachs global restructuring head decamps to Evercore -sources'|'Feb 2 Goldman Sachs Group Inc''s global head of restructuring Roopesh Shah has agreed to join Evercore Partners Inc as a senior managing director in its restructuring group, people familiar with the matter said on Thursday.Shah is the latest Goldman Sachs banker to join Evercore. In 2016, the boutique investment bank hired dealmaker John Weinberg, whose family helped run Goldman Sachs for most of its existence, as executive chairman. Evercore also hired shareholder activism defense banker Bill Anderson from Goldman Sachs in 2015.The sources asked not to be identified because the hire has not yet been made public. Both Goldman Sachs and Evercore declined to comment.Shah joined Goldman Sachs in 2006 after holding positions at investment banks Miller Buckfire & Co and Wasserstein Perella & Co, according to his LinkedIn profile. At Goldman Sachs, he succeeded Bruce Mendelsohn, who left for boutique investment bank Perella Weinberg Partners LP in 2015.While Shah was at the helm of Goldman Sachs'' restructuring group, the bank worked on deals for debt-laden oil and gas explorers Chesapeake Energy Corp and California Resources Corp, and girls accessories boutique Claire''s Stores Inc.Evercore has won mandates on major restructuring cases including Texas electric utility company Energy Future Holdings Corp, Canadian oil and gas explorer Lightstream Resources Ltd and Chesapeake.The firm has been building out its investment bank globally over the last several years.In January, Evercore announced it was establishing a Tokyo office and had hired Masuo Fukuda, the co-head of investment banking at Mizuho Securities, as the president of its business in the region.Evercore also said last month it had purchased a 19 percent stake in Luminis Partners to expand in Australia and New Zealand.Shares of Evercore have climbed nearly 80 percent in the last 12 months, compared to 20 percent for the broader S&P 500 Index. (Reporting by Jessica DiNapoli and Olivia Oran in New York; editing by Diane Craft)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/evercore-partnrs-moves-shah-idUSL1N1FN0X8'|'2017-02-03T02:56:00.000+02:00'
'668fa130c2e3a73ce7769d833588026e71b392c5'|'Daimler to build electric cars in existing Mercedes plants'|'Business News - Wed Feb 1, 2017 - 1:53pm GMT Daimler to build electric cars in existing Mercedes plants Mercedes-Benz cars are pictured in a production line at the plant of German carmaker Mercedes-Benz in Bremen, Germany January 24, 2017. REUTERS/Fabian Bimmer FRANKFURT German carmaker Daimler ( DAIGn.DE ) plans to build its new electric vehicles in existing Mercedes plants by integrating them with serial production of cars with combustion engines, the group said. "In this way, we are taking advantage of the opportunities offered by electric mobility and are significantly limiting the required investment," Mercedes-Benz Cars production chief Markus Schaefer said on Wednesday. Daimler has said its Mercedes-Benz and Smart brands planned to launch more than 10 electric cars by 2025, with zero-emission vehicles accounting for 15 to 25 percent of Mercedes sales. It has already said that it would build the first model under its new EQ electric vehicle brand in the northern German city of Bremen, and on Wednesday it made Sindelfingen the second plant designated to join the electric cars push. Daimler plans to invest up to 10 billion euros ($10.8 billion) in the development of electric vehicles, and labour representatives have been pushing for a large part of that investment to be made in the carmaker''s home country. The group said on Wednesday its factories in Germany''s Bremen, Rastatt and Sindelfingen as well as its Smart model plant in Hambach, France, would be competence centres for its electric vehicle production. Labour representatives welcomed the move as it gives existing German plants a stake in the shift to electric vehicles. "It must be clear that the jobs are safe despite all the challenges," works council chief Michael Brecht said. Daimler has agreed to keep on 125 temporary workers at its Sindelfingen plant, its biggest German factory with 25,000 workers, for another year and make it a centre for car electronics. In return, workers'' representatives have agreed to discuss more flexible working hours. ($1 = 0.9289 euros) (Reporting by Ilona Wissenbach; Writing by Maria Sheahan; Editing by Louise Heavens) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-daimler-electric-idUKKBN15G4LE'|'2017-02-01T20:53:00.000+02:00'
'd59258a20a018ee87a01d1626ccd627f2debc236'|'European shares snap losing streak on solid earnings, macro data'|'Company  07pm EST European shares snap losing streak on solid earnings, macro data * Live Markets blog: cpurl://apps.cp./cms/?pageId=livemarkets * Pan-European STOXX 600 index adds 0.8 pct * Basic resources, industrials lead sectors higher * Volvo, Siemens shine after earnings beats (Adds details, closing prices) By Danilo Masoni and Helen Reid MILAN/LONDON, Feb 1 European shares snapped a three-day losing streak on Wednesday, led higher by miners and industrial stocks following solid corporate results and strong data from China and Europe. The pan-European STOXX index ended up 0.8 percent, after hitting a one-week low on Tuesday. Germany''s DAX and France''s CAC added 1.1 and 1 percent respectively. "Equity markets across the EU are stronger today on the back of a round of better than expected earnings, as well as rather better than anticipated China manufacturing data," said Stephane Ekolo, chief European strategist at Market Securities in London. "This should be enough, at least temporarily, to offset political uncertainties," he said, adding that strong European data was also supportive. French manufacturing activity expanded at the fastest pace in nearly six years in January as demand firmed up, while German factory growth was the highest in three years, and Italy''s also increased, albeit at a slower pace. Miners were the biggest sectoral gainer, up 1.6 percent after data showed that activity in China''s manufacturing sector expanded slightly more than expected in January. China is a big metals consumer. Volvo shares were among top European gainers, up 4.7 percent after the car maker substantially outperformed forecasts with a core profit of 5.66 billion Swedish crowns, and raised its forecast for the European truck market. Shares in German industrial group Siemens hit their highest level since September 2000, after it raised its outlook, with industrial business profit jumping in the fiscal first quarter. Its shares ended up 5.6 percent. "Siemens'' transformation is under way and we see little reason why the stock would not move more towards a sector multiple," Liberum analysts said in a note, reiterating their ''buy'' rating on the stock. Industrials across Europe were buoyed by the manufacturing data, with materials firm Saint Gobain and tire manufacturer Michelin among the top gainers in France''s CAC 40 index. Finnish paper maker UPM-Kymmene was recovering from its biggest ever daily drop yesterday, up 6.3 percent, while Swedish oil company Lundin Petroleum was up 2.9 percent after its fourth-quarter earnings beat consensus. BBVA was a weak spot. Its shares fell 1.4 percent after the Spanish bank warned of a tougher business environment in Mexico this year while its largest market adapts to the policies of U.S. President Donald Trump. Appliance maker Electrolux fell 2.1 percent after results disappointment. (Reporting by Danilo Masoni; Editing by Tom Heneghan) Next In Company News Mastercard, UniRush fined $13 mln for prepaid card breakdowns -U.S. CFPB WASHINGTON, Feb 1  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/europe-stocks-idUSL5N1FM5M6'|'2017-02-02T00:07:00.000+02:00'
'6827000865ef54f0857e87f809b5e8a1e4a33e15'|'Egypt''s Banque du Caire IPO to take place in H1 -sources'|'Financials  36am EST Egypt''s Banque du Caire IPO to take place in H1 -sources CAIRO Feb 1 Egyptian state bank Banque du Caire will list on the Egyptian bourse next week and hold an initial public offering in the first half of 2017, market sources told Reuters on Wednesday. Banque du Caire has officially requested a listing, the Egyptian bourse said on Wednesday. (Reporting by Ehab Farouk; writing by Asma Alsharif; editing by Jason Neely) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/banque-du-caire-listing-ipo-idUSC6N1DT00P'|'2017-02-01T19:36:00.000+02:00'
'b1082d73ee5e99756249add303bcefe197372514'|'Poland expects UK will get Swiss-like deal with EU after exit'|'  6:50pm GMT Poland expects UK will get Swiss-like deal with EU after exit FILE PHOTO: Deputy Prime Minister Mateusz Morawiecki speaks during news conference at the Prime Minister Chancellery in Warsaw, Poland February 16, 2016. REUTERS/Kuba Atys/Agencja Gazeta By Jan Strupczewski - BRUSSELS BRUSSELS Britain is likely to retain far-reaching access to the European Union''s single market after it leaves the EU and keep paying some kind of contribution to the EU budget, Polish Deputy Prime Minister Mateusz Morawiecki said on Wednesday. Prime Minister Theresa May said last month that Britain would leave the EU single market of more than 500 million people when it quits the EU in 2019 and instead seek the greatest possible access to it through a free trade agreement. "I think that both sides will come to an agreement on such a participation of Britain in the single market that it will not be of course full participation, but far reaching participation. For example like Switzerland," Morawiecki told reporters, based on his conversations with British ministers and EU officials. Switzerland''s relations with the EU are regulated by more than 100 bilateral agreements and the country has to follow EU law in areas linked to the single market. Switzerland also pays a contribution to the EU budget, although less than Norway, which is a member of the European Economic Area and its formal links with the EU are stronger. "We are not moving in a binary system, but in a system where the dial is on a scale. We believe that ... while Britain will not be part of the single market, there will be no customs and we will try not to impose quotas on each other and in exchange Britain will participate in some way in the EU budget," he said. He estimated that the departure of Britain, a net contributor to the EU budget, would leave a hole of around 7 billion euros annually. Asked if Poland, a large net beneficiary of EU budget funds, would expect other net contributors to make up the difference, so that the flow of funds would continue, Morawiecki said: "Our initial position will certainly assume that the EU budget should not be diminished. I would also not assume that Britain will not contribute at all to the budget." He said negotiations could lead to reducing the gap of 7 billion to, for instance, 3 billion euros. "And if it is 3 billion missing a year, that is a small enough amount for both sides to reach a deal," said Morawiecki, who is also Poland''s finance minister. (Reporting by Jan Strupczewski; Editing by Alison Williams)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-poland-idUKKBN15G5CH'|'2017-02-02T01:50:00.000+02:00'
'b0836f8eba02fcf8268c45bf779a551801475dfb'|'Siemens proposes former SAP boss Snabe as next chairman'|'Business   1:16am EST Siemens proposes former SAP boss Snabe as next chairman FILE PHOTO - Former CEO of German software group SAP Jim Hagemann Snabe attends the company''s balance sheet news conference in Frankfurt January 25, 2012. REUTERS/Lmar Niazman MUNICH, Germany Top European engineering group Siemens ( SIEGn.DE ) proposed former SAP ( SAPG.DE ) co-chief executive Jim Hagemann Snabe as its next chairman ahead of its annual shareholder meeting on Wednesday. Snabe, a 51-year-old Dane who has been a Siemens supervisory board member since 2013, should take over from Gerhard Cromme after next year''s AGM. He also holds directorships at software maker SAP ( SAPG.DE ), insurer Allianz ( ALVG.DE ), shipping group Moeller-Maersk ( MAERSKb.CO ) and audio equipment maker Bang & Olufsen ( BO.CO ) Siemens said he intended to reduce the number of his supervisory board positions by 2018. (Reporting by Georgina Prodhan; Editing by Victoria Bryan) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-siemens-shareholders-chairman-idUSKBN15G3GD'|'2017-02-01T13:16:00.000+02:00'
'35a4842a47df55b45eb5738d7f3f25dc090f7954'|'Business leaders call for transport revolution to rebalance UK economy'|'Transport Business leaders call for transport revolution to rebalance UK economy Report says north of England is missing out on growth and jobs due to poor transport connections to airports and ports The number of air passengers in the north could nearly double to 75 million by 2050 with modernised road and rail links and new international destinations from airports such as Manchester (pictured). Photograph: View Pictures/Rex/Shutterstock View more sharing options Josh Halliday North of England correspondent Thursday 2 February 2017 06.00 GMT Last modified on Thursday 2 February 2017 06.01 GMT Theresa May<61>s attempt to rebalance the UK economy risks being derailed without a transport revolution to modernise links to the north of England<6E>s airports, business leaders have warned. An independent commission found that the north of England had capacity for an extra 60 million air passengers but was being held back by outdated road and rail links. John Cridland, the chair of Transport for the North, who led the study, said: <20>These inadequate ground transport links, coupled with not enough direct services to key international destinations, mean that passengers from the north often have to travel from southern gateways. They also act as a disincentive for both business and leisure travellers to visit the region.<2E> The business leaders behind the report, the Independent International Connectivity Commission (IICC), warned that <20>business as usual would simply not be good enough for the north to meet the ambitions of economic rebalancing<6E> set out by the prime minister. The report said the north of England was missing out on billions of pounds of growth and potentially thousands of jobs due to poor transport connections to its regions airports and ports. The report found that while the north currently accounts for around 25% of the UK<55>s population, its seven airports handle just 15% of all airport passengers in the UK <20>suggesting a degree of underperformance in the connectivity provided<65>. It said the number of air passengers in the north could nearly double to 75 million by 2050 with modernised road and rail links and new international destinations from airports such as Manchester , which is the biggest outside London. The commission recommended that by 2050 90% of long-haul passengers should be able to fly directly from the north to their international destination, compared with just 50% currently. Cridland said: <20>It<49>s clear that the north<74>s ports and airports are key economic assets for the region, with nearly 40 million passengers flying from the region each year and around a third of all UK freight using northern ports. <20>Yet we know that the lack of access to and from our ports and airports is holding them back, with congestion on our roads and railways making it difficult for people and goods to reach international gateways.<2E> He added: <20>Unlike in the south, where ports and airports are heavily congested, the north<74>s international gateways have unused capacity. We believe international connectivity starts on the ground; by properly utilising available resources we can both boost the economy of the north and ease pressure on overloaded ports and airports elsewhere. We need to start promoting the north as a destination of choice, both to do business and to visit.<2E> The report echoes concerns expressed by Ken O<>Toole, the chief executive of Manchester airport, who told the Guardian in September that there was an <20>overemphasis on the south-east at the expense of everywhere else<73> in the government<6E>s aviation policy. O<>Toole said in response to the IICC report: <20>The commission has confirmed what we have been saying for some time <20> that large-scale investment in road and rail infrastructure is needed to ensure all parts of the north are connected to its primary global gateway. It is this combination of world-class domestic and international connectivity that is needed to ensure the goals of the northern powerhouse independ
'57b4035a40c6714c5921c801ea5b270f1d119ab3'|'UPDATE 1-Russia approves privatisation plan aimed at raising 17 bln rbls'|'Big Story 10 - Thu Feb 2, 2017 - 11:10am EST Russia approves privatization plan aimed at raising 17 billion roubles A picture illustration shows Russian rouble banknotes of various denominations on a table in Warsaw, Poland, January 22, 2016. REUTERS/Kacper Pempel By Darya Korsunskaya - MOSCOW MOSCOW The Russian government on Thursday approved a privatization program for 2017-2019 aimed at plugging holes in the state budget, which has been hurt by weak oil prices and the impact of Western sanctions, a government spokesman said. Russian Prime Minister Dmitry Medvedev, speaking at a government meeting, said he expected the budget to receive 17 billion roubles ($285.30 million) over the 2017-19 period thanks to the privatization of state assets. The plan envisages the state reducing its stake in VTB, Russia''s No. 2 bank, to 25 percent plus one share within three years. The state currently holds a 60.9 percent stake in VTB and plans to sell a 10.9 percent minus one share in 2017. According to the privatization program, a copy of which was obtained by Reuters, the state would only press ahead and reduce its stake in VTB to below 50 percent plus one share at the same time as it cuts its stake in Sberbank. Sberbank is Russia''s largest lender by assets. Russian President Vladimir Putin and Central Bank Governor Elvira Nabiullina said last year that selling off a stake in Sberbank, which is controlled by the central bank, was not on the agenda. According to the privatization program, Russia is also set to reduce its stakes in Sovcomflot, a state shipping company, to 25 percent plus one share, and its stake in state diamond miner Alrosa to 29 percent plus one share. Details of Russia''s privatization plans are available here:. (Reporting by Peter Hobson and Denis Pinchuk; Writing by Denis Pinchuk; Editing by Polina Devitt/Andrew Osborn) Next In Big Story 10'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-russia-budget-privatisation-idUSKBN15H1Z7'|'2017-02-02T23:01:00.000+02:00'
'195a6cd63075f4febada6e198a26af488fd8137c'|'ECB says will not focus on transient, oil-fuelled inflation bounce'|'FRANKFURT The European Central Bank will look through the recent spike in inflation, which it mostly attributes to a bounce in oil prices, and keep its ultra-easy policy as growth in the price of other goods and services remains slow, it said on Thursday.Inflation in the euro zone rose to within a whisker of the ECB''s target in January, data showed this week, but the bank is pushing back calls from Germany to begin winding down its policy of aggressive bond-buying and below-zero interest rates."As expected, headline inflation has increased recently, largely owing to base effects in energy prices, but underlyinginflation pressures remain subdued," the ECB said in its economic bulletin."The Governing Council will continue to lookthrough changes in (headline) inflation if judged to be transient and to have no implication for the medium-term outlook for price stability."Repeating its Jan 18 policy message, the ECB said very substantial monetary accommodation was needed to bring back inflation to its target of almost 2 percent and keep it there.In the bulletin, the ECB estimated that the rebound in oil prices over the last year will add more than 40 basis points to the price index by February but the cumulative impact will then gradually wane.(Reporting by Francesco Canepa; Editing by Balazs Koranyi/Jeremy Gaunt)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/ecb-policy-inflation-idINKBN15H0WL'|'2017-02-02T06:58:00.000+02:00'
'cdfbc93c1465d45361963740d4cc2ff31a13d398'|'Italy''s Intesa says still examining possible Generali tie-up'|'MILAN Italy''s top retail bank Intesa Sanpaolo ( ISP.MI ) is still examining a possible tie-up with insurer Generali and will take all the time it needs to make up its mind, it said on Friday.Chief executive Carlo Messina told analysts on a conference call the lender would not sacrifice its strong capital base nor a planned 3.4 billion euros ($3.7 billion) dividend payout on its 2017 accounts for the sake of a deal."We are still checking if potential industrial combinations involving Assicurazioni Generali fit with the strategic priorities included in our plan," Messina said."This step will take all the time necessary for performing a comprehensive and solid assessment," he said, adding that this phase had to be successfully completed before the bank could start work on the possible structure of a deal.Intesa, whose stock closed up 2.7 percent at 2.2380 euros, has been under pressure to reveal its intentions after confirming last week that it was looking at a possible bid for Generali as it seeks to cement its shift toward asset management to offset the low profitability of core retail banking.But bankers have warned that any such deal would be complex and could lead to a break-up of Generali to clear antitrust hurdles and minimize overlaps between the two companies. Intesa has an extensive insurance business of its own.Management changes at Generali and political weakness in Rome have helped fuel bid talk in recent months with media reports pointing to Axa ( AXAF.PA ), Allianz ( ALVG.DE ) and Zurich Insurance Group ( ZURN.S ) as being interested in the group or parts of it.The insurer, whose biggest investor is influential investment bank Mediobanca ( MDBI.MI ), is seen by Rome as a strategic asset because of its large holdings of Italian government bonds.A source close to Generali, whose market value of 23 billion euros compares to Intesa''s 36.5 billion euros, said there was a growing feeling the bank could walk away from a deal."The picture is increasingly blurred but it seems to me things are dragging out, possibly making Generali more vulnerable to a foreign takeover," said Roberto Lottici, fund manager at Ifigest which owns shares in Intesa and Generali.LOWER 2017 DIVIDENDSIntesa''s planned dividend payout of 3.4 billion euros for 2017 is lower than the 4 billion euros previously pledged by Messina, who said he had preferred to take a prudent stance given the challenging market environment.Despite the guidance cut, Intesa will still be meeting its goal of paying 10 billion euros in dividends between 2014-2017.The bank''s fourth-quarter net profit came in at 776 million euros, a tad lower than an analyst average forecast of 801 million euros.The results were hit by contributions the bank made to rescue funds set up to help weaker Italian lenders, including a 227 million euro writedown - or 33 percent - on its investment in bailout fund Atlante.Intesa confirmed its solid capital position with a Common Equity Tier 1 at 12.9 percent, one of the strongest in Italy.($1 = 0.9270 euros)(Editing by Mark Potter and Ruth Pitchford)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-eurozone-banks-italy-intesasanpaolo-idUSKBN15I2JJ'|'2017-02-03T20:49:00.000+02:00'
'285da0926f4f1e03c9f44f469390ee9bf2498f8b'|'Philippine miners say closures to hit 1.2 million people, vow to fight back'|'Environment - Fri Feb 3, 2017 - 5:06am GMT Philippine miners say closures to hit 1.2 million people, vow to fight back By Enrico Dela Cruz - MANILA MANILA The planned closure of 23 Philippine mines, mostly nickel producers, and the suspension of five others will affect about 1.2 million people, the head of the country''s mining group said on Friday. Environment and Natural Resources Secretary Regina Lopez ordered the closures and suspensions on Thursday as she announced the results of a months-long audit on the country''s 41 mines aimed at halting mining operations that she says have harmed the environment. Artemio Disini, chairman of the Chamber of Mines of the Philippines, told a briefing that the first option for affected miners would be to appeal to President Rodrigo Duterte "before going to the courts". "We have a total 1.2 million people affected including family members," Disini said. Enrique Fernandez, president of suspended nickel miner Eramen Minerals Inc, which has now been ordered to close, said staff levels had already fallen to 150 from more than 1,000 previously. "By the end of the month, we might have to let go of some more," he said. "The problem is the relationship between the government and the industry. The government is more of a regulator rather than a partner in development." Still largely unexplored, the Philippines is the world''s top nickel ore supplier, but the mining sector contributes less than 1 percent to the overall economy. Only 3 percent of 9 million hectares (22 million acres)identified by the state as having high mineral reserves is currently being mined, according to government data. Ronald Recidoro from the Chamber of Mines told Reuters on Thursday that affected miners would "definitely" seek legal action if President Rodrigo Duterte denied their appeal to overturn Lopez''s orders. Duterte, who last year said the Philippines could survive without a mining industry, on Thursday threw his support behind Lopez''s latest action. Lopez "took it upon herself to be the judge and the executioner of the mining industry," said Vicente Lao who owns chromite producer Mt. Sinai Mining Exploration and Development Corp, which has also been ordered to close. BenguetCorp Nickel Mines Inc, a unit of holding firm Benguet Corp, said on Friday it would "avail of various legal options available to it to nullify the baseless closure order upon its receipt." The Philippine Stock Exchange halted trading for one hour on Friday on shares of five miners which were either ordered shut or suspended, or their subsidiaries, including major nickel ore producers Nickel Asia Corp and Marcventures Holdings Inc. (Reporting by Enrico dela Cruz; Writing and additional reporting by Manolo Serapio Jr.; Editing by Richard Pullin) Next In Environment New York City pension system to analyze carbon footprint NEW YORK New York City''s $170.6 billion pension system will analyze its carbon footprint for the first time amid concerns of potential investment risks from companies that fail to adapt to climate change, its custodian said in a statement on Thursday.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-philippines-mining-idUKKBN15I0B0'|'2017-02-03T12:03:00.000+02:00'
'a3048623eca562c5353ad139ed0d90b12b5bd54c'|'Poland - Factors to Watch Feb 3'|'Company News - Fri Feb 3, 2017 - 2:06am EST Poland - Factors to Watch Feb 3 Following are news stories, press reports and events to watch that may affect Poland''s financial markets on Friday. ALL TIMES GMT (Poland: GMT + 1 hour): T-BILLS The finance ministry is expected to release the supply for Monday''s treasury bills tender at around 1400 GMT. BANKS Polish credit union Wielkopolska SKOK which gathered 302 million zlotys ($75.26 million) is about to go bankrupt and its operations were thus suspended, the financial regulator KNF said. The Bank Guarantee Fund, financed by banks, will pay out compensation to SKOK''s clients, KNF said late at night. UNIFIED TAX Polish government plans to resume works on introducing a unified tax that were abandoned in December, Fakt tabloid said. SWAROVSKI Several hundred people will be hired in a Swarovski global service centre in Gdansk, Puls Biznesu daily said. At the very beginning the centre will take care of Swarovski''s finances, but it will enhance its activities later on, the daily said. STARBUCKS Starbucks could replace part its German employees that go on strike with Polish workers offering them the same pay as German workers, Gazeta Wyborcza daily said. Polish Starbucks employees earn considerably less than their German peers. T-MOBILE T-Mobile is applying for a 250 million euro credit at European Investment Bank to finance development of its LTE network, Puls Biznesu said. VAT VAT tax collection fell marginally in 2016, despite government''s efforts to significantly improve it, CASE Research think tank calculated, according to Rzeczpospolita daily. ****Reuters has not verified stories reported by Polish media and does not vouch for their accuracy.**** For other related news, double click on: Polish equities E.Europe equities Polish money Polish debt Eastern Europe All emerging markets Hot stocks Stock markets Market debt news Forex news For real-time index quotes, double click on: Warsaw WIG20 Budapest BUX Prague PX ($1 = 4.0127 zlotys) (Reporting by Warsaw Bureau) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/poland-factors-idUSL5N1FN6NC'|'2017-02-03T14:06:00.000+02:00'
'7b7283b23506dc43d381e87af884f6cf8ef0cbcd'|'UPDATE 3-Fillon scandal, Frexit fears force up French borrowing costs'|'* Investors fret over political risk before election* Poll shows Fillon not making it to second round* French 10-year yields hit 17-month high* France/Belgium yield gap widest since at least 2008* Euro zone periphery govt bond yields tmsnrt.rs/2ii2Bqr (Updates prices, adds Quote: )By Abhinav RamnarayanLONDON, Feb 1 The premium investors demand to hold France''s government debt compared to that of its main euro zone peers hit multi-year highs on Wednesday, with bonds under pressure from political risks ahead of presidential elections.All euro zone bonds have fallen out of favour recently as global growth and inflation signals feed investor appetite for riskier investments like stocks.But French debt has been particularly badly hit, with the election in April and May a major factor.Investors fear the possibility of a win for Marine Le Pen, leader of the far-right National Front (FN). In an interview with Reuters on Tuesday, the FN said it would put leaving the euro at the heart of its economic platform.Le Pen is not expected to win in polls, but the campaign of the former favourite, conservative Francois Fillon, has suffered from allegations his wife was paid for work she did not seem to have done.France''s 10-year bond yield rose to a near 17-month high on Wednesday of 1.13 percent.The gap, or spread, to its German equivalent hit an almost three-year high of 64 basis points (bps). Compared with similarly-rated Belgium, it was the highest since at least April 2008 at 26 bps."The France spread to Belgium is the gauge we use for political risk, and that has widened further after an adviser to Le Pen fleshed out their Frexit plans," said ING strategist Martin van Vliet."And with Fillon under the microscope as well, France is definitely underperforming."A poll on Wednesday showed an increase in support for both Le Pen and centrist Emmanuel Macron, with Fillon, the candidate of The Republicans, not making the second round."French government bonds are trading purely on election fears, and the polls this morning showed increased support for Le Pen so that adds to it," BBVA strategist Jaime Costero Denche said."I think the market is going to react to every poll from this point on."Most other euro zone yields were up 3-4 bps on Wednesday on the back of strong euro zone economic data.Data on Wednesday showed euro zone factories started 2017 by ramping up activity at the fastest rate for nearly six years.That came on the back of data on Tuesday showing inflation in the euro zone hit 1.8 percent last month, just below the European Central Bank''s target, putting pressure on the bank to wind down stimulus sooner rather than later.Investors also had an eye on the U.S. Federal Reserve''s first meeting of 2017 due later on Wednesday, waiting for hints on how aggressive a stance the world''s most important central bank will take on interest rate increases. (Additional reporting by John Geddie; Editing by Andrew Roche)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/eurozone-bonds-france-idINL5N1FM1PT'|'2017-02-01T13:47:00.000+02:00'
'4e47ad46939d1373e1e5760f4048e7c493e97894'|'Puerto Rico to miss some Feb. 1 debt payments'|'Bonds News - Wed Feb 1, 2017 - 12:52pm EST Puerto Rico to miss some Feb. 1 debt payments Feb 1 Puerto Rico''s government said it will miss some debt payments due on Wednesday, including general obligation bonds backed by the U.S. territory''s constitution, debt at its public finance and infrastructure agencies, and $279 million owed by its Government Development Bank. In a statement on Wednesday, the island''s government said it will make full payments owed on so-called COFINA debt, which is backed by sales tax, as well as payments owed by the island''s retirement system, water authority, municipal finance authority and industrial development agency. (Reporting by Nick Brown) Next In Bonds News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/puertorico-debt-default-idUSL1N1FM1BK'|'2017-02-02T00:52:00.000+02:00'
'14ed205d3c9ddc729c64f73fbb22d65364e38aeb'|'Laureate Education flunks IPO debut'|'Shares of Laureate Education Inc ( LAUR.O ) slumped as much as 13.4 percent in their debut on Wednesday, valuing the higher education provider at $1.97 billion, more than a year after it filed to go public.Laureate, which was taken private by a consortium of investors in 2007, raised $490 million after pricing 35 million class A shares at $14 each, below their expected range of $17-$20.The company''s shares opened at $12.50 and hit a low of $12.12 on the Nasdaq.Laureate, which first filed to go public in October 2015, operates a network of more than 200 university campuses in 25 countries, with 95 percent of its students outside the United States.For-profit higher education is currently a controversial and complex business in the United States, given the industry''s reliance on government subsidies, regulatory scrutiny over the sector, and Trump University''s legal battles.Laureate said in a filing that it plans to use proceeds from the offering to repay, redeem or repurchase debt.Credit Suisse Securities (USA) LLC, Morgan Stanley & Co LLC and Barclays Capital Inc were joint lead bookrunners for the offering.(Reporting by Richa Naidu in Bengaluru; Editing by Shounak Dasgupta)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-laureate-education-ipo-idINKBN15G4Z6'|'2017-02-01T13:16:00.000+02:00'
'50163c622840ff695bd1b6a955887d3326eceb84'|'BRIEF-Snap Inc does not expect to pay cash dividends in forseeable future'|'Feb 2 Snap Inc:* Snap''s two co-founders have control over all stockholder decisions because they control a substantial majority of company''s voting stock* The class A common stock issued in IPO will not dilute co-founders'' voting control because the class A common stock has no voting rights* Have three classes of common stock: class A, class B, and class C* Began meaningfully monetizing Snapchat in 2015* As of December 31, 2016, had U.S. Federal net operating loss carry forwards of approximately $73.7 million* An average of 36 percent of U.S. daily active users were between the ages of 18 and 24 in the quarter ended December 31, 2016* Chief technology officer Robert Murphy''s annual base salary as of December 31, 2016 was $250,000* Does not expect to declare or pay any cash dividends in the foreseeable future Source text: ( bit.ly/2k60CFN )'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/idINFWN1FN0ZD'|'2017-02-02T19:09:00.000+02:00'
'19abf886cbc9da146f81508507448be7b9032f92'|'Discount broker shares tumble on price war fears'|'Business News - Thu Feb 2, 2017 - 7:18pm EST Discount broker shares tumble on price war fears A TD Ameritrade sign is seen outside a branch in Schaumburg, Illinois, U.S., October 24, 2016. REUTERS/Jim Young By Sinead Carew and Trevor Hunnicutt Shares in discount brokerages TD Ameritrade ( AMTD.O ), E*Trade ( ETFC.O ) and Charles Schwab ( SCHW.N ) fell as investors bet Schwab''s slashing of trading commissions would be the start of a price war. Schwab announced earlier on Thursday that it would reduce its online equity and ETF trade commissions to $6.95 from $8.95 and claimed to have the lowest commission among competitors. Shares in TD Ameritrade were hit the hardest as it derives about 42 percent of revenue from trading fees, the biggest exposure of the three companies. Its shares fell as much as 11 percent and were last down 9.3 percent at $41.79, on track for its biggest one-day percentage decline since Dec. 2008. Trading volume was 7.5 times the 10-day moving average. "You''re going to continue to see downward pricing pressure on transaction-based business," Matt Lynch, Managing Partner at Strategy & Resources LLC in Dayton, Ohio. "Throughout the industry I think there''s a heightened sensitivity to those fees." TD Ameritrade Chief Executive Tim Hockey told CNBC that he was not surprised by the Charles Schwab price move and that he would look and see what his company would do. "We think it''s much more around the tools, the capabilities and the experiences," Hockey said. Shares in E*Trade fell 9.7 percent to $33.97 after hitting a low of $33.33 earlier in the session. It was on track for its biggest one-day decline since June. Trading volume for E*Trade was 4 times its 10-day moving average. Schwab, which derives about 11 percent of its revenue from trading fees, saw its shares fall 4.9 percent at $39.33. Trading volume for Schwab was twice its 10-day moving average. William Katz, analyst at Citigroup, said in a research note that the move "raises commoditization risks for the online trading model as it could lead to a further round of price cuts." (Additional reporting By Elizabeth Dilts in New York; Editing by Chizu Nomiyama) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-markets-stocks-brokerages-idUSKBN15I013'|'2017-02-03T07:18:00.000+02:00'
'3e26b0e3d9aa5e1b85a1fee2eaaed38e84c07b7e'|'China raises short-term interest rates in fresh tightening signal'|'Business News - Fri Feb 3, 2017 - 2:54am GMT China raises short-term interest rates in fresh tightening signal FILE PHOTO: A woman walks out of the headquarters of the People''s Bank of China (PBOC), the central bank, in Beijing, China November 20, 2013. REUTERS/Jason Lee/File Photo SINGAPORE China''s central bank surprised financial markets on Friday by raising short-term interest rates on the first day back from a long holiday, in a further sign that it is slowly moving to a tighter policy bias as the economy shows signs of steadying. The People''s Bank of China (PBOC) said it raised the interest rate on open market operation reverse repurchase agreements (repos) by 10 basis points, effective on Feb. 3. Two banking sources also told Reuters it had raised the lending rates on its standing lending facility (SLF) short-term loans. While the moves were modest, they reinforced views that Chinese authorities are intent on containing risks to the financial system this year by forcing highly debt-laden companies to deleverage and cracking down on the use of short-term money for speculative activities. "It appears to be an intent to control a real estate bubble. It could also be aimed at arresting the yuan''s depreciation, although it is on the reverse repo they touched upon and the impact remains to be seen," said Naoto Saito, chief economic researcher at the Daiwa Institute of Research In Tokyo. "All in all, it comes across as a move to tweak interest rate levels to accompany a broader monetary policy shift." In late January, the PBOC raised rates on its medium-term loan facility (MLF) for the first time since it debuted the liquidity tool in 2014. It was the first time it has raised one of its policy interest rates since July 2011. Analysts expect any further steps to be gradual as policymakers weigh their impact on economic growth, and believe the PBOC will be in no hurry to raise the policy lending rate for now. The seven-day open market operations rate was raised to 2.35 percent from 2.25 percent, the rate for 14-day tenor to 2.50 percent from 2.40 percent, and the rate for 28-day tenor to 2.65 percent compared with the previous 2.55 percent, the PBOC said in a statement. Banking sources said the overnight rate for the SLF loan was raised to 3.1 percent from 2.75 percent, the rate for seven-day tenor to 3.35 percent from 3.25 percent, and the rate for one-month to 3.7 percent from 3.6 percent, both sources told Reuters. China''s economy has seen a broad-based pickup in recent months, with fourth-quarter GDP beating expectations due largely to a strong housing market and higher government spending on infrastructure projects. (Reporting by Shanghai and Beijing newsrooms; Editing by Kim Coghill) Next In Business News Bank of England, ramping up growth forecast, in no mood for rate hike LONDON The Bank of England made its latest sharp increase to forecasts for British economic growth in 2017 on Thursday, but appeared in no rush to raise interest rates, warning of "twists and turns" on the road out of the European Union.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-china-economy-rates-idUKKBN15I0AM'|'2017-02-03T09:54:00.000+02:00'
'f12b2523b58b4d731ca9b356fe94f78ebf60dbe8'|'Salzgitter CEO sees further rise in 2017 profit - BZ'|'Global Energy   2:28pm GMT Salzgitter CEO sees further rise in 2017 profit - BZ FRANKFURT German steelmaker Salzgitter ( SZGG.DE ) sees a further rise in profit this year as steel prices rise and restructuring measures continue to bear fruit, its chief executive told German markets daily Boersen-Zeitung in an interview. Heinz Joerg Fuhrmann added that he was not overly concerned about U.S. President Donald Trump''s order that American steel should be used for pipelines built in the United States, and said that Salzgitter may profit from a U.S. infrastructure programme. Salzgitter has forecast 2016 pretax profit of 30 million to 60 million euros (<28>25.9 million to <20>51.8 million) on sales that are expected to be more than 8 billion euros. Fuhrmann said orders were on the rise, and better than a few months ago. "For 2017, I wouldn''t rule out a fourth increase in group profit in a row or a pretax profit in triple-digit millions of euros," he said. "But 2017 is only four weeks old and we will still experience plenty of surprises." Salzgitter is due to report 2016 results on Feb. 28. Fuhrmann said it remains to be seen whether it would be possible to source the steel for the pipes Salzgitter builds in the United States domestically. Salzgitter makes 8.5 percent of its revenue in the United States, a third of which comes from products it manufactures there. He said Salzgitter would also have to rethink an idea to build up in production in Mexico, given Trump''s threat to tear up the NAFTA free trade agreement between the United States, Mexico and Canada. "Luckily, we have not set any investments in motion yet," Fuhrmann said. But he added: "There are activities that could profit from a possible infrastructure programme. There is a downside but it''s limited. We remain relaxed and wait." (Reporting by Georgina Prodhan, editing by Louise Heavens) Next In Global Energy News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-salzgitter-outlook-idUKKBN15J0KK'|'2017-02-04T21:28:00.000+02:00'
'61d531b7c13d8dfa1bd50ed6dc87e38cfebafc52'|'Canadians not feeling ''wealth effect'' as stock market nears high'|'By Fergal Smith - TORONTO TORONTO Feb 3 A rising domestic stock market will barely lift the confidence of ordinary Canadians, who are more concerned about job prospects in an economy threatened by a more protectionist United States, economists say.Canada''s S&P/TSX Composite index was up 34 percent as of Friday afternoon from its January 2016 trough and last week it briefly came within 11 points of its all-time high at 15,685.13.Stock market gains usually add to financial security and boost people''s spending. But economists expect the "wealth effect" to disappoint as Canadians grapple with a sluggish domestic economy and uncertainty over the implications of Donald Trump''s election as U.S. president."People on Bay Street and on Wall Street love to believe in the wealth effect on spending from what the equity market does and it is actually way down near the bottom of the list for what really drives consumer confidence," said David Rosenberg, chief economist and strategist at Gluskin Sheff & Associates Inc."What has a much more powerful impact on confidence is job creation and growth in the paycheck," Rosenberg added.Canadian consumer confidence fell in January to its lowest since October, a survey conducted by the Conference Board of Canada showed recently.Canada did add jobs in 2016, but it was mostly part-time and earnings growth has lagged inflation, data from Statistics Canada shows."I think Canadians will be taking more of their cues on how they feel about the economy with the results in the labor market" said Nick Exarhos, economist at CIBC Capital Markets.He thinks that the quality of jobs available in Canada has deteriorated over the past two years and that the TSX is a poor guide to the strength of the domestic economy due to its heavy concentration of resource stocks.Economists also doubt that stock market gains will lift business sentiment."If Donald Trump has his view that trade deficits with anybody have to be redressed that is a much bigger deal for Canada than the next few points on the TSX," Rosenberg said.Canada runs a merchandise trade surplus with the United States, while Trump plans to renegotiate the North American Free Trade Agreement under which Canada sends 75 percent of its exports to the United States."If firms were thinking of investing with the idea of shipping to the U.S. ... they may just pause," said Craig Wright, chief economist at Royal Bank of Canada. (Reporting by Fergal Smith; Editing by Tom Brown)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/canada-stocks-economy-idINL1N1FH0XZ'|'2017-02-03T15:01:00.000+02:00'
'a95f35af0d7dc2619ec934bbf8c7984cd3cdd94b'|'Invitation Homes raises $1.54 billion in IPO: source'|'By Lauren Hirsch Invitation Homes ( INVH.N ), the largest U.S. home rental company, raised $1.54 billion in an initial public offering on Tuesday, the company said, setting the stage for a pick-up in IPO activity in 2017.The stock market debut is the largest by a U.S real estate investment trust (REIT) since Paramount Group Inc ( PGRE.N ) raised $2.29 billion in 2014 and represents a big win for its private equity owner Blackstone Group LP ( BX.N ) and Jonathan Gray, who runs the firm''s real-estate business.The New York-based buyout firm founded Invitation Homes in 2012, about five years after the housing market began crashing and it started buying foreclosed homes in bulk. It has spent about $10 billion on the 48,000-home portfolio, representing one of Blackstone''s biggest bets.Invitation Homes priced 77 million shares at $20 on Tuesday, within its previously indicated range of $18 and $21.REITS such as Invitation Homes became popular after the recession, as investors sought to benefit from low mortgage rates and property values.Housing prices have since rebounded significantly and late last year stood at their highest levels since 2007, according to the S&P CoreLogic Case-Shiller composite index of 20 metropolitan areas. They remain about 7 percent below their peak.Invitation Homes'' houses are predominantly located in western and southeastern U.S. states. Nearly 15 percent of its homes are in South Florida, while 12.4 percent are in Southern California.Only 66 REITS have gone public since 2007, with the greatest number occurring in 2013 with 16 REITs. That number fell sharply thereafter, with three in 2014 and six in 2016. Last year, there were two REIT IPOs, raising a total of $1.5 billion, according to Thomson Reuters data.Invitation<6F>s two closest rivals, American 4 Rent ( AMH.N ) and Colony Starwood ( SFR.N ) have seen their shares rise by around a third and nearly 40 percent respectively since the end of 2015.Tuesday''s IPO was the biggest so far this year, which has seen $2.3 billion raised from seven offerings. That amount is up a staggering 2,700 percent from the $81 million raised on only one offering in January last year.Invitation Homes will begin trading Wednesday on the New York Stock Exchange (NYSE) under the ticker "INVH."Deutsche Bank Securities and J.P. Morgan Chase & Co ( JPM.N ) are leading underwriters for the IPO.(Reporting by Lauren Hirsch in New York; Editing by Tom Brown)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-invitation-homes-ipo-idINKBN15F2WD'|'2017-01-31T21:00:00.000+02:00'
'43f87f1cddbaa14ff5e63cdb437f2977157fd5e1'|'Dollar hit by crossfire as Trump talks currency wars'|'Business News - Tue Jan 31, 2017 - 11:54pm GMT Dollar hit by crossfire as Trump talks currency wars left right People walk past an electronic board showing stock prices outside a brokerage at a business district in Tokyo, Japan, January 4, 2017. REUTERS/Kim Kyung-Hoon 1/3 left right The dollar sign (R) is seen alongside the signs for other currencies above a currency exchange shop in Mongkok shopping district in Hong Kong, China, October 30, 2014. REUTERS/Damir Sagolj/File Photo 2/3 left right An investor looks at an electronic board showing stock information on the first trading day after the New Year holiday at a brokerage house in Shanghai, China, January 3, 2017. REUTERS/Aly Song 3/3 By Wayne Cole - SYDNEY SYDNEY The dollar nursed hefty losses in Asia on Wednesday after the Trump administration accused Germany and Japan of devaluing their currencies to gain a trade advantage, fuelling a risk-off mood that subdued stocks while benefiting bonds. The U.S. currency suffered its worst January in three decades after President Donald Trump complained that every "other country lives on devaluation." Just hours earlier his top trade adviser said Germany was using a "grossly undervalued" euro to exploit its trading partners and that a proposed trade agreement between the United States and Europe was dead. "Suspicions that Washington may increasingly focus on the value of the dollar were catapulted into the limelight," ANZ analysts said in a note. "The early policy implication is that dollar competitiveness could have a prominent role to play in Trump''s ''America First'' agenda." That left the dollar huddled at 112.70 yen JPY= in Asia on Wednesday, having fallen as much as 1.5 percent overnight to lows around 112.08. The euro was firm at $1.0800 EUR= , having been as high as $1.0812 and a long way from Monday''s trough of $1.0617. Against a basket of currencies, the dollar .DXY matched a low from Dec. 8 at 99.430 to end January with a loss of 2.6 percent. The jump in the yen was likely to pressure stocks of Japanese exporters and Nikkei futures NKc1 pointed to a softer start in Tokyo. MSCI''s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS was little changed with China still on holiday. APPLE BEATS Investors'' hopes for a fiscal boost to the world''s largest economy under Trump have been tempered by controversial and protectionist policies that have seen him suspend travel to the United States from seven Muslim-majority countries. The policy uncertainty only added to expectations the U.S. Federal Reserve will keep interest rates steady when it concludes a two-day meeting later Wednesday. The setback for Wall Street has been limited so far. While the S&P 500 fell on Tuesday for a fourth consecutive session, it still ended higher for the month. The Dow .DJI dipped 0.54 percent, while the S&P 500 .SPX lost 0.09 percent and the Nasdaq .IXIC 0.02 percent. Apple ( AAPL.O ) shares also jumped 3.3 percent as sales of iPhones beat expectations, helping turn Nasdaq e-mini futures NQc1 positive after the bell. Safe-haven bonds benefited from the air of unease over Trump''s policies and yields on 10-year Treasury debt US10YT=RR eased to 2.45 percent from 2.48 percent early in the week. The retreat in the dollar also boosted a range of commodities, with copper touching a two-month high CMCU3. Brent crude oil LCOc1 for April was quoted 17 cents firmer at $55.49, while U.S. crude CLc1 eased 4 cents to $52.77. (Reporting by Wayne Cole; Editing by Eric Meijer) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-global-markets-idUKKBN15F2WX'|'2017-02-01T07:01:00.000+02:00'
'775afe3fe6474c9897990564ab40f7179dce6ff2'|'BRIEF-India''s finance minister proposes plan to create integrated oil company'|'  1:46am EST BRIEF-India''s finance minister proposes plan to create integrated oil company Feb 1 India''s finance minister on Wednesday unveiled plans to set up 2 more strategic oil storage facilities and proposed to create an integrated oil company in the country. For more details and other highlights from Jaitley''s budget for the 2017/18 fiscal year that begins on April 1, see . (Reporting by Delhi Bureau) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSD8N1F2003'|'2017-02-01T13:46:00.000+02:00'
'6fd4d89fd35c3c4f20b9e7ec671ee26907291fac'|'BRIEF-Avery Dennison Q4 adjusted earnings $0.99/shr'|' 59am EST BRIEF-Avery Dennison Q4 adjusted earnings $0.99/shr Feb 1 Avery Dennison Corp * Avery Dennison announces fourth quarter and full year 2016 results * Q4 adjusted non-GAAP earnings per share $0.99 * Q4 earnings per share $0.69 * Q4 earnings per share view $0.93 -- Thomson Reuters I/B/E/S * Q4 sales $1.55 billion versus I/B/E/S view $1.5 billion * Avery Dennison Corp qtrly organic sales growth (non-GAAP) of about 5 percent * Sees FY 2017 earnings per share $4.10 to $4.30 * Sees FY 2017 adjusted non-GAAP earnings per share $4.30 to $4.50 excluding items * FY 2017 earnings per share view $4.30 -- Thomson Reuters I/B/E/S * Avery Dennison Corp sees estimated $0.20 per share charge for restructuring and other items in 2017 Source  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSASB0AXU6'|'2017-02-01T18:59:00.000+02:00'
'4ae0f522a70bbebace3695c01009129a323e3c24'|'Media unit of Canada''s BCE cuts workforce in restructuring'|'TORONTO Bell Media, a unit of Canadian telecom company BCE Inc ( BCE.TO ), said on Tuesday it is reducing its radio and television industry workforce in more than two dozen locations across the country by an unspecified number."The restructuring is the result of the challenges Bell Media and other Canadian media companies are facing due to increasing international competition, the evolution of broadcast technologies, and advertising and regulatory pressure," spokesman Scott Henderson said in an email.Canadian television providers have struggled to deal with competition from online streaming services such as Netflix Inc ( NFLX.O ) since its launch in 2010, as well as a migration of advertising to online sources, where Google and Facebook dominate.He said Bell Media owns 30 local TV stations and radio stations in 54 markets. The cuts started on Monday and are continuing, Henderson said.The restructuring charges will be booked in the first quarter and reflected in the 2017 outlook BCE is expected to release along with its fourth-quarter results on Thursday.(Reporting by Alastair Sharp; Editing by Alan Crosby)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-bce-media-idINKBN15F2W8'|'2017-01-31T20:35:00.000+02:00'
'12e8c9d2c602af0b9ade6d50478e0dfdb0d2d035'|'Macau gambling revenue rises 3.1 pct in Jan to $2.4 bln'|'Business  42am EST Macau gambling revenue rises 3.1 percent in January to $2.4 billion Casinos are seen in a general view of Macau, China October 8, 2015. REUTERS/Bobby Yip HONG KONG The world''s biggest casino hub of Macau posted a 3.1 percent rise in gambling revenue in January as demand in China''s only legal casino hub gained further steam after a more than two-year slump bottomed out in mid-2016. Gambling revenue in January rose to 19.3 billion patacas ($2.4 billion), government data showed on Wednesday, getting a boost from a national holiday at the end of January. Macau gambling revenues, which were hurt by a corruption crackdown and slowing economic growth, have been on a positive streak since August 2016 after the opening of new resorts helped bring in more casual gamblers and wealthy spenders to the southern Chinese territory. ($1 = 7.9840 patacas) (Reporting by Hong Kong Newsroom; Editing by Muralikumar Anantharaman) Next In Business News Trump pushes drugmakers for lower prices, more U.S. production WASHINGTON/LOS ANGELES U.S. President Donald Trump in a meeting on Tuesday with pharmaceutical executives called on them to manufacture more of their drugs in the United States and cut prices, while vowing to speed approval of new medicines and ease regulation.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-macau-gambling-revenues-idUSKBN15G3E1'|'2017-02-01T12:23:00.000+02:00'
'e122d2d8b191df6f0ff1961be21a14b4ba3000f5'|'CBS to merge its radio business with Entercom'|'CBS Corp ( CBS.N ) will merge its radio business with Entercom Communications Corp ( ETM.N ) in a tax-free deal, which the companies said would create the second-largest radio broadcaster in the United States by revenue.The merged entity will own 244 stations, including CBS Radio''s 117 stations, with pro forma revenue of about $1.7 billion on a trailing 12-month basis.CBS had said early last year that it would explore strategic alternatives for its radio business.The combination will be done through a Reverse Morris Trust transaction, a tax-free deal in which one company merges with a spun-off unit.CBS Radio shareholders will own 72 percent of the combined company, while Entercom shareholders will own the rest, following the completion of the deal, which is expected in the second half of 2017, the companies said in a statement.The combined company will be known as Entercom and will be headquartered in Philadelphia.CBS''s shares were up nearly 2 percent in premarket trading on Thursday.(Reporting by Aishwarya Venugopal in Bengaluru; Editing by Anil D''Silva)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-entercom-comm-m-a-cbs-corp-idINKBN15H1MW'|'2017-02-02T10:56:00.000+02:00'
'1e0de4b350c3f1a3489bc1153055112296fe56b1'|'BRIEF-Black Knight Financial Services announces three-year 10 mln share repurchase program'|' 40pm EST BRIEF-Black Knight Financial Services announces three-year 10 mln share repurchase program Feb 1 Black Knight Financial Services Inc * Black Knight Financial Services announces three-year 10 million share repurchase program * Black Knight Financial Services Inc - Board of directors has authorized a three-year share repurchase program, effective February 3, 2017 * Black Knight Financial Services Inc- Repurchase program authorizes company to purchase its common stock from time to time through February 2, 2020 Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/mergersNews'|'http://www.reuters.com/article/idUSASB0AY1F'|'2017-02-02T04:40:00.000+02:00'
'df86d497ae1b3e702dfbd1bb4b0e879743120e10'|'U.S. job growth seen accelerating in January, wages strong'|'Business News - Fri Feb 3, 2017 - 6:05am GMT U.S. job growth seen accelerating in January, wages strong 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 By Lucia Mutikani - WASHINGTON WASHINGTON U.S. job growth likely accelerated in January, with wages expected to have increased steadily, suggesting a strong start for the Trump administration as it seeks to boost the economy and employment. Nonfarm payrolls probably increased by 175,000 jobs last month, in part as warm weather bolstered hiring in the construction sector, according to a Reuters survey of economists. That would be a pick-up from the 156,000 jobs created in December.   vowed during last year''s election campaign to deliver 4 percent annual gross domestic product growth, largely on the back of a plan to cut taxes, reduce regulations, increase infrastructure spending and renegotiate deals in the United States'' favor. Although details on the policy proposals remain sketchy, consumer and business confidence have surged in the wake of Trump''s election victory last November. But with the economy near full employment, some economists are skeptical of the 4 percent growth pledge. Annual GDP growth has not exceeded 2.6 percent since the 2007-08 recession. "Time will tell if Trump can keep the economy''s winning streak alive. It''s not going to be easy to bring back those manufacturing jobs lost since the late ''90s," said Chris Rupkey, chief economist at MUFG Union Bank in New York. The Labor Department will publish its closely watched employment report on Friday at 08:30 a.m. (08:30 a.m. ET). With the minimum wage taking effect in more than a dozen states in January, average hourly earnings are forecast to have risen by 0.3 percent after increasing 0.4 percent in December. However, the year-on-year gain in earnings is expected to fall to 2.8 percent from 2.9 percent in December as the jump in wages seen in January 2016 drops out of the picture. Rising wages could pave the way for the Federal Reserve to raise interest rates this year. The unemployment rate is forecast unchanged at 4.7 percent. "Solid job growth should help, in part, lead to lower unemployment and firming wage pressures, and justify the Fed hiking interest rates twice this year," said Sam Bullard, a senior economist at Wells Fargo Securities in Charlotte, North Carolina. The Fed, which hiked rates in December, has forecast three rate increases this year. On Wednesday, the U.S. central bank kept its benchmark overnight interest rate unchanged in a range of 0.50 percent to 0.75 percent. It said it expected labor market conditions would strengthen "somewhat further." UPSIDE SURPRISE LIKELY January payrolls could beat expectations. The ADP National Employment Report on Wednesday showed that private employers added 246,000 jobs last month, up from 151,000 in December. At the same time, the Institute for Supply Management''s measure of factory employment hit its highest level since August 2014. With its January employment report, the government will publish its annual "benchmark" revisions and update the formulas it uses to smooth the data for regular seasonal fluctuations. It will also incorporate new population estimates. In an early benchmark estimate last year, the government said the level of employment in March of last year was likely 150,000 lower than it had reported. As the labor market nears full employment, the pool of workers is shrinking, which is slowing job growth. Job gains averaged 180,000 per month in 2016, down from 229,000 in 2015. The shift in population controls will mean figures on the labor force or number of employed or unemployed in January will not be directly comparable with December. The labor force participation rate, or the share of working-age Americans who are employed or at least looking for a job, has been bouncing aro
'a47582166f56da002e0a94a0570c060c13368584'|'MIDEAST STOCKS-Gulf may move sideways; UAE earnings in line with expectations'|'  12:49am EST MIDEAST STOCKS-Gulf may move sideways; UAE earnings in line with expectations DUBAI Feb 1 Stock markets in the Gulf may move sideways on Wednesday as oil prices have stalled near $55 a barrel and sluggish global shares offer little positive impetus, while fourth-quarter earnings from large caps in the United Arab Emirates came broadly in line with expectations. Dubai''s Emaar Malls, a unit of Emaar Properties , reported a 3.9 percent rise in fourth-quarter net profit to 452 million dirhams ($123 million); EFG Hermes had forecast 466.95 million dirhams and SICO Bahrain, 468.95 million dirhams. National Bank of Abu Dhabi and Abu Dhabi Commercial Bank posted earnings in line with analysts'' forecasts. First Gulf Bank reported an 11 percent fall in net profit to 1.53 billion dirhams, above analysts'' average forecast of 1.37 billion dirhams, but it kept its 2016 dividend unchanged and the earnings will not make a difference to the terms of its impending merger with NBAD, so there may be little impact on its share price. (Reporting by Celine Aswad; Editing by Andrew Torchia) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/mideast-stocks-idUSL5N1FM0J7'|'2017-02-01T12:49:00.000+02:00'
'65eef75ea3fb0588e3018953afde5e94659ca346'|'Chink in Under Armour: slow down in sales growth seen as new normal'|'Business   3:40pm EST Chink in Under Armour: slow down in sales growth seen as new normal A screen displays the stock price of Under Armor above the floor of the New York Stock Exchange (NYSE) shortly after the opening bell in New York, U.S., January 31, 2017. REUTERS/Lucas Jackson By Gayathree Ganesan and Siddharth Cavale Under Armour Inc''s ( UA.N ) ( UAA.N ) revenue increased at breakneck speed for more than six years, averaging a quarterly growth rate of 20 percent, as shoppers couldn''t get enough of their Stephen Curry basketball gear and Bandit running shoes. Then, the company shocked Wall Street on Tuesday with a big drop in holiday-quarter sales growth and issued a glum forecast for the year, as it grapples with excess inventory amid a glut in the broader athleisure market. Now, analysts say, a roughly 15 percent growth rate could be the new normal for Under Armour. "This is the first time since Under Armour has been a public company where sales guidance clearly missed the consensus and a sign it is no longer able to find enough growth in new channels to offset weakness in its core business," Morgan Stanley analyst Jay Sole wrote in a note dated Jan 31. Under Armour ended the year with inventories that were 17 percent higher the year before and analysts said the company''s margins would be hit through 2017 as it discounts to get rid of old stock. Inventory problems aside, Under Armour is contending with a host of other issues. While the biggest concern is that the company lacks a true fashion line, Under Armour is also struggling with intensifying competition from Nike Inc ( NKE.N ) and Adidas AG ADGn.DE, which have stepped up discounts. The company''s Class A shares have lost more than half their market value over the past 12 quarters, including a 23.4 percent decline on Jan 31. Under Armour''s problems have been compounded in an industry already reeling from the bankruptcies of big footwear retail chains The Sports Authority and Sport Chalet, which have disrupted distribution channels. To be sure, the Under Armour brand is still a powerful one. It was the No. 2 sportswear brand in the United States for two years, before being recently displaced by Adidas, according to market research firm NPD. Under Armour has also successfully expanded into new categories including sportwear for kids and outdoor products, and signed deals with Major League Baseball, high profile athletes, and professional teams. NOT TOO COOL FOR SCHOOL Under Armour focuses on selling shoes and apparel that are solely meant for improving sports performance rather than as a fashion accessory, while Adidas and Nike have much broader ranges of fashion offerings. But in the United States, three-quarters of all sports shoes are not used for sports, according to market research firm NPD. For example, Under Armour''s Curry shoes are made for on-court performances, unlike Nike''s Air Jordans that have become the stuff of fashion lore. Under Armour Chief Executive Kevin Plank himself admitted on the company''s earnings call on Tuesday that it needed to become more fashionable at a time when consumers were spoilt for choice. "Under Armour is great on the field but is yet to be too-cool-for-school," Susquehanna Financial analyst Sam Poser said. The company has said it will invest aggressively in its premium Under Armour Sportswear business, under which it sells button down shirts, bomber jackets and parkas at high-end stores such as Barneys. It is also looking to expand its top brands to more retailers, much like its new deal with department store operator Kohl''s Corp ( KSS.N ) to sell its products in more than 1,100 stores. Analysts, however, don''t expect its fledgling fashion business to take off anytime soon. "They are going to be moving gradually towards more fashion products ... and I expect we''ll see the ramp up a little bit and maybe see some less dependence on the basics," NPD analyst Matt Powell said. "But I don''t expect a drama
'32cf979ae88441aef2d7d2eaafcb64cd4231489d'|'Marathon Petroleum''s profit rises about 21 pct'|'Commodities  50am EST Marathon Petroleum''s profit rises about 21 percent Marathon Petroleum Corp reported a 21.4 percent jump in quarterly profit, helped by higher income from its refining business and its unit that transports crude oil and refined products. Net income attributable to the company rose to $227 million, or 43 cents per share, in the fourth quarter ended Dec. 31, from $187 million, or 35 cents per share, a year earlier. Total revenue and other income rose to $17.28 billion from $15.68 billion, the company said on Wednesday. Marathon announced a series of steps in January to increase its stock price, including accelerating its drop down of assets to its master limited partnership, MPLX LP, amid pressure from hedge fund Elliott Management. (Reporting by Arathy S Nair in Bengaluru; Editing by Sriraj Kalluvila) Next In Commodities'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-marathon-pete-results-idUSKBN15G49U'|'2017-02-01T18:49:00.000+02:00'
'73e2efcc314c462cfc4952369178a57dac4ef5ac'|'BRIEF-OCC says total cleared contract volume down 9 pct in January'|'Financials - Wed Feb 1, 2017 - 2:05pm EST BRIEF-OCC says total cleared contract volume down 9 pct in January Feb 1 OCC: * OCC announces total cleared contract volume down nine percent in January * OCC - Jan average daily volume at OCC was down 14 percent from January 2016 with 16.9 million contracts * OCC says total cleared futures volume in January was 9.7 million contracts, a 35 percent increase from January 2016 * OCC - exchange-listed options volume reached 328,683,559 contracts in January, down 10 percent from January 2016 Source text for Eikon: (Bengaluru Newsroom: +91 806 749 1136) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFWN1FM13A'|'2017-02-02T02:05:00.000+02:00'
'0a0c843603cfee7f4abe3670b67470ff3cd25bc8'|'Indian factory activity returns to modest growth in January - PMI - Reuters'|'BENGALURU Indian factory activity returned to modest growth in January, bouncing from a contraction in December triggered by the government''s scrapping of high value banknotes, a business survey showed on Wednesday.Compiled by IHS Markit, the Nikkei Manufacturing Purchasing Managers'' Index rose to 50.4 in January from 49.6. A reading above 50 indicates expansion.In a sign factories have started the year on a better footing, a sub-index measuring new orders also nudged back above the breakeven mark, with domestic demand driving the pace as export orders remained in contraction."January saw only modest increases in order books, production and buying levels, but the quick rebound will be welcome news to policymakers," said Pollyanna De Lima, economist at IHS Markit."Improving confidence among firms bodes well for the outlook, with the expansion in manufacturing output likely to pick up pace in coming months."Prime Minister Narendra Modi''s demonetisation drive in November banned 500 and 1,000 rupee bills, removing 86 percent of cash in circulation, in a bid to fight corruption and tax evasion.The cash crunch is expected to hurt the economy in the October-December quarter of 2016, with economists predicting growth slowing to a near 3-year lows of 6.5 percent.In December, the Reserve Bank of India unexpectedly left its key policy rate unchanged at 6.25 percent, opting to wait before judging the full effects of the currency ban.But India''s central bank is expected to go through with a rate cut in its meeting next week, with 29 of 46 economists in a poll conducted over the last few days expecting a 25 basis points cut.India''s government will unveil its budget on Wednesday and is expected to try and boost economic growth through reducing personal income and corporate tax as well as higher public investment.'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/india-economy-pmi-idINKBN15G3BZ'|'2017-02-01T02:08:00.000+02:00'
'289564fc178ff6828ed4617d8070e0f852753fd2'|'Emerald abandons Punch bid, leaving Heineken unrivaled in pubs takeover'|'Deals  55am EST Emerald abandons Punch bid, leaving Heineken unrivaled in pubs takeover LONDON Emerald Investment Partners said on Wednesday it is not planning to make a takeover offer for Punch Taverns ( PUB.L ), reversing course and leaving Heineken ( HEIN.AS ) unrivaled in its bid to buy and break up the company. Emerald, the investment firm of Punch founder Alan McIntosh, made an approach to Punch late last year, around the same time brewer Heineken, and investment partner Patron Capital, agreed a deal for Punch. (Reporting by Martinne Geller, editing by Louise Heavens) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-emerald-punch-idUSKBN15G4LM'|'2017-02-01T20:52:00.000+02:00'
'7e50da6c1de3a6a55050a7747c8d82a75c3c7444'|'European shares gain ground, led by industrials after strong euro zone manufacturing data'|'Company   5:04am EST European shares gain ground, led by industrials after strong euro zone manufacturing data (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) * European major indexes up as manufacturing activity expands * Basic resources, industrials lead sectors higher * Volvo, Siemens shine after earnings beats * Ocado loses ground after Tuesday''s rally By Helen Reid LONDON, Feb 1 European shares were firmly up on Wednesday after three days of losses, with basic resources and industrials leading, boosted by healthy corporate results and positive manufacturing data out of regional heavyweights France, Germany and Italy. The pan-European STOXX index was up 0.8 percent, led by Swedish truck maker Volvo and German engineering giant Siemens. French manufacturing activity expanded at the fastest pace in nearly six years in January as demand firmed up, while German factory growth was the highest in three years, and Italy''s also increased, albeit at a slower pace. "Buoyed by the prospects of a reflationary US economic policy under President Trump, it looks like manufacturers are ramping up activity," said Neil Wilson of ETX Capital, in a note. Volvo shares were the top European gainers, up 6.4 percent after the company substantially outperformed forecasts with a core profit of 5.66 billion Swedish crowns, and raised its forecast for the European truck market. Volvo''s strength could also have been supported by Sweden''s manufacturing sector growth, the fastest in six years. Shares in Siemens hit their highest level since September 2000, after it raised its outlook, with industrial business profit jumping in the fiscal first quarter. "Clearly Siemens'' transformation is under way and we see little reason why the stock would not move more towards a sector multiple," Liberum analysts said in a note, reiterating their ''buy'' rating on the stock. Industrials across Europe were buoyed by the manufacturing data, with materials firm Saint Gobain and tire manufacturer Michelin top gainers in France''s CAC 40 index. Finnish paper maker UPM-Kymmene was recovering slightly from its biggest ever daily drop yesterday, up 3.9 percent, while Swedish oil company Lundin Petroleum was up 4 percent after its Q4 earnings beat consensus. Spanish telecoms company Cellnex Telecom gained 5.5 percent, nearing its best ever daily gains, after announcing an 854 million euro deal with French telecoms giant Bouygues to build 3,000 telecoms sites in France. Shares in British online supermarket Ocado, which rallied sharply yesterday on better-than-expected profits, were down 4.2 percent, top fallers in the STOXX 600, hitting their lowest level since July 2016. British asset manager Henderson Group was a top European faller after Barclays cut its target price on the stock. Swedish stocks featured on the list of the biggest laggards across Europe too with home appliance maker Electrolux down 3.1 percent after results disappointment. (Editing by Toby Chopra) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/europe-stocks-idUSL5N1FM2AN'|'2017-02-01T17:04:00.000+02:00'
'937cf6b957357c8b613471ada7050aae068b9314'|'Investor Standard Life seeks change at Sports Direct, Volkswagen'|' 40am GMT Investor Standard Life seeks change at Sports Direct, Volkswagen   ( SPD.L ) and Volkswagen ( VOWG_p.DE ) and   Mike Ashley''s role as executive deputy chairman of retailer Sports Direct was "ill-defined and did not seem to reflect the reality of his influence at the company," Standard Life Investments (SLI) said, adding it had "major concerns" about the firm''s remuneration policy. At Volkswagen, SLI said "increased board independence is crucial to rebuilding trust" in the company. Both companies were marked as "escalation candidates" in the investor''s report, indicating it planned to ask for more changes in the way they are run. However, SLI said it had been influential in achieving change at WPP ( WPP.L ), the world''s largest advertising agency. "We were reassured that progress had been made, both in the ownership of the succession planning process by the board, led by the chairman, and the process itself." (Reporting by Carolyn Cohn. Editing by Andrew MacAskill) Next In Business News UK house price growth weakest since Nov 2015 - Nationwide LONDON British house prices rose at their slowest annual rate in more than a year last month, and the prospect of weaker jobs growth and higher inflation is likely to weigh further on their prospects in 2017, mortgage lender Nationwide said on Wednesday.    '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-governance-standard-life-idUKKBN15G3WI'|'2017-02-01T16:40:00.000+02:00'
'314a055e84919ae13a6ed82eda43168e0a590b32'|'Arconic CEO defends performance as Elliott ramps up pressure'|'NEW YORK Feb 1 Arconic Inc Chief Executive Officer Klaus Kleinfeld, under pressure from hedge fund Elliott Management, on Wednesday defended the metal maker''s performance since spinning off from aluminum producer Alcoa Corp AA.N>."I''m very happy that it''s doing so well," Kleinfeld told CNBC in an interview the day after Elliott launched a proxy fight against the company, nominating five directors for its board.."Let the facts speak," Kleinfeld added, referring to the performance of Alcoa and Arconic''s shares since the spinoff late last year. (Reporting by Michael Flaherty; Editing by Lisa Von Ahn)'|'reuters.com'|'http://feeds.reuters.com/reuters/mergersNews'|'http://www.reuters.com/article/arconic-elliott-idUSN9N16A013'|'2017-02-01T18:27:00.000+02:00'
'f45bc0233ce4e3488cd92a371185d8f54e8fbea2'|'Emerald abandons Punch bid, leaving Heineken unrivaled in pubs takeover'|'LONDON Emerald Investment Partners said on Wednesday it is not planning to make a takeover offer for Punch Taverns ( PUB.L ), reversing course and leaving Heineken ( HEIN.AS ) unrivaled in its bid to buy and break up the company.Emerald, the investment firm of Punch founder Alan McIntosh, made an approach to Punch late last year, around the same time brewer Heineken, and investment partner Patron Capital, agreed a deal for Punch.(Reporting by Martinne Geller, editing by Louise Heavens)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-emerald-punch-idINKBN15G4LM'|'2017-02-01T10:55:00.000+02:00'
'df03f46ff72b89968b1947a061a1f162e6ccc733'|'Don''t bank on users to rescue clearing houses top regulator warns'|'Wed Feb 1, 2017 - 3:06pm GMT Don''t bank on users to rescue clearing houses top regulator warns By Huw Jones - LONDON LONDON Customers of a failed clearing house should only be made to stump up cash as a "last resort", otherwise they risk being put off using the system, global regulators warned on Wednesday. Clearing of many derivatives was made compulsory to inject more transparency and safety following the financial crisis, when their opacity helped to accentuate the market fallout. This has prompted the expansion of firms like LCH ( LSE.L ), Eurex Clearing ( DB1Gn.DE ) and ICE Clear ( ICE.N ) which stand between two sides of a stock, bond or derivatives trade to ensure the transaction is completed, even if one side goes bust. To avoid them becoming "too big to fail", the Financial Stability Board (FSB), which coordinates financial rules for the Group of 20 economies (G20), has published draft guidance which sets out how regulators can close down a failing clearing house. It also lists the tools they should have to move swiftly in a crisis to avoid contagion. The European Union has already pushed ahead with a draft law on equipping regulators with tools to tackle failing clearers. Clearing houses already have a default fund, but if losses are greater than the fund, then "margin" cash posted by clients, such as asset managers, could be used to plug the hole. Fund managers have fiercely resisted this, saying this cash is owned by savers and pensioners and the FSB says such "haircuts" should be "limited to use as a last-resort-tool", with alternatives including members contributing more into a clearing house''s default fund. "Jurisdictions should take into due account the impact on financial stability and on incentives to centrally clear," the FSB says in its draft guidance. The financial sector has resisted attempts by regulators to set a fixed point beyond which closure of a clearing house starts automatically, saying attempts to keep them going should be given plenty of time. The FSB suggests several indicators that "should not be regarded as exhaustive or as fixed or automatic triggers", adding that national regulators should consider announcing publicly which ones shape their closure decision. The FSB said it will look further into the issue and may provide further guidance by the end of 2018. (Editing by Alexander Smith `)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-g20-clearing-regulations-idUKKBN15G4SQ'|'2017-02-01T22:05:00.000+02:00'
'24aa17ecffbd84b7808f48dad26363a06e16a3a3'|'EMERGING MARKETS-LatAm currencies pare back gains on strong U.S. jobs data'|'Company   9:22am EST EMERGING MARKETS-LatAm currencies pare back gains on strong U.S. jobs data By Bruno Federowski SAO PAULO, Feb 1 Latin American currencies pared back gains on Wednesday after strong U.S. jobs data fueled expectations that the U.S. Federal Reserve would strike a hawkish tone later in the day. U.S. private employers added 246,000 jobs in January, above the 165,000 median forecast in a Reuters poll, according to the ADP National Employment Report. Traders have closely followed U.S. economic figures in search of clues over the pace of rate hikes throughout the coming months. Analysts expect the Fed to keep rates unchanged when it announces its decision on Wednesday, though U.S. President Donald Trump''s pledges of fiscal spending have fostered bets on a faster-than-expected tightening cycle. The Brazilian real inched up 0.1 percent after strengthening as much as 0.5 percent in morning trading, while the Chilean peso was nearly flat. Traders had earlier purchased emerging market assets after a report showed China''s manufacturing sector expanded for the sixth month in a row in January. Brazil''s benchmark Bovespa stock index rose over 1 percent, boosted by rising shares of miner Vale SA. Traders cited expectations of strong fourth-quarter results, due on Feb. 23. Shares of state-controlled oil company Petr<74>leo Brasileiro SA also rose, tracking an increase in crude futures on signs that Russia and OPEC producers will deliver on promises of output cuts. Key Latin American stock indexes and currencies at 1415 GMT: Stock indexes daily % YTD % Latest change change MSCI Emerging Markets 914.60 0.59 5.45 MSCI LatAm 2534.73 0.73 7.51 Brazil Bovespa 65487.65 1.26 8.73 Chile IPSA 4231.20 0.75 1.92 Chile IGPA 21127.29 0.66 1.90 Currencies daily % YTD % change change Latest Brazil real 3.1517 -0.08 3.09 Mexico peso 20.7375 0.43 0.03 Chile peso 646.7 0.03 3.71 Colombia peso 2904.1 0.50 3.35 Peru sol 3.265 0.18 4.56 Argentina peso (interbank) 15.8700 0.19 0.03 Argentina peso (parallel) 16.59 0.66 1.39 (Reporting by Bruno Federowski; Editing by Nick Zieminski) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/emerging-markets-latam-idUSL1N1FM0QW'|'2017-02-01T21:22:00.000+02:00'
'cd56fa00abd5858584e3b07629cb912b1a18c2b2'|'New York attorney general sues Charter over internet speeds'|' 59am EST New York attorney general sues Charter over internet speeds A Charter Communications company store sign is pictured in Long Beach, California, U.S., January 26, 2017. REUTERS/Mike Blake NEW YORK New York Attorney General Eric Schneiderman filed a lawsuit on Wednesday that accuses Charter Communications Inc''s Spectrum cable unit of short-changing customers on internet speeds. The lawsuit, filed in State Supreme Court in Manhattan, accuses Spectrum of systematically defrauding and misleading internet service subscribers by promising service it knew it could not deliver. Online content that Spectrum could not deliver to customers included Netflix, Facebook and gaming platforms, according to the lawsuit. Schneiderman launched a probe into the matter in October. Charter bought Time Warner Cable last year and re-branded the company as Spectrum. Charter said in a statement that it was disappointed that the Schneiderman filed the lawsuit regarding Time Warner Cable''s broadband speed advertisements that occurred prior to the merger. "Charter has already made substantial investments in the interest of upgrading the Time Warner Cable systems and delivering the best possible experience to customers," the company said. (Reporting by Jonathan Stempel and Anjali Athavaley; Writing by Anna Driver; Editing by Lisa Von Ahn)  '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-charter-commns-lawsuit-idUSKBN15G4M2'|'2017-02-01T20:59:00.000+02:00'
'44f23a9259c8b854b9f314d3f678b3112d28c91d'|'BRIEF-Chemtura announces stockholder approval of merger agreement with Lanxess'|' 34am EST BRIEF-Chemtura announces stockholder approval of merger agreement with Lanxess Feb 1 Chemtura Corp * Chemtura announces stockholder approval of merger agreement with Lanxess * Approximately 99.88 percent of votes cast at special meeting were in favor of approval and adoption of merger agreement Source text for Eikon:   Next In Market News * SAS shares rise nearly 4 percent (Adds Norwegian, Swedish government comments) MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories Reuters News Agency - Brand Attribution Guidelines 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/mergersNews'|'http://www.reuters.com/article/idUSFWN1FM0T3'|'2017-02-01T21:34:00.000+02:00'
'd099f1a62541bd4861b789263b797614d3b4fb2f'|'Fitch Downgrades El Salvador''s IDR to ''B''; Outlook Revised to Negative'|'Financials  39pm EST Fitch Downgrades El Salvador''s IDR to ''B''; Outlook Revised to Negative (The following statement was released by the rating agency) NEW YORK, February 01 (Fitch) Fitch Ratings has downgraded El Salvador''s Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) to ''B'' from ''B+''. The Rating Outlook was revised to Negative from Stable. The issue ratings on El Salvador''s senior unsecured Foreign and Local Currency bonds are also downgraded to ''B''. The Country Ceiling is downgraded to ''BB-'' from ''BB''. The Short-Term Foreign Currency IDR is affirmed at ''B''. KEY RATING DRIVERS The downgrade reflects El Salvador''s continuing high level of political polarization with a prolonged period of congressional gridlock that has severely limited the government''s financing options and hindered meaningful fiscal measures to arrest the deterioration of public finances. The Negative Outlook reflects persisting risks to meeting financing needs for 2017 in the absence of a political agreement that unlocks additional external borrowing. Fiscal policy negotiations between the two main political parties broke down in January 2017 over disagreements on the 2017 budget. The political polarization between the government-led FMLN party and the main opposition ARENA party has prevented the government from issuing external debt since September 2014. A 2/3 majority of the Congress is needed to authorize external debt issuance, requiring agreement from the opposition. As a result, the government has relied mostly on the issuance of local short-term debt (Letes), which reached $1.07 billion as of end-December 2016 from $794 at year-end 2015. The legal limit of Letes issuance is $1.34 billion. Furthermore, government arrears have accumulated due to the lack of financing options and the resulting liquidity crunch. Fitch estimates El Salvador''s 2017 financing needs at $1.3 billion (excluding short-term debt). Fitch''s base-case scenario assumes it will be financed through some combination of external debt and local issuance. A further build-up of arrears can occur given the financing constraints the government is confronting. El Salvador has no long-term amortization of external commercial debt until 2019. Tax and pension reform measures require only a simple majority vote of the legislature and can help reduce financing needs, although the election cycle can hurt prospects for getting these measures approved in congress. In November 2016, the government and ARENA reached a partial agreement that included a Fiscal Responsibility Law (calling for a 3% of GDP adjustment over three years) and authorization of $550 million in external issuance. However, a final agreement over specific fiscal measures remains elusive. Failure to reach an agreement in a timely fashion, most likely under the auspices of an IMF program, could further constrain financing flexibility and result in a disorderly adjustment with significant damage to public finances and the overall economy. El Salvador''s fiscal deficit fell to 2.5% of GDP in 2016 from 3.3% in 2015 partly as result of fiscal restraint and relatively buoyant tax revenues, which grew by an estimated 6% in 2016, although there was some build-up of government arrears as well. El Salvador''s GDP growth remains low compared to that of its peers, with five-year average GDP growth at just 2% compared to a ''B '' median of 4.1%. El Salvador''s growth is estimated at 2.5% in 2016, similar to the growth rate in 2015. Fitch expects growth of over 2% in 2017-18. However, the continuation of such a modest rate of growth is insufficient to generate employment, reduce poverty or stabilize the general government debt dynamics. Political polarization, security concerns, and high emigration levels undermine the business climate and hinder investment prospects and growth. Fiscal deficits and weak growth are leading to a steadily increasing debt burden, to an expected 62.8%
'875bd6c9a7cebeecf833814b02068730b2134465'|'BRIEF-Sanchez Energy prices 10 mln offering at $12.50 per share'|'Company News - Wed Feb 1, 2017 - 1:06am EST BRIEF-Sanchez Energy prices 10 mln offering at $12.50 per share Feb 1 Sanchez Energy Corp * Sanchez Energy announces pricing of common stock offering * Says public offering of 10.0 million common shares priced at $12.50 per share Source text for Eikon: HIGHLIGHTS-India unveils budget for recovery after cash crunch NEW DELHI, Feb 1 India is a "bright spot" in the world economy, Finance Minister Arun Jaitley said as he unveiled his annual budget on Wednesday, adding that the impact on growth from the government''s cash crackdown would wear off soon. Here are the highlights of Jaitley''s budget for the 2017/18 fiscal year that begins on April 1. FISCAL DEFICIT * The 2017/18 budget seeks to pursue prudent fiscal management to preserve financial stability GROWTH * Amazon to spend $1.49 bln on air cargo hub, fans talk of bigger ambitions SAN FRANCISCO, Jan 31 Amazon.com Inc plans to invest $1.49 billion to build a large air cargo hub in northern Kentucky, state officials said on Tuesday, stoking expectations it may one day opt to directly compete with FedEx Corp and United Parcel Service Inc. 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/idUSASB0AXSY'|'2017-02-01T13:06:00.000+02:00'
'150f406b85904aa57a0c75974ffd8c4c998e60c0'|'Spirit AeroSystems profit falls about 22 percent'|' 43am EST Spirit AeroSystems profit falls about 22 percent Aircraft parts maker Spirit AeroSystems Holdings Inc ( SPR.N ) reported a 21.8 percent fall in quarterly profit, hurt in part by lower production deliveries on the Boeing 747 and 777 programs. The company''s net income fell to $108.2 million, or 89 cents per share, in the fourth quarter ended Dec. 31, from $138.3 million, or $1.01 per share, a year earlier. Revenue fell to $1.57 billion from $1.61 billion. (Reporting by Rachit Vats and Shashwat Awasthi in Bengaluru; Editing by Shounak Dasgupta) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/us-spirit-aerosystm-results-idUSKBN15G4G2'|'2017-02-01T19:42:00.000+02:00'
'63217d0763ebb09c2d50ca01a218f4cdac00b3e0'|'Wizz Air cuts annual profit estimate as competition bites'|'Business News - Wed Feb 1, 2017 - 10:50am GMT Wizz Air cuts annual profit estimate as competition bites A Wizz Air Airbus 321 aircraft lands at the Chopin International Airport in Warsaw, Poland May 17, 2016. REUTERS/Kacper Pempel By Alistair Smout - LONDON LONDON Eastern European-focused Wizz Air ( WIZZ.L ) cut its full-year profit estimate on Wednesday, citing pressure on fares in the industry, and said it would press ahead with plans to expand aggressively to build market share. Wizz Air''s London-listed shares fell more than 8 percent, their steepest decline since the aftermath of Britain''s vote to leave the European Union last June, having been more resilient than rivals over the last year. The group has felt the effects of pricing pressures after larger low-cost rivals easyJet ( EZJ.L ) and Ryanair ( RYA.I ) put more seats on to the market to take advantage of previously low oil prices and to try to capture market share. Both Lufthansa and Ryanair have said they expect fares to fall again this year, although they have predicted the drop will be less steep as oil prices creep back up. Wizz Air, which has its headquarters in Budapest, lowered its underlying net profit guidance to a range of between 225 million euros and 235 million euros for the year to the end of March, from a previous forecast of 245 to 255 million euros. Underlying net profit for the third quarter was 13.5 million euros ($14.6 million), a year on year decrease of 21.5 percent, which broker Goodbody described as "disappointing". The firm said around half of the cut to the profit forecast was due to the low fare environment, as a result of a combination of industry overcapacity and weakness in sterling. Rising fuel costs and disruptions because of severe weather also dented the outlook, echoing an update from Flybe ( FLYB.L ) earlier in the week. Unlike most of its rivals, Wizz Air did not downgrade its profit forecasts in the wake of last year''s Brexit vote, and it has outperformed since the start of 2016. reut.rs/2kfQzMM However, while it has limited exposure to Britain, a 15 percent slump in sterling has hit Wizz Air''s revenues, as it reports results in euros. The airline is continuing to expand and started 26 new routes over the previous three months. It is expecting to deliver full-year capacity growth of 20 percent. "We are taking advantage of the low-fare environment, and we are growing more aggressively than planned before," Chief Executive J<>zsef V<>radi told Reuters. "I think our competitors are affected in a much bigger way, and I think this is why this is right for us to take advantage." WizzAir flew 22.7 million passengers in 2016, compared with 117 million reported by Ryanair, which overtook Lufthansa as Europe''s biggest airline by passenger numbers.. (Reporting by Alistair Smout; Editing by Keith Weir) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-wizz-air-hldgs-outlook-idUKKBN15G3LG'|'2017-02-01T17:50:00.000+02:00'
'5e546c292a795112d739f4be2278a518694e9a5e'|'India maintains 2016/17 fiscal deficit target at 3.5 percent of GDP'|'NEW DELHI India retained its fiscal deficit target of 3.5 percent of gross domestic product for fiscal year to March 2017, as against 3.2 percent mentioned incorrectly in the budget document, Economic Affairs Secretary Shaktikanta Das clarified on Wednesday.The government aims to bring down its fiscal deficit to 3.2 percent of GDP in the financial year starting April 1, Das said.As economists polled by Reuters had expected, Jaitley raised the target for the fiscal deficit to 3.2 percent of gross domestic product in 2017/18 - effectively postponing the goal of bringing it down to 3 percent.(Reporting by Malini Menon; Editing by Swati Bhat)'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/india-budget-deficit-idINKBN15G454'|'2017-02-01T07:59:00.000+02:00'
'bca4162e527756703d90ae15bd365ccd821ae31d'|'BRIEF-WSE suspends trading of Aplitt shares'|'Financials - Wed Feb 1, 2017 - 3:10am EST BRIEF-WSE suspends trading of Aplitt shares Feb 1 Warsaw Stock Exchange (WSE): * Said that due to mandatory squeeze-out of Aplitt shares it resolved to suspend trading of Aplitt shares on WSE main market as of Feb. 1 Feb 1 India''s finance minister Arun Jaitley unvieled a budget for recovery in parliament on Wednesday. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories Reuters News Agency - Brand Attribution Guidelines 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/financialsNews'|'http://www.reuters.com/article/idUSL5N1FM1OZ'|'2017-02-01T15:10:00.000+02:00'
'b588ea7c1a27124e98661bd16fe39f2d4c17da9e'|'Facebook to develop app for television set-top boxes - WSJ'|'Business News   11:33pm GMT Facebook to develop app for television set-top boxes - WSJ FILE PHOTO - A Facebook logo is displayed on the side of a tour bus in New York''s financial district July 28, 2015. REUTERS/Brendan McDermid/File Photo Facebook Inc ( FB.O ) is creating an app for television set-top boxes, including Apple Inc''s ( AAPL.O ) Apple TV, the Wall Street Journal reported, citing people familiar with the matter. The world''s biggest online social network is also in discussions with media companies to licence long-form, TV-quality programming, the Journal reported on Tuesday. ( on.wsj.com/2kNGMgx ) Facebook declined to comment. An app for set-top boxes would bring Facebook closer to live video and video advertisements. Getting advertisers to buy more video ads is key to Facebook''s continued revenue growth as such ads fetch higher rates from advertisers than text or photo-based ads. Live video is also becoming a highly competitive feature on social platforms, with companies competing to stream major sports events and exclusive video components from high-profile events such as the Oscar and Grammy awards shows. In April, Facebook expanded its live video product, Facebook Live - a potential threat to broadcast television, giving it prominent placement on its app and rolling out features to make it easier for users to search and comment in real time. (Reporting by Arunima Banerjee in Bengaluru; Editing by Savio D''Souza) Next In Business News Trump, trade adviser signal displeasure with U.S. ''strong dollar'' policy NEW YORK/LONDON   and a top economics adviser on Tuesday unleashed a barrage of criticism against Germany, Japan and China, saying the three key U.S. trading partners were engaged in devaluing their currencies to the harm of American companies and consumers.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-facebook-features-idUKKBN15F2W2'|'2017-02-01T06:33:00.000+02:00'
'8a3d6f33a3e5747fa2c99149fb09c3e5d13a1231'|'U.S. Treasury holds debt auctions steady, plans cyber test'|'WASHINGTON The U.S. Treasury said on Wednesday it will hold the size of coupon auctions steady in the upcoming quarter when it conducts a small "contingency auction" that an official said would test its ability to borrow following a cyber attack.The department plans to offer $62 billion in Treasury securities next week, raising approximately $17 billion in new cash, the Treasury''s acting assistant secretary for financial markets, Monique Rollins, said in a statement.Rollins said the contingency test was part of regular auction infrastructure testing. A Treasury official told reporters separately that the test would gauge the government''s ability to borrow money if a cyber attack disrupted normal auctions.On future coupon sizes, Rollins said the department "will continue to monitor projected financing needs and make appropriate adjustments as necessary."(Reporting by Jason Lange; Editing by Paul Simao)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-usa-debt-refunding-idINKBN15G4K5'|'2017-02-01T10:34:00.000+02:00'
'43761422b6b7a8e24d21e057d8aa0eac79e372d4'|'UPDATE 1-Puerto Rico says it will miss some Feb. 1 debt payments'|'(New throughout, adds details on payments, background on fiscal crisis)By Nick BrownFeb 1 Puerto Rico''s government said it will miss some debt payments due on Wednesday, including another payment on general obligation (GO) bonds backed by the U.S. territory''s constitution.In a statement on Wednesday, the Fiscal Agency and Financial Advisory Authority (FAFAA) said the island will miss the GO debt payment; payments owed at Puerto Rico''s public finance and infrastructure agencies; and $279 million owed by its Government Development Bank.Puerto Rico has been defaulting on debt periodically for more than a year, including on GO debt, and the missed payments were expected.FAFAA said Puerto Rico will make full payments due Wednesday on so-called COFINA debt, which is backed by sales tax, as well as payments owed by the island''s retirement system, water authority, municipal finance authority and industrial development agency.Puerto Rico is facing $70 billion in total debt, and nearly half its 3.5 million residents live in poverty. New Governor Ricardo Rossello, sworn in on Jan. 2, on Sunday signed a law to ensure the government continues to provide essential services.Rossello has said paying debt is also crucial, and has proposed a number of measures to reduce government spending to free up cash for debt payments.Still, the island likely cannot afford to pay its debt in full, and is in talks with bondholders to restructure. (Reporting by Nick Brown)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/puertorico-debt-default-idINL1N1FM1CE'|'2017-02-01T15:08:00.000+02:00'
'b90502a2f42d1ea6ff6ea177ce5e3d41448af387'|'BRIEF-Markel to acquire SureTec Financial Corp'|' Markel to acquire SureTec Financial Corp Feb 1 Markel Corp - * Markel to acquire SureTec Financial Corp * Deal for $250 million * Following acquisition, SureTec will operate as a separate business unit * Deal value includes a three-year earn out * SureTec will become part of Markel''s specialty division and US Insurance segment Source  '|'reuters.com'|'http://feeds.reuters.com/reuters/mergersNews'|'http://www.reuters.com/article/idUSASB0AY2Z'|'2017-02-02T04:59:00.000+02:00'
'8a278618763d3012cc34793cb5e49750be1682a4'|'Italy grants state guarantee for Pop Vicenza, Veneto''s new bonds'|'Financials  31am EST Italy grants state guarantee for Pop Vicenza, Veneto''s new bonds MILAN Feb 1 Italy has granted a state guarantee on new bonds to be issued by Banca Popolare di Vicenza and Veneto Banca, the two regional banks said on Wednesday. The banks added in two statements they had started the process to issue the new notes. Banca Popolare di Vicenza and Veneto Banca were rescued last year by banking industry bailout fund Atlante after failing to find buyers for initial share offerings worth 2.5 billion euros ($2.7 billion). The state guarantee is seen as a tool to help the two banks fund themselves on the market and counter a drop in current account deposits while they try to restructure and merge. ($1 = 0.9289 euros) (Reporting by Francesca Landini) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/italy-veneto-banks-state-guarantee-idUSI6N1FA01T'|'2017-02-01T20:31:00.000+02:00'
'f719f3951bef5d2ac31ad9dc860733666de461f9'|'BRIEF-Oneok sees 2017 maintenance capital expense of $140 mln to $160 mln'|' 58am EST BRIEF-Oneok sees 2017 maintenance capital expense of $140 mln to $160 mln Feb 1 Oneok Inc * Oneok inc - dividend increase of 21 percent to 74.5 cents per share * Oneok inc sees annual dividend growth of 9 to 11 percent through 2021 * Oneok announces 2017 financial guidance * Oneok inc sees 2017 maintenance capital expenditures $ 140 - $ 160 million * Oneok inc - natural gas liquids segment expects full-year 2017 adjusted ebitda of $1.11 billion to $1.31 billion * Oneok - ngls gathered expected to average 800,000 to 900,000 bpd and ngls fractionated are expected to average 575,000 to 635,000 bpd in 2017 * Oneok inc - natural gas pipelines segment expects full-year 2017 adjusted ebitda of $320 million to $340 million * Oneok inc - natural gas gathering and processing segment expects full-year 2017 adjusted ebitda of $445 million to $485 million Source  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSASB0AXU1'|'2017-02-01T18:58:00.000+02:00'
'7d49efdc5bab61c7ca649958edab76f60b118037'|'TREASURIES-Prices pare losses as Fed statement lacks surprises'|'(Recasts with Fed statement, adds Quote: , updates prices) * Fed meeting statement offers little new information * Jobs, factory data shows stronger growth * Treasury to sell $62 bln notes, bonds next week By Karen Brettell NEW YORK, Feb 1 U.S. Treasury prices pared losses on Wednesday after the Federal Reserve kept interest rates unchanged and painted a relatively upbeat picture of the U.S. economy, without adopting a very hawkish tone. In its first meeting since President Donald Trump took office, the U.S. central bank said job gains remained solid, inflation had increased and economic confidence was rising, although it gave no firm signal on the timing of its next rate move. Some investors were anticipating that the Fed could focus on improving inflation to raise expectations that a hike was likely sooner than currently expected. Traders do not currently see a more than 50 percent chance of a rate increase until the Fed''s June meeting, according to the CME Group''s FedWatch Tool. "It certainly was blander than people were anticipating because there was really nothing that could be quickly taken as more hawkish, or reflective of any change, from December," said Jim Vogel, an interest rate strategist at FTN Financial in Memphis, Tennessee. Benchmark 10-year notes were down 6/32 in price to yield 2.47 percent, down from around 2.49 percent before the Fed statement, and up from 2.45 percent late on Tuesday. Yields spiked as high as 2.52 percent before the Fed statement after several economic releases showed increasing growth momentum. U.S. factory activity accelerated to more than a two-year high in January, pointing to a recovery in manufacturing. The ADP National Employment Report also showed private employers added 246,000 jobs in January, up from 151,000 in December. Friday''s government employment report is expected to show employers added 175,000 jobs in January, according to the median of 102 economists polled by Reuters. Yields also rose as investors prepared for further corporate supply, after large debt sales by companies including Microsoft this week, and as demand to buy Treasuries for month-end rebalancing passed. "Typically the next day after month-end you see the market back up a little bit as people are looking towards corporate supply, which could weigh on Treasuries," said Justin Lederer, an interest rate strategist at Cantor Fitzgerald in New York. The U.S. Treasury said on Wednesday it will hold the size of coupon auctions steady in the upcoming quarter and will conduct a small "contingency auction" that an official said would test its ability to borrow following a cyber attack. The department plans to offer $62 billion in three-year, 10-year and 30-year Treasuries next week. (Editing by Meredith Mazzilli; Editing by Chizu Nomiyama)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-bonds-idINL1N1FM1OU'|'2017-02-01T16:56:00.000+02:00'
'12ef5f1ed3179ca559dde402cdc5f1953e10f3ac'|'South Africa''s Premier fishing unit to list in March on JSE'|'Financials - Wed Feb 1, 2017 - 7:04am EST South Africa''s Premier fishing unit to list in March on JSE CAPE TOWN Feb 1 South Africa''s African Equity Empowerment Investments Ltd. will list its fishing and food unit on the Johannesburg Stock Exchange on March 2, the chief executive said on Wednesday. Khalid Abdulla told Reuters the firm expected the Initial Public Offering (IPO) to value the unit at around 1.2 billion rand ($90 million). The cash "war chest" from the IPO will be used for further growth and acquisitions. ($1 = 13.4196 rand) (Reporting by Wendell Roelf; Editing by James Macharia) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/safrica-premier-ipo-idUSL5N1FM3CY'|'2017-02-01T19:04:00.000+02:00'
'06fabf5c9da6ee193c03c90938c5b753a28710f6'|'Wizz Air cuts profit forecast on low prices, severe weather'|'Industrials - Wed Feb 1, 2017 - 2:17am EST Wizz Air cuts profit forecast on low prices, severe weather LONDON Feb 1 Eastern European-focussed budget airline Wizz Air cut its profit guidance for the full year on Wednesday due to low prices and disruptions to some of its services from severe weather in continental Europe. Wizz Air lowered its underlying net profit guidance to a range of between 225 million euros and 235 million euros for the full year, from a previous forecast of 245 to 255 million euros. It said it expected to deliver full-year capacity growth of 20 percent. (Reporting by Alistair Smout; editing by Kate Holton) Next In Industrials REFILE-Indonesia Jan factory activity expands for first time in 4 months but export orders languish-PMI (Refiles to fix table formatting) JAKARTA, Feb 1 Data from the Nikkei Indonesia Manufacturing Purchasing Managers'' Index, compiled by IHS Markit, for January. Readings above 50.0 signal an expansion in business conditions. DATA JAN DEC NOV OCT SEPT AUG JULY JUNE MAY 50.4 49.0 49.7 48.7 50.9 50.4 48.4 51.9 50.6 CONTEXT - Manufacturing activity expands for the first time in four months but at modest pace - Producti LONDON, Jan 31 More UK companies are expected to adjust capital or cut dividends to fill growing holes in final salary pension schemes this year. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/wizz-air-hldgs-outlook-idUSFWN1FM0BJ'|'2017-02-01T14:17:00.000+02:00'
'e5055be357dc0c00f83ba38c9a04c739ed51efbb'|'Snap makes $3 billion IPO details public'|'Technology   5:03pm EST Snap makes $3 billion IPO details public A billboard displays the logo of Snapchat above Times Square in New York March 12, 2015. REUTERS/Lucas Jackson/File Photo Snap Inc, owner of popular messaging service Snapchat, made many of its financial details public for the first time on Thursday as it prepared to raise up to $3 billion in an initial public offering. The Los Angeles-based company said it generated $404.5 million in sales in 2016, up from $58.7 million in 2015. It had a net loss of $514.6 million in 2016, up from a net loss of $372.9 million in 2015. Snap expects to go public as soon as March and could be valued at between $20 billion and $25 billion, sources familiar with the situation have said. That would give the company the richest valuation in a U.S. technology IPO since Facebook Inc. Snap said it will list on the New York Stock Exchange under the ticker "SNAP". (Reporting by Lauren Hirsch; Editing by Meredith Mazzilli) Next In Technology News FCC to vote on advanced U.S. broadcast TV standards WASHINGTON The U.S. Federal Communications Commission is moving forward to advance a new broadcasting standard that would improve television picture quality, allow better access to programs via mobile phones and let broadcasters turn on a television set to send emergency alerts. Microsoft asks for exception program on Trump immigration orders Microsoft Corp on Thursday said it proposed a program to U.S. President Donald Trump''s administration allowing people from seven predominantly Muslim nations to enter and leave the United States on business or family emergency travel if they hold valid work or student visas and have not committed any crimes. Visa Inc , the world''s largest payments network operator, reported better-than-expected quarterly profit and revenue due to higher payment volume growth and cross-border volumes, sending the company''s shares up 3 percent in extended trading. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-snap-inc-ipo-idUSKBN15H2VB'|'2017-02-03T05:03:00.000+02:00'
'ab71cd6a5e6adb8ebafc6690f68e91c652d6f5c7'|'Wall Street stands with two Fed-hike outlook for 2017 - Reuters poll'|'Business News - Fri Feb 3, 2017 - 9:28pm GMT Wall Street stands with two Fed-hike outlook for 2017 - Reuters poll left right FILE PHOTO: A man walks past the Federal Reserve Bank in Washington, D.C., U.S. December 16, 2015. REUTERS/Kevin Lamarque/File Photo 1/2 left right FILE PHOTO - Federal Reserve Chair Janet Yellen holds a news conference following day two of the Federal Open Market Committee (FOMC) meeting in Washington, U.S. on December 14, 2016. REUTERS/Gary Cameron/File Photo 2/2 NEW YORK Wall Street''s top banks expect just two rate hikes from the Federal Reserve this year and see only modest risk to the U.S. central bank being pressed into a more aggressive pace of monetary policy tightening, a Reuters poll showed on Friday. The poll of primary dealers - the 23 banks that do business directly with the Fed - indicated none expect the next rate hike to occur before the second quarter, despite a report on Friday that employers added far more workers than expected in January. While the Bureau of Labor Statistics monthly non-farm payrolls report showed employment growth continues to be healthy, wages are not keeping pace, leading many to predict the Fed will stick to a leisurely pace of rate hikes. Fed policymakers earlier this week left their benchmark federal funds target rate unchanged in a range of 0.50 percent to 0.75 percent. They lifted the range by a quarter percentage point at their December meeting, marking just the second rate increase in about a decade. In the poll of dealers taken after Friday''s jobs report, all 14 respondents predicted the Fed would leave rates unchanged at its next meeting in mid-March, and 12 of the 14 forecast policy makers would lift the range by 0.25 percentage point to between 0.75 percent and 1.00 percent by the end of the second quarter. Furthermore, 12 respondents see the fed funds target range rising above 1 percent by year end, with 10 predicting an end-of-year range of 1.00 percent to 1.25 percent and two others seeing it rise to as high as 1.25 percent to 1.50 percent. Just one respondent, Mizuho, sees the Fed raising rates only once this year and holding off thereafter until 2018. Fed policy makers in December signalled as many as three increases in 2017 as the Trump administration takes over with promises to boost growth through tax cuts, spending and deregulation. Short-term U.S. interest rates futures, however, imply only about a 40 percent probability of three hikes this year, according to CME Group''s FedWatch. The median view of 12 primary dealers pegs the fed funds rate range rising to 1.75 percent to 2.00 percent by the end of 2018. Looking to factors that could pose risks to the near-term economic outlook, five of nine economists answering the question cited President Donald Trump''s hawkish stance on trade as a factor that could trip up the pace of growth. Trump, who ran on a platform of putting "America first," has rattled trading partners and currency exchange rates with his promise to renegotiate the North American Free Trade Agreement with Mexico and Canada and his pointed criticisms of the currency valuations of China, Japan and Germany. Economists also cited Trump''s foreign policy, fiscal policy and general strength of the dollar as significant risks. (Reporting by Dion Rabouin, Karen Brettell, Lewis Krauskopf, Sinead Carew, Caroline Valetkevitch, Gertrude Chavez-Dreyfuss, Sam Forgione and Charles Mikolajczak in New York; Writing by Dan Burns; Editing by Chizu Nomiyama) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-fed-poll-idUKKBN15I2X7'|'2017-02-04T04:28:00.000+02:00'
'a02256e09b8265c75dad74bb73bbb39fc048548f'|'Irish consumer sentiment rebounds to seven-month high'|'Business News - Fri Feb 3, 2017 - 12:18am GMT Irish consumer sentiment rebounds to seven-month high A pedestrian walks past a shop in Dublin November 16, 2010. REUTERS/Cathal McNaughton DUBLIN Irish consumer sentiment reversed the slide recorded for much of 2016 when it rose at the fastest pace in seven months in January, a survey showed on Friday, but its authors cautioned that most of the rebound could be caused by seasonal factors. Ireland''s economy looks set to have outgrown the rest of the European Union for the third straight year in 2016, but that failed to spur on sentiment last year, with many consumers experiencing an uneven recovery. Having fallen to its lowest level since early 2015, the KBC Bank Ireland/ESRI Consumer Sentiment Index jumped to 103.1 in January from 96.2 in December and back towards the 15-year high of 108.6 hit a year ago. The improvement in confidence mirrored gains in the United States and euro zone, KBC chief economist Austin Hughes said, pointing to the seasonal tendency towards a stronger reading at the start of the year. Hughes estimated that the post-Christmas seasonal bump could be responsible for around three quarters of the month-on-month rise in the index. He also cited a possible "relief rally" that the election of U.S. President Donald Trump was not immediately followed by the widely feared economic and financial fall-out. "The stronger confidence reflects a number of influences, some of which may be short-lived and others of which give some grounds for optimism about Irish economic prospects in the year ahead," Hughes said. "Our sense is that sentiment readings may remain choppy in coming months, reflecting an Irish consumer who is facing into a quite uncertain 2017." (Reporting by Padraic Halpin, editing by Larry King) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ireland-economy-consumersentiment-idUKKBN15I00X'|'2017-02-03T07:18:00.000+02:00'
'c1984323c530700f5df8adf687bfef01c8a2a19f'|'Drug maker Sobi eyes sale of Partner Products unit'|'STOCKHOLM Swedish drug maker Swedish Orphan Biovitrum (Sobi) ( SOBIV.ST ) said on Friday it was in talks with a private equity firm regarding a possible sale of its Partner Products business area."We have noted specific information in the market regarding a possible sale of Sobi Partner Products. We confirm that we are in discussions which may or may not lead to an agreement," Sobi CEO Geoffrey McDonough said in a statement.Sobi, which has Investor AB ( INVEb.ST ) as its biggest owner, said the talks did not include drugs Kineret and Orfadin.Partner Products had sales of 617 million Swedish crowns ($70 million) in the January-September period 2016, while Sobi''s total sales were 3.9 billion crowns.Sobi rose 2.1 percent at 1402 GMT after an earlier trading halt was lifted. The share was flat before the trading halt.(Reporting by Johannes Hellstrom; editing by Niklas Pollard)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-swedish-orphan-m-a-idINKBN15I1VO'|'2017-02-03T11:13:00.000+02:00'
'17717831d8fccd74e236e21a4da1f017baf53bb2'|'U.S. job growth beats expectations in January, wages soft'|'  1:37pm GMT U.S. job growth beats expectations in January, wages soft People attend TechFair LA, a technology job fair, in Los Angeles, California, U.S., January 26, 2017. REUTERS/Lucy Nicholson By Lucia Mutikani - WASHINGTON WASHINGTON U.S. job growth surged more than expected in January as construction firms and retailers ramped up hiring, which likely gives the Trump administration a head start as it seeks to boost the economy and employment. Nonfarm payrolls increased by 227,000 jobs last month, the largest gain in four months, the Labor Department said on Friday. But the unemployment rate rose one-tenth of a percentage point to 4.8 percent and wages increased modestly, suggesting that there was still some slack in the labor market. Revisions to November and December showed the economy created 39,000 fewer jobs than previously reported. Still, the labor market continues to tighten, which could soon spur a faster pace of wage growth. Federal Reserve officials view the labor market as being at or near full employment.   had forecast payrolls rising 175,000 last month and the unemployment rate unchanged at 4.7 percent. President Donald Trump vowed during last year''s election campaign to deliver 4 percent annual gross domestic product growth, largely on the back of a plan to cut taxes, reduce regulations, increase infrastructure spending and renegotiate trade deals in the United States'' favor. Although details on the policy proposals remain sketchy, consumer and business confidence have surged in the wake of Trump''s election victory last November. But with the economy near full employment, some economists are skeptical of the 4 percent growth pledge. Annual GDP growth has not exceeded 2.6 percent since the 2007-08 recession. DISAPPOINTING WAGE GROWTH Average hourly earnings increased only three cents or 0.1 percent last month. December''s wage gain was revised down to 0.2 percent from the previously reported 0.4 percent increase. January''s small rise in average hourly earnings is a surprise given that the minimum wage took effect in more than a dozen states last month. The small gain lowered the year-on-year increase in earnings to 2.5 percent from 2.8 percent in December. Sluggish wage growth, if it persists, would suggest only a gradual pace of rate increases by the Fed. The U.S. central bank, which hiked rates in December, has forecast three rate increases this year. On Wednesday, the Fed kept its benchmark overnight interest rate unchanged in a range of 0.50 percent to 0.75 percent. It said it expected labor market conditions would strengthen "somewhat further." With its January employment report, the government published its annual "benchmark" revisions and updated the formulas it uses to smooth the data for regular seasonal fluctuations. It also incorporated new population estimates. The government said the level of employment in March of last year was 60,000 lower than it had reported. As the labor market nears full employment, the pool of workers is shrinking, which is slowing job growth. The shift in population controls mean figures on the labor force or number of employed or unemployed in January are not directly comparable with December. The labor force participation rate, or the share of working-age Americans who are employed or at least looking for a job, was at 62.9 percent in January, the highest level since September. All sectors of the economy added jobs in January. Manufacturing payrolls increased by 5,000 jobs, rising for a second straight month as the oil-related drag on the sector eases. Construction employment jumped 36,000, the largest increase since March, likely boosted by warm weather, after December''s paltry 2,000 gain. Retail payrolls, surprisingly surged 45,900, the biggest rise since February. Retailers, including Macy''s ( M.N ), Sears ( SHLD.O ), American Apparel and Abercrombie & Fitch ( ANF.N ) announced job cuts in January amid store closures. Department store sales are being u
'ff88e59a362578507749087f95b6f3ec2f3aa184'|'European bank regulators will need ''unusual answers'' to Brexit - German watchdog'|'  6:38pm GMT European bank regulators will need ''unusual answers'' to Brexit - German watchdog Felix Hufeld, President of Germany''s Federal Financial Supervisory Authority BaFin (Bundesanstalt fuer Finanzdienstleistungsaufsicht) visits Thomson Reuters office in Frankfurt, Germany, September 22, 2016. REUTERS/Ralph Orlowski LONDON Regulators across Europe will need to be flexible and find "unusual answers" for handling banks looking to move operations from London to the continent after Britain leaves the European Union, a top German regulator said on Wednesday. Banks in Britain are already beginning to implement plans to ensure they can continue serving their continental European clients after Brexit, expected in just over two years'' time. With no clear blueprint for Britain''s new trading relationship with an EU of 27 member states, regulators worry that disruption to cross-border customer links could undermine financial stability. Felix Hufeld, the head of German financial watchdog Bafin, signalled on Wednesday in a speech in London that he and his counterparts across Europe may need to be flexible over Brexit. Hufeld said it would be a while before it is possible to see the likely outcome of two years of Brexit negotiations. "Plenty of water is still likely to flow under London''s bridges before we know precisely how soft or hard the Brexit will ultimately turn out to be," he said. "In such an environment, regulation will also need to find unusual answers." British Prime Minister Theresa May, who plans to launch divorce proceedings by the end of March, has said Britain intends to quit the EU''s single market, which would isolate the City of London from many European clients. Regulators would have to show "pragmatism and flexibility on many individual issues," Hufeld said in a prepared text of his speech. He compared regulators'' role to playing good jazz music that involves improvising, while at the same time keeping control. "With improvisation, it is like with good jazz; it really only works if you can play the instrument and the notes perfectly," he said. Bank of England Governor Mark Carney warned last month that the rest of Europe has more to lose than Britain from an abrupt Brexit because of the importance of Britain''s financial services industry for the region. Regulators in European countries competing for post-Brexit banking business are offering London-based banks a range of short-term workarounds to help them relocate, bankers, regulators and lawyers say. Many banks are looking to Frankfurt as a new EU base <20> a process that could normally take several years to complete, going well beyond the expected 2019 Brexit deadline. Germany''s top regulators met about 50 envoys from foreign banks on Monday to explain how they could move business to Frankfurt. (Reporting by Andrew MacAskill and Helen Reid; Editing by Adrian Croft)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-germany-regulation-idUKKBN15G5BB'|'2017-02-02T01:38:00.000+02:00'
'3a25fa843f36c69d1374edfffa2ffd063662e9b8'|'Stocks gain, dollar steady as Fed stands pat'|'  8:56pm GMT Stocks gain, dollar steady as Fed stands pat A trader works on the floor of the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S., December 30, 2016. REUTERS/Stephen Yang By Dion Rabouin - NEW YORK NEW YORK Stocks moved higher around the globe and the dollar rose along with oil prices on Wednesday as strong data suggested the global economy was picking up steam and the Federal Reserve released an upbeat statement on the health of the U.S. economy. The Fed left rates unchanged in its first meeting since President Donald Trump took office, but its relatively upbeat outlook suggested it was on track to tighten monetary policy this year. The dollar reduced its gains after the Fed''s decision but remained 0.2 percent .DXY higher, also buoyed by strong readings on U.S. employment and manufacturing data. U.S. factory activity hit a more than a two-year high in January and a private payrolls report shot past expectations. <20>The market didn<64>t get any new insights from the statement as far as a trigger for a more hawkish Fed, and that is prompting some minor profit-taking on the dollar, but there is nothing in this Fed statement to change the bigger picture, from our perspective, that underlying U.S. growth remains robust and the Fed will hike 2-3 times over the next 12 months,<2C> said Shahab Jalinoos, global head of FX strategy at Credit Suisse. Wall Street stocks turned positive after the Fed''s decision on interest rates, but remained subdued as they headed towards the close of U.S. trading. The Nasdaq, which is more technology-heavy, was lifted by a 7-percent rise in Apple ( AAPL.O ) after the company''s strong earnings and iPhone sales. The Dow Jones Industrial Average .DJI rose 8.59 points, or 0.04 percent, to 19,872.68, the S&P 500 .SPX lost 2.33 points, or 0.10 percent, to 2,276.54 and the Nasdaq Composite .IXIC added 21.31 points, or 0.38 percent, to 5,636.09. Both the pan-European FTSE 300 .FTEU3 and the STOXX 600 indexes ended up around 0.8 percent. Euro zone factories registered the fastest activity rate in nearly six years, China''s activity expanded for the sixth month and Japanese manufacturing growth was the fastest in almost three years. "So far, momentum is pretty strong heading into 2017," said Jacqui Douglas, Chief European Macro Strategist at TD Securities. "But political risks are definitely one of the biggest this year and, given the surprises we had through 2016, it''s really hard to tell what''s in store." The Nikkei .N225 added 0.56 percent and MSCI''s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS gained 0.36 percent. MSCI''s index of emerging market bourses rose 0.65 percent. That all combined to put MSCI''s 46-country All World index on pace to snap a four-day losing streak .MIWD PUS, though the recent protectionist noises from Trump''s team kept markets jittery. U.S. Treasury prices pared losses after the Fed''s statement with benchmark 10-year Treasury notes US10YT=RR down 3/32 in price to yield 2.47 percent, near their lowest yield of the day. Prices had earlier slumped after payrolls processor ADP showed strong jobs gains in January, raising expectations that Friday<61>s closely-watched government employment report will also show strong growth. Friday<61>s nonfarm payrolls report is expected to show employers added 175,000 jobs last month. [ECONUS] Brent crude LCOc1 futures, the international benchmark, settled up $1.22 a barrel at $56.80, supported by signs that Russia and the Organization of the Petroleum Exporting Countries are delivering on promised supply reductions. Oil prices had briefly traded lower after a larger-than-expected build in U.S. crude. Gold XAU= slipped by 0.1 percent, retracing earlier losses after the release of the Fed''s statement. (Additional reporting by Wayne Cole in Sydney; Editing by Toby Chopra and Nick Zieminski)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-global-markets-idUKKBN15F2
'aa121471774ccbed93f6208f9c1defabe1ada17e'|'Fitch Affirms Berkshire Hathaway Energy Co & Subs'|'Financials  38pm EST Fitch Affirms Berkshire Hathaway Energy Co & Subs (The following statement was released by the rating agency) NEW YORK, February 01 (Fitch) Fitch Ratings has affirmed the ratings of Berkshire Hathaway Energy Company (BHE) and its subsidiaries. The Rating Outlook for BHE is Stable. Fitch has also affirmed the ratings of NV Energy, Inc. (NVE) and its operating subsidiaries, Nevada Power Co. (NPC) and Sierra Pacific Power Co. (SPPC), and revised the companies'' Rating Outlooks to Positive. The Outlook revision reflects improving credit metrics at NVE and its operating subsidiaries. Fitch has affirmed the Issuer Default Ratings (IDRs) and securities ratings for the following BHE subsidiaries: PacifiCorp (PPW), MidAmerican Funding LLC (MF), MidAmerican Energy Co. (MEC), Northern Natural Gas Company (NNG) and Kern River Funding Corp. (KRF). The Rating Outlook for these BHE subsidiaries is Stable. A complete list of rating actions follows at the end of this release. KEY RATING DRIVERS --Ownership of BHE by Berkshire Hathaway, Inc. (BRK; IDR ''AA-''/Outlook Stable) and enhanced group funding and capital retention capabilities; --Strong, parent-only cash generation; --Diverse utility and utility-like, low-risk businesses provide strong, predictable earnings and cash flows; --Constructive regulatory compacts across BHE''s asset base with balanced general rate case outcomes. BHE Ownership: The ratings consider the favorable impact of BRK''s 90% ownership of BHE by BRK. Ownership of BHE by BRK affords the former with the ability to retain capital typically paid out in the form of dividends by publicly held investor-owned-utilities (IOUs). This dynamic is a function of BRK''s strong credit profile, large cash position (approximately $85 billion as of Sept. 30, 2016) and investment appetite. As a result, Fitch estimates that BHE will be free cash flow (FCF) positive and that consolidated debt will decline in 2016-2020. Other benefits include BRK''s ability to utilize tax shields and fund strategic growth opportunities. Diversified, Regulated Asset Base: BHE''s ratings are supported by a portfolio of large high-quality utility and utility-like assets primarily located in the U.S., Canada and Great Britain. BHE owns three large integrated electric utilities with generally constructive regulatory compacts and moderately above-industry-average growth trends, operating in the U.S. Rocky Mountain/Pacific Northwest, Midwest and Desert Southwest regions. Consolidated BHE leverage is high. However, future cash flows from BHE''s diverse portfolio of businesses are projected by Fitch to amply cover its estimated parent-only obligations. M&A: BHE has been an active consolidator in the utility, power and gas sector, acquiring high quality, low-risk electric and gas utility, electric transmission and natural gas pipeline assets. Large acquisitions in recent years include AltaLink, L.P. in 2014 and NVE (IDR ''BBB-''/Positive Outlook) in 2013. The potential impact of future M&A activity on BHE''s credit quality will be driven by price, asset quality and funding choices. Debt-funded acquisitions and/or acquisition of high risk profile businesses could challenge future credit quality. Consolidated Financial Metrics: BHE M&A activity and the associated increase in parent-company leverage following the acquisitions of NVE Energy and AltaLink have pressured BHE''s consolidated credit metrics. Fitch projects BHE funds flow from operations (FFO) coverage and leverage ratios will range from 3.9x to 4.1x and 4.6x to 4.8x, respectively, during 2016-2020. PPW Affirmed: PPW''s ratings and Stable Outlook reflect PPW''s strong credit metrics, balanced jurisdictional regulatory environment and meaningfully lower estimated capex compared to historical levels. PPW''s business risk is relatively low and retail rates below the industry average. Fitch forecasts FFO coverage and leverage ratios will approximate 4.9x and 3.7x or better, respectively, consi
'c9751f05fdec6e9958a2d7b88d3cebd0ec411e71'|'Salzgitter CEO sees further rise in 2017 profit -BZ'|'Commodities - Sat Feb 4, 2017 - 9:30am EST Salzgitter CEO sees further rise in 2017 profit -BZ Heinz Joerg Fuhrmann, CEO of Germany''s traditional steelmaker Salzgitter AG poses for a picture at a hotel in Duesseldorf, Germany February 16, 2016. REUTERS/Wolfgang Rattay FRANKFURT German steelmaker Salzgitter sees a further rise in profit this year as steel prices rise and restructuring measures continue to bear fruit, its chief executive told German markets daily Boersen-Zeitung in an interview. Heinz Joerg Fuhrmann added that he was not overly concerned about U.S. President Donald Trump''s order that American steel should be used for pipelines built in the United States, and said that Salzgitter may profit from a U.S. infrastructure programme. Salzgitter has forecast 2016 pretax profit of 30 million to 60 million euros ($32 to $65 million) on sales that are expected to be more than 8 billion euros. Fuhrmann said orders were on the rise, and better than a few months ago. "For 2017, I wouldn''t rule out a fourth increase in group profit in a row or a pretax profit in triple-digit millions of euros," he said. "But 2017 is only four weeks old and we will still experience plenty of surprises." Salzgitter is due to report 2016 results on Feb. 28. Fuhrmann said it remains to be seen whether it would be possible to source the steel for the pipes Salzgitter builds in the United States domestically. Salzgitter makes 8.5 percent of its revenue in the United States, a third of which comes from products it manufactures there. He said Salzgitter would also have to rethink an idea to build up in production in Mexico, given Trump''s threat to tear up the NAFTA free trade agreement between the United States, Mexico and Canada. "Luckily, we have not set any investments in motion yet," Fuhrmann said. But he added: "There are activities that could profit from a possible infrastructure programme. There is a downside but it''s limited. We remain relaxed and wait." ($1 = 0.9276 euros) (Reporting by Georgina Prodhan, editing by Louise Heavens) Next In Commodities'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/salzgitter-outlook-idUSKBN15J0KO'|'2017-02-04T21:26:00.000+02:00'
'50df8415081754a26b7fc86eeb6371fe63cd6e23'|'U.S. appeals court revives JPMorgan silver futures rigging lawsuits'|'Business News - Wed Feb 1, 2017 - 11:17am EST U.S. appeals court revives JPMorgan silver futures rigging lawsuits 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 Jonathan Stempel - NEW YORK NEW YORK A U.S. appeals court on Wednesday revived three private antitrust lawsuits accusing JPMorgan Chase & Co ( JPM.N ) of rigging a market for silver futures contracts traded on COMEX. The 2nd U.S. Circuit Court of Appeals in New York said a lower court judge held hedge fund manager Daniel Shak and two other traders to an excessively high legal standard when deciding last June 29 to dismiss their complaints. Shak, Mark Grumet and Thomas Wacker accused the largest U.S. bank of having in late 2010 and early 2011 placed artificial bids on the trading floor, harangued staff at metals market COMEX to obtain prices it wanted, and made misrepresentations to a committee that set settlement prices. The traders said this forced them to post more capital to support their positions in silver futures spreads, and ultimately to liquidate them at heavy losses. Shak is also known for playing high-stakes poker. In Wednesday''s unsigned decision, a three-judge panel rejected U.S. District Judge Paul Engelmayer''s finding that the traders did not adequately show that JPMorgan made "uneconomic" bids, or intended to rig the market. The panel said Engelmayer demanded too much detail, including specific transaction terms and the identities of JPMorgan''s counterparties. It also said Engelmayer engaged in "impermissible fact-finding" by objecting to the plaintiffs'' use of the 12-month Silver Indicative Forward Mid Rates as a benchmark for determining proper spread levels. "We hold that plaintiffs adequately pleaded ''willful acquisition or maintenance of monopoly power'' to sustain an antitrust claim," the appeals court panel said. JPMorgan spokesman Brian Marchiony declined to comment on the ruling. A lawyer for the traders, David Kovel, said: "We are happy with the decision and look forward to having the claims heard." JPMorgan has prevailed in other silver litigation, including in 2014 when the 2nd Circuit rejected class-action claims that the New York-based bank intended to drive prices down. The case is Wacker et al v. JPMorgan Chase & Co et al, 2nd U.S. Circuit Court of Appeals, Nos. 16-2482, 16-2484, 16-2530. (Reporting by Jonathan Stempel in New York; Editing by Jonathan Oatis) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-jpmorgan-lawsuit-silver-idUSKBN15G4Z8'|'2017-02-01T23:17:00.000+02:00'
'e91054b77caa37a6437370ec2c89adb307ae051e'|'CANADA STOCKS-TSX falls as Cameco sinks, gold miners weigh'|'Company News  55am EST CANADA STOCKS-TSX falls as Cameco sinks, gold miners weigh (Adds details on specific stocks, updates prices) * TSX down 31.57 points, or 0.21 percent, at 15,354.39 * Nine of the TSX''s 10 main groups move lower * Decliners stocks barely outnumber advancers overall TORONTO, Feb 1 Canada''s main stock index slipped on Wednesday as nuclear producer Cameco Corp sunk on news of a scrapped contract and gold miners pulled back ahead of a U.S. Federal Reserve interest rate decision. The move extended a retreat that saw the index notch its lowest close this year on Tuesday, although gains for insurers helped offset the decline. Cameco fell 11.4 percent to C$14.68 after Tokyo Electric Power, the operator of Japan''s wrecked Fukushima nuclear plant, scrapped a uranium supply contract worth about C$1.3 billion. At 10:44 a.m. ET (1544 GMT), the Toronto Stock Exchange''s S&P/TSX composite index was down 31.57 points, or 0.21 percent, at 15,354.39. While nine of its 10 main sectors were lower, decliners were only outnumbering advancers by a 1.3-to-1 ratio overall. Goldcorp Inc fell 1.2 percent to C$20.78 and Kinross Gold Corp declined 2 percent to C$4.97 as gold retreated ahead of the Fed''s statement, due at 2 p.m. ET. The U.S. central bank is expected to hold rates steady while signaling it still plans a number of hikes this year. Higher rates lift the opportunity cost of holding non-yielding assets such as gold, while the resulting rise in bond yields reduce the value of insurance companies'' liabilities and increase net interest margins of banks. The most influential gainers on the Toronto index included some of its biggest insurers, with Manulife Financial Corp up 1.1 percent to C$25.22. The energy group slipped 0.2 percent after a strong start to the session, as a report showing a large rise in U.S. crude inventories curbed oil price gains on signs that Russia and OPEC producers are delivering on promised supply reductions. Enerplus Corp rose 3.5 percent to C$12, adding to Tuesday''s gains after announcing an increase to its capital budget for 2017. BCE Inc slipped 0.5 percent to C$58.39. The telecom company''s Bell Media unit said on Tuesday it is reducing its radio and television industry workforce in more than two dozen locations across the country by an unspecified number. U.S. crude prices were up 0.7 percent to $53.18 a barrel, while Brent added 0.9 percent to $56.08. Gold futures fell 0.9 percent to $1,198.1 an ounce, while copper prices slipped 0.5 percent to $5,962 a tonne. The Canadian manufacturing sector grew at its fastest pace in over two years in January as new orders and production volumes picked up, data showed on Wednesday. (Reporting by Alastair Sharp; Editing by Nick Zieminski) Next In Company News UPDATE 1-U.S. takes steps to review Dakota Access pipeline WASHINGTON, Feb 1 The U.S. Army Corp of Engineers on Wednesday said it had taken initial steps to review requests to approve the final permit to finish the controversial Dakota Access pipeline, which has been the focus of protests for months.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-idUSL1N1FM114'|'2017-02-01T22:55:00.000+02:00'
'414bd1874da705520976f60eb9e2afa4c4ddffb7'|'Generali shareholder CRT to decide on Intesa bid when moment comes'|'TURIN Generali ( GASI.MI ) shareholder CRT Foundation has no preconceptions over a possible bid for the Italian insurer by Intesa Sanpaolo ( ISP.MI ) and will make up its mind when and if it happens, the CRT chairman said.Intesa, Italy''s biggest retail bank, said last week it was examining a possible tie-up with Generali, after sources told Reuters the bank was mulling a share offer to take a majority stake in the country''s largest insurer."We will assess the situation when the moment comes," Giovanni Quaglia told reporters.CRT has 1.268 percent of Generali.(Reporting by Gianni Montani, writing by Stephen Jewkes; editing by Francesca Landini)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-generali-m-a-intesa-crt-idINKBN15G4ZG'|'2017-02-01T13:19:00.000+02:00'
'765c6b05301da0c66fe89c11e1d4deef16a2066f'|'Trump''s view shouldn''t be hindrance to Bank of Japan easing - ex-IMF exec'|'Wed Feb 1, 2017 - 8:35am GMT Trump''s view shouldn''t be hindrance to BOJ easing: ex-IMF executive IMF Deputy Managing Director Naoyuki Shinohara gestures during a news conference in Montevideo February 28, 2014. REUTERS/Andres Stapff By Leika Kihara - TOKYO TOKYO The Bank of Japan should expand monetary stimulus if necessary and should not consider U.S. President Donald Trump''s accusation of currency manipulation as an obstacle to doing so, a former International Monetary Fund executive said. The central bank may not have much ammunition left to fight any abrupt rise in the yen, after more than three years of huge money printing, said Naoyuki Shinohara, an IMF deputy chief from 2010 to 2015. But Trump''s criticism over Japan''s monetary policy should not act as a hindrance if the BOJ sees the need to expand stimulus to support the economy, he told Reuters on Wednesday. "When necessary, the BOJ should take action," said Shinohara, formerly Japan''s top currency diplomat. The weak yen is among the few successful channels in which the BOJ''s stimulus helped the economy, though consumption and investment still lack momentum, said Shinohara, currently a University of Tokyo professor. "That''s why the BOJ''s policy may be interpreted as currency devaluation. But the BOJ''s policy is clearly aimed at beating deflation and the yen''s weakening is just a side-effect," he said. "It would therefore be puzzling for anyone to say the BOJ should stop easing." Asked whether yen-selling intervention could become an option if the yen keeps rising in the wake of Trump''s remark, Shinohara said: "Intervention probably won''t be too effective." Currency intervention is effective in addressing short-term, abrupt moves in exchange rates, which is not what is happening now, he added. The dollar was on the defensive after Trump and trade adviser Peter Navarro criticized China, Germany and Japan, saying they were devaluing their currencies to the disadvantage of the United States. Japanese policymakers hit back at Trump''s accusation, stressing that Tokyo was abiding by a Group of 20 agreement to refrain from competitive currency devaluation. Tokyo considers a strong yen as negative for Japan''s economy as it hurts exports, and worries that a reversal of the recent weak-yen trend could weigh on a fragile recovery. Japan has not intervened directly in the currency market since November 2011. However, the weak yen has been considered as one of the few successes of Prime Minister Shinzo Abe''s "Abenomics" stimulus policies aimed at pulling the economy out of deflation. (Reporting by Leika Kihara; Editing by Richard Borsuk) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-usa-trump-japan-shinohara-idUKKBN15G3R9'|'2017-02-01T15:30:00.000+02:00'
'326e765627f5710198075477638a305a739ec061'|'Siemens proposes former SAP boss Snabe as next chairman'|'  1:00am EST Siemens proposes former SAP boss Snabe as next chairman MUNICH, Germany Feb 1 Top European engineering group Siemens proposed former SAP co-chief executive Jim Hagemann Snabe as its next chairman ahead of its annual shareholder meeting on Wednesday. Snabe, a 51-year-old Dane who has been a Siemens supervisory board member since 2013, should take over from Gerhard Cromme after next year''s AGM. He also holds directorships at software maker SAP, insurer Allianz, shipping group Moeller-Maersk and audio equipment maker Bang & Olufsen Siemens said he intended to reduce the number of his supervisory board positions by 2018. (Reporting by Georgina Prodhan; Editing by Victoria Bryan) Next In Financials MIDEAST STOCKS-Gulf may move sideways; UAE earnings in line with expectations DUBAI, Feb 1 Stock markets in the Gulf may move sideways on Wednesday as oil prices have stalled near $55 a barrel and sluggish global shares offer little positive impetus, while fourth-quarter earnings from large caps in the United Arab Emirates came broadly in line with expectations.'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/siemens-shareholders-chairman-idUSF9N0ZM02F'|'2017-02-01T13:00:00.000+02:00'
'6fdd5967030d7f3855365df1991d7166ad0b1d5b'|'China services sector picks up in Jan - offical PMI'|'BEIJING Growth in China''s services sector accelerated in January compared with the previous month, an official survey showed on Wednesday.The official non-manufacturing Purchasing Managers'' Index (PMI) stood at 54.6 in January, compared with the previous month''s reading of 54.5, and well above the 50-point mark that separates growth from contraction on a monthly basis.The services sector accounted for over half of China''s economy last year and for the majority of its 6.7 percent growth as rising wages give Chinese consumers the opportunity to shop, travel and eat out more.Policymakers are counting on growth in services to offset persistent weakness in exports that is dragging on the world''s second-largest economy.(Editing by Kim Coghill)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/china-economy-pmi-services-official-idINKBN15G336'|'2017-01-31T22:21:00.000+02:00'
'1c90425c9c82fd7b214084774c0c7bca47b22953'|'ASIA CREDIT CLOSE: Funds pour into secondary as new issuance pauses'|' 29am EST ASIA CREDIT CLOSE: Funds pour into secondary as new issuance pauses SINGAPORE, Feb 1 (IFR) - There were signs of life in the Asian credit secondary market, even though primary issuance took a break ahead of the US rate decision later today and is unlikely to resume until next week. The Asia ex-Japan iTraxx investment grade index tightened 2bp to 112bp/114bp as investors employed their money in secondary bonds. The respite may be temporary, though, as issuance is expected to come at a hectic pace from next week. "Investors have decent levels of cash and issuers want to come before rates hike further, so the first half should be very constructive," said a DCM banker. China Development Bank''s dollar 2022s widened 2bp to Treasuries plus 86bp, while its euro 2020s tightened 1bp from yesterday to 95bp over Bunds. The Republic of Korea''s recent 2027 dollar bonds tightened 4bp to Treasuries plus 51bp. Chang Development''s 2020s tightened 2bp to 258bp over Treasuries - still 28bp wide of the spread at issue last month. Adani Ports'' 2022s spiked 4bp this morning but settled down to Treasuries plus 214bp. Bharat Petroleum''s 2027 yield jumped 5bp earlier, but also returned to the starting point of Treasuries plus 190bp. (Reporting by Daniel Stanton; Editing by Vincent Baby) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/markets-asia-debt-idUSL4N1FM25R'|'2017-02-01T16:29:00.000+02:00'
'5c573f82c2651264f9bccd4a898f16b132332606'|'UK factory costs balloon at record pace in Jan, growth slips - PMI'|' 42am GMT UK factory costs balloon at record pace in Jan, growth slips - PMI By Andy Bruce - LONDON, LONDON, Sterling''s fall since Britain voted to leave the European Union stoked the sharpest rise in factory costs on record last month but offered little boost to exports, tainting otherwise robust manufacturing growth at the start of 2017. Markit/CIPS UK Manufacturing Purchasing Managers'' Index (PMI) edged down to 55.9 from December''s 2-1/2 year peak of 56.1, matching the consensus forecast in a Reuters poll. The survey out on Wednesday suggested Britain''s economy continues to expand at a solid rate after outpacing its rivals last year, with the PMI''s gauge of manufacturing output pointing to the fastest growth since May 2014. But it also drove home the view shared by Bank of England policymakers, who meet this week, that rising prices will soon put a brake on household spending, a key driver of the economy. Factories'' raw material costs rose at the fastest pace since PMI records began 25 years ago - fuelled by the pound''s near 20 percent drop against the dollar since June''s Brexit vote, as well as higher prices for steel and oil. In response, manufacturers raised the prices they charged for their goods at the fastest pace since April 2011. In previous months spiralling cost pressures had been matched with an improvement in export orders, but this faded in January''s PMI. Orders from abroad rose at the weakest rate since last May, before the Brexit vote. "With cost pressures increasingly feeding though to higher selling prices at factories, it looks inevitable that consumer price inflation will rise further in coming months," said Rob Dobson, senior economist at IHS Markit, which compiles the survey. "The question is whether increased cost ... pressure will act as a drag on manufacturing growth going forward." Dobson said manufacturers sounded relaxed about this, with optimism at an eight-month high. A recent survey from industry association EEF also showed manufacturers were confident about the year ahead, despite doubts about the economic outlook. "Taken alongside robust output growth, rising new order inflows and further job creation, all signs are pointing to a solid contribution to UK GDP from manufacturing during the opening quarter of 2017," Dobson said. Manufacturing accounts for around a tenth of British economic output, and recent strong manufacturing PMIs have not fully transferred into subsequent official growth statistics. ((Editing by Hugh Lawson))     and Volkswagen and    '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-economy-pmi-idUKKBN15G3VU'|'2017-02-01T16:38:00.000+02:00'
'5eed50d613208564e0b626879012f921410957ed'|'BRIEF-Cooks Global Foods 9-mth constant currency same store sales NZ$22.8 mln'|'Financials  38pm EST BRIEF-Cooks Global Foods 9-mth constant currency same store sales NZ$22.8 mln Feb 2 Cooks Global Foods Ltd * Constant currency same store sales were up 0.2% for the nine-month period to NZ$22.8 million * "Remain confident of our prospects for the remainder of the financial year" Source text for Eikon:   Financials LONDON, Feb 1 (Thomson Reuters Foundation) - Squatters who occupied a $15 million central London mansion left empty by its foreign owner were forced to leave the property after bailiffs enforced a court order on Wednesday.   Reuters News Agency - Brand Attribution Guidelines 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/financialsNews'|'http://www.reuters.com/article/idUSFWN1FM11I'|'2017-02-02T02:38:00.000+02:00'
'dbe31a00f37b6f0a764901271b295f73cafe0612'|'Pipeline company Oneok to buy rest of Oneok Partners for $9.3 billion'|'Deals - Wed Feb 1, 2017 - 1:19pm GMT Pipeline company Oneok to buy rest of Oneok Partners for $9.3 billion Pipeline company Oneok Partners LP''s ( OKS.N ) biggest shareholder Oneok Inc ( OKE.N ) said it would buy the rest of the company for $9.3 billion, the latest master limited partnership (MLP) deal aimed at simplifying structures and increasing returns. MLPs do not pay corporate taxes and must pay out most of their profits to investors in dividend-style distributions that attract yield-seeking investors. But these shareholders tend to flee if a company is considering cutting or suspending dividends as was the case when the oil rout began in mid-2014, causing a slowdown in oil production and subsequently pipeline volumes. This led to wave of consolidation among MLPs. Sunoco Logistics Partners LP ( SXL.N ) and Energy Transfer Partners ( ETP.N ), both of which are controlled by general partner Energy Transfer Equity LP ( ETE.N ), said in November they would combine. In September, TransCanada Corp said its unit, Columbia Pipeline Group, offered to buy Columbia Pipeline Partners LP for about $848 million in cash. Oneok said on Wednesday the deal would result in a dividend increase of 21 percent to 74.5 cents per share, or $2.98 annually. Oneok''s deal comes at time when U.S. pipeline companies are back in focus after U.S. President Donald Trump signed orders last month smoothing the path for the controversial Keystone XL and Dakota Access oil pipelines. Oneok said it would pay 0.985 shares for each Oneok Partners unit it does not already own. Based on both the stocks'' closing price on Tuesday, that works out to $54.28 per share, representing a premium of 26 percent for shareholders of Oneok Partners. Oneok Partners'' units, which will not be publicly traded after the deal closes in the second quarter, were at $54.15 in premarket trade. Oneok''s shares were up 1.9 percent at $56.15. Oneok said it would issue 168.9 million shares for the deal, representing about 44.5 percent of the total outstanding shares of the combined company, on a pro forma basis. The company will have an integrated 37,000 mile network of natural gas liquids, pipelines and processing plants in the Williston Basin, U.S. Mid-Continent, Permian Basin, Midwest and Gulf Coast. J.P. Morgan Securities LLC is acting as Oneok''s lead financial adviser and Skadden Arps, Slate, Meagher & Flom LLP will provide legal advice. Barclays is providing financial advice to Oneok Partners Conflicts Committee and Andrews Kurth Kenyon LLP is its legal adviser. (Reporting by Vishaka George and Swetha Gopinath in Bengaluru; Editing by Martina D''Couto) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-oneok-partners-m-a-oneok-idUKKBN15G4A3'|'2017-02-01T20:18:00.000+02:00'
'9f48eba88e2b9ac4b1ccf58a8353b3c03d130d76'|'GfK shares hold ground above offer price as Dell takes stake'|'FRANKFURT Investors in KKR ( KKR.N ) target GfK ( GFKG.DE ) continued to hold out for a higher price a week before the offer period ends, as personal computer firm founder Michael Dell disclosed a 6.45 percent stake via a special situations fund.Shares in the German market-research firm traded barely changed at 43.90 euros on Friday afternoon, above the offer price of 43.50 euros from Kohlberg Kravis Roberts.The offer values the research firm, whose majority shareholder GfK Verein will hold on to its 56.46 percent stake, at around 1.59 billion euros ($1.71 billion).KKR has said the offer is conditional on holders of at least 18.54 percent of GfK shares accepting the offer, which puts KKR''s minimum investment at 293 million euros.GfK declined to comment. A person close to KKR said the firms was on alert but not yet worried.Dell''s MSD Capital fund manages more than $12 billion in assets, the company says on its website, which lists merger arbitrage as one of its investment strategies.The period to tender GfK shares ends on Feb. 10 at 2300 GMT.($1 = 0.9282 euros)(Reporting by Harro ten Wolde and Alexander Huebner; Editing by Georgina Prodhan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-gfk-m-a-dell-idINKBN15I244'|'2017-02-03T12:30:00.000+02:00'
'1a1d2830045328d6c72a12ef46220fd8e61fb582'|'Electra to receive 203 mln pounds from Audiotonix sale'|'LONDON Feb 3 Electra Private Equity is to receive 203 million pounds ($254 million) after its investment arm sold Audiotonix, a manufacturer of audio mixing consoles, to French buyout group Astorg.The sale comes as Electra is in the process of separating itself from the investment arm, which has renamed itself Epiris and is due to split from the firm in June.Epiris said the deal had generated a return close to five times the amount originally invested."This has been a fantastic deal for Epiris and its investors, and clearly demonstrates our strategy in action," said Charles Elkington, a partner at Epiris.The Auditonix sale is expected to close in the first quarter of this year. ($1 = 0.7985 pounds) (Reporting By Andrew MacAskill; Editing by Rachel Armstrong)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/electra-pvt-eqty-sale-idINL5N1FO1BR'|'2017-02-03T04:59:00.000+02:00'
'9b35f891fb7c4e8b95882563514f3b88382923bb'|'Apple considers legal action over travel ban'|'Apple considering legal action over Trump''s travel ban by Jethro Mullen @CNNTech February 1, 2017: 4:21 AM ET Ford CEO: ''We don''t support'' Trump''s travel ban Apple could be the next big tech company to take legal action against President Trump''s travel ban. The iPhone maker is considering legal options regarding Trump''s executive order, which has affected hundreds of its employees, CEO Tim Cook said in an interview with The Wall Street Journal. Cook didn''t provide details on what approach Apple ( AAPL , Tech30 ) might take other than saying that "we want to be constructive and productive." Apple didn''t immediately respond to a request for comment. Related: Tech leaders condemn Trump''s immigrant ban His comments follow moves this week by Amazon ( AMZN , Tech30 ) and Expedia ( EXPE ) to join a legal challenge to the travel ban , which affects refugees and citizens of seven Muslim-majority countries. Apple is one of the many tech companies that have spoken out against the ban, which caused chaos and confusion around the world and triggered protests in airports. "Apple would not exist without immigration, let alone thrive and innovate the way we do," Cook said over the weekend. He told The Wall Street Journal that he has been contacting "very, very senior people in the White House" to try to persuade them to repeal the order. CNNMoney (Hong Kong) First published February 1, 2017: 4:21 AM ET'|'cnn.com'|'http://rss.cnn.com/rss/edition_business.rss'|'http://money.cnn.com/2017/02/01/technology/apple-tim-cook-trump-travel-ban-legal-action/index.html'|'2017-02-01T16:26:00.000+02:00'
'07aa7dbd3a74349639fea022cb2f4a9c4046ab84'|'GLOBAL MARKETS-Stocks up after jobs report, U.S. yield curve steepens'|'* U.S. dollar sees fourth week of losses, bond yields fall* U.S. payrolls rise beats estimates, hourly earnings slip* Stocks up after strong jobs reportBy Dion RabouinNEW YORK, Feb 3 Key world stock indexes rose on Friday, with U.S. equities near record highs, as data showed the creation of more U.S. jobs than expected, while President Donald Trump''s executive order to review banking regulations boosted financial sector shares.U.S. nonfarm payrolls increased by 227,000 jobs last month, the largest gain in four months, but wages increased only modestly, suggesting there was still some slack in the labor market.The Dow Jones Industrial Average rose 180.42 points, or 0.91 percent, to 20,065.33, the S&P 500 gained 16.7 points, or 0.73 percent, to 2,297.55 and the Nasdaq Composite added 26.64 points, or 0.47 percent, to 5,662.84."Continued strong job creation is tempered by the renewed sluggishness in wage growth, raising questions once again about the extent to which the functioning of the labor market has evolved," said Mohamed El-Erian, chief economic adviser at Allianz in Newport Beach, California.The wages data initially pushed U.S. Treasury yields lower, but they reversed that move after comments from San Francisco Fed President John Williams, who said the Fed can prepare to raise interest rates this year without knowing details of any new U.S. fiscal policies because inflation is firming and the labor market looks good, Williams said.The Treasury yield curve was the steepest in one and a half months on Friday.The fall in yields helped the dollar erase its early losses. The greenback was marginally higher on the day, but headed for its fourth straight weekly loss.MSCI''s all-world stock index, which tracks bourses in 46 markets, rose 0.5 percent, on pace for its third day of gains. (Additional reporting by Vikram Subhedar in London and Danilo Masoni in Milan; Editing by Clive McKeef and Bernadette Baum)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/global-markets-idUSL1N1FO1M7'|'2017-02-03T23:16:00.000+02:00'
'77e6e2bde9deac166686785d158820ea86f02fc0'|'GfK shares hold ground above offer price as Dell takes stake'|'Deals  30am EST GfK shares hold ground above offer price as Dell takes stake FILE PHOTO: Michael Dell delivers his keynote speech at the All Things Oracle OpenWorld Summit in San Francisco, California September 25, 2013. REUTERS/Jana Asenbrennerova FRANKFURT Investors in KKR ( KKR.N ) target GfK ( GFKG.DE ) continued to hold out for a higher price a week before the offer period ends, as personal computer firm founder Michael Dell disclosed a 6.45 percent stake via a special situations fund. Shares in the German market-research firm traded barely changed at 43.90 euros on Friday afternoon, above the offer price of 43.50 euros from Kohlberg Kravis Roberts. The offer values the research firm, whose majority shareholder GfK Verein will hold on to its 56.46 percent stake, at around 1.59 billion euros ($1.71 billion). KKR has said the offer is conditional on holders of at least 18.54 percent of GfK shares accepting the offer, which puts KKR''s minimum investment at 293 million euros. GfK declined to comment. A person close to KKR said the firms was on alert but not yet worried. Dell''s MSD Capital fund manages more than $12 billion in assets, the company says on its website, which lists merger arbitrage as one of its investment strategies. The period to tender GfK shares ends on Feb. 10 at 2300 GMT. ($1 = 0.9282 euros) (Reporting by Harro ten Wolde and Alexander Huebner; Editing by Georgina Prodhan) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-gfk-m-a-dell-idUSKBN15I244'|'2017-02-03T22:28:00.000+02:00'
'b16081a1f65697ca928da0946fb1151a608f7dd9'|'Businesses growing in face of upcoming risks'|'By Jonathan Cable - LONDON LONDON Business started 2017 on a solid footing, surveys showed on Friday, thriving ahead of a myriad of political risks in the coming year.Fears of a growing protectionist agenda in the United States, whether national elections across Europe upset the status quo and just how fractious Britain''s divorce proceedings from the European Union become, are all expected to weigh in the months ahead.Yet so far those risks seem to have been mostly ignored with firms from Asia to Europe increasing or at least largely maintaining activity. Similar upbeat results are expected later from the United States..Euro zone businesses started 2017 by increasing activity at the same multi-year record pace they set in December.China''s factory activity grew for a seventh month and while India''s services business contracted for a third month as firms struggled to recover from a government crackdown on currency in circulation, the pace slowed."The outlook for this year is reasonably bright despite all the risks. The numbers for January have generally been quite positive," said Andrew Kenningham, chief global economist at Capital Economics.Growth in Britain''s services sector slowed for the first time in four months in January, dipping just below its long-run average, as businesses battled the sharpest rise in costs in more than five years.But on Thursday the Bank of England sharply revised up its growth forecast for 2017 to 2.0 percent, a view held by only the most optimistic forecaster in a Reuters poll of 50 economists taken last month.Britain''s economy unexpectedly outpaced all its major peers last year, wrongfooting those who expected an immediate hit from June''s Brexit vote.The Markit/CIPS British services Purchasing Managers'' Index dropped to a three-month low of 54.5 last month from December''s 15-month high, at the bottom end of a range of forecasts in a Reuters poll of economists, but Markit said the PMIs still point to first quarter growth of 0.5 percent.IHS Markit''s final composite PMI for the euro zone, seen as a good guide to growth, held at 54.4. It has not been higher since May 2011 and has remained above the 50 mark dividing growth from contraction since mid-2013.That points to first quarter expansion of 0.4 percent, Markit said, matching the median prediction in a Reuters poll."Despite the slightly disappointing outcome this remains a very strong report," said James Knightley, senior economist at ING.China''s factory activity expanded for the seventh straight month in January, giving Beijing more room to tackle chronic imbalances in the economy. The Caixin/Markit Manufacturing PMI fell to 51.0.The world''s second largest economy has seen a broad-based pickup in recent months, with fourth-quarter GDP beating expectations due largely to a strong housing market and higher government spending on infrastructure projects.A recovery in the country''s "smokestack" industries has also been supported by government mandates to close down outdated production capacity in the coal and steel sectors, as well as a rebound in investment in the property sector that came amid a record flood of credit.India''s Nikkei/IHS Markit Services PMI remained below 50 registering 48.7 in January as firms still reel from Prime Minister Narendra Modi''s decision in November to abolish high-value bank notes.Modi''s policy removed 86 percent of the currency in circulation, hitting consumption and capital investments, and shattered traditional cash-reliant supply chains.(Editing by Jeremy Gaunt)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/us-global-economy-idINKBN15I1FP'|'2017-02-03T08:43:00.000+02:00'
'06331a155c08bf0b9eff1078b61a6109bebd96b1'|'Emerald abandons Punch bid, leaving Heineken unrivalled in pubs takeover'|'Deals - Wed Feb 1, 2017 - 2:48pm GMT Emerald abandons Punch bid, leaving Heineken unrivaled in pubs takeover LONDON Emerald Investment Partners said it has decided not to make a takeover offer for Punch Taverns ( PUB.L ), leaving Heineken ( HEIN.AS ) unrivaled in its bid to buy and break up the UK pub company. Shares of Punch, the country''s second-biggest operator with more than 3,000 pubs, fell 6.3 percent on Wednesday to 176.25 pence, on dashed expectations of a raised offer. Dutch brewer Heineken and investment partner Patron Capital struck a deal in December to buy Punch for 180 pence per share, or 403 million pounds ($509.27 million), and break up its estate. Emerald, the investment firm of Punch founder Alan McIntosh, said at the time that it had proposed a 185 pence-per-share offer for Punch, but the offer was conditional on financing and due diligence. Punch''s management, board of directors and top three shareholders all endorsed the Heineken bid. Emerald said on Wednesday that it does not plan to make an offer for Punch. Punch said its shareholders will meet on Feb. 10 to vote on the deal with Heineken and Patron, and that it expects the deal to close in the first half of this year. (Reporting by Martinne Geller, editing by Louise Heavens) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-emerald-punch-idUKKBN15G4LM'|'2017-02-01T21:47:00.000+02:00'
'854625fbb6125a9ef0c7789e64eaf91d4e22cd57'|'US jobs growth in January is strongest since June, report finds'|'US companies ramped up hiring in January, adding the most new workers since June, according to a private survey released days before the first new jobs report since President Donald Trump<6D>s inauguration.Payroll provider ADP said on Wednesday that businesses added 246,000 jobs last month, up from 151,000 in December. The hiring was widespread, with the construction, manufacturing, healthcare and shipping industries all adding jobs at a solid pace.Jobs for all? In the US that idea is about to be tested to destruction - John Harris Read moreThe figures suggest that job gains have accelerated after a sluggish patch in the second half of last year. With the unemployment rate already low, at 4.7%, employers may be forced to offer higher pay to attract workers, which could create broader income growth.The ADP data covers only private businesses and often diverges from official figures. Economists forecast that the government<6E>s jobs report, due on Friday, will show a gain of 175,000, according to data provider FactSet.That figure may rise in the aftermath of the ADP report. Ted Wieseman, an economist at Morgan Stanley, boosted his forecast for the government<6E>s jobs report to 220,000 from 205,000. Wieseman also noted that fewer people have sought unemployment benefits this month, a proxy for layoffs.<2E>Every business survey released since the election <20> has been much stronger, including rising hiring plans,<2C> Wieseman said. <20>Fewer people being fired and businesses potentially starting to increase new hires points to better net job growth.<2E>Manufacturers added 15,000 jobs, the most in more than two years, ADP<44>s report said. Other measures of have indicated that factories have largely rebounded from headwinds such as the strong dollar and slower overseas growth that had caused steady job losses for nearly two years.Construction companies added 25,000 jobs, the most in four months, a figure that may have been lifted by warmer than usual weather.Professional and technical services, which include highly paid positions such as engineers and architects, added a more modest 8,000 jobs. Retailers, shipping firms and utility companies gained 63,000.The economy is expanding, though at a modest pace. It grew 1.9% in the final three months of last year, and growth was just 1.6% for the full year, the slowest calendar-year performance in five years.The economy has not grown at a healthy pace of 3% or more since 2005. Trump has pledged to lift growth to 4% and accelerate job creation, through tax cuts, deregulation and greater spending on infrastructure.'|'theguardian.com'|'https://www.theguardian.com/uk/business'|'https://www.theguardian.com/business/2017/feb/01/adp-us-jobs-growth-january'|'2017-02-01T23:47:00.000+02:00'
'a98d2537729e2097468076b54a93e746ef638e65'|'Poland has no plans to buy more company stakes - Deputy PM'|' 44pm EST Poland has no plans to buy more company stakes - Deputy PM BRUSSELS Feb 1 The Polish government has no plans to buy back more stakes in Polish companies from Western shareholders, but will look at market opportunities and consider offers if they are made, Polish Deputy Prime Minister Mateusz Morawiecki said. The conservative government has bought back, through state-controlled companies such as insurer PZU, shares in Poland''s biggest private bank, Pekao SA, from Italy''s UniCredit and a stake in the BPH bank from General Electric. The transactions were in line with the nationalist-minded government''s stance that it would like to see more Polish capital in the banking sector and the economy in general. Asked if the Polish state, through the companies it controls, would consider further purchases in the banking sector or opportunities in the media sector, Morawiecki told reporters in Brussels: "We look at ... opportunities which sometimes appear on the market. We neither stimulate them nor try to develop such opportunities." He said the sales by UniCredit and General Electric had been prompted by the effects of the global economic crisis that began in 2008, which left many companies in difficulties but helped return ownership of banks back into Polish hands. "As a result there was a ''domestication'' of the banking sector, which makes me very happy, but we do not foresee any scenarios that on the horizon now there is another sector." "If there are offers, then maybe our companies will take part in them. I will be equally happy if these are purely private Polish companies, with Polish capital, which want to take part in such actions of ''domesticating''," he said. (Reporting By Jan Strupczewski; Editing by Gareth Jones)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/poland-nationalisation-idUSL5N1FM68M'|'2017-02-02T01:44:00.000+02:00'
'6f2b38c32281d188f637534822e9f51cc03b889d'|'Will baby milk suit Nurofen maker Reckitt?'|'I f your shares have performed like Reckitt Benckiser<65>s <20> <20>24 to <20>71 in the past decade <20> investors are inclined to smile on any big proposed acquisition. Sure enough, the share price improved 4% as Reckitt said it is in advanced discussions to buy Mead Johnson Nutrition, a US baby milk firm, for $16.7bn (<28>13.3bn) in cash. But isn<73>t this a very un-Reckitt-like deal?One could say that baby milk falls within Reckitt<74>s <20>consumer healthcare<72> bucket, even if the current infant-related range seems to run to little more than the kiddie formulation of Nurofen. Or perhaps the appeal of Mead is the fact that it<69>s big in China and the rest of Asia, territory that all consumer goods giants are inclined to want to populate.But, at $16.7bn, plus a billion if you include Mead<61>s borrowings, this deal would be a major departure from Reckitt<74>s old diet of small purchases that can be slotted seamlessly into a reliable distribution network. Nurofen, Durex condoms and the Scholl footwear brand fitted that bill. With baby milk, Reckitt would be up against the commanding marketing budgets of Nestl<74> and Danone.Then there is the proposed takeover price of $90 a share. Mead expects to earn $3.05-$3.20 a share in 2017, so Reckitt would be paying about 29 times earnings, which is enormous. It would be easier to justify if the target was growing rapidly or carrying fat. But Mead<61>s sales, measured at constant currencies, fell 3% last year, and were even down in Asia. Profit margins are already 24%, which doesn<73>t obviously suggest inefficiency.Rakesh Kapoor, Reckitt<74>s chief executive, has been warming up his investors for a big move for a while but they thought he had in mind an unloved consumer healthcare division of a big pharmaceutical firm. Mead isn<73>t that, and yet Reckitt is seemingly happy to push its own borrowing ratios to the maximum to buy it.It all suggests Kapoor failed to find what he really wants to buy and has settled for second-best. When he is free to speak, he will offer counter-arguments, but investors<72> lack of initial scepticism is odd. Just because it<69>s Reckitt, it doesn<73>t mean the deal must be brilliant.Sports Direct<63>s fashion flirt Sports Direct<63>s Mike Ashley and French Connection<6F>s Stephen Marks both don<6F>t enjoy being told how to run their business. Thus excellent entertainment could be in prospect now that Sports Direct has bought control of an 11% stake in the struggling fashion chain .Marks, who owns 42% of French Connection, is already sparring with a hedge fund that thinks he shouldn<64>t be both chairman and chief executive of a company that has made losses for five years in a row. Ashley<65>s arrival in the ring makes the script more unpredictable. Read nothing into French Connection<6F>s statement that it sees the purchase <20>as a vote of confidence in the true potential of our company.<2E> Ashley is not a sit-and-hold merchant.But, while we sit back and await developments, Sports Direct<63>s outside shareholders may not be so relaxed. Ashley is supposed to be running a sportswear retailer, not a speculative investment fund. He owns 56% of Sports Direct but the owners of the other 44% are quite capable of forming their own view of French Connection<6F>s prospects. The funds for this adventure are the company<6E>s, not Ashley<65>s, remember.He<48>s done this sort of thing in the past <20> everywhere from Tesco to House of Fraser to Debenhams. The (thin) justification is usually that the <20>investments<74> somehow serve Sports Direct<63>s broader strategic aims. At a push, one could construct an elaborate theory that a relationship with French Connection could help Sports Direct to get bigger in fashion. But, come on, you don<6F>t need to buy a big block of loose shares to open a commercial discussion.It seems more likely that Ashley simply can<61>t resist a flutter when he spies a lively situation. It<49>s almost as if he has heard the objections to past share-buying adventures, plus shareholders<72> multiple other governance worries, and decided to send a message that he doesn<73>t giv
'5a767b36e01ee3e6ee52bfa7192fe15d26c31a8f'|'BRIEF-Hanover reports Q4 loss per share $0.32'|' 31pm EST BRIEF-Hanover reports Q4 loss per share $0.32 Feb 2 Hanover Insurance Group Inc - * Book value per share of $67.40, up 1.8 pct from December 31, 2015 * Full year net income of $3.59 per diluted share; operating income of $4.27 per diluted share; fourth quarter net loss of $0.32 per diluted share; operating loss of $0.46 per diluted share, reflecting reserve strengthenin * Q4 loss per share $0.32 * Q4 earnings per share view $0.71 -- Thomson Reuters I/B/E/S * Q4 operating loss per share $0.46 * On December 6, 2016, board of directors increased quarterly dividend on common shares by 9 pct, to $0.50 per common share * Net premiums written were $530.0 million in quarter, up 3.3 pct from prior-year quarter  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSASB0AYDE'|'2017-02-03T04:31:00.000+02:00'
'f3d961065d24a048da64acefbff3f479462844d5'|'Northrop, BAE Systems drop out of race for U.S. Air Force programme'|'Business News - Wed Feb 1, 2017 - 3:03pm GMT Northrop, BAE Systems drop out of race for U.S. Air Force programme left right A UAV helicopter build by Northrop Gruman is on deck aboard the soon to be commissioned littoral combat ship USS Coronado during a media tour in Coronado, California April 3, 2014. REUTERS/Mike Blake/File Photo 1/2 left right A sign adorns a hangar at the BAE Systems facility in Salmesbury, Britain, March 10, 2016. REUTERS/Phil Noble/File Photo 2/2 U.S. weapons maker Northrop Grumman Corp ( NOC.N ) said it along with its principal teammate British defence company BAE Systems ( BAES.L ) have decided not to submit a proposal for the U.S. Air Force''s $16 billion T-X Trainer programme. The companies had examined the requirements and acquisition strategy for the pilot training programme and decided that it was not in the best interests of their shareholders, Northrop said. (Reporting by Ankit Ajmera in Bengaluru; Editing by Martina D''Couto) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-northrop-grumman-bae-systems-tx-train-idUKKBN15G4RU'|'2017-02-01T22:03:00.000+02:00'
'3058afc6f22af58df809b6f5494092b400f2cc29'|'UPDATE 1-Board of Brazil''s Oi seeks to solve debt problem before discussing investments'|'(Adds details in paragraphs 4-11)By Ana ManoSAO PAULO Feb 1 The board of Brazil''s fourth-largest wireless carrier Oi SA on Wednesday decided to first solve its court-supervised reorganization before discussing a potential capital increase or new investments, a source told Reuters.The board, which convened in Rio de Janeiro, also accepted a recommendation from management and financial adviser LAPLACE Finan<61>as to intensify talks with creditors, with the aim of amending a debt restructuring plan presented by the company last September, the source, with direct knowledge of the talks, said on condition of anonymity.In December, a group of Oi bondholders represented by Moelis & Co MC.N proposed injecting $1.25 billion of new capital into Oi, a move that would give them immediate control of the carrier through a debt-for-equity swap.The creditors'' plan, backed by Egyptian billionaire Naguib Sawiris, is part of an alternative reorganization plan they presented to the company after considering Oi''s own reorganization proposal "unacceptable.""The in-court reorganization and a potential capital increase are two separate things. A capital increase may be discussed, but only in the future," the source said after Wednesday''s board discussion.The priority is to finalize the company''s debt restructuring plan and get approval from the majority of its creditors, according to the person.Oi filed in June for Brazil''s largest ever bankruptcy protection to restructure about 65 billion reais ($20.8 billion) of bank, bond and regulatory liabilities.Reuters reported in November that Oi SA planned to repay small-sized suppliers and contractors ahead of banks and bondholders.According to the source, the company is on track to finish paying such claims. After conclusion of ongoing court-mediated talks, Oi''s smaller creditors should be repaid "in a matter of weeks," the source said.($1 = 3.1285 reais) (Reporting by Ana Mano; editing by Chris Reese and Diane Craft)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/oi-sa-restructuring-idINL1N1FM1TE'|'2017-02-01T18:10:00.000+02:00'
'cb2ecd270ddd3f58d814faf616f37bfb3932b1b7'|'BRIEF-Regis Q2 adjusted loss per share $0.03'|' 13am EST BRIEF-Regis Q2 adjusted loss per share $0.03 Feb 3 Regis Corp : * Regis reports second quarter 2017 results * Q2 adjusted loss per share $0.03 * Regis reports second quarter 2017 results * Q2 revenue fell 5.9 percent to $424 million * Q2 same store sales fell 3.6 percent * Regis Corp says Q2 same-store sales for value concepts (excluding mastercuts) declined 2.5% * Regis Corp says franchisees posted positive same-store sales in quarter * Regis Corp - estimates shift of Christmas from Friday last year, to Sunday this year negatively impacted same-store sales rate by 120 basis points in quarter * Regis- estimates shift of Christmas from Friday last year to Sunday this year negatively impacted same-store sales by 120 basis points in quarter * Regis Corp says Q2 service revenue was $323.2 million, a $17.3 million, or 5.1% decrease, compared to prior year quarter Source  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSASB0AYF6'|'2017-02-03T18:13:00.000+02:00'
'8487aa0d536cd6e0ebff2f130c51d08e29d44ecf'|'Facebook vulnerable to expected changes in key visa program'|'SAN FRANCISCO/ WASHINGTON Among Silicon Valley<65>s top tech employers, Facebook Inc could be the most vulnerable to U.S. President Donald Trump<6D>s expected crackdown on guest-worker visas, according to a Reuters analysis of U.S. Labor Department filings.More than 15 percent of Facebook''s U.S. employees in 2016 used a temporary work visa, giving the social media leader a legal classification as a H-1B <20>dependent<6E> company. That is a higher proportion than Alphabet Inc''s Google, Apple Inc, Amazon.com Inc or Microsoft Corp.That could cause problems for Facebook if Trump or Congress decide to make the H-1B program more restrictive, as the president and some Republican lawmakers have threatened to do.Both Trump and Attorney General nominee Senator Jeff Sessions have opposed the program in its current form. They have also indicated that they are open to reforming it to <20>ensure the beneficiaries of the program are the best and the brightest,<2C> according to a draft executive order seen by Reuters. Reuters could not immediately confirm the authenticity of the draft.The Trump administration has not proposed any new rules that would target companies with the H-1B "dependent" classification. But the fact that Facebook alone among major tech companies falls into that category suggests it is the most exposed in the industry to any changes in H-1B visa policy.Facebook declined to comment on the matter.Trump administration officials could not immediately be reached for comment. White House Press Secretary Sean Spicer said on Monday that Trump would target H-1B visas as part of a larger immigration reform effort through executive orders and Congressional action, but gave no details.H-1B visas are intended for foreign nationals in "specialty" occupations that generally require higher education, which according to U.S. Citizenship and Immigration Services (USCIS) includes, but is not limited to, scientists, engineers or computer programmers. The government awards 85,000 every year, chiefly through a lottery system.Companies say they use them to recruit top talent. But a majority of the visas are awarded to outsourcing firms, sparking criticism by skeptics that those firms use the visas to fill lower-level information technology jobs. Critics also say the lottery system benefits outsourcing firms that flood the system with mass applications.H-1B dependent status is mostly held by these outsourcing firms such as India''s Tata Consultancy Services or Infosys. The status was introduced in the late 1990s in an effort to ensure that companies did not use the visas to replace American workers with cheaper foreign labor. The status requires companies to prove they cannot find U.S. workers for the jobs.Facebook listed itself as a dependent company in its applications for H-1B visas with the Labor Department last year.Before he took office as president, Trump discussed changes to the H-1B visa program with top technology executives, including Facebook Chief Operating Officer Sheryl Sandberg.Those changes included possibly ending the lottery and replacing it with a system that would award the visas to the highest-paying jobs first, a move designed to reduce their issuance to outsourcing firms.Such a move could soften the blow from any H-1B changes for Facebook and other major technology companies. The average salary offered for Facebook H-1B jobs was $145,550, according to its application filings last year. Tata, a traditional outsourcing firm, offered $67,950 on average, barely above the $60,000 floor set by law for the H-1B program.The draft executive order did not mention specifics about the lottery. It did require the U.S. secretary of labor to provide the president with a report on <20>the actual or potential injury to U.S. workers caused, directly or indirectly, by work performed by nonimmigrant workers in the H-1B<31> visa program.<2E>We are hoping that the final draft will have more details,<2C> said Russell Harrison, director of government relations a
'88ed7b4c38f3d14ea10721d14b2489b69b11081a'|'Snap makes $3 billion IPO details public'|'Money  31am IST Snap makes $3 billion IPO details public FILE PHOTO - A Snapchat sign hangs on the facade   in New York City, U.S., January 23, 2017. REUTERS/Brendan McDermid/File Photo Snap Inc, owner of popular messaging service Snapchat, made many of its financial details public for the first time on Thursday as it prepared to raise up to $3 billion in an initial public offering. The Los Angeles-based company said it generated $404.5 million in sales in 2016, up from $58.7 million in 2015. It had a net loss of $514.6 million in 2016, up from a net loss of $372.9 million in 2015. Snap expects to go public as soon as March and could be valued at between $20 billion and $25 billion,   situation have said. That would give the company the richest valuation in a U.S. technology IPO since Facebook Inc ( FB.O ). Snap said it will list on the New York Stock Exchange under the ticker "SNAP". (Reporting by Lauren Hirsch; Editing by Meredith Mazzilli) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/snap-inc-ipo-idINKBN15H2VK'|'2017-02-03T05:01:00.000+02:00'
'caaa48e821d6f8fd331f9eab1462aeea6956a154'|'Arconic CEO defends performance as Elliott ramps up pressure'|'Business News - Wed Feb 1, 2017 - 10:31am EST Arconic CEO defends performance as Elliott ramps up pressure Klaus Kleinfeld listens during a session in the Swiss mountain resort of Davos in a January 23, 2015 file photo. REUTERS/Ruben Sprich/Files NEW YORK Arconic Inc ( ARNC.N ) Chief Executive Officer Klaus Kleinfeld, under pressure from hedge fund Elliott Management, on Wednesday defended the metal maker''s performance since spinning off from aluminum producer Alcoa Corp AA.N>. "I''m very happy that it''s doing so well," Kleinfeld told CNBC in an interview the day after Elliott launched a proxy fight against the company, nominating five directors for its board. "Let the facts speak," Kleinfeld added, referring to the performance of Alcoa and Arconic''s shares since the spinoff late last year. (Reporting by Michael Flaherty; Editing by Lisa Von Ahn) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-arconic-elliott-idUSKBN15G4US'|'2017-02-01T22:31:00.000+02:00'
'e3b26742054b6668d1f0df9f0528ef09129aab8e'|'Teen apparel retailer Wet Seal files for bankruptcy'|'Deals - Thu Feb 2, 2017 - 9:53am EST Teen apparel retailer Wet Seal files for bankruptcy Wet Seal LLC filed for bankruptcy protection on Thursday, following reports last week that the struggling teen apparel retailer had closed all its stores after it was unable to find a buyer. The Irving, California-based company listed assets of $10 million-$50 million and liabilities of $50 million-$100 million in a filing with the U.S. bankruptcy court in Delaware. Thursday''s bankruptcy filing is Wet Seal''s second, following a Chapter 11 filing in 2015. The difficult market for teen apparel has triggered bankruptcy filings by high-profile retailers such as American Apparel LLC and Aeropostale Inc ( AROPQ.PK ) in recent years as they struggle to cope with competition, declining mall traffic as well as changing spending habits of young people. The Wall Street Journal last week reported that Wet Seal would close all of its stores after it was unable to find fresh capital or a buyer. (Reporting by Sai Sachin Ravikumar in Bengaluru; Editing by Shounak Dasgupta) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-wetseal-bankruptcy-idUSKBN15H1SC'|'2017-02-02T21:50:00.000+02:00'
'845d5bfa93c43105eaa647e9fbf6b227d1ede054'|'Fitch: Deregulation on Horizon for US Financial Institutions'|'Financials  06am EST Fitch: Deregulation on Horizon for US Financial Institutions (The following statement was released by the rating agency) Link to Fitch Ratings'' Report: The Impact of U.S. Financial Market Deregulation (President Trump Commits to "Doing a Big Number on Dodd-Frank") here NEW YORK, February 02 (Fitch) Deregulation is likely to be a significant theme for US financial institutions (FIs), with the Trump administration and Republican leaders in Congress indicating broad support to limit and simplify the regulatory regime, says Fitch Ratings. Fitch does not believe that the Dodd-Frank Act will be repealed in full; however, select provisions are potentially subject to substantial revision. Determining the aggregate ratings or credit impact of a major deregulation initiative without specific policy proposals would be premature. It remains unclear which, if any, deregulation policies will be the focus of the administration and ultimately be passed. However, Fitch believes that the Financial Choice Act (FCA), proposed by House Financial Service Committee Chairman Representative Jeb Hensarling, R-TX, in 2016, may serve as a blueprint for some of the changes ahead. The FCA is broad in scope and includes proposals to change FI activities, modify and potentially reduce financial regulators'' authority, limit regulatory burdens for certain FIs, add greater congressional oversight of regulators and propose reform to market infrastructure. In determining the potential impact of such regulatory changes, both the direct impact of the change and the responses from individual banks will be key in determining the ultimate issuer credit effect. The extent to which the reforms could lead to a reduction or changes to the quality of capital and/or liquidity, or weaken governance, will be particularly important for ratings over time. Several parts of the FCA target regulatory relief for strongly capitalized and well-managed banks, such as a proposal to exempt banks from many regulations should they exceed a 10% or higher financial leverage ratio. Smaller banks meeting the requirements would most likely benefit. For large global systemically important banks, Fitch estimates that the $400 billion in incremental Tier I capital necessary to achieve the minimum leverage ratio - the calculation would likely be similar to the Basel III supplementary leverage ratio - would outweigh any potential cost benefits of regulatory relief. Limiting regulatory authority is another key plank of the FCA. The most significant change for the markets would be the proposed restructuring of the Federal Reserve, including how it sets interest rates, as well as its authority as a central bank. The proposed rule also calls for restructuring the Consumer Financial Protection Bureau (CFPB), adding congressional review of financial agency rulemaking and subjecting agencies'' rulemaking to judicial review, among others. Overall, Fitch believes that such reviews could hamper agencies'' effectiveness and significantly impede their ability to issue new rules, which could have an overall negative effect on the system. Fitch believes that restructuring the CFPB with a Consumer Financial Opportunity Commission, as stipulated in the FCA, would lower compliance costs and reduce potential fines for consumer finance, but lead to weakening control frameworks. More detailed analysis of Fitch''s views on the potential credit impact of FCA proposals on US financial institutions from varying reform proposals can be found in the special report published today "The Impact of U.S. Financial Market Deregulation." Contact: David Weinfurter Managing Director Global Group Head Financial Institutions +1 212 908-0336 Fitch Ratings 33 Whitehall Street New York, NY Joo-Yung Lee Managing Director Financial Institutions +1 212 908-0560 Justin Patrie Fitch Wire +1 646 582-4964 Media Relations: Hannah James, New York, Tel: + 1 646 582 4947, Email: hannah.james@fitchratings.com. The 
'291bb2e8e42772ae9f646865b95ab5f00284af38'|'Amazon to spend $1.49 bln on air cargo hub, fans talk of bigger ambitions'|'Internet News - Wed Feb 1, 2017 - 1:20am EST Amazon to spend $1.49 billion on air cargo hub, fans talk of bigger ambitions A wide body aircraft emblazoned with Amazon''s Prime logo is unloaded at Lehigh Valley International Airport in Allentown, Pennsylvania, U.S. December 20, 2016. REUTERS/Mark Makela By Jeffrey Dastin - SAN FRANCISCO SAN FRANCISCO Amazon.com Inc plans to invest $1.49 billion to build a large air cargo hub in northern Kentucky, state officials said on Tuesday, stoking expectations it may one day opt to directly compete with FedEx Corp and United Parcel Service Inc. The world''s biggest online retailer has agreed to a 50-year lease for about 900 acres of property from Cincinnati/Northern Kentucky International Airport - close in size to the global hubs of top cargo airlines. Amazon is handling more shipping in-house so it can deliver packages to customers faster, as well as cut costs and uncertainty associated with relying on third parties. It has said its moves are designed to supplement, not replace cargo carriers. Analysts suspect it has larger ambitions. "We estimate a $400 billion-plus market opportunity for Amazon in delivery, freight forwarding, and contract logistics," Colin Sebastian, an analyst for Baird Equity Research, said in a note to clients. Amazon, which has not announced a start date for the hub, said it expects to create more than 2,000 jobs when the site opens. The northern Kentucky location - not far from UPS''s major hub - puts Amazon''s aircraft in shooting distance of top cities. The company said last year it would lease 40 Boeing Co 767 planes, 16 of which are currently in service. It also lets Amazon''s trucks reach 11 fulfillment centers in state. And a large operation of Deutsche Post DHL there lets Amazon transfer packages easily abroad, said Brian Clancy, managing director of advisory firm Logistics Capital & Strategy LLC. As part of the investment, Amazon anticipates it will spend nearly $462 million on building and improvements over an unspecified number of years, according to a report by the Kentucky Economic Development Finance Authority. The authority''s board tentatively approved $40 million in tax incentives for Amazon over ten years if it meets hiring commitments, with average wages including benefits targeted at $26 per hour, the report said. So far, Amazon has loaded its aircraft with big but lightweight boxes, according to data reviewed by Reuters and interviews with airport officials around the United States. This has helped it dodge fees from cargo partners, which are increasingly pricing by volume rather than weight. Amazon''s new site compares with about 1,220 acres UPS has in Louisville. FedEx has more than 900 in its Memphis hub, a 2010 airport plan showed. (Reporting by Jeffrey Dastin in San Francisco; Editing by Edwina Gibbs) Next In Internet News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-amazon-com-shipping-idUSKBN15G3GI'|'2017-02-01T13:02:00.000+02:00'
'9edabb8c3efb2eb99b5eec01a73e1d9ba51be342'|'Exclusive: Boeing''s space taxis to use more than 600 3D-printed parts'|'Business News - Fri Feb 3, 2017 - 7:07am EST Exclusive: Boeing''s space taxis to use more than 600 3D-printed parts left right Product Development Engineer Jigar Patel works with a CAD image of a thrust reverser cascade in development at Oxford Performance Materials Inc., the maker of more than 600 parts to be used on Boeing''s new Starliner manned spacecraft, in South Windsor, Connecticut, the maker of more than 600 parts to be used on Boeing''s new Starliner manned spacecraft, in South Windsor, Connecticut, U.S., January 31, 2017. REUTERS/Mike Segar 1/10 left right Machine Technician Jesus Conde looks into an EOS 3-D printer unit as it builds thermoplastic parts from ''OXPEKK'' material in the Laser Melting Room at Oxford Performance Materials Inc., the maker of more than 600 parts to be used on Boeing''s new Starliner manned spacecraft, in South Windsor, Connecticut, U.S., January 31, 2017. REUTERS/Mike Segar 2/10 left right Machine technicians look into EOS 3-D printer units as they build thermoplastic parts from ''OXPEKK'' material at Oxford Performance Materials Inc., the maker of more than 600 parts to be used on Boeing''s new Starliner manned spacecraft, in South Windsor, Connecticut, U.S., January 31, 2017. REUTERS/Mike Segar 3/10 left right A technician uses a laser scanner to inspect a 3-D printed thrust reverser cascade printed by an EOS 3-D printer and made of ''OXPEKK'' material at Oxford Performance Materials Inc., the maker of more than 600 parts to be used on Boeing''s manned Starliner spacecraft in South Windsor, Connecticut, U.S., January 31, 2017. REUTERS/Mike Segar 4/10 left right A laser scanner casts red light as it inspects a 3-D printed thrust reverser cascade printed by an EOS 3-D printer and made of ''OXPEKK'' material at Oxford Performance Materials Inc., the maker of more than 600 parts to be used on Boeing''s manned Starliner spacecraft in South Windsor, Connecticut, U.S., January 31, 2017. REUTERS/Mike Segar 5/10 left right Product Development Engineer Jigar Patel works with a CAD image of a thrust reverser cascade in development at Oxford Performance Materials Inc., the maker of more than 600 parts to be used on Boeing''s new Starliner manned spacecraft, in South Windsor, Connecticut, the maker of more than 600 parts to be used on Boeing''s new Starliner manned spacecraft, in South Windsor, Connecticut, U.S., January 31, 2017. REUTERS/Mike Segar 6/10 left right Machine Technician Jesus Conde looks into an EOS 3-D printer unit as it builds thermoplastic parts from ''OXPEKK'' material in the Laser Melting Room at Oxford Performance Materials Inc., the maker of more than 600 parts to be used on Boeing''s new Starliner manned spacecraft, in South Windsor, Connecticut, U.S., January 31, 2017. REUTERS/Mike Segar 7/10 left right Machine technician James Stewart loads ''OXPEKK'' material into an EOS 3-D printer unit used to build thermoplastic parts in the Laser Melting Room at Oxford Performance Materials Inc., the maker of more than 600 parts to be used on Boeing''s new Starliner manned spacecraft, in South Windsor, Connecticut, U.S., January 31, 2017. REUTERS/Mike Segar 8/10 left right Machine Technician Jesus Conde looks into an EOS 3-D printer unit as it builds thermoplastic parts from ''OXPEKK'' material at Oxford Performance Materials Inc., the maker of more than 600 parts to be used on Boeing''s new Starliner manned spacecraft, in South Windsor, Connecticut, U.S., January 31, 2017. Picture taken January 31,2017. REUTERS/Mike Segar 9/10 left right A technician displays a 3-D printed thrust reverser cascade printed by an EOS 3-D printer and made of ''OXPEKK'' material at Oxford Performance Materials Inc., the maker of more than 600 parts to be used on Boeing''s maned Starliner spacecraft in South Windsor, Connecticut, U.S., January 31, 2017. REUTERS/Mike Segar 10/10 By Alwyn Scott - SEATTLE SEATTLE Boeing Co ( BA.N ) has hired a small company to make about 600 3D-printed part
'79187ab9bc19ffb83e3a4fb067cc0afa5eba6f7e'|'U.S. oil rig count rises to highest since October 2015 -Baker Hughes'|'Big Story 11 - Fri Feb 3, 2017 - 1:20pm EST  : Baker Hughes An oil well pump jack is seen at an oil field supply yard near Denver, Colorado, U.S., February 2, 2015. REUTERS/Rick Wilking/File Photo       467 active oil rigs. Since crude prices first topped $50 a barrel in May after recovering from 13-year lows last February, drillers have added a total of 267 oil rigs in 32 of the past 36 weeks, the biggest recovery in rigs since a global oil glut crushed the market over two years starting in mid 2014. Baker Hughes oil rig count plunged from a record 1,609 in October 2014 to a six-year low of 316 in May as U.S. crude collapsed from over $107 a barrel in June 2014 to near $26 in February 2016. U.S. crude futures were trading around $54 a barrel on Friday and set for a seventh weekly increase in the last eight as the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers follow through on plans to reduce production in an effort to end a global oil glut and raise prices. [O/R] Analysts said they expect U.S. energy firms to boost spending on drilling and pump more oil and natural gas from shale fields in coming years now that energy prices are projected to keep climbing. Futures for the balance of 2017 were trading around $55 a barrel, while calendar 2018 was fetching almost $56. 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 795 in 2017, 911 in 2018 and 1,022 in 2019. Most wells produce both oil and gas. That compares with an average of 692 so far in 2017, 509 in 2016 and 978 in 2015, according to Baker Hughes data. Analysts at U.S. financial services firm Cowen & Co said in a note this week that its capital expenditure tracking showed 31 exploration and production (E&P) companies planned to increase spending by an average of 36 percent in 2017 over 2016. That spending increase in 2017 followed an estimated 45 percent decline in 2016 and a 37 percent decline in 2015, Cowen said according to the 65 E&P companies it tracks. (Reporting by Scott DiSavino; Editing by Meredith Mazzilli and Chizu Nomiyama) Next In Big Story 11'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-rigs-baker-hughes-idUSKBN15I2MN'|'2017-02-04T01:09:00.000+02:00'
'743a88ad91c1e6f3ee480a6bc969f322c0945f5b'|'Swiss group MSC acquires Hanjin''s stake in U.S. ports operator'|'LONDON A unit of Swiss shipping group MSC has bought a stake in U.S. ports operator Total Terminals International (TTI) from Hanjin ( 117930.KS ), MSC said on Wednesday, having overcome objections from the South Korean line''s U.S. creditors.Privately owned MSC, the world''s no.2 global shipping line, said in a statement its subsidiary Terminal Investment Ltd. (TiL) had completed the acquisition in conjunction with South Korea''s Hyundai Merchant Marine (HMM), which would see TiL assuming an 80 percent stake and HMM having the remaining 20 percent in TTI.Last month, a U.S. judge gave the green light for the sale of failed Hanjin''s stake in TTI despite objections from container companies owed money by Hanjin, concerned whether the shipping group was getting the best price.The TTI sale included Terminal Investment forgiving $54.6 million in debt owed by Hanjin.The U.S. judge said the sale was supported by the ports of Seattle and Long Beach.TTI leases and operates container terminals in Long Beach and Seattle on the West Coast of the United States."Our focus throughout the acquisition consultation has been, and will continue to be, rebuilding the business and servicing the needs of our affiliated shipping line MSC, its 2M partner Maersk, and our new joint venture partner HMM," Til president Alistair Baillie said in a statement.Container lines are battling their worst ever downturn due to a glut of ships and weaker demand - prompting rivals to form vessel sharing arrangements including the 2M alliance between MSC and the world''s number one player Maersk ( MAERSKb.CO ).Heavily indebted South Korean line HMM said in December it had agreed to form a co-operative relationship with the 2M shipping alliance that fell short of full-fledged membership.TTI saw a steep drop in its container traffic after Hanjin, the world''s seventh-largest container line, filed for court protection from its creditors in August last year.The sale includes all of Hanjin<69>s equity interests and shareholder loans, in both TTI and the associated terminal equipment leasing company, Hanjin TEC Inc, MSC said.(Reporting by Jonathan Saul; Editing by Elaine Hardcastle)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-hanjinshipping-assetsale-idINKBN15G4X8'|'2017-02-01T12:54:00.000+02:00'
'4ba972ce71e86cb8e72c1689a88b08bfd809212d'|'Europe gets creative to win banks after Brexit'|'  4:03pm GMT Europe gets creative to win banks after Brexit FILE PHOTO: The Canary Wharf business district is seen reflected in windows at dusk in London, Britain December 11, 2016. REUTERS/Toby Melville/File Photo By Anjuli Davies , Andrew MacAskill and John O''Donnell - LONDON/FRANKFURT LONDON/FRANKFURT Regulators in European countries competing for post-Brexit banking business are offering London-based banks a range of short-term workarounds to help them relocate, bankers, regulators and lawyers say. Global banks have warned they might have to move their European bases from Britain if its departure from the European Union means they lose "passporting" rights to operate across the bloc under the supervision of just one member state''s regulator. Brexit negotiations have yet to start and will take years but big centres like Frankfurt and Paris, as well as smaller ones like Dublin, Amsterdam and Luxembourg, are encouraging banks, insurers and fund managers to consider moving to them. Financial watchdogs have told banks they will need to create more than so-called brass plate operations; they will have to have a certain amount of capital, senior staff on the ground and approved risk models to get a licence to operate across the EU. They are looking at ways to make the transition easier, however by allowing institutions which typically have very complex operations to move fewer jobs and assets over from Britain in the near term. Proposals outlined to Reuters by people involved in talks between regulators and banks include ''back-to-back'' trades, where a deal done on the continent could be processed in London, and licensing certain activities more quickly than usual. "Various jurisdictions are going to try to make it as attractive as possible to set up there," said Mark Compton, a financial services lawyer at Mayer Brown in London. "They will try to be as flexible and accommodating where they can. But it will vary from jurisdiction to jurisdiction, the appetite of the regulator and the constraints put on them by central authorities." DISCRETION While the European Central Bank is chiefly responsible for supervising big banks in the euro zone, national authorities such as Bafin do much of the day-to-day supervision, especially of smaller lenders. The ECB must first grant the license for, say, a London-based bank that wants to move operations to Frankfurt. Bafin could afterwards show some flexibility in its supervision, so long as this is in line with European rules. German regulator Bafin met about 50 envoys from roughly 25 foreign banks on Monday to explain how they could move business to Europe''s biggest economy after Britain leaves the European Union. Many asked how large a German operation should be to win the regulator''s blessing. Bafin''s Peter Lutz, who met the banks, said after the gathering that it would take into account that a bank was gradually building up its business, as long as the plan was to eventually establish a substantial operation. Bafin could adjust its demands, for example, as to how many people must be based in, say, Frankfurt or how much capital is needed <20> at the outset. "We are talking about big internationally active banks," he told reporters, adding that he was open to arrangements during a gradual transition from London to Germany. "Naturally, we can talk about transitional arrangements." One official said one such possibility is the limited and temporary use of so-called ''back-to-back'' arrangements, where a bank in Germany gives, say, a loan on the continent but processes it through its London head office. "Part of the new strategy (of Bafin) is to show banks that the regulator is open to speak and discuss new policy tools for foreign banks," the official familiar with the matter told Reuters on condition of anonymity. "The overall question with regulators is how far can services be outsourced to London initially." This could help banks in London stagger the migration of staff and systems. INTERIM
'57d046fa2325a37dcc635fb0b88e5865b3b37381'|'Board of Brazil''s Oi seeks to solve debt problem before discussing investments'|'SAO PAULO The board of Brazil''s fourth-largest wireless carrier Oi SA ( OIBR4.SA ) on Wednesday decided the company should solve its court-supervised reorganization before discussing a potential capital increase or new investments, a source told Reuters.The board, which was convened in Rio de Janeiro for most of the day, also decided to accept a recommendation from management and financial adviser LAPLACE Finan<61>as to intensify talks with the creditors, with the aim to amend a debt restructuring plan presented by the company last September, the source, with direct knowledge of the talks, said on condition of anonymity.(Reporting by Ana Mano; Editing by Chris Reese)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-oi-sa-restructuring-idINKBN15G5IE'|'2017-02-01T17:10:00.000+02:00'
'1525723af6c7630e9a132d5bd2af62d9b177229e'|'Beiersdorf appoints new board member to help drive brand agenda'|'Company News - Fri Feb 3, 2017 - 8:54am EST Beiersdorf appoints new board member to help drive brand agenda FRANKFURT Feb 3 German consumer-goods group Beiersdorf has appointed former Sanofi manager Vincent Warnery to a new position on its board overseeing the Eucerin skincare, La Prairie anti-ageing and Hansaplast woundcare brands. "Beiersdorf has achieved strong growth, particularly with Nivea, on the basis of its successful Blue Agenda strategy," said Beiersdorf Chief Executive Stefan Heidenreich, referring to the company''s brand-strengthening agenda. "For Eucerin, Hansaplast and La Prairie we see lots of growth potential in the future." Warnery was senior vice president and head of global consumer health at Sanofi until November, and previously worked at Procter & Gamble and L''Oreal. He will take up his new post on Feb. 15, Beiersdorf said in a statement on Friday. (Reporting by Georgina Prodhan; Editing by Maria Sheahan) Next In Company News Fed outlines terms for bank ''stress test'' due this summer WASHINGTON, Feb 3 The Federal Reserve on Friday asked the largest U.S. banks to measure how they would fare in a global recession with a high jobless rate as the central bank outlined the terms for its ''stress test'' of the largest U.S. lenders. TREASURIES-Yields fall as tepid wage growth points to low inflation * Tepid wage growth eases inflation concerns * Bonds rally after jobs report By Karen Brettell NEW YORK, Feb 3 U.S. Treasury yields fell on Friday after a jobs report for January showed disappointing wage growth, indicating inflation is not rising at a pace that would lead the Federal Reserve to raise rates in the near-term. Nonfarm payrolls increased by 227,000 jobs last month, the largest gain in four months, the Labor Department said. Average hourly earnings, 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/beiersdorf-board-warnery-idUSFWN1FO0VM'|'2017-02-03T20:54:00.000+02:00'
'c81108a72741101c964ea3625a48c819594154c9'|'Euro zone businesses stay buoyant at start of 2017 - PMI'|'Euro zone businesses started 2017 by increasing activity at the same multi-year record pace they set in December and faster growth in demand suggested the good times will continue, a survey showed on Friday.IHS Markit''s final composite Purchasing Managers'' Index held at December''s 54.4. It has not been higher since May 2011 and beat a 54.3 flash estimate.It has been above the 50 mark dividing growth from contraction since mid-2013."The latest reading is comparable to GDP rising at a quarterly rate of 0.4 percent, indicating that the economy is starting 2017 on a solid footing," said Chris Williamson, chief business economists at IHS Markit."Meanwhile, faster growth of new business and an upturn in confidence about the year ahead to the highest since the region''s debt crisis bodes well for the robust pace of growth to be sustained in coming months."The new business sub-index climbed to 54.3 last month from 54.1, its highest reading since November 2015. A PMI for the dominant services industry matched December''s 53.7, just pipping the earlier flash reading of 53.6.Service providers remained optimistic last month and increased headcount at the fastest rate since July. The employment index rose to 52.8 from 52.2.But recent hopes the euro zone growth and inflation have finally turned a corner are on shaky ground and will only be maintained if there are no major upsets in several national elections this year, a Reuters poll showed last month.The poll also predicted first quarter economic growth of 0.4 percent.(Reporting by Jonathan Cable; editing by John Stonestreet)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/eurozone-economy-pmi-idINKBN15I0YM'|'2017-02-03T06:10:00.000+02:00'
'c773e8aa8ae6e9fa7ca1fe993c78c8eb1e7890d1'|'Snap makes $3 billion IPO details public'|'Business News - Thu Feb 2, 2017 - 9:59pm GMT Snap makes $3 billion IPO details public 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 Snap Inc, owner of popular messaging service Snapchat, made many of its financial details public for the first time on Thursday as it prepared to raise up to $3 billion (2.39 billion pounds) in an initial public offering. The Los Angeles-based company said it generated $404.5 million in sales in 2016, up from $58.7 million in 2015. It had a net loss of $514.6 million in 2016, up from a net loss of $372.9 million in 2015. Snap expects to go public as soon as March and could be valued at between $20 billion and $25 billion, sources familiar with the situation have said. That would give the company the richest valuation in a U.S. technology IPO since Facebook Inc ( FB.O ). Snap said it will list on the New York Stock Exchange under the ticker "SNAP". (Reporting by Lauren Hirsch; Editing by Meredith Mazzilli) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-snap-inc-ipo-idUKKBN15H2V7'|'2017-02-03T04:59:00.000+02:00'
'1ad83e9152b0c734c629f2c366a5d5e86966fb71'|'Lockheed says didn''t seek help from Trump''s ex-campaign manager'|'Feb 2 Lockheed Martin Corp did not turn to Corey Lewandowski, Donald Trump''s former campaign manager, and his lobbying firm to steer through the cost dispute around the F-35 fighter plane, a company spokesman said.Bloomberg reported on Thursday that Lockheed, the world''s largest defense contractor, sought Lewandowski''s help after an initial discussion on the issue between Trump and Lockheed''s Marillyn Hewson didn''t go well. bloom.bg/2jJp77X"Lockheed has not retained Lewandowski, or his lobbying firm," spokesman William Phelps told Reuters.The problem erupted in December when Trump slammed the F-35 program for being too expensive and said he intends to keep pushing to cut the costs of military hardware.Trump also targeted Boeing with tweets for "out of control" costs on new Air Force One planes and sought cancellation of the order.Last month, U.S. Defense Secretary James Mattis ordered cost-cutting reviews of the F-35 fighter jet and Boeing''s next-generation of the Air Force One presidential plane.In June, Trump fired Lewandowski, who had been overseeing the campaign''s fundraising arm, over a dispute with other advisers. Lewandowski helped Trump win Republican presidential nominating contests. (Reporting by Vishal Sridhar in Bengaluru and Mike Stone in Washington; Editing by Gopakumar Warrier)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-trump-lockheed-idINL4N1FO0ZQ'|'2017-02-03T01:15:00.000+02:00'
'b0a58a95e757c4993d3b206251af60a6aa332163'|'Japan''s robotics startup ZMP Inc hopes to list in coming months - CEO'|'Fri Feb 3, 2017 - 3:35am GMT Japan''s robotics startup ZMP Inc hopes to list in coming months: CEO left right ZMP CEO Hisashi Taniguchi poses in his company''s RoboCar during its demonstration in Tokyo, Japan, January 31, 2017. Picture taken on January 31, 2017. REUTERS/Kim Kyung-Hoon 1/6 left right A worker of ZMP leaves his hands under the steering wheel in a RoboCar while the autonomous car makes its way during its demonstration in Tokyo, Japan, January 31, 2017. Picture taken on January 31, 2017. REUTERS/Kim Kyung-Hoon 2/6 left right ZMP''s RoboCar makes its way during its autonomous driving demonstration in Tokyo, Japan, January 31, 2017. Picture taken on January 31, 2017. REUTERS/Kim Kyung-Hoon 3/6 left right A ZMP logo on its RoboCar is pictured during its demonstration in Tokyo, Japan, January 31, 2017. Picture taken on January 31, 2017. REUTERS/Kim Kyung-Hoon 4/6 left right ZMP''s RoboCar makes its way during its autonomous driving demonstration in Tokyo, Japan, January 31, 2017. Picture taken on January 31, 2017. REUTERS/Kim Kyung-Hoon 5/6 left right ZMP''s RoboCar makes its way during its autonomous driving demonstration in Tokyo, Japan, January 31, 2017. REUTERS/Kim Kyung-Hoon 6/6 TOKYO Japanese robotics startup ZMP Inc hopes to list on the Tokyo Stock Exchange in the coming months, after a delay late last year due to client information being leaked on to the internet, the firm''s founder and CEO told Reuters on Friday. Despite the delay in its initial public offering, worth up to $82 million, ZMP remained on track to develop a self-driving taxi in time for the 2020 Tokyo Olympics, CEO Hisashi Taniguchi said. The company was ironing out internal security issues after it discovered some client information had been leaked to the public days ahead of its listing, Taniguchi said. "We''re developing our security systems in-house, which will take some time, but this is not the sort of thing that takes a year to develop," he said. "When we''re happy with our security system, then we''ll re-submit our listing application." Taniguchi said ZMP will push ahead with developing self-driving taxis, despite losing its partnership last month with gaming software developer DeNA Co. DeNA paired up instead with Nissan Motor Co to develop services for autonomous driving cars. "At the moment our (taxi) plans are on track. We started testing on public roads last year, so we don''t want to rush anything," he said. ZMP has developed an automated driving system based on laser and stereo cameras, which it plans to use in fleet vehicles and also sell to automakers and mobility service providers. In a country famous as much for its auto industry as its fascination with robots, ZMP is one of a few domestic start-ups developing self-driving cars to compete against foreign firms including nuTonomy in the United States and China''s Future Mobility. ZMP also makes drones and automated dolly carts. ($1 = 112.6300 yen) (Reporting by Naomi Tajitsu; Editing by Randy Fabi) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-olympics-tokyo-zmp-taxi-idUKKBN15I0C9'|'2017-02-03T10:34:00.000+02:00'
'30c05353de71e38f8508f95511564824583f89ec'|'Love your local? Liverpool joins cohort of community currencies - Guardian Small Business Network'|'T he idea of supporting local businesses over multinationals has gained so much traction in recent years that several neighbourhoods have gone as far as launching their own local currency. The likes of Bristol , Brixton , Totnes , Exeter , Kingston and Lewes were joined, just in time for Christmas, by the Liverpool Local Pound . Glasgow and Birmingham are expected to follow suit within the next few months.The economics are simple, according to The Guild of Independent Currencies , an umbrella movement, which links many of the schemes. It cites research by LM3, which powers an online tool for measuring the effectiveness of local spending. The researchers<72> number-crunching suggests the local jobs and tax created by shopping nearby means <20>1 spent locally can benefit the neighbourhood<6F>s economy to the tune of <20>1.76. Of every <20>1 spent locally, only 36p will leave the area, making local spending worth four times more to a neighbourhood than cash handed over at a multinational. Local business owner, Candice Fonseca, says although it is early days for the Liverpool Pound, it is already starting to drive additional footfall at her restaurant, Fonseca<63>s . This is good for revenue as well as building closer ties with new diners who want to make a difference to their community.<2E>We<57>re already getting new customers coming in wanting to pay with new currency partly out of curiosity as well as a belief it<69>s the right thing to do,<2C> she says.<2E>It<49>s a great conversation starter because when you pay, you see each other<65>s name and picture on your device, so you<6F>re already building a relationship. From the chats we<77>re having, it seems people understand you can<61>t moan about your high street being packed with charity shops unless you do something about it and support local, independent businesses.<2E>Amos Meiri, the CEO of tech startup, Colu , which powers the Liverpool Pound, claims the idea is catching on. More than 3,000 users in Liverpool already signed up to its app, which stores the local currency. It was launched with 25 participating merchants and, he claims, the rate of sign ups looks to be seeing a steady growth of around 25 new merchants each month. The Liverpool Pound charges these companies <20>20 per month to accept the currency and will charge 5% in the future if they take money out into a sterling bank account, once business-to-business transactions are made available on the platform. The idea, Meiri states, is to ensure the money keeps flowing around the city and to keep people engaged with the notion of shopping locally.Empower businesses to spend If Liverpool is looking for lessons on how local currencies fare over the years, it would do well to look at the Bristol Pound, the first city-wide electronic and paper currency in the UK, launched four and a half years ago. Graham Woodruff, chief technology officer at the Bristol Pound and coordinator at the Guild of Independent Currencies , reveals the scheme has 2,000 registered users who can choose from 700 small, independent businesses who accept electronic payments via its app. Half of the merchants also accept the city<74>s bank notes. To date, the scheme has been responsible for two million Bristol Pounds being spent, and retained, in the area.Facebook Twitter Pinterest Brixton Pound <20>10 note. Photograph: Brixton Pound A crucial factor in running a successful local currency scheme is helping businesses spend the currency they receive. <20>Unless they<65>re lucky enough to have local suppliers, a lot of businesses struggle to spend a local currency, and that<61>s always one of the biggest challenges with any project,<2C> says Woodruff.<2E>Our local council has been great. It accepts Bristol Pounds for business rates and for any individual paying council tax. We<57>ve also got an energy company which is fairly local, Good Energy, which accepts the currency. Being able to pay your business tax and utility bills with the local pound is a huge attraction for busines
'5025848510efca5b5478f37d6729df952a82b369'|'Ever-shorter U.S. bankruptcies have creditors scrambling'|'By Tom Hals - WILMINGTON, Del. WILMINGTON, Del. Financially distressed companies that file for U.S. bankruptcy are emerging from court proceedings more quickly than ever, lowering legal costs but also forcing junior creditors to scramble to protect their interests.In 2016, the average Chapter 11 case took 7.3 months, the quickest ever and less than half the average in 2013, according to data compiled for Reuters from Bankruptcydata.com, which monitors public company filings dating back to 1990. Since then, the median case length was 16.1 months.Legal strategies, such as prepackaged bankruptcies and quick auctions, and the increased role of hedge funds have transformed Chapter 11 from the 1990s, when companies such as discount retailer Bradlees spent years protected from creditors."It used to be a roach motel," said Melissa Jacoby, a professor at the University of North Carolina School of Law. "If anything, the worry now is some cases go too quickly."For example, it took just four business days for vodka maker Roust Corp, which owns the Russian Standard brand, to get a plan approved last month in one of the shortest cases ever. The company was stung by the sharp fall in the Russian rouble last year and spent nine months hammering out a prepackaged bankruptcy plan with noteholders to cut $462 million in debt.By the time it filed, everything was done but court review.Last year there were 11 prepackaged bankruptcies, the most ever, according to a database of public company filings since 1979 maintained by UCLA Law School professor Lynn LoPucki.Prepackaged plans limit risk and curtail the fees charged by lawyers and other professionals, which often top $1,000 an hour. The strategy works best when a company''s plan affects a small number of creditors, but is less successful when companies need to cut debts to a large number of suppliers or landlords.In those cases, quick auctions have shortened the length of cases.Auctions of public companies in bankruptcy went from being the exception in the 1990s to nearly half of all cases by 2015, according to LoPucki''s data.For example, RadioShack auctioned about 1,700 stores as a going concern just 39 days after filing for Chapter 11 in 2015.Legislative changes in 2005 have forced retailers to quickly select which stores to close, shortening their bankruptcies.Faster Chapter 11 proceedings also have been driven by hedge funds, which increasingly have replaced banks as senior creditors. Banks were more tolerant of drawn-out proceedings because they wanted to reorganize companies so they could take on loans. Hedge funds care more about maximizing investment returns, which can often mean a hastily arranged auction.As a result, unsecured creditors need to find alternatives to ensure they are not short-changed, said Sheon Karol, a managing director with The DAK Group advisory firm.Creditor strategies include trying to delay an auction, easing bid requirements or challenging a lender''s control.Unsecured creditors of electric car maker Fisker in 2014 convinced a judge to roll back a lender''s control over its auction. The moved attracted a Chinese bidder and the sale price rose six-fold from an initial bid.However, that kind of success is rare. The American Bankruptcy Institute, an industry organization, in 2014 urged legislation to prevent most auctions within 60 days of filing.Restructuring veteran Jack Butler, chief executive of the Birch Lake Holdings merchant bank, said the pressure for shorter bankruptcies will continue. "Although I''m not sure it can get any shorter," he added.(Reporting by Tom Hals in Wilmington, Delaware; Editing by Noeleen Walder and Dan Grebler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-usa-bankruptcy-idINKBN15G5FO'|'2017-02-01T16:29:00.000+02:00'
'b585659b8e775174c62c4ef1af15579d80ed12a7'|'UniCredit prices rights issue at 38 pct discount'|'Deals  37pm EST UniCredit prices rights issue at 38 percent discount Unicredit bank logo is seen on a banner downtown Milan, Italy, May 23, 2016. REUTERS/Stefano Rellandini/File Photo MILAN UniCredit ( CRDI.MI ) said on Wednesday it had priced its 13 billion euro ($14 billion) rights issue at a 38 percent discount to the so-called theoretical ex-rights price. Sources said last month the lender was expected to offer the shares at a discount of between 30 percent and 40 percent. Italy''s biggest bank said in a statement it had priced the issue at 8.09 euros per share, offering 13 new ordinary shares for every 5 ordinary and/or savings shares owned. The offer will start on Monday and will close before March 10. It said an underwriting agreement had been signed with the whole banking syndicate. The lender also confirmed its strategic plan targets including a fully-loaded CET1 capital ratio of more than 12.5 percent in 2019. (Reporting by Stephen Jewkes)'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-eurozone-banks-unicredit-cashcall-idUSKBN15G5KA'|'2017-02-02T03:35:00.000+02:00'
'b1b08274248363b1caca7064d3ffbcbbadce068b'|'U.S. tax plan would break WTO rules, lawyers say, as EU business frets'|'By Tom Bergin and David Morgan - LONDON/WASHINGTON LONDON/WASHINGTON A proposed U.S. corporate tax reform would almost certainly contravene international trade rules if implemented, lawyers told Reuters, risking the biggest dispute in the history of the World Trade Organization.With signs growing that the United States may become more protectionist under President Donald Trump, European business groups said the tax plan - which could impose de facto import tariffs of up to 20 percent - raised the danger of a trade war.Republican (GOP) members of Congress are pushing to replace the existing tax on corporate income with one linked to turnover. This would allow firms to deduct their costs for purchasing goods and services produced in the United States, but would give no such deduction for purchases of imports.Trump has criticized the complexity of the plan but also said such a measure could help to cut the U.S. trade deficit.Kevin Brady, head of the tax-writing House of Representatives Ways and Means Committee, brushed off suggestions that it would fall foul of the World Trade Organization.While there were "1,000 different opinions on whether this is WTO compliant", Brady said he was confident the reform did comply with the body''s rules.However, six trade lawyers with experience in litigating WTO disputes said they believed the plan would likely be deemed an unlawful subsidy on domestic goods, export subsidy or a de facto tariff on imports.All the lawyers, based in the United States, Britain and continental Europe, said the ''destination-based cash flow tax'' would fail WTO rules on more than one legal basis. So serious were the breaches that any challenges might be handled under WTO mechanisms that allow legal processes, which normally take years, to be short-cut, they said."It would be plainly WTO-inconsistent," said Philippe De Baere, Brussels-based partner at Van Bael & Bellis."It has manifest violations which could even justify the use of the expedited procedure for dispute settlement in the WTO," said De Baere, who has also advised governments on accession to the WTO and negotiations on new WTO deals as well as fighting trade cases.Trade experts said any legal case would be the biggest WTO dispute ever, since it could involve all products imported into the United States and all U.S. exports. Previous WTO cases have involved narrow market sectors or individual companies.European business groups said the plan threatened to upend the international system of trade rules, and expressed hope that their governments could help to persuade the United States not to adopt it.The Ways & Means Committee declined to answer detailed legal questions about the plan. A spokesman for the WTO said the organization didn''t comment on whether planned taxes conformed to its rulesOLD IDEA WITH A NEW TWISTThe House Republican plan involves abolishing corporate income tax and replacing it with a tax of 20 percent levied on revenues, less allowable deductions.A ''border adjustment'' would be applied whereby companies which import products for resale or use in a manufacturing process would not receive a tax deduction for the cost. Domestic purchases and labor costs could be deducted while U.S. exports would be exempt from the tax.No major economy has adopted a corporate cash flow tax. Former Bank of England governor Mervyn King is among those to support such a tax, saying in a 1987 study that it could reduce excessive corporate debt and encourage better investment.King, who retired from the bank in 2013, told Reuters in an email this week that he still believed the idea had its merits -provided "it does not have to have the impact on imports that seems to be implied by the proposed scheme in the U.S.".Lawyers said the impact of the border adjustment and deductions for U.S. costs meant that imports would face an effective tariff of up to 20 percent."The total tax rate on the 100 percent domestically-produced good is going to have
'02f33e2c5eae2b1151e825efc91bb2a2d7da2b2c'|'SoftBank-backed Indian e-tailer Snapdeal predicts profits in 2 years'|' 13am EST SoftBank-backed Indian e-tailer Snapdeal predicts profits in 2 years * Snapdeal taking steps to cuts costs, boost efficiency * CEO says no need for immediate capital unless any acquisition * Logistics arm Vulcan to turn profitable next month By Sankalp Phartiyal and Euan Rocha MUMBAI, Feb 6 Indian e-commerce firm Snapdeal expects to turn profitable in the next two years, its CEO said, as the company cuts costs and boosts efficiency in a market currently dominated by homegrown Flipkart and U.S. internet giant Amazon. Kunal Bahl, who co-founded Snapdeal in 2010, also told Reuters in an interview that the online marketplace provider backed by Japan''s SoftBank Group did not immediately need to raise capital unless it makes an acquisition. A burgeoning Indian middle class'' rapid uptake of wireless high-speed internet has prompted buyers to shop online, boosting sales at e-tailers and making the country''s internet services market one of the world''s fastest growing. The value of goods sold online in India is expected to jump tenfold to $188 billion by 2025, according to a Bank of America Merrill Lynch note last September. High competition and steep discounting, has however meant most big online retailers are losing money. Snapdeal was valued at $6.5 billion after a fund-raising last year. But valuations of Indian e-commerce firms are generally believed to have softened since then. Fidelity Investments has marked down the value of its holding in Flipkart ( IPO-FLPK.N ) by around 36 percent. Snapdeal reported a loss of 29.6 billion rupees ($441 million) in the financial year to March 31, 2016, according to regulatory filings, but Bahl said they were steadily improving. "I see a relatively clear line of sight to (profit) and we''ve been making great progress in that direction also," Bahl said on Monday. "We needed capital to build the infrastructure which we have, now we have to take control of our destiny." Snapdeal''s EBIDTA, or earnings before interest, tax, depreciation and amortization, for the nine months of the current financial year has improved by about 40 percent from a year earlier, while commissions have grown 3.5 times, he said. Marketplace providers like Snapdeal earn commissions from sellers on their platform as a percentage of value of goods sold. Snapdeal, with 12 percent share of the so-called gross merchandise value, lags Flipkart''s 43 percent and Amazon''s 28 percent, according to Bank of America Merrill Lynch''s estimates for 2016. Bahl said while Snapdeal, which also counts Chinese e-commerce giant Alibaba Group Holding and Taiwan''s Foxconn as investors, did not look at gross merchandise value as a metric for growth, its focus was on getting good-quality products and on-time delivery at the lowest possible cost. Snapdeal''s captive logistics arm Vulcan Express will turn profitable next month, Bahl said, thanks to significant investment over the past two years. Vulcan has helped Snapdeal make inroads into the far-flung corners of India and building the unit "thoughtfully" without excess capacity has helped, he said. Snapdeal, which also uses third-party logistics services to deliver products to customers, has plans to allow Vulcan to seek external business in the coming months, Bahl said. "I just don''t think today that it''s viable to build a 500-city network in India with only one customer as a logistics company." ($1 = 67.1650 Indian rupees) (Reporting by Sankalp Phartiyal and Euan Rocha; Editing by Muralikumar Anantharaman)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/snapdeal-ceo-idUSL4N1FR2XI'|'2017-02-06T18:13:00.000+02:00'
'fea5a0eb2aaa7e4927fdad7197f784aa4163e172'|'De Beers to hold diamond exploration spend steady in 2017'|'Business News - Mon Feb 6, 2017 - 12:40pm GMT De Beers to hold diamond exploration spend steady in 2017 The De Beers logo is displayed in Hong Kong, China, September 14, 2016. REUTERS/Bobby Yip/File Photo CAPE TOWN Anglo American''s ( AAL.L ) diamond unit De Beers will keep its diamond exploration budget steady at $35 million in 2017, the company said, although it has turned to new technology to try to improve the rate of discoveries. Many mining companies cut exploration spending because of a slump in commodity prices in 2015, as well as a widening gap between expenditure and the value of resources found as the best quality ores are depleted. "Our exploration spend this year is likely to be in line with last year''s, around $35 million," De Beers said in an email. De Beers, however, is employing a high-tech detection method that measures the tiny magnetic field shifts that indicate the presence of a kimberlite pipe, where diamonds are found, well below the surface of the earth. The industry as a whole invested around $7 billion on exploration between 2000 and 2013, De Beers figures show. The results of this spending have been meagre. De Beers says only one diamond deposit of significant size has been discovered <20> Bunder in India, which Rio Tinto ( RIO.AX ) ( RIO.L ) found in 2004. Last year De Beers also brought on a new mine in Canada, saying it was the world''s largest new diamond mine but would not result in a supply surge because it was only helping to replace diamonds that have been sold. Some analysts talk about peak diamonds and De Beers has a policy of balancing production and demand to maintain its position as the biggest producer by value. Russia''s Alrosa ( ALRS.MM ) is the biggest diamond producer by volume. Anglo American has placed diamonds, along with copper and platinum, at the core of a business it wants to focus on increased margins rather than bulk. Diamond sales recovered in 2016 as the entire industry bounced back from a slump in 2015. Sales of smaller grades, however, were hit late last year by India''s decision to phase out higher denomination bank notes, constraining consumer spending in a largely cash economy. (Reporting by Barbara Lewis, editing by David Evans) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-africa-mining-debeers-idUKKBN15L1CW'|'2017-02-06T19:40:00.000+02:00'
'3ea7f86fc4804c6dc7ff0b8d38c74793207c51d6'|'Asian stocks shaky ahead of U.S. jobs data, China markets'|'Business News - Thu Feb 2, 2017 - 8:03pm EST Asian stocks shaky ahead of U.S. jobs data, China markets left right A billboard displays the morning trading on the first day of trade after Lunar New Year at the Hong Kong Exchanges in Hong Kong February 1, 2017. REUTERS/Bobby Yip 1/3 left right People are seen behind an electronic board showing stock prices after the New Year opening ceremony at the Tokyo Stock Exchange (TSE), held to wish for the success of Japan''s stock market, in Tokyo, Japan, January 4, 2017. REUTERS/Kim Kyung-Hoon 2/3 left right A man stands next to an electronic stock board at the Indonesia Stock Exchange in Jakarta, Indonesia November 11, 2016. REUTERS/Iqro Rinaldi 3/3 HONG KONG Asian stocks got off to a tentative start on Friday, as investors await the outcome of a key U.S. monthly jobs report that will set the tone for the Federal Reserve''s policy outlook and as China''s markets reopen after a week-long break. MSCI''s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS was flat after touching its highest level since mid-October in the previous session. Morning trade in markets such as Australia was broadly steady, while Japan''s Nikkei share average was up 0.6 percent. "A strong reading in the payrolls data above 200,000 coupled with a rise in wage growth could put the March 15th (Federal Reserve) meeting in serious contention for a hike despite uncertainty around the potential flow on effects from Trump<6D>s stated economic policies," James Woods, global investment analyst at Rivkin Securities in Sydney. According to a Reuters survey of economists, nonfarm payrolls probably increased by 175,000 jobs last month, picking up from the 156,000 jobs added in December. The unemployment rate is expected to be unchanged at 4.7 percent in January, near a nine-year low. The S&P 500 settled at levels around six weeks ago, losing steam due to lingering investor anxiety about U.S. President Donald Trump''s aggressive policies, such as restricting travel to the United States and rewriting trade deals. The Fed held interest rates steady on Wednesday in its first meeting since Trump took office, but painted a relatively upbeat picture of the U.S. economy that suggested it was on track to tighten monetary policy this year. Markets had run up sharply following Trump''s Nov. 8 election win on the expectation that tax cuts, deregulation and a fiscal stimulus would accelerate economic growth. China''s markets reopen trade after a week long holiday with investors wary that a slowing economy may force investors to lock in profits. In Hong Kong, the benchmark index .HSI fell on Thursday, led by property firms and casino companies. In currency markets, the dollar was pinned near its weakest level against a basket of major rivals since mid-November .DXY amid uncertainty about the Trump''s administration mixed comments on the greenback. The Australian dollar AUD= gave back some of its strong gains on Thursday after a record December trade surplus burnished its appeal among foreign investors. It was trading at 0.7653 per dollar after hitting a high of 0.7696 per dollar in the previous session. Oil prices were broadly flat as traders grew less concerned about tensions between the United States and Iran. Brent LCOc1 futures settled around $56.56 a barrel. (Reporting by Saikat Chatterjee; Editing by Shri Navaratnam) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-global-markets-idUSKBN15I047'|'2017-02-03T08:03:00.000+02:00'
'09834d9293bd2061c2e9fb2d7f6679dc6921d24a'|'Missing HK tycoon''s company says ''operating as normal'' - Reuters'|'SHANGHAI Tomorrow Holdings, the company run by missing Chinese-born businessman Xiao Jianhua, and its subsidiaries are operating "normally", the firm has said.Mystery swirled around billionaire Xiao''s whereabouts earlier this week, with some reports saying he had been abducted from Hong Kong and taken to mainland China.A statement purportedly from Xiao posted in a Hong Kong newspaper said he was seeking medical treatment "outside the country".Hong Kong police told Reuters Xiao had entered mainland China through a border checkpoint on Jan. 27 and that they were seeking more information from Chinese authorities.Tomorrow Holdings, a financial group headquartered in Beijing, said in a statement on its official microblog late on Thursday its own operations were unaffected."The production activities of Tomorrow Holdings and its subsidiaries are operating as normal," the company said in a statement on messaging service WeChat. "We thank everyone for their interest and deep love for Mr Xiao Jianhua and our firm."Despite conflicting accounts of Xiao''s whereabouts, the case has echoes of the abduction in Hong Kong last year of five staff who worked for a bookseller that published gossip on China''s leaders.Three of those staff were detained while in China, but two with foreign passports were taken there against their will from Thailand and Hong Kong.Xiao is ranked 32nd on the 2016 Hurun China rich list, China''s equivalent of the Forbes list, with a net worth of $5.97 billion.(Reporting by Adam Jourdan and Ben Blanchard; Editing by Paul Tait)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/hongkong-china-tomorrow-holdings-idINKBN15I06T'|'2017-02-02T22:27:00.000+02:00'
'9a012465b94b188ed6c0209f49229d5dd7ce45d9'|'The cost of living is easing. So why doesn''t it feel that way? - Greg Jericho'|'P oliticians always know to never suggest cost of living pressures are easing. But the latest figures by the Australian Bureau of Statistics show that for most households the rise in cost of living is at near record lows. But a closer look at the reasons for that low growth shows that the ease is biased towards those with a mortgage and assumes that after paying for necessary items like insurance, child care and council rates you have some money left over to spend on luxuries.The latest cost of living figures released by the ABS, not surprisingly showed that cost of living continues to rise at extremely low levels.House prices continue to rise in 2017 as Sydney records 1% January increase Read more The cost of living indices break down inflation according to different types of households, reflecting that aged pensioners for example have different spending patterns to those who work.But across all household types, cost of living growth remains historically low. For employee households, it grew by just 1.1% in 2016, and for aged pensioners by 1.6%:The biggest rise in cost of living last year was for households of people on non-aged pension government benefits. A major reason for this is that such households are on average more likely to contain smokers, and as I noted last week, tobacco prices are rising well above all other items.The ABS uses household expenditure data to work out how much on average each type of household spends on items. It estimates that households with those on government welfare payments spend on average 5.83% of their weekly spending on tobacco, compared to just 2.25% by employee households:But that is an average that takes into account those who smoke and those who don<6F>t. Thus if you are a smoker it is likely you spend much more than just 5.8% of your money on cigarettes <20> and thus your cost of living grew by more than the average household.And this goes to the big problem with cost of living figures. While the figures suggest we should all be pretty happy, they are just an average figure that may not reflect our own situation.And as any politician knows, most people feel that cost of living pressures are immense regardless of what the data says.Yesterday at the National Press Club, the prime minister noted that, <20>We keenly understand how many families are just managing right now. The cost of everything seems to be going up much more than wages.<2E>Of course the issue isn<73>t that the cost of <20>everything<6E> seems to be going up, but rather that the cost of things which are essential seems to be so.A quick look at the price rise of essential items suggests that this vibe is correct <20> the price rises of essentials have mostly outpaced the rise in wages:Thus it<69>s probably not much solace to people to be told that cost of living is rising at almost record lows when the price of utilities (such as gas and electricity), primary school education costs, medical and hospital services, insurance and child care has risen faster than have wages.When we look at the growth in prices of more luxury items <20> such as holidays and AV equipment like televisions <20> we see a much different picture. The prices of many of these items have either fallen in the past year, or risen by less than have wages:It<49>s the problem with the averages of both inflation and cost of living indices <20> they assume regardless of price rises of various items, that household expenditure remains fixed.The reality is households work differently. If council rates suddenly jump, or electricity prices rise markedly, then households will spend less on other things <20> such as a holiday.Take for example the impact of storms on fruit prices. In early 2011 the price of fruit jumped 66% due to Cyclone Yasi, and mostly due to skyrocketing prices for bananas. But most households didn<64>t see their spending for fruit go up by that much, they instead cut back on bananas and bought other fruit (or less fruit in general):But even still, we need to 
'0509cec5883d361230f7e4b9ccaba3607e8f45f7'|'UPDATE 1-Scotiabank to invest $1 billion in digital technology'|'Company News - Thu Feb 2, 2017 - 2:55pm EST UPDATE 1-Scotiabank to invest $1 billion in digital technology * CEO says bank to be a ''digital leader'' in financial services * Half C$2.6 billion technology budget set aside for digital * Bank sees at least 70 pct of its customers banking online (Adds CEO comment, details on new targets) By Matt Scuffham TORONTO, Feb 2 Bank of Nova Scotia, Canada''s third-biggest lender, said on Thursday it would spend C$1.3 billion ($1 billion) over the next three years on technology that will benefit customers as well as lower operating costs and increase profits. The bank is investing in new digital technologies in response to customers transacting far less in branches and using mobile banking apps much more. It had already announced plans to cut 5 percent of branches in the next two years. In a presentation to analysts, Scotiabank said half of its C$2.6 billion ($2 billion) technology budget for the next three years would be invested in digital technology as it looks to position itself at the forefront of banking innovation. That will support investment in projects such as new facilities set up to develop technology like blockchain and artificial intelligence. The bank, which has the biggest international presence of Canada''s major lenders, said 45 percent of the new digital investment will be in Mexico, Peru, Colombia and Chile, which it has identified as its most important overseas markets. "Our customers want to do more of their banking through digital channels," said Scotiabank Chief Executive Brian Porter. "We intend to be a digital leader in the financial services industry not only here in Canada, but also in our key Pacific alliance markets of Mexico, Peru, Colombia and Chile." Scotiabank said it had set medium-term targets for at least seven out of 10 of its customers to bank online, at least 50 percent of products to be sold online and less than 10 percent of transactions to take place in branches. The bank said last year a cost efficiency program would deliver a 200-250 basis point improvement in its productivity ratio by 2019. It said Thursday the changes are expected to result in an additional 100 basis point improvement beyond 2019. The majority of the additional efficiency improvements relate to lower operating costs, and progress made so far has increased the bank''s confidence in its ability to meet its medium-term financial targets, it said, adding that the changes should contribute to improved profitability in the medium term. The bank''s medium targets are for annual earnings per share growth of 5 percent to 10 percent and a return on equity of 14 percent-plus. ($1 = 1.3018 Canadian dollars) (Editing by Nick Zieminski and Tom Brown) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/scotiabank-costs-idUSL1N1FN1EN'|'2017-02-03T02:55:00.000+02:00'
'251d8c8b4206731c7007d5e20ac8966127591a68'|'Deutsche Bank posts 1.9 billion euro fourth quarter loss as legal bill weighs'|'Thu Feb 2, 2017 - 6:47am GMT Deutsche Bank posts 1.9 billion fourth-quarter loss as legal bill weighs The headquarters of Germany''s Deutsche Bank are seen early evening in Frankfurt, Germany January 31, 2017. REUTERS/Kai Pfaffenbach FRANKFURT Deutsche Bank ( DBKGn.DE ) posted a net loss of 1.9 billion euros ($2.05 billion) in the fourth quarter as legal costs for past misdeeds outstripped gains from a rebound in bond trading. Germany''s flagship lender missed the higher expectations of analysts who had expected the bank to post a fourth-quarter net loss of just 1.16 billion euros. The bank hiked its litigation reserves to 7.6 billion euros from 5.9 billion euros in the quarter, as it had to put more money aside for settlements such as over the sale of toxic mortgages and sham Russian equities trades. Revenues at its cash cow bond trading division were up 11 percent in the quarter as it benefited from a surge in trading across interest rate products, commodities and foreign exchange (FICC) as investors responded to Donald Trump''s victory in the U.S. presidential election. ($1 = 0.9266 euros) (Reporting by Arno Schuetze; Editing by John O''Donnell) Up Next'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-deutsche-bank-results-idUKKBN15H0H8'|'2017-02-02T13:45:00.000+02:00'
'baba989690be3b11f3b217b0c0e543f258c0a239'|'Russia to ban beef imports from New Zealand'|'Business News - Thu Feb 2, 2017 - 3:41pm GMT Russia to ban beef imports from New Zealand MOSCOW Russia plans to ban temporarily imports of beef and beef products from New Zealand from Feb. 6 after finding the feed additive ractopamine in some samples, Russia''s agriculture safety watchdog said in a statement on Thursday. The watchdog, known as Rosselkhoznadzor in Russian, said it was also considering banning fish imports from New Zealand due to traces of mercury in some supplies. New Zealand''s Ministry for Primary Industries was not available for comment outside normal working hours. New Zealand is not covered by a wider ban on most Western food imports which Moscow introduced in 2014 in retaliation for Western sanctions imposed on Russia over its role in the Ukraine crisis. Russia has a history of limiting imports in trade disputes. It has banned meat supplies from other countries in previous years, due to traces of ractopamine, which promotes muscle growth and is banned in several countries, including Russia and China. The head of Russia''s watchdog Sergei Dankvert plans to meet with an official from Brazil''s Agricultural Protection Unit Luis Eduardo Pacifici Rangel in Moscow on Feb. 3, Rosselkhoznadzor said in a separate statement earlier on Thursday. Both officials plan to discuss cooperation in veterinary and phytosanitory issues, it added. Brazil is a major global meat exporter. Russia imported red meat worth $1.5 billion in January-November, 2016, according to customs data. (Reporting by Polina Devitt; additional reporting by Olga Popova; Editing by Jane Merriman) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-russia-newzealand-beef-idUKKBN15H1WC'|'2017-02-02T22:41:00.000+02:00'
'a164bab8e97d2158f331ab6be1cf3b7247eb6312'|'Sony rules out pictures biz sale, committed to turnaround - Reuters'|'TOKYO Sony Corp on Thursday said it does not plan to sell its pictures business after suffering a $1 billion writedown, and instead aims to turn it around by adding sales channels and making more use of movie characters."We believe in long-term upside potential for pictures," Chief Financial Officer Kenichiro Yoshida said at an earnings briefing, reiterating that Sony continues to regard the business as important to the group.The pictures writedown, brought about by a shrinking market for movies on disc, prompted Sony to cut 11 percent off the group''s full-year operating profit outlook to 240 billion yen.The cut could have been more severe were it not for a weaker yen and Chinese smartphone makers'' strong demand for Sony''s image sensors - itself a business only just recovering from earthquake damage.Sony''s semiconductor division, which makes the sensors, is now likely to lose only 19 billion yen on an operating basis this financial year, rather than the 53 billion yen previously forecast. Even so, fluctuation in the smartphone market means Sony has to maintain a cautious stance, Yoshida said.SHORT-TERM HURTThe pictures division, which also includes media networks and television programmes, underpinned Sony''s earnings while its core consumer electronics business struggled against low-cost Asian rivals.Such was the profitability of pictures that activist shareholder Daniel Loeb urged Sony in 2013 to partially spin off the division so it could pump cash into reviving the electronics business.Sony did sell some pictures assets, and the electronics business has since returned to profit. Its movie studio, however, now trails rivals in box office share and hit films.Pictures'' current struggle "partly stems from Sony''s focus on short-term profit over many years," Yoshida said.Citing the sale of rights to Spider-Man merchandise and a Latin American TV channel in fiscal 2011, a number of short-term measures at the cost of long-term profit and cash flow reduced pictures'' profitability, he said.That business, which currently accounts for some 10 percent of Sony''s overall sales, can recover through expansion in growing markets such as China as well as by bolstering sales of merchandise after films are released, Yoshida said.Chief Executive Officer Kazuo Hirai is currently taking on a larger role in pictures, notably at Sony Entertainment where he is seeking a successor to resigning CEO Michael Lynton.($1 = 112.5700 yen)(Reporting by Makiko Yamazaki; Editing by Christopher Cushing)'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/sony-results-idINKBN15H0EW'|'2017-02-02T08:24:00.000+02:00'
'1bdff5d68c895cedff6b2605888a740d6bf12bdc'|'London or Paris? Choice proves a taxing question for bankers'|'By Anjuli Davies - LONDON LONDON Forget fine wine, haute cuisine and art ... the big question from London''s bankers for a French delegation trying to lure them to Paris was, how much tax will I pay?"Most were interested in income tax and executive tax on pay," Gerard Mestrallet, president of France''s finance industry lobby Europlace who led Monday''s roadshow, said.More than 80 representatives from banks and business met with authorities from Paris who are highlighting the attractions of the French capital if Britain''s exit from the European Union forces the relocation of some activities to continental Europe.Global banks and insurers have begun signalling how they cope with a "hard" exit from the EU, after Prime Minister Theresa May said Britain would leave the single market.And Brexit has opened up "fierce competition" among the main financial cities of Europe -- which include Paris, Frankfurt, Dublin and Luxembourg -- Valerie Pecresse, the head of the wider Paris region, said.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.LABOUR LAW CONCERNSPecresse estimated that the French capital could attract about 10,000 jobs, although bankers at the event raised concerns about French tax rules and labour laws as a possible deterrent."The expatriate regime has dramatically improved but there are also some concerns about labour flexibility," Mestrallet, who is chairman of French utilities Engie and Suez, said.The French government introduced extra tax concessions for expatriates last year in the hope Paris could profit from Brexit, but experts say other centres with more flexible labour and tax rules are likely to be bigger beneficiaries.With the exception of HSBC, most financial firms have yet to make a decision on relocation plans to Paris, according to Mestrallet. "Many will wait three months to have more clarity on the outcome of the French elections."Germany is also seeking to attract finance jobs from Britain. The country''s senior regulators met about 50 envoys from foreign banks last week to explain how they could move business to Europe''s biggest economy after Britain leaves the EU, German financial watchdog Bafin said.But the Parisian delegation thinks it has the upper hand."When was the last time you took your partner for a weekend to Frankfurt," quipped Pecresse.(Additional reporting by Maya Nikolaeva in Paris; Editing by Alexander Smith)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/britain-eu-paris-idINKBN15L1XZ'|'2017-02-06T13:37:00.000+02:00'
'250b4db3107fc67020a03a98183c22544f8a947d'|'U.S. VIZIO to pay $2.2 mln to settle charges over user data'|'Internet  15am EST U.S. VIZIO to pay $2.2 million to settle charges over user data WASHINGTON VIZIO Inc will pay $2.2 million to settle charges that the entertainment platform company collected the viewing histories on 11 million smart televisions without obtaining its users<72> consent, U.S. regulators said on Monday. In a statement, the Federal Trade Commission said VIZIO must also "prominently disclose and obtain affirmative express consent for its data collection and sharing practices" as well as delete any data collected before March 1, 2016, among other requirements. (Reporting by Susan Heavey; Editing by Doina Chiacu) Next In Internet News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-vizio-usa-idUSKBN15L1W0'|'2017-02-06T23:12:00.000+02:00'
'3dbd4f7b61992ee8733bc4a26eff8a1dd7379c51'|'Visa''s quarterly profit rises 6.6 percent'|'Business News - Thu Feb 2, 2017 - 9:20pm GMT Visa''s quarterly profit rises 6.6 percent Visa credit cards are seen in this picture illustration taken June 9, 2016. REUTERS/Maxim Zmeyev/Illustration/File Photo Visa Inc ( V.N ), the world''s largest payments network operator, reported a 6.6 percent rise in first-quarter profit due to higher payment volumes growth. The company''s net income rose to $2.07 billion (2 billion pounds), or 86 cents per Class A share, in the quarter ended Dec. 31, from $1.94 billion, or 80 cents per share, a year earlier. Net operating revenue rose to $4.46 billion from $3.57 billion, Visa said in its first earnings report since new chief executive, Alfred Kelly, took over. (Reporting by Sruthi Shankar in Bengaluru; Editing by Savio D''Souza) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-visa-results-idUKKBN15H2S4'|'2017-02-03T04:20:00.000+02:00'
'd5e1f184bf3b9cb4517b3f6ec6b5d6fab569c654'|'Syrian musician says Trump immigration order insults humanity'|'World News - Thu Feb 2, 2017 - 11:23am EST Syrian musician says Trump immigration order insults humanity left right Syrian musician Kinan Azmeh plays the clarinet during a reheasal ahead of his concert at the American University of Beirut in Lebanon February 1, 2017. Picture taken February 1, 2017. REUTERS/Mohamed Azakir 1/2 left right Syrian musician Kinan Azmeh attends an interview with Reuters ahead of his concert at the American University of Beirut in Lebanon February 1, 2017. Picture taken February 1, 2017. REUTERS/Mohamed Azakir 2/2 By Ellen Francis - BEIRUT BEIRUT Syrian musician Kinan Azmeh has toured the world for years to international acclaim but his planned return on Thursday to his home in the United States has been thrown into uncertainty. The clarinettist and composer, who won standing ovations in Beirut on Wednesday night at the final concert of his latest tour, is a green card holder based in New York. But U.S. President Donald Trump''s executive order halting the entry of refugees and of immigrants from seven mainly Muslim countries has put his plans - and those of thousands others - in doubt. "Any way you look at it, it''s an insult to humanity, to all of us," the 40-year-old musician told Reuters. Born and raised in Damascus, Azmeh has lived for 16 years in the United States, where he received his doctorate degree in music. Last month he performed in China with cellist Yo-Yo Ma, and his current tour took him to Europe and then Beirut on Friday, when the order took effect, wreaking havoc for many would-be travelers and plunging America''s immigration system into chaos. Trump''s executive order froze the U.S. refugee program, barred Syrian refugees indefinitely and temporarily banned citizens from seven Muslim-majority countries, including Syria. "I saw it on my news feed on my phone, the moment I landed at the airport," Azmeh said. Tens of thousands of people have protested in U.S. cities and airports against the travel curbs, which also sparked court challenges in the U.S., and Azmeh said he was reassured by the public outcry. "People are being discriminated against," he said. "It''s comforting to see people taking to the streets to express empathy." Many of the protesters "who went out to JFK airport haven''t been affected by this decision," he added. "Despite that, they feel they must express their opinion." Despite the challenges he could face en route to New York, "the issue is much bigger than me," said Azmeh, whose green card means his prospects are better than other Syrians. Still, he does not have a backup plan if he is barred from entry. "We''ll cross that bridge when we come to it," he said. Many travelers aren''t as optimistic, after hundreds of visa holders were kept from boarding U.S.-bound flights this week, detained at American airports or denied entry. "There are people whose lives have been completely upended by this decision...college students with visas who aren''t allowed in, fathers going to see their children," Azmeh said. The restriction on legal permanent residents, or green card holders, was among the most confusing elements in Trump''s order. Administration officials had said such permanent legal residents were barred from entry, although they could apply for a waiver and be rescreened. The White House said on Wednesday it had issued updated guidance, clarifying that green card holders do not need a waiver to enter the country. Since conflict erupted in Syria nearly six years ago, Azmeh has not returned to the country of his birth. "I miss it," he said. "It''s hard to elaborate on that with words, I elaborate with music." The war has killed hundreds of thousands of people, made more than 11 million Syrians homeless and created the world''s worst refugee crisis. The music "opens up a wide horizon of freedom," he added. "But of course, the concert ends, and you go back to real life. You remember the people who, today, are stuck in limbo or have lost their homes." (Editi
'bfa3870416b14b6241ce5cf7a194536c16f9d63e'|'Top Khamenei ally says useless for U.S. to threaten Iran over missile test -Fars'|'Industrials - Thu Feb 2, 2017 - 6:19am EST Top Khamenei ally says useless for U.S. to threaten Iran over missile test -Fars ANKARA Feb 2 A top adviser to Supreme Leader Ayatollah Ali Khamenei on Thursday said Iran will not yield to U.S. threats over a recent ballistic missile test that was aimed at limiting its defence capabilities. "This is not the first time that an inexperienced person (U.S. President Donald Trump) has threatened Iran ... the American government will understand that threatening Iran is useless," Ali Akbar Velayati said. "Iran does not need permission from any country to defend itself," he was quoted as saying by the semi-official Fars news agency. (Writing by Parisa Hafezi; Editing by Louise Ireland) Next In Industrials'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/iran-usa-missiles-khamenei-idUSL5N1FN0ZW'|'2017-02-02T18:19:00.000+02:00'
'e8359b3d6e918eb0271f176b255736f2dc0f1f1e'|'Publisher Johnston Press full-year revenue falls; weak pound hurts'|'  8:16am GMT Publisher Johnston Press full-year revenue falls; weak pound hurts Johnston Press Plc ( JPR.L ), the publisher of the Scotsman and the Yorkshire Post, said it is seeing higher costs from imported paper and ink due to weakness in sterling after the Brexit vote, as it posted a 6 percent fall in full-year revenue. The 250-year-old company said trading in the fourth quarter ended Dec. 31 improved after a difficult summer prompted by Brexit-related uncertainty but total print and digital advertising revenue, excluding classifieds, for the full year was down 7 percent. [nRSC9337Va] (Reporting by Rahul B in Bengaluru; Editing by Adrian Croft) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-johnston-press-outlook-idUKKBN15I0UU'|'2017-02-03T15:16:00.000+02:00'
'0d0b1798d336c1333a0ddaa66df8067fdf9877b2'|'PRESS DIGEST- Canada-Feb 3'|'Company   6:00am EST PRESS DIGEST- Canada-Feb 3 Feb 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 ** Kew Media Group Inc is set to acquire a broad portfolio of 10 companies that own, produce and distribute film, television and other programming for $104.1 million. tgam.ca/2k8ETNt ** Toronto and its surrounding municipalities are doubling down on efforts to entice foreign investment, with a new agency called Toronto Global designed to pull new business and money into the region. tgam.ca/2jEZNVM NATIONAL POST ** A former editor with Vice Media used the Canadian headquarters of the youth-focused publishing empire as a recruiting ground to draw young journalists and artists into a transnational cocaine-smuggling ring, according to allegations by current and former Vice employees who spoke to the National Post. bit.ly/2l1PYNV ** Six-month-old NewLeaf Travel Co Inc will drop flights to two more cities this summer, bringing its total number of destinations down to five while increasing frequency on its remaining routes. bit.ly/2k8ONhV (Compiled by Gaurika Juneja in Bengaluru) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/press-digest-canada-idUSL4N1FO2JT'|'2017-02-03T18:00:00.000+02:00'
'4af36f59fe61116e416aa0d7930df507e4164736'|'Beazley to hire staff for Irish insurance business as Brexit looms'|' 39am GMT Beazley to hire staff for Irish insurance business as Brexit looms By Noor Zainab Hussain Lloyd''s of London insurer Beazley Plc BEZG.L will hire additional staff in Ireland to establish a European insurance company in Dublin after the Brexit vote, its chief executive told Reuters. The underwriter, which provides marine, casualty and property insurance and reinsurance, also reported a 3 percent rise in full-year pretax profit, defying analyst estimates for a decline. It pointed to "significant" growth opportunities in the United States and other markets outside London amid a challenging environment for insurers. Shares in Beazley surged as much as 10 percent on Friday, making the stock the top performer on the FTSE Midcap Index .FTMC and the pan-European Stoxx 600 Index . Higher investment returns and a strong underwriting performance helped to lift profit, the company said. Beazley has been working to get European insurance licences for its existing Irish reinsurance business to allow it to operate on a broader basis throughout the EU. Many London-listed insurers are drawing up plans to set up regulated subsidiaries in the EU due to the expected loss of rights to sell products across the bloc after Brexit and Beazley appears to be in the vanguard. DUBLIN CALLING The insurer, which has offices in Oslo, Munich and Paris, said it applied to set up an insurance subsidiary in Dublin in November and regulators were reviewing its application . "We''re hopeful because we''ve been in Ireland for seven years... We hope we''re are at the front of the queue," CEO Andrew Horton told Reuters. "We are establishing our insurance company (in Dublin) irrespective of when the Brexit application goes in. We were already starting to do that even before we had the referendum in June," Horton said He added Beazley chose Dublin as it was easier to make changes to an already existing business. Industry observers say all insurers looking to set up EU subsidiaries have included Dublin among their options, attracted by its language, location and tax and regulatory systems. Lloyd''s of London''s SOLYD.UL, Neon Underwriting Ltd and Admiral ( ADML.L ) have pointed to Ireland as a possible new centre. Horton said that the insurer was not planning to move jobs from Britain or anywhere else to Ireland but would hire locally. "We''re expecting to add jobs in Dublin because it will need more people to manage a live insurance company than a reinsurance company," he said, without specifying how many new jobs could be created. Beazley''s pretax profit rose 3 percent to $293.2 million for the year ended Dec. 31, higher than the $243 million expected by analysts according to company-supplied consensus estimates. (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Amrutha Gayathri/Keith Weir) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-beazley-results-idUKKBN15I1FG'|'2017-02-03T18:39:00.000+02:00'
'373e2eb824129d60c3536f691cf0852ce3641084'|'ECB calls for national bad banks to help buy unpaid loans'|'Business News - Fri Feb 3, 2017 - 1:05pm GMT ECB calls for national bad banks to help buy unpaid loans FILE PHOTO: The European Central Bank (ECB) headquarters is pictured in Frankfurt, Germany, January 21, 2015. REUTERS/Kai Pfaffenbach/File Photo FRANKFURT The European Central Bank''s Vice President called on Friday for the creation of government-backed bad banks to help soak up some of the euro zone''s 1 trillion euros pile of unpaid loans stemming from the financial crisis. "A true European AMC (asset-management company) faces however difficulties in the present environment. In more immediate terms, a way forward could be the creation of a European blueprint for AMCs to be used at national level," Constancio said at an event in Brussels. "This European blueprint should clarify what is possible within a flexible approach to the existent regulation and encourage countries to adopt all necessary measures in a well-defined time frame." (Reporting By Francesco Canepa; editing by Ralph Boulton) Next In Business News Deutsche Boerse, LSE to offer small antitrust concessions - sources FRANKFURT Deutsche Boerse and the London Stock Exchange will offer the European Commission to make small adjustments to their combined business in the area of derivatives clearing in a bid to win antitrust approval of their planned merger, two people familiar with the matter said.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ecb-banks-bailout-idUKKBN15I1Q4'|'2017-02-03T20:05:00.000+02:00'
'c6c77d1dc00ff3daba209ad822af19a73fecc6d4'|'Australia''s Tigerair to quit Bali flights after impasse with Indonesia'|'Business News - Fri Feb 3, 2017 - 2:22am GMT Australia''s Tigerair to quit Bali flights after impasse with Indonesia A Tiger Airways plane take-off from I Gusti Ngurah Rai airport in Denpasar, Bali island, Indonesia January 12, 2017 in this photo taken by Antara Foto. Antara Foto/Fikri Yusuf/ via REUTERS By Jamie Freed - SYDNEY SYDNEY Tigerair Australia said on Friday it would permanently quit flying to Bali after Indonesian authorities said it would have to switch to a new operating model - one that the budget carrier said would take six months to put in place. Last month Indonesia revoked the Virgin Australia Holdings ( VAH.AX ) unit''s permission to fly, saying it did not meet charter flight regulations. Virgin Australia had previously operated the flights itself but shifted them to Tigerair in an attempt to restore its international division to profitability. The budget subsidiary of Virgin Australia had been expected to restart flights to the island on Friday, but on Thursday evening it said final approvals from Indonesia had not been received. "Providing a reliable, low-cost service is critical for Tigerair Australia and our customers, and therefore our only option is to withdraw from flying to Bali altogether," Tigerair Chief Executive Rob Sharp said in a statement. Customers who had booked tickets to Bali will receive a full refund, the airline said. Bali is an Indonesian holiday island known for its beaches and rice paddies, and is a popular holiday destination for Australian tourists. Tigerair usually carries hundreds of passengers to Bali each day from Melbourne, Adelaide and Perth. (Reporting by Jamie Freed; Editing by Edwina Gibbs) Next In Business News Leading indicator of London new home builds slumps by a third LONDON The number of new homes built in London fell 6 percent last year and a closely watched indicator of future supply dropped by a third, industry data showed on Friday, as the Brexit vote hit a market already coming off record highs.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-australia-indonesia-tigerair-idUKKBN15I097'|'2017-02-03T09:22:00.000+02:00'
'7ccdb6000aea7722e9752293c6766609ae587ac5'|'LATAM CLOSE-Three issuer tap LatAm primary market'|'* Argentina plans US$1.5bn-$2bn in Swiss franc bonds* Argentina''s GDP warrants rally on improving economic data* Research provider Lucror bulks up LatAm coverageBy Mike GambaleNEW YORK, Feb 2 (IFR) - Below is a recap of primary issuance activity in the LatAm primary market on Thursday:Number of deals priced: 3Total issuance volume: US$1.05bn, 600mRUMOBrazilian railroad operator Rumo announced a new US dollar seven-year non-call four bond. The senior unsecured 144A/RegS bond is expected to be rated BB-/BB-. Rumo SA and America Latina Logistica Malha Norte (ALL) are acting as guarantors, while Rumo Luxembourg will be the issuer. Proceeds are being used to repay short-term debt and for GCP. Bookrunners are BB Securities, Bradesco, BTG Pactual, Itau, Morgan Stanley and Santander.IPTs: high 7%GUIDANCE: Rumo US$ 7NC4 bond at 7.50% area (+/-12.5bp)LAUNCH: US$750m 7NC4 bond at 7.375%PRICED: US$750m 7NC4: par; 7.375%YBANCO SUPERVIELLEBanco Supervielle, the fifth largest Argentine domestically-owned private bank in terms of assets, announced a US$300m equivalent ARS denominated 3.5-year bond. The 144A/RegS bond has an average life of three quarters of a year and a coupon floor of 18%. Expected ratings are B3/B by Moody''s and Fitch. Credit Suisse and Santander are acting as leads.IPTs: Badlar plus 450bp areaGUIDANCE: 3.5-year ARS bond at Badlar+450bp, the numberLAUNCH: US$300m equivalent 3.5-year ARS bond at Badlar+450bpPRICED: US$300m equiv 3.5-year ARS bond at par to yield Badlar+450bpSIGMA ALIMENTOSSigma Alimentos, a multinational food company with market positions in Europe, the US and Latin America, has announced a euro-denominated seven-year fixed-rate benchmark offering. Ratigns are Baa3/BBB/BBB. BNP Paribas and JP Morgan are active joint bookrunners, while MUFG and Rabobank were passive.IPTs - MS+250bp-262.5bpGUIDANCE: EUR600m 7-yr at MS+237.5bp-250bpLAUNCH: EUR600m 7-yr at MS+225bpPRICED: EUR600m 7-yr: 99.628; 2.625%C; 2.684%Y; MS+225bpPIPELINECompania Latinoamericana de Infraestructura y Servicios (CLISA) has set initial price thoughts of high 9% on a US$100m tap of its 9.5% 2023 bonds.The Argentine infrastructure firm is expected to price the deal as soon as Monday through BCP Securities and Santander. The company issued US$200m of the notes in July last year, pricing them at 98.753 to yield 9.75%. Ratings are B-/B-.The Province of Buenos Aires is readying fixed-income investors meetings as it prepares to market a US dollar bond sale.The borrower will split into two teams and will be in New York and London on February 6 and in New York and Boston on February 7. Ratings are B3/B-. BBVA, BNP Paribas and JP Morgan have been mandated to coordinate the meetings.Stoneway Capital Corporation, a private company with equity contributed by Siemens AG, formed for the purpose of constructing, owning, and operating four simple-cycle power generating plants in the Buenos Aires region of Argentina, has secured four Power Purchase Agreements through CAMMESA for a 10-year period on each. The company mandated Jefferies as sole global coordinator and Jefferies and Seaport Global as joint-bookrunners to arrange meetings with fixed income investors starting on January 31 for a US$500m US dollar-denominated 144A/Reg S senior secured offering of 10-year maturity.The roadshow schedule is as follows: Wed Feb 1: New York, Thu Feb 2: New York, Fri Feb 3: Los Angeles, Mon Feb 6: Boston, Tue Feb 7: London, Wed Feb 8: London, Thu Feb 9: Frankfurt/Munich.Peruvian mortgage bank Fondo Mivivienda started roadshows this week to market a possible sol and/or dollar denominated bond issue.The company will wrap up roadshows in New York on Friday. Expected ratings are BBB+/BBB+ by S&P and Fitch. Morgan Stanley and Scotiabank have been mandated to organize the fixed-income investor meetings.Fondo Mivivienda is controlled by the government of Peru and is the country''s leading mortgage financing developer and promoter.Uruguay will sell $2.05 billion in debt in 201
'6789251667aeb8b87baedd77a89e679f09293647'|'HIGHLIGHTS-The Trump presidency on Feb. 2 at 8:40 p.m. EST/0140 GMT'|'Feb 2 Highlights of the day for U.S. President Donald Trump''s administration on Thursday: IRAN Trump is poised to impose new sanctions on multiple Iranian entities, seeking to ratchet up pressure on Tehran while crafting a broader strategy to counter what he sees as its destabilizing behavior, people familiar with the matter say. AUSTRALIA U.S. ties with staunch ally Australia become strained after details about an acrimonious phone call between its leaders emerge and Trump says a deal between the two nations on refugee resettlement is "dumb." ISRAEL The Trump administration says Israel''s building of new settlements or expansion of existing ones in occupied territories may not be helpful in achieving peace with Palestinians, adopting a more measured tone than its previous pro-Israel announcements. OTHER INTERNATIONAL RELATIONS U.S. Ambassador to the United Nations Nikki Haley blames Russia for the recent surge of violence in eastern Ukraine and warns Ukraine-related sanctions against Russia will not be lifted until Moscow returns Crimea to Kiev. Trump''s Treasury Department adjusts sanctions on the Russian intelligence agency FSB, making limited exceptions to measures put in place by the Obama administration over accusations Moscow meddled in the U.S. presidential election. RELIGION Trump vows to free churches and other tax-exempt institutions from a 1954 U.S. law banning political activity, drawing fire from critics who accuse him of rewarding his evangelical Christian supporters and turning houses of worship into political machines. TRAVEL CURBS AND IMMIGRATION Trump defends his order to temporarily bar entry to people from seven majority-Muslim nations, saying it is crucial to ensure religious freedom and tolerance in America; he discusses establishing safe zones in Syria with Jordan''s King Abdullah. A Department of Homeland Security watchdog agency says it is planning to review how Trump''s executive order to temporarily suspend travel from seven majority-Muslim nations was implemented. TRADE Trump reiterates his concerns about the North American Free Trade Agreement and says he would like to speed up talks to either renegotiate or replace it. CABINET AND ADMINISTRATION A Senate committee suspends rules to approve Scott Pruitt, Trump''s controversial choice to lead the Environmental Protection Agency, amid a boycott by Democratic panel members. Representative Mick Mulvaney is approved as budget director. A veteran CIA clandestine service officer who ran one of the agency''s "black site" prisons set up after the 9/11 attacks is named deputy director of the U.S. spy agency. BUSINESS LEADERS Uber Technologies Inc CEO Travis Kalanick quit Trump''s business advisory group after coming under criticism for taking part, the company says. (Compiled by Bill Trott, Peter Cooney and Jonathan Oatis; Editing by Lisa Shumaker, Toni Reinhold and Cynthia Osterman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-trump-highlights-idINL1N1FN0OU'|'2017-02-02T22:40:00.000+02:00'
'ebd80589c2f732d9d8cc040f4379a8710ef7711e'|'UPDATE 1-Uniper hires Goldman to sell stake in Italy LNG terminal-sources'|'Deals - Fri Feb 3, 2017 - 9:55am EST Uniper hires Goldman to sell stake in Italy LNG terminal-sources The flag of Uniper SE flutters in front of the utility''s firm headquarters previously used by German utility giant E.ON in Duesseldorf, Germany, June 8, 2016. REUTERS/Wolfgang Rattay By Stephen Jewkes and Christoph Steitz - MILAN/FRANKFURT MILAN/FRANKFURT Germany''s Uniper ( UN01.DE ) has hired Goldman Sachs ( GS.N ) to sell its stake in a liquefied natural gas (LNG) terminal in Italy, a deal that could value the whole business at 1 billion euros ($1.1 billion), three people familiar with the deal told Reuters. Books have been opened for due diligence on OLT Offshore LNG Toscana''s business and a deal could materialize in the first half of 2017, the people said, also adding that there was no guarantee that a sale would take place. Energy firm Uniper holds a 48.24 percent stake in the OLT terminal, while Italian utility group Iren ( IREE.MI ) owns 49.07 percent. The remaining 2.69 percent stake is held by U.S.-based shipping group Golar LNG ( GLNG.O ). "It''s a regulated asset so there should be healthy demand," one of the people said. With a regulated asset base of about 900 million euros and 64 percent of revenues guaranteed, OLT shares characteristics with regulated power and gas grids that have met with strong interest from infrastructure investors. The terminal is expected to attract established players, including Macquarie ( MQG.AX ) as well as First State Investments, the asset management arm of Commonwealth Bank of Australia (CBA) ( CBA.AX ), the people said. OLT started commercial activities in late 2013 and can handle LNG - which is frozen at minus 163 Celsius (-261 Fahrenheit) to significantly reduce volume - from carriers with a capacity of 65,000-155,000 cubic meters. The high density means large volumes of LNG can be transported by ship, thereby reducing reliance on pipelines from Russia and North Africa. Uniper''s stake in OLT could be valued at about 500 million euros, the people said, putting a price tag of about 1 billion on the whole business with a capacity of 3.75 billion cubic meters a year, about 4 percent of Italy''s requirement. Iren Chief Executive Massimiliano Bianco in October also hinted at strategic options for the group''s OLT stake, which he said was not strategic, adding Iren would assess what to do with it in the coming months. Iren recently said its stake was worth 476 million euros. Uniper, Goldman Sachs, OLT, Iren, Macquarie and First State declined to comment. Golar LNG was not immediately available for comment. The deal would help Uniper, which was spun off from E.ON ( EONGn.DE ) last year, to reach its target of selling at least 2 billion euros in assets by 2018, a plan that is likely to include its stake in Brazil''s Eneva ( ENEV3.SA ). (Additional reporting by Arno Schuetze, Tom Kaeckenhoff and Alexander Huebner; Editing by Georgina Prodhan) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-uniper-lng-sale-idUSKBN15I202'|'2017-02-03T21:53:00.000+02:00'
'6e1ac22cd7949a5acd93a81d3dbfcb7e687ad299'|'Falling DVD sales put boot into profits at Sony Pictures - Film - The Guardian'|'<27>C hoose Facebook, Twitter, Instagram,<2C> says Renton in T2 Trainspotting, in his update of the famous <20>choose life<66> speech from the original film. For Sony Pictures , which released the movie and saw the value of its film division written down by $1bn (<28>800m) last week, that is exactly the problem: too many consumers are choosing the digital lifestyle.The owner of Columbia Pictures cited an <20>acceleration of market decline<6E> in people buying DVDs and Blu-ray discs, brought about by the global boom in streaming and on-demand viewing on services such as Netflix , Amazon Prime and iTunes. It is a crisis Sony shares with its Hollywood peers. In the UK and the US, revenue from streaming and downloads of films and TV shows passed sales of DVDs and Blu-ray discs for the first time last year.<2E>Streaming is a problem for all the Hollywood studios,<2C> says David Hancock, an analyst at IHS Markit. <20>There is more value per unit for a studio in the sale of a DVD than in providing a film or TV show<6F> [to a service like Netflix]. <20>Growth in the digital retail and rental market is not compensating for declines in the physical market, which have been falling for a decade.<2E>Sony also referred to reduced profitability projections for its future films, after a year in which the Japanese-owned studio presided over several flops. Those include the all-female reboot of Ghostbusters and the genre-crossing Pride and Prejudice and Zombies ; even the usually bankable Tom Hanks couldn<64>t save the day, as Inferno , the sequel to The Da Vinci Code , failed to spark.But studios can have one bad year and come bouncing back the next. It is long-term factors that have underpinned the decision by Sony Corp, which bought Columbia in the mid-80s, to write down the film unit<69>s value. Those factors include a golden era for TV programming. As well as launching streaming services that have hit DVD sales, Netflix and Amazon are pouring billions into high-quality drama like House of Cards and Transparent . Traditional broadcasters such as Game of Thrones maker HBO and Sky, which produces Fortitude , are also investing heavily in high-end shows.Sony has tapped into this trend too. Its own TV division, which is part of Sony Pictures and has been in better health than the movie studio, has co-produced with Netflix the <20>100m drama The Crown and Moulin Rouge director Baz Luhrmann<6E>s troubled The Get Down .Netflix and Amazon Prime have at least boosted demand for film rights, but the growth of original programming is a problem, according to Richard Broughton of media research firm Ampere. <20>Although the home entertainment market as a whole may be growing there is evidence to suggest that a big chunk of that growth is not necessarily flowing back to the same companies it used to. The abundance of high-quality TV, for instance, acts to boost competition for entertainment time and spend,<2C> he says.While all of Hollywood<6F>s <20>big six<69> studios <20> Sony, Warner Bros, Disney, 20th Century Fox, Universal and Paramount <20> are facing the same issues, it is the smallest players that are feeling the squeeze.Facebook Twitter Pinterest Pride and Prejudice and Zombies was one of several flops for Sony in 2016. Photograph: Jay Maidment/Allstar/Screen Gems In 2012, Sony was the biggest studio in the world<6C>s biggest market, the US, with more than 16% share of the box office thanks to Skyfall and The Amazing Spider-Man . With few bona fide hits since then, that share shrunk to just 8.4% last year, a distant fourth. Sony<6E>s lack of hits is in stark contrast to Disney, which became the first studio to take $7bn at the global box office last year, thanks to billion-dollar blockbusters including Star Wars: The Force Awakens , Captain America: Civil War and Finding Dory .<2E>Sony<6E>s woes are partly because of the types of film they have been trying to invest in,<2C> says IHS Markit<69>s Hancock. <20>Disney and Fast and the Furious -maker Universal have had several good years. Disney started its stra
'91e21cce26c85eaadfab61b2e2463839ae254da3'|'Irish banks set off down holdco road'|'By Alice Gledhill LONDON, Feb 3 (IFR) - Bank of Ireland and Allied Irish Banks, Ireland''s two largest lenders, are on course to set up holding companies to help them meet regulatory requirements designed to facilitate future bank resolutions.Bank of Ireland said in a statement on Friday that the Single Resolution Board, together with the Bank of England, had indicated its preference for a single point of entry bail-in strategy through a group holding company.It expects to establish a holding company, which would become the parent company of the group.The SRB has also notified Allied Irish Banks that its preferred resolution strategy for the lender is a single point of entry via a holding company.This approach had been widely expected and puts the Irish banks - including Permanent TSB, which already has a holdco in place - on a level footing.Like their European peers, Irish lenders must issue billions in loss absorbing debt to meet the incoming European MREL standard.DIVERGING PATHSHowever, the setting up of a holding company promises to drive a deeper wedge between European bank resolution strategies as a two-track system emerges.While Irish and UK banks ramp up holdco issuance, lenders in France and Spain are issuing new forms of senior debt out of their operating companies, an approach endorsed by the European Commission late last year.Neither bank has indicated how long it will take to set up a holdco, but Bank of Ireland said it would require shareholder approval. Analysts at Davy expect them to be set up during the second half of 2017."We would be hopeful that given the time required to set up the holdcos that Irish banks may receive additional time - as with the UK banks - in order to issue the required amount of new debt to satisfy their MREL requirement, the amount of which is also yet to be confirmed," Davy''s Stephen Lyons wrote in a note.The Bank of England said in November that it would extend the deadline for UK banks to meet their MREL by two years, to 1 January 2022.The SRB''s decision also has ramifications for existing bondholders of Bank of Ireland and AIB.Bank of Ireland said that while the decision was not expected to impact its Common Equity Tier 1 ratios, a holdco structure may knock its Total Capital and Tier 1 capital ratios due to minority interest deductions applied to externally-held subordinated debt issued out of subsidiaries beneath the holdco.BNP Paribas analysts said the impact on capital ratios should materially reduce the extension of risk of these instruments."We expect the bonds to be redeemed and replaced at the holdco level over time," they added. (Reporting by Alice Gledhill, editing by Helene Durand, Julian Baker)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/banks-bonds-idINL5N1FO2FX'|'2017-02-03T09:30:00.000+02:00'
'f4acd9bea144270195fe3e1007f3d84feca7d5f2'|'BRIEF-Norbord board declares qtrly dividend of CAD $0.10 per share'|' 15am EST BRIEF-Norbord board declares qtrly dividend of CAD $0.10 per share Feb 3 Norbord Inc : * Norbord reports 2016 results; declares quarterly dividend * Recorded adjusted earnings of $55 million or $0.64 per share (basic and diluted) in Q4 of 2016 * Norbord Inc says in North America, us housing starts were approximately 1.17 million in 2016, up 5% from 1.11 million in 2015 * Q4 earnings per share view $0.51 -- Thomson Reuters I/B/E/S * Norbord Inc says us housing economists are forecasting 2017 starts of approximately 1.25 million, a further 7% year-over-year improvement * Norbord Inc says in Europe, Norbord''s core panel markets remained strong, with double-digit OSB demand growth in both UK and Germany * Norbord Inc says reported European panel prices in us dollar terms were impacted by significant devaluation of pound sterling following "brexit" referendum in June * In quarter, "us housing starts continued their steady recovery, driving increased North American OSB demand and prices" * Norbord Inc says in addition, company expects to invest most of remaining $102 million budgeted to complete inverness project * Norbord Inc says board of directors declared a quarterly dividend of cad $0.10 per common share Source  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSASB0AYF8'|'2017-02-03T18:15:00.000+02:00'
'1188f39b16f802e01bb354de39523d3100d5b9a2'|'Deutsche Bank to cut as much as 17 percent of equities staff - Wall Street Journal'|' 04pm GMT Deutsche Bank to cut as much as 17 percent of equities staff - Wall Street Journal The head quarters of Germany''s Deutsche Bank are photographed early evening in Frankfurt, Germany, January 31, 2017. REUTERS/Kai Pfaffenbach FRANKFURT Deutsche Bank ( DBKGn.DE ) plans to cut as much as 17 percent of its equities staff and 6 percent of its fixed-income staff around the world, the Wall Street Journal reported on Friday, citing people familiar with the matter. The paper said notices were to be sent to many employees next week. It cited one source as saying the cuts were part of Deutsche Bank''s previously announced plans to cut 9,000 staff. Deutsche Bank declined to comment. (Reporting by Maria Sheahan; Additional reporting by Kathrin Jones; Editing by Victoria Bryan)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-deutsche-bank-redundancies-idUKKBN15I1HF'|'2017-02-03T19:04:00.000+02:00'
'da888e5ad64bdcaa5d8dedc65cb7b31aff3fe8d3'|'Macy''s, J.C. Penney settle Martha Stewart litigation'|'Business News - Thu Feb 2, 2017 - 4:50pm EST Macy''s, J.C. Penney settle Martha Stewart litigation One of the 68 Macy''s Inc stores the company plans to close is shown at the Mission Valley Center mall in San Diego, California, U.S. January 5, 2017. REUTERS/Mike Blake By Karen Freifeld and Jonathan Stempel - NEW YORK NEW YORK Macy''s Inc ( M.N ) has settled its lawsuit accusing J.C. Penney Co ( JCP.N ) of interfering improperly with its exclusive merchandising agreement with Martha Stewart Living Omnimedia Inc. New York State Supreme Court Justice Jeffrey Oing in Manhattan ordered the case''s dismissal this week, following a joint request from Macy''s and J.C. Penney. A lawyer for Macy''s confirmed on Thursday that the case has been settled. Terms were not disclosed. Neither retailer immediately responded to requests for comment. The settlement ends a five-year-old case rooted in a 2011 agreement in which J.C. Penney was to sell Martha Stewart''s bed, bath and kitchen products in stores then being overhauled by Ron Johnson, J.C. Penney''s chief executive at the time. Macy''s said this agreement undermined its own exclusive right under a 2006 contract to sell the same kinds of products under the Martha Stewart brand. In June 2014, Oing ruled against J.C. Penney, following a trial in which Martha Stewart herself had testified. Two years later, he ordered J.C. Penney to pay Macy''s about $3.5 million of damages. Both companies appealed from that order, but the settlement ends the appeals process. Macy''s previously settled separate claims against Martha Stewart''s company. Johnson''s overhaul at J.C. Penney is now widely considered a failure, after it caused a big decline in sales and led to his firing in 2013. Sequential Brands Group Inc ( SQBG.O ) bought Martha Stewart Living Omnimedia in December 2015 for roughly $353 million. The case is Macy''s et al v. J.C. Penney Co, New York State Supreme Court, New York County, No. 650197/2012. (Reporting by Karen Freifeld and Jonathan Stempel in New York; editing by Diane Craft) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-jc-penney-macy-s-marthastewart-settle-idUSKBN15H2UB'|'2017-02-03T04:50:00.000+02:00'
'44557ad50059ef27c247286f866a0ad446ae93c9'|'US STOCKS-Banks, jobs data send Wall Street higher'|'Company News  12pm EST US STOCKS-Banks, jobs data send Wall Street higher * 227,000 jobs added in January, above 175,000 estimate * Dow reclaims 20,000 level for first time in four days * Financials notch best day in 2-1/2 months * Indexes up: Dow up 0.94 pct, S&P 500 up 0.73 pct, Nasdaq up 0.54 pct (Updates to market close) By Chuck Mikolajczak NEW YORK, Feb 3 U.S. stocks climbed on Friday, with the S&P 500 closing just short of a record high, boosted by gains in financial shares as President Donald Trump moved ahead with deregulation action and by a strong payrolls report. The S&P financial sector jumped 2 percent to score its best day since mid-November after Trump signed an executive order to scale back regulations in the industry that were implemented in the wake of the financial crisis, including the Dodd-Frank law. JP Morgan Chase shares closed up 3.1 percent at $87.18 as the biggest boost to the S&P 500 and helped push the S&P bank index up 2.6 percent. The U.S. public and private sectors created 227,000 jobs last month, according to the Labor Department, far more than the 175,000 economists had expected. The unemployment rate ticked up to 4.8 percent while average hourly wages grew only 0.1 percent, which is likely to keep the Federal Reserve on a gradual path to raise U.S. interest rates. "The key to the payroll number was wage growth; that takes March off the calendar (for a rate hike), that is the notion there," said Stephen Massocca, Chief Investment Officer, Wedbush Equity Management LLC in San Francisco. "The Dodd-Frank think wasn''t unexpected, but it happened and it is clear the direction (Trump) is moving in and that added to it." The financial sector has rocketed up more than 18 percent since the Nov. 8 election while the bank sector has surged more than 25 percent on expectations Trump would scale back regulations. The Dow Jones Industrial Average rose 186.55 points, or 0.94 percent, to close at 20,071.46, the S&P 500 gained 16.57 points, or 0.73 percent, to 2,297.42 and the Nasdaq Composite added 30.57 points, or 0.54 percent, to 5,666.77. Friday''s gains helped the indexes recoup most, if not all, of the losses from earlier in the week. The S&P and Nasdaq each gained 0.1 percent while the Dow shed 0.1 percent. Amazon.com fell 3.5 percent to $810.20 after the world''s largest online retailer forecast a surprise dip in operating profit for the current quarter. The stock pulled the S&P 500 consumer discretionary index down 0.1 percent as the only major S&P sector in negative territory for the session. Macy''s jumped gained 6.4 percent to $32.69 following a takeover approach from Canada''s Hudson''s Bay. Advancing issues outnumbered declining ones on the NYSE by a 3.78-to-1 ratio; on Nasdaq, a 2.82-to-1 ratio favored advancers. The S&P 500 posted 27 new 52-week highs and six new lows; the Nasdaq Composite recorded 138 new highs and 25 new lows. About 6.45 billion shares changed hands in U.S. exchanges, compared with the 6.71 billion daily average over the last 20 sessions. (Reporting by Chuck Mikolajczak; Editing by James Dalgleish) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-stocks-idUSL1N1FO1TN'|'2017-02-04T04:12:00.000+02:00'
'df45d3bdccba6e679667e5ebd0735b2d4e641f9d'|'Nice start to the year. Pity about the rest of it'|'  2:15pm GMT Nice start to the year. Pity about the rest of it FILE PHOTO: Smoke rises from a factory in front of Mount Fuji during the sunset at Keihin industrial zone in Kawasaki, Japan January 16, 2017. REUTERS/Toru Hanai/File Photo By Jeremy Gaunt - LONDON LONDON The world economy has begun the year in fine form. America is cruising along, China is growing faster than expected, Britain is muffling the Brexit downdraft. Even the usually lagging euro zone is perky. Pity about what lies ahead. Almost every major economy''s data releases these days seem to follow a similar pattern. First, they are generally positive - either better than previously or only a little weaker. Then, policymakers and economists come out and say there are too many uncertainties ahead to know whether it will continue or crumble. "Geopolitical risks are mounting and increasingly catching market attention in such fashion as to risk overshadowing most other developments," Canada''s Scotiabank told its clients. The risks are primarily political. How will U.S. President Donald Trump''s "America First" protectionist talk translate into policy? Will Brexit finally come back to bite Britain by cutting off commercial growth and breeding inflation. For the euro zone, meanwhile, the risks are existential. Elections in France, Italy, Germany and the Netherlands could result in anti-euro political parties gaining significant ground or even taking office. And Greece''s hold on its place in the currency union remains flimsy. In the past week the extra money investors demand to buy French bonds rather than German ones jumped - much of it because of a comment to Reuters by an official of the far-right National Front that it would put leaving the euro at the heart of its economic platform. Polls suggest National Front candidate Marine Le Pen will not win the presidency - but after the Trump and Brexit surprises last year nothing can be ruled out. Other risks are more Keynesian, revolving around whether years of stimulus from central banks in the form of asset-buying and negligible interest rates are finally producing inflation, which in turn will stop consumers from buying, slowing economic growth. Economics can be very much a game of whack-a-mole. UP NEXT The coming week may well be dominated by China, which returns from a holiday with a large slate of data, including the services purchasing managers index, foreign reserves data and possibly trade figures. China grew a faster-than-expected 6.8 percent in the fourth quarter, boosted by higher government spending and record bank lending. But the economy still faces headwinds from a cooling housing market and possible protectionist measures from the United States. The foreign exchange reserves, meanwhile, are on the verge of falling below $3 trillion, although the pace of declines could be slowed by capital controls and the dollar''s retreat. China is being cautious. It raised a number of policy rates on Friday against what Deutsche Bank described as a dilemma. "Policy needs to be tightened for financial stability considerations, but (the central bank) wants to control the pace and magnitude so that ... the tightening does not trigger disruptive adjustments (bubble burst), and ... does not jeopardize the stabilizing growth outlook," it said. In the euro zone, there will be German, French, Spanish and Italian industrial production data. All are expected to show growth. Germany''s volatile factory orders may be under particular scrutiny. They fell 2.5 percent month-on-month in November, a plunge from a 5 percent rise the month before.   expect a bounce back. Meanwhile, a wish-you-were-a-fly-on-the wall moment occurs on Thursday when European Central Bank President Mario Draghi goes to Berlin for talks on the euro zone economy with German Chancellor Angela Merkel. For the United States, the weekly outlook is thin, with monthly trade figures a highlight with a little changed $45 billion deficit expected. Any significant pol
'e9ac897f9d6f65ba52c688c40a150f1220b56acf'|'Deals of the day-Mergers and acquisitions'|'Feb 3 The following bids, mergers, acquisitions and disposals were reported by 1100 GMT on Friday:** Sibanye Gold Ltd said it might tap shareholders for up to $1.3 billion to partly fund a $2.2 billion takeover of Stillwater Mining Co, the only U.S. miner of platinum and palladium.** Intesa Sanpaolo SpA said a possible tie up with insurer Assicurazioni Generali was just a "case study", leaving investors guessing whether the bank would eventually launch a bid for Italy''s biggest insurer.** Global Logistic Properties Ltd, which builds warehouses and distribution centres for clients such as Amazon and JD.Com, said it had received several bids for the Singapore-listed company, which counts sovereign wealth fund GIC Pte Ltd as its biggest investor.** Germany dialysis specialist Fresenius Medical Care AG & Co said it was buying a majority stake in Cura Group, a Australian chain of 19 outpatient treatment centres, as it diversifies further into medical areas beyond kidney failure.** Electra Private Equity Plc is to receive 203 million pounds ($254 million) after its investment arm sold Audiotonix, a manufacturer of audio mixing consoles, to French buyout group Astorg.** Areva said Japan Nuclear Fuel Ltd and Mitsubishi Heavy Industries Ltd are to buy a combined 10 percent stake in nuclear fuel group NewCo for 500 million euros ($538 million).** Czech electricity producer CEZ could split into two parts in the future, one responsible for enlarging nuclear power plants, and the other focusing on new sources of energy, Chief Executive Daniel Benes told Lidove Noviny newspaper.** French snowsports equipment firm Rossignol has agreed to buy Felt Bicycles, a U.S. maker of racing and mountain bikes with annual sales of more than $60 million, the company said. (Compiled by Nikhil Subba in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/deals-day-idINL4N1FO2KK'|'2017-02-03T08:25:00.000+02:00'
'ed7b20e91bfa99bb581dbdaeadcac9204f50c32f'|'Donald Trump retains direct tie to businesses, documents show - US news'|'New documents confirm that Donald Trump retains a direct tie to his business interests through a revocable trust overseen by one of his adult sons and a longtime executive of the Trump Organization.Travel ban: US temporarily suspends order as Trump derides ''so-called'' judge Read moreThe president is the sole beneficiary of the Donald J Trump Revocable Trust, which is tied to his social security number as the taxpayer identification number, according to documents published online by the investigative nonprofit ProPublica.Trump can revoke the trust, which was amended three days before his inauguration, at any time.The details about the trust were included in a 27 January letter to the Washington liquor board that notes Donald Trump Jr, the president<6E>s eldest son, and Allen Weisselberg, the company official, are its new trustees. The Trump trust holds a liquor license for the hotel that opened last fall in the federally owned Old Post Office building. A provision in the lease, signed in 2013, for that building prohibits an elected official from benefiting from the property.The trust contains a mix of cash from Trump<6D>s sales of stock investments over the summer and his physical and intellectual properties, such as Trump Tower in New York, Mar-a-Lago in Florida <20> the so-called <20>winter White House<73> where the president is spending this weekend <20> and branding rights.The details align with what Trump and attorney Sheri Dillon outlined at an 11 January news conference about Trump<6D>s plan for what would become of his global business empire while he is president.Previous ethics advisers to Barack Obama and George W Bush and the leader of the Office of Government Ethics have said Trump has not gone nearly far enough to absolve himself of potential conflicts of interest. They have also raised concerns about his appointment of his son-in-law to a White House post, and filed suit alleging that Trump has violated the constitution<6F>s ban on profiting from foreign governments.LGBT protest at Stonewall Inn takes on edge amid possible blow to gay rights Read moreTrump<6D>s two adult sons and Weisselberg are running the company while Trump is president, but Trump himself still financially benefits from it, the documents suggest. Precedent has been for presidents to sell off their holdings and place the cash into a truly blind trust <20> not one overseen by a family member <20> before taking office, even though there is no legal requirement to do so.The president<6E>s sons have already returned to the White House since Trump<6D>s inauguration, attending an announcement by their father a nominee to the supreme court. Before his inauguration, Eric Trump traveled to Uruguay for a business trip whose costs reportedly totaled $97,830 to taxpayers.Far stricter ethics rules govern top administration officials and cabinet members than the president himself. For example, Secretary of State Rex Tillerson, the long-time chief executive officer of Exxon Mobil, left the energy company, sold off his millions of shares and put the cash into a trust to be overseen by a third party.On Friday, Vincent Viola, a billionaire Wall Street trader and Trump<6D>s nominee for army secretary, withdrew from consideration, saying untangling himself from his business would prove too difficult.Representative Elijah Cummings, a Democrat, said in a statement that the president had failed to address fears that he is profiting from the influence of the White House, for instance by trying to sell hotel rooms to diplomats at his Washington property.<2E>This legal concoction from President Trump<6D>s lawyers does nothing to address his conflicts of interest or the breach of the lease for his hotel,<2C> Cummings said in a statement.'|'theguardian.com'|'https://www.theguardian.com/business/all'|'https://www.theguardian.com/us-news/2017/feb/04/donald-trump-business-ethics-washington-hotel'|'2017-02-05T02:30:00.000+02:00'
'7c93f68fd8181f586ecdf1bcc6aa2d75195b2fa0'|'Lockheed to announce $8.5 billion F-35 order on Friday - sources'|'  4:06pm GMT Lockheed to announce $8.5 billion F-35 order on Friday - sources A US Marine Corps Lockheed Martin F-35B fighter jet taxis after landing at the Royal International Air Tattoo at Fairford, Britain on July 8, 2016. REUTERS/Peter Nicholls/File Photo By Mike Stone - WASHINGTON WASHINGTON The U.S. Department of Defense and Lockheed Martin Corp ( LMT.N ) are set to announce a deal worth about $8.5 billion (<28>6.79 billion) for 90 F-35 jets on Friday, people familiar with the talks said. The deal for the tenth batch of the stealthy fighter aircraft brings the price per jet below $95 million for the first time, compared to $102 million in the previous batch, saving Pentagon more than $700 million, the people said. This is more than the $600 million that U.S. President Donald Trump claimed on Monday he had been able to shave off from the F-35, the Pentagon''s costliest arms program. Trump has lashed the program as "out of control" in December and vowed to bring the prices down. A Lockheed representative declined to comment. A representative for the Defense Department''s F-35 program did not immediately respond to requests for comment. (Reporting by Mike Stone in Washington, Editing by Soyoung Kim) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-lockheed-pentagon-order-idUKKBN15I294'|'2017-02-03T23:06:00.000+02:00'
'167d60f1c9d13e8cac3b6e71c36b60a9e4661b78'|'JPMorgan changes chief of high-profile card business'|'NEW YORK JPMorgan Chase & Co ( JPM.N Jennifer Piepszak will become chief executive of its card services division, replacing Kevin Watters.Watters, 48, had said he wanted to retire from the bank later this year, according to a memo sent to employees by consumer and community banking chief Gordon Smith and seen by Reuters. Watters recently oversaw the launch of the Sapphire Reserve premium credit card, which attracted attention for its lucrative bonuses for new accounts.Piepszak, 46, is currently head of business banking under Smith and has been at the bank for more than 23 years, according to the memo.The change was reported earlier by the Wall Street Journal.(Reporting by David Henry in New York; Editing by David Gregorio)'|'reuters.com'|'http://www.reuters.com/finance'|'http://www.reuters.com/article/us-jpmorgan-executives-moves-idUSKBN15G5RP'|'2017-02-02T01:17:00.000+02:00'
'090e441fe1aeed85015c75fc457c714c8a0b9268'|'Asian shares edge up, dollar capped after Fed'|' 08am GMT Asian shares edge up, dollar capped after 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 /File Photo By Hideyuki Sano - TOKYO TOKYO Asian shares ticked up while the dollar was capped on Thursday after the U.S. Federal Reserve stuck to its mildly upbeat economic view but gave no hint of any immediate rate hike. While strong economic data from the United States and elsewhere underpinned risk assets, uncertainty and concerns over U.S. President Donald Trump''s policies are leaving markets on edge. "With many of his cabinet members still not approved, including (incoming Treasury Secretary Steven) Mnuchin, Trump''s occasional remarks and tweets are the only guidance markets can get from the new U.S. administration at the moment," said Shuji Shirota, head of macro strategy group in Tokyo at HSBC. "For the time being, markets will continue to be driven by what Trump will say. It''s Trump-on, Trump-off, rather than risk-on, risk-off," he added. MSCI''s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS gained 0.2 percent while Japan''s Nikkei .N225 also ticked up 0.05 percent. On Wall Street, the S&P 500 .SPX stabilised after a four-day losing streak, although it would have been in negative territory without a 6.1 percent rise in Apple ( AAPL.O ) following strong earnings. U.S. shares have been hit by worries that Trump''s tough stance on refugees and immigration could stem inflows of talent to the U.S. labour market and raise geopolitical tensions. On Wednesday the Federal Reserve held interest rates steady in its first meeting since Trump took office. While painting a relatively upbeat picture of the U.S. economy, its statement gave no firm signal on the timing of its next rate move as Fed policymakers are still awaiting clarity on the possible impact of Trump''s economic policies. Nor was there any hint on whether it plans to trim its $4.5 trillion balance sheet, an increasingly hot topic among the Fed''s policy circle. Following the Fed, U.S. interest rate futures <0#FF:> pared losses to stand little changed, pricing in two rate hikes this year. The 10-year U.S. Treasuries yield stepped back to 2.473 percent US10YT=RR from the day''s high of 2.518 percent. "We''ve been expecting the Fed''s next rate hike to come in June and there was nothing from the Fed indicating a hike in March," said HSBC''s Shirota. That dented the dollar, which had been recovering earlier on a raft of solid U.S. economic data, including The Institute for Supply Management''s (ISM) index of manufacturers surging to two-year highs and strong hiring data from ADP National Employment Report. The euro EUR= stood at $1.0764, having bounced back from Wednesday''s low of $1.0730, edging back towards $1.08125, Tuesday''s eight-week high touched after comments from a Trump adviser that Germany is benefiting from a "grossly undervalued" euro. The dollar traded at 113.28 yen JPY= , having slipped from Wednesday''s high of 113.95 yen. The British pound hit a 1 1/2-month high of $1.2680 GBP=D4 on Wednesday as solid UK economic data and greater political certainty over the Brexit process encouraged a trimming of big financial bets against the currency. The Bank of England, due to issue inflation report later in the day, is expected to stick to a neutral policy stance. Signs of strong UK growth have financial markets already pricing in a 40 percent chance of higher official interest rates this year. The dollar''s index against a basket of six major currencies .DXY =USD stood at 99.75, having slipped almost 4 percent from its 14-year high of 103.82 set on Jan 3. In commodities, crude oil futures eased after a rally the previous day on geopolitical concerns after Iran confirmed a ballistic missile test and bulls found support in reports on production cuts. U.S. crude futures CLc1 dropped 0.6 percent to 
'c96e91841e527da184108d249385b07fe285bc28'|'Samsung to launch web payments service for Android phones in South Korea'|'Money News - Thu Feb 2, 2017 - 7:51am IST Samsung to launch web payments service for Android phones in South Korea The logo of Samsung Electronic is seen at its headquarters in Seoul, South Korea, July 4, 2016. REUTERS/Kim Hong-Ji/Files SEOUL Tech giant Samsung Electronics Co Ltd said on Thursday it will launch a mobile web payments service for all smartphones powered by Google Inc''s Android mobile operating system in South Korea in the first quarter. The service, called Samsung Pay Mini, will allow Android smartphones to make online transactions in Samsung''s home country after downloading a dedicated app. The company did not comment on whether the service will be offered in other markets. The announcement comes as Samsung seeks to boost its services offerings in a search for new growth. In October-December, the South Korean firm fell behind archrival Apple Inc in the global smartphone market for the first time since the fourth quarter of 2015, hurt by the demise of the fire-prone Galaxy Note 7 smartphones. The new service augments Samsung''s existing Samsung Pay payments platform, which allows users to make offline credit or debit card transactions through a supported Samsung smartphone or smartwatch. The platform''s rivals include Google''s Android Pay and Apple''s Apple Pay. Samsung executives have previously said they were open to offering Samsung Pay services for non-Galaxy smartphones at some point and planned to eventually add online transactions to the mobile payments platform. The offline capability will remain limited to Samsung devices, the company said on Thursday. The company does not currently make money from Samsung Pay users'' transactions but hopes the convenience of the service will drive users to Samsung products. (Reporting by Se Young Lee; Editing by Richard Pullin) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/samsungpay-launch-southkorea-idINKBN15H05S'|'2017-02-02T09:21:00.000+02:00'
'0e12ee222574c43e77037a2cdaf5731a16b034fb'|'UPDATE 1-UK Stocks-Factors to watch on Feb 2'|'Company News - Thu Feb 2, 2017 - 2:45am EST UPDATE 1-UK Stocks-Factors to watch on Feb 2 (Adds futures, companies items) Feb 2 Britain''s FTSE 100 index is seen opening 10 to 15 points lower, or down as much as 0.2 percent on Thursday, according to financial bookmakers, with futures down 0.1 percent ahead of the cash market open. * The UK blue chip index ended up 0.1 percent, coming off earlier highs as commodity-related stocks retreated. The benchmark index dropped to its lowest level since late December on Tuesday before closing 0.3 percent weaker. * SHELL : Royal Dutch Shell, Europe''s largest oil major, missed analysts'' profit expectations for the fourth quarter after booking $500 million of impairments. * VODAFONE: Vodafone, the world''s second biggest mobile phone group, said it would meet the "lower end" of its earnings guidance for the full year as its battles intensifying competition in India and Britain. * LSE/DEUTSCHE BOERSE: German prosecutors said on Thursday their investigation of Deutsche Boerse Chief Executive Carsten Kengeter for suspected insider trading related to talks held between the group''s management and the London Stock Exchange between July/August and December 2015. * GLENCORE: Mining and trading group Glencore''s full-year output was in line with target, it said on Thursday, and reiterated its 2017 guidance. * ABERDEEN ASSET MANAGEMENT : Emerging markets fund firm Aberdeen Asset Management said total assets fell to 302.7 billion pounds ($383.22 billion) in the quarter to end-December, as demand from clients to withdraw cash more than offset market gains. * RECKITT BENCKISER: UK consumer goods maker Reckitt Benckiser Group Plc said it was in advanced talks to buy baby formula maker Mead Johnson Nutrition Co in a $16.7 billion deal that would take it in a new direction and boost its business in Asia. * SPORTS DIRECT: British sporting goods company Sports Direct International Plc is in talks to bid for Eastern Outfitters LLC, the parent of U.S. discount chain Bob''s Stores and outdoor retailer Eastern Mountain Sports, people familiar with the matter said. * DEUTSCHE BOERSE: Deutsche Boerse said on Wednesday that German prosecutors were investigating a share purchase by its chief executive in December 2015, which was just over two months before the exchange operator announced merger talks. * ECB/BANKS: The European Central Bank would give "considerable attention" to any merger or takeover between banks in different European countries, a top supervisor said on Thursday, highlighting issues with deals involving a party from outside the European Union. * 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 and Vidya L Nathan in Bengaluru; Editing by Sunil Nair) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-stocks-factors-idUSL4N1FN1PR'|'2017-02-02T14:45:00.000+02:00'
'9ed483b17f8f061668ff53e9aa84491354bba096'|'UPDATE 1-Shell profit misses forecast due to forex-related charge'|'Commodities - Thu Feb 2, 2017 - 2:49am EST Shell misses fourth-quarter estimates after $500 mln of impairments FILE PHOTO - A Shell logo is seen at a petrol station in Ankara, Turkey, March 6, 2012. REUTERS/Umit Bektas/File Photo LONDON Royal Dutch Shell ( RDSa.L ), Europe''s largest oil major, missed analysts'' profit expectations for the fourth quarter after booking $500 million of impairments. Shell''s cost of supplies excluding identified items, its preferred way of measuring profit, was $1.8 billion in the fourth quarter, against analyst expectations of $2.8 billion. "Earnings were impacted by charges of $0.5 billion related to deferred tax reassessments which were not included as identified items," the company said. (Reporting by Karolin Schaps and Ron Bousso; Editing by David Goodman) Next In Commodities'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-shell-results-idUSKBN15H0N5'|'2017-02-02T14:52:00.000+02:00'
'a7e6873004d45d0e1011b5d0f741e07841a276eb'|'Saudi Aramco likely to list on multiple exchanges at same time - minister'|'RIYADH Saudi Aramco is likely to list its shares simultaneously on more than one exchange but this is still under evaluation, Energy Minister Khalid al-Falih said on Thursday.Asked by reporters if Aramco would list first on the Saudi bourse and then on another exchange abroad, Falih said: "It will probably be done concurrently, but we have not announced. We are evaluating. All our options are open."The planned listing next year of up to 5 percent of Aramco, expected to be the world''s biggest initial public offer of shares, is a centrepiece of the Saudi government''s plan to diversify the economy beyond oil.(Reporting by Katie Paul; Writing by Rania El Gamal; Editing by Andrew Torchia)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/saudi-aramco-ipo-idINKBN15H1C1'|'2017-02-02T09:32:00.000+02:00'
'0972052a21b710f401f6298c19344659fd6b113a'|'UPDATE 1-Sweden''s MTG upbeat on 2017 after Q4 profit tops forecast'|' 48am EST UPDATE 1-Sweden''s MTG upbeat on 2017 after Q4 profit tops forecast (Adds CEO comments, detail) Feb 2 Swedish media group MTG said on Thursday it was aiming to grow profits and sales this year after posting a quarterly profit above market forecasts and proposing a raised dividend for 2016. * Q4 adjusted operating income 554 million SEK ($63.5 mln) vs 509 mln SEK seen in Reuters poll * Q4 sales of SEK 5.0 bln with 8 pct organic growth vs 4.9 bln SEK seen in Reuters poll * CEO Jorgen Madsen Lindemann says ambition for this year is to increase revenues and profits * CEO says keeps ambition for digital arm MTGx to be profitable in 2018 * CEO says aiming for MTGx to show lower losses this year * MTGx had negative operating margin of 21 pct in Q4 * CEO says hunt for new acquisitions going well * CEO says sees negative currency effects of around 100 million SEK in 2017 vs 250 mln last year * Board of directors to propose a dividend of SEK 12.00 per share vs 11.70 SEK seen in Reuters poll * With linear TV viewing in decline, MTG is transforming from a traditional broadcaster into a digital entertainment firm * Co said last month it had sold its stake in Czech FTV Prima Holding and was considering raising its ownership in online gaming firm InnoGames * MTG, controlled by Swedish investment firm Kinnevik , entered the multi-billion dollar online gaming market by taking a 35 percent stake in InnoGames in October last year   ($1 = 8.7240 Swedish crowns) (Reporting by Helena Soderpalm; editing by Niklas Pollard) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/mtg-ceo-idUSL5N1FN1F7'|'2017-02-02T14:48:00.000+02:00'
'4b57580983b4906643e6b0e2e5eb6beadf4cdd37'|'GLOBAL MARKETS-Asian shares edge up, dollar capped after Fed'|'Business  54pm EST Asian shares edge up, dollar capped after Fed left right 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 /File Photo 1/3 left right U.S. Federal Reserve Board chair Janet Yellen testifies before a Congressional Joint Economic hearing on Capitol Hill in Washington, DC, U.S. November 17, 2016. REUTERS/Gary Cameron 2/3 left right A worker walks in front of a stock market poster at Sudirman Business District compound in Jakarta, Indonesia, January 9, 2017. REUTERS/Beawiharta 3/3 By Hideyuki Sano - TOKYO TOKYO Asian shares ticked up while the dollar was capped on Thursday after the U.S. Federal Reserve stuck to its mildly upbeat economic view but gave no hint of any immediate rate hike. While strong economic data from the United States and elsewhere underpinned risk assets, uncertainty and concerns over U.S. President Donald Trump''s policies are leaving markets on edge. "With many of his cabinet members still not approved, including (incoming Treasury Secretary Steven) Mnuchin, Trump''s occasional remarks and tweets are the only guidance markets can get from the new U.S. administration at the moment," said Shuji Shirota, head of macro strategy group in Tokyo at HSBC. "For the time being, markets will continue to be driven by what Trump will say. It''s Trump-on, Trump-off, rather than risk-on, risk-off," he added. MSCI''s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS gained 0.2 percent while Japan''s Nikkei .N225 also ticked up 0.05 percent. On Wall Street, the S&P 500 .SPX stabilized after a four-day losing streak, although it would have been in negative territory without a 6.1 percent rise in Apple ( AAPL.O ) following strong earnings. U.S. shares have been hit by worries that Trump''s tough stance on refugees and immigration could stem inflows of talent to the U.S. labor market and raise geopolitical tensions. On Wednesday the Federal Reserve held interest rates steady in its first meeting since Trump took office. While painting a relatively upbeat picture of the U.S. economy, its statement gave no firm signal on the timing of its next rate move as Fed policymakers are still awaiting clarity on the possible impact of Trump''s economic policies. Nor was there any hint on whether it plans to trim its $4.5 trillion balance sheet, an increasingly hot topic among the Fed''s policy circle. Following the Fed, U.S. interest rate futures <0#FF:> pared losses to stand little changed, pricing in two rate hikes this year. The 10-year U.S. Treasuries yield stepped back to 2.473 percent US10YT=RR from the day''s high of 2.518 percent. "We''ve been expecting the Fed''s next rate hike to come in June and there was nothing from the Fed indicating a hike in March," said HSBC''s Shirota. That dented the dollar, which had been recovering earlier on a raft of solid U.S. economic data, including The Institute for Supply Management''s (ISM) index of manufacturers surging to two-year highs and strong hiring data from ADP National Employment Report. The euro EUR= stood at $1.0764, having bounced back from Wednesday''s low of $1.0730, edging back towards $1.08125, Tuesday''s eight-week high touched after comments from a Trump adviser that Germany is benefiting from a "grossly undervalued" euro. The dollar traded at 113.28 yen JPY= , having slipped from Wednesday''s high of 113.95 yen. The British pound hit a 1 1/2-month high of $1.2680 GBP=D4 on Wednesday as solid UK economic data and greater political certainty over the Brexit process encouraged a trimming of big financial bets against the currency. The Bank of England, due to issue inflation report later in the day, is expected to stick to a neutral policy stance. Signs of strong UK growth have financial markets already pricing in a 40 percent chance of higher official interest rates this year. The dollar''
'9b264043b11de1ec54e2dca088ea3c29189185cd'|'Prosecutors confirm investigating Deutsche Boerse CEO for insider trading'|'Business News - Thu Feb 2, 2017 - 2:40am EST Prosecutors confirm investigating Deutsche Boerse CEO for insider trading Carsten Kengeter, CEO of Deutsche Boerse talks to the media during the presentation of FinTec start-up facilities provided by Deutsche Boerse in Frankfurt, Germany, February 24, 2016. EUTERS/Kai Pfaffenbach FRANKFURT German prosecutors said on Thursday their investigation of Deutsche Boerse ( DB1Gn.DE ) Chief Executive Carsten Kengeter for suspected insider trading related to talks held between the group''s management and the London Stock Exchange ( LSE.L ) between July/August and December 2015. Prosecutors searched offices at Deutsche Boerse''s headquarters in Eschborn near Frankfurt on Wednesday in connection with a 4.5 million euro ($4.85 million) purchase of Deutsche Boerse shares by Kengeter in December 2015, just over two months before Boerse and LSE announced merger talks. The Frankfurt prosecutor''s office said in a statement that the search was meant to help clear up the course of talks up to Feb. 23, 2016, when the two companies confirmed they were in negotiations for a merger. ($1 = 0.9274 euros) (Reporting by Maria Sheahan; Editing by Christoph Steitz) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-deutsche-boerse-investigation-prosecu-idUSKBN15H0MF'|'2017-02-02T14:40:00.000+02:00'
'67e94ec19867ceee6bfa38da8447547228adfc02'|'Facebook vulnerable to expected changes in key visa program'|'By Stephen Nellis and Mica Rosenberg - SAN FRANCISCO/ WASHINGTON SAN FRANCISCO/ WASHINGTON Among Silicon Valley<65>s top tech employers, Facebook Inc could be the most vulnerable to U.S. President Donald Trump<6D>s expected crackdown on guest-worker visas, according to a Reuters analysis of U.S. Labor Department filings.More than 15 percent of Facebook''s U.S. employees in 2016 used a temporary work visa, giving the social media leader a legal classification as a H-1B <20>dependent<6E> company. That is a higher proportion than Alphabet Inc''s Google, Apple Inc, Amazon.com Inc or Microsoft Corp.That could cause problems for Facebook if Trump or Congress decide to make the H-1B program more restrictive, as the president and some Republican lawmakers have threatened to do.Both Trump and Attorney General nominee Senator Jeff Sessions have opposed the program in its current form. They have also indicated that they are open to reforming it to <20>ensure the beneficiaries of the program are the best and the brightest,<2C> according to a draft executive order seen by Reuters. Reuters could not immediately confirm the authenticity of the draft.The Trump administration has not proposed any new rules that would target companies with the H-1B "dependent" classification. But the fact that Facebook alone among major tech companies falls into that category suggests it is the most exposed in the industry to any changes in H-1B visa policy.Facebook declined to comment on the matter.Trump administration officials could not immediately be reached for comment. White House Press Secretary Sean Spicer said on Monday that Trump would target H-1B visas as part of a larger immigration reform effort through executive orders and Congressional action, but gave no details.H-1B visas are intended for foreign nationals in "specialty" occupations that generally require higher education, which according to U.S. Citizenship and Immigration Services (USCIS) includes, but is not limited to, scientists, engineers or computer programmers. The government awards 85,000 every year, chiefly through a lottery system.Companies say they use them to recruit top talent. But a majority of the visas are awarded to outsourcing firms, sparking criticism by skeptics that those firms use the visas to fill lower-level information technology jobs. Critics also say the lottery system benefits outsourcing firms that flood the system with mass applications.H-1B dependent status is mostly held by these outsourcing firms such as India''s Tata Consultancy Services or Infosys. The status was introduced in the late 1990s in an effort to ensure that companies did not use the visas to replace American workers with cheaper foreign labor. The status requires companies to prove they cannot find U.S. workers for the jobs.Facebook listed itself as a dependent company in its applications for H-1B visas with the Labor Department last year.Before he took office as president, Trump discussed changes to the H-1B visa program with top technology executives, including Facebook Chief Operating Officer Sheryl Sandberg.Those changes included possibly ending the lottery and replacing it with a system that would award the visas to the highest-paying jobs first, a move designed to reduce their issuance to outsourcing firms.Such a move could soften the blow from any H-1B changes for Facebook and other major technology companies. The average salary offered for Facebook H-1B jobs was $145,550, according to its application filings last year. Tata, a traditional outsourcing firm, offered $67,950 on average, barely above the $60,000 floor set by law for the H-1B program.The draft executive order did not mention specifics about the lottery. It did require the U.S. secretary of labor to provide the president with a report on <20>the actual or potential injury to U.S. workers caused, directly or indirectly, by work performed by nonimmigrant workers in the H-1B<31> visa program.<2E>We are hoping that the final draft will have more de
'fb8e08c2022f00adb5cd3a68d5f51d2ca809465a'|'Fitch Downgrades AccessBank''s VR to ''f''; Affirms IDR at ''BB+''; Outlook Negative'|'Financials  45am EST Fitch Downgrades AccessBank''s VR to ''f''; Affirms IDR at ''BB+''; Outlook Negative (The following statement was released by the rating agency) MOSCOW, February 01 (Fitch) Fitch Ratings has downgraded Azerbaijan-based AccessBank''s Viability Rating (VR) to ''f'' from ''b+''. At the same time the agency has affirmed the bank''s Long-Term Issuer Default Rating (IDR) at ''BB+''. The Outlook on the Long-Term IDR is Negative. A full list of rating actions is at the end of this commentary. KEY RATING DRIVERS VR The downgrade of AccessBank''s VR to ''f'' reflects Fitch''s view that the bank has failed, as reflected by a material capital shortfall. The agency believes the bank has become dependent on regulatory forbearance as it is in significant non-compliance with regulatory capital adequacy rules and requires extraordinary external capital support to restore its solvency. Based on the bank''s end-2016 regulatory accounts, Tier 1 and total capital ratios had fallen to just 1.7% and 3.4%, respectively, down from 10% and 16% at end-1H16. AccessBank made a loss in 2016 equal to 93% of its end-2015 Tier 1 regulatory capital, mostly due to substantial AZN145m impairment charges (equal to 18% of average loans; of this, AZN70m was posted in 2H16). Fitch estimates AccessBank''s Fitch Core Capital (FCC) at 5.4% of Basel risk-weighted assets (RWAs) at end-2016 (down a from comfortable 16% at end-1H16); this ratio is moderately higher than regulatory metrics mainly due to lower weightings of secured performing loans in Basel RWAs (50% versus 100% in regulatory rules). AccessBank''s non-performing loans (NPLs; loans 90 days overdue) were a high 27% of gross loans at end-2016 (up from 22% at end-1H16 and 5% at end-2015). Reserve coverage of NPLs in preliminary IFRS accounts was above 80%, but additional downside asset quality risks stem from a large amount of recently restructured foreign-currency loans (around 50% of the total portfolio); these are of uncertain credit quality, particularly in light of the further devaluation of the local currency by 18% between September 2016 and January 2017. According to management, in December 2016 AccessBank''s shareholders have decided to inject USD20m (AZN35m equivalent) of equity on a pro rata basis, which management expects to be completed in 1Q17. International Finance Corporation (IFC) plans to participate via conversion of a part of its USD25m subordinated debt, while three other international financial institution (IFI) shareholders intend to convert their senior debt. According to management, the shareholders are considering contributing an additional equity injection as a second stage of recapitalisation, although the decision on its amount and timing has not yet been taken. The conversion of shareholder senior debt into equity does not result in AccessBank''s IDRs being downgraded to default level as Fitch''s bank IDRs relate to the risk of non-performance on third-party, rather than related-party, obligations. Fitch expects that the planned USD20m injection will be sufficient to make the bank compliant with prudential requirements: adjusting for this and 8% depreciation of the manat in January 2017, the end-2016 regulatory tier 1 and FCC ratios would rise to 6% (above the regulatory minimum of 5%) and 11%, respectively. However, sizable unreserved NPLs of AZN58m (equal to 0.9x post-injection FCC) and the above-mentioned restructured loans of AZN312m (about 5x) will remain a drag on AccessBank''s capital position and may require additional provisioning in 2017. The bank''s core pre-impairment profit of AZN34m in 2016 regulatory accounts was equal to 4% of average gross loans, but adjusting for AZN46m of accrued interest not received in cash pre-impairment profit would have been negative. AccessBank''s funding profile has been stable. At end-2016, the bank''s wholesale funding maturing within 12 months was equal to around 25% of total liabi
'4ce4949404b1fea5c0a658bb5ee989a17ffe5919'|'Sri Lankan rupee up on exporter dollar sales, remittances'|'Financials  51am EST Sri Lankan rupee up on exporter dollar sales, remittances COLOMBO Feb 1 The Sri Lankan rupee ended slightly firmer on Wednesday due to dollar inflows from remittances and greenback sales by exporters after the dollar weakened overnight against major currencies globally, dealers said. The dollar could recover only a little ground on Wednesday against key currencies, after recording its worst start to the year in three decades on concerns the United States was poised to ditch a two-decade old "strong dollar" policy. Dealers said foreign outflows from government securities and importer demand for the greenback continued to pressure the rupee. The Sri Lankan central bank revised the spot rupee reference rate to a record-low of 150.50 from 150.25 on Tuesday. "The rupee ended firmer today due to some inward remittances following the salary season and some exporter conversions due to strengthening of euro and other currencies (against dollar)," a currency dealer said, requesting anonymity. Rupee forwards were active, with two-week forwards trading steady at 151.00/10 per dollar, dealers said. The rupee will also face depreciation pressure due to seasonal importer dollar demand, they said. The rupee has been under pressure due to rising imports and net selling of government securities by foreign investors, while the central bank has said defending the currency was not sensible. Foreign investors net sold 21.1 billion rupees ($140.6 million) worth of government securities in the three weeks to Jan. 25, according to latest central bank data. (Reporting by Ranga Sirilal; Editing by Amrutha Gayathri) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/sri-lanka-forex-idUSL4N1FM2G7'|'2017-02-01T18:51:00.000+02:00'
'7787e0fe857a725ef19aa6f496c89e8c1aac70a0'|'China January factory activity expands for sixth month at modest pace but risks loom'|'Business News - Wed Feb 1, 2017 - 5:12am GMT China January factory activity expands for sixth month at modest pace but risks loom A worker sprinkles water onto a road at a construction site in Beijing, China, December 31, 2016. REUTERS/Thomas Peter By Norihiko Shirouzu and Elias Glenn - BEIJING BEIJING China''s manufacturing sector expanded for the sixth month in a row in January as the world''s second-largest economy continued to benefit from record bank lending and a construction boom. The improvement in the industrial sector could give the government more room to tackle high debt levels in many parts of the economy this year, though analysts are not sure if current growth levels can be sustained amid growing risks at home and abroad. U.S. President Donald Trump and a top economics adviser on Tuesday unleashed a barrage of criticism against China, Germany and Japan, saying the three key U.S. trading partners were engaged in devaluing their currencies to the harm of American companies and consumers. On the election campaign trail, Trump had threatened to slap heavy tariffs on U.S. imports of Chinese goods. A slowing property market could also dent China''s industrial activity this year, dampening demand for building materials from glass to steel. The official Purchasing Managers'' Index (PMI) released on Wednesday stood at 51.3 in January, dipping marginally from 51.4 in December but slightly better than economists had expected. The reading remained well above the 50 level which separates expansion from contraction on a monthly basis, indicating that China''s factories had carried solid momentum through from a rebound in the second half of 2016, which helped fuel a global manufacturing revival. "Today''s PMI readings suggest that China''s economy continued to perform well last month," Julian Evans-Pritchard, Singapore-based China economist for Capital Economics, said in a research note. "China''s recent recovery appears to remain largely intact for now." Still, "the more important question is whether or not the current strength will be sustained. We doubt that it will be given how reliant the recent recovery has been on support from monetary and fiscal policy that is now being withdrawn," Evans-Pritchard said. A breakdown of key PMI indexes showed production and new order growth remained solid last month, though the pace of expansion eased for both from December. Production remained fairly robust, with the output index at 53.1 compared with 53.3 in December. However, export orders grew at only a marginally better pace, with the index edging up to 50.3. Even as Trump ramps up his criticism of China, it has lagged an export recovery which is being seen by some of its North Asian neighbors. South Korea on Wednesday reported its shipments rose in January for a third consecutive month and at the fastest pace in nearly five years. Persistent export weakness has forced Beijing to rely on higher infrastructure spending to boost growth, which along with a housing frenzy has boosted demand for building materials. Rising commodity prices and stronger demand have in turn boosted profits for industrial firms, and helped revive inflation expectations worldwide. However, some analysts question whether the growth rate can be maintained once the impact of earlier stimulus measures begins to wear off and as the property market starts to cool, which is widely expected. Indeed, economists at ANZ noted that growth in construction services seems be faltering, though at 61.1 the index remained above last year''s average of around 60. The factory PMI figures were seasonally adjusted, but economists and investors are generally cautious about China data early in the year due to the timing of the long Lunar New Year holidays, when many factories and offices shut. If the economy remains on solid footing, China''s leaders are expected to turn their attention to containing financial risks this year, accepting slightly l
'8b893834d7780b210b720721220570773aa73693'|'Electrolux reports Q4 profit in line with forecasts'|'  2:09am EST Electrolux reports Q4 profit in line with forecasts STOCKHOLM Feb 1 Home appliance maker Electrolux reported a fourth-quarter profit within market expectations on Wednesday and said it continued to expect market demand in North America to grow between 2-3 percent this year. The Swedish rival of U.S. Whirlpool Corp said operating earnings rose to 1.62 billion Swedish crowns ($184.98 million)from a year-ago 202 million loss - roughly in line with a mean forecast of 1.67 billion in a Reuters poll of analysts. ($1 = 8.7579 Swedish crowns) (Reporting by Alistair Scrutton)   HIGHLIGHTS-India unveils budget for recovery and the poor after cash crunch NEW DELHI, Feb 1 India is a "bright spot" in the world economy, Finance Minister Arun Jaitley said as he unveiled his annual budget on Wednesday, adding that the impact on growth from the government''s cash crackdown would wear off soon. Delivering his fourth budget address to parliament, Jaitley vowed to spend more on rural areas, infrastructure and poverty alleviation in what he called a budget for the poor. Here are the highlights of Jaitley''s budget for the 2017 LONDON, Jan 31 More UK companies are expected to adjust capital or cut dividends to fill growing holes in final salary pension schemes this year. 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/electrolux-results-idUSL4N1FL1RC'|'2017-02-01T14:09:00.000+02:00'
'a7752a05a2aedb825f3f354e64e1565e9a539b5d'|'BRIEF-India econ affairs secy: govt has no proposal to approve all FDI via automatic route for now-TV'|'Financials  29am EST BRIEF-India econ affairs secy: govt has no proposal to approve all FDI via automatic route for now-TV Feb 1 India''s finance minister Arun Jaitley unvieled a budget for recovery in parliament on Wednesday. India''s economic secretary Shaktikanta Das was talking to television channel ET Now after the budget. For more details and other highlights from Jaitley''s budget for the 2017/18 fiscal year that begins on April 1, see (Reporting By Rajesh Kumar Singh) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSD8N1AX01E'|'2017-02-01T15:29:00.000+02:00'
'719a45becd9420803009a4ef2c7dc7e7fb5a00fb'|'Journey to running top hotels started with rigorous first jobs'|'Money - Thu Feb 2, 2017 - 9:28am EST Journey to running top hotels started with rigorous first jobs Marriott Chief Executive Arne Sorenson speaks during an interview with Reuters in a hotel in Berlin, March 3, 2015. REUTERS/Fabrizio Bensch By Chris Taylor - NEW YORK NEW YORK No matter your politics, it''s the middle of winter and most Americans would be happy to take a vacation right about now. Want a nice room on a beach somewhere? Many of the hotels around the globe, by the way, are part of large chains overseen by just a handful of people. For the latest in Reuters'' "First Jobs" series, we talked to a few of those high-powered hoteliers about the gigs that got them started in life. Arne Sorenson President & CEO, Marriott International First job: Motel night cleaner I was assistant foreman of the night cleaning crew at the Ambassador Motor Lodge in Wayzata, Minnesota. It was not a fancy job, so it didn''t take extraordinary connections to get it. The shift was from around 10 p.m. to 6 a.m., and we were responsible for cleaning all the public areas - vacuuming the carpets, mopping the bathrooms. The night shift is an interesting collection of folks, working for all sorts of different reasons. Everyone came from their own unique circumstances, but we all had to learn how to work together. One of the life lessons from it was that there is pride and dignity in every single job - even the ones you literally don''t see, because they take place in the middle of the night. I even volunteered to clean the bathrooms myself. That was because no one else wanted to do it, I could get it done relatively quickly - and it let me get some reading done. Allen Smith President & CEO, Four Seasons Hotels and Resorts First job: Brickmason''s helper The summer I turned 16, I got a job at a construction site in Lexington, South Carolina earning $1.85 an hour. I was the youngest person on the jobsite, and I was tested very early by the more experienced workers on the crew. They wanted to see if I was really up for backbreaking work in the intense South Carolina heat. I guess I passed the test, mixing mortar and hauling bricks up scaffolding to where the masons were working. Over the course of the summer I graduated to become a ''concrete finisher.'' In the context of manual labor, that was a big move up. That job is something I reflect on quite a bit, and made me appreciate that kind of hard work. Herve Humler President & COO, The Ritz-Carlton Hotel Company First job: Busboy My first job while at school and growing up as a teenager was working in a restaurant and bar in the South of France. My position was the all-around boy <20> mostly the busboy, clearing the food station, making sure the glasses and silverware were polished, and vacuuming the restaurant after every shift. I was eligible for a very small portion of the tip pool, and a small base salary. What did I do with that money growing up in the South of France? At that time there was no restriction for teenagers to drink alcohol, so I spent some of this money on a beer after work, and the rest on gas for my moped. My first ''real'' job came after my military service in Abidjan in the Ivory Coast, where I remained and worked at the Hotel Ivoire, which was part of InterContinental. As the night auditor, I had no supervisor - and I liked roaming the hotel by myself at night. Sheila Johnson Founder & CEO, Salamander Hotels & Resorts First job: Music teacher I had been a violinist since I was 9 years old, playing in the Chicago Youth Symphony and winning state competitions. So my first job out of college was as orchestra director for five district schools in New Jersey. I lived in Princeton, New Jersey, and traveled up and down Route 1. After that I went to teach at Sidwell Friends school in Washington, D.C., making $7,200 a year. That was too little to live on, so I had to supplement that by getting a job as an actress. What I learned is that everyone has to be resourceful in life. W
'ba6dae05fce87d44a90addcb3820ea5821d548c6'|'De Beers to hold diamond exploration spend steady in 2017'|'  6:12pm IST De Beers to hold diamond exploration spend steady in 2017 Diamonds are displayed during a visit to the De Beers Global Sightholder Sales (GSS) in Gaborone, Botswana, November 24, 2015. REUTERS/Siphiwe Sibeko/File Photo CAPE TOWN Anglo American''s diamond unit De Beers will keep its diamond exploration budget steady at $35 million in 2017, the company said, although it has turned to new technology to try to improve the rate of discoveries. Many mining companies cut exploration spending because of a slump in commodity prices in 2015, as well as a widening gap between expenditure and the value of resources found as the best quality ores are depleted. "Our exploration spend this year is likely to be in line with last year''s, around $35 million," De Beers said in an email. De Beers, however, is employing a high-tech detection method that measures the tiny magnetic field shifts that indicate the presence of a kimberlite pipe, where diamonds are found, well below the surface of the earth. The industry as a whole invested around $7 billion on exploration between 2000 and 2013, De Beers figures show. The results of this spending have been meagre. De Beers says only one diamond deposit of significant size has been discovered <20> Bunder in India, which Rio Tinto found in 2004. Last year De Beers also brought on a new mine in Canada, saying it was the world''s largest new diamond mine but would not result in a supply surge because it was only helping to replace diamonds that have been sold. Some analysts talk about peak diamonds and De Beers has a policy of balancing production and demand to maintain its position as the biggest producer by value. Russia''s Alrosa is the biggest diamond producer by volume. Anglo American has placed diamonds, along with copper and platinum, at the core of a business it wants to focus on increased margins rather than bulk. Diamond sales recovered in 2016 as the entire industry bounced back from a slump in 2015. Sales of smaller grades, however, were hit late last year by India''s decision to phase out higher denomination bank notes, constraining consumer spending in a largely cash economy. (Reporting by Barbara Lewis, editing by David Evans) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/africa-mining-debeers-idINKBN15L1CX'|'2017-02-06T19:42:00.000+02:00'
'5a5f78010637bcce222e70b2c427f748bd6066e8'|'Ita<74> sees Car Wash probe-related provisions at ''adequate'' levels'|'Company News  51am EST Ita<74> sees Car Wash probe-related provisions at ''adequate'' levels SAO PAULO Feb 7 Loan-loss provisions at Ita<74> Unibanco Holding SA related to corporate borrowers ensnared in Brazil''s worst corruption scandal are at adequate levels, Chief Executive Officer Roberto Egydio Setubal said on Tuesday. Speaking at an event to discuss Ita<74>''s fourth-quarter results, Setubal said a continuing decline in loan defaults will ensure the bank ends this year with lower provisions than in 2016. (Reporting by Alu<6C>sio Alves; Writing by Guillermo Parra-Bernal) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/itau-unibco-hldg-results-outlook-provisi-idUSS0N153031'|'2017-02-07T21:51:00.000+02:00'
'2bdda6802039b07f39e54e07f444879c46ffc6c7'|'ECB''s Villeroy says Trump''s administration should refrain from FX comments'|'  7:45am GMT ECB''s Villeroy says Trump''s administration should refrain from FX comments 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 PARIS Bank of France Governor Francois Villeroy de Galhau said in a newspaper interview on Tuesday that policymakers should refrain from making unilateral comments on exchange rates, in a reply to criticism of a low euro from the administration of U.S. President Donald Trump. Villeroy, a member of the European Central Bank''s Governing Council, added that an international code of conduct for the Group of Seven (G7) advised against competitive devaluations and making unilateral declarations on currencies'' exchange rates. "Before criticising Europe, any wise person should first of all respect international rules," he said in an interview with the Italian daily Il Sole 24 Ore, published on Tuesday. In an attack on Germany, Trump''s top trade adviser, Peter Navarro, said the euro was "grossly undervalued". (Reporting by Michel Rose; Editing by Kevin Liffey)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ecb-policy-villeroy-euro-idUKKBN15M0LF'|'2017-02-07T14:45:00.000+02:00'
'a927a27f03cc5a66e33af71d31c6af953415dd91'|'BRIEF-Auplata signs deal with canadian Reunion Gold on Dorlin mining license'|'Company  38am EST BRIEF-Auplata signs deal with canadian Reunion Gold on Dorlin mining license Feb 7 Auplata SA : * Signs strategic agreement on Dorlin mining license with Canadian exploration company Reunion Gold * Agreement between Auplata and Reunion Gold grants the latter a 5-year call option allowing it to acquire 75 percent of the Dorlin mining title, with Auplata retaining the remaining 25 percent Source text: bit.ly/2jX6Ol3 Further companies coverage: (Gdynia Newsroom) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1FS066'|'2017-02-07T14:38:00.000+02:00'
'4828ff45c5dbc016fb94acdb27c80e000582f071'|'UPDATE 1-U.S. Customs give airlines green light to board all visa-holders after Seattle ruling'|'(Adds background, comments)Feb 3 U.S. Customs & Border Protection (CBP) has informed U.S. airlines that they can once again board travelers who had been barred by an executive order last week, after it was blocked nationwide on Friday by a federal judge in Seattle, an airline official told Reuters.In a conference call at around 9 p.m. EST (0200 GMT), the U.S. agency told airlines to operate just as they had before the order, which temporarily had stopped refugees and nationals from seven Muslim-majority countries from entering the United States. Individuals from those states who have proper visas can now board U.S.-bound flights, and airlines are working to update their websites to reflect the change, said the official, who was not authorized to speak publicly.The judge''s temporary restraining order represents a major challenge to U.S. President Donald Trump''s action, although his administration could still appeal the ruling and have the policy upheld.Judge James Robart, a George W. Bush appointee, made his ruling effective immediately on Friday, suggesting that travel restrictions could be lifted straight away. He is expected to issue a full written ruling over the weekend.CBP and Washington-based trade group Airlines for America did not immediately comment. (Reporting by Jeffrey Dastin in San Francisco; Editing by Sandra Maler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-trump-immigration-airlines-idINL1N1FP036'|'2017-02-04T00:00:00.000+02:00'
'a4d50fddff0a95c22276f632a74b7c3665d7b08f'|'Chinese industry wants "win-win" end to U.S. anti-dumping duties on washing machines'|'Money News - Sat Feb 4, 2017 - 8:50pm IST Chinese industry wants "win-win" end to U.S. anti-dumping duties on washing machines Employees assemble washing machines on the production line inside a factory of Hefei Rongshida Sanyo Electric in Hefei, Anhui province August 13, 2013. REUTERS/Stringer/Files BEIJING Chinese industry called on Saturday for talks with the United States to seek an end to anti-dumping duties imposed on its exports of large washing machines, state news agency Xinhua reported. The U.S. International Trade Commission last month made a final finding of harm to a U.S. manufacturer after a Commerce Department probe found some large residential washers were being imported from China at below fair value. "The move hurts not only Chinese manufacturers, but also the interests of U.S. consumers," the China Chamber of Commerce for Import and Export of Machinery and Electronic Products (CCCME) said, according to Xinhua. "The chamber is concerned about the U.S. use of trade remedy measures to protect its own market, and hopes to solve the issue through negotiations to gain win-win results." The investigation followed a petition by Whirlpool Corp over imports of washers manufactured in China by two South Korean companies, Samsung Electronics Co Ltdand LG Electronics Inc. The ITC decision imposed of final duties of up to 52.5 percent. In 2015, U.S. imports of such washers from China were valued at an estimated $1.1 billion. (Reporting by Ryan Woo; Editing by Robin Pomeroy) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/usa-china-washers-idINKBN15J0LH'|'2017-02-04T22:20:00.000+02:00'
'a21b7b82ff86936d9e30ad00cacd61374c25d42b'|'Hannover Re hikes 2017 profit guidance after January renewals'|'Financials - Thu Feb 2, 2017 - 1:46am EST Hannover Re hikes 2017 profit guidance after January renewals FRANKFURT Feb 2 Germany''s Hannover Re raised its 2017 net profit guidance to more than 1 billion euros ($1.1 billion) from more than 950 million euros after what it said was a strong round of treaty renewals at the start of the year. The world''s third largest reinsurer also said on Thursday it now expected gross premiums to rise by a low single-digit percentage this year. The company said it was pleased with the outcome of talks to renew reinsurance contracts with its insurance company clients in January, saying its premium volume had grown about 7 percent, including its structured reinsurance business, despite continued price pressure. ($1 = 0.9266 euros) (Reporting by Maria Sheahan; Editing by Amrutha Gayathri) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/hannover-rueck-outlook-idUSASM00097W'|'2017-02-02T13:46:00.000+02:00'
'e3ec8ea84b8a891c8351a2e15d0b73fa191ba769'|'Vietnam targets 2017 credit growth at 18 percent - central bank'|' 37am EST Vietnam targets 2017 credit growth at 18 percent - central bank HANOI Feb 2 Vietnam is targeting credit growth in 2017 to expand at the same rate as last year of 18 percent, the State Bank of Vietnam, the country''s central bank said in a statement on Thursday. Money supply this year is targeted to grow 16 percent to 18 percent from the end of 2016, the statement said. (Reporting by Mai Nguyen; Editing by Jacqueline Wong) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/vietnam-banks-idUSL4N1FN1GO'|'2017-02-02T13:37:00.000+02:00'
'21ab4bae462ffb0f169ca0d97ec7805cfd8829be'|'FTSE 100 nudges higher as financials rally'|' 23am GMT FTSE 100 nudges higher as financials rally 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 UK shares advanced on Friday as financials rose, with earnings in focus among smaller firms as Beazley BEZG.L jumped after a strong set of results. The blue chip FTSE 100 .FTSE index was up 0.4 percent at 7,171.20 points by 1051 GMT. Banking stocks Barclays ( BARC.L ) and Royal Bank of Scotland ( RBS.L ) were among the top gainers, up 2.5 percent and 1.8 percent respectively with analysts citing renewed positivity around the sector following last year''s broader "reflation trade" which picked up pace after the election of U.S. president Donald Trump. "Generally investor sentiment around the banks, especially with Donald Trump coming in, is starting to improve," Jonathan Roy, advisory investment manager at Charles Hanover Investments, said, adding that the fact that the UK banking sector had eased over the course of the week had brought it down to more attractive levels. A broker upgrade helped ITV ( ITV.L ) rise 1.6 percent, as Investec upped its rating on the stock to "buy" from "hold". "While we remain concerned over long-term TV prospects, near-term sentiment is unusually gloomy post a tougher FY16 and Brexit/domestic fears," Investec analyst Steve Liechti said in a note. "These negatives look increasingly priced in, in our view, with recent better/less bad trade press comment on TV advertising." Among smaller British companies, earnings fuelled mid cap Beazley BEZG.L which jumped 8.6 percent to hit a record high after the Lloyd''s of London insurer''s profit beat expectations. "Beazley has set the bar high for its peers amongst the quoted Lloyd<79>s insurers with a terrific set of results for 2016," Eamonn Flanagan, analyst at Shore Capital Markets, said in a note. Fellow blue chip insurers Prudential ( PRU.L ) and Admiral Group ( ADML.L ) also rose. The FTSE 100 index, however, was on track to post its third week of losses in a row. Mining companies .FTNMX1770 were the biggest fallers, however, with the index down 2.6 percent and set to post its biggest weekly loss since mid-December. Shares in Glencore ( GLEN.L ), Rio Tinto ( RIO.L ), Antofagasta ( ANTO.L ), BHP Billiton ( BLT.L ) and Anglo American ( AAL.L ) all fell between 2.7 percent to 3.4 percent as metals prices retreated, with copper on the backfoot after China raising interest rates spooked metals markets. (Reporting by Kit Rees)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-stocks-idUKKBN15I1DM'|'2017-02-03T18:23:00.000+02:00'
'df670e827c738e890be2ba778c513ca2edfac6f7'|'BRIEF-Atwood Oceanics reports quarterly EPS $0.15'|' 23pm EST BRIEF-Atwood Oceanics reports quarterly EPS $0.15 Feb 3 Atwood Oceanics Inc - * Quarterly revenue $157.6 million versus $307.8 million * Quarterly earnings per share $0.15 * During quarter ended December 31, 2016, company did not recognize any impairment * Q1 earnings per share view $0.18, revenue view $156.9 million -- Thomson Reuters I/B/E/S Source text: [ bit.ly/2l5a4HG ]  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1FO12N'|'2017-02-04T04:23:00.000+02:00'
'09d8bd62eb4fd8b9e2f40762802347858e11cc8f'|'Flood of light crude to Asia may push prices of regional grades lower'|'  8:37am GMT Flood of light crude to Asia may push prices of regional grades lower FILE PHOTO - A ship passes a petro-industrial complex in Kawasaki near Tokyo December 18, 2014. REUTERS/Thomas Peter/File Photo By Florence Tan and Mark Tay - SINGAPORE SINGAPORE A flood of light crude oil set to arrive in Asia will likely push prices for regional grades lower, crimping revenues and potentially creating a supply surplus since local refiners are ill-equipped to process all of the flow. Price differentials for Malaysian crude grades, particularly the light Kimanis grade, should decline as a surge in cargoes from the United States and Europe is due in Asia in March and April, said multiple traders who participate in the Asian regional crude market. Light crudes are grades with a lower density and typically produce more gasoline and diesel fuel when refined. BP ( BP.L ) and Trafigura [TRAFG.UL] are marketing at least 3 million barrels of U.S. Eagle Ford crude in Asia, three traders said. From Europe, some 4 million barrels of unsold North Sea Forties crude are likely to arrive in Asia in March or April, three trading sources with knowledge of the matter said. Glencore ( GLEN.L ) and Azerbaijan''s Socar each have 1 million barrels on hand, while Trafigura was offering another 2 million barrels, they said. A record 10 million barrels of North Sea crude loaded in January for Asia, close to a third of the region''s total exports, Eikon data showed. A narrowing in the price difference between Middle East benchmark Dubai and European benchmark Brent and U.S. West Texas Intermediate oil has opened the arbitrage for the light oil to come to Asia. Brent''s premium to Dubai swaps DUB-EFS-1M averaged $1.64 per barrel in January, the lowest since September 2015, data on Thomson Reuters Eikon showed. "The overall Atlantic Basin arbs into Asia in Q1 are at the high (end) of historical ranges," said a Singapore-based senior trader with an international oil company who declined to be named due to company policy. The premium for Malaysia''s Kimanis for April-loading may fall to below $3.50 a barrel to benchmark dated Brent prices from as much as $4 for March-loading supplies, said three traders who participate in the market. "The arbitrage volumes will kill off Malaysian crude oil values," one of the traders, based in Singapore, said on condition of anonymity. The light oil from the U.S. and Europe is arriving at the same time that Saudi Arabia has boosted light shipments to Asia to offset cuts in heavy crude to meet its commitments to the Organization of the Petroleum Exporting Countries supply cuts. Additionally, Abu Dhabi, part of the United Arab Emirates, has raised exports of its Murban light grade after a refinery outage. Other light grades from the Mediterranean are set to come East as well. At least half of the Azeri Light for February loading should sail to India, China, Vietnam and Taiwan. Also, about 1.5 million barrels of Algerian Saharan Blend loaded in January for Asian delivery, the most since September, Eikon data showed. Trading house Lord Energy is offering a million barrels of the grade for April delivery, two traders said. Still, Asian refiners are limited in their ability to run light crude since most of them have upgraded to process cheaper high-sulphur heavy grades. "A lot of the new refineries were built to take crude with API of more than 30 degrees if not lower," a veteran oil trader said. (Editing by Christian Schmollinger)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-asia-oil-idUKKBN15I0VI'|'2017-02-03T15:37:00.000+02:00'
'88a6fb7e6efba4c476646c443aae90c9ea582628'|'Canada''s Hudson''s Bay makes takeover approach for Macy''s - sources'|' 13pm GMT Canada''s Hudson''s Bay makes takeover approach for Macy''s - sources   People line up at the entrance of Macy''s Herald Square ahead of early opening for Black Friday sales in Manhattan, New York, U.S., November 24, 2016. REUTERS/Andrew Kelly/File Photo 1/2 left right A man exits a Hudson''s Bay department store in Toronto, Ontario, Canada June 6, 2016. REUTERS/Chris Helgren/File Photo 2/2 By Greg Roumeliotis and Michael Flaherty Hudson''s Bay Co ( HBC.TO ) has made a takeover approach for struggling retailer Macy''s Inc ( M.N ), people familiar with the matter said, trying to push further into the U.S. market where it already owns the Lord & Taylor and Saks Fifth Avenue chains. While the Toronto-based company faces major financing and operating challenges in completing a deal to buy Macy''s, which is trying to overhaul its operations, it could use its existing foothold in the U.S. to save on administrative costs and have more negotiating power with its vendors. Shares of Macy''s closed up 6.4 percent at $32.69 on Friday. Hudson''s Bay rose to C$10.39. Talks between the companies are at an early stage, one of the people said. The sources asked not to be identified because the negotiations are confidential. Hudson''s Bay said it does not comment on rumours or speculation, while Macy''s declined to comment. Macy''s, the host of New York''s annual Thanksgiving Day parade, is in the midst of a turnaround engineered by Chairman and Chief Executive Officer Terry Lundgren, who assumed leadership of the company in 2004. Lundgren is set to step down this year, and could earn $80.24 million if there is a change of company control, according to a filing. Macy''s has also been under pressure from activist hedge fund Starboard Value LP since 2015 to separate its real estate from its retail business to better monetize its real estate assets. Starboard estimated those assets to be worth $21 billion. Starboard held around 1 percent of Macy''s stock as of Sept. 30 last year, making it the company''s 15th largest shareholder. Starboard founder Jeff Smith did not return calls seeking comment. PRIME REAL ESTATE ASSETS Cincinnati, Ohio-based Macy''s has around 900 stores in the U.S., which includes its Bloomingdale''s outlets and its flagship store in New York City''s Herald Square. Hudson''s Bay is well known for making money off its real estate assets. After buying Saks for $2.9 billion in 2013, it secured a $1.25 billion 20-year mortgage for its Fifth Avenue flagship location in New York, valuing the property at $3.7 billion. Should Hudson''s Bay acquire Macy''s, it will likely bring similar real estate prowess to the jewel locations owned by the retailer. Still, should Hudson''s Bay opt to sell some of Macy''s less desirable locations, it would have to compete with a flood of properties for sale, as other struggling retailers also shed properties. Hudson''s Bay has traditionally financed deals through its joint ventures, giving it the ability to pull off deals that many peers might struggle to do without impacting their credit rating. It has a partnership with Canada''s RioCan Real Estate Investment Trust and with U.S.-based Simon Property Group Inc. Hudson''s Bay could raise equity and debt against its real estate portfolio to fund the deal, according to the Wall Street Journal, which first reported the news. Cowen and Company said in an analyst note that Macy<63>s has attractive qualities for a buyer, including a low price to earnings valuation of 10 times, $2.8 billion of free cash flow and a large real estate portfolio. But chances of a deal were dim, the note said. Macy''s struggling turnaround and the continued pressure it faces from Amazon ( AMZN.O ) make a deal unlikely, Cowen said in the note, adding that Amazon itself could be a potential buyer of the company, given its expansion into physical stores. Amazon did not immediately return a request for comment. Founded in 1670, Hudson''s Bay began as primaril
'5d699e87b3b4e80e18cd280b9e6aaf7081d8518f'|'At Snap, cost of hosting sets high bar for revenue growth'|'Business News - Fri Feb 3, 2017 - 9:59pm GMT At Snap, cost of hosting sets high bar for revenue growth FILE PHOTO - A Snapchat sign hangs on the facade of the New York Stock Exchange (NYSE) in New York City, U.S., January 23, 2017. REUTERS/Brendan McDermid/File Photo By Stephen Nellis and Liana B. Baker - SAN FRANCISCO SAN FRANCISCO Snap Inc<6E>s initial public offering filing seemed to show a company with a basic math problem: the company''s cost of revenue for 2016 - the amount it had to spend just to keep the messaging service running - was $47 million higher than its $405 million in sales. The high cost of revenue, which in Snap''s case consists mainly of payments to Alphabet Inc''s ( GOOGL.O ) Google for hosting the service, means that, on an annual basis, Snap lost money on every one of its 158 million users in 2016, even before accounting for salaries, office rents or anything else. Snap revealed in its IPO prospectus, filed with securities regulators on Thursday, that it will pay Google at least $2 billion over the next five years. But the cost side of the problem may not be as serious as it seems. The company''s hosting costs are broadly in line with other social media companies. Its cost of revenue per active daily user was 97 cents in the last quarter of 2016, not much higher than the 85 cents that Facebook Inc ( FB.O ) paid for each of its 1.23 billion daily users in the final quarter of 2016. Further, while Snap<61>s cost of revenue was higher than sales on a yearly basis in 2016, the company drastically tightened up hosting costs over the course of the year. While costs were nearly double revenues at the start of the year, by the fourth quarter, when Snap hit 158 million users, the company eked out a small gross margin. Snap<61>s bigger math problem is how much revenue it generates per user. The $1.05 per user for the last quarter of 2016 was a massive increase from the 31 cents per user it drew in the same period in 2015. In its IPO filing, Snap said it hopes to increase its revenue per user by focusing on more lucrative advertising markets, like North America, where its revenue per user was $2.15 at the end of 2016, nearly double the global rate. But even those higher rates for Snap pale in comparison to the $7.16 in revenue per user that Facebook brought in in the fourth quarter. <20>Snap<61>s issue is not cost, but user growth and revenue per user,<2C> said Ethan Kurzweil, a venture investor with Bessemer Venture Partners who backed startups such as Twitch and Periscope but has not backed Snap. <20>If they can get revenue per user into the kind of territory they think is possible, the cost of hosting will be a hit to gross margin but it<69>s not going to be an issue.<2E> Facebook provides the example. Even though its cost per user rose 7.4 percent between the last quarter of 2016 versus a year earlier, its revenue per user grew at a much faster 27.5 percent, a difference that helped drive its $10.2 billion in profits for the full year. All of that does, however, mean that Snap has little leeway in delivering dramatic revenue growth in light of the high underlying cost of delivering all those pictures and videos. The cost of revenue figure, noted analyst Brian Wieser at Pivotal Group, "was notable for what it indicates about the expense of running Snap." (Reporting by Stephen Nellis and Liana Baker; Editing by Jonathan Weber and Bill Rigby) Next In Business News Wall Street stands with two Fed-hike outlook for 2017 - Reuters poll NEW YORK Wall Street''s top banks expect just two rate hikes from the Federal Reserve this year and see only modest risk to the U.S. central bank being pressed into a more aggressive pace of monetary policy tightening, a Reuters poll showed on Friday.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-snap-ipo-costs-idUKKBN15I2YZ'|'2017-02-04T04:59:00.000+02:00'
'8dff16518ab9cb8fa5109f439297b5cf690cdfaf'|'Polish new car registrations post best January in 16 years'|' 39am EST Polish new car registrations post best January in 16 years WARSAW Feb 3 New car registrations in Poland in January rose by 17.2 percent year on year to 41,935, their highest January level in 16 years, data published by the Samar research institute showed on Friday. New registrations fell 15.4 percent month on month, Samar said. They have grown in annual terms for 22 consecutive months, mostly led by corporate purchases, he said. "Currently, corporate buyers are the driving force of registrations. They bought 27 percent more passenger cars in January than a year ago," Samar said in a statement. Top-selling car models were the Skoda Fabia and Skoda Octavia, produced by Skoda, the Czech subsidiary of Volkswagen, followed by the Opel Astra, produced by Germany''s Adam Opel AG, part of General Motors. (Reporting by Marcin Goettig; editing by Mark Heinrich)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/europe-autos-poland-idUSL5N1FO362'|'2017-02-03T18:39:00.000+02:00'
'a74fce7b222c0f1fceed33794c8540ec246be283'|'Japan readies package for Trump to help create 700,000 U.S. jobs'|'Business News - Fri Feb 3, 2017 - 7:46am GMT Japan readies package for Trump to help create 700,000 U.S. jobs FILE PHOTO - Japan''s Prime Minister Shinzo Abe speaks during a news conference at his official residence in Tokyo, Japan, October 6, 2015. REUTERS/Yuya Shino/File Photo TOKYO Japan is putting together a package it says would generate 700,000 U.S. jobs and help create a $450-billion market to present to President Donald Trump next week, government sources familiar with the plans said. The plans, to be unveiled when Prime Minister Shinzo Abe visits Trump on Feb. 10 in Washington, envisage investments in infrastructure projects such as high-speed trains and cybersecurity, said the sources, who declined to be identified as they are not authorized to speak to the media. Investing in overseas infrastructure projects dovetails with a key plank in Abe<62>s growth strategy, which is to export "high-quality" infrastructure technology. The government may tap its foreign exchange reserves account to fund the package, the sources said. (Reporting by Tokyo Newsroom; Editing by Clarence Fernandez) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-trump-japan-idUKKBN15I0S2'|'2017-02-03T14:46:00.000+02:00'
'f447d520efe5428fb043f60ce52cb0e58a6929ad'|'EU watchdog studies Brexit risks at rating agencies'|' 27am GMT EU watchdog studies Brexit risks at rating agencies LONDON The European Union''s securities watchdog has asked credit rating agencies and bodies that record derivatives trades to show how they would avoid disrupting markets when Britain leaves the bloc. The European Securities and Markets Authority (ESMA) directly regulates up to 30 credit rating agencies (CRAs) like Moody''s and Standard & Poor''s in the EU, as well as six trade repositories (TRs) which track derivatives transactions. Several rating agencies and repositories are based in London from where they serve customers across the bloc, raising questions about continuity of service with Britain set to leave the EU in 2019. ESMA said in its annual supervision plan on Friday that its work will include an assessment of the "potential implications" of Brexit on the watchdog''s objective of enhancing investor protection and promoting stable and orderly financial markets. "ESMA has also started engaging with CRAs and TRs that may be affected by the outcome of the referendum to understand the preparations these entities are making," ESMA said. (Reporting by Huw Jones; Editing by Keith Weir)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eu-britain-regulations-idUKKBN15I18M'|'2017-02-03T17:27:00.000+02:00'
'3697812c2ba04fce6b75a179905b68ce18f7a864'|'Alibaba Group expands presence in Australia, New Zealand'|'Business News - Sat Feb 4, 2017 - 6:58am GMT Alibaba Group expands presence in Australia, New Zealand left right FILE PHOTO: A logo of Alibaba Group is pictured at its headquarters in Hangzhou, Zhejiang province, China, October 14, 2015. REUTERS/Stringer/File Photo 1/2 left right Australia''s Prime Minister Malcolm Turnbull and Alibaba Group''s Chairman and Chief Executive Jack Ma attend a meeting at the company''s Xixi Campus after the G20 Summit, in Hangzhou Zhejiang Province, China, September 6, 2016. REUTERS/Stringer 2/2 SYDNEY Chinese online retailer Alibaba Group ( BABA.N ) opened its Australian and New Zealand headquarters in Melbourne on Saturday, its first expansion in the region as it seeks to tap growing global demand for products from the two countries. The group''s billionaire founder Jack Ma, who spent time in Australia as a young man, said he hoped the e-commerce giant would help Australian and New Zealand businesses "share their world-famous products with billions of customers around the world". There are more than 1,300 Australian and 400 New Zealand brands on Alibaba''s Tmall and Tmall Global, the company said in a statement. "Alibaba Group''s vision for the ANZ region is to build the entire operating infrastructure needed to enable local businesses to expand globally," Maggie Zhou, the group''s Australian and New Zealand Managing Director, said. Further growth is planned in the areas of cloud computing, payments, digital entertainment and logistics, she said. Alibaba also signed a memorandum of understanding with Australia Post aimed at streamlining logistics between Australia and China and developing the first Australian marketplace within Alibaba''s Lazada eCommerce Network in Southeast Asia. Ma met with Australian Prime Minister Malcolm Turnbull in Sydney on Friday where the pair discussed trade, small-and-medium businesses and young business people. (Reporting by Harry Pearl; Editing by Sam Holmes) Next In Business News Trump ignites political fight over U.S. banking law reforms WASHINGTON U.S. President Donald Trump on Friday ordered reviews of major banking rules that were put in place after the 2008 financial crisis, drawing fire from Democrats who said his order lacked substance and squarely aligned him with Wall Street bankers.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-alibaba-australia-idUKKBN15J095'|'2017-02-04T13:58:00.000+02:00'
'c47526da278f6fe85564b7e14cb8d62fe592ad95'|'SEC drops crisis-era case against ex-Thornburg executives'|'Business News - Fri Feb 3, 2017 - 5:10pm EST SEC drops crisis-era case against ex-Thornburg executives A sign for the Securities and Exchange Commission (SEC) is pictured in the foyer of the Fort Worth Regional Office in Fort Worth, Texas June 28, 2012. REUTERS/Mike Stone NEW YORK The U.S. Securities and Exchange Commission on Friday dropped its case against two former executives at now-defunct home lender Thornburg Mortgage Inc in a lawsuit brought in the wake of the 2008 financial crisis. In papers filed in federal court in Albuquerque, New Mexico, the SEC said it would no longer pursue its civil case against former Thornburg CEO Larry Goldstone and former CFO Clarence Simmons. (Reporting by Nate Raymond in New York; Editing by Chris Reese) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-sec-thornburg-idUSKBN15I2ZD'|'2017-02-04T05:10:00.000+02:00'
'ad2bccc018742bdc321aae275a50b6e8fa9a3fd0'|'BRIEF-Endologix appoints Dan Lemaitre as chairman of board'|' 16am EST BRIEF-Endologix appoints Dan Lemaitre as chairman of board Feb 6 Endologix Inc : * Endologix announces appointment of Dan Lemaitre as chairman of the board * Says Dan Lemaitre appointed chairman of the board * Endologix Inc - Dan Lemaitre, lead independent director, has been appointed chairman, and John Mcdermott, will continue to serve as CEO * Endologix Inc - board of directors has elected to separate positions of chairman of board and chief executive officer, effective today  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSASB0AYP1'|'2017-02-06T21:16:00.000+02:00'
'a504a091205bea20dac802b359d2290ce4fdb80a'|'Emirates, Etihad, Qatar to let barred passengers on U.S. flights'|'Company News - Sat Feb 4, 2017 - 8:45am EST Emirates, Etihad, Qatar to let barred passengers on U.S. flights DUBAI Feb 4 Emirates, Etihad Airways and Qatar Airways said on Saturday they will allow passengers barred by President Donald Trump''s executive order to board U.S.-bound flights after a federal judge blocked the move. U.S. Customs & Border Protection (CBP) has advised them they can board travellers from seven Muslim-majority countries and all refugees who had been banned under the order, the airlines said. "Acceptance will naturally be subject to checks completed by U.S. authorities as existed prior to the issuance of the Executive Order on 27 January," an Etihad spokesman told Reuters in emailed comments. Emirates and Qatar Airways spokeswomen confirmed the airlines were again accepting all passengers with valid travel documents. Air France, Spain''s Iberia and Germany''s Lufthansa also followed suit after the federal judge''s ruling, which the White House said it planned to appeal as soon as possible. Trump''s suspension on the entry of nationals from Iran, Iraq, Libya, Somalia, Sudan, Syria and Yemen, and all refugees caught airlines off guard, with some carriers forced to re-roster flight crew in order to abide by the order. (Reporting by Alexander Cornwell; Editing by Alexander Smith) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-trump-immigration-airlines-idUSL5N1FP0BF'|'2017-02-04T20:45:00.000+02:00'
'6542e1a39b45fd5fb058c15250351f1d13980540'|'WeChat users send 46 bln digital red packets over Lunar New Year - Xinhua'|'Company News - Sat Feb 4, 2017 - 3:17am EST WeChat users send 46 bln digital red packets over Lunar New Year - Xinhua BEIJING Feb 4 Users of WeChat sent around 46 billion electronic red packets - digital versions of traditional envelopes stuffed with cash - via the Chinese mobile social platform over the Lunar New Year period, the official Xinhua new agency reported on Saturday. China has a long tradition of giving red packets during the Lunar New Year, which fell on Jan. 28 this year. Internet giants such as Alibaba Group Holding have promoted the use of virtual red packets, also known as "hongbaos", to grow business in the country''s booming mobile payment market. The number of digital red packets sent via WeChat, owned by Alibaba rival Tencent Holdings Ltd, rose 43 percent in the Jan. 27 and Feb. 1 period compared with a year earlier, according to Xinhua. People in the provinces of Guangdong, Jiangsu, Shandong and Hebei led the red packets mania, while South Koreans were WeChat''s most active hongbao senders outside the Chinese mainland, Xinhua said. Since its launch in 2011, WeChat has become China''s most popular mobile social media platform. Besides sending text, audio and video message for free, users can also use the WeChat digital wallet to pay utility bills, make donations and buy plane tickets. (Reporting by Ryan Woo; Editing by Sam Holmes) Next In Company News UPDATE 2-Dakota Access Pipeline to start in 2nd quarter -stakeholder NEW YORK, Feb 3 The chief executive of Phillips 66 said on Friday he expects the Dakota Access Pipeline to start operations in the second quarter, even though the project - which has sparked protests by Native Americans and environmentalists - is still in the midst of legal battles and a U.S. regulatory review.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/lunar-newyear-wechat-redpackets-idUSL4N1FP064'|'2017-02-04T15:17:00.000+02:00'
'78b119a3123e5521817c93a42b8819260a77190a'|'Google, unlike Microsoft, must turn over foreign emails - U.S. judge'|'By Jonathan Stempel A U.S. judge has ordered Google to comply with search warrants seeking customer emails stored outside the United States, diverging from a federal appeals court that reached the opposite conclusion in a similar case involving Microsoft Corp.U.S. Magistrate Judge Thomas Rueter in Philadelphia ruled on Friday that transferring emails from a foreign server so FBI agents could review them locally as part of a domestic fraud probe did not qualify as a seizure.The judge said this was because there was "no meaningful interference" with the account holder''s "possessory interest" in the data sought."Though the retrieval of the electronic data by Google from its multiple data centers abroad has the potential for an invasion of privacy, the actual infringement of privacy occurs at the time of disclosure in the United States," Rueter wrote.Google, a unit of Mountain View, California-based Alphabet Inc, said in a statement on Saturday: "The magistrate in this case departed from precedent, and we plan to appeal the decision. We will continue to push back on overbroad warrants."The ruling came less than seven months after the 2nd U.S. Circuit Court of Appeals in New York said Microsoft could not be forced to turn over emails stored on a server in Dublin, Ireland that U.S. investigators sought in a narcotics case.That decision last July 14 was welcomed by dozens of technology and media companies, privacy advocates, and both the American Civil Liberties Union and U.S. Chamber of Commerce.On Jan. 24, the same appeals court voted not to revisit the decision. The four dissenting judges called on the U.S. Supreme Court or Congress to reverse it, saying the decision hurt law enforcement and raised national security concerns.Both cases involved warrants issued under the Stored Communications Act, a 1986 federal law that many technology companies and privacy advocates consider outdated.In court papers, Google said it sometimes breaks up emails into pieces to improve its network''s performance, and did not necessarily know where particular emails might be stored.Relying on the Microsoft decision, Google said it believed it had complied with the warrants it received, by turning over data it knew were stored in the United States.Google receives more than 25,000 requests annually from U.S. authorities for disclosures of user data in criminal matters, according to Rueter''s ruling.The cases are In re: Search Warrant No. 16-960-M-01 to Google and In re: Search Warrant No. 16-1061-M to Google, U.S. District Court, Eastern District of Pennsylvania, Nos. 16-mj-00960, 16-mj-01061.(Reporting by Jonathan Stempel in New York; Editing by Chizu Nomiyama)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/google-usa-warrant-idINKBN15J0NP'|'2017-02-04T13:12:00.000+02:00'
'b16e03a3726f9b702ab8cfba638be435370508b7'|'Israel''s Delek expands in North Sea with Ithaca Energy deal'|' 20pm GMT Israel''s Delek expands in North Sea with Ithaca Energy deal A Delek petrol station is seen near the southern city of Ashdod July 27, 2011. REUTERS/Amir Cohen By Tova Cohen and Karolin Schaps - TEL AVIV/LONDON TEL AVIV/LONDON Israel''s Delek Group ( DLEKG.TA ) has agreed to buy Ithaca Energy Inc ( IAE.TO ) in a deal valuing the North Sea oil producer''s equity at $646 million (<28>519.1 million) and building on Delek''s expansion in the North Sea ahead of a planned London listing. The deal follows a number of transactions in the British North Sea after a rise in oil prices above $50 a barrel has given confidence to buyers and sellers to agree on valuations. Ithaca ( IAE.L ), listed in Toronto and London, said on Monday its board had recommended the Israeli conglomerate''s cash offer of C$1.95 per share, which equates to 1.20 pounds. Delek, with natural gas exploration and production activities in the eastern Mediterranean, already owns 19.7 percent of Ithaca. However, two of Ithaca''s largest shareholders, Artemis Investment Management and Cavendish Asset Management which together own around 8 percent of the stock, said the offer was too low, considering the potential of Ithaca''s newest field, Greater Stella, which comes on stream later this month. "We would like to have a chat with the management of the company to understand why they recommended a bid which we see as disappointing," Mark Niznik, co-manager of the Artemis UK Smaller Companies Fund, told Reuters. The deal requires that holders of more than 50 percent of shares not held by Delek accept the offer. "As things stand I would be voting against it unless something crops up in the meantime to convince me otherwise," Cavendish fund manager Paul Mumford told Reuters. In late trade, Ithaca''s London-listed shares were up 10.2 percent at 118.8 pence, after touching 121 pence, their highest since September 2014. Delek''s offer, a premium of about 12 percent to Ithaca''s closing price of C$1.74 on Friday, implies an enterprise value - including debt - of about $1.24 billion. The offer is the latest in a string of North Sea deals after last week Chrysaor, backed by private equity, said it would buy many of Shell''s ( RDSa.L ) North Sea assets for up to $3.8 billion and EnQuest ( ENQ.L ) agreed to buy a 25 percent stake in BP''s ( BP.L ) Magnus oil field. Delek itself bought a 13.18 percent stake in Faroe Petroleum ( FPM.L ), another North Sea operator, for 43 million pounds in December. Delek''s bid for the 80 percent of Ithaca it does not already own is worth $524 million. "This is a full and fair offer from a very credible buyer who have the financial resources to complete the transaction," Ithaca Chief Executive Les Thomas told Reuters. LONDON LISTING Delek Chief Executive Asaf Bartfeld said the deal would contribute to the company''s growth and to solidifying its position in the international market. A spokesman for Delek said the company planned to list in London during 2017 but could not say whether new shares would be sold or give further details. In August, Delek said it was considering spinning off its holdings in the large Tamar natural gas field offshore Israel into a separate company traded abroad. Under a deal reached with the Israeli government to boost competition in the sector, Delek has about five years to sell its 31.25 percent stake in the field. Ithaca is a partner in 25 projects and is the operator in 12 of them, including the Stella field in the North Sea. Delek said Stella would be a big step up for Ithaca in terms of production amounts. "This looks like a reasonable price, although Delek is clearly retaining some upside, particularly around Ithaca''s ''pre development'' portfolio as well as its attractive tax loss position," BMO Capital Markets analyst David Round said in a research note. RBC Capital Markets acted as financial adviser to Ithaca''s special committee set up to vet the deal, while GMP FirstEnergy is acting as the forma
'ca3f741f6cc474b943dc7cc6d070869ddcbc8154'|'Shattered when the roof of my Hyundai fell in on me - Money'|'Impressed by the offer of a five-year warranty, we bought, in October 2012, a new Hyundai ix35. For no reason (good weather, no trees above) the sunroof spontaneously shattered. The noise was staggering, and I had glass raining down on me as I was driving at 30mph. My local Hyundai dealer, where we bought the car, was confident a repair would be covered by the warranty. The following day, the warranty team refused the repair and, instead, quoted us <20>1,700 to fix the roof. I escalated the matter to Hyundai UK and it only offered <20>280 as a goodwill gesture. Internet research reveals Hyundai has had past issues with shattering sunroofs in different markets, with some repaired under warranty and some refused <20> it seems to be the luck of the dealer. Am I being unreasonable? JP, Tunbridge Wells We don<6F>t think you are being unreasonable at all, and this is yet another case of a car manufacturer failing to honour its warranty. You have told me the car was being driven on a quiet road with no other cars around, and not under anything. As you say, there are lots of other owners claiming that the same thing has happened to them <20> in each case, like you, they report a gunshot-like sound and the whole thing shatters.In the US, Hyundai recalled 20,000 vehicles, and in 2015 was accused in a California federal court of doing nothing to protect or inform drivers of the possibility of panoramic sunroofs in certain models spontaneously shattering.Despite this, Hyundai has again told us that it will not pay for your roof. In its response it laughably claimed that it has fully inspected the roof <20> even though it is in tiny shattered parts. <20>We have photographs of the roof, but as all the glass has fallen in, there was no opportunity to identify an actual impact point. However, this vehicle has been visually inspected by the dealership and it has confirmed no manufacturing defect could be found. We are satisfied that, as with other cases, this was caused by an object striking the roof whilst the vehicle was moving,<2C> it said.Clearly this sunroof is not fit for purpose. I would write to the dealer who sold you the car to say you will bring a claim in the small claims court under the terms of the Consumer Rights Act. This may prompt a reasonable solution. If it doesn<73>t, bring the claim.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'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/2017/feb/05/hyundai-roof-shattered-glass-warranty'|'2017-02-05T14:01:00.000+02:00'
'379432e81cbfe8c2a2b196a0a16cab89109c32dd'|'Super Bowl goes social as NFL seeks China touchdown'|'Company News - Sun Feb 5, 2017 - 1:18pm EST Super Bowl goes social as NFL seeks China touchdown By Cate Cadell and Lisa Richwine - BEIJING/LOS ANGELES BEIJING/LOS ANGELES Feb 5 As millions around the world settle into couches and tune into the Super Bowl on big-screen TVs on Sunday, fans in China will be watching the American football championship on mobile phones and tablets - on their way to work. The National Football League is looking to score with audiences in China, where the game starts during morning rush hour, via a push on social media. For the first time, the Super Bowl will stream live on popular messaging platform Sina Weibo . The stakes are high for the league''s bid to tap the enormous potential of China''s 1.4 billion people. U.S. sports leagues and media companies are increasingly looking to China''s market for growth. World Wrestling Entertainment, for example, is training Chinese athletes in hopes of turning them into television sensations. For this year''s Super Bowl between the New England Patriots and Atlanta Falcons, one of the biggest hurdles is the Sunday afternoon kickoff, which will come at 7:30 on Monday morning in China, 14 hours ahead of game time at NRG Stadium in Houston, Texas. China''s interest in football provides another challenge. The sport is still new to the country, and the NFL is pushing tie-ups with more than a dozen platforms on regular television and online to help reach viewers, even at rush hour, Richard Young, managing director for NFL China, told Reuters in recent interviews. "They watch (the games), they pause them. They get on and off the bus and on and off the taxi," Young said. The NFL wants to build enthusiasm in China and other overseas markets after a season in which U.S. television viewership dropped 8 percent, according to Nielsen data, to a weekly average audience of 16.5 million. About 1.5 million people in China now watch live NFL matchups each week on digital platforms, Young said. Many are young people aged 20 to 30 who catch games on mobile phones as they commute, he said. Some Chinese fans follow the league by watching only highlights rather than entire games. The NFL provides near-live recaps with a series of short clips that show big plays soon after they occur on the field. The fan base in China has grown 1,000 percent over the past five years, Young said. ''BOOT CAMPS'' The Super Bowl broadcast in China will feature Chinese graphics and announcers explaining the rules and plays. The NFL has hosted "boot camps" for Chinese commentators to bone up on touchdowns, fumbles and other football jargon. Hong Kong superstar singer and actor William Chan, the NFL''s China ambassador, will attend the game in Houston, where he is expected to post updates for his more than 21 million followers on Weibo. And later this year, the league plans to expand a fantasy football league it is testing called Tian Tian NFL, Young said. Still, the NFL lags far behind sports such as basketball in China. Industry experts said many of today''s football fans in China are Americans living abroad or foreign-born Chinese. "There is no existing fan base but for the expats and people who were educated and lived in the United States," said Marc Ganis, the president of consulting firm Sports Corp Ltd and an adviser to NFL teams, who has worked in China for more than a decade. "That''s an enormous challenge." The social media drive will fit well with the sport in China, said Ed Desser, a former NBA television executive who helped popularize American basketball in China. "You can converse with your friends or people who were complete strangers who happen to be watching the same game," said Desser, now president of consulting firm Desser Sports Media. "It''s the virtual bar stool." (Reporting by Cate Cadell in Beijing, Adam Jourdan in Shanghai and Lisa Richwine in Los Angeles; Editing by Anna Driver and Alan Crosby) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|
'10826bb4c9c1ba5dc0207be2390fab6021c0f697'|'BRIEF-Patrizia Immobilien sells 10 office properties in German state of Hesse'|' 57am EST BRIEF-Patrizia Immobilien sells 10 office properties in German state of Hesse Feb 2 Patrizia Immobilien AG : * Sells 10 office properties in German state of Hesse * Sale''s price is in three-digit million range   (Gdynia Newsroom) Next In Financials JAKARTA, Feb 2 Indonesia''s PT Multipolar Tbk , which is controlled by the Riady family, has received offers from "several parties" for its stake in retailer PT Matahari Putra Prima Tbk, its spokesman said on Thursday. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories Reuters News Agency - Brand Attribution Guidelines 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/financialsNews'|'http://www.reuters.com/article/idUSFWN1FN09K'|'2017-02-02T14:57:00.000+02:00'
'a3e288948719aca643e12dc4c239c69494930396'|'UPDATE 1-Australia''s Tabcorp posts 5 percent rise in half-year profit'|'Financials  52pm EST UPDATE 1-Australia''s Tabcorp posts 5 percent rise in half-year profit (Adds CEO statement, additional background.) SYDNEY Feb 2 Australia''s largest betting company, Tabcorp, on Thursday posted a 5 percent rise in half-year profit as it pushes ahead with its planned A$6.2 billion ($4.70 billion)purchase of lotteries group Tatts . Tabcorp reported an underlying net profit of A$102.7 million for the half ended Dec. 31, up from $A97.5 million a year earlier. The result was slightly above average estimates from two analysts of 4 percent growth in underlying earnings. Tabcorp reported a 13.8 percent rise in online betting turnover, but a 2.5 percent in retail turnover. The interim dividend of A$0.125 fully franked was 4 per cent higher than a year earlier. Tabcorp wants to buy Tatts in part to fend off a growing challenge from overseas online rivals like William Hill and Paddy Power Betfair. "The combined group will have a suite of long-dated licences and an expected strong investment grade balance sheet," Tabcorp Chief Executive David Attenborough said in a statement on Thursday. "This will provide more capacity to invest, innovate and compete in an evolving global marketplace." The Tatts board in December rejected a takeover proposal from a consortium including private equity giant KKR and Australian investment bank Macquarie Group. The group has not ruled out making a new offer. Tabcorp''s bid for Tatts has yet to receive approval from the competition regulator. ($1 = 1.3201 Australian dollars) (Reporting by Jamie Freed; Editing by Larry King) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/tabcorp-results-idUSL4N1FM469'|'2017-02-02T04:52:00.000+02:00'
'f0a1c6edf8fcb9c514ccbd91789bfc9962a0fedf'|'BRIEF-Ensign Group acquires Texas healthcare campus'|' Ensign Group acquires Texas healthcare campus Feb 1 Ensign Group Inc : * The Ensign Group acquires texas healthcare campus * Ensign Group Inc - Acquisition was effective February 1, 2017 Source   * Owens-Illinois Inc reports full year and fourth quarter 2016 results; entering next phase of transformational journey as company delivers strong financial performance for 2016 MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories Reuters News Agency - Brand Attribution Guidelines 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/mergersNews'|'http://www.reuters.com/article/idUSASB0AY2R'|'2017-02-02T04:59:00.000+02:00'
'02252128e084eeb03605c51c7caf79450e814370'|'ECB to give "considerable attention" to cross-border deals: Dickson'|'Deals - Thu Feb 2, 2017 - 1:51am EST ECB to give ''considerable attention'' to cross-border deals: Dickson left right The headquarters of the European Central Bank (ECB) are pictured in Frankfurt, Germany, September 8, 2016. REUTERS/Ralph Orlowski/File Photo 1/2 left right A woman walks past the London Stock Exchange building in the City of London, Britain, January 16 , 2017. REUTERS/Toby Melville 2/2 FRANKFURT The European Central Bank would give "considerable attention" to any merger or takeover between banks in different European countries, a top supervisor said on Thursday, highlighting issues with deals involving a party from outside the European Union. Julie Dickson''s comments come as the ECB''s Single Supervisory Mechanism (SSM) is set to assess a proposed merger between the London Stock Exchange ( LSE.L ) and Germany''s Deutsche Boerse ( DB1Gn.DE ), because some of their units are licensed as banks. "Any pan European takeovers or mergers would receive considerable attention by the SSM," Dickson, who sits on the board of the SSM, said in slides accompanying a speech. She noted a European Commission proposal to require banks from outside the EU to establish an intermediate holding company in the bloc under SSM supervision. (Reporting By Francesco Canepa; Editing by Kim COghill) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-deutsche-boerse-lse-ecb-idUSKBN15H0HW'|'2017-02-02T13:42:00.000+02:00'
'48ed83d70345db82919b00a38a36e510746765de'|'Smoggy Beijing to cut coal use 30 percent this year - mayor'|'Money News - Sun Feb 5, 2017 - 8:51pm IST Smoggy Beijing to cut coal use 30 percent this year - mayor A coal-fired power plant is pictured near a construction site in Beijing, China, December 9, 2016. REUTERS/Jason Lee/File Photo BEIJING Chinese capital Beijing will intensify its battle against choking air pollution this year and aims to cut coal use by 30 percent, state news agency Xinhua cited mayor Cai Qi as saying. Despite repeated pledges to get tough, large parts of northern and central China have been engulfed in thick smog again this winter, often for days at a time, disrupting flights, port operations and schools. Cai said the government will take even more steps this year, including cutting coal use by helping residents of 700 villages to use clean energy, Xinhua said. "We will try to basically realize zero coal use in six major districts and in Beijing''s southern plain areas this year," Cai said. "We will slash coal use by 30 percent to less than 7 million tonnes in 2017," he added. Beijing will also remove 300,000 old vehicles from the roads this year and promote the use of new energy cars, Xinhua said. Cai added that better regional coordination was needed. "It is an urgent task for Beijing and its neighbouring areas to work together and improve air quality in the region." (Reporting by Ben Blanchard; Editing by Andrew Bolton) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/china-pollution-idINKBN15K0KL'|'2017-02-05T22:21:00.000+02:00'
'8d9f429ff898502a56e641b6d0443d1f3043a093'|'Qatar Airways flight from New Zealand to be longest by flying time'|'Big Story 10 - Sun Feb 5, 2017 - 3:14am EST Qatar Airways flight from New Zealand to be longest by flying time DUBAI Qatar Airways launched its first service to Auckland, New Zealand on Sunday with the return leg set to be the longest scheduled commercial flight by flying time, according to the airline''s website. Flight QR920 departed Doha''s Hamed International Airport, a spokeswoman confirmed, and was scheduled to arrive in Auckland on Monday at 0730 local time (1830 GMT). The flight was expected to take 16 hours and 20 minutes and the return service, taking 17 hours and 30 minutes, would be the world''s longest, according to flight tracking website flightradar24. Qatar Airways is using a Boeing 777 on the 14,534 kilometer (9,031 mile) flight, its first service to New Zealand, it said. Improvements in technology over the last decade have allowed more efficient fuel use, encouraging longer flights. The previous record for the world''s longest scheduled flight by flying time was held by fellow Gulf carrier Emirates [EMIRA.UL], which launched direct flights to Auckland from Dubai in March 2016. Air India [AIN.UL] has a longer flight by distance, spanning 15,298 kilometers from Delhi to San Francisco; this takes 14 hours and 30 minutes, according to the Times of India. Singapore Airlines may regain the top spot when it resumes non-stop flights to New York with an ultra-long distance variant of the Airbus A350 as soon as 2018. It has said the New York service, at around 19 hours, will start in 2018. (Reporting by Alexander Cornwell; editing by Andrew Torchia and Jason Neely) Next In Big Story 10'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-qatar-airlines-idUSKBN15K07Q'|'2017-02-05T15:02:00.000+02:00'
'da94c464f877e6017cb54510d0046ba4ce8b9e55'|'Generali to hold meeting on Monday on Intesa stake - source'|'Deals - Sun Feb 5, 2017 - 1:52pm GMT Generali to hold meeting on Monday on Intesa stake: source left right FILE PHOTO: A view of Generali headquarters in Rome, Italy, April 6, 2011. REUTERS/Remo Casilli/File Photo 1/2 left right FILE PHOTO: A man takes a picture in front of Intesa Sanpaolo bank in downtown Rome, Italy, July 23, 2010. REUTERS/Alessandro Bianchi/File Photo 2/2 MILAN Italy''s top insurer Generali ( GASI.MI ) will hold a meeting on Monday to discuss the 3 percent stake it bought in Intesa Sanpaolo ( ISP.MI ) in January to fend off unwanted interest from the bank, a person familiar with the matter said on Sunday. Generali''s investment committee is due to meet on Monday to discuss ways of maintaining the stake but on more favorable terms, the person said, confirming a report in Sunday''s Il Sole 24 Ore. In January Generali, whose biggest investor is influential investment bank Mediobanca ( MDBI.MI ), bought around 3 percent of Intesa as a defensive move to stop Intesa building a stake. Italy''s biggest retail bank is looking at a possible tie-up with Generali but has said any such move should not jeopardize its capital base or dividend policy. On Friday Intesa CEO Carlo Messina said the bank would take all the time it needed to make up its mind on any possible move on Generali. According to Sole 24 Ore, Generali management and board members might also discuss on Monday bringing on board a second adviser, alongside Goldman Sachs ( GS.N ), to help build a defense against any Intesa move. Morgan Stanley ( MS.N ) and JPMorgan ( JPM.N ) could be approached, the paper said. (Reporting by Stephen Jewkes; editing by John Stonestreet) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-generali-m-a-intesa-sp-idUKKBN15K0HZ'|'2017-02-05T20:38:00.000+02:00'
'4d069c0d80789094bd0b558eb8ba16caa3739370'|'AstraZeneca faces falling 2017 profits as key drug data awaited'|'Business News - Thu Feb 2, 2017 - 7:18am GMT AstraZeneca faces falling 2017 profits as key drug data awaited FILE PHOTO - The logo of AstraZeneca is seen on a medication package in a pharmacy in London, Britain, April 28, 2014. REUTERS/Stefan Wermuth/File Photo LONDON Drugmaker AstraZeneca ( AZN.L ) warned on Thursday that profit and revenue would fall again this year as cheap generic versions of its cholesterol drug Crestor continue to hit sales. The British group hopes that 2017 will be the earnings trough, but its recovery hinges on the success of new medicines and results from a closely watched clinical trial testing a combination of two lung cancer drugs, which investors view as risky. This year it expects a low to mid single-digit percentage decline in revenue, with core earnings per share (EPS) declining by a low to mid-teens percentage in local currency terms from 2016''s level of $4.31. (Reporting by Ben Hirschler; Editing by David Goodman) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-astrazeneca-results-idUKKBN15H0K1'|'2017-02-02T14:18:00.000+02:00'
'779997f576de7381fa6e40f0575b3ecf70873fb1'|'Britain sets out plan for third runway at Heathrow'|' 14am GMT Britain sets out plan for third runway at Heathrow left An aircraft takes off from Heathrow airport in London, Britain July 1, 2015. REUTERS/Peter Nicholls 1/2 left right Residents of Harmondsworth village protest the decision to build a new runway at Heathrow Airport, in Harmondsworth, Britain October 25, 2016. REUTERS/Eddie Keogh 2/2 LONDON Britain is to lay out its proposals for a third runway at London''s Heathrow airport on Thursday, launching a public consultation on a big infrastructure project the government sees as key to its post-Brexit future. The government backed a $22 billion expansion of Heathrow in October to end 25 years of indecision with an ambitious plan to boost global trade links following the vote to leave the European Union. While the government says the new runway is vital for the economy and businesses, critics are concerned over the impact on local residents and the environment. A policy statement will set out what planning regulations the proposed runway will need to meet to be approved and outline why Heathrow, on the western edge of London, is the preferred option. "By backing the northwest runway at Heathrow airport and publishing our proposals, we are sending a clear signal that when we leave the EU, we are open for business," Transport Secretary Chris Grayling will say, according to advance extracts of his speech. To assuage critics, the transport department said that compensation worth up to 2.6 billion pounds will be made available to those affected, and that development consent will only be granted "if the new runway can be delivered within existing air quality limits and climate change obligations". The policy statement will also be scrutinised by lawmakers, ahead of a vote on the new runway, which is expected in late 2017 or early 2018. (Reporting by Alistair Smout; editing by Stephen Addison)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-heathrow-idUKKBN15H00X'|'2017-02-02T07:14:00.000+02:00'
'd8af74c0613cf92f9dd1993e2bcf6a84f1ff7b70'|'IEA says record OPEC cut compliance helps oil market rebalance'|'Business News - Fri Feb 10, 2017 - 9:03am GMT IEA says record OPEC cut compliance helps oil market rebalance The OPEC flag and the OPEC logo are seen before a news conference in Vienna, Austria, October 24, 2016. REUTERS/Leonhard Foeger/File Photo By Dmitry Zhdannikov - LONDON LONDON Global oil output plunged in January as OPEC and non-OPEC producers curbed supply to accelerate a market rebalancing following one of the largest oil gluts in a generation, the International Energy Agency said on Friday. Oil supplies fell by around 1.5 million barrels per day last month, including by 1 million bpd for OPEC, leading to record initial compliance of 90 percent with a six-month output-cut deal reached in December by big producers to boost prices. "Some producers, notably Saudi Arabia, (are) appearing to cut by more than required. This first cut is certainly one of the deepest in the history of OPEC output cut initiatives," the IEA, which advises industrial nations on energy policy, said. The Paris-based IEA said if the January level of compliance were maintained, the output reductions combined with strong demand growth should help ease the record stocks overhang in the next six months by around 600,000 bpd. Already in the fourth quarter of 2016, stocks in member countries of the Organisation for Economic Cooperation and Development fell nearly 800,000 bpd, the largest drop in three years, the IEA said. End-December inventories were below 3 billion barrels for the first time since December 2015, even though stocks continued to build in China and volumes of oil stored at sea increased. "It should be remembered, though, that this stock draw is from a great height. At the end of the year they were still 286 million barrels above the five-year average level and by the end of H1 2017 they will remain significantly above average levels." DEMAND GROWTH The IEA said it had raised estimates of global oil demand growth in 2017 by 100,000 bpd to 1.4 million bpd, citing recent improvements in industrial activity. This will represent a fairly strong gain after growth of 1.6 million bpd in 2016. Complicating the picture and slowing the market rebalancing is the rising output of producers outside the Organization of the Petroleum Exporting Countries. After falling by 0.8 million bpd last year, non-OPEC output will grow by 0.4 million bpd in 2017 with combined growth from Brazil, Canada and the United States amounting to as much as 750,000 bpd. "Higher prices are fuelling increased investments in U.S. light tight oil activity and long lead-time projects are coming on stream in Brazil and Canada," the IEA said. "For U.S. light tight oil, recent increases in drilling activity suggest that production will recover and the IEA''s forecast is growth of 175,000 bpd for the year as a whole with production in December expected to be 520,000 bpd up on a year earlier," the IEA said. The IEA added that the continued existence of high stocks, plus caution from the markets in assessing the level of output cuts, were the reasons behind Brent crude oil prices remaining at the mid-$50s per barrel range since mid-December. "The oil market is very much in a wait-and-see mode," it said. (Reporting by Dmitry Zhdannikov; Editing by Dale Hudson) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-iea-oil-idUKKBN15P0VF'|'2017-02-10T16:03:00.000+02:00'
'b3ff7cdf045b55c7ba73a9c4d230ab4627eaffce'|'WRAPUP 1-Seattle judge blocks Trump''s travel ban; White House to appeal'|'By Dan Levine and Scott Malone - SEATTLE/BOSTON SEATTLE/BOSTON Feb 4 A Seattle federal judge on Friday put a nationwide block on U.S. President Donald Trump''s week-old executive order that had temporarily barred refugees and nationals from seven countries from entering the United States.The judge''s temporary restraining order represents a major setback for Trump''s action, though the White House said late Friday that it believed the ban to be "lawful and appropriate" and that the U.S. Department of Justice would file an emergency appeal.Still, just hours after the ruling, U.S. Customs and Border Protection told airlines they could board travelers who had been affected by the ban.Trump''s Jan. 27 order caused chaos at airports across the United States last week as some citizens from Iran, Iraq, Libya, Somalia, Sudan, Syria and Yemen were denied entry. Virtually all refugees were also barred, upending the lives of thousands of people who had spent years seeking asylum in the U.S.The State Department said Friday that almost 60,000 visas were suspended in the wake of Trump''s order; it was not clear Friday night whether that suspension was automatically revoked or what travelers with such visas might confront at U.S. airports.While a number of lawsuits have been filed over Trump''s action, the Washington state lawsuit was the first to test the broad constitutionality of the executive order. Judge James Robart, a George W. Bush appointee, explicitly made his ruling apply across the country, while other judges facing similar cases have so far issued orders concerning only specific individuals.The challenge in Seattle was brought by the state of Washington and later joined by the state of Minnesota. The judge ruled that the states have legal standing to sue, which could help Democratic attorneys general take on Trump in court on issues beyond immigration.Washington''s case was based on claims that the state had suffered harm from the travel ban, for example students and faculty at state-funded universities being stranded overseas. Amazon.com and Expedia, both based in Washington state, had supported the lawsuit, asserting that the travel restrictions harmed their businesses.Tech companies, which rely on talent from around the world, have been increasingly outspoken in their opposition to the Trump administration''s anti-immigrant policies.Judge Robart probed a Justice Department lawyer on what he called the "litany of harms" suffered by Washington state''s universities, and also questioned the administration''s use of the Sept. 11, 2001, attacks on the United States as a justification for the ban.Robart said no attacks had been carried out on U.S. soil by individuals from the seven countries affected by the travel ban since that assault. For Trump''s order to be constitutional, Robart said, it had to be "based in fact, as opposed to fiction.""OUTRAGEOUS ORDER"The White House said it would file an appeal as soon as possible."At the earliest possible time, the Department of Justice intends to file an emergency stay of this outrageous order and defend the executive order of the president, which we believe is lawful and appropriate," the White House said in a statement."The president''s order is intended to protect the homeland and he has the constitutional authority and responsibility to protect the American people."Washington Governor Jay Inslee celebrated the decision as a victory for the state, adding: "No person - not even the president - is above the law."The judge''s decision was welcomed by groups protesting the ban."This order demonstrates that federal judges throughout the country are seeing the serious constitutional problems with this order," said Nicholas Espiritu, a staff attorney at the National Immigration Law Center.Eric Ferrero, Amnesty International USA spokesman, lauded the short-term relief provided by the order but added: "Congress must step in and block this unlawful ban for good."But the 
'c66952ab288d20c9fbb81ace7831ed633b54f905'|'Brazil''s Localiza pledges aggressive pricing as rivals IPO'|'SAO PAULO Feb 6 Localiza Rent a Car SA , Brazil''s biggest car rental company, plans to maintain aggressive pricing this year with the help of lower interest rates and efficiency gains, executives said on a Monday when asked about rivals'' share offerings.Smaller peer Movida Participa<70><61>es SA is pressing ahead with an initial public offering (IPO) on Monday after cutting the price floor last week. Unidas SA also extended the deadline for bids on its IPO to Friday. (Reporting by Brad Haynes; Editing by Chizu Nomiyama)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/localiza-rnt-car-outlook-idINE6N1CB024'|'2017-02-06T12:30:00.000+02:00'
'cac5e7f846a9824997dabadb74182f4f58534985'|'Asia shares track Wall St higher, dollar becalmed'|'Business News - Mon Feb 6, 2017 - 12:31am GMT Asia shares track Wall St higher, dollar becalmed People are seen behind an electronic board showing stock prices after the New Year opening ceremony at the Tokyo Stock Exchange (TSE), held to wish for the success of Japan''s stock market, in Tokyo, Japan, January 4, 2017. REUTERS/Kim Kyung-Hoon - By Wayne Cole - SYDNEY SYDNEY Asian shares edged ahead on Monday as Wall Street gathered momentum into a busy week of earnings with more than 100 major companies due to report, while the dollar was again hobbled by a lack of progress on U.S. fiscal stimulus. MSCI''s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS inched up 0.3 percent, with Australia ahead by 0.5 percent. Japan''s Nikkei .N225 rose 0.7 percent in the wake of a firmer finish on Wall Street. Japanese Prime Minister Shinzo Abe meets U.S. President Donald Trump on Feb. 10 and 11, with trade and currencies likely to be on the agenda. Dealers were still absorbing Friday''s surprise move by China''s central bank to raise short-term interest rates. While the increases were modest, they suggested Beijing was intent on both containing capital outflows and reining in risks to the financial system created by years of debt-fuelled stimulus. It was the first move in the repo rate since October 2015. "This change is ground-breaking and suggests that the central bank will change onshore rates more frequently," wrote analysts at ANZ in a note. "The bottom line is to prevent a cash crunch amidst deleveraging and deflating financial bubbles in certain sectors." On Wall Street, banks had ended Friday strongly as President Donald Trump moved to roll back regulations intended to prevent a repeat of the global financial crisis. JP Morgan Chase ( JPM.N ) shares closed up 3.1 percent and helped push the S&P bank index .SPXBK up 2.6 percent. The Dow .DJI rose 0.94 percent, while the S&P 500 .SPX gained 0.73 percent and the Nasdaq .IXIC 0.54 percent. Friday''s payrolls data also showed U.S. jobs jumped more than expected in January as construction firms and retailers ramped up hiring, but wages growth still slowed. "All in all a very mixed payroll report, with the breakdown tending to validate the latest Fed message of a gradual tightening and no need to rush into a hike at the next meeting," said Deutsche Bank''s global head of forex Alan Ruskin. "This data plays to the idea that there may be an extended gestation period both for easier U.S. fiscal policy and tighter monetary policy." Fed fund futures <0#FF:> show only a slim chance of a hike in March and a Reuters poll of primary dealers found none expected a move before the second quarter. That cautious outlook kept the dollar was marginally softer at 112.55 yen JPY= having lost 2.3 percent last week in its worst weekly performance since late July. The euro was a fraction firmer at $1.0782 EUR= while the dollar dipped against a basket of currencies to 95.720 .DXY. In the commodities market, spot gold XAU= was 0.1 percent higher around $1,221.00 an ounce. Oil prices edged up after the United States imposed sanctions on some Iranian individuals and entities, days after the White House rebuked Tehran for a ballistic missile test. U.S. crude futures CLc1 added 7 cents to $53.90, while Brent LCOc1 gained 8 cents to $56.89 a barrel having rallied 2 percent last week. [O/R] (Reporting by Wayne Cole; Editing by Eric Meijer) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-global-markets-idUKKBN15L023'|'2017-02-06T07:31:00.000+02:00'
'11f7216879130ef975bb601aef565be13688f36c'|'BRIEF-TeamHealth Holdings to pay $60 mln to settle Medicare, Medicaid False Claims Act allegations'|' 17pm EST BRIEF-TeamHealth Holdings to pay $60 mln to settle Medicare, Medicaid False Claims Act allegations Feb 6 U.S. Department of Justice: * Says TeamHealth Holdings to pay $60 million to settle Medicare and Medicaid false claims act allegations * As part of settlement, TeamHealth entered into five-year corporate integrity agreement covering company''s Hospital Medicine division Source text - ( bit.ly/2keOHCY )    '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1FR0T8'|'2017-02-07T02:17:00.000+02:00'
'70e0163467aad33f439f09215782299290114b6f'|'Russia''s Detsky Mir revises IPO price guidance to 85-90 rbl per share - source'|'MOSCOW Feb 6 Russia''s Detsky Mir toy seller revised price guidance for an initial public offering (IPO) of its shares down to 85-90 roubles per share from previous guidance of 85-105 roubles per share, a financial market source told Reuters on Monday.The company''s IPO book is fully covered and will be closed on Tuesday afternoon, it also said. (Reporting by Olga Popova,; writing by Maria Tsvetkova)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/russia-ipo-retailer-idINR4N1FH028'|'2017-02-06T10:03:00.000+02:00'
'059f5c6f572f7e9bdca1ca29ff21be9290db7bd5'|'Beware the call connection services that charge <20>3.60 a minute - Money - The Guardian'|'C onsumers are paying up to <20>3.60 a minute to phone retailers, insurance companies, utilities firms and essential government services, despite the fact that in most cases these companies and organisations offer free or local call rate numbers.Some people have been left with huge bills they say they were not expecting after going online to find the number of the company they want to contact, and then calling what is a premium rate number that will often come high up in their search results.There is nothing illegal about these numbers, which typically begin with <20>09<30>. Known somewhat less than snappily in the industry as Information, connection and/or signposting services (ICSS), they market themselves as call connection services and are permitted by the premium rate phone watchdog, the Phone-paid Services Authority (PSA), provided they follow rules. But, typically, all they do is put you through to the customer services department of the company or organisation that you want to speak to.A put-down for BT, as it charges us <20>83 for a one-minute phone call Read more Edward Stanley*, from north London, recently had a costly run-in with one of these services. In October he tried to contact Amazon about a duplicate parcel. His call, lasting eight minutes and 20 seconds, ended up costing <20>30.87 <20> <20>3.60 a minute plus a connection fee.He had bought a <20>64 portable DVD player so that his disabled adult daughter could watch films on long car journeys. The item arrived in excellent condition, but the next day another arrived. Stanley decided to phone Amazon.The firm has a free 0800 number, but when Stanley went online to find a contact number a different one came up: an 09 number. After an introductory recorded message it automatically put him through to the real Amazon free number and he spoke to the retailer, unaware that a third party had connected him. When he saw the <20>30.87 on his phone bill he assumed the cash had gone to Amazon, and was initially angry because he felt he was doing the company a favour by informing it of its mistake. But, of course, he had not called Amazon directly.Amazon stresses it has no connection to the premium rate line. It says: <20>We operate a freephone number <20> 0800 496 1081 <20> or customers can visit our website to request a call-back, or email us, or visit our website for an online chat.<2E>It is impossible to know exactly how Stanley found the 09 number <20> he doesn<73>t remember exactly. But his phone bill also shows a large number of 09 numbers associated with BBC One show Strictly Come Dancing, which allows people to vote by calling 09 numbers from a mobile. If Stanley had searched for these Strictly 09 numbers, the algorithms used by search engines to rank websites in search results are more likely to come up with other 09 numbers, especially in personalised adverts.Amazon decided to give him <20>35 in vouchers because of his honesty, and told him to keep the extra DVD player.The PSA told Guardian Money: <20>We are aware of a service operating on an 09 number connecting consumers to Amazon, and we are looking into the matter.<2E> In theory it could ban the number and/or fine the operator, or caution it and ensure the wording is clearer.But Amazon is just the tip of a huge consumer iceberg. A quick trawl of other <20>connection services<65> suggests there are many out there offering to put people through to a vast range of household names, including Marks & Spencer, Tesco, John Lewis, npower, O2, BT, Sky, Argos, Asda, BA, Royal Mail, HMRC, the DVLA, TV Licensing and even the Dartford Crossing. They typically cost between <20>1.50 and <20>3.60 a minute plus connection charges, yet they usually do no more than push calls through to the standard lines of these firms and organisations, most if not all of which either offer 0800 free calls or 0345 local calls which are now included in most mobile and home phone bundles.The connection service costs <20>2 per minute <20> the regulator may well balk at the use of
'5b36677d1b1f2179e99ff8379ce1d7d70807020b'|'WRAPUP 3-Some airlines board barred passengers after blow to Trump travel ban'|'Company News - Sat Feb 4, 2017 - 6:38am EST WRAPUP 3-Some airlines board barred passengers after blow to Trump travel ban (Recasts with details from more airlines) By Alexander Cornwell DUBAI Feb 4 Citizens of seven mainly Muslim countries banned from the United States by President Donald Trump can resume boarding U.S.-bound flights, several major airlines said on Saturday, after a Seattle judge blocked the executive order. Qatar Airways was the first to say it would allow passengers from Iran, Iraq, Libya, Somalia, Sudan, Syria and Yemen to fly to U.S. cities if they had valid documents. Air France, Spain''s Iberia and Germany''s Lufthansa all followed suit after the federal judge''s ruling, which the White House said it planned to appeal as soon as possible. But the websites of two other major Gulf airlines, Etihad and Emirates, still carried notices informing passengers of Trump''s original Jan. 27 order. The travel ban, which Trump says is needed to protect the United States against Islamist militants, sparked travel chaos around the world and condemnation by rights groups who said it was racist and discriminatory. U.S. Customs and Border Protection told airlines they could board travelers affected within hours of Friday''s ruling, but budget airline Norwegian, which operates transatlantic flights including from London and Oslo, said many uncertainties remained about the legal position. "It''s still very unclear," spokeswoman Charlotte Holmbergh Jacobsson said. "We advise passengers to contact the U.S. embassy ... We have to follow the U.S. rules." In Cairo, aviation sources said Egypt Air and other airlines had told their sales offices of Friday''s ruling and would allow people previously affected by the ban to book flights. But for some who had changed their travel plans following the ban, the order was not enough reassurance. In Dubai, Tariq Laham, 32, and his Polish fiancee Natalia had scrapped plans to travel to the United States after they get married in July in Poland. Laham said the couple would not reverse their decision. "It is just too risky," said Laham, a Syrian who works as a director of commercial operations at a multinational technology company. "Every day you wake up and there is a new decision." VISA SUSPENSIONS Trump''s order caused chaos at airports across the United States last week. Virtually all refugees were also barred, upending the lives of thousands of people who had spent years seeking asylum in the U.S. The State Department said on Friday that almost 60,000 visas were suspended following Trump''s order. It was not clear whether that suspension was automatically revoked or what reception travelers with such visas might get at U.S. airports. The Washington state lawsuit was the first to test the broad constitutionality of Trump''s executive order. Judge James Robart, a George W. Bush appointee, explicitly made his ruling apply across the country, while other judges in similar cases have so far issued orders concerning only specific individuals. The challenge in Seattle was brought by the state of Washington and later joined by the state of Minnesota. The judge ruled that the states have legal standing to sue, which could help Democratic attorneys general take on Trump in court on issues beyond immigration. Washington''s case was based on claims that the state had suffered harm from the travel ban, for example students and faculty at state-funded universities being stranded overseas. Amazon.com and Expedia, both based in Washington state, had supported the lawsuit, asserting that the travel restrictions harmed their businesses. Tech companies, which rely on talent from around the world, have been increasingly outspoken in their opposition to the Trump administration''s anti-immigrant policies. Judge Robart probed a Justice Department lawyer on what he called the "litany of harms" suffered by Washington state''s universities, and also questioned the use of the Sept. 11,
'040fbc927e272b275c61df9bdd33e67368fe2879'|'Shell looking to sell stake in Danish venture - banking sources'|'Deals - Mon Feb 6, 2017 - 12:32pm GMT Shell looking to sell stake in Danish venture -banking sources A logo of Shell is pictured at a gas station in the western Canakkale province, Turkey April 25, 2016. REUTERS/Murad Sezer LONDON Royal Dutch Shell is seeking to sell its stake in the Danish Underground Consortium (DUC), an offshore oil and gas joint venture, in what would mark the company''s effective exit from Denmark, three banking sources said. The stake is valued at up to $1 billion, according to two sources. Bank of America Merrill Lynch (BAML) is running the sale process, the sources said. Shell owns a 36.8 percent stake in DUC alongside operator A.P. Moller-Maersk, which has 31.2 percent, Chevron which holds 12 percent, and Danish state-run Nords<64>fonden which has a 20 percent stake. Shell declined to comment. BAML was not available for immediate comment. Shell said last week it was close to selling assets totaling $5 billion to cut debt following its $54 billion acquisition of BG Group a year ago. The Anglo-Dutch company has sold around $12.5 billion in assets since mid-2015 as it tries to reach its target of $30 billion in disposals by 2018. It has said it plans to exit five to 10 countries in the process. Last September, Shell agreed an $80 million sale of its remaining Danish downstream business, including its Fredericia refinery, to Denmark''s Dansk Olieselskab. In March 2015, Shell agreed to sell its retail and commercial fuel marketing operations in Denmark to Canada''s Alimentation Couche-Tard. (Editing by Jason Neely and Susan Thomas) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-shell-denmark-idUKKBN15L1BJ'|'2017-02-06T19:22:00.000+02:00'
'ce01eac4ad34c39077b0dafa33e4da713ce1a7bb'|'MOVES-KPMG India names Arun Kumar as CEO'|'Feb 5 KPMG India has appointed Arun Kumar as chairman and chief executive, effective Feb. 5.Kumar, elected for a five-year term, succeeds Richard Rekhy, who was the CEO for over four years.Kumar was earlier the Assistant Secretary of Commerce for Global Markets and Director General of U.S. and Foreign Commercial Service in the Obama administration.Prior to that, he was on the KPMG US and KPMG Americas Boards during 2008-2013. (Reporting by Vishal Sridhar in Bengaluru; Editing by Sherry Jacob-Phillips)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/kpmg-moves-arun-kumar-idINL4N1FR1NX'|'2017-02-06T00:43:00.000+02:00'
'7ceb957da7f1360066ff8bc62f2ecf7acae2a1d3'|'European shares led lower by auto stocks; DAX underperforms'|'Business News  34am GMT European shares led lower by auto stocks; DAX underperforms Traders work at their desks in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, January 31, 2017. REUTERS/Staff/Remote MILAN European shares inched lower in early deals on Monday with Frankfurt''s DAX .GDAXI underperforming the broader market on weakness among auto stocks, while precious metals miners were underpinned by higher gold prices. The pan-European STOXX 600 index was down 0.2 percent by 0823 GMT, while the German blue chip DAX index .GDAXI fell 0.6 percent. The UK''s FTSE 100 .FTSE was flat. On the DAX, Volkswagen ( VOWG_p.DE ) was the biggest loser, down 1.6 percent, after the carmaker was sued by its first big German customer over its diesel-test cheating. Its fall weighed on the European auto index .SXAP, which fell 0.9 percent, making it the biggest sectoral faller in Europe. London-listed Randgold Resources ( RRS.L ) rose 4 percent, topping gainers on the STOXX, after the gold miner posted a 76 percent rise in fourth-quarter profit and said it would raise its annual dividend. Other precious metal miners were also in demand as gold prices gained for a third day, on technical buying and a weaker dollar. (Reporting by Danilo Masoni, editing by Kit Rees) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-europe-stocks-idUKKBN15L0QK'|'2017-02-06T15:34:00.000+02:00'
'4d400dc57acf49639bd37876f0c9a27b3bc7a2dd'|'Mondi buys UK packaging firm Excelsior Technologies'|'Deals - Mon Feb 6, 2017 - 10:03am GMT Mondi buys UK packaging firm Excelsior Technologies JOHANNESBURG South Africa''s Mondi ( MNDJ.J ) bought UK-based packaging firm Excelsior Technologies for 33 million pounds ($41 million) from funds managed by private equity firm Endless LLP and certain minority shareholders, the firm said on Monday. Mondi''s Chief Executive David Hathorn said in a statement that the British business will support the development of Mondi''s consumer packaging division. Excelsior makes packaging, mainly for food, and owns a packaging technology for microwave steam cooking. For the year ended 31 December 2016, it generated revenues of 39 million pounds, Mondi said. Mondi, which has operations in more than 30 countries, makes and sells consumer packaging and paper products as part of its Europe and International division''s Packaging Paper business. In 2016 Hathorn told Reuters that Mondi could borrow to fund acquisitions after spending 94 million euros ($101 million) buying consumer packaging businesses in 2015. (Reporting by Nqobile Dludla; Editing by Adrian Croft) Next In Deals Israel''s Delek agrees to buy Canada''s Ithaca Energy Israel''s Delek Group said it had offered $524 million for the 80 percent of shares in oil producer Ithaca Energy Inc it does not already own as it seeks to build up its North Sea assets ahead of a planned London listing.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-mondi-m-a-excelsior-idUKKBN15L0YI'|'2017-02-06T17:01:00.000+02:00'
'3726d3df60394846bcb5738c69d835d0d8a56d66'|'BMW agrees to settle vehicle water damage suit for up to $478 million'|'Business News - Tue Feb 7, 2017 - 3:40pm GMT BMW agrees to settle vehicle water damage suit for up to $478 million FILE PHOTO: A BMW logo is seen on a wheel at the Brussels International Auto Show in Belgium, January 22, 2015. REUTERS/Yves Herman/File Photo By David Shepardson - WASHINGTON WASHINGTON German automaker BMW AG ( BMWG.DE ) has agreed to pay up to $477.7 million to settle a class-action lawsuit covering about 318,000 U.S. luxury car owners who may have suffered water damage harming electrical components in vehicle trunks. According to settlement documents filed in U.S. District Court in New York last week, the settlement covers owners of 2004-2010 model year BMW 5 Series cars and will allow owners to receive up to a $1,500 reimbursement for prior repairs. A BMW spokeswoman did not immediately comment on Tuesday. Owners of vehicles with fewer than 120,000 miles (193,121 km) and are less than 10 years old are eligible for a free inspection and repairs if needed. The settlement says sensitive electronic components located in the spare tyre well of the trunk in some vehicles were damaged by either clogged sunroof drainage tubes or by some other means of water entering. As part of repairs, dealers will affix a warning label that informs owners not to spill liquids in the trunk. Owners contend that the automaker knew of the problem as early as 2004 based on complaints, warranty claims and technical service bulletins filed with the U.S. National Highway Traffic Safety Administration. BMW has denied wrongdoing. BMW has faced suits in New York and California over the issue for four years and the documents do not indicate how many owners may seek reimbursement. BMW has also agreed to pay nearly $1.8 million to cover legal fees and costs of the suing owners. The settlement must still be approved by U.S. District Judge Katherine Forrest. (Reporting by David Shepardson; Editing by Marguerita Choy) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-bmw-usa-lawsuit-idUKKBN15M1TA'|'2017-02-07T22:40:00.000+02:00'
'15e5bcc4e22318f8d85b3c79e6fc7fc7fd4ddc7c'|'Exclusive - Italian diesel probe omitted key tests for Fiat Chrysler models'|' 08pm GMT Exclusive - Italian diesel probe omitted key tests for Fiat Chrysler models 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 McDermid1V By Laurence Frost and Silvia Aloisi - PARIS/MILAN PARIS/MILAN Fiat Chrysler ( FCHA.MI ) vehicles were allowed to skip key tests for illegal engine software during Italy''s main emissions-cheating investigation in the wake of the Volkswagen scandal, according to the transport ministry''s own report. The report, presented to a European parliamentary committee in October but never officially published, will be seized upon by environmental groups pressing MEPs to vote on Thursday for tougher EU oversight of vehicle testing by national authorities. "It''s imperative that we break this cosy relationship between national testing authorities and their domestic carmakers," said Julia Poliscanova, a vehicle emissions specialist at Brussels-based campaign group Transport & Environment. "This problem is at the heart of Dieselgate." The Italian report may raise questions for Fiat Chrysler (FCA) as it faces a U.S. criminal investigation for alleged emissions manipulation and German accusations that it, like VW ( VOWG_p.DE ), used "defeat devices" to confound nitrogen oxide (NOx) tests. FCA on Monday became the third carmaker after VW and Renault to be referred to French prosecutors over the scandal. The Italian-American company denies breaking any laws, a spokesman reiterated, declining further comment. The ministry findings, which have been circulated by some Italian opposition politicians and examined by Reuters, include complete sets of data for eight diesel cars made by BMW, Ford, Mercedes-Benz, Volkswagen and GM''s Opel. But for three of the seven FCA models also investigated - a Jeep Cherokee 2.0, Alfa Romeo Giulietta 1.6 and Lancia Ypsilon 1.3 - results are missing from an on-road measurement phase and a reversed version of the EU''s standard "NEDC" lab test. All seven FCA models also lack data for an "Artemis" test that adjusts the EU lab regime to reflect urban driving styles. The three skipped protocols are typically used to help unmask defeat devices by preventing them from detecting the test. No explanation for the missing FCA results was offered in the document. But transport ministry spokeswoman Luisa Gabbi told Reuters a "new definitive version" had been drafted to include more data for FCA models following further tests, and would be published in coming weeks. Following VW''s exposure in 2015 for U.S. diesel test-cheating, several European countries launched their own investigative test programmes. Their results revealed on-road NOx emissions as high as 15 times the regulatory limits, as well as the widespread use of defeat devices that reduce exhaust treatment in some conditions. LOOPHOLE Carmakers including Renault, GM and Fiat have broadly invoked an EU legal loophole that allows such software only when it is necessary for safety or engine protection. All deny breaking the law. In German and French testing, a Jeep Cherokee 2.0 litre similar to the model overlooked by Italian engineers emitted between 5.3 and 9.9 times the legal NOx limit under modified EU test cycles conducted in the lab or on the road. Independent road testing of a Fiat 500L with the same 1.6-litre engine as the omitted Alfa Giulietta measured NOx levels more than 5.6 times the statutory 180 milligrams per kilometre for Euro 5 engines, according to UK-based Emissions Analytics. According to the Italian report, the FCA models were all analysed in Fiat''s own labs under the supervision of ministry officials, while all other models were tested at an independent Istituto Motori facility. The draft regulation before MEPs would bolster EU supervision of government testing authorities to address perceived conflicts of interest wh
'1344da14e0a716b44256e9fb5c12668685bd8789'|'Co-op ''saviour'' Richard Pennycook to step down as CEO'|'  5:07pm GMT Co-op ''saviour'' Richard Pennycook to step down as CEO LONDON Britain''s Co-operative Group ( 42TE.L ) said Richard Pennycook, its CEO who played a key role in steering the group through a 2013 crisis, is to step down on March 1 and be succeeded by Steve Murrells, the current boss of the group''s food business. The mutually-owned supermarkets to funeral services group said on Tuesday that Pennycook, who has since led its rebuilding, would remain as an adviser to the group, primarily focusing on its relations with the Co-operative Bank ( 42RQ.L ). The Co-op nearly collapsed in 2013 after a 1.5 billion-pound funding "hole" was found in the banking operation. But it has recovered under Pennycook, aided by the shift in Britons'' grocery shopping habits towards more frequent trips to smaller convenience stores. "Richard Pennycook saved our Co-op," said Co-op Chair Allan Leighton. "In three short years he has rescued and rebuilt our business and restored pride to our 70,000 colleagues and 4.5 million members. We owe Richard a huge debt of gratitude and his place in Co-op history is secured." Former Morrisons ( MRW.L ) finance chief Pennycook, who joined the Co-op on an interim basis having put on hold a planned portfolio career, has signalled that he now wishes to return to that plan, said the Co-op. Murrells joined the Co-op to run its food business in 2012. In other changes Pippa Wicks, currently group chief operating officer, becomes deputy CEO, while Jo Whitfield, currently finance director of the food business, will become CEO of Co-op Food on an interim basis. Last month the Co-op said it enjoyed strong trading in the final quarter of 2016, helped by the positive impact of a new membership scheme. (Reporting by James Davey; Editing by Adrian Croft)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-co-operative-grp-moves-idUKKBN15M207'|'2017-02-08T00:03:00.000+02:00'
'dbe475b7b483a45b7d9f6dccbf11482861bb5d20'|'UPDATE 2-Statoil takes hit as cuts long-term oil price view'|'* Takes $2.3 bln impairment as cuts long-term oil price view* Q4 net operating loss $1.9 bln vs forecast $2.1 bln profit* Break-even price is $27 on projects vs $41 last year* Shares down 1.2 percent, off earlier lows (Adds detail on output, analysts)By Nerijus Adomaitis and Gwladys FoucheLONDON/OSLO, Feb 7 Norway''s Statoil plunged to an unexpected loss in the fourth quarter of last year, as it cut its long-term assumptions for the price of oil and took a $2.3 billion impairment charge on the value of its assets as a result.But the state-controlled company cheered some analysts with a higher than expected production forecast for 2017, with plans to cut another $1 billion in costs and by saying the average break-even price for its new projects had fallen sharply."We guess the market will like Statoil''s 2017 guidance and probably forgive the major Q4 earnings miss," said Teodor Sveen-Nilsen at Swedbank.At 0910 GMT, Statoil shares were down 1.2 percent at 154.7 Norwegian crowns, off an earlier low of 153.4 crowns.Though oil prices have recovered in recent months, helped by output cuts by major producers, they remain well below levels of more than $100 a barrel earlier in the decade.Statoil said on Tuesday it now expected benchmark Brent crude to reach $75 a barrel in 2020, compared with a previous forecast of $83, and $80 in 2030, compared with $100 before.Britain''s BP said on Tuesday it expected oil prices to remain above $50 a barrel this year, as it also missed fourth-quarter earnings forecasts.Statoil said it made a net operating loss of $1.9 billion for the quarter, versus an operating profit of $152 million in the same period of 2015 and analysts'' average forecast of a $2.1 billion profit.The company''s adjusted operating profit fell to $1.66 billion from $1.78 billion a year earlier, missing analysts'' forecast for a rise to $2.27 billion as its international unit''s performance fell short of expectations.However, Swedbank''s Sveen-Nilsen said Statoil''s guidance suggested its 2017 production would rise 4-5 percent from 2016, compared with his own expectations for flat to up 1 percent.The company also estimated its average break-even price for new projects by 2022 had fall to $27 a barrel from $41 this time last year."This is impressive and a sign that investment activity is rising again," said Carnegie analyst Kjetil Bakken.Statoil forecast its capital expenditure would rise to $11 billion this year from a downwardly revised $10 billion in 2016, with spending on oil and gas exploration steady at $1.5 billion.The company added it would cut another $1 billion in costs this year on top of the $3.2 billion it has already cut. It maintained its dividend policy and said it may buy back shares, subject to approval from shareholders.Statoil shares have gained 31 percent over the past year, outperforming a 24 percent rise in the Stoxx Europe 600 oil and gas sector index. (Additional reporting by Camilla Knudsen and Terje Solsvik in Oslo; Editing by Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/statoil-results-idINL5N1FS0KN'|'2017-02-07T06:38:00.000+02:00'
'ff023e25e33bfe0bae595bbe235781c8bb1ab72e'|'India''s state-run IDBI Bank reports $335 mln Q3 net loss'|'MUMBAI Feb 7 India''s IDBI Bank Ltd reported its third-quarter net loss widened to 22.55 billion rupees ($335 million) as provisions for bad loans surged.The state-run bank, in which the government wants to cede majority control in a test case for reforms in the sector, had reported a net loss of 21.84 billion rupees for the year-ago quarter.Provisions for bad loans jumped to 23.57 billion rupees for the three months to Dec. 31, 2016, from 17.15 billion rupees a year earlier. Gross bad loans as a percentage of total loans rose to 15.16 percent as at end-December, from 13.05 percent in September, and 8.94 percent from a year earlier.Shares in IDBI Bank were 2.3 percent lower as of 0922 GMT in a Mumbai market that was down 0.5 percent.United Bank of India, a smaller state-run lender which also reported third-quarter results on Tuesday, saw its net profit rising. ($1 = 67.3975 Indian rupees) (Reporting by Devidutta Tripathy; Editing by Subhranshu Sahu)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/idbi-bank-results-idINL4N1FS34L'|'2017-02-07T06:36:00.000+02:00'
'85e25ed39f4c48a78ec8441f7a1ec13b3cd8c0b2'|'Hexaware Technologies consol after tax up about 22 pct'|'Feb 7 Hexaware Technologies Ltd* Hexaware Technologies-in 2016,co saw reduced dependence on h1b;committed to continuous reduction of dependence on visas* Hexaware Technologies Ltd - dec quarter consol profit after tax 1.21 billion rupees* Hexaware Technologies Ltd consensus forecast for dec quarter consol profit was 1.11 billion rupees* Hexaware Technologies Ltd - dec quarter consol income from operations 9.41 billion rupees* Hexaware Technologies Ltd says declared inertim dividend of INR 1 per share* Hexaware Technologies Ltd - consol profit after tax in dec quarter last year was 993.6 million rupees as per Ind-AS;consol income from operations was 8.20 billion rupees* Hexaware Technologies Ltd says board gave in-principle approval for merger of unit Risk Technology International with co* Hexaware Technologies Ltd - believes that any changes regarding immigration policy that happen in future is likely to have impact from late 2018 only Source text - ( bit.ly/2jWy7Xy '|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/idINL5N1FS0HQ'|'2017-02-07T02:57:00.000+02:00'
'8442961fed3c12aa35f4f7d0b3d77217499936bb'|'Oil becoming a crowded as hedge funds pile in: Kemp'|'By John Kemp - LONDON LONDON Hedge funds have accumulated a record bullish position in crude futures and options, betting on further price rises, but the lopsided nature of the positioning has become a key source of risk in the oil markets.Hedge funds and other money managers had accumulated a record net long position in the three main Brent and West Texas Intermediate (WTI) futures and options contracts equivalent to 885 million barrels by Jan. 31 ( tmsnrt.rs/2kiH2WU ).Fund managers added an extra 41 million barrels to their net long position in the seven days to Jan. 31, according to the latest reports published by regulators and exchanges.Funds now have long positions equivalent to almost 1 billion barrels across the three major contracts, while short positions amount to just 111 million barrels.The ratio of long to short positions has reached almost 9:1, the most bullish since May 2014, when Islamic State fighters were racing across northern Iraq and the Libyan civil war had halted crude exports ( tmsnrt.rs/2jTBZgO ).The crude market is starting to resemble the classic crowded trade in which speculators attempt to position themselves in the same direction in anticipation of a big price move.There has been no sign of profit-taking although Brent prices have risen close to the $55-60 region most energy market professionals expect to be the average for 2017.Hedge funds have continued to add long positions even though Brent prices have almost doubled over the last 12 months and are trading near the highest level since July 2015.And there is no evidence of any new wave of short sales. Combined short positions across Brent and WTI have fallen to the lowest level in seven months.Fund managers apparently believe output reductions by the Organization of the Petroleum Exporting Countries and other exporters will succeed in draining excess global inventories and pushing prices higher.Managers are also discounting the threat from renewed drilling in the United States and a likely increase in output from shale producers, at least in the near term.But every successful trade needs an exit strategy and in this case it remains unclear how and at what price fund managers will manage down positions and try to take profits.The enormous concentration of hedge fund long positions has emerged as an important source of price risk in the near term (<28>Predatory trading and crowded exits<74>, Clunie, 2010).One-way markets, when traders attempt to position themselves in the same direction, often precede sharp reversals in prices (<28>Why stock markets crash: critical events in complex financial systems<6D>, Sornette, 2003).The previous record net long position in oil markets, set in June 2014, preceded the deepest and most prolonged slump in prices for almost 20 years ( tmsnrt.rs/2kiSP7t ).And in the last two years, large concentrations of short positions have normally preceded a sharp short-covering rally as managers raced to lock in profits when prices stopped falling.With so many fund managers now positioned in the same (long) direction, the risk of a rush for the exits, a disorderly liquidation of positions and a correction in prices has risen significantly ( tmsnrt.rs/2kiGlNm ).(Editing by Dale Hudson)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/oil-hedgefunds-kemp-idINKBN15M06A'|'2017-02-06T23:45:00.000+02:00'
'1fbaac09c4eb760fe3dd092630fa178c70022f3f'|'Volkswagen launches U.S. electric vehicle infrastructure unit'|' 10pm GMT Volkswagen launches U.S. electric vehicle infrastructure unit FILE PHOTO: Snowflakes are seen on the badge of a Volkswagen car in Warsaw, Poland, December 17, 2016. REUTERS/Kacper Pempel/File Photo By David Shepardson - WASHINGTON WASHINGTON Volkswagen Group of America on Tuesday announced a U.S. subsidiary that will manage $2 billion in investments in zero emission vehicle infrastructure and awareness programs over a decade as part of a court settlement over its excess diesel emissions. The world''s largest automaker by sales said the unit plans to install more than 500 charging stations nationwide, including more than 300 stations in 15 metro areas, and to develop a high-speed, cross-country network consisting of more than 200 stations. VW will also launch a "Green City" initiative in a yet-to-be-identified California city to pilot future concepts, including potentially a ZEV-based shuttle service, an EV-based car-sharing program, or a ZEV transit program. The company will make four $500 million investments every 30 months and must get approval from the California Air Resources Board and the U.S. Environmental Protection Agency for spending. VW must submit draft plans to regulators on the first funding plan by Feb. 22. The Electrify America LLC unit, based in Reston, Virginia, is a wholly owned subsidiary of Volkswagen Group of America and is separate from Volkswagen AG''s ( VOWG_p.DE ) automobile brands. The German automaker''s settlement on excess diesel emissions from nearly 600,000 U.S. vehicles requires that $800 million be spent in California and $1.2 billion be invested throughout the rest of the United States. In December, California said Volkswagen agreed to add at least three additional electric vehicles, including an SUV, in the state by 2020 and must sell an average of 5,000 electric vehicles annually through 2025 in the state. Funds spent on education and outreach must be brand neutral and cannot feature Volkswagen vehicles. Charging stations must be accessible to all vehicles. VW named long-time auto executive Mark McNabb as chief executive of Electrify America. McNabb has overseen the diesel settlement program and will continue to do so in his new role. Volkswagen halted sales of diesels in the United States in late 2015 and has said it has no plans to resume U.S. diesel sales. Volkswagen is set to plead guilty on Feb. 24 to three felony counts as part of a plea agreement with the U.S. Justice Department to resolve charges it installed software in U.S. vehicles to allow them to emit excess pollution. In total, VW has agreed to spend up to $25 billion in the United States to address claims from owners, environmental regulators, U.S. states and dealers, and offered to buy back about 500,000 polluting vehicles. (Reporting by David Shepardson; Editing by Dan Grebler)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-volkswagen-emissions-idUKKBN15M20C'|'2017-02-08T00:10:00.000+02:00'
'635eaf7c71e6bd4d23f3db48a624dc2ec705d2bc'|'Iran says U.S. sanctions stop American oil firms taking part in projects'|'Commodities - Mon Feb 6, 2017 - 4:03am EST Iran says U.S. sanctions stop American oil firms taking part in projects FILE PHOTO: 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 has imposed no restrictions on U.S. oil firms willing to participate in energy projects in the country but American sanctions make such cooperation impossible, Iran''s deputy oil minister said on Monday. "Iran has not imposed any restrictions on the U.S. companies, but they cannot participate in our (oil and gas) tenders due to the U.S. laws," Amir Hossein Zamaninia, deputy oil minister for trade and international affairs, was quoted as saying by state news agency IRNA. "Based on the U.S. Congress sanctions, the American oil companies cannot work in Iran," he added. Iran said on Saturday that it will hold the country''s first tender in mid-February since the lifting of international sanctions to develop oil and natural gas fields. OPEC''s No. 3 oil producer hopes to draw foreign companies to invest in Iran and boost output after years of under-investment. However, foreign firms have so far made little inroads into the country despite the lifting of sanctions. President Donald Trump''s new U.S. administration on Friday imposed fresh sanctions on Iran, which it said were just initial steps. It said Washington would no longer turn a "blind eye" to Iran''s hostile actions. Dismissing the new sanctions, Zamaninia said "such actions have had no effect, and international companies are still keen to do business with Iran." Anglo-Dutch oil firm Royal Dutch Shell ( RDSa.L ) signed a provisional deal in December to develop Iranian oil and gas fields South Azadegan, Yadavaran and Kish. (Reporting by Bozorgmehr Sharafedin; Editing by Adrian Croft) Next In Commodities'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-iran-oil-usa-idUSKBN15L0SA'|'2017-02-06T16:03:00.000+02:00'
'df181d419493e736d0b6def7d5eadf4255f5211c'|'CANADA STOCKS-TSX barely higher as banks, gold miners shine'|'Company  44am EST CANADA STOCKS-TSX barely higher as banks, gold miners shine (Adds details, updates prices) * TSX up 2.14 points, or 0.01 percent, at 15,478.53 * Six of the TSX''s 10 main groups move higher TORONTO, Feb 6 Canada''s main stock index was barely higher in morning trade on Monday, as financial stocks and gold miners gained along with bond yields and bullion, while energy names fell as oil prices slipped. Among the most influential gainers were the index''s sizable gold mining group, with Barrick Gold rising 1.4 percent to C$25.02 and Agnico Eagle Mines Ltd up 1.3 percent to C$64.97. Gold climbed to its highest in nearly three months as worries about the political landscape in the United States and Europe and a subdued dollar reinforced investor interest in the precious metal. The index''s materials group, which includes precious and base metals miners and fertilizer companies, added 0.5 percent. The heavyweight financials group gained 0.3 percent as bond yields rose, with the country''s largest lender Royal Bank of Canada up 0.9 percent at C$95.43. Canada''s financial sector got a boost on Friday from U.S. President Donald Trump''s signal that looser banking regulation is coming there. Many companies in the sector are active in the United States At 10:32 a.m. ET (1532 GMT), the Toronto Stock Exchange''s S&P/TSX composite index was up 2.14 points, or 0.01 percent, at 15,478.53. Advancers outnumbered decliners by a 1.3-to-1 ratio overall, while six of the 10 main group moved higher. Enbridge Inc fell 1.3 percent to C$56.29 and fellow pipeline company TransCanada lost 0.8 percent to C$61.99, while major energy producer Canadian Natural Resources declined 0.8 percent to C$39.59. The energy group retreated 0.6 percent, as oil prices slipped on a stronger dollar and ample U.S. supplies that outweighed OPEC output curbs and rising tensions between the United States and Iran. Pharmaceutical company Prometic Life Sciences Inc advanced 3.8 percent to C$2.18 after it said California Capital Equity LLC had exercised share purchase warrants in the company as it prepares for its first commercial launch in 2017. Trade data for December is due on Tuesday, after Canada achieved its first trade surplus in more than two years in November. (Reporting by Alastair Sharp; Editing by Meredith Mazzilli) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-idUSL1N1FR0NH'|'2017-02-06T22:44:00.000+02:00'
'736d05b86c9a2d6ebacc2da94e6dd5388657914b'|'Suzuki Q3 operating profit exceeds forecasts on better margins'|'TOKYO Suzuki Motor Corp on Monday reported a higher-than-expected rise in third-quarter operating profit on the back of better margins, while sales remained strong in its biggest market of India.Japan''s fourth-largest automaker said operating profit rose to 51.9 billion yen ($461.13 million) in October-December, up from 45.1 billion yen a year prior and exceeding a median forecast of 43.66 billion yen drawn from 10 analysts in a Thomson Reuters I/B/E/S/ poll.It kept its full-year profit forecast of 145.0 billion yen unchanged, slightly lower than a median forecast of 147.78 billion yen drawn from 10 analysts in a Thomson Reuters I/B/E/S/ poll.Suzuki, which specialises in ultra-compact cars, has benefited from strong demand for its higher-margin vehicles in India, which accounts for around half of its total global sales. This has offset slower sales at home and in other Asian regions.($1 = 112.5500 yen)(Reporting by Naomi Tajitsu; Editing by Christopher Cushing)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/suzuki-motor-results-idINKBN15L0IM'|'2017-02-06T03:49:00.000+02:00'
'7987f1b564ae17ebad106f2f6941afa3fc0c9c41'|'BRIEF-Party City Holdco says Roy Jones V. Party City Holdco lawsuit has been dismissed'|' 17pm EST BRIEF-Party City Holdco says Roy Jones V. Party City Holdco lawsuit has been dismissed Feb 6 Party City Holdco Inc * Party City Holdco Inc says Roy Jones V. Party City Holdco lawsuit has been dismissed by U.S. District court in Southern District Of New York * Party City Holdco Inc - on Feb 1, court dismissed case against all of defendants for failure to state claim upon which relief may be granted Source text for Eikon:    '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1FR0OH'|'2017-02-07T02:17:00.000+02:00'
'01c932f83e6b53fe4c6f1b5b81f2808e5de9a9bd'|'PRESS DIGEST- Canada-Feb 6'|' 14am EST PRESS DIGEST- Canada-Feb 6 Feb 6 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 ** Sunshine Silver Mining & Refining Corp is auditioning investment banks for starring roles in an IPO on the Toronto Stock Exchange, according to sources pitching the company. tgam.ca/2laiT6h NATIONAL POST ** The Liberal party''s electoral reform exercise cost a minimum of C$4.1 million, according to an analysis of government expenses. bit.ly/2jReXHE ** Canada''s financial consumer agency is investigating complaints that banks are signing up customers for credit cards without their express consent. bit.ly/2l0eR0y (Compiled by Gaurika Juneja in Bengaluru)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/press-digest-canada-idUSL4N1FR3EP'|'2017-02-06T18:14:00.000+02:00'
'032801726fb3fa170b7f8b081d681f2e8cf94126'|'Toyota says board to decide on Suzuki partnership Monday'|'Deals - Sun Feb 5, 2017 - 7:24pm EST Toyota says board to decide on Suzuki partnership Monday Toyota Motor Corp''s logo is pictured on a car in Tokyo, Japan, November 8, 2016. REUTERS/Kim Kyung-Hoon - TOKYO Toyota Motor Corp ( 7203.T ) said its board would make a decision on Monday regarding a partnership the automaker has been exploring with Suzuki Motor Corp ( 7269.T ) since last October. It gave no further details. The Nikkei business daily said on Saturday the two Japanese automakers could announce a wide-ranging partnership that would include the development of new technologies and procurement, and announce the deal as early as Monday. Both companies are set to announce third-quarter earnings later in the day. Shares in Toyota and Suzuki were both up about 1 percent, in line with the broader Tokyo market. (Reporting by Chang-Ran Kim and Naomi Tajitsu; Editing by Edwina Gibbs) Next In Deals Generali to hold meeting on Monday on Intesa stake: source MILAN Italy''s top insurer Generali will hold a meeting on Monday to discuss the 3 percent stake it bought in Intesa Sanpaolo in January to fend off unwanted interest from the bank, a person familiar with the matter said on Sunday.'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-toyota-suzuki-motor-idUSKBN15L015'|'2017-02-06T07:24:00.000+02:00'
'adf80546dfd3a212e776279f25c563e623f992b3'|'MOVES- MUFG, Brit Ltd, Greenhill, Idinvest, TriOptima'|'Company  36pm EST MOVES- MUFG, Brit Ltd, Greenhill, Idinvest, TriOptima Feb 6 The following financial services industry appointments were announced on Monday. To inform us of other job changes, email moves@thomsonreuters.com. MITSUBISHI UFJ FINANCIAL GROUP (MUFG) The Japanese firm hired Anne Gebuhrer to head its European Financial Institutions Debt Capital Markets (DCM). BRIT LTD The specialty insurer, a unit of Canada''s Fairfax Financial Holdings Ltd, named Tim Chesson senior vice president of Brit Global Specialty USA (BGSU), effective Jan. 23. GREENHILL & CO INC Richard Phillips has been appointed vice chairman of the advisory firm and co-head of its Australia office. IDINVEST PARTNERS SA The Paris-based securities brokerage named Alban Wyniecki as an investment director. TRIOPTIMA Per Sjoberg has stepped down from his role as CEO for the post-trade derivatives processing firm owned by NEX Group Plc . (Compiled by Sruthi Shankar in Bengaluru) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/financial-moves-idUSL4N1FR4MI'|'2017-02-07T03:36:00.000+02:00'
'36a528b10cd01cf124a7cd05a78a0a83556099cd'|'Super Bowl ads score eyeballs with political football'|'U.S.  21am EST Super Bowl ads score eyeballs with political football New England Patriots'' quarterback Tom Brady holds the Vince Lombardi trophy after his team defeated the Atlanta Falcons to win Super Bowl LI in Houston, Texas, U.S., February 5, 2017. REUTERS/Adrees Latif By Tim Baysinger - NEW YORK NEW YORK With Americans'' attention more finely tuned to the political climate under U.S. President Donald Trump, brands that dove headfirst into that conversation generated the most reaction from viewers during Sunday<61>s Super Bowl. For most of the game, the chatter around commercials by Airbnb, Coca Cola Co and Budweiser was more exciting than the Super Bowl itself. But late in the game,   pulled off a 25-point comeback to defeat the Atlanta Falcons in the National Football League<75>s first-ever overtime Super Bowl. With the game''s thrilling finish, viewers could exceed the 114.4 million who watched Super Bowl XLIX in 2015, providing a massive audience for advertisers who paid more than $5 million for 30 seconds of airtime. Though T-Mobile drew the most attention on social media with celebrity-studded ads that included popstar Justin Bieber, the brands that sparked the most conversation among viewers were those that leaned into subjects of diversity and immigration. Airbnb''s ad featuring a diverse group of people touting a message of acceptance will be seen by many as a criticism of Trump<6D>s immigration policies. The ad was among the most talked about, generating nearly 70,000 tweets between 6:30 p.m. and 10 p.m. EST, data from digital marketing technology company Amobee shows. During the pre-game, Coca Cola re-aired its ad from the 2014 Super Bowl, which featured "America the Beautiful" sung in different languages, which prompted more than 69,000 tweets. Budweiser<65>s spot, telling the story of Anheuser-Busch<63>s immigrant co-founder Adolphus Busch, and Pennsylvania-based building materials company 84 Lumber<65>s ad were among the most talked about as well. 84 Lumber<65>s ad had to be reworked after Fox rejected an initial version that featured a border wall, which was in the company''s full-length online version. Amobee data found the sentiment for the ads skewed positive. Advertisers have been grappling with how to reach consumers in the political climate under Trump, when viewers'' increasingly partisan attitudes make it more difficult to market to a broad audience. "It<49>s America paying attention to us and really ranking us, when they so often try to ignore what advertising does," said Ted Royer, chief creative officer of creative agency Droga5, which created Sprint<6E>s ad targeting rival carrier Verizon. Trump''s November election, and his subsequent action on immigration and other issues has nearly split the population. That divide has left the stakes higher for advertisers devising campaigns for some of the biggest U.S. brands, which typically avoid politics, for fear of upsetting consumers. "There<72>s a lot more anxiety, self-inflicted anxiety, in the country than there has been ever in the past," said Mike Sheldon, chairman and chief executive of ad agency Deutsch, who created Busch<63>s first-ever Super Bowl ad. (Editing by Anna Driver and Clarence Fernandez) Next In U.S.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-nfl-superbowl-advertising-idUSKBN15L0EY'|'2017-02-06T12:18:00.000+02:00'
'b7635b363e3bd56a51c26bb1022b8cf54e823043'|'BRIEF-Eastern Virginia Bankshares Q4 earnings per share $0.09'|' 17am EST BRIEF-Eastern Virginia Bankshares Q4 earnings per share $0.09 Feb 6 Eastern Virginia Bankshares Inc : * Eastern Virginia Bankshares, Inc releases fourth quarter and full year 2016 results * Qtrly net income $1.6 million versus $2.2 million * Says increase in qtrly net interest income of $1.1 million from same period in 2015 * Qtrly earnings per share $0.09  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSASB0AYP2'|'2017-02-06T21:17:00.000+02:00'
'92234bc52ef9d0c9cf17120efa5f17a9b3797fcd'|'Talks between Russian tycoons Vekselberg and Prokhorov over Rusal stake stalled - sources'|'Business News  26am GMT Talks between Russian tycoons Vekselberg and Prokhorov over Rusal stake stalled - sources Chairman of the Board of Directors of Renova Group Viktor Vekselberg arrives for a session of the St. Petersburg International Economic Forum 2016 (SPIEF 2016) in St. Petersburg, Russia, June 17, 2016. REUTERS/Grigory Dukor MOSCOW Talks between Russian tycoons Viktor Vekselberg and Mikhail Prokhorov over a stake in Russian aluminium producer Rusal ( 0486.HK ) have stalled, two financial market sources and an industry source told Reuters on Monday. Two sources close to Vekselberg told Reuters last year that he planed to buy a 12 percent stake in Rusal from Prokhorov''s Onexim Group via SUAL Partners. Newspaper Vedomosti reported in 2016 that the deal may be worth $700 million and was due to be finalised by the end of November. Asked about the deal in the middle of December, Vekselberg told Reuters there were "some certain technical questions which need to be solved", adding he hoped the deal would be closed in the near future. The sources did not specify on Monday why the talks had stalled. As one possible reason, Vedomosti quoted two sources as saying on Sunday that Rusal''s value had almost doubled since the summer when the talks started. Prokhorov''s Onexim owns a 17 percent stake in Rusal. SUAL Partners, controlled by Vekselberg and his partner Leonard Blavatnik, own another 15.80 percent in Rusal. The biggest Rusal shareholder is En+, a holding company of Russian businessman Oleg Deripaska. Rusal, En+ and Onexim declined to comment. A spokesman for Vekselberg''s Renova investment vehicle said the company does not comment on rumours. (Reporting by Anastasia Lyrchikova, Polina Devitt, Andrey Kuzmin and Katya Golubkova; Editing by Keith Weir) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-russia-rusal-talks-idUKKBN15L0PX'|'2017-02-06T15:26:00.000+02:00'
'e3100086c2307f8f3dd40b791f469cea0a89439c'|'FTSE ends lower after two-week high, housebuilders slip'|' 21pm GMT FTSE ends lower after two-week high, housebuilders slip A man walks past the London Stock Exchange in the City of London October 11, 2013. REUTERS/Stefan Wermuth By Atul Prakash and Kit Rees - LONDON LONDON Britain''s top equity index ended slightly lower on Monday after hitting a two-week high earlier in the session, with a fall in energy and housebuilding stocks outpacing a rally in shares of precious metals miners. The blue-chip FTSE 100 index .FTSE closed 0.2 percent lower at 7,172.15 points after setting an intra-day peak of 7,208.73, the highest level since January 20. Housebuilders Taylor Wimpey ( TW.L ), Barratt Developments ( BDEV.L ) and Persimmon ( PSN.L ) were down 1.6 to 1.7 percent before the launch of the government''s latest attempt to fix a chronic shortage of new homes.. Housing minister Gavin Barwell said on Sunday the property market was too dependent on large homebuilders. On Tuesday, the UK government will publish details of a new strategy, billed as a major shake-up of the planning and construction system. "There are concerns that a rise in housing supply following the government''s likely move could hit margins of housebuilders and force them to slow down the pace of new construction to maintain a stable supply," said Jawaid Afsar, senior trader at Securequity. The market was also hit by a 0.5 percent fall in the UK oil and gas index .FTNMX0530 after crude prices slipped further as a stronger dollar and ample U.S. supplies outweighed OPEC output curbs and rising tensions between the United States and Iran. Shares in Ryanair ( RYA.L ) fell 0.6 percent after the budget airline said average fares fell more than expected in the last three months of 2016 amid a capacity glut in Europe''s short-haul market. British Airways-owner IAG ( ICAG.L ) fell 2.1 percent. Gold miners provided some support to the market. Randgold Resources ( RRS.L ) jumped 4.2 percent, the top gainer in the FTSE 100 index, on stronger gold prices and after the reporting a 76 percent surge in its fourth-quarter profits. It said it would increase its annual dividend by 52 percent. "This is an impressive set of figures," Fiona Cincotta, market analyst at City Index, said in a note. "Given the heightened uncertainty in the geopolitical arena, with Trump at the helm, gold could be looking to achieve $1,300 should the safe-haven trade start to replace the Trump trade, which would serve to boost the miner further." Fellow precious metals miner Fresnillo ( FRES.L ) gained 1.3 percent after gold climbed to its highest in nearly three months as worries about the political landscape in the United States and Europe reinforced investor interest. (Editing by Larry King)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-stocks-idUKKBN15L211'|'2017-02-07T00:21:00.000+02:00'
'cec4ab8c2f2bd396951ca5286b32d15874012a01'|'EU regulators to decide on Siemens, Gamesa deal by March 13'|'BRUSSELS EU antitrust regulators will decide by March 13 whether to approve a deal by German engineering company Siemens ( SIEGn.DE ) and Spain''s Gamesa ( GAM.MC ) to create the world''s biggest wind turbine maker.The companies sought approval on Monday, European Commission spokesman Ricardo Cardoso said in an email. The EU competition body can either clear the deal with or without concessions or it can open a lengthy investigation if it has serious concerns that the merger may harm consumers and rivals.Siemens announced the deal to combine assets in June last year, which will give it a 59 percent stake in Gamesa. The venture will combine its strength in offshore windpower and Gamesa''s leading position in emerging markets.(Reporting by Foo Yun Chee; editing by Susan Thomas)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-gamesa-m-a-siemens-eu-idINKBN15L1WG'|'2017-02-06T13:34:00.000+02:00'
'684fbd3c8e47fbb19509affcfe5c30bc7d4edb53'|'Dollar subdued after U.S. wage growth disappoints'|'Foreign Exchange Analysis - Sun Feb 5, 2017 - 7:53pm EST Dollar subdued after U.S. wage growth disappoints A man walks past a currency exchange bureau advertisement showing an image of the U.S. dollar in Cairo, Egypt, November 11, 2016. REUTERS/Mohamed Abd El Ghany TOKYO The dollar started the week on the back foot on Monday, after U.S. data showed a smaller-than-expected rise in wages in January that reinforced expectations the Federal Reserve will refrain from raising interest rates next month. The dollar index, which tracks the greenback against a basket of six major rivals, drooped 0.1 percent to 99.725. The dollar was flat against the yen from Friday''s late North American levels, at 112.56 yen, holding above last week''s low of 112.05, which was its lowest since late November. While the headline figure of Friday''s nonfarm payrolls report for January showed a greater-than-expected rise in job growth, the unemployment rate edged up and wage growth was disappointing. That implied inflation would not attain a pace that would prompt the U.S. central bank to raise interest rates. Fed fund futures priced in a less than 10 percent chance of a rate hike in March after the jobs data on Friday, according to the CME Group''s FedWatch. The chance of a June increase was seen at more than 60 percent. The Fed, which raised rates in December, has forecast three rate increases this year. Whether it sticks to that pace depends on labour market strength as well as if President Donald Trump''s stimulus steps succeed in boosting growth and inflation. Still, San Francisco Fed President John Williams said on Friday that the Fed can prepare to raise interest rates this year without knowing details of any new U.S. fiscal policies because inflation is firming and the labour market looks good. While Trump''s immigration curbs and renewed sanctions on Iran grabbed most attention, he also on Friday ordered reviews of major banking rules that were put in place after the 2008 financial crisis. Financial markets took this as a signal that looser banking regulation is ahead. "Trump''s comments sometimes make us puzzled, and we always have to wait for the details to see what he means," said Kaneo Ogino, director at foreign exchange research firm Global-info Co in Tokyo "The dollar''s upside is a bit heavy, but there are still people buying on dips, so range trading is likely to continue this week," he said. Speculators trimmed their bullish dollar bets for a fourth straight week through Jan. 31, with net long positions falling to their lowest since late October, according to data from the Commodity Futures Trading Commission released on Friday and calculations by Reuters. [IMM/FX] The smaller-than-expected rise in U.S. wage growth further dampened the dollar''s outlook, as well as concerns that Trump''s protectionist trade policies and statements about other countries'' currency manipulation would offset any lift from his stimulus policies and deregulation. "The verbal intervention by the new U.S. administration and the unexpected weakness in wage growth may be factors extending the correction," Marc Chandler, global head of currency strategy at Brown Brothers Harriman in New York, said in a note. "Nevertheless, we continue to view the dollar''s pullback as corrective in nature and not the end of the bull run, and still see the macroeconomic considerations falling into place for a resumption of the underlying bull market," Chandler said. The euro was steady on the day at $1.0781, holding well above Friday''s session low of $1.0711. (Reporting by Tokyo markets team; Editing by Jacqueline Wong) Next In Foreign Exchange Analysis'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/uk-global-forex-idUSKBN15L037'|'2017-02-06T07:46:00.000+02:00'
'e6bbb8622d2077fe4b5be7b27035d2a6e433f21e'|'BRIEF-RBC Global Asset Management announces Jan. mutual fund net sales of $1.1 bln'|' 19am EST BRIEF-RBC Global Asset Management announces Jan. mutual fund net sales of $1.1 bln Feb 6 RBC Global Asset Management: * RBC Global Asset Management Inc. announces January sales results for RBC funds, PH&N funds and Bluebay Funds * RBC Global Asset Management - announced January mutual fund net sales of $1.1 billion * RBC global asset management says assets under management increased by 0.4 per cent in January  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSASB0AYP3'|'2017-02-06T21:19:00.000+02:00'
'fbda6c91fa4b47444346041f7851e73d01c24a60'|'ECB won''t act on temporary inflation spikes: Draghi'|'Economic   8:09pm IST ECB won''t act on temporary inflation spikes: Draghi left right European Central Bank (ECB) President Mario Draghi testifies before the European Parliament''s Economic and Monetary Affairs Committee in Brussels, Belgium February 6, 2017. REUTERS/Yves Herman 1/2 left right FILE PHOTO: The European Central Bank (ECB) headquarters is pictured in Frankfurt, Germany, January 21, 2015. REUTERS/Kai Pfaffenbach/File Photo 2/2 BRUSSELS The European Central Bank will not tighten policy to counter surging inflation as the rise is temporary and due almost entirely to rising oil prices, ECB President Mario Draghi said on Monday, brushing aside calls for the ECB to reduce stimulus. The currency bloc''s recovery is gaining strength but labour market slack remains large, productivity growth is weak and risks remain tilted to the downside, requiring the ECB''s continued help, Draghi told the European Parliament''s committee on economic affairs. With inflation surging to the ECB''s target last month, calls, particularly from Berlin, have increased for the bank to claw back stimulus and start phasing out its 2.3 trillion euro asset buying programme, which has kept borrowing costs at record lows for years. Echoing the message of Peter Praet, his chief economist, Draghi said the ECB would not react to short term and temporary swings in data, suggesting that any tapering, or winding down the asset buys is far into the future. "Support from our monetary policy measures is still needed if inflation rates are to converge towards our objective with sufficient confidence and in a sustained manner," Draghi said. "Our monetary policy strategy prescribes that we should not react to individual data points and short-lived increases in inflation," Draghi said. "We therefore continue to look through changes in (harmonised) inflation if we believe they do not durably affect the medium-term outlook for price stability. The ECB''s asset buys will be reduced by a quarter from April but are set to continue at least until the end of the year. Euro zone inflation hit 1.8 percent in January and is likely to exceed the ECB''s target of almost 2 percent in the coming months, firming resistance in Germany, the euro zone''s biggest economy, to the ECB''s policy of easy cash. But core inflation, which excludes energy and food prices, is still low and Draghi pointed to weak underlying trends as a key reason for continued monetary support. "So far underlying inflation pressures remain very subdued and are expected to pick up only gradually as we go on," he said. "This lack of momentum in underlying inflation reflects largely weak domestic cost pressures." (Reporting by Balazs Koranyi, Francesco Canepa and Andreas Framke Editing by Jeremy Gaunt) Next In Economic News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/ecb-policy-idINKBN15L1NV'|'2017-02-06T21:39:00.000+02:00'
'292c8ea03bee3e9e45315158fdb7230feddc2961'|'Japan''s Mr Yen says dollar could fall below 100 yen by end-2017'|'Economic News - Mon Feb 6, 2017 - 12:33pm IST Japan''s Mr Yen says dollar could fall below 100 yen by end-2017 FILE PHOTO - A U.S. one-hundred dollar bill (C) and Japanese 10,000 yen notes are spread in Tokyo, Japan in this February 28, 2013 picture illustration. REUTERS/Shohei Miyano/File Photo By Tetsushi Kajimoto and Yoshifumi Takemoto - Tokyo Tokyo Japan''s former currency czar Eisuke Sakakibara said the dollar could fall below 100 yen by year-end as U.S. President Donald Trump''s perceived support for a weak dollar helps slow the pace of interest rate hikes by the Federal Reserve. Sakakibara, who was known as "Mr Yen" in the 1990s when he led currency intervention to stem yen appreciation, said Japan should not intervene if yen gains are gradual, noting that Japanese firms with production bases overseas will benefit from a stronger yen. Even if yen rises are rapid, Japan cannot intervene as doing so will not be supported by the United States, Sakakibara, now a professor at Aoyama Gakuin University, told Reuters in an interview on Monday. Trump''s U.S. election victory in November initially brought benefits to Japan as dollar gains fuelled by hopes for his stimulus policies weakened the yen in a boon to its exports. But his recent criticism against a weak yen has turned him into one of the biggest risks to Japan''s export-reliant economy, with the dollar hitting a two-month low of 112.08 yen last week. Trade and currency policy are likely to be high on the agenda during the summit between Prime Minister Shinzo Abe and Trump later this week. The president has criticised the lack of access to the Japanese auto market for U.S. producers and said Tokyo is using monetary policy to devalue its currency. Next In Economic News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/japan-yen-dollar-idINKBN15L0JP'|'2017-02-06T14:03:00.000+02:00'
'c119efb130badf69a086125934b95f61cf2d042d'|'Beer campaigners push for 1p off a pint in March budget - Business'|'The Campaign for Real Ale (Camra) is stepping up its push to keep the price of a pint down for millions of UK pub-goers, calling on the Treasury to reduce beer duty by 1p a pint in next month<74>s budget. With inflation expected to rise in the next year, Camra said the cut would help to cap the price of beer, helping consumers<72> cash to go further while boosting the pubs and brewing sector.Beer drinkers are already being hit in the pocket, with Heineken and Carlsberg last month becoming the latest brewers to raise prices , following MolsonCoors <20> maker of the UK<55>s most popular beer, Carling <20> and ABInBev. The weak pound has also driven up the cost of imported raw materials such as hops, which could threaten Britain<69>s craft beer industry .Beer duty campaigners have had some success in recent years with three consecutive penny cuts to duty and a subsequent freeze, but Camra points out that the UK is still paying among the highest rates of beer duty in Europe at 52.2p on a pint. This compares to other big brewing nations such as Germany and Spain, who enjoy their beer at under 5p of duty on a pint. The brewing and pubs sector now supports nearly 900,000 UK jobs, and contributes <20>23.6bn to the economy every year. Camra is also calling for a reduction of up to <20>5,000 in business rates for pubs in England.<2E>It is clear that previous cuts to beer duty have benefited beer drinkers and supported significant growth in the brewing industry,<2C> said Colin Valentine, Camra<72>s national chairman. <20>However, we as a nation are still paying a notable amount <20> especially in comparison with our European neighbours. At the same time, pubs are confronted with higher taxation and costs.<2E>The Wine and Spirits Association is calling on the chancellor to cut wine and spirits duty by 2% as another way to help pubs. Wine and spirit sales in UK pubs accounted for 36% of the takings and were worth <20>5.7bn last year, it said. Miles Beale, WSTA<54>s chief executive, said: <20>While the government has focused on beer cuts previously to support British pubs, this is only a job half done. Wine and spirits are ever more important to the British pub and the chancellor can do his bit to support them and landlords by cutting duty by 2%.<2E>'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/feb/06/beer-campaigners-push-for-1p-off-a-pint-in-march-budget'|'2017-02-06T14:01:00.000+02:00'
'8406e04b0720ff86263f194fc128a52baf12a526'|'EU mergers and takeovers (Feb 6)'|'BRUSSELS Feb 6 The following are mergers under review by the European Commission and a brief guide to the EU merger process:APPROVALS AND WITHDRAWALS-- Japan''s Sumitomo Corp to buy Ireland''s Fyffes (approved Feb. 3)NEW LISTINGS-- German engineering company Siemens to merge assets with Spain''s Gamesa to form the world''s largest wind turbine maker (notified Feb. 6/deadline March 13)-- Private equity firm Kohlberg Kravis Roberts (KKR) to acquire a stake in German market research firm GfK (notified Feb. 2/deadline March 9/simplified)-- U.S. aircraft component maker Rockwell Collins to acquire U.S. aircraft interior maker B/E Aerospace (notified Feb. 2/deadline March 9/simplified)-- Investment group KKCG and Taiwanese technology company Hon Hai Precision Industry Co, which is also known as Foxconn, to set up a private equity fund (notified Jan. 31/deadline March 7/simplified)EXTENSIONS AND OTHER CHANGESNoneFIRST-STAGE REVIEWS BY DEADLINEFEB 6-- Bunge to buy two European oilseed processing facilities in France and the Netherlands from Cargill (notified Dec. 23/deadline Feb. 6)FEB 7-- U.S. factory automation equipment maker Emerson Electric Co to buy pump manufacturer Pentair Plc''s valves and controls business (notified Jan. 3/deadline Feb. 7)FEB 10-- Private equity firm Onex Corp to acquire Parkdean Resorts, a British operator of caravan holiday parks (notified on Jan. 6/deadline Feb. 10/simplified)FEB 15-- U.S. conglomerate Koch Industries Inc to acquire equity securities of certain affiliates of U.S. business applications provider Infor Enterprises Applications L.P., which is controlled by private equity fund Golden Gate Private Equity Inc (notified Jan. 11/deadline Feb. 15/simplified)-- China''s Weichai Power Co raises its stake in German industrial vehicle and supply chain system maker Kion (notified Jan. 11/deadline Feb. 15/simplified)-- General Electric Co to acquire rotor blade maker LM Wind Power Holding'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/eu-mergers-idINL5N1FR5CB'|'2017-02-06T15:02:00.000+02:00'
'ea4f44f0ad88a0b8bddb89e91a3c6f3cd1c38068'|'Ex-Millennium manager to launch $250 million-plus equity hedge fund-sources'|' 36pm GMT Ex-Millennium manager to launch $250 million-plus equity hedge fund-sources LONDON Former Millennium Capital Partners'' portfolio manager Michael Cowley plans to launch equities hedge fund Sandbar Asset Management later this year, three sources close to the matter told Reuters on Monday. Cowley could launch his equities hedge fund with up to $300 million (<28>241 million) by the end of the second quarter, said one of the sources, while a second said Sandbar would launch with closer to $250 million. The fund will take a global so-called <20>market neutral<61> approach using equities, a strategy that is supposed to preserve capital in any market, said a third source. Cowley previously ran a hedge fund in 2011 under the name MC Squared Global Investors with funding from one U.S. investor, the third source said. MC Squared Global Investors was deregistered from British regulator the Financial Conduct Authority (FCA) in December 2013, FCA filings showed. Cowley most recently had a stint at Millennium Capital Partners between May 2014 and January 2017, according to FCA filings. He is joined by chief operating officer James Mabey, who was also previously registered as a partner at MC Squared, according to the first source and UK Companies House filings. Analysts from Millennium are expected to join the team, said the first source. (Editing by Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-hedgefunds-launch-sandbar-idUKKBN15L26M'|'2017-02-07T01:36:00.000+02:00'
'f9de9f8ebab0cc1b88cfe250205c033ace1d9883'|'UPDATE 1-Marcato nominates four directors in Buffalo Wild Wings fight'|'(Adds details and background)By Michael FlahertyFeb 6 Activist hedge fund manager Mick McGuire nominated four directors to serve on the board of Buffalo Wild Wings Inc, officially launching a proxy fight against the U.S. restaurant chain.McGuire, who runs Marcato Capital Management, has publicly agitated for changes at Buffalo Wild Wings since last July, demanding that the company franchise more of its restaurants.Marcato owned 5.2 percent of Buffalo Wild Wings shares as of Sept. 30, 2016, making it the company''s fourth-largest shareholder. McGuire is among the four people Marcato nominated for the Buffalo Wild Wings board, which currently has nine directors.Buffalo Wild Wings, with a market value of around $2.8 billion, caters to a sports crowd, with wide-screen televisions lining the walls of its dining and bar areas. Servers wear green-and-yellow sports jerseys with the number ''82'' on the sleeve, to commemorate the year the chain was founded.The company''s stock rose 1.3 percent on Monday to $152 per share, about where it was trading a year ago.Marcato announced in December that it was entering talks with the company''s franchise owners, saying they could have better access to innovations and grow more if the hedge fund''s ideas were implemented. Marcato wants the chain to franchise out nearly all of its restaurants rather than owning them outright.Buffalo Wild Wings says it had 589 franchisee-owned and 601 company-owned restaurants as of Sept. 30, 2016.Marcato''s slate includes Scott Bergen, the former chief executive of Yum Brands'' Pizza Hut, CTI Foods CEO Sam Rovit, and Lee Sanders, the former global chief development officer at TGI Fridays.San Francisco-based Marcato has also asked that Buffalo Wild Wings'' management overhaul how it allocates capital and add people with relevant restaurant and finance experience to its management and board ranks.Buffalo Wild Wings has added three new directors to its board since last year, including a former Yum Brands chief financial officer. Last month, it expanded its share repurchase program by $400 million. (Additional reporting by Sruthi Ramakrishnan in Bengaluru; Editing by Maju Samuel and Paul Simao)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/buffalo-wild-marcato-idINL4N1FR4BE'|'2017-02-06T14:25:00.000+02:00'
'cb8153e89eb305cae43c9acfc79f4954c7c65c45'|'BT supports Google''s Android in EU antitrust row'|'Mon Feb 6, 2017 - 3:41pm GMT BT supports Google''s Android in EU antitrust row A Google search page is reflected in sunglasses in this photo illustration taken in Brussels May 30, 2014. REUTERS/Francois Lenoir/File Photo LONDON BT ( BT.L ) has become the first major telecoms company to back Google ( GOOGL.O ) in a battle with EU regulators, defending the "stability and compatibility" of the Android operating system, which is in the sights of anti-trust regulators. The EU says Google stifles competition by forcing smartphone makers to pre-install its search function and browser to access its other apps, such as Google Play, on Android. EU regulators were already investigating the U.S. company over the promotion of its own shopping service in its search engine before they opened a second front last year. "We can confirm that our legal team has written to the European Commission regarding their investigation," said a spokesman for BT. "We told them BT is free to pre-install its own or third party apps on devices alongside pre-loaded Google apps." It was not clear why BT, which bought the EE mobile phone brand last year, had decided to go public on its position. The EC has said that Google keeps a grip on the development of Android, which is an open source system, by requiring phone manufacturers to agree not to sell devices running on modified versions if they wanted to pre-install Google apps. Critics claim Google is stifling innovation and the development of competing platforms, but BT said tight control over the platform was a positive not a negative. "We also said that, as an app provider, we value the ongoing stability and compatibility of operating systems, whether they are ''open source'' or ''closed source''," the spokesman said. Google has said the Android system carefully balances the interests of users, developers, hardware makers and mobile network operators. "Android hasn''t hurt competition, it''s expanded it," the company''s lawyers said in November. The company has also said the case is based on a flawed premise because it does not see Apple''s ( AAPL.O ) operating system as a rival to Android. (Reporting by Paul Sandle; Editing by Keith Weir) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-eu-google-antitrust-bt-idUKKBN15L1SG'|'2017-02-06T22:38:00.000+02:00'
'82f56301d79b588a5902de977e6660f5f3356625'|'Wall Street set to open lower amid political uncertainty'|'Money   7:58pm IST Wall Street set to open lower amid political uncertainty A trader works on the floor of the New York Stock Exchange (NYSE) shortly after the opening bell in New York, U.S., January 31, 2017. REUTERS/Lucas Jackson By Tanya Agrawal U.S. stocks looked set to open lower on Monday as investors sought fresh catalysts after a strong jobs report last week, while uncertainty over President Donald Trump''s policies continued to weigh. Wall Street rose on Friday, with the S&P 500 closing just short of a record high, boosted by gains in financial shares as Trump moved ahead with deregulation. However, investors are wary about Trump''s focus on isolationist policies such as travel restrictions to the United States. A federal judge on Friday blocked a travel ban on seven mainly Muslim nations. "The market is looking for direction from the White House on policy," said Albert Brenner, director of asset allocation strategy at People''s United Wealth Management in Bridgeport, Connecticut. "When you see the markets pause, it signals investors are becoming more rational and are waiting to see some concrete evidence that drove the market higher after the election." Markets rallied sharply after Trump''s election victory in November, riding on hopes that his plans including simpler regulations, higher infrastructure spending and tax cuts will boost the economy. However, Goldman Sachs economist Alec Phillips said in a note that Trump''s agenda presents risks as tax cuts and infrastructure funding may boost growth, but may be offset by negative effects of restrictions on trade and immigration. Dow e-minis were down 29 points, or 0.15 percent, with 25,175 contracts changing hands at 8:30 a.m. ET (1330 GMT). S&P 500 e-minis were down 4 points, or 0.17 percent, with 134,369 contracts traded. Nasdaq 100 e-minis were down 9.75 points, or 0.19 percent, on volume of 19,977 contracts. Fourth-quarter earnings for S&P 500 companies are expected to grow 8 percent - their strongest performance in nine quarters. Monday is light on data and earnings for investors to focus on. Oil was slightly lower but steadied around $57 per barrel as rising tensions between the United States and Iran and OPEC supply cuts were countered by ample inventories and signs that higher prices will revive U.S. output. Tiffany fell 4.4 percent to $76.95 in premarket trading as the upscale jeweler said its CEO has stepped down after what the company called disappointing financial results. Hasbro jumped 10.7 percent to $91.50 after the toymaker''s quarterly results beat expectations. Chipotle Mexican Grill was down 1.9 percent at $396.50 after Barron''s said the burrito chain''s stock could fall as much as 35 percent in the next year. (Reporting by Tanya Agrawal in Bengaluru; Editing by Anil D''Silva) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/usa-stocks-idINKBN15L1MK'|'2017-02-06T21:28:00.000+02:00'
'11c2f7db626f75af4fb9797e708a41b733507810'|'Brazil''s busiest week for IPOs in years marked by mixed fortunes'|'By Guillermo Parra-Bernal and Bruno Federowski - SAO PAULO SAO PAULO Feb 10 Brazil''s busiest week for initial public offerings in nearly four years ended on Friday with mixed results for issuers, faced with wariness among foreign investors toward Latin America''s largest equity market amid fallout from political turmoil.Rent-a-car Movida Participa<70><61>es SA and medical laboratory Instituto Hermes Pardini SA concluded their IPOs despite pressure for lower prices. Movida''s rival Unidas SA, however, halted its IPO plans on Friday, four people directly involved in the deals said.Aside from overlapping IPOs between the rental car rivals, the pricing of a large 4.1 billion reais ($1.3 billion) follow-on offering by CCR SA, Brazil''s largest toll road operator, might have hampered demand for the offerings, the sources said.This week was the busiest for domestic equity offerings since April 2013, when three large listings were priced.Investors stung by a string of deals in recent years that failed to deliver promised returns have become cautious about IPOs in Brazil.Only about a third of the 138 IPOs priced over the past decade yielded returns above the benchmark interbank lending rate, Thomson Reuters data showed, with the remainder losing part or all of the amount initially invested.Movida''s shares, which plunged on Wednesday - their first day of trading - have since recovered and appear headed toward notching a 2 percent gain on the week.Extending the current wave of offerings and providing cheaper funding for companies hinges on President Michel Temer''s ability to push ahead with ambitious reforms to lower the country''s risk perception, bankers said."This week showed we are still in a buyers'' market and investors still feel more comfortable taking existing risk than new one," said one of the people, who asked for anonymity to speak about the transactions.BALANCING ACTStronger equity markets and companies'' need to fund growth or reduce debt are the "fundamental catalysts in place" sustaining IPO activity in Brazil and Latin America this year, according to Pedro Martins, chief Latin America equity strategist for JPMorgan Securities.However, companies seeking to tap the local equity markets face a balancing act: how to offer acceptable risk and return as Brazil enters a third straight year of economic recession, political risks remain elevated and global trade protectionism gains steam under U.S. President Donald Trump, bankers said.Such uncertainty is keeping foreign investors - traditionally the largest buyers of Brazilian IPOs - on the sidelines. Foreigners snapped up only 15 percent of the Pardini deal, a fraction of the 67 percent participation ratio they had about a decade ago, the people said.The mixed results of this week''s IPOs may shed light on how a list of long-awaited listings should come to market. Those companies include airline Azul Linhas A<>reas Brasileiras SA, securities firm XP Investimentos SA and the Brazilian unit of France''s Carrefour SA.A new wave of IPO requests should resume in late March or early April and stretch for longer should market conditions prove favorable, bankers at Ita<74> BBA SA and Banco Bradesco BBI SA, the country''s largest equity underwriters, recently told Reuters.Movida''s IPO on Monday raised a smaller-than-expected 645 million reais, after controlling shareholder JSL SA was forced to lower the deal''s pricetag. A member of JSL''s controlling family subscribed about 15 percent of the deal to ensure its completion, sources told Reuters.On Thursday, Hermes Pardini clinched about 1 billion reais at a price slightly above the floor of the suggested price range, one of the people said. At the floor of the price range, investors bid the equivalent of three times the amount of shares on offer, the same person said.In the case of Unidas, shareholders G<>vea Investimentos Ltda, Vinci Partners and Kinea Investimentos Ltda shunned a suggestion from bankers to cut the price range
'bdbe5cf13b644e6cf1a433fc101d1879ae2592f9'|'CSX extends director deadline as activist seeks CEO ouster'|'By Michael Flaherty - NEW YORK NEW YORK CSX Corp ( CSX.O ) has extended the director nomination deadline for its board of directors, giving the U.S. railroad company more time to reach an agreement with an activist investor and industry veteran Hunter Harrison.CSX said the deadline would be extended to Feb. 24 from Friday, in a sign that the two sides remain in talks but have details to hammer out.Mantle Ridge LP, run by ex-Pershing Square Partner Paul Hilal, is buying up a big stake in CSX and teaming with Harrison, the former Canadian Pacific Railway Ltd ( CP.TO ) chief executive.Mantle Ridge is pressing CSX to install Harrison as CEO, a prospect that has sent the company''s shares up 34 percent since news of the partnership broke last month.News of the Hilal-Harrison partnership broke on Jan. 18, when Canadian Pacific announced Harrison was leaving his CEO post early.CSX''s board is open to having Harrison as the company''s CEO, according to people familiar with the matter, and he has met with the board twice since leaving Canadian Pacific. The sticking points of the talks remain how much representation Mantle Ridge gets on CSX''s board, who becomes board chairman and who chairs key board committees, the people familiar with the matter said.Harrison, reached by Reuters on Friday, expressed frustration that the two sides have yet to reach a deal. He spoke before CSX extended the nomination deadline."At this point, I don''t really know what''s going on, and I don''t understand what the issues are that are holding things up," Harrison said.CSX''s board is made up of 12 members, which includes current CEO Michael Ward who also serves as chairman. Ward has previously signaled he plans to step down.People familiar with the matter said that the number of board seats up for discussion ranges from two or three to a majority.CSX and Mantle Ridge declined to comment.Harrison''s record of cutting operating costs and driving up profitability at the helm of CP and at Canadian National Railway Co ( CNR.TO ) has led to a surge of support from CSX investors.Mantle Ridge has raised more than $1 billion for its CSX stake, Reuters reported earlier this month.(Editing by Meredith Mazzilli)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-csx-mantle-idINKBN15P21O'|'2017-02-10T14:54:00.000+02:00'
'9de7e7bbe6a13abbdabe477529d285fe7fcfe1b7'|'Bank of India sees further improvement in bad loans in Q4'|' 10pm IST Bank of India sees further improvement in bad loans in Q4 A security guard reads a newspaper inside an ATM counter as a notice is displayed on an ATM in Guwahati, India, November 27, 2016. REUTERS/Anuwar Hazarika/Files By Devidutta Tripathy - MUMBAI MUMBAI Bank of India Ltd does not expect any additional bad loans in the current quarter on a net basis, its chief said on Thursday, as India''s sixth-biggest lender by assets reported its second consecutive quarter of profit after a stretch of losses. The state-run lender booked a net profit of 1.02 billion rupees ($15 million) for the three months to Dec. 31, compared with a net loss of 15.06 billion rupees a year earlier. Gross bad loans as a percentage of total loans as at the end of December eased to 13.38 percent from 13.45 percent as at September-end. For the fourth quarter through March, the bank expects gross bad loan additions of about 35 billion rupees but also recoveries and upgradations by an equal amount, effectively adding no bad loans on a net basis, Chief Executive Officer Melwyn Rego told Reuters after the results. A surge in bad loans had seen the lender report losses for four straight quarters to last June. Rego said the bank''s loans will likely grow 5-6 percent for the full year to March, adding it was increasing its share of retail loans and cutting exposure to companies as part of a strategy to check bad loans and accelerate growth. The bulk of bad loans in India are from industries led by metals and power. The bank''s share of loans to corporates has fallen to 52 percent from 56 percent when Rego took the helm in August 2015, he said, while retail loans have increased to 48 percent. Bank of India, which raised 5.4 billion rupees by selling a stake in a life insurance joint venture last year, was looking to raise another up to 3 billion rupees by March by selling assets it considers non-core, Rego said. ($1 = 66.9600 Indian rupees)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/bank-of-india-results-idINKBN15O153'|'2017-02-09T17:40:00.000+02:00'
'aa12ea313837916e77e20e97b1a4498a648873c8'|'BRIEF-Beyondspring Inc now sees IPO of up to $75 mln - SEC filing'|'Feb 7 Beyondspring Inc* Beyondspring Inc now sees its IPO of up to $75 million - SEC filing* Beyondspring Inc had previously filed for IPO of up to $100 million* Beyondspring Inc adds Rodman & Renshaw, And Lake Street Capital Markets to list of underwriters to its IPO Source text: ( bit.ly/2ljvAaZ )'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/idINFWN1FS0DK'|'2017-02-07T10:04:00.000+02:00'
'7298a0f08ff39941338274b0c1fbfaabaff99f42'|'Trump protectionism puts question mark over German export forecast - BGA'|'Business News - Tue Feb 7, 2017 - 9:46am GMT Trump protectionism puts question mark over German export forecast - BGA U.S. President Donald Trump walks from Marine One upon his return to the White House in Washington February 6, 2017. REUTERS/Kevin Lamarque BERLIN German exports could grow less than expected this year due to the threat of protectionism under U.S. President Donald Trump, the head of the BGA trade and wholesale association said on Tuesday. Anton Boerner said in Berlin that Trump''s first actions in office were "alarming" and that his protectionist agenda was posing a threat to both the U.S. and German economies. "There is much as stake for us due to the close economic links between our country and the United States," Boerner said, adding Trump''s protectionism was adding to a long list of trade-related risks, including Britain''s decision to leave the European Union and the development of the euro zone debt crisis. Therefore, there is a "big question mark" over BGA''s export growth forecast of 2.5 percent in 2017, Boerner added. It sees exports hitting a new record of 1.235 billion euros (<28>1.06 billion) this year. (Reporting by Michael Nienaber; Editing by Madeline Chambers) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-germany-economy-trade-idUKKBN15M0VG'|'2017-02-07T16:46:00.000+02:00'
'4e466eaf301802ff0a6f8ce5025bc96b9cd4fdab'|'EU''s Katainen hopes to revive EU-U.S. free trade talks under Trump'|'Business News - Tue Feb 7, 2017 - 11:45am GMT EU''s Katainen hopes to revive EU-U.S. free trade talks under Trump European Commission Vice-President Jyrki Katainen holds a news conference on the European Defence Action Plan in Brussels, Belgium November 30, 2016. REUTERS/Eric Vidal BERLIN The European Union could revive talks on a free trade deal with the United States under the administration of President Donald Trump, European Commission Vice President Jyrki Katainen said on Tuesday. The two sides failed to conclude negotiations on the Transatlantic Trade and Investment Partnership (TTIP) before former president Barack Obama left office last month. "TTIP has not been mentioned by the new US-administration," Katainen said at a business conference in Berlin. "So we still expect that it will be possible to relaunch discussions and to create a sustainable business environment." (Reporting by Gernot Heller; Writing by Joseph Nasr; Editing by Madeline Chambers) Next In Business News UK tax burden set to rise to highest since 1986 - IFS LONDON Britain''s tax burden will rise to its highest in over 30 years by the time of the next national election in 2020, as the government tries to cut borrowing at the same time as leaving the European Union, a leading think tank said on Tuesday.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-trump-trade-europe-idUKKBN15M17X'|'2017-02-07T18:45:00.000+02:00'
'119d5be72ac64d1278b9ddc16578e1d620c6166a'|'Wall Street slips as investors seek fresh catalysts'|'By Tanya Agrawal U.S. stocks slipped in early afternoon trading on Monday amid a lack of major catalysts, including economic data, and uncertainty over President Donald Trump''s policies.Markets rallied sharply after Trump''s election victory in November, riding on hopes that his plans including simpler regulations, higher infrastructure spending and tax cuts will boost the economy.However, investors have become wary about Trump''s focus on isolationist policies, including a travel ban on seven mainly Muslim nations that was blocked by a federal judge on Friday.Nearly 100 companies including Alphabet ( GOOGL.O ), Apple ( AAPL.O ) and Facebook ( FB.O ) banded together to file a legal brief opposing the ban, arguing that it "inflicts significant harm on American business."Trump''s agenda presents risks as tax cuts and infrastructure funding may boost growth, but restrictions on trade and immigration could offset their effect, Goldman Sachs economist Alec Phillips said in a note.At 12:39 p.m. ET (1739 GMT) the Dow Jones industrial average .DJI was down 23.3 points, or 0.12 percent, at 20,048.16.The S&P 500 .SPX was down 5.57 points, or 0.24 percent, at 2,291.85 and the Nasdaq Composite .IXIC was down 7.88 points, or 0.14 percent, at 5,658.89."Investors are in a wait-and-see mode and are looking for the next bullish catalyst to send the market higher," said Adam Sarhan, chief executive officer at 50 Park Investments."There are concerns regarding the backlash against any protectionist policies that come out of Washington and other countries and investors are seeking clarity."French far-right party leader Marine Le Pen launched her bid for the presidency with a vow to fight deregulated globalization and to take France out of the euro.Ten of the 11 major S&P sectors were lower, with the energy index''s .SPNY 0.91 percent fall leading the decliners.Oil fell more than 1 percent as a stronger dollar, ample U.S. supplies and excess speculative length outweighed OPEC output curbs and rising tensions between the United States and Iran. [O/R]Microsoft''s ( MSFT.O ) 0.52 percent fall weighed the most on the S&P and the Nasdaq.Hasbro ( HAS.O ) jumped as much as 16.6 percent to a record high of $96.34 after the toymaker''s quarterly results beat expectations. The stock provided one of the biggest boost to the Nasdaq.Tyson Foods ( TSN.N ) fell 3.2 percent to $63.34 after the nation''s biggest chicken processor disclosed it had received a subpoena from U.S. authorities that was likely linked to price fixing.Tiffany ( TIF.N ) fell 2.8 percent to $78.21 as the upscale jeweler said its CEO has stepped down after what the company called disappointing financial results.Declining issues outnumbered advancers on the NYSE by 1,771 to 1,076. On the Nasdaq, 1,728 issues fell and 1,032 advanced.The S&P 500 index showed 12 new 52-week highs and one new low, while the Nasdaq recorded 90 new highs and 18 new lows.(Reporting by Tanya Agrawal in Bengaluru; Editing by Anil D''Silva)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-usa-stocks-idINKBN15L1CG'|'2017-02-06T15:01:00.000+02:00'
'a9ae0c52e3598bd8e149bba5519db4ad41e81295'|'Marubeni books $369 mln impairment loss on U.S. oil, gas assets'|'  12:54am EST Marubeni books $369 mln impairment loss on U.S. oil, gas assets TOKYO Feb 6 Japanese trading house Marubeni Corp said on Monday it booked an impairment loss of 41.5 billion yen ($369 million) on its U.S. Mexican Gulf oil and gas assets for the October to December quarter. The company announced the charge after reporting its earnings, with profit falling nearly 12 percent to 107.69 billion yen in the nine months through December. ($1 = 112.5100 yen) (Reporting by Yuka Obayashi; Writing by Aaron Sheldrick)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/marubeni-results-idUST9N17O021'|'2017-02-06T12:54:00.000+02:00'
'f86c4f596427f1948dc3a6d7a7937702dbdfcb63'|'Israel''s Delek agrees to buy Canada''s Ithaca Energy'|'Deals - Mon Feb 6, 2017 - 3:35am EST Israel''s Delek agrees to buy Canada''s Ithaca Energy A Delek petrol station is seen near the southern city of Ashdod July 27, 2011. REUTERS/Amir Cohen Israel''s Delek Group ( DLEKG.TA ) said it had offered $524 million for the 80 percent of shares in Canadian oil producer Ithaca Energy Inc ( IAE.TO ) it does not already own in an agreed takeover bid. North Sea producer Ithaca said its board had recommended the Israeli conglomerate''s cash offer of C$1.95 per share. The offer, which represents a premium of about 12 percent to Ithaca''s closing price of C$1.74 on Friday, implies an enterprise value of about $1.24 billion, Ithaca said. Delek, with natural gas exploration and production activities in the eastern Mediterranean, already owns 19.7 percent of Ithaca. The bid values the entire company at $646 million. (Reporting by Noor Zainab Hussain in Bengaluru and Tova Cohen in Jerusalem; Editing by Adrian Croft) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-ithaca-energy-m-a-delek-group-idUSKBN15L0QO'|'2017-02-06T15:24:00.000+02:00'
'51cd2a09f795e5a2558505b85117b767075f4a2c'|'UPDATE 1-DHT Holdings board unanimously rejects Frontline offer'|'Company   1:51am EST UPDATE 1-DHT Holdings board unanimously rejects Frontline offer (Adds detail, background) OSLO Feb 6 Tanker firm DHT Holdings unanimously rejected late on Sunday the proposed deal by rival Frontline, controlled by shipping tycoon John Fredriksen. Last week Frontline made a non-binding offer to acquire all DHT''s outstanding shares to create the largest private tanker firm in the world. {nFWN1FK06Q] The "Frontline proposal is wholly inadequate and not in the best interests of DHT or its shareholders," DHT Chairman Erik Lind said in a statement. "We believe that Frontline''s proposal substantially undervalues our company and represents an opportunistic attempt to acquire DHT at a low point in the cycle." Frontline, itself valued at $1.1 billion, proposed an all-share deal valuing the equity in DHT at around $475 million. DHT also has interest bearing debt of some $685 million. Frontline already owns 16 percent of DHT''s shares. "The Frontline proposal would not properly value DHT''s contribution to a combined company and would result in unacceptable dilution to DHT''s shareholders," said Lind. "The execution of DHT''s strategic plan will continue to drive significant and sustainable value for DHT shareholders." (Reporting by Gwladys Fouche, editing by Terje Solsvik) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/frontline-dht-holdings-idUSL5N1FR0PD'|'2017-02-06T13:51:00.000+02:00'
'af7a9db47440d88f0dfd3a710bc6f95897203bed'|'New breed of members'' club blurs lines between business and pleasure - Guardian Small Business Network - The Guardian'|'T hese days, the image of suited men discussing private affairs in a smoke-filled drawing room is an antiquity, but in its wake has flourished a different kind of members<72> club. This new breed of club targets professionals by sector, and they are primed for remote and flexible styles of working.They have arrived at a time when even the most established private members<72> clubs are running into trouble. Edinburgh<67>s chapter of the historic Home House , for example, which opened in 2007, later closed citing <20>actual usage of the club has not been as strong as we had anticipated<65>.We have spent a lot of time thinking about the how to build the best ecosystem and enhance an entrepreneur<75>s lifestyleJohn Zai Critics have pointed to oversupply in the private leisure market. The traditional members<72> club customer <20> a professional with disposable income <20> can now mingle in a broad range of purpose-built networking spaces without the rigmarole of membership applications and a price tag that regularly exceeds <20>1,500 per year, plus an initial joining fee. To remain relevant, private members<72> clubs have had to diversify their offering and have taken inspiration from another industry: co-working spaces.Shared office spaces are booming, with freelancers, startups and corporate workers attracted by the flexible and collaborative working environments. In London alone there are approximately 170 larger spaces of 20 desks or more, and while prices vary depending on amenities and location, premium co-working spaces range from <20>600-<2D>1,000 per month. Members often get much more than just a desk <20> some spaces have restaurants, access to private events and opportunities to network with like-minded professionalsRecent members<72> club openings, meanwhile, have pushed strongly into business services, Shoreditch House has added SohoWorks spaces, and London<6F>s new Devonshire Club boasts a private library, super high-speed internet and hotdesking areas.Facebook Twitter Pinterest The Clubhouse in west London (pictured) is designed to offer something more than just co-working spaces. Photograph: Matt Chung But is this new breed of private members<72> club just an impressive co-working space? Or do these places offer ambitious professionals something more?High levels of service Despite being a space for a community of entrepreneurs to work and collaborate in, Adam Blaskey, founder of The Clubhouse in west London, does not regard it as a co-working space, adding <20>the concept of a co-working space is really a serviced office under a different name<6D>. Blaskey set up The Clubhouse in 2012 after finding the offerings of <20>cappuccino commerce<63> (temporary workspace provided by hotel lobbies and coffee shops) weren<65>t giving the right impression to his property business clients, but found he had no real need for additional office space. It<49>s a model that<61>s continued to work well. <20>The majority of our members are from blue-chip companies and have an office somewhere else. We<57>re their central London alternative, where they go and meet their clients, work between meetings, and where they can enjoy a high level of service.<2E>Coffee shop, home, co-working space <20> Where<72>s the most productive place to work? Read more For many members<72> clubs, this focus on providing a <20>second business space<63> is what distinguishes them from traditional co-working arrangements. LIBRARY was set up in 2013 by Ronald Ndoro. <20>Back then, there really were very few co-working spaces,<2C> he says. LIBRARY is an open-plan club and so is perhaps <20>not the perfect setting<6E> for confidential business meetings, but works well for remote working.Ndoro argues there<72>s a place for both private members<72> clubs and co-working spaces. <20>There<72>s definitely been an explosion of co-working spaces in the past few years, but I don<6F>t think that negates the need for a social space,<2C> he says. <20>If anything, it just means there is even more scope for social clubs to scale int
'572db9272b11fe1b5f6c45295b85e76a830428e6'|'84 Lumber''s controversial Super Bowl ad steals social media spotlight'|'Internet News - Mon Feb 6, 2017 - 1:35pm EST 84 Lumber''s controversial Super Bowl ad steals social media spotlight By Angela Moon - NEW YORK NEW YORK Relatively unknown U.S. building materials supplier 84 Lumber set social media ablaze with its Super Bowl ad on a migrant Hispanic mother and daughter''s journey to the United States, a commercial initially rejected by Fox Television for being too controversial. The TV version of the ad tapped into the political climate under U.S. President Donald Trump, showing portions of the difficult journey and asking viewers to watch the full version online. The 90-second spot ended up crashing the company''s website during the National Football League championship game between the New England Patriots and the Atlanta Falcons on Sunday. The online version, about 195 seconds long, showed the mother and daughter arriving at a high wooden gate in a concrete wall. As they enter through the wall, the commercial ends with a tagline "The will to succeed is always welcome here." www.84lumber.com/ It was among Super Bowl ads that tackled Trump policies on immigration and other issues that have split the U.S. population. 84 Lumber was among the top 10 ads mentioned on Sunday and Monday, along with big names such as Coca Cola Co, Anheuser-Busch Budweiser and Pepsi, according to social data intelligence company Talkwalker. www.talkwalker.com/ On Monday, 84 Lumber was the most talked about subject on Facebook with over 100,000 mentions since Sunday evening. On YouTube, the hit was close to 3 million with 1 million views on the company''s Facebook page. Many who commented on the commercial on YouTube linked the wall to the one proposed by Trump along the U.S.-Mexico border. While the majority of the comments praised 84 Lumber''s ad, some criticized it for being too pro-immigration. 84 Lumber was not immediately available for comment. The commercial had to be reworked after Fox rejected an initial version that featured the border wall, according to the Brunner ad agency which created the spot for 84 lumber. "We were creating a message that had a lot of symbolism in it. It''s very easy for it to be viewed in the way Fox chose to view it," said Michael Brunner, chairman and CEO of Brunner. "We had to alter the structure of what we were doing but we didn<64>t alter the meaning or the message." 84 Lumber, headquartered in the town of Eighty Four, Pennsylvania, has over 250 stores across the United States with revenue of $2.5 billion in 2015, according to the company''s website. (Additional reporting by Tim Baysinger; Editing by Andrew Hay) Next In Internet News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-nfl-superbowl-advertising-84lumber-idUSKBN15L26K'|'2017-02-07T01:21:00.000+02:00'
'e8b106606cc8d5b830bc4f9a33607dbd3222166f'|'Shell expects to split Motiva assets with Saudi Aramco in second quarter'|'Global Energy News - Mon Feb 6, 2017 - 7:04pm GMT Shell expects to split Motiva assets with Saudi Aramco in second quarter Gas pumps at a Shell gas station are pictured in Westminster, Colorado January 17, 2014. REUTERS/Rick Wilking HOUSTON Shell Oil Co, the U.S. unit of Royal Dutch Shell Plc ( RDSa.L ), said on Monday it expects to divide the refineries and other assets of the Motiva Enterprises [MOTIV.UL] joint venture with co-owner Saudi Aramco IPO-ARMO.SE in the second quarter of 2017. "We are pleased with the progress we have made to date, and anticipate completion of the transaction in Q2 2017," Shell spokesman Ray Fisher said in an email. "The April 1 date is a target that the internal project teams are working toward." Neither Motiva nor Saudi Aramco representatives were immediately available on Monday to discuss Shell''s statement. Rumours have swirled through U.S. refined products markets that the split would be delayed until the fall. Shell and Saudi Aramco said in March 2016 they would divide up the 20-year-old joint venture, which operates three refineries, including the United States'' largest, on the Gulf Coast. Originally, the two companies targeted October 2016 for the split of assets, including pipelines and terminals as well as the refineries. The major sticking point, sources told Reuters, was Shell''s demand for a $2 billion payment as part of the breakup. Under the plan for the division of assets, Saudi Aramco will retain the Motiva name and the 603,000-barrel-per-day (bpd) Port Arthur, Texas, refinery, the nation''s largest. Aramco would also take over 26 distribution terminals and have exclusive licence to use the Shell brand for gasoline and diesel sales in Texas, the majority of the Mississippi River Valley, and the Southeast and Mid-Atlantic markets. Shell is slated to become sole owner of two Louisiana refineries with a combined capacity of 472,700 bpd and Shell-branded gasoline stations in Florida, Louisiana and the U.S. Northeast. (Reporting by Erwin Seba; Editing by Jonathan Oatis) Next In Global Energy News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-refineries-motiva-split-idUKKBN15L289'|'2017-02-07T02:04:00.000+02:00'
'f4fcdaaa3f80e9227ff14a9b3d00effec82ff33d'|'Tiffany CEO Frederic Cumenal steps down'|'Feb 5 Jeweler Tiffany & Co on Sunday said Frederic Cumenal has stepped down as chief executive officer, effective immediately.The retailer said its chairman and previous CEO, Michael Kowalski, would serve as interim CEO while the board of directors seeks a new CEO. Kowalski will continue as Chairman. (Reporting by Scott DiSavino; Editing by Jonathan Oatis)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-tiffany-idINASB0AYLM'|'2017-02-05T19:34:00.000+02:00'
'fc234aa1f78227349eecffb51a5c9128ed807d3f'|'UK new car sales rise in January, boosted by consumer demand'|' 41am GMT UK new car sales rise in January, boosted by consumer demand left right FILE PHOTO - A new car transporter leaves the Honda manufacturing plant in Swindon, western England January 30, 2009. REUTERS/Stephen Hird/File Photo 1/2 left right New Land Rover cars are seen in a parking lot at the Jaguar Land Rover plant at Halewood in Liverpool, northern England, September 12 , 2016. REUTERS/Phil Noble 2/2 LONDON British new car registrations rose 3 percent in January according to a car industry body''s figures, spurred on by the first annual increase in demand from private consumers since March despite fears Brexit would hit sales. A total of 174,564 new cars were registered last month in Europe''s second largest market, the Society of Motor Manufacturers and Traders said on Monday, boosted by a five percent increase in sales to individual consumers. Analysts predict the British car market will shrink by around five percent in 2017 after two years of record high demand and due to the Brexit-related fall in the pound pushing up the price of some models. But the chief executive of one of Britain''s biggest dealership chains Lookers ( LOOK.L ) told Reuters key economic fundamentals remained in place to drive demand. "The deals are good, unemployment is low and they are the things that have driven growth," Andy Bruce said. Demand from business customers for fleet cars, the biggest proportion of overall registrations, also returned to growth in January after falling marginally in December. Bruce suggested that an increase in excise duty which will be paid on many new car sales due to come into force in April might be bringing forward some demand to the first three months of the year. "There will be an element of pull-forward in my view that people will be clamouring to get what''s available today rather than ordering cars that will fall into quarter two," he said. (Reporting by Costas Pitas; editing by Michael Holden)   Ryanair says fares fall more than expected but profits on track DUBLIN Ryanair''s average fares fell more than expected in the last three months of 2016 amid a glut of capacity in Europe''s short-haul aviation market, but the low-cost giant said it remains on track to post a modest increase in annual profits. ''Sensationally'' strong industry orders set Germany up for buoyant 2017 start BERLIN Higher demand at home and abroad for goods needed in production drove the biggest monthly increase in German industrial orders in around 2-1/2 years in December, suggesting the first quarter of 2017 may be getting off to a strong start. Gold miner Randgold Resources Ltd reported a 76 percent jump in fourth-quarter profit boosted by higher grades and a rise in gold prices, and said it would raise its annual dividend by 52 percent. 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-britain-economy-autos-registrations-idUKKBN15L0TP'|'2017-02-06T16:41:00.000+02:00'
'c5975b11a582e95539c05b9c6488dbd34d3bc758'|'Twenty-First Century Fox revenue rises 4.2 percent'|'Business News - Mon Feb 6, 2017 - 4:12pm EST Twenty-First Century Fox revenue rises 4.2 percent The flag of the Twenty-First Century Fox Inc is seen waving at the company headquarters in the Manhattan borough in New York June 11, 2015. REUTERS/Eduardo Munoz/File Photo Twenty-First Century Fox Inc ( FOXA.O ) reported a 4.2 percent rise in quarterly revenue, as its television unit benefited from hosting the baseball World Series and its cable news channel enjoyed strong ratings during the U.S. presidential campaign. The Rupert Murdoch-controlled company''s revenue increased to $7.68 billion in second quarter ended Dec. 31 from $7.38 billion a year earlier. Net income attributable to shareholders jumped to $856 million, or 46 cents per share, from $672 million, or 34 cents per share. (Reporting by Anya George Tharakan in Bengaluru and Jessica Toonkel in New York; Editing by Savio D''Souza) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-twenty-first-fox-results-idUSKBN15L2G5'|'2017-02-07T04:12:00.000+02:00'
'55513a054bafd2f960ca49ca1a87730ea7bd6c1f'|'French investigators refer Fiat Chrysler emissions case to prosecutor'|' 36pm EST French investigators refer Fiat Chrysler emissions case to prosecutor 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 PARIS French investigators have referred carmaker Fiat Chrysler Automobiles (FCA) ( FCHA.MI ) ( FCAU.N ) for possible prosecution over abnormal emissions of nitrogen oxide (NOx) pollutants from some of its diesel engines, the government said on Monday. The investigation, launched in the wake of the Volkswagen ( VOWG_p.DE ) emissions test-cheating scandal, revealed emissions from Fiat Chrysler models that were several times higher than regulatory limits. A file on Fiat Chrysler has been passed to prosecutors, a statement from the finance and industry ministry said, while investigations into other car brands continue. The referral makes FCA the third manufacturer to be referred to French prosecutors, after Germany''s Volkswagen ( VOWG_p.DE ) and France''s Renault ( RENA.PA ). The referral follows a testing program carried out by French regulators last year for a number of different carmakers. According to findings published last July, FCA''s Jeep Cherokee model emitted eight times the NOx limit on a slightly modified regulatory lab test. Its Fiat 500x model emitted almost 17 times the limit in road testing, the report said. Fiat Chrysler could not immediately be reached for comment. FCA has already come into the spotlight after the U.S. Environmental Protection Agency''s (EPA) last month accused the American-Italian carmaker of using hidden software to allow excessive diesel emissions to go undetected, leaving it facing a maximum fine of about $4.6 billion. FCA Chief Executive Sergio Marchionne angrily rejected the U.S. allegations, saying there was no wrongdoing and FCA never sought to create software to cheat emissions rules. He also stressed FCA''s situation cannot be compared with VW''s. Tensions have also arisen between Rome and Berlin after Germany raised concerns over FCA''s Fiat 500X, Fiat Doblo and Jeep Renegade models, alleging that they were equipped with illegal cheating software. FCA rejects the allegations. (Reporting by Gilles Guillaume and Laurence Frost; Writing by Agnieszka Flak; Editing by Kevin Liffey and Phil Berlowitz)  '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-fiat-chrysler-emissions-france-idUSKBN15L2KI'|'2017-02-07T05:36:00.000+02:00'
'7a3cd0632aaf4de7a11aae632981f62949727ccc'|'Where is the civil society response to the TB crisis? - Sophie Cousins - Global Development Professionals Network'|'Earlier this year I met Saw Robert, a bus driver from Myanmar undergoing treatment for multiple-drug resistant tuberculosis (MDR-TB), at a M<>decins Sans Fronti<74>res clinic in Yangon. Not only did the 43-year-old have a resistant form of TB which is difficult to treat, with severe side effects for patients, but he is also HIV-positive. But it wasn<73>t the HIV diagnosis that bothered him as much as the TB and the stigma that comes with it. Outbreaks like Zika are distracting us from permanent medical emergencies - Gary Finnegan Read more <20>I found out I had TB and it felt worse than HIV,<2C> he told me. <20>I<EFBFBD>m a person who can transmit, so I just stay at home. I visit my relatives<65> house sometimes but I stay outside.<2E> I thought about the difficulties facing Saw and the other Burmese TB patients that I had met when I attended the World Conference on Lung Health in Liverpool in October. I attended with enthusiasm to report on new research that showed promising results in tackling MDR-TB, but also with the hope that the issue of stigma and how better to engage civil society in confronting it would be high on the agenda. Sadly I saw no evidence of the much-needed civil society response to TB.According to the 2016 global TB report of the World Health Organisation (WHO), the epidemic is larger than previously estimated, with 10.4 million new infections in 2015, of which 60% were in India, China, Indonesia, Nigeria, Pakistan and South Africa.The disease kills 1.8 million people each year <20> more than any other disease <20> and drug-resistance is on the rise in many countries. The report also found that spending on TB this year fell almost $2bn (<28>1.6bn) short of the $8.3bn needed to combat the disease; this gap is expected to widen to $6bn in 2020 if funding doesn<73>t increase. So why does the disease not get the attention it warrants? Why is there so much stigma around TB? And where is the civil society movement that we saw with Aids? When you contrast the extent of social mobilisation around HIV/Aids, the lack of civil society involvement in TB is striking. ''Back on my feet'': how artificial limbs can have a second life in Africa Read more In any country, whether it<69>s the UK, which recorded 9,000 cases of TB last year, or South Africa, which recorded 450,000, TB impacts the poorest and most marginalised groups.<2E>It<49>s so easy for people to say <20>this is a problem affecting people we don<6F>t really care about<75>. If we don<6F>t confront the epidemic, we will leave this infection to always fester,<2C> Luis Cuevas, professor of tropical medicine at the Liverpool School of Tropical Medicine, told me. As a prominent TB doctor whispered to me when we were discussing the lack of civil society representatives at the conference: <20>TB is a disease of the poor. The poor can<61>t afford to come here and protest.<2E> <20>The world is just letting people with TB down,<2C> says activist Phumeza Tisile, an extraordinary young woman who was one of South Africa<63>s first patients to survive extensively drug-resistant TB <20> the most severe form of the disease. <20>TB is not sexy and most people who get cured don<6F>t want anything to do with it once they get cured. We know TB affects those who don<6F>t have money. We need to raise awareness.<2E> Part of that awareness-raising needs to address the issue of stigma which, if not tackled, will continue to kill patients before they<65>ve reached a healthcare centre. TB stigma is driven by a range of factors, from fear of infection to the belief that the disease is associated with witchcraft. It<49>s also associated closely with factors that can themselves create stigma <20> from HIV, to poverty, drug and alcohol addiction, refugee status, homelessness and prison history. Experts who have studied the disease believe campaigners need to learn from the way that HIV stigma was transformed.<2E>The HIV community has taken all of the negative energy and stigma about HIV and transformed into a force for change by enga
'ea1eaf5567fd17ce596edcc01e264e0c46c6ca5e'|'Twenty-First Century Fox profit tops estimates, revenue misses'|'Business   9:32pm GMT Twenty-First Century Fox profit tops estimates, revenue misses 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 Twenty-First Century Fox Inc ( FOXA.O ) reported a quarterly profit that beat analysts'' expectations, as its television unit benefited from hosting the baseball World Series and its cable news channel enjoyed strong ratings during the U.S. presidential campaign. However, the parent of Fox News and FX posted second-quarter revenue that fell short of expectations. Fox''s shares were down about 1.7 percent in after-hours trading on Monday. Fox said revenue at its cable division, which houses the Fox channels among others, rose 7.1 percent to $3.97 billion (<28>3.2 billion) in the quarter ended Dec. 31. Domestic advertising sales in the cable business rose 12 percent in the quarter, the company said. Fox News finished 2016 as the most-watched U.S. cable network in primetime for the first time in its history, according to Nielsen data in December, as Trump''s victory drew in extraordinary audience interest. On U.S. election night, Nov. 8, Fox News drew 12.1 million viewers during primetime, second only to Time Warner Inc-owned ( TWX.N ) CNN''s 13.3 million viewers among U.S. TV networks. Additionally, Fox benefited from hosting the Major League Baseball World Series held between October and November last year, in which the Chicago Cubs beat the Cleveland Indians. Twenty-First Century Fox said revenue in its film division decreased nearly 4 percent. The Rupert Murdoch-controlled company''s total revenue increased 4.2 percent to $7.68 billion. Analysts on average were expecting revenue of $7.72 billion, according to Thomson Reuters I/B/E/S. Net income attributable to Fox shareholders rose to $856 million, or 46 cents per share, from $672 million, or 34 cents per share, a year earlier. Excluding items, Fox earned 53 cents per share, above analysts'' average estimate of 49 cents. Fox has also made a formal approach to take full control of the British-based Sky Plc ( SKYB.L ), with a $14.6 billion bid, enabling it to control a business with 22 million customers in Britain, Ireland, Italy, Germany and Austria. The company said on Monday that it expects the deal to close on or before Dec. 31, 2017. (Reporting by Anya George Tharakan in Bengaluru and Jessica Toonkel in New York; Editing by Savio D''Souza) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-twenty-first-fox-results-idUKKBN15L2H3'|'2017-02-07T04:32:00.000+02:00'
'ff0cfbf2adf61a1d0ca1392e506e962423378fd8'|'Trading giant Glencore extends major Libyan oil deal - sources'|'Business News - Mon Feb 6, 2017 - 7:10am GMT Trading giant Glencore extends major Libyan oil deal - sources 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 Julia Payne and Ahmad Ghaddar - LONDON LONDON Swiss-based commodities giant Glencore ( GLEN.L ) has extended a deal with Libya''s state oil firm to be the sole marketer of one third of the country''s current crude oil production, sources familiar with the matter said. It was not clear for how long Glencore would continue to have exclusivity over the output and whether some parts of the deal would be renegotiated. The deal extends Glencore''s dominance over rivals such as Vitol and Trafigura in handling barrels from the North African country for a second year running. A spokesman for Glencore declined to comment. Officials at Libya''s state-owned National Oil Corp. (NOC) also declined to comment. Libya has struggled for years to end a crippling blockade of its oil ports amid a civil war and Islamic State intrusions. Between security fears and erratic supply, refiners eventually stopped attempting to buy from the North African country. With a dwindling revenue stream, NOC needed an intermediary that was comfortable managing the risks, able to market the oil globally and pay cash upfront for the cargoes. Glencore snapped up the opportunity in September 2015 to resell the only relatively stable onshore output - from the Sarir and Mesla oilfields loaded at the country''s easternmost Marsa el-Hariga port. Libya''s small offshore production also continued. Since 2015, the trader has been the only company able to buy Sarir and Mesla crude output directly from Libya''s NOC and is expected to continue as NOC has largely finalised its 2017 allocations. Libya''s production has recovered to around 700,000 barrels per day (bpd) and NOC hopes output will rise to 1.2 million bpd by the end of the year. "It is a big mosaic at the moment, but Glencore has kept a large chunk of the trade," one of the sources said. Glencore''s deal entitles it to around 230,000 bpd from the Sarir and Mesla oilfields, the sources added. It also regularly delivers crucial refined fuel as Libya''s refining system operates well below capacity. Glencore trades about 4.4 million bpd of crude and refined products. Vitol and Petraco have also been picking up cargoes but on a small scale, and producers with stakes in oilfields in the country such as Total ( TOTF.PA ), Repsol ( REP.MC ), OMV ( OMVV.VI ) have returned to loading tankers, as have buyers such as Unipec, the trading arm of China''s state-owned Sinopec. (Additional reporting by Dmitry Zhdannikov; Editing by Mark Potter) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-glencore-libya-oil-idUKKBN15L0K5'|'2017-02-06T14:10:00.000+02:00'
'08850d85ec3126f553f9a5b051c708bc195c8f70'|'PRESS DIGEST- British Business - Feb 6'|'Feb 6 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 TimesAmazon hunts for London shopsAmazon.com Inc has begun searching for high street locations in prime areas of central London ahead of the potential launch of a checkout-free grocery chain later this year. The move suggests it is stepping up plans to bring futuristic convenience stores to Britain. The online retail giant is testing its first Amazon Go store near its base in Seattle, where the firm''s employees are able to buy goods without queuing at a till. ( bit.ly/2kDbPyC )The GuardianRolls-Royce faces civil service inquiry over UK state fundingCivil servants are carrying out an internal inquiry to establish whether the engineering giant Rolls-Royce Holdings Plc fraudulently obtained financial support worth hundreds of millions of pounds from the government. The inquiry was launched after the multinational manufacturer admitted last month it had used multimillion-pound bribes to secure export orders across the world over four decades. ( bit.ly/2ld9F5t )RBS boss to unveil more cuts after receiving pay worth <20>3m in 2016Ross McEwan, chief executive of Royal Bank of Scotland Group Plc, is preparing to unveil further cost cutting measures after receiving pay of around 3 million pounds ($3.75 million) in 2016. The cost-reduction measures - which will be unveiled alongside the bank''s ninth consecutive annual loss later this month - are expected to coincide with confirmation of his pay deal for the 2016 financial year. McEwan could be paid more than 3 million pounds after 2.7 million pounds of salary and allowances are topped up with bonuses. ( bit.ly/2ldcqU5 )The TelegraphBarclays sparks job cuts fears with bank office overhaulBarclays Plc is revamping its back office operations in a wide-ranging restructuring that has spurred speculation the bank is preparing to cut jobs. The lender is setting up a new internal company that will manage all back office services such as human resources, marketing, compliance, and IT support for the rest of the bank''s businesses. ( bit.ly/2kDblsg )Booker woos shopkeepers over Tesco mergerBooker Group Plc bosses will launch a charm offensive this week in an attempt to convince Britain''s shopkeepers of the merits of its shock 3.7 billion pound Tesco Plc merger, amid rising concerns that the deal will strangle competition in the convenience store market. ( bit.ly/2kwx7v8 )Sky NewsWonga strikes 60 mln stg deal to sell European unit to Swedish suitorWonga, Britain''s best-known payday lender, will this week announce the sale of a big chunk of its European operations, underlining its continuing international retrenchment in the wake of a torrid period for the business. Wonga will confirm that it has decided to sell BillPay to Klarna, a Swedish provider of e-commerce solutions for about 60 million pounds. ( bit.ly/2l8vJ5c )RBS to pay 340 mln stg bonus pot as it posts ninth successive lossThe state-backed Royal Bank of Scotland is finalising plans to pay about 340 million pounds in bonuses to employees for last year, even as it prepares to announce one of its biggest annual losses since its 2008 bailout. RBS, which is just over 70 percent-owned by the government, has disclosed proposals for the bonus pot during recent discussions with UK Financial Investments, which manages the taxpayer''s stake in the bank. ( bit.ly/2kzurPX )The IndependentBrexit: Germany''s Finance Minister says EU ''should not punish Britain'' to keep City benefitsThe EU should offer Britain a "reasonable" Brexit deal because financial services offered by the City of London benefit Europe as a whole, Germany''s Finance Minister has said. Wolfgang Schaeuble told German newspaper Tagesspiegel London''s financial centre "serves the whole European economy", so it was preferable to "keep Britain close to us". ( ind.pn/2jOykfA ) ($1 = 0.8009 pounds) (Compiled by Rama Venkat Raman in Be
'04b9566d92306ba0326377bc457ee43407b001c0'|'UK Stocks-Factors to watch on Feb 6'|'Company   1:37am EST UK Stocks-Factors to watch on Feb 6 Feb 6 Britain''s FTSE 100 index is seen opening down 1 point at 7,187 points on Monday, according to financial bookmakers. * The UK blue chip index closed 0.7 percent higher at 7,188.30 points on Friday, the biggest one-day percentage gain so far this year, with a rally in energy and banking stocks eclipsing weaker miners. * BARCLAYS: Barclays Plc is about to overhaul its back office operations under a restructuring to help it comply with new post-crisis rules forcing British banks to ring-fence their retail operations from their riskier business. * IHG: InterContinental Hotels Group Plc on Friday confirmed a data breach from payment cards used at 12 of its hotels in the United States, a little over a month after it said it was investigating claims of a possible breach. * LIBERTY HOUSE/IPO: Liberty House Group, an industrial and commodities group, which has been buying up British steel assets, could list parts of the company in London by 2018, its executive chairman told Reuters on Friday. * LSE/DEUTSCHE BOERSE: Deutsche Boerse and the London Stock Exchange should have their combined headquarters in Frankfurt not London because of Brexit, an influential German minister told Reuters in the clearest public demand for control of the group in Germany. * BRITAIN HOUSING: Britain''s housing market is too dependent on large homebuilders, housing minister Gavin Barwell said on Sunday, speaking ahead of the launch of the government''s latest attempt to fix a chronic shortage of new homes. * BRITAIN TRADE: Sterling''s sharp fall against the U.S. dollar and euro since June''s Brexit vote has so far hurt almost as many exporters as it has aided, the British Chambers of Commerce said on Monday. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets * UK CORPORATE DIARY: Randgold Resources Ltd Q4 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 Amrutha Gayathri) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-stocks-factors-idUSL4N1FR23K'|'2017-02-06T13:37:00.000+02:00'
'7af9bbe160879f2a693085bcad1ef5f072fb88a4'|'BRIEF-Alimera Sciences says its unit Alimera Sciences Ltd received pricing, reimbursement decree for ILUVIEN on Jan. 11'|' 14am EST BRIEF-Alimera Sciences says its unit Alimera Sciences Ltd received pricing, reimbursement decree for ILUVIEN on Jan. 11 Feb 6 Alimera Sciences Inc : * Alimera Sciences-unit Alimera Sciences received pricing and reimbursement decree for ILUVIEN from Agenzia Italiana Del Farmaco (AIFA) on Jan 11, 2017    '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1FR0LL'|'2017-02-06T21:14:00.000+02:00'
'cb63d5d64841adb05dfd471d08c2e7bd49b312e1'|'Investors shun French bonds on election jitters, seek safety in Germany'|' 22pm GMT Investors shun French bonds on election jitters, seek safety in Germany Marine Le Pen, French National Front (FN) political party leader and candidate for the French 2017 presidential election, attends the 2-day FN political rally to launch the presidential campaign in Lyon, France February 5, 2017. REUTERS/Robert Pratta By Dhara Ranasinghe - LONDON LONDON Investor uncertainty about France''s presidential election took its toll on French bonds on Monday, pushing up the premium investors demand for holding French over German government bonds to its highest in almost four years. The move came after far-right National Front leader Marine Le Pen launched her presidential bid, vowing to fight globalisation and take France out of the euro zone. French 10-year bond yields hit 17-month highs while nervous investors pushed yields on top-rated German bonds to their lowest level in almost two weeks and dumped riskier, lower-rated debt in southern Europe. German bonds, perceived as one of the safest assets in the world, also benefited from U.S. political risks and uncertainty about the timing of the next U.S. interest rate hike after Friday''s jobs report pointed to tepid wage growth. Buoyed by the election of President Donald Trump in the United States and by Britons'' vote to leave the European Union, Le Pen''s anti-immigration, anti-EU party is seeking to tap into similar voter dissatisfaction in France. Le Pen laid out her presidential election manifesto at the weekend, pledging to curb migration drastically, take France out of the euro zone and hold a referendum on EU membership. France would default on its sovereign debt if it unilaterally converted its euro-denominated obligations into new francs following a Le Pen victory, a senior executive at ratings agency Standard & Poor''s told The Economist. Le Pen''s strong showing in opinion polls has rattled investors at a time when conservative Francois Fillon, once the favourite to win presidential elections in April and May, is embroiled in a scandal over salary payments to his wife. Rising centrist star Emmanuel Macron, meanwhile, is as yet untested. Fillon will hold a news conference at 1500 GMT on Monday, a source close to him said. "Le Pen winning is unlikely, but the situation in France is certainly raising fears among investors," said DZ Bank rates strategist Christian Lenk. "French bonds will continue to underperform even though a lot is priced into the market." France''s 10-year bond yield rose as much as 4 basis points to about 1.14 percent FR10YT=TWEB, its highest level in about 17 months. In contrast, Germany''s 10-year Bund yield tumbled 5 bps to 0.36 percent DE10YT=TWEB. KEY RISK Deutsche Bank said the risk for markets is in the first round of voting. Both Fillon and Macron are expected to win if they go head to head with Le Pen in the second round, but the outcome is uncertain if Socialist party candidate Benoit Hamon makes it through and faces Le Pen. Polls suggest Le Pen will win enough votes to go through to the second round of voting, but the overall margin between Fillon, Macron and Hamon is just 5 percent. As German and French bond yields pulled in different directions, the gap between the two briefly pushed out to 73 basis points - its widest level in almost four years. The French political jitters rippled across the euro zone, prompting investors to sell lower-rated bonds. Italy''s 10-year bond yield hit a 19-month high at 2.37 percent IT10YT=TWEB, with the gap over German peers hitting 200 bps. The Portuguese spread was at its widest in three years. "The Italian spread over Germany is now 200 bps, which is quite an inflection point," said Commerzbank rates strategist Christoph Rieger. "Le Pen''s comments at the weekend have not brought new news, but highlight the tail risks from France right now." There was little immediate reaction to comments from European Central Bank president Mario Draghi, who reiterated that underlying infla
'85e7f0daccfd11c38137f53771714a8330079161'|'GfK says Primestone Capital raises stake to 5 pct from 3.21 pct'|'FRANKFURT Feb 6 Investment fund Primestone Capital has raised its stake in German research firm GfK to 5 percent from 3.21 percent, GfK said in a statement on Monday.The regulatory statement comes only days ahead of the end of the tender period for the 43.50 euro per share offer from KKR , which ends on Feb. 10.The offer values the research firm, whose majority shareholder GfK Verein will hold on to its 56.46 percent stake, at around 1.59 billion euros ($1.71 billion).Last week, personal computer firm founder Michael Dell disclosed a 6.45 percent stake in the company.GfK shares were down 0.3 percent at 43.61 euros by 1300 GMT, but still above KKR''s offer price of 43.50 euros. ($1 = 0.9324 euros) (Reporting by Harro ten Wolde; Editing by Georgina Prodhan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/gfk-ma-primestone-idINFWN1FR0KF'|'2017-02-06T10:03:00.000+02:00'
'c515a9103cea15791431e161d1b63182bb7a2247'|'Tanzania says needs $46 billion in power investment by 2040'|'Global Energy News - Mon Feb 6, 2017 - 9:51am GMT Tanzania says needs $46 billion in power investment by 2040 FILE PHOTO: The skyline of Tanzania''s port city of Dar es Salaam, July 12, 2013. REUTERS/Andrew Emmanuel/File Photo By Fumbuka Ng''wanakilala - DAR ES SALAAM DAR ES SALAAM Tanzania said on Monday it needs $46.2 billion in investment over the next 20 years to revamp ageing energy infrastructure and meet soaring demand for electricity. Investors have long complained that a lack of reliable power is an obstacle to doing business in east Africa''s second biggest economy. A power system master plan released on Monday by the country''s energy ministry said 70 per cent of capital spending would be financed by debt and the rest by the government''s own resources. "The financing requirement to implement the Power System Master Plan (PSMP 2016 <20> 2040) is about $46.2 billion for capital cost," the updated plan said. "The cost includes investment on generation, transmission and sub-stations. Generation accounts for almost 80 percent of the total investment cost." Tanzania aims to boost power generation capacity to 10,000 megawatts over the next decade from around 1,500MW now by using some of its vast natural gas and coal reserves to end chronic energy shortages and boost industrial growth. Tanzania said in January it was seeking a loan of $200 million from the World Bank for its debt-ridden state power supplier Tanzania Electric Supply Company (TANESCO) after the country''s president refused to allow the utility to raise prices to cover costs. President John Magufuli wants cheap electricity to drive industrialisation, but the World Bank is likely to insist the loss-making utility increases prices so it can cover the cost of producing power and begin much-needed reforms. TANESCO has debts of $363 million, up from $250 million at the end of 2015. Tanzania''s energy regulator approved on Dec. 31 a tariff hike of 8.53 percent, less than half of what the utility said it needed to cover the losses. But the next day, Magufuli sacked the head of TANESCO and blocked the rise, saying the price increase would stymie his plans to ramp up industrial output. Decades of mismanagement and political meddling means the utility sells electricity below cost. It also struggles to cope with transmission leaks and power theft. The power system master plan said around 40 per cent of Tanzania''s estimated population of 50 million currently has access to electricity. The government wants to boost the electrification rate to 90 per cent by 2035. (Editing by George Obulutsa and Adrian Croft) Next In Global Energy News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-tanzania-electricity-idUKKBN15L0XG'|'2017-02-06T16:51:00.000+02:00'
'9fad682acf767d2e0e57aa3692c607e657410d9a'|'Randgold fourth quarter profit up 76 percent'|'Business News  21am GMT Randgold fourth quarter profit up 76 percent The KCD open pit gold mine, operated by Randgold, at the Kibali mining site in the Democratic Republic of Congo, May 1, 2014. REUTERS/Pete Jones/File Photo Gold miner Randgold Resources Ltd ( RRS.L ) reported a 76 percent rise in fourth-quarter profit and said it would raise its annual dividend by 52 percent. The stock rose as much as 4.8 percent to 7,190 pence in early trading making it a top gainer on FTSE 100 index .FTSE . The company which has gold mines in Mali, Ivory Coast and the Democratic Republic of Congo, said profit rose to $94.3 million for the quarter ended Dec. 31 from $77.3 million, a year earlier. Gold production rose about 16 percent to 378,388 ounces in the same period from a year ago. Randgold said the company had achieved its cash target of $500 million without any debt. (Reporting by Sanjeeban Sarkar in Bengaluru; Editing by Amrutha Gayathri) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-randgold-rsrcs-results-idUKKBN15L0PM'|'2017-02-06T15:21:00.000+02:00'
'3a22cfa80d09d65c435a47957f302b458afad3ce'|'DHT Holdings board unanimously rejects Frontline offer'|'  12:55am EST DHT Holdings board unanimously rejects Frontline offer Feb 6 Tanker firm DHT Holdings unanimously rejected late on Sunday the proposed deal by rival Frontline, controlled by shipping tycoon John Fredriksen. The "Frontline proposal is wholly inadequate and not in the best interests of DHT or its shareholders," DHT Chairman Erik Lind said in a statement. "We believe that Frontline''s proposal substantially undervalues our company and represents an opportunistic attempt to acquire DHT at a low point in the cycle." (Reporting by Gwladys Fouche, editing by Terje Solsvik)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/frontline-dht-holdings-idUSL5N1FR0G0'|'2017-02-06T12:55:00.000+02:00'
'8f8b4463805a74d1c55e88889b56eaaedf8b0eb8'|'Indian e-commerce firm Snapdeal to make profit in 2 years - CEO'|' 23am EST Indian e-commerce firm Snapdeal to make profit in 2 years - CEO MUMBAI Feb 6 Indian e-commerce firm Snapdeal expects to turn profitable in the next two years, its CEO said, as the company takes steps to cut costs and boost efficiency in a market currently dominated by homegrown Flipkart and U.S. internet giant Amazon. Kunal Bahl, who co-founded Snapdeal in 2010, also told Reuters in an interview on Monday that the online marketplace provider backed by Japan''s SoftBank Group did not immediately need to raise capital unless it makes an acquisition. "I see a relatively clear line of sight to (profit) and we''ve been making great progress in that direction also," Bahl said. (Reporting by Sankalp Phartiyal; Editing by Muralikumar Anantharaman) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/snapdeal-ceo-idUSL4N1FR35I'|'2017-02-06T17:23:00.000+02:00'
'4b017dca6b6b8e79008e888b5c44d27fbae40311'|'Samsung Group says process to disband its corporate strategy office underway'|'Technology News - Mon Feb 6, 2017 - 11:33am IST Samsung Group says process to disband its corporate strategy office underway A journalist walks at the Samsung booth during a media preview day at the IFA consumer electronics fair in Berlin, September 5, 2013. REUTERS/Fabrizio Bensch/File Photo SEOUL South Korean conglomerate Samsung Group said on Monday it will disband its corporate strategy office tasked with managing long-term group-related affairs at the conclusion of the current special prosecution probe. Jay Y. Lee, third-generation leader of the country''s top conglomerate, said at a December parliament hearing he plans to disband the office but did not give a specific timeline. Samsung said in a statement the process of dismantling the office is already underway but did not elaborate further. (Reporting by Se Young Lee; Editing by Muralikumar Anantharaman) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/samsung-group-strategy-idINKBN15L0GI'|'2017-02-06T13:01:00.000+02:00'
'2d6c4969fd4ed0f56dfe3a3fda24574ed55fdd62'|'Germany''s Gabriel - give Italy, France, Portugal time to cut deficits'|'Business News - Sun Feb 5, 2017 - 6:32pm GMT Germany''s Gabriel - give Italy, France, Portugal time to cut deficits German Foreign Minister Sigmar Gabriel speaks to the media outside of German House in New York, U.S., February 3, 2017. REUTERS/Lucas Jackson BERLIN European Union countries such as Italy, France and Portugal that are pursuing economic reforms should be given time to reduce their budget deficits, German Vice Chancellor Sigmar Gabriel said on Sunday. "Europe must not, as has been the case so far, be divided further between north, south, east and west," Gabriel said. "It makes no sense not to give the French a millimetre more room even though they are taking on a great defense burden in Mali. "Those that are pushing through reforms - that includes Italy, France too, Portugal too - we should give them time to reduce their deficits," he told German broadcaster ARD. (Writing by Paul Carrel; Editing by Ruth Pitchford) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-eurozone-deficits-germany-idUKKBN15K0QJ'|'2017-02-06T01:15:00.000+02:00'
'1070e9dbcfc29e8b41d7e6031246740a04451958'|'Oil prices rise on weaker dollar, but U.S. output drags'|'  6:28am GMT Oil prices rise on weaker dollar, but U.S. output drags A general view of a crude oil importing port in Qingdao, Shandong province, in this November 9, 2008 file photo. REUTERS/Stringer/Files By Henning Gloystein - SINGAPORE SINGAPORE Oil prices rose on Monday, with traders shifting money into crude futures as the dollar weakened, and on concerns that new U.S. sanctions against Iran could be extended to affect crude supplies. But markets were held back by more signs of growing U.S. production and by worries that import demand in China could slow. International Brent crude futures were trading at $57.01 per barrel at 0620 GMT, up 20 cents from their last close. U.S. West Texas Intermediate (WTI) futures were up 19 cents at $54.02 a barrel. Traders said the rising prices were a result of cash being poured into crude futures due to a weakening dollar and because of a generally firm outlook thanks to producer efforts to cut output. Investors raised their net long U.S. crude futures and options positions in the week to Jan. 31 to a record 412,380 lots, the U.S. Commodity Futures Trading Commission said on Friday. "A weaker U.S.-dollar and OPEC news are supporting the base," said Jeffrey Halley of futures brokerage OANDA. The dollar has lost almost 4 percent in value against a basket of other currencies since early January, making investments into other products, including crude futures, more attractive. Traders said that tensions between Tehran and Washington were also supporting oil as a recent Iranian ballistic missile test prompted U.S. President Donald Trump to impose sanctions on individuals and entities linked to Iran''s elite Revolutionary Guards military unit. "The move by the U.S. to impose new restrictions on Iran ... does raise the risk of further tensions disrupting supply," ANZ bank said. On the supply-side, the Organization of the Petroleum Exporting Countries (OPEC) and other producers like Russia are trying to reduce a global fuel supply overhang by cutting their output by a planned average of almost 1.8 million barrels per day (bpd) during the first half of the year. Despite this, crude was held back by rising U.S. drilling activity, where 17 oil rigs were added in the week to Feb. 3, bringing the total up to 583, the most since October 2015, according to Baker Hughes on Friday. Further downward pressure could come from a slowdown in Chinese imports. BMI Research said that around 6 percent of Chinese refining capacity would shut down at some point during the first half of the year, equivalent to around 900,000 bpd of capacity. A 6.7-percent reduction to 68.81 million tonnes between 2016 and 2017 crude import quotas for China''s independent refiners will also weigh on the overall import demand, said BMI. (Reporting by Henning Gloystein; Editing by Joseph Radford and Christian Schmollinger)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-global-oil-idUKKBN15L03C'|'2017-02-06T13:24:00.000+02:00'
'2e18be342b0d2f5deed8a82c637e5b2cc8958cf7'|'South Korea to strengthen battery safety rules after Note 7 fires'|'Technology  09am GMT South Korea to strengthen battery safety rules after Note 7 fires FILE PHOTO - An exchanged Samsung Electronics'' Galaxy Note 7 is seen at company''s headquarters in Seoul, South Korea, October 13, 2016. REUTERS/Kim Hong-Ji/File Photo SEOUL South Korea said on Monday it will strengthen lithium-ion battery safety requirements and conduct regular inspections to avoid repeats of fires which forced Samsung Electronics Co Ltd to withdraw its premium Galaxy Note 7 handset. Manufacturers of lithium-ion batteries, commonly used in portable devices, would be subjected to greater oversight and regular inspections, the Ministry of Trade, Industry and Energy said in a statement. Devices using lithium-ion batteries also would be subjected to more regular safety tests, it added. "We ask that the industry shares the view that making efforts to ensure safety is equally as critical as developing new products through technological innovation," Vice Minister Jeong Marn-ki said in the statement. Samsung was forced to scrap the near-$900 Note 7 smartphones in October after some of the devices caught fire due to faulty batteries, wiping out about $5.4 billion in operating profit over three quarters. Samsung and independent investigators said in January that different battery problems from two suppliers - Samsung SDI Co Ltd and Amperex Technology Ltd - caused some Note 7s to combust. A separate probe by the Korea Testing Laboratory also found no other cause for the Note 7 fires other than a combination of manufacturing and design faults with the batteries, the trade ministry said. The government also said it would monitor Samsung''s efforts to improve battery safety, such as x-ray testing and stricter standards during the design process. It would strengthen recall-related requirements by broadening the types of serious product defects that manufacturers should report to the government, and seek legal changes to allow the government to warn consumers to stop using certain products even if they had not been recalled. (Reporting by Se Young Lee; Editing by Stephen Coates) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-southkorea-batteries-idUKKBN15L05Z'|'2017-02-06T09:05:00.000+02:00'
'f5c48b2f6d9e783dda22672d5751a6ac6bbb4b23'|'Shell looking to sell stake in Danish venture - banking sources'|'  6:11pm IST Shell looking to sell stake in Danish venture - banking sources 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 is seeking to sell its stake in the Danish Underground Consortium (DUC), an offshore oil and gas joint venture, in what would mark the company''s effective exit from Denmark, three banking sources said. The stake is valued at up to $1 billion, according to two sources. Bank of America Merrill Lynch (BAML) is running the sale process, the sources said. Shell owns a 36.8 percent stake in DUC alongside operator A.P. Moller-Maersk, which has 31.2 percent, Chevron which holds 12 percent, and Danish state-run Nords<64>fonden which has a 20 percent stake. Shell declined to comment. BAML was not available for immediate comment. The consortium, which started production in 1972, currently operates 16 fields, In 2014 it produced 51 million barrels of oil, roughly 140,000 barrels per day, and 4 billion cubic metres of gas, according to Maersk''s website. Shell said last week it was close to selling assets totalling $5 billion to cut debt following its $54 billion acquisition of BG Group a year ago. The Anglo-Dutch company has sold around $12.5 billion in assets since mid-2015 as it tries to reach its target of $30 billion in disposals by 2018. It has said it plans to exit five to 10 countries in the process. Last September, Shell agreed an $80 million sale of its remaining Danish downstream business, including its Fredericia refinery, to Denmark''s Dansk Olieselskab. In March 2015, Shell agreed to sell its retail and commercial fuel marketing operations in Denmark to Canada''s Alimentation Couche-Tard. (Editing by Jason Neely and Susan Thomas) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/shell-denmark-idINKBN15L1D3'|'2017-02-06T19:41:00.000+02:00'
'de442bce0a6dbf574b1bbbc41a5e00a4f0f43762'|'Exclusive : HD Supply to explore sale of Waterworks unit - sources'|' 38pm GMT Exclusive: HD Supply to explore sale of Waterworks unit - sources By Greg Roumeliotis HD Supply Holdings Inc ( HDS.O ) is preparing to explore a sale of Waterworks, the largest U.S. provider of water and sewer products to contractors and municipalities, following interest from buyout firms, according to   A divestment of Waterworks, which could fetch more than $2 billion, would allow HD Supply to pay down some of its $4.1 billion debt as it positions its construction and facilities maintenance businesses to benefit from U.S. President Donald Trump''s emphasis on infrastructure spending and tax reform. HD Supply has been fielding interest in Waterworks from private equity firms with advice from investment bank Goldman Sachs Group Inc ( GS.N ), the people said this week. While it will discuss some of these acquisition proposals in the coming weeks, there is no certainty it will decide to sell Waterworks, the people added. The sources asked not to be identified because the deliberations are confidential. HD Supply and Goldman Sachs declined to comment. HD Supply shares jumped as much as 3 percent on the news and were trading up 1.6 percent at $43.30 in afternoon trading in New York on Tuesday, giving the company a market capitalization of close to $9 billion. Based in Atlanta, Georgia, HD Supply is one of the largest industrial distributors in North America. It operates in three divisions: waterworks, facilities maintenance, which sells to multifamily housing, and construction and industrial, which sells to building contractors. Waterworks had adjusted earnings before interest, taxes, depreciation and amortization in the nine months ending Oct. 30 of $192 million, up from $181 million the year before, according to an HD Supply regulatory filing. HD Supply was carved out of retailer Home Depot Inc ( HD.N ) in 2007 by private equity firms Carlyle Group LP ( CG.O ), Bain Capital LLC and Clayton Dubilier & Rice LLC in an $8.5 billion leveraged buyout. It became a public company in 2013. Last October, activist hedge fund Jana Partners LLC disclosed an 8.1 percent stake in HD Supply and said it had held discussions with the company''s management about possible strategic options. This followed a drop in HD Supply''s stock following disappointing second-quarter earnings. However, HD Supply shares have risen by more than a quarter since Trump''s election on Nov. 8, on hopes that his promised economic stimulus will compensate for a downturn in non-residential construction and reduced water infrastructure spending. Last month, Jana reported it had reduced its stake in HD Supply to 4.9 percent. (Reporting by Greg Roumeliotis in New York; Editing by Meredith Mazzilli, Bernard Orr)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-hdsupply-waterworks-exclusive-idUKKBN15M2AH'|'2017-02-08T03:37:00.000+02:00'
'dfd530f70b6262beba86ea990581fd778d225ebc'|'CANADA STOCKS-TSX rises as banks lead broad gains, energy stocks weigh'|'Company  08pm EST CANADA STOCKS-TSX rises as banks lead broad gains, energy stocks weigh TORONTO Feb 7 Canada''s main stock index gained on Tuesday in a broad-based rally led by financial stocks, while shares of energy companies fell with lower oil prices. The Toronto Stock Exchange''s S&P/TSX composite index unofficially closed up 41.86 points, or 0.27 percent, at 15,498.80. The energy group, the only one of 10 sectors to fall, lost 0.9 percent. (Reporting by Alastair Sharp) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-close-idUSL1N1FS1V2'|'2017-02-08T04:08:00.000+02:00'
'7c1940c9f6dd01603940836dca489d56c4c3506c'|'LIVESTOCK-CME hog futures again reach new highs'|'Company  09pm EST LIVESTOCK-CME hog futures again reach new highs * Live cattle finishes higher * Feeder cattle closes firmer By Theopolis Waters CHICAGO, Feb 7 Chicago Mercantile Exchange February lean hogs on Tuesday scored a fresh contract high, and deferred months scored new monthly tops, led by brisk wholesale pork demand cash price optimism, said traders. February hogs ended 1.025 cents per lb higher at 72.375 cents, and hit a new contract high of 72.800 cents. April ended 0.950 cent higher at 72.175 cents, its highest level since mid-June. Tuesday morning''s U.S. Department of Agriculture data showed the average wholesale pork price, or cutout, climbed 92 cents per cwt to $86.05 from Monday, helped by $3 higher ribs. Prices for slaughter-ready, or cash, hogs in the U.S. Midwest on Tuesday morning were steady to $1 per cwt higher, according to regional hog merchants. "You''ve got good pork demand and packer margins close to $30 per head. They (packers) have money to spend, so they''ve got room to buy hogs if they want them," a Midwest hog dealer said. He pinned higher pork cutout values on restaurant and grocery store meat purchases in preparation for Valentine''s Day dinner advertisements. HIGHER LIVE CATTLE CLOSE CME live cattle futures closed higher, with strength from buy stops and technical buying, said traders. February live cattle closed 1.250 cents per pound higher at 117.675 cents, and April up 0.875 to 116.500 cents. Both contracts punched through their respective 10-day moving average of 117.213 and 115.950 cents. Investors focused on $116 per cwt cash cattle bids in Texas and Kansas. They were consistent with bids there last week but down $3 from last week''s sales in the U.S. Plains. Market bulls see early-week cash bids as a sign that some packers might be short on inventory. Bearish traders expect packers will pay less for cattle by trimming slaughter rates, which could help improve their margins and lift wholesale beef values. The trade awaits Wednesday''s Fed Cattle Auction of roughly 6,200 animals for cash price direction. Animals there last week brought $119 per cwt. HedgersEdge.com calculated Tuesday''s average beef packer margins at a negative $57.50 per head, up from negative $59.75 on Monday, as calculated by HedgersEdge.com. Tuesday morning''s choice wholesale beef price was up 12 cents per cwt to $191.35. Select cuts dropped 71 cents to $189.94, the USDA said. CME live cattle futures buying and strong cash feeder cattle prices sent the exchange''s feeder cattle contracts higher. March feeders closed up 0.700 cent per pound to 124.225 cents. (Reporting by Theopolis Waters; Editing by Phil Berlowitz) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-livestock-idUSL1N1FS1TM'|'2017-02-08T04:09:00.000+02:00'
'a57704083562064b3c47f13e22fd7021a6573b9b'|'We have the laws for a fairer gig economy, we just need to enforce them - Guardian Sustainable Business'|'W hat will the recent court cases involving Uber and CitySprint mean for the future of the gig economy in the transport sector?Something that looks and feels like work is being done. People wear uniforms, obey rules, are tied to a business and depend on it for their income. Yet, when it comes to employment rights, the app delivers a <20>page not found<6E> message.It<49>s like a job, just, you know, an alternative one. It is an alternative to a job with sick pay, holiday pay and protection against unfair dismissal.That<61>s the bleak view. There is another way of looking at this. Research carried out by the University of Hertfordshire last year revealed that one in 10 respondents had found work through an online app or platform.It is hard to make a confident estimate of the number of people in the UK working in this way, but this research suggested that as many as 5 million people could be earning income through the gig economy. It is clear that the sector is growing. The postal and courier sector , for example, is growing faster than almost any other part of the UK economy, according to official figures. Last month Deliveroo, the food delivery company, said it wanted to hire another 300 IT staff for its London headquarters. The company reported a 650% rise in takeaway orders last year.Uber driver tells MPs: I work 90 hours but still need to claim benefits Read more But to be successful these businesses are exploiting both the vulnerability of workers and the failure to enforce existing employment law properly. It has taken sustained campaigning and lengthy legal action, led by the new Independent Workers Union of Great Britain (IWGB) along with the GMB and Unite, to slow down what looked like an unstoppable erosion of employment rights. Anyone with a job needs to pay attention.The laws already exist Last year<61>s tribunal defeat for Uber against two drivers , James Farrar and Yaseen Aslam, was crucial in establishing that workers who accept these <20>gigs<67> are not independent contractors but, in fact, workers to whom certain employment rights are due.This defeat was followed by another for the courier firm CitySprint , which was found to owe holiday pay to one of its workers, Maggie Dewhurst. Both these cases have confirmed what common sense would tell you: that gig workers putting in long hours of arduous work, providing and maintaining their own transport, and offering commitment to a company, should expect to be treated like workers with rights and not as independent small business people.<2E>We don<6F>t need any new law to be written,<2C> says Jason Moyer-Lee, general secretary of the IWGB, <20>we just need existing law to be enforced properly<6C>. Hence his union<6F>s pursuit of any business that tries to maintain the fiction that the people who do the work are not workers.If employment tribunal fees were abolished it would be easier for gig workers to bring claims. There is currently little fear of punishment for these businesses, who can carry on paying low piece work rates (ie per delivery) while the supply of available labour is high. The growth in gig work affects government revenue too: with more and more people in self-employment, employer national insurance contributions fall and the country is worse off.Hermes courier: ''I felt pressured to work while caring for my dying son'' Read more Some firms have been quite open about the appeal of this kind of labour market in the past. <20>Productivity is different with a self-employed fleet,<2C> Patrick Gallagher, the chief executive of CitySprint, told Fleet News in November 2012. <20>If you<6F>re paying somebody per job as opposed to paying them per hour, they<65>re going to work harder.<2E>Dewhurst says that some gig employers are effectively getting away with paying below the national minimum wage when the other costs of doing the work are taken into account <20> maintaining a vehicle, any sick or holiday pay, admin expenses and so on. <20>In order to attract couriers th
'7187e6d4dae05fad96e62c837bef3d92784ba864'|'Chipotle stock could fall as much as 35 pct over next year: Barron''s'|'Business News - Sun Feb 5, 2017 - 8:10pm EST Chipotle stock could fall as much as 35 pct over next year: Barron''s A Chipotle Mexican Grill is seen in Los Angeles, California, U.S. on April 25, 2016. REUTERS/Lucy Nicholson/File Photo - Chipotle Mexican Grill Inc ( CMG.N ) could fall as much as 35 percent in the next year, Barron''s reported on Sunday. The burrito chain is moving beyond a sales decline caused by widespread 2015 outbreaks of tainted-food scandals but its stock is now over valued, Barron''s said. Chipotle shares have increased 8 percent in the past three months to $404 amid an activist led board shuffling, but still trade at 49 times the consensus earnings estimate for 2017, Barron''s said. "A healthy return for investors from here would require either that Chipotle blast past growth estimates in coming years or that shareholders maintain their enthusiasm as growth slows," the paper said. Officials at Chipotle were not immediately available for comment. (Reporting by Scott DiSavino; Editing by Bernard Orr) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-chiptle-barron-s-idUSKBN15L03Y'|'2017-02-06T08:10:00.000+02:00'
'd3ade92f55ccf1c4a60bc0745fbe64b3d932d311'|'PRESS DIGEST - Wall Street Journal - Feb 6'|'Company   1:26am EST PRESS DIGEST - Wall Street Journal - Feb 6 Feb 6 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 appeals court is set to rule on President Donald Trump''s executive order on immigration in a decision that may have more influence-and last longer-than usual because of the longstanding vacant seat on the U.S. Supreme Court. on.wsj.com/2jT9vij - Trump administration is looking at ways to break Russia''s alliance with Iran in a bid to end the Syrian conflict and bolster the fight against Islamic State. on.wsj.com/2jT1IBr -   Friday signed a memorandum ordering a review of the Dodd-Frank Act, the post financial-crisis regulatory overhaul that has guided regulators such as the Federal Reserve. on.wsj.com/2jSY36r - The Roman Catholic Church in the Philippines slammed President Rodrigo Duterte''s bloody war on drugs in a sermon read out during Sunday''s services, marking its strongest opposition yet to a flagship policy that has led to the deaths of more than 7,000 people in the last seven months. on.wsj.com/2jT2Ogr - Shortly after taking the helm three years ago, General Motors Co. Chief Executive Mary Barra flew to the auto make''s money-losing Opel unit in Germany to tell employees they were a "vital part" of the company and profits would come by "the middle of the decade". on.wsj.com/2jT2Sgb - Secretary General Ant<6E>nio Guterres urged the U.S. not to scale back its support for the United Nations, saying that any move to defund or disengage from the world body would pave the way for other nations to fill in the void. on.wsj.com/2jT08zj (Compiled by Vishal Sridhar in Bengaluru) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/press-digest-wsj-idUSL4N1FR2AQ'|'2017-02-06T13:26:00.000+02:00'
'c3156f90fdd79f162e71c24d4eb3c51b8e70cc45'|'JPMorgan gets China corporate bond underwriting licence'|'Business   2:00am EST JPMorgan gets China corporate bond underwriting license 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 HONG KONG JPMorgan Chase & Co < JPM.N> said on Monday it had received approval and license to underwrite corporate bonds in China''s interbank bond market, making it the first U.S.-headquartered bank to do so. The license enables JPMorgan to underwrite debt financing instruments issued by non-financial entities, including commercial papers, medium-term notes and other instruments approved by regulators, it said. The license was granted by the National Association of Financial Market Institutional Investors (NAFMII), which oversees the Chinese interbank bond market, said a statement issued by JPMorgan. China is the third largest bond market in the world with 43.7 trillion yuan ($6.37 trillion) outstanding at the end of 2016 with the interbank bond market accounting for over 90 percent, according to China Central Depository & Clearing Co. In September last year, JPMorgan was granted a business license to operate a fully owned fund management business in China, allowing it to set up an office in Shanghai free-trade zone. (Reporting by Sumeet Chatterjee; Editing by Vyas Mohan) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-jpmorgan-china-idUSKBN15L0JH'|'2017-02-06T13:49:00.000+02:00'
'61050b11376990a27fae6f6ebdb8bea8c0ce1515'|'Electrolux buys U.S. Anova to tap into connected products growth'|'STOCKHOLM Swedish home appliance maker Electrolux ( ELUXb.ST ) said on Monday it was buying precision cooker maker Anova in the United States as it looks to accelerate its development of connected devices for kitchens and homes.Home appliances that can be connected to smartphones are one of the emerging technologies and features that are expected to be a growth area for white goods makers in the years ahead.Paying $115 million cash for Anova, which sells an immersion cooker that is linked through a smartphone to thousands of recipes, Electrolux hopes to leverage its direct sales business model and boost its own connected products business."This is a space we are developing in and learning in and this is a way for us to accelerate that learning in terms of smart, connected devices," Electrolux CEO Jonas Samuelson said.Samuelsson also said Electrolux wanted to leverage off Anova''s direct marketing and sales network and learn from its experience in creating a user community among the 500,000 people who have bought its products.San Francisco-based Anova had sales of around $40 million in 2016 and Samuelson said it was "solidly profitable" despite still being in a phase of rapid expansion.Electrolux said it will pay an additional up to $135 million depending on the future performance of Anova and will establish a smart home solutions center in San Francisco to boost the development of connected products in other categories.The company, which is eyeing other growth avenues after a failed attempt to buy General Electric''s ( GE.N ) white goods business, later sold to China''s Haier Group, already makes connected air conditioners, cookers, washing machines and driers.Samuelson said Electrolux will now also focus on areas like climate control and air quality."This is a space where connectivity and out-of-home control and optimization ... is really taking off in terms of smart and connected solutions," he said.(Reporting by Simon Johnson, additional reporting by Johannes Hellstrom; editing by Niklas Pollard)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-electrolux-acquisition-idINKBN15L0TZ'|'2017-02-06T06:17:00.000+02:00'
'6afba3b6d4fdb5cb9d6382b2a48fb3ec74b073c3'|'China targets green, branded food products as part of farm reform'|' 13am GMT China targets green, branded food products as part of farm reform FILE PHOTO: Farmers collect corn for a cargo at a farm in Gaocheng, Hebei province, China, September 30, 2015. REUTERS/Kim Kyung-Hoon/File Photo By Dominique Patton and Ben Blanchard - BEIJING BEIJING China will promote high-quality, branded farm products as it reforms its agricultural sector to meet demand from a growing middle class and boost rural incomes, the government''s first policy statement of the year shows. Beijing is trying to modernize its sprawling farm sector, the world''s largest, and rebalance output away from basic grains towards foods such as meat, dairy and other value-added products increasingly in demand from its urbanizing population. But the policy document published late on Sunday suggested that local producers in the world''s second-largest economy are struggling to compete with imports because of high production costs and inventory. Known as the "number one document", the statement sets out Beijing''s priorities in rural policy for the year. It reiterated earlier plans to modify the crop structure, encouraging farmers to grow less grain corn and more soybeans, corn silage and alfalfa for livestock. Analysts said the document underlined the challenge facing the government as it seeks to boost farmers'' incomes and ensure food supply for China''s 1.5 billion people while preventing over-production of grains as the pace of demand growth slows. But they expressed disappointment that it didn''t include specific measures that would improve farmers'' incomes, which have fallen in recent years as living and farming costs have increased. "The document is significant, but effective implementation is the key," said Ma Wenfeng, analyst at Beijing Orient Agri-business Consultant Co Ltd. "Farmers'' incomes have fallen significantly in the past few years, the whole society is getting poorer and demand and consumption are down sharply." The government said it plans to promote new channels of demand for corn to help digest excess stocks, built up after years of buying from farmers to support their income. After abandoning the policy last year, it still has an estimated 200 million tonnes in warehouses, according to some estimates, much of poor quality. Meanwhile it will promote local and specialty products and geographical indications as well as organic products, with favourable taxes for start-ups in rural areas and innovation centres to support high quality produce. It will also encourage exports, and support companies to set up overseas production bases, particularly in countries that are part of its Silk Road initiative. Beijing will also make use of anti-dumping and other measures to protect its producers, said the document. It placed significant emphasis on making agriculture more environmentally sustainable, promoting major water-saving programs through technology such as drip irrigation, tackling overuse of pesticides and strict standards on handling manure as well as use of more technology such as large-scale biogas digesters. Reforms must however "ensure that grain production capacity is not reduced, the income of farmers is not reversed and rural stability is not a problem", added the document. (Additional reporting by Hallie Gu; Editing by Jason Neely and Ruth Pitchford)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-china-policy-agriculture-idUKKBN15L0BQ'|'2017-02-06T11:13:00.000+02:00'
'cb41b32a9f9b921e0f0541bef30ba1361436b2f4'|'Nikkei rises as banks gain on U.S. deregulation hopes'|'  1:09am EST Nikkei rises as banks gain on U.S. deregulation hopes TOKYO Feb 6 Japan''s Nikkei share average rose on Monday as bank stocks climed following measures ordered by U.S. President Donald Trump to reduce regulation in the financial sector, although a slightly stronger yen kept gains limited. The Nikkei rose 0.3 percent to 18,976.71. The broader Topix gained 0.4 percent to 1,520.42 and the JPX-Nikkei Index 400 added 0.3 percent to 13,618.16. Traders said that most investors were expected to stay on the sidelines before Japanese Prime Minister Shinzo Abe meets U.S. President Donald Trump on Feb. 10 and 11, with trade and currencies likely to be on the agenda. (Reporting by Ayai Tomisawa; Editing by Eric Meijer)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/japan-stocks-close-idUSL4N1FR27M'|'2017-02-06T13:09:00.000+02:00'
'd9a3edf3f2b0045ba6e2fd4979356be1d788c15c'|'JPMorgan gets China corporate bond underwriting licence'|'HONG KONG Feb 6 JPMorgan Chase & Co < JPM.N> said on Monday it had received approval and licence to underwrite corporate bonds in China''s interbank bond market, making it the first U.S.-headquartered bank to do so.The licence enables JPMorgan to underwrite debt financing instruments issued by non-financial entities, including commercial papers, medium-term notes and other instruments approved by regulators, it said.The licence was granted by the National Association of Financial Market Institutional Investors (NAFMII), which oversees the Chinese interbank bond market, said a statement issued by JPMorgan.China is the third largest bond market in the world with 43.7 trillion yuan ($6.37 trillion) outstanding at the end of 2016 with the interbank bond market accounting for over 90 percent, according to China Central Depository & Clearing Co.In September last year, JPMorgan was granted a business licence to operate a fully owned fund management business in China, allowing it to set up an office in Shanghai free-trade zone.($1 = 6.8615 Chinese yuan renminbi) (Reporting by Sumeet Chatterjee; Editing by Vyas Mohan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/jpmorgan-china-idINL4N1FR2BJ'|'2017-02-06T03:49:00.000+02:00'
'30fce57195a9a818e17fdd9a309afddd6613539f'|'Israel''s Delek agrees to buy Canada''s Ithaca Energy'|'Israel''s Delek Group ( DLEKG.TA ) said it had offered $524 million for the 80 percent of shares in Canadian oil producer Ithaca Energy Inc ( IAE.TO ) it does not already own in an agreed takeover bid.North Sea producer Ithaca said its board had recommended the Israeli conglomerate''s cash offer of C$1.95 per share.The offer, which represents a premium of about 12 percent to Ithaca''s closing price of C$1.74 on Friday, implies an enterprise value of about $1.24 billion, Ithaca said.Delek, with natural gas exploration and production activities in the eastern Mediterranean, already owns 19.7 percent of Ithaca. The bid values the entire company at $646 million.(Reporting by Noor Zainab Hussain in Bengaluru and Tova Cohen in Jerusalem; Editing by Adrian Croft)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-ithaca-energy-m-a-delek-group-idINKBN15L0QO'|'2017-02-06T05:35:00.000+02:00'
'd844952360905322ec29cfc50660314f3b882d90'|'REFILE-Cavendish Asset Management urges Ithaca shareholders to reject Delek deal'|'(Refiles to add dropped words Delek Group, paragraph 1)LONDON Feb 6 Ithaca investor Cavendish Asset Management said it "strongly urges" shareholders in the North Sea oil producer to reject a $524 million offer from Delek Group to buy 80 percent of Ithaca''s equity it does not already own."I anticipate lots of potential deals in the future...This acquisition would be relatively cheap, and Delek Group will see good payback in a short space of time," said Paul Mumford, fund manager at Cavendish Asset Management, which has over 13 million shares in Ithaca, or about a 3 percent stake.Delek on Monday offered to pay a 12 percent premium over Ithaca''s Friday closing price, implying an enterprise value of $1.24 billion. (Reporting by Karolin Schaps; editing by Jason Neely)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/ithaca-energy-ma-delek-group-investors-c-idINL9N1FR02S'|'2017-02-06T09:51:00.000+02:00'
'1f6f6dd28025991d04fd5a9eee5928ad35f98fd2'|'Budget raises India''s capital market ambitions'|'Business  33am GMT Budget raises India''s capital market ambitions Finance Minister Arun Jaitley (C) arrives at the parliament where he is due to present the federal budget, in New Delhi, February 1, 2017. REUTERS/Adnan Abidi By Anuradha Subramanyan and Krishna Merchant SINGAPORE (IFR) - The Indian government has unveiled its most ambitious target for public share sales so far, looking to capitalize on the robust domestic capital markets to cut its annual deficit. In last week''s federal budget, Finance Minister Arun Jaitley set a 725 billion rupees ($10.76 billion) target for divestment in the 12 months from April 1, up from a revised 455 billion rupees goal in the current fiscal year. The government intends to raise 110 billion rupees from the listing of state-owned insurance companies, 465 billion rupees from the sale of stakes in state-owned companies on local stock exchanges and 150 billion rupees from strategic sales in 2017-18. Analysts and investors welcomed the budget, sending stocks and bonds broadly higher on promises of tax cuts and a lower fiscal deficit. However, the statement makes it clear that the capital markets will play a far greater role in the country''s finances than in previous years. Jaitley proposed stock-market listings for three units of the state-owned Indian Railways and pledged to use more exchange traded funds to hold stakes in public-sector companies. The government also announced a lower-than-expected recapitalization plan for state-owned banks, putting the sector under more pressure to tap the capital markets for funds. Including the insurance listings, the 2017-18 divestment target is more than double the 309 billion rupees raised in the current fiscal year through stake sales and buybacks in state-owned companies, including a 30 billion rupees stake in Larsen & Toubro held through the Specified Undertaking of Unit Trust of India ETF. Rating agency Icra said the divestment target appeared high, but its achievement "would be crucial to ensure the budgeted reduction in the fiscal deficit and the lower than expected gross borrowing figure". According to Nomura, the divestment target is optimistic and <20>some shortfall, as is the norm every year, is likely<6C>. RAIL FLOATS The proposed listings of Indian Railway Catering and Tourism Corporation, Ircon International and Indian Railway Finance Corporation could net the government a total of 100 billion-150 billion rupees ($1.5 billion<6F>$2.2 billion), according to early estimates of bankers. IRCTC handles the catering, ticketing and tourism operations of state-owned Indian Railways and is the country<72>s largest online ticketing company. Ircon is an engineering and construction entity specializing in transport infrastructure, and IRFC is Indian Railways<79> financing arm. The spin-offs are by no means straightforward. While the budget reveals plans to list IRCTC, it has also done away with the service charge on online bookings, which contributes nearly a third of IRCTC<54>s revenue. In the financial year to March 31 2016, IRCTC reported a net profit of 1.8 billion rupees on revenue of 15 billion rupees. <20>At this rate, the listing of IRCTC will be a non-starter,<2C> said one ECM banker. Bankers have said the listings of these units are a long way off as the government has to get the assets valued properly. Also, at this stage, it is unclear if the listings will be done through strategic sales or IPOs. While India has successfully sold stakes in state-owned companies through offers for sale, it has been slow to complete IPOs. Floats announced in Hindustan Aeronautics and Rashtriya Ispat years ago have yet to be completed. Last year, it initiated plans to sell stakes in Cochin Shipyard and Housing and Urban Development Corporation for a total of $300 million through IPOs. The government''s deadline for the IPOs is March 31. INSURANCE IN VOGUE The 110 billion rupees target for insurance sector listings builds on January''s announcement of plans to sell, in stages, 25 pe
'4179a16ad75a5444e6df037e5ac5aec068f2afa2'|'Wanted: high-tech grads to work with Aussie farmers'|' 55am GMT Wanted: high-tech grads to work with Aussie farmers Officials observe a weed-spraying function on a robot in wheat paddocks near the township of Emerald, in the state of Queensland, Australia, in this handout picture taken on August 9, 2016. Picture taken August 9, 2016. Swarm Farm/Handout via REUTERS By Cecile Lefort - SYDNEY SYDNEY Parts of Australia''s farming industry are rushing to recruit a new generation of tech-savvy graduates as the sector swaps its bucolic past for a future of drones, robots and automated sensors. The push comes as cutting-edge machinery is used to plug a labour shortage on the nation''s remote farms that threatens to derail its ambitions to become Asia''s food bowl. "For the first time in many years, we''re finding it easier to attract graduates because agriculture, particularly technology in agriculture, is back on the radar," said Felicity Hennessy, general manager of innovation at agribusiness Ruralco ( RHL.AX ). For years, potential recruits to Australian agriculture have been turned off by the harsh image of traditional farming, but a marked acceleration towards automation has piqued the interest of young generations, with jobs available to do everything from developing crop-protecting drones to crunching data on cattle nutrition. "The proliferation of drones and sensors are the key drivers," said Hennessy, adding that Ruralco''s graduate programme had seen a rise in the number and quality of applicants. While Australia is among the world''s leaders in robotics for outdoor use, having given birth to the first robot to round up cattle, the A$4 billion agriculture technology industry is still in its infancy. It is mainly just a few companies that are big enough to recruit. The nation''s largest cattle firm Australian Agricultural Company (AACo) ( AAC.AX ) is one of the local firms in the sector that has regularly been hiring tech-savvy youngsters. "Interest in agriculture is rising, from engineers to science-type graduates," said Gerard Davis, who heads a team of seven in an innovation department at AACo that started under three years ago. Data from Rimfire Resources, a recruiting firm specialised in farming, showed 4,600 agricultural jobs were advertised on the internet in 2016, from an average of 3,750 in the past three years. "It is difficult to say whether the increase is driven by technology, but there is a clear shift for off-the-farm roles," said Nigel Crawley, a director at Rimfire Resources. DOWN ON THE FARM New degrees such as agri-sciences are being added by universities, with a sharp rise in students who do not have a farming background. City-born engineering student Michael Forrai had never set foot on a farm, but as part of his studies is now testing weed-spraying functions on robots in wheat fields near Emerald, a remote town in the state of Queensland. "I had never heard of Emerald before and really would have never expected to work on a farm," said the 30-year-old student from the University of Sydney. "Now, I see it as an amazing opportunity ... I am definitely considering staying in agricultural robotics." But competition is stiff for agricultural companies looking to recruit engineers or tech graduates. "We have to be looking all the time," said Matt Pryor, the founder of water and livestock sensors maker Observant, citing companies in aerospace, automotive, finance, healthcare and e-commerce vying for the candidates. Observant provides web-based software to allow farmers to check water levels remotely. The system collects data from soil moisture sensors, weather stations and cameras. The 13-year-old company employs a staff of 12, having added three technicians last year. "We changed our mindset from being position-focused to talent-focused and that can be tough because you may take somebody before the business is ready," said Pryor. "In a competitive market, you have to be at market price or above," he said, declining to give more details. ($1 = 1.3229 Australian
'c497be859870f863ce84c69694ae57d3451d5963'|'China services sector continues strong expansion in January-Caixin PMI'|' 56am GMT China services sector continues strong expansion in January: 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 Feb 6 Growth in China''s services sector remained strong in January, a private survey showed, as companies reported a solid increase in orders. Improving business conditions prompted service companies to hire staff at the fastest pace in 20 months. The strong reading mirrored improvements in manufacturing surveys last week, giving China''s policymakers more room to focus on containing the financial risks from a sharp rise in debt. Though activity in services slowed slightly from December, strong growth looks set to continue, in line with policymakers efforts to rebalance the economy toward services and consumption, which are the biggest drivers of growth in the world''s second-largest economy. The services PMI was 53.1 in January on a seasonally adjusted basis, dipping from 53.4 in December, the Markit/Caixin services purchasing managers'' index (PMI) showed. But it remained well above the 50-mark that separates expansion in activity from contraction on a monthly basis. Expansion in new business for services firms also slowed slightly from December but remained robust, while business expectations matched an 18-month high at a reading of 60.8. However, input prices rose the fastest in nearly four years. And while companies also raised their output prices the most since August 2015, companies said tough competition held back their ability to raise prices, suggesting a squeeze in profit margins. Caixin''s composite PMI covering both the manufacturing and services sectors fell to 52.2 in January from the previous month''s near 4-year high of 53.5. A number of economists have predicted a loss of growth momentum this year as a property boom cools and the boost from previous stimulus starts to wear off. Chinese firms are also facing the prospect of higher borrowing costs. The central bank has begun to raise key short-term rates in a sign that policymakers will focus on controlling high debt levels and cooling down overheated property and commodities markets. But the rate increases so far have been modest, suggesting authorities remain wary about tapping the brakes too hard and stunting economic growth. "The economy continued to recover, but the expansion rate has slowed. Meanwhile, inflationary pressures continued to build up as prices increased further," said Zhengsheng Zhong, director of macroeconomic analysis at CEBM Group, in a note with the PMI data. "The economy is unlikely to maintain the pace of expansion seen in the fourth quarter of last year given that the manufacturing sector''s willingness to restock has declined. China''s economic growth may decelerate after the first quarter of this year." (Reporting by Elias Glenn; Editing by Kim Coghill)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-china-economy-pmi-services-caixin-idUKKBN15L05J'|'2017-02-06T08:51:00.000+02:00'
'42197841ce679313b399fde5213654dca050fc51'|'Will Trump Crush China Over Aluminum?'|'Donald Trump and China President Xi Jinping haven<65>t had a chance to size each other up in the same room yet, but a chat over aluminum beer cans may offer the first opportunity.Among the last-minute actions President Barack Obama took before leaving was a complaint filed with the World Trade Organization alleging China<6E>s subsidies of its aluminum producers were illegally suppressing global prices of metal and putting American smelters on the verge of bankruptcy. It<49>s a claim that fits perfectly into Trump<6D>s tough talk on trade and could provide an early window into how he intends to deal with China.Although aluminum represents less than 1 percent of total exports from China to the U.S., the stakes are high. If China decides to go through the WTO process, it could end up putting the legitimacy of its entire industrial complex on the line. Aluminum is hardly the only industry it subsidizes, and a loss could set an important precedent. <20>This is the first time there is a systemic challenge to China<6E>s financing and building out of its massive industrial capacity from highly subsidized state-directed financing,<2C> says Alan Price, who leads the international trade practice at Wiley Rein law firm in Washington. <20>They have a lot to lose beyond the aluminum industry.<2E>Rather than going through the formal WTO process, which typically takes two to five years and requires costly amounts of research, translation, and analysis, China may choose instead to negotiate with Trump. That would certainly appeal to his style of doing business. It could also save China from additional scrutiny of its aluminum industry, which relies on dirty coal plants for electricity and has an outsize impact on climate change.China<6E>s aluminum industry has grown tremendously over the past decade. The country is by far the biggest global supplier, producing more than half the world<6C>s aluminum last year. A lot of that is consumed inside China, where aluminum demand has risen 75 percent since 2010. But it<69>s also led to a glut on the global market. In 2016, the world produced almost 300,000 metric tons of excess aluminum, according to Morgan Stanley. That<61>s pushed prices down more than 45 percent from an all-time high and threatened the survival of many competitors.This past summer, Michael Bless, chief executive officer of Chicago-based Century Aluminum, implored the Obama administration to take up a WTO case on subsidies, saying that if nothing was done to cut Chinese capacity, he<68>d have to close a smelter in Hawesville, Ky., which makes special aluminum used in defense applications. The plant has cut its payroll by more than half in the past two years. <20>This case specifically is tailor-made for the new president to deliver on his promise to stand up to China and put American workers first,<2C> says Jesse Gary, Century<72>s general counsel, who helped spearhead the WTO case brought against China.The Chinese government plans to shut down about 3.3 million tons of aluminum capacity (about 9.5 percent of its total) during the winter to curtail air pollution, a person with knowledge of the matter said in late January. One way to interpret this is that it<69>s a reaction to the complaint, though it could also end up being a temporary measure if that production comes back on line in the spring.China could also choose to go through with the WTO process and argue that its aluminum plants are more competitive than those in the rest of the world. Many of its smelters are new and among the most efficient anywhere, unlike their American competitors, which tend to be older and smaller. <20>China may think: Why should we pay the consequences of uncompetitive assets when we have competitive assets?<3F> says Jorge Vazquez, managing director of Harbor Intelligence, an aluminum research firm in Texas.China exports virtually no primary aluminum and only about 500,000 tons of the more expensive flat-rolled products to the U.S. Last year it imported more than 1 million tons of aluminum scrap from the U.S. It<49>s the bi
'734093fd66786ebfe5a825b97f2f9aa5dfbfa705'|'Funds still missing after our house move from hell - Money'|'I was due to complete the purchase of a house in Enfield on 19 December 2016. The completion did not take place, as my solicitors did not receive the mortgage funds of <20>364,000 in time. This was due from the lender, Birmingham Midshires, which is part of the Lloyds Banking Group. A complaint was opened to investigate where the funds had got to. The lender<65>s response was that they were released correctly, and it didn<64>t offer any real help. It was a disaster <20> families in the purchase chain had their possessions in lorries over the Christmas period while waiting on this issue to be resolved. Currently, we are at a standstill whereby Birmingham Midshires says the funds have been released, and my solicitors and their bank, NatWest, say they haven<65>t received the money. No bank is taking responsibility for locating the missing funds. Now we are desperate. MS, Enfield This sounds like the move from hell <20> but, happily, within a day of sending your letter to Birmingham Midshires headquarters, someone managed to locate your funds.It appears they were paid to NatWest but had not actually made it into your solicitor<6F>s account. This was swiftly rectified, and the moves took place.A Birmingham Midshires spokesperson says: <20>We have offered to waive the interest from the first month<74>s mortgage payment, and arranged to make a payment for any distress and inconvenience that was experienced by MS.<2E>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'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/2017/feb/06/buy-property-conveyancing-funds-late-exchange'|'2017-02-06T13:59:00.000+02:00'
'3f7969b2d525b6b1d32f1777dae181fdd6b21433'|'GfK says Michael Dell raises stake to 9.8 pct'|'FRANKFURT German research firm GfK ( GFKG.DE ) said on Tuesday that Michael Dell, founder of the personal computer firm, had bought a 9.8 percent stake in the company.GfK, which is in the process of being bought by KKR ( KKR.N ) in a deal valuing the company at 1.69 billion euros ($1.80 billion), said in a regulatory statement that the multi-billionaire had raised his stake from 6.45 percent last week.The disclosure comes only days before a deadline for shareholders to tender their shares for the 43.50 euro per share offer from KKR expires on Feb. 10 at 2300 GMT.As part of the deal, majority shareholder GfK Verein will hold on to its 56.46 percent stake.KKR has said its offer is conditional to a least 18.54 percent of GfK shares accepting the offer.Separately on Monday investment fund Primestone Capital has raised its stake in to 5 percent from 3.21 percent.($1 = 0.9372 euros)(Reporting by Harro ten Wolde; Editing by Edward Taylor)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-gfk-m-a-dell-idINKBN15M1K0'|'2017-02-07T10:59:00.000+02:00'
'dfba957d1fe39afef9481edc7c137ff310a7d8f7'|'Indian Oil says crude processing to edge up in 2017/18'|'Money News - Tue Feb 7, 2017 - 12:28pm IST Indian Oil says crude processing to edge up in 2017/18 A technician opens a pressure gas valve inside the Oil and Natural Gas Corp (ONGC) group gathering station on the outskirts of Ahmedabad March 2, 2012. REUTERS/Amit Dave/Files By Nidhi Verma and Neha Dasgupta - NEW DELHI NEW DELHI Indian Oil Corp ( IOC.NS ), the country''s largest refiner, expects its crude processing to inch up in 2017/18 despite planned maintenance at some plants. The company''s head of refineries told Reuters in an interview late on Monday that "high runs" at one of its biggest plants, on the east coast, would offset the impact of maintenance work at other facilities. IOC, which accounts for over a third of India''s 4.6 million barrels per day (bpd) of refining capacity, is likely to process 1.4 million bpd in the fiscal year that starts in April, said Sanjiv Singh. That would be up from 1.34-1.36 million bpd in the current year. IOC plans to completely shut its 160,000 bpd Mathura refinery in northern India for a month for planned maintenance in 2017/18, Singh said, without specifying when that would happen. It also expects to carry out maintenance on units at its 120,000 bpd Barauni refinery in the eastern state of Bihar and Koyali facility in the western state of Gujarat, which can refine 274,000 bpd. But he said that IOC''s 300,000 bpd Paradip plant would ramp up to 100 percent of capacity in 2017/18. The refinery is currently operating at 90 percent. "Barauni and Gujarat will see some shutdown, so these refineries will be on marginally lower throughput, while Paradip will pick up," Singh said. He added that the return of full-scale operations at Paradip would enhance IOC''s heavy oil processing capability. "Out heavy oil intake will go up in the next fiscal year," he said. IOC currently processes small amounts of heavy grades from Latin America, with the Middle East meeting the bulk of its demand. The company has renewed a deal with Iraq to buy about 312,000 bpd oil for 2017. For 2016/17 it has a deal to purchase 114,000 bpd from Saudi Aramco, and 100,000 bpd each from Kuwait and Iran. It also has a term deal with the United Arab Emirates to buy 50,000 bpd oil. IOC could buy more South American oil if prices drop as "the transportation cost from there is also heavy", he added. The company will invest about 40 billion rupees ($594 million) on installing an isomerisation and hydrogent unit at Paradip to produce Euro VI compliant fuels from April 2020. It also plans to raise Paradip''s capacity to about 400,000 bpd by 2021-22. ($1 = 67.3700 Indian rupees) (Reporting by Nidhi Verma and Neha Dasgupta; Editing by Joseph Radford) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/india-ioc-oil-idINKBN15M0HC'|'2017-02-07T13:58:00.000+02:00'
'764a6c9024c03bf693d967f626ab36a7023d4cd6'|'Bank of England fines two Japanese banks for lack of communication with regulator'|'Business News -  52am GMT Bank of England fines two Japanese banks for lack of communication with regulator People are reflected in the logo of Mitsubishi UFJ Financial Group''s bank of Tokyo-Mitsubishi UFJ (MUFG) in Tokyo, Japan, May 16, 2016. REUTERS/Thomas Peter/File Photo LONDON The Bank of England said it has fined Bank of Tokyo-Mitsubishi UFJ Limited (BTMU) 17.85 million pounds, and MUFG Securities EMEA PLC 8.9 million pounds for failing to be open with the regulator about U.S. enforcement action. The BoE''s Prudential Regulation Authority, which regulates banks in Britain, said the two banks - both part of Mitsubishi UFJ Financial Group ( 8306.T ) - failed to be open and cooperative with the watchdog in relation to an enforcement action into BTMU by the New York Department of Financial Services (DFS). The Bank of Tokyo-Mitsubishi UFJ was fined $315 million (<28>250.6 million) in 2014 for pressuring its consultant to water down a supposedly objective report on BTMU''s dealings with sanctioned countries, submitted to DFS, thereby misleading regulators, the PRA said in a statement. The DFS enforcement action also had implications for the then Chair of MUFG Securities, it added. The two banks did not inform the PRA of the DFS action until after the DFS'' public announcement. "BTMU''s inadequate systems and controls for the communication of relevant information contributed to this failure to be open with the PRA," the watchdog said. (Reporting by Huw Jones,; Editing by Rachel Armstrong) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-boe-banks-fine-idUKKBN15O116'|'2017-02-09T16:52:00.000+02:00'
'bde86079d9036557c6b6438d3d201c1ebc8e89a0'|'Eco-warrior lays waste to Philippines'' mining industry'|'Business News - Fri Feb 10, 2017 - 1:14am GMT Eco-warrior lays waste to Philippines'' mining industry left right Philippine Environment Secretary Regina Lopez speaks in front of a chart on mining issues during a press briefing in Manila, Philippines February 9, 2017. REUTERS/Erik De Castro 1/13 left right Philippine Environment Secretary Regina listens to a reporter''s question during a media briefing in Manila, Philippines February 9, 2017. REUTERS/Erik De Castro 2/13 left right Philippine Environment Secretary Regina Lopez speaks during a media briefing in Manila, Philippines February 9, 2017. REUTERS/Erik De Castro 3/13 left right Philippine Environment Secretary Regina Lopez smiles as she concludes her media briefing in Manila, Philippines February 9, 2017. REUTERS/Erik De Castro 4/13 left right Philippine Environment Secretary Regina Lopez talks to presidential spokesman Ernesto Abella during a meeting in Manila, Philippines February 9, 2017. REUTERS/Erik De Castro 5/13 left right Philippine Environment Secretary Regina Lopez rides on her vehicle to attend a meeting in Manila, Philippines February 9, 2017. REUTERS/Erik De Castro 6/13 left right Philippine Environment Secretary Regina Lopez smiles during her last meeting for the day at her house in Quezon city, Metro Manila Philippines February 9, 2017. REUTERS/Erik De Castro 7/13 left right Philippine Environment Secretary Regina Lopez belts a tune from her favourite song ''I Believe I Can Fly'' during a meeting in Manila, Philippines February 9, 2017. REUTERS/Erik De Castro 8/13 left right Philippine Environment Secretary Regina Lopez attends a meeting at the presidential palace in Manila, Philippines February 9, 2017. REUTERS/Erik De Castro 9/13 left right Philippine Environment secretary Regina Lopez listens to her aide during a meeting in Manila, Philippines February 9, 2017. REUTERS/Erik De Castro 10/13 left right An aide whispers at Philippine Environment Secretary Regina Lopez at the presidential palace in Manila, Philippines February 9, 2017. REUTERS/Erik De Castro 11/13 left right Philippine Environment Secretary Regina Lopez greets a friend after attending a meeting in Manila, Philippines February 9, 2017. REUTERS/Erik De Castro 12/13 left right Philippine Environment Secretary Regina Lopez smiles as she greets a friend after attending a meeting in Manila, Philippines February 9, 2017. REUTERS/Erik De Castro 13/13 By Manolo Serapio Jr and John Chalmers - MANILA MANILA Mining industry chiefs had just assailed her order to shut down more than half of the Philippines'' mines, and Regina Lopez was in a combative mood: but, to keep her cool before an interview, she slipped into a side room and meditated for a few minutes. There is a spiritual side to Lopez, the daughter of a media mogul who, at 18, left a life of privilege behind in the Philippines, took a vow of celibacy and became a yoga teacher and missionary in Africa, living in slums among the poor. But Lopez is also a fiery environmental crusader. She has no qualms about attacking the powerful and flouting convention, just like the country''s blunt-spoken president, Rodrigo Duterte, who appointed her as his environment minister last year. Since then, she has become the bane of big mining companies, which she accuses of earning "blood money" in the fifth-most-mineralised country in the world. "Where does the money go? It goes to a few people who are already very rich and to foreigners. We''re raping the local economy for their wealth," the 63-year-old secretary of the Department of Environment and Natural Resources (DENR) said in conversations with Reuters in Manila this week. "They are killing our rivers, our streams, they are mining in watersheds," she said, her voice strident with emotion. "I''ve made a policy that there should be no mining in functioning watersheds because gold and nickel can never be more important than people''s lives." BACKS THE WAR ON DRUGS Lopez, who is popularly known as "Gina",
'5c614afa9c033ff7da765f77390853c0ae1e85da'|'UPDATE 1-Peru asks world to help find fugitive former president Toledo'|'Company News  33pm EST UPDATE 1-Peru asks world to help find fugitive former president Toledo (Adds comment from Toledo''s lawyer, justice minister) By Mitra Taj LIMA Feb 10 Peru put former president Alejandro Toledo on its list of the country''s most wanted criminals on Friday as it sought clues about his whereabouts after a judge issued an international arrest warrant in connection to a far-reaching bribery probe. The interior ministry offered 100,000 soles ($30,000) for information leading to his capture and urged Interpol to quickly issue a red alert to help find him. Prosecutors allege Toledo took $20 million in bribes from Brazilian builder Odebrecht S.A., at the center of Latin America''s biggest region-wide graft scandal, and a judge ruled Thursday that he must be jailed while influence peddling and money laundering charges are prepared against him. "Anyone in the world who can help us find him can claim the reward," Interior Minister Carlos Basombrio said on local TV station Canal N. "Peru doesn''t deserve to see another president flee justice," Basombrio added. Toledo rose to power denouncing widespread corruption in the government of his predecessor Alberto Fujimori, who fled to Japan amid a far-reaching graft inquiry in 2000. Fujimori is now serving a 25-year sentence in Peru for corruption and human rights abuses during his decade-long authoritarian rule. Toledo has not been convicted of any crimes and has denied wrongdoing. Last week he was in France, which has an extradition treaty with Peru. Toledo''s lawyer, Heriberto Benitez, denied that Toledo was on the run and told Reuters he was waiting for the results of an appeal. Benitez declined to say where Toledo was, citing a confidentiality agreement with his client. After the judge''s decision late on Thursday, Benitez said he would recommend Toledo not return to Peru to face a justice system he called "vindictive." Justice Minister Marisol Perez Tello said Toledo would be guaranteed a fair trial. "We''re all very ashamed of what this looks like internationally, all we''re asking is that he come back to explain what happened," Perez Tello said. Some Peruvians have speculated that Toledo might be in Israel, where his longtime friend, Israeli businessman Yosef Maiman, is believed to live. Israel does not have an extradition treaty with Peru. Prosecutors allege Toledo made a pact with Odebrecht to help it win two lucrative highway contracts in exchange for bribes he asked to be deposited in the accounts of offshore companies controlled by Maiman. Authorities have traced some $10 million from Odebrecht to Maiman''s companies so far. Maiman did not respond to requests for comment. (Reporting By Mitra Taj, Additional Reporting by Ursula Scollo; Editing by Phil Berlowitz, Bernard Orr) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/peru-toledo-idUSL1N1FV10D'|'2017-02-11T00:33:00.000+02:00'
'0143e1522d267dd16023009d4db63f1aa550eef6'|'China sustains red-hot commodities imports at near-record pace'|'Commodities  21am EST China sustains red-hot commodities imports at near-record pace Iron ores are unloaded at a port in Lianyungang, Jiangsu Province, China, May 22, 2016. REUTERS/Stringer BEIJING China''s red-hot commodities buying continued at a near record pace last month, defying the seasonal holiday slowdown, as utilities, steel mills and oil refiners sought foreign coal, iron ore and crude to replenish lower domestic supplies. Iron ore shipments rose 12 percent to the second-highest on record as seaborne supply continued to displace higher-cost production at home, stoking a rally in futures prices to fresh three-year highs. [ASIA-IRONORE/] Coal arrivals were the highest for January in three years, and crude imports were the third highest on record, as declining domestic production boosted the need to buy more from abroad. "Steel mills are making really good money. So that means they can afford to pay for more iron ore," said Lachlan Shaw, UBS analyst in Melbourne. Beijing''s vow last month to shut low-grade steel producers which use scrap metal by the end of June should help boost further demand for iron ore. "A lot of this has ... replaced the marginal producers in China," said Helen Lau, analyst at Argonaut Securities in Hong Kong. "We will not be surprised if this continues into February." China, the world''s top soy buyer, imported 7.66 million tonnes of soybeans in January, the highest for the month since at least 2010, as delayed shipments arrived during the month and crushing demand remained strong. Copper was the exception, with a drop both on the month and from a year ago. Trends in January and February can be distorted by the long Lunar New Year holidays, with business slowing down weeks ahead of time and many firms scaling back operations or closing. The holiday began in late January this year and early February last year. Still, the world''s largest trading nation reported better-than-expected import and export data, even as Asia''s exporters brace for a rise in U.S. protectionism. The headline numbers also reinforced optimism about the health of the world''s top commodities market that has fueled prolonged rallies in iron ore and coal prices. Some analysts questioned if underlying demand was robust enough to sustain shipments over the coming months. "We believe this is driven by storage with excess crudes going into storage," said Sushant Gupta, Research Director of refining and chemicals with Wood Mackenzie. Iron ore stocks at China''s ports hit a record high last week, suggesting mills may not be scooping up all the raw material that''s arriving. As peak heating season passes, coal demand from utilities may ebb. A sharp jump year-on-year reflected the sustained pick-up in buying of lower priced foreign coal over the past year after the government cracked down on domestic mining. For more details, click on [TRADE/CN] (Reporting by Beijing, Sydney and Melbourne commodities team; Writing by Josephine Mason; Editing by Richard Pullin) Next In Commodities'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-china-economy-trade-commodities-idUSKBN15P0IM'|'2017-02-10T13:16:00.000+02:00'
'd27dae27d4f0340b45b8c869124b6e2d594e046f'|'Euro zone, IMF reach agreement on a common stance on Greece - official'|' 53am GMT Euro zone, IMF reach agreement on a common stance on Greece - official Dutch Finance Minister and Eurogroup President Jeroen Dijsselbloem looks down during a eurozone finance ministers meeting in Brussels, Belgium, January 26, 2017. REUTERS/Eric Vidal BRUSSELS Euro zone lenders and the International Monetary Fund have reached an agreement between themselves on a common stance they will present to Greece, a senior euro zone official said. A meeting between the lenders and Greek officials is scheduled for later on Friday, the head of euro zone finance ministers Jeroen Dijsselbloem said in The Hague. "There is agreement to present a united front to the Greeks," the euro zone official said, adding that the outcome of Friday''s meeting with the Greeks was still unclear and it was unclear if Athens would accept the proposals. "What comes out of it, we will see," the official said. A united stance among euro zone governments and the IMF is a breakthrough because they have differed for months on the size of the primary surplus Greece should reach in 2018 and maintain for years later as well as the issue of debt relief. Those differences have hindered efforts to unlock further funding for Greece under its latest euro zone bailout programme. (Reporting By Jan Strupczewski; Editing by Alastair Macdonald) Next In Business News Unrealistic to see UK/EU trade deal in two years - EU representative EDINBURGH It is unrealistic for Britain to expect to negotiate its exit from the European Union and reach a free trade agreement in two years and both will probably need an implementation phase, the head of the European Commission''s office in Britain said.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eurozone-greece-stance-idUKKBN15P15H'|'2017-02-10T17:53:00.000+02:00'
'8081d29ec1818fb6ad5e6d5f897b9b854a0d2187'|'Autodesk CEO, two investor-nominated directors to step down'|'Company News  52am EST Autodesk CEO, two investor-nominated directors to step down Feb 7 Software maker Autodesk Inc said Chief Executive Carl Bass would step down and two board members nominated by activist investor Sachem Head Capital would resign. Autodesk in March reached a settlement with two activist investors - Eminence Capital LP and Sachem Head Capital - and appointed three directors to its board to avoid a proxy fight. The AutoCAD design software maker and the investors had at the time also signed a so-called "standstill" agreement, which generally means the activists will cooperate with the board over a set period of time. Autodesk said on Tuesday Sachem agreed to continue its earlier standstill and voting agreement provisions until June 2018. Bass, who held the top job for more than a decade, will continue to sit on the board and will be nominated for re-election, the company said on Tuesday. (Reporting by Rishika Sadam in Bengaluru; Editing by Sriraj Kalluvila) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/autodesk-ceo-idUSL4N1FS4CU'|'2017-02-07T21:52:00.000+02:00'
'a1bca17c7d9949eb68968ac70d8ab805a6194748'|'China advises companies to take ''precautions'' over Brexit'|'  5:50am GMT China advises companies to take "precautions" over Brexit China''s ambassador to Britain Liu Xiaoming arrives at 10 Carlton House Terrace in central London, where representatives from Britain, China, France and energy company EDF will sign an agreement to build and operate a new nuclear power station at Hinkley Point, Britain,... REUTERS/Peter Nicholls .BEIJING Chinese companies operating in Britain, especially in the financial sector or whose European headquarters are in Britain, need to take "precautions" due to uncertainly over Brexit, China''s ambassador to London said. Prior Britain''s vote to exit the European Union in June last year, China had not directly stated an opinion, viewing it as an internal matter and saying only that it wanted to see a strong and stable Europe. Diplomatic sources, however, said that was coded support for the defeated "remain" camp, as the bloc - China''s largest trading partner - will lose around a sixth of its economic output and an important supporter of free trade in the EU. British Prime Minister Theresa May set out her vision for Brexit in a speech in mid-January, outlining plans to leave the EU single market in a clean break with the bloc. In an interview with the official China Daily published on Tuesday, Chinese Ambassador Liu Xiaoming repeated China''s position that Beijing respects Britain''s choice and hopes for an early arrangement between Britain and the EU acceptable to both. "I believe, when there is a problem, there is always a solution," he said. Britain has worked hard to attract Chinese investment, including in the financial sector, giving Chinese companies a London-based entry into the EU market. "Chinese companies in these sectors should take precautions," Liu said, without elaborating. While China and Britain have a history of disputes over human rights and the future of Hong Kong, a former British colony that returned to Chinese rule in 1997, the export-reliant Asian giant values Britain as a strong advocate for free trade within the EU. Ties have warmed in the past few years and economic links have multiplied, in what both countries refer to as a "golden age", though Britain upset China last year by putting on hold a nuclear project that it later approved. Liu was upbeat about Sino-British ties. "There is huge potential to be tapped and bright prospects for cooperation." (Reporting by Ben Blanchard; Editing by Shri Navaratnam) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-britain-eu-china-idUKKBN15M0C3'|'2017-02-07T12:49:00.000+02:00'
'6f179acb0b62c6003a0961561c82ce5eff64b133'|'Euro zone economy still needs ECB support - Draghi'|' 38pm GMT ECB won''t act on temporary inflation spikes - Draghi BRUSSELS The European Central Bank will not tighten policy to counter surging inflation as the rise is temporary and due almost entirely to rising oil prices, ECB President Mario Draghi said on Monday, brushing aside calls for the ECB to reduce stimulus. The currency bloc''s recovery is gaining strength but labour market slack remains large, productivity growth is weak and risks remain tilted to the downside, requiring the ECB''s continued help, Draghi told the European Parliament''s committee on economic affairs. With inflation surging to the ECB''s target last month, calls, particularly from Berlin, have increased for the bank to claw back stimulus and start phasing out its 2.3 trillion euro asset buying programme, which has kept borrowing costs at record lows for years. Echoing the message of Peter Praet, his chief economist, Draghi said the ECB would not react to short term and temporary swings in data, suggesting that any tapering, or winding down the asset buys is far into the future. "Support from our monetary policy measures is still needed if inflation rates are to converge towards our objective with sufficient confidence and in a sustained manner," Draghi said. "Our monetary policy strategy prescribes that we should not react to individual data points and short-lived increases in inflation," Draghi said. "We therefore continue to look through changes in (harmonised) inflation if we believe they do not durably affect the medium-term outlook for price stability. The ECB''s asset buys will be reduced by a quarter from April but are set to continue at least until the end of the year. Euro zone inflation hit 1.8 percent in January and is likely to exceed the ECB''s target of almost 2 percent in the coming months, firming resistance in Germany, the euro zone''s biggest economy, to the ECB''s policy of easy cash. But core inflation, which excludes energy and food prices, is still low and Draghi pointed to weak underlying trends as a key reason for continued monetary support. "So far underlying inflation pressures remain very subdued and are expected to pick up only gradually as we go on," he said. "This lack of momentum in underlying inflation reflects largely weak domestic cost pressures." (Reporting by Balazs Koranyi, Francesco Canepa and Andreas Framke Editing by Jeremy Gaunt) FILE PHOTO: European Central Bank (ECB) President Mario Draghi testifies before the European Parliament''s Economic and Monetary Affairs Committee in Brussels, Belgium, February 15, 2016. REUTERS/Yves Herman/File Photo Next In Business News British  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ecb-policy-idUKKBN15L1LV'|'2017-02-06T21:31:00.000+02:00'
'56db20f817045578c42a8e2736d0d19d6bed2560'|'Directors of new homes warranty firm criticised for lack of independence - Business'|'Two of the directors of the organisation that sets the standards for new UK homes and provides warranties for buyers cannot be classed as independent because of their links to leading housebuilders , it has emerged. This further calls into question NHBC<42>s credibility in protecting consumers amid a wave of complaints about the quality of new-build properties .Stewart Baseley and Greg Fitzgerald do not fulfil the test of independence for non-executive directors in the UK corporate governance code, NHBC admits in the small print of its most recent annual report. As well as being on the board of NHBC, Baseley is chairman of its standards committee. New homes warranty firm pays millions to leading homebuilders Read more Baseley fails the test because he is executive chairman of the Home Builders Federation, the industry trade body, and because he has been a director for more than nine years. Fitzgerald used to be the chairman of Galliford Try, one of the country<72>s biggest housebuilders. Fitzgerald stepped down from the board of NHBC and Galliford Try last year after the publication of the annual report. However one of his replacements was Stephen Stone, chief executive of Crest Nicholson, another housebuilder, who also fails the independence test on the same basis. NHBC, which claims to have an 80% share of the new-build market, sets quality standards for new homes and provides 10-year warranties to buyers. The warranty is a form of insurance that is supposed to compensate consumer or fix any faults in the new property if there are problems within the first 10 years. However, there are an increasing number of complaints about problems with new homes and the lack of protection and compensation for consumers from NHBC<42>s warranties . Last month it was revealed that Bovis had paid the purchasers of new homes to move in early only for the buyers to find the property unfinished .The Guardian reported on Monday that NHBC is paying millions of pounds every year to Britain<69>s leading housebuilders . Campaigners said this shows NHBC is on the side of developers rather than consumers and that there is a potential conflict of interest between returning cash to developers and paying out compensation claims to consumers.The lack of independence of the two directors raises further concerns about the governance of NHBC. The organisation<6F>s board comprises 13 directors, including four executives and nine non-executive directors.Paula Higgins, co-founder and chief executive of the campaign group HomeOwners Alliance, described NHBC as <20>too much of a monopoly<6C> in the warranties market and said its relationship with housebuilders was <20>cosy<73>.She added: <20>We see more and more properties that are not meeting the standards of even 20 years ago. Consumer protection is extremely weak when buying a new home.<2E>NHBC said it adopts the <20>highest principles of UK governance<63>.A spokesperson said: <20>NHBC adopts the highest principles of UK governance and all our board members are chosen for the contribution and value they can add to NHBC<42>s purpose. There are clear procedures in place to record declarations of interest and manage potential conflicts.<2E>NHBC<42>s board comprises 13 members drawn from a diverse range of sectors including the financial services sector, public service and in some cases from the housing sector. <20>Those directors from the homebuilding industry are in the minority. Their presence is extremely valuable to the board as a whole as they bring current knowledge of the industry and of the issues it faces, which can help to shape and determine our business strategy. Because of that their insight and input is critical to our decision-making.<2E>All board appointments are notified to our regulators and some appointments require prior approval before the individual can take up their position.<2E>'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/2017/feb/06/new
'c3acdb31759d7b53c162401e52cec9d091f51898'|'The big tech holdouts in legal battle with Trump'|'The big tech holdouts in legal battle with Trump by Seth Fiegerman and Sara Asley O''Brien @CNNTech February 6, 2017: 3:34 PM ET Tech firms take travel ban opposition to court In December, top executives from about a dozen of the largest technology companies streamed into Trump Tower for their first meeting with the president elect. On Sunday night, several of those companies stood up to President Trump by signing a court motion -- along with nearly 100 other businesses -- declaring that his executive order on immigration "violates the immigration laws and the Constitution." But half the companies represented in the boardroom that day with Trump are noticeably absent from the court filing. The list of absentees includes Tesla ( TSLA ) , SpaceX, Oracle ( ORCL , Tech30 ) , IBM ( IBM , Tech30 ) , Cisco ( CSCO , Tech30 ) and Palantir. (Amazon is also missing from this filing, but it backed a separate legal challenge to the travel ban.) Some involved with Sunday''s motion say there could be opportunities for more tech companies to take legal action. But the current silence from businesses that met with Trump speaks volumes. While much of Silicon Valley opposed Trump throughout his campaign and the early days of his presidency, some big names want to maintain a good working relationship with him. Safra Catz, co-CEO of Oracle, was on Trump''s transition team. Oracle was also one of the few big tech companies not to speak out on Trump''s executive order last month , which banned travel from seven Muslim-majority countries. IBM CEO Ginni Rometty was the first tech executive to join Trump''s business advisory council and penned an open letter about working with him to create jobs. "IBM''s CEO conveyed the company''s views directly to the president and the secretary of Homeland Security in person on Friday, including suggestions for how technology can help to promote both national security and lawful immigration," Adam Pratt, a spokesman for IBM, said in a statement provided to CNNTech. Palantir declined to comment. Reps for the other companies did not respond to a request for comment. Related: Elon Musk''s surprising secret weapon: Trump? Elon Musk, the CEO of Tesla and SpaceX, is now a member of two different councils advising Trump. His proximity to Trump has encouraged Tesla investors . "Activists should be pushing for more moderates to advise President, not fewer," Musk wrote in one of several recent tweets defending his position on the councils. "How could having only extremists advise him possibly be good?" Left unsaid: Musk''s SpaceX, like Oracle and Palantir, has lucrative government contracts . (Trump adviser Peter Thiel also happens to be the cofounder and chairman of Palantir.) Musk criticized the travel ban in one tweet as "not the best way to address the country''s challenges." IBM and Cisco each previously put out tame statements in reaction to the executive order, citing the value of diversity. At least some tech companies absent from the amicus brief may find their way into the legal battle. One source familiar with the filing said it''s a "possibility" that other companies could sign on to the same brief at a later date. "There''s very obviously a community of like-minded people that are in touch and ready to act," Amol Sarva, cofounder of Knotel, one of the companies that signed the amicus brief. Slack, a billion-dollar messaging startup not included in Sunday''s brief, says it expects to be part of another legal filing. "We heard about the amicus brief when it appeared in the media, and of course we support it," a spokesperson for Slack told CNNMoney. "It''s our understanding that a supplemental one is being filed and Slack will be on that list." Related: Tech companies criticize travel ban but not their investor Peter Thiel Other companies may choose to sit on the sidelines. The big four telecom companies -- AT&T, Verizon ( VZ , Tech30 ) , T-Mobile and Sprint ( S ) -- are absent from the filing. They were also quiet 
'1a53bd8bc8d11dcdeaf21ba944b59762c2b4b21a'|'BRIEF-Disney CEO Robert Iger may extend tenure again- WSJ, citing sources'|' 41am EST BRIEF-Disney CEO Robert Iger may extend tenure again- WSJ, citing sources Feb 6 (Reuters) - * Disney CEO Robert Iger may extend tenure again- WSJ, citing sources Source on.wsj.com/2kEpSUG   Indian e-commerce firm Snapdeal to make profit in 2 years - CEO MUMBAI, Feb 6 Indian e-commerce firm Snapdeal expects to turn profitable in the next two years, its CEO said, as the company takes steps to cut costs and boost efficiency in a market currently dominated by homegrown Flipkart and U.S. internet giant Amazon. 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/idUSFWN1FR0C4'|'2017-02-06T17:41:00.000+02:00'
'30da13a85151f5405a019ee87d25035646b31e4e'|'CORRECTED-WRAPUP 2-Legal battles to test Trump and his immigration ban'|'Company   8:04am EST CORRECTED-WRAPUP 2-Legal battles to test Trump and his immigration ban (Corrects government deadline from 5 p.m. PST to 3 p.m. PST in paragraph 8) By Dustin Volz WASHINGTON Feb 6 President Donald Trump''s temporary immigration ban faced on Monday the first of several crucial legal hurdles that could determine whether he can push through the most controversial and far reaching policy of his first two weeks in office. On Monday, the government has a deadline to justify the executive order temporarily barring immigrants from seven mostly Muslim countries and the entry of refugees after a federal judge in Seattle blocked it with a temporary restraining order on Friday. The uncertainty caused by a judge''s stay of the ban has opened a window for travelers from the seven affected countries to enter the United States. Trump has reacted with attacks on the federal judge and then the wider court system which he blames for stymieing his efforts to restrict immigration, a central promise of the Republican''s 2016 presidential campaign. Democrats, meanwhile, sought to use Trump''s attacks on the judiciary to raise questions about the independence of his Supreme Court nominee, Neil Gorsuch. The 9th U.S. Circuit Court of Appeals in San Francisco over the weekend denied the Trump administration''s request for an immediate stay of the federal judge''s temporary restraining order that blocked nationwide the implementation of key parts of the travel ban. But the court said it would reconsider the government''s request after receiving more information. The government has until 3 p.m. PST on Monday (2300 GMT) to submit additional legal briefs to the appeals court justifying Trump''s executive order. Following that the court is expected to act quickly, and a decision either way may ultimately result in the case reaching the U.S. Supreme Court. Top technology giants, including Apple, Google and Microsoft banded together with nearly 100 companies on Sunday to file a legal brief opposing Trump''s immigration ban, arguing that it "inflicts significant harm on American business." Noting that "immigrants or their children founded more than 200 of the companies on the Fortune 500 list," the brief said Trump''s order "represents a significant departure from the principles of fairness and predictability that have governed the immigration system of the United States for more than fifty years." The controversial executive order also "inflicts significant harm on American business, innovation, and growth as a result," the brief added. Trump, who during his campaign called for a temporary ban on Muslims entering the United States, has repeatedly vowed to reinstate the Jan. 27 travel ban on citizens from Iran, Iraq, Libya, Somalia, Sudan, Syria and Yemen and a 120-day bar on all refugees in the name of protecting the United States from Islamist militants. His critics have said the measures are discriminatory, unhelpful and legally dubious. On Sunday, Trump broadened his Twitter attacks on U.S. District Judge James Robart in Seattle, who issued the temporary stay on Friday, to include the "court system." Trump a day earlier derided Robart, who was appointed by former Republican President George W. Bush, as a "so-called judge." "Just cannot believe a judge would put our country in such peril," Trump tweeted on Sunday. "If something happens blame him and court system." Trump did not elaborate on what threats the country potentially faced. It is unusual for a sitting president to attack a member of the judiciary. Vice President Mike Pence defended Trump, even as other Republicans urged the businessman-turned-politician to avoid firing such fusillades against the co-equal judicial branch of government, which the U.S. Constitution designates as a check on the power of the presidency and Congress. Democrats, still smarting from Republicans'' refusal last year to allow the Senate to consider former Democratic President Barack 
'a7f305c91fe9ea9e34f2f0e9af0e7ba92680905e'|'India''s Tata Sons says shareholders vote to remove former chair Mistry from board'|'Business News - Mon Feb 6, 2017 - 11:19am GMT India''s Tata Sons says shareholders vote to remove former chair Mistry from board FILE PHOTO: Tata Group chairman Cyrus Mistry attends the ''''Vibrant Gujarat Summit'''' at Gandhinagar in the western state of Gujarat, India, January 12, 2013. To match Insight TATA SONS-MANAGEMENT/ REUTERS/Amit Dave/File Photo MUMBAI India''s Tata Sons [TATAS.UL] said on Monday its shareholders have voted to remove former Chairman Cyrus Mistry as a director from its board. Tata Sons, the holding company of the $100 billion salt-to-software Tata conglomerate, is embroiled in a legal battle with Mistry, who was forced out as chairman in October. Mistry''s family owns an 18.4 percent stake in Tata Sons, but a majority interest is controlled by a series of Trusts chaired by Tata family patriarch Ratan Tata. (Reporting by Promit Mukherjee and Devidutta Tripathy; Editing by Euan Rocha) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-tata-sons-management-idUKKBN15L162'|'2017-02-06T18:19:00.000+02:00'
'9fc95bcb7ff3f49a3b4d676e5f46c6583301c470'|'UK new car sales rise 3 percent in January'|' 23am GMT UK new car sales rise 3 percent in January left right FILE PHOTO - A new car transporter leaves the Honda manufacturing plant in Swindon, western England January 30, 2009. REUTERS/Stephen Hird/File Photo 1/2 left right New Land Rover cars are seen in a parking lot at the Jaguar Land Rover plant at Halewood in Liverpool, northern England, September 12 , 2016. REUTERS/Phil Noble 2/2 LONDON British new car registrations rose 2.9 percent in January, a car industry body said on Monday, spurred on by the first annual increase in demand from private consumers for 10 months despite fears Brexit would cool sales. Car sales hit 174,564 units last month in Europe''s second largest market, the Society of Motor Manufacturers and Traders said on Monday, boosted by a 5 percent increase in sales to individual consumers. Analysts predict the British car market will shrink by around 5 percent after two years of record high demand and due to the Brexit-related fall in the pound pushing up the price of some models and causing wider uncertainty. (Reporting by Costas Pitas;  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-britain-economy-autos-registrations-idUKKBN15L0TP'|'2017-02-06T16:14:00.000+02:00'
'6c9a1acffa78f059dfc1396a70b0dc66717bdb55'|'Shell begins huge task of decommissioning Brent oil rigs - Business'|'Shell will this week unveil a plan to dismantle four enormous oil rigs in the North Sea, kicking off a vast and controversial decommissioning project.The Brent field rigs were built in the 1970s and produced around a tenth of the UK<55>s North Sea oil. But three of the four <20> Alpha, Bravo and Delta <20> have now shut down, and this summer the company will embark on a multibillion-pound eight- to 10-year project to remove the vast drilling and accommodation structures. The plan being submitted to the Department of Business, Energy and Industrial Strategy has been a decade in the making, as the group has consulted community groups, academics, fishermen and environmentalists in an attempt to avoid a repeat of the Brent Spar debacle.When the company proposed sinking the Spar oil storage buoy in 1995, it prompted protests by Greenpeace, petrol boycotts in Germany and a falling share price. Shell was eventually forced to back down and find a more environmentally-friendly plan.Decommissioning Duncan Manning, who spent 19 years with the Royal Marines and is now one of the team charged by Shell with overseeing the decommissioning of Brent, is confident the group won<6F>t repeat the mistakes of the past.<2E>I think there have been a number of lessons from Brent Spar <20> lessons we have learned, and also the [regulatory] environment has changed,<2C> said Manning, Shell<6C>s business opportunity manager for Brent.Once Shell is past the 60-day consultation beginning this week, it will switch to an engineering task Manning sums up as <20>large, complex and challenging<6E>. Brent, which started pumping in 1976, is not the first field to be decommissioned in the North Sea, but it is one of the biggest. And the remote nature of the rigs <20> more than 100 miles north of Shetland in deep, hostile waters <20> together with the unusual concrete construction of three of the rigs pose a unique challenge.Shell<6C>s answer is a vast ship currently moored in Rotterdam, which will attempt to lift the entire 24,000-tonne topside of the Delta platform <20> in one go, possibly as soon as May.Oil production It will be the heaviest ever single lift, and only the second for the Pioneering Spirit vessel after it removed a topside half the weight off Norway last year . To prepare the rig for lift-off around 1,500 people were working last year to reinforce the Delta platform, welding steel to strengthen it, so the topside did not disintegrate when lifted.<2E>That has been a change in the industry. In the past platforms have been removed a small piece at a time,<2C> said Manning. Removing platforms in a single lift was a <20>large swing<6E>, he added. The platform will then be taken by ship to a former shipyard in Hartlepool, where most of the steel will be recycled and sold off.But under Shell<6C>s plan, plenty of Brent<6E>s manmade structures will stay in the North Sea. The company is applying for an exemption from international rules that require everything is removed. Since the outcry over Brent Spar, the Ospar treaty has banned the dumping of old installations, or leaving them wholly or partly in place .Shell<6C>s argument is that Brent platforms were built in haste and, unlike later rigs, were never designed to be removed. It insists the safest and most environmentally-friendly option is to leave the 300,000-tonne concrete bases beneath three of the platforms, with the concrete legs left to poke out of the water as a navigational aid for fishermen.bOil will also be left in huge storage cells, entombed in metre-thick concrete, as will oil mixed up with broken material on the seabed from when the wells were drilled. <20>This isn<73>t Shell and [joint partner] Exxon making up science to suit our purposes,<2C> said Manning, pointing to independent research commissioned by the company.While green groups agree with the principle that some elements would be best untouched, they disagree on just how much Shell plans to leave behind and believe the oil company is watching costs. <20>The oil within the cells and some
'33aa2ff8b1b7ba4c21f73d75bd8d08df50c85a74'|'UPDATE 1-Shell expects to split Motiva assets with Saudi Aramco in Q2'|'Commodities  51pm EST Shell expects to split Motiva assets with Saudi Aramco in Q2 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 HOUSTON Shell Oil Co, the U.S. unit of Royal Dutch Shell Plc, said on Monday it expects to divide the refineries and other assets of the Motiva Enterprises [MOTIV.UL] joint venture with co-owner Saudi Aramco in the second quarter of 2017. "We are pleased with the progress we have made to date, and anticipate completion of the transaction in Q2 2017," Shell spokesman Ray Fisher said in an email. "The April 1 date is a target that the internal project teams are working toward." Neither Motiva nor Saudi Aramco representatives were immediately available on Monday to discuss Shell''s statement. Rumors have swirled through U.S. refined products markets that the split would be delayed until the fall. Shell and Saudi Aramco said in March 2016 they would divide up the 20-year-old joint venture, which operates three refineries, including the United States'' largest, on the Gulf Coast. Originally, the two companies targeted October 2016 for the split of assets, including pipelines and terminals as well as the refineries. The major sticking point, sources told Reuters, was Shell''s demand for a $2 billion payment as part of the breakup. Under the plan for the division of assets, Saudi Aramco will retain the Motiva name and the 603,000-barrel-per-day (bpd) Port Arthur, Texas, refinery, the nation''s largest. Aramco would also take over 26 distribution terminals and have exclusive license to use the Shell brand for gasoline and diesel sales in Texas, the majority of the Mississippi River Valley, and the Southeast and Mid-Atlantic markets. Shell is slated to become sole owner of two Louisiana refineries with a combined capacity of 472,700 bpd and Shell-branded gasoline stations in Florida, Louisiana and the U.S. Northeast. (Reporting by Erwin Seba; Editing by Jonathan Oatis) Next In Commodities'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-refineries-motiva-split-idUSKBN15L23P'|'2017-02-07T01:47:00.000+02:00'
'4b6059e3fe7e328db824e85fa900a0a2fdc8a079'|'UPDATE 1-Union at Chilean Escondida mine says strike is likely'|'Company   10:30am EST UPDATE 1-Union at Chilean Escondida mine says strike is likely (Recasts, adds quote and copper price) By Fabian Cambero and Gram Slattery SANTIAGO Feb 7 The main union at BHP Billiton Plc''s Escondida copper mine in Chile, the world''s largest, will probably go on strike as government-mediated negotiations with the company are not progressing well, a spokesman said on Tuesday. The two sides on Friday started a five-day government-mediated period of negotiations that effectively delays a work stoppage the Escondida Union No. 1 voted for last week. As no talks took place on Sunday, Wednesday will be the last day of the negotiations, which the union is legally required to attend, unless both parties agree to an extension. "Three days of government mediation, and we haven''t arrived at any agreement," union spokesman Carlos Allendes said. " ... It''s likely that on (Thursday) the ninth, we''ll have to make the strike effective on the ground, so we already have that prepared." A strike would halt production at the mine, Allendes added. In a news release late on Monday, the union said BHP had not committed to a benefits scheme that places new and old workers on equal footing. The union, which considers equality of benefits key to any agreement, added that it tried to discuss the issue with the company, which asked to put it off to the end of negotiations. BHP did not respond immediately to requests for comment. The possibility of a strike, which workers warn could be lengthy, has pushed up global copper prices in recent days. They stood at $5,833.50 per tonne at noon local time (1500 GMT), up from a morning low of $5,786 per tonne. Escondida produced 1.15 million tonnes of copper in 2015, about 6 percent of the world''s total. It is majority-controlled by BHP, with Rio Tinto and Japan''s JECO also holding stakes. (Reporting by Gram Slattery; Editing by Lisa Von Ahn) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/chile-copper-escondida-idUSL1N1FS0ST'|'2017-02-07T22:30:00.000+02:00'
'1fc2b15e1c4ef2f400a420af596ae2855cfe678b'|'Two men get U.S. prison terms for $250 million stock fraud scheme'|'Business News  48pm EST Two men get U.S. prison terms for $250 million stock fraud scheme By Nate Raymond - NEW YORK NEW YORK Two men were sentenced to lengthy U.S. prison terms on Monday for conspiring to launder $250 million earned by manipulating shares of over 40 companies, including little-known Cynk Technology Corp ( CYNK.PK ), whose value soared past $6 billion. Gregg Mulholland, a dual U.S.-Canadian citizen who prosecutors said orchestrated a series of pump-and-dump stock fraud schemes, was sentenced by U.S. District Judge Leo Glasser in Brooklyn to 12 years in prison. Glasser imposed a six-year prison sentence on Robert Bandfield, a U.S. citizen living in Belize who prosecutors said oversaw an offshore operation that facilitated numerous fraud schemes through the creation of thousands of shell companies. In court, Mulholland, who has been in custody since being arrested in June 2015 during a layover in Phoenix on a flight from Canada to Mexico, urged the judge to be lenient so that he could see his daughters and wife in Canada again. "I''m sorry comes nowhere close to saying how truly sorry I have," said Mulholland, who like Bandfield pleaded guilty in May to conspiring to commit money laundering. But Glasser said Mulholland, 47, should have known the consequences of his actions, having engaged in the fraud soon after resolving an earlier U.S. Securities and Exchange Commission lawsuit accusing him of similar conduct. "Not only was this a crime, this offense, one that persisted over a number of years, but you were a recidivist, user were a securities fraudster before you got involved here," Glassers said. U.S. regulators in July 2014 suspended trading in Cynk, a social media company with no revenue or assets, after its share price soared in less than a month to $21.95 from 6 cents for no apparent reason. Prosecutors said Cynk was among about 40 companies whose shares were manipulated by individuals overseen by Mulholland, a dual U.S.-Canadian citizen, resulting in $250 million in proceeds that were laundered through offshore law firms. Prosecutors said Mulholland and his group of stock manipulators conducted the scheme through shell structures and offshore brokerage firms established by Bandfield, a former dentist who founded Belize-based IPC Corporate Services. Prosecutors said through IPC, Bandfield, 72, marketed a host of offshore services to more than 100 clients including Mulholland, who used the more than 5,000 sham companies he incorporated to facilitate securities and tax frauds. The brokerage firms he established included Panana-based Legacy Global Markets SA, which Mulholland bought and secretly owned in 2012, prosecutors said. The case is U.S. v. Bandfield et al, U.S. District Court, Eastern District of New York, No. 14-00476. (Reporting by Nate Raymond in New York) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-stocks-moneylaundering-cynk-technolog-idUSKBN15L2LA'|'2017-02-07T05:42:00.000+02:00'
'ac1d32071d312dde312acce08a8a8dfef92a0924'|'Toshiba wants funds not peers to buy chip stake - source'|'Global Energy News - Tue Feb 7, 2017 - 5:24am GMT Toshiba wants funds not peers to buy chip stake - source FILE PHOTO - The logo of Toshiba is pictured on its flash memory factory, seen during a media tour in Yokkaichi, western Japan September 9, 2014. REUTERS/Reiji Murai/File Photo TOKYO Toshiba Corp ( 6502.T ) wants investment funds including Bain Capital to buy a stake in its flash memory business rather than industry peers such as Micron Technology Inc ( MU.O ) because doing so will speed up the planned sale, a source said. Toshiba needs to raise funds by the end of March to offset an imminent multi-billion dollar writedown on its U.S. nuclear power business. There may not be enough time to conclude a deal with another chipmaker, said the source with direct knowledge of the plan. Micron Technology, SK Hynix Inc ( 000660.KS ) and Toshiba''s current memory partner Western Digital Corp ( WDC.O ) have submitted initial bids for a stake that Toshiba says will be less than 20 percent of its NAND flash unit, two other sources familiar with the bidding told Reuters. The world''s biggest maker of flash memory, Samsung Electronics Co ( 005930.KS ), is not among bidders, the sources said. The sources asked not to be identified because they are not authorized to talk to the media. SK Hynix and Bain Capital declined to comment and Toshiba said it could not comment on specifics of the sale process. Micron Technology was not immediately available for comment. One of the sources said that Toshiba may eventually seek investment from other chipmakers once its financial crisis has passed. (Reporting by Makiko Yamazaki, Kentaro Hamada, Junko Fujita and Taiga Uranaka; Editing by Stephen Coates) Next In Global Energy News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-toshiba-m-a-sk-hynix-funds-idUKKBN15M0BC'|'2017-02-07T12:24:00.000+02:00'
'49a9d7e229e91e39a1f2edb3c4870b4415278919'|'BRIEF-Eastern Outfitters files for chapter 11 bankruptcy'|'Company News  18am EST BRIEF-Eastern Outfitters files for chapter 11 bankruptcy Feb 6 Court filing: * Eastern Outfitters Llc files for chapter 11 bankruptcy protection in Delaware court; lists assets and liabilities in $100-$500 million range - Court filing * Eastern Outfitters and subsidiaries have engaged in substantial negotiations with Sports Direct to serve as stalking horse in a sale process to be conducted - Court filing UPDATE 1-Super Bowl lures rush hour crowd as NFL seeks China touchdown BEIJING/LOS ANGELES, Feb 6 As millions around the world settled into couches and tuned into the Super Bowl on big-screen TVs on Sunday, fans in China watched   stun the Atlanta Falcons on mobile phones and tablets - on their way to work. * Says co''s Hong Kong-based unit plans to use 50.5 million yuan to buy shares in JAKKS Pacific Inc, and will own 6.92 percent stake in it after transaction 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/idUSFWN1FP024'|'2017-02-06T12:18:00.000+02:00'
'7137be16c09e2df345128eb25c972921fe8a4879'|'Toyota says board to decide on Suzuki partnership Monday'|'TOKYO Toyota Motor Corp ( 7203.T ) said its board would make a decision on Monday regarding a partnership the automaker has been exploring with Suzuki Motor Corp ( 7269.T ) since last October.It gave no further details.The Nikkei business daily said on Saturday the two Japanese automakers could announce a wide-ranging partnership that would include the development of new technologies and procurement, and announce the deal as early as Monday.Both companies are set to announce third-quarter earnings later in the day.Shares in Toyota and Suzuki were both up about 1 percent, in line with the broader Tokyo market.(Reporting by Chang-Ran Kim and Naomi Tajitsu; Editing by Edwina Gibbs)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-toyota-suzuki-motor-idINKBN15L015'|'2017-02-05T21:24:00.000+02:00'
'43495a027614e4ae2adc17e80caa87b8c0cce859'|'Ryanair maintains profit guidance but says fares to remain weak'|'Business News - Mon Feb 6, 2017 - 6:03am GMT Ryanair maintains profit guidance but says fares to remain weak FILE PHOTO - A Ryanair aircraft takes off during a foggy day on Riga International Airport in Riga, Latvia December 21, 2016. REUTERS/Ints Kalnins/File photo Ryanair ( RYA.I ) expects to meet its annual profit guidance despite falls in average winter fares that could exceed 15 percent, it said on Monday, warning of a challenging year ahead for European airlines. Europe''s short-haul carriers have struggled with plunging air fares in recent months with low-cost rivals Wizz WIZZ.L and easyJet EZJ.L both trimming their annual profit forecasts in recent weeks. Ryanair, Europe''s largest carrier by passenger numbers, in October cut its forecast for profit after tax for the year to March 31 by 5 percent, to a range of 1.3 billion to 1.35 billion euros. On Monday it said it was maintaining that guidance. (Full Story) The average forecast of analysts covering the company was 1.329 billion euros, according to a company poll ahead of Monday''s release. The Irish airline on Monday reported an 8 percent fall in profits compared to last year in its third quarter, which ended on Dec. 31, as average fares fell by 17 percent. "Pricing will continue to be challenging and we will respond to these adverse market conditions with strong traffic growth and lower unit costs," chief executive Michael O''Leary said in a statement. Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ryanair-results-idUKKBN15L0GN'|'2017-02-06T13:03:00.000+02:00'
'cac86486d4087fd3e96a52586430f6994827cba2'|'China protests U.S. sanction list on Iran that hits Chinese firms'|'Business News - Mon Feb 6, 2017 - 8:45am GMT China protests U.S. sanction list on Iran that hits Chinese firms A staff member removes the Iranian flag from the stage after a group picture with foreign ministers and representatives during the Iran nuclear talks at the Vienna International Center in Vienna, Austria July 14, 2015. REUTERS/Carlos Barria/File Photo BEIJING China on Monday said it had "lodged representations" with the United States over Washington''s new sanctions list targeting Iran, which includes Chinese companies and individuals. The sanctions on 25 people and entities imposed on Friday by President Donald Trump''s administration, and came two days it had put Iran ''on notice'' following a ballistic missile test. Those affected by the sanctions cannot access the U.S. financial system or deal with U.S. companies, and are subject to secondary sanctions, meaning foreign companies and individuals are prohibited from dealing with them or risk being blacklisted by the United States. The list includes two Chinese companies and three Chinese people, only one of whom the U.S. Treasury Department explicitly said was a Chinese citizen, a person called Qin Xianhua. Chinese Foreign Ministry spokesman Lu Kang said that Beijing had lodged a protest with Washington, and that such sanctions, particularly when they harmed the interests of a third party, were "not helpful" in promoting mutual trust. "We have consistently opposed any unilateral sanctions," Lu told a regular press briefing. Executives of two Chinese companies included on the list said on Sunday they had only exported "normal" goods to the Middle Eastern country and didn''t consider they had done anything wrong. China has in the past been angered by what it calls unilateral sanctions placed on Chinese firms by the United States and others in relation to Iran or North Korea''s nuclear ambitions. China has close economic and diplomatic ties with Tehran, but was also instrumental in pushing through a landmark 2015 deal to curb Iran''s nuclear programme. (Reporting by Michael Martina; Editing by Simon Cameron-Moore) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-iran-usa-china-idUKKBN15L0R4'|'2017-02-06T15:45:00.000+02:00'
'798465efdcb96e68ff7e9edee938eec60d4e3c9b'|'Trump banking review raises fears for global standards talks'|'Tue Feb 7, 2017 - 1:50pm GMT Trump banking review raises fears for global standards talks DAY 8 / JANUARY 27: Trump''s order to restrict people from seven Muslim-majority countries from entering the United States sparked confusion and anger after immigrants and refugees were kept off flights and left stranded in airports. REUTERS/Carlos Barria By Huw Jones - LONDON LONDON President Donald Trump''s review of post-crisis banking rules could sound the death knell for new global standards now being finalised and rip apart a common approach to regulating international lenders, bankers and regulators said. Central banks and watchdogs around the world have spent the past eight years drawing up regulation aimed at preventing a repeat of the 2007-2009 financial crisis, but there are fears that project could unravel after Trump said he wants the U.S. to row back on capital rules. Trump''s order for a regulatory review to overcome what he sees as obstacles to lending came as banking watchdogs were trying to complete the final piece of global capital requirements, known as Basel III. Given that the United States wants to shrink the banking rule book, there are doubts over whether the Basel rules can make it over the finishing line next month if they don''t have backing from the United States. Without support from the world''s biggest capital market, other countries would be less willing to commit too. The core aim of the outstanding part of Basel III that regulators are working on - dubbed Basel IV by critical banks who worry about more stringent capital requirements - is to impose more consistency into how banks calculate the amount of capital they hold against risky assets like loans. JPMorgan chief executive Jamie Dimon said in the aftermath of the financial crisis that European rivals had been "a lot more aggressive" than American banks in calculating capital, meaning they were holding less. European policymakers have rejected that criticism, but their region''s banks have been lobbying against the remaining Basel rules, saying they would force them to increase significantly the amount of capital they need to hold. If the United States fails to approve the completion of Basel III, the perceived problem that European banks get away with holding less capital than U.S. lenders may not be properly tackled, a source involved in the negotiations said. "It''s in the interests of American banks to get this done," the source said. Others are less optimistic that a deal can now be done after Trump''s intervention. "It''s going to delay completing Basel III, and perhaps lead to it not being concluded," an adviser to banks said on condition of anonymity. "I do fear that Basel IV is doomed," a banking industry official added. There are headwinds from elsewhere, too. Patrick McHenry, Republican vice chairman of the House financial services committee, fired a warning shot at Federal Reserve Governor Janet Yellen about the Basel talks in a letter dated Jan. 31, ahead of Trump''s executive order. The Fed must "cease" all attempts to negotiate binding standards "burdening American business" until the Trump Administration has had the opportunity to nominate officials that prioritize "America''s best interests", McHenry said. While lawmakers often call on regulators to ease pressure on firms, regulators said Trump''s intervention in banking rules gives more clout to McHenry''s warning. The Basel Committee declined to comment. GLOBAL COOPERATION Trump''s decision to review existing, post-crisis banking rules has rung alarm bells among regulators outside the country. Mario Draghi, president of the European Central Bank, which regulates the euro zone''s main lenders, said on Monday that easing banking rules could threaten financial stability. Draghi was chairman of the Group of 20 Economies'' (G20) regulatory task force, the Financial Stability Board, which during the financial crisis was instrumental in building up a global approach to reinforc
'8ca1d2674285c964f61148861de46915ea5058e1'|'AMS set for strong 2017 on Heptagon deal and iPhone 8'|'Money  49pm IST AMS set for strong 2017 on Heptagon deal and iPhone 8 Austrian chip maker AMS said on Tuesday it saw potential for strong revenue growth in 2017 helped by its acquisition of optical sensor maker Heptagon in Singapore, sending it shares up nearly 19 percent. AMS, which supplies Apple and Samsung with chips, reported fourth-quarter revenue at the top end of forecasts it gave in October following a profit warning due to a setback with one client, believed by analysts to be Samsung. AMS optical sensors help adjust the brightness and colours on smartphone screens. Samsung scrapped its flagship Galaxy Note 7 phone on Oct. 12 less than two months after its launch following reports of batteries overheating and catching fire. AMS said fourth-quarter revenue came in at 133.6 million euros ($142.5 million), at the top of a 127 million to 134 million range given in October, and that it expected revenue of 141-148 million euros in the first quarter of this year. The company also said fourth-quarter net income fell by more than half to 13.7 million euros while its adjusted gross margin stood at 52 percent. AMS said it expected a "substantial contribution" to profitability from Heptagon in the second half and expected revenue from the business of about $300 million in 2017 compared with $200 million expected when the deal was announced. "We can see the potential for the Heptagon deal to be transformative to the fortunes at AMS (large sales ramp, margin accretion, new tech advantages)," said Stifel analyst Lee Simpson, raising his rating on the stock to "buy". "We think AMS has finally found the product base to reinvigorate sales for the next 3-5 years," he said. AMS announced the Heptagon deal in October on the same day as its profit warning, saying it aimed to be, "the absolute number one in optical sensing technologies". Some analysts said in January that AMS was likely to benefit from the expected launch of the iPhone 8 in September, despite concerns about its acquisition of a loss-making company. "We believe investors will look beyond a difficult H1 and start to expect an iPhone 8 ''super cycle'', for which we think AMS is well positioned," Credit Suisse analyst Felix Remmers said then. Remmers said he believed Heptagon had supplied proximity sensors to previous generations of Apple''s iPhones. Right after the Heptagon deal and profit warning in October, shares in AMS plummeted as much as 24 percent to a low of 22.85 euros though AMS said it was confident of the growth potential from the acquisition. AMS shares jumped as high as 40.3 euros on Tuesday after the latest revenue figures, their highest since Oct. 26, 2015. ($1 = 0.9376 euros) (Reporting by Anna Serafin; editing by David Clarke) Next In Money News Kia close to finalising Andhra Pradesh for 1st India car plant - source NEW DELHI/SEOUL South Korea''s Kia Motors Corp is close to finalising Andhra Pradesh as the site for its first factory in the country, as it speeds up efforts to start production in the fast-growing market, a source familiar with the matter said.'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/ams-outlook-idINKBN15M14R'|'2017-02-07T18:19:00.000+02:00'
'95cdc581c4330c45e7f6a12cb56d9149274abf7d'|'Biotech employee arrested, accused by U.S. of insider trading'|' 54pm EST Biotech employee arrested, accused by U.S. of insider trading By Nate Raymond Feb 7 A Merrimack Pharmaceuticals Inc employee was arrested on Tuesday on charges that he engaged in an insider trading scheme with a former employee of a rival biopharmaceutical company. Songjiang Wang, who Cambridge, Massachusetts-based Merrimack has employed as director of statistical programming since 2011, was charged in a criminal complaint filed in federal court in Boston with conspiring to commit securities fraud. The 52-year-old''s arrest came after federal prosecutors brought related charges in June against Schultz Chan, who had been the director of biostatistics at another Cambridge-based company, Akebia Therapeutics Inc. Wang, of Westford, Massachusetts, is scheduled to appear in court later on Tuesday. A hearing for Chan, who has pleaded not guilty, is also scheduled for then. Lawyers for Wang and Chan did not immediately respond to requests for comment. Merrimack was not identified by name in the complaint, which referred to it only as "Pharm Co. 1." But a separate court filing said Merrimack was Wang''s most recent employer, and details in the complaint matched that of the company. Representatives for Merrimack did not respond to requests for comment. According to the complaint, Wang provided Chan inside information in 2013 and 2014, ahead of announcements by Merrimack about positive results in three different drug studies. This allowed Chan to place trades based on those tips. Wang, in turn, tipped Chan in advance of positive clinical study results for a new drug being developed by Akebia, which allowed him to place trades ahead of the company''s announcement in September 2015, the complaint said. Based on that tip, Wang made $105,000 in illegal trading profits, according to an earlier lawsuit against Chan by the U.S. Securities and Exchange Commission. That lawsuit referred to Wang, without using his name, as friend of Chan''s who had previously loaned him $80,000. The case is U.S. v. Wang, U.S. District Court, District of Massachusetts, No. 17-mj-1005. (Reporting by Nate Raymond in New York; Editing by Lisa Von Ahn)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-insidertrading-idUSL1N1FS19U'|'2017-02-08T00:54:00.000+02:00'
'1e2cce3f14646588cc8aac6acc7c51883cceb1ac'|'Fiat Chrysler shares volatile after France refers emissions case to prosecutor'|'Tue Feb 7, 2017 - 8:36am GMT Fiat Chrysler shares volatile after France refers emissions case to prosecutor A woman walks past a logo of Fiat Chrysler Automobiles (FCA) in Turin March 31, 2014. REUTERS/Giorgio Perottino MILAN Shares in Fiat Chrysler ( FCHA.MI ) were volatile in early trade on Tuesday after French investigators referred the carmaker for possible prosecution over abnormal emissions of nitrogen oxide pollutants from some of its diesel engines. The stock fell more than 5 percent at open, triggering an automatic suspension from trading due to excessive volatility. By 0808 GMT, it was trading down 1 percent. (Reporting by Agnieszka Flak)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-fiatchrysler-emissions-idUKKBN15M0PT'|'2017-02-07T15:20:00.000+02:00'
'1f7469dd7dc93da944838ac172377aeaf4cc65d6'|'MIDEAST STOCKS-DFM shares outperform in sluggish Gulf market'|'DUBAI Feb 7 Shares in the Gulf''s only listed stock exchange operator outperformed in morning trade on Tuesday as most of the region moved little because of soft global equities and an overnight drop in oil prices.Dubai Financial Market rose 3.0 percent after it made a net profit of 78.5 million dirhams ($21.4 million) in the fourth quarter, five times what it made in the prior-year period. Quarterly revenue increased to 131.2 million dirhams from 69.3 million dirhams as the market''s trading turnover ballooned late last year, buoyed by a recovery of oil prices.Dubai''s main stock index, however, edged down 0.2 percent as Emaar Properties, which has not yet reported quarterly earnings, fell 1.3 percent.Banking shares helped lift Abu Dhabi''s index 0.3 percent higher. National Bank of Abu Dhabi rose 0.8 percent and First Gulf Bank (FGB) was up 0.4 percent.NBAD said on Tuesday it aimed to double the size of its debt issuance to $15 billion but did not give reasons or say how the programme would fit into the lender''s planned merger with FGB, due to take place at the start of next quarter.In Saudi Arabia, the general index edged up 0.1 percent in the first 35 minutes of trade with gainers outnumbering decliners 73 to 52.Oil shipper National Shipping Co (Bahri) rose 1.1 percent after saying it had received the first very large crude carrier in an order from Hyundai Samho Heavy Industries and expected the ship''s commercial operations to start next month.Kuwait''s index resumed falling sharply on profit-taking after January''s sharp rise; the index dropped 1.6 percent. Many fund managers believe valuations no longer support sharp rises from current levels. (Reporting by Celine Aswad; Editing by Andrew Torchia)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/mideast-stocks-idINL5N1FS1HS'|'2017-02-07T05:08:00.000+02:00'
'd1b1478c115c270691cbbf2eb9cbb97b8727179c'|'Ithaca investor Artemis says Delek offer is disappointing'|'LONDON Ithaca ( IAE.TO ) investor Artemis Investment Management said Delek''s ( DLEKG.TA ) $524 million offer for the stake in the North Sea oil producer it does not already own was "disappointing", the second large investor to voice concern about the deal."Our first reaction is it''s a lowball offer," Mark Niznik, co-manager of the Artemis UK Smaller Companies Fund, told Reuters. The fund holds about 5 percent of Ithaca.He said the offer failed to capture the potential of Ithaca''s Greater Stellar field which is set to come on stream in the coming weeks.Shareholder Cavendish Asset Management said earlier on Monday it would reject the deal.(Reporting by Karolin Schaps; editing by David Clarke)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-ithaca-energy-m-a-delek-group-investo-idUSKBN15L1ZV'|'2017-02-06T20:04:00.000+02:00'
'3041813bb7c8a90d5a6a3810244709eaf6d7aa05'|'BRIEF-First Foundation Inc posts Q4 earnings per share $0.19'|' 14am EST BRIEF-First Foundation Inc posts Q4 earnings per share $0.19 Feb 6 First Foundation Inc: * Says Q4 total revenues were $32.6 million, an increase of 22% * First foundation announces 2016 financial results * Q4 earnings per share $0.19 * Q4 earnings per share view $0.13 -- Thomson Reuters I/B/E/S * Q4 revenue view $31.3 million -- Thomson Reuters I/B/E/S    '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSL5N1FR40Y'|'2017-02-06T21:14:00.000+02:00'
'86b5195cc3c80d566e35fe86ed5597c27393b65f'|'COLUMN-Millennial parents still like to tap the Bank of Mom & Dad'|'Company News - Mon Feb 6, 2017 - 9:00am EST COLUMN-Millennial parents still like to tap the Bank of Mom & Dad (The opinions expressed here are those of the author, a columnist for Reuters.) By Bobbi Rebell NEW YORK Feb 6 The Bank of Mom & Dad is busy these days. Millennials with kids of their own say they received $11,011 in financial support or unpaid labor, on average, from their parents in the past year, according to a recent study by TD Ameritrade. All told, that adds up to $253 billion worth of financial assistance. David Lynch, managing director and head of branches for TD Ameritrade, says the generation of young adults aged 18 to 34 faces a different set of financial challenges - most notably, sizeable student loans and stagnant wages. In other words, these are hardly slackers with their hands out looking for a free ride. In fact, millennial parents tend to view parental support as a tool toward their financial independence - and not a way to delay adult financial responsibilities. In fact, 56 percent of millennial parents are grateful for the financial help, according to TD Ameritrade''s research, although a quarter say they feel embarrassed for the handout. Chelsea and Kirk Johnson of Lehi, Utah, consider themselves financially independent, yet they borrowed $5,000 from Kirk''s parents for a down payment for a new home. Chelsea, 26, estimates that they are subsidized by about $7,000 annually from their parents, including babysitting, various family meals and a trip to Disneyland. But they have also drawn up a contract to re-pay the money for the down payment, so that it can be used for Kirk''s five siblings, as needed. John Tarnoff, author of "Boomer Re-invention: How to Create Your Dream Career After 50," is not surprised that millennials are leaning on their parents to get "launched." As long as grandparents are in sound financial shape for their own retirement, Tarnoff noted they can be in a great position to support millennial offspring. His advice is to take unexpected occurrences into account, including losing a job early or a debilitating health-related event. The older generation may be in a bit of denial about their own needs, Tarnoff added. In addition, be sure to be using the money you gift or lend as a teaching tool so that the younger generation stays on a path to independence. That opinion is shared by Kirk''s mom, April Johnson, who sees any financial support she gives her children as an investment in their future. "Sometimes it just takes another year or two to get over the hump," April said. "We talk to them about it as we go." (Editing by Lauren Young and G Crosse) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/column-rebell-millennials-column-persona-idUSL1N1FH1PE'|'2017-02-06T21:00:00.000+02:00'
'0e81e614dc022f5da35b1f66929bc9ca807eaf90'|'Eastern Outfitters files for chapter 11 bankruptcy'|'Feb 6 Court filing:* Eastern Outfitters Llc files for chapter 11 bankruptcy protection in Delaware court; lists assets and liabilities in $100-$500 million range - Court filing* Eastern Outfitters and subsidiaries have engaged in substantial negotiations with Sports Direct to serve as stalking horse in a sale process to be conducted - Court filingSource text - bit.ly/2kc42V0'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/idINFWN1FP024'|'2017-02-06T02:18:00.000+02:00'
'f3787f6c89d658dc0c8dfbb04803db2c009741d3'|'Brazil limits Fies student loan program to make it sustainable'|'Company  45pm EST Brazil limits Fies student loan program to make it sustainable SAO PAULO Feb 6 Brazil''s Education Ministry has vowed to cut subsidies to a federal student loan program known as Fies as the government seeks to make it fiscally sustainable over the long run. The government will reduce the ceiling for Fies loans to 30,000 reais ($9,635) per student per semester, down from 42,000 reais, Education Minister Jos<6F> Mendon<6F>a Bezerra Filho said in a statement with Mansueto de Almeida Junior, economics affairs secretary at the Finance Ministry. Other measures to reform the Fies program will be announced by end-March, the officials said. ($1 = 3.1137 reais) (Reporting by Cesar Raizer; Writing by Ana Mano; Editing by Daniel Flynn) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brazil-education-idUSE6N1DF01P'|'2017-02-07T03:45:00.000+02:00'
'684423136c94b88863e60a109f9369183e4bcc9e'|'UPDATE 1-Tiffany says CEO Frederic Cumenal steps down'|'Company  52pm EST UPDATE 1-Tiffany says CEO Frederic Cumenal steps down (Adds details) Feb 5 Tiffany & Co on Sunday said Frederic Cumenal has stepped down as chief executive officer, after what the upscale jeweler called disappointing financial results. The retailer said its chairman and previous chief executive, Michael Kowalski, would serve as interim CEO while the board of directors seeks a new CEO. Kowalski will continue as Chairman. "The Board is committed to our current core business strategies, but has been disappointed by recent financial results," Kowalski said in a release. He said the company remains focused on "enhancing the customer experience, increasing the rate of new product introductions and innovation, maximizing marketing effectiveness, ... all while efficiently managing our capital and costs." The company also affirmed its fiscal year 2016 guidance, laid out in its January 17 sales news release. The company said in January that its sales during the November-December holiday period were "somewhat lower" than it had expected, hurt by lower consumer spending and a drop in sales at its flagship store in New York. The company said Sunday it expects to report on March 17 before the market opens its fourth quarter and full 2016 fiscal year results, and also provide expectations for the 2017 fiscal year. (Reporting by Scott   Jonathan Oatis and Mary Milliken) Next In Company News WRAPUP 8-Trump steps up attack on judge, court system over travel ban WASHINGTON, Feb 5   Sunday ramped up his criticism of a federal judge who blocked   nations and said courts were making U.S. border security harder, intensifying the first major legal battle of his presidency.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-tiffany-idUSL1N1FQ0LA'|'2017-02-06T06:52:00.000+02:00'
'ff7e760d80ec75fb1c9e907d2bf4cee0f5805a93'|'BRIEF-Virtus Total Return Fund and Zweig Fund announce proposed merger'|' 10am EST BRIEF-Virtus Total Return Fund and Zweig Fund announce proposed merger Feb 6 Virtus Total Return Fund * Virtus total return fund and zweig fund announce proposed merger * Subject to approval of each fund''s shareholders, directors of the virtus total return fund will merge into zweig fund * Combined fund would adopt name "virtus total return fund inc." and retain "zf" ticker symbol    '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSASB0AYP4'|'2017-02-06T21:10:00.000+02:00'
'c20915ead4f46171e22e264d7037352eacc5e296'|'BRIEF-Stone Energy announces auction results for sale of Appalachia properties'|'Company  21am EST BRIEF-Stone Energy announces auction results for sale of Appalachia properties Feb 9 Stone Energy Corp * Stone Energy Corporation announces auction results for sale of Appalachia properties * Says deal for a sales price of $527 million * Says pursuant to terms of PSA, Stone agreed to sell properties to Tug Hill for $360 million in cash * Says Stone entered into PSA in conjunction with previously announced comprehensive balance sheet restructuring efforts Source text for Eikon:'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1FT110'|'2017-02-09T17:21:00.000+02:00'
'3942dec4c7092b53fb84b21d25a88cc0f882c189'|'French manufacturing bosses grow more sanguine on investment plans'|'Business News - Tue Feb 7, 2017 - 8:11am GMT French manufacturing bosses grow more sanguine on investment plans An employee uses a sewing machine as she works at the Royal Mer Bretagne factory, specializing in French manufactured knitted clothes, in La Regrippiere, western France, November 28, 2016. REUTERS/Stephane Mahe PARIS Executives in France''s manufacturing industry said they expected to increase investments by 5 percent this year, sharply up from stagnation signalled for 2017 in the last survey in October, national statistics office INSEE said on Tuesday. For 2016, executives said they had increased investment by 4 percent, slightly lower than the 5 percent they had reported as being planned for in the last survey. This year''s more ambitious investment plans are good news for the French economy at a time when many wonder whether uncertainty over the presidential election in April and May could weigh on a firming recovery in the euro zone''s second-largest economy. (Reporting by Michel Rose; Editing by Sudip Kar-Gupta) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-france-economy-industry-idUKKBN15M0N7'|'2017-02-07T15:11:00.000+02:00'
'17242d1319e2b56c0c95fff6d409fba3200f654e'|'UPDATE 1-Brazil prosecutors allege JBS'' Batista, Eldorado''s CEO broke agreement'|'(Adds J&F statement, paragraphs 7-8)SAO PAULO Feb 6 Brazilian federal prosecutors asked a court on Monday to reimpose preventive measures against two key suspects in a corruption probe dubbed Operation Greenfield, which is investigating fraud at state-run companies'' pension funds.According to the prosecutors'' statement, defendants Joesley Batista, from the family that controls meatpacker JBS SA , and Jos<6F> Carlos Grubisich Filho, chief executive of pulp producer Eldorado Brasil Celulose SA, breached an agreement that had been signed with the prosecutors related to the investigation.Asking the court to recognize that the defendants "violated principles of good faith" contained in the agreement, the prosecutors petitioned a judge to block assets worth as much as 3.8 billion reais ($1.22 billion) belonging to the investigated parties.The prosecutors said the sum would serve as "a guarantee" to compensate losses allegedly caused by the defendants in their business dealings with state-run companies'' pension funds, as well as state-bank Caixa Econ<6F>mica Federal and the FGTS workers'' severance fund.The probe of the pension funds is one in a string of corruption investigations into the vast overlap of Brazilian business and politics.J&F, the Batista family holding company that controls both JBS and Eldorado, said it was "surprised" by the prosecutors'' petition concerning both executives, calling their allegations "baseless and irresponsible."Referring to Eldorado specifically, J&F said in a statement that all actions taken by the management and the board of the pulp producer were legal, communicated in a transparent manner and made in accordance with the company''s bylaws.($1 = 3.1150 reais) (Reporting by Ana Mano; Editing by Bill Rigby and Peter Cooney)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brazil-corruption-prosecutors-idINL1N1FR1Q7'|'2017-02-06T22:26:00.000+02:00'
'f7d415537c0c5bdc1052a225551928aad50a0a93'|'Oil prices steady as reviving shale balances OPEC cuts'|'Global Energy  04am GMT Oil prices steady as reviving shale balances OPEC cuts FILE PHOTO: Employees walks in Hungarian oil and gas group MOL''s main Danube refinery in Szazhalombatta, Hungary, March 22, 2016. REUTERS/Laszlo Balogh/File Photo By Christopher Johnson - LONDON LONDON Oil prices steadied on Tuesday as lower production by OPEC and other exporters balanced growing evidence of a revival in U.S. shale production and sluggish demand. Benchmark Brent crude LCOc1 was trading at $55.72 per barrel by 0850 GMT, unchanged from the last close. On Monday, the Brent futures contract closed down $1.09 a barrel. U.S. crude CLc1 was unchanged at $53.01 after closing down 82 cents on Monday. Price support was coming from an effort by the Organization of the Petroleum Exporting Countries and other exporters to cut output by almost 1.8 million barrels per day (bpd) in the first half of 2017. But, while OPEC and Russia have together cut at least 1.1 million bpd so far, rising U.S. production, as well as signs of slowing demand growth, threaten to undermine these efforts. "The general perception is that OPEC is cutting production, which is supporting prices, but high stock levels, rising rig counts and growing U.S. production are capping gains," said Tamas Varga, analyst at London brokerage PVM Oil Associates. Since the beginning of the year, both crude contracts have traded within a $5 per barrel price range, suggesting a lack of strong price momentum in either direction. "$55 per barrel is quite obviously the pivot point in this market ... and it has been for some time," said Matt Stanley, a fuel broker with Freight Investor Services (FIS) in Dubai. There are concerns that U.S. gasoline consumption, a pillar for crude oil demand, is stalling. Gasoline stockpiles rose by almost 21 million barrels in the first 27 days of 2017, compared with an average increase of less than 12 million barrels at the same time of year during the previous decade, according to official inventory data, implying either stalling demand or ongoing oversupply. In China, the second biggest oil consumer behind the United States, crude oil import demand is set to soften during the first half of the year as refinery maintenance results in less demand and after independent refiners were given a lower annual crude import quota, BMI Research said. (Additional reporting by Henning Gloystein in Singapore; editing by Jason Neely) Next In Global Energy News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-global-oil-idUKKBN15M057'|'2017-02-07T16:04:00.000+02:00'
'bee07b2fafa6a87bd68ceaab8831d75ceed6860e'|'EMERGING MARKETS-China reserves, mounting political risk weigh on emerging markets'|'Company  14am EST EMERGING MARKETS-China reserves, mounting political risk weigh on emerging markets By Sujata Rao - LONDON LONDON Feb 7 Emerging markets took a beating on Tuesday as a surge in political risks in Europe and a fall in Chinese reserves below $3 trillion boosted the dollar, with MSCI''s equity index snapping a four-day winning streak. Most emerging currencies fell against the resurgent dollar, especially after data showed Chinese reserves at $2.998 billion, the lowest since Feb 2011, underscoring the country''s capital outflows problem. The Chinese yuan slipped against the dollar on the spot market to two-week lows while the gap against the offshore yuan widened to around 600 pips at one point, with local bank traders reporting "huge and concentrated" dollar demand from individuals. The yuan also weakened against the dollar in the non-deliverable forwards market to 6.9865, the lowest since November. "With $3 trillion viewed by some as an important threshold, this decline will likely spark renewed debate over how long the People''s Bank (PBOC) can continue intervening to support the renminbi," Julian Evans-Pritchard at Capital Economics wrote in a note to clients. France''s election campaign added to fears of political risk, with far-right National Front Leader Marine Le Pen pledging to fight globalisation and take France out of the European Union. This spurned investors to shift money from equities to government bonds, pushing MSCI''s emerging equity index down 0.3 percent off seven-month highs. In Russia, the rouble weakened half a percent as authorities started planned daily purchases of up to $100 million to replenish reserves while the rand fell more than 1 percent, hit by dollar strength as well as fears of a slowing China which would hit metals prices. The rand will weaken more than 7 percent this year against the dollar, more than most emerging currencies, according to Reuters polls, which also forecast the Brazilian real and Mexican peso to slump around 6 percent The lira meanwhile slipped 0.7 percent off a one-month high and Turkish shares lost half a percent off two-year highs, dragged down by a 3 percent loss in white goods maker Arcelik which fell 6 percent after 2016 results showed a narrowing of EBITDA margins. In Nigeria, five-year credit default swaps traded at 614 basis points, according to Markit data, the highest level since end-September 2016 after hundreds of Nigerians marched through the streets of Lagos calling for a change of government on Monday in a rare show of public dissent. The protests reflected mounting anger over an absentee leader, with President Muhammadu Buhari having been in Britain for unspecified medical treatment, and a sputtering economy as the country has been mired in its first recession in 25 years. 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 918.83 -4.16 -0.45 +6.56 Czech Rep 946.23 +4.17 +0.44 +2.67 Poland 2082.11 -7.50 -0.36 +6.89 Hungary 32529.78 +140.87 +0.43 +1.65 Romania 7555.47 -31.08 -0.41 +6.64 Greece 627.93 +7.18 +1.16 -2.44 Russia 1171.10 -7.42 -0.63 +1.63 South Africa 45163.87 -190.08 -0.42 +2.87 Turkey 87168.16 -189.70 -0.22 +11.56 China 3153.65 -3.33 -0.11 +1.61 India 28332.64 -106.64 -0.37 +6.41 Currencies Latest Prev Local Local close currency currency'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/emerging-markets-idUSL5N1FS2CR'|'2017-02-07T17:14:00.000+02:00'
'cae876a6b0f64e2547e3e43feed06c7a3f4125d4'|'Lloyds to review customers impacted by HBOS loan scandal'|'Business News  14am GMT Lloyds to review customers impacted by HBOS loan scandal People walk past a branch of Lloyds Bank on Oxford Street in London, Britain July 28, 2016. REUTERS/Peter Nicholls/File Photo LONDON Lloyds Banking Group ( LLOY.L ) said it is undertaking a review of customer cases impacted by two corrupt former bankers who helped orchestrate a 245 million pound ($302.92 million) fraud that siphoned off money from struggling businesses. Last week six people, including the former HBOS bankers, were found guilty of a scam involving fraudulent loans and sent to prison for 47-and-a-half years. The bank has been under pressure to pay compensation to victims of the fraud after it was accused of reacting too slowly to complaints. Members of parliament wrote to Lloyds on Monday calling for them to properly redress hundreds of businesses who were duped by former HBOS manager Lynden Scourfield. "Customer cases will be considered afresh in light of all relevant evidence including new evidence that emerged during the trial," Lloyds said in a statement. "The group deeply regrets that the criminal actions have caused such distress for a number of HBOS business customers." HBOS, once Britain''s biggest mortgage lender, was rescued in a state-engineered takeover in 2008 by Lloyds. ($1 = 0.8088 pounds) (Reporting By Andrew MacAskill, Editing by Lawrence White) Next In Business News UK tax burden set to rise to highest since 1986 - IFS LONDON Britain''s tax burden will rise to its highest in over 30 years by the time of the next national election in 2020, as the government tries to cut borrowing at the same time as leaving the European Union, a leading think tank said on Tuesday.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-lloyds-fraud-compensation-idUKKBN15M14N'|'2017-02-07T18:14:00.000+02:00'
'57f8024109956766c41f12dc2e0dcc8f48524ddf'|'UK manufacturing jump shows economy ended 2016 strongly despite Brexit vote'|'Money   3:11pm IST UK manufacturing jump shows economy ended 2016 strongly despite Brexit vote A transporter lorry drives between shipping containers stacked at the port of Felixstowe in Britain, January 7, 2015. REUTERS/Toby Melville/File Photo LONDON British manufacturing grew more strongly than expected in December, showing the economy remained resilient to the end of the year despite June''s Brexit vote shock. Official data released on Friday also showed the country''s construction sector grew more quickly than many economists had forecast in December while the trade deficit narrowed. Britain''s economy was the strongest of the Group of Seven nations last year, confounding predictions of a sharp slowdown after the decision by voters to leave the European Union. But it is widely expected to slow this year as rising inflation eats into the spending power of consumers. The main driver of growth has been the country''s dominant services sector. But Friday''s figures showed manufacturing grew strongly in the October-to-December period, up 1.2 percent from the previous three months, helped by a 2.1 percent jump in December. That was much stronger than a forecast for a 0.5 percent rise in December in a Reuters poll. However, the Office for National Statistics said the increase was due in large part to the often volatile pharmaceuticals sector. Compared with December 2015, manufacturing was up 4.0 percent, the strongest increase since April 2014. Industrial output overall rose 1.1 percent in December, stronger than expectations for a 0.2 percent increase in the Reuters poll, taking the year-on-year growth figure to 4.3 percent, the strongest since January 2011. Britain''s smaller construction sector also grew by more than expected, up 1.8 percent in December from November, helped by the building of houses and commercial property. The Reuters poll had predicted an increase of 1.0 percent. Despite the stronger-than-expected figures for December, the ONS said it was not revising its preliminary estimate that Britain''s economy grew by 0.6 percent in the fourth quarter. Separate figures from the ONS showed Britain''s goods trade deficit fell to 10.89 billion pounds in December, narrower than a forecast of 11.5 billion pounds in the Reuters poll. The ONS said the improvement was largely to due to exports of erratic items such as gold and aircraft parts and there was little evidence that the fall in the value of the pound since the Brexit vote was helping bring down the trade gap. Excluding the volatile erratic items, Britain''s trade deficit widened in December. (Reporting by William Schomberg and Andy Bruce) ((uk.economics@reuters.com, Tel: +44 20 7542 7748)) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/britain-economy-idINKBN15P0YJ'|'2017-02-10T16:41:00.000+02:00'
'796dba20c2b4f481edc2502ad30393123a358b76'|'Oil prices stable on OPEC-led production cuts, but bloated inventories weigh'|'Business News - Fri Feb 10, 2017 - 1:13am GMT Oil prices stable on OPEC-led production cuts, but bloated inventories weigh FILE PHOTO - A fuel nozzle is pictured at petrol station in Moenchengladbach March 10, 2012. REUTERS/Ina Fassbender By Henning Gloystein - SINGAPORE SINGAPORE Oil prices were stable early on Friday, with OPEC-led production cuts supporting the market while soaring U.S. fuel inventories were weighing on crude. U.S. West Texas Intermediate (WTI) crude futures CLc1 were trading at $53.08 per barrel at 0106 GMT, up 8 cents from their last settlement. Brent crude futures LCOc1, the international benchmark for oil prices, were up 3 cents at $55.66 a barrel. Both crude futures have traded within a $5 range since the beginning of the year, and traders said this was due to competing price drivers. "Oil prices continue to struggle to break out of the current range," ANZ bank said on Friday. "The push and pull between competing forces in the crude oil market continued overnight. Despite the stronger U.S.-dollar .DXY and lingering concerns about U.S. (oil) inventories, traders returned their focus to the OPEC production cuts being implemented at the moment," it added. The Organization of the Petroleum Exporting Countries (OPEC) and other producers including Russia have agreed to cut output by almost 1.8 million barrels per day (bpd) during the first half of 2017 in a bid to rein in a global fuel supply overhang. There was widespread scepticism that all producers would actually make the promised cuts, but compliance with the announced reductions is now estimated to be between 80 and 90 percent as especially OPEC''s de-facto leader Saudi Arabia has enforced sharp production cuts. And this is likely to remain until the release of OPEC data next week. Despite this, oil markets remain bloated as inventories especially in the United States are brimming and rising U.S. drilling activity is pushing up production there as well. As a result, WTI and Brent crude oil futures are 4 to 5 percent below their early January peaks. (Reporting by Henning Gloystein; Editing by Joseph Radford)   Trump vows ''phenomenal'' tax announcement, offers no details WASHINGTON U.S. President Donald Trump plans to announce the most ambitious tax reform plan since the Reagan era in the next few weeks, the White House said on Thursday, sending stock prices and the dollar higher on hopes for a cut in corporate tax rates.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-global-oil-idUKKBN15P05I'|'2017-02-10T08:10:00.000+02:00'
'46f9e37652b4d5f72ca1bb03bf61b1cb14fdc00f'|'Generali to hold meeting on Monday on Intesa stake: source'|'MILAN Italy''s top insurer Generali ( GASI.MI ) will hold a meeting on Monday to discuss the 3 percent stake it bought in Intesa Sanpaolo ( ISP.MI ) in January to fend off unwanted interest from the bank, a person familiar with the matter said on Sunday.Generali''s investment committee is due to meet on Monday to discuss ways of maintaining the stake but on more favorable terms, the person said, confirming a report in Sunday''s Il Sole 24 Ore.In January Generali, whose biggest investor is influential investment bank Mediobanca ( MDBI.MI ), bought around 3 percent of Intesa as a defensive move to stop Intesa building a stake.Italy''s biggest retail bank is looking at a possible tie-up with Generali but has said any such move should not jeopardize its capital base or dividend policy.On Friday Intesa CEO Carlo Messina said the bank would take all the time it needed to make up its mind on any possible move on Generali.According to Sole 24 Ore, Generali management and board members might also discuss on Monday bringing on board a second adviser, alongside Goldman Sachs ( GS.N ), to help build a defense against any Intesa move.Morgan Stanley ( MS.N ) and JPMorgan ( JPM.N ) could be approached, the paper said.(Reporting by Stephen Jewkes; editing by John Stonestreet)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-generali-m-a-intesa-sp-idINKBN15K0HZ'|'2017-02-05T10:52:00.000+02:00'
'd162e7bbdb6c8011b3459fe1821ec9e8c841a6d9'|'Shell looking to sell stake in Danish venture -banking sources'|' 17am EST Shell looking to sell stake in Danish venture -banking sources LONDON Feb 6 Royal Dutch Shell is seeking to sell its stake in the Danish Underground Consortium (DUC), an offshore oil and gas joint venture, in what would mark the company''s effective exit from Denmark, three banking sources said. The stake is valued at up to $1 billion, according to two sources. Bank of America Merrill Lynch (BAML) is running the sale process, the sources said. Shell owns a 36.8 percent stake in DUC alongside operator A.P. Moller-Maersk, which has 31.2 percent, Chevron which holds 12 percent, and Danish state-run Nords<64>fonden which has a 20 percent stake. Shell declined to comment. BAML was not available for immediate comment. (Editing by Jason Neely)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/shell-denmark-idUSL5N1FR2T2'|'2017-02-06T19:17:00.000+02:00'
'f05da8f2be3a6fe76f193acbc0cff8322caf9e52'|'Water scarcity tops list of miners'' worries, bosses say'|'Environment  34pm EST Water scarcity tops list of miners'' worries, bosses say CAPE TOWN Assets will be stranded and investors will walk away unless mining companies show they are dealing with water scarcity, mine bosses said on Tuesday. After the hottest year on record in 2016 water has shot up the agenda at mining board meetings. "Investors say to us: ''don''t talk to us about returns''; they want to know how we''re managing water," Nick Holland, CEO of Gold Fields,, said at an international mining conference in Cape Town. Mining requires water at almost every stage of the process and the bulk of the assets of major mining companies are in water-stressed regions, such as Africa, Australia and Latin America. Anglo American says it is striving to use as little water as possible. It has limited water consumption by using 65 percent recycled water and its goal is to reach 95 percent over the next decade. CEO Mark Cutifani said the issue was central. "Water is one of the greatest constraints to new supply of mined products across the industry," he said. "Investors can see there''s a risk that if regions are running short of water, there''s a good chance miners will have to divert those resources. What are we doing to anticipate that?" Mining companies cite examples where water has caused conflict. For instance, Barrick Gold Corp mining operations in Peru were disrupted in 2012 because of protests over water supplies. The International Council on Mining and Metals, which groups 23 firms including BHP Billiton, Rio, Anglo American and Glencore, in January published a position on water stewardship to enforce best practice. The industry body quotes research showing increased levels of conflict because of water and the financial cost of water issues, saying water-related infrastructure accounts for approximately 10 percent of the industry''s capital expenses. Since 2000, water-related issues were implicated in 58 percent of mining cases lodged with the World Bank Group<75>s Compliance Officer Ombudsman, which deals with complaints from communities around mining operations, data published in January showed. (Reporting by Barbara Lewis; editing by Susan Thomas) Next In Environment'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-africa-mining-water-idUSKBN15M26S'|'2017-02-08T01:31:00.000+02:00'
'ebf984ed126b562ddc9d2cb066cce69f2bed5cf4'|'Philippine mining industry says mine closures ''illegal, unfair'''|' 19am GMT Philippine mining industry says mine closures ''illegal, unfair'' MANILA The Philippine mining minister''s decision to close over half of the country''s mines and suspend others is "illegal and unfair," and jeopardises an industry that has paid a large amount in taxes and fees to the government, the country''s mining industry body said on Monday. "She violated due process - which is an inherent part of the rule of law <20> and did not give proper notice by consistently refusing to release the results of the audit to the affected parties," the Chamber of Mines of the Philippines said in a statement. A team that reviewed an audit of Philippine mines recommended suspension of operations and payment of fines for environmental violations, rather than the closure of 23 mines ordered by the minister overseeing the process, two people with knowledge of the matter said. (Reporting by Manolo Serapio Jr)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-philippines-mining-idUKKBN15L0C6'|'2017-02-06T11:19:00.000+02:00'
'f39de2f58e2e1cb6e04dcc24cb5a906a32c02bf8'|'Toyota says board to decide on Suzuki partnership Monday'|'Business News - Mon Feb 6, 2017 - 12:39am GMT Toyota says board to decide on Suzuki partnership Monday Toyota Motor Corp''s logo is pictured on a car in Tokyo, Japan, November 8, 2016. REUTERS/Kim Kyung-Hoon - TOKYO Toyota Motor Corp ( 7203.T ) said its board would make a decision on Monday regarding a partnership the automaker has been exploring with Suzuki Motor Corp ( 7269.T ) since last October. It gave no further details. The Nikkei business daily said on Saturday the two Japanese automakers could announce a wide-ranging partnership that would include the development of new technologies and procurement, and announce the deal as early as Monday. Both companies are set to announce third-quarter earnings later in the day. Shares in Toyota and Suzuki were both up about 1 percent, in line with the broader Tokyo market. (Reporting by Chang-Ran Kim and Naomi Tajitsu; Editing by Edwina Gibbs) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-toyota-suzuki-motor-idUKKBN15L02I'|'2017-02-06T07:39:00.000+02:00'
'ccaca6f5c9533d6ff909a645a480fc155506bd63'|'Greek bailout programme would end if IMF pulled out - German FinMin'|'Economic News - Mon Feb 6, 2017 - 5:19pm IST Greek bailout programme would end if IMF pulled out - German FinMin Germany''s Finance Minister Wolfgang Schaeuble arrives at a eurozone finance ministers meeting in Brussels, Belgium, January 26, 2017. REUTERS/Eric Vidal BERLIN Germany believes the International Monetary Fund (IMF) will remain on board with Greece''s bailout, a finance ministry spokesman reiterated on Monday, but said that a IMF decision to pull out would mean the end of the current programme. Finance Minister Wolfgang Schaeuble has already made clear that if the IMF were not to participate, "then the programme is over", spokesman Juerg Weissgerber said during a news conference when asked about an expected decision by the IMF board on Greece. Germany, Europe''s largest economy, wants the IMF to have a stake in Greece''s bailout to give the rescue plan greater credibility, but opposes granting Athens the significant debt relief that the IMF is demanding. Berlin has opposed large-scale debt relief unless Greece completes wide-ranging reforms and keeps running budget surpluses of 3.5 percent in the medium-term following the end of the bailout programme in 2018. (Reporting by Michael Nienaber; Editing by Victoria Bryan) Next In Economic News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/eurozone-germany-greece-idINKBN15L19E'|'2017-02-06T18:49:00.000+02:00'
'b10b90aeb35cf403d6112e7b6ef8d527600f4f61'|'Weaker sterling only mixed benefit to UK exporters - survey'|'Business News - Mon Feb 6, 2017 - 12:20am GMT Weaker sterling only mixed benefit to UK exporters - survey An English ten Pound note is seen in an illustration taken March 16, 2016. REUTERS/Phil Noble/Illustration/File Photo LONDON Sterling''s sharp fall against the U.S. dollar and euro since June''s Brexit vote has so far hurt almost as many exporters as it has aided, the British Chambers of Commerce said on Monday. A cheaper currency normally helps exporters in the medium term, but the BCC said that currency weakness was proving a double-edged sword for its members, mostly small and medium-sized businesses. Some 25 percent of businesses said sterling''s weakness had boosted their export margins, but 22 percent said it had reduced the profitability of their overseas sales. Nearly half of the companies surveyed did not manage currency risk, and had no plans to do so. Many smaller businesses billed overseas customers in sterling but paid for some of their raw materials in foreign currency, the BCC said, leaving them exposed to the costs of sterling''s fall unless they put up prices. Sterling has fallen more than 15 percent against the dollar since June 23, and other business surveys have reported a big increase export orders - but any gains have not yet shown up in Britain''s official trade data. "For firms that import, it''s now more expensive, and companies may find themselves locked into contracts with suppliers and unable to be responsive to currency fluctuations," BCC Director General Adam Marshall said. Firms which had managed foreign exchange risk better were now likely to find that currency hedges taken out before the referendum were expiring, said Lee McDarby, an executive at currency brokers Moneycorp, which sponsored the survey. The effects for businesses'' domestic profit margins was clear, with 44 percent reporting a fall. More than two thirds of firms expect sterling weakness to increase their costs in 2017, and more than half expect to pass at least some of this on to their customers. The Bank of England expects consumer price inflation to rise sharply this year due to firms passing on higher import costs, and to reach 2.7 percent by the end of this year, up from 1.6 percent at the end of 2016. The BCC survey was based on responses from 1,474 business people between Dec. 1 and Dec. 19. (Reporting by David Milliken; editing by Andrew Roche) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-economy-trade-idUKKBN15L013'|'2017-02-06T07:20:00.000+02:00'
'fd80ffaf6926a871a506001518c793f402cbaed6'|'BMW agrees to settle vehicle water damage suit for up to $478 million'|'Business News - Tue Feb 7, 2017 - 10:38am EST BMW agrees to settle vehicle water damage suit for up to $478 million FILE PHOTO: A BMW logo is seen on a wheel at the Brussels International Auto Show in Belgium, January 22, 2015. REUTERS/Yves Herman/File Photo By David Shepardson - WASHINGTON WASHINGTON German automaker BMW AG ( BMWG.DE ) has agreed to pay up to $477.7 million to settle a class-action lawsuit covering about 318,000 U.S. luxury car owners who may have suffered water damage harming electrical components in vehicle trunks. According to settlement documents filed in U.S. District Court in New York last week, the settlement covers owners of 2004-2010 model year BMW 5 Series cars and will allow owners to receive up to a $1,500 reimbursement for prior repairs. A BMW spokeswoman did not immediately comment on Tuesday. Owners of vehicles with fewer than 120,000 miles (193,121 km) and are less than 10 years old are eligible for a free inspection and repairs if needed. The settlement says sensitive electronic components located in the spare tire well of the trunk in some vehicles were damaged by either clogged sunroof drainage tubes or by some other means of water entering. As part of repairs, dealers will affix a warning label that informs owners not to spill liquids in the trunk. Owners contend that the automaker knew of the problem as early as 2004 based on complaints, warranty claims and technical service bulletins filed with the U.S. National Highway Traffic Safety Administration. BMW has denied wrongdoing. BMW has faced suits in New York and California over the issue for four years and the documents do not indicate how many owners may seek reimbursement. BMW has also agreed to pay nearly $1.8 million to cover legal fees and costs of the suing owners. The settlement must still be approved by U.S. District Judge Katherine Forrest. (Reporting by David Shepardson; Editing by Marguerita Choy) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-bmw-usa-lawsuit-idUSKBN15M1SX'|'2017-02-07T22:38:00.000+02:00'
'43ced517b58805519c2ddea57cfef30e5614a4ca'|'Norwegian firms to create offshore oil industry supply vessels giant'|' 17pm GMT Norwegian firms to create offshore oil industry supply vessels giant Kjell Inge Roekke attends a Fourth of July celebration at the U.S. Ambassador''s residence in Oslo June 20, 2012. REUTERS/Lise Serud/NTB Scanpix By Gwladys Fouche and Jonathan Saul - OSLO/LONDON OSLO/LONDON The pace of consolidation in the crisis-hit shipping industry accelerated on Monday after three of Norway''s biggest offshore oil industry service vessel (OSV) operators announced plans to merge to create one of the biggest fleets in the sector. Shipping tycoon John Fredriksen and Norwegian billionaire Kjell Inge Roekke said they had agreed a restructuring plan for Farstad Shipping ( FAR.OL ), via a debt-for-equity swap and additional share issue, solving long-running efforts to address liabilities worth 12.6 billion crowns ($1.53 billion) at end-September. The duo will then merge Farstad and Fredriksen''s Deep Sea Supply ( DESSC.OL ) into Roekke''s Solstad Offshore ( SOFF.OL ). The move comes just days after Frontline( FRO.OL ), Fredriksen''s listed oil tankers operator, launched a $475m offer for Double Hull Tankers ( DHT.N ), a smaller rival, while Fredriksen is also trying to resolve a $14 billion debt crisis at his drilling rig firm Seadrill ( SDRL.OL ), where he is chairman and the biggest shareholder. It also marks the latest deal in a sector hit by overcapacity and low demand from oil firms, due to a halving of the oil price since mid-2014. The three-way merger between Farstad, Solstad and Deep Sea Supply will create a newly named company, Solstad Farstad, which will have a combined fleet of 154 ships, making it the biggest owner of large vessels in the supply, anchor handling and construction support segments of the OSV market worldwide. It would rank fourth overall when smaller vessels are included in the count, and will have an enterprise value of around 30 billion Norwegian crowns ($3.64 billion), according to estimates by brokerage Pareto. "With this solution, we provide Farstad, Solstad and Deep Sea Supply with an industrial platform to sustain the current downturn in the OSV market and be well positioned to exploit a market recovery," Farstad''s chief executive Karl Johan Bakken said in a statement. As part of the deal, Farstad''s banks, bondholders and other creditors have agreed to convert billions of crowns owed into shares. In addition Roekke and Fredriksen are to fully underwrite a share issue by Farstad to raise 650 million crowns. Subsequent to completing Farstad''s restructuring, the companies will then merge, with Solstad Offshore taking over the other two companies under a share exchange, with Farstad shareholders getting 0.35 Solstad shares for every 12.5 Farstad shares and Deep Sea shareholders getting 1.32 Solstad shares for every 12.5 Deep Sea shares. As a result Roekke''s Aker ( AKER.OL ) will own up to a quarter of the enlarged Solsted Offshore, while the Fredriksen family''s Hemen Holding will hold up to 18 percent, but following the merger they plan to adjust their holdings to become "approximately equal shareholders," the companies said. "This restructuring proposal means an increase from 39 million Farstad shares to 4.9 billion shares. It is a huge dilution (for Farstad shareholders)," said DNB credit analyst Magnus Vie Sundal. Shares in Farstad were up 15 percent at 4.85 crowns by 1335 GMT, when Solstad was up 23 percent at 13.50 crowns, Deep Sea was down 6.6 percent at 1.55 crowns and Aker was up 4 percent at 362 crowns. BIG WOLF The move to consolidate the support vessels sector comes as Fredriksen, nicknamed "Big Wolf" for his business tactics, seeks to reinforce other parts of his shipping empire. A week ago his tanker firm Frontline proposed a takeover of rival DHT, which was unanimously rejected late on Sunday by the DHT board. [nL5N1FR0PD] Analysts and industry sources say Fredriksen would be looking to scoop up DHT''s new fleet of crude supertankers cheaply, to add to his ageing flee
'19c6baa09cfc49cda2b4661d7e589a59afb34bc2'|'Oil prices edge up on Iran tensions, but rising shale output caps gains'|'Global Energy  43am IST Oil prices edge up on Iran tensions, but rising shale output caps gains A petro-industrial factory is reflected in a traffic mirror in Kawasaki near Tokyo December 18, 2014. REUTERS/Thomas Peter/Files By Henning Gloystein - SINGAPORE SINGAPORE Oil prices edged up on Monday on fears that new U.S. sanctions against Iran could be extended to start affecting crude supplies, but markets were capped by further signs of growing U.S. production. Tensions between Tehran and Washington have risen since a recent Iranian ballistic missile test which prompted U.S. President Donald Trump''s administration to impose sanctions on individuals and entities linked to the Revolutionary Guards. Brent crude futures, the international benchmark for oil prices, were trading at $56.86 per barrel at 0037 GMT, up 5 cents from their last close. U.S. West Texas Intermediate (WTI) futures were up 5 cents at $53.88 a barrel. Traders said the strain between Tehran and the United States raised concerns that U.S. sanctions could be tightened further to impact Iranian oil exports, which were only allowed to return to normal last year. "The move by the U.S. to impose new restrictions on Iran for testing a ballistic missile ... does raise the risk of further tensions disrupting supply," ANZ bank said on Monday. "This was countered somewhat by data showing another strong rise in rig activity in the U.S.," it added. U.S. energy companies added oil rigs for a 13th week in the last 14, extending a nine-month recovery as drillers take advantage of crude prices that have held mostly over $50 a barrel since OPEC agreed to cut supplies in late November. Drillers added 17 oil rigs in the week to Feb. 3, bringing the total count up to 583, the most since October 2015, energy services firm Baker Hughes Inc said on Friday. The rising U.S. production, led by shale drillers, dims efforts led by the Organization of the Petroleum Exporting Countries (OPEC) and other producers like Russia to end global oversupply by cutting their output by a planned average of almost 1.8 million barrels per day (bpd) during the first half of the year. OPEC''s efforts to shield its biggest and fastest growing markets in Asia from the cuts are also undermining a rebalancing of the market, traders have said, as OPEC cuts exports to regions in Europe and North America where demand growth is slower or where other suppliers are more dominant. Caution over efforts so far to re-balance the market is reflected in price movements this year. Despite the OPEC-led cuts being enacted from the beginning of 2017, Brent crude futures are 2.6 percent below their peaks in early January. (Reporting by Henning Gloystein; Editing by Joseph Radford) Next In Global Energy News UPDATE 2-Dakota Access Pipeline to start in 2nd quarter -stakeholder NEW YORK, Feb 3 The chief executive of Phillips 66 said on Friday he expects the Dakota Access Pipeline to start operations in the second quarter, even though the project - which has sparked protests by Native Americans and environmentalists - is still in the midst of legal battles and a U.S. regulatory review.'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/global-oil-idINKBN15L09P'|'2017-02-06T10:13:00.000+02:00'
'a6f5f14c081d45bf3d083bc21d38e5256d251fd4'|'India''s Tata Steel swings to profit in third-quarter'|'  12:20pm GMT India''s Tata Steel swings to profit in third-quarter MUMBAI India''s Tata Steel Ltd ( TISC.NS ) posted a consolidated net profit of 2.32 billion rupees (<28>27.81 million) in its fiscal third quarter on higher sales. The steelmaker, which also has operations in Europe, had posted a consolidated net loss of 27.48 billion rupees in the year-ago quarter. Revenue rose 14 percent from a year earlier to 293.92 billion rupees for the three months to Dec. 31, the company said in a stock exchange filing. Analysts, on average, had expected a net profit of 1.74 billion rupees, according to data compiled by Thomson Reuters. (Reporting by Sankalp Phartiyal; Editing by Subhranshu Sahu)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-tata-steel-results-idUKKBN15M1BB'|'2017-02-07T19:20:00.000+02:00'
'3f9cec3ff4b718aa8ae17002d2b70e3dc7b56b53'|'Fujitsu says its biggest shareholder to unload its stake'|'TOKYO Japan''s Fujitsu Ltd said on Tuesday its biggest shareholder would sell most of its stake in the electronics conglomerate, part of a plan by the two firms to unwind their cross-shareholdings.Fuji Electric Co plans to unload 168.9 million shares. Fujitsu said it wants the stock to be sold to overseas investors.Fujitsu also said it plans to buy back up to 39 million shares from the market for as much as 25 billion yen ($225 million).The terms of the share sale have not been decided.Based on Fujitsu''s closing price on Tuesday, the sale would be worth about 114 billion yen ($1 billion).(This version of the story corrects paragraph 3 to say Fujitsu will purchase shares from the market, not Fuji Electric)(Reporting by Taiga Uranaka and Chris Gallagher; Editing by Edwina Gibbs)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-fujitsu-equity-idINKBN15M0JL'|'2017-02-07T04:52:00.000+02:00'
'f9b0acecadc085fa4bbcdc628037fda5587ea136'|'Fujitsu''s biggest shareholder to unload $1 billion worth of stock'|'Business  07am GMT Fujitsu''s biggest shareholder to unload $1 billion worth of stock A logo of Fujitsu is pictured at CEATEC (Combined Exhibition of Advanced Technologies) JAPAN 2016 at the Makuhari Messe in Chiba, Japan, October 3, 2016. REUTERS/Toru Hanai/File Photo By Taiga Uranaka - TOKYO TOKYO Fujitsu Ltd''s ( 6702.T ) biggest shareholder is planning to sell about $1 billion worth of the Japanese electronics conglomerate''s stock, part of a plan by the two firms to unwind their cross-shareholdings. The sale comes at a time when Tokyo-listed firms are under pressure to justify their holdings after Prime Minister Shinzo Abe''s government introduced a new corporate governance code in 2015. While cross-shareholdings aimed at cementing business ties are common in Japan, they are often criticized for making management less responsive to individual and overseas shareholders. Fujitsu''s biggest shareholder, Fuji Electric Co ( 6504.T ), plans to unload about 8.2 percent of its stock, most of its holding. SMBC Nikko Securities has been hired as an underwriter to sell the stock to overseas investors. Terms of the share sale have not been decided but based on Fujitsu''s Tuesday closing price, the shares would be worth about 114 billion yen ($1 billion). Fujitsu also said it plans to buy back up to 1.9 percent of its outstanding shares for as much as 25 billion yen to alleviate the impact of such a large stake sale on existing shareholders. Fujitsu was originally created in 1935 as a telephone equipment subsidiary of Fuji Electric. Fujitsu, also the biggest shareholder in its former parent with a 10 percent stake, said it plans to sell its holding in Fuji Electric but the timing and scale of the sale has yet to be determined. (Reporting by Taiga Uranaka and Chris Gallagher; Editing by Edwina Gibbs) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-fujitsu-equity-idUKKBN15M0SG'|'2017-02-07T16:07:00.000+02:00'
'138a8ffcff34c50103837104542cda72668cc663'|'Foreign investment in Egyptian treasuries doubles in January'|'CAIRO Feb 7 Foreign investment in Egyptian treasuries doubled to $500 million in January from December, helping to reduce yields by about 1 percent last week, the country''s deputy finance minister said on Tuesday.The central bank''s decision in November to abandon a peg of 8.8 Egyptian pounds per dollar and freely float the currency, which has since halved in value, has helped to revive foreign demand but it is still far from pre-2011 levels. (Reporting by Abdel Rahman Adel; writng by Amina Ismail)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/egypt-economy-treasuries-idINC6N1BK01U'|'2017-02-07T13:07:00.000+02:00'
'645ace3bdf17e9a2525610ad37421e854cb2fbca'|'KKR to merge hedge fund Prisma with PAAMCO to form new investment firm'|'KKR & Co LP ( KKR.N ) said on Monday it would merge its hedge fund KKR Prisma with institutional investment firm PAAMCO to form an investment company with more than $30 billion in assets.KKR said it would hold a 39.9 percent stake in the merged entity, with the remaining stake held by the employees of KKR Prisma and Pacific Alternative Asset Management Co, or PAAMCO.The combined business will be jointly run by PAAMCO Chief Executive Jane Buchan and KKR Prisma co-founder Girish Reddy, KKR said. Reddy is also the head of KKR hedge funds.PAAMCO manages over $10 billion in discretionary assets and advises on an additional $14 billion in assets.(Reporting by John Benny in Bengaluru; Editing by Savio D''Souza)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-kkr-paamco-idINKBN15L2IH'|'2017-02-06T18:51:00.000+02:00'
'6945556dc087ad4fb4ce83466c0fb005d2bd5f22'|'Morning News Call - India, February 6'|'Company News - Sun Feb 5, 2017 - 10:23pm EST Morning News Call - India, February 6 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 11:00 am: Budget session of parliament continues in New Delhi. 3:00 pm: Trade Minister Nirmala Sitharaman briefs media on budget proposals in New Delhi. LIVECHAT-FX WEEKAHEAD FX Buzz analyst Jeremy Boulton analyses G7 currencies at 4:30 pm. To join the conversation, click on the link: here INDIA TOP NEWS  Budget raises India''s capital market ambitions The Indian government has unveiled its most ambitious target for public share sales so far, looking to capitalise on the robust domestic capital markets to cut its annual deficit.  India Dr. Reddy''s Dec quarter net profit fell 16 pct Dr Reddy''s Laboratories, India''s second-largest drugmaker by sales, reported a 16 percent fall in its third quarter profit although it beat expectations.  Indian services activity contracts for a third month in January Activity in India''s services industry contracted for a third straight month in January, although at a slower pace, as firms struggled to recover from Prime Minister Narendra Modi''s shock currency crackdown, a survey showed.  India''s BSE exchange soars in market debut after $185 mln IPO Shares of India''s second-biggest stock exchange, BSE Ltd, jumped as much as 49 percent on their market debut on Friday, after the exchange raised about $185 million in an initial public offering that had been heavily over-subscribed.  Wistron plant in Indian tech hub solely for iPhone: source An assembly plant that Apple''s Taiwanese manufacturing partner Wistron Corp is setting up in Bengaluru will focus solely on assembling iPhones, a source familiar with the matter said on Friday.  Battered Toshiba seeks exit from UK, India in nuclear retreat Toshiba plans to withdraw from its lead role in projects to build nuclear plants in Britain and India, sources with direct knowledge of the matter said, marking a retreat as it wrestles with an imminent multi-billion dollar writedown. GLOBAL TOP NEWS  Trump faces uphill battle to overcome court''s hold on travel ban U.S. President Donald Trump faces an uphill battle to overcome a federal judge''s temporary hold on his travel ban on seven mainly Muslim countries, but the outcome of a ruling on the executive order''s ultimate legality is less certain.  Toyota, Suzuki poised to unveil partnership on Monday Toyota Motor and Suzuki Motor appeared poised to unveil a wide-ranging partnership that could include the development of new technologies and procurement.  China services sector continues strong expansion in January-Caixin PMI Growth in China''s services sector remained strong in January, a private survey showed, as companies reported a solid increase in orders. LOCAL MARKETS OUTLOOK (As reported by NewsRise)  The SGX Nifty Futures were at 8,794.50, up 0.41 pct from its previous close.  The Indian rupee will likely open higher against the dollar, tracking most of its Asian peers, as a smaller-than-expected increase in U.S. hourly wages in January dampened chances of a rate increase by the Federal Reserve next month.  Indian sovereign bonds are likely to trend higher in opening trade, as weaker U.S. wage growth increased possibilities of a delay in Federal Reserve rate hike. The yield on the benchmark 6.97 pct bond maturing in 2026 is likely to trade in a 6.39 pct-6.44 pct band today. The bond had closed at 103.97 rupees, yielding 6.41 pct, on Feb 3. GLOBAL MARKETS  U.S. stocks climbed on Friday, with the S&P 500 closing just short of a record high, boosted by gains in financial shares as President Donald Trump moved ahead with deregulation action and by a strong payrolls report.  Asian shares edged ahead as Wall Street gathered momentum into a busy week of earnings with more than 100 major companies due to report, while the dollar was again hobbled by a lack of progress on U.S
'a9873c935b78cc738dd416903aa66b831f92d9c9'|'Hyundai Motor Group promotes fewer executives after flagship''s profit drop'|'Business News - Mon Feb 6, 2017 - 12:00am EST Hyundai Motor Group promotes fewer executives after flagship''s profit drop The logo of Hyundai Motor is seen at its dealership in Seoul, South Korea, December 15, 2016. REUTERS/Kim Hong-Ji SEOUL Hyundai Motor Group said on Monday that as part of its annual reshuffle it has promoted 348 executives, down 5 percent from last year, after flagship unit Hyundai Motor ( 005380.KS ) posted its fourth consecutive annual profit decline in 2016. Hyundai Motor Group is South Korea''s second-biggest conglomerate after Samsung Group in terms of assets, with 51 subsidiaries, including Hyundai Motor, Kia Motors ( 000270.KS ), Hyundai Mobis ( 012330.KS ) and Hyundai Steel ( 004020.KS ). (Reporting by Hyunjoo Jin; Editing by Muralikumar Anantharaman) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-hyundai-motor-reshuffle-idUSKBN15L0E0'|'2017-02-06T12:00:00.000+02:00'
'a1416f79ed78459359008af7053c56012f73439a'|'EU trade chief backs China in fight against protectionism'|' 25pm GMT EU trade chief backs China in fight against protectionism File photo: European Trade Commissioner Cecilia Malmstrom holds a news conference on Commission''s proposal for a new methodology for anti-dumping investigations, at the EU Commission headquarters in Brussels, Belgium November 9, 2016. REUTERS/Yves Herman BRUSSELS The European Union is ready to join China in fighting protectionism worldwide but Beijing also needs to show it can play fair on trade and investment, the bloc''s trade chief said on Monday. U.S. President Donald Trump has threatened to impose punitive tariffs on Chinese imports, blaming China''s trade practices for U.S. job losses. Beijing says it will work with Washington to resolve any trade disputes, but state media have warned of retaliation if Trump takes the first steps towards a trade war. "If others around the world want to use trade as a weapon, I want to use it as a tonic, a vital ingredient for prosperity and progress," Trade Commissioner Cecilia Malmstrom told a business conference on EU-China relations, without explicitly mentioning Trump or the United States in her comments. "If others are closing their doors, ours are still open - as long as the trade is fair. And we will give China every opportunity to uphold its pledge against protectionism, and towards a multilateral agenda, too," she said. But Malmstrom added that "many barriers and irritants" remained to EU-China trade and said economic relations were far from balanced. Trade with China was worth one fifth of EU imported goods but only one tenth of its goods exports. Chinese investment flows into the EU rose to a record high of almost 40 billion euros (<28>34.5 billion) last year, while EU investment into China fell to a 10-year low of less than 8 billion. Malmstrom said she hoped the latter issue could be addressed with an EU-China investment agreement, currently under negotiation. She said she hoped for a "new impulse" in talks this year. The EU commissioner praised Chinese President Xi Jinping''s speech at the World Economic Forum in the Swiss resort of Davos last month that portrayed China as the leader of a globalised world where only international cooperation can solve the big problems. Malmstrom said she agreed with Xi that a trade war would be catastrophic for all parties, adding that the Chinese leader''s big challenge this year would be to match rhetoric with reform. (Reporting by Philip Blenkinsop; Editing by Gareth Jones) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eu-china-trade-idUKKBN15L259'|'2017-02-07T01:25:00.000+02:00'
'f5d7da5f058a58773a3a4922fb794ee3c4fd28a8'|'MOVES- MUFG, Brit Ltd, Greenhill, Idinvest, TriOptima'|'Feb 6 The following financial services industry appointments were announced on Monday. To inform us of other job changes, email moves@thomsonreuters.com.MITSUBISHI UFJ FINANCIAL GROUP (MUFG)The Japanese firm hired Anne Gebuhrer to head its European Financial Institutions Debt Capital Markets (DCM).BRIT LTDThe specialty insurer, a unit of Canada''s Fairfax Financial Holdings Ltd, named Tim Chesson senior vice president of Brit Global Specialty USA (BGSU), effective Jan. 23.GREENHILL & CO INCRichard Phillips has been appointed vice chairman of the advisory firm and co-head of its Australia office.IDINVEST PARTNERS SAThe Paris-based securities brokerage named Alban Wyniecki as an investment director.TRIOPTIMAPer Sjoberg has stepped down from his role as CEO for the post-trade derivatives processing firm owned by NEX Group Plc .(Compiled by Sruthi Shankar in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/financial-moves-idINL4N1FR4MI'|'2017-02-06T17:36:00.000+02:00'
'730568f74deda1a53c094585a14ff180b9a643d4'|'DHT Holdings board unanimously rejects Frontline offer'|'By Gwladys Fouche - OSLO OSLO Tanker firm DHT Holdings ( DHT.N ) unanimously rejected late on Sunday the proposed deal by rival Frontline ( FRO.OL ), controlled by shipping tycoon John Fredriksen.Last week Frontline made a non-binding offer to acquire all DHT''s outstanding shares to create the largest private tanker firm in the world.The "Frontline proposal is wholly inadequate and not in the best interests of DHT or its shareholders," DHT Chairman Erik Lind said in a statement."We believe that Frontline''s proposal substantially undervalues our company and represents an opportunistic attempt to acquire DHT at a low point in the cycle."Frontline, itself valued at $1.1 billion, proposed an all-share deal valuing the equity in DHT at around $475 million. DHT also has interest bearing debt of some $685 million. Frontline already owns 16 percent of DHT''s shares."We could see Frontline raising its offer, but doubt that it will be a substantial raise as we struggle to see Frontline wanting to acquire DHT substantially above the latter''s net asset value," Fearnleys said in a note to clients.The DHT board said the Frontline proposal did not properly value DHT''s contribution to a combined company and would result in an "unacceptable" dilution to DHT''s shareholders."The execution of DHT''s strategic plan will continue to drive significant and sustainable value for DHT shareholders," said DHT''s Lind.Shares in Frontline were up 0.54 percent at 0848 GMT. DH Holdings'' closed at $4.91 on Friday.(Editing by Terje Solsvik)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-frontline-dht-holdings-idINKBN15L0S5'|'2017-02-06T06:00:00.000+02:00'
'6f20a3381fd78234c8f75832dfc6dc43ee20a796'|'Brazil''s Localiza pledges aggressive pricing as rivals IPO'|'Company  30am EST Brazil''s Localiza pledges aggressive pricing as rivals IPO SAO PAULO Feb 6 Localiza Rent a Car SA , Brazil''s biggest car rental company, plans to maintain aggressive pricing this year with the help of lower interest rates and efficiency gains, executives said on a Monday when asked about rivals'' share offerings. Smaller peer Movida Participa<70><61>es SA is pressing ahead with an initial public offering (IPO) on Monday after cutting the price floor last week. Unidas SA also extended the deadline for bids on its IPO to Friday. (Reporting by Brad Haynes; Editing by Chizu Nomiyama) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/localiza-rnt-car-outlook-idUSE6N1CB024'|'2017-02-06T22:30:00.000+02:00'
'535112722d8098fcbc093abb5ebe04b84387a851'|'Norway''s Aker BP beats forecast in Q4 due $114 million one-off income'|'  6:51am GMT Norway''s Aker BP beats forecast in Q4 due $114 million one-off income OSLO Aker BP ( AKERBP.OL ), the oil firm resulting from the merger of BP''s ( BP.L ) Norwegian business and Det norske, posted forecast-beating fourth-quarter earnings due to a one-off $114-million income following a change in the company''s pension scheme. Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) was $485 million, beating a forecast for $354 million in a Reuters poll Taxes for the quarter were $277 million, plunging the company''s net earnings to a loss of $67 million, far below analysts'' expectations of a $43 million profit. The tax expense was primarily related to a change in deferred taxes, significantly impacted by a weaker crown currency against the U.S. dollar, and taxes generated by the pensions gain. Aker BP repeated its outlook. (Reporting by Gwladys Fouche, editing by Terje Solsvik)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-aker-bp-results-idUKKBN15L0J0'|'2017-02-06T13:51:00.000+02:00'
'f445e7f1d50b5b54d4fcaaad0a36648ef9aeff11'|'RPT-Australia''s home market boom may be starting to crumble as buyers hold back - Reuters'|'(Repeating to additional subscribers without changes to text)By Jonathan Barrett and Byron KayeSYDNEY Feb 6 After a long pause, the auctioneer commissioned to sell a northern Sydney beach-side apartment for in excess of A$800,000 ($614,391) puts his gavel away, unable to entice a single bid.Across town, in the city''s trendy inner western suburbs, the owner of a warehouse converted into a three-level home drops his reserve price for the property''s sale. There are just two potential buyers at the auction, and they have declined to enter the kind of bidding war that has caused home prices in Australia''s two biggest cities, Sydney and Melbourne, to double since 2009.The auction stand-offs may indicate that the Sydney market, which has been defined by researcher Demographia as the second most unaffordable in the world after Hong Kong, has finally hit a peak. As the buyers have drifted off, the sellers have also started to back away and the number of home listings is down 25 percent from a year ago, according to CoreLogic RP Data.This is all yet to show up in a decline in prices in Australia. In the nation''s eight biggest cities, home prices surged a further 0.7 pct in January even as the volume of transactions was lower. But some real estate experts and hedge fund investors say that it may be only a matter of time before prices also start to crumble.A sharp correction would heap stress on those who have paid a high price to enter the big east coast property markets, while damaging the country''s financial institutions as home loans account for up to 60 percent of the major banks'' total loan books. The property sector is also a major employer and generator of demand, a particularly important pillar of the economy during a subdued period for the mining sector.One big concern is the drop off in the number of Chinese buyers, following a crackdown by Beijing on capital outflows and Australia''s tightened restrictions on lending to foreigners. Individuals taking the maximum $50,000 a year out of China now have to commit to not spending it on real estate and risk being investigated by the Chinese authorities if they break that pledge.And the impact isn''t only being felt in Australia. In Canada''s Vancouver, which has been a big target market for Chinese buyers for some years, the number of transactions dropped 40 percent last month, compared to the same month a year earlier.A sudden increase in the number of sales agents splitting off from the big realtors to set up their own firms, and the arrival of new online players, is being seen by some in the industry as a contrarian signal of an overheated market."It''s that classic top-of-the-market mindset," said property valuer Gavin Hegney, from Gavin Hegney Property. "''I''m making money hand over fist, I could do this myself.''"CHINESE TOUR NUMBERS HALVEHong Kong-based hedge fund manager Apt Capital Management has shorted Australian banks because of their exposure to a property market it believes is out of step with Australia''s economic strength. It is forecasting a severe correction.Apt Capital strategist Amy Reynolds said interest rate rises or a drying up of foreign investment were the most likely triggers for a future downturn in prices."Our models indicate that house prices would need to fall by around 30 pct to come back into line with Australia''s economic fundamentals and their own long-term averages," Reynolds said.Esther Yong, director at Chinese language property portal AC Advertising, said the curbs on lending to foreigners and Beijing''s restrictions had quelled interest, leaving only the most committed buyers."It''s been very slow for the last two to three months," Yong told Reuters.She said numbers on Chinese property tours - on which part of a holiday is dedicated to looking at property - are half what they were a year ago.Australia''s foreign investment rules guide overseas investors to buy new properties, such as "off-the-pla
'f2da54c220138b2b10f5a41253dcb853eac47868'|'Event: Maintaining the momentum for the SDGs <20> Latin America - Global Development Professionals Network'|'Following on from the Guardian<61>s event, Maintaining the Momentum for the SDGs , alongside the UN<55>s general assembly New York, this April we will take the discussion to Latin America. The region of 625 million people is rich with natural resources, innovation and expertise, but a difficult economic climate, coupled with rapid urbanisation and climate change has impacted the Latin American people and the environment. Bringing together global and regional thought leaders, we will discuss how the adoption of the sustainable development goals can ensure the region<6F>s economic and social development, while conserving the vast natural habitat. We look forward to welcoming you. Details Date: Tuesday 4 April 2017Time: 5pm - 9pmLocation: Four Seasons Hotel, Buenos Aires: Posadas 1086/88, C1011ABB CABA, ArgentinaProgramme 5pm Registration and networking5.30pm Welcome5.35pm Opening keynote address: the implementation of the SDG<44>s in Latin America and the Caribbean5.50pm The water crisis in Latin America6.40pm Break6.50pm Improving access to healthcare across Latin America7.40pm Closing keynote address tbc7.55pm Lightning talk8.05pm Closing remarks8.15m Drinks reception and networkingSpeakers Jessica Faieta, UNDP assistant administrator and director of the Regional Bureau for Latin America and the Caribbean Rebeca Grynspan, secretary general, Secretar<61>a General Iberoamericana (Segib) Dominic Waughrey, senior director and head of environmental initiatives, Wef Femsa Lumed Health Is this event for you? The event is aimed at all professionals working towards the implementation of the SDGs in Latin America, whether you work in government, an NGO, a grassroots or civil society organisation or in the private sector. If you feel that you or your colleagues would benefit this discussion on meeting the goals in the region, register your interest by filling in the form below by Thursday 9 March 2017.'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/global-development-professionals-network/2017/feb/06/event-maintaining-the-momentum-for-the-sdgs-latin-america'|'2017-02-06T20:17:00.000+02:00'
'd2ee094c76cf94c4d9b559a8fa7ede9dde1c5bb7'|'Cellectis gets U.S. go-ahead to test ''off-the-shelf'' cell therapy'|'Health  34pm EST Cellectis gets U.S. go-ahead to test ''off-the-shelf'' cell therapy Cellectis has won U.S. regulatory approval to run an early clinical trial using its gene edited cell therapy product UCART123 for blood cancers, boosting the French biotech firm''s ambitions in the hot area of cancer research. Following approval from the Food and Drug Administration, Phase I clinical trials will start in the first half of this year, the company said on Monday. It marks the first time that U.S. regulators have approved clinical testing of an allogeneic, or "off-the-shelf", gene-edited CAR T cell treatment. The idea of genetically altering immune cells called T cells so that they can attack cancers more effectively has attracted interest from a range of drugmakers. But while rivals such as Novartis, Juno and Kite have treatments that use modified T cells extracted from individual patients, Cellectis products are derived from healthy donors and aim to be universal. Its first such "off-the-shelf" cell therapy UCART19, which is being developed with Servier and Pfizer, is now being tested in Phase I trials in Britain for acute lymphoblastic leukaemia and chronic lymphocytic leukaemia. It has already rescued two babies treated at London''s Great Ormond Street Hospital from previously incurable cancer. UCART123, which is still wholly owned by Cellectis, is designed to help patients with acute myeloid leukaemia and blastic plasmacytoid dendritic cell neoplasm. (Reporting by Ben Hirschler; Editing by Ruth Pitchford) Next In Health News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-cellectis-cell-therapy-usa-idUSKBN15L2HH'|'2017-02-07T04:30:00.000+02:00'
'89fa316276ef0c32ca50fafd89551964369b4e38'|'LIVESTOCK-Cash, pork prices boost CME hog futures to new highs'|'Company   4:02pm EST LIVESTOCK-Cash, pork prices boost CME hog futures to new highs * Live cattle finishes flat/mixed * Feeder cattle ends mostly firmer By Theopolis Waters CHICAGO, Feb 6 Chicago Mercantile Exchange lean hog February futures scored a fresh contract high and deferred contracts scored monthly highs on Monday, fueled by firmer cash and wholesale pork values, said traders. February hogs ended 1.025 cents per lb higher at 71.350 cents, and hit a new contract high of 71.425 cents. April ended 0.975 cent higher at 71.225 cents, a seven-month top. Monday morning''s slaughter-ready, or cash, hog price in Iowa/Minnesota averaged $67.63 per cwt in light volume, up $1.01 from Friday, the U.S. Department of Agriculture said. Separate USDA data showed the average wholesale pork price jumped $1.55 per cwt to $86.01 from Friday, with price increases for all categories listed except ribs. "Packers have made good money for a long time while moving product, so they want to maintain the flow of hogs," a Midwest hog dealer said. Tyson Foods Inc reported a 28.6 percent rise in quarterly profit, helped by higher exports of beef and pork and lower livestock costs. Analysts and traders said some supermarkets and restaurants might be close to finalizing pork purchases for Valentine''s Day meal advertisements. FLAT/MIXED LIVE CATTLE CME live cattle futures closed steady to narrowly mixed after investors adjusted positions while waiting for cash cattle to change hands this week, said traders. February live cattle closed 0.475 cent per pound lower at 116.425 cents, April unchanged at 115.625 cents and June up 0.175 cent to 105.825 cents. Some packers curbed production to avoid paying more than last week for supplies while grappling their poor margins and adequate supplies. However, other processors may take advantage of reduced slaughter rates, which tends to send retailers scrambling for product. Last week, packers paid $119 per cwt for cash cattle that fetched $122 a week earlier. Monday''s average beef packer margins were a negative $59.75 per head, down from negative $57.05 on Friday, as calculated by HedgersEdge.com. Choice wholesale beef price was up 65 cents per cwt at $192.05. Select cuts were rose 29 cents to $190.22, the USDA said. CME March feeder cattle was pressured by soft February live cattle futures. Other months were supported by higher cash feeder cattle prices. March feeders closed down 0.050 cent per pound at 123.525 cents. April ended up 0.075 cent at 123.575 cents and May up 0.175 cent at 122.550 cents. (Reporting by Theopolis Waters; Editing by Marguerita Choy) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-livestock-idUSL1N1FR1D2'|'2017-02-07T04:02:00.000+02:00'
'0b5de8d79af6e2c22a0d49e8bbaf422ab333d8e9'|'Metro shareholders back plans to split off food business'|'  9:00pm GMT Metro shareholders back plans to split off food business The checkout area of one of the top three cash and carry markets of Metro AG is seen in Sankt Augustin near Bonn in this March 18, 2013 file photo. REUTERS/Wolfgang Rattay BERLIN Shareholders in Metro ( MEOG.DE ) voted on Monday in favour of a plan to split the German retailer into two companies, one a wholesale and hypermarket food business, and the other Europe''s biggest consumer electronics group. Metro, a sprawling conglomerate with 2,000 stores in 29 countries, has been restructuring in recent years to focus on cash-and-carry and consumer electronics, selling its Kaufhof department stores and Real supermarkets in eastern Europe. It said in a statement on Monday that 99.95 percent of the voting share capital represented voted in favour of the split. Metro hopes the split will help the independent companies pursue more acquisitions and trigger a revaluation of the stock as Metro currently trades at a discount to other pure wholesale retailers such as Sysco ( SYY.N ) and Britain''s Booker ( BOK.L ). Metro last week reported slightly lower than expected profit in the critical Christmas quarter, hurt by the performance of its cash and carry and hypermarket businesses. Metro plans to spin off and separately list the food business by the middle of the year, with that group retaining the Metro name while the Media-Saturn consumer electronics business will be renamed Ceconomy. "We will be more open for partnerships and maybe also for acquisitions and mergers," Chief Executive Olaf Koch told the annual shareholders meeting. While the attractiveness of the wholesale business has been underlined by Tesco''s ( TSCO.L ) offer to buy Booker, the consumer electronics sector is also seen as ripe for mergers as fierce competition from the likes of Amazon ( AMZN.O ) squeezes margins. Media-Saturn, which runs more than 1,000 stores in 15 countries in Europe, has long been seen as a candidate to merge with its closest rival in the region, Britain''s Dixons Carphone ( DC.L ), and overtake Best Buy ( BBY.N ) as the world''s leading consumer electronics chain. (Reporting by Emma Thomasson and Victoria Bryan; editing by David Clarke) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-metro-ag-split-idUKKBN15L2EK'|'2017-02-07T04:00:00.000+02:00'
'3a920e8f3bf0a01298f85818046ed11f0004ac1d'|'Brazil''s Movida prices IPO at 7.50 reais a share'|'Company   3:52pm EST Brazil''s Movida prices IPO at 7.50 reais a share SAO PAULO Feb 6 Brazilian car rental company Movida Participa<70><61>es SA''s initial public offering (IPO) was priced on Monday at 7.50 reais a share, at the bottom of a suggested price range. According to information on the website of securities industry regulator CVM, Movida raised about 645 million reais ($207 million) in the offering. It was not possible to establish immediately whether the amount reported included the sale of additional and supplementary stock allotments. According to a source, who requested anonymity because details of the deal have not been announced, a member of the family controlling JSL SA, which controls Movida, placed a bid equal to 15 percent of the IPO to help to close the order book. Reuters reported on Friday that Movida had lowered the floor of its price range to salvage the deal. ($1 = 3.11 reais) (Reporting by Guillermo Parra-Bernal and Aluisio Alves) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/movida-participacoes-ipo-idUSE6N1CB026'|'2017-02-07T03:52:00.000+02:00'
'456a88d3780f7863ba465a64e72a5abf64f48a52'|'Siemens completes key test of 3D-printed gas-turbine blades'|'Internet News - Mon Feb 6, 2017 - 10:17am GMT Siemens completes key test of 3D-printed gas-turbine blades Siemens logo is pictured on a CT scan in the manufacturing plant of Siemens Healthineers in Forchheim near Nuremberg, Germany, October 7, 2016. REUTERS/Michaela Rehle FRANKFURT German engineering group Siemens has run a successful test of power generation gas turbine blades produced wholly by metal-based 3D printing by UK-based Materials Solutions, which it bought last year. Siemens said on Monday it was the first to test such blades under full-load engine conditions at 13,000 revolutions per minutes and temperatures above 1,250 Celsius (2,282 Fahrenheit). It called the test a "breakthrough". 3D printing, also called additive manufacturing, involves making a three-dimensional object by adding ultra-thin layers of material one by one, following a digital design, in contrast to conventional manufacturing, where excess material is cut away. "This is a breakthrough success for the use of additive manufacturing in the power generation field, which is one of the most challenging applications for this technology," Willi Meixner, head of Siemens'' Power and Gas division, said. Siemens'' U.S. rival General Electric bought two 3D printing firms last year for over $1 billion and introduced its first 3D-printed aircraft engine component into service last July. "Technology is moving rapidly. All vendors across the supply chain need to be on their toes," capital goods analyst James Stettler of Barclays said. A Siemens spokesman could not estimate how long it would take for 3D-printed gas turbine blades to go into commercial production but said the technology reduced the design-to-testing time to two months from two years. The blades in the Siemens test were made from a powder of high-performing polycrystalline nickel superalloy. The 3D technology made possible a new design with improved internal cooling geometry. Prices for gas-fired power generation turbines are under extreme pressure, with Siemens saying last week new projects were being deferred and it had to fight for every order. (Reporting by Georgina Prodhan; Editing by Greg Mahlich) Next In Internet News Samsung Group to disband its corporate strategy office after probe ends SEOUL Samsung Group [SAGR.UL] said it will disband its corporate strategy office after a special prosecution probe ends, setting a timeline on a pledge to wind up a power center that has been criticized for its role in South Korea''s graft scandal.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-siemens-turbines-3d-idUKKBN15L103'|'2017-02-06T17:14:00.000+02:00'
'a907a46c5fe5bf82353fa17a2a52d2bac7b62182'|'UPDATE 1-Super Bowl lures rush hour crowd as NFL seeks China touchdown'|'(Changes dateline, adds details, Chinese viewer comments)By Cate Cadell and Lisa RichwineBEIJING/LOS ANGELES Feb 6 As millions around the world settled into couches and tuned into the Super Bowl on big-screen TVs on Sunday, fans in China watched the New England Patriots stun the Atlanta Falcons on mobile phones and tablets - on their way to work.The National Football League is looking to score with viewers in China, where games often start during morning rush hour, via a push online. For the first time, the Super Bowl streamed live on popular messaging platform Sina Weibo.The stakes are high for the league''s bid to tap the enormous potential of China''s 1.4 billion people.U.S. sports leagues and media companies are increasingly looking to China''s market for growth. World Wrestling Entertainment, for example, is training Chinese athletes in hopes of turning them into television sensations.As the Patriots mounted a stirring comeback against the Falcons, a major hurdle was that the Sunday afternoon U.S. kickoff was at 7:30 on Monday morning in China, 14 hours ahead of game time at NRG Stadium in Houston, Texas."I watched the first half when stuck in a traffic jam," one viewer wrote in the Weibo livestream forum. "For the second half, I had to be careful not to be caught by my boss at work."Just over 3 million people tuned into the livestream to watch the game, according to a viewer count on the site. Other watched via platforms like Tencent and LeSports.China''s interest in football, however, remains a challenge. The sport is still new to China, and the NFL is pushing tie-ups with more than a dozen platforms on regular television and online to reach viewers, even at rush hour, NFL China managing director Richard Young told Reuters in recent interviews."They watch (the games), they pause them. They get on and off the bus and on and off the taxi," Young said.The NFL wants to build enthusiasm in China and other overseas markets after a season in which U.S. television viewership dropped 8 percent, according to Nielsen data, to a weekly average audience of 16.5 million.About 1.5 million people in China now watch live NFL matchups each week on digital platforms, Young said. Many are young people aged 20 to 30 who catch games on mobile phones as they commute, he said.Some Chinese fans follow the league by watching only highlights rather than entire games. The NFL provides near-live recaps with a series of short clips that show big plays soon after they occur on the field.The fan base in China - though small - has grown 1,000 percent over the past five years, Young said.''BOOT CAMPS''The Super Bowl broadcast in China featured Chinese graphics and announcers explaining the rules and plays. The NFL hosted "boot camps" for Chinese commentators to bone up on touchdowns, fumbles and other football jargon.Hong Kong superstar singer and actor William Chan, the NFL''s China ambassador, tweeted about the Super Bowl in the run-up to the match for his more than 21 million followers on Weibo. He did not attend the game though, as had been expected.Later this year, the league also plans to expand a fantasy football league it is testing called Tian Tian NFL, Young said.Still, the NFL lags far behind sports such as basketball in China. Industry experts said many of today''s football fans in China are Americans living abroad or foreign-born Chinese."There is no existing fan base but for the expats and people who were educated and lived in the United States," said Marc Ganis, the president of consulting firm Sports Corp Ltd and an adviser to NFL teams, who has worked in China for more than a decade. "That''s an enormous challenge."The social media drive may help, though, said Ed Desser, a former NBA television executive who helped popularize American basketball in China."You can converse with your friends or people who were complete strangers who happen to be watching the same game," said Desser, now president of consulting firm D
'7fe189197dfd48f47a0a6068e98ee54120245114'|'BRIEF-Skywest increases quarterly dividend to $0.08 per share'|'Company News - Thu Feb 9, 2017 - 4:34am EST BRIEF-Skywest increases quarterly dividend to $0.08 per share Feb 9 Skywest Inc * Skywest, Inc. announces increase in quarterly dividend to $.08 per share and authorization of $100 million share repurchase program * Board of directors authorized repurchase of up to $100 million of Skywest common stock over next three years Source text for Eikon:'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSASB0AZER'|'2017-02-09T16:34:00.000+02:00'
'a0eb882c3f9823166da78369285c16441178eeb4'|'German SGB in talks to merge with Schneider Electric unit-sources'|'FRANKFURT/PARIS Germany''s SGB-SMIT is in talks to merge with the power transformer unit of French electrical components maker Schneider Electric ( SCHN.PA ), two people familiar with the plans told Reuters.Talks are at an advanced stage, the people said, adding any deal would see Schneider take a minority stake in SGB-SMIT, owned by private equity group BC Partners since 2008."Chances are 50:50," one of the people said.BC Partners also continues to explore a sale of the business and last year hired Goldman Sachs ( GS.N ) to find a possible buyer, hoping to fetch 700 million euros ($746 million).In case of a merger with Schneider''s power transformer business, BC Partners would remain invested in SGB-SMIT before pulling out at a later stage, for example via a public listing, the people said.SGB-SMIT generated sales of 720 million euros in 2016, an increase of 8 percent, while core earnings (EBITDA) rose to about 80 million, based on preliminary results, up from 64 million in 2015.A merger with Schneider''s transformer business could raise EBITDA to more than 110 million euros, the people said.BC Partners, Schneider and Goldman Sachs all declined to comment.(Reporting by Alexander Huebner and Gilles Guillaume; Writing by Christoph Steitz; Editing by Maria Sheahan)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/uk-schneider-sgb-idUSKBN15M0UT'|'2017-02-07T12:35:00.000+02:00'
'8a9a7d0b452a066c0cfac5aab7475bdde842a4d9'|'Kia close to finalising Andhra Pradesh for 1st India car plant - source'|'Money  42pm IST Kia close to finalising Andhra Pradesh for 1st India car plant - source FILE PHOTO: The logo of Kia Motor is seen during an unveiling ceremony for Kia Motor''s The New Soul in Seoul, South Korea, August 22, 2016. REUTERS/Kim Hong-Ji/File photo By Nidhi Verma and Hyunjoo Jin - NEW DELHI/SEOUL NEW DELHI/SEOUL South Korea''s Kia Motors Corp is close to finalising Andhra Pradesh as the site for its first factory in the country, as it speeds up efforts to start production in the fast-growing market, a source familiar with the matter said. Reports of Kia looking to pick a site have been doing the rounds for a while, but an official with the Andhra Pradesh administration had told Reuters last year that the state was the frontrunner given its proximity to Tamil Nadu - home to plants of Kia''s affiliate, Hyundai Motor Co. The Korean firms, jointly the world''s No.5 car maker, are chasing new business after missing targets over the past two years. And now, there are worries sales to the United States, one of their biggest markets, could be affected by protectionist trade policies under President Donald Trump. India, however, remains a bright spot, with Hyundai - the country''s No.2 automaker by sales - reporting growth there. Kia is hoping to leverage its affiliate''s supply chain network built over nearly two decades to gain a foothold in the market that is tipped to become the world''s third largest by 2020. This month, Kia is likely to choose a site in the district of Ananthapur, Andhra Pradesh, for its factory, the source said, adding the state had offered about 600 acres (242.81 hectares) of land to the automaker. A second source also said that Kia was likely to pick Andhra Pradesh as its factory site. The sources did not want to be named as they were not authorized to talk to media. Kia intends to produce small sedans and small sport utility vehicles at the plant from July 2019, although the plan is subject to change, a third person said. The CEO of Kia Motors, Park Han-woo, said the automaker was in the process of picking a site for an Indian factory, without giving any details on location. "Preparations are going well. We are ready to break ground on the factory anytime," he told Reuters on the sidelines of an industry event in Seoul on Tuesday. Maharashtra and Gujarat have also been wooing Kia for the factory, Reuters reported last year. Kia is likely to compete with its affiliate Hyundai, Tata Motors, Honda Motor Co and Maruti Suzuki India Ltd in India, a market skewed towards cars costing less than $7,000. Hyundai is one of a handful of successful foreign car makers in India. Japan''s Toyota Motor Corp is trying to expand in the country and this week announced a partnership with Suzuki Motor Corp, which dominates the Indian market via its Maruti Suzuki venture. "Kia cannot afford to miss the India market," said Ko Tae-bong, an auto analyst at Hi Investment & Securities. (Reporting by Nidhi Verma in NEW DELHI and Hyunjoo Jin in SEOUL, additional reporting by Aditi Shah in NEW DELHI; Editing by Tony Munroe and Himani Sarkar) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/kia-motors-india-idINKBN15M149'|'2017-02-07T18:12:00.000+02:00'
'b9af31eeb334c0a7ed4afec5d8674bf30e2713ed'|'Remote control - Companies blur lines over who owns devices'|' 27pm GMT Remote control - Companies blur lines over who owns devices By Jeremy Wagstaff When Samsung Electronics ( 005930.KS ) remotely disabled the last of its flawed Galaxy Note 7 smartphones last month, it further blurred the lines between who ultimately controls your phone, or computer, car or appliance: you, or the companies that make it work? Industry executives and analysts say companies are exerting greater remote control over their devices - changing how and whether they work, removing or adding software and content, or collecting personal data from them - not always with permission or with the user''s best interests at heart. "(The Samsung case) is exactly an example of how devices ... are no longer objects we own, but rather services we''ve subscribed to and which can be revoked at a moment''s notice," said Stefano Zanero, an Italian computer security expert. Mahbubul Alam, chief technology officer at Movimento, a car tech firm now owned by Delphi Automotive ( DLPH.N ), says manufacturers have moved on from just selling a device and hoping there''s no recall to a world where they are in touch with users through internet-connected devices that they can "change, modify, adjust" as they see fit. "With power comes responsibility," he adds. "It''s a new power that the device manufacturers and telcos have. How they exercise their responsibility is very important." Samsung said it retrieved 96 percent of the more than three million Note 7s it had sold and activated. That left more than 120,000 unreturned phones that were put out of action by over-the-air software updates or by telecom operators barring them from their networks. "We assume the majority of unreturned devices are not actually used," said a spokesperson for the South Korean firm. In another example, HP Inc ( HPQ.N ) last year used a software update to prevent unauthorized cartridges being used with some of its printers. After some users complained, HP offered an optional update. HP did not respond to requests for comment. In other cases, manufacturers use so-called firmware updates to stop people using their devices in ways they don''t want. Apple ( AAPL.O ), for example, routinely upgrades the firmware on iPhones to outwit users'' attempts to open up the software to unapproved apps and functions - dubbed jailbreaking - said Bunnie Huang, a hardware entrepreneur. GATHERING DATA Bryan Hale of Resin.io, which distributes software updates to connected devices, says gadget makers increasingly realize that connected products are only as good as the software on them. That means they can''t afford not to figure out how to update that software. Hacking attacks on appliances like CCTV and webcams highlight the pitfalls of not keeping devices updated. At the other extreme, some companies see this channel to the device as a marketing opportunity, using over-the-air updates to collect user information and push services and apps on to their devices. In the United States, Chinese firm Shanghai ADUPS Technology faces two class-action suits after a security company found it installed software on thousands of mobile devices that collected data without users'' permission. One suit alleges the software "could also remotely reprogram the devices and install applications on consumers'' phones without their knowledge or consent." ADUPS Technology did not respond to requests for comment. Whatever the motivation, companies see advantages in being able to retain some degree of remote control. Not least, manufacturers can reduce the costs of service centres and staff, said Emma Wright, UK-based commercial technology partner at law firm Kemp Little. "This ... is an extremely useful way of providing updates on devices without users having to take it in to a store." Samsung could have saved itself a lot of trouble, says Julie Purves, CEO of UK-based remote management software company B2M Solutions, if it had exerted even greater remote control. Smart batteries, she says, would
'c1d2d8f011eeb3fb5d9d7e4426c00e8fded0bdf8'|'UK''s Elementis to buy U.S.-based SummitReheis in $360 million deal'|'British speciality chemicals maker Elementis Plc ( ELM.L ) said on Friday it would buy U.S.-based SummitReheis from an affiliate of private equity firm One Rock Capital Partners LLC for an enterprise value of $360 million to expand its personal care business.Elementis said the deal would increase the annual sales of its personal care business to $200 million and boost its adjusted earnings in the current financial year.The deal will be funded from cash resources and new debt facilities of $475 million, the company said.SummitReheis makes personal care chemicals and counts Procter & Gamble ( PG.N ) and Colgate ( CL.N ) among its clients.(This story has been refiled to correct spelling of SummitReheis in the headline and in paragraphs 1 and 4)(Reporting by Sanjeeban Sarkar in Bengaluru; Editing by Amrutha Gayathri)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-srlh-holdings-m-a-elementis-idINKBN15P0QL'|'2017-02-10T05:13:00.000+02:00'
'd8f8b19b5dbc812e9430cc23fedd6906a0348867'|'Aldi still thriving in UK, despite rivals'' claims, says CEO'|' 14pm GMT Aldi still thriving in UK, despite rivals'' claims, says CEO left right Goods are prepared for delivery at the Aldi distribution centre in Atherstone, Britain February 9, 2017. Picture taken February 9, 2017. REUTERS/Darren Staples 1/8 left right Aldi Chief Executive Matthew Barnes poses at Aldi''s distribution centre in Atherstone, Britain February 9, 2017. Picture taken February 9, 2017. REUTERS/Darren Staples 2/8 left right A staff member stacks shelves at the Aldi store in Atherstone, Britain February 9, 2017. Picture taken February 9, 2017. REUTERS/Darren Staples 3/8 left right Milk is displayed at the Aldi store in Atherstone, Britain February 9, 2017. Picture taken February 9, 2017. REUTERS/Darren Staples 4/8 left right Steak is displayed at the Aldi store in Atherstone, Britain February 9, 2017. Picture taken February 9, 2017. REUTERS/Darren Staples 5/8 left right A notice warns of possible food shortage at the Aldi store in Atherstone, Britain February 9, 2017. Picture taken February 9, 2017. REUTERS/Darren Staples 6/8 left right A woman browses the special buys section at the Aldi store in Atherstone, Britain February 9, 2017. Picture taken February 9, 2017. REUTERS/Darren Staples 7/8 left right A shopper looks at wine at the Aldi store in Atherstone, Britain February 9, 2017. Picture taken February 9, 2017. REUTERS/Darren Staples 8/8 By James Davey - ATHERSTONE, England ATHERSTONE, England Aldi is widening a price gap with rivals in Britain and is still delivering underlying sales growth there, the head of its UK business told Reuters, denying the discount supermarket was suffering the effects of a fightback by bigger chains. Britain''s four major supermarkets - market leader Tesco ( TSCO.L ), Sainsbury''s ( SBRY.L ), Asda ( WMT.N ) and Morrisons ( MRW.L ) - have all raised their game to counter the rapid rise of Aldi and fellow German-owned discounter Lidl [LIDUK.UL], sacrificing profits to fund price cuts and improved service. All have said they have narrowed the price gap with the discounters. Not so, says Matthew Barnes, Aldi''s [ALDIEI.UL] chief executive for the UK and Ireland. "When you look at any price comparisons or our own internal data it shows us that if anything the price differential between Aldi and the big four is growing at the moment," he said in an interview at Aldi''s headquarters at Atherstone, central England. "It hasn''t dropped below 20 percent on your average basket of groceries; it''s as high as 35 percent against some of the more expensive of the big four. That will continue," he pledged. Industry data published on Tuesday showed Aldi has overtaken the Co-operative ( 42TE.L ) to become Britain''s fifth largest supermarket with a market share of 6.2 percent, having attracted 826,000 more shoppers year-on-year in the past quarter and grown total sales by 12.4 percent, helped by an extensive programme of store openings. "Customers are voting with their feet," said Barnes. "This year has started with a bang, we are growing fantastically. February started extremely strongly," he said. The CEO was critical of analyst reports and rivals'' rhetoric which suggest Aldi''s sales at stores open over a year, or like-for-like sales, have flatlined or even turned negative. "Our like-for-like sales are still positive, very positive. I''m very happy with our like-for-like sales and they will remain positive for this year," he said, while adding like-for-like sales were not regarded internally as a key performance indicator for the business. Barnes did not provide any figures. Privately-owned Aldi does not publish regular sales, or like-for-like sales, updates. "MISINFORMATION" Aldi was deliberately opening stores to take away, or "cannibalise", sales from existing ones that were too busy, often with all tills open and the car park full, Barnes said. "There is such a thing as good cannibalisation," he said, arguing Aldi was increasingly a victim of "misinformation". "Like (saying) our
'7f6b988f4e81f1248f8f71b24932312953708da6'|'Exclusive: Brazilian healthcare insurer Interm<72>dica hires banks for IPO - sources'|'By Tatiana Bautzer - SAO PAULO SAO PAULO Brazilian healthcare services provider NotreDame Interm<72>dica Sistema de Saude SA has hired banks to manage its initial public offering, which could be launched with a series of investor meetings as early as this week, two people with direct knowledge of the plans said on Monday.Morgan Stanley & CO ( MS.N ) has been hired as the leading underwriter for the IPO, alongside the investment banking units of Banco Bradesco SA ( BBDC4.SA ), Credit Suisse AG, Ita<74> Unibanco Holding SA, JPMorgan Chase & Co and UBS AG, according to the sources who spoke on condition of anonymity.Reuters reported in October that Bain Capital LP, Interm<72>dica''s controlling shareholder, was considering listing the company to take advantage of growing investor demand for shares of healthcare and personal services companies in Brazil.The banks and Interm<72>dica did not immediately comment on the matter.NotreDame Interm<72>dica, a low-cost health insurer, has managed to ride out a deep recession in Brazil by picking up customers at the expense of its higher-priced peers.Interm<72>dica''s IPO would add to a flurry of bond and equity offerings so far this year, the busiest such period in at least six years, as investors show confidence that South America''s largest economy will emerge from the recession and implement much-needed fiscal, pension and labor reforms this year.(Reporting by Tatiana Bautzer; Editing by Daniel Flynn and Paul Simao)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-intermedica-saude-ipo-exclusive-idINKBN15L1VL'|'2017-02-06T13:17:00.000+02:00'
'9b88ceab68372d99a4863ce56d2b8f8a5823536d'|'Luxembourg opens criminal case over VW emissions scandal - minister'|' 32pm GMT Luxembourg opens criminal case over VW emissions scandal - minister FILE PHOTO: The Volkswagen logo is seen at the Frankfurt Motor Show (IAA) in Frankurt, Germany, September 10, 2013. REUTERS/Pawel Kopczynski/File Photo LUXEMBOURG Luxembourg has started criminal proceedings in response to the Volkswagen diesel emissions scandal, saying on Monday that regulators had been cheated by car manufacturers. Following an investigation into the scandal, the European Union country''s infrastructure minister said it was lodging a complaint with prosecutors without naming any of the parties under suspicion. "We have decided that, as there is a large probability that a defeat device was used, to launch a lawsuit against unknown persons," minister Fran<61>ois Bausch told journalists. In documents handed out to reporters at a news conference, Luxembourg''s infrastructure ministry described itself as "a victim of criminal action that led it to certify cars,", saying it would not have done so had the tests not been falsified. Luxembourg is among seven nations under scrutiny by Brussels regulators for failing to impose the kind of penalties Volkswagen has faced in the United States over its use of illegal "defeat device" software to mask toxic diesel emissions. Volkswagen has already announced 18.2 billion euros ($19.6 billion) of provisions to cover the costs of "Dieselgate" as the scandal has become known. However, its legal problems are not over yet. Fish distributor Deutsche See has said it is suing the company for misrepresenting a fleet of vehicles it leased as environmentally friendly, becoming the first major German customer to sue Europe''s biggest carmaker over its diesel-test cheating. (Reporting by Mich<63>le Sinner; Writing by Alissa de Carbonnel; Editing by Keith Weir) Next In Business News British  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-vw-emissions-luxembourg-idUKKBN15L1N7'|'2017-02-06T21:32:00.000+02:00'
'01a0aa2dbb45bc65c075ac0a07a1feec04627ffc'|'Viacom CEO to present turnaround strategy on Thursday'|'  4:29pm GMT Viacom CEO to present turnaround strategy on Thursday A security guard speaks into a microphone in his sleeve as he stands outside the Viacom Inc. headquarters in New York April 30, 2013. REUTERS/Lucas Jackson/File Photo By Jessica Toonkel Newly named Viacom Inc ( VIAB.O ) Chief Executive Officer Bob Bakish will outline his plans to revive the company''s struggling business on Thursday during an earnings call, he told shareholders on Monday. Bakish is focused on fixing the MTV channel and Paramount Pictures film studio, he said during Viacom''s annual meeting in New York. MTV has been struggling with poor ratings as younger viewers increasingly watch content online, while Paramount has suffered from a poor couple of years of film releases. Bakish, who was formerly head of Viacom''s international business, became permanent CEO in December after a year of distractions at the company. Controlling shareholders Sumner and Shari Redstone were battling for control of Viacom, resulting in the departure of Philippe Dauman as CEO. Bakish was named CEO after the company announced the end of merger explorations with CBS Corp ( CBS.N ). Bakish cited five areas targeted for improvement: brands, content, culture, distribution and international opportunities. "While Viacom has creative, dynamic content, there is no denying we must do better," Bakish said at the annual meeting in Viacom''s headquarters. Bakish made his remarks after shareholders re-elected the five directors who the Redstone family added to the board last year. As part of the changes, 93-year old Sumner Redstone stepped down from the board. Redstone is in poor health and has not attended an annual meeting since 2014, but his daughter, Shari, vice chair of the board, was there on Monday. Viacom is announcing quarterly results on Thursday morning. Analysts on average expect earnings per share of 84 cents, according to Thomson Reuters I/B/E/S, down from $1.18 a year earlier. (Reporting by Jessica Toonkel; Editing by Lisa Von Ahn)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-viacom-shareholder-meeting-idUKKBN15L1WV'|'2017-02-06T23:29:00.000+02:00'
'694c01b5587dc17fb386b6c6f5e462ada6a766ef'|'China Jan data to show slide in FX reserves slowing, inflation picking up'|' 50am GMT China Jan data to show slide in forex reserves slowing, inflation picking up FILE PHOTO: Euro, Hong Kong dollar, U.S. dollar, Japanese yen, British pound and Chinese 100-yuan banknotes are seen in a picture illustration shot January 21, 2016. REUTERS/Jason Lee/Illustration/File Photo BEIJING China is expected to report on Tuesday that foreign exchange reserves fell for the seventh straight month in January but at a much slower pace as authorities tightened controls on capital outflows and the surging U.S. dollar lost some steam. Other data in coming weeks is expected to show the world''s second-largest economy got off to a good start in 2017, with steady growth giving the central bank room to slowly tighten monetary policy to contain the risks from high levels of debt. China''s FX reserves likely fell about $10.5 billion in January, roughly a quarter of the drop seen in December but leaving them hovering around the closely watched $3 trillion level, according to median estimates of economists polled by Reuters. While the $3 trillion mark is not seen as a firm "line in the sand" for Beijing, concerns are swirling in global financial markets over the speed at which the country is depleting its ammunition to defend the currency and staunch capital outflows. Some economists forecast that China''s reserves actually rose last month due to tighter controls on moving money out of the country as well as valuation effects, with a weaker U.S. dollar boosting the value of the non-dollar currencies China holds. The yuan currency CNY=CFXS strengthened against the dollar last month for the first time since September. But analysts expect downward pressure on the yuan to return, especially if the U.S. continues to raise interest rates, which would likely trigger fresh capital outflows from emerging economies such as China and test its enhanced capital controls. The government has stepped up oversight of individual forex purchases and outbound investments by companies, saying it wants to close loopholes for speculative outflows. China announces foreign exchange reserves on Tuesday, followed by trade and inflation data on Feb. 10 and Feb. 14, respectively, while loan and money data is expected anytime from Feb. 10-15. China will release combined January and February activity data for industrial output, retail sales and fixed asset investment in March, in a bid to smooth out seasonal factors. Trends in Chinese data can be difficult to pin down early in the year due to distortions created by the long Lunar New Year holiday, when hundreds of millions of people travel and many factories and business shut, often for weeks. Factory and service sector surveys for January published last week showed growth remained strong, despite some signs of slowing from December. Business expectations remained high. INFLATION REBOUND Inflation data is expected to point to a further pick-up in producer prices, fueled largely by stronger demand and higher prices for building materials and coal. China''s producer price index (PPI) likely rose 6.3 percent in January from a year earlier, a rapid turnaround from when wholesale prices were in decline just four months prior. Consumer prices likely rose 2.4 percent in January, still relatively benign but the fastest pace since May 2014. While a strong recovery of commodities prices have pushed up industrial profits, there has been little indication of higher prices being pushed on to the consumer yet. Still, further evidence of nascent price pressures is likely to suggest the central bank will keep a policy tightening bias. Trade data for January is also expected to show improvement, with exports in dollar terms from the world''s largest exporter seen rising 3.3 percent in January, compared with a 6.1 percent decline the previous month. China has lagged an export rebound enjoyed by some of its North Asian neighbors in recent months. Imports likely rose 10.0 percent, accelerating from 3.1 per
'76e497f2c026898eb1a2e37ba81bb6e9b868ddd9'|'Brazil''s Ita<74> sees sharp provision drop, scant loan book growth'|'Company News - Tue Feb 7, 2017 - 4:32am EST Brazil''s Ita<74> sees sharp provision drop, scant loan book growth SAO PAULO Feb 7 Ita<74> Unibanco Holding SA , Brazil''s largest non-government bank, announced on Tuesday the following operating estimates for this year: * Ita<74> targets consolidated loan book growth this year between zero and 4 percent, compared with a contraction of 11 percent in 2016. * Ita<74> targets interest income, or revenue from lending-related transactions, to shrink by between minus 4 percent and minus 0.5 percent this year. Last year, the indicator contracted by 2.5 percent. * Ita<74> forecasts fee income, or revenue from fees, financial services, commissions and insurance premium underwriting, to expand by between 0.5 percent and 4.5 percent this year. Last year, it rose 4.9 percent. * Ita<74> forecasts non-interest expenses, or general and administrative expenditures, to rise by between 1.5 percent and 4.5 percent this year. Last year, they rose 4.9 percent. * The bank expects to spend between 14.5 billion reais and 17 billion reais ($4.65 billion and $5.46 billion) in loan-loan provisions this year. Last year, provisions totaled 22.4 billion reais, slightly below guidance. ($1 = 3.1150 reais) (Reporting by Guillermo Parra-Bernal; editing by Jason Neely) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/itau-unibco-hldg-results-outlook-idUSS0N15302Z'|'2017-02-07T16:32:00.000+02:00'
'bb584f66b91c250629d88cff4df953d24b254bc2'|'EU finance chief says UK faces disruption after Brexit'|'Business News - Fri Feb 10, 2017 - 4:29pm GMT EU finance chief says UK faces disruption after Brexit A cyclist wears a pro-Brexit badge on her Union flag themed helmet outside the Supreme Court on the first day of the challenge against a court ruling that Theresa May''s government requires parliamentary approval to start the process of leaving the European Union, in... REUTERS/Toby Melville By Huw Jones - LONDON LONDON Britain is likely to face some economic disruption and worse trading terms if it loses access to the European single market when it leaves the EU in 2019, the bloc''s financial services chief said on Friday. Valdis Dombrovskis, who is also vice president of the European Commission, said "lots of time and energy" would be spent on negotiating new trading terms if British Prime Minister Theresa May pressed ahead with a so-called "hard Brexit" plan to leave the single market. "If the UK is outside the internal market, we need to find a workable solution," Dombrovskis said at a Bloomberg event in London. May is due to formally trigger divorce talks with the EU next month, lasting two years. In the meantime, it was important Britain remained a fully committed EU member to approve financial rules such as giving regulators powers to close failing clearing houses speedily to avoid contagion, Dombrovskis said. The EU has launched a project to create a capital markets union or CMU to improve the ability of markets to raise funds for the economy, but Brexit will change its "dynamics", he said. There was a need in upcoming divorce talks to see how market links could be preserved to make CMU work in a wider context and not just inside an EU of 27 countries without Britain, he added. Some EU policymakers want clearing of euro denominated derivatives contracts to move from London to the continent after Brexit, potentially taking thousands of jobs from Britain. The European Central Bank''s first attempt at shifting euro clearing to the euro zone was shot down by the bloc''s top court. "We know the European Central Bank has now put the issue back on the table. We have said that from the Commission''s side that we are ready to assess this situation together with the ECB and find an appropriate way forward," Dombrovskis said. But there was a need to consider the effect of shifting volumes on financial stability, the potential for market fragmentation, and costs for consumers, he said. "At the end of the day we need to arrive at a balanced solution." The EU executive is reviewing the bloc''s derivatives trading and clearing rules, seen as one way of getting euro clearing to shift to the euro zone, but bankers have warned it could end up in New York or Asia instead. (Reporting by Huw Jones; Editing by David Goodman and Mark Potter) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-britain-eu-trade-idUKKBN15P1OU'|'2017-02-10T23:29:00.000+02:00'
'cd00ef8174de068794e56246b6ec3b5580c8d6b4'|'Disney tightens Euro Disney grip in deal with Saudi''s Alwaleed'|' 48am GMT Disney tightens Euro Disney grip in deal with Saudi''s Alwaleed People take part in an event held for the release of the film ''''Star Wars: The Force Awakens'''' in Disneyland Paris in Marne-la-Vallee, France, December 17, 2015. REUTERS/Benoit Tessier DOHA Walt Disney Co ( DIS.N ) has increased its hold on Euro Disney SCA ( EDLP.PA ) by swapping a 9 percent stake in the French theme park with Saudi Arabia''s Kingdom Holding 4280.SE, the investment firm owned by billionaire Prince Alwaleed bin Talal. Kingdom and Alwaleed are major investors in U.S. companies in the technology and other sectors and together own more than five percent of Twitter Inc ( TWTR.N ). Kingdom Holding said on Friday it had traded 90 percent of its shares in Euro Disney into Walt Disney Co stock, gaining a net profit of $61 million (49 million pounds) through the deal. Walt Disney said it was acquiring the shares from Kingdom Holding at 2 euros ($2.13) per share, increasing its interest in Euro Disney to 85.7 percent from 76.7 percent. Disneyland Paris opened in 1992 and has struggled financially for much of that time from issues tied to its debt, a lack of visitors and guests who spend too little on food and merchandise, Euro Disney managers say. They say the firm has struggled because initial projections were too optimistic and the park borrowed too heavily. Kingdom Holding will have a 1 percent direct ownership of Euro Disney following the deal, which Kingdom Holdings said was worth $151 million and in line with its investment strategy and continued confidence in the Disney brand. "We continue to have confidence in Disney and remain committed to investing in France," Alwaleed said in a statement. (Reporting by Tom Finn; Editing by Alexander Smith) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-euro-disney-walt-disney-kingdom-holdi-idUKKBN15P148'|'2017-02-10T17:48:00.000+02:00'
'4403ce75baef98c795ed9af39e353d8fbbcf2f8d'|'Turkey transfers its Ziraat Bank, Istanbul bourse, Botas stakes to wealth fund'|'ANKARA Feb 5 Turkey has transferred its stakes in Ziraat Bank, the Borsa Istanbul stock exchange and state-owned pipeline operator Botas, among others, to a new sovereign wealth fund, the official gazette said on Sunday.Turkey is setting up the wealth fund - Turkey Asset Management - with initial paid-in capital of 50 million liras ($16 million), to be financed from the state privatisation fund.Its strategic aim is to generate annual growth of 1.5 percent over the next 10 years. (Reporting by Ece Toksabay; Editing by Louise Ireland)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/turkey-economy-funds-idINL5N1FQ0IA'|'2017-02-05T13:33:00.000+02:00'
'71f021b8557428bdb90a4fc3ca32d9ac3d8302fb'|'CANADA STOCKS-TSX inches higher as banks, railways gain; energy stocks weigh'|'TORONTO Feb 7 Canada''s main stock index made slight gains in early trade on Tuesday, helped by rising railway and financial stocks while shares of energy companies weighed with lower oil prices.The Toronto Stock Exchange''s S&P/TSX composite index was up 6.78 points, or 0.04 percent, at 15,463.72 shortly after the open. (Reporting by Alastair Sharp)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/canada-stocks-open-idINL1N1FS0S6'|'2017-02-07T11:38:00.000+02:00'
'15c9b7993a78d854924f053e12c6ee2a3628ed1d'|'Tech industry braces for Trump''s visa reform'|'Tech industry braces for Trump''s visa reform by Sara Ashley O''Brien @saraashleyo February 5, 2017: 11:52 AM ET Jack Dorsey: ''We benefit from immigration'' As President Trump is fighting in court for his seven-nation travel ban , the tech industry is bracing for another executive order that could hit business hard. A draft proposal that''s been circulating for a few weeks would impact a range of visas -- including the H-1B, business visitor visas, investor visas and work visas for the so-called "dreamers." The White House''s plans for the possible executive order are unclear. But it''s a high-priority topic in the tech community. The H-1B visa program is particularly near and dear to tech. It''s a popular pathway that helps high-skilled foreigners work at U.S. companies. Many talented engineers -- along with other professions ranging from journalists, doctors and professors -- vie for one of the program''s 85,000 visas each year. More than 50% of U.S. "unicorns" -- or privately-held companies deemed to be worth $1 billion or more -- have at least one immigrant founder, according to the National Foundation for American Policy. And those founders have created roughly 760 U.S. jobs each. Related: Microsoft asks for travel ban exceptions The draft mandates that the Secretary of Homeland Security produce a report within 90 days reviewing regulations of all work visa programs, including the H-1B. It aims to find ways to make the program "more efficient" and ensure that it''s admitting "the best and the brightest," according to the draft. Currently, the visas are doled out by a lottery, and the number of applicants continues to swell each year. In 2016, demand was three times more than the quota. Related: Bipartisan bill aims to reform H-1B visa system Manan Mehta, founding partner at Unshackled Ventures, told CNNTech that he''s optimistic about the review process. "We actually believe there needs to be a closer look at a lot of the practices," said Mehta, whose early-stage fund invests in foreign-born entrepreneurs and sponsors their visas. "I''m hopeful that where we land puts preference on foreign nationals that are U.S.-educated and are truly irreplaceable talent." Thirteen of the top 15 H-1B filers are global outsourcing firms that feed foreign workers to U.S. companies. Cracking down on these employers will create more opportunities for a broader range of tech workers, Mehta said. While the visas are used to fill the U.S. skills gap , the Trump administration has spoken out about abuse of the program. Outsourcing firms flood the system with applicants, obtaining visas for foreign workers and then farming them out to tech companies. They take a sizable cut of the salary. There''s a common misconception that foreign workers are "cheaper" labor. While it''s true that outsourcing firms tend to pay workers less to fill American jobs, other companies that rely on H-1Bs do so because they need the talent, and they''re paying more as a result. OfferLetter.io, a startup that helps negotiate job offers, looked at 500 job offers from tech companies like Google ( GOOG ) , Twitter ( TWTR , Tech30 ) and Stripe. It found that for immigrants with zero to ten years of experience, the average salary is 10% greater than that of U.S. residents. Only after ten years does that decline. Related: Uber CEO drops out of Trump''s business advisory council There are many other programs mentioned in the draft that are also important to the tech community. Programs like the J-1, used by those on summer work travel, and the OPT, used by international students who stay in the U.S. after graduating, will be under review. Both were recently revised under the Obama administration. The E-2, an investor visa, is also subject to review. The draft order specifically calls for increased scrutiny of L-1 visas, which are given to foreign workers who transfer to the U.S. from a company''s office abroad. L-1 visa holders would be subject to site visits, according to the d
'dbb3bc80e91df1cba9dcf74afbb7af8e6196b081'|'Germany''s Gabriel - give Italy, France, Portugal time to cut deficits'|'Business News - Sun Feb 5, 2017 - 6:15pm GMT Germany''s Gabriel - give Italy, France, Portugal time to cut deficits German Foreign Minister Sigmar Gabriel speaks to the media outside of German House in New York, U.S., February 3, 2017. REUTERS/Lucas Jackson BERLIN European Union countries such as Italy, France and Portugal that are pursuing economic reforms should be given time to reduce their budget deficits, German Vice Chancellor Sigmar Gabriel said on Sunday. "Europe must not, as has been the case so far, be divided further between north, south, east and west," Gabriel said. "It makes no sense not to give the French a millimetre more room even though they are taking on a great defence burden in Mali. "Those that are pushing through reforms - that includes Italy, France too, Portugal too - we should give them time to reduce their deficits," he told German broadcaster ARD. (Writing by Paul Carrel; Editing by Ruth Pitchford) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eurozone-deficits-germany-idUKKBN15K0Q1'|'2017-02-06T01:15:00.000+02:00'
'39855e2f3f9856d4235dfd25276ebdef0164240d'|'Australia''s home market boom may be starting to crumble as buyers hold back'|'By Jonathan Barrett and Byron Kaye - SYDNEY SYDNEY Feb 6 After a long pause, the auctioneer commissioned to sell a northern Sydney beach-side apartment for in excess of A$800,000 ($614,391) puts his gavel away, unable to entice a single bid.Across town, in the city''s trendy inner western suburbs, the owner of a warehouse converted into a three-level home drops his reserve price for the property''s sale. There are just two potential buyers at the auction, and they have declined to enter the kind of bidding war that has caused home prices in Australia''s two biggest cities, Sydney and Melbourne, to double since 2009.The auction stand-offs may indicate that the Sydney market, which has been defined by researcher Demographia as the second most unaffordable in the world after Hong Kong, has finally hit a peak. As the buyers have drifted off, the sellers have also started to back away and the number of home listings is down 25 percent from a year ago, according to CoreLogic RP Data.This is all yet to show up in a decline in prices in Australia. In the nation''s eight biggest cities, home prices surged a further 0.7 pct in January even as the volume of transactions was lower. But some real estate experts and hedge fund investors say that it may be only a matter of time before prices also start to crumble.A sharp correction would heap stress on those who have paid a high price to enter the big east coast property markets, while damaging the country''s financial institutions as home loans account for up to 60 percent of the major banks'' total loan books. The property sector is also a major employer and generator of demand, a particularly important pillar of the economy during a subdued period for the mining sector.One big concern is the drop off in the number of Chinese buyers, following a crackdown by Beijing on capital outflows and Australia''s tightened restrictions on lending to foreigners. Individuals taking the maximum $50,000 a year out of China now have to commit to not spending it on real estate and risk being investigated by the Chinese authorities if they break that pledge.And the impact isn''t only being felt in Australia. In Canada''s Vancouver, which has been a big target market for Chinese buyers for some years, the number of transactions dropped 40 percent last month, compared to the same month a year earlier.A sudden increase in the number of sales agents splitting off from the big realtors to set up their own firms, and the arrival of new online players, is being seen by some in the industry as a contrarian signal of an overheated market."It''s that classic top-of-the-market mindset," said property valuer Gavin Hegney, from Gavin Hegney Property. "''I''m making money hand over fist, I could do this myself.''"CHINESE TOUR NUMBERS HALVEHong Kong-based hedge fund manager Apt Capital Management has shorted Australian banks because of their exposure to a property market it believes is out of step with Australia''s economic strength. It is forecasting a severe correction.Apt Capital strategist Amy Reynolds said interest rate rises or a drying up of foreign investment were the most likely triggers for a future downturn in prices."Our models indicate that house prices would need to fall by around 30 pct to come back into line with Australia''s economic fundamentals and their own long-term averages," Reynolds said.Esther Yong, director at Chinese language property portal AC Advertising, said the curbs on lending to foreigners and Beijing''s restrictions had quelled interest, leaving only the most committed buyers."It''s been very slow for the last two to three months," Yong told Reuters.She said numbers on Chinese property tours - on which part of a holiday is dedicated to looking at property - are half what they were a year ago.Australia''s foreign investment rules guide overseas investors to buy new properties, such as "off-the-plan" apartments that are yet to be constructed or through sales at 
'ce62d6b3b718bf77dde9f054fbc0e4a0247b350b'|'Health insurer Centene''s quarterly revenue nearly doubles'|' 10am EST Health insurer Centene''s quarterly revenue nearly doubles Feb 7 Health insurer Centene Corp reported an 89 percent rise in quarterly revenue on Tuesday, helped primarily by the acquisition of Health Net and increased memberships. Net earnings attributable to Centene rose to $261 million, or $1.49 per share, in the fourth quarter ended Dec. 31, from $111 million, or 90 cents per share, a year earlier. Centene, which mainly focuses on government-sponsored health plans, said total revenue rose to $11.91 billion from $6.30 billion. Centene acquired its rival Health Net last year. (Reporting by Ankur Banerjee in Bengaluru; Editing by Martina D''Couto)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/centene-results-idUSL4N1FS3DS'|'2017-02-07T18:10:00.000+02:00'
'10a32247d5a3b50e7c7490e3865884e296e9b01d'|'Sterling to slip again once EU divorce talks start - Reuters poll'|'Foreign Exchange Analysis  29am GMT Sterling to slip again once EU divorce talks start - Reuters poll 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 Jonathan Cable - LONDON LONDON Sterling''s relative upswing over the past few weeks will come to an end when Britain formally begins divorce negotiations with the European Union, and if the talks turn fractious its fall could be steep, a Reuters poll showed on Tuesday Since the surprise outcome in a June referendum, when Britons decided to quit the EU, the pound has slumped over 15 percent against the dollar and was trading at $1.237 on Tuesday. The economy, however, has fared much better than had been projected. The poll suggested the pound will also suffer against the euro, despite the currency bloc''s own potential headwinds. In one month''s time a pound will be worth $1.23, in three months $1.21 and in a year $1.21, according to the poll of over 60 foreign exchange strategists taken in the past week. Those medians are a little stronger than in last month''s poll, with the pound up about 1.5 percent this year, but some still thought the pound could fall below $1.10 in a year. Only around a third predicted a rise to $1.27 or above and none thought it would get anywhere near the $1.48 it was hovering around before the referendum. Prime Minister Theresa May plans to trigger Article 50 - which starts the two-year countdown to Brexit - by the end of March. Many expect negotiations with the EU to be difficult. So two thirds of the strategists who answered an extra question said their sterling forecasts over the next three months were more likely to be too high than low. "If Brexit talks go haywire and/or, the economy begins to slow significantly, a material fall in the pound could result," said Chris Hare at Investec. Hare was the most optimistic forecaster on sterling in the poll, saying it will reach $1.35 in a year. "We are fairly bullish on sterling, based on the view that we will see some correction from its significant undervaluation, while we also expect some support from some additional clarity on Brexit," he said. Sterling''s fall has been a boon to exporters and Britain''s economy unexpectedly outpaced all its major peers last year, wrongfooting those who expected an immediate hit from June''s Brexit vote, and the Bank of England sharply revised up its growth forecast for 2017 last week. A Reuters poll last month predicted growth would slow after May pulls the trigger on Article 50. The Reuters foreign exchange poll taken ahead of the vote correctly predicted the rate of the pound''s slump in the aftermath of an out vote. [ECILT/GB] The pound has also struggled against the euro but the currency union faces its own headwinds this year, with national elections looming in Germany, France, Italy and the Netherlands which could result in anti-euro political parties gaining significant ground or even taking office. In one and three months a euro will be worth 86.0 pence, and in a year it will get you 86.9p. It was trading around 86.2p on Tuesday. Two strategists expect the currencies to reach parity with each other over the coming year. (Polling by Anu Bararia, Vartika Sahu and Khushboo Mittal; Editing by Ross Finley) Next In Foreign Exchange Analysis'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-forex-poll-sterling-idUKKBN15M161'|'2017-02-07T18:29:00.000+02:00'
'955a21b9891a4474519a730650236a047922a11d'|'EU regulators say Deutsche Boerse, LSE have offered concessions'|' 07am GMT EU regulators say Deutsche Boerse, LSE have offered concessions 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 1/2 left right The plaque of the Deutsche Boerse AG is pictured at the entrance of the Frankfurt stock exchange February 1, 2012. REUTERS/Alex Domanski/File Photo 2/2 BRUSSELS Deutsche Boerse ( DB1Gn.DE ) and the London Stock Exchange ( LSE.L ) have submitted concessions to allay competition concerns about their planned merger, the European Commission said on Tuesday. The EU antitrust enforcer will now decide by April 3 whether to clear or block the deal, Commission spokesman Ricardo Cardoso said. The Commission is expected to seek feedback from rivals and customers in the coming days. Deutsche Boerse earlier on Tuesday said the companies would make a formal offer to the EU to sell their French clearing business LCH.Clearnet SA. They have already found a buyer in Euronext ( ENX.PA ). (Reporting by Foo Yun Chee)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-deutsche-boerse-m-a-lse-eu-idUKKBN15M0XK'|'2017-02-07T17:07:00.000+02:00'
'd97eb7c2f4668e196c473594decc14df799c70b3'|'E.ON, Clever team up to build e-charging network in Europe'|'FRANKFURT German energy group E.ON ( EONGn.DE ) said it entered a strategic partnership with Denmark''s Clever to build a network of ultra-fast charging stations for electric vehicles in Europe, raising the stakes in a hotly contested part of the power sector.E.ON and Clever plan to build stations with a capacity of 150-350 kilowatt (kW), which can recharge cars with a range of 400 kilometers within 20-30 minutes.The first of these stations will be deployed this year, E.ON said in a statement on Tuesday, adding the group, which operates more than 1,200 charging stations in Denmark, was also in talks with further potential partners.European power firms are keen to be chosen as the suppliers of a car consortium - consisting of BMW ( BMWG.DE ), Volkswagen ( VOWG_p.DE ), Ford ( F.N ) and Daimler ( DAIGn.DE ) - to build a charging network in an attempt to break Tesla''s ( TSLA.O ) sector dominance.(Reporting by Christoph Steitz)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-e-on-clever-emobility-idINKBN15M1D1'|'2017-02-07T09:38:00.000+02:00'
'a5f3a1408d344b71f222733656813282561f45b6'|'SK Hynix bids for Toshiba memory business stake - source'|'Technology News - Mon Feb 6, 2017 - 9:24pm EST SK Hynix bids for Toshiba memory business stake - source left right The logo of SK Hynix is seen in its plant in Icheon, about 80 km (50 miles) southeast of Seoul May 13, 2013. REUTERS/Lee Jae-Won 1/2 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 2/2 By Se Young Lee - SEOUL SEOUL South Korea''s SK Hynix Inc has entered the running for a stake in Toshiba Corp''s memory chip business, seeing an opportunity to gain on rivals in the booming NAND market, a person familiar with the matter said on Tuesday. The world''s No. 2 memory chip maker had submitted an initial bid, although the size of the stake it wanted to acquire had not been decided, the source told Reuters, requesting anonymity as they were not authorized to speak publicly on the deal. An SK Hynix spokesman declined to comment and Toshiba said it could not comment on specifics of the bidding process. SK Hynix would benefit from Toshiba''s technological know-how in high-end NAND products and a boost in chip supply, analysts said. The Japanese firm is the world''s second-largest maker of NAND flash memory chips used for long-term data storage. Interest in the stake is heating up with sources telling Reuters that private equity funds, California-based data storage company Western Digital Corp and other NAND makers have also submitted bids, amid a surge in memory chip prices. As smartphones and data servers demand ever more processing firepower, chip suppliers are struggling to keep pace with demand. Nomura estimates global memory sales will grow 56.7 percent this year to a record $116 billion, and the NAND segment to expand 51.2 percent to $51 billion. Toshiba aims to raise more than 200 billion yen ($1.7 billion) from the less-than 20 percent stake in its memory business, sources have said. The sale is part of a broader sell-off to cover multi-billion dollar writedowns stemming from its U.S. nuclear power unit. PLAYING CATCH-UP SK Hynix reported record quarterly revenue in October-December and is now South Korea''s second-largest firm by market capitalization behind Samsung Electronics Co Ltd, the world''s top memory maker. In December it announced a 2.2 trillion won ($1.94 billion) investment in a new NAND plant in South Korea, hoping to catch up with rivals'' more advanced production technologies. While a handful of firms including Samsung, SK Hynix and Toshiba control the memory industry, SK Hynix''s overall market share was not high enough to trigger antitrust concerns, said Claire Kyung-min Kim, analyst at Daishin Securities. Investing in Toshiba could allow it to defend its turf against potential Chinese rivals, she said. Tsinghua Unigroup Ltd, China''s top state chip manufacturer, in January unveiled a plan to build a $30 billion memory chip factory and tried unsuccessfully in 2015 to acquire U.S. chip group Micron Technology Inc. "If a Chinese firm buys a stake in Toshiba it would be a risk for all other memory makers," Kim said. SK Hynix shares were up 0.6 percent in early Tuesday trade, while Toshiba shares were down 0.7 percent. (Reporting by Se Young Lee; Additional reporting by Makiko Yamazaki in TOKYO, Dahee Kim and Joyce Lee in SEOUL; Editing by Stephen Coates) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-toshiba-m-a-sk-hynix-idUSKBN15L2M7'|'2017-02-07T09:24:00.000+02:00'
'6ff980016f5e3e1f9a099adac41bb04ac849f353'|'Honda, Hitachi Automotive to hold briefing on operational partnership'|'Business News - Tue Feb 7, 2017 - 2:45am GMT Honda, Hitachi Automotive to hold briefing on operational partnership A visitor and the logo of Honda Motor Co are reflected on a Honda car at the company''s headquarters in Tokyo January 30, 2009. REUTERS/Toru Hanai/File Photo TOKYO Honda Motor Co Ltd ( 7267.T ) and parts supplier Hitachi Automotive Systems Ltd on Tuesday said they would hold a news conference on an operational partnership later in the day. Honda Chief Executive Officer Takahiro Hachigo and Hitachi Automotive counterpart Hideaki Seki will attend the conference to be held at 0630 GMT in Tokyo, the automaker said. Hitachi Automotive, a longtime Honda supplier, produces components including engine control units and electric powertrain systems. It also has been developing autonomous driving systems. (Reporting by Naomi Tajitsu)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-honda-strategy-idUKKBN15M068'|'2017-02-07T09:45:00.000+02:00'
'40a46b26c172f7cc68da60ef05817bbb78d82fea'|'Japan stocks hit 2-week low in thin trade; Toyota underperforms'|' 27am EST Japan stocks hit 2-week low in thin trade; Toyota underperforms TOKYO Feb 7 Japanese stocks dropped to a two-week low in thin trade, hit by weakness in global stocks and a stronger yen as investors became risk averse. Toyota Motor Corp underperformed the market, down 2.4 percent, following a disappointing earnings forecast. The Nikkei dropped 0.4 percent to 18,910.78, the lowest closing level since Jan 24. The broader Topix dropped 0.3 percent to 1,516.15, with only 1.69 billion shares changing hands, the lowest since Jan. 30. Thin volume reflects investor caution ahead of the meeting between Japanese Prime Minister Shinzo Abe and U.S. President Donald Trump on Feb. 10 and 11, with trade and currencies likely to be on the agenda. The JPX-Nikkei Index 400 shed 0.2 percent to 13,590.40. (Reporting by Ayai Tomisawa; Editing by Eric Meijer)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/japan-stocks-close-idUSL4N1FS27Z'|'2017-02-07T13:27:00.000+02:00'
'2c3946d709a04a5a51a67bc3a8e7e3a042570e44'|'ECB sees seeds of next crisis in Trump deregulation plan'|'  6:50pm GMT ECB sees seeds of next crisis in Trump deregulation plan left right European Central Bank (ECB) President Mario Draghi testifies before the European Parliament''s Economic and Monetary Affairs Committee in Brussels, Belgium February 6, 2017. REUTERS/Yves Herman 1/2 left right European Central Bank (ECB) President Mario Draghi testifies before the European Parliament''s Economic and Monetary Affairs Committee in Brussels, Belgium February 6, 2017. REUTERS/Yves Herman 2/2 By Balazs Koranyi and Francesco Canepa - FRANKFURT FRANKFURT The European Central Bank rejected U.S. accusations of currency manipulation on Monday and warned that deregulating the banking industry, now being openly discussed in Washington, could sow the seeds of the next financial crisis. Arguing that lax regulation had been a key cause of the global financial crisis a decade ago, ECB President Mario Draghi said the idea of easing bank rules was not just worrying but potentially dangerous, threatening the relative stability that has supported the slow but steady recovery. Draghi''s words are among the strongest reactions yet from Europe since U.S. President Donald Trump ordered a review of banking rules with the implicit aim of loosening them. That raises the prospect of the United States pulling out of some international cooperation efforts. "The last thing we need at this point in time is the relaxation of regulation," Draghi told the European Parliament''s committee on economic affairs in Brussels. "The idea of repeating the conditions that were in place before the crisis is something that is very worrisome." The ECB supervises the euro zone''s biggest lenders. "BIG MISTAKE" Andreas Dombret, a member of the board of Germany''s powerful central bank, the Bundesbank, said that reversing or weakening regulations all at once would be a "big mistake", because it would increase the chance of another financial crisis. "That is why I see a possible lowering of regulatory requirements in the U.S., which is under discussion, critically," said Dombret, who is also a member of the Basel committee drafting new global banking rules. Roberto Gualtieri, chairman of the European Parliament''s economic and monetary affairs committee, also criticized Trump. "Some first concrete confirmations of a new more unilateral policy stance by the new U.S. administration, including on sensitive financial markets regulatory issues, raise concerns and require both thorough reflection and action from the EU side," he told the committee. Draghi''s U.S. counterpart, Federal Reserve Chair Janet Yellen, has come under pressure to step back from international regulatory cooperation. Indeed, an influential member of the Senate recently called on Yellen to end talks in forums like the Basel Committee on Banking and Supervision, some of whose proposed rules he said would disadvantage the United States. "It is incumbent upon all regulators to support the U.S. economy, and scrutinize international agreements that are killing American jobs," Patrick McHenry, the Vice Chairman of the Senate''s Financial Services Committee, told Yellen. MANIPULATOR Draghi also rebuffed accusations by Trump''s top trade adviser that Germany, the euro zone''s biggest economy, is using a grossly undervalued currency to take advantage of the United States. He argued instead that economic weakness is the main reason for the weak euro. Germany runs a massive trade surplus with the United States and Trump trade adviser Peter Navarro said it was now exploiting this to America''s detriment, de facto accusing Berlin of currency manipulation. But Germany does not set monetary policy and has repeatedly complained that ECB policy is actually too easy, calling on Draghi to end its massive stimulus program. "First and foremost: we are not currency manipulators." Draghi said. "Second, our monetary policies reflect the diverse state of the (economic) cycle of the euro zone and the United States." "The single market
'a22c0217bbf251529a21f8d606474ca3494e9e76'|'Takata: U.S. firm is frontrunner to buy airbag maker'|'Takata: U.S. firm is frontrunner to buy troubled airbag maker by Sherisse Pham @Sherisse February 6, 2017: 3:34 AM ET Here''s what a Takata airbag explosion looks like Takata is zeroing in on a buyer from the U.S. to help it deal with its massive airbag recall crisis. An independent committee set up by the troubled Japanese firm recommended a takeover bid from Detroit-based company Key Safety Systems, Takata ( TKTDY ) said in a statement over the weekend. It added that a final decision hasn''t been made yet. Another top bidder, Sweden''s Autoliv, was rejected due to antitrust concerns, according to the Nikkei Asian Review newspaper. Takata''s statement made no mention of Autoliv. Key Safety Systems didn''t immediately respond to a request for comment outside of office hours. The U.S. company, owned by China''s Ningbo Joyson Electronic Corp., is the fourth-largest airbag maker in the world. Buying Takata would make it the second-largest, according to Valient Market Research. Related: Three Takata executives indicted over exploding airbags Takata is in the middle of the largest airbag recall in the industry''s history, affectingtens of millions of vehicles. The Japanese supplier''s airbags exploded and sent shrapnel into drivers and passengers, killing at least 11 people in the U.S. and others elsewhere around the world. The recalls started in 2008 and could take until 2023 to complete. The recall has sent Takata to the brink of bankruptcy . Just last month, the company pleaded guilty to corporate criminal charges and agreed to pay a $1 billion fine . Most of the money will go to automakers who bought Takata airbags and have had to pay to repair them. A deal with Key Safety would give Takata support as it and the automakers it supplied tackle the huge recall. The airbag scandal has hammered the company''s reputation and sent its stock crashing. That continued Monday, with Takata shares plunging 19% in Tokyo. Investors have been alarmed by reports that the companies bidding for Japanese firm want to take the restructuring process through the courts. CNNMoney (Hong Kong) First published February 6, 2017: 3:34 AM ET'|'cnn.com'|'http://rss.cnn.com/rss/edition_business.rss'|'http://money.cnn.com/2017/02/06/autos/takata-key-safety-systems-buyer/index.html'|'2017-02-06T15:36:00.000+02:00'
'f2cd428c47857d2de75b1484d609103e5ce38c27'|'Takata shares untraded with heavy sell orders, KSS seen backing restructuring'|'Business News  37pm EST Takata shares untraded with heavy sell orders, KSS seen backing restructuring A sign with the TAKATA logo is seen outside the Takata Corporation building in Auburn Hills, Michigan May 20, 2015. REUTERS/Rebecca Cook/File Photo TOKYO Shares in Japan''s Takata Corp ( 7312.T ) were untraded with a glut of sell orders on Monday after sources said the struggling air bag maker had selected Key Safety Systems (KSS) as the final bidder for its restructuring, raising a concern that the U.S. auto parts supplier could lead Takata into a bankruptcy. Reuters reported on Saturday that Takata''s steering committee leading the selection process told the parts maker''s automaker clients that it has tapped KSS, owned by China''s Ningbo Joyson ( 600699.SS ) to back Takata''s restructuring. KSS was among bidders which have favored a court-led turnaround of Takata, which would cap their exposure to Takata''s existing liabilities, estimated by some analysts to be as high as $10 billion for recall costs alone, sources have told Reuters previously. If Takata files for a bankruptcy protection, it is likely that value in equities will be wiped out, which is a huge blow for shareholders including the founding Takata family. Takata has been seeking financial backers through the selection process to help it deal with billions of dollars in costs related to the recall of millions of potentially defective air bag inflators that have been linked to at least 16 deaths globally. Bidders for Takata''s turn around included Sweden''s airbag maker Autoliv Inc ( ALV.N ) and Japan''s chemical maker Daicel Corp ( 4202.T ), sources have previously told Reuters. (Reporting by Junko Fujita and Naomi Tajitsu; Editing by Chang-Ran Kim and Stephen Coates) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-takata-restructuring-stocks-idUSKBN15L025'|'2017-02-06T07:37:00.000+02:00'
'0d169690a2bc13d0468f4b9a130060a67c69097f'|'Citigroup gets bond settlement agent licence in China'|'Business News - Tue Feb 7, 2017 - 4:11am GMT Citigroup gets bond settlement agent licence in China FILE PHOTO - 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 HONG KONG Citigroup Inc''s ( C.N ) China unit said on Tuesday that it had received the so-called "Type A" bond settlement agent licence from China''s central bank, allowing it to add to its offering of sales, trading and research in the fixed-income business. Citigroup is the first U.S.-based bank to be granted the Type A licence to act as a bond settlement agent in China''s interbank bond market. Other global banks with such a licence include Deutsche Bank AG ( DBKGn.DE ) and BNP Paribas SA ( BNPP.PA ). Type A licence holders in China can trade, settle and provide custody for interbank bond market products both on a proprietary basis and on behalf of foreign investors. Citi''s licence comes as China has been expanding interbank bond market access to foreign investors in recent years. As a result, the Chinese bond market has grown more than six fold since 2005 to become the third largest globally by issuance. As at the end of December, the value of bonds outstanding had reached $9.3 trillion, Citi said, citing financial data services provider Winds. "China''s bond market is exciting and dynamic as China accelerates the internationalisation of RMB," Christine Lam, president and chief executive officer of Citi China, said in a statement, referring to renminbi, also known as the yuan. On Monday, JPMorgan Chase & Co ( JPM.N ) said it had received approval and licence to underwrite corporate bonds in China''s interbank bond market, making it the first U.S.-headquartered bank to do so. (Reporting by Sumeet Chatterjee; Editing by Christopher Cushing) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-citigroup-china-idUKKBN15M098'|'2017-02-07T11:11:00.000+02:00'
'f9fc0955a25593e9bb94f3598bd929473609a5ac'|'Heineken closes in on Punch Taverns pub acquisition'|'BRUSSELS Heineken NV ( HEIN.AS ) is closing in on its acquisition of some 1,900 pubs in Britain after an investment vehicle linked to the Dutch brewer increased its stake in Punch Taverns ( PUB.L ).Heineken and partner Patron Capital agreed to buy and break up Punch at 180 pence per share for a total of 403 million pounds ($502 million) and have already won over Punch''s board and its top three shareholders representing 52.3 percent of its shares.Heineken said in a statement on Monday that Vine Acquisitions Ltd, the bid vehicle of Heineken and Patron, had built up a stake of about 28.5 percent of Punch by Feb. 3.Heineken is paying some 305 million pounds for its shares and assumed intercompany debt and will take on some 1,900 pubs. Real estate investor Patron will have more than 1,300 sites.Heineken and Patron''s joint bid appeared a near certainty last week after potential rival Emerald Investment Partners said it had decided not to make a takeover offer.Punch shareholders will meet on Feb. 10 to vote on the deal, which is seen closing in the first half of the year.(Reporting by Philip Blenkinsop; Editing by Adrian Croft)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-punch-taverns-m-a-heineken-nl-idUSKBN15L0X6'|'2017-02-06T12:49:00.000+02:00'
'69e51dc11cf222a96887be4274191691da2d0923'|'Honda, Hitachi Automotive say to form EV motor joint venture'|'Deals - Tue Feb 7, 2017 - 2:01am EST Honda, Hitachi Automotive say to form EV motor joint venture left right Honda Chief Executive Officer Takahiro Hachigo (L) and Hitachi Automotive counterpart Hideaki Seki shake hands at a news conference in Tokyo, Japan, February 7, 2017. REUTERS/Kim Kyung-Hoon 1/2 left right Honda Chief Executive Officer Takahiro Hachigo (R) and his Hitachi Automotive counterpart Hideaki Seki attend a news conference in Tokyo, Japan, February 7, 2017. REUTERS/Kim Kyung-Hoon 2/2 TOKYO Honda Motor Co Ltd ( 7267.T ) and Hitachi Ltd''s ( 6501.T ) automotive unit said on Tuesday they would form a joint venture to develop, produce and sell motors for electric cars. The venture will have sales and manufacturing functions in the United States and China in addition to Japan, the companies said in a press release. The joint venture, to be established in July, will be owned 51 percent by Hitachi Automotive Systems and 49 percent by Honda, they said. (Reporting by Naomi Tajitsu and Taiga Uranaka) Next In Deals Deutsche Boerse, LSE to formally offer sale of French clearing ops FRANKFURT Deutsche Boerse and the London Stock Exchange will formally offer to divest their French clearing business as a remedy to the European Commission to address anti-trust concerns in relation to the merger of the two exchange operators, Deutsche Boerse said.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-honda-strategy-hitachi-idUSKBN15M0HR'|'2017-02-07T13:50:00.000+02:00'
'26c3cea05df6e95f3e3ac70a1b114f7ab4b2b095'|'PRESS DIGEST- British Business - Feb 7'|'Feb 7 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 TimesIsraeli PM insists Britain must get tough with IranThe Israeli prime minister urged Theresa May to follow the United States in imposing fresh sanctions against Iran as the two met for the first time on the steps of No 10. bit.ly/2lith90Stay away from parliament, Bercow tells ''sexist, racist'' TrumpIn an intervention that will bring embarrassment for Theresa May, John Bercow told Members of Parliament that the US president should be denied the honour of addressing the House of Commons or Lords during a state visit this year. bit.ly/2liooN2The GuardianUber driver tells MPs: I work 90 hours but still need to claim benefitsUber drivers have told Members of Parliament they felt trapped in a job that forced them to work long hours just to cover costs including the purchase of their cars. bit.ly/2lixAkxCut beer duty to beat price hikes after Brexit vote, says CamraThe Campaign for Real Ale (Camra) is stepping up its push to keep the price of a pint down for millions of UK pub-goers, calling on the Treasury to reduce beer duty by 1p a pint in next month''s budget. bit.ly/2livst0The TelegraphECB''s Mario Draghi warns on liquidity shock as tapering nearsThe European Central Bank is bracing for a painful ''taper tantrum'' as it reins in emergency stimulus and slows the pace of bond purchases next month, all too aware that market liquidity could dry up suddenly. bit.ly/2lipcByHong Kong''s Li dynasty trade UK assets as Three buys Relish wireless broadband for 250 mln stgTwo arms of one of Asia''s richest families have agreed the 20 mln stg sale of UK Broadband, the operator behind the Relish wireless brand, to the mobile operator Three. bit.ly/2litt8cSky NewsBuy-to-let lender plots float after Brexit fears halted saleSky News has learnt that Charter Court Financial Services, the owner of the Exact and Precise mortgage brands, has drafted in investment bankers to work on an initial public offering later this year. bit.ly/2litnO5Wonga strikes 60 mln stg deal to sell European unit to Swedish suitorWonga, Britain''s best-known payday lender, will this week announce the sale of a big chunk of its European operations, underlining its continuing international retrenchment in the wake of a torrid period for the business. bit.ly/2liuZHsThe IndependentBrexit will not affect UK economy''s long term future, a new study suggestsBrexit will prove to be little more than a bump in the road for the UK economy in the long run and the country will successfully defend its spot as one of the world''s fastest growing developed economies in decades to come, according to predictions published in a new study. ind.pn/2liq8py (Compiled by Shalini Nagarajan in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/britain-press-business-idINL1N1FS00V'|'2017-02-06T21:28:00.000+02:00'
'34a777f16d142692453c3d1424c8e8b357d67b11'|'UK consumers cut back on spending in January as inflation worries mount - BRC - Reuters'|'LONDON British consumers reined in their spending last month, an industry survey showed on Tuesday, adding to signs that they are turning more cautious as last year''s Brexit vote pushes up inflation.On a like-for-like basis - which excludes new store openings - sales fell by 0.6 percent compared with January last year, the British Retail Consortium said.It was the first time that like-for-like sales fell since August last year, which was shortly after voters decided in June to leave the European UnionJanuary''s downturn represented a sharp reversal of December''s 1.0 percent increase.Economists taking part in a Reuters poll had expected like-for-like sales to rise by 0.8 percent in January.Total sales inched up by 0.1 percent, slowing sharply from an increase of 1.7 percent in December and also the weakest performance since last August."These figures suggest that ''caution'' was top of new year shopping lists and the uptick in credit card lending at the end of last year may be short lived," BRC chief executive Helen Dickinson said."With the signs pointing to upward pressures on shop prices given rising import costs, all eyes will be on the impact of inflation on consumer spending."A separate survey from Barclays ( BARC.L ) credit card division also pointed to early signs that consumers are beginning to feel the strain of inflation.Barclaycard reported a 4.4 percent annual increase in retail spending during January, up from growth of 4.0 percent in December, Barclaycard said.However, this reflected a 15 percent surge in petrol spending. By contrast, spending on electronics and department store goods fell last month.Official data released last month showed retail sales volumes falling the most in more than four years in December.And last week the Bank of England reported the first slowing in the pace of consumer borrowing for the first time in five months. The BoE says it expects inflation to rise to 2.75 percent by mid-2018, but many economists predict it will go above 3 percent, faster than increases in wages.(Reporting by William Schomberg; editing by Andy Bruce)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/britain-economy-retail-idINKBN15M00C'|'2017-02-06T21:06:00.000+02:00'
'24de39c65da8d85bc5f12ba340ca3bd63508d168'|'Toshiba wants funds not peers to buy chip stake: source'|'TOKYO Toshiba Corp wants investment funds including Bain Capital to buy a stake in its flash memory business rather than industry peers such as Micron Technology Inc because doing so will speed up the planned sale, a source said.Toshiba needs to raise funds by the end of March to offset an imminent multi-billion dollar writedown on its U.S. nuclear power business. There may not be enough time to conclude a deal with another chipmaker, said the source plan.Micron Technology, SK Hynix Inc and Toshiba''s current memory partner Western Digital Corp have submitted initial bids for a stake that Toshiba says will be less than 20 percent of its NAND flash unit, two other sources familiar with the bidding told Reuters.(Reporting by Makiko Yamazaki, Kentaro Hamada, Junko Fujita and Taiga Uranaka; Editing by Stephen Coates)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-toshiba-m-a-sk-hynix-funds-idINKBN15M0AD'|'2017-02-07T01:55:00.000+02:00'
'11c87719c59248784da4a88c9263b6e2354617ad'|'Retail spending: we''re a nation that thrives on households buying things - Greg Jericho - Opinion'|'D espite the usual blarney from retail trade organisations about how the Christmas sales went gangbusters, figures released yesterday by the Australian Bureau of Statistics showed retail trade fell 0.1% in December. But the news is not all bad. While the amount of money handed over by consumers fell, the volume of things they bought increased <20> suggesting the amount of economic activity remains positive even if retailers are having to offer discounts to get people into the shops.The retail trade figures are a very good example of why data can be confusing. The news that ABS found sales in December were 0.1% below that of November sounds utterly bizarre. How can there be a lower turnover in December when you have the mass of people out shopping for Christmas and then the Boxing Day sales?The reality is December is always the biggest month for retail sales. The four weeks of December are equivalent to around six weeks<6B> worth of sales any other time of the year: But it doesn<73>t tell us much to say that in December sales rose by 23.6%, and neither would it tell us much to say that in January they will have fallen by around the same amount. What matters is the seasonally adjusted and trend figures <20> which take into account that December is always the biggest month. The fall of 0.1% in December sales was in the seasonally adjusted terms, and is the worst December monthly growth since 2009. The good news is that the seasonally adjusted figure can be a bit erratic, and the trend growth of 0.3% is not too bad <20> if not overly great:The annual growth figures are a better way to judge how things are going <20> and as with so much of economic data at the moment the picture is one of not great, but not completely awful. The 3.2% trend growth is as low as it has been since 2013, but remains at least above the 2% annual growth observed at times during 2010 and 2011:But there is also reason to not get too worried about the poor December figures. For the most part the reason for the drop in turnover was due to a 2.3% fall in sales for household goods <20> the biggest monthly fall in that group since January 2012. The fall in sales of those household goods however was due to one category of that group <20> hardware, building and garden supplies retailing. Sales in that category fell by a stunning 6.6% - the biggest monthly fall since July 2000 and the fifth biggest monthly fall all-time. The drop in sales in that category was so big that if we excluded it from the total retail trade figures, rather than fall of 0.1%, trade in December would have grown by 0.4%:The other bit of good news with the figures is that while there was a fall in nominal dollars, the quarterly volume figures increased in the December quarter by 0.9%. Growth in spending is the slowest in two years <20> not a great sign for the economy - Greg Jericho Read more The increase in the volume of sales of household goods was actually the biggest of all categories in the December quarter: The fall in the nominal sales and increase in volume of sales suggests that while the number of people out buying things in the shops was quite good, businesses were having to offer discounts to get people spending money. And while turnover in nominal (or current) dollars matters because that affects profits and reflects people<6C>s willingness to spend money, the growth in volume of retail trade is important for measuring economic activity. Real GDP measures volume of activity and the biggest component of GDP growth over the past decade (and further) is household consumption <20> well above any other economic activity. We are a nation that thrives on households buying things:And while retail trade is not all of household consumption (it doesn<73>t include most services or things like motor vehicles) there is a relatively good relationship between the two:While the fall in retail trade figures for December is not a particularly good sign, given it was mostly driven by a 
'31215aff364534ac8d0284d4a03676a0993d99c5'|'EMERGING MARKETS-LatAm currencies weaken as France election fuels risk aversion'|'Company News  48am EST EMERGING MARKETS-LatAm currencies weaken as France election fuels risk aversion SAO PAULO, Feb 7 Latin American currencies weakened on Tuesday on concerns that the far right could win France''s presidential election and take the country out of the European Union. Recent opinion polls have shown the anti-immigration National Front leader Marine Le Pen, who promises to haul France out of the euro zone and hold a referendum on EU membership, reaching a second-round vote. Fears that this could translate into a global economic shock led traders to sell riskier assets, such as emerging market currencies, and seek refuge in the U.S. dollar. The Mexican peso weakened 0.3 percent after dropping 1 percent the day before, a move exaggerated by low trading volumes as local markets were closed for a holiday. The Brazilian real slipped 0.1 percent, less than its peers. Losses were limited by expectations of capital inflows due to a recent flurry of corporate debt issuances. Still, the country''s benchmark Bovespa stock index rose 1.1 percent, boosted by shares of miner Vale SA and lender Ita<74> Unibanco Holding SA. Vale shares tracked a rebound in iron ore prices from their lowest in nearly four weeks, while traders also cheered the success of a $1 billion bond reopening on Tuesday. Shares of Ita<74> Unibanco rose 2.8 percent after Brazil''s No. 1 bank by market value forecast lower loan-loss provisions this year and reported higher-than-expected quarterly earnings. Key Latin American stock indexes and currencies at 1435 GMT: Stock indexes daily % YTD % Latest change change MSCI Emerging Markets 919.97 -0.33 7.04 MSCI LatAm 2537.27 0.22 8.16 Brazil Bovespa 64714.70 1.13 7.45 Mexico IPC 47080.62 -0.31 3.15 Chile IPSA 4253.46 0.15 2.46 Chile IGPA 21227.54 0.14 2.38 Argentina MerVal 19365.99 0.6 14.47 Colombia IGBC 10168.76 -0.22 0.40 Venezuela IBC 28220.30 0.25 -10.99 Currencies daily % YTD % change change Latest Brazil real 3.1290 -0.14 3.84 Mexico peso 20.6300 -0.32 0.55 Chile peso 645.41 -0.70 3.92 Colombia peso 2866.6 -0.53 4.71 Peru sol 3.291 -0.12 3.74 Argentina peso (interbank) 15.7550 0.16 0.76 Argentina peso (parallel) 16.44 0.24 2.31 (Reporting by Bruno Federowski; Editing by Lisa Von Ahn) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/emerging-markets-latam-idUSL1N1FS0RZ'|'2017-02-07T21:48:00.000+02:00'
'6fd2f56dfd2698c1da01be3962a348a1295b07cb'|'Co-owner of Russia''s Rusal considers share sale - sources'|'Business News - Fri Feb 10, 2017 - 3:11am GMT Co-owner of Russia''s Rusal considers share sale - sources By Polina Devitt and Anastasia Lyrchikova - MOSCOW MOSCOW Onexim Group, which manages the assets of Russian tycoon Mikhail Prokhorov, is considering selling some of its 17 percent stake in Russian aluminium giant Rusal ( 0486.HK ), two banking sources and two industry sources told Reuters on Thursday. Reports of a possible share sale came on the same day two sources close to Rusal and a banking source told Reuters the Hong Kong-listed company was also considering listing in London. Russian companies have seen a long-expected revival in investment demand this year amid signs of stabilisation in the country''s economy situation after several years of crisis. Three Russian firms have already raised a total of almost $800 million in share sales in 2017, in addition to a number of debt issues, including Rusal''s own $600 million Eurobond. "It is a good time for the share sale taking into account the high interest in Russian shares. However, maximum mutual benefit will only be reached if Onexim sells this stake via Rusal," said Kirill Chuyko at BCS Investment Bank. All four sources said Onexim could start accelerated book building for the stake sale in the near future. According to one of the banking sources, Onexim is considering selling about 5 percent of Rusal. Onexim declined to comment. Rusal was not immediately available to comment. Earlier on Thursday, sources said Rusal was considering a London listing, with one saying the aluminium giant could offer up to 20 percent of its shares on the London Stock Exchange. News that Rusal''s executives and bankers have discussed selling up to a 20 percent stake in London was first reported by Bloomberg on Thursday, citing two people familiar with the matter. "Rusal has a programme aimed at increasing liquidity (of its shares) and a listing in London is being considered as a part of it," another source close to Rusal said. He said no decisions had been taken on timing, how much could be offered nor whether there would be new shares. Rusal declined to comment on the reports of London listing plans. Rusal competes with China''s Hongqiao ( 1378.HK ) for the rank of the world''s biggest aluminium producer. Rusal''s market value has jumped 30 percent so far this year helped by global aluminium prices, which have climbed 9 percent. Russian tycoon Oleg Deripaska''s En+ Group owns 48.1 percent of Rusal, with 15.8 percent owned by Viktor Vekselberg and Leonard Blavatnik''s Sual Partners. Glencore ( GLEN.L ) holds 8.75 percent and the remaining 10 percent is listed in Hong Kong. Prokhorov''s Onexim was in talks to sell a Rusal stake to Vekselberg last year but market and industry sources said this week those talks had stalled. At the same time, Deripaska''s EN+ is considering an initial public offering in 2017 and has already picked arrangers for the deal, financial sources have said. (Additional reporting by Katya Golubkova, Olga Popova and Andrey Kuzmin; writing by Alexander Winning, Katya Golubkova and Polina Devitt; editing by Greg Mahlich and David Clarke)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-russia-rusal-spo-idUKKBN15O22E'|'2017-02-10T10:11:00.000+02:00'
'56adf84e3696edf68a77590cabadabf5657bafcb'|'UPDATE 1-Bondholders in Brazil''s Oi appeal Dutch court ruling'|'(Adds details in paragraphs 3-12)By Ana ManoSAO PAULO Feb 10 A group of bondholders in Oi SA appealed on Friday a ruling by a Dutch court that refused to declare insolvent two subsidiaries in the Netherlands, the latest setback in a protracted legal battle to solve Brazil''s largest bankruptcy case on record.In an emailed statement, the International Bondholder Committee group said it "remains committed to finding a consensual solution" to restructure the debt of the two Oi subsidiaries.The International Bondholder Committee holds more than $2 billion of bonds issued by the two Dutch companies and other members of the Oi group. The units have outstanding debt of about $6.2 billion.Oi declined to comment.The appeal underscores the dissenting agendas of different creditor groups participating in Oi''s restructuring, and how their disagreements are hampering the process.Oi''s common and preferred shares both rose about 1.6 percent in late afternoon trade, to 3.8 reais and 3.2 reais respectively.In December, a separate group of Oi bondholders advised by Moelis & Co proposed injecting $1.25 billion of new capital into Oi, a move that would give them immediate control of the carrier through a debt-for-equity swap. Backed by Egyptian billionaire Naguib Sawiris, the plan is part of a binding offer presented to Oi after the Moelis group considered the carrier''s own reorganization proposal "unacceptable" for imposing a 70 percent haircut on the bond debt."The restructuring should treat similarly situated creditors equally," the International Bondholder Group said, adding that if there is a proven need to raise new capital, all creditors should be invited to take part "on a fair and equitable basis."Moelis did not have an immediate comment regarding the strategy of the group, which was formed in November by dissenting investors including Aurelius Capital Management LP, Attestor Capital LLC, Citadel LLP and York Capital Management.Rio de Janeiro-based Oi made Brazil''s largest ever bankruptcy filing in June to restructure about 65 billion reais ($20.9 billion) of bond, bank and regulatory liabilities.A stay of execution, which protects Oi from creditor suits, will expire in May, said a source close to bondholders who is not allowed to talk in public.A Cerberus Capital Management LP-led group of investors also intends to present an alternative in-court restructuring proposal for Oi carrier by March.Paul Singer''s Elliott Management Corp unveiled plan for Oi involving a 9 billion reais capital injection last month.($1 = 3.1111 reais) (Reporting by Ana Mano; Editing by Cynthia Osterman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/oi-sa-restructuring-idINL1N1FV120'|'2017-02-10T15:45:00.000+02:00'
'c2c0e0d2c6fc9157273e61f418471598a043c88f'|'Pimco sees upside in corn markets, cautious on soybeans, aluminium'|'Business News - Fri Feb 10, 2017 - 2:46am GMT Pimco sees upside in corn markets, cautious on soybeans, aluminium A Pacific Investment Management Co (PIMCO) sign is shown in Newport Beach, California August 4, 2015. REUTERS/Mike Blake SYDNEY Pacific Management Investment Co (Pimco), one of the world''s largest bond funds, believes corn prices will outperform soybeans and is cautious about aluminium markets. The California-based fund management group, which manages $1.5 trillion of assets, or more than the annual output of the Australian economy, uses commodities to protect against inflation. There is typically a close relationship between the value of natural resources and inflation over time. "We think that soybean prices will decline versus the prices of corn based on our valuations and the fact that we''ll probably see a really big switch of acreage in soybean planting in the U.S. this year," Nic Johnson, portfolio manager of Pimco''s $12 billion commodity fund, told Reuters in an interview. In December, the U.S. Department of Agriculture forecast a reduction of 4.5 million planted corn acres for 2017. California-based Johnson said PIMCO was broadly neutral on commodities, but flagged potential price volatility should a border tax adjustment policy floated by Republicans in the United States go ahead. "We think commodity prices outside the U.S. could go down and commodity prices within the U.S. could go up," said Johnson, seeing a potential decline in prices of global oil LCOc1 versus U.S. crude CLc1. A border tax adjustment would likely increase the cost of imports into the U.S. and could encourage domestic production of natural resources. The portfolio manager said the fund "likes" iron ore but is cautious on aluminium markets. Iron ore prices MYSTL-RIIOI-IMP have surged 74 percent since October last year. Aluminium prices MAL3 remain subdued due to a glut of supply, mainly out of China. (Reporting by Cecile Lefort; Editing by Joseph Radford) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-pimco-commodities-idUKKBN15P09K'|'2017-02-10T09:46:00.000+02:00'
'eed37f4c6db1a33c7e933f88ed0de6f905cbcb4a'|'Copper jumps on trader talk of force majeure at Escondida'|' 17pm GMT Copper jumps on trader talk of force majeure at Escondida A sign adorns the building where mining company BHP Billiton has their office in Perth, Western Australia, November 19, 2015. REUTERS/David Gray/File photo LONDON Copper prices on the London Metal Exchange jumped on Friday to their highest level since June 2015, on talk of BHP Billiton ( BLT.L ) ( BHP.AX ) declaring force majeure on shipments from its Escondida mine in Chile, traders said. Benchmark copper CMCU3 rose 4 percent to a session high of $6,056 a tonne. It was trading at $6,042 a tonne at 1451 GMT. A BHP spokesman said he was unable to immediately confirm that force majeure had been declared. (Reporting by Peter Hobson and Pratima Desai)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-copper-escondida-bhp-idUKKBN15P1VT'|'2017-02-10T22:17:00.000+02:00'
'1cd2dac3f611fb3b180b00c3f50acabe36182edc'|'Former Rolls-Royce CEO Rose questioned in bribery investigation - source'|'Money News - Fri Feb 10, 2017 - 6:29pm IST Former Rolls-Royce CEO Rose questioned in bribery investigation - source LONDON Britain''s Serious Fraud Office (SFO) questioned former Rolls-Royce chief executive John Rose in a bribery investigation the company settled last month, a person familiar with the matter said, confirming a Financial Times report. Legal firm WilmerHale, which is representing Rose, declined to comment. The SFO and Rolls-Royce also declined to comment. The newspaper said Rose, who was chief executive from 1996 to 2011, was one of many former Rolls-Royce executives questioned under caution in the investigation, which was the largest ever undertaken by the SFO. Rolls-Royce agreed to pay 671 million pounds ($837 million) to settle the lengthy case last month, drawing a line under investigations by British, U.S. and Brazilian authorities into alleged criminal conduct spanning three decades. Judge Brian Leveson said at the time that the investigation had uncovered "the most serious breaches of criminal law in the areas of bribery and corruption, some of which implicated senior management". Leveson said the investigation into the conduct of individuals continued. ($1 = 0.8020 pounds) (Reporting by Paul Sandle; editing by Susan Thomas) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/rolls-royce-hldg-corruption-rose-idINKBN15P1J3'|'2017-02-10T19:59:00.000+02:00'
'902dd06e8374746acf9d60c29cfed36a9f4f3ff1'|'Toymaker Hasbro''s quarterly sales rise 11.2 percent'|'Business News - Mon Feb 6, 2017 - 12:04pm GMT Toymaker Hasbro''s quarterly sales rise 11.2 percent Disney Princess Royal Shimmer Dolls are seen in this undated handout photo provided by Hasbro. REUTERS/Hasbro/Handout via Reuters Hasbro Inc ( HAS.O ) reported an 11.2 percent rise in quarterly revenue on Monday, helped by strong demand for its Disney Princess and Frozen dolls in the all-important holiday selling season in the United States. Net income attributable to Hasbro rose to $192.73 million, or $1.52 per share, in the fourth quarter ended Dec. 25, from $175.76 million, or $1.39 per share, a year earlier. The Pawtucket, Rhode Island-based company''s revenue rose to $1.63 billion from $1.47 billion. (Reporting by Gayathree Ganesan in Bengaluru; Editing by Martina D''Couto) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-hasbro-results-idUKKBN15L1AO'|'2017-02-06T19:04:00.000+02:00'
'57954ba294e4b6a3c3c184570a5c8825bcabb744'|'Channeling Steve Jobs, Apple seeks design perfection at new spaceship campus'|'By Julia Love - SAN FRANCISCO SAN FRANCISCO Inside the original Macintosh computer, Apple co-founder Steve Jobs inscribed the signatures of his team, revealing his deep concern for even the hidden features of his products.His last work <20> Apple Inc''s ( AAPL.O ) sprawling new headquarters in Cupertino, Calif. - will be a fitting tribute: a futuristic campus built with astonishing attention to detail. From the arrangement of electrical wiring to the finish of a hidden pipe, no aspect of the 2.8 million-square-foot main building has been too small to attract scrutiny.But constructing a building as flawless as a hand-held device is no easy feat, according interviews with nearly two dozen current and former workers on the project, most of whom would not be named because they signed non-disclosure agreements.Since Apple unveiled its plans in 2011, the move-in date has slowly receded: Jobs'' initial projection was 2015, but this spring now seems most likely, according to people involved in the project. A lengthy approval process with the city contributed to the delay.Apple has not revealed the total price tag, but former project managers estimate it at about $5 billion - a figure CEO Tim Cook did not dispute in a 2015 TV interview. More than $1 billion was allocated for the interior of the main building alone, according to a former construction manager.For all the time and money sunk into the project, some in the architecture community question whether Apple has focused on the right ends. The campus is something of an exception to the trend of radically open offices aimed at fostering collaboration, said Louise Mozingo, a professor and chair of the Department of Landscape Architecture and Environmental Planning at U.C. Berkeley. Its central office building <20> a massive ring of glass frequently likened to a spaceship <20> could be a challenge just to navigate, she noted."It''s not about maximizing the productivity of the office space, it''s about creating a symbolic center for this global company," she said. <20>They are creating an icon.<2E>An Apple spokeswoman declined to comment for this story.WORLD''S LARGEST PIECE OF CURVED GLASSTech companies have long favored generic office parks, which allow them to lease and shed space through booms and busts. Jobs<62> unveiling of what''s formally known as Apple Campus 2, months before his death, marked a new chapter in Silicon Valley architecture.When completed, the campus will house up to 14,200 employees, according to the 2013 project description. The main building <20> which boasts the world''s largest piece of curved glass <20> will be surrounded by a lush canopy of thousands of trees. Little remains from the cement-laden campus Apple acquired from Hewlett-Packard, though the iPhone maker preserved a century-old barn that remained intact as the land passed from tech giant to tech giant.But what was most striking to those who worked on the project was Apple managers'' insistence on treating the construction of the vast complex the same way they approach the design of pocket-sized electronics.Apple''s in-house construction team enforced many rules: No vents or pipes could be reflected in the glass. Guidelines for the special wood used frequently throughout the building ran to some 30 pages.Tolerances, the distance materials may deviate from desired measurements, were a particular focus. On many projects, the standard is 1/8 of an inch at best; Apple often demanded far less, even for hidden surfaces.The company''s keen design sense enhanced the project, but its expectations sometimes clashed with construction realities, a former architect said."With phones, you can build to very, very minute tolerances," he said. "You would never design to that level of tolerance on a building. Your doors would jam."The project, which generated about 13,000 full-time construction jobs, took a toll on contractors. The original general contractors, Skanska USA and DPR Construction, left after work b
'bc44bf76407556499394ae21a0c0327e7c594d4f'|'AIRSHOW-Boeing eyes more Indian orders with new business unit'|'Company News  12am EST AIRSHOW-Boeing eyes more Indian orders with new business unit (Adds comments from industry sources, background) By Tommy Wilkes NEW DELHI Feb 10 Boeing''s new Indian unit will help the company win more business from local customers and mean more employment in the South Asian country, the head of the U.S. defence firm''s Indian business said on Friday. The new legal entity, announced this week, is the fourth separate country-specific business Boeing has established after setting up similar structures in Britain, Australia and Saudi Arabia. Boeing will hire more staff, most of them locals, but also bring in specialists from overseas as it looks to win new deals and grow the $500 million a year worth of products it currently sources from India, Boeing India President Pratyush Kumar told Reuters. He declined to say how many new jobs would be created. "This is to really create the full ecosystem throughout the lifecycle for our customers in India," he said ahead of an Indian airshow in Bengaluru next week. Kumar said the new entity, which Boeing hopes will also grow its manufacturing presence in the country, was designed for its Indian clients rather than those overseas. "In order to support U.S. exports, we need to better support our Indian customers," he said. ''MADE IN INDIA'' DILEMMA Boeing, as well as rivals such as Europe''s Airbus and Lockheed Martin of the United States, are looking to India, one of the world''s largest arms importers, as a future source of growth as Western countries trim defence budgets. India is expected to spend $250 billion over the next decade to modernise its armed forces, but Prime Minister Narendra Modi has also said new deals must involve a share of local production to help the country grow its nascent defence industry. Industry sources say U.S. manufacturers are still uncertain how to square the "Made in India" policy with U.S. President Donald Trump''s "America First" rhetoric against locating jobs abroad. Trump has criticised U.S. companies that have moved manufacturing overseas and which then sell their products back to the United States. Boeing''s Indian unit is expected to be scaled in such a way that it reflects the amount of business Boeing wins there. Lockheed Martin said this week it wanted to push ahead with plans to move production of its F-16 combat jets to India, but understood Trump''s administration might want to take a "fresh look" at the proposal. Boeing has won several deals with India in recent years, including a roughly $2.5 billion contract to supply its Chinook and Apache helicopters, as well as an order for its P-8I maritime spy planes. It also has a joint venture with Tata Advanced Systems in aerospace. Kumar said Boeing was studying a recent request for information issued last month by the Indian Navy for 57 multi-role fighter jets for its aircraft carriers, and analysts expect it to pitch its F/A-18 Super Hornet planes. Industry sources say any deal would most likely depend on Boeing agreeing to build at least part of the jets in India. (Additional reporting by Tim Hepher; Editing by Stephen Coates and Mark Potter) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/airshow-india-boeing-idUSL4N1FV3SD'|'2017-02-10T18:12:00.000+02:00'
'225ccab576cbffa58adf9d68a92b0c61c27cf04a'|'UPDATE 1-Brazil limits Fies student loan program to improve finances'|'Company News  41pm EST UPDATE 1-Brazil limits Fies student loan program to improve finances (Adds details throughout, interview quote) By Ana Mano SAO PAULO Feb 6 Brazil''s Education Ministry has vowed to cut subsidies to a federal student loan program known as Fies as the government seeks to make it fiscally sustainable over the long run. The government will reduce the ceiling for Fies loans to 30,000 reais ($9,635) per student per semester, down from 42,000 reais, Education Minister Jos<6F> Mendon<6F>a Bezerra Filho said in a statement with Mansueto de Almeida Junior, economics affairs secretary at the Finance Ministry. The annual budget for the Fies program is 20 billion reais ($6.42 billion), the officials said. However, the "fiscal cost" associated with the Fies is 9 billion reais a year, or nearly half of the budgeted amount, representing costs incurred from subsidized interest rates and delinquency-related losses, the officials said. The government estimates about 30 percent of the students have defaulted on their Fies loans. That level could be even higher as students enrolled in 2014, when the number of Fies contracts peaked to 731,000 contracts, will only start repaying their loans in 2018, the officials said in a press conference in Bras<61>lia. Currently, there are 2.5 million active Fies contracts, according to Education Ministry data. The Education Ministry has pledged to offer some 150,000 new Fies contracts for students enrolling in the first semester of 2017, the officials said. This is roughly the same as in the first half of 2016, they said. "This is bad news for the sector," said an executive at one of Brazil''s for-profit education firms, who is concerned the government will not meet its goal of extending 150,000 new loans. Last year, the government of former President Dilma Rousseff said it would offer 250,000 Fies loans in the first semester, but only 150,000 students actually received the credit. Other measures to reform the Fies program will be announced by end-March, the officials said. ($1 = 3.1137 reais) (Reporting by Cesar Raizer; Writing by Ana Mano; Editing by Daniel Flynn and Cynthia Osterman) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brazil-education-idUSL1N1FR1E2'|'2017-02-07T05:41:00.000+02:00'
'9a66dedfa0fb553a8f40afa9eb5b78d627218f76'|'GfK says Michael Dell raises stake to 9.8 pct'|'Deals  59am EST GfK says Michael Dell raises stake to 9.8 pct Michael Dell, chief executive of Dell Inc, delivers his keynote speech at the All Things Oracle OpenWorld Summit in San Francisco, California September 25, 2013. REUTERS/Jana Asenbrennerova FRANKFURT German research firm GfK ( GFKG.DE ) said on Tuesday that Michael Dell, founder of the personal computer firm, had bought a 9.8 percent stake in the company. GfK, which is in the process of being bought by KKR ( KKR.N ) in a deal valuing the company at 1.69 billion euros ($1.80 billion), said in a regulatory statement that the multi-billionaire had raised his stake from 6.45 percent last week. The disclosure comes only days before a deadline for shareholders to tender their shares for the 43.50 euro per share offer from KKR expires on Feb. 10 at 2300 GMT. As part of the deal, majority shareholder GfK Verein will hold on to its 56.46 percent stake. KKR has said its offer is conditional to a least 18.54 percent of GfK shares accepting the offer. Separately on Monday investment fund Primestone Capital has raised its stake in to 5 percent from 3.21 percent. ($1 = 0.9372 euros) (Reporting by Harro ten Wolde; Editing by Edward Taylor) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-gfk-m-a-dell-idUSKBN15M1K0'|'2017-02-07T20:56:00.000+02:00'
'5b8a66e41d52f111384edad6960abdf3bdb3985f'|'Morocco threatens to cut EU ties if farm deal founders'|'Money   7:56pm IST Morocco threatens to cut EU ties if farm deal founders By Aziz El Yaakoubi - RABAT RABAT Morocco''s government said on Monday it would end economic cooperation with the European Union if the bloc does not honour a farming deal, weeks after an EU court ruled that trade accords do not apply to the disputed Western Sahara region. In a statement to MAP state news agency, the agriculture ministry said the EU should resist any attempts to block Moroccan products entering into the European market but did not explain why the pact might be at risk. "In the absence of a frank commitment from the European Union, Morocco will have to make a decisive choice whether to continue with EU trade or to undo it without looking back, and focus on building new trade routes," the ministry said. The European Court of Justice ruled in December that deals involving trade of agricultural products, processed agricultural products and fisheries between the EU and Morocco did not apply to Western Sahara. The ruling was claimed as a victory by the Polisario group seeking independence for Western Sahara, which Morocco calls its own. Last month, Polisario sought to have the EU apply the ruling to block a shipment of fish oil to a French port from the territory. Rabat had said the European court ruling would not impact current trade deals in any way. The agriculture ministry said on Monday that current agreements with EU ensured thousands of jobs and could trigger migrant flows if their implementation fails. An EU diplomatic source told Reuters the ministry''s statement came after Energy Commissioner Miguel Arias Canete referred in a written reply to a question in the EU parliament to the "separate and distinct" status of Western Sahara. Moroccan agriculture minister Aziz Akhannouch said Monday''s statement was not a response to Canete''s remarks, but that his comments reflected an attitude seen within EU institutions. "It is about what the European court decision means," the minister told Reuters by telephone. "For Morocco it means the deals should be implemented like they have been since their signature." Akhannouch said European officials have not yet started official talks on the meaning of the ruling but that Morocco has been preparing for its potential effects. "We are reasonable people, we know that we need Europe and Europe needs us. But we want them to see all the efforts Morocco does to make the partnership work," he said. Without going into details of the trade deals, the court had signalled some EU fisheries in disputed coastal waters would be in violation of the ruling. It said agreements signed with Morocco could not include Western Saharan resources because the region''s inhabitants had not agreed to that. Western Sahara, which has significant phosphate reserves and offshore fishing, has been contested since 1975 when Spain, the former colonial power, withdrew. Morocco fought a 16-year war with Polisario, which established a self-declared Sahrawi Arab Democratic Republic. A 1991 ceasefire was meant to be followed by a U.N.-backed referendum on self-determination including the question of independence. The vote has never happened mainly because of disagreements on who could take part and Morocco since 2006 has promoted its own autonomy proposal. The two sides often engage in diplomatic sparring but tensions on the ground have also increased since August last year, when UN peacekeepers were forced to deploy after Morocco forces and a Polisario unit faced off in a buffer zone between Morocco-controlled area and territory held by Polisario. Last month, Morocco rejoined the African Union, having left decades ago because it had allowed Polisario recognition. Analysts expect Morocco to try use its position inside the AU to promote its own autonomy plan for Western Sahara against Polisario. (Reporting by Aziz El Yaakoubi; Writing by Patrick Markey; Editing by Catherine Evans) Next In Money News'|'reuters.com'|'http://feeds.reute
'5042bb5eaa08ff74481d66a17d220ff68cb0577c'|'BRIEF-Paradice Investment Management reports 5.1 percent passive stake in Crawford & Co as of December 31, 2016'|' 19pm EST BRIEF-Paradice Investment Management reports 5.1 percent passive stake in Crawford & Co as of December 31, 2016 Feb 6 Paradice Investment Management * Paradice Investment Management reports 5.1 percent passive stake in Crawford & Co as of December 31, 2016- SEC filing Source text for Eikon:    '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1FR0T9'|'2017-02-07T02:19:00.000+02:00'
'3a14e7de0d6e46ea50d0b37c0d079bc4e69c26bd'|'Trump''s actions weigh on euro zone investor morale - Sentix'|'Business News - Mon Feb 6, 2017 - 9:53am GMT Trump''s actions weigh on euro zone investor morale - Sentix U.S. President Donald Trump applauses as a marching band performs while he arrives at Trump International Golf club to watch the Super Bowl LI between New England Patriots and Atlanta Falcons in West Palm Beach, Florida, U.S., February 5, 2017. REUTERS/Carlos Barria BERLIN Feb 6 Investor sentiment in the euro zone deteriorated slightly in February due to concerns that U.S. President Donald Trump''s policy course will weigh on the global economy, a survey showed on Monday. The Sentix euro zone index fell to 17.4 points from January''s 18.2. The February reading from the Frankfurt-based research group was exactly in line with the consensus forecast in a Reuters poll of analysts. EUSTCS=ECI "Investors are reacting to Donald Trump''s first official acts and see in these a burden for the global economy," Sentix said in a statement. Investors viewed the euro zone''s current conditions more favourably, with a sub-index rising in February to 20.5 - the highest since May 2011 - from 16.5 in January. Expectations for economic developments in the euro zone deteriorated, slipping to 14.3 from 20.0. Sentix noted, however, that the February expectations reading was still above December''s reading of 11.8. An index tracking Germany, the euro zone''s largest economy, fell to 31.3 in February from 33.1 in January. Trump has said the European Union has become a "vehicle" for German interests and predicts that more member states would leave the bloc as Britain did last June. Trump has also warned German car companies that he would impose a border tax of 35 percent on vehicles imported to the U.S. market. His top trade adviser has accused Germany of using a "grossly undervalued" euro to gain advantage over the United States and its own EU partners. Sentix polled 1,107 investors between Feb. 2 and Feb. 4. (Writing by Paul Carrel; Editing by Ruth Pitchford) ((paul.carrel@thomsonreuters.com; ; +49 30 2888 5216; Reuters Messaging: Reuters Messaging:'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eurozone-economy-sentix-idUKKBN15L0XA'|'2017-02-06T16:53:00.000+02:00'
'16f04f349da76c1f878b03533f36666da587765a'|'EU finance chief says UK faces disruption after Brexit'|'  2:00pm GMT EU finance chief says UK faces disruption after Brexit European Commission Vice-President Valdis Dombrovskis addresses a news conference at the EU Commission headquarters in Brussels, Belgium, July 27, 2016. REUTERS/Francois Lenoir LONDON Britain is likely to face some economic disruption and worse trading terms if it leaves access to the European single market when it leaves the EU in 2019, the bloc''s financial services chief said on Friday. Valdis Dombrovskis, who is also vice president of the European Commmission, said that "lots of time and energy" will be spent as negotiating new trading terms after the so-called hard Brexit flagged by British Prime Minister Theresa May. "If the UK is outside the internal market, we need to find a workable solution," Dombrovskis said at a Bloomberg event in London (Reporting by Huw Jones; Editing by David Goodman)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-trade-idUKKBN15P1P0'|'2017-02-10T21:00:00.000+02:00'
'3e87b1e9da9bde8b5c025f5bc05560a2e0240c29'|'Interpublic Group quarterly revenue rises 3.1 percent'|'Fri Feb 10, 2017 - 7:18am EST Interpublic Group quarterly revenue rises 3.1 percent Advertising firm Interpublic Group of Cos Inc ( IPG.N ) reported a 3.1 percent rise in quarterly revenue on Friday, as businesses in the United States continued to spend more on advertising. The company said net income attributable to shareholders rose to $317.6 million, or 78 cents per share, in the fourth quarter ended Dec. 31, from $260.3 million, or 63 cents per share, a year earlier. Net revenue rose to $2.26 billion from about $2.20 billion. The company also said the board approved an additional $300 million toward a share repurchase program. Excluding items, Interpublic earned 75 cents per share. (Reporting by Aishwarya Venugopal in Bengaluru; Editing by Martina D''Couto) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-interpublic-grp-results-idUSKBN15P1F4'|'2017-02-10T19:10:00.000+02:00'
'5f7283786d4777716b0e40f4b67c1224dca9af60'|'Connect Group to sell education & care business to RM for 56.5 million pounds'|'Business News - Tue Feb 7, 2017 - 8:27am GMT Connect Group to sell education & care business to RM for 56.5 million pounds Connect Group Plc ( CNCTC.L ), a newspaper distributor and parcel delivery company, said it would sell its education and care business to RM Plc ( RM.L ) for about 56.5 million pounds ($70.3 million) in cash. Connect Group, which also delivers books and stationery to schools, said RM would assume responsibility for the defined benefit pension schemes within the business, which had a balance sheet deficit of 7.9 million pounds at Aug. 31, 2016. The group will continue to focus on growth opportunities within News & Media and Parcel Freight businesses, it said in a statement. ($1 = 0.8041 pounds) (Reporting by Sanjeeban Sarkar in Bengaluru; Editing by Gopakumar Warrier) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-connect-grp-divestiture-rm-idUKKBN15M0P1'|'2017-02-07T15:27:00.000+02:00'
'01690781161d2e817d2d4807c64f0bbe9bf4b277'|'Israel''s Delek agrees to buy Canada''s Ithaca Energy'|'Deals  35am GMT Israel''s Delek agrees to buy Canada''s Ithaca Energy A Delek petrol station is seen near the southern city of Ashdod July 27, 2011. REUTERS/Amir Cohen Israel''s Delek Group ( DLEKG.TA ) said it had offered $524 million for the 80 percent of shares in Canadian oil producer Ithaca Energy Inc ( IAE.TO ) it does not already own in an agreed takeover bid. North Sea producer Ithaca said its board had recommended the Israeli conglomerate''s cash offer of C$1.95 per share. The offer, which represents a premium of about 12 percent to Ithaca''s closing price of C$1.74 on Friday, implies an enterprise value of about $1.24 billion, Ithaca said. Delek, with natural gas exploration and production activities in the eastern Mediterranean, already owns 19.7 percent of Ithaca. The bid values the entire company at $646 million. (Reporting by Noor Zainab Hussain in Bengaluru and Tova Cohen in Jerusalem; Editing by Adrian Croft) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-ithaca-energy-m-a-delek-group-idUKKBN15L0QO'|'2017-02-06T15:30:00.000+02:00'
'b9b69deed3c346e0cff36860286b79588de162d5'|'BRIEF-Karsten Energy announces shares transferred to NEX'|' 10am EST BRIEF-Karsten Energy announces shares transferred to NEX Feb 6 (Reuters) - * Karsten Energy announces shares transferred to NEX Source text for Eikon:   * Cytori Therapeutics - FDA division of industry consumer education (DICE) has granted small business status to cytori therapeutics for fiscal year 2017   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/idUSFWN1FR0MF'|'2017-02-06T21:10:00.000+02:00'
'1f16cfa193416f1c55fe47e5e7c6561471a20a5e'|'Russia rating to stay in junk for ''for a year or two at least'' - S'|'Business News - Mon Feb 6, 2017 - 4:47pm GMT Russia rating to stay in junk for ''for a year or two at least'' - S&P FILE PHOTO: A shop assistant (L) counts Russian rouble banknotes as customers gather at a store selling Apple products during the launch of the new iPhone 7 sales at the State Department Store, GUM, in central Moscow, Russia, September 23, 2016. REUTERS/Sergei Karpukhin/File Photo LONDON Russia''s sovereign credit rating will likely remain in junk territory for "a year or two at least", the S&P Global agency said on Monday. The agency rates Russia at BB+, one notch below investment-grade, with a stable outlook. "We think the rating will remain for a year or two, at least, in the non-investment grade world," Moritz Kraemer, S&P''s head of sovereign ratings, told Reuters. "Russia has the long-entrenched problem of a lack of economic dynamism and diversification. It also has a shrinking population which makes the growth potential even less and what has saved the fiscal account recently is a more substantial recovery of the oil price." Russian assets have rallied in recent months on expectations that President Donald Trump, who has pledged to improve ties with Russia''s Vladimir Putin, will roll back at least some of the sanctions imposed after the Kremlin''s 2014 annexation of Ukraine''s Crimea region. But Kraemer said "it was too early to tell" how the sanctions issue would pan out, and did not see it having a major impact on the rating. "It (the U.S.) is not that critical economically (for Russia) as it would be if the EU changed its sanctions regime on Russia because trade is just much larger with the EU," Kraemer added. (Reporting by John Geddie; editing by Sujata Rao) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-russia-rating-s-p-idUKKBN15L1YY'|'2017-02-06T23:47:00.000+02:00'
'c10050ebec36d2cf969854e809bdbe4a694cc93d'|'Sir Andrew nears his last Glaxo goodbye - Business'|'S o it<69>s farewell to Sir Andrew Witty, the boss of pharma group GlaxoSmithKline and one of the few businesses knights who hasn<73>t disgraced himself enough to have a campaign to strip him of his title.He<48>s been on one of those long City goodbyes where he announces he<68>s off but then stays for a lap of honour, and this week is the final time we will hear Glaxo<78>s full-year results with Witty at the helm.It may be a decent time to wean himself off the attractions of the boardroom, too. Analysts at Berenberg muse: <20>Outside of the HIV business, the rest of the pharmaceuticals business is not expected to deliver much growth. However, GSK does have a deep pipeline, albeit at relatively early stages of development.<2E>So what will Witty be remembered for? Well, in development circles it will surely be his lauded decision to slash GSK<53>s prices in the poorest countries to no more than 25% of the UK price.Yet others may recollect different events, including the company getting whacked with a <20>1.9bn fine in the US in 2012, after admitting bribing doctors <20> plus that memorable scandal shortly afterwards involving a GSK executive in Asia, a sex tape and favours given to Chinese doctors for using GSK products. Witty described the latter as <20>a disappointment<6E>.Three-decade fortune-telling? Thanks, PwC There<72>s an old City joke about a long-term investment merely being a short-term one that went wrong.It may be a bit of a stretch to adapt that crack to economic forecasting, but no matter: the dismal scientists are hardly in a position to complain about a touch of cavalier extrapolation.Anyway, last week saw the latest press conference at which the Bank of England<6E>s finest had to admit that Threadneedle Street had made a complete Horlicks of its economic predictions. (For what it<69>s worth, UK growth is now expected to be 2% this year rather than 1.4%.)Undeterred, another bunch of economists at the accountancy firm PwC will this week publish an even more ambitious piece of economic crystal-ball gazing, when they publish research that attempts to predict the GDPs of the world<6C>s richest nations, er, 33 years from now.Their report, The World in 2050, could be one of three things: (a) an incredible triumph of hope over experience (confidence ranking high); (b) a fantastic piece of self-satire (less probable); or (c) a forlorn attempt to guess economic conditions that evening at 10 minutes to nine.Respect, integrity, and another day in court It<49>s a controversial thought, but sometimes you do have to love Barclays <20> the lender that routinely tells gags that make itself the butt of the joke.It called itself the <20>go to<74> bank <20> and then became the place that financial regulators would go to when they needed to trouser a large fine. It then memorably placed in the foyer of its headquarters a series of perspex blocks emblazoned with the words <20>respect, integrity, service, excellence, stewardship<69> <20> so, say what you want about them, but Barclays bankers do not want for a sense of irony.Anyway, if those ridiculous blocks aren<65>t good enough for you, Barclays has others it can deploy.It was called to the high court on Friday because it had blocked access to documents relating to its legal battle with financier Amanda Staveley. (She<68>s arguing the many millions she was paid for helping save the bank from a taxpayer bailout should have been more. They say she<68>s talking nonsense.)Mr Justice Leggatt was called in to referee, and he took the view that Barclays was being <20>wholly unreasonable and obstructive<76> to make Staveley wait, when it was demanding other documents itself.The outcome? The documents will need to be handed over to Staveley tomorrow. Developing.'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/feb/05/sir-andrew-witty-last-glaxo-goodbye'|'2017-02-05T14:00:00.000+02:00'
'91b3233e484b01c4b68d719f98bf46b27419d074'|'Qatar Airways flight from New Zealand to be longest by flying time'|'Business News - Sun Feb 5, 2017 - 8:16am GMT Qatar Airways flight from New Zealand to be longest by flying time A Qatar Airways flight stewardess shows the airline''s new business class seat during the Arabian Travel Market exhibition in Dubai May 6, 2013. Qatar Airways had to forego $200 million in lost revenue up until April 2013 because of the grounding of Boeing''s 787 planes, the... REUTERS/Ahmed Jadallah (UNITED ARAB EMIRATES - Tags: TRANSPORT BUSINESS) - RTXZCC3 DUBAI Qatar Airways launched its first service to Auckland, New Zealand on Sunday with the return leg set to be the longest scheduled commercial flight by flying time, according to the airline''s website. Flight QR920 departed Doha''s Hamed International Airport, a spokeswoman confirmed, and was scheduled to arrive in Auckland on Monday at 0730 local time (1830 GMT). The flight was expected to take 16 hours and 20 minutes and the return service, taking 17 hours and 30 minutes, would be the world''s longest, according to flight tracking website flightradar24. Qatar Airways is using a Boeing ( BA.N ) 777 on the 14,534 kilometre (9,031 mile) flight, its first service to New Zealand, it said. Improvements in technology over the last decade have allowed more efficient fuel use, encouraging longer flights. The previous record for the world''s longest scheduled flight by flying time was held by fellow Gulf carrier Emirates [EMIRA.UL], which launched direct flights to Auckland from Dubai in March 2016. Air India [AIN.UL] has a longer flight by distance, spanning 15,298 kilometres from Delhi to San Francisco; this takes 14 hours and 30 minutes, according to the Times of India. Singapore Airlines ( SIAL.SI ) may regain the top spot when it resumes non-stop flights to New York with an ultra-long distance variant of the Airbus A350 as soon as 2018. It has said the New York service, at around 19 hours, will start in 2018. (Reporting by Alexander Cornwell; editing by Andrew Torchia and Jason Neely) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-qatar-airlines-idUKKBN15K07U'|'2017-02-05T15:16:00.000+02:00'
'459ecca45a00cb4345701989e6cf2238b6d835cd'|'Deutsche Bank investment banking head Urwin in talks to leave - WSJ'|' 53pm GMT Deutsche Bank investment banking head Urwin in talks to leave - WSJ The head quarters of Germany''s Deutsche Bank are photographed early evening in Frankfurt, Germany, January 31, 2017. REUTERS/Kai Pfaffenbach Deutsche Bank AG''s ( DBKGn.DE ) investment banking chief Jeffrey Urwin is in talks to leave the role, and the bank is in discussions to name finance chief Marcus Schenck to run the unit, the Wall Street Journal reported, citing   The bank hired Urwin, a Briton, in February 2016 from JP Morgan ( JPM.N ), where he co-headed the global banking division. Deutsche Bank declined to comment on the report. ( on.wsj.com/2lhcgiH ) (Reporting by Rama Venkat Raman in Bengaluru; Editing by Cynthia Osterman)   Euro exchange rate determined by market processes, monetary policy - Weidmann BERLIN The euro exchange rate is determined by market processes and is influenced by factors such as U.S. and European monetary policy, ECB policymaker Jens Weidmann said on Tuesday, responding to criticism from a trade adviser of U.S. President Donald Trump.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-deutsche-bank-moves-urwin-idUKKBN15M2F4'|'2017-02-08T03:53:00.000+02:00'
'cb6653c3d20c75582c6bfb7843e4096b3421bce8'|'Brazil''s Ita<74> beats profit estimates as provisions fall'|'Company News - Tue Feb 7, 2017 - 4:27am EST Brazil''s Ita<74> beats profit estimates as provisions fall SAO PAULO Feb 7 Ita<74> Unibanco Holding SA beat fourth-quarter profit estimates on Tuesday as declining loan defaults and stronger interest and fee income allowed Brazil''s No. 1 bank by market value to trim loan-loss provisions. Recurring net income, a measure of profit excluding one-time items, rose 4 percent from the third quarter to 5.817 billion reais ($1.87 billion) and topped an average analysts consensus estimate of 5.762 billion reais compiled by Thomson Reuters. ($1 = 3.1150 reais) (Reporting by Guillermo Parra-Bernal; editing by Jason Neely) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/itau-unibco-hldg-results-idUSS0N15302Y'|'2017-02-07T16:27:00.000+02:00'
'13f378caab5b66eeeb22220792781b6d0125378d'|'EMERGING MARKETS-Brazil stocks fall; Kroton, Est<73>cio slump on regulatory scrutiny'|'Company News  10pm EST EMERGING MARKETS-Brazil stocks fall; Kroton, Est<73>cio slump on regulatory scrutiny (Updates text, prices) By Bruno Federowski SAO PAULO, Feb 6 Brazilian stocks fell on Monday, with shares of education companies Est<73>cio Participa<70><61>es SA and Kroton Educacional SA slumping on regulatory scrutiny over a proposed tie-in. After the market close on Friday, technical staff in the office of antitrust agency Cade''s superintendent-general said the deal would spur "monopolies in several markets," referring to the on-site and distance-learning segments. Common shares in Kroton and Est<73>cio both fell more than 2 percent on Brazil''s benchmark Bovespa stock index. Losses in the index were limited, however, by a rebound in shares of Braskem SA, after state-run oil company Petroleo Brasileiro SA denied late on Friday that it was challenging a corruption settlement in the U.S. court. Preferred shares in Braskem rose 1.5 percent, paring back a 3.8 percent drop in the previous trading day. The Brazilian real was nearly flat, while the Mexican peso weakened nearly 1 percent with local markets closed for a holiday. The prospect of capital inflows related to recent corporate debt issuances and expectations that U.S. interest rates will rise only gradually have kept the real near the strongest since October. Wider emerging market currencies had firmed earlier in the day following solid Chinese services sector data and disappointing U.S. wage growth figures. Key Latin American stock indexes and currencies at 2100 GMT: Stock indexes daily % YTD % Latest change change MSCI Emerging 922.99 0.45 7.04 Markets MSCI LatAm 2531.75 -1.30 8.16 Brazil Bovespa 63992.93 -1.48 6.25 Mexico IPC 47225.10 0.28 3.47 Chile IPSA 4247.17 -0.35 2.31 Chile IGPA 21197.79 -0.32 2.24 Argentina MerVal 19248.66 0.25 13.78 Colombia IGBC 10191.06 -0.10 0.62 Venezuela IBC 28150.78 0.53 -11.21 Currencies daily % YTD % change change Latest Brazil real 3.1245 0.04 3.99 Mexico peso 20.5650 -0.92 0.87 Chile peso 640.9 -0.34 4.65 Colombia peso 2851.1 -0.07 5.28 Peru sol 3.287 -0.88 3.86 (Reporting by Bruno Federowski; Editing by Bernadette Baum and Dan Grebler) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/emerging-markets-latam-idUSL1N1FR1D9'|'2017-02-07T05:10:00.000+02:00'
'c9d6a3d60847f0983c6af9f2092b6d4b84456978'|'HK''s PCCW agrees to sell British broadband unit to CK Hutchison'|'Business News - Tue Feb 7, 2017 - 3:15am GMT HK''s PCCW agrees to sell British broadband unit to CK Hutchison A man descends in an escalator at the PCCW headquarters in Hong Kong December 20, 2013. REUTERS/Bobby Yip HONG KONG Hong Kong''s PCCW Ltd ( 0008.HK ) has agreed to sell its British broadband internet business to compatriot CK Hutchison Holdings Ltd ( 0001.HK ) for 300 million pounds ($374.25 million), to focus on its media and solutions divisions as well as its free TV service. PCCW will sell UK Broadband Ltd to Hutchison 3G UK Ltd in a deal that it expects will generate a gain of HK$1.3 billion ($167.59 million), the telecommunications group said in a filing to Hong Kong''s stock exchange late on Monday. CK Hutchison did not immediately respond to a request for comment. UK Broadband sells broadband services under the "Relish" brand via fixed wireless networks. It holds licences for radio frequency spectrum. PCCW''s share price rose as much as 2.3 percent on Tuesday to HK$4.85, its highest since Oct. 6. CK Hutchsion stock gained 0.3 percent, while the benchmark index .HSI rose 0.03 percent. (Reporting by Donny Kwok; Editing by Christopher Cushing) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-pccw-ckh-holdings-idUKKBN15M07N'|'2017-02-07T10:15:00.000+02:00'
'6a83ea3e957681fb8478f88cbee41a71d569ac96'|'BNP Paribas ups profitability target, raises dividend payout rate'|'  BNP Paribas ups profitability target, raises dividend payout rate The logo of the French bank BNP Paribas is seen in Paris, France, February 6, 2017. REUTERS/Jacky Naegelen PARIS BNP Paribas ( BNPP.PA ) set out plans on Tuesday to deliver an increased dividend payout and an improved return on equity by 2020, hoping that headwinds it faces, such as low interest rates and regulatory pressures, would ease by then. BNP has been rebounding from a costly 2014 U.S. legal settlement, reshuffling its top ranks to tighten control and restore investor confidence. Its new targets are for a 6.5 percent annual rise in net income on average over the next three years, a 50 percent dividend payout versus 45 percent in 2016, and an improved return on equity (ROE) of 10 percent, the bank said. Its ROE <20> a measure that shows how well a bank uses shareholder money to generate profit <20> was 9.4 percent in 2016, within the 9 to 10 percent range that analysts see as necessary to cover a bank''s cost of capital. BNP''s plan is based on "conservative macroeconomic assumptions" and factors in regulatory constraints which would continue to grow in the current Basel 3 framework, it said. "Headwinds will continue to be strong at the beginning of the period before letting up in 2019-2020," the bank said. It said its "transformation costs" would stand at 3 billion euros in 2017-2019, which would be financed by 3.4 billion in savings over the same period. However, a part of the costs would be paid upfront, which should delay somewhat the benefits of cost synergies. BNP, one of euro zone''s biggest banks, reported on Tuesday as well a lower than expected rise in the fourth-quarter net profit, weighed by a goodwill impairment for its Polish unit BGZ. BNP Paribas'' fourth-quarter net income rose to 1.44 billion euros ($1.5 billion), more than doubling from 665 million a year ago, although the result came in below the average of analyst estimates of 1.50 billion in a Reuters poll. Group revenues rose 2 percent to 10.66 billion euros, above the poll average of 10.48 billion, as a surge in trading activity helped corporate and institutional banking revenues rise by 8 percent. BNP Paribas shares have outperformed the European banking sector, up more than 50 percent since February last year .SX7P, helped by resilient earnings, talk of growing market share on the back of retreating rivals and improving capital ratios. BNP Paribas'' results were published on its website. ($1 = 0.9337 euros) (Reporting by Maya Nikolaeva and Julien Ponthus; Editing by Sudip Kar-Gupta and Andrew Callus)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-bnp-paribas-results-idUKKBN15M0G3'|'2017-02-07T13:50:00.000+02:00'
'6d948b8a03b8e16174098da4b99d432a9a3e5455'|'Airbus strategy chief Marwan Lahoud is leaving aerospace group - source'|'Business News - Tue Feb 7, 2017 - 7:24pm GMT Airbus strategy chief Marwan Lahoud is leaving aerospace group - source Airbus Group Chief Strategy & Marketing Officer Marwan Lahoud speaks during a news conference on the aerospace group''s annual results, in London, Britain February 24, 2016. REUTERS/Hannah McKay PARIS Airbus strategy chief Marwan Lahoud is leaving the aerospace company after deciding not to renew his mandate as the company completes an internal reorganisation, a person familiar with his decision said on Tuesday. Lahoud was one of the founders of what was known as EADS in 2000 and was seen as one of the architects of corporate governance reforms which reduced the role of French and German governments in 2013. Lahoud indicated at the end of 2016 that he wanted to change direction after a long period at Airbus and concluded that his role was no longer necessary after an internal merger between Airbus and its parent group, the person said, asking not to be identified. Airbus said it had no immediate comment on Lahoud''s decision, which was first reported by La Tribune online newspaper. (Reporting by Tim Hepher; Editing by Michel Rose) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-airbus-management-lahoud-idUKKBN15M29S'|'2017-02-08T02:24:00.000+02:00'
'f66d54c436b1554586760d3c82b10d036bfa4084'|'MOVES-BTIG hires former Jefferies'' execs to fixed income credit team'|'Company News - Tue Feb 7, 2017 - 2:29pm EST MOVES-BTIG hires former Jefferies'' execs to fixed income credit team Feb 7 Financial services firm BTIG LLC said on Tuesday it appointed three former executives from Jefferies Group LLC to its fixed income credit group in New York. Darren Haines joins as a managing director and co-head of fixed income credit. George Brickfield was named managing director and head of fixed income credit strategy. Michael Miele joined as director within the fixed income credit group. All three left Jefferies in 2016, BTIG said. (Reporting by Sruthi Shankar in Bengaluru) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/btig-moves-darren-haines-idUSL4N1FS4R3'|'2017-02-08T02:29:00.000+02:00'
'935003e6e46d4810062ea21acc11375ed0e9743c'|'Greece hopes for breakthrough as funding stalemate persists'|'Business News - Tue Feb 7, 2017 - 5:59pm GMT Greece hopes for breakthrough as funding stalemate persists The International Monetary Fund logo is seen inside its headquarters at the end of the IMF/World Bank annual meetings in Washington, U.S., October 9, 2016. REUTERS/Yuri Gripas By Renee Maltezou and Toby Sterling - ATHENS/AMSTERDAM ATHENS/AMSTERDAM Greece said on Tuesday it wanted a positive conclusion soon to a bailout review which would allow it to tap cheap ECB funding, as a top European official ruled out imminently extending debt relief sought by the IMF for the crisis-hit nation. Discussions between Greece, its European lenders and the International Monetary Fund on the country''s bailout obligations have dragged on for months as disagreements persist over fiscal issues, labour and energy market reforms. The IMF has sat on the sidelines of the bailout programme, Greece''s third since lurching into crisis in 2010. The Fund says it cannot participate in a programme which could keep Greece in a perpetual cycle of indebtedness that could push national borrowing to 275 percent of economic output by 2060. Jeroen Dijsselbloem, president of the Eurogroup of euro zone finance ministers, said on Tuesday that creditors would be prepared to ease further the terms of Greece''s debt repayments, but not imminently. The Eurogroup is due to discuss the issue at its next meeting on Feb. 20. "At the end of the current (bailout) programme in mid-2018 we will look again to see what''s possible and what''s necessary. But not earlier," Dijsselbloem told Dutch TV. Germany has said the present programme, which started in mid-2015 and is worth up to 86 billion euros, could end if the IMF does not participate. With no breakthrough in sight, the yield on two-year Greek government paper spiked to its highest level in more than seven months on Tuesday. Breaking the impasse would ease Greece''s inclusion in the ECB''s bond-buying stimulus programme and the release of another tranche of funds from the bailout, and facilitate Greece making a major debt repayment this summer. "A willingness by all parties to take initiatives to bridge differences, and the positive direction of the Greek economy, concur for a positive conclusion to this matter soon," Greek government spokesman Dimitris Tzanakopoulos said. Tzanakopoulos said Athens had "every reason to believe" the negotiations would be wrapped up soon given that Greece was meeting its commitments. The Washington-based Fund has repeatedly expressed doubts that a primary surplus target of 3.5 percent over 10 years which the European Union and Greece initially signed up to can be achieved without Athens resorting to further austerity or in the absence of substantial debt relief. Instead, it has suggested a less ambitious surplus target of 1.5 percent. Greece, which has had testy relations with the IMF since its first bailout in 2010, has singled out the Fund for criticism over its austerity viewpoint, rather than EU partners resisting debt relief. "The government''s position is clear and it has been expressed categorically ... our aim is to not yield to illogical demands by the International Monetary Fund, which insists on legislating precautionary (austerity) measures after the programme ends," Tzanakopoulos said. IMF debt would not be written off, meaning only Greece''s European lenders would be affected. (Writing by Michele Kambas; Editing by Catherine Evans) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eurozone-greece-spokesman-idUKKBN15M244'|'2017-02-08T00:59:00.000+02:00'
'5a5410deb00eccd145e8dda7a8fbaee76ebc71bf'|'Global automakers blame tax policy, Lunar New Year for China sales drop'|'* Ford Jan sales fall 32 pct; GM fall 24 pct* Biggest declines since at least 2015* Tax cut on small-engined vehicles rolled backBy Jake SpringBEIJING, Feb 9 China vehicle sales in January fell by the largest margin since 2015 for several global automakers, with General Motors Co and Ford Motor Co blaming the roll back of a tax cut on small-engined vehicles and the Lunar New Year holiday.Ford Motor said on Thursday that its sales fell 32 percent year-on-year, while GM said sales dropped 24 percent, making the biggest drop since the two automakers first began reporting data for retail sales of their vehicles in China in the second quarter of 2015.China''s central government raised the purchase tax on cars with engines of 1.6 litres or less to 7.5 percent this year from a special rate of 5 percent last year, a policy originally instituted to shore up sales in a weakening economy. It plans to return the rate to 10 percent in 2018."January was an unusual month with the earlier timing of the Chinese New Year holiday and the impact of the reduced tax incentive," Ford said in a statement citing Peter Fleet, head of sales for Asia Pacific. "Sales of vehicles not affected by the tax incentive were strong."China annually takes a one-week holiday for the Lunar New Year, which typically distorts sales in January and February as the dates vary each year.On Wednesday, Toyota recorded a 18.7 percent drop in January sales, its largest decline since March 2015.Nissan reported a 6.2 percent sales decline for the month, also citing seasonality and "the rush for car purchase in December 2016" before the tax policy changed.Honda, which has outstripped its US and Japanese competitors for the last two years, thanks in part to hot-selling sport-utility vehicles, said on Wednesday that sales grew 5.3 percent in January.The country''s automakers association predicts sales in China, the world''s largest auto market, will grow 5 percent this year, slowing from a 13.7 percent rise in 2016 that was achieved on the back of the tax cut.(Reporting by Jake Spring; Editing by Simon Cameron-Moore)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/gm-ford-motor-china-idINL4N1FU2KO'|'2017-02-09T04:36:00.000+02:00'
'3da72f5e72fb902773fe8730b2ecf98b77cc3135'|'Venezuela falls behind on oil-for-loan deals with China, Russia'|' 11pm GMT Venezuela falls behind on oil-for-loan deals with China, Russia FILE PHOTO: Oil workers weld a pipeline at PDVSA''s Jose Antonio Anzoategui industrial complex in the state of Anzoategui, Venezuela, April 15, 2015. REUTERS/Carlos Garcia Rawlins/File Photo By Marianna Parraga and Brian Ellsworth - HOUSTON/CARACAS HOUSTON/CARACAS Venezuela''s state-run oil company, PDVSA, has fallen months behind on shipments of crude and fuel under oil-for-loan deals with China and Russia, according to internal company documents reviewed by Reuters. The delayed shipments to such crucial political allies and trading partners - which together have extended Venezuela at least $55 billion (<28>43.9 billion) in credit - provide new insight into PDVSA''s operational failures and their crippling impact on the country''s unravelling socialist economy. Because oil accounts for almost all of Venezuela''s export revenue, PDVSA''s crisis extends to a citizenry suffering through triple-digit inflation and food shortages reminiscent of the waning days of the Soviet Union. The total worth of the late cargoes to state-run Chinese and Russian firms is about $750 million, according to a Reuters analysis of the PDVSA documents. At the end of January, PDVSA was late on nearly 10 million barrels of refined products that the company owes the firms - with shipments delayed by as much as 10 months, according to the documents. It also failed to make timely deliveries of another 3.2 million barrels of crude shipments to China''s state-run China National Petroleum Corporation (CNPC). For a graphic detailing the delayed cargoes, see: tmsnrt.rs/2keq9Kr Shipments to China and Russia are critical for PDVSA''s financial health because firms from the two countries purchase about a third of the PDVSA''s total oil and fuel exports. The administration of Venezuela president Nicolas Maduro has for years relied on credit from the two nations, particularly China, to finance infrastructure and social investment in Venezuela. PDVSA did not respond to requests for comment. Venezuela''s Petroleum Ministry declined to comment. During the decade-long oil boom that ended in 2014, Venezuela borrowed nearly $50 billion from China that it agreed to pay back in crude and fuel deliveries to state-run Chinese firms. Venezuela was the seventh largest crude supplier to China in 2016 and the largest in Latin America. Russia''s state-run Rosneft ( ROSN.MM ) lent at least $5 billion under similar arrangements, but the details of those deals have not been disclosed. Now, PDVSA is struggling to make good on those promises. A total of 45 cargoes bound for Russian and Chinese companies are late for a variety of reasons, according to internal operational reports about shipments of crude and refined products. The problems include operational mishaps, such as refining outages and delayed cleaning of tanker hulls, and financial disputes with service providers owed money by PDVSA. The backlog of delayed or cancelled fuel cargoes represents about three months of the 88,000 barrels per day (bpd) of jet fuel and diesel that PDVSA must deliver under financing deals to Russia''s Rosneft ( ROSN.MM ), China''s PetroChina ( 601857.SS ) and ChinaOil. Rosneft, the Kremlin and the Russian Energy Ministry declined to comment. PetroChina did not respond to requests for comment, and ChinaOil, a unit of PetroChina, declined to comment. The Chinese foreign and commerce ministries did not respond to requests for comment. OPERATIONAL, FINANCIAL STRUGGLES The delayed deliveries suggest that PDVSA will struggle this year to meet a planned increase in shipments to China and other countries, as laid out in a broad strategy document seen by Reuters. That document said PDVSA aims to boost crude deliveries to China by 55 percent in 2017, in part by reducing exports to India by 15 percent. Last year, the company produced about 2.5 million barrels a day, lowest in 23 years, and this year''s production projections a
'428a420742c4e3d918468ef424157d5e8dcf3764'|'UPDATE 1-Protests in Peru block roads to MMG''s Las Bambas copper mine'|'Big Story 10 - Wed Feb 8, 2017 - 6:49pm EST Protests in Peru block roads to MMG''s Las Bambas copper mine LIMA Protests over public work projects in a remote highland region of Peru have blocked roads used by MMG Ltd to transport copper concentrates from its mine Las Bambas, a representative of the ombudsman''s office said on Wednesday. Hundreds of residents of the town of Challhuahuacho marched on Wednesday for a third consecutive day to demand that the government build a hospital and sewage system, said Artemio Solano of the ombudsman''s office in the region of Apurimac. Protest leaders want centrist President Pedro Pablo Kuczynski to travel to the town, at an altitude of more than 12,000 feet (3,658 meters)in Peru''s southern Andes, to negotiate a solution, said Solano. The government said it was evaluating the situation. "A process of negotiation, of dialogue is being developed with communities," Defense Minister Jorge Nieto told reporters. Las Bambas did not respond to requests for comment. Protests in the region last year suspended the mine''s shipments of copper from the nearby port of Matarani and nearly halted its operations. One protester was killed in clashes with police who tried to restore transportation on a road that had been used by the mine. That road has remained blocked by four nearby communities, despite the government''s efforts to reach a deal regarding payment for use of it. An alternate route that had been used by the company was blocked on Tuesday, Solano said. Peru is the world''s second biggest copper producer, and it is rife with conflicts over mining in far-flung regions where basic services such as running water and paved roads are scant. Challhuahuacho''s population has grown rapidly in the past decade as the open-pit mine was built, fueling calls for new public work projects to support newcomers in one of Peru''s poorest regions. Las Bambas produced some 300,000 tonnes of copper in the first 11 months of 2016, according to the energy and mines ministry. (Reporting by Mitra Taj; Editing by Sandra Maler, Toni Reinhold) Next In Big Story 10'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-peru-copper-mmg-idUSKBN15N2UZ'|'2017-02-09T06:48:00.000+02:00'
'd5725879246c674d4b131b3fb0ef4cdb93c29860'|'IFS warns of steep cuts and tax rises to fill <20>40bn black hole - Business'|'The government is on course to impose steep cuts in public spending from April and increase taxes by the end of the decade to their highest level as a share of national income since 1986<38>87 to combat the UK<55>s persistent budget deficit.But slower economic growth following the Brexit vote will still leave the UK with one of the largest black holes in public spending in the developed world, meaning the next government must find <20>40bn to eliminate the budget deficit in the next parliament, according to the Institute for Fiscal Studies.The leading tax and spending watchdog said downgrades in GDP growth over the next four years will strain the public finances, which are already on course to be <20>13bn worse off in this financial year than forecast, after weak growth in tax receipts.Highlighting the pressure on the chancellor, Philip Hammond , the IFS<46>s annual assessment of the public finances found that Britain<69>s ageing population and increasing demands on the NHS will blow a large hole in the government budget over the next two parliaments.It said: <20>Demographic and non-demographic pressures are projected to put upward pressure of 1% of national income on health, social care and pension spending by 2025. <20>Taking into account possible negative effects from lower growth, the government may need to enact further measures worth <20>40bn (in 2016<31>17 terms) in order to eliminate the deficit in the next parliament,<2C> the report said.IFS warns of biggest squeeze on pay for 70 years over Brexit Read more Deep cuts in welfare benefits are due to take effect from April alongside cost cutting in Whitehall department budgets. Yet the government still plans to pay for large giveaways in the form of a higher income tax personal allowance at the basic and higher rate and was expected to maintain freezes on fuel duty that totalled <20>4.5bn a year.The IFS said the promised spending and slower growth would force the government to implement tougher austerity, even though the chancellor has abandoned his predecessor<6F>s pledge for a budget surplus by 2020.It said: <20>Real levels of day-to-day public service spending have actually fallen very little overall in the last three years. The rate of reduction is set to speed up after this year, with cuts of nearly 4% due between 2016<31>17 and 2019<31> 20. <20>In addition, tax is rising as a share of national income and by 2019<31>20 is due to reach its highest level since 1986<38>87.<2E>It said a deficit in 2016-17 of 3.5% of GDP, or <20>68.2bn, was <20>12.7bn higher than the Office for Budget Responsibility, the Treasury<72>s independent forecaster, had predicted in March 2016. Chancellor''s looser finance targets highlight weaker UK economy Read more <20>This increase was not a result of a downgrade to the forecast for economic growth, but arose as a result of weak growth in tax receipts <20> in particular, income tax, National Insurance contributions (NICs) and stamp duty land tax <20> and faster growth in local authority spending,<2C> it said.Hammond said in the autumn statement last year that he plans to boost public investment spending beyond pre-crisis levels as a proportion of overall public spending, with much of the extra cash to be spent on transport infrastructure.However, many departments will need to make further savings on day-to-day spending by the end of the parliament.The IFS said: <20>Public spending, especially on health, pensions and overseas aid will be higher as a share of national income than in 2007<30>08, while spending on schools, defence and (in particular) public order and safety will be lower.<2E>'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/feb/07/ifs-warns-steep-cuts-tax-rises-40bn-black-hole-uk'|'2017-02-07T17:00:00.000+02:00'
'82bbe8e4c4a8d1908fb3ab0ab030e547763ed01d'|'US STOCKS-Wall Street edges up as Nasdaq sets record high'|'(Updates with close of U.S. market)* Energy sector lags as oil prices fall* GM shares fall after results; Emerson jumps after report* Michael Kors slumps after weak forecast* Indexes up: Dow 0.19 pct, S&P 0.02 pct, Nasdaq 0.19 pctBy Lewis KrauskopfFeb 7 The S&P 500 ended barely higher on Tuesday while the Nasdaq managed to scratch out a new record as gains in big tech names countered energy declines.The Dow Jones Industrial Average also hit an intraday all-time high just after the market opened, and the benchmark S&P 500 came close to yet another record high.U.S. equities have rallied sharply after President Donald Trump''s election in November, spurred by hopes the Republican-led government will cut regulations and taxes and enact higher infrastructure spending.However, investors have expressed concerns those polices could be put off as Trump focuses elsewhere such as on immigration."There is probably a bit of political risk that investors are trying to weigh right now," said Chuck Carlson, chief executive officer at Horizon Investment Services in Hammond, Indiana."But outside of that, the story is a pretty good one for stocks in terms of it looks like the economy is continuing to grow, I think corporate profits have been pretty good, certainly enough to support higher prices."With more than half of the S&P 500 having reported results, fourth-quarter earnings are on track to have climbed 8.2 percent, which would be the best performance since the third quarter of 2014, according to Thomson Reuters I/B/E/S.The Dow Jones Industrial Average rose 37.87 points, or 0.19 percent, to 20,090.29, the S&P 500 gained 0.52 points, or 0.02 percent, to 2,293.08 and the Nasdaq Composite added 10.67 points, or 0.19 percent, to 5,674.22.Energy was the worst-performing S&P sector, falling 1.4 percent. Chevron''s 1.4-percent fall and Exxon''s 0.6-percent drop were among the biggest drags on the S&P.Oil prices were pressured by growing gasoline stockpiles in the United States as evidence of a burgeoning revival in U.S. shale production could complicate efforts to reduce a supply glut."If we are going into a quarter or two of lower energy prices ... the story of improving earnings for the S&P 500, with the help of improving earnings in energy companies, may be suspect," said Bucky Hellwig, senior vice president at BB&T Wealth Management in Birmingham, Alabama.Tech stocks helped prop up the S&P. Apple rose about 1 percent and Google parent Alphabet gained 0.9 percent. Consumer staples were the best performing S&P group, rising 0.8 percent.In corporate earnings news, Emerson Electric shares rose 4.5 percent after the manufacturer reported a higher-than-expected profit.General Motors fell 4.7 percent after the automaker said that fourth-quarter net income fell partly on the strength of the dollar against the British pound and forecast flat 2017 profit per share.Michael Kors dropped 10.8 percent, after the handbag maker forecast current-quarter profit below estimates.After the market closed, Walt Disney shares fell following the company''s quarterly report.About 6.6 billion shares changed hands in U.S. exchanges, slightly below the 6.7 billion daily average over the last 20 sessions.Declining issues outnumbered advancing ones on the NYSE by a 1.21-to-1 ratio; on Nasdaq, a 1.40-to-1 ratio favored decliners.The S&P 500 posted 32 new 52-week highs and 4 new lows; the Nasdaq Composite recorded 108 new highs and 40 new lows. (Additional reporting by Yashaswini Swamynathan and Tanya Agrawal in Bengaluru; Editing by Anil D''Silva and Nick Zieminski)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/usa-stocks-idINL1N1FS1W5'|'2017-02-07T18:26:00.000+02:00'
'c418a85e10c9892d93cfb6a96bffd973930b152e'|'UK Stocks-Factors to watch on Feb 7'|'Company News - Tue Feb 7, 2017 - 1:39am EST UK Stocks-Factors to watch on Feb 7 Feb 7 Britain''s FTSE 100 index is seen opening 4 to 8 points higher, or up as much as 0.1 percent on Tuesday, according to financial bookmakers. * The UK blue chip index closed 0.2 percent lower at 7,172.15 points on Monday, with a fall in energy and housebuilding stocks outpacing a rally in shares of precious metals miners. * ITHACA: Ithaca investor Artemis Investment Management said Delek''s $524 million offer for the stake in the North Sea oil producer it does not already own was "disappointing", the second large investor to voice concern about the deal. * BREXIT: British lawmakers on Monday rejected the first set of proposed amendments to legislation that would give Prime Minister Theresa May the right to notify the European Union of Britain''s intention to leave the bloc. * SHELL: Shell Oil Co, the U.S. unit of Royal Dutch Shell Plc, said on Monday it expects to divide the refineries and other assets of the Motiva Enterprises joint venture with co-owner Saudi Aramco IPO-ARMO.SE in the second quarter of 2017. * ANGLO AMERICAN/DE BEERS: De Beers is shelving immediate plans to study an expansion project at a remote northern Ontario diamond mine after failing to get support from a neighboring aboriginal community, a "disappointing" setback for the world''s top diamond producer, the mine''s manager said. * BRITAIN ECONOMY: Britain is to set out plans on Tuesday to make renting more affordable and provide extra protection for tenants, in a shift away from decades of government policy almost solely promoting home ownership. * UK CONSUMER: British consumers reined in their spending last month, an industry survey showed on Tuesday, adding to signs that they are turning more cautious as last year''s Brexit vote pushes up inflation. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets * UK CORPORATE DIARY: GW Pharmaceuticals Plc Q1 2017 Earnings Release Firstgroup Plc Q3 2017 Trading Statement Release Bellway Plc Trading Update BP Plc Q4 2016 BP 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 Sherry Jacob-Phillips) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-stocks-factors-idUSL4N1FS260'|'2017-02-07T13:39:00.000+02:00'
'52bf0075afd3446cd83e62f344d2f103da1cebb2'|'Graphics-chip maker Nvidia''s revenue beats expectations'|' 54pm GMT Graphics-chip maker Nvidia''s revenue beats expectations The logo of technology company Nvidia is seen at its headquarters in Santa Clara, California February 11, 2015. REUTERS/Robert Galbraith/File Photo Nvidia Corp''s ( NVDA.O ) quarterly revenue surged more than 50 percent for the second straight quarter and beat expectations, helped by rising demand for its graphics chips and strength in rapidly growing areas such as self-driving systems and artificial intelligence. The company also forecast revenue of $1.90 billion, plus or minus 2 percent, for the current quarter.   $1.88   Nvidia''s shares were down 2 percent at $114.00 in after-hours trading on Thursday. Revenue in the company''s graphics processing units business, which contributes more than three-quarters to its total revenue, rose 57 percent to $1.85 billion in the fourth quarter ended Jan. 29. The company has traditionally dominated the high-end PC gaming market, where its chips are used to power graphically demanding games such as Electronic Arts Inc''s ( EA.O ) "Titanfall 2" and Ubisoft Entertainment SA''s ( UBIP.PA ) "Watch Dogs 2". Revenue in Nvidia''s automotive business, which produces the DRIVE PX 2 self-driving system used by Tesla Inc ( TSLA.O ), reported a 37.6 percent rise to $128 million. Analysts had expected revenue of $135.3 million from the business, according to research firm FactSet StreetAccount. Nvidia''s total revenue rose to $2.17 billion from $1.40 billion, beating the average analyst estimate of $2.11 billion. The company''s net income more than tripled to $655 million, or 99 cents per share. Excluding items, Nvidia earned $1.13 per share. Nvidia''s shares, the best performer on the S&P 500 index .SPX in 2016, had risen nearly five times in the last 12 months up to Thursday''s close. (Reporting by Narottam Medhora   D''Souza and Maju Samuel)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-nvidia-results-idUKKBN15O2WT'|'2017-02-10T04:54:00.000+02:00'
'35b3e8eaba5f30f90fbfb0034bc9aa4e1f6f6c9f'|'UPDATE 1-EMA panel says that use of Actelion''s Uptravi may continue'|'(Adds details of PRAC release, share price)ZURICH Feb 10 A European Medicines Agency (EMA) drug safety panel recommended on Friday that Actelion''s Uptravi drug may continue to be used amid a probe into five deaths in France among those using the pulmonary arterial hypertension medicine.Shares in the Swiss drugmaker, which is being bought for $30 billion by Johnson & Johnson, rose more than 3 percent by 1340 GMT.Actelion''s stock had slipped in late January after France''s drug regulator issued a "Dear Doctor" letter recommending doctors not begin new Uptravi treatments pending the outcome of an investigation.At this week''s meeting of the EMA''s Pharmacovigilance Risk Assessment Committee (PRAC), European officials wrote that "patients taking Uptravi should follow their doctors'' instructions and can continue treatment with the medicine" in line with prescription information.PRAC, responsible for evaluating safety issues for human medicines, said its review of Uptravi''s safety would continue. (Reporting by John Miller; Editing by Michael Shields)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/actelion-johnsonjohnson-uptravi-idUSL5N1FV4KV'|'2017-02-10T16:41:00.000+02:00'
'956023c812bf8bad4cb51971ba29ebb117d7394a'|'Brazil''s busiest week for IPOs in years marked by mixed fortunes'|'By Guillermo Parra-Bernal and Bruno Federowski - SAO PAULO SAO PAULO Brazil''s busiest week for initial public offerings in nearly four years ended on Friday with mixed results for issuers, faced with wariness among foreign investors toward Latin America''s largest equity market amid fallout from political turmoil.Rent-a-car company Movida Participa<70><61>es SA and medical laboratory Instituto Hermes Pardini SA launched their IPOs despite pressure for lower prices. But tough market conditions led Movida''s rival Unidas SA to scrap its own listing on Friday.Aside from overlapping IPOs between the rental car rivals, the pricing of a large 4.1 billion real ($1.32 billion) follow-on offering by CCR SA ( CCRO3.SA ), Brazil''s No. 1 toll road operator, might have hampered demand for the IPOs, four people familiar with the deals said.Investors stung by a string of deals in recent years that failed to deliver promised returns are wary of IPOs in Brazil. Just over a third of the 138 IPOs priced in the past decade yielded returns above Brazil''s interbank lending rate, Thomson Reuters data showed, with the remainder losing part or all of the amount initially invested.This week was the busiest for local equity offerings since April 2013. Movida''s shares, which plunged on Wednesday - their first day of trading - have since recovered and booked a 2.7 percent gain on the week.Extending the current wave of offerings hinges on President Michel Temer''s ability to push ahead with ambitious reforms to lower the country''s risk perception, bankers said."This week showed we are still in a buyers'' market and investors still feel more comfortable taking existing risk than new one," said one of the people, who asked for anonymity to speak about the transactions.BALANCING ACTStronger equity markets and companies'' need to fund growth or reduce debt are the "fundamental catalysts in place" sustaining IPO activity in Brazil and Latin America this year, according to Pedro Martins, chief Latin America equity strategist for JPMorgan Securities.However, companies seeking to tap the local equity markets face a balancing act: how to offer acceptable risk and return as Brazil enters a third straight year of economic recession and global market turmoil escalates under U.S. President Donald Trump''s trade protectionist stance, bankers said.Such uncertainty is keeping foreign investors - traditionally the main buyers of Brazilian IPOs - on the sidelines. Foreigners snapped up only 15 percent of the Pardini deal, a fraction of the 67 percent participation ratio they had about a decade ago, the people said.The mixed results of this week''s IPOs may shed light on how a list of long-awaited listings should come to market. Those companies include airline Azul Linhas A<>reas Brasileiras SA, securities firm XP Investimentos SA and the Brazilian unit of France''s Carrefour SA.The companies declined to comment.A new wave of IPO requests should resume in late March or early April and stretch for longer should market conditions prove favorable, bankers at Ita<74> BBA SA and Banco Bradesco BBI SA, the country''s largest equity underwriters, recently told Reuters.Movida''s IPO on Monday raised a smaller-than-expected 645 million reais, after controlling shareholder JSL SA was forced to lower the deal''s pricetag. A member of JSL''s controlling family subscribed about 15 percent of the deal to ensure its completion, Reuters reported, citing sources.On Thursday, Hermes Pardini clinched about 878 million reais at a price slightly above the floor of the suggested price range.At the floor of the price range, investors bid the equivalent of three times the amount of shares on offer, Reuters reported earlier in the day, citing sources.In the case of Unidas, shareholders G<>vea Investimentos Ltda, Vinci Partners and Kinea Investimentos Ltda shunned a suggestion from bankers to cut the price and secure demand for the IPO. They are working on ways to help the shareholders exi
'5c9f56f9a89b19a22b068511f3162d86f9789dcd'|'From stained glass to stylists, Spain bids to be global shopping hub'|'  12:11pm GMT From stained glass to stylists, Spain bids to be global shopping hub left right A model of the Canalejas shopping and hotel complex, which will house Spain''s first Four Seasons hotel, is seen at the developer''s office in Madrid, Spain January 30, 2017. REUTERS/Paul Hanna 1/5 left right A welder works on the construction site of the Canalejas shopping and hotel complex, which will house Spain''s first Four Seasons hotel, in Madrid, Spain January 30, 2017. REUTERS/Paul Hanna 2/5 left right A woman checks her phone after shopping at a Louis Vuitton store in the upscale shopping Serrano Street in central Madrid, Spain January 31, 2017. REUTERS/Susana Vera 3/5 left right Tourists shop in the upscale shopping Serrano Street in central Madrid, Spain January 31, 2017. Picture taken January 31, 2017. REUTERS/Susana Vera 4/5 left right Tourists take a picture of a Louis Vuitton bag after making a purchase at a Louis Vuitton store in the upscale shopping Serrano Street in central Madrid, Spain January 31, 2017. REUTERS/Susana Vera 5/5 By Amanda Calvo - MADRID MADRID Restorers of vintage stained glass are enjoying a new lease on life in Madrid these days, bringing their artisanal skills to a luxury retail and hotel complex in the center of Spain''s capital. The old-but-new leadlights are destined to shine on what business and government cheerleaders see as the epicenter of a wide movement to propel Madrid into the big league of global shopping destinations. Alongside revamps of tired beach resorts, Spain is attempting to lure tourists with shopping city breaks to widen its appeal to the biggest spenders -- and not coincidently to keep its economic recovery on track. Regional governments, construction and travel firms as well as shops are working hand-in-hand to recast Spain - and Madrid in particular - as a retail hub to rival Milan or Paris. These efforts include simplifying Spain''s value-added tax refund system from foreigners and promoting Madrid''s shopping credentials with Chinese bloggers, many of whom were invited to tour the sights last year. The sprawling Canalejas shopping complex is at the center of the capital''s luxury makeover. It is a private initiative - due for completion in 2018 - which involves refurbishing seven buildings and which will house Spain''s first Four Seasons hotel. With a price tag of 500 million euros, the work includes renovating the ornate pillars, crumbling marble and mahogany wood interiors in the 19th century buildings, which were once used as head offices by Spanish banks. "We are failing to attract the tourists we want," said Maria Jesus Escobar, public sector officer at Ernst & Young, at a recent tourism summit in Madrid. "We want to target those with the most purchasing power." Tourist arrivals in Spain have reached record highs for four years in a row, growing to 75.6 million in 2016. But some 20 percent of those were potentially "borrowed" from other Mediterranean destinations that have suffered from recent violence, such as Turkey or Egypt, according to industry lobby group Exceltur. Retaining these visitors is key: tourism generates one in eight jobs in Spain and has underpinned its recovery from recession. But that alone is not enough. The number of foreign visitors has risen around 30 percent since 2006, but their spending per head has actually decreased slightly. tmsnrt.rs/2kcmX2O One reason for this is that Spain draws a fraction of the world''s most profitable tourists - Chinese and Russians - and has cornered only 4 percent of Europe''s luxury shopping market. FLYING TO CHINA Playing catch-up will not be easy - nor unchallenged. France has gone all out in cutting visa turnaround times for Chinese tourists to 48 hours at most, for instance. Singapore and Tokyo are also vying for attention from Asian shoppers while London''s allure will get a fresh boost from a fall in the value of the pound following Britain''s decision to leave the European Union. But
'd219b2731d182629b55a61fc034ca65056b7c31a'|'MOVES-Oakley Capital Private Equity names new partner'|' 16am EST MOVES-Oakley Capital Private Equity names new partner Feb 7 Oakley Capital''s private equity unit said it appointed Arthur Mornington as partner and bolstered its deals team with three new hires. Mornington most recently was a partner at Charterhouse Capital Partners LLP. The company also named Hayley Whitehead assistant director of the deals team. She joins from Rothschild where she worked in debt advisory. Lovis von Andrian and Alex Golling were appointed as associates. Von Andrian most recently worked at European Bank for Reconstruction and Development where he focused on fund investments and deal origination. Golling joins from Morgan Stanley where she advised corporate and private equity clients on a range of M&A and public transactions in the consumer retail space. (Reporting by Diptendu Lahiri)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/oakley-capital-moves-idUSL4N1FS3W3'|'2017-02-07T20:16:00.000+02:00'
'912dcf9fcb4904edcba1fc107e62b02273ee9682'|'Italy''s ''bitter'' bank rescue tsar bemoans strategy vacuum'|' 57pm GMT Italy''s ''bitter'' bank rescue tsar bemoans strategy vacuum The Italian flag waves in front of The ''''Altare della Patria'''' also known as ''''Vittoriano'''' downtown Rome, Italy, March 23, 2016. REUTES/ Stefano Rellandini By Valentina Za - MILAN MILAN The head of Italy''s bank-bailout fund said the country lacked a clear strategy for shifting 356 billion euros ($381 billion) in problem loans on Tuesday. In an extraordinary outburst from a man picked by Rome to help tackle the problem, Alessandro Penati, whose boutique asset management firm was chosen to raise private funds for struggling banks, said he felt "bitter and disillusioned". His comments exposed tensions within the banking sector over Italy''s rescue efforts. "There is no clear vision of the problem and no strategy," Penati said at a financial conference in Milan, suggesting that he was virtually working alone on rescues that had revealed "horror stories" within some banks. "There is simply a reaction to a problem and this has been the main difficulty for me over these past few months -- I had nobody to relate to." The Atlante fund, created 10 months ago following pressure from the government, gathered 4.25 billion euros from around 70 mostly private investors, including Italy''s healthier lenders, to buy up bad loans and invest in weaker banks. But the fund''s investors are already making big writedowns on the value of their stakes in Atlante, which promised them annual returns of 6 percent. The fund faces ever greater demands for capital and no investors willing to stump up more money. In December, Penati''s plan to buy into Italy''s biggest-ever sale of bad debts -- 28 billion euros worth of loans written by struggling bank Monte dei Paschi di Siena ( BMPS.MI ) -- fell apart when the bank failed to find any other major investors. Penati, a former economist who set up Milan-based Quaestio Capital Management, said the sale had collapsed because it had been tied to a capital raising that had been "badly devised and even more badly executed". Monte dei Paschi (MPS) is now to be rescued by the state. "It would no longer make sense for Atlante to play a role now. The point is that state intervention is considered a way to solve all problems, but it isn''t ... MPS''s bad loan problem remains and how they are going to solve it -- I don''t know." The decades-old problem, made worse by recent recession, has proven tough to resolve because Italian banks are reluctant to write down the value of their loans to market value, given this would force them to raise more capital. Investors in Atlante, including Italy''s biggest retail bank, Intesa Sanpaolo ( ISP.MI ), have made it clear they will not invest any more money in the fund. "The board of Intesa has (already) approved a 1 billion euro commitment ... This is our contribution," Intesa Chairman Gian Maria Gros-Pietro said when asked about Penati''s remarks. Penati complained the fund had been created in an emergency and given "40,000 tasks but no resources", adding that to be effective it would have needed an extra 4 billion euros. He said his experience at the helm of Atlante had been a source of "deep bitterness and disappointment at a personal level". "I thought a market for Italian non-performing loans could be created but based on the experience of the past six months I''m now sceptical," he said. Without a secondary market, the task of cleaning up Italy''s bank balance sheets could prove near to impossible. Penati said his job had taken him inside some dark corners of Italian banking. "I had never looked at banks from the inside...I was stunned they are run in this way," he said. He said Atlante''s investors had shown "zero long-sightedness" for declining to invest more in the fund, which has used 80 percent of its money to rescue two banks in northeast Italy -- Veneto Banca and Banca Popolare di Vicenza. Both these lenders now need more capital. Intesa has devalued its stake in Atlante by 33 p
'3f98c205acde874f7702fdf27f6f263cbfa2088d'|'BRIEF-FTS International announces intention to launch IPO'|' 10am EST BRIEF-FTS International announces intention to launch IPO Feb 6 FTS International Inc : * FTS International Inc announces intention to launch initial public offering * FTS International- announces intention to launch initial public offering * FTS International says if IPO is consummated, intends to use net proceeds for general corporate purposes, which include repaying existing indebtedness    '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSASB0AYOW'|'2017-02-06T21:10:00.000+02:00'
'925a1466220ae9a1740956e0ccb9eadb5c5e3fd1'|'BRIEF-Top Strike Resources says entered LoI with Phytopharma International Ltd'|' 10am EST BRIEF-Top Strike Resources says entered LoI with Phytopharma International Ltd Feb 6 Top Strike Resources Corp * Top Strike Resources Corp - announce that it has entered into a letter of intent dated February 1, 2017 with Phytopharma International Ltd * Top Strike Resources - will pay $40 million pursuant to transaction payable by way of 320 million common shares of top strike at c$0.125 per Top Strike share * Top Strike - upon completion of transaction, assuming gross proceeds of C$10 million on financing, co shareholders will own about 3.9 pct equity of entity    '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1FR0MI'|'2017-02-06T21:10:00.000+02:00'
'325b10d1aa9d098a9f0d64495ec1691864a52a57'|'Oil prices edge up on Iran tensions, but rising shale output caps gains'|'Business News - Mon Feb 6, 2017 - 12:56am GMT Oil prices edge up on Iran tensions, but rising shale output caps gains A general view of a crude oil importing port in Qingdao, Shandong province, in this November 9, 2008 file photo. REUTERS/Stringer/Files By Henning Gloystein - SINGAPORE SINGAPORE Oil prices edged up on Monday on fears that new U.S. sanctions against Iran could be extended to start affecting crude supplies, but markets were capped by further signs of growing U.S. production. Tensions between Tehran and Washington have risen since a recent Iranian ballistic missile test which prompted U.S. President Donald Trump''s administration to impose sanctions on individuals and entities linked to the Revolutionary Guards. Brent crude futures LCOc1, the international benchmark for oil prices, were trading at $56.86 per barrel at 0037 GMT, up 5 cents from their last close. U.S. West Texas Intermediate (WTI) futures CLc1 were up 5 cents at $53.88 a barrel. Traders said the strain between Tehran and the United States raised concerns that U.S. sanctions could be tightened further to impact Iranian oil exports, which were only allowed to return to normal last year. "The move by the U.S. to impose new restrictions on Iran for testing a ballistic missile ... does raise the risk of further tensions disrupting supply," ANZ bank said on Monday. "This was countered somewhat by data showing another strong rise in rig activity in the U.S.," it added. U.S. energy companies added oil rigs for a 13th week in the last 14, extending a nine-month recovery as drillers take advantage of crude prices that have held mostly over $50 a barrel since OPEC agreed to cut supplies in late November. Drillers added 17 oil rigs in the week to Feb. 3, bringing the total count up to 583, the most since October 2015, energy services firm Baker Hughes Inc ( BHI.N ) said on Friday. The rising U.S. production, led by shale drillers, dims efforts led by the Organization of the Petroleum Exporting Countries (OPEC) and other producers like Russia to end global oversupply by cutting their output by a planned average of almost 1.8 million barrels per day (bpd) during the first half of the year. OPEC''s efforts to shield its biggest and fastest growing markets in Asia from the cuts are also undermining a rebalancing of the market, traders have said, as OPEC cuts exports to regions in Europe and North America where demand growth is slower or where other suppliers are more dominant. Caution over efforts so far to re-balance the market is reflected in price movements this year. Despite the OPEC-led cuts being enacted from the beginning of 2017, Brent crude futures are 2.6 percent below their peaks in early January. (Reporting by Henning Gloystein; Editing by Joseph Radford) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-global-oil-idUKKBN15L03C'|'2017-02-06T07:57:00.000+02:00'
'd178391508e42b3e7f9139c9aa4249a4d684d6f0'|'Credit Suisse to move Dutch investment banking team to London - source'|'  11:04am GMT Credit Suisse to move Dutch investment banking team to London - source The logo of Swiss bank Credit Suisse is seen at an office building in Zurich, Switzerland January 18, 2017. REUTERS/Arnd Wiegmann By Anjuli Davies - LONDON LONDON Credit Suisse ( CSGN.S ) is relocating its Dutch investment banking team from Amsterdam to London as the Swiss bank seeks to improve efficiency and profitability, a source familiar with matter said. Dutch newspaper, Financieele Dagblad, which first reported the news, said around six investment bankers would be impacted by the move. The bankers will move to London to gain more experience across broader industry and business groups working on mergers and acquisitions (M&A) and equity capital market (ECM) transactions, the source told Reuters. The head of investment banking for the Netherlands at Credit Suisse, Maarten Swart, will continue to work between both cities, the source said. Chief Executive Tidjane Thiam is restructuring Switzerland''s second-biggest bank to focus more on wealth management and less on volatile investment banking, a push that has included several thousand job cuts in Switzerland, London and New York. The Swiss bank will maintain its office in Amsterdam and continue to service clients in the region as well as its investment and wealth management business, the bank said. "Credit Suisse is fully committed to its franchise in the Netherlands, where we have a long standing local presence that is a very important and profitable part of our IBCM business," Mark Echlin, co-head of EMEA Investment Banking and Capital Markets said in an emailed statement. "We will continue to service our key clients in the Netherlands with a dedicated team both locally and in London supported by our industry and product bankers in the Investment Banking and Capital Markets Division." He declined to comment further. (Editing by Susan Thomas)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-credit-suisse-gp-restructuring-nether-idUKKBN15L14Z'|'2017-02-06T18:04:00.000+02:00'
'10ca7c3fd4758adf985e653767d7e18825a6ca41'|'MOVES-MUFG Securities names Anne Gebuhrer executive director of EMEA'|' 46am EST MOVES-MUFG Securities names Anne Gebuhrer executive director of EMEA Feb 6 Mitsubishi UFJ Financial Group (MUFG) hired Anne Gebuhrer to head its European Financial Institutions Debt Capital Markets (DCM). Gebuhrer, who joins MUFG Securities EMEA as an executive director, will be based in London and report to Anthony Barklam, head of DCM. Prior to joining MUFG, Gebuhrer worked at Royal Bank of Scotland as head of financial institutions DCM origination, with primary responsibility for French, Belgian and Luxembourg banking and insurance groups. (Reporting by Divya Grover in Bengaluru)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/mufg-moves-anne-gebuhrer-idUSL4N1FR3A8'|'2017-02-06T17:46:00.000+02:00'
'ff451445370c450e82b50a18fba759669a3d8397'|'Ex-divs to take 1.7 points off FTSE 100 on Feb.9'|' 28am EST Ex-divs to take 1.7 points off FTSE 100 on Feb.9 LONDON, Feb 6 The following FTSE 100 companies will go ex-dividend on Thursday, after which investors will no longer qualify for the latest dividend payout. According to Reuters calculations at current market prices, the effect of the resulting adjustment to prices by market-makers would take 1.72 points off the index. COMPANY (RIC) DIVIDEND STOCK OPTION IMPACT (pence) Sage Group 9.35 0.40 Unilever 27.68 1.32 Among FTSE 250 companies, those going ex-dividend are: COMPANY (RIC) DIVIDEND (pence) Aberforth Smaller Companies Trust Closed Fund 21.5 Daejan Holdings 35 F&C Commercial Property Trust Limited 0.5 P2P Global Investments 11 Rank Group 2 Stagecoach Group 3.8 Greencoat UK Wind 1.585 (Reporting by Kit Rees; Editing by Helen Reid)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-stocks-exdiv-idUSL5N1FR2I8'|'2017-02-06T18:28:00.000+02:00'
'b8fdda5496b7a68d47767c9d5abfa01df3c6607f'|'Indian sugar rises on tight supply, high demand'|'  6:05pm IST Indian sugar rises on tight supply, high demand Labourers push a handcart loaded with sacks of sugar at a wholesale market in Kolkata, India, April 26, 2016. REUTERS/Rupak De Chowdhuri/File Photo Indian sugar futures rose on Monday to their highest level this year, driven by tight supply and high demand. The March sugar contract rose as much as 1.2 percent to 3,946 Indian rupees ($58.72) on the National Commodity & Derivatives Exchange Ltd (NCDEX). The contract had risen nearly 200 rupees in the last 30 days, up to Friday''s close. The March sugar futures was up 0.3 percent to 3,190 rupees in heavy trading as of 1210 GMT. Rise in sugar prices on the futures and spot markets triggered a rally in sugar stocks. Dhampur Sugar Mills Ltd rose as much as 10.7 percent to 214.80 rupees, its highest in over 10-1/2 years, while Shree Renuka Sugars Ltd closed 12.9 percent higher at 17.10 rupees. WHEAT February wheat futures, which have fallen about 5 percent in the last 30 days, settled 2.6 percent lower at 1,782 rupees on Monday. The fall was reflected by weak demand for wheat in a spot market in the north-western state of Rajasthan, a trader said. Winter wheat planting in India this year was up about 7 percent at 31.78 million hectares as of Friday, government data showed. RAPESEED, SOYOIL The April rapeseed contract closed 0.4 percent lower at 3,826 rupees, while the most-actively traded March soyoil contract was largely flat at 689.05 rupees per 10 kg. SOYBEAN, CORN The March soybean futures contract fell 10 rupees to 3,033 rupees per 100 kg, while the February corn futures rose 0.5 percent to 1,461 rupees. ($1 = 67.1950 rupees) (Reporting by Sudarshan Varadhan; Editing by Amrutha Gayathri) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/india-sugar-futures-idINKBN15L1CH'|'2017-02-06T19:35:00.000+02:00'
'7a76315ebe9e9411f09ad1b30a4c47a00004baaf'|'UPDATE 1-DHT Holdings board unanimously rejects Frontline offer'|'(Adds detail, background)OSLO Feb 6 Tanker firm DHT Holdings unanimously rejected late on Sunday the proposed deal by rival Frontline, controlled by shipping tycoon John Fredriksen.Last week Frontline made a non-binding offer to acquire all DHT''s outstanding shares to create the largest private tanker firm in the world. {nFWN1FK06Q]The "Frontline proposal is wholly inadequate and not in the best interests of DHT or its shareholders," DHT Chairman Erik Lind said in a statement."We believe that Frontline''s proposal substantially undervalues our company and represents an opportunistic attempt to acquire DHT at a low point in the cycle."Frontline, itself valued at $1.1 billion, proposed an all-share deal valuing the equity in DHT at around $475 million. DHT also has interest bearing debt of some $685 million. Frontline already owns 16 percent of DHT''s shares."The Frontline proposal would not properly value DHT''s contribution to a combined company and would result in unacceptable dilution to DHT''s shareholders," said Lind."The execution of DHT''s strategic plan will continue to drive significant and sustainable value for DHT shareholders." (Reporting by Gwladys Fouche, editing by Terje Solsvik)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/frontline-dht-holdings-idINL5N1FR0PD'|'2017-02-06T03:51:00.000+02:00'
'e7552b23ed68fcd934e1a562dd93c9d1713d7956'|'Samsung Group says process to disband its corporate strategy office underway'|'Mon Feb 6, 2017 - 6:17am GMT Samsung Group says process to disband its corporate strategy office underway Jay Y. Lee, center, vice chairman of Samsung Electronics, arrives to be questioned as a suspect in bribery case in the influence-peddling scandal that led to the president''s impeachment at the office of the independent counsel in Seoul, South Korea, Thursday, Jan. 12, 2017. REUTERS/Ahn Young-joon/Pool SEOUL South Korean conglomerate Samsung Group [SAGR.UL] said on Monday it will disband its corporate strategy office tasked with managing long-term group-related affairs at the conclusion of the current special prosecution probe. Jay Y. Lee, third-generation leader of the country''s top conglomerate, said at a December parliament hearing he plans to disband the office but did not give a specific timeline. Samsung said in a statement the process of dismantling the office is already underway but did not elaborate further. (Reporting by Se Young Lee; Editing by Muralikumar Anantharaman) Up Next'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-samsung-group-strategy-idUKKBN15L0HE'|'2017-02-06T13:05:00.000+02:00'
'548531af36e2f05e4e9cdeacbb2df531c96ceb06'|'EU mergers and takeovers (Feb 6)'|'Company News - Mon Feb 6, 2017 - 1:02pm EST EU mergers and takeovers (Feb 6) BRUSSELS Feb 6 The following are mergers under review by the European Commission and a brief guide to the EU merger process: APPROVALS AND WITHDRAWALS -- Japan''s Sumitomo Corp to buy Ireland''s Fyffes (approved Feb. 3) NEW LISTINGS -- German engineering company Siemens to merge assets with Spain''s Gamesa to form the world''s largest wind turbine maker (notified Feb. 6/deadline March 13) -- Private equity firm Kohlberg Kravis Roberts (KKR) to acquire a stake in German market research firm GfK (notified Feb. 2/deadline March 9/simplified) -- U.S. aircraft component maker Rockwell Collins to acquire U.S. aircraft interior maker B/E Aerospace (notified Feb. 2/deadline March 9/simplified) -- Investment group KKCG and Taiwanese technology company Hon Hai Precision Industry Co, which is also known as Foxconn, to set up a private equity fund (notified Jan. 31/deadline March 7/simplified) EXTENSIONS AND OTHER CHANGES FIRST-STAGE REVIEWS BY DEADLINE FEB 6 -- Bunge to buy two European oilseed processing facilities in France and the Netherlands from Cargill (notified Dec. 23/deadline Feb. 6) FEB 7 -- U.S. factory automation equipment maker Emerson Electric Co to buy pump manufacturer Pentair Plc''s valves and controls business (notified Jan. 3/deadline Feb. 7) FEB 10 -- Private equity firm Onex Corp to acquire Parkdean Resorts, a British operator of caravan holiday parks (notified on Jan. 6/deadline Feb. 10/simplified) FEB 15 -- U.S. conglomerate Koch Industries Inc to acquire equity securities of certain affiliates of U.S. business applications provider Infor Enterprises Applications L.P., which is controlled by private equity fund Golden Gate Private Equity Inc (notified Jan. 11/deadline Feb. 15/simplified) -- China''s Weichai Power Co raises its stake in German industrial vehicle and supply chain system maker Kion (notified Jan. 11/deadline Feb. 15/simplified) -- General Electric Co to acquire rotor blade maker LM Wind Power Holding Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/eu-mergers-idUSL5N1FR5CB'|'2017-02-07T01:02:00.000+02:00'
'd0ce4615b7887d93187b0a93a4c97cd120e7db6f'|'Credit conditions for most business lending unchanged in fourth quarter : Fed'|'Business News - Mon Feb 6, 2017 - 2:24pm EST Credit conditions for most business lending unchanged in fourth quarter : Fed The Federal Reserve Building stands in Washington April 3, 2012. REUTERS/Joshua Roberts/File Photo WASHINGTON Loan officers at U.S. banks reported largely unchanged lending standards and slightly looser terms for business loans in the last three months of 2016, the Federal Reserve reported on Monday in a quarterly survey. About a third of the 69 institutions surveyed, however, said they had "tightened somewhat" the standards for commercial real estate construction and land development loans, and close to a fifth had tightened standards on loans secured by multifamily properties. The survey results indicate the effect of the Fed''s recent interest rate increase may be falling differently across the economy. About as many loan officers - around 14 percent - reported stronger demand for loans as reported weaker demand. For commercial real estate construction and multifamily loans, large banks in particular noted ebbing demand, with about a fifth of the 41 large banks in the survey saying that demand weakened at the end of the year. (Reporting by Howard Schneider; Editing by Paul Simao) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-fed-loans-idUSKBN15L29P'|'2017-02-07T02:24:00.000+02:00'
'f8240cb8ab43f10637b3e7ff2cf243d5edbcb383'|'UPDATE 1-Movida prices IPO at low end in sign of buyer''s market'|'(Adds price details, background on IPO market)By Guillermo Parra-BernalSAO PAULO Feb 6 Brazilian car rental company Movida Participa<70><61>es SA''s initial public offering (IPO) was priced on Monday at the bottom of a suggested price range, a sign of a buyers'' market for a string of new issues in waiting.According to information on the website of securities industry regulator CVM, Movida raised about 645 million reais ($207 million) in the first IPO of the year, priced at 7.50 reais a share. It was not immediately clear if the amount reported included additional and supplementary stock allotments.According to a source who requested anonymity because details of the deal have not been announced yet, a member of the family controlling JSL SA, which controls Movida, placed a bid equal to 15 percent of the IPO to help close the order book. Reuters reported on Friday that Movida had lowered the floor of its price range to salvage the deal.Movida''s rival, Unidas SA, is also planning an IPO this week and toll road operator CCR SA is planning a follow-on share offering to raise up to 4.025 billion reais.If successful, those offerings could open the door to a long-awaited listings from companies including airlines Azul Linhas Aereas Brasileiras SA and the Brazilian division of French retailer Carrefour SA. ($1 = 3.11 reais) (Reporting by Guillermo Parra-Bernal; Additional reporting by Aluisio Alves; Writing by Brad Haynes; Editing by Alan Crosby)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/movida-participacoes-ipo-idINL1N1FR1FZ'|'2017-02-06T18:53:00.000+02:00'
'd329417a6a27bdc64d33b98d1f78f401231e27eb'|'Japan automaker shares feel heat ahead of Trump-Abe meeting'|'Business News  17am EST Japan automaker shares feel heat ahead of Trump-Abe meeting Newly manufactured cars await export at a port in Yokohama, Japan, January 16, 2017. Picture taken January 16, 2017. REUTERS/Toru Hanai By Marika Tsuji - TOKYO TOKYO Japanese carmaker shares have underperformed their peers   so far this year as investors fret over U.S.   protectionist stance, ahead of his meeting with Prime Minister Shinzo Abe later in the day. With Trump branding Japan''s auto trade as "unfair" and accusing Tokyo of using monetary policy to devalue its currency to boost exports, Japanese car makers are seen as likely to take the brunt of any flare-up in trade friction between the two countries. The Tokyo Stock Exchange''s transport equipment makers index .ITEQP.T, which largely consists of car makers, has fallen 2.3 percent so far this year, with Mazda Motor Corp ( 7261.T ) falling 16.9 percent and Toyota Motor Corp ( 7203.T ) 6.3 percent. That compared with gains of 1.4 percent in the Nikkei average share price index .N225 . "It is hard to buy the sector with mid/long-term uncertainties," said Ryoma Sugihara, director of equity sales at Societe Generale Securities. Japanese automaker shares fared worse than their U.S. competitors even as Trump bashed U.S. car makers for having production operations in Mexico. The hit stems from fear that Trump''s "America First" policies might put Japanese firms in difficult positions. "There are expectations that U.S. auto shares would perform better than their overseas counterparts, as Trump is putting pressure on Japanese and European automakers," an analyst at a Japanese securities firm said. General Motors Co ( GM.N ) has risen 0.7 percent, while Ford Motor Co ( F.N ) has gained 2.1 percent. Fiat Chrysler Automobiles NV ( FCAU.K ) has soared 18.5 percent. Trade experts note, however, that World Trade Organization (WTO) rules should give Japan some protection, unlike in the 1980s when Japan agreed to voluntarily curb car exports to the United States. "Given the rules and procedures by the WTO, it would be difficult to impose measures similar to those taken during the 1980s, as long as the U.S. remains a WTO member," said Hiroshi Mukunoki, professor of economics at Gakushuin University in Tokyo. After a trade war in the 1980-90s, Japanese car makers expanded U.S. production and their U.S.-bound exports declined to 1.73 million vehicles in 2016 from 3.13 million in 1985. Still, last year Japan earned $39.3 billion through car exports, which accounts for a large part of its $68.9 billion trade surplus with the United States. In contrast, U.S. car exports to Japan amounted to only $0.5 billion. Trump''s meeting with Abe comes just a few days after U.S. data showed Japan became the second-largest contributor to the U.S. trade deficit after China, with automobiles accounting for a bulk of it. "This data came at a really bad time. Trump may demand measures to help slash the (U.S.) trade deficit," said Nobuyuki Fujimoto, senior market analyst at SBI Securities. (Reporting by Marika Tsuji; Writing by Hideyuki Sano) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-japan-stocks-autos-idUSKBN15P127'|'2017-02-10T17:17:00.000+02:00'
'a21305a6caa763db2e655777ea0710182e4bb2bd'|'UPDATE 2-Canada''s pension fund awaits Trump infrastructure plan'|'* CEO says keeping ''close eye'' on Trump infrastructure plan* CEO welcomes Leech appointment by Canadian government* Performance impacted by decline in fixed income markets (New throughout, adds CEO comments on infrastructure opportunities)By Matt ScuffhamTORONTO, Feb 10 The Canada Pension Plan Investment Board, one of the world''s biggest infrastructure investors, is awaiting details of U.S. President Donald Trump''s planned $1 trillion infrastructure program, its CEO said.Canada''s national pension fund, which already invests billions of dollars around the world in assets such as roads, bridges, and airports, would be an obvious candidate to invest in the program, infrastructure experts say.The CPPIB, which invests on behalf of 19 million Canadians, has said it sees potential opportunities emerging from policies pursued by the new U.S. administration, particularly in infrastructure.Chief Executive Mark Machin said on Friday the fund was monitoring developments but it was too early to say what opportunities may materialize while the new administration works through its priorities."They''re going to get to infrastructure, I think it''s going to take a little more time but we''re hopeful and we''re long-term (investors). We''ll keep a close eye on that," Machin said in an interview after the fund reported third-quarter results.Machin also said he hoped that Canada''s new Infrastructure Bank, set up by the Liberal government to help attract private funding for Canadian infrastructure projects, would facilitate opportunities in the domestic market."We''re hopeful that the Canada Infrastructure Bank moves along and we see a good pipeline here as well," Machin said, welcoming the appointment on Friday of Jim Leech, former chief executive of the Ontario Teachers'' Pension Plan, as a special advisor to the Canadian government."He (Leech) is a very, very experienced and credible guy so that''s a really good announcement which should be really beneficial to them. He has great insights in private investing," Machin said.Canada''s biggest public pension plan said its portfolio delivered a gross investment return of 0.64 percent for the quarter, or 0.56 percent, net of all cost. It ended the quarter to Dec. 31 with net assets of C$298 billion ($227 billion), compared with C$301 billion at the end of the previous quarter."The fund''s modest return this quarter reflects the largest quarterly decline in North American fixed income markets since CPPIB''s inception," Machin said.Although the fund has diversified, the majority of its investments remain in public equity and fixed income markets.($1 = 1.3134 Canadian dollars) (Reporting by Matt Scuffham; Editing by Phil Berlowitz and David Gregorio)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/cppib-results-idINL1N1FV0K6'|'2017-02-10T14:54:00.000+02:00'
'ea55b01b2432d6da472ed0b60da5178c01a5da34'|'MIDEAST STOCKS-DFM shares outperform in sluggish Gulf market'|'Company News - Tue Feb 7, 2017 - 3:08am EST MIDEAST STOCKS-DFM shares outperform in sluggish Gulf market DUBAI Feb 7 Shares in the Gulf''s only listed stock exchange operator outperformed in morning trade on Tuesday as most of the region moved little because of soft global equities and an overnight drop in oil prices. Dubai Financial Market rose 3.0 percent after it made a net profit of 78.5 million dirhams ($21.4 million) in the fourth quarter, five times what it made in the prior-year period. Quarterly revenue increased to 131.2 million dirhams from 69.3 million dirhams as the market''s trading turnover ballooned late last year, buoyed by a recovery of oil prices. Dubai''s main stock index, however, edged down 0.2 percent as Emaar Properties, which has not yet reported quarterly earnings, fell 1.3 percent. Banking shares helped lift Abu Dhabi''s index 0.3 percent higher. National Bank of Abu Dhabi rose 0.8 percent and First Gulf Bank (FGB) was up 0.4 percent. NBAD said on Tuesday it aimed to double the size of its debt issuance to $15 billion but did not give reasons or say how the programme would fit into the lender''s planned merger with FGB, due to take place at the start of next quarter. In Saudi Arabia, the general index edged up 0.1 percent in the first 35 minutes of trade with gainers outnumbering decliners 73 to 52. Oil shipper National Shipping Co (Bahri) rose 1.1 percent after saying it had received the first very large crude carrier in an order from Hyundai Samho Heavy Industries and expected the ship''s commercial operations to start next month. Kuwait''s index resumed falling sharply on profit-taking after January''s sharp rise; the index dropped 1.6 percent. Many fund managers believe valuations no longer support sharp rises from current levels. (Reporting by Celine Aswad; Editing by Andrew Torchia) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/mideast-stocks-idUSL5N1FS1HS'|'2017-02-07T15:08:00.000+02:00'
'97698c3f550f051d039734d41a1dfd947314231d'|'Teva says Israel probing same issues as U.S. bribery case'|' 39pm EST Teva says Israel probing same issues as U.S. bribery case JERUSALEM Feb 7 Teva Pharmaceutical Industries said on Tuesday that Israeli authorities were investigating the same issues as an earlier U.S. bribery settlement. "The company can confirm that, to the best of its knowledge, an investigation is being conducted in Israel regarding the same issues which led to a settlement with American justice authorities," a spokesman said in a statement. "The settlement referred to events that occurred between 2007-2012 and none of the people involved in the improper payments is currently employed at Teva," the statement said. Teva in December agreed to pay more than $519 million to settle U.S. criminal and civil allegations that the company bribed overseas officials to gain business for its medications. (Reporting by Ari Rabinovitch; Editing by Alexander Smith)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/teva-pharm-ind-israel-corruption-idUSL5N1FS6IT'|'2017-02-08T00:39:00.000+02:00'
'c1b0b6bd3c78ff38a4d0a0c3d11cb3a019320b09'|'White House memo confuses Wall Street on fate of fiduciary rule'|'Money - Tue Feb 7, 2017 - 1:21am EST White House memo confuses Wall Street on fate of fiduciary rule Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., January 23, 2017. REUTERS/Brendan McDermid By Sarah N. Lynch and Elizabeth Dilts - WASHINGTON/NEW YORK WASHINGTON/NEW YORK Conflicting signs from the White House have left brokerage firms and lobbyists unsure whether a controversial rule governing retirement advice will ever be put in place, but they are taking no chances and complying anyway. President Donald Trump''s Friday memorandum ordered the Labor Department to review the so-called "fiduciary" rule, which requires brokers to put their clients'' interests first when advising them about 401(k) plans or individual retirement accounts. But that call for a review was significantly weaker than an earlier draft, seen by Reuters, that requested a 180-day delay in the scheduled April 10 effective date of the rule, which is already on the books. Trump''s memo did not go as far as White House early guidance to reporters that the memo would ask the department to "defer implementation" of the rule. It is not clear to Washington insiders just how quickly or easily the Labor Department can delay implementation of the rule. And while most expect there will eventually be a delay, it still is not clear to Wall Streeters who have already started changing their business models whether they can count on a deferral or reversal of the regulation. <20>There<72>s confusion because it injected a whole lot more noise into the system with very little specificity about what is to come,<2C> said Michael Spellacy, the head of PWC''s wealth management consultancy, who said he spent most of his weekend on the phone with the heads of 35 U.S. brokerages they are advising discussing the memo and its implications. Legal experts say the Labor Department likely will have to undertake a formal rulemaking process in order to delay the rule''s implementation - a process that cannot happen overnight, and that may be further delayed by the lack of a permanent Labor Secretary. Trump''s choice to be Labor Secretary, Andrew Puzder, has seen his own confirmation indefinitely postponed in the Senate amidst delays with his ethics paperwork. One other possible wrinkle that could impact the rule''s implementation, meanwhile, is a pending legal challenge in a federal court in Texas. Last week, the judge said she plans to rule no later than Feb. 10. The fiduciary rule is separate from the banking rules that were put in place after the 2008 financial crisis. Trump has also ordered a review of the 2010 Dodd-Frank reform. EXPECTING A DELAY, BUT COMPLYING ANYWAY In the meantime, lawyers are advising their financial services clients to continue preparing for the upcoming deadline. "What is clear from the memo is that we don''t have certainty yet," said Michael Kreps, an attorney with the Groom Law Group. The White House did not explain why it scaled back its memo, but legal experts say it was most likely changed because the prior version may have violated the Administrative Procedures Act - a federal law that governs the rulemaking process. That law requires public notice and a comment period before changes to a rule can be made. Had Trump proceeded with the original plan for a 180-day delay, the change could have been vulnerable to legal challenges. Legal experts say the Labor Department has a few possible options. It can issue what is known as an "interim final rule," which would immediately delay the effective date while seeking comments from the public on why a delay is justified. Or, it can issue a proposed rulemaking to delay the rule''s compliance deadline, give the public 30 days to comment, and then issue a final rule. A Labor Department spokeswoman reiterated on Monday that the department is reviewing its legal options to delay the rule, but declined to elaborate. Kenneth Laverriere, an attorney at Shearman & Sterling, said he
'164be564bf6608e7f4326cce788461e520cdba32'|'UPDATE 1-Regulator gives NYSE notice over 2015 trading outage -ICE'|'Company  31am EST UPDATE 1-Regulator gives NYSE notice over 2015 trading outage -ICE Feb 7 Staff at the U.S. Securities and Exchange Commission have recommended that the regulator bring an enforcement action against the New York Stock Exchange for a nearly four-hour trading halt in July 2015, the exchange''s parent company said in a filing on Tuesday. NYSE received a notice on Dec. 29 saying the SEC staff have made a preliminary determination to recommend an enforcement action related to NYSE''s response to the glitch that led to the outage. (Reporting by John McCrank in New York; Editing by Chizu Nomiyama) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/ice-nyse-regulations-idUSL4N1FS49M'|'2017-02-07T21:31:00.000+02:00'
'84c28f3e97a1a4f7fae94902f40c588cd333fc1a'|'Teva names interim CEO, new chairman as Vigodman steps down'|'Business News  47pm EST Teva names interim CEO, new chairman as Vigodman steps down Erez Vigodman, President and CEO of Teva Pharmaceutical, participates in a panel discussion at the 2015 Fortune Global Forum in San Francisco, California November 3, 2015. REUTERS/Elijah Nouvelage Israel-based generic drugmaker Teva Pharmaceutical Industries Ltd ( TEVA.TA ) said on Monday that Chief Executive Erez Vigodman was stepping down effective immediately and would be replaced on an interim basis by Yitzhak Peterburg, who has been chairman of Teva''s board of directors. Because Israeli company law calls for separation of the roles of chairman and CEO, Petersburg will no longer head the board, which elected former Celgene Corp ( CELG.O ) CEO Sol Barer to serve as the new chairman of the world''s largest seller of generic medicines. Prior to rejoining Teva''s board of directors in 2012, Peterburg led the company''s innovative research and development efforts as head of global branded products, from October 2010 until October 2011. The company said it has hired a search firm to help identify candidates as it looks for a permanent CEO. Teva has faced numerous recent hurdles, including successful patent challenges to its most important branded product - the multiple sclerosis treatment Copaxone, integration of the Actavis generics business it bought last year for $40.5 billion, and a U.S. investigation into generic drug price fixing. Teva last month provided a 2017 revenue and profit forecast below Wall Street estimates, sending its shares sharply lower at the time. Vigodman had been CEO since February of 2014. Teva''s U.S.-listed shares fell more than 2 percent in extended trading after the latest management shakeup was announced. (Reporting by Bill Berkrot; Editing by Bernard Orr) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-teva-pharm-ind-ceo-idUSKBN15L2L0'|'2017-02-07T05:41:00.000+02:00'
'd4598e23d519809e9195d49a53f0aae8940ee822'|'SK Hynix submitted bid for a Toshiba memory business stake - source'|'Mon Feb 6, 2017 - 11:06pm GMT SK Hynix submitted bid for a Toshiba memory business stake : source left right The logo of SK Hynix is seen in its plant in Icheon, about 80 km (50 miles) southeast of Seoul May 13, 2013. REUTERS/Lee Jae-Won 1/2   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 2/2 SEOUL South Korea''s SK Hynix Inc ( 000660.KS ) has submitted an initial bid to acquire a stake in Toshiba Corp''s ( 6502.T ) memory chip business, a person familiar with the matter told Reuters on Tuesday. The person said it has not been decided how much a stake SK Hynix, the world''s No. 2 memory chip maker, will acquire in Toshiba''s memory business as the deal is in early stages. A SK Hynix spokesman declined to comment, and Toshiba could not be immediately reached for comment. (Reporting by Se Young Lee; Editing by Chris Reese) Up Next'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-toshiba-m-a-sk-hynix-idUKKBN15L2M7'|'2017-02-07T06:19:00.000+02:00'
'fc60d26af983dc634a6531335cae29046d7dd95e'|'Exclusive: Italian diesel probe omitted key tests for Fiat Chrysler models'|'Business News - Tue Feb 7, 2017 - 12:02pm EST Exclusive: Italian diesel probe omitted key tests for Fiat Chrysler models A new Fiat Chrysler Automobiles sign is unveiled at Chrysler Group World Headquarters in Auburn Hills, Michigan May 6, 2014. REUTERS/Rebecca Cook By Laurence Frost and Silvia Aloisi - PARIS/MILAN PARIS/MILAN Fiat Chrysler ( FCHA.MI ) vehicles were allowed to skip key tests for illegal engine software during Italy''s main emissions-cheating investigation in the wake of the Volkswagen scandal, according to the transport ministry''s own report. The report, presented to a European parliamentary committee in October but never officially published, will be seized upon by environmental groups pressing MEPs to vote on Thursday for tougher EU oversight of vehicle testing by national authorities. "It''s imperative that we break this cozy relationship between national testing authorities and their domestic carmakers," said Julia Poliscanova, a vehicle emissions specialist at Brussels-based campaign group Transport & Environment. "This problem is at the heart of Dieselgate." The Italian report may raise questions for Fiat Chrysler (FCA) as it faces a U.S. criminal investigation for alleged emissions manipulation and German accusations that it, like VW ( VOWG_p.DE ), used "defeat devices" to confound nitrogen oxide (NOx) tests. FCA on Monday became the third carmaker after VW and Renault to be referred to French prosecutors over the scandal. The Italian-American company denies breaking any laws, a spokesman reiterated, declining further comment. The ministry findings, which have been circulated by some Italian opposition politicians and examined by Reuters, include complete sets of data for eight diesel cars made by BMW, Ford, Mercedes-Benz, Volkswagen and GM''s Opel. But for three of the seven FCA models also investigated - a Jeep Cherokee 2.0, Alfa Romeo Giulietta 1.6 and Lancia Ypsilon 1.3 - results are missing from an on-road measurement phase and a reversed version of the EU''s standard "NEDC" lab test. All seven FCA models also lack data for an "Artemis" test that adjusts the EU lab regime to reflect urban driving styles. The three skipped protocols are typically used to help unmask defeat devices by preventing them from detecting the test. No explanation for the missing FCA results was offered in the document. But transport ministry spokeswoman Luisa Gabbi told Reuters a "new definitive version" had been drafted to include more data for FCA models following further tests, and would be published in coming weeks. Following VW''s exposure in 2015 for U.S. diesel test-cheating, several European countries launched their own investigative test programs. Their results revealed on-road NOx emissions as high as 15 times the regulatory limits, as well as the widespread use of defeat devices that reduce exhaust treatment in some conditions. LOOPHOLE Carmakers including Renault, GM and Fiat have broadly invoked an EU legal loophole that allows such software only when it is necessary for safety or engine protection. All deny breaking the law. In German and French testing, a Jeep Cherokee 2.0 litre similar to the model overlooked by Italian engineers emitted between 5.3 and 9.9 times the legal NOx limit under modified EU test cycles conducted in the lab or on the road. Independent road testing of a Fiat 500L with the same 1.6-litre engine as the omitted Alfa Giulietta measured NOx levels more than 5.6 times the statutory 180 miligrammes per kilometer for Euro 5 engines, according to UK-based Emissions Analytics. According to the Italian report, the FCA models were all analyzed in Fiat''s own labs under the supervision of ministry officials, while all other models were tested at an independent Istituto Motori facility. The draft regulation before MEPs would bolster EU supervision of government testing authorities to address perceived conflicts of interest when they inspect and certify the cars of their 
'605f337911492441d7c616bb95f781607f5d4cb0'|'MOVES-Markel International names new head of underwriting management'|' 39am EST MOVES-Markel International names new head of underwriting management Feb 7 Insurer Markel International Ltd, a subsidiary of U.S.-based holding company Markel Corp, appointed Warren Towner as head of underwriting management and reinsurance placement. Towner, who most recently served as general manager of Markel''s reinsurance division, will report to Jeremy Brazil, director of underwriting. (Reporting by Diptendu Lahiri)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/markel-corp-moves-warren-towner-idUSL4N1FS3IU'|'2017-02-07T18:39:00.000+02:00'
'bf70c02f0d0a3435886759f950e6fbe15bbcfb30'|'Tiffany says CEO Frederic Cumenal steps down'|' 34pm EST Tiffany says CEO Frederic Cumenal steps down Feb 5 Jeweler Tiffany & Co on Sunday said Frederic Cumenal has stepped down as chief executive officer, effective immediately. The retailer said its chairman and previous CEO, Michael Kowalski, would serve as interim CEO while the board of directors seeks a new CEO. Kowalski will continue as Chairman. (Reporting by Scott DiSavino; Editing by Jonathan Oatis)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-tiffany-idUSASB0AYLM'|'2017-02-06T05:34:00.000+02:00'
'0027648b7ea19f55e37ffa5a4bc689bf468bd9a2'|'MOVES-KPMG India names Arun Kumar as CEO'|'Company News - Sun Feb 5, 2017 - 10:43pm EST MOVES-KPMG India names Arun Kumar as CEO Feb 5 KPMG India has appointed Arun Kumar as chairman and chief executive, effective Feb. 5. Kumar, elected for a five-year term, succeeds Richard Rekhy, who was the CEO for over four years. Kumar was earlier the Assistant Secretary of Commerce for Global Markets and Director General of U.S. and Foreign Commercial Service in the Obama administration. Prior to that, he was on the KPMG US and KPMG Americas Boards during 2008-2013. (Reporting by Vishal Sridhar in Bengaluru; Editing by Sherry Jacob-Phillips) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/kpmg-moves-arun-kumar-idUSL4N1FR1NX'|'2017-02-06T10:43:00.000+02:00'
'8d6e2e3b507e07d82c0f429f4a27013fd032cadc'|'First big German customer sues Volkswagen in diesel affair - Reuters'|'HAMBURG, Germany Fish distributor Deutsche See is suing Volkswagen for misrepresenting a fleet of vehicles it leased as environmentally friendly, becoming the first major German customer to sue Europe''s biggest carmaker over its diesel-test cheating.Volkswagen already faces numerous lawsuits from individual owners, regulators, states and dealers, many of them in the form of class-action cases in the United States. This is the first case brought by a corporate customer in its home market.Bremerhaven-based Deutsche See, which leases about 500 vehicles from Volkswagen, said it had been unable to reach an out-of-court settlement. Talks had broken down after Volkswagen replaced the relevant managers with lawyers and PR managers.German tabloid Bild am Sonntag said Deutsche See was suing for 11.9 million euros ($12.8 million). Deutsche See was not immediately reachable to comment on the sum."Deutsche See only went into partnership with VW because VW promised the most environmentally friendly, sustainable mobility concept," said a statement from Deutsche See, which won a sustainability prize in 2010.Volkswagen said on Sunday it had not yet seen the charge and so could not comment on it.Deutsche See said it had filed its complaint for malicious deception at the regional court in Braunschweig, near Volkswagen''s Wolfsburg headquarters. The court was not reachable on Sunday to confirm it had received the case.Volkswagen admitted in September 2015 it had used software to cheat diesel-emissions tests in the United States.The legal fallout has cost the company over 20 billion euros ($21.6 billion) so far and its former chief executive is being investigated by German prosecutors for suspected fraud and market manipulation.($1 = 0.9276 euros)(Reporting by Jan Schwartz; Writing by Georgina Prodhan; Editing by Mark Trevelyan)'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/volkswagen-emissions-lawsuit-idINKBN15K0MS'|'2017-02-05T13:18:00.000+02:00'
'414192b21c072a361eb8e59480ce907a852432f7'|'Barclays to overhaul back office operations to cope with ring-fencing'|'Company News - Sun Feb 5, 2017 - 5:42am EST Barclays to overhaul back office operations to cope with ring-fencing * UK banks must separate retail, investment banking operations * New Barclays unit will support both sides after ring-fencing * Could operate smoothly even if one operation got into trouble * Staff unclear who they will work for, fear job cuts - sources * Overhaul to soak up much of 1 bln pound cost of ring-fencing By Lawrence White LONDON, Feb 5 Barclays Plc is about to overhaul its back office operations under a restructuring to help it comply with new post-crisis rules forcing British banks to ring-fence their retail operations from their riskier business. It has formed a new company that will operate as a standalone unit providing support services to both of its two main operations when they are formally separated - retail and investment banking, the bank said. The ring-fencing rules seek to avoid a repeat of the 2008 crisis, when banks'' bad bets threatened depositors'' cash. While Barclays was not among those that needed a UK taxpayer-funded bailout, the new rules apply to all lenders in Britain that have retail and commercial or investment banking activities. At Barclays, the aim is that critical support functions could continue to operate smoothly if either of its two main businesses were to run into trouble, while also keeping costs down by not having several separate back-office units, sources involved in the project said. The overhaul - including the creation of the new company known internally as ServCo - will affect most of the more than 10,000 people who work in Barclays back offices operations in 17 countries around the world. It will group together the bank''s huge operations in India and South Africa that provide technology support and data management, along with functions such as compliance with regulatory requirements, corporate relations, legal affairs and human resources. While for some staff this will simply involve a change in the name of the legal entity they work for, the sources said it was also likely to lead to some job losses. Barclays declined to comment on the possible staff cuts or the cost of the restructuring. However, sources with direct knowledge of the project said it would soak up much of the 1 billion pounds ($1.25 billion) that Barclays has said it will cost to comply with the ring-fencing rules. UPHEAVAL The structural change shows the upheaval that British banks face to meet the rules that come into force in 2019. Other British lenders are working on similar models. HSBC transferred 18,000 employees to a UK-based service company in 2015, according to a company filing, as part of a move to insulate its back-office functions to comply with the new regulations. HSBC plans to base its ring-fenced British retail and commercial banking business in Birmingham, shifting about 1,000 staff to the central English city from London. Barclays, however, will keep both main operations headquartered at its building in the capital''s Canary Wharf district. Paul Compton, Barclays'' chief operating officer, is overseeing the creation of the new company, which will formally be called Barclays Services Ltd. "From the outset, we''ve been keen to use the incoming ringfencing regulations to enhance the banking experience for our customers and clients, and the establishment of the service company is a great example of how we can put this into practice," Compton told Reuters in an email. He declined to comment on how many people will work in the new unit. Some back office workers are confused about which entity they will end up working for and concerned about losing their jobs, two of the sources said. ServCo''s management structure will be formalised by April with a view to it beginning operations by September, they added. Compton joined the bank in May 2016, one of many high-profile former JPMorgan bankers recruited by Barclays Chief Executive Jes Staley, who himself ran the U.
'692046a062a0c9463412075d3500ad8c6b8d4637'|'The Failed Quest to Bring Down Wall Street<65>s Most Wanted Man'|'Steve Cohen had a target on his back. The government was determined to prove that the hedge fund manager, known on Wall Street for eye-popping annual returns of 30 percent, made some of his billions trading on inside information. Sheelah Kolhatkar, a staff writer at the New Yorker (and a former correspondent for this magazine), has written a fast-paced tale of how the feds worked for almost a decade to build a case against him, and why they couldn<64>t indict him, in Black Edge: Inside Information, Dirty Money, and the Quest to Bring Down the Most Wanted Man on Wall Street (Random House, $28).The story follows Cohen from his early days managing money at a scrappy brokerage firm, Gruntal & Co., to his founding of SAC Capital Advisors in 1992 and its dissolution in 2014. Along the way, SAC grew to manage almost $17 billion, much of it Cohen<65>s own money. He outbid other titans for fancy real estate and modern art, including Damien Hirst<73>s shark suspended in 4,360 gallons of formaldehyde, for which Cohen paid $8 million.Kolhatkar paints a picture of a reclusive man who<68>s quick to anger, driven by greed, and insecure about his place in moneyed society. (Growing up, the Cohens were on the <20>low end of the financial spectrum<75> in prosperous Great Neck, N.Y.) He<48>s also an unflappable trader. At least one employee Kolhatkar Quote: s said his understanding was that giving Cohen your best trading ideas meant giving him inside information<6F>the <20>black edge<67> of the book<6F>s title. While he was at Gruntal, allegations emerged in a since-dismissed lawsuit from Cohen<65>s ex-wife that he traded on nonpublic information. At SAC, Cohen didn<64>t ask for details on how a portfolio manager got his ideas, just his level of conviction.The narrative weaves Cohen<65>s middle-class-to-riches story into the government<6E>s simultaneous decade-long pursuit of other suspected Wall Street wrongdoers. Slowly, the U.S. Securities and Exchange Commission and the FBI uncovered consultants sharing nonpublic information with their hedge fund clients and analysts passing along inside information to their friends and bosses. Some conversations were caught on wiretaps. Time and again, the FBI approached these analysts and portfolio managers at their homes or after a workout: <20>We want to talk to you about insider trading,<2C> agents would begin. Usually, the targets folded, confessing to illegal activities and turning on their contacts or their superiors.The government<6E>s pursuit of insider trading, and Cohen in particular, was covered extensively by major media outlets, including Bloomberg News. Kolhatkar smartly pieces together the best of that reporting and refines our understanding of the saga with as-yet-unpublished tidbits she gleaned through interviews and court documents. (Cohen declined to be interviewed for the book.) Most interesting among these details are government missteps. The SEC sat on reports of suspicious trading at SAC for almost a year, and the FBI put a wiretap on Cohen<65>s Connecticut home just when he was spending most of his time in the Hamptons. Kolhatkar started her reporting in 2012, when Cohen<65>s future looked bleak, and she undoubtedly expected a different ending for the book. The government had just arrested Mathew Martoma, an SAC portfolio manager who they alleged had received inside information on the results of a drug trial and who<68>d had a 20-minute phone call with his boss that caused Cohen to reverse a giant trade. The feds expected Martoma would testify against him to avoid going to jail. Instead, Martoma refused to cooperate and went to prison. Later, a court threw out some of U.S. Attorney Preet Bharara<72>s convictions, including one against another of Cohen<65>s senior traders.The government wanted to put Cohen in jail<69>or, failing that, keep him from managing clients<74> money forever. Instead, SAC, not Cohen himself, pleaded guilty to securities fraud in 2013, and the fund paid a record $1.8 billion fine. After dissolving SAC, he set up a family o
'8348847a97f3380597131160736bc3df169e5f2f'|'Trump Threatens to Undo Nafta<74>s Auto Alley'|'In his first week in office, President Trump made good on his campaign promise to overhaul U.S. trade policy. On Jan. 23 he signed a memorandum to pull out of the Trans-Pacific Partnership and made clear his desire to renegotiate the North American Free Trade Agreement with Canada and Mexico.The next day Trump summoned executives from the Big Three U.S. automakers, Ford, Fiat Chrysler, and General Motors, to the White House. He set the tone with a tweet saying he wants <20>new plants to be built here for cars sold here.<2E> It<49>s impossible to know what benefits may have been lost with TPP, which died before it ever came into force. What is certain, however, is that Nafta has benefited the auto industry in North America, and unraveling it may cut more jobs than it brings back.Under Nafta<74>s common market, a supply chain of automotive assembly lines and parts makers has developed over the past 20 years, stretching some 2,500 miles, from Toronto through Detroit and the U.S. Midwest and south to the Mexican border states. This auto alley employs more than 1.5 million people; and though it encompasses three countries, it functions as one integrated production region, says Thomas Klier, an economist at the Federal Reserve Bank of Chicago.There<72>s been so much investment in Mexico, intertwining both assembly lines and parts suppliers with U.S. and Canadian operations, that bringing final assembly back to the U.S. would be like taking eggs out of an omelet. A new car can contain upwards of 10,000 parts, says Klier, many of which move back and forth across borders as they<65>re combined into dashboards or transmissions, before being installed as a car rolls off the line. Labor-intensive parts such as a wiring harness or seats can be made in lower-cost Mexico, while more complex parts are made in the U.S.As carmakers have standardized their operations, using the same chassis for multiple models, it<69>s become easier to shift production. If Trump levies a big tax on Mexican-made cars, it<69>s not completely certain that assembly and parts production will return to Michigan. Carmakers may instead shift production to a cheaper offshore site. <20>Then you have to play whack-a-mole with every low-cost country,<2C> says Bernard Swiecki, senior analyst with the Center for Automotive Research in Michigan.If that happens, the U.S. could lose about 31,000 jobs, according to CAR. Here<72>s why: About 40 percent of the parts in all Mexican-made products come from U.S. plants. The share is even more pronounced for the U.S. carmakers. GM gets more than 70 percent of its parts from the U.S. for its Mexican factories, says Alan Batey, the company<6E>s North America president. Start building those cars in low-cost Asian plants to avoid tariffs, and the parts would likely follow, Swiecki says.Crucially, it<69>s not only GM, Ford, and Fiat Chrysler that make cars in Mexico for the U.S. market. Volkswagen, Nissan, Honda, and Toyota do, too. If they all move production to their home countries, they<65>d have less reason to buy U.S. parts. In a 2016 working paper, Thierry Mayer, an economist at SciencesPo in Paris, and Keith Head of the Sauder School of Business at the University of British Columbia looked at two policy scenarios: 35 percent tariffs and countertariffs at the U.S.-Mexico border (as Trump threatened during the campaign) and the complete dissolution of Nafta. Using data on auto-part sourcing by brand and model, they estimate that Mexico<63>s share of global auto production would plummet under both scenarios.As a negotiating threat, the tariff is effective. It<49>s less effective as policy. Mayer and Head estimate that the U.S. would win only a small share of global production with a 35 percent tariff and lose a small share with the end of Nafta. Winners in both cases: Germany, South Korea, and particularly Japan, which would simply bring their Mexican production home.The bottom line: Renegotiating Nafta by putting tariffs on Mexican imports could result in the auto industry losing 31,000 U
'ca2dd4f376921df7767129a0175badb2953634a8'|'DCC to buy ExxonMobil''s Norwegian retail petrol station network'|'  8:00am GMT DCC to buy ExxonMobil''s Norwegian retail petrol station network London-listed DCC Plc ( DCC.L ) said it would buy retail petrol station network of ExxonMobil''s ( XOM.N ) Norwegian unit, Esso Norge AS, for 2.43 billion Norwegian crowns ($293.38 million). DCC, which markets fuels and related products, said the total consideration, along with the value of stock in tank at the date of acquisition, would be paid in cash. The transaction is expected to close in the final calendar quarter of 2017, the company said. ($1 = 8.2829 Norwegian crowns) (Reporting by Rahul B in Bengaluru; Editing by Amrutha Gayathri)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-esso-norge-deal-dcc-idUKKBN15M0MC'|'2017-02-07T15:00:00.000+02:00'
'60bdb79d7d5514c20a2156d07f4a69a32fb4d6af'|'CEE MARKETS-Romania''s Leu currency extends rebound as protests persist'|'* Leu recovers, fundamentals offset political uncertainty * Romanian politics will remain shaky * Czech, Hungarian industrial output data below forecasts By Sandor Peto BUDAPEST, Feb 7 The leu extended its recovery on Tuesday after its sharp fall during mass protests last week, outperforming other Central European currencies as Romania''s healthy growth outlook offset uncertainty surrounding public calls for the government to quit. The leu strengthened 0.3 percent to 4.4919 against the euro as the Romanian central bank kept its interest rates unchanged on Tuesday. Most analysts expect interest rates to start to rise around the end of 2017. Elsewhere, Hungary''s forint and the Polish zloty firmed marginally. The Romanian currency hit 7-month lows at 4.554 last week after a government decree to decriminalize some graft offences unleashed the biggest mass protests since the collapse of Communism in 1989. It rebounded after the decree was repealed on Sunday, but smaller protests against the one-month-old leftist government persist. While its majority in parliament is expected to help it survive a no-confidence vote on Wednesday, the president piled pressure on his prime minister with a stinging attack. "The government continues to push its limits," Raiffeisen analyst Stephan Imre said in a note. Analysts said forecasts of robust economic growth, seen near 4 percent this year, was supporting the leu, analysts said. "Economic growth is fundamentally strong and the budget is loose," said Gabor Dunai, analyst of OTP Bank. "That is expected to accelerate inflation and if that is true, the central bank could start to normalize (lift) interest rates later this year," he said. Analysts said central Europe''s strong growth outlook and relatively high yields has so far shielded its assets from the market jitters rippling through markets ahead of unpredictable elections in France, Germany and perhaps Italy. A Reuters poll published on Tuesday showed the Czech crown could surge almost five percent against the euro in the next 12 months, well outperforming Central European peers, as the central bank is seen removing its cap on the crown''s value. "There are big political risks both in America and the euro zone right now and relative to that (Central Europe) looks quite stable now," said Erste analyst Gergely Urmossy, referring to upcoming elections in France and Germany. Separately, German Chancellor Angela Merkel''s visit to Warsaw on Tuesday has raised hopes of a thaw in relations, amid signs Poland''s conservative rulers are keen to repair the co-operation essential for European Union (EU) attempts to handle economic and political problems ahead. Hungarian and Czech December industrial output figures were below expectation, but analysts said output could still pick up across the region this year. In light of a plunge in industrial output in Germany, the region''s biggest export market, Hungary''s 0.5 percent annual decline "can be regarded as a positive surprise", said ING analyst Peter Virovacz in a note. One Budapest-based trader said regional currencies may also benefit from the closing of some selling positions opened in the past weeks due to expectations for a surge of the dollar. CEE SNAPS AT 1141 MARKETS HOT CET CURRENCIES Lates Previ Daily Chang t ous e bid close chang in e 2017 Czech crown 27.02 27.02 +0.0 -0.05 00 45 2% % Hungary 309.8 309.9 +0.0 -0.33 forint 500 800 4% % Polish 4.298 4.295 -0.08 2.45% zloty 5 0 % Romanian 4.491 4.505 +0.3 0.96% leu 9 3 0% Croatian 7.444 7.450 +0.0 1.49% kuna 0 7 9% Serbian 123.7 123.8 +0.1 -0.28 dinar 000 400 1% % 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 943.7 942.0 +0.1 +2.4 0 6 7% 0% Budapest 32537 32388 +0.4 +1.6 .00 .91 6% 7% Warsaw 2084. 2089. -0.25 +7.0 46 61 % 1% Bucharest 7550. 7586. -0.48 +6.5 06 55 % 6% Ljubljana 748.1 746.6 +0.2 +4.2 7 7 0% 6% Zagreb 2193. 2182. +0.5 +9.9 
'f406fa4193f2298018d2b9f68c13179f38acfbcb'|'Twenty-First Century Fox profit tops estimates, revenue misses'|'Twenty-First Century Fox Inc ( FOXA.O ) reported a quarterly profit that beat analysts'' expectations, as its television unit benefited from hosting the baseball World Series and its cable news channel enjoyed strong ratings during the U.S. presidential campaign.However, the parent of Fox News and FX posted second-quarter revenue that fell short of expectations. Fox''s shares were down about 1.7 percent in after-hours trading on Monday.Fox said revenue at its cable division, which houses the Fox channels among others, rose 7.1 percent to $3.97 billion in the quarter ended Dec. 31.Domestic advertising sales in the cable business rose 12 percent in the quarter, the company said.Fox News finished 2016 as the most-watched U.S. cable network in primetime its history, according to Nielsen data in December, as Trump''s victory drew in extraordinary audience interest.On U.S. election night, Nov. 8, Fox News drew 12.1 million viewers during primetime, second only to Time Warner Inc-owned ( TWX.N ) CNN''s 13.3 million viewers among U.S. TV networks.Additionally, Fox benefited from hosting the Major League Baseball World Series held between October and November last year, in which the Chicago Cubs beat the Cleveland Indians.Twenty-First Century Fox said revenue in its film division decreased nearly 4 percent.The Rupert Murdoch-controlled company''s total revenue increased 4.2 percent to $7.68 billion.Analysts revenue of $7.72 billion, accordingNet income attributable to Fox shareholders rose to $856 million, or 46 cents per share, from $672 million, or 34 cents per share, a year earlier.Excluding items, Fox earned 53 cents per share, above 49 cents.Fox has also made a formal approach to take full control of the British-based Sky Plc ( SKYB.L ), with a $14.6 billion bid, enabling it to control a business with 22 million customers in Britain, Ireland, Italy, Germany and Austria.The company said on Monday that it expects the deal to close on or before Dec. 31, 2017.(Reporting by Anya George Tharakan in Bengaluru and Jessica Toonkel in New York; '|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/twenty-first-fox-results-idINKBN15L2FZ'|'2017-02-06T18:26:00.000+02:00'
'fc4229d80f8862b061f879371c01703281940dca'|'PRESS DIGEST- New York Times business news - Feb 7'|' 26am EST PRESS DIGEST- New York Times business news - Feb 7 Feb 7 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. - New York City''s investigation department is looking into the New York Police Department''s awarding of a $6.4 million contract for body-worn cameras. The existence of the inquiry, opened last year, was shared with the city comptroller''s office late Friday, leading to the Comptroller Scott Stringer to decide against signing off on the contract. nyti.ms/2kgnNdP - Russia sought an apology from Fox News on Monday after the host Bill O''Reilly described President Vladimir Putin as "a killer" during an interview with President Trump. The Kremlin''s spokesman, Dmitri Peskov, told reporters that the description was "unacceptable, insulting," according to the state-run news agencies RIA Novosti and Interfax. nyti.ms/2jX356P - Super Bowl''s Sunday''s game drew 111.3 million viewers on Fox, a high enough total to tie it for fourth place among the most-viewed programs in TV history but lower than last year''s 111.9 million. This was the eighth consecutive year that the Super Bowl exceeded 100 million viewers. nyti.ms/2jWVGUX - Bob Iger, Walt Disney''s chief executive, is considering delaying his departure for the third time. It''s a sign that the entertainment conglomerate has failed to find a replacement for him since Tom Staggs left last year. After Iger took over in 2005, Disney''s market value rose from $46 billion to about $148 billion at the end of its 2016 fiscal year. Total shareholder return over the same period increased 350 percent. nyti.ms/2jWXOvV (Compiled by Sangameswaran S in Bengaluru)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/press-digest-nyt-idUSL4N1FS29D'|'2017-02-07T13:26:00.000+02:00'
'7791352b5f4a2b6b908fb8594e721ab9c1be6af5'|'AMS Q4 revenue falls, sees strong growth potential in 2017'|'Company News - Tue Feb 7, 2017 - 2:07am EST AMS Q4 revenue falls, sees strong growth potential in 2017 Feb 7 AMS''s fourth-quarter revenue fell but came in at the top end of the chipmaker''s expectations set in October, when it warned of a setback with one of its customers. Analysts had suggested then that the customer involved could be Samsung Electronics. AMS, which also supplies components to Apple, said revenue for the final quarter of 2016 fell 9 percent to 133.6 million euros ($142.95 million), which was at the upper-end of its 127-134 million euro range of expectations. Net income fell by more than half to 13.7 million euros. For the current quarter, it expects revenue of 141-148 million euros and strong revenue growth potential for the year. ($1 = 0.9346 euros) (Reporting by Anna Serafin; editing by Jason Neely) Next In Company News UK Stocks-Factors to watch on Feb 7 Feb 7 Britain''s FTSE 100 index is seen opening 4 to 8 points higher, or up as much as 0.1 percent on Tuesday, according to financial bookmakers. * The UK blue chip index closed 0.2 percent lower at 7,172.15 points on Monday, with a fall in energy and housebuilding stocks outpacing a rally in shares of precious metals miners. * ITHACA: Ithaca investor Artemis Investment Management said Delek''s $524 million offer for the stake in the North Sea oil producer it does not alr'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSL5N1FR253'|'2017-02-07T14:07:00.000+02:00'
'0e3982d2bd6bd2869997891a6030b040f91261a0'|'EU''s Katainen hopes to revive EU-U.S. free trade talks under Trump - Reuters'|'BERLIN The European Union could revive talks on a free trade deal with the United States under the administration of President Donald Trump, European Commission Vice President Jyrki Katainen said on Tuesday.The two sides failed to conclude negotiations on the Transatlantic Trade and Investment Partnership (TTIP) before former president Barack Obama left office last month."TTIP has not been mentioned by the new US-administration," Katainen said at a business conference in Berlin. "So we still expect that it will be possible to relaunch discussions and to create a sustainable business environment."(Reporting by Gernot Heller; Writing by Joseph Nasr; Editing by Madeline Chambers)'|'reuters.com'|'http://www.reuters.com/finance'|'http://www.reuters.com/article/us-usa-trump-trade-europe-idUSKBN15M181'|'2017-02-07T14:45:00.000+02:00'
'38d2faa4216503427a27590b8722f412ea5dedf8'|'Toshiba wants funds not peers to buy chip stake-source'|'TOKYO Feb 7 Toshiba Corp wants investment funds including Bain Capital to buy a stake in its flash memory business rather than industry peers such as Micron Technology Inc because doing so will speed up the planned sale, a source said.Toshiba needs to raise funds by the end of March to offset an imminent multi-billion dollar writedown on its U.S. nuclear power business. There may not be enough time to conclude a deal with another chipmaker, said the source plan.Micron Technology, SK Hynix Inc and Toshiba''s current memory partner Western Digital Corp have submitted initial bids for a stake that Toshiba says will be less than 20 percent of its NAND flash unit, two other sources familiar with the bidding told Reuters. (Reporting by Makiko Yamazaki, Kentaro Hamada, Junko Fujita and Taiga Uranaka; Editing by Stephen Coates)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/toshiba-ma-sk-hynix-funds-idINL4N1FR2XA'|'2017-02-07T01:53:00.000+02:00'
'04b007e740865101744b0b7f8a7b205cc923fc73'|'Aldi overtakes Co-op to be Britain''s fifth biggest supermarket - Kantar Worldpanel'|'Business News - Tue Feb 7, 2017 - 8:25am GMT Aldi overtakes Co-op to be Britain''s fifth biggest supermarket - Kantar Worldpanel A company logo is pictured outside a branch of an Aldi supermarket in Manchester, Britain, March 17, 2016. REUTERS/Phil Noble/File Photo LONDON Discounter Aldi [ALDIEI.UL] has overtaken the Co-operative ( 42TE.L ) to become Britain''s fifth biggest supermarket chain, industry data showed on Tuesday. Market researcher Kantar Worldpanel said Aldi sales rose 12.4 percent year-on-year in the 12 weeks to Jan. 29, taking its market share to 6.2 percent, ahead of the Co-op''s 6.0 percent. Sales at market leader Tesco ( TSCO.L ) rose 0.3 percent and at No. 4 Morrisons ( MRW.L ) they were up 1.9 percent. They were flat at No. 2 Sainsbury''s ( SBRY.L ) but fell 1.9 percent at No. 3 Asda ( WMT.N ). Grocery inflation for the 12 week period was 0.7 percent. (Reporting by James Davey, Editing by Paul Sandle) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-grocers-kantar-idUKKBN15M0OT'|'2017-02-07T15:25:00.000+02:00'
'2b81e5826beeaa8b89fc5cda9cef43f9e1c764d2'|'Reckitt Benckiser reaches deal to buy Mead Johnson for $16.6 billion'|'By Martinne Geller - LONDON LONDON Reckitt Benckiser ( RB.L ) has agreed to buy U.S. infant formula maker Mead Johnson Nutrition ( MJN.N ) for $16.6 billion, its biggest deal ever and opening up a new market area for the British consumer goods company.Reckitt, the British maker of Lysol cleaners and Durex condoms, said on Friday it will pay $90 a share for the company, a 30 percent premium to the stock''s closing price the day before Reckitt said last week it was in talks to buy Mead Johnson.Including Mead Johnson''s debt, the deal is worth $17.9 billion.Reckitt said its goal is for the Mead Johnson business to perform at the upper end of estimated category growth of 3 to 5 percent per year in the medium to long term.It estimated 200 million pounds in annual cost savings by the end of the third full year, and will add to earnings in the first full year. It should add a double-digit percentage rate to earnings by the third year, Reckitt said.Reckitt also reported fourth-quarter revenue of 2.76 billion pounds, up 1 percent on a like-for-like basis. For the full year, like-for-like revenue rose 3 percent.Reported earnings for the full year were 256.5p, up 6 percent.(Reporting by Martinne Geller; Editing by Greg Mahlich)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-mead-johnson-m-a-reckitt-benc-grp-idINKBN15P0MV'|'2017-02-10T04:39:00.000+02:00'
'd865ef74dc90aa7bf87ad955a48a3ca5b1af3405'|'Agrokor''s debt structure in focus as PIK time-bomb grows'|'* Croatian food group''s debt plummets* Bond investors scrutinise accounting policies* PIK loan threatens to impact bondholdersBy Robert SmithLONDON, Feb 10 (IFR) - A ballooning payment-in-kind loan is threatening to tip over Croatian retailer Agrokor, as bond investors pore over the byzantine accounts of the country''s largest private company.The value of the PIK has plummeted as low as 25 cents as confidence in the company''s ability to repay the instrument has evaporated.One banker described the PIK as "a time-bomb".The debt is held at the holding company level but nervousness around it is feeding through to Agrokor''s senior bonds, with a <20>325m 9.125% 2020 note collapsing to an all-time low cash price bid of 75 on Wednesday.Although primarily a food company, producing everything from sausages to ice cream, Agrokor also has interests in a vast array of businesses in construction, commodity trading, and travel and tourism.Its debt woes stem from a recent acquisition of Slovenian retailer Mercator, which was funded with a <20>485m deeply subordinated PIK toggle loan in 2014.PIK toggle notes allow companies to make interest payments with additional debt if they are short of cash, meaning the size of the debt can balloon if not tackled quickly.The banker said Agrokor had "burnt a lot of bridges with banks" due to its indecisiveness in getting to grips with its capital structure."This has been taken round the park so many times," he said. "They''ve hesitated and hesitated on what they want to do. In the end it feels like they''ve missed the boat a couple of times and now they''re starting to pay the price."A second banker said the company''s big missed opportunity came in early 2015, when it tried to pull off a refinancing not only of its nearly <20>1bn-equivalent of senior bonds, but also some holding company debt and loans at Mercator as well.The deal never made it off the ground, however, and Agrokor announced in May 2015 that it had decided "not to pursue such a refinancing at this stage"."What they should have done is refinanced one bond, pay up a little on a <20>300m deal, but get a foothold out there to chip away at their maturities over time," the second banker said."Instead they were advised they could do this big <20>3bn deal of basically all their debt in one fell swoop. A deal of that scale was never feasible for a sub-investment grade Eastern European corporate."COMPLEX ACCOUNTINGThe collapse in Agrokor''s bonds means they now yield more than 20% across the capital structure - a potentially eye-catching return for junk bond investors given the company has substantial assets and a long-standing business model.But several investors told IFR they were hesitant to get involved due to reservations around Agrokor''s accounting policies, particularly the way it accounts for financial assets and investments at subsidiaries in its cashflow statement.One investor pointed to an example from Agrokor''s most recent annual report, covering the full year 2015, where the company disclosed that it had written up the value of intangible assets at a subsidiary in Bosnia and Herzegovina. He said that while most companies typically record a write-up under profit and loss, Agrokor booked it through its cashflow statement."It''s perfectly legal to do this, but it''s misleading," the investor said. "It means cashflow looks better, but actually it''s not real cash - their cash position doesn''t move. I think a lot of people have missed what they''re actually doing from a cashflow perspective."For bond investors, cashflow is a more important metric for servicing debt than profitability.Agrokor did not respond to a request for comment on its accounting policies, nor on its financing plans.BOND MARKET CONTAGIONAgrokor began as a flower-growing operation in a single greenhouse in Yugoslavia in the 1970s. It flourished after the fall of Communism, absorbing other businesses before registering as the Agrokor Group in 1995 - the year Croatia''s war o
'2a82a30d5d653f5db231535548a5dc011e49f7ee'|'Immigration chaos and long nights led to Washington''s court win'|'By Dan Levine and Lawrence Hurley - SEATTLE/WASHINGTON SEATTLE/WASHINGTON Feb 4 When Washington state Attorney General Bob Ferguson arrived in Seattle last Saturday after a trip to Florida, public outrage over the immigration order issued the previous day by President Donald Trump was quickly growing. He went home, greeted his family and then went to work.By late Monday afternoon, just minutes before the court closed for the day, Ferguson, a Democrat, and his team of lawyers were ready to file the first state lawsuit seeking to block the order. On Friday, they won a dramatic courtroom victory when U.S. District Judge James Robart put on hold the travel ban for refugees and citizens of seven mainly Muslim countries.The lawsuit emerged out of a chaotic 48-hour period in which the need for immediate action held sway over the kind of carefully thought-out strategizing that usually leads up to a major legal complaint being filed, according to Ferguson and other attorneys involved in actions against the order."We knew we had one shot," Ferguson said in an interview, in reference to the bid for a temporary restraining that would immediately overturn Trump''s executive order.The lawsuit is one of several now filed against the executive order around the United States, but it was the first case leading to a broad decision that applies nationwide.The fight over the immigration order is just the first of what is likely to be a series of court battles between Democratic attorneys general, the top legal officers in liberal-leaning states, and the administration. Several attorneys general have already said they expect to sue Trump on various issues if he oversteps his authority, including on the environment and consumer protection.President Trump on Saturday ridiculed Judge Robart, a George W. Bush appointee, and his decision. The Justice Department filed a formal appeal.The Washington state lawyers worked around the clock last Saturday and Sunday against the backdrop of turbulent scenes at U.S. airports, where immigrants were detained by federal officials unprepared to implement the president''s directive.There was little time to coordinate with other states, though ultimately one other state, Minnesota, joined the effort. Additional states, including Virginia, New York and Hawaii, have filed their own lawsuits or sought to intervene in cases brought by individuals affected by the ban.State attorneys general did not collectively decide to let Washington file first for any strategic advantage, Ferguson said. Rather, Washington was able most quickly to marshal evidence of the harm Trump''s order caused to the state, which is crucial to establish legal standing.Ferguson called the general counsels at major Washington employers Amazon.com Inc. and Expedia Inc. for their support. The companies eventually filed sworn statements in court saying the ban hurt their businesses.The state lawyers also gathered information on the harm to state residents and institutions such as the university system, which the judge appeared to find persuasive.TURNING THE TABLESThe legal assault on the order has involved Ferguson and other Democratic lawyers taking a leaf from the play-book followed by Republican states that successfully challenged actions taken by Trump''s predecessor, former President Barack Obama.Washington state''s claims rely in part on the same legal arguments that Texas and 25 other Republican-led states made when they challenged Obama''s November 2014 plan to protect up to four million immigrants from deportation. In that case, the Republican states argued that Obama overstepped his constitutional powers by infringing upon the authority of Congress.Washington and other states say Trump has violated the Constitution too, albeit on different grounds. They say he has violated protections against discrimination on the basis of religion by targeting Muslims. The state has a responsibility to protect the "health, safety, and well-being
'0e4067b5748de0ada908032be68561e30c10aeb1'|'VW launches U.S. electric vehicle infrastructure unit'|'Business News - Tue Feb 7, 2017 - 12:06pm EST VW launches U.S. electric vehicle infrastructure unit 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 By David Shepardson - WASHINGTON WASHINGTON Volkswagen Group of America on Tuesday announced a U.S. subsidiary that will manage $2 billion in investments in zero emission vehicle infrastructure and awareness programs over a decade as part of a court settlement over its excess diesel emissions. The world''s largest automaker by sales said the unit plans to install more than 500 charging stations nationwide, including more than 300 stations in 15 metro areas, and to develop a high-speed, cross-country network consisting of more than 200 stations. VW will also launch a "Green City" initiative in a yet-to-be-identified California city to pilot future concepts, including potentially a ZEV-based shuttle service, an EV-based car-sharing program, or a ZEV transit program. The company will make four $500 million investments every 30 months and must get approval from the California Air Resources Board and the U.S. Environmental Protection Agency for spending. VW must submit draft plans to regulators on the first funding plan by Feb. 22. The Electrify America LLC unit, based in Reston, Virginia, is a wholly owned subsidiary of Volkswagen Group of America and is separate from Volkswagen AG''s ( VOWG_p.DE ) automobile brands. The German automaker''s settlement on excess diesel emissions from nearly 600,000 U.S. vehicles requires that $800 million be spent in California and $1.2 billion be invested throughout the rest of the United States. In December, California said Volkswagen agreed to add at least three additional electric vehicles, including an SUV, in the state by 2020 and must sell an average of 5,000 electric vehicles annually through 2025 in the state. Funds spent on education and outreach must be brand neutral and cannot feature Volkswagen vehicles. Charging stations must be accessible to all vehicles. VW named long-time auto executive Mark McNabb as chief executive of Electrify America. McNabb has overseen the diesel settlement program and will continue to do so in his new role. Volkswagen halted sales of diesels in the United States in late 2015 and has said it has no plans to resume U.S. diesel sales. Volkswagen is set to plead guilty on Feb. 24 to three felony counts as part of a plea agreement with the U.S. Justice Department to resolve charges it installed software in U.S. vehicles to allow them to emit excess pollution. In total, VW has agreed to spend up to $25 billion in the United States to address claims from owners, environmental regulators, U.S. states and dealers, and offered to buy back about 500,000 polluting vehicles. (Reporting by David Shepardson; Editing by Dan Grebler) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-volkswagen-emissions-idUSKBN15M20K'|'2017-02-08T00:06:00.000+02:00'
'4db9e74c1482178a9d47eb5d079122d803a27210'|'MOVES-Societe Generale names Millat head of sustainable investment solutions'|'Company News  30pm EST MOVES-Societe Generale names Millat head of sustainable investment solutions Feb 7 Societe Generale''s corporate and investment banking unit appointed Isabelle Millat to the newly created role of head of sustainable investment solutions. Millat will be responsible for coordinating sustainable and responsible investment initiatives across asset classes. Millat will be based in Paris and will report to Marc Saffon, head of financial engineering for global markets. (Reporting by Sruthi Shankar in Bengaluru) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/societe-generale-moves-isabelle-millat-idUSL4N1FS4QB'|'2017-02-08T01:30:00.000+02:00'
'e2c2194fd458c7ec3c4c156dbc9d739526859d8e'|'Lufthansa, cabin union to enter mediation over Eurowings - source'|' 18pm GMT Lufthansa, cabin union to enter mediation over Eurowings - source left right The logo of Lufthansa''s low-cost brand Eurowings is seen at Cologne-Bonn airport, Germany, November 2, 2015. REUTERS/Wolfgang Rattay/File Photo 1/2 left right Flight attendants of Lufthansa''s budget airline Eurowings take part in a 24-hour strike over pay and working conditions at Cologne-Bonn airport, Germany October 27, 2016. REUTERS/Wolfgang Rattay 2/2 FRANKFURT German cabin crew union UFO and Lufthansa ( LHAG.DE ) unit Eurowings have agreed to a mediation process over pay and working conditions after talks between management and the union broke down last year, a source familiar with the matter said. Separately, the two sides will hold talks over matters that can''t be discussed as part of mediation, such as opportunities for crew to switch to jobs at Eurowings parent Lufthansa, the person added. Eurowings was not immediately available to comment. The union has been trying to agree pay contracts for around 400 cabin crew members at budget airline Eurowings for about three years. Union members went on strike in October, forcing around 400 flight cancellations. Eurowings reached a deal for other cabin crew with rival union Verdi in December, but three-way talks with UFO failed later that month. (Reporting by Peter Maushagen; Editing by Victoria Bryan)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-lufthansa-unions-eurowings-idUKKBN15M25V'|'2017-02-08T01:18:00.000+02:00'
'7c5371a9895d2cc090c92150dbbd42043be5880e'|'BRIEF-Taro posts quarterly sales of $220.4 million'|' 12pm EST BRIEF-Taro posts quarterly sales of $220.4 million Feb 9 Taro Pharmaceutical Industries Ltd * Taro provides results for December 31, 2016 * Quarterly sales $220.4 million * Taro Pharmaceutical Industries Ltd qtrly net income per ordinary share from continuing operations attributable to taro $3.42 Source text for Eikon:   * Q4 earnings per share view $0.51 -- Thomson Reuters I/B/E/S 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/idUSASB0AZOM'|'2017-02-10T05:12:00.000+02:00'
'8b22256bb2d11f23111292463146014ae7df6ea3'|'Dubai''s Emaar to recover 1.22 billion dirhams for hotel fire insurance claim'|'Business News - Mon Feb 6, 2017 - 5:52am GMT Dubai''s Emaar to recover 1.22 billion dirhams for hotel fire insurance claim The Address Downtown Dubai hotel and residential block is seen engulfed by fire near the Burj Khalifa, the tallest building in the world, during the New Year celebrations in Dubai January 1, 2016. REUTERS/Hassan Al Rasi DUBAI Dubai''s Emaar Properties EMAR.DU said on Monday it will recover 1.22 billion dirhams (265.89 million pounds) from an insurance claim for the Address Downtown hotel which caught fire on New Year''s Eve 2015. The insurance claim, signed with Orient Insurance, will result in a write back of the 301 million dirhams provision created in 2015 to cover the incident. The write back will be recorded as income in the quarter ending Dec. 31 2016, according to a bourse statement. ($1 = 3.6726 UAE dirham) (Reporting by Alexander Cornwell; Writing by Tom Arnold) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-emaar-properties-address-downtown-ins-idUKKBN15L0FK'|'2017-02-06T12:52:00.000+02:00'
'c15f97eebd6179c561e1cf795e68ca9c02df59db'|'Anglo American sees further 40 percent gain in productivity by 2020'|'  10:29am GMT Anglo American sees further 40 percent gain in productivity by 2020 left right A cow is seen near the AngloAmerican sign board outside the Mogalakwena platinum mine in Mokopane , north-western part of South Africa , Limpopo province May 18, 2016. REUTERS/Siphiwe Sibeko/File Photo 1/2 left right FILE PHOTO: Mark Cutifani speaks during an annual African mining conference in Cape Town, February 7, 2012. REUTERS/Mark Wessels 2/2 By Barbara Lewis - CAPE TOWN CAPE TOWN Technological improvements have boosted productivity by 40 percent over the last three years and a further 40 percent can be delivered by 2020, Anglo American ( AAL.L ) Chief Executive Mark Cutifani said on Monday. "Since we started thinking about our business in a very different way, our productivity is up by around 40 percent since 2013," Cutifani told the annual Mining Indaba conference in Cape Town. "I would expect to see the same level of improvement from where we are today to be delivered through our current programmes by 2020." Anglo was focused on the smart use of data and "integrated systems thinking" to cut maintenance spending and reduce safety risks. "We are using advanced analytics to interrogate existing data and to estimate the probability of component failure in some of our most important mining equipment," he said. Miners have been focused on cutting costs and boosting productivity in recent years as metals prices slumped, hitting multi-year lows early last year and squeezing profits. Anglo reported a sharp production fall at its Los Bronces copper mine in Chile at the end of last year offsetting an overall increase in mineral output across its mines. The global mining sector recovered strongly last year as metals prices rebounded, led by Anglo American, the top performer in the FTSE 100 index .FTSE as the company''s shares recovered from a big sell-off in 2015. Although the worst period for the mining sector may have passed, tough and uncertain times continue to lie ahead, Cutifani said. "That is why resilience is so important," he said. "We have to be leaner, we have to be hungry and we have to keep evolving quicker than our competitors." (Additional reporting by Eric Onstad in London; editing by Jason Neely) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-anglo-american-productivity-idUKKBN15L115'|'2017-02-06T17:29:00.000+02:00'
'ab0aa2d054e97627637e588cf4cd72f1e840d1fb'|'UPDATE 1-Oil prices stable on strong Chinese imports, OPEC-led production cuts'|'Company News - Thu Feb 9, 2017 - 11:44pm EST UPDATE 1-Oil prices stable on strong Chinese imports, OPEC-led production cuts * China Jan. Crude imports at 3rd highest ever * OPEC-led production cuts support oil prices * But bloated U.S. market weighs on prices (Adds China import data, updates prices) By Henning Gloystein SINGAPORE, Feb 10 Oil prices were stable on Friday, supported by strong Chinese crude imports and OPEC-led production cuts, although ample U.S. fuel inventories weighed on the market. Brent crude futures, the international benchmark for oil prices, were trading at $55.68 per barrel at 0427 GMT, up 5 cents from their previous close. U.S. West Texas Intermediate (WTI) crude futures were up 7 cents at $53.07 a barrel. Traders said that strong Chinese crude import data was supporting prices on Friday. China''s crude imports in January rose 27.5 percent from a year earlier to the third-highest volume ever, suggesting robust demand despite disruptions from the Lunar New Year holiday. China imported 34.03 million tonnes, or 8.01 million barrels per day (bpd), the General Administration of Customs reported on Friday. The imports were down from December''s record 8.57 million bpd. Despite this, both crude futures have traded within a $5 range since the beginning of the year, and this was due to competing price drivers. "Oil prices continue to struggle to break out of the current range," ANZ bank said on Friday. "The push and pull between competing forces in the crude oil market continued overnight. Despite the stronger U.S. dollar and lingering concerns about U.S. (oil) inventories, traders returned their focus to the OPEC production cuts being implemented at the moment," it added. The Organization of the Petroleum Exporting Countries (OPEC) and other producers including Russia have agreed to cut output by almost 1.8 million barrels per day during the first half of 2017 to rein in a global fuel supply overhang. Initially, there was widespread scepticism that all producers would actually make the promised cuts, but compliance with the announced reductions is now estimated to be between 80 and 90 percent as OPEC''s de-facto leader Saudi Arabia has enforced deep production cuts. The next OPEC data is due to be released next week. Despite the OPEC-led cuts, oil markets remain bloated as inventories, especially in the United States, are brimming and rising U.S. drilling activity is pushing up production there as well. As a result, WTI and Brent crude oil futures are between 4 to 5 percent below their early January peaks. (Reporting by Henning Gloystein; Editing by Joseph Radford and Christian Schmollinger) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/global-oil-idUSL4N1FV22C'|'2017-02-10T11:44:00.000+02:00'
'99389424d28393faa88088c4977ada30f9a5f7d6'|'Why is Trump backing off his China threats?'|'Why is Trump backing off his China threats? by Jethro Mullen @CNNMoney February 10, 2017: 9:20 AM ET America''s complicated, critical trade relations with China Well, that didn''t take long. Less than two months ago, Donald Trump rattled China by suggesting that the highly sensitive matter of American policy on Taiwan could be used as leverage to "make a deal" with Beijing on trade and other issues. Now he''s backed off , telling Chinese President Xi Jinping over the phone on Thursday that he''ll honor the "One China" policy that acknowledges Beijing''s claim that Taiwan is part of China. Trump portrayed himself during his campaign as a master negotiator who would take a tough line on China to get the U.S. a better deal with its biggest trading partner. But putting into play an issue that Beijing regards as non-negotiable doesn''t seem to have gotten him anywhere. "If you want to get something done in terms of economics and trade, you don''t overshadow it with an issue like that," said Alan Oxley, a former Australian trade negotiator. "It''ll be very political. There will be standoffs and no discussions." Trump had also threatened to label China a currency manipulator on his first day in office, a move that some experts feared could be the first step toward a trade war. He didn''t follow through on that threat either. "I would talk to them first," Trump told the Wall Street Journal in an interview shortly before he took office. Related: Trump didn''t go after China on Day One His willingness to pull back from some of his more extreme ideas has been welcomed by market watchers. The pledge to Xi on Taiwan "matters to investors because if China can bring about a change like this, it may succeed in softening other U.S. policy positions," said Paul Donovan, global chief economist at UBS Wealth Management. Trump has previously threatened to slap tariffs of as much as 45% on Chinese goods. If he follows through with that, the result could be a trade war that damages both economies . Related: Chinese president: No one can win a trade war Talking with China, rather than trading threats, could help Trump come away with some kind of deal on issues like import tariffs and currencies that he could tout as a victory. "I think from Beijing''s point of view, they are amenable to negotiations and even compromise on trade issues," said Willy Lam, a China expert at the Chinese University of Hong Kong. "But they are tougher on territorial issues." Chinese leaders shouldn''t relax too soon, however. "If China doesn''t compromise on currency and trade, Trump might change his mind," Lam warned. He suggested Trump could easily bring Taiwan back into play by enhancing contacts with its government. "It''s too early to say Trump has abandoned the ''One China'' card," he said. The U.S. president''s choices for key trade jobs in his administration indicate he could still take a hawkish line. His team includes Peter Navarro , an economist who directed a documentary titled: "Death By China: How America lost its manufacturing base" and Robert Lighthizer , who was part of a Reagan administration trade team that imposed protectionist measures. But if Trump does change course on Taiwan again, he''ll be playing a very risky game. "The ''One China'' policy is not a card on the bargaining table," said Paul Haenle, a former China director at the U.S. National Security Council. "It is the table itself." -- David McKenzie and Katie Hunt contributed to this report. CNNMoney (Hong Kong)   7:46 AM ET'|'cnn.com'|'http://rss.cnn.com/rss/edition_business.rss'|'http://money.cnn.com/2017/02/10/news/economy/trump-china-taiwan-threats-trade/index.html'|'2017-02-10T19:46:00.000+02:00'
'99b0daadd106841ffbefedd3d729ed04ac518166'|'CBS invests in Kapital Entertainment in bid to own more content'|'Business News   3:19pm EST CBS invests in Kapital Entertainment in bid to own more content By Jessica Toonkel CBS Corp ( CBS.N ) has taken an ownership stake in Kapital Entertainment, the independent production company behind such series as HBO''s "Divorce," CBS'' "Live in Pieces" and Netflix Corp''s "Santa Clarita Diet." CBS will provide co-financing for Kapital''s programming and distribute it but will not have exclusive rights to its shows. Kapital, which is run by producer Aaron Kaplan, will maintain its autonomy and can sell shows to competitors of CBS. Terms of the deal were not disclosed. For CBS, the deal marks another step in owning more content and thus being able to generate greater revenue through deals with international affiliates and streaming video providers after they air. As advertisers are increasingly shifting their dollars from TV to online, media companies are looking toward other sources of revenue such as selling to the likes of Netflix ( NFLX.O ) and Amazon ( AMZN.O ). By owning the content, CBS is positioning itself to gain revenue from those deals, whether those shows are CBS shows or not. "With all of these new revenue streams like international sales and the Netflix of the world, it makes a lot better sense to own the content," CBS CEO Leslie Moonves, told Reuters in an interview. "We are going to own a piece of everything that Aaron does, whether it is for CBS, or for HBO or for whoever." The first project under the new deal is a pilot "9J, 9K and 9L," which is being co-produced by Kapital with CBS Television Studios for CBS. CBS is interested in other deals where it could have a stake in content, but Moonves noted that Kapital was a unique opportunity given how many series it puts out a year. "This wouldn''t work with a normal writer, producer who does one or two shows a year," Moonves said, noting that Kapital currently has six pilots, three of which are with CBS. "A success on another network means we do well too," he said. (Reporting By Jessica Toonkel; Editing by Cynthia Osterman) Next In Business News Top Federal Reserve official resigns as bank deregulation looms WASHINGTON The top Federal Reserve official charged with financial regulation said on Friday that he would resign, just a week after the new administration of President Donald Trump said it would undertake a review of what it sees as onerous bank rules.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-cbs-corp-kapital-deal-idUSKBN15P2KT'|'2017-02-11T03:13:00.000+02:00'
'06e96301d4ca6ba22f0b8604c94fb11dd87ecc2e'|'Freeport says no agreement with Indonesia, export ban remains'|'  6:02pm GMT Freeport says no agreement with Indonesia, export ban remains By Wilda Asmarini and Susan Taylor - JAKARTA/TORONTO JAKARTA/TORONTO Freeport-McMoRan Inc ( FCX.N ) said on Friday an export ban remains in place on its copper mine in Indonesia, the world''s second-biggest, because it has not yet reached agreement with the government on a new mining permit. Government officials had earlier told reporters they issued a new mining permit to Freeport and the world''s biggest publicly-listed copper miner could now apply for an export permit. The southeast Asian country banned copper concentrate exports Jan. 12 to try and boost the local smelter industry. Freeport says the suspension will reduce output from its Grasberg mine by around 70 million pounds of copper per month. Freeport shares were up 4.1 percent on Friday, after the company told Reuters there was no agreement, easing off an earlier 7.5 percent gain, as the government announcement signalled a possible end to the export suspension. Phoenix, Arizona-based Freeport said it will continue to work with the government, but only agree to a new mining permit if it has the same fiscal and legal protection in its current contract, said spokesman Eric Kinneberg. "These conditions are necessary and critical for (Freeport Indonesia''s) long-term investment plans," he said in an email, adding that export restrictions contravene the company''s legally-binding contract. It is expected that terms of the new permit will require Freeport to pay taxes and royalties it was previously exempt from and divest up to 51 percent of its Indonesian unit, from 30 percent previously. To date, it has divested nearly 9.4 percent. Last week, Freeport repeated a warning that it would have to slash Grasberg production and reduce its 30,000-plus work force if it did not get a new export permit by mid-February. Rio Tinto ( RIO.L ) ( RIO.AX ), in a joint venture with Freeport in Indonesia since 1995, said Thursday that it was might exit its interest in Grasberg due to the uncertainties. Freeport''s new mining permit, signed by Indonesia''s Energy and Mineral Resources Minister on Friday, would be valid until 2021, with an extension option, said Coal and Minerals Director General Bambang Gatot. "Whether they agree or not, we''ll see," Gatot said. "Whether there are incentives, we can work on this." Freeport said last month the government had given "indications" it would allow the miner to resume exports while negotiating the new mining permit. A similar permit was issued on Friday to Indonesian copper miner Amman Mineral Nusa Tenggara ( MEDC.JK ), which said it was awaiting more information. (Reporting by Wilda Asmarini in Jakarta and Susan Taylor in Toronto; Writing by Fergus Jensen and Susan Taylor; Editing by Susan Fenton and Tom Brown)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-indonesia-freeport-permit-idUKKBN15P1V8'|'2017-02-11T01:02:00.000+02:00'
'31152cb357fef11225a0d997a018a9718a769cde'|'Private health insurance up by 4.8%, a rise of $200 a year for families - Money'|'Private health insurance premiums will increase by an average of 4.84% after the federal government approved insurers<72> proposed rises.The health minister, Greg Hunt , announced the approval on Friday and said it was the lowest in 10 years and lower than any year in the Rudd or Gillard governments.For a single person the average yearly increase will be about $100, and for families about $200.Market failure: private health insurance only worth it for ''the pregnant, the rich and the sick'' Read more The price increase outstrips inflation, which rose 1.5% in the past 12 months, and inflation in the health sector, which registered a 3.7% rise. The lowest premium rise was 2.98%.A total of 13m Australians have some form of private health insurance. Benefits paid by private health insurers increased 5.4% over the last financial year.<2E>I realise cost-of-living pressures are a major concern for Australian families,<2C> Hunt said. <20>I am determined that more can be done to get better value for families.<2E>As the new health minister, I will work with insurers over the next year to find ways insurers can deliver more value for customers without compromising on the quality of cover.<2E>Last year the Turnbull government approved premium rises of 5.59% on average . About 9,000 people reportedly dropped their private health insurance last year.Before Friday<61>s announcement the average increase in premiums under the Abbott and Turnbull governments was 5.99%, although that will now fall to 5.7%.Should you have private health insurance? Try our interactive calculator Read more The average rise under Rudd and Gillard was 5.55%, compared with 6.67% during the last six years of the Howard government.Private health insurance has been criticised for its value for money, patchy coverage and high gap payments.The federal government pays about $6bn a year in private health insurance rebates, which the Greens have proposed abolishing .Single people who earn more than $90,000 or couples earning more than $180,000 are liable to pay a public health surcharge if they do not take out private insurance, which provides an incentive but makes calculating the value of private cover more difficult .An investigation by Guardian Australia in November found the problems in the private health system went far beyond the cost of premiums.'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/2017/feb/10/private-health-insurance-up-by-48-a-rise-of-200-a-year-for-families'|'2017-02-10T05:50:00.000+02:00'
'37586a332ed1971646e1c2e5640aa5f18287abdc'|'Greece, lenders move closer to deal on new bailout loans'|'By Jan Strupczewski - BRUSSELS BRUSSELS Greece and its international lenders made clear progress on Friday towards bridging differences over its fiscal path in coming years, moving closer to a deal that would secure new loan disbursements and save the country from default.Greek Finance Minister Euclid Tsakalotos met with the chairman of euro zone finance ministers Jeroen Dijsselbloem and top officials from the European Central Bank, the euro zone bailout fund, the European Commission and the International Monetary Fund to break a two-month deadlock in talks."We made substantial progress today and are close to common ground for the (lenders'') mission to return to Athens the coming week," Dijsselbloem said.The mission of experts will report on whether Greece has complied with a second batch of reforms agreed under the current bailout, its third.A favourable report would clear the way for euro zone finance ministers to disburse new loans, without which Greece would default on its debt in July when it faces a 7.2 billion euro repayment."There is a clear understanding that a timely finalisation of the second review is in everybody''s interest," Dijsselbloem said, in an apparent reference to differences between the IMF, Greece and the euro zone on needed reforms and fiscal targets.The perception that the IMF and euro zone lenders appeared to narrow their differences and sat down to discussions with Greece brought investors back into the Greek debt market and Greek bond yields fell sharply.Dijsselbloem did not disclose details of the talks, but euro zone officials said earlier on Friday the lenders would ask Greece to take 1.8 billion euros - or 1 percent of GDP - worth of new reforms by 2018 and another 1.8 billion euros after then.CARROT FOR IMF?The measures would be focused on broadening the tax base and on pension cutbacks -- politically a tough sell in Greece where pensioners have already gone through 11 pension cuts since the start of the crisis in 2010.The aim of the additional reforms is to ensure that Greece reaches a primary surplus - which excludes debt payments - of 3.5 percent of GDP next year and maintains it for years afterwards. How many years remains to be agreed.Such an approach is likely to help secure the participation in the bailout of the IMF, which has been doubtful if Greece could reach and keep to such surpluses with steps agreed so far.Euro zone officials were sceptical, however, if the mission to Athens can sign off on all the reforms and produce a staff level agreement by the end of the week, in time for euro zone finance ministers to approve the report on Feb. 20.This was because Greece still needed to complete up to three-quarters of the prior actions required to access the next 6.1 billion euro instalment of aid, one official said.Dijsselbloem left the issue open in his statement."We will take stock of the further progress of the second review during the next Eurogroup (meeting)," he said.Time is tight because the Netherlands, where Dijsselbloem is finance minister, have parliamentary elections in March and if a deal with Greece is delayed, it may face difficulties in getting the necessary approvals because the Dutch parliament goes into recess on February 23rd.Yet more reforms are hard to swallow in Greece which has only just emerged from a multi-year recession brought on by the debt crisis and the austerity demanded in exchange for three bailouts.Greece''s unemployment rate is 23 percent and while year-on-year GDP growth was 1.8 percent in last year''s third quarter, the economy contracted at a rate of more than 10 percent earlier in the decade.(Additional reporing by Lefteris Papadimas in Athens and Stephanie van der Berg in Amsterdam Writing by Jeremy Gaunt; Editing by Robin Pomeroy and John Stonestreet)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/eurozone-greece-idINKBN15P2LH'|'2017-02-10T18:08:00.000+02:00'
'237bbbeaf1900e41187e8c5a40b1cad642313ea0'|'China regulator vows to punish ''giant crocodiles'' in capital markets -media'|'Business News - Fri Feb 10, 2017 - 11:34am GMT China regulator vows to punish ''giant crocodiles'' in capital markets -media Journalists take photos of Liu Shiyu, chairman of the China Securities Regulatory Commission, as he arrives for a news conference on the sidelines of the National People''s Congress (NPC), China''s parliament, in Beijing, China, March 12, 2016. REUTERS/Jason Lee BEIJING China''s top securities regulator vowed on Friday to apprehend law-breaking financial tycoons he called "giant crocodiles", saying they will not be allowed to "suck the blood" of retail investors, financial magazine Caixin reported. Liu Shiyu, chairman of the China Securities Regulatory Commission (CSRC), said that a group of such businessmen had circumvented regulations to ultimately control financial institutions and dominate board rooms. The market won''t allow them to "to peel the skin and suck the blood of retail investors, and China should stick to its plan to capture a group f giant crocodiles and bring them back," Liu was quoted as saying. The comments by Liu, who didn''t identify any targets, come as China-born billionaire Xiao Jianhua, who runs Beijing-based financial group Tomorrow Holdings, disappeared in Hong Kong, prompting media speculation that he has been abducted and taken to mainland China.. Xiao entered mainland China through a border checkpoint on Jan. 27, Hong Kong police said in a statement to Reuters. Xu Xiang, a Chinese hedge fund manager detained in the wake of the market crash in the summer of 2015, was sentenced in late January to 5-1/2 years'' imprisonment for market manipulation. China has intensified a crackdown on illegal market activities since the mid-2015 crash that wiped out almost $3 trillion (2.40 trillion pounds) of share value. Liu was appointed chairman of CSRC in early 2016, after his predecessor was widely criticized for the crash. In December, Liu condemned "barbaric" leveraged company buy-outs by some asset managers using illegal funds. (Reporting by Stella Qiu, Samuel Shen and Nicholas Heath; Editing by Richard Borsuk) Next In Business News Unrealistic to see UK/EU trade deal in two years - EU representative EDINBURGH It is unrealistic for Britain to expect to negotiate its exit from the European Union and reach a free trade agreement in two years and both will probably need an implementation phase, the head of the European Commission''s office in Britain said.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-china-markets-regulator-idUKKBN15P19W'|'2017-02-10T18:34:00.000+02:00'
'592d5efb121df95c085a240ded4e92641174b921'|'Trump predicts level playing field on trade with China soon'|'WASHINGTON President Donald Trump, noting that he had long complained that China''s currency was undervalued, on Friday predicted that "a level playing field" in terms of trade would be reached between the two countries sooner than many people think."As far as the currency devaluations, I have been complaining about that for a long time," Trump told reporters at a joint news conference with Japanese Prime Minister Shinzo Abe. "I believe that we will all eventually and probably very much sooner than a lot of people understand or think, we will be all at a level playing field."(Reporting by Steve Holland and Kiyoshi Takenaka; Writing by Tim Ahmann; Editing by James Dalgleish)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/us-usa-trump-japan-china-idINKBN15P2EX'|'2017-02-10T15:59:00.000+02:00'
'de8ccdcd469e25e274f839088d0dcf4118208e19'|'IMF says Greece should meet lower fiscal surplus target'|'Business News - Tue Feb 7, 2017 - 1:39am GMT IMF says Greece should meet lower fiscal surplus target 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 WASHINGTON The International Monetary Fund said on Monday that Greece''s economy would only grow by just under 1.0 percent in the long run given the constraints of its bailout programme, but should be able to meet the IMF''s preferred fiscal surplus target. In its annual review of Greece''s economic policies, the IMF said most of its board directors favour a Greek fiscal surplus target of 1.5 percent of gross domestic product by 2018, while some directors favour the higher 3.5 percent target sought by Greece''s European lender group. (Reporting by David Lawder; Editing by Sandra Maler) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-imf-greece-idUKKBN15M04J'|'2017-02-07T08:39:00.000+02:00'
'c4e94fe2fbdd638281705c253da1b7444cc11411'|'Asia Graphics-Asian stocks'' January gain biggest in five years'|'Feb 7 Asian stocks rose sharply in January despite fear of Trump''s protectionist policies and a stronger dollar. MSCI''s broadest index of Asia-pacific shares outside Japan rose 5.8 percent last month, its the biggest gain in January in five years.Singapore stocks led the region with an 8.62 percent rise in dollar terms, while Chinese stocks were at the bottom of the list with a 2.77 percent gain.Asian markets performance: tmsnrt.rs/2jWWgCn Asian markets valuations: tmsnrt.rs/2kgbxKk Asian markets-Analyst revision scores: tmsnrt.rs/2jWHs6F (Compiled by Gaurav Dogra and Patturaja Murugaboopathy)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/idINL4N1FS2HZ'|'2017-02-07T05:15:00.000+02:00'
'09eb79f0f7f3f477cfed3ad691fcc64f43586cd0'|'Nikkei hits 2-week low ahead of Abe-Trump talks; Toyota off 2.8 pct'|'* Nikkei''s down 0.7 pct at 18,845 points* Support seen at 18,700 - analyst* Toyota drops on disappointing earnings forecast* Mining shares underperformBy Ayai TomisawaTOKYO, Feb 7 Japan''s Nikkei share average dropped to a two-week low on Tuesday morning after global stocks fell and a stronger yen hurt overall sentiment, while Toyota Motor underperformed the market following a worse-than-expected earnings forecast.Investors remained cautious ahead of a meeting between Japanese Prime Minister Shinzo Abe and U.S. President Donald Trump on Feb. 10 and 11, with trade and currencies likely to be on their agenda.The Nikkei dropped 0.7 percent to 18,844.68 in midmorning trade, after falling to as low as 18,805.32, the lowest level since Jan 24.Traders said that investors have become risk averse, with global shares falling overnight on political and economic uncertainties, while a fall in oil prices soured the mood.In Asian trade, the dollar dropped to 111.625 yen, its lowest since late November as investors sought refuge in the safe-haven Japanese currency."Since the dollar-yen dropped its support line, stocks are following suit," said Kazuhiro Takahashi, an equity strategist at Daiwa Securities.He said that for the short term, the Nikkei''s downside support is seen at 18,700.Mining shares declined, with Inpex Corp dropping 1.7 percent and Japan Petroleum Exploration Co declining 0.9 percent.Oil fell on Monday as ample U.S. supplies and over-extended speculative long positions outweighed bulish factors, notably OPEC output curbs and rising tensions between the United States and Iran.Toyota Motor Corp underperformed, falling as much as 2.8 percent after its new operating profit forecast undershot market expectations.The broader Topix dropped 0.4 percent to 1,514.57 and the JPX-Nikkei Index 400 shed 0.3 percent to 13,576.05. (Editing by Simon Cameron-Moore)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/japan-stocks-midday-idINL4N1FS1D1'|'2017-02-06T23:23:00.000+02:00'
'15d5eab4101bf52bf9f280dcef98c6dfaf0f4fd0'|'Morning News Call - India, February 7'|'Company News - Mon Feb 6, 2017 - 10:24pm EST Morning News Call - India, February 7 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 11:00 am: Budget session of parliament continues in New Delhi. 2:00 pm: Japan External Trade Organisation Chief Director General Kazuya Nakajo and Executive Vice President Shigeki Maedi to speak at ''Invest Japan'' in New Delhi. LIVECHAT-TRUMP IMPACT: ASIA TRADE What kind of deal could Japan cut with the U.S. after President Donald Trump pulled out of the Trans-Pacific Partnership? Can South Korea rely on the U.S. for trade as its relationship with China sours on the THAAD? Cliff Tan, Head of East Asian Research, Bank of Tokyo Mitsubishi UFJ will discuss, at 10:30 am, the outlook for changes in trade dynamics in Asia as Trump''s policy takes shape. To join the conversation, click on the link: here INDIA TOP NEWS  Tata Sons'' former chairman Mistry voted off the board Shareholders at Tata Sons Ltd, the Indian conglomerate''s holding company, have voted to remove estranged former chairman Cyrus Mistry as a director.  SoftBank-backed Indian e-tailer Snapdeal predicts profits in 2 years E-commerce firm Snapdeal expects to turn profitable in the next two years, its CEO said, as the company cuts costs and boosts efficiency in a market currently dominated by homegrown Flipkart and U.S. internet giant Amazon.  Supreme Court orders seizure of Sahara''s Aamby Valley property The Supreme Court on Monday ordered the seizure of the Aamby Valley hill city estate owned by the embattled Sahara conglomerate which has been ordered to repay billions of dollars to investors in bonds that were ruled to have been mis-sold.  BlackBerry inks hardware licensing deal covering India BlackBerry has signed a hardware licensing agreement covering India and nearby countries, the Canadian company said on Monday, filling in the last markets where a third-party will manufacture its once-ubiquitous devices as it turns fully to software.  Qatar Holding to invest $250 mln in India affordable housing -fund manager Qatar Holding, a subsidiary of sovereign wealth fund Qatar Investment Authority, plans to invest $250 million in an affordable housing fund run by India''s ArthVeda Fund Management, the Indian firm said on Monday.  Dwarikesh Sugar expects higher margins in Q4 as prices rise Dwarikesh Sugar Industries expects its margins to improve in the March quarter as prices of the sweetener rise due to a production shortfall, said a senior company official. GLOBAL TOP NEWS  U.S. court to hear arguments Tuesday on Trump''s travel ban A U.S. federal appeals court will hear arguments over whether to restore President Donald Trump''s temporary travel ban on people from seven Muslim-majority countries, the most controversial policy of his two-week old administration.  SK Hynix bids for Toshiba memory business stake-source South Korea''s SK Hynix Inc has entered the running for a stake in Toshiba Corp''s memory chip business, seeing an opportunity to gain on rivals in the booming NAND market, a person familiar with the matter said.  Twenty-First Century Fox profit tops estimates, revenue misses Twenty-First Century Fox reported a quarterly profit that beat analysts'' expectations, as its television and cable units benefited from hosting the World Series and its cable news channel enjoyed strong ratings during the U.S. presidential campaign. LOCAL MARKETS OUTLOOK (As reported by NewsRise)  The SGX Nifty Futures were at 8,809.00, down 0.06 pct from its previous close.  The Indian rupee will likely open lower against the dollar, tracking its Asian peers, as risk appetite dwindled amid global political and economic uncertainty, even as local investors await the outcome of the central bank''s policy review.  Indian sovereign bonds are likely to trend higher in opening trade, tracking a decline in U.S. yields, while some traders continue to expect the
'4b2e82f818ab28d167e5953c739f14abfa807242'|'European shares up as earnings cheer offsets weakness in oil, French banks'|'Business  00am GMT European shares up as earnings cheer offsets weakness in oil, French banks FILE PHOTO: A man walks through the lobby of the London Stock Exchange in London, Britain, August 25, 2015. REUTERS/Suzanne Plunkett/File Photo LONDON European shares rose on Tuesday pushing the benchmark STOXX 600 back slightly into positive territory for the year with some encouraging company updates and gains in healthcare stocks helping to counter weakness in oil majors and eurozone banks. Chipmaker AMS ( AMS.S ) rose 13.6 percent, poised for its best-ever day following results while food-processing machinery maker GEA ( G1AG.DE ) was up 5.5 percent after a setting a brighter outlook for its profits. The pan-European STOXX 600 index rose 0.2 percent with bluechip healthcare stocks, industrials and mining stocks underpinning gains. Chipmaker AMS ( AMS.S ) shares surged more than 16 percent and were on track for their best day in nearly 13 years after the company''s fourth-quarter revenue came in at the top end of the chipmaker''s expectations. Among sector movers, the European mining index .SXPP rose 0.9 percent, the best performer in STOXX 600 index, helped by a rise in base and precious metals miners. On the flipside, shares of BP ( BP.L ) fell 2.5 percent, the biggest drags on the STOXX 600 after the company missed estimates. Peer Statoil ( STL.OL ) also fell after a disappointing set of results. French banks, among the best performers across European financials in 2016, fell after BNP Paribas ( BNPP.PA ) reported results below forecasts. (Reporting by Atul Prakash, Editing by Vikram Subhedar) Next In Business News BP expects producers'' cuts to keep oil prices above $50 a barrel LONDON BP missed quarterly profit forecasts as annual earnings fell for a second year after average yearly oil prices hit their lowest in 12 years but said it expected producers'' output cuts to keep prices above $50 a barrel this year.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-europe-stocks-idUKKBN15M0RE'|'2017-02-07T16:00:00.000+02:00'
'e8f31b462e2c2e802e0db62b9ec2e863c63275a6'|'Nigeria plans 142 bln naira Treasury bill auction on Feb. 15'|'LAGOS Feb 7 Nigeria plans to raise about 142.43 billion naira ($453.60 million) in short-dated Treasury bills at an auction on Feb. 15, the central bank said on Tuesday.The bank said it would raise 32.43 billion naira in three-month debt, 30 billion in six-month bills and 80 billion in one-year notes, using a Dutch auction system. Payment will be due the day after the auction.Nigeria issues Treasury bills to fund its budget deficit, manage banking system liquidity and curb rising inflation.Last week, Nigeria raised a total of 302.4 billion naira in Treasury bills, more than the 242 billion planned due to strong demand for the one-year debt. The central bank at the auction offered a yield above its benchmark interest rate to lure investors in the face of galloping inflation.Its annual inflation rate rose in December to 18.55 percent, its highest for more than 11 years and the eleventh straight monthly rise. ($1 = 314 naira) (Reporting by Oludare Mayowa; Editing by Louise Ireland)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/nigeria-bills-idINL5N1FS28O'|'2017-02-07T06:22:00.000+02:00'
'2732444258862a90c9a8c73a0fe6f1f6943d8835'|'Twitter: New ways to crackdown on harassment'|'Twitter tries new measures in crackdown on harassment by Sherisse Pham @Sherisse February 7, 2017: 9:04 AM ET Jack Dorsey: Twitter shows best and worst of democracy Twitter is trying to shake its reputation as a haven for online harassment. The social media company announced a new set of features Tuesday to combat hateful and abusive content. The changes include preventing serial abusers from creating new accounts, a new "safe search" function and blocking potentially abusive and "low-quality" tweets from appearing in conversations, Twitter''s engineering chief Ed Ho said in a blog post. Related: Inside Twitter''s new plan to combat harassment Twitter ( TWTR , Tech30 ) is working on identifying users that have been permanently suspended and prevent them from creating new accounts, Ho said. This new measure specifically targets "accounts that are created only to abuse and harass others," he said, a problem that has long plagued the platform. The new safe search function prevents tweets that are abusive or from blocked and muted accounts from appearing in users'' search results. Those tweets can still be found if people want to see them, but they "won''t clutter search results any longer," Ho said. And Twitter will now collapse tweet replies that are potentially abusive or low quality -- like duplicate tweets or content that appears to be automated. But those tweets "will still be accessible to those who seek them out," Ho said. Twitter''s decision to hide or collapse abusive content, rather than delete or ban it, is in keeping with its long standing position as a defender of free speech and "people being able to see all sides of any topic," as Ho said at the very top of his post. Although the company frequently updates policies on abuse and harassment, it remains unclear how Twitter decides to delete tweets. Related: Twitter users'' 2017 wish list: Get rid of harassment In a BuzzFeed survey of 2,700 Twitter users, about 90% of respondents said the social network did nothing after they reported abuse. After a banner year for vitriol and harassment on Twitter, users lobbied CEO Jack Dorsey for a more efficient way to cut down on abuse and get rid of people who use the platform to harass others. In November, the company rolled out a reporting tool that let users mark tweets as hateful andan improved mute feature. And last week, it introduced another reporting tool for people experiencing targeted harassment. CNNMoney (Hong Kong)   7, 2017: 9:04 AM ET'|'cnn.com'|'http://rss.cnn.com/rss/edition_business.rss'|'http://money.cnn.com/2017/02/07/technology/twitter-combat-harassment-features/index.html'|'2017-02-07T21:09:00.000+02:00'
'd9a79894775407db83b12ee42247001a29b0063c'|'BRIEF-Spineguard receives US patent for "Bone Quality Measurement" application'|' 19pm EST BRIEF-Spineguard receives US patent for "Bone Quality Measurement" application Feb 6 Spineguard SA : * Extends the utility of its dynamic surgical guidance (DSG) technology platform by receiving US patent for "Bone Quality Measurement" application Source text for Eikon:   (Gdynia Newsroom)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1FR0OJ'|'2017-02-07T02:19:00.000+02:00'
'ec4624b7a642ee324f6a542e9e7a92100a6f7038'|'How Trump Could Kill His Pipeline'|'Donald Trump is convinced the Keystone XL oil pipeline he revived with an executive order on Jan. 24 will gush money. <20>I want it built, but I want a piece of the profits,<2C> he said last year at a campaign stop in North Dakota. <20>That<61>s how we<77>re going to make our country rich again.<2E>He could be in for an unpleasant surprise. Market changes since the $8 billion cross-border pipeline was proposed in 2008 have lowered its profit potential. U.S. oil production has jumped by more than 60 percent, to around 9 million barrels a day, undercutting the need for the kind of imported crude the Keystone XL would bring from Western Canada. At the same time, oil prices have fallen by about 40 percent, to about $50 a barrel, raising questions over the viability of Canada<64>s reserves of heavy oil sands, which are among the most expensive types of crude to produce relative to their market value. Traders spend a lot to move Canadian crude down from Alberta; cheaper transportation via Keystone XL would allow producers to charge higher prices at the wellhead.If Congress passes the kind of border-adjusted tax system the president has occasionally expressed interest in, imported Canadian oil could be taxed and made significantly more expensive for American buyers relative to oil produced in the U.S. That alone could be enough to scuttle the entire project. <20>If there<72>s a border-adjusted tax, I don<6F>t think it<69>s going to be built,<2C> says energy economist Philip Verleger of PKVerleger in Carbondale, Colo.TransCanada proposed Keystone XL as a way to provide its existing Keystone pipeline system with a more direct route from the oil fields of Western Canada to U.S. refineries, including ones on the Gulf Coast. The Gulf extension is complete. After a lengthy review, President Obama rejected the application for the northern section in November 2015, saying that <20>shipping dirtier crude oil into our country<72> wouldn<64>t create many long-term jobs, lower gasoline prices, or increase energy security. In 2014 the U.S. Department of State said the pipeline would create just 35 permanent U.S. jobs.Still, Trump reversed Obama<6D>s decision as one of his first acts in office, insisting that the pipeline be built using American-made steel and inviting TransCanada to reapply for a presidential permit. The company still intends to make a go of Keystone XL. At a conference sponsored by Canadian Imperial Bank of Commerce the day after Trump<6D>s announcement, TransCanada Chief Executive Officer Russell Girling said <20>we<77>re obviously very, very pleased with that announcement.<2E> Investors reacted positively as well. TransCanada shares, which rose 3 percent the day after Trump was elected, gained an additional 2.7 percent the day of the announcement.But even the pipeline<6E>s biggest backers aren<65>t taking things for granted. Girling acknowledged at the CIBC conference that the project depends on getting firm commitments from oil shippers to use it, and those conversations have barely begun. <20>I believe that the economics are still there for these projects, but we<77>ll see,<2C> he said. One problem for TransCanada is that the supply of rival pipeline capacity will increase by 2019. The Canadian government has approved the Trans Mountain Expansion Project, which will carry more oil to the West Coast, and the Enbridge Line 3 replacement project, which will carry more oil east to Wisconsin. Cenovus Energy, one of the biggest producers in oil sands, committed to ship 75,000 barrels of oil a day via Keystone XL the first time around, but it hasn<73>t re-upped. <20>We<57>re still waiting to see what the deals of the reconstituted project look like,<2C> spokesman Reg Curren says.U.S. tax policy is a less-predictable obstacle. A destination-based cash-flow tax such as the one being pushed by House Speaker Paul Ryan would give independent U.S. oil producers a big cost advantage against Canadian imports, undermining the pipeline<6E>s economics, says Verleger.The best argument for going ahead with the pipeline is that even if the economic
'0af4e880b513dabe6ff549a447b1d62a94685e65'|'For Carney, wages are the only true window to the future - Business'|'O n the face of it, the Bank of England<6E>s freshly minted forecast for this year looked rosy. A glance at the headline figure of 2% growth in the quarterly inflation report was much better than the Bank<6E>s gloomy forecast last year of 0.8%.A 2% growth rate will again put the UK in the top rank of developed world nations and have City analysts scratching their heads over the apparent strength of the UK economy. How, they ask, with uncertainty clouding the horizon, can the great British consumer be so confident about prospects and merrily carry on spending?These analysts should know better. Firstly, the 2% figure is the child of 2016, when growth was much better than expected following the referendum vote. That momentum has carried on into 2017, yielding a more optimistic forecast.Secondly, the idea Britain has entered a new benign period of growth ignores the prospects for higher wages <20> which are less bright than Threadneedle Street thinks. Bank of England governor Mark Carney has spent his entire time in office predicting a return to wage increases of 3.5% to 4%. At each quarterly inflation report he informs the nation<6F>s 31 million workers that the 2.5% average of the last few years will soon be history.He was at it again last week, though with a slightly more modest prediction of a 3.25% rise next year and the year after. But it is clear from his manner, and the tone of the Bank<6E>s report, that there is little conviction behind this forecast.Maybe that<61>s because the monetary policy committee (MPC) he chairs appears to be even more split than usual on the subject of wages. The MPC has nine members who gather round the economic figures eight times a year and, rather like car mechanics, try to determine how fast the UK economy will go, given its ailing motor and worn-out bearings.Last year saw the exit of Martin Weale, to teach macroeconomics at King<6E>s College London, to be replaced by City banker Michael Saunders .In a surprising role reversal, it is the academic who has been more hawkish, believing rising numbers of vacancies and higher employment levels would soon spur a wave of sky-high wage demands. Weale even voted for interest rate rises in 2014, based on his fear that rampant wage demands would trigger an inflation shock.Saunders has taken a different view. In a speech last year, the former Citibank economist set out how the labour market had changed following the rise of self-employment, zero-hour contracts and the gig economy, meaning workers now had more limited powers to bid up their wages.The last few months have seen a sharp slowdown in employment growth and a rise in numbers of people who have stopped paid employment. The fact that thousands have quit the labour market and haven<65>t signed on for jobseeker<65>s allowance shows they see little profit in searching for another job.Business investment is another post-referendum victim. Those who believe it will improve point to the benefits for trade this year of an improving global economy, the steadying of Europe<70>s position after successive crises and the potential for a Trump boom.A decline in the savings rate looks like it will propel spending for a little while longer, as will a rise in consumer credit. But unless the boost to wages takes effect, rising inflation will squeeze disposable incomes more than we<77>ve seen in the last three years and bring the economy down with a bump.That means Britain needs a budget next month that puts a rocket under industry with extra support for investment and education. Without it, ailing coastal towns and left-behind places in the Midlands and north face the prospect, not of a bump, but of a slump that sets them back before Brexit has even taken effect.Snap needs to empower its shareholders too It is obligatory for social network pioneers to boast that their inventions <20>empower people<6C> and, sure enough, that Facebookish phrase can be found in the IPO document filed last week by Snap Inc, the owner of Snapchat . But th
'7f65464d265359f2eb739881b4acd59cb2f3d3b0'|'TREASURIES-Yields hit 3-week lows as Trump reflation trade wanes'|'* Investors worry Trump''s pro-growth agenda could be derailed* 10-year Treasury yields slip further below 50-day moving average* Solid 3-year auction boosts buying (Updates to afternoon trading)By Dion RabouinNEW YORK, Feb 7 U.S. Treasury yields fell to their lowest in nearly three weeks on Tuesday, drifting past significant technical levels, as fixed-income investors worried that President Donald Trump''s pro-growth policies could be hamstrung by his focus on other issues.Traders have worried that Trump''s promises to cut corporate taxes and boost infrastructure spending have yet to be fleshed out and could fade further into the background or face more significant resistance with time.Trump''s nominee for Education Secretary, Betsy DeVos, was confirmed Tuesday in a contentious 50-50 vote by the U.S. Senate, largely along party lines, that Vice President Mike Pence had to break by voting in favor.Benchmark 10-year note yields fell to 2.37 percent, their lowest since Jan. 18, with other Treasury yields falling broadly to their weakest levels since mid-January. Prices on the 10-year were last up 7/32 to yield 2.38 percent."The market is still giving the benefit of the doubt to the Trump administration, but the longer it takes for the market to see a real nexus on the policy front - those things that had expectations running high after the Republican sweep - the less convinced the market''s going to be that Trump is going to really deliver on those," said Bruno Braizinha, interest rates strategist at Societe Generale.Yields on the 10-year note fell below its 50-day moving average on Monday and continued to slip further past 2.40 percent on Tuesday. That added to the downward pressure, giving the markets a direction after a choppy early trading session, analysts said.The yield on 2-year notes hit the lowest since Jan. 17. They were last little changed in price to yield 1.16 percent.A solid 3-year note auction also helped increase buying, raising prices and pushing yields lower. The government sold $24 billion worth of 3-year notes at a high yield of 1.423 percent. The 3-year note was last yielding 1.413 percent. (Reporting by Dion Rabouin; Editing by Andrea Ricci and Diane Craft)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-bonds-idINL1N1FS1F2'|'2017-02-07T16:45:00.000+02:00'
'd2de020a5acebfea04dd4bf9b131ee4af292fa38'|'U.S. government has itself to blame for dollar strength: Bundesbank'|'Business   2:19pm EST U.S. government has itself to blame for dollar strength: Bundesbank left right U.S. dollar note and a Euro coin are seen in this November 7, 2016 picture illustration. Picture taken November 7. REUTERS/Dado Ruvic/Illustration 1/2 left right German Bundesbank President Jens Weidmann speaks during the G20 Germany 2017 Conference in Wiesbaden, Germany, January 25, 2017. REUTERS/Ralph Orlowski 2/2 By Andreas Framke and Frank Siebelt - MAINZ, Germany MAINZ, Germany The U.S. administration should blame itself rather than Germany for a recent strengthening of the dollar against the euro, the head of Germany''s Bundesbank said on Tuesday. Jens Weidmann said comments by a top trade adviser of U.S. President Donald Trump that Germany was exploiting the United States and its European partners with an overly weak euro were "more than absurd". "The thesis that foreign currency manipulations are to blame for the current strong U.S. dollar is not borne out by facts," he told a gathering in the western German city of Mainz. "The most recent rise in the dollar is likely to be home-made, triggered by the political announcements of the new government," he said. Separately, in an interview with Redaktionsnetzwerk Deutschland media group (RND), Weidmann said there was no point in starting a currency war. "If politicians erect trade barriers or start a currency depreciation race, there are only losers in the end," he told RND, in comments due to be published on Wednesday. At the event in Mainz, Weidmann, a long-standing critic of the European Central Bank''s massive purchases of government bonds, defended the ECB''s ultra-easy policy from critics in his own country, saying it was appropriate for now. But he added that the monetary stimulus should be wound down as soon as the ECB''s inflation objective is reached, even if that means some weaker countries may struggle to repay their debt due to higher borrowing costs. "The very easy monetary policy cannot solve Europe''s underlying problems and must be wound down as soon as the price stability objective allows it," he said. "And that (should happen) even if higher rates worsen the sustainability of individual government budgets or lead to fluctuations in financial markets." Most euro zone government bond yields have risen in recent months as inflation rebounded and investors worried about the rise of anti-euro parties ahead of elections in France, the Netherlands, Germany and, possibly, Italy. (Additional reporting by Michelle Martin in Berlin; Writing By Francesco Canepa and Balazs Koranyi; Editing by Gareth Jones and Hugh Lawson) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-trump-bundesbank-idUSKBN15M21Y'|'2017-02-08T02:19:00.000+02:00'
'ef4df83b02868cb5396ad07fa97190bcf8a14977'|'Oil exports from southern Iraq down in January after OPEC deal - sources'|'BASRA, Iraq Crude oil exports from southern Iraq in January fell to 3.275 million barrels per day (bpd) from 3.51 million bpd in December, as the country complied with an agreement with other producers to reduce output, two oil executives said on Tuesday.December''s exports from the southern region, where Iraq produces most of its oil, set a record high.Iraq is OPEC''s second-largest crude producer after Saudi Arabia. The group agreed in late November to cut production in order to support sagging oil prices.(Reporting by Aref Mohammed; writing by Maher Chmaytelli; editing by Jason Neely)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/iraq-energy-oil-exports-idINKBN15M1L4'|'2017-02-07T11:11:00.000+02:00'
'67869c6aba73912a1c3ecf9e5f808913a9e08abe'|'Rupee to weaken to record low over the coming year - Reuters poll'|'Asia - Tue Feb 7, 2017 - 4:54pm IST Rupee to weaken to record low over the coming year - Reuters poll FILE PHOTO: A cashier displays the new 2000 Indian rupee banknotes inside a bank in Jammu, November 15, 2016. REUTERS/Mukesh Gupta/File photo By Krishna Eluri - BENGALURU BENGALURU India''s rupee will reverse recent gains and sink to a record low in the coming year on expectations for a rise in the dollar even though U.S. President Donald Trump has made clear his dislike of a strong currency, a Reuters poll found. The rupee has appreciated more than 1 percent so far this year, with most of those gains coming toward the end of January on hopes for fiscal stimulus in the government''s Feb. 1 budget presentation. A subdued dollar also helped the rupee regain some ground after weakening over 2 percent in 2016. Still, the latest poll of more than 30 foreign exchange strategists taken over the past week showed the rupee weakening to 68.00 per dollar by the end of the month from 67.17 it was trading on Monday. The currency is expected to weaken to 69.50 a dollar in 12 months, which would be a record low for the currency. The consensus forecasts were largely unchanged compared with last month''s poll, suggesting any gains made will only be temporary. "Whatever we are seeing is a knee-jerk reaction to Trump''s statements, but once things settle and are a little more actionable, the trend for dollar index strength would resume once again," said Navneet Damani at Motilal Oswal Commodities. "We have seen the dollar index appreciating very sharply but nothing has happened on the USD/INR front. Going forward, some bit of depreciation would be required to be competitive in terms of trade. So a natural depreciation would be something the government will not mind at the moment." Though Finance Minister Arun Jaitley acknowledged demonetisation will hurt growth, he made few concessions in the latest budget and instead targeted a fiscal deficit of 3.2 percent for 2017-18. While the rupee has gained nearly 0.5 percent since then, continued capital outflows may weigh. Expectations for the Reserve Bank of India to ease policy as early as Feb. 8 and a further cut later in the year are also set to keep downward pressure on the rupee. (Polling By Shaloo Shrivastava and Khushboo Mittal; Editing by Ross Finley and Jacqueline Wong) Next In Asia Tata Steel reports first profit in five quarters, tops estimates MUMBAI Tata Steel Ltd reported its first profit in five quarters on Tuesday helped by higher sales of industrial products and steel for the auto sector and a rise in exports despite India''s surprise ban on high-value currency notes which hurt several sectors.'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/forex-poll-rupee-idINKBN15M16C'|'2017-02-07T15:19:00.000+02:00'
'14333b0f4f1ccb705d40413471bc3a11b732aa87'|'Germany''s Schaeuble wants ''reasonable'' Brexit deal for London'|'Business News - Sat Feb 4, 2017 - 12:06pm GMT Germany''s Schaeuble wants ''reasonable'' Brexit deal for London Storm clouds are seen above the Canary Wharf financial district in London, Britain, August 3, 2010. REUTERS/Greg Bos/File Photo BERLIN The City of London offers financial services that benefit Europe as a whole and the European Union should recognise that in a "reasonable" Brexit deal with Britain, German Finance Minister Wolfgang Schaeuble said in a newspaper interview. "We don''t want to punish the British for their decision," Schaeuble said in a pre-released interview with the Sunday edition of Tagesspiegel. "We want to keep Britain close to us." "London''s financial centre serves the whole European economy," he added. "London offers a quality of financial services that are not to be found on the continent. That would change a bit after a separation, but we have to find reasonable rules here with Britain." British Prime Minister Theresa May is due to launch formal divorce talks with the EU by the end of March, leaving banks, insurers, asset managers and markets wondering how they can serve customers on the continent in future. Currently, they use an "EU passport" allowing them to operate across the 28-nation bloc from a base in Britain. EU leaders say access to the single market can only be granted in return for accepting the free movement of EU citizens and complying with rulings from the bloc''s top court, both of which are unacceptable to many of those who voted for Brexit. Alternatives to passporting mainly include "third-country regimes" or TCRs, whereby the EU allows British financial firms to serve continental customers on condition they abide by rules similar to those in the binloc. (Writing by Paul Carrel; Editing by Helen Popper) Next In Business News Wall Street stands with two Fed-hike outlook for 2017 - Reuters poll NEW YORK Wall Street''s top banks expect just two rate hikes from the Federal Reserve this year and see only modest risk to the U.S. central bank being pressed into a more aggressive pace of monetary policy tightening, a Reuters poll showed on Friday. Trump ignites political fight over U.S. banking law reforms WASHINGTON U.S. President Donald Trump on Friday ordered reviews of major banking rules that were put in place after the 2008 financial crisis, drawing fire from Democrats who said his order lacked substance and squarely aligned him with Wall Street bankers. LONDON The Bank of England is feeling the heat again after its new, more upbeat picture for Britain''s economy put an uncomfortable focus back on its warning last year about a quick and sharp Brexit vote hit to growth. 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-britain-eu-germany-idUKKBN15J0GL'|'2017-02-04T19:06:00.000+02:00'
'151329d2e13f7683bcba68fc906f4e58902cf398'|'Vedanta says in talks with Indian government over clean coal'|'Business News   5:48am GMT Vedanta says in talks with Indian government over clean coal A bird flies by the Vedanta office building in Mumbai August 16, 2010. REUTERS/Danish Siddiqui CAPE TOWN Indian mining company Vedanta Resources ( VED.L ) has held talks with the Indian government on developing clean coal, as coal is "a core part" of the energy mix despite its high level of carbon emissions, the firm''s CEO said. Just over a year after the December 2015 Paris agreement on lowering global carbon emissions, mining bosses meeting in Cape Town this week said coal could be central for decades to come. Vedanta CEO Tom Albanese said coal was still needed in the global energy mix but would be phased out unless carbon capture technology was rolled out more widely. "Unless there is a new technology breakthrough, coal is likely to be phased out over a period of decades," he told Reuters in an interview. "I spend time in India talking to Indian policy makers about how Vedanta and India should be part of the solution because coal will need to be part of the solution in India for a longer duration than in a relatively wealthy society like Europe, the U.S. and Japan." Carbon capture and storage has struggled to get off the ground as firms with limited spending power see no advantage in being the first to work on technology that is only likely to become affordable when developed on a large scale. The companies have an interest in developing affordable clean coal not just because they mine the fuel but because global warming adds to the industry''s many challenges, such as shortages of water. Albanese said he had spoken to India''s Ministry of Mines and Power, but the ministry declined to confirm any such talks when contacted by Reuters. (Reporting by Barbara Lewis and Neha Dasgupta; Editing by Stephen Coates) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-africa-mining-vedanta-coal-idUKKBN15P0GD'|'2017-02-10T12:48:00.000+02:00'
'935d86e44438e1de65e32c438390575134aba25d'|'PRESS DIGEST - Wall Street Journal - Feb 10'|'Company News  16am EST PRESS DIGEST - Wall Street Journal - Feb 10 Feb 10 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 appeals court on Thursday unanimously ruled against President Donald Trump''s executive order on immigration and refugees, saying such a travel ban shouldn''t go into effect while courts consider whether it goes too far in limiting travelers to the U.S. on.wsj.com/2kURu7S - In a call with Chinese President Xi Jinping, Donald Trump affirmed the "One China" policy that has long underpinned Sino-U.S. relations, a declaration that appeared aimed at ending weeks of uncertainty in Washington''s approach to Asia. on.wsj.com/2kVbNlF - Kellyanne Conway, one of President Donald Trump''s senior advisers, endorsed his daughter''s fashion line in a potential violation of government-ethics rules. on.wsj.com/2kV7kzu - Donald Trump lambasted a Democratic senator who said Supreme Court nominee Neil Gorsuch took issue with the president''s recent attacks on the judiciary, while Republicans corroborated the Senator''s account. on.wsj.com/2kVc7Rv - A union representing about 21,000 wireless workers at AT&T Inc. plans protests in various cities this weekend, as it seeks to ramp up public pressure ahead of a contract expiration on Saturday evening. on.wsj.com/2kVahQz - President Donald Trump has suggested changes to a national air-traffic control system he described as "totally out of whack," taking on an issue that has foiled numerous previous efforts at modernization. on.wsj.com/2kV9bo5 - Volkswagen AG''s former chairman has told prosecutors that senior executives and directors were aware of the company''s emissions cheating months before it was disclosed by U.S. authorities, raising questions about the car maker''s official narrative of the scandal. on.wsj.com/2kVfiIN - Kenya''s high court threw out a government plan to shut down the world''s biggest refugee camp, halting the repatriation of hundreds of thousands of Somalis to the war-ravaged nation and relieving pressure on refugee facilities caused by Trump''s travel ban. on.wsj.com/2kVb8Rh (Compiled by Vishal Sridhar in Bengaluru) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/press-digest-wsj-idUSL4N1FV2HA'|'2017-02-10T13:16:00.000+02:00'
'acd5ddd28477cc5a3ffa7814b498f3c1a0cbc71f'|'Daimler trucks chief Bernhard steps down'|' 29pm GMT Daimler trucks chief Bernhard steps down Wolfgang Bernhard, head of the VW brand group of German Volkswagen AG, speaks during a news conference at the Beijing International Automotive Exhibition November 18, 2006. REUTERS/Alfred Cheng Jin FRANKFURT Daimler''s ( DAIGn.DE ) trucks chief Wolfgang Bernhard, once seen as a candidate to succeed Chief Executive Dieter Zetsche, has stepped down from the management board, a year before his contract was due to run out, the carmaker said on Friday. Bernhard''s restructuring efforts have angered powerful labour leaders. Daimler said Bernhard was leaving at his own request for personal reasons and is released from his duties with immediate effect. Its statement did not say what he would do next. Daimler said its 20-member supervisory board met to discuss extending Bernhard''s contract beyond February 2018, but he then asked to leave the carmaker instead. Directors at Daimler and Volkswagen held separate closed-door meetings. Bernhard began working at Daimler in 1994 and moved through the ranks to become head of Mercedes-Benz Vans, board member for production for Mercedes-Benz Cars and eventually head of trucks. But last year Daimler extended the contract of Chief Executive Dieter Zetsche by three years, a move which effectively ruled out 56-year-old Bernhard as a potential successor. A year ago, Daimler also promoted Ola Kaellenius, a 47-year-old Swede, to head up research and development, a move that company insiders say made him a natural heir to Zetsche. Daimler on Friday extended Kaellenius'' contract until Dec. 31, 2022. Daimler said on Friday that Zetsche would head up the trucks business until a successor to Bernhard was appointed. In a separate meeting at Volkswagen, members of the board of directors are reviewing progress made by Herbert Diess and his turnaround plans for the VW brand, which he oversees, sources told Reuters. Volkswagen declined to comment. Diess has repeatedly clashed with Volkswagen''s powerful labour chief Bernd Osterloh, who has accused him of undermining a jointly agreed turnaround plan. Both Bernhard and Diess have been seen as potential candidates to become chief executives of their respective companies. "Neither of them have been given the time to harvest the fruits of restructuring. To a large extent that has to do with co-determination," said Evercore ISI analyst Arndt Ellinghorst, referring to the policy at large German companies of appointing labour representatives to the board of directors, giving them a say in strategy. (Reporting by Ilona Wissenbach Andreas Cremer, Jan Schwartz and Edward Taylor; Editing by Mark Potter/Ruth Pitchford)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-volkswagen-daimler-directors-idUKKBN15P1X3'|'2017-02-10T22:29:00.000+02:00'
'dc73151321b1d0685c7e52083b992137d2bf0bc6'|'BRIEF-Noble Corporation PLC Q4 loss per share $5.36'|' 15pm EST BRIEF-Noble Corporation PLC Q4 loss per share $5.36 Feb 10 Noble Corporation PLC * Noble corporation plc reports fourth quarter and full year 2016 results * Q4 loss per share $5.36 * Q4 revenue $410 million versus I/B/E/S view $390.9 million * Q4 earnings per share view $-0.22 -- Thomson Reuters I/B/E/S * Noble Corporation PLC says utilization of company''s floating fleet for Q4 of 2016 improved to 43 percent compared to 41 percent during previous quarter * Noble Corporation PLC says jackup rig fleet recorded utilization in Q4 of 86 percent compared to 80 percent in previous quarter * Noble Corporation PLC says at December 31, 2016, company''s contract backlog totaled $3.3 billion * Noble Corporation PLC says Q4 results included charge totaling $1.3 billion, or $5.34 per diluted share, relating to impairment of five rigs and certain other capital spares * Noble Corporation PLC says Q4 total average rig utilization 62% versus 83% last year * Noble Corporation PLC says reduction in backlog contemplates previously disclosed agreement with shell pertaining to contract amendments * Noble Corporation PLC says "our industry continues to experience weakness" * Noble Corporation PLC says Q4 total average dayrate $ 238,704 versus $367,953 last year * Qtrly adjusted earnings per share $0.15 Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSASB0AZOJ'|'2017-02-10T05:15:00.000+02:00'
'346b3925604250753ad12c6791f224d631c6b4dd'|'Lloyds bows to pressure to review HBOS fraud compensation claims'|'Business   7:17am EST Lloyds bows to pressure to review HBOS fraud compensation claims FILE PHOTO: People walk past a branch of Lloyds Bank on Oxford Street in London, Britain July 28, 2016. REUTERS/Peter Nicholls/File Photo By Andrew MacAskill - LONDON LONDON Lloyds Banking Group ( LLOY.L ) is to review the cases of British businesses which lost out in a 245 million pound ($303 million) fraud for which six people were jailed last week. The fraud involved two former bankers of HBOS, once Britain''s biggest mortgage lender, which was rescued in a state-engineered takeover by Lloyds in 2008. They helped siphon off money from struggling businesses which were HBOS clients. Lloyds, which says it too was a victim of the fraud, will appoint a third-party to carry out the review and customer cases will be looked at afresh after considering relevant evidence and new details that emerged during the trial. Six people, including the former HBOS bankers, were found guilty of a scam involving fraudulent loans and sent to prison for a total of 47-and-a-half years. The sentences are among the toughest handed out for a high-profile, white collar fraud in Britain in recent years. "The group deeply regrets that the criminal actions have caused such distress for a number of HBOS business customers," Lloyds said in a statement on Tuesday. Lloyds has been under pressure to compensate victims of the fraud, who allege it reacted too slowly to their complaints. Members of Britain''s parliament wrote to Lloyds on Monday calling for them to properly redress hundreds of businesses who were duped by the former HBOS managers. George Kerevan, chair of the All-Party Parliamentary Committee on Fair Business Banking, wrote in the letter that the complaints were raised with HBOS management in 2007, and then with Lloyds after it bought HBOS in 2008. "In both instances, there was an internal failure to adequately investigate these complaints," the letter said. The corrupt bankers asked struggling business owners to employ a turnaround consultancy as a condition for getting a loan and they were obliged to pay the consultancy high fees for services and, in some cases, hand over ownership. Many of the businesses involved went into liquidation, resulting in job losses and financial hardship. ($1 = 0.8088 pounds) (Editing by Lawrence White and Alexander Smith) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-lloyds-fraud-compensation-idUSKBN15M1B5'|'2017-02-07T19:17:00.000+02:00'
'a4fae4001d4f33ab553e87c356ee4d76a759477a'|'Trump''s pick for labor secretary admits to employing illegal immigrant -media'|'Politics - Tue Feb 7, 2017 - 7:40am EST Trump''s pick for labor secretary admits to employing illegal immigrant: media U.S. President Donald Trump is welcomed as he speaks to commanders and coalition representatives during a visit to U.S. Central Command and U.S. Special Operations Command at MacDill Air Force Base in Tampa, Florida, U.S., February 6, 2017. REUTERS/Carlos Barria WASHINGTON U.S. President Donald Trump''s choice to lead the Labor Department has admitted to employing an undocumented immigrant as a house cleaner, according to multiple media reports on a revelation that has derailed previous Cabinet nominees. Andrew Pudzer, chief executive officer of CKE Restaurants Inc [APOLOT.UL], is one of several Trump nominees who faced strong opposition from Senate Democrats and progressive groups. He has criticized an overtime rule championed by the Obama administration and opposed raising the minimum wage to $15 an hour. An aide for the Senate Committee on Health, Education, Labor and Pensions said a week ago that the panel would not "officially" schedule a hearing until it receives Pudzer''s paperwork from the Office of Government Ethics. Some political strategists said that could signal trouble for the fast-food executive. Several media reports quoted a statement from Pudzer late on Monday as saying he took action as soon as he learned that his housekeeper, whom he and his wife had employed for a few years, was not legally permitted to work in the United States. "We immediately ended her employment and offered her assistance in getting legal status," he said in the statement, which was cited by the Huffington Post, the New York Times and other media. He said he and his wife paid back taxes for employing the maid to the U.S. Internal Revenue Service and to the state of California. Previous presidential appointees have run into problems over immigration issues. Linda Chavez, nominated for labor secretary by President George W. Bush in 2001, allowed a Guatemalan woman who was in the United States illegally to live in her home and gave her spending money. Zoe Baird, President Bill Clinton''s nominee for attorney general in 1993, withdrew from consideration after she admitted hiring two illegal immigrants as a driver and a nanny and not paying their Social Security taxes. Another Bush nominee, former New York City police commissioner Bernard Kerik, withdrew his name from consideration for homeland security secretary in 2004 after he disclosed that questions had been raised about the legal status of a former housekeeper and nanny. (Reporting by Doina Chiacu; Editing by Lisa Von Ahn) Next In Politics'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-trump-pudzer-idUSKBN15M1CP'|'2017-02-07T19:29:00.000+02:00'
'4f898a0aa9889054fc50da6662b72f6c0bc3241d'|'UAW confirms workers at Tesla have approached the union'|'Business News - Fri Feb 10, 2017 - 9:54am EST UAW confirms workers at Tesla have approached the union FILE PHOTO: A Tesla logo hangs on a building outside of a Tesla dealership in New York, U.S., April 29, 2016. REUTERS/Lucas Jackson/File Photo The United Automobile Workers union on Friday said it has been approached by workers at Tesla Inc''s ( TSLA.O ) Fremont, California assembly plant, and rejected Tesla Chief Executive Elon Musk''s charge that a worker who publicly criticized the company was on the UAW payroll. The worker, Jose Moran, "is not and has not been paid by the UAW," the union said, responding to comments Musk made to the website Gizmodo. Musk told Gizmodo "our understanding is that this guy was paid by the UAW to join Tesla and agitate for a union. He doesn<73>t really work for us, he works for the UAW." A representative for Moran said he was at work at Tesla on Friday morning. The volley between Musk and the UAW comes as Tesla is planning to idle for a week the Fremont factory where it builds its current Model S sedans and Model X sport utilities to prepare for production of the high-volume Model 3 sedan. (Reporting by Joseph White Editing by W Simon) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-tesla-uaw-idUSKBN15P1U1'|'2017-02-10T21:54:00.000+02:00'
'3d1679e56f0ef16ef0740ca9fa99da3a2a85295c'|'Deals of the day-Mergers and acquisitions'|'(Adds HD Supply, Fosun, Millicom, Lone Star, Clayton, Dubilier & Rice, Maspex and GfK)Feb 7 The following bids, mergers, acquisitions and disposals were reported by 2100 GMT on Tuesday:** HD Supply Holdings Inc is preparing to explore a sale of Waterworks, the largest U.S. provider of water and sewer products to contractors and municipalities, following interest from buyout firms, according to people familiar with the matter.** China''s largest private conglomerate Fosun raised its stake in Portugal''s largest listed bank Millennium bcp to 23.92 percent as a result of the lender''s 1.33 billion euro ($1.42 billion) rights issue, the bank said.** Luxembourg-based Millicom International Cellular said it had signed an agreement to sell its Tigo Senegal subsidiary to the local Wari group for $129 million.** U.S. buyout group Lone Star is launching a fourth attempt to sell German corporate bank IKB, one of the highest-profile German casualties of the financial crisis, several people close to the matter said.** Private equity investment firm Clayton, Dubilier & Rice Inc is selling Mauser Group NV to Stone Canyon Industries LLC for $2.3 billion in cash, a day before the packaging products maker was to list on the New York Stock Exchange.** The founders of Polish food and juice producer Maspex will likely delay a flotation until a sizeable acquisition comes up or handing over the company becomes inevitable, its chief executive said.** German research firm GfK said on Tuesday that Michael Dell, founder of personal computer firm Dell, had bought a 9.8 percent stake in the company.** Specialist European financial services private equity firm AnaCap Financial Partners has agreed to acquire a 177 million euro ($189 million) loan portfolio from Barclays, it announced.** Toshiba Corp favors private equity bidders in the sale of a stake in its chip business, as suitors including rivals SK Hynix Inc and Micron Technology Inc vie with financial investors like Bain Capital, sources said.** Deutsche Boerse and the London Stock Exchange will formally offer to divest their French clearing business as a remedy to the European Commission to address anti-trust concerns in relation to the merger of the two exchange operators, Deutsche Boerse said.** Honda Motor Co Ltd and Hitachi Ltd''s auto parts subsidiary plan to form a joint venture to develop, produce and sell motors for electric vehicles (EV), joining forces to better compete in the highly specialized "green" car segment.** Malaysian conglomerate DRB-Hicom Bhd said it is waiting for prospective foreign carmakers to submit bids for a strategic partnership with its Proton Holdings Bhd unit.** London-listed DCC Plc said it would buy the retail petrol station network of ExxonMobil''s Norwegian unit, Esso Norge AS, for 2.43 billion Norwegian crowns ($293.38 million).** Connect Group Plc, a newspaper distributor and parcel delivery company, said it would sell its education and care business to RM Plc for about 56.5 million pounds ($70.3 million) in cash.** Germany''s SGB-SMIT is in talks to merge with the power transformer unit of French electrical components maker Schneider Electric, two people familiar with the plans told Reuters. (Compiled by Divya Grover, Diptendu Lahiri and Sruthi Shankar in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/deals-day-idINL4N1FS3CL'|'2017-02-07T18:01:00.000+02:00'
'debbe23865bb4fab57309ae0527f1e8177f5a9ed'|'SoftBank-backed Indian e-tailer Snapdeal predicts profits in 2 years'|'* Snapdeal taking steps to cuts costs, boost efficiency* CEO says no need for immediate capital unless any acquisition* Logistics arm Vulcan to turn profitable next monthBy Sankalp Phartiyal and Euan RochaMUMBAI, Feb 6 Indian e-commerce firm Snapdeal expects to turn profitable in the next two years, its CEO said, as the company cuts costs and boosts efficiency in a market currently dominated by homegrown Flipkart and U.S. internet giant Amazon.Kunal Bahl, who co-founded Snapdeal in 2010, also told Reuters in an interview that the online marketplace provider backed by Japan''s SoftBank Group did not immediately need to raise capital unless it makes an acquisition.A burgeoning Indian middle class'' rapid uptake of wireless high-speed internet has prompted buyers to shop online, boosting sales at e-tailers and making the country''s internet services market one of the world''s fastest growing.The value of goods sold online in India is expected to jump tenfold to $188 billion by 2025, according to a Bank of America Merrill Lynch note last September. High competition and steep discounting, has however meant most big online retailers are losing money.Snapdeal was valued at $6.5 billion after a fund-raising last year. But valuations of Indian e-commerce firms are generally believed to have softened since then. Fidelity Investments has marked down the value of its holding in Flipkart ( IPO-FLPK.N ) by around 36 percent.Snapdeal reported a loss of 29.6 billion rupees ($441 million) in the financial year to March 31, 2016, according to regulatory filings, but Bahl said they were steadily improving."I see a relatively clear line of sight to (profit) and we''ve been making great progress in that direction also," Bahl said on Monday."We needed capital to build the infrastructure which we have, now we have to take control of our destiny."Snapdeal''s EBIDTA, or earnings before interest, tax, depreciation and amortization, for the nine months of the current financial year has improved by about 40 percent from a year earlier, while commissions have grown 3.5 times, he said.Marketplace providers like Snapdeal earn commissions from sellers on their platform as a percentage of value of goods sold. Snapdeal, with 12 percent share of the so-called gross merchandise value, lags Flipkart''s 43 percent and Amazon''s 28 percent, according to Bank of America Merrill Lynch''s estimates for 2016.Bahl said while Snapdeal, which also counts Chinese e-commerce giant Alibaba Group Holding and Taiwan''s Foxconn as investors, did not look at gross merchandise value as a metric for growth, its focus was on getting good-quality products and on-time delivery at the lowest possible cost.Snapdeal''s captive logistics arm Vulcan Express will turn profitable next month, Bahl said, thanks to significant investment over the past two years.Vulcan has helped Snapdeal make inroads into the far-flung corners of India and building the unit "thoughtfully" without excess capacity has helped, he said.Snapdeal, which also uses third-party logistics services to deliver products to customers, has plans to allow Vulcan to seek external business in the coming months, Bahl said."I just don''t think today that it''s viable to build a 500-city network in India with only one customer as a logistics company." ($1 = 67.1650 Indian rupees) (Reporting by Sankalp Phartiyal and Euan Rocha; Editing by Muralikumar Anantharaman)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/snapdeal-ceo-idINL4N1FR2XI'|'2017-02-06T08:13:00.000+02:00'
'cb62e8c2788d96dc69ae4e893fa76c0d2033069e'|'FTC sues Shire ViroPharma for fighting generic entry of Vancocin'|'WASHINGTON The U.S. Federal Trade Commission filed a complaint against Shire ViroPharma on Tuesday, accusing it of abusing government processes in order to fend off generic competition to its antibiotic Vancocin HCl, the agency said in a statement.The company filed repeated and "unsupported filings" with the U.S. Food and Drug Administration between 2006 and 2012 in order to slow approval of generic competitors to Vancocin, the FTC said.ViroPharma, which has since been purchased by Shire PLC, began filing petitions with the FDA in 2006 when the agency set a streamlined procedure for proving that generic rivals were the same chemically as Vancocin.Vancocin, an antibiotic that targets bacteria in the digestive tract, was developed by Eli Lilly and sold to ViroPharma in 2004, according to the FTC complaint.ViroPharma flooded the agency with 46 petitions and other filings between 2006 and 2012, when a generic version was finally approved, the FTC said in its complaint. The FDA had been prepared to approve a generic version in 2010 but was slowed by the blizzard of filings by a full two years, the FTC said."These repetitive, serial, and meritless filings lacked anysupporting clinical data, which ViroPharma understood it needed to have any chance of persuading the FDA of its positions," the FTC said in its complaint.The Irish drug company Shire PLC completed its purchase of ViroPharma in 2014. The company did not immediately respond to a request for comment."Generic medications can save consumers millions of dollars. When we have reason to believe that a branded drug company misuses government processes to unlawfully maintain a monopoly by delaying generic entry, the FTC will act to protect competition," said acting FTC Chairman Maureen Ohlhausen in a statement.(Reporting by Diane Bartz; Editing by Andrea Ricci)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-ftc-shireviropharma-idINKBN15M26Q'|'2017-02-07T16:10:00.000+02:00'
'5d1c8acb22d16474bb6292480d7a803b1b6fa8ae'|'UPDATE 1-LPL Financial 4th-qtr profit surges despite regulatory uncertainty'|'(Recasts; adds comments from earnings call, CEO interview)By Elizabeth DiltsNEW YORK Feb 9 Independent brokerage LPL Financial Holdings Inc posted a fourth-quarter profit that surged 56 percent as an increase in advisory assets helped soften the costs of an uncertain regulatory environment.The firm, which provides products and support services to more than 14,000 independent financial advisers, reported net income rose to $41.74 million, or 46 cents per share, in the quarter ended Dec. 31, up from $26.81 million, or 28 cents a share, in the same quarter a year earlier.Total net revenue fell 1.3 percent to about $1 billion. But total brokerage and advisory assets rose 7 percent over the prior year to $509 billion, with a total of $2.5 billion in net new assets.Roughly two-thirds of new assets were from investors interested in financial advisory accounts, and a third went into brokerage accounts.That is a departure from LPL''s legacy client assets, of which 42 percent are held in advisory and 58 percent are in brokerage accounts.The wealth management industry has seen a multiyear trend of clients investing in advisory accounts, where they pay a fee based on their total assets, over brokerage, where they pay a commission per transaction.This trend was amplified in 2016 as firms prepared for the start of the U.S. Department of Labor''s fiduciary rule, which aims to put clients'' interests first by eliminating conflicts of interest, such as products in brokerage accounts that may pay an adviser a greater commission than others.The U.S. Labor Department is now preparing to delay that rule.Dan Arnold, LPL''s new chief executive who replaced Mark Casady on Jan. 3, said whether the rule is delayed or not, the firm will press on with compliance changes it is making, such as plans to launch a robo-adviser and the standardization of some brokerage product fees."A delay would be the next logical step," Arnold said. "But if you create innovation and outcomes that are better, with or without the rule, you continue with those."Casady, 56, joined LPL in 2002. He will remain on LPL''s board of directors as a non-executive chair until he retires in March. (Reporting by Elizabeth Dilts, additional reporting by Sruthi Shankar in Bengaluru; editing by Bernard Orr, G Crosse)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/lpl-hldg-results-idINL1N1FU2EL'|'2017-02-09T22:13:00.000+02:00'
'5423d0960e06a7e44c1111c3e954a73414ef01e4'|'U.S. regulator charges China citizens over Comcast-Dreamworks trades'|'Business News - Fri Feb 10, 2017 - 8:08pm GMT U.S. regulator charges China citizens over Comcast-Dreamworks trades WASHINGTON The U.S. Securities and Exchange Commission said on Friday it had filed civil securities fraud charges against five Chinese citizens for alleged insider trading ahead of the April 2016 acquisition of DreamWorks Animation SKG Inc by Comcast Corp ( CMCSA.O ). The SEC said in a statement it had also won a court order freezing brokerage accounts holding more than $29 million in illegal profits from the insider trading. The SEC complaint, filed in U.S. District Court in the Southern District of New York, charges Michael Yin with securities fraud and names the holders of the five brokerage accounts <20> Lizhao Su, Zhiqing Yin, Jun Qin, Yan Zhou and Bei Xie <20> as relief defendants. The SEC also said it is seeking a permanent injunction, return of profits, civil penalties and other relief. (Writing by Eric Walsh) Top Federal Reserve official resigns as bank deregulation looms WASHINGTON The top Federal Reserve official charged with financial regulation said on Friday that he would resign, just a week after the new administration of President Donald Trump said it would undertake a review of what it sees as onerous bank rules.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-comcast-hldgs-insidertrading-sec-idUKKBN15P2KA'|'2017-02-11T03:04:00.000+02:00'
'e020507b98c45da785d2b6848c1262d0e6ae41fe'|'ECB should drop reference to lower rates in guidance - Mersch'|'Business News - Fri Feb 10, 2017 - 10:24am GMT ECB should drop reference to lower rates in guidance - Mersch Yves Mersch in Frankfurt, January 13, 2014. REUTERS/Ralph Orlowski FRANKFURT The European Central Bank should drop its reference to possible rates cuts from its policy communication to safeguard its credibility, Executive Board Member Yves Mersch said on Friday. "How much longer can we continue to talk about ''even lower rates'' as being a monetary policy option?" Mersch said at an event near Hamburg. "Considering the importance of credibility for a central bank, as mentioned, there should be no delay in making the necessary gradual adjustments to our communication." The ECB''s long-standing guidance, aimed at assuring markets that policy will stay easy for years to come, has been for rates to remain at present or lower levels for an extended period of time, well past the horizon of its bond purchases. (Reporting by Balazs Koranyi, Francesco Canepa and Andreas Framke) Next In Business News Unrealistic to see UK/EU trade deal in two years - EU representative EDINBURGH It is unrealistic for Britain to expect to negotiate its exit from the European Union and reach a free trade agreement in two years and both will probably need an implementation phase, the head of the European Commission''s office in Britain said.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ecb-policy-mersch-idUKKBN15P11S'|'2017-02-10T17:24:00.000+02:00'
'a69dc044f8c0de5436fd1f718826bd82dde658cb'|'Global stocks, euro dip amid political, economic uncertainty'|'Business News - Mon Feb 6, 2017 - 4:59pm GMT Stocks, euro dip amid political, economic uncertainty Traders work on the floor of the New York Stock Exchange (NYSE) shortly after the opening bell in New York, U.S., January 31, 2017. REUTERS/Lucas Jackson By Hilary Russ - NEW YORK NEW YORK The euro fell to a one-week low against the dollar on Monday on uncertainty ahead of several impending European elections, while European and U.S. stock markets dipped ahead of a heavy week of corporate results. Concerns over French politics ahead of the presidential vote in April, as well as other elections in Europe later in the year, dented the euro. "Political risk is serving to dampen the euro after last week''s stumble from the $1.08 area," said Shaun Osborne, chief FX strategist, at Scotiabank in Toronto. Investors were largely focused on French politics, as far-right National Front leader Marine Le Pen launched her presidential bid, vowing to fight globalization and take France out of the euro zone. In mid-morning trading, the euro fell 0.4 percent against the dollar to $1.0737 EUR= . It dropped to $1.0705, its weakest level since Jan. 31. The dollar slid to its lowest in more than two months against the yen JPY= , pressured by a drop in U.S. Treasury yields, analysts said. But the greenback rose 0.2 percent .DXY against a basket of major currencies. In the U.S. equity market, key indexes were modestly lower ahead of a slew of results and lingering uncertainty over the policy decisions of President Donald Trump and the potential impact of these on the economy. The Dow Jones Industrial Average .DJI rose 4.83 points, or 0.02 percent, to 20,076.29, the S&P 500 .SPX lost 2.68 points, or 0.12 percent, to 2,294.74 and the Nasdaq Composite .IXIC dropped 0.31 points, or 0.01 percent, to 5,666.46.. Oil slipped as the strong dollar and ample U.S. supplies outweighed OPEC output curbs and rising tensions between the United States and Iran. Brent crude LCOc1 was trading at $56 a barrel, or 1.4 percent, having touched an intra-day high of $57.13. U.S. crude CLc1 was down 40 cents, or 1.1 percent, at $53.24. There was no overarching theme to Monday''s market moves, highlighting how correlations between financial market assets have broken down in recent months as investors sense the era of ultra-loose monetary policy may be winding up. "There is a sense of general uncertainty and I''m not sure if you can pin-point it to anything in particular," said Orlando Green, European fixed income strategist at Credit Agricole. "You could say markets are a bit edgy about the political scene in Europe, the political scene in the U.S. and there''s a bit of uncertainty about when the Fed will hike rates next." The pan-European STOXX 600 index was 0.57 percent lower, with banking stocks .SX7P, particularly in Italy .FTIT8300, weighing on the index. MSCI''s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS rose 0.65 percent. Japan''s Nikkei .N225 rose 0.3 percent, with banks rising after U.S. President Donald Trump signed an executive order to scale back regulations in the U.S. financial industry that were implemented after the financial crisis nearly a decade ago. Trump meets Japanese Prime Minister Shinzo Abe on Feb. 10 and 11, with trade and currencies likely to be on the agenda. (Additional reporting by Gertrude Chavez-Dreyfuss in New York; Nigel Stephenson and Alex Lawler in London; Editing by Bernadette Baum) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-global-markets-idUKKBN15L01R'|'2017-02-07T02:57:00.000+02:00'
'612dbacfdc85d512ac64a53ca12fd3b6c24435e4'|'Shell''s departing CFO to join Rio Tinto as non-executive director'|' 07am GMT Shell''s departing CFO to join Rio Tinto as non-executive director 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''s ( RDSa.L ) chief financial officer, Simon Henry, will join miner Rio Tinto ( RIO.L )( RIO.AX ) as non-executive director from July 1 after he leaves the oil major. Henry, who has served as CFO for seven years of his 34 years at Shell, will hand over to Jessica Uhl on March 9 and leave the company on June 30. "Royal Dutch Shell confirms that Simon Henry, Chief Financial Officer of the company, has been appointed a non-executive director of Rio Tinto with effect from July 1, 2017," Shell said in a statement on Friday. Henry was one of the driving forces behind Shell''s bumper $54 billion (43 billion pound) acquisition of BG Group last year. (Reporting by Karolin Schaps; Editing by David Goodman)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-shell-moves-cfo-idUKKBN15P0XQ'|'2017-02-10T17:07:00.000+02:00'
'08e2acdb8db407e092aba3460d3ae93fed3baa80'|'BRIEF-Scripps to not get proceeds from FCC''s broadcast spectrum auction'|' 13pm EST BRIEF-Scripps to not get proceeds from FCC''s broadcast spectrum auction Feb 10 E. W. Scripps Co : * Scripps shares results of its participation in FCC broadcast spectrum auction * E. W. Scripps Co says will not receive proceeds from Federal Communications Commission''s auctioning of broadcast spectrum * E. W. Scripps - none of spectrum co or partners offered was selected during auction process because prices available in auction fell below value co ascribed to it Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1FV19W'|'2017-02-11T04:13:00.000+02:00'
'4292141a01177ab6087a3146c670b74c68266b53'|'Gander Mountain preparing to file for bankruptcy this month: sources'|'By Lauren Hirsch and Jessica DiNapoli U.S. hunting and fishing chain Gander Mountain Co is preparing to file for bankruptcy as early as this month, after an aggressive effort to expand its store base failed to pull in new customers, according to people familiar with the matter.Gander Mountain is working with financial advisory firm Lighthouse Management Group Inc and law firm Fredrikson & Byron PA as it gets ready to file for bankruptcy, the people said this week.The sources asked not to be identified because the matter is confidential. Gander Mountain and Lighthouse Management declined to comment this week, while a spokeswoman for Fredrikson did not return a request for comment made on Wednesday.Gander Mountain, which bills itself as America''s firearms superstore, has faced challenges capitalizing on a booming gun market. The Federal Bureau of Investigation carried out a record 27.5 million background checks on people seeking to buy guns in 2016, up 19 percent from the year before.Gander also has stiff competition from rivals like Bass Pro Shops and Cabela''s Inc ( CAB.N ), which have been revamping their stores to attract customers with restaurants and shooting activities.Bass Pro agreed last year to buy Cabela''s for $5.5 billion, potentially putting more pressure on Gander Mountain, though the deal has to overcome major hurdles to close, including antitrust concerns.Based in Saint Paul, Minneapolis, Gander Mountain was taken private in 2010 by Gratco, a holding company controlled by Gander Chairman and Chief Executive David Pratt, and Holiday Stationstores, a gas-station retail operation controlled by Minnesota''s Erickson family.Gander Mountain confronts financial trouble after an aggressive expansion across the United States for a total of about 160 stores, with nearly 60 new outposts opened or announced since 2012.The company has a $30 million loan, and revolving credit lines for $25 million and $500 million, according to Thomson Reuters data. It is not clear how much money in the credit lines Gander Mountain has yet to draw down on.Gander Mountain would be the fifth outdoor retailer to file for bankruptcy in the last 12 months, following sports retailers such as Sports Chalet and Sports Authority Inc, which both sought court protection from their creditors.Gander Mountain wanted to address some of its challenges by exploring a sale last year of its online and catalog boating business called Overton''s, but was unable to find a buyer at agreeable terms, according to the sources.(Reporting by Lauren Hirsch and Jessica DiNapoli in New York; Editing by Bernard Orr)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-gandermountain-bankruptcy-idINKBN15P2N5'|'2017-02-10T18:06:00.000+02:00'
'ee497a20c9de62253cba16dd7dc69479f53c95c2'|'Bondholders in Brazil''s Oi to appeal Dutch court ruling on Oi units'|'SAO PAULO Feb 10 A group of bondholders in Oi SA appealed on Friday a ruling by a Dutch court last week that refused to declare insolvent two of the Brazilian phone''s subsidiaries in the country.In an emailed statement, the International Bondholder Committee group said it "remains committed to finding a consensual solution" to restructure the debt of the two Oi subsidiaries. Both units have outstanding debt of about $6.2 billion. (Reporting by Ana Mano)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/oi-sa-restructuring-idINE6N1DF01Y'|'2017-02-10T13:16:00.000+02:00'
'7bceb39160b0266f4077ec82577145cc49574f77'|'Energy customers locked into a costly scheme who have no right to switch - Money'|'Energy customers who find themselves paying over the odds for their heating can simply switch to a cheaper deal. But there<72>s a hidden, but rapidly growing, number who estimate they<65>re paying up to three times more than the expected price<63> but don<6F>t have the right to switch. In most cases, they are stuck with the same supplier for 25 years or more.They are among the 220,000 households signed up to District Heating networks which power entire estates by sending hot water and steam via insulated pipes from a central generator, instead of having a boiler in each home.The system, often fuelled by natural gas or biomass, is supposed to point the way to a greener future and has the enthusiastic backing of government.However, the suppliers are unregulated and customers of only five of them have the right to turn to the energy ombudsman if things go wrong.On the face of it, the schemes are good news. Unlike condensing power plants, that only use around a third of the electricity generated, district networks use 90%. Waste energy can be recycled, households no longer have to maintain their own boilers, and heating bills are supposed to be cheaper.Last year the government announced it was investing <20>320m in expanding the system across the UK and predicts that it will supply 8 million households by 2030. In London, where new developments are required to be zero carbon, it is being used in most large estates.In reality, though, residents complain of enormous, opaque energy bills, frequent outages and misinformation.A Which? investigation in 2015 found that some schemes are poorly designed and that customers are being misled about costs. It also concluded that many people are unaware of the District Heating scheme when they purchase a flat.Amongst those who feel trapped is Steve Wyatt, who bought a one-bed flat in Barratt Homes<65> Jefferson Plaza in east London a year ago. He doesn<73>t recall the agent mentioning the District Heating scheme, but he was aware it was operated by e.on, which supplies 22,000 customers over 60 networks.<2E>I first became aware of problems when I<>d been there a month and was sent a heating bill of <20>145,<2C> he says. <20>After 12 months of high bills I checked the EPC certificate <20> which shows how efficiently a home uses energy <20> and it indicated the cost should be half what I<>d been charged.<2E>Both e.on and Barratt sent technicians and plumbers to investigate. Although the system is consuming 40kw a day as opposed to 11kw estimated by Which? for a similar flat, no fault could be found.<2E>I live alone and my annual bill for heat is <20>900, double what I paid in the two-bed flat I shared with a friend,<2C> says Wyatt, who has to restrict his heating because he can<61>t afford the bills. E.on declined to comment specifically on the case and said it didn<64>t accept many of the allegations.Any company <20> including the property developer <20> can set itself up as a District Heating supplier without a licence, and a full list of those in operation is not yet publicly available.They are selected by the developer who will receive a commission, or a substantial contribution towards the network infrastructure, in return for a contract to supply the development for at least 25 years. E.on has an 80-year contract to supply Cranbrook, a new town in East Devon.Once they<65>ve bought into a development, residents are locked into a monopoly. They are not allowed to fit solar panels or heat source pumps and, whether or not they use their heating, remain liable for often large standing charges which include maintenance and repair of the infrastructure.District heating: a hot idea whose time has come Read more Matthew Pennycook, Labour MP for Greenwich and Woolwich, which includes eight District Heating networks, says residents tell him bills have tripled under the scheme, and there<72>s no transparency in consumption and billing.Pennycook has been pressing the government to regulate the sector. <20>Former energy minister Amber Rudd decline
'da9c3569a1c79d418e795b8d0ba6c44fd04340da'|'The GOP Grapples With Creating a Better Obamacare'|'After spending much of the past seven years trying to repeal Obamacare, Republicans in Congress finally have the power to do it. And they got off to a quick start. A week before Donald Trump was sworn in as president, the House and Senate voted to begin the process of repealing the law.Yet as Republicans rush to roll back President Obama<6D>s signature health-care achievement, they<65>re still struggling to come up with something to replace it. At the heart of the problem is figuring out how to undo the intricate framework of mandates and taxes that form the basis of the Affordable Care Act. If you require insurance companies to cover someone, regardless of preexisting conditions, premiums would skyrocket. To keep premiums at reasonable levels, you have to insist that everyone buy insurance<63>even healthy people who think they don<6F>t need it. To make sure low-income people can pay the premiums, you have to offer them subsidies. To fund it all without increasing the budget deficit, you need taxes.Removing any one piece of the puzzle can lead the whole thing to collapse. This is the conundrum congressional Republicans face as they gather in Philadelphia on Jan. 25 for a three-day strategy session, where the prime focus will be devising a replacement plan. Even Republican veterans of the Obamacare fight admit the GOP hasn<73>t been able to solve the riddle. <20>We<57>ve struggled to try to coalesce around a replace plan, and it was always a challenge to come up with the funds needed,<2C> says Eric Cantor, the former Republican House majority leader who led the fight against the ACA during much of the Obama presidency and lost his congressional seat to a Tea Party challenger in 2014. <20>If you repeal the revenue measures, what do you do? Republicans don<6F>t like to raise taxes. If that<61>s the case, where does the money come from?<3F>Trump has boxed in Congress with pledges of a cheaper plan that covers everyonePresident Trump plans to join lawmakers in Philly. While his election sealed their ability to dismantle Obamacare, in many ways he<68>s made Republicans<6E> job harder by promising to replace it with something that<61>s cheaper and provides <20>insurance for everybody.<2E> The president has also vowed to keep one of the most costly pieces of Obamacare: the requirement that insurers cover people with preexisting medical conditions.On his first day in office, Trump signed an executive order directing federal agencies to do everything they can to diminish the financial burden of the ACA, including waiving or delaying taxes on health insurers, medical devices, and prescription drugs. Yet those taxes are a key source of revenue for Obamacare. If they are eliminated in any repeal effort, Republicans would have to find the money from somewhere else if they don<6F>t want to increase the budget deficit. That could put them in a position of having to raise taxes, which would violate a promise many Republicans made when they signed the <20>no new taxes<65> pledge promoted by Grover Norquist<73>s Americans for Tax Reform.Signs of GOP disunity have already appeared. Early on, some more conservative party members wanted to repeal the law right away and figure out how to replace it sometime later. More moderate Senate Republicans concluded that rushing a repeal bill through might damage the insurance market if a replacement was uncertain. A Congressional Budget Office report suggests that repealing the ACA without an immediate replacement plan would lead to 18 million people losing their insurance within one year.To avoid a Democratic filibuster in the Senate, Republicans decided to use the budget reconciliation process as the mode to repeal the ACA. Yet they can<61>t repeal the whole thing through reconciliation and will almost certainly need Democrats to help replace the law.Democrats are in no rush to help. House Minority Leader Nancy Pelosi is reminding her members that a strategy of unconditional opposition helped them bury President George W. Bush<73>s attempt to privatize Social Security in 2
'952682c7e28ddaf34a625999eace3ee4d1d1d13d'|'Oil exports from southern Iraq down in January after OPEC deal - sources'|'Business News - Tue Feb 7, 2017 - 2:28pm GMT Oil exports from southern Iraq down in January after OPEC deal - 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 BASRA, Iraq Crude oil exports from southern Iraq in January fell to 3.275 million barrels per day (bpd) from 3.51 million bpd in December, as the country complied with an agreement with other producers to reduce output, two oil executives said on Tuesday. December''s exports from the southern region, where Iraq produces most of its oil, set a record high. Iraq is OPEC''s second-largest crude producer after Saudi Arabia. The group agreed in late November to cut production in order to support sagging oil prices. (Reporting by Aref Mohammed; writing by Maher Chmaytelli; editing by Jason Neely) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-iraq-energy-oil-exports-idUKKBN15M1L6'|'2017-02-07T21:28:00.000+02:00'
'828804d543259971129bd78e66e54556f82df71f'|'Railways could use eye scans to charge passengers, say industry plans - Business - The Guardian'|'Rail passengers could be charged for journeys by fingerprint or iris scans, according to the industry<72>s plan for coping with growing demand.Biometric technology would enable fares to be automatically charged, the Rail Delivery Group (RDG) said.The organisation, representing train operators and Network Rail, claimed such a system could follow on from the use of smartphones<65> Bluetooth signals to open station barriers, which will be trialled on Chiltern Railways<79> route between London Marylebone and Oxford Parkway over the coming months.Facial recognition is already used at some UK airports to speed up the border control process.Overhaul of UK train ticket pricing to be trialled in May Read more More than 200 research, design and technology projects have been identified to help the railway serve more passengers and boost customer service.Some 1.69 billion passenger journeys were made on Britain<69>s railways in 2015/16, compared with 735 million in 1994/95, Office of Rail and Road figures show.Launching the RDG<44>s Capability Delivery Plan, chief executive Paul Plummer said the network is <20>increasingly full<6C> and steps must be taken to consider <20>the solutions of tomorrow<6F>.He went on: <20>This blueprint sets out how we can harness digital technology to make journeys better for passengers and freight customers on a railway that<61>s simpler and easier to use.<2E>The document also sets out how new seat designs could be incorporated into existing rolling stock within a year.One version is expected to allow up to 30% more seats in a single carriage, allowing passengers to sit in a more upright position and increase standing space on busy commuter services.Another design features seats which can be folded during peak times to allow more passengers to travel in a smaller area.The RDG said the use of digital signalling technology will allow trains to operate closer together, cutting delays.In November the Treasury committed <20>450 million towards trialling such a system.Mr Plummer added: <20>A 21st-century railway offers opportunities for businesses to grow by bringing more technology to the railway more quickly. Everyone in the railway is working together to make this plan a success.<2E>A pilot scheme to overhaul Britain<69>s rail fares was announced last week to make it easier for passengers to buy the cheapest tickets. The scheme will abolish some fares for long, connecting journeys in favour of cheaper alternatives, introduce single leg pricing for some journeys to inform passengers of whether or not they would be better off buying two single tickets or a return, and make ticket vending machines more user-friendly.'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/2017/feb/07/railways-could-use-eye-scans-to-charge-passengers-say-industry-plans'|'2017-02-07T02:00:00.000+02:00'
'093b7810ef974da4d707078ff4e5dfdf0705d0a4'|'Honda, Hitachi Automotive to form EV motor joint venture'|'Money News - Tue Feb 7, 2017 - 4:57pm IST Honda, Hitachi Automotive to form EV motor joint venture Honda Chief Executive Officer Takahiro Hachigo (R) and his Hitachi Automotive counterpart Hideaki Seki attend a news conference in Tokyo, Japan, February 7, 2017. REUTERS/Kim Kyung-Hoon By Naomi Tajitsu - TOKYO TOKYO Honda Motor Co Ltd and Hitachi Ltd''s auto parts subsidiary plan to form a joint venture to develop, produce and sell motors for electric vehicles (EV), joining forces to better compete in the highly specialised "green" car segment. Automakers are increasingly teaming up with parts suppliers to build components for the fast-growing EV segment as a way to expand product line-ups while containing high development costs. "Producing motors is capital intensive, so rather than just manufacturing them for our own purposes, we would like to produce in large volumes with the possibility of supplying a variety of customers," Honda Chief Executive Officer Takahiro Hachigo told reporters at a news briefing on Tuesday. "In pairing up with Hitachi, we''re hoping to tap into its expertise in volume production." The venture will be established in July with an investment of 5 billion yen ($44.69 million), and will be 51 percent owned by Hitachi Automotive Systems Ltd and 49 percent held by Honda, the two companies said. It will build motors to be used in petrol hybrids, plug-in hybrids and battery-electric cars, and will have sales and manufacturing functions in the United States and China in addition to Japan, they said. Hitachi Automotive Systems is a wholly owned subsidiary of Hitachi Ltd and longtime supplier of components including engine and brake parts to Honda. It counts the alliance of Nissan Motor Co Ltd and Renault SA as its biggest client, accounting for around one-third of annual sales. Other customers include Toyota Motor Corp, Ford Motor Co and Volkswagen AG. The tie-up highlights Honda''s willingness to join with other industry players as it competes to develop more lower-emission cars. It comes after Honda''s announcement last week that it was teaming up with General Motors Co to produce hydrogen fuel cell power systems in the United States from around 2020. "It''s a reflection that a lot of the new technologies being developed for automobiles are not cheap, so companies are finding partners that they can share the burden with to reduce their risk," said Janet Lewis, managing director of equity research at Macquarie Capital Securities Japan. "Nobody knows exactly where the industry is going to go, so everybody has to have a variety of solutions. It''s a way of preparing for the unknown." The latest joint ventures by Japan''s third-biggest automaker are part of its strategy for new-energy cars to comprise two-thirds of its vehicle line-up by 2030 from around 5 percent now. Honda is planning to launch battery-powered and plug-in petrol hybrid versions of its Clarity fuel-cell vehicle later this year. It does not currently market a battery-electric vehicle after discontinuing a limited production electric version of its Fit mini MPV model in 2014. ($1 = 111.8700 yen) (Reporting by Naomi Tajitsu and Taiga Uranaka; Editing by Christopher Cushing) Next In Money News Kia close to finalising Andhra Pradesh for first India car plant - source NEW DELHI/SEOUL South Korea''s Kia Motors Corp is close to finalising Andhra Pradesh as the site for its first factory in the country, as it speeds up efforts to start production in the fast-growing market, a source familiar with the matter said.'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/honda-strategy-hitachi-idINKBN15M165'|'2017-02-07T18:27:00.000+02:00'
'413f23c3c685313fd48cdea85ca2e22e73eba12a'|'Media-Saturn founder weighs challenge to Metro split'|'BERLIN The founder of Media-Saturn, the consumer electronics group owned by Metro ( MEOG.DE ), is considering a legal challenge to the German retailer''s plan to split into two companies, potentially delaying the move.Shareholders in Metro overwhelmingly voted on Monday to back a plan to split off the group''s wholesale and hypermarket food business from Media-Saturn, Europe''s biggest consumer electronics group, to be renamed Ceconomy.Billionaire Erich Kellerhals still owns a stake of close to 22 percent in Media-Saturn and has regularly clashed with Metro over its management of the business.He is preparing a legal challenge to the split, a spokesman for his investment firm Convergenta said on Tuesday, but added it was not yet decided whether or when the challenge would be filed.Kellerhals has four weeks from the shareholder meeting to lodge a challenge. If he proceeds, it could delay Metro''s plans to split, which it wants to happen by the middle of the year.Metro''s shares were down 2.6 percent at 1205 GMT as they traded ex-dividend.Late last year, Convergenta proposed Clemens Vedder as a mediator to try to resolve the dispute with Metro, an effort that was due to continue after the shareholders'' meeting.Metro hopes the split will help the independent companies pursue more acquisitions and trigger a revaluation of the stock as Metro currently trades at a discount to other pure wholesale retailers such as Sysco ( SYY.N ) and Britain''s Booker ( BOK.L ).Media-Saturn, which runs more than 1,000 stores in 15 countries in Europe, has long been seen as a candidate to merge with its closest rival in the region, Britain''s Dixons Carphone ( DC.L ).(Reporting by Matthias Inverardi Writing by Emma Thomasson; Editing by Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-metro-ag-split-idINKBN15M1BX'|'2017-02-07T09:26:00.000+02:00'
'b99d61e1bc014d416778129acec105a2b47efd91'|'UPDATE 2-Statoil takes hit as cuts long-term oil price view'|'Company News - Tue Feb 7, 2017 - 4:38am EST UPDATE 2-Statoil takes hit as cuts long-term oil price view * Takes $2.3 bln impairment as cuts long-term oil price view * Q4 net operating loss $1.9 bln vs forecast $2.1 bln profit * Break-even price is $27 on projects vs $41 last year * Shares down 1.2 percent, off earlier lows (Adds detail on output, analysts) By Nerijus Adomaitis and Gwladys Fouche LONDON/OSLO, Feb 7 Norway''s Statoil plunged to an unexpected loss in the fourth quarter of last year, as it cut its long-term assumptions for the price of oil and took a $2.3 billion impairment charge on the value of its assets as a result. But the state-controlled company cheered some analysts with a higher than expected production forecast for 2017, with plans to cut another $1 billion in costs and by saying the average break-even price for its new projects had fallen sharply. "We guess the market will like Statoil''s 2017 guidance and probably forgive the major Q4 earnings miss," said Teodor Sveen-Nilsen at Swedbank. At 0910 GMT, Statoil shares were down 1.2 percent at 154.7 Norwegian crowns, off an earlier low of 153.4 crowns. Though oil prices have recovered in recent months, helped by output cuts by major producers, they remain well below levels of more than $100 a barrel earlier in the decade. Statoil said on Tuesday it now expected benchmark Brent crude to reach $75 a barrel in 2020, compared with a previous forecast of $83, and $80 in 2030, compared with $100 before. Britain''s BP said on Tuesday it expected oil prices to remain above $50 a barrel this year, as it also missed fourth-quarter earnings forecasts. Statoil said it made a net operating loss of $1.9 billion for the quarter, versus an operating profit of $152 million in the same period of 2015 and analysts'' average forecast of a $2.1 billion profit. The company''s adjusted operating profit fell to $1.66 billion from $1.78 billion a year earlier, missing analysts'' forecast for a rise to $2.27 billion as its international unit''s performance fell short of expectations. However, Swedbank''s Sveen-Nilsen said Statoil''s guidance suggested its 2017 production would rise 4-5 percent from 2016, compared with his own expectations for flat to up 1 percent. The company also estimated its average break-even price for new projects by 2022 had fall to $27 a barrel from $41 this time last year. "This is impressive and a sign that investment activity is rising again," said Carnegie analyst Kjetil Bakken. Statoil forecast its capital expenditure would rise to $11 billion this year from a downwardly revised $10 billion in 2016, with spending on oil and gas exploration steady at $1.5 billion. The company added it would cut another $1 billion in costs this year on top of the $3.2 billion it has already cut. It maintained its dividend policy and said it may buy back shares, subject to approval from shareholders. Statoil shares have gained 31 percent over the past year, outperforming a 24 percent rise in the Stoxx Europe 600 oil and gas sector index. (Additional reporting by Camilla Knudsen and Terje Solsvik in Oslo; Editing by Mark Potter) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/statoil-results-idUSL5N1FS0KN'|'2017-02-07T16:38:00.000+02:00'
'83320b4e1fba025a2aec51def48b04e11359bf09'|'China January FX reserves fall more than expected to $2.998 trillion, near 6-year low'|'Economic   2:22pm IST China January FX reserves fall more than expected to $2.998 trillion, near 6-year low FILE PHOTO - 100 Yuan notes are seen in this illustration picture in Beijing November 5, 2013. REUTERS/Jason Lee/File Photo BEIJING China''s foreign exchange reserves unexpectedly fell below the closely watched $3 trillion level in January for the first time in nearly six years, even as authorities tried to curb outflows by tightening capital controls. Reserves fell by $12.3 billion in January to $2.998 trillion, compared with a drop of $41 billion drop in December. Economists polled by Reuters had forecast forex reserves would fall by about $10.5 billion to $3 trillion. While the $3 trillion mark is not seen as a firm "line in the sand" for Beijing, concerns are swirling in global financial markets over the speed at which the country is depleting its ammunition to defend the currency and staunch capital outflows. Some analysts fear a heavy and sustained drain on reserves could prompt Beijing to devalue the currency. The yuan fell 6.6 percent against the rising dollar in 2016, its biggest annual drop since 1994. For 2016 as a whole, China burned through nearly $320 billion of reserves, on top of a record drop of $513 billion in 2015. The yuan has found some respite in recent weeks as the dollar retreated, helped also by recent steps to curb capital outflows. But analysts expect downward pressure on the yuan to resume, especially if the U.S. continues to raise interest rates, which would likely trigger fresh capital outflows from emerging economies such as China and test its enhanced capital controls. China''s gold reserves rose to $71.292 billion at the end of January, from $67.878 billion at end-December, data published on the People''s Bank of China website showed. (Reporting by Beijing Monitoring Desk and Kevin Yao; Editing by Kim Coghill) Next In Economic News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/china-economy-forex-reserves-idINKBN15M0R5'|'2017-02-07T15:52:00.000+02:00'
'd995f0c09d613bc43c93d3258a6de9f90903c1d8'|'Boeing eyes more Indian orders with new business unit'|' 56am GMT Boeing eyes more Indian orders with new business unit FILE PHOTO - Boeing''s logo is seen on its KC-46 Aerial refuelling operator''s station demonstrator during Japan Aerospace 2016 air show in Tokyo, Japan, October 12, 2016. REUTERS/Kim Kyung-Hoon/File Photo By Tommy Wilkes - NEW DELHI NEW DELHI Boeing Co''s ( BA.N ) new Indian unit will help the company win more business from local customers and mean more employment in the South Asian country, the head of the U.S. defence firm''s Indian business said on Friday. The new legal entity, announced this week, is the fourth separate country-specific business Boeing has established after setting up similar structures in Britain, Australia and Saudi Arabia. Boeing will hire more staff, most of them locals, but also bring in specialists from overseas as it looks to win new deals and grow the $500 million a year worth of products it currently sources from India, Boeing India President Pratyush Kumar told Reuters. He declined to say how many new jobs would be created. "This is to really create the full ecosystem throughout the lifecycle for our customers in India," he said ahead of an Indian airshow in Bengaluru next week. Kumar said that the new entity, which Boeing hopes will also grow its manufacturing presence in the country, was designed for its Indian clients rather than those overseas. "In order to support U.S. exports, we need to better support our Indian customers," he said. Boeing, as well as rivals like Airbus ( AIR.PA ) and Lockheed Martin ( LMT.N ), are looking to India, one of the world''s largest arms importers, as a future source of growth as Western countries trim defence budgets. India is expected to spend $250 billion over the next decade to modernise its armed forces, but Prime Minister Narendra Modi has also said that new deals must involve a share of local production to help the country grow its nascent defence industry. Lockheed Martin said this week it wants to push ahead with plans to move production of its F-16 combat jets to India, but understands President Donald Trump''s administration may want to take a "fresh look" at the proposal. Trump has criticised U.S. companies that have moved manufacturing overseas and which then sell their products back to the United States. Boeing has won several deals with India in recent years including a roughly $2.5 billion contract to supply its Chinook and Apache helicopters, as well as an order for its P-8I maritime spy planes. It also has a joint venture with Tata Advanced Systems in aerospace. Kumar said Boeing was studying a recent request for information issued last month by the Indian Navy for 57 multi-role fighter jets for its aircraft carriers, and analysts expect it to pitch its F/A-18 Super Hornet planes. (Reporting by Tommy Wilkes; Editing by Sanjeev Miglani and Stephen Coates)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-airshow-india-boeing-idUKKBN15P0LH'|'2017-02-10T13:56:00.000+02:00'
'ae4a57a0c9e54e71535d5d82256e344a27d7194b'|'Prince''s music is coming to Spotify'|'Prince''s music is coming to Spotify by Ivana Kottasova @ivanakottasova February 10, 2017: 8:57 AM ET Prince''s most iconic moments "Still Waiting" to stream Prince''s music? Not for much longer. That ballad, and most of Prince''s highly acclaimed music, will be available on Spotify from Sunday. After weeks of rumors, Spotify confirmed on Friday that Prince''s Warner Bros catalog will be made available. It includes most of the music Prince recorded before 1995, including albums 1999, Purple Rain and Dirty Mind. The catalog will also be available on other streaming services, including Apple Music. The release date coincides with the Grammys, which is expected to include a tribute to Prince . The artist, a seven times Grammy winner, died last April from an accidental overdose of the opioid fentanyl. Spotify had been hinting at the release through a purple billboard campaign in New York and London. Purple Spotify billboards in NYC and London suggest Prince''s catalog could return to streaming music services during Grammys this weekend! pic.twitter.com/Z3Lys9rW0B Related: Grammys set to be a night of tributes Prince was famously fiercely protective of his music, pulling it from YouTube and declining requests from streaming services. He took all of his music off Spotify in 2015. The one exception was Jay Z''s streaming service, Tidal, which struck a deal with Prince in 2015 and has the exclusive rights to his album "Hit N Run: Phase One." Separately, Universal Music Group announced Thursday that it had gained exclusive licensing rights to Prince''s post-1995 works, as well as his unreleased music, after striking a deal with his estate. The late musician left behind a large amount of unreleased music potentially worth tens of millions of dollars. CNNMoney (London)   8:57 AM ET'|'cnn.com'|'http://rss.cnn.com/rss/edition_business.rss'|'http://money.cnn.com/2017/02/10/media/prince-streaming-spotify/index.html'|'2017-02-10T20:57:00.000+02:00'
'62a87b2902c31cb5b3a3b7bc007cc4f5e6df4829'|'Greece, lenders make "substantial progress" to sign off on bailout reforms-statement'|'  7:19pm GMT Greece, lenders make ''substantial progress'' to sign off on bailout reforms: statement Euro coins are seen in front of a displayed Greece flag in this picture illustration, June 29, 2015. REUTERS/Dado Ruvic/File Photo BRUSSELS Greece and its international lenders made substantial progress in talks on Friday to bridge differences over reforms that would ensure Athens'' agreed fiscal path, the chairman of euro zone finance ministers Jeroen Dijsselbloem said in a statement. He said the talks on Friday brought all sides close to a stage when lenders can send a mission of experts to Greece to prepare a report on the completion of the batch of agreed reforms, called a staff level agreement. Such a staff level agreement would then pave the way for a decision by euro zone finance ministers to disburse new loans to Greece, without which Athens would default on its debt in July. "We made substantial progress today and are close to common ground for the mission to return to Athens the coming week," Dijsselbloem said. The mission is made up of representatives of the European Central Bank, the European Commission, the euro zone bailout fund ESM and the International Monetary Fund. "There is a clear understanding that a timely finalization of the second review is in everybody''s interest," Dijsselbloem said. "We will take stock of the further progress of the second review during the next Eurogroup." (Reporting By Jan Strupczewski) Top Federal Reserve official resigns as bank deregulation looms WASHINGTON The top Federal Reserve official charged with financial regulation said on Friday that he would resign, just a week after the new administration of President Donald Trump said it would undertake a review of what it sees as onerous bank rules.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-eurozone-greece-progress-idUKKBN15P2GM'|'2017-02-11T02:16:00.000+02:00'
'c8f1eae88072191a1d86d38191d0096542b02c6f'|'Norway oil directorate authorises Ormen Lange plant expansion'|'Company News - Fri Feb 10, 2017 - 2:53am EST Norway oil directorate authorises Ormen Lange plant expansion Feb 10 Shell and partners will be able to expand the plant processing gas from the giant Ormen Lange field off Norway, the Norwegian oil directorate said on Friday. The decision, which had been expected, paves the way for increasing the plant''s export capacity to 84 million standard cubic metres per day from 70 million today. Ormen Lange can provide up to 40 percent of Britain''s gas needs. (Reporting by Gwladys Fouche, editing by Camilla Knudsen) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSO9N17B02G'|'2017-02-10T14:53:00.000+02:00'
'bcb30b2d7bb1d8cf48919a1ca6f82853bcfdd2c9'|'Germany says will use G20 presidency to fight protectionism'|'  1:21pm GMT Germany says will use G20 presidency to fight protectionism A container ship is loaded at a terminal in the harbour of Hamburg, Germany September 23, 2012. REUTERS/Fabian Bimmer/File Photo By Michael Nienaber - BERLIN BERLIN Protectionism is the wrong answer to the challenges facing the world, and Germany must fight to safeguard free trade, which guarantees wealth and prosperity for all, the German government, industry groups and unions said on Tuesday. U.S. President Donald Trump''s declarations in favour of protectionism have alarmed politicians and managers in Europe''s biggest economy, which derives nearly half its economic output from exports. The United States has become Germany''s most important single trading partner, taking nearly 10 percent of its overall exports and propelling Germany''s record-high trade surplus. In a joint statement published in Berlin, Economy Minister Brigitte Zypries, IG Metall union head Joerg Hofmann and BDI industry association president Dieter Kempf said prosperity depended on open markets and open societies, and not only in Germany. "Striving for political and economic protectionism is the wrong way," they said, without directly mentioning Trump. Now more than ever, Germany and its European partners must make the case for an open and fair trading system, the group said. They urged Germany to use the G20 presidency to combat political intervention aimed at supporting national industries. Germany wants to deal with the new U.S. administration with a mixture of self-confidence and readiness to talk, Zypries said at an industry conference in Berlin. "We will not break our principles," Zypries said. But if the United States is serious about protectionist measures, "then one must counter them", she said. That echoed comments by Chancellor Angela Merkel on Monday, when she said she opposed unilaterally imposing tariffs on imports, but Germany would have to decide how to respond if the United States should take such steps. THREATS Trump has threatened German car companies with a border tax of 35 percent on vehicles imported to the United States, arguing that would make them create more jobs on American soil. Trump''s top trade adviser has also accused Germany of using a "grossly undervalued" euro to gain advantage over the United States and its own EU partners - a claim rebutted by Merkel, who has said the European Central Bank is in charge of the euro. The head of the BGA trade association, Anton Boerner, said on Tuesday that Trump''s first actions in office were "alarming" and that his protectionist threats posed a risk to both the U.S. and German economies. "There is much at stake for us due to the close economic links between our country and the United States," Boerner said. Trump''s protectionist tendencies were one item on a long list of trade-related risks, including Britain''s decision to leave the European Union and the development of the euro zone debt crisis, he said. Therefore, there is a "big question mark" over BGA''s export growth forecast of 2.5 percent in 2017, Boerner said. It sees exports reaching a record of 1.235 billion euros this year. The Federal Statistics Office on Thursday will publish trade data for December and with it for 2016 as a whole. Analysts expect that Germany''s trade surplus will again hit a record high, despite weaker demand from major trading partners. (Additional reporting by Gernot Heller, editing by Larry King; Writing by Michael Nienaber) Next In Business News UK tax burden set to rise to highest since 1986 - IFS LONDON Britain''s tax burden will rise to its highest in over 30 years by the time of the next national election in 2020, as the government tries to cut borrowing at the same time as leaving the European Union, a leading think tank said on Tuesday.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-germany-usa-protectionism-idUKKBN15M1GW'|'2017-02-07T20:21:00.000+02:00'
'4a616a5f8025527851d2202cdec481a1545df6fc'|'Honda, Hitachi Automotive say to form EV motor joint venture'|'TOKYO Honda Motor Co Ltd and Hitachi Ltd''s automotive unit said on Tuesday they would form a joint venture to develop, produce and sell motors for hybrid petrol-electric cars and fully electric vehicles (EV).Automakers are increasingly teaming up with parts suppliers to develop and produce components for the fast-growing EV segment as a way to boost scale while containing high costs."With environmental conservation measures and regulations increasing on a global scale, the market for electric vehicles is expected to continue to grow," the companies said in a joint press release.Honda''s latest tie-up highlights its willingness to join with other industry players to develop more lower-emission cars, and comes after its announcement last week that it was teaming up with General Motors Co to produce hydrogen fuel cell power systems in the United States from around 2020.The Honda-Hitachi venture will have sales and manufacturing functions in the United States and China in addition to Japan, the companies said.It will be established in July with an investment of 5 billion yen ($44.69 million), and will be 51 percent by Hitachi Automotive Systems owned and 49 percent by Honda, they said.(Reporting by Naomi Tajitsu and Taiga Uranaka; Editing by Christopher Cushing)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-honda-strategy-hitachi-idINKBN15M0HR'|'2017-02-07T04:10:00.000+02:00'
'02598c75916d827cd2778fc4001403f17b37452f'|'Dubai government, companies team up with IBM on blockchain project'|'Business  08am GMT Dubai government, companies team up with IBM on blockchain project An aerial view of Khalifa Port is seen in Abu Dhabi April 10, 2014. REUTERS/Stringer DUBAI Dubai, one of the world<6C>s largest trading hubs, has linked up with IBM ( IBM.N ) to launch a scheme using blockchain computing technology to process transactions and keep track of goods being shipped, IBM said on Tuesday. The initiative will provide real-time information about the state of goods and the status of their shipment to Dubai''s customs and trade agencies and companies involved in the trade process, IBM said. Dubai, which registered 647 billion dirhams ($176 billion) of non-oil trade in the first half of 2016, has cemented itself as one of the largest re-export centres for goods flowing between Asia and the Middle East and Africa. IBM said it was also working with companies including du DU.DU, a United Arab Emirates-based telecommunications firm, Dubai''s largest bank Emirates NBD ENBD.DU, Spanish lender Banco Santander ( SAN.MC ), Dubai-based logistics firm Aramex ARMX.DU and an unidentified airline on the scheme. Blockchain, which originates from digital currency bitcoin, works as an electronic transaction processing and record keeping system that allows all parties to track information through a secure network, with no need for third-party verification. Proponents think it could make transactions faster and safer, and have a wide range of applications. The Dubai deal follows a plan announced in February 2016 by the government there to become a centre of blockchain. IBM said the two banks taking part in the project would use blockchain for trade finance transactions involved in the scheme. Both banks already have links with the technology. Emirates NBD said in October it was working with India''s ICICI on a pilot project to use blockchain for global remittances and trade finance. Banco Santander has been involved in various blockchain projects, but in November opted out of the latest fund-raising for blockchain consortium R3 CEV after being an original participant in the consortium. ($1 = 3.6729 UAE dirham) (Reporting by Tom Arnold; Editing by Mark Potter) Next In Business News BP expects producers'' cuts to keep oil prices above $50 a barrel LONDON BP missed quarterly profit forecasts as annual earnings fell for a second year after average yearly oil prices hit their lowest in 12 years but said it expected producers'' output cuts to keep prices above $50 a barrel this year.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-dubai-fintech-idUKKBN15M0SK'|'2017-02-07T16:08:00.000+02:00'
'95a61fb97f9126d39381ab194a4fd264eadfd9ba'|'UK energy market watchdog to review supply licences this year - CEO'|'  3:06pm GMT UK energy market watchdog to review supply licences this year - CEO By Nina Chestney - LONDON LONDON Britain''s energy market regulator Ofgem will review the way it awards supply licences and financial requirements on energy suppliers later this year, it said, following calls for firms to undergo stricter financial stress tests. In a speech on Thursday, Ofgem Chief Executive Dermot Nolan said there had been a lot of interest in the energy sector''s financial stability due to the increasing number of suppliers, many of which are very small. "We have had many representations from those who consider we should require companies to meet more significant financial tests both before and after receiving a licence," he said. "So we will review our approach to awarding supply licences, the financial requirements on suppliers, and how we monitor supplier performance later this year," he said, adding it was possible the regulator would choose not to make any changes. At the moment, Ofgem can monitor the financial situation of energy suppliers and can revoke a supply licence and appoint another supplier to take on a company''s customers if it goes bankrupt, for example. Apart from the Big Six energy firms - EDF Energy ( EDF.PA ), Innogy''s Npower ( IGY.DE ), E.ON ( EONGn.DE ), Iberdrola''s Scottish Power ( IBE.MC ), SSE ( SSE.L ) and Centrica''s British Gas ( CNA.L )- there are more than 40 others. Energy supplier GB Energy went bankrupt late last year, after a quick rise in wholesale energy prices and its inability to forward buy energy meant its business became untenable. Some small suppliers might not have enough financial means to buy energy further ahead than a few months, while larger companies typically hedge a few years ahead, locking in prices over a longer period. The weak hedging position of some small suppliers has worried other players in the market as they say the bankruptcy of one could make customers lose faith in better-managed suppliers. (Reporting by Nina Chestney; editing by Susan Thomas and Adrian Croft)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-energy-ofgem-idUKKBN15O1YJ'|'2017-02-09T22:06:00.000+02:00'
'57dbaccf91dc50f30d66340ef1a0deae67c7c19c'|'IMF sees no firm evidence that currency wars are nearing'|' 58pm GMT IMF sees no firm evidence that currency wars are nearing Managing Director of the   Christine Lagarde (L) sits with colleague Gerry Rice during a press conference at the Treasury in London, which was attended by Britain''s Chancellor of the Exchequer George Osborne, December 11, 2015. REUTERS/Stefan Rousseau/Pool WASHINGTON The   does not see firm evidence that currency wars are nearing but would like to see Group of 20 major economies reaffirm their commitment to free and fair trade this year, IMF spokesman Gerry Rice said on Thursday. "I don''t see evidence of firm policy decisions made that would lead us to suggest that we''re heading for currency wars. So I think that would be premature," Rice said in response to a question at a regular news briefing. U.S. President Donald Trump''s confrontational rhetoric on trade and suggestions that the dollar .DXY is overvalued have complicated global economic cooperation efforts. Reuters earlier reported that G20 host Germany intends to press the group to reaffirm its commitment to promoting free trade, resisting currency wars and fighting climate change when finance ministers and central bank governors meet in March in Baden Baden. Asked whether the IMF would support these efforts at the G20, Rice, said free and fair trade were "tenets" of the IMF. "We think that trade that is fair, free, ... well implemented, benefiting all, is an important factor for prosperity for the world. We would like to see those policies pursued." (Reporting by David Lawder; Editing by Dan Grebler and James Dalgleish)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-imf-currency-idUKKBN15O250'|'2017-02-09T23:58:00.000+02:00'
'7166458220e3d439648efcbed335e2ec83245563'|'Fidelity & Guaranty extends Anbang deal deadline, to take rival offers'|'By Koh Gui Qing Feb 9 In the face of U.S. state regulatory hurdles, U.S. annuities and life insurer Fidelity & Guaranty Life said on Thursday it extended the deadline for its $1.6 billion sale to China''s Anbang Insurance Group, and has negotiated the right to accept other offers.The delay gives Anbang, which has sought high-profile deals overseas, more time to win needed approval for the deal from U.S. state regulators. Anbang withdrew an application for regulatory approval last year and has not re-applied.The Fidelity deal has emerged as another test of the Chinese insurer''s global ambitions. Last year, it abruptly pulled out of a $14 billion bid for Starwood Hotels & Resorts Worldwide Inc.Fidelity said it can now seek, respond to, evaluate and negotiate competing offers as long as it does not "enter a definitive agreement", or sign a separate deal with another buyer.Fidelity said the deadline for the deal with Anbang, which was agreed in November 2015, has been pushed back to April 17 from Feb 8. It said Anbang will have until May 31 if it secures a public hearing from Iowa''s financial regulator by April 17.Beijing-based Anbang must secure approvals from regulators in New York and Iowa, where Fidelity has businesses.The deal has been approved by the U.S. Committee on Foreign Investment in the United States, which scrutinizes deals over national security concerns. But getting regulatory approval in New York had been problematic.A source familiar with the matter told Reuters last year the New York Department of Financial Services had sought more details about Anbang''s funding and shareholder structure, information Anbang was not immediately able to provide.As a result, Anbang withdrew an application it made in New York last year for regulatory approval and has not re-applied, a spokesman for New York''s Department of Financial Services said this week.Established in 2004, Anbang manages some 1.65 trillion yuan ($239.8 billion) worth of assets and burst onto the global scene from near obscurity by signing more than $30 billion worth of corporate deals in the last 2-1/2 years. Its high-profile investments included a $1.95 billion purchase of the Waldorf Astoria Hotel in New York.Due in part to the fact that it is a private company, little is known about Anbang''s funding and shareholding structure. Corporate records in China show Anbang is owned by 39 privately held and little-known companies scattered across China.U.S. President Donald Trump''s son-in-law, Jared Kushner, last month divested his equity interest in a flagship New York City building that is the subject of negotiations with Anbang about a possible investment. ($1 = 6.8821 Chinese yuan renminbi) (Reporting by Koh Gui Qing in New York; Editing by David Gregorio)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/fgl-ma-anbang-idINL1N1FS247'|'2017-02-09T14:08:00.000+02:00'
'df370b2a7db27d50bbd68eae644808aa38ffba45'|'Six traders plead not guilty in UK in first Euribor rigging case'|'Business News - Tue Feb 7, 2017 - 10:44am GMT Six traders plead not guilty in UK in first Euribor rigging case LONDON Six traders pleaded not guilty on Tuesday to charges they tried to rig global interest rates in the first prosecution to focus on Euribor, the Brussels-based equivalent of Libor. The five men and one woman who appeared at London''s Southwark Crown Court included Christian Bittar, 45, who was once one of Deutsche Bank''s ( DBKGn.DE ) most profitable traders, and former senior Barclays ( BARC.L ) trader Philippe Moryoussef, 48. Both are French and now based in Singapore. Achim Kraemer, a 52 year-old German still employed by Deutsche, and former Barclays traders Colin Bermingham, a 60-year-old Briton, Anglo-Italian Carlo Palombo, 38, and Sisse Bohart, a 39-year-old Dane, are also facing charges. They were all charged with one count of conspiracy to defraud between January 2005 and December 2009 by making or procuring false or misleading Euribor rates to boost trading profits. The offense carries a maximum 10-year jail term. Their trial has been scheduled to begin on September 4. The first rate-fixing prosecution to focus on Euribor was delayed last year when five of 11 traders Britain''s Serious Fraud Office (SFO) planned to charge did not appear at a London court hearing. Four remain in Germany and one in France. Authorities have fined 11 financial institutions around $9.0 billion and charged about 30 people in a global inquiry into how banks set rates such as Libor (London interbank offered rate) and Euribor (euro interbank offered rate), which determine the rates on trillions of loans and financial contracts globally. ($1 = 0.9255 euros) (Reporting by Kirstin Ridley; Editing by Rachel Armstrong and Keith Weir) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-court-euribor-idUKKBN15M112'|'2017-02-07T17:41:00.000+02:00'
'9a3eea06a6f569d2b97c4e7e5017c7ec9d812e49'|'Oil prices steady, kept in range by mixed price indicators'|'Business News - Tue Feb 7, 2017 - 2:14am GMT Oil prices steady, kept in range by mixed price indicators FILE PHOTO: An employee pumps petrol into a car at a petrol station in Hanoi, Vietnam December 20, 2016. REUTERS/Kham/File Photo By Henning Gloystein - SINGAPORE SINGAPORE Oil steadied on Tuesday after falls the previous session, with markets torn between mixed price indicators that have kept crude range-bound for much of the year. Brent crude futures LCOc1, the international benchmark for oil prices, were trading at $55.96 per barrel at 0151 GMT, up 24 cents from the last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were up 20 cents at $53.21 a barrel. The increases came after WTI and Brent fell 1.5 to 2 percent the previous day. Since the beginning of the year, both crude futures benchmarks have remained within a $5 per barrel price range, indicating a lack of strong directional price indicators. Traders said key price support was coming from an effort by the Organization of the Petroleum Exporting Countries (OPEC) and other producers to cut output by almost 1.8 million barrels per day (bpd) in the first half of 2017. While OPEC and Russia have together cut at least 1.1 million bpd so far, rising output elsewhere as well as signs of slowing demand growth threaten to undermine these efforts, traders said. "The number of oil rigs in the U.S. (is) now at the highest level in 14 months, having risen over 20 percent since the OPEC production cut agreement was reached," ANZ bank said on Tuesday. Beyond rising drilling activity, there are also concerns that U.S. gasoline consumption, a key pillar for crude oil demand, is stalling. Gasoline stockpiles rose by almost 21 million barrels during the first 27 days of 2017, compared with an average increase of less than 12 million barrels at the same time of year during the previous decade, according to official inventory data, implying either stalling demand or ongoing oversupply. [nL5N1FO3R1] In China, which is challenging the United States as the world''s biggest oil consumer, BMI Research said this week that crude oil import demand would soften during the first half of the year as refinery maintenance results in less demand and as independent refiners were given a lower annual crude import quota. (Reporting by Henning Gloystein; Editing by Joseph Radford) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-global-oil-idUKKBN15M05E'|'2017-02-07T09:08:00.000+02:00'
'747bdeb31071b972124384ba0fc931638e27b673'|'EBay finds ''material weakness'' in controls over accounting for tax'|'Business   6:14pm EST EBay finds ''material weakness'' in controls over accounting for tax An eBay sign is seen at an office building in San Jose, California May 28, 2014. REUTERS/Beck Diefenbach/File Photo EBay Inc ( EBAY.O ) said on Monday it had found that it improperly accounted for tax on certain transactions completed in December, which constituted a material weakness in its internal control over financial reporting. However, eBay said it would not have to restate financial results for any prior period due to the issue, which impacted the deferred tax asset and income tax benefit accounts. bit.ly/2kkBI5r The company said it plans to implement certain reviews and documentation standards by the first quarter, and expects to remedy the issue by the end of this year. (Reporting by Narottam Medhora in Bengaluru; Editing by Savio D''Souza) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-ebay-materialweakness-idUSKBN15L2MS'|'2017-02-07T06:06:00.000+02:00'
'1e1244ffbf09a212785ee5dc9b5e03fd71c62452'|'DCC to buy ExxonMobil''s Norwegian retail petrol station network'|'London-listed DCC Plc ( DCC.L ) said it would buy retail petrol station network of ExxonMobil''s ( XOM.N ) Norwegian unit, Esso Norge AS, for 2.43 billion Norwegian crowns ($293.38 million).DCC, which markets fuels and related products, said the total consideration, along with the value of stock in tank at the date of acquisition, would be paid in cash.The transaction is expected to close in the final calendar quarter of 2017, the company said.(Reporting by Rahul B in Bengaluru; Editing by Amrutha Gayathri)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-esso-norge-deal-dcc-idINKBN15M0MA'|'2017-02-07T04:59:00.000+02:00'
'a4efabf0535c215491b7be054e5e58f0a0bd3055'|'Telefonica says has received several offers for stake in Telxius'|'Company News - Fri Feb 10, 2017 - 2:59am EST Telefonica says has received several offers for stake in Telxius MADRID Feb 10 Spain''s Telefonica has received several offers for a stake in its telecom masts subsidiary Telxius, the telecoms company said in a statement on Friday, adding it was negotiating and analysing the different options available. The company is in talks with private equity firms KKR , CVC and Ardian as well as Singapore sovereign fund GIC about the sale of a 49 percent stake in Telxius, Reuters said on Thursday, citing four sources. (Reporting By Sonya Dowsett; Editing by Robert Hetz) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/telefonica-ma-telxius-idUSE8N18A01H'|'2017-02-10T14:59:00.000+02:00'
'f11930ce112cee3eb3a5c6b95c4de68d59de03b5'|'Morning News Call - India, February 10'|'Company News - Thu Feb 9, 2017 - 10:24pm EST Morning News Call - India, February 10 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 3:00 pm: State Bank of India Chairman Arundhati Bhattacharya on third-quarter earnings conference call in Mumbai. 4:15 pm: Dena Bank Head Ashwani Kumar briefs media after third-quarter earnings in Mumbai. 5:00 pm: RBI to release weekly foreign exchange data in Mumbai. 5:30 pm: Government to release December industrial output data in New Delhi. 6:00 pm: Bank of Baroda Managing Director P.S. Jayakumar briefs media on October-December earnings in Mumbai. LIVECHAT- WEEKAHEAD Currencies are in focus as U.S. President Donald Trump expressed concern about the dollar''s strength, and he and his team unleashed a barrage of criticism against Germany, Japan and China, saying they were engaged in devaluing their currencies. At 01:00 pm, Aurelija Augulyte, senior analyst and macro strategist at Nordea Markets, will share her outlook on currencies, including the pound which has been gaining recently thanks solid data and greater political certainty on Brexit. To join the conversation, click on the link: here INDIA TOP NEWS  Indian IT firm Infosys downplays governance concerns Software services exporter Infosys Ltd firmly backed its chief executive on Thursday, downplaying corporate governance concerns and an alleged rift between the firm''s founders and its board.  India''s United Breweries asks Vijay Mallya to step down from board United Breweries, India''s top brewer which is part-owned by global giant Heineken NV, has asked liquor tycoon Vijay Mallya, its non-executive chairman, to step down from the board, the company said.  Drugmaker Lupin posts strong Q3; warns competition to drag next year Drugmaker Lupin Ltd reported a better-than-expected quarterly profit, helped by higher sales of its diabetes products in the United States, but cautioned growth in the next fiscal year would be muted due to rising competition.  India''s longer-tenor bond yields and rupee seen rising after policy change The unexpected change in the Reserve Bank of India''s monetary policy stance to "neutral" from "accommodative" could spell an end to a rally in the country''s long-tenor bonds, although the rupee could be supported if interest rates remain on hold.  Bank of India sees further improvement in bad loans in Q4 Bank of India Ltd does not expect any additional bad loans in the current quarter on a net basis, its chief said on Thursday, as India''s sixth-biggest lender by assets reported its second consecutive quarter of profit after a stretch of losses.  EXCLUSIVE-Lockheed says U.S. may take "fresh look" at its India F-16 plan U.S. defence firm Lockheed Martin wants to push ahead with plans to move production of its F-16 combat jets to India, but understands President Donald Trump''s administration may want to take a "fresh look" at the proposal.  India may allow state pension fund to buy more stocks - minister India is considering allowing the state-run social security and pension fund to invest more in the stock market, Labour Minister Bandaru Dattatreya said on Thursday.  Tata Steel UK agrees to sell speciality steel business to Liberty House Tata Steel UK has signed a 100 million pound deal to sell its speciality steel business to Liberty House Group, as the firm''s Indian owner Tata Steel Ltd presses on with restructuring its European operations. GLOBAL TOP NEWS  In setback for Trump, U.S. judges reject travel ban U.S. President Donald Trump suffered a legal blow on Thursday when a federal appeals court refused to reinstate a temporary travel ban he had ordered on people from seven Muslim-majority countries.  EXCLUSIVE-Trump border ''wall'' to cost $21.6 bln, take 3.5 years to build - internal report President Donald Trump''s "wall" along the U.S.-Mexico border would be a series of fences and walls that would cost as much a
'f9fe7225c9176cb837750b23f2cb629ed8ee572b'|'Elon Musk''s Tesla and SpaceX oppose Trump immigration order - Reuters'|'Elon Musk''s Tesla Inc ( TSLA.O ) and SpaceX on Monday joined a legal brief filed by businesses opposed to President Donald Trump''s order restricting immigration from seven Muslim-majority countries, according to a court filing.Musk agreed to become part of Trump''s business advisory council in December, and has advocated discussing issues directly with the president. Uber chief executive Travis Kalanick quit the council last week amid mounting pressure over Trump''s immigration policies.(Reporting by Dan Levine; Editing by Chris Reese)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/usa-trump-tesla-idINKBN15L2LK'|'2017-02-06T19:53:00.000+02:00'
'7bb25b4a35d74f5f8fe0b6ddfebdd4d4b382cc93'|'Clayton, Dubilier & Rice to sell Mauser Group for $2.3 billion'|'  1:06pm GMT Clayton, Dubilier & Rice to sell Mauser Group for $2.3 billion Private equity investment firm Clayton, Dubilier & Rice Inc said it would sell rigid packaging products supplier Mauser Group N.V. to privately held Stone Canyon Industries for $2.3 billion in cash. The investment firm acquired Mauser in 2014 in a deal valued at 1.2 billion euros. ($1 = 0.9367 euros) (Reporting by Rahul B in Bengaluru; Editing by Saumyadeb Chakrabarty)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-mauser-group-nv-deal-stone-canyon-ind-idUKKBN15M1EA'|'2017-02-07T20:06:00.000+02:00'
'11887546e90b20baa394499751ac5dccadd9a6b4'|'PRESS DIGEST- Financial Times - Feb 7'|'Company   7:30pm EST PRESS DIGEST- Financial Times - Feb 7 Feb 7 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/2ldaqzd ) Overview Shareholders in Metro voted on Monday in favour of a plan to split the German retailer into two companies, one a wholesale and hypermarket food business, and the other Europe''s biggest consumer electronics group. Brazilian airline Azul filed with U.S. securities regulators on Monday to raise as much as $100 million in an initial public offering. Azul said it intends to use a portion of the proceeds to pay down about 333 million reais ($106.88 million) of debt. Israel-based generic drugmaker Teva Pharmaceutical Industries Ltd said on Monday that Chief Executive Erez Vigodman was stepping down effective immediately and would be replaced on an interim basis by Yitzhak Peterburg, who has been chairman of Teva''s board of directors. ($1 = 3.1155 reais) (Compiled by Rama Venkat Raman in Bengaluru) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-press-ft-idUSL1N1FS00X'|'2017-02-07T07:30:00.000+02:00'
'74cdae42358281e62a465fde7cac48b7849fcd6f'|'Omnicom quarterly revenue rises 2.1 percent'|' 46am EST Omnicom quarterly revenue rises 2.1 percent Feb 7 Omnicom Group Inc, the No. 1 U.S. advertising company, reported a 2.1 percent rise in quarterly revenue due to heavy spending on ads by businesses in the United States. The company''s net income rose to $348.7 million, or $1.47 per share, in the fourth quarter ended Dec. 31, from $328.3 million, or $1.35 per share, a year earlier. Revenue rose to $4.24 billion from $4.15 billion. Subsidiaries of Omnicom and fellow competitor Publicis Groupe SA were subpoenaed by the U.S. Department of Justice in December, as part of an investigation whether ad agencies had rigged bids to favor in-house production units. Rival Interpublic Group of Cos Inc earlier in December said that one of its domestic agencies had been contacted by the DoJ as part of the investigation. (Reporting by Aishwarya Venugopal in Bengaluru; Editing by Shounak Dasgupta)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/omnicom-group-results-idUSL4N1FS3L1'|'2017-02-07T18:46:00.000+02:00'
'ce11876cc1cc48da7c6ce7f61a70582c6cbd047f'|'Deutsche Boerse says clears CEO after analysis of talks with LSE'|'  Deutsche Boerse says clears CEO after analysis of talks with LSE Carsten Kengeter, CEO of Deutsche Boerse talks to the media during the presentation of FinTec start-up facilities provided by Deutsche Boerse in Frankfurt, Germany, February 24, 2016. REUTERS/Kai Pfaffenbach FRANKFURT Deutsche Boerse''s ( DB1Gn.DE ) supervisory board backed its Chief Executive Carsten Kengeter, who is the focus of an insider trading investigation, saying it had found that talks with the London Stock Exchange had not yet started in 2015. German police and prosecutors have searched Kengeter''s office and apartment as they investigate whether secret merger talks with LSE were under way when Kengeter bought shares in his company in December 2015. Deutsche Boerse said on Tuesday that "extensive conversations with external experts and a renewed analysis of the processes in the year 2015" had cleared Kengeter, adding the board unanimously expressed its full confidence in him. (Reporting by Maria Sheahan; Editing by Muralikumar Anantharaman)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-deutsche-boerse-investigation-board-idUKKBN15M0G6'|'2017-02-07T13:50:00.000+02:00'
'216d57c663b7114658dcb2c5c72694bda69fae90'|'Argentina nears labor agreement with auto industry, unions'|'  10:52am EST Argentina nears labor agreement with auto industry, unions By Eliana Raszewski - BUENOS AIRES BUENOS AIRES Feb 10 Argentina''s government plans to sign by the end of March an agreement with the auto sector and unions to lower labor costs, improve productivity and attract investment, an executive and a government source told Reuters. The agreement is part of center-right President Mauricio Macri''s broader labor reform effort as he tries to attract investment and pull Latin America''s No. 3 economy out of recession. In the auto sector, which mostly serves to export cars to Brazil, the goal is to reduce the number of working days employees skip. Currently employers are powerless when up to 10 percent of their staff routinely does not show up. "We are very advanced," a source from the production ministry told Reuters of the agreement on condition of anonymity to discuss continuing negotiations. Argentina hopes the sector, hit by a prolonged recession in Brazil in recent years, can double actual production by 2023 to 1 million vehicles per year. Brazil buys about 70 percent of Argentine-made vehicles. "We are seeing what steps we can take to meet our goal and improve productivity," said Daniel Afione, general manager of corporate affairs at Toyota''s Argentina unit, who participated in the negotiations. He said he expected an agreement in February or March. Toyota Motor Corp, which in recent years invested more than $800 million in a plant in Buenos Aires province, was able to reduce absenteeism through dialogue with unions and with an incentive system, Afione said. The government source said the agreement would bring some $5 billion of investment to the sector in the next two years, including investment $800 million already announced by Renault and Nissan. Last year Macri''s government passed a law giving fiscal benefits to automakers that use more parts made in Argentina and extended a bilateral trade deal with Brazil until 2020. "You have the certainty over the relation with Brazil, you have the law of auto parts and now the union component that was not there last year," the source said. The sector''s main union said workers are willing to work toward improving production as long as doing so does not violate employees'' rights. "Our union is committed to the premise of working to achieve common goals," Ricardo Pignanelli, secretary general of the SMATA union, said in an email to Reuters. (Writing by Caroline Stauffer; Editing by Bill Trott)   EMERGING MARKETS-LatAm currencies strengthen By Bruno Federowski SAO PAULO, Feb 10 Latin American currencies strengthened on Friday as stronger-than-expected Chinese economic figures boosted demand for emerging market assets. Imports to China, the world''s biggest consumer of basic products, rose in January at the fastest pace in four years, easily surpassing analyst forecasts. The figures helped lift prices of commodities, pulling along currencies such as iron-ore exporter Brazil''s real. The Chilean peso was th'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/argentina-economy-autos-idUSL1N1FT1KC'|'2017-02-10T22:52:00.000+02:00'
'949658dc422ee4414cd79a654269b26b826efcca'|'Less of the burden when reporting on tax forecasts, please - Brief letters - Money'|'While the people of Surrey await full disclosure of precisely what was said, by who, and when, from their county council to the government on the issue of council tax rises ( Report , 9 February), it is not unfair to point out that there certainly were compelling reasons for council leader David Hodge to try to get a special deal over the issue. Polling has shown that the proposed referendum would very likely have been defeated and, linked with that, it seems more than probable that the Tories would have lost many of their seats.Rev Andrew McLuskey Stanwell, Surrey <20> Disappointing to see the Guardian has joined the BBC in its use of the presumptive and value-laden word <20>burden<65> when reporting on tax forecasts ( Report , 8 February). This can only contribute to a tacit assumption of neoliberalism as the economic default position for the UK, and reflects poorly on a newspaper with a proud tradition of offering alternative and radical fiscal analysis.Dave Young London <20> If Paul Nuttall follows Keith Flett<74>s encouragement and fills the Ambridge farm manager vacancy ( Letters , 9 February), I wouldn<64>t care to be in his brogues when Rob Titchener returns, as he surely will.Peter Barnes Simpson, Buckinghamshire <20> Steve Bell<6C>s depiction of a Dalek with its gun on the right ( If<49> cartoon , G2, 9 February) is an alternative fact. Daleks are right-plungered. The gun is on the left.Charles Foster Chalfont St Peter, Buckinghamshire <20> Following the discussion on the various properties of Weetabix ( Letters , 8 February), I recall working in an architectural practice, and having a discussion with one of the architects about the properties of some wood fibre roofing board: it crumbles like Weetabix, he said <20> pause for thought <20> <20>Maybe it is Weetabix?<3F> Elizabeth Nokes London <20> The former BBC Scotland football commentator Archie Macpherson, who sported an elaborate combover, was known to aficionados as <20>Weetabix Heid<69>. Perhaps in light of recent election results, more work could be done in this field.Tom Locke Burntisland, Fife <20> Join the debate <20> email guardian.letters@theguardian.com <20> Read more Guardian letters <20> click here to visit gu.com/letters'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/2017/feb/10/less-of-the-burden-when-reporting-on-tax-forecasts-please'|'2017-02-11T02:24:00.000+02:00'
'6db3bebbad72559283687ce5c0682cc7e3780188'|'Senators question Goldman on its role in Trump''s banking policy'|'Business News - Fri Feb 10, 2017 - 8:18pm GMT Senators question Goldman on its role in Trump''s banking policy A sign is displayed in the reception of Goldman Sachs in Sydney, Australia, May 18, 2016. REUTERS/David Gray/File Photo - RTSS9SM Two U.S. senators sought details from Goldman Sachs Group Inc''s ( GS.N ) chief executive on the extent to which the bank''s employees were involved in drafting of the recent executive orders on banking and fiduciary regulations. In a letter to CEO Lloyd Blankfein, Democratic senators Elizabeth Warren and Tammy Baldwin asked for details on "lobbying" activities in the bank related to review of the Dodd-Frank Act and the Obama-era fiduciary rule on financial advice. Blankfein was also asked to detail the profits Goldman would make if these reforms came into effect. In December, Trump appointed Gary Cohn, former Goldman chief operating officer, to head the White House National Economic Council, a group that coordinates economic policy across agencies. Trump last week ordered reviews of major banking rules that were put in place after the 2008 financial crisis, drawing fire from Democrats who said his order lacked substance and squarely aligned him with Wall Street bankers. "The executive orders released by President Trump on Friday last week raise our concerns about the degree to which Cohn''s advice to Trump is good for Wall Street, but bad for Americans," the senators wrote on Thursday. "Goldman Sachs would be a major beneficiary of these efforts to deregulate the financial industry," they added in the letter. Trump also named former Goldman partner Steven Mnuchin as his pick for Treasury secretary in December. The senators have asked for any communication between the bank''s employees and Cohn, Mnuchin, nominee for the SEC chair Jay Clayton and chief strategist Steve Bannon. (Reporting by Sruthi Shankar in Bengaluru; Editing by Maju Samuel) Next In Business News Top Federal Reserve official resigns as bank deregulation looms WASHINGTON The top Federal Reserve official charged with financial regulation said on Friday that he would resign, just a week after the new administration of President Donald Trump said it would undertake a review of what it sees as onerous bank rules.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-goldman-sachs-senators-idUKKBN15P2KI'|'2017-02-11T03:17:00.000+02:00'
'17fe42014a2715cac50b2c570116a621af5a74e8'|'Saab pitches modern combat jet plant in India in two-horse race with Lockheed'|'Business News   8:44am EST Saab pitches modern combat jet plant in India in two-horse race with Lockheed The logo of Swedish manufacturer Saab is seen on a car in Prague June 13, 2012. REUTERS/David W Cerny/File Photo By Sanjeev Miglani - NEW DELHI NEW DELHI Sweden''s SAAB ( SAABb.ST ) has offered to build the world''s most modern fighter aircraft factory in India, it said on Friday, as it goes head-to-head with U.S. rival Lockheed Martin ( LMT.N ) to supply hundreds of locally produced planes to India''s military. Saab''s pitch for its Gripen E aircraft comes a day after Lockheed said it is pushing ahead with its proposal to transfer the production line of its F-16 fighter to India, even though it understands that President Donald Trump''s administration may want to take a fresh look at such plans. The race to supply the Indian Air Force with an estimated 200 to 250 fighter planes over the next decade has narrowed to Saab and Lockheed after the Indian defense ministry floated an initial request for a single-engine combat plane in October. "We are offering to set up the world''s most modern (aerospace) ecosystem and facility in India to manufacture the Gripen for India and the global market," Kent-Ake Molin, Gripen''s product sales director, told reporters. Saab was in talks with nearly 100 aerospace and defense firms in India to provide components for the production of the plane which would lay the industrial base for India to design, develop and build future fighters. "What we are offering is a futuristic, new generation plane and not one that is the reaching the end of its life and is being replaced by air forces around the world," Molin said, in a dig at the F-16. Lockheed has offered to build the F-16 Block 70 in India which it said was the newest and most advanced version of the plane that is flying with the air forces of 25 countries around the world. It said the proposed Indian facility for making the F-16s would be the only one in the world as the existing plant in Fort Worth, Texas switches to producing the fifth generation F-35 for the U.S. Air Force. The Indian government is expected to decide between the two bidders some time this year to meet the urgent needs of the air force. A defense ministry official said the process was at an early stage. Defence procurement almost always takes years in India, although Prime Minister Narendra Modi''s administration has promised the military faster modernization. Last September, India signed a deal to buy 36 Rafale fighter jets from France for around 7.8 billion euros ($8.30 billion), the country''s first major acquisition of fighter planes for two decades. However, it trimmed back a planned larger order for Rafales after the two sides failed to agree on costs and local production terms, and India is now looking to other manufacturers to fill its remaining need for new fighters. Trump''s criticism of U.S. auto and drug companies moving manufacturing overseas and then selling goods back to the United States has raised concern of a potential impact on Lockheed''s offer to India, although in this case the factory would supply the Indian military rather than export to the United States. Both Saab and Lockheed are participating in India''s biggest air show opening in Bengaluru next week, hosted by the Indian defense ministry. (Reporting by Sanjeev Miglani; Editing by Adrian Croft) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-airshow-india-saab-idUSKBN15P1ME'|'2017-02-10T20:44:00.000+02:00'
'7996246f7079bfc390a08fed0a651af840152cee'|'Germany may keep more of its A400 military transporters - report'|'  9:10pm GMT Germany may keep more of its A400 military transporters - report An Airbus A400 military aircraft participates in a flying display during the 51st Paris Air Show at Le Bourget airport near Paris, June 16, 2015. REUTERS/Pascal Rossignol BERLIN Germany is in talks with several countries, including the Czech Republic and Switzerland, about jointly operating a large number of the 13 Airbus ( AIR.PA ) A400M military transport planes it had planned to sell, a German newspaper reported. The Sueddeutsche Zeitung reported in Tuesday editions that the plan would allow the German air force to maintain access to a large number of the transport planes. A ministry spokeswoman declined comment. Airbus also declined comment, but a spokesman said the report did not indicate a change in the total number of planes that Germany expected to buy. Germany initially planned to buy 60 of the aircraft, but later lowered the number to 53. In 2011, the German parliament then approved a plan under which 13 of those aircraft would be sold to other countries to save money. But sources familiar with the programme said a military review had indicated greater requirements for transport planes. The European multinational A400M programme is years behind schedule, with Germany''s share of the costs having risen to 9.6 billion euros (<28>8.2 billion) from an initial estimate of 8.1 billion, the ministry reported in December. Sueddeutsche Zeitung said the arrangements under discussion called for the A400M transports to be based in Germany, with other countries being able to use them as needed, but Germany being responsible for training, maintenance and operations. Such pooling and sharing agreements have been strongly encouraged by NATO and the European Union, which is seeking to strengthen its security and cooperation among member countries. The newspaper said it was unclear what the change in the ministry''s plans would cost, since it would depend on how many aircraft were ultimately sold to other countries, and how many were put into joint operating agreements. (Reporting by Andrea Shalal)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-airbus-germany-idUKKBN15L2G1'|'2017-02-07T04:10:00.000+02:00'
'63a4b27a13bb15847c921b8ca3c1a18a6217cb14'|'BRIEF-FTS International Inc files for IPO of up to $100 million - SEC filing'|'Company News  18pm EST BRIEF-FTS International Inc files for IPO of up to $100 million - SEC filing Feb 10 FTS International Inc : * FTS International Inc files for IPO of up to $100 million - SEC filing * Credit Suisse , Morgan Stanley are underwriters to IPO * Says expect that the shares will trade on the New York Stock Exchange, or NYSE, under the symbol "FTSI." * Says for year ended December 31, 2015 revenue of $1,375.3 mln compared to $2,368.4 mln in year ended December 31, 2014 * Intend to use net proceeds from offering for reactivating additional fleets in 2017 and 2018, among other things Source text : ( bit.ly/2kuQ94g ) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1FV17Q'|'2017-02-11T02:18:00.000+02:00'
'd168df317d94ddb4a33f204bb1be89706efd3aca'|'Macquarie, ING join Apple Pay in Australia in challenge to Big Four'|'Technology News  31pm EST Macquarie, ING join Apple Pay in Australia in challenge to Big Four An Apple iphone 6 with Apple Pay is shown in this photo illustration in Encinitas , California June 3, 2015. REUTERS/Mike Blake By Jamie Freed - SYDNEY SYDNEY Macquarie Group and ING Direct on Friday said they would start using Apple Inc''s mobile payment service in Australia this month, hoping to snatch market share from the major retail banks through digital technology. So far only one of the major banks, Australia and New Zealand Banking Group, has adopted the Apple Pay system, creating an opportunity for smaller rivals in a market dominated by the so-called Big Four lenders. ING Direct and Macquarie have well-known brand names and national reach, giving them a potential leg up over similar-sized regional rivals like Bendigo and Adelaide Bank and Bank of Queensland in attracting retail banking and mortgage customers with technology. "In the context of the Big Four, it feels like the sector is ripe for disruption," Dominic Walsh, a managing director of branding firm Landor Associates, told Reuters. <20>If you are a competitor like an ING or one of these other challenger entrants you need to provide a product that is superior.<2E> The major lenders ANZ, National Australia Bank Ltd, Commonwealth Bank of Australia and Westpac Banking Corp control about 80 percent of Australia''s mortgage market and regulators are likely to welcome greater competition from smaller banks mobile banking platforms. ING Direct and Macquarie, which each have less than 3 percent retail market share, both lack physical branch networks. That gives them a cost advantage over the Big Four but means they rely on digital channels and word of mouth. In September, Macquarie introduced a smartphone banking app that took its design cues from products like Spotify and Facebook. Macquarie Bank Head of Personal Banking Ben Perham said the introduction of Apple Pay, allowing customers to make payments with iPhones and Apple Watches, would further enhance the bank''s digital offering. <20>We<57>ve seen strong interest in Apple Pay from our customers and we<77>re delighted to confirm it will be available later this month," he said in a statement. ING Direct Executive Director, Customers John Arnott said most of the Dutch-owned bank''s 500,000 Orange Everday account customers preferred to connect through mobile devices. "For many of them, their smartphone is their bank, and it''s a natural extension that their iPhone will also become their wallet," he said in a statement. ING Direct has operated in Australia since 1999, with an initial focus on high-interest savings accounts. The bank, which also offers mortgages, has plans to introduce new credit card and life insurance products. Other banks, representing two-thirds of credit card issuers, have asked the competition regulator for permission to bargain collectively with Apple. A draft decision went against the banks, but a final decision has not been made. [nL4N1DU14N] (Reporting by Jamie Freed; Editing by Stephen Coates) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-apple-australia-banks-idUSKBN15P02M'|'2017-02-10T07:28:00.000+02:00'
'1b6e8ca67e56a0e2a5eeeff3804f818a04103d74'|'In glitzy Singapore, hotels'' success recipe is being average'|'By Aradhana Aravindan Liesbeth Foesters travels for business around the world, but none of her hotel rooms was smaller than the one she got in Singapore. Her company has a tight budget."If you compare this with (the room I had in) China, it is nothing, but ... we have to adapt to the budget," the 30-year-old Belgian pharma professional said as she left Hotel Jen for a business meeting.It is a compromise that works well both for travellers like Foesters and the hotel industry in Singapore, which for the past two years has been aggressively targeting middle income guests.Visitors from upwardly mobile China and India are providing much of the growth, flocking to Singapore to enjoy a city more modern and clean than anywhere back home."I have been to Gardens by the Bay and Skypark at Marina Bay. I came to see this place because it''s beautiful and modernized -- a garden city," said Chen Jianan, a Chinese tourist from Hainan.Visitor arrivals are on track for their biggest rise since 2012, helped by the realignment in strategy, offering everything from smaller rooms and lower prices to new services such as unlimited laundry and age-based discounts. The data is due next week.This is a new era for Singapore''s hotels, once known for their opulence.Visiting a city that for the past three years the Economist Intelligence Unit has ranked the world''s most expensive to live in may have been alright when travel budgets were fatter, but less so in these more thrifty times.The banking industry has contracted globally and fewer oil executives are coming to Singapore due to the crash in crude prices. Reflecting a structural shift in the tiny city-state''s economy, the more commonly sighted business visitors these days are pharma and tech professionals, according to industry executives and analysts.Millennials flying in for business in Singapore''s growing Fintech space are more interested in good wifi and how much fun they can have in the hotel''s common areas than elegant furnishings."The technology industry in Singapore is far more supportive of mid scale and upscale than luxury, which finance or oil and gas executives typically prefer," said Frank Sorgiovanni, head of research, Asia Pacific, at JLL''s hotels and hospitality group.According to real estate services firm CBRE, the number of mid scale rooms -- which government data show cost on average S$170 per night ($120)-- increased 32 percent over the past two years.That is a far bigger increase than seen at the top of the market. The number of upscale rooms - averaging S$260 a night rose 8.25 percent, while luxury rooms - averaging S$446 - increased 1.8 percent.The trend continues. For 2017, mid-tier hotels are set to account for the highest proportion of new supply at 34 percent, research from brokerage DBS shows."It has to be about going for the middle class," said Beh Swan Gin, chairman of the Economic Development Board, the lead government agency for economic strategies.Park Hotel Group is among those moving down the value chain, with its mid-scale brand, Destination, debuting in Singapore in the second-quarter. Marriott International Inc''s ( MAR.O ) mid-scale Four Points by Sheraton hotel opened last year. Yotel, a London-based operator specialising in small rooms, opens its first flagship Asian property in Singapore this year.In far less well off parts of the region, hoteliers have been moving up the value chain, upgrading facilities to tap into the same burgeoning middle class segment of the travel market.ACCOMMODATING CHINAVisitor arrivals rose 8 percent in the first 11 months of 2016 to roughly 15 million.Spending by tourists was up 12 percent to reach S$12 billion until June-end even as room rates fell 3.2 percent on average.Chinese visitors were up 36 percent in the first 11 months of the year, while arrivals from India rose 8.2 percent, trumping other source countries.Many come from so-called second-tier cities such as Zhengzhou and Jinan in China and Jaipur in In
'f1e07ea8f6e57263b779e7d24c09c6ab1d102e5e'|'News Corp posts second loss in a row as ad sales decline'|'News Corp ( NWSA.O ), the owner of Dow Jones Newswires and book publisher HarperCollins, posted its second quarterly loss in a row as it struggles to offset the decline in advertising income in its newspaper business.The company''s news and information business, which includes newspapers such as the Wall Street Journal and the Times in London, has been suffering from lower advertisements as readers prefer the quick and free news on websites and mobile apps.Revenue in the business fell nearly 7 percent to $1.30 billion in the second quarter, accounting for about 60 percent of total revenue.Analysts on average were expecting revenue of $1.34 billion, according to FactSet Street Account.News Corp''s advertising revenue fell 8.3 percent to $ 748 million.One bright spot for Rupert Murdoch-controlled company has been its digital real-estate business, where it has enjoyed rapid growth.News Corp said revenue in the business surged 16.3 percent in the quarter to $242 million, in line with analysts'' estimate.The business includes REA Group Ltd ( REA.AX ), a leading real estate advertising company in Australia, and Realtor.com in the United States and other countries.Net loss available to News Corp shareholders was $290 million, or 50 cents per share, in the quarter ended Dec. 31, compared with a profit of $62 million, or 11 cents per share, a year earlier.On an adjusted basis, News Corp earned 19 cents per share.Revenue fell 2.1 percent to $2.12 billion.Analysts on average had expected a profit of 18 cents per share and revenue of $2.12 billion, according to Thomson Reuters I/B/E/S.Shares of the media conglomerate were up 1.6 percent at $12.59 after the bell on Thursday.(Reporting by Laharee Chatterjee Savio D''Souza)'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/news-corp-results-idINKBN15O2VZ'|'2017-02-09T18:55:00.000+02:00'
'8a256a16f6fc26f95ff7e52de952376e3c8d6daf'|'Just Eat boss quits due to ''urgent family matters'''|' 29am GMT Just Eat boss quits due to ''urgent family matters'' LONDON The chief executive of Just Eat ( JE.L ), the online food delivery company, is to quit due to "urgent family matters", prompting the chairman to step into his role on a temporary basis, it said on Friday. The company said David Buttress would step down as CEO at the end of the first quarter at which time chairman John Hughes, will assume the role of executive chairman. Hughes will work closely with Buttress and chief financial officer Paul Harrison on the handover. Just Eat has started a search to find a replacement for Buttress. (Reporting by James Davey; editing by Kate Holton)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-just-eat-moves-idUKKBN15P0NQ'|'2017-02-10T14:29:00.000+02:00'
'b227323cb91647a6e186eb15982c8c5562f296c2'|'Currency losses hit GM fourth quarter profits'|'Business   8:12am EST Currency losses hit GM fourth quarter profits The GM logo is seen at the General Motors Lansing Grand River Assembly Plant in Lansing, Michigan October 26, 2015. Photo taken October 26. REUTERS/Rebecca Cook - RTX1TGK9 By Bernie Woodall - DETROIT DETROIT General Motors Co ( GM.N ) on Tuesday said fourth quarter net income fell to $1.19 a share, factoring out one-time items, in part because of $500 million in foreign exchange losses, and the company forecast 2017 profits per share would be flat to slightly up from 2016. GM said fourth quarter net income fell to $1.8 billion from $6.3 billion, or $3.92 a share, a year earlier. Factoring out one-time items, GM said it earned $2.4 billion, or $1.28 a share, in the latest quarter, down 14 percent from a year earlier. The adjusted result beat analyst expectations of $1.17 per share. GM forecast adjusted earnings per share for all of 2017 would range between $6.00 and $6.50 a share, compared to $6.12 a share for all of 2016. (Reporting by Bernie Woodall and Joseph White; Editing by Chizu Nomiyama) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-gm-results-idUSKBN15M1GA'|'2017-02-07T20:12:00.000+02:00'
'b7acaf29157d9227dcff940da0bc7fa4b7ed7e25'|'Clayton, Dubilier & Rice to sell Mauser Group for $2.3 billion'|'Private equity investment firm Clayton, Dubilier & Rice Inc is selling Mauser Group NV to Stone Canyon Industries LLC for $2.3 billion in cash, a day before the packaging products maker was to list on the New York Stock Exchange.The investment firm had planned to list Mauser, which manufactures plastic, fibre and composite packaging, through an initial public offering that valued the company at more than $1 billion.The Mauser deal is the second such transaction this year, coming just ahead of a planned listing, as firms find more value in buyouts amid a still-tepid IPO market.Software maker AppDynamics agreed last month to a $3.7 billion takeover by Cisco Systems Inc ( CSCO.O ), just two days before its market debut.Mauser''s sales rose 9 percent annually in the past three years and debt fell to 5.4 times EBITDA from over six times since it was acquired by Clayton, Dubilier & Rice (CDR) in 2014, a person familiar with the deal told Reuters.The investment firm had acquired Mauser for 1.2 billion euros ($1.28 billion).Stone Canyon will not merge its existing rigid metal and plastic containers business BWAY Corp with Mauser, the source said.Mauser declined to comment, while Stone Canyon could not be reached immediately for a comment.Bank of America Merrill Lynch and Citigroup were financial advisers to CDR, while Latham & Watkins LLP was legal counsel. Goldman Sachs was financial adviser to Stone Canyon, while Gibson, Dunn & Crutcher LLP was legal counsel.($1 = 0.9369 euros)(Correct source in paragraph 7)(Reporting by Rahul B and Sanjeeban Sarkar in Bengaluru; Editing by Saumyadeb Chakrabarty)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-mauser-group-nv-deal-stone-canyon-ind-idINKBN15M1PT'|'2017-02-07T12:32:00.000+02:00'
'24738dd3b8b9caad66eedeae04105a529f0b2dc8'|'Strong earnings boost European shares, but France lags'|' 10pm GMT Strong earnings boost European shares, but France lags Traders work at their desks in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, February 1, 2017. REUTERS/Staff/Remote By Danilo Masoni and Atul Prakash - MILAN/LONDON MILAN/LONDON European shares rose on Tuesday, helped by some encouraging company results, but French stocks slipped after earnings at BNP Paribas ( BNPP.PA ) disappointed and election jitters weighed on the country''s sovereign bonds. The pan-European STOXX 600 index rose 0.3 percent, partly recovering from losses in the previous session, while the French blue chip CAC .FCHI index fell 0.5 percent, bringing losses so far this year to more than 2 percent. French banks, among the best performers among European financials in 2016, fell after BNP reported results below forecasts, while the country''s bond yields spiked on concerns that the far right could win France''s presidential vote and take it out of the European Union. "The political uncertainty is a burden for financials in France. Some election noise advocating for an exit from the European Union is making investors jittery," Unicredit analyst Christian Stocker said. "Financials did very well in the last 2-3 months and probably we are seeing some profit-taking now." BNP Paribas'' fourth-quarter net income rose to 1.44 billion euros, more than doubling from a year ago, although the result came in below the average estimate of 1.50 billion euros in a poll of analysts. Its shares fell 4.8 percent, making them the biggest losers on the CAC. EVLI Bank Chief Investment Officer Kim Pessala said relatively cheap valuations and good earnings growth made him quite upbeat about prospects for European equities but political uncertainty and risks of protectionist policies from U.S. President Donald Trump suggested caution. "We''re leaning towards possibly increasing our exposure to European equities as many things look good, but there are two big uncertainties: Trump and the French elections," said Pessala. According to Deutsche Bank, the fourth-quarter season has delivered solid results so far in Europe, with financials and industrials providing the biggest contribution to an overall earnings per share growth of 8.3 percent from a year earlier. In Tuesday there were well received updates from chipmaker AMS ( AMS.S ), which rose 22.4 percent, scoring its biggest one-day gain ever, and food-processing machinery maker GEA ( G1AG.DE ), which added 3.6 percent after setting a brighter profit outlook. However updates from energy companies disappointed, with stocks in the sector also penalised by a further decline in crude oil prices. Oil major BP ( BP.L ) fell 4.1 percent after the company missed estimates. Peer Statoil ( STL.OL ) also fell 3.1 percent after a disappointing set of results. Finnish oil refiner Neste ( NESTE.HE ) fell 5.5 percent after fourth-quarter operating profit came in slightly below consensus forecasts, with some investors also citing disappointment over the lack of clarity in its renewables outlook. But Kim Gorschelnik, head of research at Finnish asset manager FIM, said the results delivered no new negative surprises, confirming his upbeat view on the stock. "We consider Neste as a solid quality company for a long term investor and one could consider today''s share price reaction as an entry point," he said. ($1 = 0.9377 euros) (Reporting by Danilo Masoni; Editing by Mark Trevelyan)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-europe-stocks-idUKKBN15M25G'|'2017-02-08T01:10:00.000+02:00'
'f8a1d8262b072c8ec1c8f5a5f1110164f6f87399'|'Prudential to abide by current financial rules, despite Trump review'|'Company  34am EST Prudential to abide by current financial rules, despite Trump review Feb 9 Prudential Financial Inc will continue to follow current U.S. financial rules, despite reviews of those rules mandated by President Donald Trump''s administration, the insurer''s chairman and chief executive, John Strangfeld, said on Thursday. The insurer "strongly supports" the administration''s re-evaluation of the Dodd Frank financial reform law and a U.S. Labor Department Rule that requires financial advisers and securities brokers to act in clients'' best interests when advising on retirement accounts. However, Prudential "will continue to manage our business following the current framework," given "considerable uncertainty" about the administration''s review. (Reporting by Suzanne Barlyn; Editing by Bernadette Baum) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/prudential-finl-results-idUSL1N1FU16U'|'2017-02-09T23:34:00.000+02:00'
'b2f222e725187e7f3711264c30609a831143c48e'|'Soon time to watch for rising global inflation?'|' 26pm GMT Global Economy Weekahead: Soon time to watch for rising global inflation? FILE PHOTO:A shopping trolley is pushed around a supermarket in London, Britain May 19, 2015. REUTERS/Stefan Wermuth/File Photo By Ross Finley - LONDON LONDON The global economy has weathered the new U.S. administration''s sweeping challenges to the status quo with surprising aplomb given serious threats made to world trade, but what is not so clear is how much longer inflation will remain stubbornly low. Nearly a decade since the start of the financial crisis and an avalanche of emergency monetary stimulus that ensued, inflation is only just now close to the 2 percent target many of the world''s biggest central banks still keep. But there have been stirring signals on inflation elsewhere in the world, suggesting a turning point may be closer. The Reserve Bank of India just dropped its bias to ease policy, citing global inflation pressures as one reason for a sudden volte-face. Mexico''s central bank, grappling with a falling peso, hiked rates on Thursday to a near-eight year high. Key releases on inflation for the United States, Britain and China are due next week, forecast at 2.4, 1.9 and 2.4 percent, respectively, according to Reuters polls. The worry is with growth holding up and commodity prices giving inflation a nudge up now, the last thing needed with most major central bank rates still near zero is more fuel poured onto to an already-raging fire. An expected announcement from the Trump administration on plans for sweeping tax cuts is likely only weeks away, and has again boosted already-lofty stock prices, despite widespread worries about the barriers to trade that may come later. Federal Reserve Chair Janet Yellen is due to testify to Congress next week for the first time since Donald Trump moved into the White House. She doesn''t appear ready to signal a major step up in the Fed''s glacial pace of rate rises yet either. Inflation in the economy is picking up: but so far not because spare capacity has been eaten up in product and labour markets, triggering price rises driven by demand outstripping shortages of supply. Instead, the latest rise has to do with rising costs, particularly energy costs, leaving central bankers, notably European Central Bank President Mario Draghi, saying they will instead focus on the next round of inflation pressures. The main impediment to higher inflation rests in one of the side-effects from the free flow of labour: a lack of wage pressure. "What had appeared to be a promising trend of stronger wage growth broadening out to include more higher paying industries has reversed since late last year," notes Morgan Stanley U.S. economist Robert Rosener. "Wage pressures remain predominately in low-wage industries, limiting gains in overall aggregate wage growth." The U.S. unemployment rate is below 5 percent, close to where most economists say is the lowest it can go before shortages start to drive up the cost of labour. Despite this latest setback in the official data, the general expectation is that wage inflation will soon take off, especially given that it is one of President Trump''s stated aims to hire American. The talk of wage inflation has been less robust in the Britain, however. Britain is facing an imported inflation challenge following Britons'' majority vote last June to leave the European Union that caused a 15 percent fall in sterling. That could send inflation to 3 percent or higher later this year. The Bank of England just cut its estimate of the unemployment rate it thinks will generate inflation to 4.5 percent from 5.0 percent based on recent evidence that already-low unemployment isn''t boosting wages much. Its latest agents survey of businesses shows very modest expectations for pay settlements in the coming year, only slightly above 2 percent. Average UK weekly earnings excluding bonuses are forecast to rise 2.7 percent in the three months to December on a year ago, steady compared with t
'cd4c20d3c62a792d8bd40b569bfa8c888be869af'|'Great Portland sells London property Rathbone Square'|' 57am GMT Great Portland sells London property Rathbone Square London property and investment company Great Portland Estates ( GPOR.L ) said it had sold the freehold of Rathbone Square to an entity owned by German real estate investment trust WestInvest Gesellschaft and property assets manager Deka Immobilien Investment for a headline price of 435 million pounds ($543 million). The sale, which reflects a net initial yield to the buyer of 4.25 percent, will bring a whole-life capital return of about 110 million pounds to Great Portland, it said. Great Portland, whose portfolio is dominated by office property but also includes retail and some residential property, said it expected to return the whole-life surplus to shareholders as a special dividend. The sale of Rathbone Square is expected to be broadly neutral to EPRA earnings - a measure of the value of its properties - for the current financial year, Great Portland said. The sale price represents a discount of 4 percent to the September 2016 valuation, adjusted for subsequent capital expenditure. The 419,700 square feet mixed-use development is currently under construction and 242,800 square feet of office space is pre-let to Facebook ( FB.O ) on a 15-year leases at an initial annual rent of 17.8 million pounds. "The pricing of the asset with an uber prime covenant of Facebook... is disappointing at an exit yield of 4.25 percent compared with a peak valuation of nearer 3.75 percent we estimate," Jefferies analysts wrote in a note. Great Portland in November cut its full-year rental growth forecast due to the uncertainty after Britain''s vote to leave the European Union. The company, however, said last month that it saw "healthy" interest despite economic uncertainty. ($1 = 0.7999   Noor Zainab Hussain   Sunil Nair)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-great-portland-sale-idUKKBN15P0PS'|'2017-02-10T14:57:00.000+02:00'
'6388543c1679f03318d13cbdd0b89ade878ff153'|'Brazil''s busiest week for IPOs in years marked by mixed fortunes'|'Company News - Fri Feb 10, 2017 - 1:18pm EST Brazil''s busiest week for IPOs in years marked by mixed fortunes By Guillermo Parra-Bernal and Bruno Federowski - SAO PAULO SAO PAULO Feb 10 Brazil''s busiest week for initial public offerings in nearly four years ended on Friday with mixed results for issuers, faced with wariness among foreign investors toward Latin America''s largest equity market amid fallout from political turmoil. Rent-a-car Movida Participa<70><61>es SA and medical laboratory Instituto Hermes Pardini SA concluded their IPOs despite pressure for lower prices. Movida''s rival Unidas SA, however, halted its IPO plans on Friday, four people directly involved in the deals said. Aside from overlapping IPOs between the rental car rivals, the pricing of a large 4.1 billion reais ($1.3 billion) follow-on offering by CCR SA, Brazil''s largest toll road operator, might have hampered demand for the offerings, the sources said. This week was the busiest for domestic equity offerings since April 2013, when three large listings were priced. Investors stung by a string of deals in recent years that failed to deliver promised returns have become cautious about IPOs in Brazil. Only about a third of the 138 IPOs priced over the past decade yielded returns above the benchmark interbank lending rate, Thomson Reuters data showed, with the remainder losing part or all of the amount initially invested. Movida''s shares, which plunged on Wednesday - their first day of trading - have since recovered and appear headed toward notching a 2 percent gain on the week. Extending the current wave of offerings and providing cheaper funding for companies hinges on President Michel Temer''s ability to push ahead with ambitious reforms to lower the country''s risk perception, bankers said. "This week showed we are still in a buyers'' market and investors still feel more comfortable taking existing risk than new one," said one of the people, who asked for anonymity to speak about the transactions. BALANCING ACT Stronger equity markets and companies'' need to fund growth or reduce debt are the "fundamental catalysts in place" sustaining IPO activity in Brazil and Latin America this year, according to Pedro Martins, chief Latin America equity strategist for JPMorgan Securities. However, companies seeking to tap the local equity markets face a balancing act: how to offer acceptable risk and return as Brazil enters a third straight year of economic recession, political risks remain elevated and global trade protectionism gains steam under U.S. President Donald Trump, bankers said. Such uncertainty is keeping foreign investors - traditionally the largest buyers of Brazilian IPOs - on the sidelines. Foreigners snapped up only 15 percent of the Pardini deal, a fraction of the 67 percent participation ratio they had about a decade ago, the people said. The mixed results of this week''s IPOs may shed light on how a list of long-awaited listings should come to market. Those companies include airline Azul Linhas A<>reas Brasileiras SA, securities firm XP Investimentos SA and the Brazilian unit of France''s Carrefour SA. A new wave of IPO requests should resume in late March or early April and stretch for longer should market conditions prove favorable, bankers at Ita<74> BBA SA and Banco Bradesco BBI SA, the country''s largest equity underwriters, recently told Reuters. Movida''s IPO on Monday raised a smaller-than-expected 645 million reais, after controlling shareholder JSL SA was forced to lower the deal''s pricetag. A member of JSL''s controlling family subscribed about 15 percent of the deal to ensure its completion, sources told Reuters. On Thursday, Hermes Pardini clinched about 1 billion reais at a price slightly above the floor of the suggested price range, one of the people said. At the floor of the price range, investors bid the equivalent of three times the amount of shares on offer, the same person said. In the case of Unidas, shareholder
'2b1fdc8128631397b6112402c9850122ec9ea522'|'European power grid spending bonanza fuels smart energy M'|'Deals   6:10am GMT European power grid spending bonanza fuels smart energy M&A By Christoph Steitz - FRANKFURT FRANKFURT Europe''s top utilities are planning to invest tens of billions of euros over the next three years to catch up with the green energy revolution, driving a flurry of takeovers by tech and engineering firms of niche, smart-energy innovators. Upgrading power and gas networks used to be a hardware-based affair as long as steady baseload energy sources, such as coal and gas, accounted for most power generation. But the rise of solar and wind power increased the need for intelligent IT systems that can balance out demand and supply swings while meeting energy and carbon emissions targets. This has led industrial conglomerates and technology companies to seek out small targets to complement their offering to utility clients in the wake of Google''s landmark purchase of smart thermostat maker Nest Labs in 2014. "Everywhere in the supply chain of power there is disruption going on," said Bruce Jenkyn-Jones, co-head of listed equities at Impax Asset Management, which focuses on investments in environmental markets and resource efficiency. M&A activity is well under way in storage and smart meters, which are key in securing access to customers and, more importantly, their data, to help the utilities tailor their power purchases and save costs. Three major German meter makers -- Techem [TECENC.UL], Ista [CHCAPI.UL] and Qundis -- are up for sale and deals last year included Fortis buying meter maker ITC for $11.3 billion. France''s Total has snapped up battery maker Saft Groupe for 950 million euros ($1.02 billion), while Oracle took over Opower, a maker of utility software. Other niche players under the spotlight include U.S. smart meter maker Itron, power chip maker Monolithic Power Systems and data networks provider Silver Spring Networks, investment banking and industry sources said. Itron, which makes more than a third of sales in Europe, declined to comment, as did Silver Spring Networks. Monolithic Power was not immediately available for comment. WHAT''S IN A GRID? Consolidation has been driven by big power firms in Europe -- including Italy''s Enel and Germany''s Innogy. Together, major European utilities will spend at least 40 billion euros by 2020 to upgrade their networks, according to ongoing investment plans, including replacing old cables, buying new smart meters and putting new IT in place. The spending spree follows a decade of crisis, during which rival renewable capacity pushed many of their coal- and gas-fired power plants out of the market. They have taken tens of billions of writedowns on their conventional generation assets and are now refocusing on renewable energy and getting the most out of regulated grids. Bernstein reckons Engie and EDF from France, Gas Natural and Iberdrola from Spain, and Enel have on average increased their annual network investments by more than a fifth to a total of 14.3 billion euros. "Utilities will keep spending on networks and industrials and tech groups will keep making selective deals to address this," a senior banking source said. Goldman Sachs reckons power firms will stump up a total of 62 billion euros by 2025 to digitalize their grids, attracting players from numerous sectors. "There needs to be a consolidation so that customers will have access to a broader set of solutions," said Thomas Guennegues, senior equity analyst at Swiss boutique investment firm RobecoSAM. In Europe, big conglomerates, including ABB and Siemens are so far seen as the leading integrated providers of smart grid technology and hardware, simply because they already cover a wide range of sectors, including IT. "Sometimes it is hard to draw the line between IT and industrials. A company like Siemens is a bit of both," Frederic Fayolle, senior fund manager at Deutsche Asset Management, said. General Electric in November bought Bit Stew Systems and Wise.io to expand its platform for i
'e3450ac52751d800db172136b47f82a16adb17ae'|'Ukraine PM sees IMF deal by end-Feb amid new fighting in east'|' 20pm GMT Ukraine PM sees IMF deal by end-Feb amid new fighting in east Ukrainian Prime Minister Volodymyr Groysman speaks during an interview with Reuters in Brussels, Belgium February 10, 2017. REUTERS/Yves Herman - By Robin Emmott - BRUSSELS BRUSSELS Kiev expects to reach a deal with the International Monetary Fund by the end of the month to allow the next tranche of aid, Prime Minister Volodymyr Groysman said on Friday, and blamed Russia for renewed fighting flared in eastern Ukraine. Speaking after the biggest surge in violence in Ukraine''s industrial east for more than a year, Groysman also called on new U.S. President Donald Trump to provide "defensive weapons" to Ukraine to bring Moscow back into peace talks. "We have practically completed negotiations (with the IMF) and only a few nuances remain," he said of talks with the global lender to unlock the latest series of loans under Ukraine''s $17.5 billion (14 billion pound) bailout by the end of the month. Groysman said Kiev intends to cooperate with the Washington-based lender but that the IMF needed to have "realistic" expectations on what Ukraine could achieve in terms of judicial reforms that are holding up talks. "It''s important that all the conditions ... have realistic deadlines," he told Reuters during a two-day visit to Brussels where he met officials from the European Union and the North Atlantic Treaty Organisation. (Reporting by Robin Emmott; Editing by Alissa de Carbonnel)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ukraine-crisis-idUKKBN15P1F8'|'2017-02-10T19:20:00.000+02:00'
'02c7e3a2b6e776a08f5840ee7ab393b890865182'|'FTSE gets mining boost, hits 3-week high'|'Business News - Fri Feb 10, 2017 - 10:59am GMT FTSE gets mining boost, hits 3-week high A red London bus passes the Stock Exchange in London, Britain, February 9, 2011. REUTERS/Luke MacGregor/File Photo By Atul Prakash - LONDON LONDON Britain''s commodity-heavy FTSE 100 .FTSE index climbed to a three-week high on Friday, with a rally in metals prices on soothing Chinese data and supply concerns boosting shares in basic resources companies. The blue-chip FTSE 100 index was up 0.3 percent at 7,253.60 points after hitting an intra-day peak of 7,274.80, the highest since Jan. 17. The benchmark index, up more than 1 percent so far this week, headed for a second week of gains. The UK mining index .FTNMX1770 gained more than 2 percent as copper rose after China reported better-than-expected trade data for January and workers at BHP Billiton''s ( BLT.L ) mine in Chile went on a strike that threatens to disrupt copper supply. Prices of other industrial metals were also sharply higher. Shares in Anglo American ( AAL.L ), Antofagasta ( ANTO.L ), Rio Tinto ( RIO.L ), Glencore ( GLEN.L ) and BHP Billiton -- top five gainers in the FTSE 100 index -- advanced 1.8 to 3.4 percent. Sentiment also improved after data highlighted that British manufacturing grew more strongly than expected in December, suggesting the economy remained resilient to the end of the year despite June''s Brexit vote shock. "There is plenty to be cheery about UK plc. Industrial production growth hit a six-year high in the final month of 2016 ... While slower than the 2.1 percent seen in Nov, it was miles ahead of the flat growth expected," said Neil Wilson, analyst at ETX Capital. "Today<61>s data confirm that the UK economy remains very resilient and lends support to the Bank of England<6E>s decision to revise up its 2017 growth outlook." However, gold miners lost favour today. Shares in Randgold Resources ( RRS.L ) and Fresnillo ( FRES.L ) fell 0.5 percent and 0.3 percent respectively on a firmer dollar after U.S. President Donald Trump promised a major tax move and as data boosted expectations of a U.S. rate hike. Elsewhere, building materials group CRH ( CRH.L ) rose 1.7 percent after Berenberg raised its target price for the stock to 34.6 euros from 32 euros. Among mid-caps, speciality chemicals maker Elementis ( ELM.L ) rose nearly 7 percent after saying it would buy U.S.-based SummitReheis for an enterprise value of $360 million. The deal would increase the annual sales of its personal care business to $200 million and boost its adjusted earnings. On the downside, Just Eat ( JE.L ) fell 6.6 percent after the chief executive of the online food delivery company was to quit due to "urgent family matters", prompting the chairman to step into his role on a temporary basis. The UK index is up around 1.5 percent so far this year, after surging 14 percent last year and outperforming other major European equity indexes. (Reporting by Atul Prakash; Editing by Toby Chopra) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-stocks-idUKKBN15P168'|'2017-02-10T17:59:00.000+02:00'
'775c126401446dc9b44c2a86457ab4c6c9a4aef1'|'China January exports rise 7.9 percent, beating forecasts'|'BEIJING China''s January exports easily exceeded analysts'' expectations, rising 7.9 percent from a year earlier, while imports rose by 16.7 percent, also topping forecasts, preliminary data showed on Friday.That left the country with a trade surplus of $51.35 billion for the month, the General Administration of Customs said.But China watchers caution that trends in January and February can be distorted by the long Lunar New Year holidays, with business slowing down weeks ahead of time and many firms scaling back operations or closing. The holiday fell on January 28 this year, 11 days earlier than last year.Customs is due to release the final data for trade on Feb. 23.Analysts polled by Reuters had expected January shipments from the world''s largest exporter to have risen 3.3 percent, after a dismal 2016 that saw exports slump 7.7 percent as China lagged an export rebound enjoyed by some of its North Asian neighbours.Imports had been forecast to rise 10.0 percent, accelerating from 3.1 percent growth in December.Analysts were expecting China''s trade surplus to have risen to $47.90 billion in January, versus December''s $40.71 billion, with growing attention on its large trade surplus with the United States as new U.S. President Donald Trump ramps up his protectionist rhetoric.(Reporting by Beijing Monitoring Desk; Editing by Kim Coghill)'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/china-economy-trade-idINKBN15P0CQ'|'2017-02-10T00:57:00.000+02:00'
'e1055adf9b0dafa1e03942d88c619d98ff4404d1'|'Siemens considers U.S. listing of healthcare arm - CEO in Euro am Sonntag'|'  3:45pm GMT Siemens considers U.S. listing of healthcare arm - CEO in Euro am Sonntag Siemens Healthineers headquarters is pictured in Erlangen near Nuremberg, Germany, October 7, 2016. REUTERS/Michaela Rehle FRANKFURT German industrial group Siemens ( SIEGn.DE ) is considering listing its $15 billion (12 billion pound) healthcare business in the United States to take advantage of company valuations that are higher than in Europe, its chief executive told a German newspaper. "We don''t have a final view on this yet, but we are looking at it very closely," weekly Euro am Sonntag quoted Joe Kaeser as saying in an interview. The separation of the Healthineers business is one of Siemens'' biggest strategic steps to narrow its focus. Over the past decades, it had shed its semiconductor, lighting, automotive and communications businesses, among others. Kaeser told Euro am Sonntag that Siemens could separate stakes in further parts of its business as well. "I can imagine a future in which we give investors the opportunity to invest not just in the companies Siemens Healthineers or Siemens-Gamesa renewable energy, but also in a high-performing digital industry business," he said. He also indicated Siemens may hike its dividend payment to shareholders for the current fiscal year through September. "We have just raised our profit guidance for 2017 and have increased our dividend three years in a row. I wouldn''t end such a streak for no reason," he said. (Reporting by Maria Sheahan; Editing by Mark Potter)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-siemens-divestiture-idUKKBN15P1YU'|'2017-02-10T22:45:00.000+02:00'
'9d4078cfa0a0eeeb014cc776aae5985dfe87e190'|'Pub operator Greene King comparable sales up on Christmas boost'|' 59am GMT Pub operator Greene King comparable sales up on Christmas boost Pub operator Greene King Plc ( GNK.L ) said its comparable sales over the key three Christmas weeks were up 4.5 percent on strong sales growth in London. The company, which brews ales such as Old Speckled Hen, said like-for-like sales for the 40 weeks to Feb. 5 rose 1.1 percent. Its pub group notched up a record Christmas Day sales of 7.4 million pounds ($9.25 million), up 6 percent from a year earlier. The Suffolk-based brewer, which operates around 3,029 pubs, restaurants and hotels across England, Wales and Scotland, said it planned to dispose 50-60 pubs this year, raising proceeds of about 30-40 million pounds ($37-$50 million). ($1 = 0.8000   Rahul B   Gopakumar Warrier)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-greene-kin-outlook-idUKKBN15P0PU'|'2017-02-10T14:59:00.000+02:00'
'841b92950242e33ba94bc8442962e6ac3d58a704'|'EURO DEBT SUPPLY-Three euro zone countries to sell bonds next week'|'LONDON Feb 10 Three countries in the euro area are scheduled to hold bond auctions next week.* Italy will sell up to 8.5 billion euros over five bonds on Monday.* On Thursday, France is expected to sell up to 9.5 billion euros of medium-term and inflation-linked bonds.* Also on Thursday, Spain will auction bonds due 2022, 2027 and 2028.(Reporting by Dhara Ranasinghe, Editing by Abhinav Ramnarayan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/eurozone-bonds-outlook-idINL5N1FV4LL'|'2017-02-10T10:20:00.000+02:00'
'9436eb2fe36fda88c1926737afe69765cb98bcfe'|'Trump predicts level playing field on trade with China soon'|'Business News - Fri Feb 10, 2017 - 7:06pm GMT Trump predicts level playing field on trade with China soon WASHINGTON President Donald Trump, noting that he had long complained that China''s currency was undervalued, on Friday predicted that "a level playing field" in terms of trade would be reached between the two countries sooner than many people think. "As far as the currency devaluations, I have been complaining about that for a long time," Trump told reporters at a joint news conference with Japanese Prime Minister Shinzo Abe. "I believe that we will all eventually and probably very much sooner than a lot of people understand or think, we will be all at a level playing field." (Reporting by Steve Holland and Kiyoshi Takenaka; Writing by Tim Ahmann; Editing by James Dalgleish) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-trump-japan-china-idUKKBN15P1WP'|'2017-02-11T02:06:00.000+02:00'
'4f8192fec8dac18e335a47673a46fc07d7156798'|'As coal shortfall looms, miners enjoy unexpected boom'|'By Henning Gloystein Many a swan song has been sung for thermal coal markets as renewable power generation and a push towards using more natural gas have gained traction.Yet a coal price spike last year, driven by a Chinese change in regulation that capped local mining operations, has shown how easily markets can swing from oversupply to shortfall.While many analysts and investors see the long-term outlook for coal as bleak due to policies and technological advances that favour cleaner natural gas and renewable in power generation, the shorter-term outlook for the industry has seen a sharp reversal of fortunes.This year, strong demand growth in Asia''s emerging markets will create a supply shortfall for the first time in at least half a decade. Consumption could even soon rise past the 2014 peak, according to Asia''s largest commodity trading house, Noble Group.Despite coal''s high levels of pollution, utilities and governments in emerging economies, at least for now, largely prefer coal-fired power stations over other fuels including natural gas in order to meet soaring energy demand.While gas and solar prices have fallen sharply, coal remains one of the cheapest, easily available, and most easily maintained sources of electricity.More than 10 gigawatt (GW) of coal-fired power stations were sanctioned for construction last year in Southeast Asia, where most new demand stems from, compared to just 4.6 GW of gas-fired projects, according to energy consultancy Wood Mackenzie."New markets like the Philippines and Vietnam are starting to seek our coal," the chief executive of Indonesian coal miner PT Bukit Asam ( PTBA.JK ), Arviyan Arifin, told Reuters this week.Rodrigo Echeverri, head of thermal coal analysis at Noble, believes this year''s global thermal coal market will be 13 million tonnes short of meeting 911 million tonnes of demand, compared with a broadly balanced market in the last three years.The tightness is a result of falling output after some companies including U.S. giant Peabody Energy ( BTUUQ.PK ), filed for bankruptcy, and other miners cut output at unprofitable mines.At the same time, Chinese imports grew by 43 million tonnes as a result of restrictions on local production, while new coal-fired power plants were commissioned in countries including Vietnam, Malaysia, Philippines, Taiwan, Echeverri told a conference in South Africa this month.To meet the imminent shortfall, some miners have again begun ramping up output.Indonesia, the world''s biggest thermal coal exporter, said this month it is targeting production of 470 million tonnes in 2017, compared with its previous goal of 413 million tonnes and up more than 8 percent on last year.There are also signs that Australian thermal coal output is picking up, with exports from Queensland hitting a record last year.Even so, the shortfall in supply could reach 28 million tonnes by 2020, meaning more new mines would need to be opened by the mid-2020s to meet demand, Echeverri said.COAL OUTPERFORMSMost commodities, including thermal coal GCLNWCPFBMc1, crude oil LCOc1, copper CMCUc1 or liquefied natural gas LNG-AS, have seen price rises since early 2016 as part of a broad-based rally.Australian thermal coal has performed best, rising 53 percent price versus 48 percent for oil, 25 percent for copper, and just 8 percent for Asian LNG.Because of this, companies focussing on seaborne coal supplies fared better than other miners or oil and gas producers."For pure coal players, the rise in prices from June 2016 ... provided the catalyst for improved export sales margins given that many producers were actively managing their production costs," said Patrick Markey, managing director of commodity advisory Sierra Vista Resources in Singapore.This reversal of fortune of an industry that was deeply in trouble just a year ago has been noted by investors.Shares in thermal coal specialists like Australia''s Whitehaven Coal ( WHC.AX ) or Indonesia''s Adaro Energy ( ADRO.JK ), are
'5bd05111b8f4dfb298def567b8e4674097fa0257'|'CEE MARKETS-Stocks surge on earnings, Kaczynski comments on banks'|'* Polish party leader comments softer on banks over CHF loans * Banks boost Warsaw stock index to 17-month high * Czech Moneta is latest CEE bank reporting good Q4 earnings * Stocks at 14-month high in Prague, 19 in Bucharest By Sandor Peto and Agnieszka Barteczko BUDAPEST/WARSAW, Feb 10 Central European stocks hit their highest levels for more than a year on Friday due to strong earnings from some banks and reassuring comments from Poland''s ruling party over the sector. The mood in global stock markets remained supportive after a rally in Asia over upbeat Chinese trade data and in the Unied States as new president Donald Trump pledged tax incentives to business. Polish assets also got help in the past weeks from data that may signal some pick-up in economic growth and expectations for central bank rate hikes in 2018 that could lift bank''s revenues. Jaroslaw Kaczynski, the head of the Polish ruling party PiS said Swiss franc borrowers should turn to court due to the pain of increased repayments rather than expect the government to impose a settlement on banks. Kaczynski and his party have had little love for banks since assuming power in late 2015. "This is a significant change in rhetoric. Some investors could think that banks'' costs related to the Swiss-franc portfolio would be lower," Kamil Stolarski, bank analyst at Haitong Bank said. Warsaw''s blue chip stock index has fully recovered from last year''s slump and touched a 17-month high on Friday, driven by banks including PKO BP which rose 2.8 percent. BZW BK and mBank rose over 3 percent. The zloty firmed 0.3 percent against the euro by 0915 GMT. Similar to Warsaw, Prague''s index rose 0.8 percent, touching its highest level since December 2015, with Komercni Banka rising 2.5 percent. Bucharest''s index set a 19-month high and Budapest was near record highs. Czech Moneta Money Bank shares jumped to a record high, rising about 5 percent, reported fourth-quarter profit above expectations on Friday and surprised the market with a high 9.8 crown dividend proposal. New Czech data showed a rise in annual inflation to 2.2 percent in January. December figures which showed that inflation rose to the central bank''s 2 percent inflation target had boosted speculation that the bank could soon remove its cap which has kept the crown weaker than 27 against the euro since 2013. The crown''s implied exchange rate in forwards deals did not indicate a surge in demand for the crown similar to what happened a month ago, forcing the bank to buy billions of euros in the market to defend the cap. The implied rate in six-month forwards contracts was at 26.8274 at 0934 GMT, down from 26.8055 at Thursday''s close. CEE SNAPS AT 1015 MARKETS HOT CET CURRENCIES Lates Previ Daily Chang t ous e bid close chang in e 2017 Czech crown 27.02 27.02 +0.0 -0.05 00 20 1% % Hungary 308.7 308.3 -0.14 0.02% forint 500 150 % Polish 4.304 4.317 +0.3 2.32% zloty 0 0 0% Romanian 4.498 4.496 -0.04 0.81% leu 5 8 % Croatian 7.470 7.468 -0.03 1.14% kuna 0 0 % Serbian 123.8 123.9 +0.0 -0.42 dinar 700 700 8% % 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 961.2 953.4 +0.8 +4.3 5 6 2% 0% Budapest 33096 32949 +0.4 +3.4 .71 .08 5% 2% Warsaw 2149. 2132. +0.8 +10. 99 40 2% 37% Bucharest 7677. 7627. +0.6 +8.3 02 44 5% 6% Ljubljana 757.3 750.2 +0.9 +5.5 1 4 4% 4% Zagreb 2175. 2176. -0.05 +9.0 25 26 % 4% Belgrade <.BELEX15 701.6 705.2 -0.51 -2.19 > 6 6 % % Sofia 603.8 603.1 +0.1 +2.9 2 4 1% 7% BONDS Yield Yield Sprea Daily d (bid) chang vs chang e Bund e in Czech sprea Republic d 2-year <CZ2YT=RR -0.64 -0.07 +013 -6bps > 9 bps 5-year <CZ5YT=RR 0.015 -0.03 +045 -4bps > 7 bps 10-year <CZ10YT=R 0.468 -0.01 +015 -3bps R> 7 bps Poland 2-year <PL2YT=RR 2.21 0.027 +299 +3bp > bps s 5-year <PL5YT=RR 3.177 0.06 +361 +6bp > bps s 10-year <PL10YT=R 3.838 0.046 +352 +4bp R> bps s FORWARD RATE AGREEMENT 3x6 6x9 9x12 3M inter bank Czech R
'e1402c48c16da7f811c3b37b75f8170a142a591e'|'French investigators refer Fiat Chrysler emissions case to prosecutor'|'Business News - Mon Feb 6, 2017 - 9:47pm GMT French investigators refer Fiat Chrysler emissions case to prosecutor A new Fiat Chrysler Automobiles sign is pictured after being unveiled at Chrysler Group World Headquarters in Auburn Hills, Michigan May 6, 2014. REUTERS/Rebecca Cook PARIS French investigators have referred carmaker Fiat Chrysler (FCA) ( FCHA.MI ) for possible prosecution over abnormal emissions of nitrogen oxide pollutants from some of its diesel engines, the government said on Monday. The referral makes FCA the third manufacturer to be referred to French prosecutors in the wake of a French investigation into emissions test cheating after Germany''s Volkswagen ( VOWG_p.DE ) and France''s Renault ( RENA.PA ). (Reporting by Gilles Guillaume and Laurence Frost; Editing by Kevin Liffey) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-fiat-chrysler-emissions-france-idUKKBN15L2I7'|'2017-02-07T04:47:00.000+02:00'
'6455d34c8d4023f0d6ef4e0f3b8927d8d63e9b7d'|'Brazilian healthcare insurer Interm<72>dica hires banks for IPO : sources'|'SAO PAULO Brazilian healthcare services provider NotreDame Interm<72>dica Sistema de Saude SA has hired banks to manage its initial public offering, which could be launched with a series of investor meetings as early as this week, two people with direct knowledge of the plans said on Monday.Morgan Stanley & CO ( MS.N ) has been hired as the leading underwriter for the IPO, alongside the investment banking units of Banco Bradesco SA ( BBDC4.SA ), Credit Suisse AG, Ita<74> Unibanco Holding SA, JPMorgan Chase & Co and UBS AG, according to the sources who spoke on condition of anonymity.Reuters reported in October that Bain Capital LP, Interm<72>dica''s controlling shareholder, was considering listing the company to take advantage of growing investor demand for shares of healthcare and personal services companies in Brazil.The banks and Interm<72>dica declined to comment.NotreDame Interm<72>dica, a low-cost health insurer, has managed to ride out a deep recession in Brazil by picking up customers at the expense of its higher-priced peers.Interm<72>dica''s IPO would add to a flurry of bond and equity offerings so far this year, the busiest such period in at least six years, as investors show confidence that South America''s largest economy will emerge from the recession and implement much-needed fiscal, pension and labor reforms this year.(Reporting by Tatiana Bautzer; Editing by Daniel Flynn, Paul Simao and Bernard Orr)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-intermedica-saude-ipo-exclusive-idUSKBN15L1VL'|'2017-02-06T21:39:00.000+02:00'
'88157b939eadd17c4f0f1d57e552b0c7f9ea7e5b'|'BRIEF-Bright Horizons Family Solutions reports Q4 earnings of $0.28 per share'|' 15pm EST BRIEF-Bright Horizons Family Solutions reports Q4 earnings of $0.28 per share Feb 9 Bright Horizons Family Solutions Inc : * Bright horizons family solutions reports fourth quarter and full year 2016 financial results * Q4 non-gaap earnings per share $0.28 * Q4 earnings per share view $0.56 -- Thomson Reuters I/B/E/S * Bright horizons family solutions inc qtrly revenue increased 7% to $399 million Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSASB0AZNR'|'2017-02-10T05:15:00.000+02:00'
'9cb8e833e917a195b167bf9ad87541664d175bca'|'Japan''s love of tiny cars sore spot as Trump, Abe meet'|'Business News - Fri Feb 10, 2017 - 2:07am GMT Japan''s love of tiny cars sore spot as Trump, Abe meet Japanese Prime Minister Shinzo Abe and his wife Akie Abe arrive ahead of his meeting with U.S. President Donald Trump, at Joint Base Andrews, Maryland, U.S., February 9, 2017. REUTERS/Joshua Roberts By Naomi Tajitsu , Norihiko Shirouzu and Bernie Woodall - TOKYO/DETROIT TOKYO/DETROIT When Japanese Prime Minister Shinzo Abe meets on Friday with U.S. President Donald Trump, Japan''s bulging automotive trade surplus will be a sore spot, but the path to balancing auto exports and imports will be no easier than it was in the 1980s. Trump may press Abe to do more to level the trade imbalance with Japan during a White House visit or a round of golf,. But the two leaders are unlikely to change the fact that the big cars and trucks that America makes do not sell in Japan. Many Japanese consumers, faced with congested cities, favour tiny domestically-made vehicles, called kei cars, which make up more than a third of the market. Priced from around 1.1 million yen, or about $9,800 (7,837.49 pounds), these cars have engines most Americans would consider inadequate for a motorcycle. Even Japan''s Toyota Motor Corp ( 7201.T ) and Honda Motor Co ( 7267.T ) cannot convince Japanese consumers to buy models that are popular in the United States. Small sport utility vehicles such as the Toyota RAV4 and Honda''s CR-V are seen by Japanese consumers as too big. Only about 13,000 vehicles from U.S. automakers sold in Japan in both 2016 and 2015, and of that about three-fourths were Jeep SUVs made by Fiat Chrysler Automobiles ( FCHA.MI ) ( FCAU.N ). Ford Motor Co ( F.N ) announced last month that it is pulling out of the Japanese market entirely, after selling just 2,400 vehicles there in 2016. The Japanese auto market has shrunk not only in terms of vehicle size, but in sales volume. As a result, global automakers, including Japan''s, are focused on boosting sales in China, the United States and growing emerging markets. "It would take a painstaking fine-tuning of vehicle specs to suit American cars to those driving and other conditions and develop a strong distribution network to be able to gain traction in Japan. It is nothing short of a 20-year effort," said a Toyota executive who spoke on condition he not be named. Jaguar Land Rover Japan Ltd Chief Executive Magnus Hansson said the low sales of U.S. cars in Japan did not mean it was a closed market, but rather reflected "a total and absolute lack of effort over 50 years" by Detroit. Still, Japan remains an export hub for the big Japanese automakers. The U.S. Commerce Department this week reported that the U.S. trade deficit with Japan in 2016 was $68.9 billion, and of that total surplus, some $52.6 billion was in vehicles and automotive parts. Japan''s automakers have more than 90 percent of the Japanese market. Last year U.S. automakers controlled only 45 percent of their home market, the world''s second-biggest after China. A bigger factor than imports in the Detroit automakers'' loss of U.S. market share since 1980 is the surge in investment by Japan''s automakers in U.S. factories. Last year, 56 percent of the vehicles Toyota sold in the United States were made in America, the company said. Toyota said it employs more than 34,000 in the United States. For years the growth of Japanese-owned auto factories in the U.S. heartland has helped cool trade tensions. But Trump, a Republican, has turned up the heat by complaining about the trade surplus and accusing Japan of manipulating the value of the yen to disadvantage American-made goods. On Thursday, a bipartisan group of senators from auto manufacturing states called on the new president "to address currency manipulation and auto-related non-tariff barriers.<2E> They are not alone in urging changes to help bolster U.S. business. "(Trump) must bring Abe up short on any cheery notion that business will continue as usual," said Kevin L. Kearns,
'2eccdcb102e2394623ee90b34302af9a8f50dbf1'|'UPDATE 1-Brazil prosecutors allege JBS'' Batista, Eldorado''s CEO broke agreement'|'Company News - Mon Feb 6, 2017 - 8:26pm EST UPDATE 1-Brazil prosecutors allege JBS'' Batista, Eldorado''s CEO broke agreement (Adds J&F statement, paragraphs 7-8) SAO PAULO Feb 6 Brazilian federal prosecutors asked a court on Monday to reimpose preventive measures against two key suspects in a corruption probe dubbed Operation Greenfield, which is investigating fraud at state-run companies'' pension funds. According to the prosecutors'' statement, defendants Joesley Batista, from the family that controls meatpacker JBS SA , and Jos<6F> Carlos Grubisich Filho, chief executive of pulp producer Eldorado Brasil Celulose SA, breached an agreement that had been signed with the prosecutors related to the investigation. Asking the court to recognize that the defendants "violated principles of good faith" contained in the agreement, the prosecutors petitioned a judge to block assets worth as much as 3.8 billion reais ($1.22 billion) belonging to the investigated parties. The prosecutors said the sum would serve as "a guarantee" to compensate losses allegedly caused by the defendants in their business dealings with state-run companies'' pension funds, as well as state-bank Caixa Econ<6F>mica Federal and the FGTS workers'' severance fund. The probe of the pension funds is one in a string of corruption investigations into the vast overlap of Brazilian business and politics. J&F, the Batista family holding company that controls both JBS and Eldorado, said it was "surprised" by the prosecutors'' petition concerning both executives, calling their allegations "baseless and irresponsible." Referring to Eldorado specifically, J&F said in a statement that all actions taken by the management and the board of the pulp producer were legal, communicated in a transparent manner and made in accordance with the company''s bylaws. ($1 = 3.1150 reais) (Reporting by Ana Mano; Editing by Bill Rigby and Peter Cooney) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brazil-corruption-prosecutors-idUSL1N1FR1Q7'|'2017-02-07T08:26:00.000+02:00'
'5db208f4e03507b4bc6e7ad8e0d4c006af17e81f'|'Qatar Airways flight from New Zealand to be longest by flying time - Reuters'|'DUBAI Feb 5 Qatar Airways launched its first service to Auckland, New Zealand on Sunday with the return leg set to be the longest scheduled commercial flight by flying time, according to the airline''s website.Flight QR920 departed Doha''s Hamed International Airport, a spokeswoman confirmed, and was scheduled to arrive in Auckland on Monday at 0730 local time (1830 GMT).The flight was expected to take 16 hours and 20 minutes and the return service, taking 17 hours and 30 minutes, would be the world''s longest, according to flight tracking website flightradar24.Qatar Airways is using a Boeing 777 on the 14,534 kilometre (9,031 mile) flight, its first service to New Zealand, it said. Improvements in technology over the last decade have allowed more efficient fuel use, encouraging longer flights.The previous record for the world''s longest scheduled flight by flying time was held by fellow Gulf carrier Emirates , which launched direct flights to Auckland from Dubai in March 2016.Air India has a longer flight by distance, spanning 15,298 kilometres from Delhi to San Francisco; this takes 14 hours and 30 minutes, according to the Times of India.Singapore Airlines may regain the top spot when it resumes non-stop flights to New York with an ultra-long distance variant of the Airbus A350 as soon as 2018. It has said the New York service, at around 19 hours, will start in 2018. (Reporting by Alexander Cornwell; editing by Andrew Torchia and Jason Neely)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/qatar-airlines-idINL5N1FQ03I'|'2017-02-05T05:02:00.000+02:00'
'16663de67b02be8dd21f06e9b0ea309041c7e873'|'NBA star Stephen Curry opposes Under Armour chief''s Trump comment'|'By Angela Moon - NEW YORK NEW YORK Feb 9 National Basketball Association star Stephen Curry joined a number of other athletes to speak up against President Donald Trump, opposing a comment made by Under Armour Chief Executive Kevin Plank that the president is "a real asset" to the country.On Tuesday, Plank expressed support for Trump on CNBC, saying: "To have such a pro-business president is something that is a real asset for the country."In an interview with The San Jose Mercury News on Wednesday, Curry, one of Under Armour''s most-visible athletes, said, "I agree with that description (of asset made by Plank), if you remove the ''et.''"A number of NBA players including Cleveland Cavaliers superstar Lebron James, who is endorsed by Nike Inc, have recently expressed concerns over Trump''s policies. But Curry is the first player to directly oppose comments made by their sponsor.Plank''s comments immediately drew backlash on social media with many using hashtags #boycottUnderArmour and #Grabyourwallet to spread a campaign against pro-Trump companies.Under Armour has since released a statement saying Plank''s comments were in regard to Trump''s business policies, not his social viewpoints."We believe in advocating for fair trade, an inclusive immigration policy that welcomes the best and the brightest and those seeking opportunity in the great tradition of our country, and tax reform that drives hiring to help create new jobs globally, across America and in Baltimore." Under Armour is based in Baltimore.Under Armour was not immediately available for comment on Thursday.Curry, who has a multi-million dollar contract that includes an equity stake in Under Armour that runs through 2024, said in the interview that Plank working with Trump is not a deal-breaker, but he is more concerned about Under Armour adopting Trump''s values.Curry endorsed Hilary Clinton, Trump''s Democract opponent, in the Nov. 8 election.Shares of Under Armour rose 3.7 percent to $21.86 on Thursday.(Reporting by Angela Moon; Editing by Alan Crosby)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/underarmour-nba-trump-idINL1N1FU1DB'|'2017-02-09T15:24:00.000+02:00'
'4e27f1b50f57e77760b3f1b2e2260b18c36faa5f'|'BRIEF-Fuji Soft Inc''s operating profit looks to have climbed 3 percent in 2016 - Nikkei'|' 16pm EST BRIEF-Fuji Soft Inc''s operating profit looks to have climbed 3 percent in 2016 - Nikkei Feb 8 Source: Nikkei * Fuji Soft Inc''s operating profit looks to have climbed 3 percent in 2016 to about 8.7 billion yen - Nikkei * Fuji Soft Inc''s sales apparently rose 4 percent to about 160 billion yen in 2016 - Nikkei Source text : [ID: s.nikkei.com/2kOpwLi ]  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1FT0TC'|'2017-02-09T00:16:00.000+02:00'
'7e1bb8416c02d0c96f6bc5f8662813c80a9a6a5b'|'REFILE-Russia''s Detsky Mir prices share sale at bottom of range-sources'|' 36am EST REFILE-Russia''s Detsky Mir prices share sale   (Refiles to fix day of the week)   lower end of the     Kiselyova;   Morning News Call - India, February 8 To access the newsletter, click on the link: http://share.thomsonreuters.com/assets/newsletters/Indiamorning/MNC_IN_02082017.pdf If you would like to receive this newsletter via email, please register at: https://forms.thomsonreuters.com/india-morning/ FACTORS TO WATCH 11:00 am: Budget session of parliament continues in New Delhi. 2:30 pm: RBI releases monetary policy statement in Mumbai. 2:45 pm: RBI media interaction after release of monetary po Japan''s Sharp may begin construction on $7 bln U.S. plant before June 30 -source TOKYO, Feb 8 Japanese display maker Sharp Corp may start building a $7 billion plant in the United States before June 30, taking the lead on a project initially considered by its Taiwanese parent Foxconn, a person with knowledge of the plan 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/russia-detsky-mir-ipo-price-idUSR4N1FO008'|'2017-02-08T12:36:00.000+02:00'
'b11e01d30ceda78d4534e8347c88e9f9cc4b9534'|'Qatar Airways expects Trump''s travel ban to be relaxed - report'|'  6:13am GMT Qatar Airways expects Trump''s travel ban to be relaxed - report Qatar Airways<79> inaugural flight touches down on New Zealand<6E>s Waitangi Day in Auckland, February 6, 2017. Qatar Airways/Handout via REUTERS SYDNEY Qatar Airways Chief Executive Akbar Al Baker on Tuesday said he expected U.S. President Donald Trump would eventually relax a travel ban targeting seven predominantly Muslim countries, New Zealand media reported. The travel ban, Trump''s most controversial act since taking office last month, was halted temporarily on Friday following a ruling by a U.S. judge, but it affected some of the airline''s passengers. Al Baker said he expected Trump''s business talent would prevail when it came to trade between the U.S. and Gulf countries. "I think we still need to give him some time to see how it is to run a superpower country," Al Baker told media in New Zealand, according to a Fairfax Media report. He was speaking after the airline launched one of the world''s longest flights from Doha to Auckland. "I''m sure he will realise in the long run that the Gulf countries are contributing hugely to the economy of the United States." Al Baker has previously appeared at events with Trump and last year described him as "a friend" to CNN. "President Trump is trying to protect the interests of his country the same way I am trying to protect the interests of my country and my airline," Al Baker said on Tuesday. On Jan. 27, Trump suspended the entry of nationals from Iran, Iraq, Libya, Somalia, Sudan, Syria and Yemen, and all refugees. The ban caught the airline industry off guard, with some carriers forced to re-roster flight crew. (Reporting by Jamie Freed)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-qatar-airlines-new-zealand-idUKKBN15M0DE'|'2017-02-07T13:13:00.000+02:00'
'708476440fd021dc7b106f7eb7c1f0d1b726f5b0'|'UK signals change of tack with help for renters, not just homebuyers'|'By Costas Pitas - LONDON LONDON Britain is to set out plans on Tuesday to make renting more affordable and provide extra protection for tenants, in a shift away from decades of government policy almost solely promoting home ownership.Since Prime Minister Margaret Thatcher began selling off council homes in the 1980s, very little social housing has been built, with successive administrations instead devising policies to help those trying to get a foot on the property ladder.As a consequence, demand has outstripped supply in many areas, pushing up prices to over eight times average earnings and forcing many to spend up to half of their income on rent.On Tuesday, the government will set out plans in parliament to expand programmes to help those wishing to rent rather than buy, change planning laws to encourage long-term build-to-rent schemes and push for longer-term tenancies."The government will put measures to tackle the high cost of renting at the heart of its plan to fix the broken housing market," the communities and local government ministry said in a statement.A previously announced 7 billion-pound ($8.7 billion) programme designed to build 225,000 properties by 2021 was originally limited to those wishing to buy at least a share of the home, but will now be opened up to tenants as well.The government is also seeking to speed up housebuilding, boost small and medium-sized builders and push for greater transparency, to highlight where developers have received planning permission but are not yet building.The package of measures is designed to increase the number of new homes coming onto the market in England from 190,000 units a year to at least 250,000, after years of falling short.Despite a series of bipartisan efforts already in place to increase supply, there are signs that housebuilding could stall or even fall in the coming years.Britain''s biggest housebuilder Barratt ( BDEV.L ) said last month it might build fewer homes in the current financial year and posted a more than 50 percent drop in London, which it blamed on build cycles and land prices.A closely-watched leading indicator of future housing supply also fell nationwide by 2 percent in 2016 and by a third in London, where the shortage is most acute, according to data from the National House-Building Council.Some builders are concerned that any Brexit-imposed restrictions on immigration could affect their ability to maintain current levels of construction, never mind boost output. On some London building sites most workers come from other countries in the European Union.($1 = 0.8020 pounds)(Reporting by Costas Pitas; editing by Andrew Roche)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/britain-economy-housing-idINKBN15M00J'|'2017-02-06T21:16:00.000+02:00'
'246bbefe3329d5f60a109dd892582a7017067999'|'Builder Bellway says on track to build more homes'|'Business News - Tue Feb 7, 2017 - 8:22am GMT Builder Bellway says on track to build more homes left right A Bellway sign is seen at a housing construction site in London, Britain, February 5, 2017. REUTERS/Toby Melville 1/5 left right A Bellway sign is seen at a housing construction site in London, Britain, February 5, 2017. REUTERS/Toby Melville 2/5 left right A Bellway sign is seen at a housing construction site in London, Britain, February 5, 2017. REUTERS/Toby Melville 3/5 left right A Bellway sign is seen at a housing construction site in London, Britain, February 5, 2017. REUTERS/Toby Melville 4/5 left right A hard hat is used as a hanging plant pot at a Bellway housing construction site in London, Britain, February 5, 2017. REUTERS/Toby Melville 5/5 LONDON British house-builder Bellway ( BWY.L ) said on Tuesday it would build around 5 percent more homes this financial year after posting an increase in the number of properties it built over the last six months. The company said that while it remained aware of economic uncertainty following the June 23 Brexit vote, it was continuing to buy land for future housebuilding, the biggest expense for most developers. "The strong order book and investment in work in progress should mean that the group is able to deliver further volume growth of around 5 percent," Bellway said in a statement. (Reporting by Costas Pitas, Editing by Paul Sandle) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-bellway-results-idUKKBN15M0OK'|'2017-02-07T15:22:00.000+02:00'
'33e927c3c4b373cbbcc322e47a072e6f18f81399'|'German SGB in talks to merge with Schneider Electric unit-sources'|'FRANKFURT/PARIS Germany''s SGB-SMIT is in talks to merge with the power transformer unit of French electrical components maker Schneider Electric ( SCHN.PA ), two people familiar with the plans told Reuters.Talks are at an advanced stage, the people said, adding any deal would see Schneider take a minority stake in SGB-SMIT, owned by private equity group BC Partners since 2008."Chances are 50:50," one of the people said.BC Partners also continues to explore a sale of the business and last year hired Goldman Sachs ( GS.N ) to find a possible buyer, hoping to fetch 700 million euros ($746 million).In case of a merger with Schneider''s power transformer business, BC Partners would remain invested in SGB-SMIT before pulling out at a later stage, for example via a public listing, the people said.SGB-SMIT generated sales of 720 million euros in 2016, an increase of 8 percent, while core earnings (EBITDA) rose to about 80 million, based on preliminary results, up from 64 million in 2015.A merger with Schneider''s transformer business could raise EBITDA to more than 110 million euros, the people said.BC Partners, Schneider and Goldman Sachs all declined to comment.(Reporting by Alexander Huebner and Gilles Guillaume; Writing by Christoph Steitz; Editing by Maria Sheahan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/uk-schneider-sgb-idINKBN15M0UT'|'2017-02-07T06:35:00.000+02:00'
'e12ae2238f111cd1c246c43bc6b2f7c616f89c97'|'Fed''s Harker says increasingly concerned about some cyber threats'|'Technology News  16pm EST Fed''s Harker says increasingly concerned about some cyber threats A security guard walks in front of an image of the Federal Reserve following the two-day Federal Open Market Committee (FOMC) policy meeting in Washington, March 16, 2016. REUTERS/Kevin Lamarque/File Photo SAN DIEGO Philadelphia Federal Reserve Bank President Patrick Harker on Monday said he in increasingly concerned about cyber threats to small banks, citing hackers stealing money by exploiting third-party vendors that provide cyber-security to many small banks. While large banks often build internal security systems, small banks often outsource their cyber security to specialized firms. Harker said that when he surveys banks about their concerns each year, cyber security is the foremost concern. (Reporting by Ann Saphir; editing by Diane Craft) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-fed-harker-cyber-idUSKBN15L2JX'|'2017-02-07T05:10:00.000+02:00'
'c67cbc386d77f8b5ec5207b8f3717c9e89604eaf'|'BRIEF-First US Bancshares Q4 loss per share $0.02'|' 11pm EST BRIEF-First US Bancshares Q4 loss per share $0.02 Feb 10 First US Bancshares Inc : * First US Bancshares Inc reports fourth quarter and year-end results * Q4 loss per share $0.02 * First US Bancshares Inc - pre-provision net interest income totaled $7.1 million in Q4 of 2016, compared to $7.2 million in prior quarter Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSASB0AZT8'|'2017-02-11T04:11:00.000+02:00'
'e56587e7543a2547294959670ee0a3143aa798b0'|'Aon to sell benefits outsourcing to Blackstone for $4.3 billion'|'  12:01pm GMT Aon to sell benefits outsourcing to Blackstone for $4.3 billion Insurance broker Aon PLC ( AON.N ) said on Friday it agreed to sell its benefits administration and HR BPO platform to private equity firm Blackstone Group LP ( BX.N ) for $4.3 billion (4 billion pounds) in cash. Aon could get up to $500 million more based on future performance, as part of the deal. London-headquartered Aon said it expected the deal to improve its return on invested capital and add to adjusted earnings per share in 2018. Proceeds from the deal after tax are expected to be about $3 billion, subject to customary working capital and other adjustments, Aon said. The company also said it expects to allocate part of the proceeds from this transaction to increase its share repurchases. The repurchase program has been increased by $5 billion, bringing the total amount currently authorized for repurchases to about $7.7 billion as of Feb. 10, Aon added. Reuters first reported the news on Thursday, citing sources who said Blackstone prevailed over buyout firm Clayton Dubilier & Rice LLC in an auction for the deal. The deal gives Blackstone ownership of a business that processes work benefits for 15 percent of the U.S. population. Private equity firms have been keen investors in businesses that help companies cut costs by outsourcing large parts of their administrative functions, since such operations can generate strong cash flows. They typically seek to sell ownership of such assets at a big profit a few years after they invest. Aon also reported better-than-expected fourth-quarter earnings helped by strength in its retail business. The company''s net income attributable to shareholders fell to $502 million, or $1.87 per share, in the fourth quarter ended Dec. 31, from $584 million, or $2.09 per share, a year earlier. On an adjusted basis Aon earned $2.56 per share, beating the average analysts'' estimate of $2.49, according to Thomson Reuters I/B/E/S. Morgan Stanley was Aon''s financial adviser while Citigroup, Credit Suisse, and SMB Capital advised Blackstone. Sidley Austin LLP provided legal counsel to Aon and Kirkland & Ellis LLP to Blackstone. (Reporting by Nikhil Subba in Bengaluru; Editing by Shounak Dasgupta)   Unrealistic to see UK/EU trade deal in two years - EU representative EDINBURGH It is unrealistic for Britain to expect to negotiate its exit from the European Union and reach a free trade agreement in two years and both will probably need an implementation phase, the head of the European Commission''s office in Britain said.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-aon-benefits-blackstone-idUKKBN15P1CU'|'2017-02-10T19:01:00.000+02:00'
'da31f23ccea14635720571e23ab08dcc1351ef78'|'ArcelorMittal sees 2017 global steel demand up 0.5-1.5 pct'|'Company News  19am EST ArcelorMittal sees 2017 global steel demand up 0.5-1.5 pct BRUSSELS Feb 10 ArcelorMittal sees global apparent steel consumption growth growing by between 0.5 and 1.5 percent in 2017 after a 1.0 percent expansion in 2016. ArcelorMittal says 2017 u.s. Apparent steel consumption growth seen at 3-4 pct (vs 1-1.5 pct decline in 2016) ArcelorMittal says 2017 europe apparent steel consumption growth seen at 0.5-1.5 pct (bs 1.5-2.0 pct in 2016) ArcelorMittal says 2017 brazil apparent steel consumption growth seen at 3-4 pct (vs 13-13.5 pct decline in 2016) ArcelorMittal says 2017 cis apparent steel consumption seen between decline of 0.5 pct and growth of 0.5 pct (vs 3.5-4.0 pct decline in 2016) ArcelorMittal says 2017 china apparent steel consumption decline seen at decline of up to 1.0 pct (vs 1-1.5 pct growth in 2016) (Reporting By Philip Blenkinsop) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/arcelormittal-outlook-idUSL5N1FV0OR'|'2017-02-10T13:19:00.000+02:00'
'2ae9fdcc8fc01316ff3f038e4a2435b9bdfd14aa'|'A farmhouse with a valuable secret <20> in pictures - Money'|'A farmhouse with a valuable secret <20> in pictures 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 The <20>500,000 price tag could end up being a steal for this characterful North Yorkshire property if you believe the tale that comes with it Anna Tims Friday 10 February 2017 07.00 GMT Somewhere hidden within this 18th-century farmhouse, at Thorgill in the Rosedale valley, North Yorkshire, it<69>s thought there is a Renaissance painting worth <20>1m. The <20>500,000 asking price could therefore make your fortune. Facebook Twitter Pinterest The trouble is you have to find it, a task that has defeated successive owners over the past 50 years. The painting, by Michelangelo<6C>s protege Sebastiano del Piombo, was bought by George Baxter, who lived in the three-bedroom house in the first half of the last century. Facebook Twitter Pinterest Valued at <20>35,000 in the 1920s, the work was one of several by the artist depicting Christ and the cross and was exhibited at the Middlesbrough art gallery in the late 30s. But the second world war destroyed Baxter<65>s public spirit. The self-styled <20>Earl of Rosedale, Admiral of the French Fleet, Sultan of Zanzibar and Lord High Judge of England<6E> boarded up the house and spent the rest of his life defending his artwork. Facebook Twitter Pinterest All visitors, including officials pursuing unpaid taxes, were greeted with a shout of <20>invaders!<21> and a blast from his 12-bore shotgun. When he died suddenly in 1959, police cordoned off the property, but the painting was nowhere to be found. Facebook Twitter Pinterest It could be stashed under the floor boards or inserted inside a hollow wall, but without dismantling the place you might never find out. Facebook Twitter Pinterest You won<6F>t have wasted your money, though, for you command an equally artistic view across 10.29 acres from a characterful home with beamed ceilings and heated flagstoned floors. Boulton & Cooper , 01653 692151 Facebook Twitter Pinterest Money Surreal estate Painting Art'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/gallery/2017/feb/10/a-farmhouse-with-a-valuable-secret-in-pictures'|'2017-02-10T14:00:00.000+02:00'
'2eae86c9ca19b436e70211265cb0b03410831053'|'German industry orders rise at strongest pace in 2-1/2 years'|'  7:10am GMT German industry orders rise at strongest pace in 2-1/2 years FILE PHOTO - A steel-worker is pictured at a furnace at the plant of German steel company Salzgitter AG in Salzgitter, Lower Saxony on March 21, 2012. REUTERS/Fabian Bimmer/File Photo BERLIN Higher demand for capital goods at home and abroad drove the biggest monthly increase in German industrial orders in around 2-1/2 years in December, data showed on Monday. Contracts for goods ''Made in Germany'' were up by 5.2 percent on the month, the Economy Ministry said. That was the biggest monthly increase since July 2014 and was far stronger than the Reuters consensus forecast for a rise of 0.5 percent. Domestic demand jumped by 6.7 percent while foreign orders increased by 3.9 percent, with bookings from euro zone countries soaring by 10.0 percent. The data for November was revised down to a fall of 3.6 percent from a previously reported drop of 2.5 percent. (Reporting by Michael Nienaber; Editing by Michelle Martin)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-germany-economy-orders-idUKKBN15L0JO'|'2017-02-06T14:03:00.000+02:00'
'a864f4eeaf15c4841235f2c8fa38a1823227edd6'|'Samsung Group says process to disband its corporate strategy office underway'|'Technology Photos - Mon Feb 6, 2017 - 11:47am IST Samsung Group says process to disband its corporate strategy office underway Jay Y. Lee, center, vice chairman of Samsung Electronics, arrives to be questioned as a suspect in bribery case in the influence-peddling scandal that led to the president''s impeachment at the office of the independent counsel in Seoul, South Korea, Thursday, Jan. 12, 2017. REUTERS/Ahn Young-joon/Pool SEOUL South Korean conglomerate Samsung Group [SAGR.UL] said on Monday it will disband its corporate strategy office tasked with managing long-term group-related affairs at the conclusion of the current special prosecution probe. Jay Y. Lee, third-generation leader of the country''s top conglomerate, said at a December parliament hearing he plans to disband the office but did not give a specific timeline. Samsung said in a statement the process of dismantling the office is already underway but did not elaborate further. (Reporting by Se Young Lee; Editing by Muralikumar Anantharaman) Next In Technology Photos'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-samsung-group-strategy-idINKBN15L0HE'|'2017-02-06T13:01:00.000+02:00'
'6f19e8f46bb0930331e14315da5dc4f2417f05eb'|'EMERGING MARKETS-Emerging equities, currencies firm; Turkish stocks slip off 2-yr high'|'By Claire Milhench - LONDON LONDON Feb 6 Emerging equities rose to five-month highs on Monday after solid Chinese services sector data and disappointing U.S. wage growth that raised hopes the U.S. Federal Reserve would not hike rates as quickly as previously feared.MSCI''s benchmark emerging equity index rose 0.7 percent to its highest level since early-September after China''s services sector showed an increase in orders and companies hiring staff at the fastest pace in 20 months.Emerging currencies broadly firmed, with many Asian currencies at multi-month highs versus the subdued dollar and even the beaten-down Turkish lira rising 0.3 percentSentiment was also supported by Friday''s U.S. non-farm payrolls which showed a greater-than-expected rise in jobs growth, although wage growth was disappointing. This suggested inflation would not reach a rate that would prompt the U.S. central bank to raise interest rates soon."That provided a shot in the arm for EM risk appetite," said Per Hammarlund, chief emerging markets strategist at SEB. "If the FOMC won''t hike as fast as previously thought, that''s good for higher-yielding emerging markets."He added that the Chinese data had boosted commodity prices, another supportive factor for emerging markets.Asian markets set the trend with mainland Chinese shares up 0.5 percent, Hong Kong stocks up 0.9 percent and Taiwan shares climbing 0.9 percent to their highest level since June 2015.Indian shares also climbed to a four-month high as investors bet the central bank would ease interest rates on Wednesday.Turkish stocks however retreated 0.5 percent after initially hitting two-year highs, dragged down by Halkbank and Turkish Airlines, which fell 1 percent and 0.4 percent respectively after the government removed them from a privatisation programme.It transferred its stakes in several firms to its sovereign wealth fund.Bucharest stocks also rose 0.6 percent to their highest level since August 2015 and Romania''s leu firmed 0.2 percent against the euro after Romania''s government, under pressure from mass protests, annulled a decree that would have decriminalised some graft offences.The leu hit a seven-month low last week. Romania''s central bank will meet on Tuesday and is expected to keep rates on hold at 1.75 percent.On bond markets, Nigeria''s pending $1 billion Eurobond sale, its first in 3-1/2 years hangs in balance after President Muhammadu Buhari asked parliament to extend his medical leave, deepening suspicions that his health is worse than thought.Buhari''s extended leave could further erode confidence in his administration, already under pressure from investors to let Nigeria''s currency float freely to try to revive an oil-driven economy now is at its weakest in 25 years.For GRAPHIC on emerging market FX performance 2016, see tmsnrt.rs/2e7eoml For GRAPHIC on MSCI emerging index performance 2016, 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 925.81 +6.94 +0.76 +7.37Czech Rep 946.00 +2.01 +0.21 +2.65Poland 2091.73 +15.61 +0.75 +7.38Hungary 32706.73 -199.16 -0.61 +2.20Romania 7534.64 +41.88 +0.56 +6.35Greece 621.75 -7.17 -1.14 -3.40Russia 1185.87 -4.53 -0.38 +2.91South Africa 45575.58 +158.01 +0.35 +3.81Turkey 88155.65 -233.85 -0.26 +12.82China 3157.37 +17.20 +0.55 +1.73India 28440.68 +200.16 +0.71 +6.81Currencies Latest Prev Local Localclose currency currency% change % changein 2017Czech Rep 27.02 27.01 -0.03 -0.04Poland 4.29 4.30 +0.33 +2.73Hungary 309.17 309.47 +0.10 -0.11Romania 4.51 4.52 +0.22 +0.53Serbia 123.85 123.88 +0.02 -0.40Russia 58.83 59.02 +0.32 +4.14Kazakhstan 322.00 323.60 +0.50 +3.62Ukraine 27.25 27.15 -0.37 -0.92South Africa 13.27 13.27 -0.04 +3.46Kenya 103.65 103.80 +0.14 -1.23Israel 3.75 3.75 -0.09 +2.63Turkey 3.68 3.70 +0.36 -4.25China 6.86 6.87
'063c798364bffe7cb57bf867a8b3fcafbec2f46c'|'Disruption at UK''s Rough gas storage site to extend beyond April'|'Business News - Mon Feb 6, 2017 - 9:16am GMT Disruption at UK''s Rough gas storage site to extend beyond April LONDON Britain will not be able to inject additional supplies to its largest gas storage site after six of its wells failed tests, delaying a plan to have them back in service by the end of April, operator Centrica Storage Limited (CSL) ( CNA.L ) said. Concerns about integrity of wells at the Rough site, off England''s east coast, prompted Centrica to impose limits last year on how much gas could be stored there as a safety precaution. Following investigations, Centrica shut down the facility for injections and withdrawals of gas. Withdrawals resumed in December but injections were on hold until April. "The return to injection operations in 2017 remains subject to successfully completing well testing on all wells and confirmation that Rough can be safely returned to service," it added. Gas is injected usually in the summer months when demand and prices are low. Britain depends on stored gas reserves to help manage winter demand spikes and to ensure security of supply. Rough usually provides more than 70 percent of Britain''s gas storage capacity. The site is more than 30 years old and repeated outages have highlighted its vulnerability. In a review by the Competition and Markets Authority last year, CSL said Rough was an ageing asset which had outlasted its original design life of 25 years and that its reliability was likely to worsen over time. If there is reduced injection capacity over the summer months at Rough, other, smaller storage sites will have to be used. There could be a risk of low levels of gas in storage for the winter 2017/18 season, traders said. Britain could have to pay for more liquefied natural gas deliveries and imports from Norway and the Netherlands. Market reaction was muted. The Summer 2017 wholesale gas contract TRGBNBPSU7 was down 0.55 pence at 45.95 pence per thermo. CSL said it had completed calliper surveys on 20 out of 24 wells at the site and completed pressure testing on 12 of those 20 wells. Eight of those 12 passed the tests but two will need further work and will not be able to return to service by April 30. Four out of the 12 did not pass the tests and will not return to service by that date either, CSL said. "All 6 wells that are not capable of returning to service by 30 April 2017 have been isolated from the reservoir," the firm said in a statement. The firm said it is evaluating the consequences of the test results and will provide another market update as soon as it can. CSL is still testing remaining wells. "The return to injection operations in 2017 remains subject to successfully completing well testing on all wells and confirmation that Rough can be safely returned to service," it added. Withdrawal operations remain unaffected, CSL said. (Reporting by Nina Chestney and Apeksha Nair; Editing by Adrian Croft/Keith Weir) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-gas-rough-idUKKBN15L0U5'|'2017-02-06T16:16:00.000+02:00'
'cc076c9b10396fd7f07f63e9022c12902602cdb8'|'Barclays to overhaul back office operations to cope with ring-fencing'|'Money News - Sun Feb 5, 2017 - 4:17pm IST Barclays to overhaul back office operations to cope with ring-fencing The Barclays headquarters building is seen in the Canary Wharf business district of London, Britain February 6, 2013. REUTERS/Neil Hall/File Photo By Lawrence White - LONDON LONDON Barclays Plc is about to overhaul its back office operations under a restructuring to help it comply with new post-crisis rules forcing British banks to ring-fence their retail operations from their riskier business. It has formed a new company that will operate as a standalone unit providing support services to both of its two main operations when they are formally separated - retail and investment banking, the bank said. The ring-fencing rules seek to avoid a repeat of the 2008 crisis, when banks'' bad bets threatened depositors'' cash. While Barclays was not among those that needed a UK taxpayer-funded bailout, the new rules apply to all lenders in Britain that have retail and commercial or investment banking activities. At Barclays, the aim is that critical support functions could continue to operate smoothly if either of its two main businesses were to run into trouble, while also keeping costs down by not having several separate back-office units, sources involved in the project said. The overhaul - including the creation of the new company known internally as ServCo - will affect most of the more than 10,000 people who work in Barclays back offices operations in 17 countries around the world. It will group together the bank''s huge operations in India and South Africa that provide technology support and data management, along with functions such as compliance with regulatory requirements, corporate relations, legal affairs and human resources. While for some staff this will simply involve a change in the name of the legal entity they work for, the sources said it was also likely to lead to some job losses. Barclays declined to comment on the possible staff cuts or the cost of the restructuring. However, sources with direct knowledge of the project said it would soak up much of the 1 billion pounds ($1.25 billion) that Barclays has said it will cost to comply with the ring-fencing rules. UPHEAVAL The structural change shows the upheaval that British banks face to meet the rules that come into force in 2019. Other British lenders are working on similar models. HSBC transferred 18,000 employees to a UK-based service company in 2015, according to a company filing, as part of a move to insulate its back-office functions to comply with the new regulations. HSBC plans to base its ring-fenced British retail and commercial banking business in Birmingham, shifting about 1,000 staff to the central English city from London. Barclays, however, will keep both main operations headquartered at its building in the capital''s Canary Wharf district. Paul Compton, Barclays'' chief operating officer, is overseeing the creation of the new company, which will formally be called Barclays Services Ltd. "From the outset, we''ve been keen to use the incoming ringfencing regulations to enhance the banking experience for our customers and clients, and the establishment of the service company is a great example of how we can put this into practice," Compton told Reuters in an email. He declined to comment on how many people will work in the new unit. Some back office workers are confused about which entity they will end up working for and concerned about losing their jobs, two of the sources said. ServCo''s management structure will be formalised by April with a view to it beginning operations by September, they added. Compton joined the bank in May 2016, one of many high-profile former JPMorgan bankers recruited by Barclays Chief Executive Jes Staley, who himself ran the U.S. lender''s investment banking division until 2013. ($1 = 0.7988 pounds)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/
'586d851a001bd308267581da084015b5c588d331'|'Foreign flights to slip under the radar of EU emissions limits'|'Business News - Fri Feb 3, 2017 - 12:18pm GMT Foreign flights to slip under the radar of EU emissions limits By Julia Fioretti - BRUSSELS BRUSSELS International flights in and out of the European Union could be exempted from emissions limits for at least another four years to give the United Nations time to implement a global system to curb pollution from planes. The EU proposed extending the exemption, which was set to end at the start of 2017, on Friday to avoid a repeat of tensions when it tried to include all flights in 2012. But it was immediately criticised by environmental campaigners who oppose an International Civil Aviation Organization (ICAO) deal struck in October on a global market-based measure for offsetting airline emissions. Airlines who back the ICAO deal, which will not be mandatory until 2027, welcomed the EU proposal as they want to avoid a patchwork of national and regional schemes. ICAO''s deal was seen as not being ambitious enough by the European Parliament, which along with member states, will have to approve the EU exemption proposal. It will also be reviewed by the European Commission as details on the implementation of the UN scheme become clear. The fate of the emissions trading system (ETS) covering flights within Europe will also be assessed in the review, EU officials said, adding that all options were on the table, including dismantling it once the global system is in place to avoid double counting for flights within the bloc. "The European Union is now focused on getting the global scheme up and running. We are serious about achieving carbon neutral growth for aviation worldwide, and we will provide technical support to make it happen," Violeta Bulc, the EU''s transport commissioner, said. The EU had ordered carriers to buy credits for foreign flights under its ETS in 2012 but backtracked when countries said it violated their sovereignty and China threatened to cancel plane orders from Airbus Group ( AIR.PA ). Airlines for Europe (A4E) which represents Ryanair ( RYA.I ), easyJet ( EZJ.L ), Lufthansa ( LHAG.DE ), Air France KLM ( AIRF.PA ) and British Airways owner International Airlines Group ( ICAG.L ), and others said it expected the ICAO scheme to be the only measure for tackling carbon emissions within the bloc as of 2021. "This proposal provides certainty for European operators enabling them to focus their efforts on the implementation of the global deal to effectively tackle climate change," Thomas Reynaert, A4E<34>s Managing Director, said. Under the ETS emissions are capped, whereas the ICAO deal allows carriers to increase them without limit as long as they offset them with carbon credits from environmental projects. Aviation, which produces about 2 percent of carbon dioxide emissions, was excluded from the Paris accord to fight climate change, and environmental groups say the ICAO deal is not compatible with accord''s aim to limit temperature increases. "The Commission has chosen to again suspend the only effective measure to regulate aviation emissions, all for a voluntary deal which is years from coming into operation and which may never actually reduce the climate impact of flying," Bill Hemmings, aviation director at Transport & Environment, said. (Editing by Alexander Smith)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eu-carbon-aviation-idUKKBN15I1IV'|'2017-02-03T19:18:00.000+02:00'
'7b6af4dec62d40fe7f4f8332e8e78596a97693a8'|'BRIEF-India cenbank issues draft rules on interest rate risk in banking books'|'Financials  21am EST BRIEF-India cenbank issues draft rules on interest rate risk in banking books Feb 2 (Reuters) - * India cenbank releases draft rules on interest rate risk in banking books * India cenbank says draft rules require banks to compute, disclose changes in economic value of equity, net interest income Source text for Eikon: ( bit.ly/2ku1gh8 ) (Reporting by Rafael Nam) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSL4N1FN3FQ'|'2017-02-02T22:21:00.000+02:00'
'758a37dd5b8440479d4ca64a439cdd75d148beea'|'Bank of England jacks up forecast for 2017'|'What Brexit? Bank of England jacks up growth forecast for 2017 by Alanna Petroff @AlannaPetroff February 2, 2017: 9:34 AM ET London Mayor: A hard Brexit could leave future generations poorer The U.K.''s economic future is looking brighter. The Bank of England upgraded its growth expectations for 2017 on Thursday, offering a much rosier view of Britain''s economic prospects than the doom and gloom forecasts it produced in the wake of the Brexit vote. The central bank now expects growth to hold steady at 2% this year, the same rate of expansion posted in 2016. It represents a major upgrade from the bank''s August estimate of 0.8% growth and the 1.4% forecast it made in November. The Bank of England said its outlook had improved because of the effects of the stimulus package it launched after U.K. voters chose in June to leave the European Union. A steadying global economy, rallying stock markets , robust consumer demand and "supportive credit conditions" have also helped. "Domestic demand has been stronger than expected over the past few months, and there have been relatively few signs of the slowdown in consumer spending that the [central bank] had anticipated following the referendum," it said in a statement. However, the central bank warned that consumer spending could soon falter. A sharp drop in the value of the pound following the referendum is translating to higher prices for imported goods, such as food and electronics. Expectations for sluggish pay growth will also hurt household spending power over the next few years. Related: Inequality to hit record high in Brexit Britain For now, consumers are saving less and borrowing more to finance their lifestyles. Bank of England data show household saving rates are down to levels last seen during the global financial crisis. People are using their credit cards to fund purchases and taking out more car loans. Despite these potentially worrying signs, Bank of England Governor Mark Carney said the U.K. is not experiencing "a debt-fueled consumer expansion." The central bank expects economic growth to slow in 2018 to 1.6% before improving to 1.7% the following year. Britain has roughly two years to prepare for life outside the EU, a separation that is expected to hurt trade and job prospects. The U.K. is currently part of the EU''s unified market, which allows free trade with 27 other EU members, along with the free movement of people and capital. It now faces the difficult task of negotiating a new trading relationship with the bloc. CNNMoney (London) First published February 2, 2017: 9:34 AM ET'|'cnn.com'|'http://rss.cnn.com/rss/edition_business.rss'|'http://money.cnn.com/2017/02/02/news/economy/uk-economy-bank-of-england-brexit/index.html'|'2017-02-02T21:37:00.000+02:00'
'354b190d9ac26097efa844cb2063c989640b64bf'|'Private equity executive Feinberg in talks to join Trump administration'|'Feb 2 Cerberus Capital Management LP''s chief executive, Stephen Feinberg, is in talks to join U.S. President Donald Trump''s administration in a senior role, the private equity firm said on Thursday.The move would require Feinberg to provide "voluminous information" and disclosures to the Office of Government Ethics and take actions to comply with all applicable conflict-of-interest rules and regulations, Cerberus told its investors earlier on Thursday in a letter seen by Reuters.Cerberus also told its investors that it has a succession plan in place that would result in minimal changes to the current management and operation of the firm. (Reporting by Greg Roumeliotis in New York; Editing by Jonathan Oatis)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usas-trump-feinberg-idINL1N1FN1DD'|'2017-02-02T15:25:00.000+02:00'
'39f90ab4e88dfd7929e2c7cc74e61bd1cfacc358'|'India wheat imports seen rising to 4.5 million T - cargo surveyor'|'Money News - Thu Feb 2, 2017 - 8:52pm IST India wheat imports seen rising to 4.5 million T - cargo surveyor Workers load wheat onto a cargo ship at Mundra port in the western Indian state of Gujarat September 24, 2012. REUTERS/Amit Dave/File Photo NEW DELHI India''s wheat imports for 2016/17 are likely to jump to the highest level in a decade at 4.5 million tonnes as the south Asian country raises overseas purchases to calm prices, a cargo surveyor said on Thursday. Wheat imports in the 2016/17 financial year ending March 31 have already reached 2.9 million tonnes, said Siddharth Amin, director of Mumbai-based cargo surveyor Dr. Amin Controllers Pvt, adding that they could climb to 4.5 million tonnes. In December India scrapped its 10 percent import duty on wheat after droughts in the past two years depleted stocks and raised prices. (Reporting by Mayank Bhardwaj; Writing by Rajendra Jadhav; Editing by David Goodman) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/india-wheat-imports-idINKBN15H1V7'|'2017-02-02T22:22:00.000+02:00'
'f4939d5b30970321e915b11da1a8ae5584f93951'|'AstraZeneca flags falling profit while awaits key drug data'|'  4:59pm IST AstraZeneca flags falling profit while awaits key drug data FILE PHOTO - The logo of AstraZeneca is seen on a medication package in a pharmacy in London, Britain, April 28, 2014. REUTERS/Stefan Wermuth/File Photo By Ben Hirschler - LONDON LONDON AstraZeneca warned on Thursday that profit and revenue would both fall this year as cheap generic versions of its cholesterol drug Crestor continue to hit sales. The British pharmaceuticals group hopes that 2017 will be the earnings trough, but its recovery hinges on the success of new medicines and results from a clinical trial of a combination of two lung cancer drugs, which investors view as risky. This year it expects a low to mid single-digit percentage decline in revenue, with core earnings per share (EPS) declining by a low to mid-teens percentage in local currency terms from 2016''s level of $4.31. This implies that, for the first time, Chief Executive Pascal Soriot will miss the $4.20 EPS threshold needed to cover the company''s dividend at least 1.5 times, which is one factor determining his bonus. AstraZeneca has lost exclusivity on all its top-selling drugs in recent years but believes that it is about to turn the corner. It has offset falling sales by divesting some non-core assets, resulting in fourth-quarter 2016 core EPS, which excludes some items, rising 29 percent in dollar terms to $1.21 on revenue which fell 13 percent to $5.59 billion. The consensus forecast among industry analysts was for quarterly revenue of $5.57 billion and earnings of $1.13 per share, Thomson Reuters data shows. AstraZeneca shares fell 1 percent as investors digested the 2017 outlook, which anticipates an increased proportion of profits coming from asset sales and partnership income. Some analysts argue such "externalisation" revenue unduly flatters results, but AstraZeneca''s finance head Marc Dunoyer said it was an integral part of the business model and it would continue to contribute as the firm''s drug portfolio is pruned. Jefferies analysts said the 2017 EPS guidance implying a mid-point range of a 15 percent decline was some 3 percent below market expectations, although the revenue outlook was slightly better than anticipated. CRUCIAL RESULT Short-term financial results, however, matter less at the moment than the outcome of the MYSTIC clinical study testing a combination of immunotherapy drugs durvalumab and tremelimumab in previously untreated lung cancer patients. "Rarely has a single trial result been so crucial to a company the size of AstraZeneca," said Trinity Delta analyst Mick Cooper. Results are due around the middle of the year. Soriot told reporters the trial was "not binary", since it could show durvalumab works on its own in a minority of people, even if the combination doesn''t work for all patients as hoped. Soriot is betting that the cocktail, together with recently approved cancer pills Tagrisso and Lynparza, will mean billions of dollars in sales and transform AstraZeneca''s business. "It is an exciting time as we rapidly approach the inflection point for our anticipated return to long-term growth," he said. Still, the dual-immunotherapy combination faces a competitive marketplace and recent developments have dented some investors'' confidence. AstraZeneca last month tweaked the design of MYSTIC in a move seen as potentially signalling a more cautious approach, and two days later Bristol-Myers Squibb decided not to seek accelerated approval for its very similar two-drug combination. Merck & Co, meanwhile, surprised on the upside by securing a speedy review for a rival combination based on chemotherapy. The recent exit of several senior executives from AstraZeneca has added to shareholder nervousness, with its head of Europe operations and head of oncology both quitting in the past two months. (Editing by David Goodman and Alexander Smith) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/
'42fe92b1d7b21898987fa1e30c8f94723264d264'|'France''s Vinci confident on 2017 prospects'|' 05pm GMT France''s Vinci confident on 2017 prospects FILE PHOTO - The logo of Vinci is pictured during the company''s 2011 annual results presentation in Paris February 8, 2012. REUTERS/Charles Platiau/File Photo By Dominique Vidalon - PARIS PARIS France''s Vinci ( SGEF.PA ) on Tuesday forecast higher revenue and profits this year on the strength of a French construction market upturn and a robust concessions business. Europe''s biggest construction and concession company also saw support this year from a new 800 million euro road infrastructure package announced by the French government, half of which was secured by Vinci. "Despite uncertainty regarding the global economy, we expect increased activity in both our concessions and contracting businesses in 2017, along with higher group earnings," the statement said. Vinci made the prediction after reporting forecast-beating revenues and profits for 2016. Operating income rose 11.1 percent to 4.174 billion euros (3.58 billion pounds) on 38.07 billion euros in revenue, down 1.2 percent, thanks to tight cost control and a robust concessions business. The results exceeded expectations of 4.065 billion euros in operating income and 37.841 billion in revenue, based on the median estimates of 12 analysts in a ThomsonReuters poll. The company said its construction business, the biggest contributor to group revenue, saw a 5.6 percent fall in revenue last year while concessions revenue rose 8.5 percent. To counter the construction decline, Vinci has been expanding into faster-growing and more profitable concessions such as airports and motorways as well as in energy engineering. Vinci, which operates about half of France''s motorway concessions said motorway traffic grew 3.2 percent in 2016 while its airport traffic grew 10 percent. Vinci increased its proposed dividend to 2.10 euros per share from the 1.84 euros paid out in 2015. ($1 = 0.9346 euros) (Reporting by Dominique Vidalon; Editing by Laurence Frost)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-vinci-results-idUKKBN15M256'|'2017-02-08T01:05:00.000+02:00'
'fce24fc4ef01ec176694e556b985f0f688da28be'|'Punjab National Bank Q3 net profit surges; bad loans stable'|'Global Coverage 3 - Tue Feb 7, 2017 - 8:18pm IST Punjab National Bank Q3 net profit surges; bad loans stable A cashier stacks currency notes inside a bank in Chandigarh, India, November 19, 2016. REUTERS/Ajay Verma/File Photo MUMBAI Punjab National Bank (PNB), India''s fifth-biggest lender by assets, reported on Tuesday a surge in third-quarter profit on lower provisions for bad loans, but the profit fell short of analysts'' expectations. Net profit rose to 2.07 billion rupees ($30.7 million) for the three months to Dec. 31 from 510.1 million rupees a year earlier, the state-run lender said in a stock exchange filing. Analysts on average had expected a net profit of 6.29 billion rupees, according to data compiled by Thomson Reuters. Gross bad loans as a percentage of total loans were 13.7 percent in the December quarter, little changed from 13.63 percent in September, but far higher than 8.47 percent a year earlier. Banks such as PNB have seen a surge in their bad loans in the past one year after an asset-quality review ordered by the regulator in a bid to clean up the sector. Provisions for bad loans were 33.63 billion rupees in the December quarter, lower than 37.67 billion rupees a year earlier, but higher than 22.18 billion rupees reported in the September quarter. PNB shares were trading nearly 2 percent higher by 0657 GMT on the NSE index, which was down 0.2 percent. ($1 = 67.3700 Indian rupees) (Reporting by Devidutta Tripathy; Editing by Amrutha Gayathri) Next In Global Coverage 3'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/punjab-nat-bk-results-copy-idINKBN15M1OC'|'2017-02-07T14:16:00.000+02:00'
'2ae037854b21480c95df14861f40235e257ddee7'|'GLOBAL MARKETS-Euro, European bonds unnerved by French politics'|'Company  51am EST GLOBAL MARKETS-Euro, European bonds unnerved by French politics * U.S. stocks rise on earnings, strong dollar pressures GM * Euro eyes biggest fall this year * Euro zone spreads widest in years (Changes dateline, byline; recasts with Wall Street open) By Hilary Russ NEW YORK, Feb 7 European shares rose and U.S stocks hit record highs on Tuesday, helped by corporate results, while uncertainty about French elections pushed the euro to its biggest loss in about three weeks. The Dow Jones Industrial Average and the Nasdaq Composite hit record levels, while the S&P 500 was less than three points away from hitting another all-time high. Fourth-quarter U.S. earnings are estimated to have risen 8.2 percent - the best in nine quarters. The Dow Jones Industrial Average rose 57.95 points, or 0.29 percent, to 20,110.37, the S&P 500 gained 3.24 points, or 0.14 percent, to 2,295.8 and the Nasdaq Composite added 17.52 points, or 0.31 percent, to 5,681.07. The U.S. trade deficit fell more than expected in December as exports rose to their highest level in more than 1-1/2 years, outpacing an increase in imports. The dollar gained 4.4 percent against the currencies of the United States'' main trading partners last year. GM fourth-quarter net income dropped partly from foreign exchange losses and the automaker forecast flat 2017 profit per share despite hefty stock buybacks. Shares fell 4 percent. In Europe, shares also rose on encouraging company updates and gains in mining stocks. The benchmark STOXX 600 index was last up 0.5 percent. However, the increasingly unpredictable French presidential race continued to unnerve investors, driving them away from French government bonds and tipping the euro towards its biggest fall this year. The euro fell 0.8 percent to $1.0665, its biggest fall since Dec. 15, before recovering to $1.0688. "It is clear the euro is vulnerable to political uncertainty," Rabobank analysts said on Tuesday. "Although opinion polls suggest that (Far-right National Front Leader Marine) Le Pen will not win the second round of the French presidential election in May, polls have wrongly picked the winners of both socialist and republican primaries," they added. Le Pen has vowed to fight globalization and take France out of the euro zone. The premium investors demand for buying French 10-year government bonds over German 10-year bonds rose to 78 basis points, the highest level since November 2012 before easing back a bit. It was 50 basis points only two weeks ago. Doubts over a rescue package for Greece also stoked concerns over the future stability of the euro zone. The spread between Italian and German bonds widened to 202 basis points, the highest in three years, while the Portuguese-German spread hit 390 basis points for the first time in three years. The spreads narrowed a bit by the European mid-day. Oil prices buckled as lower production by OPEC and other exporters was undermined by growing evidence of a revival in U.S. shale production and sluggish demand. U.S. crude fell 1.83 percent to $52.04 a barrel. Brent fell 1.47 percent to $54.90. U.S. Treasury yields bounced around near their lowest level in more than two weeks at 2.40 percent. The dollar rose 0.55 percent against the offshore yuan . Concerns remain over the speed at which China has depleted its cash resources to defend the currency. Reserves were almost $4 trillion in 2014. (Additional reporting by Jamie McGeever in London,; Lucia Mutikani in Washington and Dion Rabouin in New York; Editing by Jeremy Gaunt and Nick Zieminski) Next In Company News CORRECTED-Lacking local support, De Beers shelves Ontario diamond mine expansion TORONTO, Feb 6 De Beers is shelving immediate plans to study an expansion project at a remote northern Ontario diamond mine after failing to get support from a neighboring aboriginal community, a "disappointing" setback for the world''s top diamond producer, the mine''s manager said.'|'reuters.com'|'http://fe
'0c3e043d3eed4e434eee1a1f36c0872b7bbdedb3'|'Philippine mining body to press for release of audit results'|'Environment - Tue Feb 7, 2017 - 4:23am GMT Philippine mining body to press for release of audit results Philippines'' Secretary of Environment and Natural Resources Regina Lopez answers questions during an interview with Reuters at the headquarters of the Department of Environment and Natural Resources (DENR) in Quezon city, metro Manila, Philippines February 6, 2017. REUTERS/Romeo Ranoco MANILA A Philippine mining industry group said on Tuesday it will invoke a presidential order on freedom of information to force the environment agency to release the results of its mining audit. "The Chamber has decided to file a Freedom of Information requesting the Secretary or the DENR (Department of Environment and Natural Resources) to provide all the information related to the audit," said Artemio Disini, chairman of the Chamber of Mines of the Philippines. Environment and Natural Resources Secretary Regina Lopez on Thursday ordered 23 of the country''s 41 mines shut permanently, saying many were operating in watersheds. However, a team that reviewed an audit of the country''s mines had recommended suspension of operations and payment of fines for environmental violations, rather than closure, two people with knowledge of the matter said. (Reporting by Enrico dela Cruz; Editing by Richard Pullin) Next In Environment'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-philippines-mining-idUKKBN15M09L'|'2017-02-07T11:22:00.000+02:00'
'8be61f6ef59afc28fea013d27fe49ebae6a3effd'|'LPC-AnaCap buys 177 million euro Barclays'' loan portfolio'|'Business News  21am GMT LPC-AnaCap buys 177 million euro Barclays'' loan portfolio By Claire Ruckin - LONDON LONDON Specialist European financial services private equity firm AnaCap Financial Partners has agreed to acquire a 177 million euro (<28>152.7 million) loan portfolio from Barclays, it announced on Tuesday. The portfolio, which has a gross book value of <20>177m, is made up of Italian performing and non-performing corporate secured loans. The loans are primarily to small and medium-sized corporates, secured against real estate located mostly in the north of Italy. Last month, AnaCap Private Equity Funds also agreed to acquire Barclays<79> French retail banking operations, becoming AnaCap<61>s sixth banking platform in Europe. Last year AnaCap<61>s Credit Funds<64> acquired three portfolios of unsecured and secured non-performing loans from GE, RBS and UniCredit, totalling around <20>2.5bn. The portfolios from GE Capital Real Estate and RBS comprised Italian non-performing, secured and unsecured loans to small and medium-sized enterprises, totalling more than <20>2bn. The secured positions were held against residential and commercial property. At the time, AnaCap had purchased about <20>8bn worth of Italian bad loans over a four year period. (Editing by Christopher Mangham) UK tax burden set to rise to highest since 1986 - IFS LONDON Britain''s tax burden will rise to its highest in over 30 years by the time of the next national election in 2020, as the government tries to cut borrowing at the same time as leaving the European Union, a leading think tank said on Tuesday.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-anacap-loans-idUKKBN15M15Q'|'2017-02-07T18:21:00.000+02:00'
'56251d9c340e20427e98363af8ec38e7f7d49892'|'Lidl replaces CEO after less than three years'|'* Company insider promoted after CEO leaves* Second CEO to go since March 2014* Retailer planning to expand into U.S. marketBy Emma ThomassonBERLIN, Feb 7 German discounter Lidl, which has expanded rapidly in Europe to become one of the continent''s biggest retailers, has replaced its chief executive for the second time in less than three years because of differences over strategy.Lidl has promoted Dane Jesper Hojer to the CEO role, replacing Sven Seidel who had taken charge in March 2014, the Schwarz Group, the owner of Lidl, said in a brief statement.Seidel, 43, was leaving because of unspecified differences over strategy, according to the family-owned Schwarz Group.German monthly Manager Magazin reported last year that Seidel, a former partner at Porsche Consulting, had fallen out of favour with Klaus Gehrig, who has headed the Schwarz Group since 2004.Seidel took charge after his long-term predecessor Karl-Heinz Holland left due to "unbridgeable", but undisclosed, differences over future strategy.Hojer, 38, has worked for Lidl for more than 10 years, including as head of the business in Belgium and most recently as head of its international buying operation.Lidl, which runs more than 10,000 stores in 27 countries in Europe, is in the midst of a recruitment drive in the United States ahead of a launch there in late 2017 or 2018.Lidl and German rival Aldi have become giants by selling mostly own-brand goods in no-frills stores with minimal staff.However, both chains have struggled in recent years in their home market as German shoppers have shifted to mainstream supermarkets, prompting the discounters to offer more brands and spruce up their stores, while also expanding abroad.Lidl''s sales rose 9.5 percent to 64.6 billion euros ($68.9 billion) in the fiscal year to the end of February 2015.Based in Neckarsulm in southern Germany, Lidl is owned by Germany''s richest man, Dieter Schwarz, son of the company''s founder Josef Schwarz. ($1 = 0.9377 euros) (Editing by Keith Weir)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/lidl-moves-ceo-idUSL5N1FS3LO'|'2017-02-07T14:55:00.000+02:00'
'e2acdac9d66f2d1f290294a75b459915398649b0'|'EBay finds ''material weakness'' in controls over accounting for tax'|'Business News - Mon Feb 6, 2017 - 11:39pm GMT EBay finds ''material weakness'' in controls over accounting for tax An eBay logo is projected onto white boxes in this illustration picture taken in Warsaw, January 21, 2014. REUTEwhite RS/Kacper Pempel EBay Inc ( EBAY.O ) said on Monday it had found that it improperly accounted for tax on certain transactions completed in December, which constituted a material weakness in its internal control over financial reporting. However, eBay said it would not have to restate financial results for any prior period due to the issue, which impacted the deferred tax asset and income tax benefit accounts. bit.ly/2kkBI5r The company said it plans to implement certain reviews and documentation standards by the first quarter, and expects to remedy the issue by the end of this year. (Reporting by Narottam Medhora in Bengaluru; Editing by Savio D''Souza) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ebay-materialweakness-idUKKBN15L2O3'|'2017-02-07T06:39:00.000+02:00'
'eb57d9db1c16f3f18200286bb3b2a6aa5ceba1ec'|'PRESS DIGEST- Canada-Feb 10'|'Company News  47am EST PRESS DIGEST- Canada-Feb 10 Feb 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 ** Energy Transfer Partners LLC, which is building the Dakota Access pipeline, expects to close the sale of a minority stake in the project to Enbridge Inc. tgam.ca/2kav0QM ** Canada and China are joining a mid-March summit hosted by Chile on how to advance trade in Asia-Pacific now that Donald Trump has pulled the United States out of the Trans-Pacific Partnership and ceded leadership in the region. tgam.ca/2kaCenR NATIONAL POST ** Open Text Corp has spent almost $3 billion on acquisitions over the past three years, including its recently-closed purchase of Dell EMC''s enterprise content division. bit.ly/2kaj4ic ** Suncor Energy Inc''s chief executive, Steve Williams, thinks Rex Tillerson, Donald Trump''s secretary of state, could help shield domestic crude from a border adjustment tax. bit.ly/2kaof1A ** Advanced Development Group Ltd, a Canadian construction company, says it has severed ties with its representative in Baghdad and is probing what role he may have played in a recent missile test by the Iraqi government. bit.ly/2kapJZy (Compiled by Gaurika Juneja in Bengaluru) Next In Company News UPDATE 1-UK''s Elementis to buy SummitReheis to grow personal care chemicals Feb 10 British speciality chemicals maker Elementis Plc said on Friday it would buy U.S.-based SummitReheis from an affiliate of private equity firm One Rock Capital Partners LLC for an enterprise value of $360 million to expand its personal care chemicals business.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/press-digest-canada-idUSL4N1FV3R3'|'2017-02-10T17:47:00.000+02:00'
'586e5ef3db679718a4d2cc18cce8ab881f4d6614'|'Europe to invest in renewables despite Trump - electricity lobby'|'Global Energy News - Fri Feb 10, 2017 - 3:36pm GMT Europe to invest in renewables despite Trump - electricity lobby Electric power wind mills are seen on the outskirts of Lisbon, Portugal August 2, 2016. REUTERS/Rafael Marchante BRUSSELS European utilities will not reduce their investments in renewables if U.S. President Donald Trump lowers U.S. climate goals, encouraged by Chinese and EU political commitments to low carbon energy, electricity lobby Eurelectric said. Trump, who campaigned on a pledge to bolster the U.S. oil, gas and coal industries, said during the campaign he would pull the United States out of a global pact reached in Paris in 2015 to cut greenhouse gases, although he has not yet acted on that pledge. "If the U.S. fundamentally changes course it will become an element of the debate in Europe," Kristian Ruby, secretary general of Europe''s electricity industry association Eurelectric, told Reuters. However, he said the falling cost of renewable sources such as wind and solar power and the needs of companies to spread their risk should lead to sustained investment in renewables. EU officials have stood by their commitment to fight global warming, but fear that a leadership vacuum created by a U.S. change of heart would embolden those within the bloc seeking to slow their efforts. Poland, which sees the EU''s drive against global warming as a menace to its coal-powered energy industry, is threatening to challenge a draft EU climate law in court, EU documents seen by Reuters show. Faced with a U.S. retreat from international efforts to tackle climate change, EU officials are looking to China as an ally in the campaign. "We are also seeing some clear signals out of China that they will stay the course so we don''t see any need to rock the boat on this issue," Ruby said. The rise of renewables and slumping power demand in recent years has crushed fossil fuel margins and forced many utilities to rethink their strategy. But Ruby said traditional energy generating methods such as coal would continue to play a role in Europe''s energy mix, even as renewables were set to rise to 50 percent by 2030. "We care about emissions going down, rather than the actual split between those technologies," Ruby said. Eurelectric called on EU lawmakers to take measures to strengthen the bloc''s emission trading system (ETS), which charges power plants and factories for every tonne of carbon dioxide (CO2) they emit. EU lawmakers are due to vote next week on draft reforms of the market that will reduce the share of free carbon permits handed out after 2020 as part of an effort to fix oversupply in the market and boost prices. (Reporting by Robert-Jan Bartunek; Editing by Alissa de Carbonnel and Adrian Croft) Next In Global Energy News UPDATE 1-Vestas leaps to top spot in U.S. wind market COPENHAGEN, Feb 10 Danish wind turbine maker Vestas Wind Systems has leapt to the top of the U.S. wind market, overtaking General Electric in new capacity installed last year, although slower demand growth and doubts over political support could threaten its position.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-europe-energy-idUKKBN15P1XU'|'2017-02-10T22:36:00.000+02:00'
'14d434dd1b27c2799700ca233f702d6347168c7a'|'Renault-Nissan ready to merge if France exits stake: CEO'|'PARIS Renault ( RENA.PA ) and alliance partner Nissan 7201.t are ready to pursue a closer tie-up, Chief Executive Carlos Ghosn said on Friday, but not before the French state sells its stake in the French carmaker.Ghosn, who heads both manufacturers, said a 2015 stand-off over French government voting rights had persuaded Nissan that no further consolidation was possible while France remains a shareholder."The Japanese will never accept to be part of an entity where the French state will be a shareholder of Japanese assets," Ghosn told analysts as he presented Renault''s full-year results. "The day the French state decides to get out, everything is open."France is Renault''s biggest shareholder, with a 19.74 percent stake and a bigger share of voting rights.(Reporting by Laurence Frost; Editing by David Goodman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-renault-nissan-alliance-idINKBN15P0SD'|'2017-02-10T05:30:00.000+02:00'
'49c71319428b410f367a06183e61249af773ffa4'|'Global Economy Weekahead: Soon time to watch for rising global inflation?'|'By Ross Finley - LONDON LONDON The global economy has weathered the new U.S. administration''s sweeping challenges to the status quo with surprising aplomb given serious threats made to world trade, but what is not so clear is how much longer inflation will remain stubbornly low.Nearly a decade since the start of the financial crisis and an avalanche of emergency monetary stimulus that ensued, inflation is only just now close to the 2 percent target many of the world''s biggest central banks still keep.But there have been stirring signals on inflation elsewhere in the world, suggesting a turning point may be closer.The Reserve Bank of India just dropped its bias to ease policy, citing global inflation pressures as one reason for a sudden volte-face. Mexico''s central bank, grappling with a falling peso, hiked rates on Thursday to a near-eight year high.Key releases on inflation for the United States, Britain and China are due next week, forecast at 2.4, 1.9 and 2.4 percent, respectively, according to Reuters polls.The worry is with growth holding up and commodity prices giving inflation a nudge up now, the last thing needed with most major central bank rates still near zero is more fuel poured onto to an already-raging fire.An expected announcement from the Trump administration on plans for sweeping tax cuts is likely only weeks away, and has again boosted already-lofty stock prices, despite widespread worries about the barriers to trade that may come later.Federal Reserve Chair Janet Yellen is due to testify to Congress next week for the first time since Donald Trump moved into the White House. She doesn''t appear ready to signal a major step up in the Fed''s glacial pace of rate rises yet either.Inflation in the economy is picking up: but so far not because spare capacity has been eaten up in product and labour markets, triggering price rises driven by demand outstripping shortages of supply.Instead, the latest rise has to do with rising costs, particularly energy costs, leaving central bankers, notably European Central Bank President Mario Draghi, saying they will instead focus on the next round of inflation pressures.The main impediment to higher inflation rests in one of the side-effects from the free flow of labour: a lack of wage pressure."What had appeared to be a promising trend of stronger wage growth broadening out to include more higher paying industries has reversed since late last year," notes Morgan Stanley U.S. economist Robert Rosener."Wage pressures remain predominately in low-wage industries, limiting gains in overall aggregate wage growth."The U.S. unemployment rate is below 5 percent, close to where most economists say is the lowest it can go before shortages start to drive up the cost of labour.Despite this latest setback in the official data, the general expectation is that wage inflation will soon take off, especially given that it is one of President Trump''s stated aims to hire American.The talk of wage inflation has been less robust in the Britain, however.Britain is facing an imported inflation challenge following Britons'' majority vote last June to leave the European Union that caused a 15 percent fall in sterling. That could send inflation to 3 percent or higher later this year.The Bank of England just cut its estimate of the unemployment rate it thinks will generate inflation to 4.5 percent from 5.0 percent based on recent evidence that already-low unemployment isn''t boosting wages much.Its latest agents survey of businesses shows very modest expectations for pay settlements in the coming year, only slightly above 2 percent.Average UK weekly earnings excluding bonuses are forecast to rise 2.7 percent in the three months to December on a year ago, steady compared with the last official set of data.It is clear that going forward, there is still plenty of uncertainty over what Britain''s future trading relationship will be with the EU and how long that will take.But if the
'f983252e20dac0d5efcff831f05b5fa7418d8d56'|'Renault sets new mid-term goals after record earnings'|' 45am GMT Renault sets new mid-term goals after record earnings FILE PHOTO - A Renault car company logo is seen outside an automobile dealership in Nice, France, March 29, 2016. REUTERS/Eric Gaillard/File Photo PARIS French carmaker Renault ( RENA.PA ) posted record full-year sales and profit on Friday and set itself ambitious new mid-term goals for both, after earnings were boosted by a comprehensive model revamp. Operating profit surged 38 percent to 3.282 billion euros in 2016 on a 51.2 billion euros in revenue, up 13.1 percent, Renault said. That lifted its operating margin to 6.4 percent from 5.2 percent, meeting existing targets a year early. The results were achieved "in spite of the fact that some of our important markets are still significantly lower," Chief Financial Officer Clotilde Delbos said. "That means there is plenty of potential for Renault to continue to grow." Renault increased its market share in all regions last year, according to sales data published last month, thanks to an onslaught of product launches and the success of low-cost models such as the Duster and Kwid SUVs. The group set new five-year goals including a 7 percent operating margin and 70 billion euros in revenue - a further 37 percent increase on last year''s figures - to be measured in 2022. It raised its proposed dividend to 3.15 euros per share from the 2.40 paid out last year. The full-year results largely beat market expectations of 3.07 billion euros in operating profit on revenue of 50.84 billion, based on the median estimates in an Inquiry Financial poll of nine analysts for Reuters. However, full-year savings in variable production costs amounted to 184 million euros, short of a 350 million target. The group had warned in July that higher research and development spending could imperil the goal. The embattled Brazilian and Russian auto markets should bottom out at "stable" levels this year , Renault said, while China expands a further 5 percent and India grows 8 percent. For 2017, the group said it was targeting further growth in revenue and operating profit underpinned by positive automotive free cash flow. (Reporting by Laurence Frost; Editing by Bate Felix)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-renault-results-idUKKBN15P0OT'|'2017-02-10T14:45:00.000+02:00'
'f6ea089b4acb33730df9e67a126773643de9437b'|'Toll bridge deals lead U.S. municipal supply next week'|'By Nick Brown Feb 10 A pair of toll bridge deals will lead a U.S. municipal bond calendar next week that features around $5.85 billion in total sales.Calfiornia''s Bay Area Toll Authority will issue the week''s biggest deal, pricing on Tuesday $552 million in negotiated refinancing bonds to reduce borrowing costs.The Delaware River Joint Toll Bridge Commission, a bi-state agency that operates seven toll bridges in Pennsylvania and New Jersey, will price a $438 million negotiated bond, to fund the bulk of a $512 million reconstruction of the Scudder Falls Bridge.Both deals are scheduled to price on Tuesday and will be underwritten by Bank of America Merrill Lynch.The Scudder Falls Bridge, which crosses the Delaware River along Interstate-95 and supports some 60,000 cars a day, will be demolished to address safety concerns, and rebuilt by the Trumbull Corporation, which was awarded the construction contract, according to a road show presentation from the toll bridge commission.Tree cutting and installation of noise walls are underway, with full construction slated to begin in April and run through August 2021, according to the presentation.Next week''s total muni supply will include $5.575 billion of negotiated and competitive bonds, and another $271 million of notes.The Long Beach, California, Unified School District will provide the biggest competitive bond deals, issuing $450 million in general obligation bonds, while Rochester, New York, will lead the way in notes, with $72 million in a pair of bond anticipation offerings.Ongoing political and economic uncertainty could make it difficult for the U.S. Federal Reserve to raise interest rates in the near term, and "lower Treasury rates will certainly help munis," Barclays analysts said in a weekly note on Friday.Barclays, which projects net negative issuance for February, said "healthy dealer inventories and positive fund flows should also support the market in the coming weeks."Barclays noted that tax policies of President Donald Trump could also move markets.Trump on Thursday hinted at an upcoming announcement he said would be "phenomenal in terms of tax," but offered no detail. (Reporting by Nick Brown; Editing by Bernard Orr)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-municipals-deals-idINL1N1FV1CH'|'2017-02-10T16:31:00.000+02:00'
'e48c14d95b4d3c4c87b68313d17cc02c3062b234'|'Trump promises ''phenomenal'' announcement on taxes'|'WASHINGTON U.S. President Donald Trump promised a major tax announcement in a matter of weeks during a White House meeting with airline executives."We''re going to be announcing something I would say over the next two or three weeks that will be phenomenal in terms of tax and developing our aviation infrastructure," Trump said on Thursday.Trump also discussed what he called an obsolete U.S. air traffic control system, as well as out-of-date airport infrastructure, train systems and roads.He told the executives he was determined to "change all of that" and said they would be very happy with his proposals."So we want to help you realize these goals by rolling back burdensome regulations, and you people are regulated probably as much as almost anybody, although I can think of a couple of industries that are even worse," Trump said."Lowering the overall tax burden on American business is big league."(Reporting by Ayesha Rascoe and David Alexander; Writing by Doina Chiacu; Editing by Phil Berlowitz)'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/usa-trump-taxes-idINKBN15O29D'|'2017-02-09T14:01:00.000+02:00'
'14d4cfb1612c8317aa7bf22154250e41b9ee1baf'|'Lufthansa, pilots union to decide on mediator proposal on Feb. 15'|'Business News - Fri Feb 10, 2017 - 3:53pm GMT Lufthansa, pilots union to decide on mediator proposal on Feb. 15 A Lufthansa aircraft moves on the tarmac of Riga International Airport in Riga, Latvia, December 21, 2016. REUTERS/Ints Kalnins FRANKFURT Lufthansa ( LHAG.DE ) and pilots'' union Vereinigung Cockpit (VC) will decide next week whether to accept a deal proposed by a mediator to settle a long-running labour dispute over issues including pay. Mediator Gunter Pleuger, a former diplomat, presented his proposal behind closed doors on Friday, while Lufthansa and VC agreed to make a decision on Feb. 15 over whether or not to accept, a spokesman for the airline said. Lufthansa''s pilots have walked out 15 times since early 2014 over disputes with management on topics including pay and early retirement, costing the carrier hundreds of millions of euros in lost profits. Most recently, they were on strike for six days in November, costing the airline a further 100 million euros (85 million pounds) in profits. Before the mediation process, the pilots had asked for an average annual pay increase of 3.7 percent over a five-year period back-dated to 2012, which is when their last collective bargaining contract with Lufthansa expired. The pilots say altogether these increases would amount to a rise of nearly 20 percent on current pay. Lufthansa had proposed an increase of 4.4 percent in two instalments in 2016 and 2017, plus a one-off payment worth 1.8 months'' pay. ($1 = 0.9404 euros) (Reporting by Peter Maushagen; Writing by Christoph Steitz; editing by Susan Thomas) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-lufthansa-unions-idUKKBN15P1ZN'|'2017-02-10T22:53:00.000+02:00'
'cc29ed34db79ff6a5ebd96c47845b070c1c5f3f8'|'Kellogg to switch delivery model for U.S. snacks unit to cut costs'|'Corn Flakes maker Kellogg Co said on Wednesday it would stop distributing its U.S. snacks business''s products directly to stores and instead switch to its more widely used warehouse model in order to cut costs.The U.S. snacks business, which includes Cheez-It crackers, Pringles chips, Special K cereal bars and Keebler cookies, accounted for about 25 percent of Kellogg''s total sales in the third quarter ended Oct. 1.The business reported sales declines in 2014 and 2015 and the first two quarters of 2016, before posting flat sales in the third, led by core brands such as Cheez-It and Pringles.The switch in the distribution model is expected to bring the business''s operating profit margin in line with that of its North America business, Kellogg said.About 75 percent of the company''s U.S. sales, including products in its frozen foods and morning foods businesses as well as some in the snacks business, are done through the warehouse distribution model, Kellogg said." ... We realize both higher service levels and share in the U.S. Snacks categories and channels that sell through warehouse distribution already," said Paul Norman, president of Kellogg North America.The company said the shift in the distribution model will be part of an expanded "Project K" program, which it launched in 2013 to save up to $475 million annually by 2018 through job cuts and production optimization.This is not the first time Kellogg is resorting to revamping its U.S. snacks business to spark growth. The company had overhauled the unit''s sales force in the first quarter by changing employees'' roles, managers and zones.Kellogg, which is scheduled to report fourth-quarter 2016 results on Thursday, said it would start the transition in the second quarter of 2017 and expects to complete the move in the fourth quarter.The company, which also makes Pop-Tarts and Froot Loops, said it would provide severance, benefits and retention packages to employees impacted by the transition.Kellogg''s shares were marginally higher, up 0.15 percent at $73.60, in trading after the bell.(Reporting by Jessica Kuruthukulangara in Bengaluru; Editing by Savio D''Souza)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-kellogg-restructuring-sales-model-idINKBN15N2R6'|'2017-02-08T20:03:00.000+02:00'
'9afdd6ebc229e5485b8f9c08f280cdbc78363f2b'|'Manulife hits 2016 earnings target, beats market expectations'|'Company News  14am EST Manulife hits 2016 earnings target, beats market expectations TORONTO Feb 9 Manulife Financial Corp, met its target to achieve earnings of C$4 billion in 2016, reporting results which beat market expectations, benefiting from a strong performance in Asia. The company on Thursday reported earnings of C$4.02 billion ($3.06 billion), or C$1.96 Canadian cents per share, compared with C$3.43 million, or C$1.68 Canadian cents per share, a year earlier. Analysts on average had expected earnings of C$1.85 per share, according to Thomson Reuters I/B/E/S. ($1 = 1.3120 Canadian dollars) (Reporting by Matt Scuffham; editing by Jason Neely) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/manulife-financi-results-idUSL1N1FR15B'|'2017-02-09T18:14:00.000+02:00'
'ca19efdaa471c47940ace8b4da3ada0dbfa24e1f'|'BRIEF-Canfor reports results for Q4 of 2016'|' 23pm EST BRIEF-Canfor reports results for Q4 of 2016 Feb 8 Canfor Corp * Canfor Corp - "Looking ahead, us housing market is forecast to continue its gradual recovery through 2017" * Canfor reports results for fourth quarter of 2016 * Q4 adjusted earnings per share C$0.29 * Q4 earnings per share view C$0.35 -- Thomson Reuters I/B/E/S * Canfor Corp - North American lumber consumption is projected to improve, reflecting steady demand in residential construction market * Canfor Corp - There remains a risk of "material antidumping and countervailing duties" being imposed on canadian lumber shipments destined to us * Canfor Corp - Qtrly sales c$1,043.5 million versus c$1,053 million last year * Canfor Corp - Global softwood markets are currently seeing positive pricing momentum and this is anticipated to continue into Q2 of 2017  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSASB0AZCF'|'2017-02-09T05:23:00.000+02:00'
'1016c6af74fd17bc15fec1bf57ac95c373336474'|'Golf diplomacy: Japan''s Abe hopes for strokes of genius to seal Trump trade pact - Business'|'Donald Trump may have found the perfect golf partner in the Japanese prime minister, Shinzo Abe . If rumours about the US president<6E>s fairway gamesmanship are to be believed, Abe is likely to turn a blind eye to any skullduggery on the links in Florida this weekend.Although Tokyo won assurances of Washington<6F>s commitment to Japan<61>s security from the defence secretary, James Mattis, last weekend, the thorny issue of trade is likely to cast a pall over the leaders<72> summit, which begins in Washington later on Friday and ends with a round of golf at the president<6E>s Mar-a-Lago estate in Palm Beach on Saturday.<2E>We<57>re going to have a round of golf, which is a great thing,<2C> Trump said in an interview this week with Westwood One Sports Radio. <20>That<61>s the one thing about golf <20> you get to know somebody better on a golf course than you will over lunch.<2E>He has promised that he and Abe will have <20>a lot of fun<75>, but what has been billed as a friendly game <20>between partners<72> could take on a more competitive edge if the leaders<72> personal rapport fails to bring them together on trade.Trump has blasted Japanese auto trade practices as unfair, and claimed, incorrectly, that Japan imposes tariffs that make it <20>impossible to sell American cars in Japan <20>. He also criticised plans by Toyota to build a new plant in Mexico, and suggested he would impose a <20>border tax<61> on companies that based themselves outside the US.Officials in Washington have not dismissed the possibility that Trump will take Abe to task over the trade imbalance and what he has described as deliberate attempts by Tokyo to devalue the yen to gain an unfair trade advantage over the US.Abe will not go to Washington empty-handed. Accompanied by his foreign minister, Fumio Kishida, and finance minister, Taro Aso, he is expected to directly appeal to Trump by unveiling an ambitious policy package that could create 700,000 US jobs through private-public investment in high-speed trains and other infrastructure.Trump is reportedly willing to reciprocate by proposing a bilateral free trade deal that would replace the Trans-Pacific Partnership, a 12-nation agreement that Trump ripped up as soon as he moved into the White House.Demonstrating a commitment to American jobs is <20>part of Japan<61>s efforts to explain to Trump that it is a friendly nation<6F> in both security and trade, according to Mikitaka Masuyama, a politics professor at the National Graduate Institute for Policy Studies.But having smoothed his path to the White House with repeated promises to put <20>America first<73>, Trump<6D>s protectionist instincts will not have been calmed by new data showing that the US trade deficit with Japan grew to $68.94bn (<28>55bn) last year.With so much at stake, Abe is one of the few world leaders to have refrained from criticising Trump<6D>s immigration policy. Instead, he will appeal to Trump<6D>s business instincts with cautiously worded reminders of Japanese automakers<72> huge investments in the US economy .This weekend<6E>s talks are the culmination of an Abe charm offensive that began with a meeting with the then president-elect at Trump Tower in New York in November, during which the two men laid the foundations for their <20>golf diplomacy<63>. Trump gave Abe a golf shirt; the prime minister reciprocated with a $3,700 gold-coloured golf club.Abe returned from New York claiming that Trump was a leader in whom the world could have confidence , yet just weeks later, the president prompted despair in Tokyo when he made good on a campaign promise to pull the US out of the TPP.With little hope that the deal can be resurrected, Abe will arrive armed with an array of statistics he hopes will refute claims that US-Japan trade is a one-way street.This weekend<6E>s jaunt to Florida, for which Trump is reportedly footing the bill, will not be the first time Japanese and US leaders have attempted to bond over a game of golf.As prime minister, Abe<62>s grandfather, Nobusuke Kishi, played Dwight Ei
'4e6998eba8a2d7d79acee0b7a844db2fb027c663'|'Exclusive: Mubadala in talks to buy stake in Brazil''s Invepar, inject capital, sources say'|'SAO PAULO Mubadala Development Co PJSC [MUDEV.UL] is in talks to buy a minority stake in Invepar SA ( IVPR4B.SO ) and inject fresh capital into the Brazilian infrastructure company to kick-start projects and reduce debt, three people with direct knowledge of the matter said on Thursday.According to two of the people, Abu Dhabi-based Mubadala is in advanced talks to buy 24.4 percent of the company from a group of investment firms that obtained it in the in-court reorganization of OAS SA, one of Invepar''s founding partners. OAS [OAEP.UL] surrendered the Invepar stake late last month.A deal, which could be announced around late February or early March, would trigger a reworking of the shareholder accord between OAS and the three Brazilian pension funds that own a combined 75.6 percent of Invepar, said the people, who requested anonymity as talks remain under way.As part of the plan, Mubadala would agree to pump fresh capital into Invepar to rework that accord, the people said. The capital injection would dilute the stakes that Previ Caixa de Previd<69>ncia [PREVI.UL], Petros Funda<64><61>o Petrobras [PETROS.UL] and Funcef Funda<64><61>o [FUNCEF.UL] have in Invepar, two of the people said.In a statement to Reuters, Mubadala said it is "always looking for opportunities in sectors and geographies with strong potential."OAS and representatives for the creditor group declined to comment.Previ declined to comment, while Petros and Funcef did not have an immediate response.The deal underscores growing interest in infrastructure firms among global private equity firms and sovereign wealth funds, which want to take advantage of depressed valuations to plant flags in Brazil ahead of an expected economic recovery.PREVIOUS INTERESTMubadala first ventured into Brazil in 2012 through a partnership with former tycoon Eike Batista, from whom it bought a stake and extended a loan to his mining, energy and logistics conglomerate Grupo EBX.The collapse of EBX left Mubadala with stakes in several EBX-controlled companies, property and a $300 million stake that he held in Burger King Holdings Inc [BKWXK.UL].Formally known as Investimentos & Participacoes em Infraestrutura SA, Invepar operates toll road, airport and urban mobility licenses, including S<>o Paulo''s GRU international airport and the Metr<74>Rio and VLT Carioca urban transport projects in Rio de Janeiro.The company had previously been the target of interest from global firms including Canada''s Brookfield Asset Management Inc ( BAMa.TO ) and France''s Vinci SA ( SGEF.PA ), Reuters reported in June 2015. Brookfield scrapped plans to acquire the stake from OAS and creditors over strategic disagreements.A new partner would help Invepar cut debt and jumpstart investments that snagged amid Brazil''s harshest recession ever, surging borrowing costs and the involvement of OAS in the nation''s worst corruption scandal.The creditor group could sell the stake for a value "north of" 2 billion reais ($642 million), the people said. The creditors took control of the stake in exchange for their redemption of 1.25 billion reais worth of OAS debt.(Additional reporting by Stanley Carvalho in Abu Dhabi; Editing by Phil Berlowitz)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-invepar-m-a-mubadala-exclusive-idUSKBN15O2GH'|'2017-02-09T21:15:00.000+02:00'
'd563a2fa2b03eb8d5b60c081d63f6c4df3596db1'|'UPDATE 3-Sears says to cut $1 bln in costs, shares surge 40 pct'|'* Estimates loss for holiday quarter* To cut debt and pension obligations by at least $1.5 bln* Shares rise as much as 40 pct (Adds details, updates shares)By Sruthi RamakrishnanFeb 10 Beleaguered retailer Sears Holdings Corp said on Friday it would cut costs by $1 billion and reduce debt and pension obligations by at least $1.5 billion this year, sending its shares soaring as much as 40 percent.The company also said it had sold five Sears full-line stores and two Auto Centers for $72.5 million in January, and had engaged Eastdil Secured to raise at least $1 billion from the sale of its real estate.Once the largest U.S. retailer, Sears has struggled with years of losses and declining sales as shoppers shift online or to rivals such as Wal-Mart Stores Inc.On Friday, the company estimated its sixth straight quarterly loss, with comparable store sales falling 10.3 percent during the all-important holiday selling season.Sears has spun off some of its stores into a real estate investment trust, put some brands on sale and repeatedly raised debt from billionaire Chief Executive Edward Lampert''s hedge fund as part of efforts to cope with the slump.Under the latest plan, the company said it would consolidate Sears and Kmart''s corporate and support functions and improve product assortment at its stores.Some measures outlined on Friday, such as inventory management, monetizing real estate assets and using data generated from its Shop Your Way membership program to understand customer preferences, have been part of previous cost-cutting exercises.The company also reaffirmed that it would close 150 stores.Sears did not specify if the latest cost-saving plan would involve job cuts.It was too early in the restructuring process to discuss potential staff reductions, a source close to the company said.Sears said it would use proceeds from asset sales, improving profitability and working capital management to reduce its debt and pension obligations by $1.5 billion in fiscal 2017.The company had pension and post-retirement benefit liabilities of $2 billion and long-term debt of $3.7 billion as of Oct. 29.Up to Thursday''s close, Sears shares had fallen 63.7 percent in the past 12 months. The broader S&P 500 retailing index had risen 31 percent in the same period. (Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by Anil D''Silva and Sriraj Kalluvila)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/sears-restructuring-idINL4N1FV483'|'2017-02-10T14:10:00.000+02:00'
'fd3e891b765b592204f9f7c78892d702129d685c'|'BRIEF-Real Goods Solar files for mixed shelf of up to $130.1 mln'|' 13pm EST BRIEF-Real Goods Solar files for mixed shelf of up to $130.1 mln Feb 10 Real Goods Solar Inc : * Real Goods Solar Inc files for mixed shelf of up to $130.1 million - sec filing Source text - bit.ly/2kNlLTI   * Q4 earnings per share view $0.51 -- Thomson Reuters I/B/E/S 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/idUSFWN1FU18X'|'2017-02-10T05:13:00.000+02:00'
'a39650f851e988ce86ffc35e64a5caff847080e9'|'UK Stocks-Factors to watch on Feb 10'|'Company News  25am EST UK Stocks-Factors to watch on Feb 10 Feb 10 Britain''s FTSE 100 index is seen opening up 23 points at 7,252 on Friday, according to financial bookmakers. * The UK blue chip index was up 0.6 percent at 7,229.50 points at the market close, underperforming the pan-European STOXX 600 index on Thursday, as insurance and banking stocks picked up pace, while miners weighed. * LLOYDS: Lloyds Banking Group is the latest bank to join a new British cyber security group for banks called the Cyber Defence Alliance (CDA), sources with direct knowledge of the matter told Reuters. * BHP: Workers at BHP Billiton''s, Escondida copper mine in Chile, the world''s largest, walked off the job on Thursday in a strike that threatens to disrupt the international supply of the widely used metal. * RBS: Royal Bank of Scotland has rejected calls to beef up a 400 million pound ($502 million) scheme to reimburse customers who say they were mistreated by the bank''s business restructuring division. * BAE: A group of companies including subsidiaries of BAE Systems, Northrop Grumman Corp, Science Applications International Corp, Teledyne Technologies Inc and KBR Inc will share in a $3.04 billion missile defense contract, the Pentagon said on Thursday. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets * UK CORPORATE DIARY: Greene King Plc Q3 2017 Electrocomponents Plc Q3 2017 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 Amrutha Gayathri) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-stocks-factors-idUSL4N1FV2AQ'|'2017-02-10T13:25:00.000+02:00'
'46632d69a7579bd9c8341c67589537174da87e59'|'China January exports rise 7.9 percent, beating forecasts'|' 39am GMT China January exports rise 7.9 percent, beating forecasts A truck drives past shipping containers at a port in Lianyungang, Jiangsu province January 23, 2015. REUTERS/China Daily BEIJING China''s January exports easily exceeded analysts'' expectations, rising 7.9 percent from a year earlier, while imports rose by 16.7 percent, also topping forecasts, preliminary data showed on Friday. That left the country with a trade surplus of $51.35 billion for the month, the General Administration of Customs said. But China watchers caution that trends in January and February can be distorted by the long Lunar New Year holidays, with business slowing down weeks ahead of time and many firms scaling back operations or closing. The holiday fell on January 28 this year, 11 days earlier than last year. Customs is due to release the final data for trade on Feb. 23. Analysts polled by Reuters had expected January shipments from the world''s largest exporter to have risen 3.3 percent, after a dismal 2016 that saw exports slump 7.7 percent as China lagged an export rebound enjoyed by some of its North Asian neighbours. Imports had been forecast to rise 10.0 percent, accelerating from 3.1 percent growth in December. Analysts were expecting China''s trade surplus to have risen to $47.90 billion in January, versus December''s $40.71 billion, with growing attention on its large trade surplus with the United States as new   ramps up his protectionist rhetoric. (Reporting by Beijing Monitoring Desk; Editing by Kim Coghill)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-china-economy-trade-idUKKBN15P0C0'|'2017-02-10T10:39:00.000+02:00'
'ef172af8cd3a1f48881c08c632900037e9dd38b9'|'Activision sales top Street; Co hikes dividend, sets $1 billion buyback'|'Videogame publisher Activision Blizzard Inc reported fourth-quarter revenue above analysts'' estimates, raised its dividend and announced a two-year $1 billion stock repurchase plan.The company''s shares were up 9.5 percent at $43.50 in extended trading on Thursday.Activision''s total adjusted revenue rose to $2.45 billion in the fourth quarter ended Dec. 31 from $2.12 billion a year earlier.Analysts on average had expected revenue of $2.35 billion, according to Thomson Reuters I/B/E/S.Revenue from the company''s high-margin digital business doubled to $1.45 billion.The company''s net income rose to $254 million, or 33 cents per share, from $159 million, or 21 cents per share."The launch of Blizzard''s Overwatch created a major new franchise, while King''s mobile advertising tests are very promising as the basis for meaningful new revenue streams," Activision Chief Executive Bobby Kotick said in a statement.To tap into new streams of revenue, Activision has set up a film studio, e-sports and consumer products divisions, and bought "Candy Crush" maker King Digital for $5.9 billion, a deal that closed a year ago, to expand in the mobile gaming market.In addition to the repurchase plan, Activision increased 2017''s cash dividend to 30 cents per share from 26 cents.The fourth-quarter revenue beat came despite disappointing sales of "Call Of Duty: Infinite Warfare", which launched in November.Barclays, in December, slashed its estimate for sales from the "Call of Duty" franchise in the holiday quarter by 29 percent to $686 million.Barclays said the shortfall was not entirely attributable to a fatigue with the popular franchise, but rather to a lower quality product from studio Infinity Ward.Activision, which said it would take "Call of Duty" back to its roots with traditional combat in 2017, did not break out sales of "Infinite Warfare" in the fourth quarter.The company also forecast full-year adjusted profit of $1.85 per share and adjusted revenue of $6.30 billion.Analysts on average were expecting a profit of $2.03 per share and revenue of $6.70 billion.(Reporting by Anya George Tharakan Savio D''Souza)'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/us-activision-results-idINKBN15O2WH'|'2017-02-09T18:41:00.000+02:00'
'e9f48e96fe09452087eece83c3b5cdfc6fb8b668'|'Daimler, VW directors meet to discuss Bernhard, Diess: sources'|'Business News   8:43am EST Daimler, VW directors meet to discuss Bernhard, Diess: sources The Daimler AG management board L-R CEO Dieter Zetsche, CFO Bodo Uebber and Wolfgang Bernhard of Daimler Trucks & Buses pose behind a Mercedes EQ concept car before the car maker''s annual news conference in Stuttgart, Germany, February 2, 2017. REUTERS/Michaela Rehle FRANKFURT Directors at Daimler ( DAIGn.DE ) and Volkswagen ( VOWG_p.DE ) are holding separate closed-door meetings on Friday, each to discuss an executive whose restructuring efforts have provoked anger among powerful labor leaders. Daimler''s 20-member supervisory board is meeting to discuss a potential contract extension for Wolfgang Bernhard, who currently heads up the company''s trucks division, a source close to the matter told Reuters. Bernhard has signaled, however, that he does not want to stay on longer, the source added. Bernhard''s contract is due to end in February 2018. German magazine Der Spiegel was first to report that Bernhard had chosen not to extend his contract. "This topic is being discussed," a source familiar with the matter said. A Daimler spokesman said the company''s supervisory board was meeting on Friday, but declined to say what was on the agenda. Bernhard''s decision, if confirmed, would end an illustrious career at Daimler where he began working in 1994 and moved through the ranks to become head of Mercedes-Benz Vans, board member for production for Mercedes-Benz Cars and eventually head of trucks. He defected to Volkswagen in 2005, where he headed the VW brand, clashing with labor leaders before returning to Daimler in 2009. Bernhard alienated Erich Klemm, a labor leader who forced him out of a job as head of Mercedes-Benz cars in 2010. In a separate meeting at Volkswagen, key members of the board of directors are reviewing progress made by Herbert Diess and his turnaround plans for the VW brand, which he oversees. Volkswagen declined to comment. Diess has repeatedly clashed with Volkswagen''s powerful labor chief Bernd Osterloh, who has accused him of undermining a jointly agreed turnaround plan. Both Bernhard and Diess have been seen as potential candidates to become chief executives of their respective companies. "Neither of them have been given the time to harvest the fruits of restructuring. To a large extent that has to do with co-determination," said Evercore ISI analyst Arndt Ellinghorst, referring to the policy at large German companies of appointing labor representatives to the board of directors, giving them a say in strategy. (Reporting by Ilona Wissenbach Andreas Cremer, Jan Schwartz and Edward Taylor; Editing by Mark Potter) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-volkswagen-daimler-directors-idUSKBN15P1MK'|'2017-02-10T20:43:00.000+02:00'
'932489e4b087e36ff72b16b74cf19e068639e21d'|'Speculators cut net long dollar bets for 5th week -CFTC, Reuters data'|'Company  44pm EST Speculators cut net long dollar bets for 5th week -CFTC, Reuters data Feb 10 Speculators cut their net-long U.S. dollar bets for a fifth straight week, to the lowest level since mid-October, according to data from the Commodity Futures Trading Commission released on Friday and calculations by Reuters. The value of the dollar''s net long position totaled $17.07 billion in the week ended Feb. 7, down from $18.47 billion the previous week. CFTC data also showed a further reduction of net short bets on the Mexican peso and a fall in net shorts on the Japanese yen to their lowest level since early December. (Reporting by Dion Rabouin; Editing by Leslie Adler) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/cftc-forex-idUSL1N1FV1L9'|'2017-02-11T03:44:00.000+02:00'
'4c68ee1838d9102171566659dc26791a0a3f02b6'|'CBS invests in Kapital Entertainment in bid to own more content'|'By Jessica Toonkel CBS Corp ( CBS.N ) has taken an ownership stake in Kapital Entertainment, the independent production company behind such series as HBO''s "Divorce," CBS'' "Live in Pieces" and Netflix Corp''s "Santa Clarita Diet."CBS will provide co-financing for Kapital''s programming and distribute it but will not have exclusive rights to its shows. Kapital, which is run by producer Aaron Kaplan, will maintain its autonomy and can sell shows to competitors of CBS. Terms of the deal were not disclosed.For CBS, the deal marks another step in owning more content and thus being able to generate greater revenue through deals with international affiliates and streaming video providers after they air.As advertisers are increasingly shifting their dollars from TV to online, media companies are looking toward other sources of revenue such as selling to the likes of Netflix ( NFLX.O ) and Amazon ( AMZN.O ). By owning the content, CBS is positioning itself to gain revenue from those deals, whether those shows are CBS shows or not."With all of these new revenue streams like international sales and the Netflix of the world, it makes a lot better sense to own the content," CBS CEO Leslie Moonves, told Reuters in an interview."We are going to own a piece of everything that Aaron does, whether it is for CBS, or for HBO or for whoever."The first project under the new deal is a pilot "9J, 9K and 9L," which is being co-produced by Kapital with CBS Television Studios for CBS.CBS is interested in other deals where it could have a stake in content, but Moonves noted that Kapital was a unique opportunity given how many series it puts out a year."This wouldn''t work with a normal writer, producer who does one or two shows a year," Moonves said, noting that Kapital currently has six pilots, three of which are with CBS."A success on another network means we do well too," he said.(Reporting By Jessica Toonkel; Editing by Cynthia Osterman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-cbs-corp-kapital-deal-idINKBN15P2KT'|'2017-02-10T17:19:00.000+02:00'
'b6f2184f896b9bdf08e9aa55e8a5457396fac3c8'|'Vestas leaps to top spot in U.S. wind market'|'Commodities  15am EST Vestas leaps to top spot in U.S. wind market Maintenance work is done on a Vestas wind turbine (R) at a wind energy park near Heide, Germany, September 9, 2010. REUTERS/Christian Charisius/File Photo By Jacob Gronholt-Pedersen - COPENHAGEN COPENHAGEN Danish wind turbine maker Vestas Wind Systems has leapt to the top spot in the U.S. wind market, overtaking General Electric, data from a wind industry trade group shows. Vestas, the world''s biggest wind turbine maker, supplied 43 percent of the 8.2 GW of wind power capacity connected to the U.S. power grid last year, the American Wind Energy Association said in a quarterly report released on Friday. That was up from 33 percent in 2015 and just 12 percent in 2014. In comparison General Electric''s market share fell to 42 percent in 2016 from well over half in 2014, the association said, although GE remains the market leader in terms of overall installed capacity  . "It is definitely our ambition to at least keep our market share," Vestas Chief Executive Anders Runevad told Reuters. Vestas reported record global revenues for 2016 on Wednesday but warned it would see lower orders   this year and said rapid growth in demand in the industry generally could be coming to an end as the wind market matures. The Danish company is set to lose its status as the world''s top wind turbine maker as Germany''s Siemens and Spain''s Gamesa have agreed to combine their assets in the sector. Wind energy has surpassed hydropower as the biggest source of renewable electricity  , according to the association, helped by tax credits under Barack Obama''s administration. There is uncertainty about government support under   administration although tax credits already awarded seem safe. "How (the U.S. market) will pan out over the years is still very hard to predict," Runevad said. (Reporting by Jacob Gronholt-Pedersen; Editing by Susan Fenton) Next In Commodities'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-usa-wind-vestas-wind-idUSKBN15P12U'|'2017-02-10T17:15:00.000+02:00'
'2b95e8079262ecb578f3b7082a9ba56313368096'|'China central bank says warned bitcoin exchanges of closure risk on rule violations'|'Money News - Thu Feb 9, 2017 - 12:25pm IST China central bank says warned bitcoin exchanges of closure risk on rule violations FILE PHOTO: Bitcoin (virtual currency) coins are seen in an illustration picture taken at La Maison du Bitcoin in Paris, France, May 27, 2015. REUTERS/Benoit Tessier/File Photo SHANGHAI China''s central bank said on Thursday it met with nine smaller local bitcoin exchanges to discuss risks and problems in the bitcoin market, and warned them that they risk closure should they seriously violate the country''s regulations. The People''s Bank of China said in a statement on its website that it had told the exchanges during the Wednesday meeting not to take part in financial activities such as margin lending or allow money laundering. It said that the meeting came amid ongoing checks into Huobi and OkCoin, two of the country''s largest trading platforms, which began last month. BTC100 and HaoBTC were among the nine exchanges they met, it said. The price of bitcoin fell from a one-month high on Wednesday after sources at bitcoin exchanges in China said the People''s Bank of China had summoned some smaller exchanges to a closed-door meeting. (Reporting by Brenda Goh; Editing by Sam Holmes) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/china-bitcoin-idINKBN15O0MC'|'2017-02-09T13:55:00.000+02:00'
'9d4a182c0cd67d8d182f4fc43ee9be2f766432e4'|'Rio Tinto considers exiting interest in giant Indonesia mine'|'Business News - Thu Feb 9, 2017 - 9:13am GMT Rio Tinto considers exiting interest in giant Indonesia mine FILE PHOTO - A sign adorns the building where mining company Rio Tinto has their office in Perth, Western Australia, November 19, 2015. REUTERS/David Gray/File Photo By Fergus Jensen - JAKARTA JAKARTA Rio Tinto ( RIO.AX )( RIO.L ) is considering walking away from its interest in the huge Grasberg copper mine operated by Freeport McMoRan Inc ( FCX.N ) in Indonesia, the mining giant''s chief executive told analysts late on Wednesday. The world''s No.2 copper mine is facing a stoppage in its copper concentrate exports and permit issues with the Indonesian government, which Freeport has warned could force it to slash production and its local workforce. A strike at the country''s biggest copper smelter, which is Freeport''s sole domestic offtaker of copper concentrate, has added to its woes. "There is no doubt that Grasberg is a world-class resource. But the key question, especially in the light of what happened three weeks ago, is: is Grasberg a world-class business for us?" Rio CEO Jean-Sebastian Jacques said, according to a transcript of the analyst briefing. "Everyone was taken by surprise," he said, referring to Indonesia''s stoppage of copper exports from Grasberg on Jan. 12. Rio will decide in "coming weeks and months" whether to sell or walk away from its option to take an effective 40 percent stake in Grasberg in 2021, he said. A spokesman for Rio Tinto in Australia could not be reached for comment on Thursday. Under a joint venture deal it inked with Freeport in 1995, Rio gets a 40 per cent share of Grasberg''s production above specific levels until 2021, then 40 per cent of all production after 2021. Freeport Indonesia spokesman Riza Pratama told reporters that amid the export stoppage, Grasberg''s copper concentrate stockpile warehouse was now "almost full", indicating that a production cut would be imminent without a breakthrough. He did not respond to written questions on Rio. (Reporting by Fergus Jensen in Jakarta; Additional reporting by Nicole Mordant in Vancouver, Jim Regan in Sydney and Sonali Paul in Melbourne; Editing by Joseph Radford) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-rio-tinto-freeport-mcmoran-indonesia-idUKKBN15O0XS'|'2017-02-09T16:13:00.000+02:00'
'f891f6d396a1f1efdf24ae32f52596cdbd7dbcba'|'Wal-Mart aims to leverage British arm Asda back to health'|'Business News - Wed Feb 8, 2017 - 2:50pm GMT Wal-Mart aims to leverage British arm Asda back to health FILE PHOTO: A company logo is pictured outside an ASDA supermarket near Manchester, Britain, April 7, 2016. REUTERS/Phil Noble/File Photo By James Davey - LONDON LONDON Wal-Mart ( WMT.N ) is throwing its weight as the world''s largest retailer behind its struggling British arm Asda after admitting it was too slow to respond effectively to the threat posed by the discount supermarkets. Asda thrived for a decade as Britain''s cheapest supermarket after it was bought by Wal-Mart in 1999 and remains the third-biggest in the country. But German-owned Aldi [ALDIEI.UL] and Lidl [LIDUK.UL] have steadily cut into Asda''s market share. The two discounters started opening stores in the UK in 1990 and 1994, respectively, but their big breakthrough came when the economic crisis hit in 2008 and more British shoppers were prepared to give them a go. Declining sales show signs of tapering off since Wal-Mart veteran Sean Clarke became Asda''s president and chief executive last July, with a focus on improving the look and feel of the stores as well as enhancing product lines. Wal-Mart will provide further firepower by ensuring Asda leverages the parent''s purchasing strength in everything from refrigerators to own-brand products and real estate to drive down prices and costs, said Scott Price, chief administrative officer of Walmart International. "One thing that maybe we would criticise ourselves for is that we didn''t start the repositioning of the business sooner, that we didn''t focus more on the leverage opportunities so that Asda was able to invest more aggressively in price," Price told Reuters in an interview. "What Sean is able to do with his global experience at Wal-Mart is to know what levers to pull," he said, in a reference to Clarke''s time with Wal-Mart in Japan, Canada and most recently as chief executive in China. Working more closely with its parent, Asda will be able to market more Wal-Mart brands as its own at a lower price than rivals, Price said. "He''s able to pull private (Wal-Mart) brands and put an Asda brand on it that is equal to the national brand in the UK in terms of quality and sensory, but at a price that no one else can match," he said of Clarke. In return, Wal-Mart was looking for more ways to exploit the areas where Asda has excelled, for example with a popular olive oil originally sourced by Asda and now sold across the group, including in the United States and 10 other international markets. PERFORMANCE SLUMPED From its headquarters in Leeds in northern England, Asda claimed to be the first of Britain''s major grocers -- which also includes market leader Tesco ( TSCO.L ), No. 2 Sainsbury''s ( SBRY.L ) and No. 4 Morrisons ( MRW.L ) -- to spot the threat from the discounters. With fewer stores in the more affluent southeast of England than its rivals and the vast majority of its business in the large stores that have become less fashionable in recent years, Asda was most exposed. After it lost its price advantage and failed to offer other reasons to shop there, performance slumped. Wal-Mart added to Asda''s problems by diverting key executives from Britain to the United States and focusing too much on cutting costs and maximising short-term profit at the expense of investing to protect market share, analysts said. The result has been nine straight quarters of underlying sales decline since the middle of 2014, which translated into a more than 1 percentage point loss in market share, according to researcher Kantar Worldpanel. Its share currently stands at 15.6 percent, versus more than 28 percent for Tesco. David Cheesewright, CEO of Walmart International, in June expressed disappointment at Asda''s weak performance and said it would shift from protecting profit to protecting market share. The data shows signs of improving. In November Asda reported a like-for-like sales decline of 5.8 percent for th
'8b9176deae0eb46a5d8ce0d311fdb38e8af7aa5a'|'Germany denies media report about G20 push for tighter monetary policy'|'Business   5:16pm GMT Germany denies media report about G20 push for tighter monetary policy BERLIN Germany''s Finance Ministry denied a Bloomberg report on Wednesday that Germany had tried to push for a joint statement of the Group of 20 leading economies in which the G20 would have called for monetary stimulus to be reined in. "The report is not correct," a ministry spokeswoman said, adding that such a demand for central banks was never on the G20 agenda. "We respect the independence of the central banks," the spokeswoman added. A Bloomberg report, citing people familiar with the matter, said German officials wanted the G20 to sign up to a paper on the need to enhance the world''s economic resilience, which would encourage central banks to build buffers against future crises. It said German officials had failed to convince counterparts that the G20 should support language backing tighter monetary policy and that they therefore had abandoned the push. (Reporting by Gernot Heller and Michael Nienaber; Editing by Paul Carrel) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-g20-germany-monetary-policy-idUKKBN15N24O'|'2017-02-09T00:03:00.000+02:00'
'64d1ff962750c43aa0a45b79d142261077872a72'|'Japanese investors unwind U.S., French bonds positions in Dec'|'TOKYO Feb 8 Japanese investors dumped U.S. and French bonds in December, government data showed on Wednesday, as the post-U.S. election global bond sell-off prompted market participants to unwind aggressive holdings of these two countries'' debt.Japanese investors sold 2.262 trillion yen ($20.1 billion) of U.S. bonds in December, data from Japan''s Ministry of Finance showed. This is their biggest net selling since May 2013, when U.S. bonds crashed on suggestions from then Federal Reserve Chairman Ben Bernanke that the central bank could taper its bond buying programme.U.S. bond prices have plunged since U.S. President Donald Trump''s election victory in November, forcing Japanese investors to do an about-face after massive buying of dollar debt products that ranged from U.S. Treasuries to corporate debt.Still, despite the big sell-off in December and smaller net selling in November, last year saw their U.S. bonds buying hit a record high of 15.4 trillion yen ($137 billion) as they hunted yield in U.S. bonds after the Bank of Japan''s aggressive monetary policy diminished returns on domestic bonds.Japanese investors also sold 232 billion yen (1.94 billion euros) in French bonds in December, logging their biggest net selling since June 2015.Early last year, Japanese investors gobbled up French bonds as alternatives to German bunds, whose yields have fallen into negative territory due to the European Central Bank''s stimulus.For the whole of 2016, they bought 3.839 trillion yen (32 billion euros) of French bonds, their biggest net buying since 2012. ($1 = 112.27 yen) (1 euro = 119.88 yen) (Reporting by Hideyuki Sano; Editing by Sam Holmes)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/japan-bonds-idINL4N1FT2AT'|'2017-02-08T04:43:00.000+02:00'
'3dbb325d7332097b3fcd31eeeceb7e4c9548350d'|'Siemens aiming for early EU approval for Gamesa deal: sources'|'BRUSSELS German engineering group Siemens ( SIEGn.DE ) is optimistic that EU antitrust regulators will clear its plan to form the world''s largest wind turbine maker with Spain''s Gamesa in the preliminary review, people familiar with the matter said on Monday.The company is aiming for a phase one decision, the people said, referring to the European Commission''s initial scrutiny which runs to March 13.The companies have few overlaps which could trigger competition concerns, the sources said. In terms of geographical presence and products, the companies complement rather than compete with each other, they said.The sources said it was speculative to say whether concessions would be required to allay possible competition concerns.(Reporting by Foo Yun Chee)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-gamesa-m-a-siemens-approval-idUSKBN15L1XS'|'2017-02-06T19:33:00.000+02:00'
'6468e77a21a5080f760b0e4709181c7e99615294'|'PRESS DIGEST- British Business - Feb 7'|'Company   7:28pm EST PRESS DIGEST- British Business - Feb 7 Feb 7 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 Israeli PM insists Britain must get tough with Iran The Israeli prime minister urged Theresa May to follow the United States in imposing fresh sanctions against Iran as the two met for the first time on the steps of No 10. bit.ly/2lith90 Stay away from parliament, Bercow tells ''sexist, racist'' Trump In an intervention that will bring embarrassment for Theresa May, John Bercow told Members of Parliament that the US president should be denied the honour of addressing the House of Commons or Lords during a state visit this year. bit.ly/2liooN2 The Guardian Uber driver tells MPs: I work 90 hours but still need to claim benefits Uber drivers have told Members of Parliament they felt trapped in a job that forced them to work long hours just to cover costs including the purchase of their cars. bit.ly/2lixAkx Cut beer duty to beat price hikes after Brexit vote, says Camra The Campaign for Real Ale (Camra) is stepping up its push to keep the price of a pint down for millions of UK pub-goers, calling on the Treasury to reduce beer duty by 1p a pint in next month''s budget. bit.ly/2livst0 The Telegraph ECB''s Mario Draghi warns on liquidity shock as tapering nears The European Central Bank is bracing for a painful ''taper tantrum'' as it reins in emergency stimulus and slows the pace of bond purchases next month, all too aware that market liquidity could dry up suddenly. bit.ly/2lipcBy Hong Kong''s Li dynasty trade UK assets as Three buys Relish wireless broadband for 250 mln stg Two arms of one of Asia''s richest families have agreed the 20 mln stg sale of UK Broadband, the operator behind the Relish wireless brand, to the mobile operator Three. bit.ly/2litt8c Sky News Buy-to-let lender plots float after Brexit fears halted sale Sky News has learnt that Charter Court Financial Services, the owner of the Exact and Precise mortgage brands, has drafted in investment bankers to work on an initial public offering later this year. bit.ly/2litnO5 Wonga strikes 60 mln stg deal to sell European unit to Swedish suitor Wonga, Britain''s best-known payday lender, will this week announce the sale of a big chunk of its European operations, underlining its continuing international retrenchment in the wake of a torrid period for the business. bit.ly/2liuZHs The Independent Brexit will not affect UK economy''s long term future, a new study suggests Brexit will prove to be little more than a bump in the road for the UK economy in the long run and the country will successfully defend its spot as one of the world''s fastest growing developed economies in decades to come, according to predictions published in a new study. ind.pn/2liq8py (Compiled by Shalini Nagarajan in Bengaluru) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-press-business-idUSL1N1FS00V'|'2017-02-07T07:28:00.000+02:00'
'2d5c8065a877cb49800e77fcc9829c1a4323c98c'|'NFL Super Bowl draws lower TV ratings than previous two games'|'Fox Television''s broadcast of Super Bowl LI on Sunday night drew a 48.8 overnight rating, according to Nielsen data released by the network, lower than the previous two Super Bowls.The contest included a thrilling finish, with the New England Patriots topping the Atlanta Falcons in the National Football league''s first-ever Super Bowl overtime. The Patriots came back from a 25-point deficit and quarterback Tom Brady, 39, won his record fifth championship.The brief overtime, in which the Patriots scored a touchdown in their first possession, allowed Fox to add four more commercials, and the network brought in an estimated $509.6 million in ad revenue for the broadcast, according to research firm iSpot.TV.Last year''s Super Bowl drew a 49.0 overnight rating, while the Patriots'' previous title game appearance in 2015 helped Comcast Corp''s NBC television draw a 49.7 rating, the highest overnight rating on record.The overnight rating measures 56 major markets in the United States, representing about 70 percent of the country and is an early indication of what the final number will be.Fox, a unit of 21st Century Fox, will have final numbers, including viewership, later on Monday.(Reporting by Tim Baysinger; Editing by Jeffrey Benkoe)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-nfl-superbowl-ratings-idINKBN15L1L5'|'2017-02-06T11:14:00.000+02:00'
'67397bc8fe344cfabf1dc3585caf43124b9829e2'|'BRIEF-Avery Dennison to acquire Yongle Tape Company'|'Company  33am EST BRIEF-Avery Dennison to acquire Yongle Tape Company Feb 6 Avery Dennison Corp * Avery Dennison to acquire Yongle Tape Company Ltd. * Yongle Tape will be acquired from company''s management and private equity firm shawkwei & partners for purchase price of $190 million * Additional earnouts of up to $55 million to be paid based on achievement of certain performance targets over next two years * Expects acquisition to have an immaterial impact on earnings per share in 2017 * Will fund acquisition with existing cash and credit facilities Source text for Eikon:'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSASB0AYLY'|'2017-02-06T16:33:00.000+02:00'
'77d310a4c06b2b351173f3b85bac205d28523fa4'|'China''s top court outlines plan to help ''zombie firms'' file for bankruptcy'|'Business  58pm GMT China''s top court outlines plan to help ''zombie firms'' file for bankruptcy BEIJING China''s highest court has outlined conditions under which "zombie enterprises" will be allowed progress towards claiming bankruptcy, the official Xinhua said on Monday. Firms that, among other conditions, are unable to meet debt payments and have insufficient assets to pay off debts, or are clearly unable to clear debts, will be able to progress to the stage of being investigated for whether they qualify for bankruptcy, Xinhua said, citing a Supreme People''s Court document. The announcement comes as state media reported that ownership reforms at more than 100 central government-run enterprises would be completed by the end of the year as part of efforts to use private capital to revive a lumbering state sector. Zombie firms are economically unviable enterprises that survive only with the support of local governments and banks. China has vowed to take action and use tougher environmental, efficiency, quality and safety standards to drive them out of the market. But flaws in bankruptcy laws have made it difficult for struggling firms to exit, and local governments are worried about the prospect of rising unemployment. (Reporting by Sue-Lin Wong; Editing by Robert Birsel) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-china-economy-soereform-idUKKBN15L1EH'|'2017-02-06T19:58:00.000+02:00'
'6fec5a58540b90c86f1cf000c78e0136dcb67abf'|'Deutsche Boerse says clears CEO after analysis of talks with LSE'|'Business News - Tue Feb 7, 2017 - 1:49am EST Deutsche Boerse says clears CEO after analysis of talks with LSE Carsten Kengeter, CEO of Deutsche Boerse talks to the media during the presentation of FinTec start-up facilities provided by Deutsche Boerse in Frankfurt, Germany, February 24, 2016. REUTERS/Kai Pfaffenbach FRANKFURT Deutsche Boerse''s ( DB1Gn.DE ) supervisory board backed its Chief Executive Carsten Kengeter, who is the focus of an insider trading investigation, saying it had found that talks with the London Stock Exchange had not yet started in 2015. German police and prosecutors have searched Kengeter''s office and apartment as they investigate whether secret merger talks with LSE were under way when Kengeter bought shares in his company in December 2015. Deutsche Boerse said on Tuesday that "extensive conversations with external experts and a renewed analysis of the processes in the year 2015" had cleared Kengeter, adding the board unanimously expressed its full confidence in him. (Reporting by Maria Sheahan; Editing by Muralikumar Anantharaman) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-deutsche-boerse-investigation-board-idUSKBN15M0G7'|'2017-02-07T13:49:00.000+02:00'
'd24d0af996046527f191ba9f4137b6d297e2c4ba'|'Deutsche Boerse, LSE to formally offer sale of French clearing ops'|'FRANKFURT Deutsche Boerse ( DB1Gn.DE ) and the London Stock Exchange ( LSE.L ) will formally offer to divest their French clearing business as a remedy to the European Commission to address anti-trust concerns in relation to the merger of the two exchange operators, Deutsche Boerse said.The groups had already said last month they would sell the unit, LCH.Clearnet SA, to Euronext ( ENX.PA ) for 510 million euros ($546 million), as they seek to win regulatory approval for their proposed deal.The European Commission has expressed antitrust concerns about the $28 billion merger and the impact on the clearing of derivatives contracts in particular.(Reporting by Maria Sheahan; Editing by Kim Coghill)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-deutsche-boerse-m-a-lse-idINKBN15M0DN'|'2017-02-07T03:14:00.000+02:00'
'65c087ea9eae30a08a2bf26fe3835263ede1a913'|'Morning News Call - India, February 9'|' 22pm EST Morning News Call - India, February 9 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: Finance Minister Arun Jaitley, Junior Finance Minister Arjun Ram Meghwal and Economic Affairs Secretary Shaktikanta Das at ASSOCHAM annual function in New Delhi. 11:00 am: Budget session of parliament continues in New Delhi. 3:15 pm: Bank of India media briefing after third-quarter earnings in Mumbai. LIVECHAT- EURO CLEARING Colin Lloyd has been following the ebb and flow of financial markets for more than 30 years. He writes regularly on commodities, money markets, capital markets and foreign exchange. He joins the forum at 3:30 pm to discuss the outlook for currency derivatives and euro clearing in this volatile political climate. To join the conversation, click on the link: here INDIA TOP NEWS  RBI signals end to rate cuts as inflation risks rise The Reserve Bank of India kept its policy rate on hold on Wednesday and unexpectedly signalled an end to its longest easing cycle since the global financial crisis, saying inflation poses a bigger threat to the economy than a crackdown on "black money."  Cipla looks to boost US business as Q3 profit beats estimates Cipla Ltd''s third-quarter profit beat estimates due to higher sales in the United States, and the company said it was looking for licensing deals and acquisitions to build its speciality medicines pipeline in that market.  National Stock Exchange names IDFC''s Vikram Limaye as CEO National Stock Exchange named Vikram Limaye, the CEO of infrastructure lender IDFC Ltd, as its new chief executive as the country''s largest bourse gears up for a much-awaited initial public offering this year.  Infosys defends decisions after media report of governance concerns Infosys Ltd, India''s second-biggest software services exporter, on Wednesday said it had already addressed concerns about executive pay after media reported that its founders had complained about decisions including a pay hike for Chief Executive Vishal Sikka.  RBI deputy says "bad bank" could help if designed right The Reserve Bank of India deputy governor on Wednesday joined the debate over creating a so-called "bad bank" to handle record sour assets in the nation''s banks, saying it could help if "designed properly".  Indian airports face capacity crunch as market booms India''s aviation industry risks a capacity crunch as an expansion in landing slots and terminals fails to keep pace with the number of jets entering the market and rapid growth in demand from travellers, executives warned on Wednesday.  MobiKwik in talks to raise funds, eyes $1 bln valuation -CEO Mobile payments and digital wallet firm MobiKwik says it is in talks to raise more funds at a level that would give the start-up a $1 billion valuation, as it pushes to forge new ties with banks and offer new financial services on its platform.  JSW Infrastructure aims to list shares in 2018/19 JSW Infrastructure Ltd, owned by billionaire Sajjan Jindal, plans to list its shares on local bourses in 2018/19 as it draws an expansion plan to increase operating profit and cargo-handling capacity, a company official said.  India scraps funding ties with Gates Foundation on immunisation A group backed by the Bill & Melinda Gates Foundation that works on India''s immunisation programmes will now be funded by the health ministry, a government official said, a move in part prompted by fears foreign donors could influence policy making. GLOBAL TOP NEWS  Sessions confirmed as U.S. attorney general after battle with Democrats A bitterly divided U.S. Senate confirmed Republican Senator Jeff Sessions on Wednesday as the next attorney general of the United States after strong pushback from Democrats concerned about his record on civil rights.  UK PM May quashes attempts to derail her Brexit plan in parliament Prime Minister Theresa May won approval from parliament''s lo
'eea7ad24103bb43d610805962bbd0a8c04f28a9f'|'India applies to extradite Kingfisher tycoon Mallya from UK'|'NEW DELHI India said on Thursday it had applied to Britain to extradite Vijay Mallya to face trial after the liquor and aviation tycoon was charged with conspiracy and fraud over a loan to his defunct Kingfisher Airlines.Mallya moved to Britain last March after banks sued to recover about $1.4 billion the Indian authorities say is owed by Kingfisher. He has dismissed the charges against him, saying on Jan. 28 that "not one rupee was misused".Mallya''s press representative was not immediately available for comment on the Indian extradition request.Earlier attempts by India to get Mallya, the head of the Force India Formula One team and one-time billionaire, deported have failed.The new push comes after Mallya was charged in absentia last month by the Central Bureau of Investigation - along with nine former executives from the failed Kingfisher Airlines and IDBI Bank Ltd ( IDBI.NS ) - over a 9 billion rupee ($135 million) loan."We have today handed over the request for the extradition of Mr Vijay Vittal Mallya, as received from the CBI, to the UK High Commission in New Delhi," Vikas Swarup, spokesman for the Ministry of External Affairs, told a news conference.A spokesman for the British High Commission said it did not comment on individual cases.The CBI, in its charge sheet, alleged Mallya diverted 2.54 billion rupees intended for Kingfisher Airlines from India. Kingfisher is also named as a defendant in the case.($1 = 66.8450 Indian rupees)(Reporting by Douglas Busvine; Editing by Alexander Smith)'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/us-india-mallya-idINKBN15O1O5'|'2017-02-09T10:43:00.000+02:00'
'03132803971387eed812aaf25966dbd1d30d3af0'|'LATAM CLOSE-Two issuers tap market for US$1.6bn equivalent'|'* Investors take shine to Province of BA despite supply concerns* Venezuelan central bank eyes US$1bn ''repo'' deal with Nomura* Ex public credit head seen as likely choice to head BanxicoBy Mike GambaleNEW YORK, Feb 8 (IFR) - Below is a recap of issuance activity in the Latin American primary markets on Wednesday.Number of deals priced: 2Total issuance volume: E100m, US$1.5bnCONTOURGLOBAL POWER HOLDINGSContourGlobal Power Holdings announced a 50m tap of its 5.125% 600m 2021 senior secured notes. Goldman Sachs acted as global coordinator and bookrunner. BNP Paribas was also a bookrunner, while Credit Suisse came in as a co-manager.Rated BB (S&P) / BB- (Fitch). Proceeds: GCP. Due Jun 15 202, 144A / RegS, min Denominations 100,000 x 1,000. Listed on Channel Islands Securities Exchange Authority Limited, New York Law.The developer, operator and owner of electric power businesses has operations in Latin America, Africa and Europe.GUIDANCE: EUR50m tap of 5.125% 2021 at 105.375LAUNCH: EUR100m tap of 5.125% 2021 at 105.75PRICED: EUR100m tap of 5.125% 2021 at 105.75; 3.676%YPROVINCE OF BUENOS AIRESThe Province of Buenos Aires announced a two-part bond sale comprising a new 2023 bond and a tap of its existing 2027. The 2023 bond amortizes in three equal parts in 2021, 2022 and 2023 and has an average life of five years, while the 2027 amortizes in 2025, 2026 and 2027 and has an average life of 9.3 years. Ratings are B3/B-. BBVA, BNP Paribas and JP Morgan are acting as leads.IPTs: 2023: mid to high 6%; 2027 tap: 8.2% areaGUIDANCE: Province of BA: 2023 at 6.60%-6.65%; 2027 tap at 8.10%-8.15% (Will price in range)LAUNCH: US$750m 2023 at 6.60%; US$750m tap of 2027 at 8.10%PRICED: US$750m 2023: 99.581; 6.5%C; 6.60%Y; US$750m tap of 2027: 98.532; 7.875%C; 8.10%YBOOK: About US$1.9bn on 2023, US$2.3bn on tap of 2027PIPELINEStoneway Capital Corporation, a private company with equity contributed by Siemens AG, formed for the purpose of constructing, owning, and operating four simple-cycle power generating plants in the Buenos Aires region of Argentina, has secured four Power Purchase Agreements through CAMMESA for a 10-year period on each. The company mandated Jefferies as sole global coordinator and Jefferies and Seaport Global as joint-bookrunners to arrange meetings with fixed income investors starting on January 31 for a US$500m US dollar-denominated 144A/Reg S senior secured offering of 10-year maturity.The roadshow schedule is as follows: Wed Feb 1: New York, Thu Feb 2: New York, Fri Feb 3: Los Angeles, Mon Feb 6: Boston, Tue Feb 7: London, Wed Feb 8: London, Thu Feb 9: Frankfurt/Munich.Uruguay will sell US$2.05bn in debt in 2017, up from US$1.7bn last year, the Economy Ministry said in a report, as the country aims to balance its books after posting its sharpest fiscal deficit in years.The South American country''s financing needs will total US$2.97bn, the report said. The country plans to receive US$550m from multilateral lenders and will tap reserves for US$200m, with the remaining US$170m coming from other sources.Argentina plans to issue US$1.5bn-$2bn of Swiss franc bonds in two to three issuances this year, one of which will be in the first quarter, Reuters Quote: d Finance Minister Luis Caputo saying.Caputo has previously said a total of US$3bn in non-dollar bonds will be issued this year, following the sale of US$7bn in dollar bonds last month.Brazilian power company Neoenergia is considering a possible US dollar bond debut this year after sending out requests for proposals in late 2016, two market sources told IFR.Neoenergia Group''s principal shareholders are Banco do Brasil''s pension fund Previ, with a 49.01% stake, and Spain''s Iberdrola with a 39% stake, according to the company''s website.Paraguay is considering raising up to US$550m in the bond market in March, Reuters Quote: d Finance Minister Santiago Pena saying.Inversiones Atlantida, the largest financial group in Honduras, has finished roadshows to market
'80c9b67197aef19e290190137b9fe66e0510612f'|'Exclusive: Mubadala in talks to buy stake in Brazil''s Invepar, inject capital, sources say'|'By Guillermo Parra-Bernal and Tatiana Bautzer - SAO PAULO SAO PAULO Mubadala Development Co PJSC [MUDEV.UL] is in talks to buy a minority stake in Invepar SA ( IVPR4B.SO ) and inject fresh capital into the Brazilian infrastructure company to kick-start projects and reduce debt, three people with direct knowledge of the matter said on Thursday.According to two of the people, Abu Dhabi-based Mubadala is in advanced talks to buy 24.4 percent of the company from a group of investment firms that obtained it in the in-court reorganization of OAS SA, one of Invepar''s founding partners. OAS [OAEP.UL] surrendered the Invepar stake late last month.A deal, which could be announced around late February or early March, would trigger a reworking of the shareholder accord between OAS and the three Brazilian pension funds that own a combined 75.6 percent of Invepar, said the people, who requested anonymity as talks remain under way.As part of the plan, Mubadala would agree to pump fresh capital into Invepar to rework that accord, the people said. The capital injection would dilute the stakes that Previ Caixa de Previd<69>ncia [PREVI.UL], Petros Funda<64><61>o Petrobras [PETROS.UL] and Funcef Funda<64><61>o [FUNCEF.UL] have in Invepar, two of the people said.In a statement to Reuters, Mubadala said it is "always looking for opportunities in sectors and geographies with strong potential."OAS and representatives for the creditor group declined to comment.Previ declined to comment, while Petros and Funcef did not have an immediate response.The deal underscores growing interest in infrastructure firms among global private equity firms and sovereign wealth funds, which want to take advantage of depressed valuations to plant flags in Brazil ahead of an expected economic recovery.PREVIOUS INTERESTMubadala first ventured into Brazil in 2012 through a partnership with former tycoon Eike Batista, from whom it bought a stake and extended a loan to his mining, energy and logistics conglomerate Grupo EBX.The collapse of EBX left Mubadala with stakes in several EBX-controlled companies, property and a $300 million stake that he held in Burger King Holdings Inc [BKWXK.UL].Formally known as Investimentos & Participacoes em Infraestrutura SA, Invepar operates toll road, airport and urban mobility licenses, including S<>o Paulo''s GRU international airport and the Metr<74>Rio and VLT Carioca urban transport projects in Rio de Janeiro.The company had previously been the target of interest from global firms including Canada''s Brookfield Asset Management Inc ( BAMa.TO ) and France''s Vinci SA ( SGEF.PA ), Reuters reported in June 2015. Brookfield scrapped plans to acquire the stake from OAS and creditors over strategic disagreements.A new partner would help Invepar cut debt and jumpstart investments that snagged amid Brazil''s harshest recession ever, surging borrowing costs and the involvement of OAS in the nation''s worst corruption scandal.The creditor group could sell the stake for a value "north of" 2 billion reais ($642 million), the people said. The creditors took control of the stake in exchange for their redemption of 1.25 billion reais worth of OAS debt.(Additional reporting by Stanley Carvalho in Abu Dhabi; Editing by Phil Berlowitz)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-invepar-m-a-mubadala-exclusive-idINKBN15O2GH'|'2017-02-09T15:15:00.000+02:00'
'a48b0a181d680624cef500a1bcbe9b44e782b74d'|'REFILE-Uniper hires Goldman to sell stake in Italy LNG terminal-sources'|'(Refiles to remove "hold" tag in headline)MILAN/FRANKFURT Feb 3 Germany''s Uniper has hired Goldman Sachs to sell its stake in a liquefied natural gas (LNG) terminal in Italy, a deal that could value the whole business at 1 billion euros ($1.1 billion), three people familiar with the deal told Reuters.Books have been opened for due diligence on OLT Offshore LNG Toscana''s business and a deal could materialise in the first half of 2017, the people said, also adding that there was no guarantee that a sale would take place.Energy firm Uniper holds a 48.24 percent stake in the OLT terminal, while Italian utility group Iren owns 49.07 percent. The remaining 2.69 percent stake is held by U.S.-based shipping group Golar LNG.Uniper, Goldman Sachs, OLT and Iren declined to comment. Golar LNG was not immediately available for comment. ($1 = 0.9247 euros) (Reporting by Stephen Jewkes, Christoph Steitz, Arno Schuetze, Tom Kaeckenhoff and Alexander Huebner)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/uniper-lng-sale-idINF9N1EB01Z'|'2017-02-03T11:39:00.000+02:00'
'ad2c42561a8ac1e57b3713cd2bfb48fca7d20a2d'|'Deutsche Bank to cut as much as 17 percent of equities staff: WSJ'|'Business News - Fri Feb 3, 2017 - 7:00am EST Deutsche Bank to cut as much as 17 percent of equities staff: WSJ 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 FRANKFURT Deutsche Bank ( DBKGn.DE ) plans to cut as much as 17 percent of its equities staff and 6 percent of its fixed-income staff around the world, the Wall Street Journal reported on Friday, citing people familiar with the matter. The paper said notices were to be sent to many employees next week. It cited one source as saying the cuts were part of Deutsche Bank''s previously announced plans to cut 9,000 staff. Deutsche Bank declined to comment. (Reporting by Maria Sheahan; Additional reporting by Kathrin Jones; Editing by Victoria Bryan) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-deutsche-bank-redundancies-idUSKBN15I1HL'|'2017-02-03T19:00:00.000+02:00'
'406312196afd456d07f3dc3b1427e53c7ebf898e'|'Takata to set aside $864 million as part of U.S. DOJ settlement'|'Business News - Thu Feb 9, 2017 - 1:41am EST Takata to set aside $864 million as part of U.S. DOJ settlement FILE PHOTO - A logo of Takata Corp is seen with its display as people are reflected in a window at a showroom for vehicles in Tokyo, November 6, 2015. REUTERS/Toru Hanai/File Photo TOKYO Japan''s Takata Corp ( 7312.T ) said on Thursday it will set aside 96.93 billion yen ($864.4 million) as part of a $1 billion settlement with the United States Justice Department over the world''s largest ever auto recall. In a regulatory filing, the auto parts firm also said it would book and additional 3.5 billion yen special loss over recall-related costs in the third quarter. Takata added that it expects currency related gains of 4.07 billion yen in the April-December period. Takata has been looking for a sponsor to lead its turnaround, with sources saying Key Safety Systems had been selected, fanning concern that a court-led restructuring was on the cards. It will report its third quarter earnings on Friday. (Reporting by Thomas Wilson; Editing by Stephen Coates) Next In Business News Exclusive: Tesla pausing factory for Model 3 preparation this month DETROIT/SAN FRANCISCO Tesla Inc said on Wednesday it will shut down production at its California assembly plant for a week this month to prepare for production of its high-volume Model 3 sedan, moving the company closer to meeting its target to start production in July. Goldman hedge fund folding London operations, shifting staff to U.S.: sources NEW YORK/LONDON Goldman Sachs Investment Partners (GSIP), which opened in 2008 with one of the biggest launches in hedge fund history, is folding its London operations into the United States and shifting staff members to New York, four sources told Reuters. Toshiba receives bids as high as $3.6 billion for chip business stake: source TOKYO Toshiba Corp has received bids ranging from 200 billion yen to as much as 400 billion yen ($1.8-3.6 billion) for a 19.9 percent stake in its flash memory business, a person directly involved in the deal told Reuters on Thursday. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-takata-settlement-idUSKBN15O0LB'|'2017-02-09T13:41:00.000+02:00'
'ece2deb72972874088d55efff7f616b02e7cddf9'|'BRIEF-Albany International Q4 sales rose 20 pct to $213 mln'|' 21pm EST BRIEF-Albany International Q4 sales rose 20 pct to $213 mln Feb 8 Albany International Corp * Albany International reports fourth-quarter results * Q4 earnings per share $0.49 * Q4 sales rose 20 percent to $213 million * Q4 adjusted non-GAAP earnings per share $0.36 excluding items * Albany International Corp - Expect full-year adjusted EBITDA to pull back from high end toward middle of that $180 million to $195 million range  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSASB0AZCD'|'2017-02-09T05:21:00.000+02:00'
'c76dfe16dcdf0cd9577a195c2f1ee18a08f4c1b5'|'BRIEF-Eutelsat to buy a Viasat satellite, eyes higher sales at some key units'|'  2:58am EST BRIEF-Eutelsat to buy a Viasat satellite, eyes higher sales at some key units PARIS Feb 9 Eutelsat : * CEO says company to buy a Viasat satellite in coming months * Expects higher Internet and mobile satellite sales, sees no negative impact at this stage from new U.S. government * Eutelsat had formed joint venture with Viasat in 2016 Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSL5N1FU24W'|'2017-02-09T14:58:00.000+02:00'
'0ea59b64151164833ae8d5b4b0d0396f2dc95279'|'Sales of Ivanka Trump apparel slumped at Nordstrom - WSJ report'|'  4:43pm GMT Sales of Ivanka Trump apparel slumped at Nordstrom - report Ivanka Trump-branded blouses and trousers are seen for sale at off-price retailer Winners in Toronto, Ontario, Canada February 3, 2017. REUTERS/Chris Helgren WASHINGTON Nordstrom''s sales of first daughter Ivanka Trump''s line of clothing and shoes fell by nearly one-third in the past fiscal year, with sharp drops in sales weeks before the election,   reported on Saturday. Nordstrom announced this week it had decided to stop carrying Ivanka Trump''s apparel, prompting President Donald Trump to take to Twitter to defend her. "My daughter Ivanka has been treated so unfairly by @Nordstrom," he said on Wednesday. The Journal cited internal Nordstrom data as showing sales of Ivanka Trump''s products were more than 70 percent lower in the second, third and fourth week of October compared to the same weeks the previous year. Nordstrom had $14.3 million in sales in the fiscal year that ended in January, down from $20.9 million in the previous year, the Journal reported. In addition to the president, others in the administration expressed support for Ivanka Trump''s business. Senior White House adviser Kellyanne Conway was accused of violating ethics rules when she went on television to urge people to buy Ivanka Trump''s products in what she called "a free commercial." Republican Jason Chaffetz, chairman of the House of Representatives Oversight committee, said on Thursday he had asked the Office of Government Ethics to review Conway''s comments and recommend disciplinary action against her if warranted. Nordstrom did not immediately respond to a request for comment.   Editing by Bill Trott)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-trump-nordstrom-idUKKBN15Q0L5'|'2017-02-12T00:31:00.000+02:00'
'610737ef3b810d7b598a0f9bdc7e2e3c10ab0a7d'|'KOGAS interested in Iranian, U.S. natural gas to secure stable supply'|'Commodities  35pm EST KOGAS interested in Iranian, U.S. natural gas to secure stable supply SEOUL State-run Korea Gas Corp (KOGAS), the world''s second-largest single buyer of liquefied natural gas (LNG), is interested in Iranian and U.S. natural gas as LNG imports from the two countries are seen possible without destination restrictions, its chief executive said on Friday. "When new suppliers enter, they cannot request destination restrictions ... we can secure supplies that don''t carry destination restrictions," Lee Seung-hoon, chief executive and president of KOGAS, said at a forum in Seoul. Lee also said the company could secure U.S. shale gas if it participates in new liquefaction facility projects under a U.S. Trump administration. "U.S. trade pressure is likely to increase, but U.S. gas investments can work as a tool against trade pressure," he said. (Reporting by Jane Chung; Editing by Richard Pullin) Next In Commodities'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-southkorea-lng-kogas-idUSKBN15P02U'|'2017-02-10T07:31:00.000+02:00'
'1aaff9c3285c5da0e02b07e9fd49d6b80608ec31'|'Reckitt Benckiser to buy Mead Johnson'|'Deals   2:21am EST Reckitt Benckiser to buy Mead Johnson Reckitt Benckiser CEO Rakesh Kapoor speaks during the Reuters Global Consumer and Retail Summit in London, Britain September 11, 2013. REUTERS/Benjamin Beavan/File Photo LONDON Reckitt Benckiser ( RB.L ) has agreed to buy U.S. infant formula maker Mead Johnson Nutrition ( MJN.N ) for $16.6 billion, marking its first step into baby formula, it said on Friday. Reckitt, the British maker of Lysol cleaners and Durex condoms, will pay $90 a share for the company, a 30 percent premium to the stock''s closing price the day before news of the company''s talks was reported. Including Mead Johnson''s debt, the deal is worth $17.9 billion. (Reporting by Martinne Geller; Editing by David Goodman) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-mead-johnson-m-a-reckitt-benc-grp-idUSKBN15P0MV'|'2017-02-10T14:21:00.000+02:00'
'9dc6a7dd3aa331599835908464594afb5ba4c187'|'MOVES-Natixis names new CEO for global asset management unit'|'Company News  07am EST MOVES-Natixis names new CEO for global asset management unit Feb 10 Natixis SA appointed Jean Raby chief executive of Natixis Global Asset Management, effective Feb. 20. Prior to joining Natixis, Raby worked at SFR Group SA as its chief financial officer. The company also appointed Pierre Servant senior adviser to Laurent Mignon, the chief executive of Natixis. (Reporting by Divya Grover in Bengaluru) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/natixis-sa-moves-jean-raby-idUSL4N1FV3TU'|'2017-02-10T18:07:00.000+02:00'
'e9d1ad818bd9fb0788f0255e5a43f595d8e191bc'|'ABB says cooperating with UK corruption probe'|'  10:57am EST ABB says cooperating with UK corruption probe ZURICH Feb 10 ABB said it was cooperating with anti-fraud authorities in the United States and Britain and had reported past dealings with Monaco-based engineering and construction group Unaoil, including alleged improper payments to third parties. The Serious Fraud Office in Britain said earlier it has launched an investigation into the activities of ABB''s United Kingdom subsidiaries, their officers, employees and agents for suspected bribery and corruption. "As a result of an internal investigation, ABB self-reported ... certain of its past dealings with Unaoil and its subsidiaries, including alleged improper payments made by these entities to third parties," ABB said in a statement. Unaoil in May denied a media report linking it to corrupt practices involving big oil companies and said it has been the victim of an extortion attempt by unidentified criminals. (Reporting by John Revill; Editing by Michael Shields)   Argentina nears labor agreement with auto industry, unions BUENOS AIRES, Feb 10 Argentina''s government plans to sign by the end of March an agreement with the auto sector and unions to lower labor costs, improve productivity and attract investment, an executive and a government source told Reuters.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/abb-unaoil-investigation-idUSZ8N1F300L'|'2017-02-10T22:57:00.000+02:00'
'4455fc8b1224538d5c81e51773ed5e0c06aa8eb8'|'Stock futures edge up after Wall St. hits record high'|'Business News  33am EST Stock futures edge up after Wall St. hits record high Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., February 7, 2017. REUTERS/Brendan McDermid By Yashaswini Swamynathan U.S. stock index futures were slightly higher on Friday, a day after Wall Street hit record high on President Donald Trump''s promise to unveil a tax reform plan in the coming weeks. Trump called the tax plan as "phenomenal", but offered no specifics other than citing the need to lower tax burden on businesses. The news helped reignite a post-election rally, which had stalled in recent weeks on concerns over Trump''s protectionist stance and the lack of clarity on his policies. In a setback to Trump, a U.S. appeals court refused to reinstate his most controversial executive order to temporarily ban people from seven Muslim-majority countries from entering the United States. Jeb Hensarling, the Republican chairman of a key House of Representatives committee, laid out his plan to roll back Wall Street and consumer protection rules, which were put in place after the 2008 financial crisis, according to a staff memo seen by Reuters on Thursday. Banks, including Morgan Stanley ( MS.N ), Bank of America ( BAC.N ) and JPMorgan ( JPM.N ), were up in premarket trading on Friday. A University of Michigan report is likely to show that its consumer sentiment index slipped to 97.9 in February from 98.5 last month. The data is due at 10:00 a.m. ET (1700 GMT). Shares of Activision Blizzard ( ATVI.O ) rose 8.7 percent after the videogame maker reported better-than-expected quarterly revenue and a $1 billion share buyback program. Mead Johnson ( MJN.N ) was up 5 percent after Reckitt Benckiser ( RB.L ) finalised a $16.6 billion deal to buy the infant formula maker. Skechers USA ( SKX.N ) was up 11.2 percent in light trading after its fourth-quarter revenue beat expectations. Futures snapshot at 6:53 a.m. EDT: Dow e-minis 1YMc1 were up 21 points, or 0.1 percent, with 18,676 contracts changing hands. S&P 500 e-minis ESc1 were up 1.25 points, or 0.05 percent, with 81,582 contracts traded. Nasdaq 100 e-minis NQc1 were up 5 points, or 0.1 percent, on volume of 16,878 contracts. (Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Anil D''Silva) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-stocks-idUSKBN15P1GJ'|'2017-02-10T19:33:00.000+02:00'
'2b9dec84ecd8b5f9c90440ab228fac1b1656e932'|'Aon to sell benefits outsourcing to Blackstone for $4.3 billion'|'Insurance broker Aon PLC ( AON.N ) said on Friday it agreed to sell its benefits administration and HR BPO platform to private equity firm Blackstone Group LP ( BX.N ) for $4.3 billion in cash.Aon could get up to $500 million more based on future performance, as part of the deal.London-headquartered Aon said it expected the deal to improve its return on invested capital and add to adjusted earnings per share in 2018.Proceeds from the deal after tax are expected to be about $3 billion, subject to customary working capital and other adjustments, Aon said.The company also said it expects to allocate part of the proceeds from this transaction to increase its share repurchases.The repurchase program has been increased by $5 billion, bringing the total amount currently authorized for repurchases to about $7.7 billion as of Feb. 10, Aon added.Reuters first reported the news on Thursday, citing sources who said Blackstone prevailed over buyout firm Clayton Dubilier & Rice LLC in an auction for the deal.The deal gives Blackstone ownership of a business that processes work benefits for 15 percent of the U.S. population.Private equity firms have been keen investors in businesses that help companies cut costs by outsourcing large parts of their administrative functions, since such operations can generate strong cash flows.They typically seek to sell ownership of such assets at a big profit a few years after they invest.Aon also reported better-than-expected fourth-quarter earnings helped by strength in its retail business.The company''s net income attributable to shareholders fell to $502 million, or $1.87 per share, in the fourth quarter ended Dec. 31, from $584 million, or $2.09 per share, a year earlier.On an adjusted basis Aon earned $2.56 per share, beating the average analysts'' estimate of $2.49, according to Thomson Reuters I/B/E/S.Morgan Stanley was Aon''s financial adviser while Citigroup, Credit Suisse, and SMB Capital advised Blackstone.Sidley Austin LLP provided legal counsel to Aon and Kirkland & Ellis LLP to Blackstone.(Reporting by Nikhil Subba in Bengaluru; Editing by Shounak Dasgupta)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-aon-benefits-blackstone-idINKBN15P17P'|'2017-02-10T08:57:00.000+02:00'
'5f6ea0c82f98f3aaf77d82df7329a508ec6057e3'|'CANADA STOCKS-TSX inches higher as banks, railways gain; energy stocks weigh'|'Company News  38am EST CANADA STOCKS-TSX inches higher as banks, railways gain; energy stocks weigh TORONTO Feb 7 Canada''s main stock index made slight gains in early trade on Tuesday, helped by rising railway and financial stocks while shares of energy companies weighed with lower oil prices. The Toronto Stock Exchange''s S&P/TSX composite index was up 6.78 points, or 0.04 percent, at 15,463.72 shortly after the open. (Reporting by Alastair Sharp) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-open-idUSL1N1FS0S6'|'2017-02-07T21:38:00.000+02:00'
'275fb5346a4a03888fb27812941051a7ae974856'|'China central bank says warned bitcoin exchanges of closure risk on rule violations'|' 24am GMT China central bank says warned bitcoin exchanges of closure risk on rule violations FILE PHOTO: Bitcoin (virtual currency) coins are seen in an illustration picture taken at La Maison du Bitcoin in Paris, France, May 27, 2015. REUTERS/Benoit Tessier/File Photo SHANGHAI China''s central bank said on Thursday it met with nine smaller local bitcoin exchanges to discuss risks and problems in the bitcoin market, and warned them that they risk closure should they seriously violate the country''s regulations. The People''s Bank of China said in a statement on its website that it had told the exchanges during the Wednesday meeting not to take part in financial activities such as margin lending or allow money laundering. It said that the meeting came amid ongoing checks into Huobi and OkCoin, two of the country''s largest trading platforms, which began last month. BTC100 and HaoBTC were among the nine exchanges they met, it said. The price of bitcoin fell from a one-month high on Wednesday after sources at bitcoin exchanges in China said the People''s Bank of China had summoned some smaller exchanges to a closed-door meeting. (Reporting by Brenda Goh; Editing by Sam Holmes)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-china-bitcoin-idUKKBN15O07C'|'2017-02-09T09:24:00.000+02:00'
'cc832a1d68c0c35c4d08e1c9a9944b5b9da7f8fb'|'Nokia offers to buy Comptel for $370 million'|'Business News - Thu Feb 9, 2017 - 7:46am GMT Nokia offers to buy Comptel for $370 million HELSINKI Finnish telecoms network equipment maker Nokia ( NOKIA.HE ) said on Thursday it is seeking to buy company Comptel ( CTL1V.HE ) for about 347 million euros (296 million pounds) to expand its software services business. Nokia and its rivals, Sweden''s Ericsson ( ERICb.ST ) and China''s Huawei [HWT.UL] have struggled recently as demand for faster 4G mobile broadband equipment has peaked and the move to the next-generation 5G networks are still years away. Nokia said its customers were now turning to software to make their networks more intelligent. "The planned acquisition is part of Nokia''s strategy to build a standalone software business at scale by expanding and strengthening its software portfolio and go-to-market capabilities with additional sales capacity and a strategic partner network," Nokia said in a statement. The cash offer, 3.04 euros per share, represents a premium of 29 percent compared with Comptel''s last closing price. Comptel, which had sales of about 100 million euros in 2016, said its board of directors, and shareholders that hold about 48 percent of the shares backed the offer. Last year, Nokia bought Franco-American group Alcatel-Lucent in a 15.6 billion-euro all-share deal and is cutting thousands of jobs as it seeks to reduce annual costs by 1.2 billion euros ($1.3 billion) by 2018. ($1 = 0.9368 euros) (Reporting by Jussi Rosendahl; Editing by Terje Solsvik, Greg Mahlich) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-comptel-m-a-nokia-idUKKBN15O0RI'|'2017-02-09T14:46:00.000+02:00'
'f0d77aa8cebd62d509f568e27af8f117011ed8c6'|'Germany focused on ensuring Greek bailout review is successful - Finance Ministry'|'  12:07pm GMT Germany focused on ensuring Greek bailout review is successful - Finance Ministry German Finance Minister Wolfgang Schaeuble in Wiesbaden, Germany January 25, 2017. REUTERS/Ralph Orlowski BERLIN Germany is focused on ensuring that a review of Greece''s bailout is successful, a Finance Ministry spokeswoman said when asked about remarks by Finance Minister Wolfgang Schaeuble that Athens would have to leave the euro zone if it ignored its commitments. "We are at the moment engaged in ensuring that a review of the current third programme is successful. That''s where all our efforts are focused," ministry spokeswoman Friederike von Tiesenhausen told a government news conference on Friday. A senior euro zone official had said earlier that lenders in the single currency bloc and the International Monetary Fund had reached an agreement between themselves on a common stance they will present to Greece, signalling a breakthrough. "That is pleasing. That shows that the IMF has been playing a constructive role. But I would like to point out that from a procedural perspective an agreement among the institutions is one step, but it is also important that we have an agreement between the institutions and Greece," she added. A meeting between the lenders and Greek officials is scheduled for later on Friday. (Reporting by Gernot Heller; Writing by Joseph Nasr; Editing by Paul Carrel)   Unrealistic to see UK/EU trade deal in two years - EU representative EDINBURGH It is unrealistic for Britain to expect to negotiate its exit from the European Union and reach a free trade agreement in two years and both will probably need an implementation phase, the head of the European Commission''s office in Britain said.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eurozone-greece-germany-idUKKBN15P1D6'|'2017-02-10T19:07:00.000+02:00'
'25de6d297a1a3404096bc7f4f4dbf8cd427625e5'|'Brazil medical laboratory Hermes Pardini prices IPO at 19 reais/shr'|'Company  53pm EST Brazil medical laboratory Hermes Pardini prices IPO at 19 reais/shr SAO PAULO Feb 10 Brazilian medical laboratory Instituto Hermes Pardini SA priced its initial public offering (IPO) at 19 reais per share on Friday, in the bottom half of the suggested price range, between 17.50 and 21.50 reais per share. The company raised 878 million reais ($282 million) in the IPO, according to the website of securities regulator CVM, of which 187 million reais will go to the company''s treasury and 691 million reais to shareholders. ($1 = 3.11 Brazilian reais) (Reporting by Tatiana Bautzer and Aluisio Alves, editing by G Crosse) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/hermes-pardini-ipo-idUSE6N14A04G'|'2017-02-11T03:53:00.000+02:00'
'3505fcbc094c9547b8c5b9f7b9e9a4b81575cf46'|'BRIEF-BSB Bancorp Q4 earnings per share $0.37'|' 12pm EST BRIEF-BSB Bancorp Q4 earnings per share $0.37 Feb 9 BSB Bancorp Inc : * BSB Bancorp Inc reports fourth quarter results - year over year earnings growth of 73% * Q4 earnings per share $0.37 * BSB Bancorp - net interest and dividend income before provision for loan losses for quarter ended December 31, 2016 was $12.37 million as compared to $10.63 million * BSB Bancorp - net interest, dividend income before provision for loan losses for quarter ended Dec 31, 2016 was $12.37 million as compared to $10.63 million Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSASB0AZOH'|'2017-02-10T05:12:00.000+02:00'
'e763dee07d419f0e7bd59c810ac0f078c33e48ba'|'KKR succeeds with Gfk stake purchase, clears way for turnaround'|'FRANKFURT/BERLIN Private equity firm KKR ( KKR.N ) has acquired a 18.54 percent stake in German market researcher GfK ( GFKG.DE ), GfK said, allowing it to drive strategic change with top shareholder GfK Verein.Shareholders in GfK, best known for its consumer confidence indices, have tendered their holdings to KKR by a Friday midnight deadline, a spokeswoman said on Saturday. Together, KKR and GfK Verein now control at least 75 percent of the company.On Friday, shareholders had only tendered 14.5 percent of stock in GfK, still short of the minimum threshold of 18.54 percent.New York-based KKR, known for successfully turning around media companies, has said it sees opportunities to transform GfK into a technology-based market research leader.Its 43.50 euros a share offer for GfK was contingent upon reaching a 18.54 percent threshold. Shareholders in GfK who have not yet taken the offer will continue to be able to sell stock at the same price between Feb. 16 and March 1."We now have strong partners at our side to implement our growth strategy quickly and consistently," company executive Gerhard Hausruckinger said in an emailed statement, adding the players will make GfK "fit for the future."Adjusted operating profit plunged almost a fifth last year at Nuremberg-based GfK which has struggled to keep up with digital competition.U.S. businessman Michael Dell, founder of Dell Technologies ( DVMT.N ), has also been building a stake in GfK. Dell''s MSD Capital fund manages more than $12 billion in assets, the company says on its website, which lists merger arbitrage as one of its investment strategies.(Reporting by Alexander Huebner and Andreas Cremer; Editing by Clelia Oziel)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-gfk-m-a-kkr-idINKBN15Q0I1'|'2017-02-11T11:26:00.000+02:00'
'bd066881301bc31b5c897c7a768fd7a9a55176df'|'REFILED-Trump adviser pitches Ivanka''s goods from White House'|'Company  01pm EST REFILED-Trump adviser pitches Ivanka''s goods from White House (Adds dropped word "go" in second paragraph) WASHINGTON Feb 9 A top aide to U.S. President Donald Trump on Thursday promoted the clothing and jewelry line named after his daughter Ivanka, one day after the president''s tweet criticizing a retailer for dropping her product line drew criticism over using public office for personal business gains. "Go buy Ivanka''s stuff," Trump senior adviser Kellyanne Conway told Fox News in an interview from the White House. "I''m going to go get some myself today." On Thursday, Ivanka''s brand was thrust again into the headlines after her father attacked department store chain Nordstrom Inc in a highly unusual move using a White House twitter platform to intervene in a commercial matter. "My daughter Ivanka has been treated so unfairly by @Nordstrom. She is a great person - always pushing me to do the right thing! Terrible!" Trump tweeted on Wednesday. Nordstrom''s shares dipped after the tweet, sent from both Trump''s personal and official presidential accounts, but later closed up 4.0 percent on the New York Stock Exchange. Its shares were little changed in pre-market trade Thursday morning. The move prompted criticism of Trump by ethics officials who served past Republican and Democratic administrations and said Trump''s tweet was both unprecedented and troublesome. White House spokesman Sean Spicer defended Trump''s tweet on Wednesday, telling reporters that "the president has every right as a father to stand up" for his daughter. Conway said on Thursday also backed Trump''s comment, telling Fox News: "He''s been a champion for women empowerment, women in the workplace." Ivanka Trump has said she would step away from her company when her father took office in the White House. A spokeswoman for the Ivanka Trump brand declined to comment on Wednesday. Nordstrom has defended its decision to drop Ivanka''s wares, citing performance. Retailers still selling Ivanka Trump products include Macy''s Inc, TJX Cos, Hudson''s Bay Co, which runs high-end chains like Lord & Taylor, and Dillards Inc. Retailers that have dropped Ivanka Trump include Neiman Marcus and HSN Inc The move by some retailers to drop her products comes amid an ongoing campaign called #GrabYourWallet, which encourages shoppers to boycott products with ties to President Trump, his family and his donors. (Reporting by Susan Heavey and Doina Chiacu) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/nordstrom-ivanka-trump-idUSL1N1FU0TY'|'2017-02-10T00:01:00.000+02:00'
'd00f3dfd946da2344109be23687ac3936ac40b08'|'Japan machinery orders rebound, trade protectionism poses risk - Reuters'|'By Tetsushi Kajimoto - TOKYO TOKYO Japan''s core machinery orders rebounded more than expected in December from the prior month''s fall and are seen rising again this quarter - an encouraging sign of a pick-up in capital expenditure.The Cabinet Office data showed on Thursday core orders, a highly volatile data series regarded as an indicator of capital spending in the coming six to nine months, grew 6.7 percent in December, the fastest month-on-month gain in six months.It followed a 5.1 percent drop in November and was twice the 3.1 percent pace forecast in a Reuters poll.Japanese policymakers hope capital spending will help drive growth in the world''s third-largest economy and pull it out of deflation and stagnation."Capital expenditure is picking up due to a recovery in exports, and it will gather momentum in the coming months as external and domestic economic conditions firm up," said Takeshi Minami, chief economist at Norinchukin Research Institute."Policies of U.S. President Donald Trump could pose a risk. If protectionism causes global trade to contract, that could hit Japan''s domestic capital spending as well."By sector, core orders from manufacturers rose 1.0 percent in December, following a 9.8 percent gain the previous month. Orders from the services sector rose 3.5 percent after a 9.4 percent decline in November.Manufacturers surveyed by the Cabinet Office forecast that core orders will rise 3.3 percent in January-March from the previous quarter, after a 0.2 percent decrease in the final three months of last year.Compared with a year earlier, core orders, which exclude ships and orders from electric power utilities, grew 6.7 percent in December, the data showed.The Cabinet Office, however, maintained its assessment of machinery orders, saying the pick-up was stalling.Data out next Monday is likely to show Japan''s economy grew for a fourth straight quarter in October-December led by exports and capital spending, and the Bank of Japan sees the economy in gradual recovery through fiscal 2018.However, the outlook is far from assured as protectionist talk from U.S. President Donald Trump impairs the outlook for global trade, possibly undermining the economic health of export-reliant Japan and investment by Japanese companies.Trump and Prime Minister Shinzo Abe are scheduled to meet for talks later this week, where trade imbalances and currency valuations are in focus as Trump pursues an "America First" campaign.(Reporting by Tetsushi Kajimoto; Editing by Eric Meijer and Jacqueline Wong)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/japan-economy-orders-idINKBN15O055'|'2017-02-08T22:25:00.000+02:00'
'f6e34f5050dc46fcdd3771cc0e39a0e39da4ba84'|'Germany wants G20 to keep language on trade, currencies, climate - sources'|' 36am GMT Germany wants G20 to keep language on trade, currencies, climate - sources FILE PHOTO: German Chancellor Angela Merkel arrives for a welcoming ceremony during the Group of 20 (G20) leaders summit in the Mediterranean resort city of Antalya, Turkey, November 15, 2015. REUTERS/Murad Sezer/File Photo By Noah Barkin and Jan Strupczewski - BERLIN/BRUSSELS BERLIN/BRUSSELS Germany will press the Group of 20 to reaffirm its commitment to promoting free trade, resisting currency wars and fighting climate change when finance ministers meet next month for the first time since the election of Donald Trump, G20 sources said. But the sources said there was far more uncertainty than usual surrounding the drafting of the G20 communique because of the Trump administration''s confrontational rhetoric on trade and currencies, and its scepticism about whether humans are contributing to global warming. Germany, which holds the rotating presidency of the G20, is in the awkward position of having to forge a consensus on a range of global issues without a clear sense of where Washington stands and amid pressure from China to push back against Trump''s protectionist language. "The Chinese want the G20 to reaffirm the importance of free trade, a cooperative financial order, and the fight against climate change," one German official told Reuters on condition of anonymity. "The challenge is to do this without giving it an anti-U.S. flavour." The German government declined to comment. The sources said it was too early to say whether there would be a major clash at the March meeting of finance ministers in the western spa town of Baden-Baden, describing the outcome as wide open. But one G20 source said that Germany would push to preserve the essential elements of what has been agreed by the G20 in past years. Another source said currencies would "definitely be discussed". In its 2016 communique, the G20 agreed to "refrain from competitive devaluations" or any targeting of exchange rates for "competitive purposes." Trump and his advisers have repeatedly accused China of keeping its currency low to gain trade advantage. And last month, Trump''s trade adviser Peter Navarro accused Germany of exploiting other countries through a "grossly undervalued" euro, eliciting a sharp response from German officials, including Chancellor Angela Merkel. Trump''s appointee as Treasury Secretary, former banker Steve Mnuchin, has yet to be confirmed by the U.S. Senate and some German officials are expressing hope that he will take a more measured stance once in office. Last month, in written responses to questions from the Senate Finance Committee, Mnuchin pointedly declined to say whether China was manipulating its yuan currency. He also said the Treasury would work with the G20 and other multilateral forums on currency issues. Preliminary discussions between G20 sherpas have begun ahead of the March 17-18 meeting in Baden-Baden. But G20 sources say that no one in the U.S. administration is in a position to decide anything before Mnuchin and his top staff are in place. The last G20 communique, agreed by leaders in Hangzhou, China in September, contains a number of statements which could sit uneasily with Trump administration policy. The document voices support for a landmark agreement on fighting climate change reached in Paris in 2015, talks about the need for countries to "share in the burden" associated with refugee flows, and condemns terrorism "in all forms" but makes no specific reference to Islamist extremism, one of Trump''s top priorities. Trump''s aggressive push for financial deregulation has also unsettled officials in countries like Germany and France. The G20 led the global push for tighter regulations on banks following the global financial crisis of 2008/9. Germany''s G20 presidency will culminate in a summit of leaders in Hamburg in July. Some German officials are expressing concern in private about whether Trump, who has 
'1de9af7652af3fbe634b4cf305f120fc7e2f114a'|'U.S. jobless claims fall to near 43-year low'|'Business News - Thu Feb 9, 2017 - 2:01pm GMT U.S. jobless claims fall to near 43-year low People wait in line to enter the Nassau County Mega Job Fair at Nassau Veterans Memorial Coliseum in Uniondale, New York October 7, 2014. REUTERS/Shannon Stapleton/File Photo By Lucia Mutikani - WASHINGTON WASHINGTON The number of Americans filing for unemployment benefits unexpectedly fell last week to near a 43-year low, amid a further tightening of the labour market that could eventually spur faster wage growth. Initial claims for state unemployment benefits dropped 12,000 to a seasonally adjusted 234,000 for the week ended Feb. 4, the Labor Department said on Thursday. That left claims just shy of the 43-year low of 233,000 touched in early November. Claims have now remained below 300,000, a threshold associated with a strong labour market, for 101 straight weeks. That is the longest stretch since 1970, when the labour market was much smaller. The labour market is at or close to full employment, with the unemployment rate at 4.8 percent. It hit a more than nine-year low of 4.6 percent in November. The economy created 227,000 jobs in January. Prices of U.S. Treasuries extended losses after the data. U.S. stock index futures were trading slightly higher as was the dollar .DXY against a basket of currencies. Further tightening in labour market conditions could boost wage growth, which has remained stubbornly sluggish despite anecdotal evidence of more companies struggling to find qualified workers. Lacklustre wage growth, if sustained, could hurt consumer spending and crimp economic growth. Economists polled by Reuters had forecast first-time applications for jobless benefits rising to 250,000 in the latest week. A Labor Department analyst said there were no special factors influencing last week''s data and no states 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 3,750 to 244,250 last week, the lowest level since November 1973. The claims report also showed the number of people still receiving benefits after an initial week of aid increased 15,000 to 2.08 million in the week ended Jan. 28. The four-week average of the so-called continuing claims fell 3,750 to 2.08 million. (Reporting by Lucia Mutikani; Editing by Paul Simao) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-economy-idUKKBN15O1P7'|'2017-02-09T21:01:00.000+02:00'
'777d4ec9e49fef33bafba6a002cae014b8f7e28d'|'France''s Ubisoft lowers sales guidance after Q3 miss'|'French software games developer Ubisoft ( UBIP.PA ) cut its full year sales guidance by 10 percent after reporting sales below expectations for the key Christmas quarter, the company said on Thursday.Sales for the Sept-Dec quarter fell 6 percent to 529.9 million euros ($565.4 million), short of the 560.0 million euros, it had expected.The company said the launch of a sequel to its open-world hacking game, Watch Dogs 2, did not go "as dynamic as expected".($1 = 0.9373 euros)(Reporting by Wout Vergauwen; Editing by Adrian Croft)'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/ubisoft-results-idINKBN15O28G'|'2017-02-09T13:52:00.000+02:00'
'8ec3350e57f82c52bf120112c4834c785923ddc8'|'BRIEF-Venbio Select Advisor LLC reports a 5.41 pct passive stake in Agenus'|' 14pm EST BRIEF-Venbio Select Advisor LLC reports a 5.41 pct passive stake in Agenus Feb 10 Agenus Inc : * Venbio Select Advisor Llc reports a 5.41 passive stake in Agenus Inc as on December 31, 2016 - sec filing Source text - bit.ly/2lpg9SS   * Q4 earnings per share view $0.51 -- Thomson Reuters I/B/E/S 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/idUSFWN1FU18V'|'2017-02-10T05:14:00.000+02:00'
'80e30a8f720bdcb04cdc8d0f29c4c8d105b7c71a'|'Deals of the day-Mergers and acquisitions'|'(Adds Aon, Eurobank, Six Flags Entertainment, GfK, Trafigura, Immunomedics and Hospitality Property Fund; Updates Rathbone Square, Walt Disney and Unite Students)Feb 10 The following bids, mergers, acquisitions and disposals were reported by 1430 GMT on Friday:** Europe''s top utilities are planning to invest tens of billions of euros over the next three years to catch up with the green energy revolution, driving a flurry of takeovers by tech and engineering firms of niche, smart-energy innovators.** French asset manager Amundi said it was aiming to raise financing for the acquisition of rival Pioneer Investments from UniCredit by April, and reported a 10 percent rise in assets under management to 1.1 trillion euros ($1.17 trillion) in 2016.** Reckitt Benckiser has agreed to buy U.S. baby formula maker Mead Johnson Nutrition for $16.6 billion, giving the British consumer goods company a new product line and expanding its presence in developing markets.** Great Portland has agreed to sell Rathbone Square, a mixed-use development that houses Facebook''s new London headquarters, to German rival WestInvest Gesellschaft and asset manager Deka Immobilien for 435 million pounds ($542 million).** ArcelorMittal is still interested in acquiring Italian steel plant Ilva, the chief financial officer of the world''s largest steelmaker said.** Spain''s Telefonica has received several offers for a stake in its telecom masts subsidiary Telxius, the telecoms company said in a statement, adding it was negotiating and analyzing the different options available.** British specialty chemicals maker Elementis Plc said it would buy U.S.-based SummitReheis from an affiliate of private equity firm One Rock Capital Partners LLC for an enterprise value of $360 million to expand its personal care business.** Renault and alliance partner Nissan are ready to forge closer capital ties but will only do so if France sells its Renault stake, Chief Executive Carlos Ghosn said.** Walt Disney Co is to seek full control of Euro Disney after raising its stake in the underperforming operator of Disneyland Paris through a deal with Saudi billionaire Prince Alwaleed bin Talal.** Unite Students, the student accommodation unit of Unite Group Plc, and Singapore sovereign wealth fund GIC have bought Birmingham-based student housing provider Aston Student Village for 227 million pounds ($283 million).** Poland''s Deputy Energy Minister Grzegorz Tobiszowski said that the signing of a contract to take over the Polish assets of French power group EDF should take place early in the second quarter.** South Africa''s Hospitality Property Fund is in talks with Tsogo Sun to buy approximately 3.3 billion rand ($247 million) worth of hotel assets, the company said.** Insurance broker Aon Plc said it agreed to sell its employee benefits outsourcing business to private equity firm Blackstone Group LP for up to $4.8 billion.** Greek lender Eurobank is looking for a strategic partner to buy a stake in its fully-owned Romanian unit Bancpost as it tries to reduce its exposure to non-Greek assets, sources at the bank told Reuters.** The Public Investment Fund (PIF), Saudi Arabia''s top sovereign wealth fund, said it is not considering the acquisition of a stake in North American amusement park operator Six Flags Entertainment Corp.** Shareholders in GfK have tendered 14.5 percent of stock in the German market researcher to private equity firm KKR, still short of a minimum threshold only hours before KKR''s offer expires, a regulatory filing showed.KKR has offered 43.50 euros per share for GfK, valuing the group at around 1.59 billion euros ($1.7 billion).KKR is seeking to acquire control over at least 75 percent of the group together with GfK Verein, which already owns 56.46 of shares.** Commodity trader Trafigura will take a 15.5 percent stake in Finland''s nickel and zinc mine Terrafame, it said, which will help the mine ramp up operations following years of losses and production problems.** Sou
'd270e4e7c2d9830bfecaac317634cbe91d7006de'|'Energy products boost U.S. import prices in January - Reuters'|'WASHINGTON U.S. import prices rose more than expected in January amid further gains in the cost of energy products, but a strong dollar continued to dampen underlying imported inflation.The Labor Department said on Friday import prices increased 0.4 percent last month after an upwardly revised 0.5 percent rise in December. In the 12 months through January, import prices jumped 3.7 percent, the largest gain since February 2012, after advancing 2.0 percent in December.Economists polled by Reuters had forecast import prices gaining 0.2 percent last month after a previously reported 0.4 percent increase in December.Import prices are rising as firming global demand lifts prices for oil and other commodities, but the spillover to a broader increase in inflation is being limited by dollar strength.The dollar gained 4.4 percent against the currencies of the United States'' main trading partners in 2016, with most of the appreciation occurring in last months of the year.This suggests that the greenback will continue to dampen imported inflation in the near-term even though the dollar has weakened 2.9 percent on a trade-weighted basis this year.Prices for imported fuels increased 5.8 percent last month after rising 6.6 percent in December. Import prices excluding fuels fell 0.2 percent after slipping 0.1 percent the prior month. The cost of imported food dropped 1.3 percent after declining 1.5 percent in December.Prices for imported capital goods dipped 0.1 percent after being unchanged in December. The cost of imported automobiles dropped 0.5 percent, the biggest decline since January 2015.Imported consumer goods prices excluding automobiles fell 0.1 percent last month after sliding 0.2 percent in December.The report also showed export prices edged up 0.1 percent in January after increasing 0.4 percent in December.Export prices were up 2.3 percent from a year ago. That was the biggest increase since January 2012 and followed a 1.3 percent advance in December.Prices for agricultural exports dipped 0.1 percent last month as falling prices for soybeans offset higher prices for corn. Agricultural export prices fell 0.2 percent in December.((Reporting By Lucia Mutikani; Editing by Andrea Ricci))'|'reuters.com'|'http://www.reuters.com/finance'|'http://www.reuters.com/article/us-usa-economy-imports-idUSKBN15P1MU'|'2017-02-10T16:33:00.000+02:00'
'46c48bb08804c97c62edcae72cc176c4a367befa'|'UPDATE 1-UK Stocks-Factors to watch on Feb 10'|'Company News - Fri Feb 10, 2017 - 2:50am EST UPDATE 1-UK Stocks-Factors to watch on Feb 10 (Adds futures, company news item) Feb 10 Britain''s FTSE 100 index is seen opening up 23 points at 7,252 on Friday, according to financial bookmakers, with futures up 0.3 percent ahead of the cash market open. * The UK blue chip index was up 0.6 percent at 7,229.50 points at the market close, underperforming the pan-European STOXX 600 index on Thursday, as insurance and banking stocks picked up pace, while miners weighed. * RB: Reckitt Benckiser has agreed to buy U.S. infant formula maker Mead Johnson Nutrition for $16.6 billion, its biggest deal ever and opening up a new market area for the British consumer goods company. * JUST EAT: The chief executive of Just Eat, the online food delivery company, is to quit due to "urgent family matters", prompting the chairman to step into his role on a temporary basis, it said on Friday. * NATIONWIDE: Britain''s Nationwide Building Society said that pretax profit for the first nine months of its financial year fell by 16 percent year on year as increasing competition and low interest rates continued to pressure earnings. * LLOYDS: Lloyds Banking Group is the latest bank to join a new British cyber security group for banks called the Cyber Defence Alliance (CDA), sources with direct knowledge of the matter told Reuters. * BHP: Workers at BHP Billiton''s, Escondida copper mine in Chile, the world''s largest, walked off the job on Thursday in a strike that threatens to disrupt the international supply of the widely used metal. * RBS: Royal Bank of Scotland has rejected calls to beef up a 400 million pound ($502 million) scheme to reimburse customers who say they were mistreated by the bank''s business restructuring division. * BAE: A group of companies including subsidiaries of BAE Systems, Northrop Grumman Corp, Science Applications International Corp, Teledyne Technologies Inc and KBR Inc will share in a $3.04 billion missile defense contract, the Pentagon said on Thursday. * 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 Amrutha Gayathri) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-stocks-factors-idUSL4N1FV2VQ'|'2017-02-10T14:50:00.000+02:00'
'dea860492c448785dd5293bb10432270faaa4acb'|'Bitcoin trading shrivels under Chinese government''s glare'|'Technology  58am EST Bitcoin trading shrivels under Chinese government''s glare FILE PHOTO: Bitcoin (virtual currency) coins are seen in an illustration picture taken at La Maison du Bitcoin in Paris, France, May 27, 2015. REUTERS/Benoit Tessier/File Photo - RTX2YBYD By Brenda Goh - SHANGHAI SHANGHAI Trading volumes at China''s three largest bitcoin exchanges have plummeted after the central bank put the virtual currency market under sharper scrutiny a month ago in a move that coincided with official efforts to stem capital outflows. China had been the world''s leading venue for bitcoin trading, with analytics site Bitcoinity estimating that the OkCoin, Huobi and BTCC exchanges had accounted for more than 90 percent of the global bitcoin market on Jan. 11. But data compiled by analytics platform Sosobtc showed the number of bitcoins traded on the three exchanges slumped from 13.6 million on Jan. 6 to just over 120,000 on Feb. 9. The People''s Bank of China launched checks into the three exchanges last month and they have responded by saying that they would improve their systems to prevent money laundering and the use of bitcoin to trade against the yuan. On Thursday, the People''s Bank of China said it had also warned smaller bitcoin exchanges that it would shut them down if they violated regulations. While the yuan CNY=CFXS weakened 6.6 percent against the dollar last year, its worst performance since 1994, the bitcoin price BTC=BTSP has soared to near-record highs. That, and the relative anonymity the digital currency offers, has prompted some market operators to believe bitcoin had become an attractive, if niche, option for tech-savvy Chinese to hedge against the yuan and skirt rules limiting how much foreign exchange individuals can buy each year. The three main exchanges have introduced trading fees, stopped allowing margin lending and increased scrutiny of user identities, making it far less attractive for automated, high speed trades which had previously accounted for the lion''s share of their business. The absence of trading fees had provided an advantage over overseas rivals earlier, but that advantage has now gone, traders said. Business has virtually dried up on Beijing-based high-speed bitcoin trading platform BotVS, according to chief executive Chen Zhenguo. "With the transaction fees the profits you can get from hedging (Bitcoin) are too low...You might as well put your money in Yu''e Bao," he said, referring to a money market fund run by an Alibaba Group ( BABA.N ) affiliate. Other traders voiced similar sentiments. Cai Wenhao, business manager at Sosobtc, said trading volume levels in China would likely normalize to around those seen on exchanges elsewhere, like the Hong Kong-based Bitifinex and U.S.-based Coinbase. (Reporting by Brenda Goh; Additional Reporting by SHANGHAI Newsroom and John Ruwitch; Editing by Simon Cameron-Moore) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-china-bitcoin-volume-idUSKBN15P15U'|'2017-02-10T17:58:00.000+02:00'
'265e0e42fe9f5f954694eb1de4d4a8b74a1a0b33'|'Amazon warns that trade protectionism could hurt business: filing'|'Technology News - Fri Feb 10, 2017 - 4:49pm EST Amazon warns that trade protectionism could hurt business: filing Amazon.com''s logo is seen at Amazon Japan''s office building in Tokyo, Japan, August 8, 2016. REUTERS/Kim Kyung-Hoon By Jeffrey Dastin Amazon.com Inc ( AMZN.O ) warned on Friday that government actions to bolster domestic companies over foreign competition could hurt its business, in a potential reference to U.S. President Donald Trump''s "America First" agenda. In a routine description of regulatory risks in its 2016 annual filing, the world''s largest online retailer said "trade and protectionist measures" might hinder its ability to grow. That language has not appeared in Amazon''s warning about government regulation in at least the past five annual filings with the U.S. Securities and Exchange Commission. However, the Seattle-based company has cited trade protection in those filings as a risk to its international sales and operations specifically. The new Republican president has made job creation a cornerstone of his policies, threatening to impose tariffs on imports so companies produce and hire within the United States. Republicans in Congress also have a plan to target imports while excluding export revenue from U.S. corporate income tax, known as a border adjustment tax. The proposal in the U.S. House of Representatives has divided corporate America. Major exporters like Boeing Co ( BA.N ) have thrown their weight behind it, but a retail association has said it would raise prices for shoppers. It was not clear what kinds of protectionist measures - whether tariffs or other actions - concerned Amazon the most, or from which countries Amazon saw the greatest risk. Amazon so far has declined to comment on Republican lawmakers'' border tax plan. It did not return requests for comment on the new language in its annual filing. The filing did not mention the change in leadership of the White House. The language appeared in its filing under the header, "Government Regulation Is Evolving and Unfavorable Changes Could Harm Our Business." (Reporting by Jeffrey Dastin in San Francisco; Editing by Jonathan Oatis) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-amazon-com-outlook-trade-idUSKBN15P2OR'|'2017-02-11T04:49:00.000+02:00'
'211f5776df469c275d3cf1b790b8ac89cda9730f'|'TomTom fourth-quarter profit halves, misses expectations as PND sales decline'|'  7:12am GMT TomTom fourth-quarter profit halves, misses expectations as PND sales decline A TomTom navigation device is seen in this photo illustration taken in Amsterdam February 28, 2012. REUTERS/Robin van Lonkhuysen/United Photos Dutch digital-mapping company TomTom ( TOM2.AS ) said its fourth-quarter adjusted net profit halved as a terminal decline in sales at its biggest division, personal navigation devices (PNDs), eclipsed strong growth in its telematics or fleet management segment. Consumer sales, which include PNDs, fell 13 percent to 152.3 million euros (129.9 million pounds) for the final quarter. Adjusted net profit was 11.3 million euros in the quarter, falling short of analysts'' average estimate of 12.4 million euros, according to a Reuters poll. Annual revenue was 987.3 million euros, slightly higher than the company''s forecast of 980 million euros. TomTom forecast annual revenue in the range of 925-950 million euros for 2017, saying it expected PND revenues to continue to decline, while other business segments combined is expected to grow by double digits in percentage terms year-on-year. (Reporting by Wout Vergauwen; Editing by Amrutha Gayathri) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-tomtom-results-idUKKBN15N0LI'|'2017-02-08T14:12:00.000+02:00'
'8cb44aed15d865cce523fb2d2afdb1cd8ab65771'|'VW mulls steps against Piech over diesel claims against board'|' 15pm GMT Volkswagen mulls steps against Piech over diesel claims against board left right The Volkswagen logo is seen at the company''s display during the North American International Auto Show in Detroit, Michigan, U.S., January 10, 2017. REUTERS/Mark Blinch 1/3 left right Ferdinand Piech arrives at the annual shareholders meeting in Hanover in this April 25, 2013 file photo. REUTERS/Fabian Bimmer/Files 2/3 left right Former Volkswagen chief executive Martin Winterkorn arrives to testify to a German parliamentary committee on the carmaker''s emissions scandal in Berlin, Germany, January 19, 2017. REUTERS/Fabrizio Bensch 3/3 FRANKFURT Volkswagen ( VOWG_p.DE ) said it was weighing steps against ex-Chairman Ferdinand Piech after media reports that Piech had accused supervisory board members of inaction after learning of VW''s diesel emissions cheating in the United States. "The supervisory board of Volkswagen AG emphatically repudiates the assertions made by Ferdinand Piech as reported recently in the media," VW''s supervisory board said in a statement on Wednesday. "The board of management will carefully weigh the possibility of measures and claims against Mr Piech," it said, adding that VW would not comment on ongoing investigations as a matter of principle. Bild am Sonntag said Piech had raised the issue with then-Chief Executive Martin Winterkorn and members of the supervisory board steering committee in March 2015, six months before the scandal became public, after getting a tip-off from an Israeli security firm. Winterkorn had assured him that everything was under control, Bild am Sonntag and magazine Der Spiegel reported. Volkswagen admitted in September 2015 to having installed software to cheat the tests, causing a collapse in its share price, Winterkorn''s resignation and tens of billions of euros in fines and legal costs. Piech had said the previous April he was "distancing himself" from Winterkorn, without elaborating, sparking a showdown that saw senior VW figures rallying around Winterkorn and forcing family patriarch Piech to step down. (Reporting by Georgina Prodhan; Editing by Christoph Steitz) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-volkswagen-emissions-piech-idUKKBN15N2F2'|'2017-02-09T02:14:00.000+02:00'
'1bed692d8b210ca29af5673f09c71bd226b2d80e'|'Rio Tinto boosts dividend on commodities recovery'|'Company News - Wed Feb 8, 2017 - 1:07am EST Rio Tinto boosts dividend on commodities recovery SYDNEY Feb 8 Global miner Rio Tinto said on Wednesday it will pay a bigger-than-expected annual dividend of $1.70 per share on the back of a strong recovery in mineral commodities markets in 2016 and cost-cutting. Underlying earnings for the world''s second-biggest mining house rose by 12 percent to $5.1 billion, beating analysts'' estimates for around $4.87 billion, according to an externally compiled census. (Reporting by James Regan; Editing by Richard Pullin) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/rio-tinto-results-idUSL4N1FS17S'|'2017-02-08T13:07:00.000+02:00'
'db4cc848011b42dbc50bbac96da1a54264ca86d7'|'Tesla may launch in India this summer: Musk'|'Technology   7:51am EST Tesla may launch in India this summer: Musk left right A Tesla Model S charges at a Tesla Supercharger station in Cabazon, California, U.S. May 18, 2016. REUTERS/Sam Mircovich 1/2 left right Tesla chief executive Elon Musk enters the lobby of Trump Tower. Trump named Musk to a business advisory council that will give private-sector input to Trump after he takes office. REUTERS/Shannon Stapleton 2/2 Electric car maker Tesla Inc ( TSLA.O ) may enter the Indian market this summer, Chief Executive Elon Musk tweeted on Tuesday. Replying to a question on Twitter regarding whether Tesla plans to launch in India, Musk tweeted: "Hoping for summer this year." ( bit.ly/2klQiHm ) Musk did not offer any details on the plans. (Reporting by Kanishka Singh; Editing by Saumyadeb Chakrabarty) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-tesla-india-idUSKBN15N1EZ'|'2017-02-08T19:51:00.000+02:00'
'bafb7b363d1dea0371e49c1b4a836334248e6219'|'Coalition urged to charge 10% royalty on offshore oil and gas projects - Business'|'The Turnbull government must introduce a 10% royalty on all offshore oil and gas projects in Australia to ensure taxpayers start getting a fair return on their natural resources, the Tax Justice Network says.The group has called for the petroleum resource rent tax (PRRT) to be overhauled, saying there were too many opportunities under its regime for offshore oil and gas companies to exploit transfer pricing, with direct impacts on PRRT credits and profits.In a submission to the PRRT review , the Tax Justice Network said a 10% royalty ought to be applied to offshore oil and gas projects in commonwealth waters that were only subject to the PRRT.It said a 10% royalty needed to be charged because the PRRT <20> which was designed in the 1980s for crude oil projects, but which had failed to keep up with developments in the industry <20> was failing to collect adequate revenue.Australia must charge royalties on natural gas or lose billions, says expert Read more The treasurer, Scott Morrison , admitted last year that revenues from the PRRT had halved since 2012-13, and crude oil excise collections had fallen by more than half.He announced a formal review of the PRRT regime in November after a rapid decline in revenues from the tax.Jason Ward, from the network, said a 10% royalty would raise between $4bn and $6bn over the next four years.He said the royalty system should be similar to existing state and Commonwealth royalties that already apply to all other oil and gas projects in Australia.It should be deductible from PRRT, and the PRRT should remain as a backstop to collect additional revenue if and when prices increased substantially and when existing PRRT credits were exhausted.<2E>With Australia poised to be the world<6C>s largest exporter of LNG but projected to generate little direct government revenue for decades, there is a major problem that needs to be addressed,<2C> he said.<2E>At the moment projects in commonwealth waters are getting millions of tonnes of LNG effectively for free.<2E>No other industry, including coal, iron ore and onshore gas, get given the total cost of their investment (plus uplift) in free resources before they begin paying for that resource.<2E>This policy will level the playing field across the oil and gas industry. At the moment projects in commonwealth waters are getting a competitive advantage over onshore projects and the north-west shelf who pay much higher royalties.<2E>All of the major companies, Shell, Chevron, BHP, Woodside and BP, already pay under our proposed model through their ownership of the north-west shelf project. They have been happy to pay under this model for years without complaint. The north-west shelf shows they still make huge profits under this type of royalty regime.<2E>Ward said mature oil projects, such as BHP in the Bass Strait who already pay PRRT, would not be affected given the royalty would be fully deductible from the PRRT.<2E>This proposal we believe ensures a fair return to the Australian people while still encouraging investment by maintaining our royalty regime as one of the most generous in the world,<2C> he said.<2E>We call on the industry to support this proposal to the commonwealth government.<2E>The problems raised by the Tax Justice Network are similar to those raised by tax expert Dr Diane Kraal, from Monash University.Her submission warned flaws in the PRRT regime meant Chevron<6F>s giant Gorgon gas project off WA would not pay the tax until <20>at least 2030<33>, despite decades of operation.Kraal said her modelling showed $5bn in revenue would be raised from Gorgon alone by 2030 if royalties were reintroduced. She said her research indicated other natural gas projects in commonwealth waters should also be subject to commonwealth royalties, including Chevron<6F>s Wheatstone, Woodside<64>s Pluto LNG project, and Inpex<65>s Ichthys project.Woodside Petroleum used its submission to argue against any changes to the PRRT.It said the PRRT had been operating as intended, despite declin
'2b6e806fd1eabedc27763c0fb95c3b741b8fba76'|'Disney tightens Euro Disney grip in deal with Saudi''s Alwaleed'|'Business News - Fri Feb 10, 2017 - 4:45am EST Disney tightens Euro Disney grip in deal with Saudi''s Alwaleed Visitors walk towards the Sleeping Beauty Castle during a visit to the Disneyland Paris Resort run by EuroDisney S.C.A in Marne-la-Vallee January 21, 2015. REUTERS/Gonzalo Fuentes DOHA Walt Disney Co ( DIS.N ) has increased its hold on Euro Disney SCA ( EDLP.PA ) by swapping a 9 percent stake in the French theme park with Saudi Arabia''s Kingdom Holding 4280.SE, the investment firm owned by billionaire Prince Alwaleed bin Talal. Kingdom and Alwaleed are major investors in U.S. companies in the technology and other sectors and together own more than five percent of Twitter Inc ( TWTR.N ). Kingdom Holding said on Friday it had traded 90 percent of its shares in Euro Disney into Walt Disney Co stock, gaining a net profit of $61 million through the deal. Walt Disney said it was acquiring the shares from Kingdom Holding at 2 euros ($2.13) per share, increasing its interest in Euro Disney to 85.7 percent from 76.7 percent. [nFWN1FV01F] Disneyland Paris opened in 1992 and has struggled financially for much of that time from issues tied to its debt, a lack of visitors and guests who spend too little on food and merchandise, Euro Disney managers say. They say the firm has struggled because initial projections were too optimistic and the park borrowed too heavily. Kingdom Holding will have a 1 percent direct ownership of Euro Disney following the deal, which Kingdom Holdings said was worth $151 million and in line with its investment strategy and continued confidence in the Disney brand. "We continue to have confidence in Disney and remain committed to investing in France," Alwaleed said in a statement. ($1 = 0.9397 euros) (Reporting by Tom Finn; Editing by Alexander Smith) Next In Business News Japan''s love of tiny cars sore spot as Trump, Abe meet TOKYO/DETROIT When Japanese Prime Minister Shinzo Abe meets on Friday with U.S. President Donald Trump, Japan''s bulging automotive trade surplus will be a sore spot, but the path to balancing auto exports and imports will be no easier than it was in the 1980s.'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-euro-disney-walt-disney-kingdom-holdi-idUSKBN15P0XY'|'2017-02-10T16:45:00.000+02:00'
'd637b85bc0be98169422c34ed754358b8ce070b7'|'Bank of America to open 50 to 60 branches over the next year'|'Company News - Tue Feb 7, 2017 - 3:27pm EST Bank of America to open 50 to 60 branches over the next year Feb 7 Bank of America Corp will open 50 to 60 new branches over the next year, Dean Athanasia, co-head of its consumer banking unit, said during a question and answer session Tuesday at a conference hosted by Credit Suisse. A bank spokeswoman told Reuters Bank of America will also be closing branches in certain markets, so the 50 to 60 branches do not a represent a net increase. (Reporting by Dan Freed in New York; editing by Diane Craft) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/bank-of-america-idUSL1N1FS1JD'|'2017-02-08T03:27:00.000+02:00'
'd29b35df2d8e10fb27104da869a89648ac5aace4'|'UPDATE 1-Airbus strategy chief Lahoud to leave European group'|'Business  11pm EST Airbus strategy chief Lahoud to leave European group Airbus Group Chief Strategy & Marketing Officer Marwan Lahoud speaks during a news conference on the aerospace group''s annual results, in London, Britain February 24, 2016. REUTERS/Hannah McKay PARIS Airbus strategy chief Marwan Lahoud, one of the founders of Europe''s largest aerospace group and its M&A czar for the past decade, is leaving the company at the end of February, Airbus said on Tuesday. His successor was not announced but was "subject to further notice," Airbus said in a statement, suggesting no decision had yet been taken on how to replace him or with what kind of structure as the company goes through a reorganization. Lahoud, 50, was one of a handful of strategists involved in a sequence of mergers that led to the creation in 2000 of what was then called EADS, an aerospace group with diverse interests that included the existing Airbus planemaking business. He was later seen as the architect of an attempted merger with UK defense giant BAE Systems ( BAES.L ) in 2012. The deal was called off amid German government opposition, but Lahoud was credited with salvaging corporate reforms from the deal that reduced the role of the French and German governments. EADS was later renamed Airbus Group, which in turn merged with its dominant planemaking subsidiary in January, leading to a shake-up of senior roles. A person familiar with Lahoud''s decision said earlier that he had decided in late 2016 not to renew his mandate as the company completed the latest in a series of reorganizations as he had concluded that his role was no longer necessary. "With the creation of one single Airbus, we finally accomplished the ultimate merger. Now, it''s time for me to move on and I am now looking forward to embracing new challenges," Lahoud said in a company statement. The statement did not say what Lahoud, who is also president of France''s GIFAS aerospace industry lobby, planned to do next. (Reporting by Tim Hepher; Editing by Michel Rose and Adrian Croft) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-airbus-management-lahoud-idUSKBN15M29Q'|'2017-02-08T04:08:00.000+02:00'
'e0ed039230783f6226ec240f6cd7e2b34ed916ac'|'U.S. government has itself to blame for dollar strength - Bundesbank'|'By Andreas Framke and Frank Siebelt - MAINZ, Germany MAINZ, Germany The U.S. administration should blame itself rather than Germany for a recent strengthening of the dollar against the euro, the head of Germany''s Bundesbank said on Tuesday.Jens Weidmann said comments by a top trade adviser of U.S. President Donald Trump that Germany was exploiting the United States and its European partners with an overly weak euro were "more than absurd"."The thesis that foreign currency manipulations are to blame for the current strong U.S. dollar is not borne out by facts," he told a gathering in the western German city of Mainz."The most recent rise in the dollar is likely to be home-made, triggered by the political announcements of the new government," he said.Separately, in an interview with Redaktionsnetzwerk Deutschland media group (RND), Weidmann said there was no point in starting a currency war."If politicians erect trade barriers or start a currency depreciation race, there are only losers in the end," he told RND, in comments due to be published on Wednesday.At the event in Mainz, Weidmann, a long-standing critic of the European Central Bank''s massive purchases of government bonds, defended the ECB''s ultra-easy policy from critics in his own country, saying it was appropriate for now.But he added that the monetary stimulus should be wound down as soon as the ECB''s inflation objective is reached, even if that means some weaker countries may struggle to repay their debt due to higher borrowing costs."The very easy monetary policy cannot solve Europe''s underlying problems and must be wound down as soon as the price stability objective allows it," he said."And that (should happen) even if higher rates worsen the sustainability of individual government budgets or lead to fluctuations in financial markets."Most euro zone government bond yields have risen in recent months as inflation rebounded and investors worried about the rise of anti-euro parties ahead of elections in France, the Netherlands, Germany and, possibly, Italy.(Additional reporting by Michelle Martin in Berlin; Writing By Francesco Canepa and Balazs Koranyi; Editing by Gareth Jones and Hugh Lawson)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/usa-trump-bundesbank-idINKBN15M29W'|'2017-02-07T16:24:00.000+02:00'
'2f18e0e7b48101ee93db13d1eabf3bc1166896a7'|'Non-U.S. funds top list of best performing hedge funds -Preqin data'|'Business News - Tue Feb 7, 2017 - 8:34pm GMT Non-U.S. funds top list of best performing hedge funds -Preqin data By Svea Herbst-Bayliss - BOSTON BOSTON The United States has been home to the world''s biggest hedge funds, but the industry''s most consistent strong performers generally hail from other nations, according to data released on Tuesday. Mauritius-based Arcstone Capital''s Passage to India Opportunity Fund, Great Britain-based Stratton Street Capital''s Japan Synthetic Warrant Fund and India-based Fair Value Capital Management''s India Insight Value Fund rank as the three top performing hedge funds over the last three years, according to research firm Preqin. None are household names but at a time investors are searching for a crop of new winners, institutional investors are examining the list closely. Arcstone Capital''s fund posted an average 44.84 percent return while Stratton Street Capital''s fund had an average 36.4 percent gain followed by Fair Value''s 35.9 percent annual return. Over the last five years, Taiga Fund Management, based in Oslo, Norway, ranked as the most consistent best-performing fund that selects stocks, Preqin said. Rio de Janeiro, Brazil-based Oceana Investimentos followed in second place in the stock-picking category. Preqin ranked the funds based on their annualised returns and how volatile the funds were. Preqin also included funds'' Sharpe ratios which calculate how much return investors can expect for the amount of risk they take and their Sortino ratios, which calculates return in relation to volatility to the downside, in the tallies. The best-performing U.S.-based funds include Loyola Capital Management, based in Lake Forest, Illinois, which was last year''s fourth-best performer with a 125 percent return. New York-based Extract Capital, which specializes in the mining and energy sectors, posted a 102 percent return last year and returned an average 32.7 percent between 2014 and 2016. To be sure many of these funds are tiny - some have less than $100 million in assets - and many pursue niche strategies. The average global hedge fund made 5.51 percent last year after having lost money the year before, data from Hedge Fund Research show. (Reporting by Svea Herbst-Bayliss; Editing by Cynthia Osterman) Next In Business News Euro exchange rate determined by market processes, monetary policy - Weidmann BERLIN The euro exchange rate is determined by market processes and is influenced by factors such as U.S. and European monetary policy, ECB policymaker Jens Weidmann said on Tuesday, responding to criticism from a trade adviser of U.S. President Donald Trump.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-hedgefunds-performance-idUKKBN15M2E0'|'2017-02-08T03:34:00.000+02:00'
'707c49dbd739fdbf17f05fe08182bd058d67128e'|'BRIEF-Cigna comments on district court decision to enjoin the proposed transaction with Anthem'|'Company  08am EST BRIEF-Cigna comments on district court decision to enjoin the proposed transaction with Anthem Feb 9 Cigna Corp * Cigna comments on district court decision to enjoin the proposed transaction with Anthem * Says intends to carefully review opinion and evaluate its options in accordance with merger agreement Source text for Eikon: GLOBAL MARKETS-Asian stocks rise to 18-month highs, dollar revives HONG KONG, Feb 9 Asian shares climbed to their highest in more than 18 months on Thursday, as investors grew more confident about the world''s second-largest economy while the dollar slightly firmed in the wake of growing concerns over political instability in Europe. 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/idUSFWN1FT11Q'|'2017-02-09T12:08:00.000+02:00'
'365ae74023b202b1ba31a9990843c5d81536f03e'|'Expedia revenue rises 23 percent as bookings increase'|'Thu Feb 9, 2017 - 9:23pm GMT Expedia revenue rises 23 percent as bookings increase The logo of global online travel brand Expedia is pictured at the International Tourism Trade Fair (ITB) in Berlin, Germany, March 9, 2016. REUTERS/Fabrizio Bensch Online travel services company Expedia Inc ( EXPE.O ) reported a 23.2 percent rise in fourth-quarter revenue, helped by higher gross bookings. The company''s revenue rose to $2.09 billion in the quarter ended Dec. 31 from about $1.70 billion a year earlier. Net income attributable to Expedia was $79.5 million, or 51 cents per share, compared with a loss of $12.5 million, or 9 cents per share. The year-ago quarter included charges related to Expedia''s purchase of vacation rental site HomeAway Inc, and some other items. On an adjusted basis, the company earned $1.17 per share in the latest quarter. (Reporting by Sweta Singh in Bengaluru; Editing by Savio D''Souza) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-expedia-results-idUKKBN15O2VH'|'2017-02-10T04:19:00.000+02:00'
'2b6fa807e438707308f64873c22a8ca233e2e1f8'|'Ivory is not beautiful, it<69>s barbaric - Nicky Campbell - Global Development Professionals Network'|'G rowing up in our two up, two down terraced house on the Southside of Edinburgh, I shared my bedroom with a cherished family heirloom <20> my granny<6E>s mini-grand. This beautiful piano had been to the other side of the world and back. It ended up taking up half my room and a whole lot of my life. I taught myself to play on it, bashing out the sevenths while pretending to be (pre-Wings) McCartney. Now I think of that piano with total revulsion. I believe anyone in the possession of ivory should feel the same. It is over. It has to be.Look at the knife handles or antique toothpick and then think of the dead mother with her face hacked off as her tuskless, helpless one-year-old tries to nudge her back to life. Google image search is always a useful resource. I feel no differently about the thought of a gorilla-hand ashtray (yes, they are a thing in parts of the Far East) or a nice cool glass of lion bone wine (ditto). One more time: ivory is so over.We have learned a lot about these extraordinary intelligent animals since King Leopold of the Belgians mutilated his way through the great herds of the Congo. Elephants mourn, they weep and they show empathy. This not Disney. It<49>s science. Any evolutionary biologist will tell you why, and any ethologist and scientist in the field will send you peer-reviewed papers that are a total revelation (they were to me). Oh, and by way the ivory from natural wastage or natural causes is infinitesimal and does tend to set a rather bad example. It. Is. Not. Beautiful.What is it with human exceptionalism? Are we the special species? Surely realising that we aren<65>t shouldn<64>t be too far beyond our almighty intellectual grasp.The UK is the largest exporter of ivory in the EU, ivory is traded within our bordersHere<72>s the topical poser. Despite committing in its last two election manifestos to end the UK ivory trade, why has our government failed to impose a total ban ? The UK is the largest exporter of ivory in the EU, ivory is traded within our borders, and investigations into the UK ivory trade have repeatedly revealed illegal ivory items being passed off as legal . Even the planned partial ban on ivory sales <20> which is still being debated <20> would not cover items produced before 1947. The question echoing round the country right now is this: <20>How is it that we are doing so little, while China, the country that has constantly and rightly been considered the main culprit for elephant poaching, has now made greater commitments than the UK?<3F> It<49>s a great question.China, doing more than us? Extraordinary. Amazing. As Kafka might say, <20>Don<6F>t bloody well bring me into this.<2E> Thirty-one African states where elephants range said, <20>Enough is enough<67>, and pressured China to act. Eventually, with an eye on the bottom line of its African investments, China agreed. Roll on Hong Kong . Those same African states are making the same pleas to us and can<61>t quite believe what is not happening.Here<72>s the recent timeline. At the end of 2016 China announced that it would close its ivory trade by the end of 2017: that by 31 March it would close its state-funded ivory carving factories and build from that to a full ban. The US, the second largest market for ivory, has imposed a near-complete ban on ivory sales across state lines. Individual states are passing their own bans to further restrict sales within their boundaries.Yet here we are in February 2017, and the British government still intends to allow the free trade of ivory items produced before 1947. Many but by no means everyone in the antiques industry claim it will be damaged irrevocably if it can<61>t sell old pieces. I refer the sincere and honourable members to those gorilla-hand ashtrays. Exquisite.Incidentally, the Trumpian future is less certain. While we can see the notorious photo of Eric Trump swinging an elephant<6E>s trophy tail after the gleeful kill, perhaps we should be pragmatic and re-frame the issue for the Pr
'3ec986a09992e49ecf0880a31cd4fcce27f3b0b0'|'Global automakers blame tax policy, Lunar New Year for China sales drop'|' 48am EST Global automakers blame tax policy, Lunar New Year for China sales drop Ford Taurus cars are seen during a presentation at the 16th Shanghai International Automobile Industry Exhibition in Shanghai, April 21, 2015. REUTERS/Aly Song/File Photo By Jake Spring - BEIJING BEIJING China vehicle sales in January fell by the largest margin since 2015 for several global automakers, with General Motors Co ( GM.N ) and Ford Motor Co ( F.N ) blaming the roll back of a tax cut on small-engined vehicles and the Lunar New Year holiday. Ford Motor said on Thursday that its sales fell 32 percent year-on-year, while GM said sales dropped 24 percent, making the biggest drop since the two automakers first began reporting data for retail sales of their vehicles in China in the second quarter of 2015. China''s central government raised the purchase tax on cars with engines of 1.6 liters or less to 7.5 percent this year from a special rate of 5 percent last year, a policy originally instituted to shore up sales in a weakening economy. It plans to return the rate to 10 percent in 2018. "January was an unusual month with the earlier timing of the Chinese New Year holiday and the impact of the reduced tax incentive," Ford said in a statement citing Peter Fleet, head of sales for Asia Pacific. "Sales of vehicles not affected by the tax incentive were strong." China annually takes a one-week holiday for the Lunar New Year, which typically distorts sales in January and February as the dates vary each year. On Wednesday, Toyota recorded a 18.7 percent drop in January sales, its largest decline since March 2015. Nissan reported a 6.2 percent sales decline for the month, also citing seasonality and "the rush for car purchase in December 2016" before the tax policy changed. Honda, which has outstripped its US and Japanese competitors for the last two years, thanks in part to hot-selling sport-utility vehicles, said on Wednesday that sales grew 5.3 percent in January. The country''s automakers association predicts sales in China, the world''s largest auto market, will grow 5 percent this year, slowing from a 13.7 percent rise in 2016 that was achieved on the back of the tax cut. (Reporting by Jake Spring; Editing by Simon Cameron-Moore)   Exclusive: Tesla pausing factory for Model 3 preparation this month DETROIT/SAN FRANCISCO Tesla Inc said on Wednesday it will shut down production at its California assembly plant for a week this month to prepare for production of its high-volume Model 3 sedan, moving the company closer to meeting its target to start production in July.'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-gm-ford-motor-china-idUSKBN15O0RC'|'2017-02-09T14:48:00.000+02:00'
'672db32b8b649dcf31a3723f888f9c8922e3a473'|'Boeing CEO sees risk in slow sales of 777, 787 jetliners'|'NEW YORK Boeing Co ( BA.N ) must sell more 777 and 787 jetliners to keep production plans on track, despite a $13.8 billion order for both planes that landed on Thursday, the chief executive said.Slow 777 sales are one of the top risks facing Boeing in the next few years, Chief Executive Officer Dennis Muilenburg said on Thursday at a New York conference hosted by Cowen and Co. Boeing also must sell more 787s so it can proceed with plans to lift output to 14 planes a month from 12 in the next few years, he said.(Reporting by Alwyn Scott; Editing by Tom Brown)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-boeing-outlook-ceo-idINKBN15O2NX'|'2017-02-09T16:29:00.000+02:00'
'84c2d61ed6e724f8b10a5bc80bee875d47d746ca'|'Trump vows ''phenomenal'' tax announcement, offers no details'|' 29am GMT Trump vows ''phenomenal'' tax announcement, offers no details By David Morgan - WASHINGTON WASHINGTON   plans to announce the most ambitious tax reform plan since the Reagan era in the next few weeks, the White House said on Thursday, sending stock prices and the dollar higher on hopes for a cut in corporate tax rates. In a White House meeting with airline executives, Trump promised a "phenomenal" tax plan, but offered no specifics other than citing the need to a lower tax burden on businesses. "That''s coming along very well. We''re way ahead of schedule," the president said. "We''re going to be announcing something I would say over the next two or three weeks that will be phenomenal in terms of tax and developing our aviation infrastructure." White House spokesman Sean Spicer later told reporters that Trump would unveil a comprehensive tax plan including tax cuts for individuals as well as businesses. Despite the likelihood of disagreements in Congress before tax reform can be enacted, the U.S. dollar rose along with bond yields and stocks in response to the news. Under U.S. law, only Congress can substantively change the tax code, which has not been overhauled thoroughly since 1986. Tax legislation must begin in the House of Representatives. House Ways and Means Committee Chairman Kevin Brady, a Texas Republican who has been talking to the White House about a tax reform bill, said he was "pretty positive" about Trump''s remarks. "We''re going in the same direction in a good way," Brady told Fox News. Both U.S. political parties generally agree on the need for tax reform, but action has been stymied by the complexity of the code which is riddled with loopholes. Spicer said to expect "a comprehensive plan, something we haven''t seen since 1986 ... It''s going to recognise the need to give so many working Americans the relief that they need." "What he wants to do is create a tax climate that not only keeps jobs here but incentivises companies to want to come here, to grow here, to create jobs here, to bring their profits back here." During last year''s election campaign, the president pledged to cut the U.S. business tax rate from to 15 percent from 35 percent. Investors have been waiting for details on Trump''s election campaign pledge to stimulate U.S. economic growth through spending on infrastructure projects and tax cuts. "That was really the crux of the dollar rally shortly after his election, and I think investors are getting really excited about that again," BK Asset Management managing director Kathy Lien said as Trump''s comments sent the U.S. dollar to its best one-day gain against the yen in three weeks. Before Trump''s comments on Thursday, tax reform appeared to be losing momentum in Congress. The White House and House Republicans have been in discussions about a House tax reform plan that includes a controversial border adjustment proposal. The measure has come under fire from retailers, oil refiners and automakers who fear its 20 percent import tax could raise consumer prices. In a sign of the bumpy road ahead, Republican Senator David Perdue of Georgia called border adjustment "a bad idea" and urged his colleagues in a letter not to support it. Lawmakers have also been considering ways to upgrade U.S. infrastructure such as roads, bridges, airports and rail systems. At Thursday''s meeting, Trump discussed what he called an obsolete U.S. air traffic control system, as well as out-of-date airport infrastructure, train systems and roads. He told the executives he was determined to "change all of that" and said they would be very happy with his proposals. "You people are regulated probably as much as almost anybody, although I can think of a couple of industries that are even worse," Trump said. (Reporting by Ayesha Rascoe, David Alexander and David Morgan; Writing by David Morgan; Editing by Kevin Drawbaugh and Clive McKeef)   speaks to members of the law enforcement at the Major Cities Chi
'7564e2356036de1cf2f2478b318f260d5d3a7d53'|'BRIEF-Western Gas Partners announces acquisition in delaware basin gathering system'|' 13pm EST BRIEF-Western Gas Partners announces acquisition in delaware basin gathering system Feb 9 Western Gas Partners LP : * Western Gas Partners announces acquisition of interest in delaware basin gathering system * Western Gas Partners - deal in exchange for wes''s 33.75% non-operated interest in 2 natural gas gathering systems in pennsylvania and $155 million in cash * Western Gas Partners - will acquire wpz''s 50% non-operated interest in assets of delaware basin JV gathering LLC * Says currently holds a 50% interest in, and operates, dbjv''s assets Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1FU160'|'2017-02-10T05:13:00.000+02:00'
'99a5c542d78b261ee8b77e26270a4894e4280e5a'|'London Stock Exchange issues ESG guidelines for listed companies'|'Business News - Thu Feb 9, 2017 - 12:28am GMT London Stock Exchange issues ESG guidelines for listed companies A red London bus passes the Stock Exchange in London February 9, 2011. The London Stock Exchange is to buy the owner of the Toronto Stock Exchange TMX Group in an all share deal that will create a mining-dominant exchange at a time of rising commodity prices. REUTERS/Luke MacGregor LONDON The London Stock Exchange Group (LSEG) on Thursday issued guidelines on how companies should incorporate environmental, social and governance (ESG) issues into disclosure statements alongside traditional financial reporting. Global asset managers are increasingly focused on companies'' social and environmental impact. Issues including climate risks, labour and human rights, and transparency and have become core factors in making investment decisions, the LSEG said in a statement. "The agenda isn''t being driven by politics as much, it''s being led by investors, particularly long-only investors," said Mark Makepeace, Chief Executive of FTSE Russell. Of the biggest ten asset managers, seven used ESG in their investment approach, he said. The LSEG has sent its guidelines to more than 2,700 companies listed on its UK and Italian exchanges. The guidelines are in line with the United Nations'' Sustainable Stock Exchange Initiative, which the London exchange joined in May 2014, a forum which encourages companies to disclose information about their social and environmental impact. European regulators have put in place legislation that will require large companies to disclose ESG issues from this year onwards. (Reporting by Helen Reid; editing by John Stonestreet) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-lse-report-green-idUKKBN15O01P'|'2017-02-09T07:28:00.000+02:00'
'5bf03015ccb762c7000273cecc74f15e95a0618e'|'Fidelity & Guaranty extends Anbang deal deadline, to take rival offers'|'Company  08pm EST Fidelity & Guaranty extends Anbang deal deadline, to take rival offers By Koh Gui Qing Feb 9 In the face of U.S. state regulatory hurdles, U.S. annuities and life insurer Fidelity & Guaranty Life said on Thursday it extended the deadline for its $1.6 billion sale to China''s Anbang Insurance Group, and has negotiated the right to accept other offers. The delay gives Anbang, which has sought high-profile deals overseas, more time to win needed approval for the deal from U.S. state regulators. Anbang withdrew an application for regulatory approval last year and has not re-applied. The Fidelity deal has emerged as another test of the Chinese insurer''s global ambitions. Last year, it abruptly pulled out of a $14 billion bid for Starwood Hotels & Resorts Worldwide Inc. Fidelity said it can now seek, respond to, evaluate and negotiate competing offers as long as it does not "enter a definitive agreement", or sign a separate deal with another buyer. Fidelity said the deadline for the deal with Anbang, which was agreed in November 2015, has been pushed back to April 17 from Feb 8. It said Anbang will have until May 31 if it secures a public hearing from Iowa''s financial regulator by April 17. Beijing-based Anbang must secure approvals from regulators in New York and Iowa, where Fidelity has businesses. The deal has been approved by the U.S. Committee on Foreign Investment in the United States, which scrutinizes deals over national security concerns. But getting regulatory approval in New York had been problematic. A source familiar with the matter told Reuters last year the New York Department of Financial Services had sought more details about Anbang''s funding and shareholder structure, information Anbang was not immediately able to provide. As a result, Anbang withdrew an application it made in New York last year for regulatory approval and has not re-applied, a spokesman for New York''s Department of Financial Services said this week. Established in 2004, Anbang manages some 1.65 trillion yuan ($239.8 billion) worth of assets and burst onto the global scene from near obscurity by signing more than $30 billion worth of corporate deals in the last 2-1/2 years. Its high-profile investments included a $1.95 billion purchase of the Waldorf Astoria Hotel in New York. Due in part to the fact that it is a private company, little is known about Anbang''s funding and shareholding structure. Corporate records in China show Anbang is owned by 39 privately held and little-known companies scattered across China. U.S. President Donald Trump''s son-in-law, Jared Kushner, last month divested his equity interest in a flagship New York City building that is the subject of negotiations with Anbang about a possible investment. ($1 = 6.8821 Chinese yuan renminbi) (Reporting by Koh Gui Qing in New York; Editing by David Gregorio) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/fgl-ma-anbang-idUSL1N1FS247'|'2017-02-10T00:08:00.000+02:00'
'155ed5fbc7375071881a0a0e63f5d76775542e73'|'China global trade settled in yuan drops to more than 3-year lows - StanChart'|'Business News - Wed Feb 8, 2017 - 4:56am GMT China global trade settled in yuan drops to more than 3-year lows - StanChart HONG KONG Cross-border trade settled in the Chinese currency plunged to the lowest levels in more than three years in December as stricter capital controls and fears of further weakness in the yuan dampened global interest in the currency. The decline could mark a major setback for Beijing, which has tried to foster greater usage of the yuan in cross-border trade to expand its global clout. The yuan, also known as the renminbi, fell 6.6 percent against the dollar last year, its worst annual drop since 1994, reducing its attractiveness to both trading companies and investors. While the yuan has steadied early this year due to dollar weakness and tighter controls on moving funds out of China, currency strategists polled by Reuters expect it will resume its descent soon, especially if the U.S. continues to raise interest rates, which would trigger fresh capital outflows. Renminbi trade settlement accounted for only 11.5 percent of China<6E>s total goods trade in December, the lowest since September 2013, and down from over 28 percent a year earlier. That contributed to a general decline in an index tracking offshore yuan usage across various metrics compiled by Standard Chartered Bank. "In addition to stricter scrutiny of cross-border flows and depreciation worries, less effective liquidity management and hedging tools probably weighed on corporates<65> sentiment," analysts at the bank wrote in a note. (Reporting by Saikat Chatterjee; Editing by Kim Coghill) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-china-economy-trade-yuan-idUKKBN15N0DB'|'2017-02-08T11:56:00.000+02:00'
'f06b41d38236cd5983ce079c8d5c0e0b484d88d7'|'Moelis chosen as an adviser for Saudi Aramco IPO: source'|'By Lauren Hirsch Independent investment bank Moelis & Co ( MC.N ) was chosen as an adviser for the planned initial public offering of Saudi Aramco on Tuesday, a source familiar with the matter told Reuters.Oil and gas company Saudi Aramco had invited banks in January to pitch for an advisory position on what is expected to be the world''s biggest initial public offering.Morgan Stanley ( MS.N ) and HSBC ( HSBA.L ) were banks that had received a request for proposals. The invitation was to evaluate Aramco''s business and help it with measures surrounding the share sale.This is a big win for boutique bank Moelis, which itself went public less than three years ago, and its founder Ken Moelis.A Moelis spokesperson declined to comment and Saudi Aramco was not immediately available to comment.For Moelis, the Saudi Aramco mandate dwarfs previous IPO advisory roles, which include luggage maker Samsonite on its $1.3 billion IPO in 2011 and plastic pipe company Polypipe Group Plc ( PLP.L ) on its <20>320 million IPO in 2014.The listing is the centerpiece of a Saudi Arabian government plan to transform the kingdom by enticing investment and diversifying the economy away from a reliance on oil.Saudi officials expect the IPO to value Aramco at a minimum of $2 trillion. ( reut.rs/2k0avBn )(Reporting by Lauren Hirsch in New York and Bhanu Pratap in Bengaluru; Editing by Bernard Orr)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-saudi-aramco-ipo-moelis-idINKBN15N0U3'|'2017-02-08T05:46:00.000+02:00'
'09684f21629b2a4212b66d66e620eae3f8dbfc20'|'Australia must charge royalties on natural gas or lose billions, says expert - Business'|'The petroleum resource rent tax has failed to collect billions of dollars in revenue and the Turnbull government should reintroduce royalties for natural gas projects off north-west Australia, a resource tax expert has said.Dr Diane Kraal from Monash University has warned flaws in the PRRT regime mean Chevron<6F>s giant Gorgon gas project off WA will not pay the tax until <20>at least 2030<33>, despite decades of operation.She said modelling showed $5bn in revenue would be raised from Gorgon by 2030 if royalties were reintroduced. She urged the Coalition to do just that to ensure Australians were properly remunerated for the exploitation of their gas resources.Fears Australia losing billions in liquefied natural gas tax sparks calls for inquiry Read more She said her research indicated other natural gas projects in commonwealth waters should also be subject to commonwealth royalties, including Chevron<6F>s Wheatstone, Woodside<64>s Pluto LNG project, and Inpex<65>s Ichthys project.The treasurer, Scott Morrison, announced a formal review of the PRRT regime in November following a rapid decline in revenues from the tax.He acknowledged revenues from the PRRT had halved since 2012-13, while crude oil excise collections had fallen by more than half. When he announced his inquiry into the tax, he said he wanted it to be completed in time for this year<61>s budget.It followed months of disquiet about the effectiveness of the tax and warnings from groups like the Tax Justice Network that Australia was set to blow another resources boom because the PRRT was failing to collect adequate revenue from the explosion in liquefied natural gas exports.Kraal has made six recommendations for reform of the tax. In her submission to the PRRT review , seen by Guardian Australia, she says the government ought to retain the PRRT legislation, but with significant modifications.She says the <20>transferability<74> of exploration expenses ought to be overhauled. <20>Transferability of exploration expenditure was negotiated for oil back in 1990, and is not working as intended today for gas,<2C> her submission says.<2E>Gas projects only provide utility rates of return, not <20>super profits<74> as found in oil. Transferability of exploration expenses should be modelled for a fairer outcome from community resources.<2E>She also calls for an overhaul of the <20>gas transfer price<63> method, which is used to price gas feedstock used in LNG processing.<2E>There are alternatives, such as the use of the <20>mid-stream breakeven price<63> method, or the <20>Net Back<63> method alone, either of which would derive a fairer price,<2C> her submission says.<2E>Advance Pricing Arrangements should be made transparent to the public, much like the Australian Tax Office <20>sanitised<65> private rulings or interpretive decisions.<2E>Kraal<61>s submission is based on new research which she presented at the Australasian tax conference in New Zealand mid-January.She says the research is significant for its unique review of Australia<69>s petroleum taxation from the 1980s to the rise in the 2000s of natural gas projects for LNG export.According to the ATO, revenue from the PRRT plummeted by 32% in 2014-15, a decline of $576m, despite significant growth in export production.More than a third of big companies paid no tax in 2014-15, ATO reports Read more Last year, the Australian National Audit Office released a damning report revealing <20> significant shortcomings <20> with the way in which royalties were levied on offshore petroleum operations from the North West Shelf (NWS) off Western Australia.It found oil and gas companies operating in Australia may have wrongly claimed billions of dollars in tax deductions in recent years, leaving governments underpaid millions in royalties.In September, a letter cosigned by 21 union and left-leaning organisations, including the Australian Council of Social Service, the ACTU, Greenpeace, the Australia Institute, ActionAid, GetUp and the Uniting church, was sent to the prime minister, Malc
'd7c60d7487605ea1b7264cbf93f2cf408bf59e20'|'Fed''s Bullard says rates can remain low through 2017'|'Business News - Thu Feb 9, 2017 - 9:03am EST Fed''s Bullard says rates can remain low through 2017 St. Louis Fed President James Bullard speaks about the U.S. economy during an interview in New York February 26, 2015. REUTERS/Lucas Jackson ST. LOUIS U.S. interest rates can likely remain low through at least 2017, with no clear sense yet of whether the new Trump administration''s policies will touch off higher inflation or growth, St. Louis Federal Reserve Bank President James Bullard said on Thursday. Bullard has said that the current target rate of between 0.5 percent and 0.75 percent is roughly appropriate for an economy stuck in a low-growth, low-inflation rut. That situation "has been many years in the making and is unlikely to turn around quickly," Bullard said in morning remarks at Washington University in St. Louis. "A relatively low policy rate will remain appropriate." Despite administration talk of large tax cuts and infrastructure spending, actions that could stoke inflation in an economy considered near full employment, Bullard said inflation expectations remain low. "It does not appear that undue inflationary pressure is building so far," Bullard said. The Fed raised its policy rate in December, the second such move in two years. That glacial pace is expected to accelerate this year. Policymakers are eager to move as far as possible from the zero lower bound hit during the financial crisis, and the economy is near the Fed''s goals of two percent inflation and full employment. But the election of U.S. President Donald Trump has presented both positive and negative risks. The prospect of a fiscal and tax push could boost inflation and prompt the Fed to move faster, but Trump''s approach to immigration and trade run counter to what central bankers feel the economy needs to become more productive in the long run. Bullard said it will not be clear how those forces play out until at least next year. "Whether the new administration''s policies represent a ''regime shift'' depends on whether these policies will have a sustained impact on productivity," Bullard said. (Reporting by Howard Schneider; Editing by Meredith Mazzilli) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-fed-bullard-idUSKBN15O1QD'|'2017-02-09T21:03:00.000+02:00'
'596a57300881a54def1f5d9f423b037fe9b307fc'|'Mexico''s Jose Cuervo prices IPO at 34 pesos per share'|'Deals - Americas - Thu Feb 9, 2017 - 8:41am EST Mexico''s Jose Cuervo prices IPO at 34 pesos per share A man receives a bottle of Jose Cuervo Tequila in Mexico City, Mexico, February 8, 2017. REUTERS/Edgard Garrido MEXICO CITY The initial public offering for tequila maker Jose Cuervo priced at the top of an expected range at 34 pesos per share, the company said on Thursday, kicking off the first Mexican IPO since Donald Trump won the U.S. presidency in November. The share price confirmed a report by sources familiar with the matter consulted by Reuters on Wednesday, who said there was strong investor demand for the offering. The company, officially known as Becle, put its IPO on hold twice last year, as Trump''s march to the White House gathered strength, sending the peso currency to a string of record lows. (Reporting by Dave Graham)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-mexico-josecuervo-idUSKBN15O1NL'|'2017-02-09T20:30:00.000+02:00'
'49df2332dd7c0ea10316ebc9532b58ef37086a8d'|'LPC-European lenders eye <20>12bn of buyout financings'|'LONDON Feb 9 A potential <20>12bn of leveraged buyout loans could hit Europe<70>s loan market in the coming months as the pipeline of buyout deals starts to build, presenting a welcome break from a flood of refinancings and repricings that have dominated the market so far this year.Sale processes have kicked off for a number of companies including Swiss chemicals company Archroma; jewellery retailer Thom Europe; French spreads business St Hubert; cleaning and collection company Safetykleen Europe; Swedish air treatment group Munters; Italian facilities management business Manutencoop; UK breakfast cereals producer Weetabix and Solvay<61>s polyamides unit.<2E>The European market absolutely needs the new deal flow because there is too much money blowing a hole in the pockets of institutional investors,<2C> a syndicate head said.Although 2017 got off to a busy start, refinancing and repricing deals have driven issuance, supported by a <20>bond to loan<61> trend, junior loan takeouts and an increase in add-ons, as private equity firms take advantage of the deep liquidity in the leveraged loan market to attain favourable senior loan pricing on covenant-lite loans, with no prepayment penalties.Bankers are spending a lot of time working on debt financings for potential sales in the pipeline, attracted to committing large underwritten, event driven financings as an alternative to the flood of lower paid and less lucrative regurgitation of existing deals.Investors and banks are counting on buyout firms to be successful, in order to avoid another disappointing year.<2E>Banks are trying to put money to work at sensible yields, which are getting crushed across the board from repricings and refinancings. A healthy amount of new deal will help to alleviate this,<2C> the syndicate head said.A majority of banks are clamouring to get a spot on the increasingly aggressive staple financings being offered on potential buyouts, in the hope they will be mandated by the successful buyer.Staple financings have historically been there to beat, but have now become so competitive that some buyers are using them.Four out of the five staple financing banks were mandated to underwrite around <20>1.1bn of debt financing to back Partners Group and PSP Investments<74> buyout of European medical laboratory services operator Cerba.HSBC has offered a staple financing on the potential sale of Archroma, equating to around 5.75 times Archroma<6D>s approximate <20>180m Ebitda. Many bankers are working hard to win a lead role on the sale, willing to offer highly attractive docs and reduced flex.LINING UPOther potential deals in the pipeline include a sale of German metering group Techem and its peer Ista; PlusServer, the managed hosting business that is due to be spun out of Host Europe following its acquisition by US-based website domain name provider GoDaddy and German industrial weighing specialist Schenck Process.Both Ista and Techem boast Ebitda<64>s in excess of <20>300m and any financings would come close to <20>2bn.<2E>Ista and Techem are on everyone<6E>s radars. They are huge and it is likely they will want to avoid coming to the market at the same time. The sellers are going to have to decide whether they want to come first to the market first or last,<2C> a senior leveraged finance banker said.Both Ista and Techem are known to leveraged investors already and there is capacity to finance both in the European loan market. The fear is that they will sell to corporate or infrastructure buyers, triggering devastating repayments.Despite private equity firms benefitting from an abundance of cheap financing and even offers of attractive equity bridges from a growing number of providers such as Goldman Sachs, KKR and Macquarie, the big question is whether they will be able to compete with trade buyers as quantitative easing continues to favour European companies with access to cheap, unsecured funding.Fitch Ratings expects lending to new European buyouts in 2017 to be in line with <20>50bn in 2016, despite a possible rus
'1a236fc2e291aa025f27fe36b7c6325f02e483a5'|'Cigna, Humana could still combine despite anti-trust rulings: analysts'|'By Carl O''Donnell Although judges shot down Anthem Inc''s ( ANTM.N ) $54 billion acquisition of Cigna Corp ( CI.N ) and Aetna Inc''s ( AET.N ) $35 billion takeover of Humana Inc ( HUM.N ) on anti-trust grounds, the rulings left scope for a possible combination of Cigna and Humana, industry insiders said.Cigna would have both the motives and finances to pursue an acquisition of Humana, these experts suggested. Because of its much smaller Medicare Advantage business, Cigna may have a better shot at winning a regulatory green light, they added."They may have blocked the merger (with Aetna), but that''s not the end of the song," said Randal Schultz, an attorney at Lathrop & Gage LLP focusing on the healthcare sector.Cigna and Humana did not respond to requests for comment. Aetna declined to comment.A merger of Cigna and Humana would allow them to save money by cutting back administrative costs in overlapping markets and holding down healthcare costs by boosting the combined company''s bargaining power with healthcare providers and drug makers.To be sure, further industry consolidation is not seen as imminent following the scuppering of two mega deals in the sector. Anthem has said it wants to appeal the court ruling and Cigna is still weighing how to proceed. Aetna and Humana have yet to announce their plans.When asked whether a big deal is out of the question right now, Cigna CEO David Cordani left the door open in a conference call last week with analysts discussing fourth-quarter earnings, saying "never say never, in terms of large versus small."Moreover, U.S. President Donald Trump''s intention to repeal and replace his predecessor''s signature healthcare law, the Affordable Care Act - also known as Obamacare - will not remove the incentives for health insurers to consolidate, and could even bolster them.With Republican lawmakers and policymakers in control of Washington, Humana''s Medicare Advantage assets could become even more valuable.U.S. House of Representatives Speaker Paul Ryan has argued for more privatization of Medicare, the government-run insurance program for the elderly and disabled. While the White House does not yet back Ryan''s proposal for government-sponsored vouchers for private insurance plans, analysts say such a policy is likely to spur more growth and profits in privately run Medicare Advantage plans.For Cigna, a deal with Humana could help offset its slower- growing business managing insurance plans for large companies, which makes up 85 percent of its revenues and is considered more vulnerable to economic downturns.Cigna''s Medicare Advantage footprint is less than half that of Aetna''s, giving it a stronger footing with antitrust regulators, investors and analysts said."There would be a lot fewer (antitrust) objections to a Cigna buyout of Humana than there were with Aetna, and I think Humana could get a higher price," said Jeff Jonas, a portfolio manager at GAMCO Investors, which owns shares in all five big U.S. health insurers, including Humana.The terms of any new deal would need to reflect the fact that some aspects of Humana''s business has improved since it agreed to sell itself to Aetna in 2015, Jonas said.That includes Humana''s decision to largely withdraw from the online exchanges for individual plans set up by the Affordable Care Act last year, Jonas said. Following losses it suffered on these exchanges, Humana said this week its individual membership participation was down 70 percent.A NEW RACE FOR HUMANAHumana emerged as a coveted acquisition target in 2015, when an approach by Cigna triggered a sale process for the company in which Aetna prevailed. Bidders were attracted to Humana''s robust presence in the fast-growing Medicare Advantage market, where it has more than 3 million customers."We see real potential for Cigna to re-engage, and possibly Anthem as well to be a factor," Justin Lake of Wolfe Research wrote in a January note.Cigna would likely be "much more 
'5cd7acf384c3c6bd03e79883d38db27922c6c873'|'Thyssenkrupp says future Mexico investments in doubt'|'Money News - Thu Feb 9, 2017 - 7:49pm IST Thyssenkrupp says future Mexico investments in doubt FILE PHOTO - 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/File Photo FRANKFURT German industrial group Thyssenkrupp is watching the new administration of U.S. President Donald Trump carefully to decide whether to make further investments in two automotive components plants in Mexico, its chief executive said. Thyssenkrupp produces components for the North American automotive market in Mexico, part of the North American Free Trade Area (NAFTA), but Trump has warned he may impose tariffs on imports from Mexico to encourage companies to produce in the United States instead. "We are watching quite carefully what the result of the Trump administration will be," Heinrich Hiesinger told analysts on a conference call after the steel-to-elevators group presented first-quarter results on Thursday. Hiesinger said current investments in the Mexican plants were fully covered by orders from carmakers but questions now arose over future investments. Thyssenkrupp announced investments of around 150 million euros ($160 million) in a new industrial park in San Miguel de Allende, Guanajuato last June and said Mexico played a central role in the expansion of its auto components business. ($1 = 0.9362 euros) (Reporting by Georgina Prodhan; Editing by Ludwig Burger) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/thyssenkrupp-results-mexico-idINKBN15O1S4'|'2017-02-09T21:19:00.000+02:00'
'8aea00290383aafe3fd340ee93d0aa9b49e8a75a'|'Three Fed rate hikes reasonable for 2017, Evans says'|'CHICAGO It is reasonable to expect the Federal Reserve to raise interest rates three times this year in part because the early direction of U.S. fiscal policies appear to be positive for the economy, a Fed rate-setter said on Thursday.The median Fed forecast "is not unreasonable, and that''s three" rate hikes, Chicago Fed President Charles Evans, a voter on policy this year, told reporters on Thursday. "There is uncertainty but it''s got a particular direction to it in terms of economic stimulus" and that direction is "up," he said of fiscal policies.(Reporting by Jonathan Spicer; Editing by Meredith Mazzilli)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/usa-fed-evans-rates-idINKBN15O2Q6'|'2017-02-09T17:03:00.000+02:00'
'9bfe73318e8558d89b41b10ac21646eb17036422'|'News Corp posts second loss in a row as ad sales decline'|' 51pm GMT News Corp posts second loss in a row as ad sales decline FILE PHOTO - A sign is seen outside News Corporation building in New York, June 27, 2012. REUTERS/Brendan McDermid/File Photo News Corp ( NWSA.O ), the owner of Dow Jones Newswires and book publisher HarperCollins, posted its second quarterly loss in a row as it struggles to offset the decline in advertising income in its newspaper business. The company''s news and information business, which includes newspapers such as the Wall Street Journal and the Times in London, has been suffering from lower advertisements as readers prefer the quick and free news on websites and mobile apps. Revenue in the business fell nearly 7 percent to $1.30 billion in the second quarter, accounting for about 60 percent of total revenue.   revenue of $1.34 billion, according to FactSet Street Account. News Corp''s advertising revenue fell 8.3 percent to $ 748 million. One bright spot for Rupert Murdoch-controlled company has been its digital real-estate business, where it has enjoyed rapid growth. News Corp said revenue in the business surged 16.3 percent in the quarter to $242 million, in line with analysts'' estimate. The business includes REA Group Ltd ( REA.AX ), a leading real estate advertising company in Australia, and Realtor.com in the United States and other countries. Net loss available to News Corp shareholders was $290 million, or 50 cents per share, in the quarter ended Dec. 31, compared with a profit of $62 million, or 11 cents per share, a year earlier. On an adjusted basis, News Corp earned 19 cents per share. Revenue fell 2.1 percent to $2.12 billion. Analysts on average had expected a profit of 18 cents per share and revenue of $2.12   Shares of the media conglomerate were up 1.6 percent at $12.59 after the bell on Thursday. (Reporting by Laharee Chatterjee   D''Souza)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-news-corp-results-idUKKBN15O2WO'|'2017-02-10T04:51:00.000+02:00'
'62ff68c96f5105770728e67713c03c49aa1fb0cf'|'Osram to hire 1,000 in Germany for smartphone infrared push'|' 28am GMT Osram to hire 1,000 in Germany for smartphone infrared push The new headquarters of lamp manufacturer Osram is pictured in Munich February 26, 2014. Picture taken February 26, 2014. REUTERS/Michaela Rehle FRANKFURT Osram ( OSRn.DE ) plans to hire up to 1,000 new staff at its plant in Regensburg, Germany as it anticipates a fast ramp-up in demand for its infrared components used for iris-scanning identification in smartphones, a spokesman for the German lighting group said. The smartphone market represents an important new opportunity for Osram, which currently makes about half of its revenue from the automotive sector. The new hires would represent an increase of almost 50 percent at the optical semiconductors plant, which is also responding to increased demand for infrared and LED components for driver-assistance systems in cars. The new jobs are planned to be created between now and 2020 and will be mainly in production and research and development, the spokesman said in response to a query from Reuters. Osram supplied iris-scanning infrared components for Samsung''s ( 005930.KS ) ill-fated Galaxy Note 7, which was recalled just after its launch last September after some smartphones caught fire. It is also expected to supply the technology for Samsung''s next flagship model, the Galaxy S8, which is likely to be announced in March and go on sale in April. Potential large competitors are Japan''s Nichia and Lumileds, which is being sold by Dutch Philips ( PHG.AS ) to a U.S. fund. Osram on Wednesday reported first-quarter results that were lifted by strong demand for LED components including infrared. The company is investing a billion euros ($1.07 billion) in building out LED components production capacity, the bulk of it in a new plant in Kulim, Malaysia. ($1 = 0.9379 euros) (Reporting by Georgina Prodhan; Editing by Maria Sheahan)   Unrealistic to see UK/EU trade deal in two years - EU representative EDINBURGH It is unrealistic for Britain to expect to negotiate its exit from the European Union and reach a free trade agreement in two years and both will probably need an implementation phase, the head of the European Commission''s office in Britain said.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-osram-licht-infrared-germany-idUKKBN15P0X9'|'2017-02-10T16:28:00.000+02:00'
'c953c33a830fd604e4b9eafa67a1d22233219bdf'|'Tough Mudder co-founder on TV deals and assault course heroes - Guardian Small Business Network - The Guardian'|'You<6F>re looking for a new challenge: how about jumping into an ice pool, crawling through electrified wires, and dragging yourself up a steep incline in a muddy field?Not tempted? Tough Mudder <20> an extreme assault course <20> might not be for everyone, but it has pulled in 2.5 million participants since launching in New York in 2010. In 2015, it made $100m (<28>79m) in global revenue. Those taking part can choose to raise money for charity, or simply take part for personal achievement. The business has evolved into a lesson in savvy branding. Co-founder Will Dean, alongside his partner Guy Livingstone, has struck up sponsor partnerships with a number of companies such as Merrell, Jeep, Volvic and Virgin Active as well as Help for Heroes (the official UK charity partner). The brand has also secured two US television series. The first of these is with CBS sports and follows a select few taking part in Tough Mudder<65>s most extreme event: The World<6C>s Toughest Mudder. Dean says: <20>CBS has been approaching me for about six years. When they [initially] got in touch we weren<65>t sophisticated enough.<2E> But last year Tough Mudder and the network settled on an idea.Taking place annually in Nevada, the Toughest Mudder event runs for 24-hours. Participants do as many laps as possible to vie for a $100,000 prize. The winners cover more than 100 miles of mud and obstacles, although they can choose to take rest breaks. <20>You get these crazy characters who appear to only sleep for an hour or two,<2C> says Dean.Shazam co-founder: ''We were growing a business in a collapsing market'' Read more In the UK, the three-part series aired on Sky Sports in January. Sky and Tough Mudder are working on another series that will focus on participants in UK races.Meanwhile, a different series was made with the US-based CW channel, which is due to air later in 2017 on Sky Sports Mix. This consists of five shorts followed by a one-hour special and focuses on the stories of participants in the usual Tough Mudder events. People featured in this include a female Iraq war veteran who has post-traumatic stress disorder and a man living with multiple sclerosis.All of these shows play on Tough Mudder<65>s camaraderie. Dean claims 10,000 people have been tattooed with the Tough Mudder logo . <20>It<49>s a tribe, as a [business] we think about tribal values and what it means to be a tribe.<2E>Dean dreamt up Tough Mudder while completing an MBA at Harvard Business School and launched it a year afterwards. In his 20s, he started taking part in marathons. He found that when he told someone he<68>d ran one, the first question was always: what was your time? <20>Then they<65>d always reply with something like <20>Oh, my brother in law did it 10 minutes quicker<65>,<2C> he says. <20>You<6F>d feel like saying <20>I know I didn<64>t win<69>.<2E> This piqued his interest in starting a physical event that wasn<73>t all about speed. The Iron Man brand, which puts on a range of triathlons and runs, offered Dean a proven business model. <20>I didn<64>t even know Iron Man was a company, it kind of seems dumb looking back, but I thought maybe it was a not-for-profit or just enthusiasts putting things on. Then to find out it was owned by a private equity group I thought <20>Oh wow<6F>.<2E>I started thinking <20>I wonder if I could take the Iron Man model and apply it to something different<6E>.<2E>Hitting on an idea he could get behind Dean set to work testing it out. <20>When we first started it was pretty amateur. Finding a venue was hard enough. I had this beat up 15-year-old car and I<>d drive around fields in New York [looking for a venue]. I eventually found this ski hill <20> it was literally one lift on the side of a hill <20> in Allentown, Pennsylvania.<2E>Back then it was just Guy and I. The night before the event we had headlamps on and were banging signs into the ground. With hindsight, we were so disorganised.<2E>Building the brand hasn<73>t been straightforward, or without controversies. The earliest of these saw Dea
'28ae2a5eb215db5474362460d53324a51c03153a'|'BRIEF-Ritter Pharmaceuticals files for offering of 3 mln shares by selling stockholders - SEC Filing'|' 14pm EST BRIEF-Ritter Pharmaceuticals files for offering of 3 mln shares by selling stockholders - SEC Filing Feb 9 Ritter Pharmaceuticals Inc * Ritter Pharmaceuticals Inc - Files for offering of 3 million shares by selling stockholders - SEC Filing Source text: [ bit.ly/2k8vaYN ]   * Q4 earnings per share view $0.51 -- Thomson Reuters I/B/E/S 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/idUSFWN1FU16C'|'2017-02-10T05:14:00.000+02:00'
'75a7040eddbf055f7e4d9ad8a04bdd22c95002ac'|'BAE, Northrop, SAIC, others in $3.04 billion U.S. defense contract'|'WASHINGTON A group of companies including subsidiaries of BAE Systems ( BAES.L ), Northrop Grumman Corp ( NOC.N ), Science Applications International Corp ( SAIC.N ), Teledyne Technologies Inc ( TDY.N ) and KBR Inc ( KBR.N ) will share in a $3.04 billion missile defense contract, the Pentagon said on Thursday.The order-dependent contract is for a "research and development effort for the design, development, demonstration, and integration, domain-one of space/high altitude and missile defense hardware and software solutions," the Pentagon said in a statement.Other participants include privately held Dynetics Inc, and QWK Integrated Solutions LLC, which is a joint venture owned by a KBR subsidiary, Kratos Defense and Security Solutions Inc ( KTOS.O ) and privately owned Vencore Inc.(Reporting by Eric Walsh)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/missile-defense-pentagon-idINKBN15O2ZA'|'2017-02-09T19:50:00.000+02:00'
'cbc817ea312c92a2976bc519afa57b0029c8f76d'|'BRIEF-Unisys Corporation names Paul Martin to board of directors'|' 12pm EST BRIEF-Unisys Corporation names Paul Martin to board of directors Feb 10 Unisys Corp * Unisys Corporation names Paul Martin to board of directors Source text for Eikon:   * Q4 earnings per share view $0.51 -- Thomson Reuters I/B/E/S 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/idUSASB0AZOK'|'2017-02-10T05:12:00.000+02:00'
'201501d335b5164b4d8776e4f997cc7363476f43'|'Coca-Cola''s quarterly revenue beats on higher North America demand'|'Business News - Thu Feb 9, 2017 - 1:02pm GMT Coca-Cola''s quarterly revenue beats on higher North America demand Coca-cola soda is shown 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 Coca-Cola Co ( KO.N ) reported better-than-expected quarterly revenue, helped by higher sales of its sodas in North America, its biggest market. Volume sales rose 1 percent in North America, including a 1 percent growth in sales of its carbonated soda drinks such as Sprite and Fanta. However, global volume sales for the company fell 1 percent in the fourth quarter ended Dec. 31, hurt by high levels of inflation in certain Latin American countries. Net income attributable to the company''s shareholders more than halved to $550 million (438 million pounds), or 13 cents per share, in the fourth quarter, from $1.24 billion, or 28 cents per share, a year earlier. The fourth quarter included a $919 million charge related to the refranchising of some of the company''s bottling operations in North America. Excluding items, the company earned 37 cents per share, in line with the average analysts'' estimate, according to Thomson Reuters I/B/E/S. Net operating revenue fell about 6 percent to $9.41 billion, the seventh straight drop, but beat estimates of $9.13 billion. (Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by Shounak Dasgupta) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-coca-cola-results-idUKKBN15O1JZ'|'2017-02-09T20:02:00.000+02:00'
'f65f609db2cc9dbb17f281a04786a39f558d52cb'|'Brake systems maker Haldex cautious on 2017 as takeover uncertainty lingers'|' 26am GMT Brake systems maker Haldex cautious on 2017 as takeover uncertainty lingers STOCKHOLM Swedish brake systems maker Haldex ( HLDX.ST ), under bid from German rival Knorr-Bremse, said on Friday it expected a lower margin and no sales growth this year with weak market demand and effects from the ongoing bidding process seen hitting business. Two German firms, larger brake systems firm Knorr-Bremse and auto supplier ZF Friedrichshafen, were locked in a bidding war over the Swedish firm last fall, but ZF dropped out eventually after failing to convince enough shareholders to sell. Knorr-Bremse said on Thursday it was extending the acceptance period in its 5.53 billion crown (497 million pound)(125 SEK/share) bid for Haldex from the end of February until mid-June as it needed more time to get necessary clearances from competition authorities. "It will be difficult for Haldex to show growth due to the weak market conditions and the drawn-out bidding process," Haldex Chief Executive Bo Annvik said in a statement. "Due to lower net sales and high costs related to the bidding process, the operating margin for 2017 is forecast to be slightly lower than in 2016." Haldex said its fourth-quarter adjusted operating profit was 48 million crowns ($5.4 million), sharply down from 76 million in the year-ago period, but above analyst forecasts for a 42 million crown profit. Net sales were flat at 1.05 billion crowns in the quarter, and slightly about the 1.02 billion crowns analyst mean forecast. The Landskrona-based firm cut its 2016 margin forecast in late December, saying the ongoing takeover situation had negatively impacted business and led to extra costs. Before ZF dropped out of the bidding war in October, Haldex'' board had recommended its lower 120 crown per share bid over concerns that the Knorr-Bremse offer could run into problems with competition authorities. Knorr-Bremse said in December it had reached 86 percent of shares in the bid, including the shares it already owned. The bid is conditional on getting it cleared by competition authorities. Haldex shares were down 0.2 percent at 117.50 crowns by 0919 GMT in very thin trade. (Reporting by Johannes Hellstrom; Editing by Alistair Scrutton)   Unrealistic to see UK/EU trade deal in two years - EU representative EDINBURGH It is unrealistic for Britain to expect to negotiate its exit from the European Union and reach a free trade agreement in two years and both will probably need an implementation phase, the head of the European Commission''s office in Britain said.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-haldex-results-idUKKBN15P197'|'2017-02-10T18:26:00.000+02:00'
'3153fd570b128f4758a6727415fa7d8878a4ddd6'|'Elementis to buy U.S.-based SummitReheis in $360 million deal'|'Deals - Fri Feb 10, 2017 - 8:13am GMT UK''s Elementis to buy U.S.-based SummitReheis in $360 million deal British speciality chemicals maker Elementis Plc ( ELM.L ) said on Friday it would buy U.S.-based SummitReheis from an affiliate of private equity firm One Rock Capital Partners LLC for an enterprise value of $360 million to expand its personal care business. Elementis said the deal would increase the annual sales of its personal care business to $200 million and boost its adjusted earnings in the current financial year. The deal will be funded from cash resources and new debt facilities of $475 million, the company said. SummitReheis makes personal care chemicals and counts Procter & Gamble ( PG.N ) and Colgate ( CL.N ) among its clients. (This story has been refiled to correct spelling of SummitReheis in the headline and in paragraphs 1 and 4) (Reporting by Sanjeeban Sarkar in Bengaluru; Editing by Amrutha Gayathri) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-srlh-holdings-m-a-elementis-idUKKBN15P0QL'|'2017-02-10T15:12:00.000+02:00'
'c83be87a4e6b0f14c3f2b813ff2bce72af3d49f0'|'Fertilizer maker Agrium forecasts less profitable year than expected'|'Thu Feb 9, 2017 - 6:33pm EST Fertilizer maker Agrium forecasts less profitable year than expected WINNIPEG, Manitoba Agrium Inc ( AGU.TO ) ( AGU.N ), a Canadian fertilizer maker and the world''s biggest farm retailer, on Thursday forecast a less profitable year than expected. The Calgary, Alberta-based company said after normal trading hours that it expects to earn $4.50-$6 per share in 2017. The midpoint, $5.25, fell below analysts'' average estimate of $5.45, according to Thomson Reuters I/B/E/S. (Reporting by Rod Nickel in Winnipeg, Manitoba; Editing by Jonathan Oatis) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-agrium-results-idUSKBN15O32U'|'2017-02-10T06:20:00.000+02:00'
'3bdeb2aed96438da64ddf5fd0a77397450bbcbf8'|'Former Rolls-Royce CEO Rose questioned in bribery investigation - source'|' 01pm GMT Former Rolls-Royce CEO Rose questioned in bribery investigation - source John Rose in Singapore February 18, 2008. REUTERS/Charles Pertwee LONDON Britain''s Serious Fraud Office (SFO) questioned former Rolls-Royce ( RR.L ) chief executive John Rose in a bribery investigation the company settled last month, a person familiar with the matter said, confirming a Financial Times report. Legal firm WilmerHale, which is representing Rose, declined to comment. The SFO and Rolls-Royce also declined to comment. The newspaper said Rose, who was chief executive from 1996 to 2011, was one of many former Rolls-Royce executives questioned under caution in the investigation, which was the largest ever undertaken by the SFO. Rolls-Royce agreed to pay 671 million pounds to settle the lengthy case last month, drawing a line under investigations by British, U.S. and Brazilian authorities into alleged criminal conduct spanning three decades. Judge Brian Leveson said at the time that the investigation had uncovered "the most serious breaches of criminal law in the areas of bribery and corruption, some of which implicated senior management". Leveson said the investigation into the conduct of individuals continued. (Reporting by Paul Sandle; editing by Susan Thomas) Next In Business News Unrealistic to see UK/EU trade deal in two years - EU representative EDINBURGH It is unrealistic for Britain to expect to negotiate its exit from the European Union and reach a free trade agreement in two years and both will probably need an implementation phase, the head of the European Commission''s office in Britain said.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-rolls-royce-hldg-corruption-rose-idUKKBN15P1JD'|'2017-02-10T20:01:00.000+02:00'
'121f1dc2d5a96f465fbd37d61018da4fda8c4e93'|'EU financial services chief warns U.S. against unpicking bank rules'|'Business News - Fri Feb 10, 2017 - 2:30pm GMT EU financial services chief warns U.S. against unpicking bank rules European Commission Vice-President Valdis Dombrovskis addresses a news conference at the EU Commission headquarters in Brussels, Belgium, July 27, 2016. REUTERS/Francois Lenoir By Huw Jones - LONDON LONDON Some U.S. financial institutions could be locked out of the European market if Donald Trump''s administration repeals global rules imposed in the wake of the financial crisis, a top EU official said on Friday. Valdis Dombrovskis, vice president of the European Commission and the EU''s financial services chief, said international rules agreed during the 2007-09 crisis must be upheld to avoid undermining financial stability. "International finance needs international regulatory cooperation. Without it, we run the risk of regulatory arbitrage and renewed instability," Dombrovskis said in a speech in London. U.S. President Donald Trump signed an executive order last week to review Dodd-Frank, a U.S. law that implements a welter of international rules agreed by the United States, the EU and other major economies during the global banking meltdown. "We are sensitive to talk of unpicking financial legislation which applies carefully negotiated international standards and rules," Dombrovskis said. "Lax regulation in one country can create conditions for inadequate regulation and contagion throughout the world." Dombrovskis said the EU will uphold the reforms it introduced to toughen bank capital rules - based on the globally agreed norms - and will be "ready to take the necessary measures to protect and strengthen these achievements". The EU has allowed clearing houses, insurers and other financial firms from the United States and other non-EU countries to operate in the bloc because it deemed their home rules to be "equivalent" or as strict as those in the EU. But granting equivalence depends very much on the specific conditions of individual sectors and countries when the decision was made, he said. "If these conditions change, we will have to reassess the situation," Dombrovskis said. The European Commission can unilaterally scrap an equivalence decision by giving a month''s notice. Dombrovskis'' warning could equally apply to Britain, whose financial firms may need to rely on "equivalence" rulings after the country leaves the bloc in 2019. Some pro-Brexit campaigners say departure would allow Britain to ditch some EU rules. London will only continue to thrive as an international financial centre on the basis of a strong, international regulatory system, he said. Trump''s regulatory review has also raised questions about future international rulemaking at bodies like the Basel Committee on banking standards, and the Financial Stability Board (FSB), which coordinates regulation across the Group of 20 economies (G20). G20 finance ministers and central bankers meet in Germany in March and their communique will be scrutinised for signs of discord between the United States and other members over regulation. Dombrovskis said there were strong arguments for continued international cooperation at Basel and the FSB, but for this to happen there was a need for "partners to cooperate with". He singled out a letter from a U.S. lawmaker telling U.S. Federal Reserve Chair Janet Yellen not to negotiate new international banking rules. Dombrovskis said there was a need to preserve European values like free rational thought, tolerance, solidarity and openness when threatened by "alternative facts" in financial and other sectors. (Editing by Susan Fenton)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-banks-idUKKBN15P1RS'|'2017-02-10T21:30:00.000+02:00'
'ad7fba6fe147b2c28bf43bb9cfd779052fa3ec43'|'UPDATE 2-Precision Drilling confident oil industry is stabilizing'|'Thu Feb 9, 2017 - 6:01pm EST Precision Drilling confident oil industry is stabilizing By Nia Williams - CALGARY, Alberta CALGARY, Alberta Canadian rig contractor Precision Drilling Corp ( PD.TO ) said on Thursday it was growing more confident that long-term stability is returning to the oil industry, and it expects to charge higher fees for its rigs if oil prices recover further. Calgary-based Precision also reported a smaller-than-expected fourth-quarter loss and lower operating costs, adding to the tone of cautious optimism as the Canadian energy sector, slowly recovers from a 2-1/2-year slump. As global crude prices have risen, oil and gas companies have been putting more rigs to work, especially in shale fields. U.S. crude prices CLc1 averaged $49.29 per barrel in the fourth quarter ended Dec. 31, up 16.9 percent from a year earlier. Precision Chief Executive Officer Kevin Neveu said the duration and severity of the downturn had been deeply challenging for the whole energy industry but the outlook was improving and customers were booking rigs into the second and third quarters of 2017. "We are pleased that the industry is transitioning into a recovery cycle. It''s very good to put 2016 behind us," Neveu told analysts on a fourth-quarter earnings call. The company has added 107 rigs and 1,800 people since the lowest point of the cycle in the second quarter of 2016, Neveu said, although he also warned the challenge of recruiting good people "cannot be overstated." Precision said that as of early February, the U.S. active land drilling rig count was up approximately 30 percent from the same point last year and the Canadian active land drilling rig count was up approximately 42 percent. The company expects 2017 capital spending to be C$108 million, down nearly 47 percent from last year. Precision''s net loss narrowed to C$31 million ($23.6 million) from C$271 million, a year earlier. The company''s loss was 12 Canadian cents per share, lower than the average analysts'' estimate of 15 Canadian cents per share, according to Thomson Reuters I/B/E/S. Analysts welcomed the results and Precision''s shares rose 0.8 percent on the Toronto Stock Exchange to C$7.27. "While there can be no certainty that oil prices will improve beyond today''s levels, visibility into Q2 and Q3 has improved and thus far looks better than the prior year," BMO Capital Markets analyst Michael Mazar said in a note to clients. ($1 = 1.31 Canadian dollars) (Additional reporting by Vishaka George in Bengaluru; editing by Sriraj Kalluvila and David Gregorio) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-precision-drill-results-idUSKBN15O18V'|'2017-02-10T05:50:00.000+02:00'
'0306aa4268f526a8f93892cb3780511cdfab89d1'|'EU regulators okay three French renewable energy schemes'|'  12:03pm GMT EU regulators okay three French renewable energy schemes BRUSSELS EU competition regulators approved on Friday three French schemes to produce some 2,660 megawatts in renewable energy, saying that the projects were in line with the bloc''s energy goals. Two of the projects, which focus on solar installations, have a total budget of 8.8 billion euros (7 billion pounds) over 20 years while that for the third, a hydropower scheme, is estimated at 500 million euros over 20 years. "These French initiatives will stimulate a greater use of renewable energy sources and provide legal certainty to the sector, while limiting the use of state support to the minimum," European Competition Commissioner Margrethe Vestager said in a statement. France aims to produce 23 percent of its energy needs from renewable sources by 2020. (Reporting by Foo Yun Chee; editing by Philip Blenkinsop)   Unrealistic to see UK/EU trade deal in two years - EU representative EDINBURGH It is unrealistic for Britain to expect to negotiate its exit from the European Union and reach a free trade agreement in two years and both will probably need an implementation phase, the head of the European Commission''s office in Britain said.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eu-france-energy-idUKKBN15P1C1'|'2017-02-10T19:03:00.000+02:00'
'f47b126cba1467864d5d7ee51f10479198cdb231'|'Greek meeting with lenders to focus on measures needed post 2018 -source'|' 54am GMT Greek meeting with lenders to focus on measures needed post 2018 -source A Greek national flag flutters as the moon rises in Athens, Greece February 9, 2017. REUTERS/Alkis Konstantinidis - ATHENS A meeting between Greece and its lenders on Friday would focus on fiscal measures which the country will be required to take post-2018 to achieve a primary surplus of 3.5 percent, a source close to consultations said. "They are discussing the list of measures which will need to be passed by the Greek parliament now, for implementation post 2018 in the event of a divergence from the targets," the source said, requesting anonymity. Issues which would be covered included broadening the tax base of the country and savings from pensions. (Reporting By Lefteris Papadimas) Unrealistic to see UK/EU trade deal in two years - EU representative EDINBURGH It is unrealistic for Britain to expect to negotiate its exit from the European Union and reach a free trade agreement in two years and both will probably need an implementation phase, the head of the European Commission''s office in Britain said.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eurozone-greece-contacts-idUKKBN15P15E'|'2017-02-10T17:54:00.000+02:00'
'fec57f3d37ee11f937afa5d257b428a700fef9df'|'Dena Bank posts profit'|'Feb 10 Dena Bank* Dec quarter net profit 353.1 million rupees versus net loss of 6.63 billion rupees year ago* Dec quarter interest earned 25.91 billion rupees versus 25.59 billion rupees year ago* Dec quarter provisions 4.84 billion rupees versus 9.67 billion rupees year ago* Dec quarter gross NPA 14.79 percent versus 13.79 percent previous quarter* Dec quarter net NPA 9.52 pct versus 8.93 percent previous quarter Source text: ( bit.ly/2kaXAMU ) '|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/idINFWN1FV0B9'|'2017-02-10T05:10:00.000+02:00'
'904cacaf93c7d288ea3ccba8937beed4d8e6bec4'|'Tata Steel agrees to sell speciality steel biz to Liberty House'|' 18pm GMT Tata Steel agrees to sell speciality steel biz to Liberty House A company logo is seen outside the Tata steelworks near Rotherham in Britain, in this March 30, 2016 file photo. REUTERS/Phil Noble/File Photo MUMBAI India''s Tata Steel Ltd ( TISC.NS ) said on Thursday its British arm has signed a definitive agreement to sell its speciality steel business to Liberty House Group for 100 million pounds. The deal covers several South Yorkshire-based assets including the electric arc steelworks and bar mill at Rotherham, Tata Steel said in a filing to Indian stock exchanges. Speciality Steels directly employs about 1,700 people making steel for aerospace, automotive, and oil and gas businesses, it said. Tata and Liberty House had entered into exclusive talks in November as the Indian group seeks to offload its money-losing assets and restructure European operations. (Reporting by Devidutta Tripathy; Editing by Amrutha Gayathri) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-tata-steel-sale-britain-idUKKBN15O1L6'|'2017-02-09T20:18:00.000+02:00'
'379403a73f42e19347e49ef40ad222f91c160fe6'|'Kellogg to stop direct store delivery in U.S. Snacks business'|'U.S. - Wed Feb 8, 2017 - 5:10pm EST Kellogg to stop direct store delivery in U.S. Snacks business Kellogg''s Corn Flakes cereal is pictured at a Ralphs grocery store in Pasadena, California August 3, 2015. REUTERS/Mario Anzuoni/File Photo Corn Flakes maker Kellogg Co said on Wednesday it would stop distributing its U.S. Snacks business''s products directly to stores and instead switch to its more widely used warehouse distribution model in order to cut costs. About 75 percent of the company''s sales in the United States, including those at its Pringles, Frozen Foods and Morning Foods businesses, are done through the warehouse model, Kellogg said. The company said it would provide severance, benefits and retention packages to the employees impacted by the transition. (Reporting by Jessica Kuruthukulangara in Bengaluru; Editing by Savio D''Souza) Next In U.S.'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-kellogg-restructuring-sales-model-idUSKBN15N2R6'|'2017-02-09T05:10:00.000+02:00'
'12a9433da19e386243feb53fcdb8ed0b998312b5'|'US STOCKS-Wall St slips as bank, health stocks drag'|'* Gilead top drag on S&P, Nasdaq following weak forecast* Alaska Air rises on jump in quarterly revenue* Walt Disney rises after CEO says open to extending term* Indexes down: Dow 0.2 pct, S&P 0.23 pct, Nasdaq 0.3pct (Updates to open)By Yashaswini SwamynathanFeb 8 U.S. stocks were slightly lower on Wednesday, weighed down by losses in bank and healthcare stocks.Oil prices fell 0.5 percent as an increase in U.S. crude inventories and a slump in Chinese demand implied that global oil markets remain oversupplied despite OPEC-led efforts to cut output.The S&P 500 financial index, which has outperformed other sectors in a post-election rally, was down 0.83 percent and was on track for its third straight day of decline.Healthcare was off 0.66 percent, dragged down by Gilead.The drugmaker''s stock, which also weighed on the S&P and the Nasdaq, was down 9.3 percent after the company projected disappointing sales for its hepatitis C drugs this year.However, the fourth-quarter earnings season is expected to end on a high note. Combined earnings of S&P 500 companies are estimated to have risen 8.2 percent - the most in nine quarters.At 9:43 a.m. ET (1443 GMT), the Dow Jones Industrial Average was down 40.95 points, or 0.2 percent, at 20,049.34, the S&P 500 was down 5.31 points, or 0.23 percent, at 2,287.77 and the Nasdaq Composite was down 17.04 points, or 0.3 percent, at 5,657.18.Walt Disney was up 1.6 percent at $110.89 after Bob Iger said he was open to extending his term as chief executive officer.Cognizant rose 4 percent to $55.96 after the IT services provider named three directors to its board and announced a $3.4 billion share buyback program, bowing to pressure from activist shareholder Elliott Management.U.S. carrier Alaska Air rose 2.5 percent to $96.23 after the company reported a 10.7 percent jump in quarterly revenue.Declining issues outnumbered advancers on the NYSE by 1,684 to 946. On the Nasdaq, 1,657 issues fell and 698 advanced.The S&P 500 index showed six new 52-week highs and three new lows, while the Nasdaq recorded 26 new highs and 18 new lows. (Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Anil D''Silva)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-stocks-idINL4N1FT46Q'|'2017-02-08T12:05:00.000+02:00'
'c31e84e7c93e63eaf25a65abf0311ed666aaae14'|'Rio Tinto boosts dividend on commodities recovery'|' 18am GMT Rio Tinto boosts dividend on commodities recovery FILE PHOTO - A sign adorns the building where mining company Rio Tinto has their office in Perth, Western Australia, November 19, 2015. REUTERS/David Gray/File Photo SYDNEY Global miner Rio Tinto ( RIO.AX ) ( RIO.L ) said on Wednesday it will pay a bigger-than-expected annual dividend of $1.70 per share on the back of a strong recovery in mineral commodities markets in 2016 and cost-cutting. Underlying earnings for the world''s second-biggest mining house rose by 12 percent to $5.1 billion, beating analysts'' estimates for around $4.87 billion, according to an externally compiled consensus. The result marks a turnaround from 2015, when the world''s No. 2 miner posted its worst underlying earnings in 11 years and scrapped its generous payout policy amid tumbling commodity prices. "We enter 2017 in good shape. Our team will deliver $5 billion of extra free cash flow over the next five years from our productivity programme," Chief Executive Jean-Sebastien Jacques said in a statement. The market had been expecting a dividend of about $1.33 a share, according to the external consensus. The annual payout is still below 2015''s dividend which partly included the previous payout policy of never cutting payments year to year. Analysts are mixed on whether Rio Tinto will increase returns to shareholder in 2017 or hold on to more cash amid forecasts for a retraction in commodities prices. The price of iron ore surged 81 percent last year and now sells for around $80 a tonne, despite analysts'' expectations for a retreat to around $55. The concern is that millions of tonnes of additional low-cost supply from Australia and Brazil will overwhelm demand in 2017 and send prices into retreat. (Reporting by James Regan; Editing by Richard Pullin)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-rio-tinto-results-idUKKBN15N0HG'|'2017-02-08T13:18:00.000+02:00'
'13e56b4f16155676ba9c66f7c0deadb7f32837f1'|'BRIEF-Xura to change company name to Mavenir Systems upon completion of Mitel Mobile acquisition'|'Company News - Wed Feb 8, 2017 - 2:06am EST BRIEF-Xura to change company name to Mavenir Systems upon completion of Mitel Mobile acquisition Feb 8 Xura: * Xura to change company name to Mavenir Systems upon completion of Mitel Mobile acquisition Source text for Eikon: FRANKFURT, Feb 8 German lighting group Osram is confident the sale of its traditional Lamps business to a consortium of Chinese buyers will go through as planned this year, Chief Financial Officer Ingo Bank told CNBC television 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/idUSASB0AZ35'|'2017-02-08T14:06:00.000+02:00'
'56a1fac5638d5edcbbfa0a9e58b3c869184da774'|'Deutsche Boerse, LSE to formally offer sale of French clearing ops'|'  6:15am GMT Deutsche Boerse, LSE to formally offer sale of French clearing ops Traders work at their desks in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, January 17, 2017. REUTERS/Staff/Remote FRANKFURT Deutsche Boerse ( DB1Gn.DE ) and the London Stock Exchange ( LSE.L ) will formally offer to divest their French clearing business as a remedy to the European Commission to address anti-trust concerns in relation to the merger of the two exchange operators, Deutsche Boerse said. The groups had already said last month they would sell the unit, LCH.Clearnet SA, to Euronext ( ENX.PA ) for 510 million euros (438.13 million pounds) as they seek to win regulatory approval for their proposed deal. The European Commission has expressed antitrust concerns about the $28 billion merger and the impact on the clearing of derivatives contracts in particular. ($1 = 0.9335 euros) (Reporting by Maria Sheahan; Editing by Kim Coghill) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-deutsche-boerse-m-a-lse-idUKKBN15M0DT'|'2017-02-07T13:15:00.000+02:00'
'f70d366febde682ca0466a15aaa85a761f367b0d'|'Euro exchange rate determined by market processes, monetary policy - Weidmann'|' 39pm GMT Euro exchange rate determined by market processes, monetary policy - Weidmann German Bundesbank President Jens Weidmann speaks during the G20 Germany 2017 Conference in Wiesbaden, Germany, January 25, 2017. REUTERS/Ralph Orlowski BERLIN The euro exchange rate is determined by market processes and is influenced by factors such as U.S. and European monetary policy, ECB policymaker Jens Weidmann said on Tuesday, responding to criticism from a trade adviser of U.S. President Donald Trump. Peter Navarro said the "grossly undervalued" euro served as a currency for Germany alone, allowing the country to "exploit" the United States and others. Weidmann told the Redaktionsnetzwerk Deutschland media group (RND) that Navarro had overlooked the fact that the German government does not decide on the euro exchange rate. "(Euro zone monetary policy) is not determined in Berlin but rather in Frankfurt by the Governing Council of the European Central Bank, with the aim of price stability in the euro zone as a whole," Weidmann said in an interview due to be published on Wednesday. (Reporting by Michelle Martin; Editing by Gareth Jones)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ecb-policy-weidmann-idUKKBN15M27C'|'2017-02-08T01:39:00.000+02:00'
'ec860b8d250715f6ace4d50a3f2161469bf83a0a'|'Revamping Dodd-Frank is a ''this-year priority'': U.S. Rep. Hensarling'|'Politics - Tue Feb 7, 2017 - 3:51pm EST Revamping Dodd-Frank is a ''this-year priority'': U.S. Rep. Hensarling U.S. Representative Jeb Hensarling (R-TX) speaks to members of the media after meeting with U.S. President Elect Donald Trump at Trump Tower in the Manhattan borough of New York City, U.S., November 17, 2016. REUTERS/Mike Segar WASHINGTON The chairman of the U.S. Financial Services Committee on Tuesday told CNBC that revamping the 2010 Dodd-Frank Wall Street reform law remains a "this-year priority" for President Donald Trump, Vice President Mike Pence and House Speaker Paul Ryan. The chairman, Texas Republican Jeb Hensarling, said he would soon re-introduce his legislation that gives banks a choice between complying with Dodd-Frank and holding more capital. While the bill is expected to easily pass the Republican-led House, it will face resistance in the Senate, where Democrats hold enough seats to fillibuster. Pence is also the most powerful member of the Senate, and can cast votes in order to break ties on legislation. (Reporting by Lisa Lambert; Editing by Meredith Mazzilli) Next In Politics'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-congress-financial-idUSKBN15M2EW'|'2017-02-08T03:51:00.000+02:00'
'e2fe41f86ce350743ed090e41aad704ed4906198'|'German industry output posts steepest monthly fall since Jan 2009'|'Business News - Tue Feb 7, 2017 - 7:09am GMT German industry output posts steepest monthly fall since Jan 2009 FILE PHOTO - A steel-worker is pictured at a furnace at the plant of German steel company Salzgitter AG in Salzgitter, Lower Saxony on March 21, 2012. REUTERS/Fabian Bimmer/File Photo BERLIN Weaker output in manufacturing and construction drove the biggest monthly drop in German industrial production in nearly eight years, data showed on Tuesday. Industrial output fell by 3.0 percent on the month, data from the Economy Ministry showed. This was much weaker than the consensus forecast in a Reuters poll for a rise of 0.3 percent and the steepest drop since January 2009. The fall was due to a 3.4 percent drop in manufacturing output and a 1.7 decrease in construction. The November reading was revised up to a rise of 0.5 percent from a previously reported rise of 0.4 percent, helping quarterly output to decline by just -0.1 percent. "Orders in manufacturing and construction and also sentiment indicators in these sectors are signalling a revival of output growth in coming months," the Economy Ministry said. (Reporting by Michael Nienaber; Editing by Madeline Chambers) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-germany-economy-output-idUKKBN15M0IJ'|'2017-02-07T14:09:00.000+02:00'
'1ecf9bbdb64e8f87c0c7a7efa5f1d757328ab469'|'Qatar Airways expects Trump''s travel ban to be relaxed: report'|'Business News - Tue Feb 7, 2017 - 1:10am EST Qatar Airways expects Trump''s travel ban to be relaxed: report Qatar Airways Chief Executive Akbar Al Baker gestures as he tours the exhibition stand of the company at the International Tourism Trade Fair (ITB) in Berlin, Germany, March 9, 2016. REUTERS/Fabrizio Bensch SYDNEY Qatar Airways Chief Executive Akbar Al Baker on Tuesday said he expected U.S. President Donald Trump would eventually relax a travel ban targeting seven predominantly Muslim countries, New Zealand media reported. The travel ban, Trump''s most controversial act since taking office last month, was halted temporarily on Friday following a ruling by a U.S. judge, but it affected some of the airline''s passengers. Al Baker said he expected Trump''s business talent would prevail when it came to trade between the U.S. and Gulf countries. "I think we still need to give him some time to see how it is to run a superpower country," Al Baker told media in New Zealand, according to a Fairfax Media report. He was speaking after the airline launched one of the world''s longest flights from Doha to Auckland. "I''m sure he will realize in the long run that the Gulf countries are contributing hugely to the economy of the United States." Al Baker has previously appeared at events with Trump and last year described him as "a friend" to CNN. "President Trump is trying to protect the interests of his country the same way I am trying to protect the interests of my country and my airline," Al Baker said on Tuesday. On Jan. 27, Trump suspended the entry of nationals from Iran, Iraq, Libya, Somalia, Sudan, Syria and Yemen, and all refugees. The ban caught the airline industry off guard, with some carriers forced to re-roster flight crew. (Reporting by Jamie Freed)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-qatar-airlines-new-zealand-idUSKBN15M0D6'|'2017-02-07T13:10:00.000+02:00'
'9cfcffffe3018b96085a233db92d5f414242cee0'|'Greece optimistic of deal with lenders on reforms, debt, next week'|' 35pm GMT Greece optimistic of deal with lenders on reforms, debt, next week Greek Alternative Foreign Minister George Katrougalos in Athens, Greece, September 27, 2016. REUTERS/Alkis Konstantinidis BRUSSELS Greece is optimistic it can reach a deal with its euro zone lenders and the   next week on a batch of reforms required under the country''s bailout which would also provide some clarity on how to deal with Athens'' huge debt. Time is short because the deal would need to be approved by euro zone finance ministers who meet on February 20. Any big delay beyond that date would mean an agreement would face additional challenges from Dutch parliamentary elections in March and then French presidential elections in April and May, only to be followed by German elections in September. "I am optimistic that we could have such an agreement before the Eurogroup on Feb 20," Greek Alternative Foreign Minister for EU affairs George Katrougalos told reporters in Brussels. The euro zone lenders would have signed off on the review of Greek reforms required at this stage by the bailout agreement already in December, were it not for the IMF, which wants Greece to make bolder changes to its pension system and reform its income tax model. "We are trying to forge a package that would be a decent compromise," Katrougalos said. "This package, in order to be decent, cannot contain irrational demands like those by the IMF," he said. (Reporting By Jan Strupczewski, editing by Julia Fioretti)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eurozone-greece-idUKKBN15O272'|'2017-02-09T23:35:00.000+02:00'
'dc4beeefe845f508d11cfa60f6438873b6541f01'|'SoftBank profit jumps as Sprint trims loss; readying launch of $100 billion fund'|'  6:59am GMT SoftBank profit jumps as Sprint trims loss; readying launch of $100 billion fund FILE PHOTO - People walk behind the logo of SoftBank Corp in Tokyo December 18, 2014. REUTERS/Toru Hanai/File Photo TOKYO Japan''s SoftBank Group Corp ( 9984.T ) reported a better-than-expected 71 percent rise in third-quarter operating profit due to shrinking losses at U.S. unit Sprint Corp ( S.N ) and strength in its domestic telecommunications business. SoftBank, which owns a majority stake in Sprint, said October-December profit increased to 295.7 billion yen ($2.63 billion) from 172.8 billion yen in the same period a year earlier. That beat a Thomson Reuters Starmine SmartEstimate of 246.30 billion yen drawn from three analysts. SmartEstimates give greater weight to recent forecasts by top-rated analysts. Sprint trimmed its quarterly loss as the No. 4 U.S. wireless carrier added more subscribers than Wall Street expected. This was the first full quarter since SoftBank completed a $32 billion acquisition of Britain''s most valuable technology company ARM, but SoftBank''s earnings are still highly dependent on Sprint and the performance of the domestic telecommunications business. Founder and CEO Masayoshi Son aims to make SoftBank a company with cutting-edge tech investments into what he calls the "Berkshire Hathaway of the tech industry", as the telecoms services markets mature. To speed up the transformation, SoftBank, a diverse company that holds stakes in Chinese e-commerce giant Alibaba ( BABA.N ) and other firms, announced with Saudi Arabia in October a planned creation of a $100 billion tech fund. "We are preparing to launch a fund that would be far larger than all venture capitals combined," Son said at an earnings briefing. SoftBank expects to invest over the next five years at least $25 billion in the tech fund, which would be one of the world''s largest private equity investors and a potential kingpin in the technology industry. Apple Inc ( AAPL.O ) has revealed plans to invest $1 billion in the tech fund. Foxconn ( 2317.TW ) of Taiwan, Oracle ( ORCL.N ) founder Larry Ellison''s family office and chipmaker Qualcomm ( QCOM.O ) are said to be intending to invest in the fund. The giant tech fund could also be part of a $50 billion investment in the United States that Son pledged when he met with Donald Trump in December. Son has said his investment would create 50,000 new jobs. The investment pledge also revived speculation that Sprint Corp might rekindle merger talks with T-Mobile US Inc ( TMUS.O ) that died under pressure from U.S. regulators, sending SoftBank shares up more than 30 percent. Such speculation intensified as President Donald Trump last month tapped Republican Commissioner Ajit Pai to head the U.S. Federal Communications Commission, which is expected to roll back many of the Obama Administration''s telecommunications and internet policies. The new chairman vowed to pare back outdated commission regulations. ($1 = 112.3400 yen) (Reporting by Makiko Yamazaki; Editing by Muralikumar Anantharaman) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-softbank-results-idUKKBN15N0KQ'|'2017-02-08T13:59:00.000+02:00'
'8143cc0d13bd40aef4ec5df6be490f95f7a2df58'|'Wells Fargo likely to eliminate 2016 bonuses for top executives: WSJ'|'Money - Wed Feb 8, 2017 - 4:09pm EST Wells Fargo likely to eliminate 2016 bonuses for top executives: WSJ left right Tim Sloan, Chief Executive Officer of Wells Fargo & Company, takes part in the Yahoo Finance All Markets Summit in New York, U.S., February 8, 2017. REUTERS/Lucas Jackson 1/2 left right A Wells Fargo Bank is shown in Charlotte, North Carolina, U.S., September 26, 2016. REUTERS/Mike Blake 2/2 Wells Fargo & Co''s board is likely to eliminate 2016 bonuses for the bank''s top executives following the bogus account scandal, the Wall Street Journal reported on Wednesday, citing people familiar with the matter. The board met in late January and discussed withholding bonuses for senior executives, including Chief Executive Timothy Sloan and Chief Financial Officer John Shrewsberry, the WSJ said. The board is expected to finalize its decision, which could affect annual incentive awards that are paid in cash or stock, in coming weeks. A Wells Fargo spokesman declined to comment. (Reporting by Sweta Singh in Bengaluru; Editing by Savio D''Souza) Next In Money'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-wells-fargo-bonus-idUSKBN15N2NG'|'2017-02-09T04:09:00.000+02:00'
'b141935a8adf81bc2231c36ba4c35baf384ffb5a'|'Poland - Factors to Watch Feb 9'|'Company  51am EST Poland - Factors to Watch Feb 9 Following are news stories, press reports and events to watch that may affect Poland''s financial markets on Thursday. ALL TIMES GMT (Poland: GMT + 1 hour): BANK PEKAO Bank Pekao posted a 13-percent rise in its fourth-quarter net profit to 495 million zloty ($122.58 million), while analysts polled had forecast a profit of 483 million zloty. Pekao plans dividend of 8.68 zloty per share from 2016 profit. INTEREST RATES Polish policymakers agree that a wait-and-see monetary strategy is optimal for now as inflation is expected to stabilise after rising in early 2017, central bank governor Adam Glapinski said on Wednesday. EU CONCERNS Poland will respond to EU concerns about the rule of law around Feb. 20, Foreign Minister Witold Waszczykowski said on Wednesday. KGHM Employees at the state-run copper producer KGHM are demanding a significant pay rise, Parkiet daily reported. UBER Some Polish tax offices are planning to intensify tax checks of drivers co-operating with Uber, Dziennik Gazeta Prawna daily reported, adding that the tax office believe the drivers have avoided to pay due tax due to a lack of a cash registers. ****Reuters has not verified stories reported by Polish media and does not vouch for their accuracy.**** For other related news, double click on: Polish equities E.Europe equities Polish money Polish debt Eastern Europe All emerging markets Hot stocks Stock markets Market debt news Forex news For real-time index quotes, double click on: Warsaw WIG20 Budapest BUX Prague PX (Reporting by Warsaw Bureau) Next In Company News Alibaba''s   - source HONG KONG, Feb 9  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/poland-factors-idUSL5N1FU14V'|'2017-02-09T13:51:00.000+02:00'
'a379cc5e25d0e2104c1d1142b89019eddae0b65e'|'Canada''s Fairfax buys New Zealand insurer for $143 mln'|'Deals - Wed Feb 8, 2017 - 7:25pm EST Canada''s Fairfax buys New Zealand insurer for $143 million FILE PHOTO - A man walks past a Fairfax Holdings sign directing shareholders to the meeting, at the annual general meeting for shareholders in Toronto, April 9, 2014. REUTERS/Mark Blinch SYDNEY New Zealand insurer Tower Ltd ( TWR.NZ ) said on Thursday it has agreed to sell all its shares to Canada''s Fairfax Financial ( FFH.TO ) for NZ$197 million ($143 million) in a deal that was unanimously approved by its board. Fairfax will pay Tower shareholders NZ$1.17 per share, a premium of 48 percent to the New Zealand firm''s closing price on Feb. 8. Shares in Tower, which has a market capitalization of NZ$187 million, soared 40.5 percent after the announcement to a five-month high of NZ$1.11 Foreign insurers from mainly Canada and Japan have been desperate for overseas growth and have been looking at Australia and New Zealand to sate their appetites. "The acquisition of Tower will provide us with an immediate significant presence, with a strong management team ... in a market where Fairfax currently has limited exposure," said Prem Watsa, chairman and CEO of Fairfax. Fairfax''s proposal is subject to customary conditions, including approvals from the Reserve Bank of New Zealand, the New Zealand Overseas Investment Office, Pacific Islands regulatory authorities and Tower shareholders. Tower is the third-largest insurance group in New Zealand, offering car, house, contents, business, travel and other personal insurance lines to its 265,000 customers. Toronto-based Fairfax, through its subsidiaries, is engaged in property and casualty insurance and reinsurance and investment management. In recent months, National Australia Bank ( NAB.AX ) has sold 80 percent of its life business to Nippon Life Insurance for A$2.4 billion. Reuters has reported that Japanese and HK-based firms have shown interest in Australia and New Zealand Banking Group''s ( ANZ.AX ) insurance and wealth business. (Reporting by Swati Pandey; Editing by Stephen Coates) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-fairfax-fin-m-a-tower-idUSKBN15O01L'|'2017-02-09T07:21:00.000+02:00'
'e4b26c653ef03d32f616a20f20f7f3c5d8abedc7'|'Parsley Energy to buy assets in Permian basin for about $2.8 billion'|'U.S. oil and gas producer Parsley Energy Inc ( PE.N ) said on Tuesday it would buy certain assets in the oil-rich Permian basin from a privately owned company for about $2.8 billion.The acreage, which is being bought from Double EagleEnergy Permian LLC, will add about 71,000 net acres to Parsley''s Midland basin acreage portfolio, bringing total Permian Basin net acreage to about 227,000 acres, the company said.(Reporting by John Benny in Bengaluru; Editing by Maju Samuel)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-parsley-energy-assets-idUSKBN15M2IR'|'2017-02-08T00:58:00.000+02:00'
'acb5407b479703a2d043770ee8635a4f1868bc5b'|'Loeb''s Third Point takes new stakes in Goldman, BofA, JPMorgan'|' 26pm GMT Loeb''s Third Point takes new stakes in Goldman, BofA, JPMorgan left right FILE PHOTO: Daniel S. Loeb, founder of Third Point LLC, participates in a panel discussion during the Skybridge Alternatives (SALT) Conference in Las Vegas, Nevada May 9, 2012. REUTERS/Steve Marcus 1/4 left right A Bank of America logo is seen in New York City, U.S. January 10, 2017. REUTERS/Stephanie Keith 2/4 left right A view of the exterior of the JP Morgan Chase & Co. corporate headquarters in New York City May 20, 2015. REUTERS/Mike Segar/Files 3/4 left right A view of the Goldman Sachs stall on the floor of the New York Stock Exchange July 16, 2013. REUTERS/Brendan McDermid/File Photo 4/4 By Jennifer Ablan - NEW YORK NEW YORK Hedge fund manager Dan Loeb''s Third Point LLC took new equity stakes in Goldman Sachs Group Inc ( GS.N ), Bank of America Corp ( BAC.N ), JPMorgan Chase & Co ( JPM.N ) during the fourth quarter, according to regulatory filings on Friday, on a bet that interest rate hikes and operating leverage will jack up returns. In a letter to his investors dated Feb. 1, and seen by Reuters, Loeb said banks will increase returns on equity by between 2 and 4.5 percentage points over the next two years "before tax cuts or deregulation is considered." Third Point bought 400,000 shares of Goldman Sachs; 17.5 million shares of Bank of America; and 5.3 million shares of JPMorgan Chase, the filings show. The quarterly disclosures of manager stock holdings, 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, coming out 45 days after the end of each quarter. Still, the records offer a glimpse into what hedge fund managers saw as opportunities to make money on the long side. The filings do not disclose short positions, bets that a stock will fall in price. There is little disclosure on bonds and other securities that do not trade on exchanges. Third Point also disclosed new share stakes in Zayo Group Holdings Inc ( ZAYO.N ), Honeywell International Inc ( HON.N ), Anthem Inc ( ANTM.N ) and Time Warner Inc ( TWX.N ). Third Point dissolved its stakes in Alibaba Group Holding Ltd ( BABA.N ) and cut its stake in Apple Inc ( AAPL.O ) by 26 percent to 1.9 million shares, according to the regulatory filings. (Reporting by Jennifer Ablan; Editing by Leslie Adler)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-investment-funds-thirdpoint-idUKKBN15P2QO'|'2017-02-11T05:26:00.000+02:00'
'5a87256a0700dcdc0613cb0d30ac04eb2e34929c'|'Unite Group arm, GIC to buy Aston Student Village for 227 million pounds'|'  11:37am GMT Unite Group arm, GIC to buy Aston Student Village for 227 million pounds Unite Students, the student accommodation unit of Unite Group Plc ( UTG.L ), and Singapore sovereign wealth fund GIC have bought Birmingham-based student housing provider Aston Student Village for 227 million pounds. The London Student Accommodation Vehicle, a 50:50 joint venture between Unite and GIC, is funding the deal with 40 percent equity and 60 percent debt, Unite Students said. Aston Student Village (ASV) comprises 3,067 beds across five properties on the Aston University campus. The deal would expand Unite''s presence to up to 5,000 beds in Birmingham, the second largest student city in the UK after London, with over 70,000 students during term time. ASV will generate gross annual income of around 17 million pounds for the 2017/18 academic year and immediately add to earnings and NAV, Unite said. The purchase is expected to add 1-2 pence to the Unite Group''s earnings per share going forward, Unite Students said. (Reporting by Sanjeeban Sarkar in Bengaluru; Editing by Gopakumar Warrier)   Unrealistic to see UK/EU trade deal in two years - EU representative EDINBURGH It is unrealistic for Britain to expect to negotiate its exit from the European Union and reach a free trade agreement in two years and both will probably need an implementation phase, the head of the European Commission''s office in Britain said.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-aston-student-village-m-a-unite-idUKKBN15P1A6'|'2017-02-10T18:37:00.000+02:00'
'bb25beabf535eba1b0b4c166628d3f80bd5eb2c4'|'Trump, aviation execs to discuss infrastructure Thursday -sources - Reuters'|'By Alana Wise and David Shepardson - NEW YORK NEW YORK Feb 8 U.S. aviation executives will meet with President Donald Trump on Thursday to discuss the industry''s aging airports and air traffic control reform, sources familiar with the matter told Reuters.Invitees include executives from the nation''s largest airlines and cargo carriers, as well as directors for several U.S. airports, according to the sources.American Airlines Chief Executive Officer Doug Parker, who previously called Trump''s 90-day halt on travel to the U.S. from seven Muslim-majority countries "divisive," will not attend due to a scheduling conflict."Doug would very much like to be there, but it''s just a matter of this already being on the calendar," spokesman Matt Miller said in a phone interview."Doug shares President Trump''s commitment to modernizing our nation''s infrastructure and looks forward to working with his administration to ensure all Americans have access to safe and efficient air travel."The meeting comes at a time of heightened tension within the industry as heads of the largest three U.S. passenger carriers -- American Airlines Group Inc, United Continental Holdings Inc and Delta Air Lines Inc -- have sought to pressure the new administration into denouncing the three major Middle Eastern carriers, which they accuse of having been unfairly subsidized by their governments.The three airlines, Qatar, Etihad and Emirates, have denied these claims.The new administration has not yet addressed U.S. carriers'' concerns, but White House spokesman Sean Spicer on Wednesday told reporters that it will be "something decided when they meet, what they''ll talk about.""The president wants to talk about economic growth, job creation," Spicer said at the daily White House press briefing. He did not say which executives would attend the meeting.During the presidential race, Trump often decried the state of American airport infrastructure, saying U.S. airports "are like from a third-world country."(Reporting by Alana Wise and David Shepardson; Editing by Alan Crosby)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-trump-airlines-idINL1N1FT1BE'|'2017-02-08T15:43:00.000+02:00'
'2197b1322cb937322a9d0d1a0e71efd801a4d09d'|'Intel, in Oval Office, announces $7 billion semiconductor factory'|'  7:33pm GMT Intel, in Oval Office, announces $7 billion semiconductor factory left right U.S. President Donald Trump shakes hands with Chief Executive Officer of Intel Brian Krzanich the Oval Office of the White House in Washington, U.S., February 8, 2017. REUTERS/Joshua Roberts 1/4 left right U.S. President Donald Trump watches as Chief Executive Officer of Intel Brian Krzanich (L) displays a silicon wafer for making chips in the Oval Office of the White House in Washington, U.S., February 8, 2017. REUTERS/Joshua Roberts 2/4 left right U.S. President Donald Trump sits during a meeting with Chief Executive Officer of Intel Brian Krzanich in the Oval Office of the White House in Washington, U.S., February 8, 2017. REUTERS/Joshua Roberts 3/4 left right U.S. President Donald Trump meets with Chief Executive Officer of Intel Brian Krzanich (L) in the Oval Office of the White House in Washington, U.S., February 8, 2017. REUTERS/Joshua Roberts 4/4 By Roberta Rampton - WASHINGTON WASHINGTON Intel Corp ( INTC.O ) chose the Oval Office as its backdrop to announce a $7 billion (<28>5.6 billion) investment in a new Arizona semiconductor factory, a plant it said would create 3,000 new jobs when it is up and running. Intel Chief Executive Officer Brian Krzanich announced the investment to reporters while standing behind President Donald Trump, a signal of how corporate America is adapting to a White House that is not reluctant to single out companies for praise or criticism. Trump said Krzanich called him a few weeks ago to say he wanted to meet to make a big announcement. Krzanich said Intel has been working on the factory - its third in Arizona - for several years. He said he wanted to announce it at the White House as a sign of support for the "tax and regulatory policies that we see the administration pushing forward." The company said in a release that the plant would be completed in three or four years.Trump, a Republican who took office on Jan. 20, campaigned on a promise to push for companies to keep or create jobs in the United States, rather than sending them abroad. Intel was one of more than 100 companies that joined together to file a legal brief opposing Trump''s temporary travel ban on people from seven Muslim-majority nations. But that issue did not come up during the Oval Office meeting, said Reed Cordish, a White House official in charge of technology initiatives. Intel announced less than a year ago that it would cut up to 12,000 jobs globally, or 11 percent of its workforce, as it refocused its business towards microchips that power data centres and Internet connected devices and away from the declining personal computer industry it helped found. (Reporting by Roberta Rampton; Writing by David Alexander; Editing by Frances Kerry)   Oil prices edge up on short covering; gasoline jumps NEW YORK Oil prices gained slightly on Wednesday as investors covered short positions after a rise in U.S. crude inventories was not as massive as many had feared, while gasoline futures jumped nearly 4 percent after a surprise decline in inventories of the fuel.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-trump-intel-idUKKBN15N21P'|'2017-02-09T02:32:00.000+02:00'
'c083abce7ac1ce4f6c03f69468a301c3733dc025'|'RSA boosts capital strength with $1 billion reinsurance deal - CFO'|'Business   12:11pm GMT RSA boosts capital strength with $1 billion reinsurance deal - CFO A sign of RSA insurance company is pictured outside its office in London in this December 13, 2013 file photo. REUTERS/Toby Melville/Files LONDON British insurer RSA ( RSA.L ) has strengthened its capital base above its target range with a deal to dispose of a book of mainly asbestos-related insurance policies, the firm''s chief financial officer said on Wednesday. RSA, best known in Britain for its More Than insurance brand, signed a deal to dispose of 834 million pounds ($1.04 billion) of legacy insurance liabilities - policies that are closed to new customers - through a reinsurance deal with Enstar Group ( ESGR.O ), the firms said late on Tuesday. "It''s going to help earnings, it''s fantastic for capital and it reduces risk," Scott Egan said of the deal, for which RSA paid an insurance premium of 799 million pounds. Egan also told Reuters the deal was the final leg in the firm''s restructuring plan, started in 2014 by chief executive and former RBS ( RBS.L ) boss Stephen Hester. The reinsurance, which will be followed by a legal transfer of the business to Enstar, means RSA has to set aside less capital against the risk of future claims, adding around 17-20 percentage points to the insurer''s solvency ratio, a measure of its financial strength. European Union solvency rules introduced in Jan 2016 require insurers to set aside sufficient capital to cover underwriting, investment and operational risk. A 100 percent ratio is the minimum amount of capital required by regulators, but most insurers seek to be above those levels. Egan said the disposal took RSA''s ratio above its 130-160 percent target range, but declined to give more detail. Capital improvements will be used to retire debt in 2017, RSA said in a statement. Panmure Gordon analyst Barrie Cornes said the disposal of the "book of nasties" made the investment case for RSA clearer. Cornes retained his "hold" rating on the stock but increased his target price to 600 pence from a previous 575 pence. RSA''s shares were up 1.9 percent at 597.75 pence at 1158 GMT on Wednesday, valuing the group at 6.1 billion pounds ($7.6 billion). At the same time the Stoxx Europe 600 insurance sector index <0#.SXIP> was up 0.3 percent. A plan in 2015 by Zurich Insurance ( ZURN.S ) to buy RSA for 5.6 billion pounds ($7 billion) fell through due to problems in Zurich''s business. (Reporting by Carolyn Cohn; Editing by Greg Mahlich) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-rsa-reinsurance-idUKKBN15N1AN'|'2017-02-08T19:11:00.000+02:00'
'03392c49e769e62aa3165e05e28a56edf3e1e989'|'Housing crisis: the empty nester''s guide to downsizing - Society'|'Bob and Susan Veitch <20> Marshfield, Gloucestershire Six-bedroom farmhouse to three-bedroom house Bob Veitch and his wife Susan can see their old house from the garden of their new home in the small town of Marshfield in Gloucestershire. <20>We get no pangs of regret,<2C> says Bob, even though they lived in their Edwardian farmhouse for 40 years and raised their two sons and cared for his parents there. They were, he says, <20>the happiest years of our lives<65>. The farmhouse, which was outside the village, had four bedrooms, two acres of land and two large outbuildings and, when his parents moved in, they added two more bedrooms. But by the 90s, when their sons had left home and Bob<6F>s parents had died, they started to think about moving somewhere smaller.<2E>Large houses cost a lot to run,<2C> he says. <20>I no longer had a use for the outbuildings.<2E> Bob, now 72, had retired from his fruit and veg business. <20>We didn<64>t really want to go, but it was the most practical thing to do.<2E>They put the house on the market, but it was five years before they found a buyer. <20>It wasn<73>t so bad in the early years because I was more mobile than I am now. I could cope with it. But towards the end, it got a bit much.<2E> Still, the wait for a buyer meant they could steadily reduce their possessions.Bob is not sentimental about objects. <20>We<57>re not very materialistic,<2C> he says. Some furniture and possessions went to his children and grandchildren, and books went to the charity shop. The most disappointing thing, he says, is that they had some good furniture that nobody wanted, not even the charity shops. <20>There was an oak table that we bought just after we married, and it cost <20>600 in the late 60s. Nobody wanted it. It<49>s now my workbench: there are holes drilled in it, and a vice on it.<2E>Facebook Twitter Pinterest Bob and Susan Veitch, who sold their large farmhouse to move into this three-bedroom house. Photograph: Adrian Sherratt for the Guardian He believes there isn<73>t the market for some types of older furniture. <20>It<49>s the wrong colour, or the wrong shape. Big stuff like the beds nobody wanted either, so I had to burn them. The thing that annoyed me the most was destroying perfectly good stuff <20> it made me wonder: <20>What is the world coming to?<3F><>Was it sad to leave a house full of family memories? <20>Not really,<2C> he insists. <20>The family who took it over have kids, horses. It was exactly the sort of family we wanted to buy it, so we were happy to hand it over. We had been so happy there and we were sure they were going to be.<2E>They moved to a three-bedroom home. There is one definite upside, says Bob with a laugh: <20>I can go to the pub now and have an extra pint because I haven<65>t got to drive home. I can walk.<2E>Emine Saner Malcolm and Margaret Murdoch <20> Leamington Spa Five-bedroom house to two-bedroom flat in a retirement complex Facebook Twitter Pinterest Malcolm and Margaret Murdoch in their new flat in a retirement complex. Photograph: John Robertson for the Guardian The Murdochs met 35 years ago. They were in their late-40s and Margaret had two grown-up children from an earlier relationship. They began their life together in Dunstable, Bedfordshire, where they shared a detached four-bedroom house. When the garden there felt too big, they moved to a modern, five-bedroom house on a crescent overlooking a lake in Milton Keynes in Buckinghamshire.<2E>We didn<64>t need all that space, but the location was superb,<2C> Malcolm says. He<48>s 81 now, a year younger than Margaret, and retired 10 years ago after a career in computing and consultancy. The house in Milton Keynes was perfect, he says: <20>Not much garden, a lovely terrace, and good views from the balcony, where we could sit and watch people going by.<2E>The couple made the most of the space, having friends and family to stay, but there were disadvantages. <20>We did accumulate a lot of stuff belonging to my wife<66>s children, in our top room, which became uninhabitable,<2C> Malcolm says. <20>And the heating latterly cost us about 
'a0b299f91d7a17fbf51067fec56d8005f0aacc3e'|'South Africa''s Sappi to invest $305 mln in North America and Europe'|'JOHANNESBURG Feb 8 South African pulp and paper maker Sappi will invest $305 million in North America and Europe to increase its packaging capacity, the firm said on Wednesday after releasing its first-quarter results.Sappi, which makes 50 percent of its sales in Europe and 27 percent in North America, is reducing its dependence on graphic and glossy paper and is diversifying into speciality packaging paper.The company suffered from a fall in demand for glossy paper as tablet computers and e-readers eroded the traditional magazine industry and as retailers relied more on websites than printed catalogues.Sappi will invest approximately $165 million in North America to upgrade a paper mill and $140 million in Europe over a three year period in a number of projects that will support its speciality packaging paper capacity."Our decision demonstrates our clear commitment to the consumer packaging market and our focus on maintaining our leadership in coated paper production in both North America and Europe," Chief Executive Steve Binnie said in a statement.Shares in Sappi were up 1.8 percent at 86.30 rand at 0712 GMT.Sappi said first-quarter profit increased 20 percent to $90 million from $75 million a year ago due to greater sales volumes across all major divisions and higher prices for dissolving wood pulp.Earnings per share for the period rose 23 percent higher to 16 U.S. cents from 13 U.S. cents a year earlier, while net debt fell by 23 percent to 396 million.The firm expects to reduce net debt further this year."Based on current market conditions, we expect the group''s operating performance for the second quarter to be broadly in line with that of 2016", Binnie said, citing the recent strength of the rand and further weakness in graphic paper demand and pricing in Europe and the United States. (Reporting by Nqobile Dludla, editing by Louise Heavens)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/sappi-results-idINL5N1FS5FI'|'2017-02-08T04:53:00.000+02:00'
'ececa89e7600b492b0b86f0fa51324606612b2ab'|'UK employers expect to offer smaller pay rises in 2017 - BoE'|'Money  56am GMT UK employers expect to offer smaller pay rises in 2017 - BoE Workers cross Westminster Bridge during the morning rush hour in London in Britain, November 28, 2016. REUTERS/Toby Melville LONDON British employers expect to offer less generous pay deals this year compared with 2016 despite rising inflation, probably putting pressure on consumer spending as the year goes on, a Bank of England survey showed on Wednesday. The BoE said firms expected the average pay deal would offer staff a 2.2 percent rise, down from 2.7 percent in 2016, reflecting difficulties passing on rising costs after last year''s Brexit vote and a slowdown in the rate of increase in Britain''s minimum wage. "Consumer spending growth had remained resilient, but was expected to ease during the year as prices rose," the BoE said in a regular report based on meetings between its regional agents and around 700 businesses across the United Kingdom. The central bank last week said wage growth would be a key factor in determining if it needs to lift interest rates from their current record low 0.25 percent. (Reporting by David Milliken; Editing by William Schomberg) Next In Money'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-economy-boe-idUKKBN15N0Z8'|'2017-02-08T16:50:00.000+02:00'
'8f4137d895e0295039cd74f6093ae11360822c39'|'Indian airports face capacity crunch as market booms'|'By Aditi Shah - MUMBAI MUMBAI India''s aviation industry risks a capacity crunch as an expansion in landing slots and terminals fails to keep pace with the number of jets entering the market and rapid growth in demand from travellers, executives warned on Wednesday.Airlines including Interglobe Aviation''s IndiGo, SpiceJet and GoAir have 880 aircraft on order as they tap into a market growing 20 percent-plus per annum thanks to rising incomes and low-cost fares.Domestic passenger numbers topped 100 million last year, with most of the growth involving flights into and out of the biggest cities."The airport infrastructure at many airports is breaking at the seams because there is no more capacity," said Sanjiv Kapoor, chief strategy and commercial officer at Vistara, an Indian airline jointly owned by Singapore Airlines and Tata Sons."Everyone is scrambling to grab whatever little is left but what happens after that?" Kapoor told Reuters at an aviation conference in Mumbai.Most of India''s 40 largest airports will exceed their design capacity within a decade based on projected growth rates, consultancy CAPA estimates, with Mumbai and Chennai fast approaching saturation.Kapil Kaul, CEO for South Asia at CAPA, said India could run out of capacity within three to five years. "We are not ready beyond 2020-2021," he said.India''s government plans to open 50 disused airports by 2020, and has given approval for 18 greenfield airports.Junior aviation minister Jayant Sinha said this week India would need to triple capacity within 15 years at a cost of up to 3 trillion rupees ($45 billion), mostly from private sources.Delays in acquiring land, as well as the inability of debt-laden domestic airport operators such as GMR Group and GVK to invest, have stymied expansion proposals."No one will invest in airports till you open investment in airlines," Manish Sinha at GMR Hyderabad International Airport Ltd said, referring to a 49 percent cap on foreign ownership of Indian carriers.Capacity constraints are most acute in Mumbai, where aircraft can wait for landing spots for 45 minutes, according to Martin Consulting.The government wants to build a new airport - under discussion for 20 years - outside the city but has repeatedly delayed plans, with initial bids due this year.ORDER BOOKSNewer Indian carriers are set to swell aircraft order books further.Vistara could order 50 narrow-body and 50 wide-body aircraft this year, Kaul at CAPA said. AirAsia India plans to grow its fleet to 20 aircraft by mid-2018.In an attempt to lure firms, India last year allowed foreign investors to invest 100 percent in brownfield airport projects.Operators such as Singapore''s Changi Airport have expressed interest, although questions remain about the government''s revenue sharing model.The looming capacity crunch adds to the worries of Indian carriers, which last year reported their first combined profit in a decade.CAPA estimates airlines will lose $250 million to $300 million this year amid intensifying competition."There is a need to look at profitable growth and not just capacity deployment," said Amitabh Malhotra, managing director at Rothschild Global Advisory in India.Malhotra said it would be tough to maintain a 20 to 25 percent growth rate as rising fuel costs bite.($1 = 67.3125 Indian rupees)(Writing by Tommy Wilkes; Editing by Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/india-airlines-idINKBN15N171'|'2017-02-08T08:26:00.000+02:00'
'dddff268c600d85fa4c21e1df9fc45bdbe1523bf'|'Investors fear ''accident'' as Greek debt repayment nears'|'Funds News  44am GMT Investors fear ''accident'' as Greek debt repayment nears 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 John Geddie - LONDON LONDON Investors in cash-strapped Greece appear to be losing faith in a pledge from European officials five years ago that the country''s default would be a one-off. It was partly the strength of that promise that allowed Greece to make one of the fastest returns to markets of any defaulted sovereign, taking money from private investors in 2014 just two years after it had imposed hefty writedowns. The rationale for those who bought the bonds was simple: public creditors, which have lent Athens hundreds of billions of euros, but were spared in the 2012 restructuring, would have to take the next hit. Yet just months before the first instalment of the new debt falls due on July 17, a three-way quarrel between Greece, the EU and the International Monetary Fund, has triggered a fall in prices that suggests that logic might be flawed. The main concern for investors is that if a review of Greece''s bailout programme is not concluded by early July, Athens will not receive the money it needs to repay around 8 billion euros (<28>6.8 billion) of debt mainly due to the European Central Bank but also around 2 billion euros owed to them that month. Lutz Roehmeyer, a portfolio manager at LBB-INVEST in Germany who owns around 3 million euros of the bond, said there was a "little bit of doubt" that Greece could pay its debts and that "an accident" could happen. Overall, though, he was still expecting to be paid. "If it is coming to a default by accident then the ECB would suffer and from my point of view you want to avoid losses at the ECB level," Roehmeyer said. "It is one thing to have a bad headline about giving Greece money again, but even worse if you communicate that now losses have been incurred by the ECB." Carmignac Gestion, Loomis, Sayles & Company, Putnam Investment Management and PIMCO are other investors in the bond, according to eMAXX data. Greece is no stranger to tense talks with its lenders, and in 2015 came close to leaving the euro zone before eventually agreeing to a third bailout package. But its failure to stick to the terms of that deal and the reluctance of its main paymasters to cede ground in a move that could harm their domestic popularity ahead of elections this year, has put private funds in the firing line again. The price of the bond fell to 95 cents in the euro on Tuesday, unusual for a bond so close to maturity that should trade slightly above par. Traders said that reflected around a 6 percent chance of default on that bond. GR108887974= The cost of insuring against a Greek default has also spiked. Those contracts imply nearly a 50 percent probability of default over the next five years. GRGV5YUSAC=MG Fears of default could rise further in coming weeks. European officials have warned that Greece must resolve the standoff by the next Eurogroup meeting on Feb. 20, before a number of states - starting with the Netherlands in March through to Germany in September - hold elections that will make negotiations politically difficult. DEADLINE NEARS The last Eurogroup meeting on Jan. 26 concluded with no date set for lenders to return to Athens to complete the review. Greece on Tuesday said some of the demands were "illogical". "Concluding the review once the crowded EU political cycle has started will prove extremely challenging. As such, early March seems the latest possible date for a deal," Societe Generale economist Yvan Mamalet said. "Barring that, the July debt redemption will prove challenging." Uncertainty over whether the International Monetary Fund will participate in Greece''s third bailout, with senior figures in the fund opposing the fiscal targets set for Greece by the Eurogroup and demanding debt relief, could also raise the risk of non
'a1c82262941ebafed8cd51742ff312a198a86325'|'Germany brings its gold stash home sooner than planned'|'Business News - Thu Feb 9, 2017 - 11:16am GMT Germany brings its gold stash home sooner than planned FILE PHOTO: An employee of Deutsche Bundesbank tests a gold bar with an ultrasonic appliance during a news conference in Frankfurt January 16, 2013. REUTERS/Lisi Niesner/File Photo By Andreas Framke - FRANKFURT FRANKFURT Germany''s central bank is bringing home gold reserves stored in places like New York and Paris faster than planned, it said on Thursday, as confidence in the euro ebbs even in the heart of the currency bloc after a decade of a sluggish economy. Stashed away at the height of the Cold War in safe havens well out of Moscow''s reach, the 3,378-tonne, 120 billion-euro (102 billion-pound) gold stockpile has become a symbol of Germany''s economic ascent and a guardian of its stability. But with Europe stumbling from crisis to crisis, the German public has grown uneasy about keeping the gold abroad. Some even argue the world''s second biggest bullion reserve may be needed to back a new deutschmark, should the euro zone break up. Having already moved 583 tonnes of gold out of New York and Paris, the Bundesbank plans to have half its gold in Frankfurt by the end of 2017, years ahead of its 2020 schedule, with the rest split between the Federal Reserve Bank of New York and the Bank of England. "We have a lot of discussions about (U.S. President Donald) Trump, regarding implications on monetary policy, macroeconomics, etc., but we trust the central bank of the U.S.," Bundesbank board member Carl-Ludwig Thiele told a news conference. "Trump has not triggered a discussion about the storage facility in New York," he said. With French Presidential candidate Marie Le Pen and Italy''s 5-Star Movement openly campaigning to pull their nations out of the euro, confidence in the common currency appears to be waning. Opponents argue that the rigidities of the currency union force them from austerity to austerity, keeping unemployment high, wages low and competitiveness weak, perpetuating economic malaise that actually drives countries apart and failing the key goal of the euro. Thrifty Germans, working to repay debt taken out at the height of the crisis, meanwhile feel they are forced to bankroll many of Europe''s weakest economies, a source of animosity. Still, the Bundesbank is content to keep just half of the gold at home and has no plans to relocate even more of the reserves, Thiele said. Thiele added that Britain''s plans to leave the EU have had no effect on the plans, since London remains a key gold-trading market and a safe place for storage. Moved in part via Switzerland, the relocation has so far cost 6.9 million euros, Thiele said. Hoping to soothe the public and ease speculation that some of the gold might not even be there, the Bundesbank released a 2,300-page list of gold bars in 2015, promising increased transparency to calm wary Germans. During the Cold War, 98 percent of Germany''s gold was stored abroad, with the biggest chunk moved so far, some 931 tonnes, brought back from the Bank of England in 2000. Once the relocation is completed, the Bundesbank will keep 1,236 tonnes in New York, 432 tonnes in London and the rest in Frankfurt. The current move involves 300 tonnes from New York and 374 tonnes from Paris. (Writing by Balazs Koranyi, editing by Larry King) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-bundesbank-gold-idUKKBN15O192'|'2017-02-09T18:16:00.000+02:00'
'9539bbf2c4e8978bc0060ebcdbb19ca9809f1923'|'Coca-Cola forecasts drop in 2017 on refranchising costs -'|'Coca-Cola Co forecast a drop in full-year adjusted profit, hurt by higher costs for refranchising its bottling operations in North America.The world''s largest beverage maker''s shares were down 2 percent at $41.12 in premarket trading on Thursday.Coca-Cola has been offloading much of its bottling business to cope with falling demand for carbonated beverages in North America.The company said on Thursday it was on track to complete refranchising of its U.S. bottling operations by the end of this year.Charges related to the refranchising of its U.S. bottling operations look to be a more meaningful drag on the company''s full-year profit than analysts were expecting, brokerage Cowen & Co said in a note to clients on Thursday.The company forecast 2017 adjusted earnings to fall 1-4 percent from $1.91 per share in 2016. Analysts on average were expecting earnings of $1.97,Net income attributable to the company''s shareholders more than halved to $550 million, or 13 cents per share, in the fourth quarter ended Dec. 31, from $1.24 billion, or 28 cents per share, a year earlier.The quarter included a $919 million charge related to the refranchising of its bottling operations.Excluding items, the company earned 37 cents per share, in line with estimates.Net operating revenue fell about 6 percent to $9.41 billion, the seventh straight drop, but beat estimates of $9.13 billion, helped by higher sales of its sodas in North America, its biggest market.Volume in North America, including a 1 percent growth in sales of its carbonated sodas such as Sprite and Fanta.However, global volume sales for the company fell 1 quarter, hurt by high levels of inflation in certain Latin American countries.(Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by Shounak Dasgupta)'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/coca-cola-results-idINKBN15O1X0'|'2017-02-09T11:53:00.000+02:00'
'3e3dcfe488f3c4c21e4ce59bc73fbb12b4810e34'|'Hargreaves Lansdown says first-half pretax profits up 21 percent year-on-year'|' 29am GMT Hargreaves Lansdown says first-half pretax profits up 21 percent year-on-year Peter Hargreaves, the co-founder of stockbroker Hargreaves Lansdown, poses at his home near Bristol, Britain, May 19, 2016. REUTERS/Andrew MacAskill LONDON Fund supermarket Hargreaves Lansdown ( HRGV.L ) said pretax profit rose 21 percent year-on-year in the six months to the end of December, helped by strong demand for equities trading after Britain''s vote to leave the European Union. Net pretax profit in the period was 131 million pounds ($163.85 million), up from 108.1 million pounds in the year earlier period, while revenues were up 16 percent to 184.8 million pounds, it said in a statement on Wednesday. The gains helped underpin a 10 percent increase in the interim dividend to 8.60 pence per share from 7.8 pence a year earlier, it added. Assets under administration rose 13 percent between June and December to hit a record 70 billion pounds, it said. That was helped by net new business inflows of 2.34 billion pounds. (Reporting by Simon Jessop; Editing by Rachel Armstrong)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-hargreaves-results-idUKKBN15N0N3'|'2017-02-08T14:29:00.000+02:00'
'4cf09eacf62c41312c7e0201ed526a9bde81396d'|'Singapore advisory panel unveils long-term economic strategy'|'SINGAPORE A key Singapore advisory panel on Thursday proposed a 10-year strategy aimed at ensuring annual economic growth of 2-3 percent, mainly centred on trade partnerships, deepening the workforce''s tech skills and digitalising the economy.It also recommended a review of Singapore''s tax system so that it remains pro-growth and competitive, while also "broad-based, progressive and fair" to adjust to an ageing society, but it did not go into details over how that should be shaped."Over the next decade, our collective efforts should enable us to grow by 2-3 percent per year on average, exceeding the performance of most advanced economies," the Committee on the Future Economy (CFE) said in its report.Singapore has a history of conducting broad reviews of its economic strategy going back to the 1960s and 1970s, and most recently in 2010, with the government following most proposals.The CFE, formed of some government officials, prominent CEOs and specialists in various fields, consulted 9,000 stakeholders, including trade associations, public agencies, unions, companies and students, before putting forward its proposals.Prime Minister Lee Hsien Loong said in a letter attached to the report that the government accepted the proposed strategies and would pursue all of them. Ministers will provide a response during the 2017 budget speech, due on Feb. 20.Asked about possible specific changes to the tax system, Finance Minister Heng Swee Keat said that will be addressed through a separate process, including consultations."We basically have to look ahead and make sure that whatever we do is sustainable," Heng said at a press briefing on the report on Thursday.The report identifies the rise of the Asian middle-class and increased urbanisation as opportunities for its finance, logistics and hub services, as well for a more advanced manufacturing sector.In terms of external policies, the government was advised to resist protectionism and strengthen trade cooperation by reducing tariffs and other barriers.The ASEAN Economic Community and the Beijing-favoured Regional Comprehensive Economic Partnership are key avenues to pursue such policies. Another option is partnering global financial institutions on regional development projects.Domestically, the report identified cybersecurity skills as of strategic importance for the economy and national defence. It said these could be developed in the workforce during national service training, which is mandatory for male citizens upon leaving school.A simplified regulatory framework for venture capital funds and encouraging more private equity firms to be based in Singapore, could help spur the growth of local companies, while the government should provide more targeted assistance, the report said.The committee urged the government to support the development of digital capabilities such as applied data analytics by establishing joint laboratories with industry players.It recommended that the government should keep investing in new international connections such as the planned Kuala Lumpur-Singapore high speed rail, Changi Airport''s Terminal 5 and the high-tech seaport in Tuas.(Reporting by Marius Zaharia and Masayuki Kitano; Editing by Sam Holmes)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/singapore-economy-strategy-idINKBN15O0KE'|'2017-02-09T03:31:00.000+02:00'
'1432e703a141a12b8136b4ce91c952c325e5e289'|'IMF says Greece needs to lower pensions, cut tax rates'|'Business News - Tue Feb 7, 2017 - 10:32pm GMT IMF says Greece needs to lower pensions, cut tax rates The International Monetary Fund logo is seen inside its headquarters at the end of the IMF/World Bank annual meetings in Washington, U.S., October 9, 2016. REUTERS/Yuri Gripas By David Lawder - WASHINGTON WASHINGTON Greece needs to reduce the proportion of its budget spent on "unaffordably high" pensions which are paid for by high tax rates to stimulate economic growth, the International Monetary Fund said on Tuesday. Releasing the full staff report from its first annual review of Greece''s economic policies in nearly four years, the IMF said that Greece instead should work to broaden its tax base and reduce tax rates, while providing more targeted spending to support the poor and other essential public services. "We are saying that Greece needs to take some fairly difficult decisions to make its budget much more growth-friendly," IMF European Department Director Poul Thomsen told reporters on a conference call. He said that too many Greek households are exempt from taxation under current policies, while spending on infrastructure, capital investment and other critical needs has been cut to very low levels in an effort to meet fiscal targets under the country''s current bailout program. Such investments and resources are needed to help modernize Greece''s economy, he added. Under the constraints of the Greek government''s third financial bailout since 2010 and an aging population, the country''s long-term economic growth is only expected to reach about 1.0 percent, the IMF said in the report. The Fund also reiterated its longstanding view that Greece''s debt is unsustainable, even if all of the Fund''s prescribed reforms are implemented, and debt relief from European lenders is required. It projected government debt would reach 160 percent of gross domestic product by 2030, but would "become explosive thereafter." The IMF has insisted on additional debt relief and reduced fiscal targets before it participates financially in Greece''s current bailout program. Germany, which faces national elections, has resisted such moves. Thomsen told reporters that in his view there is now "more of a consensus" on the need for Greek debt relief. "If you compare what we were a year ago, there is a narrowing of differences of views on debt sustainability and on what is needed," he added. Jeroen Dijsselbloem, president of the Eurogroup of euro zone finance ministers, on Tuesday said the IMF''s view on Greek debt was too pessimistic and ruled out any further debt relief before mid-2018, when the current bailout program ends. At the same time, a Greek government spokesman said that Greece would not yield to "illogical" demands from the IMF for "precautionary" austerity measures. (Reporting by David Lawder) Takata to plead guilty February 27: court documents WASHINGTON Japan''s Takata Corp is set to plead guilty Feb. 27 in federal court in Detroit to a single felony count of wire fraud to resolve a U.S. Justice Department investigation into ruptures of its air bag inflators linked to at least 16 deaths worldwide, according to a court filing Tuesday.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-imf-greece-budget-idUKKBN15M2KY'|'2017-02-08T05:28:00.000+02:00'
'd90688422a7aa7131429612c0eba8895d83eb12c'|'SoftBank''s Son says Trump''s promised deregulation will help his business'|'Company News  33am EST SoftBank''s Son says Trump''s promised deregulation will help his business TOKYO Feb 8 President Donald Trump''s promise to deregulate the U.S. economy would be positive for SoftBank Group Corp, Masayoshi Son, the billionaire founder of the Japanese telecommunications company said. "President Trump has promised to ease various regulations and that should make it easier to do business," Son said at a press briefing in Tokyo following the release of SoftBank''s results for the quarter ended Dec. 31. Son didn''t specify what deregulation promised by Trump would benefit his company, which controls U.S. telecommunications company Sprint Corp. (Reporting by Makiko Yamazaki; Writing by Tim Kelly; Editing by Muralikumar Anantharaman) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/softbank-results-son-idUST9N1AW011'|'2017-02-08T13:33:00.000+02:00'
'e195d8bf6706ca2a2bc2f0f8ef159c481da70900'|'Takata to plead guilty February 27 - court documents'|'Business News - Tue Feb 7, 2017 - 10:12pm GMT Takata to plead guilty February 27 - court documents FILE PHOTO: Visitors walk behind a logo of Takata Corp on its display at a showroom for vehicles in Tokyo, Japan, November 6, 2015. REUTERS/Toru Hanai/File Photo By David Shepardson - WASHINGTON WASHINGTON Japan''s Takata Corp is set to plead guilty Feb. 27 in federal court in Detroit to a single felony count of wire fraud to resolve a U.S. Justice Department investigation into ruptures of its air bag inflators linked to at least 16 deaths worldwide, according to a court filing Tuesday. Last month, the auto parts firm agreed to the guilty plea as part of a $1 billion settlement in the world''s largest ever recall. U.S. prosecutors also charged three former senior Takata executives in Japan with falsifying test results to conceal the inflator defect linked the recall of about 100 million air bag inflators worldwide. Takata has agreed to pay a $25 million fine, $125 million in a victim compensation fund, including for future incidents, and $850 million to compensate automakers for massive recall costs, the Justice Department said. The auto parts supplier will be required to make significant reforms and be on probation and under the oversight of an independent monitor for three years. Last month, three senior Takata executives in the United States left the company, including Kevin Kennedy, who was president of Takata North America. Kennedy confirmed his departure in a posting on the employment networking website LinkedIn but did not return emails. Reuters reported Monday that Key Safety Systems (KSS) Inc has been selected to lead its turnaround, fanning concern that a court-led restructuring was on the cards. The Nikkei business daily, which first reported the news of KSS''s selection, said automakers would support the pick on condition Takata pursue a court-mediated turnaround in both Japan and the United States, a move that could wipe out shareholders'' equity. In a statement late on Saturday, Takata denied that it had selected KSS as its sponsor or a court-led restructuring as the way forward. (Reporting by David Shepardson) Oil extends losses after API reports huge U.S. crude build NEW YORK Oil prices that tumbled more than 1 percent Tuesday fell further after settlement, pressured by growing crude stockpiles in the United States as evidence of a burgeoning revival in U.S. shale production could complicate efforts by OPEC and other producers to reduce a supply glut.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-takata-settlement-idUKKBN15M2JZ'|'2017-02-08T05:12:00.000+02:00'
'9ed4eb49779b09621278759694a9933193286a76'|'Cost cuts boost ArcelorMittal''s fourth quarter profits'|'  6:19am GMT Cost cuts boost ArcelorMittal''s fourth quarter profits 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 BRUSSELS ArcelorMittal ( ISPA.AS ), the world''s largest producer of steel, reported higher-than-expected core profit for the final quarter of the year on Friday, boosted by cost cuts. Core profit rose by more than half in the fourth quarter to $1.66 billion, above the $1.59 billion expected in a Reuters poll of 18 analysts. ArcelorMittal said it expected apparent steel consumption, which takes into account inventory changes, for the market as a whole to rise by up to 4 percent in the United States in 2017 while Chinese demand was seen declining by as much as 1 percent. While ArcelorMittal has little direct exposure to China, the market in the world''s largest producer and consumer of steel is crucial to the global industry as a whole. (Reporting by Robert-Jan Bartunek; editing by Philip Blenkinsop)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-arcelormittal-results-idUKKBN15P0IA'|'2017-02-10T13:19:00.000+02:00'
'34fd8bf56ef0ce65a22ba86639964174fcae38f6'|'UPDATE 2-UK names top Bank of England administrator as new deputy governor'|'(Adds detail)By William Schomberg and Andy BruceLONDON Feb 9 The woman who carried out Governor Mark Carney''s overhaul of the Bank of England will become a deputy governor, giving her a role in overseeing the stability of financial markets as Britain prepares to leave the European Union.Charlotte Hogg will replace Minouche Shafik as the bank''s top official for markets and banking, putting her in charge of BoE''s newly expanded bond-buying programme. She will also take a seat on the bank''s interest rate-setting committee."Charlotte has done an excellent job as the Bank''s first Chief Operating Officer," finance minister Philip Hammond said in a statement. "She will take over this new role at a key time for the City."Hogg, 46, comes from a family which has produced several generations of senior Conservative politicians and judges. She began her career at the BoE as a trainee and rejoined it in 2013, around the time of Carney''s arrival as governor, when she became its first chief operating officer, a role she will continue to play.As COO, she oversaw a restructuring of the bank to bring its monetary policy and bank regulation arms closer together.Before returning to the BoE, she worked at McKinsey & Company, where she was a principal in financial services, and at Morgan Stanley, where she was managing director of strategic planning.Carney has stressed the importance of promoting more women to top jobs at the BoE.The bank has four deputy governors, three of whom are men. As deputy governor for markets and banking, Hogg is responsible for the central bank''s dealings with financial markets, payment systems and foreign exchange and gold reserves, but is not in charge of financial regulation.Also on Thursday, the BoE said Kristin Forbes, one of the nine members of its Monetary Policy Committee, would return to her academic career in the United States when she completes her three-year term on the MPC on June 30.Forbes has been the most sceptical of the MPC''s nine rate-setters about the need to pump more stimulus in Britain''s economy after it withstood the shock of last year''s Brexit vote better than the BoE and investors expected.On Tuesday she said she was increasingly uncomfortable with the BoE''s willingness to tolerate a significant overshoot of its inflation target even though growth had yet to slow, and that there might soon be a case to raise interest rates.British government bond futures hit a session high after the announcements and sterling weakened.Shafik said in September she would leave the BoE to become director of the London School of Economics.The appointment of Hogg, who starts her five-year term on March 1, was the first monetary policy appointment by Hammond since he became finance minister last year.She will also sit on the Bank''s Financial Policy Committee, which seeks to reduce the risks to Britain''s economy from its banking industry, and on its Prudential Regulation Committee. (Writing by William Schomberg; Editing by Kate Holton and Andy Bruce)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/britain-boe-idUSL5N1FU60P'|'2017-02-09T18:59:00.000+02:00'
'9a9019b8ee2f34d98d980829f309e9ef9153087d'|'Wind surpasses hydro as largest U.S. renewable energy source'|'Company News - Thu Feb 9, 2017 - 10:30am EST Wind surpasses hydro as largest U.S. renewable energy source Feb 9 Wind energy has surpassed hydropower as the biggest source of renewable electricity in the United States following the sector''s second-biggest quarter ever for new installations, a wind industry trade group said on Thursday. Wind installations totaled 82,183 megawatts at the end of 2016, enough to power 24 million homes, the American Wind Energy Association said in its fourth-quarter market report. By comparison, U.S. hydroelectric capacity stands at about 80,000 megawatts, according to the federal Energy Information Administration. Wind installations soared to 6,478 MW in the fourth quarter, accounting for nearly 80 percent of all of last year''s wind installations. The fourth quarter was the industry''s largest for installed capacity since the fourth quarter of 2012. The 8,303 MW added for the year represented more than $13.8 billion in investment. Just three turbine makers - General Electric Co, Vestas Wind Systems A/S and Siemens AG -- accounted for up to 95 percent of the U.S. turbine market in 2016. Texas has more than 20 MW of installed wind capacity, or nearly a quarter of the market. Iowa is the second-biggest wind state, and Oklahoma overtook California for third place at the end of 2016. The first offshore wind project in the United States also came online in the fourth quarter, the 30 MW Block Island wind farm off the coast of Rhode Island. More than 10,000 MW of wind is under construction in the United States, about half of which is in Texas. New Mexico''s wind industry is growing rapidly, with 1,300 MW under construction. Once completed, those projects will double the size of New Mexico''s installed wind capacity. Corporations and others outside the utility industry have become major purchasers of wind energy, accounting for 39 percent of capacity contracted in 2016. Projects for Google, Amazon and General Motors were completed in the fourth quarter. (Reporting by Nichola Groom; Editing by Dan Grebler) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-wind-idUSL1N1FU118'|'2017-02-09T22:30:00.000+02:00'
'1fb405cd2a8f3cd1c0f50ded846a12c2b26f3213'|'MOVES-AXA IM appoints new UK regional sales manager'|'Company  22am EST MOVES-AXA IM appoints new UK regional sales manager Feb 9 AXA Investment Managers, part of AXA SA , named Daniel Neep regional sales manager of its UK wholesale sales team. Based in Leeds, he will report to James Norden, head of strategic partnerships and regional sales. Previously, Neep worked at Close Brothers Asset Management Ltd as business development director. (Reporting by Divya Grover in Bengaluru) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/axa-investment-managers-moves-daniel-nee-idUSL4N1FU3J0'|'2017-02-09T17:22:00.000+02:00'
'b67b2445044907965c28c722974815380caf8b59'|'MOVES-Nasdaq names new boss for Copenhagen exchange'|'Company News - Thu Feb 9, 2017 - 4:42am EST MOVES-Nasdaq names new boss for Copenhagen exchange Feb 9 Stock exchange operator Nasdaq Inc said on Thursday that Nikolaj Kosakewitsch will take over as head of its Danish division Nasdaq Copenhagen on June 1, replacing Bjorn Sibbern. Kosakewitsch, who will join Nasdaq from his current role as head of securities in Denmark for Carnegie Investment Bank, will also take on the role as head of sales for Nasdaq European equities, Nasdaq said. Sibbern will move to New York, where he will become Nasdaq executive vice president of global information services. (Reporting by Julie Astrid Thomsen. Editing by Jane Merriman) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/nasdaq-denmark-idUSL5N1FU2S3'|'2017-02-09T16:42:00.000+02:00'
'27137909b55e6dd28d68daa216b47f1ce059c55c'|'Exclusive : Tesla aims to start pilot production of Model 3 cars on February 20 - sources'|'Business News - Wed Feb 8, 2017 - 11:56pm GMT Exclusive: Tesla aims to start pilot production of Model 3 cars on February 20 - sources FILE PHOTO - A prototype of the Tesla Model 3 is on display in front of the factory during a media tour of the Tesla Gigafactory which will produce batteries for the electric carmaker in Sparks, Nevada, U.S. July 26, 2016. REUTERS/James Glover II/File Photo By Paul Lienert and Alexandria Sage - DETROIT/SAN FRANCISCO DETROIT/SAN FRANCISCO Tesla Inc ( TSLA.O ) has told suppliers it planned to begin test-building its Model 3 sedans on Feb. 20, according to people familiar with the matter, a move that could allay concerns about the company meeting its target to start production in July. The sources did not know how many of the highly anticipated vehicles Tesla aimed to build in February, but it would likely be a small number to test the assembly system and the quality of vehicle parts. Tesla Chief Executive Elon Musk last year told investors and more than 370,000 customers who put deposits down for a Model 3 that he intended to start building the cars in July 2017. At the time, many analysts and suppliers said the timeline was too ambitious and would be difficult to achieve, pointing to Tesla''s history of missing aggressive production targets. If Tesla succeeds in starting pilot production of the sedan at its factory in Fremont, California on Feb. 20, the company would be able to share the news with shareholders two days later when it reports fourth-quarter results and better answer any questions about the Model 3 rollout. "What better way to stoke the fan base and Wall Street than to wheel out pre-production models" ahead of the earnings announcement, said one person familiar with Tesla''s plans who spoke on condition of anonymity. A spokesman for Tesla declined to comment on the company''s production schedule, but said "our ramp-up in production moves as fast as the slowest and least lucky supplier." Musk had told investors last year that the company could miss the July 2017 startup target if suppliers do not meet deadlines. Tesla has a lot riding on the Model 3, which is priced at roughly $35,000 before government incentives. If successful, the sedan could raise Tesla beyond a niche luxury player in the automotive sector. Tesla has not had a profitable year since going public in 2010, though the company''s $41.4 billion market capitalization now equals that of Nissan Motor Co Ltd ( 7201.T ), which reported a profit of $4.7 billion last year. Musk''s bold approach to cars, space exploration and clean energy has fueled investor enthusiasm for Tesla, but skeptics are waiting to see if Musk can fulfill his promise of producing 500,000 cars per year by 2018. That would expand Tesla''s annual production by four to five times compared to 2016 levels. In its fourth quarter, Tesla produced 24,882 vehicles. Tesla disclosed in May that it had taken 373,000 refundable $1000 deposits for the Model 3, underscoring its appeal ahead of production. The company has not since updated that number. Total sales of fully electric vehicles last year in the United States amounted to just 84,275 vehicles, according to data compiled by the Electric Drive Transportation Association. MOVING DESIGN TARGET Sources with knowledge of the Model 3 timeline had called it extremely aggressive, with challenges compounded by Tesla making last-minute changes to the car''s design. Such design tweaks can delay production, and add cost as suppliers rework tools and molds to meet new specifications. Musk said in July the design of the Model 3 was complete. The car, he told shareholders earlier in May, would be "easy to make" and free of the complicated design that led to production delays in the Model X sports utility vehicle. It is common practice for automakers to make minor adjustments to a "finished" design for a variety of reasons, ranging from fit and finish to safety. One source said last w
'ab25e6791995647f0ff5b585c961be236583af40'|'German ministry says not clear if A400M issue due to new problem'|' 38pm GMT German ministry says not clear if A400M issue due to new problem German Defence Minister Ursula von der Leyen attends a ceremony to welcome the German battalion being deployed to Lithuania as part of NATO deterrence measures against Russia in Rukla, Lithuania February 7, 2017. REUTERS/Ints Kalnins BERLIN It remains unclear what caused an engine issue with a new Airbus ( AIR.PA ) A400M military transport plane that forced Defence Minister Ursula von der Leyen to take a replacement plane back from Lithuania on Tuesday, a ministry spokesman said Wednesday. German military officials were examining the aircraft, which remains in Lithuania, the spokesman said. He added it was unclear if the issue involved a new problem with the troubled transport plane, or marked a recurrence of known issues. The problem affected one of four engines on the aircraft, and was discovered during a maintenance check after von der Leyen arrived in Lithuania to visit German troops participating in a NATO deployment there. (Reporting by Andrea Shalal; Editing by Michael Nienaber)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-airbus-germany-idUKKBN15N1K3'|'2017-02-08T20:38:00.000+02:00'
'8b2c791a4839b669ec4a7ebead2858cdc01d35e3'|'Zambia says First Quantum plans $1 bln investment, company cites conditions'|'Company   1:01pm EST Zambia says First Quantum plans $1 bln investment, company cites conditions LUSAKA Feb 8 Canada''s First Quantum Minerals plans to invest over $1 billion in a new smelter and modernisation of a copper mine in Zambia, a senior Zambian official said on Wednesday, but the company said the investment was "very conditional". Zambia''s high commissioner (ambassador) to South Africa Emmanuel Mwamba told Reuters by telephone that First Quantum Minerals Chief Executive Officer Phillip Pascal had announced the investment on Wednesday when he met Zambian officials attending a mining conference in Cape Town. First Quantum planned to invest $700 million in a new smelter whose location the company did not specify and $350 million would be invested in modernising its Kansanshi copper mine, Mwamba said. "These are fresh investments which should help boost Zambia''s economic growth," Mwamba said. First Quantum owns 80 percent of the operator of Kansanshi, Africa''s largest copper mine in northwestern Zambia. Clive Newall, First Quantum''s president, told Reuters in Canada that the possible new investment was "very conditional". "Our intentions are at some point to invest a lot of money," Newall told Reuters by telephone, without confirming the $1 billion figure. "But there are a number of conditions that need to happen before we do that, some of which are our own, you know balance sheet issues," he said. "Some are practical: We are building a very major project in Panama, which is taking up a lot of our energy." "We need demonstrable fiscal stability in Zambia over a period of time before we do it," he said, summarising what he said First Quantum had told the Zambian officials. Zambia proposed measures in November to curb its budget deficit at a time when slumping commodity prices have seen the country face mine closures, rising unemployment, power shortages and soaring food prices. First Quantum had invested $5.7 billion in Zambia as of 2015 with $2.6 billion going into the Kansanshi Mine, $1 billion in the Kansanshi smelter and $2.1 billion in the Trident Project, which includes the Sentinel and Enterprise mines. First Quantum has asked a Zambian court to dismiss a $1.4 billion claim by a state-owned firm, which accused the Canadian company of irregular transactions with its local subsidiary, according to court papers. (Reporting by Chris Mfula; Additional reporting by Nicole Mordant in Toronto; Editing by James Macharia and Adrian Croft) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/zambia-firstquantum-idUSL5N1FT5EX'|'2017-02-09T01:01:00.000+02:00'
'8d9fc2993e8de4844d18e54b8c931ee595942636'|'UPDATE 1-Weak pound buoys GSK but drugmaker warns on 2017 generic threat'|'Company  49am EST UPDATE 1-Weak pound buoys GSK but drugmaker warns on 2017 generic threat * 2017 core EPS seen flat-lower if mid-year generic Advair * Current exchange rates would lift 2017 sterling EPS 9 pct * Q4 2016 core EPS 26.1 pence vs consensus forecast 25.0p (Adds CEO comments, shares, background on new CEO) By Ben Hirschler LONDON, Feb 8 GlaxoSmithKline quarterly sales and profits beat expectations, buoyed by a weak pound, but the drugmaker warned earnings stripping out currencies could slip in 2017 if generic copies of its lung drug Advair arrive in the United States. Outgoing Chief Executive Andrew Witty, presenting his final set of results, said the 2017 profit outlook was "very consistent" with market consensus and showed GSK was well placed to absorb the potential loss of Advair. GSK is buttressed by its large consumer health and vaccines units, while the core pharmaceuticals business is seeing increased demand for new drugs. "Once we are through this window of Advair, the company doesn''t really have any material patent expirations until the late 2020s, which is an extraordinarily long period of time," Witty told reporters. GSK shares slipped around 1 percent following Wednesday''s results. UBS analyst Michael Leuchten said the 2017 outlook might cause some confusion but was broadly in line with expectations. Quarterly sales rose 21 percent in sterling terms to 7.59 billion pounds ($9.48 billion), generating core earnings per share (EPS) up 45 percent at 26.1 pence. Analysts, on average, had forecast sales of 7.45 billion pounds and core EPS, which excludes certain items, of 25p, Thomson Reuters data shows. GSK said EPS, in constant currencies, were set to be flat to slightly lower in 2017, if substitutable generic copies of Advair arrive in the United States by mid-year, as most analysts expect. If generics don''t launch, core EPS should increase between 5 and 7 percent. If January 2017 average exchange rates were applied to the whole of 2017, sterling core EPS would benefit by around 9 percent, the group added. HIGHLY PROFITABLE GSK has been preparing for the loss of Advair exclusivity for the past two years but the potential launch of generics will still be a blow, since the medicine is highly profitable and has sold more than a $1 billion annually since 2001. The U.S. Food and Drug Administration is due to decide whether to approve the first substitutable Advair generic, from Mylan, by March 28. A rival version from Hikma and Vectura has an approval decision date of May 10. It will be up to Witty''s successor Emma Walmsley, 47, to steer GSK through the challenge when she takes over on April 1. Witty said she was likely to give a strategy update in the second half of 2017. Britain''s largest pharmaceuticals company, which generates more than 95 percent of its sales overseas, has been one of the biggest beneficiaries of the pound''s sharp depreciation since last year''s Brexit referendum. That has cut worries about dividend payouts and lifted the scope for acquisitions, while GSK''s high-volume, lower-margin pharma strategy is looking smarter today than a few years back as U.S. President Donald Trump attacks high drug prices. GSK''s upcoming new medicines include a novel inhaler that combines three medicines in one device and a promising vaccine for shingles. But the company also faces competition in its successful HIV business from a new Gilead medicine. ($1 = 0.8005 pounds) (Reporting by Ben Hirschler; editing by Martinne Geller and Susan Thomas) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/gsk-results-idUSL5N1FT49I'|'2017-02-08T20:49:00.000+02:00'
'7dc713a0c47bca07fb11995d3ffe22c57d79ce89'|'Homewares retailer Dunelm raises interim dividend'|' 33am GMT Homewares retailer Dunelm raises interim dividend British homewares retailer Dunelm Group Plc ( DNLM.L ) raised its interim dividend by 8.3 percent after notching up a rise in half-year sales on strong online business. The seller of cushions, curtain and baking equipment said total sales were up 2.8 percent to 460.5 million pounds ($576.13 million) driven by a 20 percent surge in online sales and improvement in trading conditions in the second half. However, like-for-like sales were down 1.6 percent for the 26 weeks to Dec. 31 as unusually warm weather in the first quarter reduced store footfalls. The company raised its interim dividend to 6.5 pence per share from 6 pence a year ago. ($1 = 0.7993 pounds) (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-dunelm-group-results-idUKKBN15N0SN'|'2017-02-08T15:33:00.000+02:00'
'5784062663066cbb8f1c8a21fca8e4ff2e41e4bc'|'Stock futures little changed amid earnings rush'|'U.S. stock index futures were little changed on Wednesday as investors focused on quarterly earnings, a day after the Dow Jones Industrial Average and the Nasdaq hit record highs.More than half of the S&P 500 companies have reported results so far, with their combined earnings estimated to have risen 8.2 percent - the most in nine quarters.Key companies scheduled to report results on Wednesday include Goodyear Tire ( GT.O ), life insurer Prudential Financial ( PRU.N ) and grocer Whole Foods ( WFM.O ).The dollar edged up 0.3 percent, but gold rose to a three-month high as political uncertainty ahead of European elections kept the safe-haven asset in favor.Oil prices fell 0.3 percent, extending losses to the third day as an increase in U.S. crude inventories and a slump in Chinese demand implied that global oil markets remain oversupplied despite OPEC-led efforts to cut output. [O/R]Among stocks, Gilead ( GILD.O ) dropped 6.7 percent to $68.25 premarket after the drugmaker projected disappointing sales for its hepatitis C drugs this year.Cognizant ( CTSH.O ) slipped 1.4 percent to $53.05 in light trading. The IT services provider named three directors to its board, bowing to pressure from activist shareholder Elliott Management.Oreo cookie maker Mondelez ( MDLZ.O ) was down 2.1 percent at $43 following a quarterly sales and profit miss.No key economic report is scheduled for the day.Futures snapshot at 6:49 a.m. ET:Dow e-minis 1YMc1 were up 13 points, or 0.06 percent, with 17,196 contracts changing hands.S&P 500 e-minis ESc1 remained unchanged, with 83,224 contracts traded.Nasdaq 100 e-minis NQc1 were up 4.25 points, or 0.08 percent, on volume of 16,883 contracts.(Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Anil D''Silva)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-stocks-idUSKBN15N1C1'|'2017-02-08T15:32:00.000+02:00'
'1bfabe08a50439010d4ee824d469ba776b3dbaaa'|'Nikkei hits 2-week low ahead of Abe-Trump talks; Toyota off 2.8 pct'|'Company News - Mon Feb 6, 2017 - 9:23pm EST Nikkei hits 2-week low ahead of Abe-Trump talks; Toyota off 2.8 pct * Nikkei''s down 0.7 pct at 18,845 points * Support seen at 18,700 - analyst * Toyota drops on disappointing earnings forecast * Mining shares underperform By Ayai Tomisawa TOKYO, Feb 7 Japan''s Nikkei share average dropped to a two-week low on Tuesday morning after global stocks fell and a stronger yen hurt overall sentiment, while Toyota Motor underperformed the market following a worse-than-expected earnings forecast. Investors remained cautious ahead of a meeting between Japanese Prime Minister Shinzo Abe and U.S. President Donald Trump on Feb. 10 and 11, with trade and currencies likely to be on their agenda. The Nikkei dropped 0.7 percent to 18,844.68 in midmorning trade, after falling to as low as 18,805.32, the lowest level since Jan 24. Traders said that investors have become risk averse, with global shares falling overnight on political and economic uncertainties, while a fall in oil prices soured the mood. In Asian trade, the dollar dropped to 111.625 yen, its lowest since late November as investors sought refuge in the safe-haven Japanese currency. "Since the dollar-yen dropped its support line, stocks are following suit," said Kazuhiro Takahashi, an equity strategist at Daiwa Securities. He said that for the short term, the Nikkei''s downside support is seen at 18,700. Mining shares declined, with Inpex Corp dropping 1.7 percent and Japan Petroleum Exploration Co declining 0.9 percent. Oil fell on Monday as ample U.S. supplies and over-extended speculative long positions outweighed bulish factors, notably OPEC output curbs and rising tensions between the United States and Iran. Toyota Motor Corp underperformed, falling as much as 2.8 percent after its new operating profit forecast undershot market expectations. The broader Topix dropped 0.4 percent to 1,514.57 and the JPX-Nikkei Index 400 shed 0.3 percent to 13,576.05. (Editing by Simon Cameron-Moore) Next In Company News UPDATE 4-Kremlin says it wants apology from Fox News over Putin comments MOSCOW, Feb 6 The Kremlin said on Monday it wanted an apology from Fox News over what it said were "unacceptable" comments one of the channel''s presenters made about Russian President Vladimir Putin in an interview with U.S. counterpart Donald Trump.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/japan-stocks-midday-idUSL4N1FS1D1'|'2017-02-07T09:23:00.000+02:00'
'9eaae0a7374ab10d200d9c44970f7d8be898e1f6'|'Stryker Orthopaedics Corp wins $486 mln Pentagon contract -statement'|'Big Story 10  20pm EST Stryker Orthopaedics Corp wins $486 mln Pentagon contract -statement WASHINGTON Stryker Orthopaedics Corp, a unit of Stryker Corp, has been awarded a $486 million contract for orthopedic products, the Pentagon said in a statement on Monday. (Reporting by Washington Newsroom; Editing by Eric Walsh) Next In Big Story 10'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-stryker-pentagon-idUSKBN15L2KA'|'2017-02-07T05:17:00.000+02:00'
'90d89a1a42122ed150f24685bf11dc2addd703f8'|'UPDATE 2-Canada''s TMX seeks part of Saudi Aramco listing'|'Deals  47pm EST TMX seeks part of Saudi Aramco listing A TMX Group sign, the company that runs the Toronto Stock Exchange (TSX), is seen in Toronto, June 23, 2014. REUTERS/Mark Blinch/File Photo By Alastair Sharp and John Tilak - TORONTO TORONTO Toronto Stock Exchange owner TMX Group Ltd said on Wednesday it was pitching the energy-rich bourse to "Saudi officials of significant influence" to bring at least part of the kingdom''s massive Saudi Aramco [IPO-ARMO.SE] public listing to Canada. Saudi Arabia expects to value the state-owned oil producer at a minimum of $2 trillion, in what could be the world''s biggest initial public offering (IPO), the centerpiece of a plan to transform the Saudi economy by attracting foreign investment and diversifying away from oil. Riyadh will be the main listing venue, with at least one other primary listing either in London or New York, a source familiar with the TMX talks told Reuters, adding that the Canadian exchange is competing for a secondary listing. Canada''s rich mineral resources industry and investor base of big pension funds make it a natural listing venue for oil companies, yet the country has failed to attract many large foreign listings. The biggest traded company on the exchange is Royal Bank of Canada with a market value of $108 billion, while energy companies account for almost 20 percent of the benchmark Toronto index''s weight. "We''re an energy-laden exchange, we have a whole knowledge base that understands energy and people that look to this market to trade energy," said Brian Pow, a research and equity analyst at Acumen Capital Partners in Calgary. Other exchanges vying for a secondary listing include global players such as Frankfurt and Hong Kong, the source added. Singapore Exchange has also held talks with Saudi Aramco on a secondary listing, Reuters reported this week.. Aramco has chosen New York-based boutique investment bank Moelis & Co as an adviser on its IPO plans, separate sources familiar with the matter told Reuters. TMX said its representatives traveled to Saudi Arabia in October and again last month for meetings with Saudi officials. A consortium of representatives from across Canada''s capital markets has sought to establish relationships with key business and government leaders in Saudi Arabia. "As part of this unique, collaborative initiative, we are dedicating a portion of our effort toward attracting the Saudi Aramco IPO," TMX''s head of global equity capital markets, Nick Thadaney, said in an emailed statement to Reuters. Winning even a small share of the Aramco IPO would boost the Toronto Stock Exchange (TSX). The combined market capitalization of the companies listed on the TSX<53>s 300 Composite index is about $1.73 trillion, according to Thomson Reuters data, while the entire exchange had a market capitalization of C$2.8 trillion at the end of January, the TMX said. The largest ever international IPO on the TSX raised C$813.1 million for Swedish mining company Boliden AB in 1997. Boliden has since delisted due to low trading volume. Canada''s biggest pension funds, such as the Canada Pension Plan Investment Board, Ontario Teachers'' Pension Plan and the Caisse de depot et placement du Quebec, could be among potential investors in the IPO. However, they would only participate if convinced of the long-term investment case, pension experts say. All the pension funds declined to comment. (Additional reporting by Matt Scuffham; Editing by Denny Thomas, Nick Zieminski and David Gregorio) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-canada-saudi-aramco-idUSKBN15N1PD'|'2017-02-09T01:42:00.000+02:00'
'233e34d94d9a2b1563bd6ded06c89a67511dd219'|'Activist hedge fund Marcato takes 6 percent stake in Deckers Outdoor'|'Activist hedge fund Marcato Capital Management LP reported a 6 percent stake in Deckers Outdoor Corp ( DECK.N ), saying the footwear and apparel maker''s shares were "undervalued" and an "attractive investment".Marcato Capital said it intends to hold discussions with Deckers regarding its business, strategies and other matters.Marcato said the talks may include options to boost stockholder value through strategic alternatives such as acquisitions.Deckers shares were up more than 9 percent at $49.07 in late afternoon trading on Wednesday.(Reporting by Sruthi Shankar in Bengaluru; Editing by Savio D''Souza)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-deckers-outdoor-stake-marcato-capital-idINKBN15N2L5'|'2017-02-08T17:33:00.000+02:00'
'2dfd495591d28a961b25fbef4b41af7a33efa782'|'Romantic retreats <20> in pictures - Money'|'Romantic retreats <20> in pictures 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 From a Devon cottage to a Hebridean <20>Shelter of the Limpets<74>, these properties you<6F>ll want to cling to as much as any Valentine Anna Tims Friday 10 February 2017 23.45 GMT Chagford, Newton Abbot, Devon With its beetling brows of thatch, this three-bedroom, three-reception house looks as if it grew out of the turf. The inglenook fireplace would inflame the coldest love, and there<72>s romance in the antiquity of the 16th-century wooden ceiling. Passion might be stymied by having to cross one bedroom to reach the fourth. Guide price: <20>675,000, Strutt & Parker Facebook Twitter Pinterest Wirksworth, near Matlock, Derbyshire The fairy-like facade is a doorway into magic, for, viewed from the other side, the house is a tall and stately affair with elaborate arched windows. Inside is a glamorous bathroom with freestanding tub and one large bedroom overlooking the marketplace. However, the only garden is that sliver of paving behind the railings and you need to buy a permit to park. Offers over <20>190,000, Bagshaws Residential Facebook Twitter Pinterest Isle of Coll, Argyll & Bute The Gaelic name of this three-bedroom bungalow means <20>Shelter of the Limpets<74>, which is just the sort of place you need for undisturbed clinging. It<49>s a boat ride across the bay to the village and a stroll from deserted dunes and beaches. Offers over <20>170,000, CKD Galbraith Facebook Twitter Pinterest'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/gallery/2017/feb/10/romantic-retreats-in-pictures'|'2017-02-11T06:45:00.000+02:00'
'82129cbe2d2bdec55926a184c9c21561157b3545'|'Ex-VW chairman Piech refuses to testify in German emissions inquiry'|'Money News - Sat Feb 11, 2017 - 11:16pm IST Ex-VW chairman Piech refuses to testify in German emissions inquiry Ferdinand Piech, chairman of the supervisory board of German carmaker Volkswagen, arrives at the annual shareholders meeting in Hanover in this April 25, 2013 file photo. REUTERS/Fabian Bimmer/Files HAMBURG/BERLIN Ex-Volkswagen Chairman Ferdinand Piech, who resigned after a showdown with former chief executive Martin Winterkorn, has refused to testify to German lawmakers investigating a possible government''s role in the VW emissions scandal, according to his lawyer. Piech, also VW''s former CEO who spearheaded the carmaker''s global expansion, gave testimony to lawyers of U.S. law firm Jones Day last April and to German prosecutors in Braunschweig near VW''s Wolfsburg headquarters in December, his lawyer said. "These comments were solely directed at the inquirers of Jones Day and the prosecutors respectively. They were not directed at the public media," Piech''s Hamburg-based lawyer, Gerhard Strate, said in an emailed statement. He said Piech has no intention "to comment in public on what is being circulated as the alleged content of the questioning". The German parliamentary committee of inquiry has expressed its intention to summon Piech. The committee chairman did not return calls seeking comment on Piech''s refusal to testify. A German media report earlier this week said Piech had informed top directors at VW about potential cheating with diesel emissions tests in the United States six months before the scandal became public in September 2015. Piech has not commented on the report by Bild am Sonntag. The unsourced report said Piech raised the issue with Winterkorn and subsequently informed members of the supervisory board''s steering committee in March 2015 - a month before Piech was ousted as chairman. VW has said it might take legal action against Piech over his reported assertions. The supervisory board''s labour representatives have since denied the reported allegations, as did Stephan Weil, a member of the steering committee and prime minister of Lower Saxony state, VW''s No. 2 stakeholder. The German parliamentary committee will next Thursday question Weil and Transport Minister Alexander Dobrindt over the scandal. The panel was set up last April to clarify whether Germany''s federal government and regulators were involved in VW''s manipulations or failed to contribute towards their disclosure. Last month it questioned Winterkorn, who denied early knowledge of the cheating. (Reporting by Jan Schwartz and Andreas Cremer; editing by Mark Heinrich) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/volkswagen-emissions-piech-idINKBN15Q0OO'|'2017-02-12T00:46:00.000+02:00'
'4bacbb92f7af01f3d57371d03834f21690c796d3'|'Workers launch strike at Escondida, world''s No. 1 copper mine'|' 55pm GMT Workers launch strike at Escondida, world''s No. 1 copper mine left right Building materials are pictured outside Escondida, the world''s biggest copper mine, as workers prepare to camp outside the company gates during a strike, in Antofagasta, Chile February 9, 2017. REUTERS/Juan Ricardo 1/10 left right Building materials are pictured outside Escondida, the world''s biggest copper mine, as workers prepare to camp outside the company gates during a strike, in Antofagasta, Chile February 9, 2017. REUTERS/Juan Ricardo 2/10 left right A worker from Escondida, the world''s biggest copper mine, carries a pumpkin as they prepare to camp outside the company gates during a strike, in Antofagasta, Chile February 9, 2017. REUTERS/Juan Ricardo 3/10 left right Workers from Escondida, the world''s biggest copper mine, prepare to camp outside the company gates during a strike, in Antofagasta, Chile February 9, 2017. REUTERS/Juan Ricardo 4/10 left right Workers from Escondida, the world''s biggest copper mine, prepare to camp outside the company gates during a strike, in Antofagasta, Chile February 9, 2017. REUTERS/Juan Ricardo 5/10 left right Workers from Escondida, the world''s biggest copper mine, prepare to camp outside the company gates during a strike, in Antofagasta, Chile February 9, 2017. REUTERS/Juan Ricardo 6/10 left right A worker from Escondida, the world''s biggest copper mine, prepares a tent outside the company gates during a strike, in Antofagasta, Chile February 9, 2017. REUTERS/Juan Ricardo 7/10 left right A worker from Escondida, the world''s biggest copper mine, walks outside the company gates, in Antofagasta, Chile February 9, 2017. REUTERS/Juan Ricardo 8/10 left right A view of the main gate of Escondida, the world''s biggest copper mine, near Antofagasta, Chile February 9, 2017. REUTERS/Juan Ricardo 9/10 left right A view of main gate of Escondida, the world''s biggest copper mine, near Antofagasta, Chile February 9, 2017. REUTERS/Juan Ricardo 10/10 By Fabian Cambero - ANTOFAGASTA, Chile ANTOFAGASTA, Chile Workers at BHP Billiton''s ( BHP.AX )( BLT.L ) Escondida in Chile, the world''s biggest copper mine, walked off the job on Thursday, their union said, marking the start of a strike that threatens to disrupt the international supply of the widely used industrial metal. It said no miners arrived for morning work aboard buses which normally deliver them to the vast deposit, which accounted for about 6 percent of global production in 2015. "The buses are empty, there are no workers in them to replace the night shift," union spokesman Carlos Allendes told Reuters. "The strike is now in effect." The union has warned that it is prepared for a lengthy strike. At a camp near the mine, protesting workers settled in for the long haul, equipped with stockpiles of gas cylinders, portable cookers and tents to weather the Chilean high desert''s scorching sun and frigid nights. Escondida''s processing plants, which had begun going offline on Wednesday, are now completely stopped, the union added. Striking workers also blocked roads at the Coloso port, where hundreds of thousands of tonnes of copper are shipped annually. "We are united and strong to make sure this is a success considering the measures the company has taken against its workers," said Claudio Perez, plant worker at the Coloso port. BHP Billiton spokesmen were not immediately available for comment. BHP has said it would halt production during the strike because it could not guarantee the safety of the 80 workers the government had authorized to perform critical duties, such as equipment upkeep and adhering to environmental protocols. Only a handful of workers remained at the mine and port performing critical duties on Thursday morning, union director Jaime Thenoux said. The strike at Escondida follows weeks of fractious labour negotiations, as both sides were unable to agree on a new salary and benefits scheme, sending copper prices higher. Copp
'aaa43f95c8f00a02d8698b8d2d229c55632c50b7'|'Trump meets Abe: A $268 billion relationship'|'Trump meets Abe: A $268 billion relationship under strain by Jethro Mullen @CNNMoney February 9, 2017: 9:10 PM ET Inside Trump and Abe''s ''bromance'' President Trump sounds like he''s picking a fight with Japan over trade. That could make for tricky talks about a hugely important relationship when he meets Prime Minister Shinzo Abe. The U.S. and Japan account for nearly a third of the global economy. Trade in goods and services between the world''s No.1 and No.3 economies was worth nearly$268 billion in 2015. The U.S. emerged from the financial crisis with a healthier economy than Japan, which has struggled for years with weak growth and falling prices. But in Trump''s view of international trade -- where winners have surpluses and losers have deficits -- Tokyo is beating Washington. Japan''s surplus in goods traded with the U.S. stood at $69 billion last year. Put another way, Japan is now second only to China in contributing to the U.S. trade deficit. That creates an awkward situation for Abe as he prepares to meet Trump. Experts at the Center for Strategic and International Studies wrote this week that the Japanese leader would likely be "at pains in his conversations with President Trump to emphasize the breadth, depth, and importance of the economic relationship, as well as the benefits it brings to the United States." Japanese media reports suggest Abe may try to curry favor by following the playbook of tech tycoon Masayoshi Son , who showed up for a meeting in November promising to invest billions of dollars and create thousands of jobs in the U.S. -- and let Trump claim the credit for it. Related: He said what? A look back at Trump''s Japan bashing A similar pledge from Abe would raise questions about how the country with the highest debt level in the world can afford it, and why the money isn''t being spent at home. Here are some of the key economic issues that could come up as the two leaders meet at the White House on Friday and stroll around Trump''s Florida golf course on Saturday. Related: Trump teeing up a softer diplomatic approach with Japan Trade deals Abe was a big backer of the Trans-Pacific Partnership, a regional trade deal that was years in the making. He was hoping it would help his efforts to revitalize the Japanese economy. Trump called it a "disaster done and pushed by special interests who want to rape our country." One of his first acts as president was to pull the U.S. out of the deal, leaving it dead in the water . The Trans-Pacific Partnership is an attack on America''s business. It does not stop Japan''s currency manipulation. This is a bad deal. <20> Donald J. Trump (@realDonaldTrump) April 22, 2015 Trump says he prefers trade agreements with individual countries. Related: Japan calls Trump''s currency criticism ''totally incorrect'' Currency manipulation Trump has been accusing Japan of playing unfair on trade since the 1980s . He kept up the criticism during his campaign for president, including Japan in his list of countries he claims were "killing" the U.S. by manipulating their currencies, among other things. The attacks haven''t stopped since he took office. "Look at what China is doing. You look at what Japan has done over the years," Trump said recently . "They play the money market, they play the devaluation market and we sit there like a bunch of dummies." That prompted perplexed reactions from Abe and others. Japan hasn''t intervened in currency markets for years. "We don''t understand what he''s talking about," said Masatsugu Asakawa, Japan''s top financial diplomat. Economists say it''s pretty hard to make a case that the country is manipulating the yen. Related: Trump in 1989: Japan has ''sucked the blood out of America'' Car wars Japan''s auto industry is also a target. Trump said last month it was "impossible" for U.S. carmakers to sell their vehicles in the country, a remark that drew a defensive response from Abe. "There is a reason why there are no American cars in Japan," Abe tol
'194c68e1340265d79668844fb225e7857a2d2e93'|'Arriva Rail North staff to consider strike action over role of train guards - Business'|'Disputes over the role of train guards are set to spread to another rail company after a new strike ballot was announced.The Rail, Maritime and Transport (RMT) union said it was in dispute with Arriva Rail North, which runs the Northern franchise, and its members will vote on whether to take action.The union said the company failed to provide any assurances about the future of guards<64> roles.The RMT is embroiled in a long-running row with Southern Railway and recently announced a ballot of its members on Merseyrail over the same issue.The RMT general secretary, Mick Cash, said its position on driver-only operation (DOO) was clear, adding: <20>We will not agree to any extensions of DOO and will fight to retain the safety-critical role of the guard and to keep a guard on the train.Is Britain<69>s rail network getting worse? Read more <20>We asked Arriva North whether they were prepared to guarantee a second person on all passenger services operated by the company and whether that second person would retain full operational responsibility, for train despatch, platform train interface and current rule book requirements for dealing with contingency arrangements, such as evacuation and protection of the train.<2E>The response from the company was <20>we are not in a position to offer either of these guarantees at this present time<6D>. This has been particularly disappointing as Arriva North have reneged on their previous position when they stated they were prepared to offer guarantees around a second person on board trains in addition to the driver.<2E>This dispute, and the ballot for industrial action, were entirely preventable if the company had listened to the union<6F>s deep-seated safety concerns, had taken them seriously and had put passenger safety before profit. The union remains available for talks.<2E> An Arriva Rail North spokesman said: <20>We are in the early stages of developing our modernisation plans to bring customers a better railway, so we believe the RMT is extremely premature in calling a ballot for strikes. <20>During our discussions this week we offered commitments to consult fully with our people, customers and key stakeholders. <20>We want to protect jobs and pay as we work together to provide safe, secure and accessible services for our customers. We want to continue talking with the RMT.<2E>'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/feb/09/arriva-rail-north-staff-strike-action-role-train-guards-rmt'|'2017-02-10T00:08:00.000+02:00'
'a441071bbf896712197c78ee48c002a40c805e0d'|'Apple CEO Cook ''optimistic'' about UK''s future after Brexit - BBC'|'Technology   8:44pm GMT Apple CEO Cook ''optimistic'' about UK''s future after Brexit: BBC Apple CEO Tim Cook waves at the end of an Apple media event in Cupertino, California, U.S. October 27, 2016. REUTERS/Beck Diefenbach Apple Inc ( AAPL.O ) Chief Executive Tim Cook told Prime Minister Theresa May the company was optimistic about Britain''s future after it leaves the European Union, the BBC reported on Thursday. Cook met May at Downing Street and said he thought the UK would be "just fine" outside the European Union, BBC said. Apple could not be immediately reached for a comment. Last year, Apple said it was moving its London headquarters to the landmark Battersea Power Station, a move that was hailed by the government as a sign that major firms are still investing after the Brexit vote. (Reporting by Rama Venkat Raman in Bengaluru; editing by Susan Thomas) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-apple-britain-brexit-idUKKBN15O2T9'|'2017-02-10T03:43:00.000+02:00'
'cf2a654117dbc0dc02bb8a7cc9a6f195fc72f0d5'|'Moelis chosen as an adviser for Saudi Aramco IPO: source'|'  1:41am GMT Moelis chosen as an adviser for Saudi Aramco IPO: source Oil tanks seen at the Saudi Aramco headquarters during a media tour at Damam city November 11, 2007. REUTERS/ Ali Jarekji/File Photo By Lauren Hirsch Independent investment bank Moelis & Co ( MC.N ) was chosen as an adviser for the planned initial public offering of Saudi Aramco on Tuesday, a source familiar with the matter told Reuters. Oil and gas company Saudi Aramco had invited banks in January to pitch for an advisory position on what is expected to be the world''s biggest initial public offering. Morgan Stanley ( MS.N ) and HSBC ( HSBA.L ) were banks that had received a request for proposals. The invitation was to evaluate Aramco''s business and help it with measures surrounding the share sale. This is a big win for boutique bank Moelis, which itself went public less than three years ago, and its founder Ken Moelis. A Moelis spokesperson declined to comment and Saudi Aramco was not immediately available to comment. For Moelis, the Saudi Aramco mandate dwarfs previous IPO advisory roles, which include luggage maker Samsonite on its $1.3 billion IPO in 2011 and plastic pipe company Polypipe Group Plc ( PLP.L ) on its <20>320 million IPO in 2014. The listing is the centrepiece of a Saudi Arabian government plan to transform the kingdom by enticing investment and diversifying the economy away from a reliance on oil. Saudi officials expect the IPO to value Aramco at a minimum of $2 trillion. ( reut.rs/2k0avBn ) (Reporting by Lauren Hirsch in New York and Bhanu Pratap in Bengaluru; Editing by Bernard Orr)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-saudi-aramco-ipo-moelis-idUKKBN15N05P'|'2017-02-08T08:41:00.000+02:00'
'fedd9b0afe7028a326736dc4cc4944332999b7f9'|'Foreign banks, wealth funds eye cooperation with Turkish wealth fund - finance minister'|'Business News - Wed Feb 8, 2017 - 8:04am GMT Foreign banks, wealth funds eye cooperation with Turkish wealth fund: finance minister Turkey''s Finance Minister Naci Agbal is pictured during an interview with Reuters in Ankara, Turkey, September 27, 2016. REUTERS/Umit Bektas ANKARA Foreign banks and sovereign wealth funds are interested in cooperating with Turkey''s newly formed wealth fund, which is likely to make its first transaction this year, Turkish Finance Minister Naci Agbal told Reuters on Wednesday. Agbal said other assets may be brought under the sovereign wealth fund in the coming period, following the likes of Turkish Airlines ( THYAO.IS ) and Halkbank ( HALKB.IS ), but said there was no specific list. Agbal also said the privatization revenue target for 2017, set at 13 billion lira ($3.46 billion), was unchanged. (Reporting by Orhan Coskun; Writing by Humeyra Pamuk and Ece Toksabay; Editing by Daren Butler) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-turkey-economy-sovereign-idUKKBN15N0Q7'|'2017-02-08T15:03:00.000+02:00'
'3bb5c6a82b114a2291668232915bab9814d996e2'|'Italy prosecutors ask Eni CEO to be sent to trial over Nigeria - sources'|' 36pm GMT Italy prosecutors ask Eni CEO to be sent to trial over Nigeria - sources The logo of Italian energy company Eni is seen at an Agip gas station in Lugano, Switzerland June 3, 2016. REUTERS/Arnd Wiegmann/File Photo MILAN Italian prosecutors have asked for the CEO of state-controlled oil major Eni ( ENI.MI ), Claudio Descalzi, to stand trial over alleged corruption in Nigeria, judicial sources said on Wednesday. The prosecutors also asked for 10 other people, including former Eni CEO Paolo Scaroni, to be sent for trial along with the Eni and Royal Dutch Shell ( RDSa.L ) companies, the sources said. Scaroni was not immediately available for comment. No comment was immediately available from Shell. The case revolves around the purchase in 2011 of Nigeria''s OPL-245 offshore oil block by Eni and Shell for about $1.3 billion. The prosecutors'' request comes amid political uncertainty in Italy and just weeks before the government is due to propose its CEO candidate for ENI for the next three years. Descalzi, who since taking the helm in 2014 has refocused the group on its primary role of finding oil and gas, could be reappointed. At 1415 GMT Eni shares were down 1.8 percent at 13.95 euros, after reaching their lowest level in nine weeks of 13.93 euros. The European oil and gas index .SXEP was down 0.7 percent. In emailed comments, an Eni spokesperson said the company had not been informed of any decision and had acted correctly. Under Italian law a company can be held responsible if it is deemed to have failed to prevent, or attempt to prevent, a crime by an employee that benefited the company. The Italian probe is one of several threads of inquiry under way into the acquisition of OPL-245, including current cases in Holland and Nigeria. In January a Nigerian court ordered the temporary forfeiture of assets and the transfer of operations of the oilfield. Italian prosecutors closed their investigations into the case in December last year. A court must now set a date for a hearing at which a judge will decide whether to accept the prosecutors'' request or acquit the accused. (Reporting by Manuela D''Alessandro; Writing by Stephen Jewkes; Editing by Ruth Pitchford)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eni-probe-nigeria-idUKKBN15N2CD'|'2017-02-09T01:36:00.000+02:00'
'a1a04ef5a8ed3c114d800153eee1749f28b8123b'|'French 2017 deficit reduction target ''hard to achieve'' - state auditing body'|' 49am GMT French 2017 deficit reduction target ''hard to achieve'' - state auditing body French President Francois Hollande delivers a speech during a visit at the High Court of Pontoise as part of the inauguration of the new ''''Streamlined Judicial Service for Citizens'''' (Service d''Accueil Unique du Justiciable - SAUJ) in Pontoise, near Paris, France, February... REUTERS/Kamil Zihnioglu/Pool PARIS The French government''s public deficit reduction target for 2017 will be "very difficult" to achieve, as it underestimates a rise in public spending and sets overly optimistic tax income forecasts, France''s auditing court said on Wednesday. "For 2017, the government targets a reduction in the public deficit to 2.7 percent of GDP. This target will be very difficult to achieve," the court said in its annual report. The state''s payroll bill will rise by more than 3 percent this year, as much in one year as in the whole 2011-2016 period, the court added. President Francois Hollande''s Socialist government had to increase spending on security following deadly Islamist attacks in Paris and Nice in 2015 and 2016, and it has raised public sector workers'' salaries as the presidential election looms. The court also offered a less than rosy assessment of the government''s past efforts to cut France''s public deficit, the fourth-largest in the EU after Spain, Portugal and Britain. "The unambitious 2016 deficit target of 3.3 percent should be met," the court said, noting that it was for the most part the result of rock-bottom borrowing costs due to the European Central Bank''s bond-buying programme. Over the 2012-2016 period, more than 40 percent of France''s public deficit reduction was attributable to the drop in interest rates, the court said. In a written response added to the court''s report, the government said it did not share the court''s view and had included in its budget plans the risks flagged by the court, including a 75 basis points increase in interest rates. (Reporting by Michel Rose; Editing by Richard Balmforth)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-france-economy-auditor-idUKKBN15N0OL'|'2017-02-08T14:49:00.000+02:00'
'9ec7307db8c763905948d99f78e183f24d72ae70'|'French car maker PSA proposes salary rise of 1.6 percent for workforce in 2017'|' 01pm GMT French car maker PSA proposes salary rise of 1.6 percent for workforce in 2017 A Peugeot car logo is seen on media day at the Paris auto show, in Paris, France, September 29,   Tessier/File Photo PARIS French car manufacturer PSA ( PEUP.PA ) said on Wednesday it was proposing a pay rise of an average of 1.6 percent to its workforce for 2017. This compared to a rise of 1.25 percent in 2016, the group said in a statement. The proposal will now be put to the trade unions. (Reporting by Gilles Guillaume; Writing by Richard Balmforth)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/france-auto-psa-idUKKBN15N2IA'|'2017-02-09T03:01:00.000+02:00'
'11700fc22f791007a6f52795f0b27a9c04858eea'|'Mexico''s Jose Cuervo IPO at least 4 times oversubscribed- sources'|'Deals  34pm EST Mexico''s Jose Cuervo IPO at least four times oversubscribed: sources By Roberto Aguilar , Christine Murray and Alexandra Alper - MEXICO CITY MEXICO CITY The initial public offering for tequila maker Jose Cuervo is at least four times oversubscribed, four sources said on Wednesday, pointing to a high-end pricing for the first Mexican IPO since Donald Trump won the U.S. presidency. Two of the sources, who spoke on condition of anonymity, said pricing of the 476.6 million share offer was expected to be at the upper end of the 30 to 34 peso guidance range. A 34 peso pricing, combined with a 15 percent "overallotment option" could allow the oldest continuously-producing tequila company to rake in upwards of $900 million. The official pricing is due to be released later on Wednesday. Jose Cuervo, which is also the world''s biggest tequila maker, could not immediately be reached for comment. The company, officially known as Becle, put its IPO on hold twice last year, as Trump''s march to the White House gathered strength, sending the peso currency to a series of record lows. The real estate mogul has threatened to slap a hefty tax on products Mexico sends to the United States to pay for a border wall, as well as tear up a joint trade deal with Mexico. U.S. protectionist measures against Mexico could hurt Jose Cuervo, which generates 64 percent of its $1.165 billion in sales from American and Canadian consumers. But investors have expressed strong interest in the IPO, citing Cuervo''s strong dollar-based earnings and saying demand for tequila is not heavily dependent on prices. Started by Jose Antonio de Cuervo in 1758 before Mexican independence from Spain, Cuervo says it is North America''s oldest continuous producer of spirits. Boasting 30 percent of the global tequila market, the business is now controlled by the Beckmann family, which will remain the majority shareholder after the IPO. Aranda, a subsidiary of Singapore state investor Temasek Holdings Ltd [TEM.UL], has said it will take a 20 percent stake in the listing, helping to put a floor under the IPO. Shares of the company should begin trading on Mexico''s bourse on Thursday. (Writing by Alexandra Alper; Editing by Bernard Orr) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-mexico-josecuervo-idUSKBN15N2GN'|'2017-02-09T02:29:00.000+02:00'
'56205c909ede1d81e9e6c63712c451981940c183'|'Bourses'' weather products hard to place in European energy market'|'Company News -  39am EST Bourses'' weather products hard to place in European energy market * Two exchanges launched wind products to no avail * Reinsurers quietly seal big contracts with utilities * Next decade may see growth as green subsidies end By Vera Eckert ESSEN, Germany, Feb 8 In theory, a European energy market for weather derivatives should thrive in a region with seasonal changes, but bourses Nasdaq and EEX have seen little demand for wind power contracts launched in 2015, industry experts said. "Most European utilities consider weather risk management as strategically important," Jens Boening, head of weather derivatives at EDF Trading in Britain, told a conference this week during Germany''s E-World trade fair. "But the weather derivatives market is still in its infancy," said Boening, whose company offers financially settled weather contracts to the industry. Wind contributes 12 percent of Germany''s power generation, creating risks for producers in calm and stormy periods because of the unpredictability of speed patterns and hence likely income and losses. A German wind strength index offered by Nasdaq Commodities since 2015 won a first as-yet-unidentified market maker as of November 2016, but the value of its peak monthly volume amounted to just several hundred thousand euros. EEX, part of Deutsche Boerse, also launched a German wind power future last year, but has not yet reported any trades. "There is an assumption that the wholesale power market already reflects the weather," said Konstantin Lenz, Germany country manager for commodities at Nasdaq. "We just have to be patient." Peter Reitz, chief executive of EEX, said his bourse was not flustered by slow uptake of its offering, being aware it had introduced a niche product. "We won''t measure success by trading volumes in the first 24 months," he told Reuters. "We aim to change thinking around how to integrate renewable power into the market." Prior to the surge in renewables in Germany and wider Europe, big utilities had started hedging weather risks around gas, power and water supplies, given awareness of climate change and the emergence of traded products meeting their demand. Products such as wind, sunshine and rainfall emerged over the past two decades, allowing risk hedges for customers as well as profits for hedge funds, classic insurers and reinsurers. This business is continuing - to the tune of hundreds of millions of euros a year, the industry estimates. But it is placed bilaterally between vendors and utilities, whose energy trading floors often also offer secondary weather products to smaller peers. Reinsurers dominate the sell side because they cover worldwide weather risk outside energy and can spread energy risk across their portfolios, preferring to keep details of such bilateral deals under wraps so as not to endanger their business. This suits both parties well so far. "The bourses cannot tailor their weather products as well as the over-the-counter markets," said Ralph Hungerbuehler, senior originator for weather and commodity risks at Munich RE. "Even for us, it is sometimes hard to gauge customers'' behaviour." He was referring to a sector with a handful of players, where reinsurer Munich RE and rival Swiss RE hold top spots. The weather market may become more active in the next decade, when renewable producers emerge from subsidised payment schemes, experts said. "I know that disruption risks for newly built wind parks can already be calculated very well," said Nasdaq''s Lenz. "Word has to go round among bankers and investors that it is advantageous (to hedge weather risks)." (Editing by Dale Hudson) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/europe-weather-risk-idUSL5N1FO5QV'|'2017-02-08T19:39:00.000+02:00'
'eb1e15300d91e8997ce5a7677bead87fbd124f21'|'UPDATE 1-TMX in talks to bring Saudi Aramco listing to Toronto'|'(Adds detail on IPO value, meetings with Saudi officials)TORONTO Feb 8 TMX Group, owner of the Toronto Stock Exchange, said on Wednesday that it is in talks with Saudi Arabia over the possibility of Saudi Aramco listing in Canada.The IPO, which Saudi officials expect to value the oil producer at a minimum of $2 trillion, is the centerpiece of a Saudi Arabian government plan to transform the economy by attracting foreign investment and diversifying away from oil.TMX said the talks were part of efforts by a consortium of representatives from across Canada''s capital markets to establish relationships with key business and government leaders in Saudi Arabia."As part of this unique, collaborative initiative, we are dedicating a portion of our effort toward attracting the Saudi Aramco IPO to TSX," Nick Thadaney, President and CEO, TMX Global Equity Capital Markets said in a statement emailed to Reuters.TMX said its officials have been to Saudi Arabia on two occasions, last October and again last month, to meet with Saudi officials.(Reporting by Alastair Sharp and Matt Scuffham; Editing by Nick Zieminski)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/canada-saudi-aramco-idINL1N1FT0QO'|'2017-02-08T11:37:00.000+02:00'
'02de4cf8f555c2a8620e906a9289ef5e0158f8a5'|'Philips to sell 15 percent stake in Lighting unit in line with plan'|'  6:14pm GMT Philips to sell 15 percent stake in Lighting unit in line with plan A Philips logo is seen at Philips headquarters in Amsterdam, January 28, 2014. REUTERS/Toussaint Kluiters/United Photos/File Photo Philips ( PHG.AS ) said on Wednesday it will sell 14.8 percent stake in Philips Lighting ( LIGHT.AS ), eight months after a successful spin-off and stock market listing of the unit, in line with its plan to exit fully in two years. Philips, set up in 1891 as a maker of light bulbs before expanding into consumer electronics, spun off the lighting business in May by selling 25 percent stake, making Philips Lighting the world''s largest independent lighting maker. Shares in Philips Lighting have risen 20 percent since then. Philips will offer 22.25 million shares, of which the lighting company plans to buyback 3.5 million shares, up to a maximum of 25 percent of the total offering. The shares offered are worth about 530 million euros (452.61 million pounds) based on Wednesday''s closing price. Philips said it currently owns a 71.2 percent stake in Lighting, and expects its stake will be reduced to about 56.4 percent, if all the shares offered are sold. Philips expects the transaction to settle on Monday. (Reporting by Thyagaraju Adinarayan in Gdynia, editing by David Evans)   Oil    '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-dutch-philips-stake-idUKKBN15N29G'|'2017-02-09T01:14:00.000+02:00'
'aeef8085ed9a2fedbce0d90204ef08e4768ca0ac'|'UPDATE 1-Rio Tinto boosts dividend on commodities recovery'|'Commodities - Wed Feb 8, 2017 - 1:15am EST Rio Tinto boosts dividend on commodities recovery FILE PHOTO - A sign adorns the building where mining company Rio Tinto has their office in Perth, Western Australia, November 19, 2015. REUTERS/David Gray/File Photo SYDNEY Global miner Rio Tinto said on Wednesday it will pay a bigger-than-expected annual dividend of $1.70 per share on the back of a strong recovery in mineral commodities markets in 2016 and cost-cutting. Underlying earnings for the world''s second-biggest mining house rose by 12 percent to $5.1 billion, beating analysts'' estimates for around $4.87 billion, according to an externally compiled consensus. The result marks a turnaround from 2015, when the world''s No. 2 miner posted its worst underlying earnings in 11 years and scrapped its generous payout policy amid tumbling commodity prices. "We enter 2017 in good shape. Our team will deliver $5 billion of extra free cash flow over the next five years from our productivity programme," Chief Executive Jean-Sebastien Jacques said in a statement. The market had been expecting a dividend of about $1.33 a share, according to the external consensus. The annual payout is still below 2015''s dividend which partly included the previous payout policy of never cutting payments year to year. Analysts are mixed on whether Rio Tinto will increase returns to shareholder in 2017 or hold on to more cash amid forecasts for a retraction in commodities prices. The price of iron ore surged 81 percent last year and now sells for around $80 a tonne, despite analysts'' expectations for a retreat to around $55. The concern is that millions of tonnes of additional low-cost supply from Australia and Brazil will overwhelm demand in 2017 and send prices into retreat. (Reporting by James Regan; Editing by Richard Pullin) Next In Commodities'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-rio-tinto-results-idUSKBN15N0GK'|'2017-02-08T13:14:00.000+02:00'
'3f7b293e227d4f4f6470e0863ef84cb5b1c68ab7'|'Osram CFO doesn''t expect Trump to hamper Lamps sale -CNBC'|'Company News - Wed Feb 8, 2017 - 2:09am EST Osram CFO doesn''t expect Trump to hamper Lamps sale -CNBC FRANKFURT Feb 8 German lighting group Osram is confident the sale of its traditional Lamps business to a consortium of Chinese buyers will go through as planned this year, Chief Financial Officer Ingo Bank told CNBC television on Wednesday. The 400 million-euro ($427 million) deal is still awaiting approval from the U.S. Committee on Foreign Investment in the United States (CFIUS) - which blocked Philips'' planned sale of its lighting-components unit to Asian buyers last year. Asked whether he feared the new U.S. administration of Donald Trump, with its protectionist policies, may complicate the planned sale, Bank said: "We have no indication that that will be the case." "We still strongly believe this deal will go through." ($1 = 0.9377 euros) (Reporting by Georgina Prodhan; Editing by Harro ten Wolde) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/osram-licht-results-lamps-idUSFWN1FT01H'|'2017-02-08T14:09:00.000+02:00'
'0ff281b0d80184b8cd08b3e7224f852eda2d1da0'|'Barcelona hub a ''start'' for BA owner''s budget long-haul flights'|'Business News - Wed Feb 8, 2017 - 3:36pm GMT Barcelona hub a ''start'' for BA owner''s budget long-haul flights British Airways aircraft taxi at Heathrow Airport near London, Britain October 11, 2016. REUTERS/Stefan Wermuth/File Photo By Julia Fioretti - BRUSSELS BRUSSELS British Airways and Iberia owner IAG is looking to offer low-cost long-haul flights from airports other than Barcelona in its efforts to compete on trans-Atlantic routes. IAG said late last year it would start budget flights to U.S. destinations in June, using its budget short-haul brand Vueling, which has its hub at Barcelona''s El Prat airport, to feed passengers to the longer routes. "This is the start of something that will be a significant part of IAG...We think Barcelona is a great place to start," IAG''s chief executive Willie Walsh said on the sidelines of an aviation conference in Brussels. Rival low-cost carriers Norwegian Air Shuttle and Wow Air are stepping up transatlantic flights, while IAG rival Lufthansa has also started budget long-haul flights using its Eurowings brand. Walsh said the changes in the competitive landscape had encouraged IAG to look at new operating models. "It''s good to see how consumers have responded to the customer proposition that he (Norwegian CEO Bjoern Kjos) has put in the market and that''s encouraged us to look at doing different things." IAG would start selling tickets for the new Barcelona routes "very soon", Walsh said, without specifying when. The company''s new budget operation would not be operated by Vueling, which is focused on short-haul, nor would it use the Aer Lingus name because that brand is not as well known outside of Ireland, Walsh said. Separately, IAG was not planning to change its hedging policies despite the fall in the value of the pound since Britain''s vote to leave the European Union which forced it and other carriers to lower profit expectations, the CEO added. (Writing by Victoria Bryan; Editing by Alexander Smith) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-iag-longhaul-idUKKBN15N1VQ'|'2017-02-08T22:36:00.000+02:00'
'd6970501f4180455abb50f120d4f0c1da7818c2a'|'UPDATE 1-Russia''s Detsky Mir prices IPO at bottom of range-sources'|'(Adds details about demand, background)MOSCOW Feb 8 Russia''s largest children''s goods retailer Detsky Mir has priced its initial public offering at 85 roubles ($1.43) per share, at the bottom of the 85-87 rouble range, two sources familiar with the deal said on Wednesday.The company saw bids for more than 1.5 times the number of shares on offer, drawing strong demand from foreign investors, said another source, who is close to the placement.More than 30 percent of demand came from U.S. investors, around 35 percent from Europe, less than 10 percent from Russia and more than 25 percent from the Middle East and Asia, he said.The source added there were "hedge funds, long-only investors including sovereign wealth funds" among the buyers and that nobody would take a dominant position.The IPO is a test of how quickly investor appetite for Russian assets is recovering, after a three-year period when the economy was buffeted by a slump in oil prices, economic slowdown, and Western sanctions imposed over the conflict in Ukraine.The transaction comprised shares sold by the Sistema conglomerate and the Russia-China Investment Fund.Detsky Mir declined to comment. ($1 = 59.4112 roubles) (Reporting by Maria Kiselyova and Olga Sichkar; Editing by Christian Lowe)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/russia-detsky-mir-ipo-price-idINL5N1FT0DF'|'2017-02-08T02:45:00.000+02:00'
'54c3311743b9227859910d9a6258655cc055636c'|'Brazil challenges Canada at WTO over Bombardier loans'|'Company  53am EST Brazil challenges Canada at WTO over Bombardier loans By Alonso Soto and Brad Haynes - BRASILIA/SAO PAULO BRASILIA/SAO PAULO Feb 8 Brazil opened a formal complaint against Canada at the World Trade Organization (WTO) on Wednesday, accusing the country of distorting the global aerospace industry with subsidies for planemaker Bombardier Inc . Brazil has threatened for months to open the WTO process, arguing that support for Bombardier''s new CSeries was undercutting the market for commercial jets made by Brazilian rival Embraer SA. The latest support for Bombardier came on Tuesday in the form of interest-free loans worth C$372.5 million ($283 million) from the Canadian government. Canadian Trade Minister Francois-Philippe Champagne said the loans complied with WTO rules and the government would defend itself against litigation. Brazil''s Foreign Ministry cited news of additional subsidies for Bombardier in a statement on Wednesday, criticizing "at least $2.5 billion in government support" for the Canadian planemaker. "It is the understanding of Brazil that these Canadian subsidies artificially affect international competitiveness," the Brazilian ministry said in a statement. "New support that has been announced could further deepen the distortions in the aeronautical sector in detriment to Brazilian interests." The province of Quebec, where Bombardier is based, injected $1 billion into the company''s CSeries program. The province''s largest pension fund invested $1.5 billion in the company''s rail unit last year. Embraer Chief Executive Paulo Cesar Silva said in a statement that the ongoing subsidies "have not only been fundamental in the development and survival of the CSeries program, but have also allowed Bombardier to offer its aircraft at artificially low prices." Bombardier representatives did not immediately respond to a request for comment. Both countries now have up to 60 days to try to settle the dispute before the creation of a panel of experts to help the WTO make a ruling in the case. The latest WTO standoff follows nearly a decade of sparring between Brazil and Canada over state financing for Embraer and Bombardier''s exports. However, the current dispute is closer in substance to the clash between the United States and the European Union over allegedly unfair government loans to Boeing Co and Airbus Group SE. The WTO found government loans from EU member states to support Airbus aircraft development constituted unfair subsidies, prompting the threat of U.S. sanctions. The case has still not completed a lengthy WTO legal and compliance process. ($1 = C$1.3182) (Reporting by Brad Haynes and Alonso Soto; Editing by Daniel Flynn and Paul Simao) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/bombardier-investment-wto-idUSL1N1FT0LX'|'2017-02-08T20:53:00.000+02:00'
'dcdedbf4f2da529f5d47d0aa1780cfc9c11075ff'|'EU mergers and takeovers (Feb 8)'|'BRUSSELS Feb 8 The following are mergers under review by the European Commission and a brief guide to the EU merger process:APPROVALS AND WITHDRAWALS-- Japan''s Mitsubishi Chemical Holdings, Marubeni Corp and Metro Pacific Investments to form a joint venture to provide clinical laboratory services in the Philippines (approved Feb. 7)-- U.S. factory automation equipment maker Emerson Electric Co to buy pump manufacturer Pentair Plc''s valves and controls business (approved Feb. 7)-- U.S. investment fund HPS to acquire joint control of U.S. insurance broker NFP Holdings which is now solely controlled by U.S. private equity firm Madison Dearborn Partners (approved Feb. 7)NEW LISTINGS-- U.S. asset manager The Blackstone Group to acquire German property developer Officefirst Immobilien AG (notified Feb. 7/deadline March 14/simplified)-- Private equity firm HIG Capital to acquire IT security products maker Infinigate Holding AG (notified Feb. 7/deadline March 14/simplified)-- Canada''s Public Sector Pension Investment Board (PSPIB) and Teachers Insurance and Annuity Association of America (TIAA) to acquire joint control of U.S. data centre operator Vantage Data Centers Holding Company (notified Feb. 6/deadline March 13/simplified)EXTENSIONS AND OTHER CHANGES-- U.S. chemicals company Dow Chemical to merge with DuPont (notified June 22/deadline extended to April 4 from March 14 after the companies offered concessions)FIRST-STAGE REVIEWS BY DEADLINEFEB 10-- Private equity firm Onex Corp to acquire Parkdean Resorts, a British operator of caravan holiday parks (notified on Jan. 6/deadline Feb. 10/simplified)FEB 15-- China''s Weichai Power Co raises its stake in German industrial vehicle and supply chain system maker Kion (notified Jan. 11/deadline Feb. 15/simplified)-- General Electric Co to acquire rotor blade maker LM Wind Power Holding'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/eu-mergers-idINL5N1FT63N'|'2017-02-08T13:09:00.000+02:00'
'c55db698deac7e5196d802285680d16b281353ed'|'BRIEF-BSM Technologies Inc reports Q1 loss per share $0.006'|' 14pm EST BRIEF-BSM Technologies Inc reports Q1 loss per share $0.006 Feb 9 BSM Technologies Inc : * BSM Technologies Inc reports fiscal 2017 first quarter results * Q1 revenue rose 17 percent to c$18.4 million * BSM Technologies Inc - qtrly loss per share $0.006 Source text for Eikon:   * Q4 earnings per share view $0.51 -- Thomson Reuters I/B/E/S 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/idUSASB0AZOI'|'2017-02-10T05:14:00.000+02:00'
'c9184ea7bd56103bb0d17e7f77aed3f3fd6227a7'|'REFILE-UK''s Elementis to buy U.S.-based SummitReheis in $360 mln deal'|'Deals - Fri Feb 10, 2017 - 3:13am EST UK''s Elementis to buy U.S.-based SummitReheis in $360 million deal British speciality chemicals maker Elementis Plc ( ELM.L ) said on Friday it would buy U.S.-based SummitReheis from an affiliate of private equity firm One Rock Capital Partners LLC for an enterprise value of $360 million to expand its personal care business. Elementis said the deal would increase the annual sales of its personal care business to $200 million and boost its adjusted earnings in the current financial year. The deal will be funded from cash resources and new debt facilities of $475 million, the company said. SummitReheis makes personal care chemicals and counts Procter & Gamble ( PG.N ) and Colgate ( CL.N ) among its clients. (This story has been refiled to correct spelling of SummitReheis in the headline and in paragraphs 1 and 4) (Reporting by Sanjeeban Sarkar in Bengaluru; Editing by Amrutha Gayathri) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-srlh-holdings-m-a-elementis-idUSKBN15P0QL'|'2017-02-10T15:10:00.000+02:00'
'c22d7767fcc4ab0228b50d4325bccdd5943fe04e'|'PRESS DIGEST- Financial Times - Feb 10'|'Company News - Thu Feb 9, 2017 - 7:17pm EST PRESS DIGEST- Financial Times - Feb 10 Feb 10 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/2kYX0pX ) Overview Tata Steel UK has signed a 100 million pound ($124.97 million) deal to sell its speciality steel business to Liberty House Group, as the firm''s Indian owner Tata Steel Ltd presses on with restructuring its European operations. Zenefits is laying off nearly half its staff as the U.S. software startup grapples with the fallout of insurance violations that resulted in hefty penalties from state regulators. Lloyds Banking Group is the latest bank to join a new British cyber security group for banks called the Cyber Defence Alliance to share information on cyber crime. U.S. online rental marketplace Airbnb Inc is in talks to buy Canada''s Luxury Retreats, that specialises in rentals of high-end vacation villas, for more than $200 million. ($1 = 0.8002 pounds) (Compiled by Rama Venkat Raman in Bengaluru; Editing by Sandra Maler) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-press-ft-idUSL1N1FV00L'|'2017-02-10T07:17:00.000+02:00'
'168323c0915493c0a6c16077be17808649bc0ae5'|'Significant uncertainty about U.S. fiscal policy under Trump: Fed''s Fischer'|'By Helen Reid - COVENTRY COVENTRY U.S. Federal Reserve Vice Chair Stanley Fischer said there was significant uncertainty about U.S. fiscal policy under the Trump administration, but the Fed would stick to its targets of creating full employment and getting inflation to 2 percent."There is quite significant uncertainty about what''s actually going to happen, I don''t think anyone quite knows. It''s a process which involves both the administration and the Congress in deciding fiscal policy," Fischer said, speaking at an Economics summit at Warwick University on Saturday."At the moment we''re going strictly according to what we see as our responsibility according to the law, which is maintaining full employment and getting inflation to 2 percent."(Reporting by Helen Reid, Editing by Abhinav Ramnarayan)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/us-usa-fed-fischer-idINKBN15Q0G0'|'2017-02-11T09:51:00.000+02:00'
'f92296b8f78c69e75297e958f2c7c3c134d52cb1'|'EMERGING MARKETS-Peso firms on Mexican rate hike bets; Bovespa rises'|'Company News - Wed Feb 8, 2017 - 6:46pm EST EMERGING MARKETS-Peso firms on Mexican rate hike bets; Bovespa rises By Bruno Federowski and Paulina Osorio SAO PAULO/MEXICO CITY, Feb 8 Mexico''s peso strengthened on Wednesday as investors bet that the country''s central bank would hike interest rates on Thursday and as the dollar weakened on predictions that the U.S. Federal Reserve would not raise rates. The dollar eased on Wednesday, as investors cut bets on a March rate hike by the Fed. Mexico''s peso closed up 0.72 percent at 20.4775 per U.S. dollar. The country''s central bank is expected to raise rates on Thursday amid accelerating inflation fanned by a weak exchange rate and a double-digit gasoline price hike, a Reuters poll last week showed. In Brazil, the benchmark Bovespa stock index closed almost 1 percent higher on the day. Yields paid on interest rate futures fell earlier on Wednesday after consumer price inflation slowed more than expected last month, boosting rate cut bets there. The official measure of Brazilian consumer prices rose 0.38 percent in January from December, the smallest increase for the month since 1994. The figures reinforced bets that the central bank will slash the benchmark overnight lending rate to 13 percent, a cut of 75 basis points, at a meeting later this month. Key Latin American stock indexes and currencies at 2310 GMT: Stock indexes Latest Daily YTD pct pct change change MSCI Emerging Markets 921.68 0.2 6.89 MSCI LatAm 2,545.30 1.06 8.74 Brazil Bovespa 64,835.40 0.99 7.65 Mexico IPC 46,921.71 0.41 2.80 Chile IPSA 4,267.33 0.22 2.79 Chile IGPA 21,292.87 0.21 2.69 Argentina MerVal 19,147.92 -0.24 13.18 Colombia IGBC 10,058.79 -0.7 -0.68 Venezuela IBC 28,274.57 0 -10.82 (Reporting by Bruno Federowski, editing by G Crosse) Next In Company News UPDATE 1-Brazil mulls cap on fine to homebuyers who cancel purchases SAO PAULO, Feb 8 The Brazilian government will send a bill to Congress proposing a fine on homebuyers who cancel the purchase of a property be limited to 10 percent of the value of the house, a source with direct knowledge of the matter said on Wednesday.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/emerging-markets-latam-idUSL1N1FT2AG'|'2017-02-09T06:46:00.000+02:00'
'e1f82f13c73fe6243490ffc6b4ab5165db493ea3'|'Germany prefers stronger euro, higher rates-deputy finance minister'|' 44pm GMT Germany prefers stronger euro, higher rates-deputy finance minister German Deputy Finance Minister Jens Spahn speaks during an interview with Reuters in Berlin, Germany October 4, 2016. REUTERS/Joachim Herrmann BERLIN Germany prefers a stronger euro and higher interest rates in the single currency bloc, Deputy Finance Minister Jens Spahn said, responding to claims by the United States that Europe''s largest economy was exploiting the exchange rate to boost trade. "When one considers only the German economic situation, the euro is too weak at the moment and the rates are also too low," Spahn said in an interview with public broadcaster ZDF to be aired on Thursday. The European Central Bank (ECB) has been buying bonds, holding rates in negative territory and giving banks free loans to fight anaemic growth and inflation. Its expansionary policy has been criticized by some German politicians, notably Finance Minister Wolfgang Schaeuble. "That''s why we are saying: a smart start to reversing this low interest rate policy would be desirable from a German perspective," Spahn said. "But we have to wait, how the ECB, as an independent central bank handles this". Peter Navarro,   top trade adviser, last month accused Germany of using a "grossly undervalued" euro to gain a competitive advantage over the United States and its European Union partners. Chancellor Angela Merkel rejected the criticism, saying the ECB sets monetary policy in the 19-member euro zone. "One thing is clear: the value of the euro, as well as the interest rates in Europe will not be influenced by Germany. The U.S. is accusing us of wanting to keep the rates artificially low. The government has nothing against rising rates," Spahn said. Merkel on Thursday held behind-closed-doors talks with ECB chief Mario Draghi. (Reporting by Joseph Nasr and Michael Nienaber)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ecb-policy-germany-idUKKBN15O2DW'|'2017-02-10T00:44:00.000+02:00'
'2f85efc5b7e7d4c0aac584e295395884d9a935cf'|'Geely''s Volvo Car Group upbeat on 2017 after earnings jump'|' 51am GMT Geely''s Volvo Car Group upbeat on 2017 after earnings jump 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 STOCKHOLM Volvo Car Group reported a jump in 2016 earnings and revenue on Wednesday and forecast higher sales this year helped by new models developed under Chinese owner Geely. Operating earnings rose to 11.0 billion Swedish crowns ($1.24 billion) from 6.6 billion a year earlier. The company was bought by China''s Zhejiang Geely Holding Group Co. from Ford Motor Co. ( F.N ) in 2010. It has invested in new models and plants to secure a niche in the premium auto market which is dominated by Daimler''s ( DAIGn.DE ) Mercedes-Benz and BMW ( BMWG.DE ). Gothenburg-based Volvo reported record high sales of 534,332 cars in 2016. One of Sweden''s largest companies by sales and number of employees, Volvo has set an annual sales goal of 800,000 cars in the medium term. That is seen as a sufficient level to ensure its place in the market and to sustain future investments. "I foresee that 2017 will also be a record year in terms of sales," CEO Hakan Samuelsson said in a statement. Samuelsson told Reuters he expected profitability to stay at a "very strong level" this year as the automaker continued to replace older models with the likes of its new XC60 and XC40 SUVs. "This year will be a year with heavy industrial transformation," Samuelsson said. "Two new cars will come out and at the end of the year we will, for the first time, have an all-modern line-up of SUVs." Global auto markets, not least a Chinese premium segment where Volvo has made inroads since Geely''s acquisition, are seen helping sales of a model line-up that has added the new XC90 SUV and 90-series in recent years, he said. Volvo also said it was looking to hire an additional 700 to 800 employees at its Torslanda plant in Gothenburg in western Sweden. Last year Volvo also took steps toward an eventual listing, raising 5 billion crowns from Swedish institutional investors through the sale of newly issued preference shares, though Samuelsson repeated there were currently no plans for an IPO. [nL5N1EF0ZW] "This is something for the owner," he said. "We are focusing on improving the performance of the company and being transparent in our reporting." ($1 = 8.8868 Swedish crowns) (Reporting by Niklas Pollard; editing by Alistair Scrutton and Jason Neely)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-geely-volvocars-results-idUKKBN15N0PF'|'2017-02-08T14:51:00.000+02:00'
'cc75fdf72f5bc9777c1acec177b7b4b764bbe6a3'|'UPDATE 1-Appointment of Brazil''s Temer ally blocked again by another judge'|'Company  42am EST UPDATE 1-Appointment of Brazil''s Temer ally blocked again by another judge (Adds new ruling suspending nomination) BRASILIA Feb 9 A Brazilian judge on Thursday suspended the nomination of a key ally of President Michel Temer to a ministerial post, shortly after a court overturned an earlier ruling to the same effect, in a move set to further stoke tensions between the executive and the judiciary. Federal Judge Regina Coeli Formisano ruled Temer''s promotion of Wellington Moreira Franco, the current infrastructure investment secretary, to a Cabinet-level position appeared designed to protect him from prosecution in all tribunals except for the Supreme Court. It could not be ignored, Formisano wrote, that Moreira Franco had reportedly been named in plea bargain testimony that linked him to the giant corruption scheme at state-run oil company Petrobras The judge''s move came shortly after another court overturned a ruling by a different federal judge on Wednesday to block Moreira Franco''s appointment to the ministerial post in which he would oversee infrastructure, communications and ceremonies. The Attorney General''s office said in a statement it will appeal Formisano''s ruling. On Wednesday night, it stated Moreira Franco''s promotion was legal and not aimed at protecting him from future prosecution. (Reporting by Lisandra Paraguassu and Eduardo Sim<69>es Editing by W Simon) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brazil-politics-court-idUSL1N1FU0XB'|'2017-02-09T23:42:00.000+02:00'
'b5af3174075c8908d32bf2ca91fac0158ad9efb8'|'Credit Suisse to shift some Swiss mortgages into fund'|'Business News - Wed Feb 8, 2017 - 8:05am GMT Credit Suisse to shift some Swiss mortgages into fund The logo of Swiss bank Credit Suisse is seen on an office building in Zurich, Switzerland, December 23, 2016. REUTERS/Arnd Wiegmann ZURICH Credit Suisse ( CSGN.S ), Switzerland''s second-biggest bank, will shift some Swiss mortgages into a new investment fund to be run by an independent asset manager, it said on Wednesday. The move could free up capital on its balance sheet it can use to promote company loans, Matthias Wyder, head of portfolio management in its Swiss corporate lending business, told the Finanz und Wirtschaft newspaper. He said the fund volume could reach 200 million Swiss francs (160.43 million pounds) by the end of next month and 500 million by year''s end. It could eventually reach 3 billion francs, or around 10 percent of its mortgage volume for income-producing properties, he was quoted as saying. The Swiss Mortgage Fund I being offered to institutional investors will include mortgages on single-family dwellings, condominiums and multi-family dwellings as well as business premises, Credit Suisse said in a statement. The fund''s portfolio will be managed by Tavis Capital AG. Client relationships with mortgage holders will remain with Credit Suisse. ($1 = 0.9989 Swiss francs)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-credit-suisse-gp-mortgages-idUKKBN15N0Q1'|'2017-02-08T15:05:00.000+02:00'
'a8eaa317a8649273a60627905c11429064f2a306'|'Devil-may-care investors fall under spell of mania'|'W all Street is making some big bets on Donald Trump. One of the biggest is that the US president can persuade Congress to unravel the Dodd Frank Act he believes ties the financial services industry in knots. Bank shares have carried the US stock market higher ever since Trump said it was a priority.Another big bet is on a Trump-inspired spending spree by Congress on all manner of infrastructure projects , including the Mexican wall, and on the military. This bet gets a steroid boost when traders add in the impact of huge tax cuts, albeit for the richest, trade tariffs on imports (protecting smaller US firms from competition) and a supposedly benign form of blackmail targeting major corporations that consider opening factories abroad (forcing them to locate inside the US).All these initiatives add up to the greatest economic stimulus since Ronald Reagan blew the US federal budget in the early 1980s and sent the stock market into the stratosphere.With what appears to be devil-may-care abandon, investors have moved their savings out of cash and into risky assets on a huge scale. The Dow Jones index of stocks soared above 20,000 a few weeks ago (it was worth 15,660 this time last year). In tandem, investors have expanded their lending to the corporate sector to embrace some of the riskiest businesses. These are companies that are usually forced to borrow money at sky-high interest rates after analysts have looked them up and down and agreed that they are at the greatest risk of going bust. It means the bonds they issue to investors fall well below the AAA ratings given to the safest businesses. Charmingly, they are accorded junk status and their bonds are rated CCC or less.Trump needs to win over eight Democrats in the Senate to push through his agenda; that looks increasingly unlikelyBut in the midst of a Trumpian boom, who cares about ratings? Nothing and nobody is going to go bust. There will be employment for everyone and, if there isn<73>t, the deregulated banks will lend struggling households and businesses some more money.Figures this week show borrowings by CCC-rated companies have increased by two-thirds in the past year.There will be many on Wall Street who say what could be better than even the most conservative investors entering the $2.2tn junk bond market. Except we know that when this happens, it is a house of cards that will collapse with horrible consequences for all.To emphasise the point, there are even early signs of junk-rated businesses using cheap lending facilities to borrow more money and use it to enrich their private equity owners, a move that evokes the worst behaviour ahead of the 2008 crash. Thankfully, the betting must be that only a few investors get hurt in the stampede, the reason being that Congress simply won<6F>t allow Trump to pursue his crazy spending plans and mania for deregulation.For most of this century, Congress has looked like the M62 in rush hour: gridlocked. Barack Obama enjoyed a brief period when legislation moved through the House and Senate at more than a snail<69>s pace. But after Democrats lost control of the House a couple of years into his first term, he was forced to rely on executive orders. Trump needs to win over eight Democrats in the Senate to push through his controversial agenda and that looks increasingly unlikely as he goes about his daily routine of upsetting even moderate Republicans with his attacks on the judiciary and anyone else who stands in his way.And while he can probably secure a majority for some extra military spending and a little extra infrastructure, these things take years to result in more ships and new motorway building. So we must hope that investors rein in their search for yield and take a more sober view of the bonanza they believe lies on the horizon. It is a mirage.'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/feb/09/devil-may-care-investors-fall-spell-trump-mania-congress'|'2017-02-09T21:
'088d259885dfb4ab93340c128fdb7c74c20657d8'|'Argentina issues peso-denominated treasury bond for $1.6 billion'|'BUENOS AIRES Feb 9 Argentina issued a local currency treasury bond worth 25 billion pesos ($1.6 billion) and maturing in August 2019, the government said on Thursday in its official bulletin.The note, which will be tradable on local markets, will be paid out in "five equal and consecutive quarterly installments, with the first expiring on August 8, 2018." The bond will have an interest rate equivalent to 100 basis points above the central bank''s Badlar rate, also paid out quarterly.Average Badlar interest rates to private banks are currently 19.63 percent. The bond will be sold in one or more tranches as determined by the Finance Ministry, the publication added.Last month, Finance Minister Luis Caputo said Argentina planned to issue $14 billion in local currency bonds in 2017, along with $10 billion in foreign currency bonds.($1 = 15.6775 pesos) (Reporting by Hernan Nessi; Writing by Luc Cohen; Editing by Lisa Von Ahn)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/argentina-bond-idINL1N1FU0JN'|'2017-02-09T09:32:00.000+02:00'
'77f07b1adfeb5e5dada1162ccf39f4095c1a0cd1'|'GlaxoSmithKline and Gilead to face off at HIV meeting next week'|'Company News  50am EST GlaxoSmithKline and Gilead to face off at HIV meeting next week By Ben Hirschler - LONDON LONDON Feb 8 GlaxoSmithKline and Gilead Sciences will vie for business in treating HIV patients next week when both companies unveil clinical trial results at a medical meeting in Seattle. Most attention is focused on Gilead''s next-generation drug bictegravir, a so-called integrase inhibitor similar to GSK''s successful dolutegravir that may offer advantages in terms of greater potency and reduced side effects. GSK plans to defend its patch by highlighting the potential of a new two-drug treatment regimen for controlling the virus behind AIDS, a development that marks a departure from conventional triple drug cocktails. As dolutegravir has been the mainstay of GSK''s HIV business in recent years, investors are nervous about the threat posed by Gilead''s competitor, even though next week''s bictegravir data is only from mid-stage Phase II testing. The drug is also in final stage Phase III testing. GSK Chief Executive Andrew Witty said dolutegravir''s key attribute was its proven track record in avoiding the HIV virus''s potential to develop drug resistance. He described other issues as "peripheral". "It has an extremely impressive resistance profile," Witty told analysts after reporting fourth-quarter results on Wednesday. "It is not easy to beat ... in terms of the thing that really matters, I think that dolutegravir remains an extremely impressive molecule." Results of Gilead''s Phase II trial comparing bictegravir with dolutegravir when both drugs are used as part of a drug-drug combination will be presented at the Conference on Retroviruses and Opportunistic Infections in Seattle on Feb. 13. Detailed findings from two Phase III trials testing GSK''s new two-drug combination of dolutegravir and Johnson & Johnson''s rilpivirine will also be presented the same day. GSK already said in December that the studies were successful. GSK sells its HIV drugs through its majority-owned ViiV Healthcare unit, in which Pfizer and Japan''s Shionogi hold minority stakes. GSK said Shionogi had made clear it intended to retain its stake in ViiV and its put options had now been removed. (Editing by Elaine Hardcastle) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/gsk-results-hiv-idUSL5N1FT5UI'|'2017-02-08T23:50:00.000+02:00'
'b4d334aa2f82272299b0e8a7e889b1ccef5d9e31'|'Is Ivanka Trump''s brand losing its bling?'|'Ivanka''s business ties in Japan raise more conflicts for Donald Trump Is the politics of Ivanka Trump''s father harming her fashion label? The brand would tell you "no." A spokesperson for the first daughter''s fashion label said Wednesday that the brand''s overall sales were up 21% in 2016 compared to the prior year. Rosemary K. Young, senior director of marketing at Ivanka Trump said the brand is growing. "The Ivanka Trump brand continues to expand across categories and distribution with increased customer support, leading us to experience significant year-over-year revenue growth in 2016. We believe that the strength of a brand is measured not only by the profits it generates, but the integrity it maintains. The women behind the brand represent a diverse group of professionals and we are proud to say that the Ivanka Trump brand continues to embody the principles upon which it was founded," Young said. Ivanka Trump has taken a leave of absence from her namesake company while she serves as a White House adviser. Ivanka Trump The first few weeks of 2017, however, have brought some unfavorable news for the brand. Nordstrom ( JWN ) decided to stop carrying the label "based on the brand''s performance," spurring President Trump to tweet a controversial jab at the company on Wednesday. "Sales of the brand have steadily declined to the point where it didn''t make good business sense for us to continue with the line for now," a Nordstrom spokesperson said. Related: Trump''s Nordstrom blast retweeted by @POTUS There are other indicators that retailers are looking to distance themselves from the brand. The company that owns TJ Maxx and Marshalls confirmed to CNNMoney on Wednesday that it recently sent a memo to workers instructing them not to highlight the Ivanka Trump brand in stores. TJX Companies ( TJX ) spokesperson said employees were told to "remove all Ivanka Trump merchandise from features and mix into the runs" -- meaning the brand should not be highlighted on a standalone rack. The New York Times said it reviewed the memo and reported that employees were also told to throw away any Ivanka Trump signage. The company declined to provide a reason for the instructions. Neiman Marcus recently removed its Ivanka Trump brand landing page from its website, and there''s no longer any Ivanka Trump products for sale on its site. A spokesperson for Neiman''s confirmed to CNNMoney last week that the store has had a "very small Ivanka Trump precious jewelry business," and the company "continuously assess whether our brands are carried in stores, on our website, or both...based on productivity." Related: What we know, and don''t, about Trump''s trust Neiman''s declined to indicate whether it intended to keep Ivanka Trump products in stores or resume online sales in the future. Retailer Belk said Wednesday that it plans to pull Ivanka Trump products from its website, but will continue to offer the line in its flagship stores. The retailer indicated that the decision was in response to customer feedback. "We want to thank all of you who have reached out to express your views about Ivanka Trump branded merchandise sold by Belk," a company statement reads. "We continually review our assortment and the performance of the brands we carry. We make adjustments as part of our normal course of business operations. In this regard, we are no longer carrying Ivanka Trump branded merchandise on our website." There are, however, plenty of retailers that are still carrying the brand. A spokesperson said over 800 retailers -- including Bloomingdale''s, Amazon ( AMZN , Tech30 ) , Lord & Taylor, Macy''s ( M ) and Zappos -- all carry Ivanka Trump products. Brand and marketing expert Eric Schiffer of Reputation Management Consultants said the negative publicity may affect the label''s performance in the U.S., but the Ivanka Trump brand will likely perform just fine abroad. "It would be near impossible to nuke Ivanka''s brand given the proximity she has to the White
'd8181181692ecccc7fbd28435d7443d42957a7f4'|'CANADA STOCKS-TSX gains as miners benefit from higher commodity prices'|'Company  53pm EST CANADA STOCKS-TSX gains as miners benefit from higher commodity prices (Adds comment, updates prices to close) * TSX settles up 55.24 points, or 0.36 percent, at 15,554.04 * Eight of the TSX''s 10 main groups move higher By Alastair Sharp TORONTO, Feb 8 Canada''s benchmark stock index ended up on Wednesday after a slow start as an oil price rebound helped some energy stocks, and gold and base metal miners rose as political uncertainty boosted bullion and a likely squeeze on supply pushed copper prices higher. The materials group, which includes miners and fertilizer companies, added 0.9 percent. Barrick Gold Corp advanced 1.2 percent to C$25.75 and Goldcorp Inc rose 1.1 percent to C$22.27 as bullion hit a three-month peak. First Quantum Minerals Ltd ended 2.3 percent higher at C$16.29 and Lundin Mining Corp jumped 4.4 percent to C$8.27 as copper prices rose after the world''s top two mines said strikes and permit delays would force them to cut output, squeezing global supply. The Toronto Stock Exchange''s S&P/TSX composite index settled up 55.24 points, or 0.36 percent, at 15,554.04. Eight of the index''s 10 groups ended higher, with advancers outnumbering declining issues by a 2.3-to-1 ratio. The energy group ended 0.2 percent higher after a sharp retreat earlier in the session. "We had an initial selloff on the complex and we managed to reverse that with some oversold characteristics," said Sid Mokhtari, a market technician and director of institutional equity research at CIBC World Markets. "If we give it some time, we should be able to get some better price action out of the oil patch in Canada." Oil prices rose slightly as investors covered short positions after a rise in U.S. crude inventories was not as massive as many had feared, while gasoline futures jumped 4 percent after a surprise decline in inventories of the fuel. Canada''s largest oil and gas producer, Suncor Energy Inc fell 0.3 percent to C$40.51, while pipeline operator Enbridge Inc advanced 1.2 percent to C$56.31. Bombardier Inc gained 2 percent to C$2.60 after Canada said it would provide the plane and train maker with C$372.5 million in repayable loans for two of its jet programs, causing Brazil to open a formal trade complaint. Shares in Intact Financial Corp, the country''s largest property and casualty insurer, fell 1.5 percent to C$93.88 after the company missed quarterly operating profit expectations on weakness in its auto insurance business. BlackBerry Ltd shares rose 1.4 percent to C$9.54. The company said on Tuesday it would make its BBM secure-messaging system available for software developers to build into their own products. (Reporting by Alastair Sharp; Editing by Leslie Adler) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-idUSL1N1FT21K'|'2017-02-09T04:53:00.000+02:00'
'9aa1b4709c53d165395f78dfa8f123a2c425489c'|'NSA contractor indicted over mammoth theft of classified data'|'By Dustin Volz A former National Security Agency contractor was indicted on Wednesday by a federal grand jury on charges he willfully retained national defense information, in what U.S. officials have said may have been the largest heist of classified government information in history.The indictment alleges that Harold Thomas Martin, 52, spent up to 20 years stealing highly sensitive government material from the U.S. intelligence community related to national defense, collecting a trove of secrets he hoarded at his home in Glen Burnie, Maryland.The government has not said what, if anything, Martin did with the stolen data.Martin faces 20 criminal counts, each punishable by up to 10 years in prison, the Justice Department said."For as long as two decades, Harold Martin flagrantly abused the trust placed in him by the government," said U.S. Attorney Rod Rosenstein.Martin''s attorney could not immediately be reached for comment.Martin worked for Booz Allen Hamilton Holding Corp when he was taken into custody last August.Booz Allen also had employed Edward Snowden, who leaked a trove of secret files to news organizations in 2013 that exposed vast domestic and international surveillance operations carried out by the NSA.The indictment provided a lengthy list of documents Martin is alleged to have stolen from multiple intelligence agencies starting in August 1996, including 2014 NSA reports detailing intelligence information "regarding foreign cyber issues" that contained targeting information and "foreign cyber intrusion techniques."The list of pilfered documents includes an NSA user''s guide for an intelligence-gathering tool and a 2007 file with details about specific daily operations.The indictment also alleges that Martin stole documents from U.S. Cyber Command, the CIA and the National Reconnaissance Office.Martin was employed as a private contractor by at least seven different companies, working for several government agencies beginning in 1993 after serving in the U.S. Navy for four years, according to the indictment.His positions, which involved work on highly classified projects involving government computer systems, gave him various security clearances that routinely provided him access to top-secret information, it said.Unnamed U.S. officials told the Washington Post this week that Martin allegedly took more than 75 percent of the hacking tools belonging to the NSA''s tailored access operations, the agency''s elite hacking unit.Booz Allen, which earns billions of dollars a year contracting with U.S. intelligence agencies, came under renewed scrutiny after Martin''s arrest was revealed last October. The firm announced it had hired former FBI Director Robert Mueller to lead an audit of its security, personnel and management practices.A Booz Allen spokeswoman did not have an immediate comment on Martin''s indictment.Martin''s initial appearance in the U.S. District Court of Baltimore was scheduled for next Tuesday, the Justice Department said.(Reporting by Dustin Volz in Washington and Jonathan Stempel in New York; editing by Jonathan Oatis and Phil Berlowitz)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-usa-cybersecurity-nsa-contractor-idINKBN15N2N4'|'2017-02-08T20:04:00.000+02:00'
'6b8011ec3a0d2f8bfaa554efc2c7b056fd11c480'|'U.S. jobless claims near 43-year low; wholesale inventories surge'|'By Lucia Mutikani - WASHINGTON WASHINGTON The number of Americans filing for unemployment benefits unexpectedly fell last week to near a 43-year low, amid a further tightening of the labor market that could eventually spur faster wage growth.Other data on Thursday showed inventories at wholesalers surged in December for a second straight month and sales recorded their biggest increase since 2011, signs of confidence in the economy as domestic demand strengthens.Initial claims for state unemployment benefits dropped by 12,000 to a seasonally adjusted 234,000 for the week ended Feb. 4, the Labor Department said. That left claims just shy of the 43-year low of 233,000 touched in early November.Claims have now remained below 300,000, a threshold associated with a strong labor market, for 101 straight weeks. That is the longest stretch since 1970, when the labor market was much smaller."There is no sign of a pickup in layoff activity. We continue to view the signal of extremely subdued layoffs from the jobless claims data as evidence of companies attempting to retain their workers in a tight labor market," said John Ryding, chief economist at RDQ Economics in New York.Prices of U.S. Treasuries fell, with yields rising to session highs, while the dollar rose against a basket of currencies.The labor market is at or close to full employment, with the unemployment rate at 4.8 percent after hitting a more than nine-year low of 4.6 percent in November. The economy created 227,000 jobs in January.Further tightening in labor market conditions could boost wage growth, which has remained stubbornly sluggish despite anecdotal evidence of more companies struggling to find qualified workers.PRETTY UPBEAT SIGNALLackluster wage growth, if sustained, could hurt consumer spending and crimp economic growth. Economists polled by Reuters had forecast first-time applications for jobless benefits rising to 250,000 in the latest week."Today''s report sent a pretty upbeat signal about conditions in the job market," said Daniel Silver, an economist at JPMorgan in New York. "It looks like conditions in the job market have remained solid in the few weeks since the reference period for the January payroll report."The four-week moving average of claims, considered a better measure of labor market trends as it irons out week-to-week volatility, fell 3,750 to 244,250 last week, the lowest level since November 1973.The claims report also showed the number of people still receiving benefits after an initial week of aid increased 15,000 to 2.08 million in the week ended Jan. 28. The four-week average of the so-called continuing claims fell 3,750 to 2.08 million.In a separate report on Thursday, the Commerce Department said wholesale inventories increased 1.0 percent after a similar jump in November. The back-to-back strong increases of stock accumulation, however, suggest a moderation in the pace of inventory investment in the months ahead.Wholesale stocks excluding autos, the component of wholesale inventories that goes into the calculation of gross domestic product, increased 0.9 percent in December.Inventory investment contributed one percentage point to the economy''s 1.9 percent annualized growth rate in the fourth quarter. That was the second straight quarterly contribution to GDP growth. Inventories had been a drag on GDP growth since the second quarter of 2015.Sales at wholesalers jumped 2.6 percent in December, the largest increase since March 2011, after increasing 0.5 percent in November.At December''s sales pace it would take wholesalers 1.29 months to clear shelves, the smallest since December 2014 and down from 1.31 months in November. The ratio has declined from the 1.37 months touched in January of last year, which was the highest since March 2009.(Reporting by Lucia Mutikani; Editing by Paul Simao and Meredith Mazzilli)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/usa-economy-idINKBN15O1OV'|
'e23b6472a6dcc4bf07d7981ba17206858e167bdf'|'Greece says bailout deal close, but will not accept ''illogical'' demands'|'  1:10pm GMT Greece says bailout deal close, but will not accept ''illogical'' demands left right Greek Prime Minister Alexis Tsipras adjusts his shirt collar as he sits next to Deputy Prime Minister Giannis Dragasakis (C) and Digital Policy Minister Nikos Pappas before his speech at the ruling Syriza party central committee in Athens, Greece February 11, 2017. REUTERS/Michalis Karagiannis 1/5 left right Greek Prime Minister Alexis Tsipras delivers a speech at the ruling Syriza party central committee in Athens, Greece February 11, 2017. REUTERS/Michalis Karagiannis 2/5 left right Greek Prime Minister Alexis Tsipras answers a question on corruption, during the Prime Minister''s Question Time at the parliament in Athens, Greece, February 10, 2017. REUTERS/Alkis Konstantinidis 3/5 left right FILE PHOTO:A Greek pensioner wipes his face with a fake euro banknote during a demonstration against government policies affecting pensioners in Athens, Greece, December 15, 2016. REUTERS/Alkis Konstantinidis/File Photo 4/5 left right FILE PHOTO:Greek pensioners shout slogans during a demonstration against government policies affecting pensioners in Athens, Greece, December 15, 2016. REUTERS/Alkis Konstantinidis/File Photo 5/5 By Karolina Tagaris - ATHENS ATHENS Greek Prime Minister Alexis Tsipras said on Saturday he believed the country''s drawn-out bailout review would be completed positively but repeated that Athens would not accept "illogical" demands by its lenders. He warned all sides to "be more careful towards a country that has been pillaged and people who have made, and are continuing to make, so many sacrifices in the name of Europe". Greece and its international lenders made clear progress on Friday toward bridging differences over its fiscal path in coming years, moving closer to a deal that would secure new loan disbursements and save the country from default. "(The review) will be completed, and it will be completed positively, without concessions in matters of principle," Tsipras told a meeting of his leftist Syriza party. Reaching agreement would release another tranche of funds from it latest 86 billion euro bailout, and facilitate Greece making a major 7.2 billion euro debt repayment this summer. European and International Monetary Fund lenders want Greece to make 1.8 billion euros - or 1 percent of GDP - worth of new reforms by 2018 and another 1.8 billion euros after then and the measures would be focused on broadening the tax base and on pension cutbacks. But further cutbacks, particularly to pensions which have already gone through 11 cuts since the start of the crisis in 2010, are hard to sell to a public worn down after years of austerity. Representatives of Greece''s lenders are expected to return to Athens this week to report on whether Greece has complied with a second batch of reforms agreed under the current bailout, its third. "We are ready to discuss anything within the framework of the (bailout) agreement and within reason, but not things beyond the framework of the agreement and beyond reason," Tsipras said. "We will not discuss demands which are not backed up by logic and by numbers," he said. Tsipras accused the IMF, with which it has had testy relations since its first bailout in 2010, of being "cowardly," and of coming up with "new demands for Greece; absurd, imaginary unreal, it doesn''t matter, as long as it is made to look like Greece is to blame ... for the already agreed decision of the Fund to not finance the third Greek bailout." The IMF has sat on the sidelines of the latest bailout program and says it cannot participate in a program which could keep Greece in a never-ending cycle of indebtedness that could push national borrowing to 275 percent of economic output by 2060. "I don''t know if (the review) will be completed with the IMF having a central funding role, or a different role, but the review will be completed because Europe cannot afford to play games," Tsipras sa
'21964e0beb03ee740cc84c0ea24fe5e06eb74b88'|'Ex-VW chairman Piech refuses to testify in German emissions inquiry'|'  12:00pm EST Ex-VW chairman Piech refuses to testify in German emissions inquiry Ferdinand Piech, chairman of the supervisory board of German carmaker Volkswagen, arrives at the annual shareholders meeting in Hanover in this April 25, 2013 file photo. REUTERS/Fabian Bimmer/Files HAMBURG/BERLIN Ex-Volkswagen ( VOWG_p.DE ) Chairman Ferdinand Piech, who resigned after a showdown with former chief executive Martin Winterkorn, has refused to testify to German lawmakers investigating a possible government''s role in the VW emissions scandal, according to his lawyer. Piech, also VW''s former CEO who spearheaded the carmaker''s global expansion, gave testimony to lawyers of U.S. law firm Jones Day last April and to German prosecutors in Braunschweig near VW''s Wolfsburg headquarters in December, his lawyer said. "These comments were solely directed at the inquirers of Jones Day and the prosecutors respectively. They were not directed at the public media," Piech''s Hamburg-based lawyer, Gerhard Strate, said in an emailed statement. He said Piech has no intention "to comment in public on what is being circulated as the alleged content of the questioning". The German parliamentary committee of inquiry has expressed its intention to summon Piech. The committee chairman did not return calls seeking comment on Piech''s refusal to testify. A German media report earlier this week said Piech had informed top directors at VW about potential cheating with diesel emissions tests in the United States six months before the scandal became public in September 2015. Piech has not commented on the report by Bild am Sonntag. The unsourced report said Piech raised the issue with Winterkorn and subsequently informed members of the supervisory board''s steering committee in March 2015 - a month before Piech was ousted as chairman. VW has said it might take legal action against Piech over his reported assertions. The supervisory board''s labor representatives have since denied the reported allegations, as did Stephan Weil, a member of the steering committee and prime minister of Lower Saxony state, VW''s No. 2 stakeholder. The German parliamentary committee will next Thursday question Weil and Transport Minister Alexander Dobrindt over the scandal. The panel was set up last April to clarify whether Germany''s federal government and regulators were involved in VW''s manipulations or failed to contribute towards their disclosure. Last month it questioned Winterkorn, who denied early knowledge of the cheating. (Reporting by Jan Schwartz and Andreas Cremer; editing by Mark Heinrich)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-volkswagen-emissions-piech-idUSKBN15Q0LR'|'2017-02-11T23:49:00.000+02:00'
'f3bd9b0fdcdd7a5f004e729dca3953d1903d7e1f'|'European shares end at 2-week high, SocGen and Total advance'|'Company News - Thu Feb 9, 2017 - 12:15pm EST European shares end at 2-week high, SocGen and Total advance * STOXX Europe 600 index rises for third straight day * SocGen, Eutelsat, Total rise as results please * But Commerzbank slips as weak earnings outlook disappoints * Bank of America analysts upbeat on European equities (Adds details, closing prices) By Atul Prakash and Danilo Masoni LONDON/MILAN, Feb 9 European shares ended at their highest level in two weeks on Thursday, with some major companies such as France''s second-biggest listed bank Societe Generale and oil major Total advancing after their results. Eutelsat also surged, up 8.2 percent to lead gainers on the STOXX 600 index, after the telecommunication services firm''s first-half revenue fell less than expected. It also forecast higher Internet and mobile satellite sales and planned to buy a Viasat satellite. Shares in Societe Generale rose 2.3 percent after the French bank reported better than anticipated net income in the final three months of last year and said it would float a stake in its booming vehicle leasing unit ALD. France''s Total gained 1.3 percent after the company also reported better than expected fourth quarter net profits, thanks to cost savings that enabled it to raise its dividend. Total said it was hunting for opportunities to buy assets from struggling rivals. Bank of America Merrill Lynch said there was a strong value case for European equities relative to the United States. However, the value case was conditional on the earnings cycle in Europe turning to relative profit growth and the impact of political and sovereign risks. "So far the signs are positive. Earnings (in Europe) are now rising relative to the U.S. and we expect double digit EPS growth in 2017," Bank of America ML analysts said in a note. The pan-European STOXX 600 index climbed 0.8 percent to its highest level since Jan. 27 after rising in the past two straight days. Across Europe, DAX rose 0.9 percent. DZ Bank Chief Investment Strategist Christian Kahler said he expected the German blue chip index to climb another 8 percent to a record high by the end of the year, saying solid earnings and economic growth should help offset political risks. The European mining index ended up 0.1 percent, underperforming the broader market, after copper and nickel dropped. Commerzbank fell 1.8 percent after the German lender said it expected net profit to remain low this year. Germany''s second-largest lender behind Deutsche Bank, however, beat quarterly profit forecasts. Thomas Cook fell 7 percent on its cautious outlook. It said summer bookings were ahead of 2016, but it was cautious for the rest of the year due to uncertain political and economic outlook. However, some analysts were mildly positive. "Times are tough in the European travel industry and Thomas Cook isn''t having the best of it, though the good news is (that) things don''t seem to be getting any worse," Laith Khalaf, senior analyst at Hargreaves Lansdown, said. Yara International and Gjensidige both fell sharply after their results. (Reporting by Danilo Masoni; editing by Mark Heinrich) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/europe-stocks-idUSL5N1FU75Q'|'2017-02-10T00:15:00.000+02:00'
'18d8dc03865d56a4af8d1b08f3232e18cccd24c0'|'Dow, DuPont offer to sell assets to gain EU approval for merger'|'Deals  17am GMT Dow, DuPont offer to sell assets to gain EU approval for merger BRUSSELS Dow Chemical ( DOW.N ) and DuPont ( DD.N ) has offered to sell assets to ease EU competition concerns that their planned $130 billion merger may lead to farmers facing higher prices and fewer new herbicides and pesticides in the future. The companies submitted concessions to the European Commission on Feb. 7. "The remedies include proposed divestment of a portion of DuPont''s crop protection business and associated research and development, as well as Dow''s acid copolymers and ionomers business," Dow said in an email. The companies reiterated their goal of closing the deal in the first half of 2017. The European Commission confirmed that the companies had offered concessions. It is now expected to seek feedback from customers and rivals before deciding whether to accept them or demand more. The deadline for the Commission''s decision has now been extended to April 4 from March 14. The Dow, DuPont deal is one of three in the agrochemicals industry as companies seek scale and cut costs. The others are planned combinations of ChemChina [CNNCC.UL] and Syngenta ( SYNN.S ) and of Bayer ( BAYGn.DE ) and Monsanto ( MON.N ). (Reporting by Foo Yun Chee; editing by Philip Blenkinsop) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-du-pont-m-a-dow-eu-idUKKBN15N11K'|'2017-02-08T17:15:00.000+02:00'
'701585ebe7f40ef8cf2abc781ac2a2052bb5038d'|'BlackRock CEO Fink sees "dark shadows" in markets'|'Business  19am EST BlackRock CEO Fink sees ''dark shadows'' in markets BlackRock Inc Chief Executive Officer Larry Fink is pictured at a business roundtable meeting of company leaders and U.S. Republican Presidential candidate Mitt Romney in Washington in this June 13, 2012 file photo. REUTERS/Jason Reed/Files NEW YORK BlackRock CEO Larry Fink on Wednesday said he is more concerned about financial markets than the current consensus, as uncertainty over global trade and other issues has caused business leaders to slow down spending. "I see a lot of dark shadows," he said at an event hosted by Yahoo. "The markets are probably ahead of themselves." (Reporting by Trevor Hunnicutt; Editing by Alden Bentley) Next In Business News Exclusive: White House eying executive order targeting ''conflict minerals'' rule - sources WASHINGTON President Donald Trump is planning to issue an executive order targeting a controversial Dodd-Frank rule that requires companies to disclose whether their products contain "conflict minerals" from a war-torn part of Africa, according to sources familiar with the administration''s thinking.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-blackrock-ceo-idUSKBN15N1OE'|'2017-02-08T21:17:00.000+02:00'
'91a68569c81fe5e546be7fa63ef52ece69e76432'|'UPDATE 1-UK backs off banning illiquid assets in open-ended funds'|'(Adds detail, industry comment)By Huw Jones and Carolyn CohnLONDON Feb 8 Britain''s financial watchdog has decided against a shake-up of open-ended funds, concluding that changes such as a ban on them holding illiquid assets would do little to make them safer.Commercial property funds worth about 18 billion pounds ($23 billion) had to suspend activities temporarily in the aftermath of Britain''s vote to leave the European Union, prompting the Financial Conduct Authority (FCA) to review open-ended funds, which can issue or redeem shares at any time.The funds ran out of cash when investors who feared property prices would collapse demanded their money back, triggering calls for a reform and for a ban on such funds holding illiquid assets like property."We do not intend to ban open-ended funds holding illiquid assets or prevent retail investors from acquiring units in open-ended property funds," the FCA said on Wednesday.Such changes would end up raising costs and having a negative effect, it added in a discussion paper in which it said it was open to ideas on how the "tools" available to fund managers might help them better manage the liquidity of funds that offer regular dealing but hold illiquid assets."A ban on this kind of product would have been overkill," Laith Khalaf, senior analyst at funds supermarket Hargreaves Lansdown, said, adding that regulators would be looking for some compromise on liquidity.Liquidity mismatches have risen to the top of the agenda for regulators across the world after bond funds came under intense pressure to meet redemptions following big falls in prices during recent periods of market stress.The FCA said one possible approach could be to require a manager of a fund holding illiquid assets to ensure a diverse investor base, to prevent one investor or group of investors from acquiring more than a specified proportion of the fund.There could also be a cap on the proportion of the portfolio that could be held directly in illiquid assets, the FCA said.There could also be guidance on the use of liquidity ''buckets'' so that funds face limits on the proportion of assets that could be sold for cash within a specific timeframe.Another option would be to introduce so-called "anti-dilution" safeguards, meaning a discount on the amount of money handed back to investors who want to exit quickly. ($1 = 0.7996 pounds) (Editing by Mark Potter and Alexander Smith)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/britain-regulator-funds-idINL5N1FT3QJ'|'2017-02-08T09:22:00.000+02:00'
'e911aaa833f7108720daa6b5a00353289754127e'|'South Africa''s Sappi to invest $305 mln in North America and Europe'|'Company News - Wed Feb 8, 2017 - 2:53am EST South Africa''s Sappi to invest $305 mln in North America and Europe JOHANNESBURG Feb 8 South African pulp and paper maker Sappi will invest $305 million in North America and Europe to increase its packaging capacity, the firm said on Wednesday after releasing its first-quarter results. Sappi, which makes 50 percent of its sales in Europe and 27 percent in North America, is reducing its dependence on graphic and glossy paper and is diversifying into speciality packaging paper. The company suffered from a fall in demand for glossy paper as tablet computers and e-readers eroded the traditional magazine industry and as retailers relied more on websites than printed catalogues. Sappi will invest approximately $165 million in North America to upgrade a paper mill and $140 million in Europe over a three year period in a number of projects that will support its speciality packaging paper capacity. "Our decision demonstrates our clear commitment to the consumer packaging market and our focus on maintaining our leadership in coated paper production in both North America and Europe," Chief Executive Steve Binnie said in a statement. Shares in Sappi were up 1.8 percent at 86.30 rand at 0712 GMT. Sappi said first-quarter profit increased 20 percent to $90 million from $75 million a year ago due to greater sales volumes across all major divisions and higher prices for dissolving wood pulp. Earnings per share for the period rose 23 percent higher to 16 U.S. cents from 13 U.S. cents a year earlier, while net debt fell by 23 percent to 396 million. The firm expects to reduce net debt further this year. "Based on current market conditions, we expect the group''s operating performance for the second quarter to be broadly in line with that of 2016", Binnie said, citing the recent strength of the rand and further weakness in graphic paper demand and pricing in Europe and the United States. (Reporting by Nqobile Dludla, editing by Louise Heavens) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/sappi-results-idUSL5N1FS5FI'|'2017-02-08T14:53:00.000+02:00'
'a8585a4e9b93d36b63be79b52ec919e30dacc018'|'World''s largest superyacht: a floating private members club for billionaires - Business'|'It is being billed as the <20>world<6C>s largest floating private members club<75>. A 220-metre-long superyacht where the cost of a room for the night starts at about <20>2,000, offering wealthy clients the chance to tour the globe calling in at glamour events from the Monaco Grand Prix to the Rio carnival.Five billionaire friends have paid <20>10m (<28>8.5m) each towards the cost of building the luxury yacht, in return for a suite. Most of the <20>250m bill will be borne by wealthy concierge firm Quintessentially , which will operate the ship as a seaborne private club for its elite members. As well as hosting parties the yacht <20> which planned to launch in 2013 but struggled to attract enough funding <20> will also a hotel and a restaurant run with the Mayfair institution The Wolseley.Boat builders can now design almost anything that the mega-rich can imagine <20> but most just want room for a giant TV Read more Aaron Simpson, Quintessentially<6C>s co-founder and chairman, said he hit upon the idea of building the firm<72>s own yacht after finding it difficult to cater to wealthy clients when they all descend on the same high-profile events at the same time.<2E>It will travel the globe to where the wealthy want to go and be seen,<2C> Simpson said. <20>We know the events where there is huge demand and not enough supply.<2E>It will be the world<6C>s largest floating private membership club,<2C> he said. <20>Where the traditional cruise model is to go somewhere, dock and get off; we will dock and people will want to get on.<2E>Quintessentially has secured debt financing from Norway and Italy, where the yacht will be built and fitted out. The yacht, which will be 40m longer than the world<6C>s biggest private vessel Azzam , owned by United Arab Emirates ruler Sheikh Khalifa bin Zayed Al Nahyan, is due to make its maiden voyage in 2019-2020.Simpson envisages the yacht, to be named Quintessentially One, hosting exclusive parties with famous performers putting in a star turn. He points out that Quintessentially has long-standing ties with world famous artists such as Elton John, who it has booked to sing at its ultra-wealthy clients previous birthdays.Facebook Twitter Pinterest Sir Philip Green<65>s new 90-metre-long yacht Lionheart built in Livorno, Italy, by Benetti. Photograph: http://livornodailyphoto.blogspot.co.uk The five billionaires, who Simpson said would remain anonymous <20>until a bottle of champagne hits the hull<6C>, will each own a suite, including some which span three floors. Some suites will cover 100 sq m.Quintessentially members can stay in hotel rooms starting at about <20>2,000 a night. Although Simpson conceded such a bill was <20>a lot<6F> he said, <20>Try finding a room for that [during the Monaco Grand Prix weekend].<2E> Elite membership costs <20>15,000-a-year.Simpson said the vessel<65>s interior and layout would be completed by Benetti, the luxury Italian superyacht firm that built Sir Philip Green family<6C>s Lionheart yacht . Ports of call There is one problem, however. At 220m long Quintessentially One will be so big it won<6F>t fit into Monaco<63>s harbour, or many others on its global itinerary, and will have to weigh anchor out at sea with guests ferried to land in launches. Ports of call listed for its first few voyages include the Bahamas, Ibiza and Miami. It is not the first yacht to provide a floating home for billionaires. In 2002, the wealthy were able to buy homes on The World, the largest residential yacht on Earth at 196.5m long, which claims residents can <20>travel the globe without ever leaving home<6D>. The World, on which 142 families reside in 165 apartments, is constantly on the move and circumnavigates the globe every two-to-three years. A 200-strong crew cater to residents, some of whom spend most of the year on board while others join for specific expeditions. The boat has recently returned from a trip to Antarctica, where it broke the record for the most southerly navigation , reaching a point within the Bay of Whales in the Ross Sea.'|'theg
'b2ce3097ab2d665bb69f54d98168a0b2f3d91092'|'Bucking global trend, Poland launches 500 zloty banknote'|'Business News - Fri Feb 10, 2017 - 12:27pm GMT Bucking global trend, Poland launches 500 zloty banknote Security men at the Polish central bank headquarters guard piles of cash worth 1 million zlotys each (199,110 pounds) in 100-zloty, 200-zloty and 500-zloty banknotes in Warsaw, Poland February 10, 2017. REUTERS/Marcin Goettig WARSAW Going against a global trend of discouraging cash use, the European Union''s biggest eastern economy Poland launched a new 500-zloty (99 pound) banknote on Friday to reduce the cost of storing reserves and better reflect rising levels of affluence. The central bank took the decision despite a request from a deputy economy minister to reconsider on grounds the new banknotes could facilitate criminal activity and make it more difficult to fight the grey economy. "It is clear that there is a need to supplement the structure of banknotes in circulation," central bank board member Jacek Bartkiewicz told reporters. "The need for cash is rising." Thanks to its robust economic growth and despite over two years of deflation that ended last year, Poland has seen a steep rise in cash used, with the value of currency in circulation rising by 15 percent last year alone. Bartkiewicz said the new banknote will be available to the general public, though he did not expect it to be widely used in day-to-day transactions. He said the banknote would make it cheaper for the central bank to keep and produce its strategic cash reserve. Poland''s new 500 zloty banknote will be worth approximately the same as the highest denomination note in Denmark, Norway - two countries actively promoting electronic money - and Romania, but still considerably less than in the Czech Republic, Belarus or in the euro zone. India made a radical decision last year to withdraw all 500 and 1000 rupees bills ($15), accounting for nearly 90 percent of currency in circulation. The so-called "demonetisation" was designed to crush India''s huge shadow economy, increase tax revenues and promote the use of bank accounts and digital transactions, but forced millions to queue outside banks and hurt economic growth. Also, the European Central Bank said last year that it would stop issuing 500 euro ($532) banknotes towards the end of 2018 on concerns it could facilitate illicit activities but outstanding bills will remain in use indefinitely. (Reporting by Marcin Goettig) Unrealistic to see UK/EU trade deal in two years - EU representative EDINBURGH It is unrealistic for Britain to expect to negotiate its exit from the European Union and reach a free trade agreement in two years and both will probably need an implementation phase, the head of the European Commission''s office in Britain said.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-poland-economy-zloty-idUKKBN15P1F0'|'2017-02-10T19:27:00.000+02:00'
'8d9a6e595ae99dd4bc54f6493bdfbd0589dd2c8a'|'Bosch Ltd profit down about 20 pct'|'Feb 10 Bosch Ltd* Dec quarter net profit 2.18 billion rupees* Dec quarter total income from operations 28.64 billion rupees* Net profit in dec quarter last year was 2.73 billion rupees as per Ind-AS; total income from operations was 26.58 billion rupees* Says special payout in form of interim dividend of INR 75 per share Source text - ( bit.ly/2lqxVVK ) '|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/idINFWN1FV0BJ'|'2017-02-10T05:06:00.000+02:00'
'b3a44c21ba8f53ab70128b9029cd45d3209a567b'|'Investors tiptoe back into Russia in toystore IPO'|'By Olga Sichkar and Maria Kiselyova - MOSCOW MOSCOW The owners of Russia''s largest toy retailer Detsky Mir raised $355 million in an initial public offering (IPO) of shares priced at the bottom of the expected range, in a sign investors are making a cautious return to Russian assets.The IPO was the highest-profile share sale by a Russian company since 2014, when Western sanctions over Russia''s annexation of Ukraine''s Crimea region combined with a slump in oil prices to bring most deal-making to a standstill.Detsky Mir sold shares at 85 rubles apiece, the bottom of the planned 85-87 rouble range. The company said the sale raised 21.1 billion rubles ($355 million) for the selling shareholders - Russian conglomerate Sistema ( SSAq.L ), which will retain a majority stake, and the Russia-China Investment Fund (RCIF).The deal valued Detsky Mir, which is Russian for "Children''s World," at 62.8 billion rubles. The stock will begin trading on the Moscow Exchange on Feb. 10."Investors are not feeling that sure yet and want to have an iron guarantee they will make money on a deal," a source with one of the banks organizing the IPO said, when asked why the offering priced at the bottom of the range.The company saw bids for more than 1.5 times the number of shares on offer, said another source close to the sale.More than 30 percent of demand came from U.S. investors, around 35 percent from Europe, more than 25 percent from the Middle East and Asia, and less than 10 percent from Russia.The source added there were "hedge funds, long-only investors including sovereign wealth funds" among the buyers and no single investor would take a dominant position.The Russian economy returned to growth late last year after seven quarters of contraction, helped by a recovery in oil prices."The IPO of Detsky Mir is a sign that the market is opening," said Jacob Grapengiesser, a partner at investment fund East Capital Group.The deal could encourage other Russian companies looking to tap equity capital markets. Sources have said fertilizer producer Phosagro ( PHOR.MM ) is considering a secondary share issue this week, while Sistema has said it may list its agriculture business this year.RCIF, set up by sovereign wealth fund the Russian Direct Investment Fund and China Investment Corp, bought into Detsky Mir slightly more than a year ago and its internal rate of return on the investment exceeded 90 percent, it said.RCIF sold a 10 percent stake, keeping a 13 percent holding, while Sistema ( AFKS.MM ) cut its stake to 50 percent plus one share from 72.57 percent.Sales at Detsky Mir, a 70-year-old brand set up under Soviet rule, rose 30 percent last year against a fall of 5 percent in overall retail sales in Russia. It plans to open around 250 stores through 2020, including 70 in 2017."It''s a good company: people will always buy toys and Detsky Mir is a price leader," said a Moscow-based fund manager who asked not be named.(Reporting by Maria Kiselyova, Olga Popova, Olga Sichkar; Writing by Maria Kiselyova; Editing by Christian Lowe and Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-russia-detsky-mir-ipo-price-idINKBN15N0ZJ'|'2017-02-08T06:53:00.000+02:00'
'a400b21ae90bb3fb2d4f7a4e8cca3ff1242615cf'|'Alibaba accuses IP firms of filing fake counterfeit claims'|' 20am EST Alibaba accuses IP firms of filing fake counterfeit claims Feb 9 Alibaba Group Holding Ltd on Thursday alleged that several intellectual property agencies were filing false complaints against vendors on its e-commerce platforms. The company called for a boycott of these IP agencies, also known as "reputation-protection" firms, which are hired by businesses to help manage their IP rights. Alibaba singled out Hangzhou Wangwei Technology Ltd, an IP agency, as an abuser of its system for reporting intellectual property thefts, adding that it would no longer process claims made by the firm. Alibaba''s comments come at a time when the Chinese e-commerce company has started cracking down on counterfeiters amid persistent allegations that fake goods are widely available on its sites. Critics, however, have said that counterfeits remain prevalent and argue the company has not done nearly enough. The United States in December returned Taobao, China''s most popular consumer-to-consumer shopping website, to its blacklist of "notorious marketplaces" known for the sale of counterfeit goods and violations of intellectual property rights. Alibaba said on Thursday that claims by IP agencies hurt more than a million merchants on the Taobao platform in 2016. The decision to not process claims from Hangzhou Wangwei was a result of an investigation that showed the firm had withdrawn over 60 percent of its complaints that since 2015 after counter-appeals from merchants. Alibaba said it would now investigate claims for merit, and give merchants time to respond before penalizing them. (Reporting by Aishwarya Venugopal in Bengaluru; Editing by Saumyadeb Chakrabarty)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/alibaba-counterfeits-idUSL4N1FU3XZ'|'2017-02-09T20:20:00.000+02:00'
'7320d3920611d7e4bf57c85fbb91b787e6e9a467'|'Fertiliser maker Agrium forecasts less profitable year than expected'|'WINNIPEG, Manitoba Agrium Inc ( AGU.TO ) ( AGU.N ), a Canadian fertiliser maker and the world''s biggest farm retailer, on Thursday forecast a less profitable year than expected and said its quarterly profit plunged.The Calgary, Alberta-based company said after normal trading hours that it expects to earn $4.50-$6 per share in 2017. The midpoint of $5.25 fell below analysts'' average estimate of $5.45, according to Thomson Reuters I/B/E/S.Sagging U.S. farmer incomes and soft fertiliser prices have pressured crop nutrient producers, even as new capacity for nitrogen and potash comes on stream this year.The company said it expected farmers to remain cautious in purchasing crop input supplies, and sees U.S. corn acreage falling to between 90 million and 92 million acres this year, from 94 million in 2016. Corn is a fertilizer-intensive crop.In September, Agrium and Potash Corp of Saskatchewan ( POT.TO ) agreed to join forces in an all-stock deal.The tie-up, pending regulator approval, is expected to close in mid-2017.U.S.-listed shares of Agrium fell slightly in after-hours trading, after closing down 1 percent at $104.02.Net earnings fell to $67 million, or 49 cents per share, in the fourth quarter from $200 million, or $1.45 per share, a year earlier.Agrium said revenue fell 5 percent to $2.28 billion, slightly exceeding the average estimate of $2.2 billion, according to Thomson Reuters I/B/E/S.On an adjusted basis, it earned 60 cents per share, and it recorded a further investment impairment of 8 cents, for earnings per share of 68 cents that Agrium said were relevant to guidance.Analysts on average expected earnings of 68 cents per share.(Reporting by Rod Nickel in Winnipeg, Manitoba; editing by Jonathan Oatis, Bernard Orr)'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/agrium-results-idINKBN15P017'|'2017-02-09T21:45:00.000+02:00'
'2298e81319fb67a0a3be8b88897e8254a33757cb'|'British lender Nationwide''s profit drops 16 percent as low rates bite'|' 41am GMT British lender Nationwide''s profit drops 16 percent as low rates bite Pedestrians pass a Nationwide building society in London, May 27, 2009. The customer-owned lender Nationwide reported a 50 percent drop in its full-year profits and warned on its outlook as impairments rise and competition for retail funds increases. REUTERS/Toby Melville LONDON Britain''s Nationwide Building Society ( POB_p.L ) said that pretax profit for the first nine months of its financial year fell by 16 percent year on year as increasing competition and low interest rates continued to pressure earnings. Nationwide, Britain''s second-biggest mortgage provider, boosted lending to homeowners by 11 percent to 26.2 billion pounds ($32.8 billion) in the nine months to Dec. 31 thanks to rising deposits from its savers. However, the net interest margin, which reflects the gap between what the society pays savers and what it charges borrowers, declined to 1.33 percent from 1.56 percent in the same period a year earlier and Nationwide said it expects low rates to continue to squeeze margins. In a further sign of the worsening outlook for the British economy, Nationwide said it booked 111 million pounds of provisions against losses on loans for the nine months, up from 9 million pounds in the same period the previous year. ($1 = 0.7996 pounds) (Reporting by Lawrence White; Editing by David Goodman)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-nationwide-results-idUKKBN15P0OI'|'2017-02-10T14:41:00.000+02:00'
'6a63a97a814cab67e0ae8945970b2e07aa278d47'|'Ernst & Young''s Indonesia affiliate to pay $1 mln to settle "audit failure"'|'Business News  25am EST Ernst & Young''s Indonesia affiliate to pay $1 million to settle ''audit failure'' By Eveline Danubrata - JAKARTA JAKARTA An Indonesian affiliate of global accounting firm Ernst & Young (EY) [ERNY.UL] has agreed to pay a fine of $1 million after the U.S. audit regulator labeled lapses in its checks of a client''s books "audit failure". The settlement, announced on Thursday by the Public Company Accounting Oversight Board (PCAOB), is the culmination of the latest incident that has raised concern about whether major accounting firms can police affiliates in emerging markets. Just two months ago, the Brazilian unit of Deloitte & Touche LLP [DLTE.UL] agreed to pay a PCAOB fine of $8 million to settle civil charges that it issued and tried to cover up false audit reports. In the case of EY, the regulator said an Indonesian member of EY''s global network, KAP Purwantono, Suherman & Surja, released an audit report of an Indonesian telecommunications firm in 2011 featuring opinions based on insufficient evidence. ( bit.ly/2kOe0Ne ) A U.S.-based EY partner who reviewed the audit had raised concerns that the telecommunications firm had not provided enough support for the accounting of over 4,000 leases for space in its cellular towers. The affiliate nevertheless released an unqualified audit opinion, the PCAOB said. The regulator also said that shortly before it inspected the audit in 2012, the affiliate "improperly" created dozens of new audit work which hampered the inspection. The PCAOB subsequently imposed a $1 million civil penalty on the affiliate and sanctioned two individuals: 2011 engagement partner Roy Iman Wirahardja and James Randall Leali, a former professional practice director for EY across the Asia-Pacific. "In their haste to issue audit reports for their client, the firm and two partners shirked their fundamental duty to obtain sufficient audit evidence," said Claudius B. Modesti, director of the PCAOB Division of Enforcement and Investigations. Wirahardja - who has since left the affiliate - and Leali neither admitted nor denied the issues raised by PCAOB, the regulator said. EY, in an emailed statement, said conduct at the center of the issue went against its global code. "Since the events in this matter, we have continued to strengthen the rigor in our global audit processes and policies." (Reporting by Eveline Danubrata; Editing by Christopher Cushing) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-ernst-young-indonesia-idUSKBN15P0J0'|'2017-02-10T13:19:00.000+02:00'
'31420b1a2471d01308570c3532658b95361acc5b'|'UPDATE 1-BAE, Northrop, SAIC, others in $3.04 bln U.S. defense contract'|'U.S. - Fri Feb 10, 2017 - 2:06pm EST BAE, Northrop, SAIC, others in $3.04 billion U.S. defense contract WASHINGTON A group of companies including subsidiaries of BAE Systems, Northrop Grumman Corp, Science Applications International Corp, Teledyne Technologies Inc and KBR Inc will share in a $3.04 billion missile defense contract, the Pentagon said on Thursday. The order-dependent contract is for a "research and development effort for the design, development, demonstration, and integration, domain-one of space/high altitude and missile defense hardware and software solutions," the Pentagon said in a statement. Other participants include privately held Dynetics Inc, Raytheon Co and QWK Integrated Solutions LLC, which is a joint venture owned by a KBR subsidiary, Kratos Defense and Security Solutions Inc and privately owned Vencore Inc. (Reporting by Eric Walsh)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-missile-defense-pentagon-idUSKBN15P2FP'|'2017-02-11T01:54:00.000+02:00'
'b2cb7fa81fa1d641f1bef061d93280e77f5d3d5b'|'Fed''s Tarullo to resign, creating opening at central bank'|'Business News   1:33pm EST Fed''s Tarullo to resign, creating opening at central bank U.S. Federal Reserve Governor Daniel Tarullo delivers remarks at the Center for American Progress in Washington, U.S. July 12, 2016. REUTERS/Gary Cameron WASHINGTON Federal Reserve Governor Daniel Tarullo will resign from the U.S. central bank where he helped lead financial regulation, creating further room for President Donald Trump to reshape the Fed''s policymaking staff. Tarullo, who had served at the Fed since 2009 and helped shape its response to a financial crisis and deep recession, said in a letter to Trump on Friday he would leave the central bank "on or around April 5." The Fed released the letter along with a comment by Fed Chair Janet Yellen who cited Tarullo''s work crafting a new regulatory framework and his "invaluable" contributions to Fed policymaking. Besides crafting regulation, Tarullo also is a voter on interest rate policy. "It has been a great privilege to work with former Chairman Bernanke and Chair Yellen during such a challenging period," Tarullo said in the letter. (Reporting by Jason Lange; Editing by Andrea Ricci) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-fed-tarullo-idUSKBN15P2CJ'|'2017-02-11T01:33:00.000+02:00'
'79e253f690cad3d1a1b498615512eb304456a758'|'BRIEF-J.Jill Inc files for IPO of upto $100 mln'|'Feb 10 (Reuters) -* J.Jill Inc files for IPO of upto $100 million - sec filing* J.Jill Inc says expect that shares will trade on the new york stock exchange under the symbol "JILL"* J.Jill Inc says all shares of common stock are being sold by the selling stockholder* J.Jill Inc says BOFA Merrill Lynch,Morgan Stanley, Jefferies, Deutsche Bank Securities, RBC Capital Markets are among underwriters for the IPO* J.Jill Inc says UBS Investment Bank,Wells Fargo Securities,Cowen and Co, Macquarie Capital,Suntrust Robinson Humphrey also among underwriters for IPO Source text - bit.ly/2kX2x0m'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/idINFWN1FV11T'|'2017-02-10T12:23:00.000+02:00'
'0387b77b6b003fa7aa21332ed584b28fd1946e90'|'EMERGING MARKETS-LatAm currencies strengthen'|'  10:54am EST EMERGING MARKETS-LatAm currencies strengthen By Bruno Federowski SAO PAULO, Feb 10 Latin American currencies strengthened on Friday as stronger-than-expected Chinese economic figures boosted demand for emerging market assets. Imports to China, the world''s biggest consumer of basic products, rose in January at the fastest pace in four years, easily surpassing analyst forecasts. The figures helped lift prices of commodities, pulling along currencies such as iron-ore exporter Brazil''s real. The Chilean peso was the best-performing currency in the region, tracking copper prices higher after BHP Billiton declared force majeure due to a strike at the world''s biggest copper mine in the country. Stock markets also rose, lifted by hopes that impending corporate tax cuts in the United States could boost corporate profits worldwide. On Thursday, the White House said President Trump planned to soon announce the most ambitious tax reform plan since the Reagan era. Brazil''s benchmark Bovespa stock index rose 1 percent. Shares in blue-chip iron ore miner Vale SA added the most points to the index. Key Latin American stock indexes and currencies at 1540 GMT: Stock indexes daily % YTD % change change Latest MSCI Emerging Markets 929.93 0.47 7.34 MSCI LatAm 2589.07 1.3 9.19 Brazil Bovespa 65814.83 1.31 9.28 Mexico IPC 47536.37 0.64 4.15 Chile IPSA 4303.22 0.16 3.66 Chile IGPA 21464.07 0.2 3.52 Argentina MerVal 19326.13 0.12 14.24 Colombia IGBC 10043.89 0.14 -0.83 Venezuela IBC 32496.63 17.17 2.50 Currencies daily % YTD % change change Latest Brazil real 3.1160 0.40 4.27 Mexico peso 20.3490 0.00 1.94 Chile peso 640.9 0.70 4.65 Colombia peso 2848 0.36 5.39 Peru sol 3.255 0.37 4.88 Argentina peso (interbank) 15.5250 0.58 2.25 Argentina peso (parallel) 16.34 0.55 2.94 (Reporting by Bruno Federowski; Editing by Andrea Ricci)   Argentina nears labor agreement with auto industry, unions BUENOS AIRES, Feb 10 Argentina''s government plans to sign by the end of March an agreement with the auto sector and unions to lower labor costs, improve productivity and attract investment, an executive and a government source told Reuters.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/emerging-markets-latam-idUSL1N1FV0V0'|'2017-02-10T22:54:00.000+02:00'
'2df11c9454a0f9e007d4b753b3e3b379f4f52a4d'|'ArcelorMittal sees 2017 global steel demand up 0.5-1.5 pct'|'Company News  11am EST ArcelorMittal sees 2017 global steel demand up 0.5-1.5 pct BRUSSELS Feb 10 Arcelormittal sees global apparent steel consumption growth growing by between 0.5 and 1.5 percent in 2017 after a 1.0 percent expansion in 2016. Arcelormittal says 2017 u.s. Apparent steel consumption growth seen at 3-4 pct (vs 1-1.5 pct decline in 2016) Arcelormittal says 2017 europe apparent steel consumption growth seen at 0.5-1.5 pct (bs 1.5-2.0 pct in 2016) Arcelormittal says 2017 brazil apparent steel consumption growth seen at 3-4 pct (vs 13-13.5 pct decline in 2016) Arcelormittal says 2017 cis apparent steel consumption seen between decline of 0.5 pct and growth of 0.5 pct (vs 3.5-4.0 pct decline in 2016) Arcelormittal says 2017 china apparent steel consumption decline seen at decline of up to 1.0 pct (vs 1-1.5 pct growth in 2016) (Reporting By Philip Blenkinsop) Next In Company News European power grid spending bonanza fuels smart energy M&A FRANKFURT, Feb 10 Europe''s top utilities are planning to invest tens of billions of euros over the next three years to catch up with the green energy revolution, driving a flurry of takeovers by tech and engineering firms of niche, smart-energy innovators.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/arcelormittal-outlook-idUSL5N1FV0L5'|'2017-02-10T13:11:00.000+02:00'
'80a9c41b1655b4f4690b1badc313837e5f204fce'|'Saudi sovereign fund says it''s not considering stake in Six Flags'|'DUBAI The Public Investment Fund (PIF), Saudi Arabia''s top sovereign wealth fund, said it is not considering the acquisition of a stake in North American amusement park operator Six Flags Entertainment Corp ( SIX.N ).In a statement late on Thursday, a spokesperson for the fund also said reports that the PIF had conducted talks with the company about the purchase of a stake were "baseless".Quoting unnamed sources, Bloomberg reported on Wednesday that the PIF was considering taking a stake in Six Flags.The company said in June last year that Saudi officials had begun talks with Six Flags to build theme parks, as part of the kingdom''s efforts to expand in tourism and diversify the economy.(Reporting by Andrew Torchia; Editing by Greg Mahlich)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-six-flags-entmt-saudi-idINKBN15P19Y'|'2017-02-10T08:40:00.000+02:00'
'2f4c299b3101a7db39f40947875c5f456f37aba7'|'ABB reverses order decline with small increase in fourth quarter'|'Business News - Wed Feb 8, 2017 - 6:07am GMT ABB reverses order decline with small increase in fourth quarter The logo of Swiss engineering group ABB is seen at a plant in Zurich, Switzerland September 29, 2016. REUTERS/Arnd Wiegmann ZURICH Power technology and automation group ABB ( ABBN.S ) reported an end to its almost two-year decline in order intake by posting a small increase in new business on Wednesday and forecast that 2017 would likely be dominated by market uncertainty. The maker of products ranging from transformers to industrial robots said orders -- an indicator of future profit -- increased 0.2 percent to $8.277 billion in the three months ended Dec. 31 from the same period a year earlier. The figure, which beat the average estimate of $8.129 billion in a Reuters poll of analysts, marked an improvement from the $7.53 billion in the previous quarter. That marked ABB''s weakest period for orders in nearly seven years, when customers waited on the sidelines while ABB decided whether to keep its power grids business. (Reporting by John Revill, editing by John Miller) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-abb-results-idUKKBN15N0G8'|'2017-02-08T13:07:00.000+02:00'
'bbe74f1ebc6058f1a91baa2c785f02d7a9d8edec'|'China, U.S. help Pernod beat estimates, India lags'|' 35am GMT China, U.S. help Pernod beat estimates, India lags FILE PHOTO - A barman of French drinks maker Pernod Ricard group prepares drinks for clients at the '''' Club Pernod'''' in Marseille, France, April 27, 2016. REUTERS/Jean-Paul Pelissier/File Photo By Dominique Vidalon - PARIS PARIS Pernod Ricard ( PERP.PA ) beat first-half earnings forecasts on Thursday helped by higher Chinese demand for its Martell cognac and U.S. sales of Jameson Irish whiskey but kept its outlook unchanged as Indian sales growth slowed. The world''s second-biggest spirits group behind Britain''s Diageo ( DGE.L ) said sales growth in India, which accounts for about 10 percent of Pernod''s revenue, slowed to 3 percent in the first half as an Indian government ban on high-value bank notes held back local whisky consumption. The situation was likely to continue until the end of the third quarter, Pernod said. "We are not changing our guidance despite this headwind in India which is offset by a better-than-expected performance in China," Chief Executive Alexandre Ricard told Reuters by phone. The owner of Absolut vodka, Martell cognac and Mumm champagne kept its target for a rise of 2 to 4 percent in profit from recurring operations for the year to June 30. First-half profit from recurring operations rose 4 percent to 1.5 billion euros on group sales of 5.06 billion, also up 4 percent. That was broadly in line with analysts'' forecasts in a Reuters poll which called for a profit of 1.48 billion on sales of 5.02 billion. Second quarter sales rose 4 percent, beating estimates of 3.2 percent growth, and reflecting an increase of 6 percent in America, 5 percent in Asia and 1 percent in Europe. At 0835 GMT Pernod shares were down 0.09 percent at 108.35 euros. "Management is doing the right things and there are signs of success across the U.S., Europe and China. However some markets and channels remain challenged and will take time to improve," Liberum analysts said in a note, keeping a "hold" rating. STRONGER CHINA In China, sales rose 4 percent in the first half, an acceleration from 1 percent growth in the first quarter, helped by cognac shipments ahead of the Chinese New Year in January. This reflected a 10 percent rise in Martell cognac sales and the recovery of luxury cognac brand Cordon Bleu although scotch whiskies continued to suffer. Hit like other spirits makers by a sales downturn in China sparked by a government clampdown on extravagant spending, Pernod Ricard has launched a sales drive there. It has set up two sales teams in the country, one focused on high-end brands such as Martell and Cordon Bleu and the other on mid-range brands such as Noblige cognac and Ballantine''s Finest whisky to better address demand from an emerging middle class. Pernod''s peers have confirmed China was returning to growth with Remy Cointreau ( RCOP.PA ) and Hennessy ( LVMH.PA ) reporting robust sales. [nP6N1A500V][nL5N1FG6SV] In the United States, where sales grew 5 percent, Jameson whiskey continued to grow at a double-digit rate but Absolut vodka - Pernod''s leading brand - was still down in value terms amid increasing price competition. "Absolut remains difficult. It''s more complicated than expected due to a price war in vodka," Ricard told Reuters. Absolut has been struggling as trendy drinkers turn to brown spirits such as bourbon and niche vodkas such as Texas-based Tito''s Handmade Vodka. ($1 = 0.9366 euros) (Reporting by Dominique Vidalon; editing by Leigh Thomas and Jason Neely)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-pernod-results-idUKKBN15O0MM'|'2017-02-09T16:35:00.000+02:00'
'e2a108118bd3ae635903531bdb8acc2a406ee106'|'Nigeria''s biggest airline Arik Air goes into receivership'|'LAGOS Feb 9 Nigeria''s Arik Air is in receivership due to its inability to pay workers and creditors, prompting the government to take control of the country''s biggest airline, state-owned "bad bank" AMCON said on Thursday.Arik, which was founded a decade ago and is now west Africa''s biggest carrier by passenger numbers, has struggled with debt amid a currency crisis in Nigeria, as customers are invoiced in naira but fuel suppliers are paid in dollars.In 2012, a central bank document showed Arik owed 85 billion naira ($279 million) to the Asset Management Corporation of Nigeria (AMCON), set up by the state in 2010 to stem a financial crisis. AMCON had taken on more than 132 billion naira of debts from 12 Nigerian airlines, including Arik."Arik Airline has been in a precarious situation largely attributable to its heavy financial debt burden, bad corporate governance ... that required immediate intervention," AMCON said in a statement.Arik declined to comment.The airline, which handles more than half of domestic air traffic in Nigeria, flies across Africa''s most populous nation and to London, New York and Johannesburg.AMCON said Arik had temporarily suspended its operation to New York and grounded more than eight other planes, adding that the airline had also suffered from non-payment of leases. AMCON said it had appointed a new team to manage Arik, supervised by a receivership manager.The airline had been planning a private share placement to raise as much as $1 billion and then a possible initial public offering in Lagos and London, its managing director said in October.Arik had wanted to expand internationally both to bring in more hard currency, as well as to cushion the impact of the economic slowdown at home, and was looking for new investors to help it grow rather than using debt.Nigeria, Africa''s biggest economy, faces its worst recession in 25 years, brought on by the fall in oil prices, which has also triggered the currency crisis.Some international carriers such as United Air Lines and Iberia have cut or stopped flights to Nigeria because those services are no longer profitable.Others have complained about the difficulty of repatriating millions of dollars worth of fares sold in naira. ($1 = 304.2500 naira) (Reporting by Oludare Mayowa and Chijioke Ohuocha; editing by Susan Thomas)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/nigeria-arik-air-bankruptcy-idINL5N1FU5TX'|'2017-02-09T12:56:00.000+02:00'
'1019a92f8e7d28af199967a8687a9cbb01c4fa1a'|'Volkswagen labour bosses step up attack on brand chief - Reuters'|'BERLIN Volkswagen''s ( VOWG_p.DE ) labour leaders sent an open letter to staff accusing brand chief Herbert Diess of disregarding an agreed turnaround plan, just as the carmaker is seeking to raise its profitability through cost cuts.Instead of seeking cost-cutting solutions with the works council, VW''s brand management aims to lower headcount in ways which violate consensus-based decision making, the letter said."The brand chief executive is acting in a deeply antisocial manner, he constantly fails to keep his word when implementing the future pact and wipes jointly agreed arrangements off the table," VW''s labour leaders wrote in the letter seen by Reuters Thursday."This approach poisons the Volkswagen DNA, it disregards co-determination," according to the letter. "Such an approach does not fit into our company."Europe''s largest automaker needs to trim its high cost base in Germany to fund a strategic shift as it tries to overcome its emissions scandal while grappling with billions of euros in costs. But it can only implement larger strategic steps by consulting its workforce which hold seats on the board of directors.VW''s labour leaders on Tuesday had called on Diess and personnel chief Karlheinz Blessing to explain by Monday how managers would to help resolve the dispute.Managers and labour leaders agreed in November to cut 30,000 jobs at the VW brand in exchange for a commitment to avoid forced redundancies in Germany until 2025, a deal that leaves profitability still lagging rivals.(Reporting by Andreas Cremer; Editing by Ruth Pitchford)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/volkswagen-emissions-labour-idINKBN15O2NR'|'2017-02-09T16:26:00.000+02:00'
'432430c053b3ba0cf465d7cfa6518d149b655d7f'|'Nikkei skids on stronger yen ahead of U.S.-Japan summit'|' 34pm EST Nikkei skids on stronger yen ahead of U.S.-Japan summit TOKYO Feb 9 Japan''s Nikkei share average slipped on Thursday due to pressure from a stronger yen ahead of a meeting this week between U.S. President Donald Trump and Japan''s Prime Minister Shinzo Abe. The Nikkei was down 0.2 percent at midday at 18,971.46. The dollar drooped against its peers early on Thursday, hovering near a 10-week low versus the yen, after U.S. Treasury yields slumped due to investor flight to safety. Wall Street provided few directional cues after a mixed performance. The S&P 500 on Wednesday ended slightly higher on earnings reports, while the Dow Jones Industrial Average slipped as bank stocks weighed. Hedge funds have been trimming their dollar positions since Trump started expressing concerns about a strong dollar, said Norihiro Fujito, a senior investment strategist at Mitsubishi UFJ Morgan Stanley Securities. Trump and his top trade adviser Peter Navarro criticised Japan, Germany and China last week, saying these U.S. trading partners were engaged in devaluing their currencies. On Friday, Abe will meet with Trump and propose a new cabinet level framework for U.S.-Japan talks on trade, security and macroeconomic issues, including currencies, a Japanese government official involved in planning the summit said. "Trade and defense will be in focus," Fujito said. "We need to see if anything is said that has an effect on currencies, or on specific companies." Abe, who will be accompanied by Finance Minister Taro Aso and Foreign Minister Fumio Kishida, will bring a package of steps Tokyo says could create 700,000 U.S. jobs through private-public investment in infrastructure such as high-speed trains, government sources say. The market largely shrugged off hopeful signs in core machinery order data released earlier on Thursday. Orders rose 6.7 percent in December from the previous month, swinging from the prior month''s decline, in a tentative sign of a pickup in Japan''s capital expenditure. Bank of Japan Deputy Governor Hiroshi Nakaso said on Thursday risks to the country''s economic and price outlook were skewed to the downside, signalling the bank''s resolve to maintain its massive monetary stimulus. Hitachi Ltd''s shares skidded 7 percent after Mitsubishi Heavy Industries Ltd asked it to pay 89.7 billion rand ($6.68 billion) to cover costs related to a joint venture working on a South African power plant project. Nisshinbo Holdings Inc fell 3.9 percent after the manufacturer dropped Mexico as a site for a new plant to make automotive brake materials, in light of Trump''s push to renegotiate the North American Free Trade Agreement (NAFTA), according to Nikkei. SoftBank Group Corp shares bucked the broader market downturn and rose 2.6 percent, after the telecom giant''s October-December operating profit soared 71 percent to 295.7 billion yen, beating a Thomson Reuters Starmine SmartEstimate of 246.30 billion yen. The broader Topix fell 0.3 percent to 1,519.60, while the JPX-Nikkei Index 400 was down 0.4 percent at 13,621.92. (Reporting by Tokyo markets team; Editing by Randy Fabi)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/japan-stocks-midday-idUSL4N1FU1LS'|'2017-02-09T10:34:00.000+02:00'
'33e79ef62b9b3d9fe18e7be1323af60a0d23e994'|'PRESS DIGEST- British Business - Feb 9'|'Company News - Wed Feb 8, 2017 - 8:30pm EST PRESS DIGEST- British Business - Feb 9 Feb 9 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 Energy suppliers to face tough new finance tests New energy suppliers could face strict financial checks and existing companies could be subjected to stress tests, under a regulatory shake-up being considered by Ofgem. bit.ly/2llPSVs McLaren races into Sheffield McLaren Automotive, the Surrey-based supercar maker and sister company to the Formula One team, is opening a factory in the industrial north. bit.ly/2lm6bBF The Guardian Trump envoy says Greece is now more likely to leave the euro Donald Trump''s administration has put itself on a fresh collision course with the European Union after the president''s candidate to be ambassador in Brussels said Greece should leave the euro and predicted the single currency would not survive more than 18 months in its present form. bit.ly/2llQ9aW Hundreds of Waitrose jobs may go as retailer plans six store closures Waitrose is planning to close six stores and remove a level of management in its supermarkets, putting 600 jobs at risk. bit.ly/2lm5w3i The Telegraph Property developer brothers accused of threatening business partner with selling debt to Russian gangsters Property developers Nick and Christian Candy have been accused of threatening the pregnant wife of a former university friend and warning they would sell his debt to Russian gangsters, a court in London heard on Wednesday. bit.ly/2lm7eBH Mervyn King: MPs'' attitude made Brexit inevitable British politicians have "lost touch" with voters and elitist bids to suppress the EU debate made the referendum on membership that led to the Brexit vote "inevitable", Mervyn King said. bit.ly/2lm4dkC Sky News Walmart to help Asda mount market share fightback A top executive at Asda''s parent company has pledged greater support to the chain''s recovery efforts after admitting it was slow to respond to the challenge posed by discounters in the UK. bit.ly/2lmb1P8 GSK boss seeks ''sensible'' Brexit deal on migrant workers The chief executive of the UK''s biggest pharmaceutical company, GlaxoSmithKline Plc, has told Sky News that Britain needs to be "open minded and sensible" about allowing skilled workers to come from abroad. The Independent Government accused of trying to kill off UK solar industry before it can become cheapest form of electricity The Government has been accused of trying to kill off Britain''s solar energy industry just as it is about to become one of the cheapest suppliers of electricity - with no need for any kind of state subsidy. ind.pn/2lm570u (Compiled by Shalini Nagarajan in Bengaluru; Editing by Sandra Maler; Editing by Sandra Maler) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-press-business-idUSL1N1FU024'|'2017-02-09T08:30:00.000+02:00'
'2bb37073528e716eea0eb3b8c87992cbd39854e3'|'Tullow in the red for third year on further exploration write-offs'|' 26am GMT Tullow in the red for third year on further exploration write-offs LONDON Africa-focused Tullow Oil ( TLW.L ) reported a loss for a third consecutive year in 2016 after it was forced to write off further exploration costs, the company said on Wednesday. The oil and gas producer reported a full-year operating loss of $754.7 million, down from a loss of $1.09 billion in 2015 but bigger than analyst estimates for a $639.4 million loss, mainly due to gross exploration write offs of $723 million. Sales revenue fell around 20 percent to $1.27 billion despite its TEN oilfields offshore Ghana coming on stream, as weak oil prices ate into the value of its sales. (Reporting by Karolin Schaps, editing by Louise Heavens)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-tullow-results-idUKKBN15N0MT'|'2017-02-08T14:26:00.000+02:00'
'e67bf82cda7cd82aef9a1591e686d01fa71aa7e9'|'Indonesia Freeport to reduce mining activities -smelter official'|'JAKARTA Feb 8 Freeport-McMoRan Inc said it will scale back activities at its Indonesian copper mine, an official at Indonesia''s main copper smelter, PT Smelting, said on Wednesday, amid a worker strike and other issues."Freeport has just issued a notice this morning that they will reduce (mining) activities in stages," Smelting director Prihadi Santoso told reporters."We are trying to meet our commitments to our clients," he said, declining to comment on what had sparked the strike.PT Smelting is 60.5 percent owned by Mitsubishi Materials Corporation. Freeport Indonesia holds 25 percent. (Reporting by Wilda Asmarini; Writing by Fergus Jensen; Editing by Tom Hogue)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/indonesia-freeport-idINJ9N1EZ00N'|'2017-02-08T02:53:00.000+02:00'
'235ab5a160216e09b229996fa82049680e9d6f04'|'W.House defends Trump criticism of Nordstrom for dropping Ivanka clothing line'|'Company News  23pm EST W.House defends Trump criticism of Nordstrom for dropping Ivanka clothing line WASHINGTON Feb 8 The White House defended President Donald Trump''s criticism of the Nordstrom retail chain on Wednesday, saying the firm''s decision to drop his daughter Ivanka''s clothing line for the coming season was politically motivated attack. "I think this was less about his family''s business than an attack on his daughter," White House spokesman Sean Spicer told a news briefing. Although Nordstrom has said the decision not to carry Ivanka Trump''s line was based on its performance, Spicer said there had been "a direct attack on his policies and her name" and Trump was standing up for her because she was "being maligned because they have a problem with his policies." (Reporting by Steve Holland; Writing by David Alexander; Editing by Doina Chiacu) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/nordstrom-ivanka-trump-whitehouse-idUSW1N1EO02C'|'2017-02-09T02:23:00.000+02:00'
'4ff1e5c5ab20695c59635e38bb2cf77c2a315ff6'|'BRIEF-Canada goose said to file confidentially for dual-listed IPO - Bloomberg'|'Feb 8 (Reuters) -* Canada Goose said to file confidentially for dual-listed IPO - Bloomberg* Canada Goose is aiming to sell somewhere between 10 percent to 15 percent of the company to the public - Bloomberg, citing sources* Canada Goose is still determining how much it will raise in the initial public offering- Bloomberg, citing a source Source: [ bloom.bg/2kmtln8 ]'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/idINFWN1FT0S6'|'2017-02-08T12:26:00.000+02:00'
'1c83090fcab97350d489b71e60cc7144a084873e'|'Church Investors Group says will closely track executive pay awards'|'Business News - Wed Feb 8, 2017 - 9:29pm GMT Church Investors Group says will closely track executive pay awards A group representing institutional investors from the Church has written to British public companies telling them it will watch closely this year to check that pay rises to top executives are not excessive. The Church Investors Group (CIG), which has 59 members with combined investments of 17 billion pounds ($21.30 billion), said it had written to all the companies in the FTSE 350 index, outlining its stance on executive pay, gender diversity and climate change, and telling them about the voting policy it will apply at all company annual general meetings in 2017. The CIG told the companies it would continue to put strong emphasis on assessing whether their approach to executive pay promoted sustainable shareholder returns or if pay rewards were excessive, it said in a statement on its website. ( bit.ly/2kOXDCO ) "We have ... asked for further information about how internal pay differentials are monitored and incorporated into executive pay policies," Stephen Beer, chief investment officer of the central finance board of the Methodist Church, said. The letter is the latest sign that some of the biggest holders of British stocks plan to get tougher on executive pay, as the government turns up the heat over the yawning income gap between bosses and employees following Britons'' vote to leave the European Union. Three of the five biggest investors in FTSE 350 companies have set out fresh guidance on setting top pay, or say they plan to do so before votes at annual general meetings this spring. According to the High Pay Centre, a campaign group, the median annual pay of bosses at the 100 biggest London-listed companies stands at just under 4 million pounds. So far, investors have had little public success in forcing company boards to change executive pay arrangements, although they have scored some symbolic victories. For example, they rejected a $20 million pay deal for BP ( BP.L ) Chief Executive Bob Dudley, but the vote was non-binding. Adam Matthews, head of engagement for the Church of England pensions board, said the Church would support resolutions that seek greater financial disclosure of the risks posed by the transition to a low carbon economy. "This year promises to be an important year for issues of executive remuneration and climate change. Last year saw a number of high profile votes going against board recommendations and we expect this issue to continue to be high on shareholders'' agenda in the 2017 voting season," he said. ($1 = 0.7984 pounds) (Reporting by Rama Venkat Raman in Bengaluru; Editing by Adrian Croft) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-funds-church-idUKKBN15N2OK'|'2017-02-09T04:29:00.000+02:00'
'59a06b422e609865a334c7dd1ad9e3d8d70e6c28'|'Exclusive - Goldman Sachs hedge fund folding London operations, shifting staff to U.S.'|'Business News - Wed Feb 8, 2017 - 8:51pm GMT Exclusive - Goldman Sachs hedge fund folding London operations, shifting staff to U.S. left right FILE PHOTO - A view of the Goldman Sachs stall on the floor of the New York Stock Exchange in New York, U.S. on July 16, 2013. REUTERS/Brendan McDermid/File Photo 1/2 left right 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 2/2 By Maiya Keidan and Olivia Oran - NEW YORK/LONDON NEW YORK/LONDON Goldman Sachs Group Inc''s hedge fund Goldman Sachs Investment Partners (GSIP), which was one of the largest-ever hedge fund launches in history, is closing its London operations and shifting staff members to New York, four sources told Reuters. About eight staff members who made up the London team were recently told to move to Goldman''s Battery Park City headquarters or find a new job internally, said the sources. The move was triggered by managing director Nick Advani, who led the hedge fund from London and said in June he would be stepping down from his role, the sources said. Advani, now an advisory director at Goldman, did not respond to requests for comment. Advani is expected to leave the firm later this year, the sources said. Managing director Raluca Ragab, who had been formally leading the London-based team since Advani''s departure, will leave Goldman once the move is complete, one of the sources said. Multi-strategy hedge fund GSIP launched in November 2008 with $7 billion (<28>5.6 billion) in assets, making it one of the largest hedge fund launches at the time. GSIP, run globally by co-heads Raanan Agus and Kenneth Eberts, sits within Goldman''s asset management division. But a focus on value investing with around 20 positions mainly in equities became more challenging in recent years, a former employee told Reuters. Goldman''s Global Long Short Partners Offshore fund posted losses of 8.2 percent in the year to end-September in 2016 after small gains of 1.5 percent in 2015, according to an investor letter reviewed by Reuters. Last September, three of the fund''s top five credit positions were in the Europe Middle East and Africa region, according to the letter. Assets fell in 2014 after Goldman pulled out $2.8 billion in response to the U.S. Dodd-Frank financial reform law and the Volcker rule, which restricted banks'' proprietary trading. The fund now manages around $3.5 billion. Separately, Goldman may move up to 1,000 staff out of London in response to Britain''s vote to leave the European Union, it was reported last month. (Reporting by Maiya Keidan in London and Olivia Oran ia New York, additional reporting by Carolyn Cohn and Simon Jessop) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-hedgefunds-goldman-sachs-exclusive-idUKKBN15N2LV'|'2017-02-09T03:51:00.000+02:00'
'2b4574322f5cc9941ad16fcfbf1ecd56859128d1'|'OPEC figures show over 90 percent compliance with supply cut - sources'|' 11pm GMT OPEC figures show over 90 percent compliance with supply cut - sources A soldier patrols in front of the headquarters of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria, November 29, 2016. REUTERS/Heinz-Peter Bader LONDON OPEC has delivered over 90 percent of pledged oil output curbs in January, according to figures the exporter group uses to monitor its supply, making a strong start in implementing its first production cut in eight years. The Organization of the Petroleum Exporting Countries is cutting its crude output by about 1.2 million barrels per day (bpd) from Jan. 1 to prop up oil prices LCOc1 and reduce a supply glut. Supply from the 11 OPEC members with production targets under the deal in January has fallen to 29.921 million bpd, according to the average assessments of the six secondary sources OPEC uses to monitor its output seen by Reuters. This amounts to 92 percent compliance, according to an OPEC calculation. Compliance of 92 percent comfortably exceeds the initial 60 percent achieved when OPEC''s previous deal to cut was implemented in 2009, and the OPEC figures add to indications that adherence so far has been high. OPEC is scheduled to publish its first assessment of January production based on the secondary-source figures in its monthly oil market report on Monday. The figures could be revised before they are published, sources said. (Reporting by OPEC team, editing by Susan Thomas)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-opec-oil-idUKKBN15P1EA'|'2017-02-10T19:11:00.000+02:00'
'5246924ba1226f14bb24787948422c66a071db70'|'Singtel confirms DBS, Morgan Stanley, UBS to handle broadband unit IPO'|'SINGAPORE Singapore Telecommunications Ltd ( STEL.SI ) confirmed on Thursday it has appointed DBS Group Holdings Ltd, Morgan Stanley and UBS Group AG to handle the planned initial public offering (IPO) of its broadband subsidiary NetLink Trust.Singtel Group CEO Chua Sock Koong said Southeast Asia''s largest telco was laying the groundwork for the IPO but it was too early to say how much the offering could raise."We have started preparations for the divestment. We are planning to do it by way of an initial public offering," she said at its results briefing on Thursday.IFR, a Thomson Reuters publication, in November reported Singtel had tapped the three banks to manage the IPO of up to $2.5 billion. The IPO was expected to take place in the second or third quarter of 2017, IFR said, citing people close to the deal.A Singapore regulator has given Singtel until April 2018 to reduce its stake in NetLink Trust to 25 percent from 100 percent, as a condition for buying the subsidiary in 2013.Chua did not give a timeframe for the IPO but said Singtel, whose largest shareholder is state investor Temasek Holdings Ltd [TEM.UL], had every "intention of meeting" the April 2018 deadline.On Thursday, Singtel reported a 2 percent rise in its net profit for the third quarter ended in December and maintained its outlook for the year.(Reporting by Aradhana Aravindan; Editing by Randy Fabi)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-singtel-results-netlink-trust-ipo-idINKBN15O0FI'|'2017-02-09T02:42:00.000+02:00'
'a07ea64006938e928a24b13d97ee7c28da64d4b0'|'Manchester United posts 18 percent rise in second-quarter revenue'|'Business News - Thu Feb 9, 2017 - 12:40pm GMT Manchester United posts 18 percent rise in second-quarter revenue Britain Soccer Football - Manchester United v Hull City - Premier League - Old Trafford - 1/2/17 Manchester United''s Paul Pogba looks dejected Action Images via Reuters / Jason Cairnduff Livepic English soccer club Manchester United on Thursday said it was on course to meet its full-year financial targets as it posted an 18 percent rise in second-quarter revenue despite its absence from the lucrative Champions League. United, whose best known players include Paul Pogba and Zlatan Ibrahimovic, are currently sixth in the 20-team English Premier League. The club''s adjusted earnings before interest, tax, depreciation and amortisation for the three months to December 31 rose to 69 million pounds from 56.1 million pounds a year earlier. Revenue increased by 18 percent to 157.9 million pounds. The club reiterated its revenue target of between 530 to 540 million pounds for the year to the end of June. (Reporting by Rahul B in Bengaluru) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-manchester-utd-results-idUKKBN15O1H8'|'2017-02-09T19:40:00.000+02:00'
'1eaf2fcb7bcd5a6188cbb48593018e15d31f292e'|'Manchester United posts 18 percent rise in second-quarter revenue'|'English soccer club Manchester United on Thursday said it was on course to meet its full-year financial targets as it posted an 18 percent rise in second-quarter revenue despite its absence from the lucrative Champions League.United, whose best known players include Paul Pogba and Zlatan Ibrahimovic, are currently sixth in the 20-team English Premier League.The club''s adjusted earnings before interest, tax, depreciation and amortisation for the three months to December 31 rose to 69 million pounds ($86.6 million) from 56.1 million pounds a year earlier. Revenue increased by 18 percent to 157.9 million pounds.The club reiterated its revenue target of between 530 to 540 million pounds for the year to the end of June. ($1 = 0.7964 pounds)(Reporting by Rahul B in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/manchester-utd-results-idINKBN15O1GP'|'2017-02-09T09:30:00.000+02:00'
'2c4108c21e22f5a46f8883d80258c64c7af918ac'|'<27>A horrendous notion<6F>: small firms object to tourist tax proposals - Guardian Small Business Network'|'<27>C heap headline-grabbing and noise-making by local authorities.<2E> That<61>s how one vexed owner of a 29-bedroom hotel in Bath described the Bath and North East Somerset council<69>s proposals to introduce a tourist tax in the area.Laurence Beere, co-owner of the Queensberry Hotel wasn<73>t the only hotelier frustrated by the potential tax. In Bath, 20 local operators have written an open letter calling for the plans to be axed.The idea of a tourist tax isn<73>t new - there are existing models in European cities such as Paris, Barcelona and Amsterdam. They tend to be collected from accommodation providers by local authorities. In Paris, businesses are required to charge the tax per guest, per night. The tax goes up to <20>4.40 (<28>3.80) with the rate depending on the type of accommodation.Brexit and tourism: ''We have devalued the Union Jack as a brand'' Read moreBut Beere argues that the proposals for Bath are unfair: <20>How is it fair to target one sector [accommodation] with a tourist tax when multiple sectors benefit? Also, how are they going to collect from Airbnb renters when it<69>s such an unregulated area?<3F>In Paris , Airbnb pays the tax to the city, but charges its users. Previously home owners were responsible for collecting the tax from guests.Beere fears that a tax might reduce the number of guests staying in Bath. <20>If a tourist has to pay up to <20>5 a night more, it becomes a tipping point.<2E>The Guardian contacted Bath council for an interview, but it declined. However, it did send a statement (which it has issued elsewhere) indicating that a tourist tax was being considered. <20>As Bath welcomes such a large number of tourists [...] it is sensible to consider the potential for increasing the council<69>s income to help support local services, invest in the local area and address the financial challenges it faces,<2C> says the statement.<2E>The idea of the original levy was to increase income and support investment in the city and surrounding area. The council has recently started to discuss the matter again with the government, and is exploring the feasibility with other local authorities.<2E>Last month London mayor Sadiq Khan also called for a tourist tax. He said he wanted to ensure that tourists who come to London contribute to the city. The proposed plan would add up to 5% extra to hotel bills.But with small accommodation businesses already battling high business rates and facing competition from Airbnb, many are left unimpressed. Patrick Williams, co-founder of Berdoulat & Breakfast in Bath described a tourist tax as a <20>horrendous notion<6F>.He added: <20>Any tourist, whether they<65>re on a world tour or escaping London for a night, is likely to contribute to the city via going out for dinner or whatever they may be doing. It doesn<73>t seem right to itemise a tax [as well].<2E>He doesn<73>t believe a small amount of <20>1 to <20>2 a night would deter guests, but adds: <20>If it<69>s more than <20>5 a night it would just sort of leave a horrible bitter taste to someone booking a room.<2E> Plus, he adds: <20>I<EFBFBD>ve definitely got enough paperwork already.<2E>There are reports that Edinburgh council is also considering a tourist levy. Four out of five Scottish small firms are against a plan to introduce such a tax, according to a Federation of Small Businesses poll published last June.A spokeswoman for Edinburgh council says: <20>A form of tourism tax in Edinburgh is purely at the negotiation stages, so [there is] no confirmation of mechanisms or costs to share.<2E>Not all small businesses are against such as tax, however. Louise Clelland, co-owner of bed and breakfast Millers64 in Edinburgh, says: <20>I am all for it as long as it is not a prohibitive amount and the taxes are spent in areas that improve the visitor experience and are not used to fill the gap in local services, which government cuts have created.<2E>Rates revaluation could finish off high street, warn small businesses Read moreAt present, tourists visiting France pay a compulsory touris
'ccc76a560460f8272c4388f4e5a3a7429e47b90b'|'Turnbull calls Australia Post CEO''s multimillion dollar salary revealed'|'Malcolm Turnbull has called the chairman of Australia Post after it was revealed its chief executive takes home a multimillion pay packet.Documents published on Tuesday showed Ahmed Fahour was paid a $4.4m salary and a $1.2m bonus last financial year.A parliamentary committee revealed the salaries of Fahour and senior Australia Post executives, saying there were no compelling reasons for the details to be kept from public scrutiny.Coalition releases childcare package compromise in bid to clear Senate <20> politics live Read more The documents showed another five executives, who have not been named, earned between $1.8m and $1.3m each.The prime minister said while pay was a decision for the board, he did speak to the chairman, John Stanhope, on Wednesday morning about the package for Fahour, who was born in Lebanon but grew up in Melbourne. <20>I think that renumeration is too high,<2C> he told reporters in Canberra.Turnbull acknowledged Fahour had a big job overseeing a large government-owned entity, which had improved its operating business .<2E>In my view, I say this as someone who spent most of his life in the business world before I came into politics, I think it is a very big salary for that job,<2C> Turnbull said.Australia Post, which employs more than 36,000 people, said on Wednesday the remuneration of the executive team, including Fahour, was set by the organisation<6F>s board.Fahour<75>s total remuneration package took into account the size of the $6bn-turnover business, the statement said. It also reflected the large changes being made to Australia Post and that more than 73% of its revenue came from the nonregulated side of the business where it was competing with major global players such as DHL, FedEx and Toll.Australia Post returns to profit despite record decline in letter volumes Read more Fahour<75>s remuneration for the 2016 financial year <20>included a performance-based short-term bonus in line with Australia Post returning to profit. The previous year he did not receive a bonus<75>, the statement said.It added that since 2007 Australia Post has paid more than $6.3bn in dividends and taxes to the federal government. Australia Post does not receive any taxpayer funding.In a chain of correspondence dated after a Senate committee hearing in October, Australia Post had argued revealing the salaries could expose its executives to unwarranted media and cause brand damage.It preferred to release the information on a confidential rather than public basis.But committee chair James Paterson wrote back to the company on Tuesday informing it the documents would be publicly released.<2E>Any potential issues of personal safety and security do not appear to be compelling reasons to withhold publication,<2C> he said.Paterson said Fahour<75>s salary effectively made him the nation<6F>s highest-paid public servant.Crossbench senator Nick Xenophon praised Paterson for disclosing the salaries. He noted Fahour<75>s pay was 10 times higher than the prime minister<65>s. <20>I think a lot of people will scratch their heads on that one,<2C> he told ABC TV.The Labor senator Doug Cameron questioned whether the executive payouts were value for money, adding Australian bosses were generally overpaid.<2E>They try and push Bangladesh wage rates and conditions for their workers but Wall Street pay and conditions for the executives,<2C> he said.Cabinet minister Matt Canavan said Fahour would likely face further questions at his next Senate estimates committee appearance.'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/2017/feb/08/turnbull-calls-australia-post-after-ceos-multimillion-salary-revealed'|'2017-02-08T02:00:00.000+02:00'
'8a46c4e6510c637922ea577636bc1d5392a06ee4'|'Snap''s older user base slowly growing ahead of IPO - analyst'|'By Tim Baysinger Snap Inc''s ( SNAP.N ) Snapchat lags far behind rival social media outlets Facebook Inc ( FB.O ), Instagram and Twitter Inc ( TWTR.N ) in reaching older users, but the soon-to-be public company has been growing that crucial audience, analysis by MoffettNathanson of a regulatory filing showed.As Snap prepares for its planned stock market debut in March, luring users older than 35 to the mobile app known for user-generated photos and videos that disappear after 24 hours is seen as key in driving its overall growth. While advertisers covet younger consumers, those 18- to 24-year-olds can be notoriously fickle when it comes to social media preferences, often moving on to the next big thing.Snap said in its S-1 filing on Thursday that its younger-skewing user base leaves the company more vulnerable than traditional media outlets to changing consumer tastes, and that it could have trouble reaching older demographics.Snapchat reaches 35 percent of all Americans, according to research firm MoffettNathanson''s report, but that reach is concentrated among younger users. During the fourth quarter of 2016, Snapchat reached 70 percent of 18- to 24-year-olds, but just 23 percent of people over 35.By comparison, Facebook reached 88 percent of people over 35 during the same period. Instagram reached 45 percent and Twitter 42 percent of that age group.Still, Snapchat''s reach for those older users is up from just 8 percent at the beginning of 2016, suggesting that segment is growing.Meanwhile 58 percent of Snapchat<61>s daily active users, a key metric for advertisers, are between the ages of 13 and 24, according to the MoffettNathanson report."We think if anything, Snapchat is closest to Instagram today in terms of demographic breakdown and growth profile. We don<6F>t think it will ever reach the penetration or 35+ saturation of a Facebook, nor will its ascent be as fast, however we also don<6F>t believe it will flame out and ultimately fail as spectacularly as Twitter either," analysts said in the report released on Tuesday.Twitter''s lack of user growth since it went public in 2013 has been a major reason for its falling stock price, which has tumbled from more than $69 a share at the end of 2013 to trade around $18 per share.Another potential source of concern for Snapchat and its investors is the amount of time older users spend on the platform. During the fourth quarter, users over 35 spent just three minutes per day on Snapchat, down from five minutes per day in the second quarter, its high point for the year among that age group.Since ads are placed between photos and videos that users scroll through, enticing them to stay on the mobile app for longer periods of time allows Snap to sell more to advertisers.Snap declined to comment beyond the information in its regulatory filings.When it comes to digital advertising, Facebook and Alphabet<65>s ( GOOGL.O ) Google dominate the market. Together, the two are expected to account for 60 percent of the U.S. market in 2017, according to eMarketer."We have to root for companies like Snapchat to bring alternatives,<2C> said Ian Schafer, founder and chairman of ad agency Deep Focus, noting a lack of revenue growth in 2016 for companies other than Facebook or Google. <20>Everyone else was either flat or shrunk.<2E>Victor Pi<50>eiro, senior vice president of social media for digital agency Big Spaceship, compared Snapchat<61>s ascendance among younger users to how Viacom Inc<6E>s ( VIAB.O ) MTV courted teens in the 1980s and 1990s.<2E>They<65>ve so squarely nailed that demographic. I think there<72>s plenty of space for Snapchat in this coming year,<2C> said Pi<50>eiro. <20>What I<>m curious to see is how it grows beyond the under-35 demographic.<2E>(Additional reporting by Jessica Toonkel; Editing by Anna Driver and Meredith Mazzilli)A billboard displays the logo of Snapchat above Times Square in New York March 12, 2015. REUTERS/Lucas Jackson/File Photo'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.c
'aef0b8fa20a1e9de2a9d0b89c65c1d78347f718e'|'Snow, avalanches, rain delay grain movement to U.S. ports'|'CHICAGO Severe winter weather has slowed rail deliveries of crops to shippers in the U.S. Pacific Northwest, sending freight rates soaring and prompting Asian buyers to seek fill-in loads as they wait for the backlog at ports to clear.Blizzards, avalanches and heavy rain in recent weeks have hit transport of corn, soy and wheat to ports where they head for the lucrative Asian market, adding to the struggles that have plagued U.S. exporters since harvest.The setbacks come at a critical time for U.S. exporters, who are trying to move as much grain as possible before buyers turn their attention to South America when corn and soybean harvests in Argentina and Brazil accelerate in the coming weeks."There isn''t much you can do about awful weather," said John Crabb, a grain broker at Tradewest Brokerage Co in Hillsboro, Oregon. "It''s just expensive. You can''t load in the rain."BNSF Railway Co shut down rail service between Shelby and Whitefish, Montana in both directions due to an avalanche. The company said in a statement on Thursday that it had rerouted some trains. A spokesman said that the company hoped to restore service in the area, which is on the way from the Midwest, where the crops are harvested and stored, to the Pacific Ocean, on Friday evening."This is a major pinch point for trains, and could impact an already awful logistical situation headed west," Tregg Cronin, a market analyst for Halo Commodity Co, a brokerage and marketing consulting agency, wrote in a note to clients.The cost of rail freight on the secondary market has spiked as shippers scrambled to secure empty space. The average rate in the secondary market for spot BNSF shuttle railcars has hit $2,000 above tariff rate per car, up from $1,267 above tariff a month ago. A year ago, it was $108 below tariff, according to U.S. Department of Agriculture data.On the Pacific Northwest coast, rains and snow stopped loadings of ocean vessels in Oregon and Washington this week. The National Weather Service this week instituted a flood watch for much of western Oregon.ALTERNATIVE SUPPLIERSA senior official at a major Japanese trading house said his company was looking into where to buy corn as an emergency measure if it was not able to source grain from the United States. Possible countries of origin include China, Australia or Russia, he added.Tradewest Brokerage''s Crabb said there were few alternatives for Asian grain buyers, as it would likely take longer to ship grain to Asia from Brazil, Argentina, or the Gulf of Mexico.But indications are that the congestion at ports is unlikely to ease soon, as about 60 ships are in port or waiting offshore, Cronin added. Monthly loading capacity is about 40 ships."We are looking at a delay of about 15 to 20 days from the Pacific coast," said a Singapore-based grains trader with an international trading company.South Korea diverted 40,000 to 50,000 tonnes of its corn imports to Taiwan in late December and in January because shipments from the United States were delayed, a Korean trader said. South Korea imported more than 3 million tonnes of U.S. corn in the 2015/16 marketing year.The shipping season since last autumn''s harvest has been among the most challenging for PNW grain shippers. After excessive rain delayed vessel loading in October, frigid temperatures and snow have hit rail deliveries across the northern Plains since December.Click reut.rs/2lAFOF1 for graphic on cargoes.(Reporting by Julie Ingwersen, Michael Hirtzer, Karl Plume and Mark Weinraub in Chicago, Jane Chung in Seoul, Naveen Thukral in Singapore and Yuka Obayashi in Tokyo; Writing by Mark Weinraub; Editing by James Dalgleish)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-usa-grains-shipping-idINKBN15P2GW'|'2017-02-11T00:56:00.000+02:00'
'a716d95a1364a936cc20881549bc5ab2ce823a05'|'UPDATE 1-Toshiba wants funds not peers to buy chip stake-source'|'(Adds details on Samsung, sources)TOKYO Feb 7 Toshiba Corp wants investment funds including Bain Capital to buy a stake in its flash memory business rather than industry peers such as Micron Technology Inc because doing so will speed up the planned sale, a source said.Toshiba needs to raise funds by the end of March to offset an imminent multi-billion dollar writedown on its U.S. nuclear power business. There may not be enough time to conclude a deal with another chipmaker, said the source with direct knowledge of the plan.Micron Technology, SK Hynix Inc and Toshiba''s current memory partner Western Digital Corp have submitted initial bids for a stake that Toshiba says will be less than 20 percent of its NAND flash unit, two other sources familiar with the bidding told Reuters.The world''s biggest maker of flash memory, Samsung Electronics Co, is not among bidders, the sources said. The sources asked not to be identified because they are not authorised to talk to the media.SK Hynix and Bain Capital declined to comment and Toshiba said it could not comment on specifics of the sale process. Micron Technology was not immediately available for comment.One of the sources said that Toshiba may eventually seek investment from other chipmakers once its financial crisis has passed.(Reporting by Makiko Yamazaki, Kentaro Hamada, Junko Fujita and Taiga Uranaka; Editing by Stephen Coates)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/toshiba-ma-sk-hynix-funds-idINL4N1FS1Z5'|'2017-02-07T02:21:00.000+02:00'
'a4a29a8a8db3ba5b411854b2157d4618895f3081'|'Banks take bigger role in Latin America fight against tax evasion'|'BUENOS AIRES/SAO PAULO Feb 9 When Argentina launched a tax amnesty program last year to bring billions of dollars back into the country, it found support from an unlikely corner: the banks whose clients had stashed money abroad.President Mauricio Macri had no shortage of motivation to initiate the amnesty plan. Some $400 billion in undeclared funds was being held outside Argentina, the economy was in recession and the government badly needed to boost revenues.He offered residents until the end of March to declare assets and pay a fine to avoid prosecution for tax evasion. But there was an added incentive - one that marked a break with the past and had nothing to do with how the policy was designed.This time wealthy Argentines with offshore accounts at two of the world''s largest private wealth managers, JPMorgan Chase & Co and UBS AG, began receiving letters from the banks asking for proof they had declared their assets to tax authorities, three people with knowledge of the situation said.By year''s end, Argentines had declared $97.8 billion, and are expected to declare much more by the March deadline. That surpassed initial analyst estimates of $60 billion and dwarfed the $2.6 billion declared in the 2013-2015 amnesty program."You can only explain this with some help from banks," said Buenos Aires tax lawyer Eduardo Aguilera of RCTZZ Abogados. He said he had clients who received letters from JPMorgan and UBS as well as other clients who had been encouraged to participate through more informal conversations with bankers at Citigroup Inc and Wells Fargo & Co.The banks declined to comment.It is unclear how much of the tally can be attributed to the involvement of the banks. But more than a half dozen people involved in amnesty programs - including lawyers and accountants - said the banks were instrumental in the effort. They described similar actions by the banks in recent amnesty programs run by Brazil and Chile.Those efforts mark a turnaround from banks'' more passive approaches toward earlier tax amnesty programs, and reflect a growing sensitivity to stricter regulations and perceptions they could be abetting tax evasion."They have decided to stop helping clients to hide money," said Miami-based lawyer Martin Litwak, founder of Litwak & Partners, which has advised clients participating in tax amnesties across the region and had Argentine clients who received letters from JPMorgan and UBS.He said the letters from banks ask clients to confirm that their assets are declared, sometimes requiring certification from an accountant or lawyer, and for permission to exchange information regarding their account with authorities."The banks play a fundamental role. If the banks are not involved, there''s nothing the government can do or say to convince people to participate," Litwak said.FAMILY PANICThe shifting dynamics around amnesty programs can be attributed to two equally powerful forces: stricter rulemaking and public outrage.Across Latin America, many wealthy residents have long resented paying high taxes for what they considered to be substandard public hospitals and poor public education. Then there was the government corruption, the potential for hyperinflation and fears their savings could be confiscated.All that could be avoided by stashing money in offshore accounts, set up by banks and out of reach of their home country''s tax collectors. Tax amnesty programs launched by cash-strapped governments to draw back the funds generated little enthusiasm."We had other tax amnesties, but this time there''s a much broader transparency framework in the world," said Humberto Bertazza, a partner at Buenos Aires accounting firm Bertazza Nicolini Corti & Asociados.Government crackdowns on tax evasion began in the aftermath of the 2008 U.S. financial crisis. The United States passed the Foreign Account Tax Compliance Act in 2010, requiring foreign financial institutions to share information on U.S. citizens with overseas ac
'a3ca3ce09bcb7d2987fc349c63bec85051aaff46'|'UPDATE 3-Whole Foods cuts 2017 profit, sales forecasts as growth lags'|'Wed Feb 8, 2017 - 7:14pm EST Whole Foods cuts 2017 profit, sales forecasts as growth lags People pass by a Whole Foods Market in New York City, U.S., February 7, 2017. REUTERS/Brendan McDermid Whole Foods Market Inc ( WFM.O ) on Wednesday said it is closing some stores and increasing use of customer data to improve results after cutting its full-year sales and profit forecasts after posting its sixth straight quarter of same-store sales declines. Shares in the organic and natural food grocer were down 2.1 percent in extended trading. "We''re examining every aspect of our retail operations," Whole Foods co-founder John Mackey, who recently resumed the role of sole chief executive officer after the departure of co-CEO Walter Robb, said on a conference call with analysts. Whole Foods has been battling intense competition from rivals that include Kroger Co ( KR.N ) and Wal-Mart Stores Inc ( WMT.N ), as well as new competitors such as Amazon.com Inc ( AMZN.O ) and meal kit provider Blue Apron. The company has been lowering prices and experimenting with its value-oriented 365 by Whole Foods Market chain, as it tries to shed its unflattering "Whole Paycheck" nickname. Mackey said the company is "doubling down" on its most loyal customers, continue to lower prices and taking other steps to improve profitability and efficiency. "What has become clear is that we don''t want to compete in a ''race to the bottom'' as consumers have ever increasing choices for how much and where they shop," Mackey said. Whole Foods has closed one commissary kitchen and will be closing nine stores and the company''s last two remaining commissary kitchens in the current quarter. It also terminated two leases. Mackey said the majority of the stores slated for closure were smaller, older acquisitions and that shuttering them should improve results. Whole Foods also is teaming up with dunnhumby, a private, wholly owned consumer data subsidiary of Tesco Plc, in a bid to catch up with Kroger and other rivals that already use such information to improve merchandising and personalize offers to loyal customers. The organic and natural food grocer on Wednesday said same-store sales fell a sharper-than-expected 2.4 percent in the fiscal first quarter ended Jan. 15, the sixth straight quarterly drop. That decline accelerated to 3.2 percent for the current second quarter through Feb. 5. Whole Foods it expects sales for the year to rise 1.5 percent or greater, compared with its previous forecast of growth of 2.5 percent to 4.5 percent. It also cut its profit forecast for the year to $1.33 per share or greater, from its previous view of $1.42 or greater. First-quarter revenue rose 1.9 percent to $4.92 billion from a year earlier. Net income fell to $95 million, or 30 cents per share, from $157 million, or 46 cents per share, a year earlier. The company said it incurred a charge of about 9 cents per share in the quarter, related to Robb''s separation agreement and store closures. It expects to incur an additional charge related to the closures of about 6 cents per share in the current quarter. (Reporting by Lisa Baertlein in Los Angeles and Jessica Kuruthukulangara in Bengaluru; Editing by Matthew Lewis and Alan Crosby) Up Next Panera surges to record as Wall Street eyes payoff from technology SAN FRANCISCO Shares of Panera Bread surged to a record high on Wednesday and were on track for the biggest one-day move in almost two years after the company gave an upbeat forecast and said technology investments at its restaurants were paying off.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-whole-foods-results-idUSKBN15N2OU'|'2017-02-09T07:07:00.000+02:00'
'4c829ee3bfe02f9d29b943242ebf1f4ab93fde2b'|'Boeing wins $13.8 billion Singapore Airlines order for wide-body jets'|' 29am GMT Boeing wins $13.8 billion Singapore Airlines order for wide-body jets left right The logo of an Airbus A350-1000 is pictured on a scale model during its maiden flight event in Colomiers near Toulouse, Southwestern France, November 24, 2016. REUTERS/ Regis Duvignau/File Photo 1/3   a Singapore Airlines signage at Changi Airport in Singapore May 11, 2016. REUTERS/Edgar Su/File Photo 2/3 left right Boeing''s logo is seen during Japan Aerospace 2016 air show in Tokyo, Japan, October 12, 2016. REUTERS/Kim Kyung-Hoon/File Photo 3/3 SINGAPORE/PARIS Singapore Airlines (SIA) ( SIAL.SI ) announced a $13.8 billion (11 billion pounds) order to buy 39 Boeing ( BA.N ) wide-body aircraft as it pursues expansion opportunities, a setback for the U.S. planemaker''s rival Airbus Group ( AIR.PA ) in the fight for long-term orders. Airbus Group has flagged its intention to build a bigger version of its A350, although these plans have been placed on hold amid uncertainty over demand for wide-body jets. In a statement on Thursday, SIA said it agreed to place firm orders with Boeing for 20 777-9s and 19 787-10s to tap additional growth and for fleet modernisation through the next decade. "Today''s major order for widebody aircraft enables us to continue operating a modern and fuel-efficient fleet, providing the SIA Group with additional expansion opportunities to ensure that we retain our industry-leading position," said CEO Goh Choon Phong. Airlines typically get discounts on list prices when placing large orders.SIA said this would be the airline''s first order for the newest 777 variant that is currently under development, the 777-9. SIA is already the launch customer for the 787-10, which is also currently in development, having placed an initial order in 2013 for 30 aircraft for delivery from the 2018/19 financial year. (Reporting by Anshuman Daga in SINGAPORE, Tim Hepher in PARIS and Shalini Nagarajan in Bengaluru; Editing by Muralikumar Anantharaman)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-singapore-airlines-orders-boeing-idUKKBN15O12D'|'2017-02-09T17:29:00.000+02:00'
'5aae669f06f1417bb6424db9bac9d476d645ee85'|'Indian cotton exporters default, delay shipments as prices rally'|' 31am GMT Indian cotton exporters default, delay shipments as prices rally left right A worker fills a vacuum pipe with cotton to clean it at a cotton processing unit in Kadi town in the western state of Gujarat, India, February 9, 2015. REUTERS/Amit Dave/File Photo 1/2 left right A worker harvests cotton in a field on the outskirts of Ahmedabad, India, October 24, 2016. REUTERS/Amit Dave/File Photo 2/2 By Rajendra Jadhav - MUMBAI MUMBAI Indian cotton exporters have cancelled orders for around 25,000 bales and postponed shipments of about 200,000 bales by up to a month after a supply shortage pushed up local prices, industry officials told Reuters. The move by the world''s biggest cotton producer is likely to help rival suppliers like Brazil, the United States and some African countries boost exports, with some India textile mills even starting to import cheaper fibre from overseas. "Exporters had signed contracts at around 75 cents (per lb) in December and January. Now (local) prices have shot up to 84 cents. They could not fulfil the orders," said an exporter based in Mumbai, adding that contracts to export nearly 25,000 bales to Pakistan and Bangladesh have been cancelled. Raw cotton supplies usually peak in India between December and February, pushing down prices. This year, local prices MCOTc2 have jumped more than 10 percent over the past two months, with farmers now delaying cotton sales in expectation of further price rises. "Limited supplies in spot markets forced some exporters to delay shipments. They are delaying shipments by 15 days to one month," said Chirag Patel, chief executive of Indian exporter Jaydeep Cotton Fibers. Prices have been hiked by the fallout government''s move to scrap high-value currency notes, which disrupted trading in the cash-oriented market. Traders estimate farmers sold 15.5 million bales of cotton between October and January, down nearly 19 percent from last year''s 19.11 million bales. "Right now Indian cotton is not competitive. Export demand is not much," said Patel. India has exported around 2.5 million bales so far in the 2016/17 season that started on Oct. 1. In 2015/16 India exported 6.9 million bales, but this year exports could fall 28 percent to 5 million bales, said a senior official with Khimji Visram & Sons (KVS), a Mumbai-based exporter. "Exports will pick up only if Indian prices come in line with international prices. If we are not competitive, exports will be limited. It could be even less than 5 million bales," the official said. Pakistan, Bangladesh, China and Vietnam are key buyers of Indian cotton. Traders said farmers were likely to release stocks if local raw cotton prices rise another 5 percent, taking them above 6,000 rupees per 100 kg, but the delay could see local exporters miss out to rivals. At the same time, traders are scaling down production estimates, after the government initially expected good monsoon rains would boost the country''s output in 2016/17 by 3.8 percent from a year ago to 35.1 million bales. "Production could be around 33 million bales. The crop is lower in Gujarat than what we thought," said Dharmesh Lakhani, a ginner based at Rajkot in western state of Gujarat. The rally in local prices has prompted some Indian textile mills to start imports. "Textile mills in southern India have contracted cotton for shipments in March and April. For them, imported cotton is nearly 2 cents (per lb) cheaper than local supplies," said a New Delhi based dealer with a global trading firm. (1 Indian bale = 170 kg) (Reporting by Rajendra Jadhav; Editing by Richard Pullin)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-india-cotton-exports-idUKKBN15P0NT'|'2017-02-10T14:31:00.000+02:00'
'335654af8c783245d16b0f011f995e2d0dfd84f4'|'BRIEF-HNI Corp says on February 6, 2017, approved closure of its Colville, Washington hearth manufacturing facility'|' 24pm EST BRIEF-HNI Corp says on February 6, 2017, approved closure of its Colville, Washington hearth manufacturing facility Feb 8 HNI Corp * HNI Corp says on February 6, 2017, approved closure of its Colville, Washington hearth manufacturing facility * HNI Corp says to consolidate Colville production into existing hearth manufacturing facilities * HNI Corp says anticipates closure and consolidation of Colville facility to be substantially completed by end of Q3 2017 * HNI Corp says corporation estimates realignment will save $2.8 million annually beginning in Q4 2017. * HNI Corp says corporation anticipates charges related to closure and consolidation will impact pre-tax earnings an estimated $6.7 million.  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1FT104'|'2017-02-09T05:24:00.000+02:00'
'1a9a7d0106cd8c1813828b4c6cc2fa5705057754'|'European shares boosted by soothing earnings, SocGen and Total up'|' 39am GMT European shares boosted by soothing earnings, SocGen and Total up A woman walks past the London Stock Exchange building in the City of London, Britain, January 16 , 2017. REUTERS/Toby Melville LONDON European shares rose for a third consecutive session on Thursday, with some major companies such as France''s second-biggest listed bank Societe Generale ( SOGN.PA ) and oil major Total ( TOTF.PA ) advancing after their results. Eutelsat rose nearly 5 percent, the top gainer in the pan-European STOXX 600 index , after the company predicted higher Internet and mobile satellite sales and announced plans to buy a Viasat ( VSAT.O ) satellite. France''s Total was up 0.8 percent after the company reported better-than-expected fourth quarter net profits, thanks to cost savings that enabled it to raise its dividend, and said it was hunting opportunities to buy assets from struggling rivals after. Shares in Societe Generale rose 3 percent after the bank reported a better-than-expected net income in the final three months of last year and said it would float a stake in its booming vehicle leasing unit ALD. However, gains were limited by some poor updates. Commerzbank ( CBKG.DE ) fell 1 percent after the German lender said it needed to do more to get back to sustainable growth. Germany''s second-largest lender behind Deutsche Bank ( DBKGn.DE ), however, beat quarterly profit forecasts. Smith & Nephew ( SN.L ) fell 4.8 percent after Europe''s biggest artificial hip and knee maker reported a 7 percent drop in full-year trading profit, missing average forecasts, on tough market conditions in China and the Gulf. The STOXX 600 index was up 0.5 percent by 0827 GMT after rising in the previous two straight sessions. (Reporting by Atul Prakash; Editing by Catherine Evans)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-europe-stocks-idUKKBN15O0V2'|'2017-02-09T15:39:00.000+02:00'
'95e21c9ba7234a912da589e7db0270ad40d3d406'|'Wells Fargo poised to wipe out CEO''s bonus'|'Wells Fargo poised to wipe out CEO''s bonus by Matt Egan @mattmegan5 February 9, 2017: 11:01 AM ET Fmr. Wells Fargo managers: the pressure was unbearable The bonuses of Wells Fargo''s topmost executives are on the chopping block as the bank continues to dig out from its fake account scandal. Wells Fargo''s board of directors is expected to soon decide to eliminate annual bonuses for CEO Tim Sloan, Chief Financial Officer John Shrewsberry and other senior executives, a person familiar with the matter confirmed to CNNMoney. The board''s deliberations on compensation come four months after Sloan took over for longtime CEO John Stumpf, who abruptly retired and forfeited $41 million in stock awards as the crisis mounted at Wells Fargo. A decision to forgo bonuses shouldn''t be interpreted as a sign that the current top execs have been found to be at fault in the bank''s fake account scandal, the person said. Instead, the compensation moves are linked to holding Wells Fargo management accountable for the bank''s overall performance. Wells Fargo has reported a dramatic decline in consumer checking account openings in recent months. The bank''s most recent quarterly profits shrank and it''s now looking to shut more than 400 branches. Wells Fargo ( WFC ) declined to comment on the compensation news, which was first reported by The Wall Street Journal. Related: Wells Fargo fiasco hold up severance for 400 workers After Sloan took over, he was left with fixing the worst banking scandal in the U.S. in years. Wells Fargo''s creation of millions of fake accounts and alleged mistreatment of workers sparked Congressional hearings , hurt employee morale , damaged the bank''s reputation with customers and caused countless state and federal investigations. "We''ve got a very proud history, but we''ve made some mistakes," Sloan said on Wednesday while appearing at the Yahoo Finance All Markets Summit. Sloan called Stumpf a "friend" and a "fine man," adding that he wishes the longtime CEO "all the success in the world." But Sloan said Stumpf''s decision to step down was the "right thing for the company" because it allowed Wells Fargo to move forward. "He''d be the first to admit he made mistakes," Sloan said. Now that he''s in charge, Sloan''s focus is on rebuilding trust and making sure "something like this never happens again." Sloan''s 2016 compensation hasn''t been released yet, but the Wells Fargo boss made $11 million in total compensation in 2015. That included a base salary of $2 million, bonuses and long-term stock rewards. "I have the greatest job in the world. It''s an honor to be the CEO of Wells Fargo," Sloan said. Related Seattle to cut ties with Wells Fargo Shareholders and employees are anxiously waiting for the conclusion of an independent investigation into Wells Fargo''s sales tactics that''s being conducted by the bank''s board. The probe and full results aren''t likely to come for several months, but preliminary findings could be released sooner, the person familiar with the matter told CNNMoney. The board''s investigation has been previously described as "massive," involving "many dozens" of lawyers from Shearman & Sterling, the law firm hired to assist the investigation. Wells Fargo Chairman Stephen Sanger has promised the review will "follow the facts wherever they lead" and indicated it could result in more punishments for former and current executives.   11:01 AM ET'|'cnn.com'|'http://rss.cnn.com/rss/edition_business.rss'|'http://money.cnn.com/2017/02/09/investing/wells-fargo-eliminate-ceo-bonus/index.html'|'2017-02-09T23:01:00.000+02:00'
'c7b38883e0e2259009a5827e8d9e4e83b42eb6d0'|'Smith & Nephew hit by tough markets in China, Gulf States'|'Business News - Thu Feb 9, 2017 - 7:22am GMT Smith & Nephew hit by tough markets in China, Gulf States LONDON Smith & Nephew ( SN.L ), Europe''s biggest artificial hip and knee maker, reported a 7 percent drop in full-year trading profit, missing average forecasts, as tough market conditions in China and the Gulf States kept growth in check. The company reported trading profit of $1.02 billion (1 billion pounds) on revenue 1 percent higher at $4.67 billion on Thursday. "Market conditions in China and the Gulf States together shaved more than a percentage point of growth off the group in 2016," the company said, although it added that China had returned to growth in the second half. It said it expected stronger revenue growth in 2017, with underlying revenue increasing by 3-4 percent and trading profit margin increasing by 20-70 points. Analysts were expecting the company to report revenue of $4.69 billion and trading profit of $1.04 billion, according to a company-supplied consensus. (Reporting by Paul Sandle; editing by Kate Holton) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-smith-nephew-results-idUKKBN15O0OZ'|'2017-02-09T14:22:00.000+02:00'
'201b6469948659b5b1ef3e6571ee73627276f2c0'|'Nissan posts weaker-than-expected operating profit in third quarter'|'Business News - Thu Feb 9, 2017 - 8:00am GMT Nissan posts weaker-than-expected operating profit in third quarter left right Nissan Motor Co''s concept car Nissan Concept 2020 Vision Gran Turismo is seen at its showroom in Tokyo, Japan February 9, 2017. REUTERS/Toru Hanai 1/4 left right People walk past a Nissan Motor Co''s showroom in Tokyo, Japan February 9, 2017. REUTERS/Toru Hanai 2/4 left right People look at Nissan Motor Co''s Note compact car at its showroom in Tokyo, Japan February 9, 2017. REUTERS/Toru Hanai 3/4 left right The logo of Nissan Motor Co is seen at its showroom in Tokyo, Japan February 9, 2017. REUTERS/Toru Hanai 4/4 TOKYO Nissan Motor Co ( 7201.T ) posted on Thursday a weaker-than-expected operating profit for the third quarter as higher marketing and selling expenses along with currency effects offset higher domestic sales. Japan''s second-largest automaker posted an operating profit of 163.5 billion yen ($1.46 billion) for the October-December period, down from 192.56 billion a year ago and lower than a median forecast of 170 billion yen from nine analysts polled by Thomson Reuters I/B/E/S/. Nissan left its full-year net profit forecast unchanged at 525.0 billion yen, while it maintained its expectations for operating profit at 710.0 billion yen, based on its forecast for the yen to average 105 yen to the U.S. dollar and 120 yen to the euro. ($1 = 112.2700 yen) (Reporting by Naomi Tajitsu; Editing by Muralikumar Anantharaman) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-nissan-results-idUKKBN15O0S3'|'2017-02-09T15:00:00.000+02:00'
'e8970ba522115bd152809ccb94a8dd053fed57e2'|'UPDATE 1-Puma kicks off 2017 with upbeat outlook after winning run'|' 00am EST UPDATE 1-Puma kicks off 2017 with upbeat outlook after winning run * Q4 net loss 4.6 mln euros vs consensus 5 mln euro loss * Q4 sales up 9 pct to 958 mln euros vs consensus 947 mln * Forecast for high single digit sales growth in 2017 (Adds details, background) By Emma Thomasson HERZOGENAURACH, Germany, Feb 9 Retro sneakers and endorsements by stars like Usain Bolt and Rihanna helped German sportswear firm Puma deliver strong sales growth in the fourth quarter and make a confident forecast for 2017 on Thursday. Puma Chief Executive Bjorn Gulden has led a gradual turnaround of a brand that had fallen far behind market leaders Nike and Adidas. "I feel extremely confident about 2017... I have seen the order book and the reaction from the trade," Gulden said. Shares in Puma, which rallied last month on analyst upgrades and renewed speculation that majority owner Kering might consider a sale, were up 0.6 percent by 0953 GMT. Like its bigger German rival Adidas, Puma is benefiting from a shift away from sports performance shoes and towards retro models, a trend that has hurt newer players like Under Armour and has also dampened Nike''s success. Puma posted a quarterly net loss of 4.6 million euros ($5 million) on sales of 958 million euros, a rise of 9 percent, both of which were slightly better than forecasts in a Reuters poll. By comparison, Under Armour last month saw its shares slide by a quarter after it reported a big drop in holiday-quarter sales growth and issued a glum forecast for the year, admitting that its products are not fashionable enough. Sales at Puma rose 10.4 percent in Europe and 9.9 percent in the Americas, with total footwear sales jumping 15.3 percent, helped by the popularity of lifestyle shoes like its women''s basketball Heart line, tied with a large ribbon bow. The German company had 6 percent of the U.S. casual sportswear market in December, more than tripling its share compared to a year ago, market intelligence firm NPD said. Puma expects currency-adjusted net sales to increase at a high single-digit percentage rate in 2017 after a rise of 10 percent in 2016, and earnings before interest and tax (EBIT) of 170 million to 190 million euros, up from 128 million in 2016. Sales in 2016 were helped by the Olympic Games and the Euro 2016 soccer championship, whereas growth in the industry is traditionally slower when there are no major global events. ($1 = 0.9346 euros) (Editing by Maria Sheahan and Alexander Smith)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/puma-de-results-idUSL5N1FU2NJ'|'2017-02-09T17:00:00.000+02:00'
'9629ab2f5031eb2a6c1e1ab9cf08a578888ace6e'|'BRIEF-Samsung''s Galaxy S8 to be unveiled in New York next month- WSJ, citing sources'|'Company News - Fri Feb 10, 2017 - 12:17am EST BRIEF-Samsung''s Galaxy S8 to be unveiled in New York next month- WSJ, citing sources Feb 10 (Reuters) - * Samsung''s new phone Galaxy S8 is set to be unveiled at an event in New York late next month- WSJ, citing sources Source : on.wsj.com/2ksRM2x Next In Company News Morning News Call - India, February 10 To access the newsletter, click on the link: http://share.thomsonreuters.com/assets/newsletters/Indiamorning/MNC_IN_02102017.pdf If you would like to receive this newsletter via email, please register at: https://forms.thomsonreuters.com/india-morning/ FACTORS TO WATCH 3:00 pm: State Bank of India Chairman Arundhati Bhattacharya on third-quarter earnings conference call in Mumbai. 4:15 pm: Dena Bank Head Ashwani Kumar briefs media after third-quarter earni'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1FU185'|'2017-02-10T12:17:00.000+02:00'
'7eee8a07d3c47e80485e12f79850646abc41df7a'|'Workers extend strike at CNR''s Ivory Coast oil and gas fields'|'Company News - Sat Feb 11, 2017 - 5:46am EST Workers extend strike at CNR''s Ivory Coast oil and gas fields ABIDJAN Feb 11 Workers have extended a strike indefinitely at Canadian Natural Resources'' (CNR) Baobab and Espoir oil and gas fields in Ivory Coast, the SISPOO oil workers union said on Saturday. A 72-hour strike was called early on Wednesday over the firing of workers and was extended on Friday after the parties failed to reach an agreement. "As no solution is in sight, we hereby announce the extension of the strike until the conflict is resolved," SISPOO said in a letter to CNR on Friday. The union told Reuters on Wednesday that no gas was coming from any of CNR''s platforms, and that output from those sites represented about 30 percent of Ivorian oil and gas production. CNR could not be immediately reached for comment on Saturday. The company produces about 70 million cubic feet of natural gas per day in Ivory Coast, which is critical for supplying the West African nation''s gas-fired power plants. It also pumps between 40,000 and 45,000 barrels of crude oil per day, mainly for export. (Reporting by Joe Bavier; Writing by Edward McAllister; Editing by Louise Ireland) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/ivorycoast-oil-strike-idUSL5N1FW06T'|'2017-02-11T17:46:00.000+02:00'
'0e48c1fbca7cbe19c9000120f492864160eecead'|'Last-minute Valentine? Ideas to save the day <20> in pictures - Guardian Small Business Network'|'Last-minute Valentine? Ideas to save the day <20> in pictures 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 If dinner and a box of chocolates no longer cut it, give these ideas from independent traders a goEmma Featherstone and Emma Sheppard Saturday 11 February 2017 08.30 GMT Looking for an alternative to chocolate? How about a fudge-making class. The Fudge Kitchen , which has branches across the UK, offers an hour<75>s lesson for <20>100. Patch Hyde, head of retail operations at the company, says: <20>People have come into our Cambridge shop for a workshop on their wedding day. Others have proposed with the ring inside a piece of fudge.<2E> First, you and your partner will sample the fudge, then you<6F>ll work on your own batch. At the end of the session, you<6F>ll be given some to take away plus your own fudge-making kit. Photograph: The Fudge KitchenFacebook Twitter Pinterest Is one of you a frequent traveller? If so, how about getting a little soppy? LoveKeepCreate makes keepsakes from treasured items, such as old baby clothes, and is offering a <20>Heart Felt Message<67> gift for Valentine<6E>s Day. The handmade heart comes with a recordable device so you can leave a message for your loved one. Co-founder Rachel Day came up with the business<73>s keepsakes when her husband was on deployment to Afghanistan. She decided to use her first baby<62>s old sleep suits to create a blanket that her husband could take away with him. You can still buy e-vouchers to handover on Valentine<6E>s. Photograph: LoveKeepCreateFacebook Twitter Pinterest If you<6F>re getting married this year, tick one of your many jobs off with a class at The Quarter Workshop . Owner Victoria Delaney says over the past two years, demand has risen dramatically for couples to make their own wedding rings. The jeweller estimates that she worked with around 70 couples last year alone. She says no one has ever made a bad ring: <20>Silver and gold are quite forgiving <20> the worst that could occur is they melt it, which I don<6F>t let happen.<2E> Sessions cost <20>350 per couple, plus materials. Photograph: Jack Spicer AdamsFacebook Twitter Pinterest If your partner doesn<73>t have a signature scent, a consultancy service with Friedemodin <20>s founder Nina Friede could be a thoughtful gift. <20>A lot of people don<6F>t know what they like,<2C> says Friede. She often meets clients for afternoon tea to talk to them about which smells they prefer, and which go together well, before helping them choose an appropriate one from her collection. A one-to-one session is about <20>160. Photograph: Friede ModinFacebook Twitter Pinterest How about treating your significant other to a holiday of a lifetime? <20>Couples are definitely becoming more adventurous,<2C> says Sam Bruce, co-founder of Much Better Adventures . <20>In fact, one of our most popular pages on the site is Adventures for Couples.<2E> This Norwegian husky-sledding experience costs from <20>265 per person, excluding flights. Photograph: Isak DalsfeltFacebook Twitter Pinterest Pillow Talk picks up on the wearer<65>s heartbeat and sends it in real time to a loved one via a small speaker. Joanna Montgomery, the founder of Little Riot , which manufactures the product, says it<69>s particularly popular with couples in long-distance relationships. <20>It<49>s about feeling that connection with someone,<2C> she adds. The device can be pre-ordered for <20>125 including two wristbands and speakers. Photograph: Paul CockcroftFacebook Twitter Pinterest Whether a treat for the caffeine lover in your life or a date with a new flame, sauntering around the capital<61>s coffee spots should impress. Taste Tripper offers a London Coffee Explorer pack for two for <20>30. This includes free coffees, a London coffee map, a tasting guide, and coffee-based recipes. You can order online and collect immediately from one of the venues. Photograph: Taste TripperFacebook Twitter
'fde8d6911f434ac75214a9795a4019d1e3e59742'|'Parsley Energy to buy assets in Permian basin for about $2.8 billion'|'U.S. oil and gas producer Parsley Energy Inc ( PE.N ) said on Tuesday it would buy certain assets in the oil-rich Permian basin from a privately owned company for about $2.8 billion.The acreage, which is being bought from Double EagleEnergy Permian LLC, will add about 71,000 net acres to Parsley''s Midland basin acreage portfolio, bringing total Permian Basin net acreage to about 227,000 acres, the company said.(Reporting by John Benny in Bengaluru; Editing by Maju Samuel)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-parsley-energy-assets-idINKBN15M2IR'|'2017-02-07T18:58:00.000+02:00'
'98180a84babf0d12e93d98d44e2ec4ee78a5e8b7'|'Earnings nudge European shares higher, Storebrand and Vinci lead'|'Business News  23am GMT Earnings nudge European shares higher, Storebrand and Vinci lead Traders work at their desks in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, January 23, 2017. REUTERS/Staff/Remote By Helen Reid - LONDON LONDON European shares edged higher on Wednesday led by mining and construction stocks on a heavy day for company results. The pan-European STOXX 600 index was up 0.2 percent, but national indexes were mixed, with Italy, Spain and Britain in negative territory while France''s blue-chip index outperformed. Norwegian insurer Storebrand ( STB.OL ) was the best performing stock in the index, up 5.1 percent after touching a nine-year high, after reporting forecast-beating earnings and the first dividend in six years. French construction and concession company Vinci ( SGEF.PA ) was also a top gainer after results reported after the market closed on Tuesday. Its shares were up 3.8 percent after it hiked its dividend and forecast higher revenue for 2017 and more traffic on its French motorways. "With most operating metrics in Q4 improving and guidance for further growth, we see momentum as positive for Vinci into 2017," said UBS analysts in a note. "We believe the shares offer good value." Denmark''s wind turbine producer Vestas Wind ( VWS.CO ) was another top gainer leading Copenhagen''s OMX 20 index .OMXC20 after it reported a bigger than expected order intake. German airline Lufthansa ( LHAG.DE ) rose to the top of the German blue-chip index .GDAXI after Societe Generale upgraded the stock to "buy". Lufthansa''s Eurowings unit agreed to a mediation process with German cabin crew on Tuesday. Spanish construction company ACS ( ACS.MC ) rose 3.5 percent after Australian contractor Cimic Group Ltd ( CIM.AX ), said it expected a strong 2017 and posted an 11.5 percent rise in full-year profit. ACS supported the pan-European construction and materials sector index .SXOP, which gained 1.2 percent. The pan-European mining index .SXPP rose 2 percent, and Antofagasta and Rio Tinto were among the top gainers, as copper prices climbed towards a two-month high due to supply concerns. Among the fallers, Nordic stocks dominated. Danish shipping and oil group A.P. Moeller-Maersk ( MAERSKb.CO ) was a top faller, its shares down 6.2 percent after it missed fourth-quarter profit forecasts and announced its chairman would step down. Sweden''s Handelsbanken dropped 4.3 percent, headed for its worst daily loss in more than six months, after its profit and dividend missed forecasts. Danish beer giant Carlsberg ( CARLb.CO ) lost 2.8 percent after its fourth-quarter sales missed analysts'' forecasts. British mid-cap Tullow Oil ( TLW.L ) was the top European faller after the Africa-focused oil exploration company said it was in the red for a third year due to exploration write-offs. (Reporting by Helen Reid; Editing by Vikram Subhedar and Elaine Hardcastle) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-europe-stocks-idUKKBN15N11W'|'2017-02-08T17:23:00.000+02:00'
'971353600a559743226fd4438f7a0bdf3c6c26c0'|'TABLE-Mexico''s Pemex adjusts crude pricing formulas for March'|'Company   1:03pm EST TABLE-Mexico''s Pemex adjusts crude pricing formulas for March MEXICO CITY, Feb 8 Mexican state-owned oil company Pemex revised its March term pricing formulas for crude oil shipped to its international customers, 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 FEB CONSTANT MARCH CONSTANT AMERICAS Maya crude -4.75 -4.20 Isthmus crude 2.15 2.15 Olmeca crude 2.65 2.65 U.S WEST COAST Isthmus crude -3.10 -2.95 Maya crude -6.40 -6.40 EUROPE Maya crude -6.30 -5.40 Isthmus crude -3.95 -3.35 Olmeca crude -2.70 -2.40 FAR EAST Maya crude -9.70 -9.40 Isthmus crude -3.20 -2.75 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 (Reporting by David Alire Garcia) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/mexico-pemex-idUSL1N1FT1AA'|'2017-02-09T01:03:00.000+02:00'
'8704a8b98dde65de722aa38bfdcc7165466617a8'|'UK financial watchdog rejects shake up of open-ended funds'|'Business  52am GMT UK financial watchdog rejects shake up of open-ended funds 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 Britain''s financial watchdog has decided against a shake-up of the open-ended funds industry, saying changes such as a ban on holding illiquid assets would increase costs and do little to improve protection of consumers. The Financial Conduct Authority (FCA) began scrutinising open-ended funds - which can issue or redeem shares at any time - after commercial property funds worth about 18 billion pounds ($23 billion) had to suspend activities in the aftermath of Britain''s vote last June to leave the European Union. The funds ran out of cash when investors who feared property prices would collapse demanded their money, triggering calls for a reform of the sector and for a ban on such funds holding assets like property that can''t be quickly converted to cash. The FCA said in a discussion paper on Wednesday it "would not suggest interventions aiming to restructure the existing regime". "So, for example, we do not intend to ban open-ended funds holding illiquid assets or prevent retail investors from acquiring units in open-ended property funds," it said. "We do not believe such changes would advance our financial stability or consumer protection objectives, because of the predictable costs and negative impact they would be likely to cause." Instead, the watchdog said it was open to ideas on how the "tools" available to fund managers might help them better manage the liquidity of funds that offer regular dealing but hold illiquid assets. Regulators worry about a so-called liquidity mismatch - or funds making promises of instant redemptions while investing in assets that can take months to sell. Liquidity mismatches have risen to the top of the agenda for regulators across the world after bond funds came under intense pressure to meet redemptions following big falls in prices during market stress. (Reporting by Huw Jones; Editing by Mark Potter) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-regulator-funds-idUKKBN15N13W'|'2017-02-08T17:52:00.000+02:00'
'347283edadf45960e7e607e9f0ce743b057de845'|'Merkel says EU must seek trade deals elsewhere if no joy with U.S.'|' 36pm GMT Merkel says EU must seek trade deals elsewhere if no joy with U.S. German Chancellor Angela Merkel arrives, after talking with Uruguayan President Tabare Vazquez, for a news conference at the Chancellery in Berlin, Germany, February 8, 2017. REUTERS/Hannibal Hanschke BERLIN The European Union will have to press ahead quickly to secure trade deals with other countries if it does not reach an agreement with President Donald Trump''s new U.S. administration, German Chancellor Angela Merkel said on Wednesday. "As the European Union, if we perhaps don''t make progress, or only slow progress - we will have to see - with the United States, then we will have to negotiate other agreements quickly," she told reporters after meeting Uruguay''s president. "We are negotiating with Japan, with India, with Australia, and we are negotiating with Mercosur," Merkel added. "First of all, we need to know how we will get on with the new U.S. administration. We will work on the issue of free trade during Germany''s G20 presidency ... and then we will be able to see where the priorities of the new U.S. administration lie." (Writing by Paul Carrel; Editing by Madeline Chambers)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-germany-usa-trade-idUKKBN15N1K5'|'2017-02-08T20:36:00.000+02:00'
'fab2f6ef88e7a306e38a86f0e880a9093f3f5d7a'|'BOJ sees improvements in economy but warns on inflation expectations'|'By Stanley White - TOKYO TOKYO Bank of Japan board members saw improvements in exports, consumer spending and capital expenditure but warned that it may take time for inflation expectations to pick up, a summary of opinions from their Jan. 30-31 meeting showed on Wednesday.Members also believed it was appropriate for the BOJ to maintain its current ultra-easy policy, with one member even arguing that the central bank should not change policy hastily."Since the second half of 2016, Japan''s economic recovery has strengthened," one of the nine board members was Quote: d as saying. "Positive synergy effects are being produced by improvement in overseas economies, economic stimulus measures by the government, and enhanced monetary easing."However, there was a sense of caution in the summary of opinions as members expressed concerns over uncertainty surrounding the Trump administration''s policies and about Britain''s exit from the European Union.The BOJ kept policy on hold and raised its growth projection and, but warned that its 2 percent inflation target remained elusive.Consumer spending struggled for the first half of last year, but policymakers were encouraged by the fact that consumer spending has since started picking up, the summary of opinions showed.A turnaround in exports is also encouraging because Japan relies on trade demand for growth.New has suggested he will adopt protectionist trade policies, and some economists say this poses a threat to Japan because it exports large numbers of cars and car parts to the United States.One BOJ board member said traders could start to question the central bank''s ability to control the yield curve during a bout of heightened uncertainty and the BOJ''s market operations desk would need more flexibility.In September, the BOJ revamped its policy target to interest rates from the pace of money printing and is buying government debt to keep the 10-year bond yield around zero percent.However, 10-year bond yields have faced upward pressure from a rise in overseas yields.(Reporting by Stanley White; Editing by Eric Meijer)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/japan-economy-boj-idINKBN15N08M'|'2017-02-08T00:01:00.000+02:00'
'9bf65ac4f625698fe1fc4c73a6340485369346f7'|'Time Warner reports 11.47 percent rise in revenue'|'Time Warner Inc ( TWX.N ), which is in the process of being bought by AT&T Inc ( T.N ), reported an 11.47 rise in quarterly revenue, helped by the success of the "Harry Potter" spinoff "Fantastic Beasts and Where To Find Them."The company''s net income from continuing operations fell to $317 million, or 40 cents per share, in the fourth quarter ended Dec. 31 from $857 million, or $1.06 per share, a year earlier.Excluding some items, the company earned $1.25 per share.Revenue rose to $7.89 billion from $7.08 billion.AT&T''s proposed acquisition of Time Warner for $85.4 billion was opposed by U.S. President Donald Trump during his election campaign. However, AT&T said last month it was confident the would be approved.(Corrects net income to 40 cents per share from $40 per share in paragraph 2)(Reporting by Rishika Sadam and Aishwarya Venugopal in Bengaluru; Editing by Saumyadeb Chakrabarty)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-time-warner-results-idUSKBN15N1AZ'|'2017-02-08T15:29:00.000+02:00'
'23f79e7f7be9654f0a15a52d2965af2c581d3c2f'|'Telus profit misses as it spends more to win wireless customers - Reuters'|'Telus Corp, one of Canada''s three big telecom providers, reported a smaller-than-expected quarterly profit on Thursday as operating expenses rose and it paid more to win wireless customers.Telus is spending billions of dollars to expand its wireless and broadband networks as it competes with BCE Inc and Rogers Communications Inc for wireless customers across the country, and with Shaw Communications Inc for television, internet and phone customers in Western Canada.Shares of Vancouver-based Telus fell as much as 2.4 percent to C$43.10 in afternoon trading.The company said it added 87,000 net postpaid wireless customers, 25,000 more than a year ago.In the same period, market leader Rogers Communications Inc added 93,000 wireless customers, and BCE Inc, Telus'' network-sharing partner, signed on nearly 112,000.Telus''s wireless customers, on average, including those on contracts and those who pay upfront for cellular service, paid C$66.24 per month, about 4 percent higher than a year earlier.However, the company''s cost of acquiring wireless customers rose about 6 percent to C$500 per gross subscriber addition.The company''s operating expenses rose 11.3 percent to C$3.07 billion in the quarter ended Dec. 31.The company said it added 24,000 internet connections, up 2,000 from a year ago, reflecting an ongoing expansion of its broadband business."Telus produced far better than expected internet net adds, potentially moderating concerns in the market around losing ground to its cable competitor," Canaccord Genuity analysts wrote in a note.Telus forecast 2017 revenue of C$13.12 billion-C$13.25 billion, compared with analysts'' average estimate of C$13.19 billion, according to Thomson Reuters I/B/E/S.Fourth-quarter net income fell 67 percent to C$87 million ($66.31 million), or 14 Canadian cents per share.Excluding items, which included a restructuring charge of C$255 million, the company earned 53 Canadian cents per share, missing estimates of 58 Canadian cents.Telus'' operating revenue rose 2.7 percent to C$3.31 billion, also missing estimates of C$3.33 billion.Up to Wednesday''s close, the company''s shares had risen about 10 percent in the past 12 months.($1 = 1.3120 Canadian dollars)(Reporting by Komal Khettry in Bengaluru; Editing by Shounak Dasgupta)'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/telus-results-idINKBN15O2EA'|'2017-02-09T14:50:00.000+02:00'
'b3b9852025df4bc3f46b5b34c38fe5cb398145de'|'Swiss stocks - Factors to watch on on Feb 8'|'ZURICH Feb 8 Here are some of the main factors expected to affect Swiss stocks on Wednesday:ABBThe power and automation company presents its fourth-quarter and full-year results at 0545 GMT. For a Reuters poll on the results, clickSYNGENTAThe pesticides and seeds group being acquired by ChemChina releases results at 0600 GMT. For a Reuters poll on the results, clickSWISSCOMThe telecoms company reports results at 0615 GMT. For a Reuters poll on the results, clickVONTOBELThe Swiss private bank and asset manager reports full-year results at 0600 GMT. For a Reuters poll on the results, clickCOMPANY STATEMENTS* Senseonics Holdings Inc - Roche Holding Ltd reports 8.5 percent passive stake in Senseonics Holdings Inc as of December 31, 2016 - SEC Filing* Energiedienst Holding said Dominique Candrian will be proposed as the new chairman of the board of directors.* Kuehne + Nagel said it is launching KN Packaging.ECONOMY* Swiss bond issue result due around 1000 GMT. (Reporting by Zurich newsroom)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/markets-swiss-stocks-idINL5N1FS5EQ'|'2017-02-08T02:25:00.000+02:00'
'c88cddd9b4455853758eb6b86419328c79234931'|'Eight Great Wireless Bluetooth Headphones'|'Still connecting headphones to your phone with wires? Go get a late pass<73>wires are as 2016 as Harambe. A bevy of Bluetooth headsets out there take advantage of that low-power wireless standard named after a 10th century Scandinavian king. With a range of up to 30 feet, Bluetooth headsets can be untethered from your device, making life simpler when you exercise, travel, or simply sling a bag over your shoulder. The variety of models includes units that reduce noise around you, remain impervious to moisture, work seamlessly with your phone<6E>s virtual assistant, or just provide immersive audio while you, say, fold laundry next to a sleeping baby.Like all our new wireless playthings, these devices require charging (and recharging), so it<69>s good to keep an old-fashioned pair of wired headphones in your bag. But when the batteries are full and the Bluetooth is flowing, enjoy the modern freedom of being unbound from that hunk of plastic in your pocket.Best if the future is now Photo illustration: Caroline Tompkins for Bloomberg Businessweek; Photographer: Michael Ochs/Getty Images Apple AirPods$159; apple.comThere<72>s tons of tiny tech in these things. Sensors can tell when they<65>re in or out of your ears, causing music to play or pause, and accelerometers activate the microphones if they sense that you<6F>re talking.Best for a budget Photo illustration: Caroline Tompkins for Bloomberg Businessweek; Photographer: Anthony Barboza/Getty Images Jabra Move wireless$80; jabra.comWorried about the expense of cutting the cord? These provide the same sound quality as others costing two or three times as much, which should sound pretty good to you.Best if you<6F>re not just working a 9-to-5 Photo illustration: Caroline Tompkins for Bloomberg Businessweek; Photographer: Alamy Bang & Olufsen Beoplay H8$500; beoplay.comEach of the H8<48>s earphones functions as a touch panel<65>taps, swipes, and circular motions control a host of features<65>so say goodbye to blindly feeling your way around a tiny set of buttons dangling at your neck.Best when you<6F>re on the go Photo illustration: Caroline Tompkins for Bloomberg Businessweek; Photographer: Alamy Beats Solo3 wireless headphones$300; apple.comYou<6F>re paying for class-leading power efficiency: The Solo 3s can be used for 40 hours after a 2-hour charge, or 3 hours after being plugged in for just 5 minutes.Best when you want to be alone Photo illustration: Caroline Tompkins for Bloomberg Businessweek; Photographer: Vinnie Zuffante/Getty Images Bose QuietComfort 35 wireless headphones$350; bose.comIf you work in a noisy office<63>like, oh, say, at a business magazine<6E>you know what a lifesaver Bose<73>s famous noise-canceling technology can be. Now you can roam from workstation to workstation listening to whatever.Best when you smell like more than teen spirit Photo Illustration: Caroline Tompkins for Bloomberg Businessweek; Photographer: Terry McGinnis/Getty Images Jaybird X3 wireless Bluetooth headphones$130; jaybirdsport.comThe rubberized earpieces wedge comfortably in the outer ear, keeping these securely in place no matter how hard you hit the gym. An eight-hour battery life ensures you<6F>ll have tunes even during two-a-days.Best splurge Photo illustration: Caroline Tompkins for Bloomberg Businessweek; Photographer: Paul Natkin/Getty Images Sennheiser HD1$500; sennheiser.comActive noise cancellation. A 22-hour battery life. Soft-cushioned leather ear pads. A foldable design for portability. This pair will be your greatest love of all.Best of all worlds Bowers & Wilkins P5 wireless headphones$300; bowers-wilkins.comThese occupy a sweet spot between itty-bitty earbuds and hardcore ear cans. The 17-hour battery life can<61>t beat Beats, but the sound quality is tough to top<6F>B&W is renowned for engineering some serious loudspeakers.'|'bloomberg.com'|'https://www.bloomberg.com/businessweek'|'http://www.bloomberg.com/news/articles/2017-02-07/eight-great-wireless-bluetooth-headphones'|'2017-02-07T22:00:00.000+02:00'
'2ccd55161760bb7bb182445ee81b22ac18707484'|'In glitzy Singapore, hotels'' success recipe is being average'|' 17pm GMT In glitzy Singapore, hotels'' success recipe is being average left Tourists take photos at the Merlion Park in Singapore January 11, 2017. REUTERS/Edgar Su 1/2 Tourists take photos at the Merlion Park in Singapore January 11, 2017. REUTERS/Edgar Su 2/2 By Aradhana Aravindan - SINGAPORE SINGAPORE Liesbeth Foesters travels for business around the world, but none of her hotel rooms was smaller than the one she got in Singapore. Her company has a tight budget. "If you compare this with (the room I had in) China, it is nothing, but ... we have to adapt to the budget," the 30-year-old Belgian pharma professional said as she left Hotel Jen for a business meeting. It is a compromise that works well both for travellers like Foesters and the hotel industry in Singapore, which for the past two years has been aggressively targeting middle income guests. Visitors from upwardly mobile China and India are providing much of the growth, flocking to Singapore to enjoy a city more modern and clean than anywhere back home. "I have been to Gardens by the Bay and Skypark at Marina Bay. I came to see this place because it''s beautiful and modernized -- a garden city," said Chen Jianan, a Chinese tourist from Hainan. Visitor arrivals are on track for their biggest rise since 2012, helped by the realignment in strategy, offering everything from smaller rooms and lower prices to new services such as unlimited laundry and age-based discounts. The data is due next week. This is a new era for Singapore''s hotels, once known for their opulence. Visiting a city that for the past three years the Economist Intelligence Unit has ranked the world''s most expensive to live in may have been alright when travel budgets were fatter, but less so in these more thrifty times. The banking industry has contracted globally and fewer oil executives are coming to Singapore due to the crash in crude prices. Reflecting a structural shift in the tiny city-state''s economy, the more commonly sighted business visitors these days are pharma and tech professionals, according to industry executives and analysts. Millennials flying in for business in Singapore''s growing Fintech space are more interested in good wifi and how much fun they can have in the hotel''s common areas than elegant furnishings. "The technology industry in Singapore is far more supportive of mid scale and upscale than luxury, which finance or oil and gas executives typically prefer," said Frank Sorgiovanni, head of research, Asia Pacific, at JLL''s hotels and hospitality group. According to real estate services firm CBRE, the number of mid scale rooms -- which government data show cost on average S$170 per night (<28>96)-- increased 32 percent over the past two years. That is a far bigger increase than seen at the top of the market. The number of upscale rooms - averaging S$260 a night rose 8.25 percent, while luxury rooms - averaging S$446 - increased 1.8 percent. The trend continues. For 2017, mid-tier hotels are set to account for the highest proportion of new supply at 34 percent, research from brokerage DBS shows. "It has to be about going for the middle class," said Beh Swan Gin, chairman of the Economic Development Board, the lead government agency for economic strategies. Park Hotel Group is among those moving down the value chain, with its mid-scale brand, Destination, debuting in Singapore in the second-quarter. Marriott International Inc''s ( MAR.O ) mid-scale Four Points by Sheraton hotel opened last year. Yotel, a London-based operator specialising in small rooms, opens its first flagship Asian property in Singapore this year. In far less well off parts of the region, hoteliers have been moving up the value chain, upgrading facilities to tap into the same burgeoning middle class segment of the travel market. ACCOMMODATING CHINA Visitor arrivals rose 8 percent in the first 11 months of 2016 to roughly 15 million. Spending by tourists was up 12 percent to reach S$12 billion unti
'9ff6209df7764331b30483c693a5c0e4a9095ce1'|'PRESS DIGEST- British Business - Feb 10'|'Feb 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 TimesShareholder revolt forces Thomas Cook to retreat on payInvestors fired a warning shot across the bows of corporate Britain as Thomas Cook bowed to pressure to make changes to a long-term incentive scheme for executives. bit.ly/2lwPmRpBHS inquiry chief beefs up investigations teamThe Insolvency Service has engaged forensic accountants and senior lawyers as it investigates whether former BHS directors should be disqualified. bit.ly/2lwKPP0The GuardianBank of England appoints Charlotte Hogg as deputy governorThe Bank of England has appointed Charlotte Hogg as its second most powerful executive, in a role that hands the former financier the task of keeping a check on Britain''s financial sector. bit.ly/2lwJuYrL''Or<4F>al confirms it is considering selling The Body Shop as profits fallL''Or<4F>al SA has confirmed it is exploring a potential sale of The Body Shop as the ethical beauty retailer revealed sliding sales and profits. bit.ly/2lwPakVThe TelegraphBanks tell France to tear up labour code if it wants Brexit businessTwo of the biggest global banks have told French politicians in brutally clear language that Paris has almost no chance of capturing serious business from the City of London without radical reform of the country''s labour code. bit.ly/2lwMsfwRPC expands in the U.S. with <20>511m acquisitionPackaging group RPC has boosted its business in the United States after agreeing to buy rival Letica for 511 million stg. bit.ly/2lwJQhJSky NewsTata Steel agrees 100 mln stg sale to Liberty HouseTata Steel UK has signed an agreement to sell its speciality steel business employing 1,700 people for 100 million stg. bit.ly/2lwQ3KvApple boss Tim Cook ''very optimistic'' for UK post-BrexitApple''s chief executive Tim Cook has told the Prime Minister he is "very optimistic" for the UK''s future once the country leaves the EU. bit.ly/2lws4LgThe IndependentVegetable crisis forces UK supermarkets to set sights on U.S. to stock up suppliesSqueezed by the lingering vegetable crisis caused by poor harvests in Southern Europe, many UK retailers are now looking across the pond to stock up their supplies of lettuces and other greens. ind.pn/2lwJNlS (Compiled by Shalini Nagarajan in Bengaluru; Editing by Sandra Maler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/britain-press-business-idINL1N1FV011'|'2017-02-09T21:44:00.000+02:00'
'6c7e1b32eacb635df90b9e3b197cab3e3d421d4b'|'UPDATE 1-Renault sets new mid-term goals after record earnings'|'Fri Feb 10, 2017 - 2:43am EST Renault sets new mid-term goals after record earnings FILE PHOTO - A Renault car company logo is seen outside an automobile dealership in Nice, France, March 29, 2016. REUTERS/Eric Gaillard/File Photo By Laurence Frost and Gilles Guillaume - PARIS PARIS French carmaker Renault ( RENA.PA ) posted record full-year sales and profits on Friday and set itself ambitious new mid-term goals for both after earnings were boosted by a comprehensive revamp of its product range. Operating profit jumped 38 percent to 3.282 billion euros in 2016 on 51.2 billion euros in revenue, up 13.1 percent, Renault said. That lifted its operating profit margin to 6.4 percent from 5.2 percent - meeting existing targets a year early. The results were achieved "in spite of the fact that some of our important markets are still significantly lower," Chief Financial Officer Clotilde Delbos said. "That means there is plenty of potential for Renault to continue to grow." Renault increased its market share in all regions last year, according to sales data published in January, thanks to a recent rush of product launches and the success of low-cost models such as the Duster and Kwid SUVs. The group set new five-year goals including a 7 percent operating margin and 70 billion euros in revenue - a further 37 percent increase on last year''s level - to be measured in 2022. It raised its proposed dividend to 3.15 euros per share from the 2.40 paid out last year. The full-year results largely beat market expectations of 3.07 billion euros in operating profit on revenue of 50.84 billion, according to the median of estimates given in an Inquiry Financial poll of nine analysts for Reuters. However, savings in variable production costs amounted to 184 million euros for 2016, short of a 350 million target. The group had warned in July that higher research and development spending could imperil that goal. The effect of pricing and mix - reflecting customers'' choice of vehicles and options - turned negative in the second half, paring 20 million euros from profits after a 135 million positive first-half contribution. These setbacks "will likely temper the upper end of consensus upgrades", Exane BNP analyst Dominic O''Brien said in a note. "The key here though will be the mid-term plan, (which) will likely re-ignite interest in the stock." The embattled Brazilian and Russian auto markets should bottom out at "stable" levels this year, Renault said, while China expands a further 5 percent and India grows 8 percent. For 2017, the group pledged further growth in revenue and operating profit underpinned by positive automotive free cash flow. (Reporting by Laurence Frost; Editing by Greg Mahlich) Up Next Takata sees third straight full-year loss on air bag costs TOKYO Takata Corp on Friday said it expects to post a full-year net loss for the third consecutive year as the Japanese air bag maker anticipates costs related to the biggest automotive product recall in history will eat away at its bottom line.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-renault-results-idUSKBN15P0K0'|'2017-02-10T14:43:00.000+02:00'
'da2cc7a7e1dc8c9cf486118821c48ce770dec553'|'Telefonica says has received several offers for stake in Telxius'|'MADRID Feb 10 Spain''s Telefonica has received several offers for a stake in its telecom masts subsidiary Telxius, the telecoms company said in a statement on Friday, adding it was negotiating and analysing the different options available.The company is in talks with private equity firms KKR , CVC and Ardian as well as Singapore sovereign fund GIC about the sale of a 49 percent stake in Telxius, Reuters said on Thursday, citing four sources. (Reporting By Sonya Dowsett; Editing by Robert Hetz)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/telefonica-ma-telxius-idINE8N18A01H'|'2017-02-10T04:59:00.000+02:00'
'6d962b3ff0456c4c46d6d70314d799e0e6137ab9'|'Bank of England should embrace ''spirit of the millennial'' - Carney'|'LONDON The Bank of England needs to adopt the "spirit of the millennial" and embrace varied approaches to problem-solving, as well as boosting gender and ethnic diversity, central bank governor Mark Carney said on Thursday.Carney made his comments on the same day that Kristin Forbes, the BoE policymaker who has taken the most critical stance towards the bank''s post-referendum stimulus, said she would not seek a second three-year term at the BoE.Carney said the BoE had targets to boost its proportion of female, black and Asian staff, but that it was important too to increase what he described as "cognitive diversity"."Research shows that while older colleagues often view diversity as an issue of representation and fairness, millennials tend to view cognitive diversity as essential for a diverse and inclusive organisation," he said."The spirit of the millennial is better suited to the complex challenges that central bankers face in a risky and uncertain world," Carney continued.The central bank governor, who moved to Britain from the top job at Canada''s central bank in 2013, added that the BoE needed to do a better job explaining its messages to the public."It is high time that greater emphasis is placed on how central banks communicate," he said."To communicate to both the City and the country, the salon and the suburb, we need to create content that engages different audiences. The problem is that they don''t teach you this in grad school," he added.Carney has faced criticism from some politicians and economists for his attempts to give a sense of where interest rates may go, known as forward guidance.(Reporting by David Milliken; Editing by Robin Pomeroy)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/britain-boe-carney-idINKBN15O2MW'|'2017-02-09T16:15:00.000+02:00'
'002dfd38183ac5ea6f89f7d563166c28952a0e2a'|'IMF sees no firm evidence that currency wars are nearing - Reuters'|'WASHINGTON The International Monetary Fund does not see firm evidence that currency wars are nearing but would like to see Group of 20 major economies reaffirm their commitment to free and fair trade this year, IMF spokesman Gerry Rice said on Thursday."I don''t see evidence of firm policy decisions made that would lead us to suggest that we''re heading for currency wars. So I think that would be premature," Rice said in response to a question at a regular news briefing.(Reporting by David Lawder; Editing by Dan Grebler)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/imf-currency-idINKBN15O23L'|'2017-02-09T12:52:00.000+02:00'
'f430f2b3ce8ef02ed4879bd4296cbd5a4c705746'|'Zenefits cuts nearly half its workforce as startup''s struggles continue'|'By Heather Somerville - SAN FRANCISCO SAN FRANCISCO Zenefits is laying off nearly half its staff as the software startup grapples with the fallout of insurance violations that resulted in hefty penalties from state regulators.The company, which offers free human-resources software to manage benefits and payroll while making its money as an insurance broker, said on Thursday that 430 employees would lose their jobs. That leaves 4-year-old Zenefits with about 500 employees, roughly a third of what it had a year ago.The layoffs are part of a widespread restructuring effort to reduce costs and had been planned by Zenefits'' board and previous chief executive officer, according to a company spokeswoman."This has been planned for some time and is the result of a lot of hard work over the past year to improve our products and service and make the operations of the company more efficient," the spokeswoman said in a statement.Employees were alerted to the layoffs in a memo sent by Jay Fulcher, who started as the San Francisco-based company''s CEO on Monday."In 2015, Zenefits grew too quickly, hiring employees to support revenue projections that far surpass where we are today," Fulcher said in the memo, which Reuters saw. "Today''s action aligns our costs more closely to our business realities and gives us the runway we need to build the business properly for the long term."Fulcher said Zenefits would move its operations to its Tempe, Arizona, office while expanding product and engineering groups in Vancouver and Bangalore, India, to supplement its San Francisco team."This isn''t how any CEO would choose to spend his first week on the job," Fulcher said in the memo, "but I strongly believe these difficult decisions are essential in setting Zenefits up for success."Zenefits also laid off more than 350 people last year.The company''s software provides a range of human-resources functions, but Zenefits primarily makes money as a middleman between businesses and health insurance providers such as Anthem Blue Cross.Founder Parker Conrad was replaced as CEO a year ago after revelations that employees had acted as insurance brokers without obtaining the required licenses, circumventing state laws.Several states began investigating the company. In November, California fined Zenefits $7 million for licensing violations, one of the largest in the state insurance department''s history.Fulcher, the company''s third CEO in a year, previously headed software companies Ooyala Inc and Agile Software Corp. His predecessor, David Sacks, announced his resignation in December.BuzzFeed News reported the layoffs earlier on Thursday.(Reporting by Heather Somerville; Editing by Lisa Von Ahn)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-zenefits-layoffs-idINKBN15O2OD'|'2017-02-09T16:31:00.000+02:00'
'aa8a997f27692fbbc1d0bf7270a061bcfdecdbce'|'Enel confirms targets after core earnings beat guidance'|'Business News - Thu Feb 9, 2017 - 3:49pm GMT Enel confirms targets after core earnings beat guidance Francesco Starace, CEO and general manager of Enel Group, tours the trading floor at the New York Stock Exchange (NYSE) in New York City, U.S., December 2, 2016. REUTERS/Brendan McDermid MILAN Italy''s biggest utility Enel ( ENEI.MI ) confirmed its business plan targets on Thursday after core earnings in 2016 beat company guidance, lifted by firmer margins in Latin America, Italy and Spain. In preliminary results, Enel said ordinary earnings before interest, tax, depreciation and amortisation (EBITDA) were 15.2 billion euros (13 billion pounds), above a target of 15 billion euros given in November. "The solid results attained in 2016 also allow us to confirm our group plan targets," CEO Francesco Starace said. Enel, which controls Spanish utility Endesa ( ELE.MC ), is looking to grow core earnings by an average of around 5 percent per year to reach 17.2 billion euros in 2019. Net debt at the end of 2016 was 37.6 billion euros, below a target of 37.2 billion euros due to exchange rate variations in the final months of 2016. Enel, Europe''s biggest utility in terms of market value after it bought back green unit Enel Green Power last year, said revenue in the year fell 6.7 percent, partly because of lower power sales in mature markets and less generated electricity. Utilities across Europe are reshaping business models to cope with falling margins on traditional generation business. Under the helm of Starace, state-controlled Enel has been focusing on grids and renewable energy to boost growth, installing smart meters to prepare for a digital era when home appliances will be hooked up to the Internet. (Reporting by Stephen Jewkes; editing by Agnieszka Flak) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-enel-results-idUKKBN15O23B'|'2017-02-09T22:49:00.000+02:00'
'41856c189062da83c2bfcfe5e2e8e1831578812c'|'Academics call time on $100,000 cancer drugs'|'Health  10pm EST Academics call time on $100,000 cancer drugs By Ben Hirschler - LONDON LONDON A group of academic researchers has demanded an end to cancer medicines costing more than $100,000 a year and proposed a new model of low-cost drug development that would capitalize on recent advances in science. The spiraling cost of cancer medicines is a growing concern for doctors and their patients, many of whom struggle to pay for new medicines that often cost $10,000 a month. Sky-high prices have made oncology hugely profitable, with IMS Health forecasting global cancer drug sales of at least $150 billion by 2020. Scientists, however, believe today''s prices are simply not sustainable as more and more people need treatment. Writing in the journal Cell on Thursday, European and U.S. experts laid out a blueprint for reining in costs by increasing the role of academic research groups, working alongside new kinds of private companies, in the development of new drugs. Rather than simply licensing discoveries to Big Pharma, academic groups should in future consider working with smaller companies that commit to capping prices, low-cost generic drug companies or non-profit organizations, they said. "Something has to change. This is a call to arms," Paul Workman, one of the paper''s authors and chief executive of Britain''s Institute of Cancer Research, told Reuters. "Charging $100,000 is unsustainable. We need to be thinking about getting prices down toward a half or a third of that, ideally even less." The call coincides with growing political pressure on the issue, including an attack on high drug prices by U.S. President Donald Trump. Workman, whose institute has discovered 20 drug candidates since 2005, believes cancer drug prices have become disconnected from economics as companies charge what the market will bear rather than a price reflecting costs. A principal justification for high prices is the financial burden of running large clinical trials to secure regulatory approval. Yet this increasingly does not apply in the case of modern cancer therapies. For example the registration study for Pfizer''s targeted lung cancer drug Xalkori required only 347 patients, while last year''s extended approval of the medicine to patients with mutations in the ROS1 gene involved only 50 subjects. Workman, together with colleagues from the MD Anderson Cancer Center in Texas and the Netherlands Cancer Institute, said the solution was for an increasing proportion of drug developments to be driven by academia. To an extent that is already happening. Many of the latest advances in cancer treatment originate in academic labs and there are now nearly 150 academic drug discovery centers around the world, 80 percent of which develop oncology products. Those academic centers should in future focus not only on getting their discoveries to market but also on securing drug price caps as part of their negotiations with commercial partners, the authors said. Increasing the scale and expertise of academic centers will take time and money, but in the long term the new competition should also help drive down prices in conventional pharma and biotech, they said. (Editing by Greg Mahlich) Zika doctor warns Brazil against lowering guard on birth defects CAMPINA GRANDE, BRAZIL The doctor who first linked the Zika virus to birth defects says Brazil has too quickly forgotten the tragedy of 2,000 babies born with smaller-than-normal heads and runs the risk of a second wave of infections if the virus mutates.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-health-cancer-pharmaceuticals-prices-idUSKBN15O2A3'|'2017-02-10T00:00:00.000+02:00'
'1d40f4ce7326bd10abf7f2bbef0ed1e0f1733634'|'Nigeria''s biggest airline Arik Air goes into receivership'|'LAGOS Feb 9 Nigeria''s Arik Air is in receivership due to its inability to pay workers and creditors, prompting the government to take control of the country''s biggest airline, state-owned "bad bank" AMCON said on Thursday.Arik, which was founded a decade ago and is now west Africa''s biggest carrier by passenger numbers, has struggled with debt amid a currency crisis in Nigeria, as customers are invoiced in naira but fuel suppliers are paid in dollars.In 2012, a central bank document showed Arik owed 85 billion naira ($279 million) to the Asset Management Corporation of Nigeria (AMCON), set up by the state in 2010 to stem a financial crisis. AMCON had taken on more than 132 billion naira of debts from 12 Nigerian airlines, including Arik."Arik Airline has been in a precarious situation largely attributable to its heavy financial debt burden, bad corporate governance ... that required immediate intervention," AMCON said in a statement.Arik declined to comment.The airline, which handles more than half of domestic air traffic in Nigeria, flies across Africa''s most populous nation and to London, New York and Johannesburg.AMCON said Arik had temporarily suspended its operation to New York and grounded more than eight other planes, adding that the airline had also suffered from non-payment of leases. AMCON said it had appointed a new team to manage Arik, supervised by a receivership manager.The airline had been planning a private share placement to raise as much as $1 billion and then a possible initial public offering in Lagos and London, its managing director said in October.Arik had wanted to expand internationally both to bring in more hard currency, as well as to cushion the impact of the economic slowdown at home, and was looking for new investors to help it grow rather than using debt.Nigeria, Africa''s biggest economy, faces its worst recession in 25 years, brought on by the fall in oil prices, which has also triggered the currency crisis.Some international carriers such as United Air Lines and Iberia have cut or stopped flights to Nigeria because those services are no longer profitable.Others have complained about the difficulty of repatriating millions of dollars worth of fares sold in naira. ($1 = 304.2500 naira) (Reporting by Oludare Mayowa and Chijioke Ohuocha; editing by Susan Thomas)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/nigeria-arik-air-bankruptcy-idUSL5N1FU5TX'|'2017-02-09T18:56:00.000+02:00'
'6dbe8dfcf7f214d34141907abca14061c78f708c'|'EMERGING MARKETS-Trump tax hopes, China data lift emerging stocks, currencies'|'Company News  03am EST EMERGING MARKETS-Trump tax hopes, China data lift emerging stocks, currencies By Karin Strohecker - LONDON LONDON Feb 10 Forecast-beating Chinese trade data and impending U.S. tax cuts from President Donald Trump lifted emerging stocks to a new five-month high on Friday while currencies were set to finish the week on a strong note. MSCI''s emerging market index rose 0.3 percent, with stocks having added 1 percent this week in their third straight week of gains, after numbers from China showed a strong pick-up in demand at home and abroad, marking a healthy start to 2017 for the world''s largest trading nation. A White House statement on Thursday, which said that Trump planned soon to announce the most ambitious tax reform plan since the Reagan era, raised investors'' hopes for a cut in corporate tax rates, sending stock markets around the globe higher. The gains filtered widely through emerging markets. Bourses in China , South Korea and Malaysia were up around half a percent, while Taiwan, South Africa, Poland and Czech Republic all jumped nearly 1 percent. "The Chinese data does indeed suggest that global growth is on a good footing," said Jakob Christensen at Danske Bank. "The combination of good Chinese growth numbers and the signals by Trump that he may embark on a tax easing which would stimulate growth in the U.S., is giving a tailwind to emerging market currencies." Rising oil prices boosted Russia''s rouble 0.5 percent against the dollar for a second week of gains. South Africa''s rand also rose 0.5 percent, shrugging off President Jacob Zuma''s annual address on Thursday. The event raised issues of wealth distribution, but descended into chaos and brawling. The rand, however, was on track for a small weekly loss. The Turkish lira too firmed slightly and was headed for a second straight week of gains, benefiting from a weighted average central bank funding rate of around 10.38 percent . The Mexican peso, on track for its third week of gains, strengthened 0.2 percent after the central bank raised its benchmark interest rate to a nearly eight-year high to curb rising inflation and currency weakness caused by Trump''s trade threats. Central and eastern European currencies came under some pressure against the euro. Czech data showed inflation accelerating in January while minutes from the last central bank meeting showed a majority of board members saw a likely end to the capping of the crown in mid-2017. "Inflation has risen sharply since September," Capital Economics'' Liam Carson told clients, adding that the latest increase had reinforced the view the cap would go in the coming months. "We see the monetary policy committee meeting on 4th May as the most likely date for the policy shift." 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 928.16 +2.59 +0.28 +7.64 Czech Rep 963.52 +10.06 +1.06 +4.55 Poland 2152.05 +19.65 +0.92 +10.48 Hungary 33128.67 +179.59 +0.55 +3.52 Romania 7667.51 +40.07 +0.53 +8.22 Greece 624.37 +15.58 +2.56 -2.99 Russia 1160.71 -2.48 -0.21 +0.73 South Africa 45386.96 +373.71 +0.83 +3.38 Turkey 88921.05 +90.84 +0.10 +13.80 China 3197.33 +14.15 +0.44 +3.02 India 28334.25 +4.55 +0.02 +6.41 Currencies Latest Prev Local Local close currency currency'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/emerging-markets-idUSL5N1FV2US'|'2017-02-10T18:03:00.000+02:00'
'ea0407c60b51c478edcc9994a6b02d54ca3dc51d'|'Trump takes aim at U.S. air traffic control spending'|'Company  55am EST Trump takes aim at U.S. air traffic control spending By Ayesha Rascoe and Alana Wise - WASHINGTON/NEW YORK WASHINGTON/NEW YORK Feb 9 U.S. President Donald Trump lamented what he called an out-of-date U.S. air traffic control system on Thursday, but also criticized current modernization efforts as the "wrong system" and too expensive. "I hear we''re spending billions and billions of dollars, it''s a system that''s totally out of whack," Trump told a meeting of airline and U.S. airport executives, referring to the air traffic control system. Those attending the White House meeting included the chief executives of United Airlines Inc, Delta Air Lines Inc , Southwest Airlines Co and JetBlue Airways Corp . The Government Accountability Office said in a 2016 report that the United States "is generally considered to have the busiest, most complex and safest ATC system in the world." Air traffic is handled in the United States by the Federal Aviation Administration. The agency is spending billions to implement "NextGen," a system that would utilize satellites to monitor aircraft instead of radar and make other changes. The Transportation Department''s inspector general said in a November report that the FAA has invested over $3 billion in NextGen programs since 2007, but has faced implementation challenges. "I hear the government contracted for a system, that''s the wrong system," said Trump. "It''s way over budget, it''s way behind schedule and when it''s complete it''s not going to be a good system." The FAA did not immediately comment on his remarks. Gary Kelly, chief executive of Southwest, told Trump that "the single biggest opportunity for aviation is to modernize the air traffic control system." "We have spent billions of dollars on air traffic control modernization, but it''s not making any meaningful progress," Kelly said when Trump opened the floor for comments. One of Trump''s election campaign promises was to improve U.S. infrastructure and he talked about a $1 trillion infrastructure plan over a decade. The FAA handles more than 50,000 flights a day and more than 700 million passengers each year. It spends nearly $10 billion a year on air traffic control funded largely through passenger user fees, and has about 28,000 air traffic control personnel. Since 1987, several countries have moved responsibility for air traffic control from national civil aviation authorities to independent self-financed providers. There has been debate in the United States on whether the country should restructure its air traffic control. FOREIGN CARRIERS Trump also addressed U.S. carriers'' concerns about trade agreements with foreign carriers. "I know you''re under pressure from a lot of foreign elements and foreign carriers," said the Republican president, who has promised to renegotiate or scrap trade deals between the United States and other countries that he sees as unfair. But Trump said he wants to make sure foreign carriers also do well. "They come with big investments, in many cases those investments come from their governments, but they are still big investments," he said. Heads of the three largest U.S. passenger carriers - American Airlines Group Inc, United and Delta - have sought to pressure the new administration into denouncing U.S. Open Skies agreements with the three major Middle Eastern carriers, which they accuse of having been unfairly subsidized by their governments. The three airlines, Qatar, Etihad and Emirates, have denied these accusations. Another point of contention is an order signed under departing former President Barack Obama granting flying rights to Norwegian Air International, which U.S. airlines and unions have said will undermine wages and working standards. (Reporting by Ayesha Rascoe in Washington and Alana Wise in New York; Writing by David Shepardson; Editing by Frances Kerry) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/a
'faa91b96c5fda5bbfad0cf332228d4fbfe98cd97'|'UPDATE 1-Green Plains sees 2017 U.S. ethanol exports at record'|'Company News - Thu Feb 9, 2017 - 12:22pm EST UPDATE 1-Green Plains sees 2017 U.S. ethanol exports at record (Updates with comments on acquisitions, additional detail) NEW YORK Feb 9 The U.S. ethanol industry is poised to export record volumes of the biofuel in 2017, said Green Plains Inc on Thursday, as the company forecast a year of demand growth and flagged plans to expand in food ingredients. Green Plains sees the total industry on track to export 1.1 billion or more gallons of the biofuel in 2017, even with China absent as a buyer, the company''s President and Chief Executive Officer Todd Becker said on a conference call with investors. Becker forecast a year of strong domestic demand as well. That will help to scoop up the 15.3 to 15.7 billion gallons U.S. ethanol makers are likely to pump out this year, the company said. Green Plains is still actively seeking investments in food ingredient businesses, Becker said. The company agreed to buy Fleischmann''s Vinegar Company in late 2016 in a bid to move into higher margin products with lower volatility. (Reporting by Chris Prentice; Editing by James Dalgleish) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/green-plains-inc-ethanol-idUSL1N1FU1E6'|'2017-02-10T00:22:00.000+02:00'
'1c7e1332b4283f3732341e920d3ad83254f833f3'|'Media-Saturn founder weighs challenge to Metro split'|'BERLIN The founder of Media-Saturn, the consumer electronics group owned by Metro ( MEOG.DE ), is considering a legal challenge to the German retailer''s plan to split into two companies, potentially delaying the move.Shareholders in Metro overwhelmingly voted on Monday to back a plan to split off the group''s wholesale and hypermarket food business from Media-Saturn, Europe''s biggest consumer electronics group, to be renamed Ceconomy.Billionaire Erich Kellerhals still owns a stake of close to 22 percent in Media-Saturn and has regularly clashed with Metro over its management of the business.He is preparing a legal challenge to the split, a spokesman for his investment firm Convergenta said on Tuesday, but added it was not yet decided whether or when the challenge would be filed.Kellerhals has four weeks from the shareholder meeting to lodge a challenge. If he proceeds, it could delay Metro''s plans to split, which it wants to happen by the middle of the year.Metro''s shares were down 2.6 percent at 1205 GMT as they traded ex-dividend.Late last year, Convergenta proposed Clemens Vedder as a mediator to try to resolve the dispute with Metro, an effort that was due to continue after the shareholders'' meeting.Metro hopes the split will help the independent companies pursue more acquisitions and trigger a revaluation of the stock as Metro currently trades at a discount to other pure wholesale retailers such as Sysco ( SYY.N ) and Britain''s Booker ( BOK.L ).Media-Saturn, which runs more than 1,000 stores in 15 countries in Europe, has long been seen as a candidate to merge with its closest rival in the region, Britain''s Dixons Carphone ( DC.L ).(Reporting by Matthias Inverardi Writing by Emma Thomasson; Editing by Mark Potter)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-metro-ag-split-idUSKBN15M1BX'|'2017-02-07T15:26:00.000+02:00'
'0a108405aa9390a26d0594ab94c8dd80d031c66a'|'PRESS DIGEST - Wall Street Journal - Feb 8'|'Company News - Wed Feb 8, 2017 - 1:08am EST PRESS DIGEST - Wall Street Journal - Feb 8 Feb 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. - Homeland Security Secretary John Kelly told Congress the Trump administration should have taken more time to inform the legislative branch before implementing its order. on.wsj.com/2kLH5eL - Meredith Corp and an investor group led by Edgar Bronfman Jr have advanced in their pursuit of Time Inc as the publisher explores a possible sale. on.wsj.com/2kLHrCb - U.S. farm incomes will drop 8.7 percent in 2017, a fourth consecutive year of declines amid a deep slump in prices for many crops. on.wsj.com/2kLM27f - A week into its fight to shake up Arconic''s boardroom, Elliott Management Corp says the aerospace and automotive parts maker has a little less room to improve than it previously estimated. on.wsj.com/2kLuFn0 - Deutsche Bank''s corporate and investment-banking chief, Jeffrey Urwin, is in discussions to leave the role, and the lender has been in talks to move its finance chief, Marcus Schenck, to oversee the business. on.wsj.com/2kLGhXm - Boutique investment bank Moelis & Co won a coveted spot advising oil colossus Saudi Aramco on its planned initial public offering, according to people familiar with the deal. on.wsj.com/2kLI92f - The International Monetary Fund warned on Tuesday that Greece once again risks a eurozone exit amid stalled bailout talks, sending the clearest signal yet the emergency lender isn''t likely to soon rejoin Europe''s failed efforts to fix the debt-weary nation. on.wsj.com/2kLGdqC (Compiled by Vishal Sridhar in Bengaluru) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/press-digest-wsj-idUSL4N1FT25D'|'2017-02-08T13:08:00.000+02:00'
'598ba6adb5ab5acb0bdb7ce4a52a15bcdf0829f6'|'Agency''s bankruptcy dashes adoption hopes across U.S.'|'By Jim Christie - SAN FRANCISCO SAN FRANCISCO Feb 7 The abrupt closure and bankruptcy filing by a U.S. adoption agency has stunned hundreds of hopeful clients left struggling with the emotional impact and likely loss of thousands of dollars.The non-profit Independent Adoption Center of Concord, California, closed on Jan. 31 and filed for Chapter 7 bankruptcy on Feb. 3. Clients said as many as 800 families may be affected, although the agency has not provided figures."In all our considerations of what could go wrong with adoption, this was never one," said Sharon Cohen of Austin, Texas, who made her last payment to the agency in December.In a statement, the agency blamed fewer potential birth parents than at any point in its 35-year history."Simultaneously, due to changing demographics and the closure of international adoption programs, there are more hopeful adoptive parents seeking to adopt domestically than in any other time in recent history," the statement said.Independent Adoption Center''s board president, Gregory Kuhl, acknowledged in court papers the hard feelings sparked by the agency''s closure, and said families and birthmothers are getting potential referrals.Kuhl could not be reached for comment.Jason Aronne of San Diego said he had a hard time accepting the reason the agency gave for its closure. "They took in plenty of families in 2016," he said.Aronne and his husband signed a contract with the gay-friendly agency in May. "It seems like half their clients were gay," he said.International adoptions and unintended pregnancies have been falling, pressuring adoption agencies."We all sort of compare notes and have all seen the same thing," said Lisa Clark, executive director of Adopt International, an agency headquartered in San Francisco.Stacey Green of Greenwood, Indiana, said she and her husband put $16,000 into trying to adopt through Independent Adoption Center - after $15,000 worth of unsuccessful medical treatments to conceive."I can''t keep going into debt," Green said. "I don''t want to give up hope, but unless we''re going to get some money back somewhere, I don''t think we can handle any more expenses." (Reporting by Jim Christie; Editing by Dan Grebler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/bankruptcy-adoption-idINL1N1FS15M'|'2017-02-07T18:59:00.000+02:00'
'0eb5384afaef0bd6416dcc90dae7cc442f809fc1'|'Wolfgang Bernhard to leave Daimler - Der Spiegel'|'  7:00pm GMT Wolfgang Bernhard to leave Daimler - Der Spiegel Daimler chairman Dieter Zetsche speaks during the North American International Auto Show in Detroit, Michigan, U.S., January 9, 2017. REUTERS/Mark Blinch FRANKFURT Daimler ( DAIGn.DE ) trucks c, a maverick manager once seen as a successor to Chief Executive Dieter Zetsche, has made clear he does not want his contract extended, German magazine Der Spiegel said. Bernhard''s contract is due to expire in February 2018. Daimler declined to comment. Spiegel said supervisory board members, who were going to discuss extending Bernhard''s contract at a meeting on Friday, were surprised to learn that Bernhard would not stay on if offered an extension, Der Spiegel said, citing unidentified company sources. (Reporting by Edward Taylor and Ilona Wissenbach; editing by Susan Thomas)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-daimler-bernhard-idUKKBN15O2LE'|'2017-02-10T02:00:00.000+02:00'
'f4e3335b6e3a03ec22d2cc96b43544baaade1013'|'Venezuela delays crude shipments amid operational mishaps, low output'|'Company News - Thu Feb 9, 2017 - 12:22pm EST Venezuela delays crude shipments amid operational mishaps, low output By Marianna Parraga and Brian Ellsworth - CARACAS CARACAS Feb 9 Venezuelan state oil company PDVSA has delayed and canceled crude deliveries to commercial partners in recent months, according to documents seen by Reuters, a further sign of the steady production decline of the country''s top export. From October through January, PDVSA canceled or delayed delivery of almost 7 million barrels of crude due to cargoes being rescheduled or skipped, often because it did not have enough oil available, according to internal company documents seen by Reuters. Most pending cargoes were supposed to be delivered to regular buyers including U.S. Phillips 66 and Thai TIPCO Asphalt. Other shipments were canceled even before being assigned to specific customers. Phillips 66 and TIPCO hold supply contracts for some 10 monthly cargoes of Venezuelan heavy crude, or about 180,000 barrels per day (bpd). PDVSA and TIPCO did not respond to requests for comment. Phillips 66 declined to comment. The accumulated delays to these partners represented 30,000 bpd at the end January, according to the documents. PDVSA has also fallen months behind on shipments of crude and fuel under oil-for-loan deals with China and Russia, according to internal PDVSA documents reviewed by Reuters, which includes 3.2 million barrels of Boscan heavy crude bound for China''s state-run CNPC. PDVSA''s main export products are crude and fuel oil, a relatively heavy, dirty refined product that is used mostly for power generation. Crude and fuel oil together last year accounted for 92 percent of some 2.1 million bpd in total exports, according to Reuters data. But the OPEC country''s economic crisis and frequent operational problems have pushed oil output to a 23-year low, leaving PDVSA without enough crude to keep sending oil to traditional customers or supply its own refineries. "Everybody is worried about PDVSA''s compliance with supply contracts due to delays and loading problems at certain terminals," said one trader who deals in Venezuelan crude and spoke on condition of anonymity. Since October, PDVSA has canceled five cargoes of Merey crude totaling 2.75 million barrels that were destined for Phillips 66 and in January delayed an 800,000 barrel cargo of Boscan crude to TIPCO for lack of supply, according to company documents. Delays have been especially problematic for shipments of crude grades produced in western Venezuela, according to another trader, speaking on condition of anonymity. Exports of those crude grades have declined sharply due to lack of investment in the area''s aging fields and recent problems loading crude at certain terminals affected by oil leaks. (Reporting by Marianna Parraga in Houston and Brian Ellsworth in Caracas; Editing by David Gaffen and Brian Thevenot) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/venezuela-oil-crude-idUSL1N1FR17J'|'2017-02-10T00:22:00.000+02:00'
'b9b0752a2b648c578cee83010261811c5eb8de1b'|'Canadian research hub gets C$290 mln financing to repay govt loans'|'  Canadian research hub gets C$290 mln financing to repay govt loans By Solarina Ho - TORONTO TORONTO Feb 9 Major Canadian insurance firms are investing C$290 million ($221 million) in a Toronto-based research complex, repaying the bulk of its loans from the Ontario government nearly three years ahead of schedule. Manulife Financial Corp, Sun Life Financial Inc and iA Financial Group led the financing deal by investing in 19-year bonds issued by Phase II Investment Trust, the innovation hub said on Thursday. The MaRS Discovery District, which focuses on areas including health sciences and technology, has become a successful startup incubator and a part of Ontario''s efforts to drive innovation and attract entrepreneurs. But, for years, the Liberal government was criticized by the province''s Conservative party for the "bailout" loans it provided MaRS. MaRS began construction on a 20-story building in 2007 to significantly expand the innovation hub, but the project stalled when the financial crisis hit and the center struggled for years to find enough tenants to fill the space. The tower was left in limbo until 2011 when the province of Ontario provided the non-profit with a C$224 million loan to help finish construction. It was the first of multiple government loans totalling some C$395 million. The building is now fully leased and will soon generate enough money to be self-sustaining, MaRS'' Chief Executive Ilse Treurnicht said in a statement. More than 140 research labs and companies occupy the 1.5 million square-feet (139,000 square-meter) MaRS complex, which provides support for startups and research in areas including finance, health, and cleantech. Tenants include Facebook, IBM and Royal Bank of Canada, and ventures within the hub''s network employ over 5,200 people, MaRS said. ($1 = 1.3109 Canadian dollars) (Reporting by Solarina Ho)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-tech-financing-idUSL1N1FT26E'|'2017-02-09T22:36:00.000+02:00'
'eb6b8832c66423028fb9292d5c1cae690171bd9e'|'Thyssenkrupp sees Steel Europe recovery later in year'|'FRANKFURT German industrial group Thyssenkrupp posted a 40 percent jump in first-quarter adjusted operating profit, in line with expectations, but said on Thursday it expected a recovery in its European steel business only later in the year.Profit was lifted by Thyssenkrupp''s elevator business and a sharp improvement in its American steel operations but a recovery in prices that helped its materials distribution business has yet to lift prices at its European steel unit, while still raising input costs."Due to the sharp rise in raw material costs combined with a high share of longer-term contract business, this positive trend will not impact earnings at Steel Europe until later in the year," the company said in a statement.Steel prices have risen in recent months due to lower Chinese exports, anti-dumping measures and higher demand but Thyssenkrupp has relatively little exposure to spot markets, with half its contracts being six months long or more.Thyssenkrupp hopes to combine its European steel business with that of Tata Steel''s to help reduce excess capacity and costs.But that depends on Tata''s finding a solution for its large UK steel pension deficit, which has been complicated by political turmoil in the wake of Britain''s vote to leave the European Union.Tata Steel reported its first profit in five quarters on Tuesday helped by higher sales of industrial products and steel for the auto sector, and said strategic initiatives on UK pensions continued to be a priority.Arcelor Mittal, the world''s biggest steelmaker, is expected to report a 44 percent jump in core profit and a 5 percent increase in quarterly sales on Friday.Quarterly adjusted operating profit at Thyssenkrupp''s Steel Europe unit almost halved to 28 million euros ($30 million), a margin of just over 1 percent on its sales of 1.91 billion euros and short of analysts'' expectations of 53 million euros.Group adjusted earnings before interest and tax (EBIT) were 329 million euros ($352 million) in the quarter to end-December, in line with expectations in a Reuters poll.Thyssenkrupp confirmed its full-year outlook for adjusted EBIT of around 1.7 billion euros - a rise of about 8 percent - a clear year-on-year improvement in net income and slightly positive free cash flow before mergers and acquisitions.Orders in the quarter rose 1 percent to 9.95 billion euros and sales were up 6 percent to 10.1 billion euros, broadly in line with expectations.($1 = 0.9350 euros)(Reporting by Georgina Prodhan; Editing by Maria Sheahan)'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/thyssenkrupp-results-idINKBN15O0KO'|'2017-02-09T03:33:00.000+02:00'
'156871d485d4cab10d9078385d3ecdd2c93179bb'|'Thomas Cook says bookings ahead of last year on expanded European offering'|'Business News - Thu Feb 9, 2017 - 7:40am GMT Thomas Cook says bookings ahead of last year on expanded European offering LONDON Tour operator Thomas Cook ( TCG.L ) said on Thursday that summer bookings were ahead of last year, after it responded to the security turmoil of 2016 by expanding its presence in Greece, Portugal and Croatia. The British travel group said it remained cautious about the rest of the year, given the uncertain political and economic outlook, after security issues disrupted travel in the previously popular Turkey last year. But it has made a good start to the new year, with 31 percent of its summer holidays already sold, with bookings 9 percent ahead of last year. "In preparation for the summer season, we have expanded our holiday offering to Greece and a number of smaller destinations across Europe, and I''m pleased that this early action is paying off," Chief Executive Peter Fankhauser said in a statement, adding that demand for holidays in Turkey remained weak. Thomas Cook said that strength in its UK and continental European businesses helped to offset continued pressure on its German airline Condor. It said that they expected improvement in the airline in the second half of the year, echoing comments made last year. In its first-quarter results, the group said its performance was in-line with its expectations, and that it expected full-year results to fulfil current market expectations It said that revenue was up 1 percent to 1.62 billion pounds, and its gross margin rose 10 basis points to 22.1 percent, reflecting focus on own-brand and selected partner hotels. (Reporting by Alistair Smout, Editing by Paul Sandle and Kate Holton) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-thomas-cook-grp-results-idUKKBN15O0OP'|'2017-02-09T14:22:00.000+02:00'
'b299d9e2cad7ff8acb84035e414608b4163fadaf'|'Asset manager Vanguard hits $4 trillion in assets -WSJ report'|'WASHINGTON Feb 11 The Vanguard Group topped $4 trillion in assets for the first time at the end of January after a year in which it pulled in more money than all of its rivals combined, the Wall Street Journal reported.The newspaper reported on its website late Friday that Vanguard hit $4.048 trillion in late January. The fund said that its attracted $322.8 billion in the past year, the report said.Vanguard''s success points to investors becoming disillusioned with expensive money managers and turning instead to funds that are not actively managed.Vanguard is the second largest asset manager, with BlackRock Inc in first place with more than $5 trillion in assets, the WSJ report said. (Reporting by Diane Bartz; editing by Grant McCool)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/vanguardgroup-assets-idINL1N1FW0C6'|'2017-02-11T14:17:00.000+02:00'
'0b525e8d2b35ba92b7a37279d6e5ca8cb8a38eb6'|'UPDATE 1-Sales of Ivanka Trump apparel slumped at Nordstrom -WSJ report'|'(Adds Nordstrom spokeswoman''s comment, paragraph 5)WASHINGTON Feb 11 Nordstrom''s sales of Ivanka Trump''s line of clothing and shoes fell by nearly one-third in the past fiscal year, with sharp drops in sales weeks before her father Donald Trump was elected president, the Wall Street Journal reported on Saturday.Nordstrom announced this week it had decided to stop carrying Ivanka Trump''s apparel, prompting President Trump to take to Twitter to defend her. "My daughter Ivanka has been treated so unfairly by @Nordstrom," he said on Wednesday.The Journal cited internal Nordstrom data as showing sales of Ivanka Trump''s products were more than 70 percent lower in the second, third and fourth week of October compared to the same weeks the previous year. The election was on Nov. 8.Nordstrom had $14.3 million in sales in the fiscal year that ended in January, down from $20.9 million in the previous year, the Journal reported.Nordstrom spokeswoman Tara Darrow said that the retailer did not provide the Wall Street Journal with data on Ivanka Trump''s sales. "We have not and will not share specific sales results numbers related to this brand or any other brand," Darrow said in an email.In addition to the president, others in the administration expressed support for Ivanka Trump''s business. Senior White House adviser Kellyanne Conway was accused of violating ethics rules after she went on television to urge people to buy Ivanka Trump''s products in what she called "a free commercial."Republican Jason Chaffetz, chairman of the House of Representatives Oversight committee, said on Thursday he had asked the Office of Government Ethics to review Conway''s comments and recommend disciplinary action against her if warranted. (Reporting by Diane Bartz; Editing by Bill Trott and Grant McCool)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-trump-nordstrom-idINL1N1FW0CD'|'2017-02-11T14:29:00.000+02:00'
'2090beef94b15c12cae7ac519701e01886b9100f'|'Total on hunt for deals after outperforming rivals'|' 58pm GMT Total on hunt for deals after outperforming rivals FILE PHOTO: Workers fix a sign for oil giant Total at a petrol station in Cairo, Egypt, October 13, 2016. REUTERS/Amr Abdallah Dalsh/File Photo By Bate Felix - PARIS PARIS French oil company Total ( TOTF.PA ) is on the hunt to buy assets from struggling rivals, it said on Thursday, as it reported some of the biggest profits in the industry for last year and raised its dividend. Chief Executive Patrick Pouyanne said Total was reaping the benefit of cutting costs more quickly than competitors following the start of an oil price rout in 2014, and of focusing on projects with lower production costs. "We have the second-best net adjusted profit in the year among oil majors although we don''t have the same size of production compared with some of them - we are fifth largest in terms of production," he told reporters. Total said it made an adjusted net profit of $8.2 billion (7 billion pounds) in 2016 and that on a comparable basis Shell ( RDSa.L ) made $7.2 billion, BP $2.6 billion and Chevron ( CVX.N ) $1.8 billion. Only Exxon Mobil ( XOM.N ) made more, with $8.9 billion, Total said. In the fourth quarter, the French company''s net profit rose 16 percent to $2.4 billion, beating analysts'' average forecast of $2.3 billion, while the dividend was set at 0.62 euros per share, up from 0.61 euros in the previous three quarters. "Another resilient set of results from Total, with earnings robust across all segments," Jefferies analysts said in a note. They have a "hold" rating on the stock, which was up 1.2 percent to 47.4 euros at 1430 GMT. "We reacted faster than our peers on cutting our costs and we succeeded," Pouyanne said. "We deliberately made the choice to go for projects with very low production costs." "We did a lot of cost savings. The most spectacular was the average cost of production in exploration and production which was reduced to $5.9 per barrel of oil equivalent (boe), compared with $9.9/boe in 2014 and was the principal reason of our resilience," he said. Total said it made $2.8 billion of savings in 2016, beating its target of $2.4 billion. It aims to make a further $3.5 billion of savings in 2017 and cut production costs to $5.5/boe. Pouyanne said the company''s downstream business also contributed to the strong performance, with a return on capital employed of over 30 percent, which he said was ahead of the 16-17 percent at peers. NEW PROJECTS, OPPORTUNITIES Total''s solid balance sheet meant it could look for opportunities to pick up assets, the CEO said, adding the company planned to make final investment decisions on about 10 projects within the next 18 months. "We are in a field of opportunities," Pouyanne said. "After two years of very low prices, there are companies around the world that have good assets but are struggling." Total expects to invest $16-$17 billion in 2017, including resource acquisitions, compared with $18.3 billion in 2016. Production is forecast to grow by more than 4 percent, supporting the company''s goal to increase output on average by 5 percent per year from 2014 to 2020. Pouyanne said the global oil market had not yet rebalanced and inventories were about 10 percent above normal. He added oil prices were likely to remain volatile. A rebalancing of supply and demand would depend on implementation of the deal to cut output agreed by the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers, he said. Total predicted its breakeven oil price would continue to fall, reaching less than $40 per barrel before the dividend, with cash flow from operations expected to cover investments and the cash portion of the dividend at $50 per barrel. (Reporting by Bate Felix and Benjamin Mallet; Editing by Sudip Kar-Gupta and Mark Potter)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-total-results-idUKKBN15O0MS'|'2017-02-09T21:58:00.000+02:00'
'7b38c96f8631aa311784b91a5602c6721e6206d6'|'SocGen buys Aviva''s stake in insurer Antarius 1 for 425 million pounds'|'Deals - Thu Feb 9, 2017 - 7:25am GMT SocGen buys Aviva''s stake in insurer Antarius 1 for 425 million pounds The logo of the French bank Societe Generale is seen in front of the bank''s headquarters building at La Defense business and financial district in Courbevoie near Paris, France, April 21, 2016. REUTERS/Gonzalo Fuentes LONDON British insurer Aviva ( AV.L ) on Thursday announced the sale of a 50 percent stake in its life insurance joint venture Antarius 1 to a unit of French bank Societe Generale ( SOGN.PA ) for about 425 million pounds ($531.42 million). Antarius is currently owned jointly by Aviva and a separate subsidiary of Societe Generale. "This is a good deal at an attractive valuation and the sale realises a strong return for our shareholders," said Aviva Chief Executive Officer Mark Wilson. (Reporting By Andrew MacAskill; Editing by Rachel Armstrong) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-aviva-sale-societe-generale-idUKKBN15O0PE'|'2017-02-09T14:18:00.000+02:00'
'0f25aea7f342d77c4889a7cda0e7b30ef48d755d'|'Boeing CEO sees risk in slow sales of 777, 787 jetliners'|'Business News  29pm EST Boeing CEO sees risk in slow sales of 777, 787 jetliners Dennis Muilenburg, CEO of The Boeing Company, speaks to members of the press at Trump Tower in New York City, U.S. January 17, 2017. REUTERS/Stephanie Keith NEW YORK Boeing Co ( BA.N ) must sell more 777 and 787 jetliners to keep production plans on track, despite a $13.8 billion order for both planes that landed on Thursday, the chief executive said. Slow 777 sales are one of the top risks facing Boeing in the next few years, Chief Executive Officer Dennis Muilenburg said on Thursday at a New York conference hosted by Cowen and Co. Boeing also must sell more 787s so it can proceed with plans to lift output to 14 planes a month from 12 in the next few years, he said. (Reporting by Alwyn Scott; Editing by Tom Brown) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-boeing-outlook-ceo-idUSKBN15O2NX'|'2017-02-10T02:21:00.000+02:00'
'2c734e846cd473536eb8b88ab2b3cd26bb544798'|'Brexit will cost UK 30,000 finance jobs, says Brussels thinktank'|'The UK could lose 30,000 finance sector jobs as a result of Brexit, but EU rivals need to act to avoid importing banking risk to the continent, according to an influential thinktank with close ties to the European commission.The City of London stands to lose 10,000 banking jobs and 20,000 roles in accountancy, law and consulting, as EU clients move business worth <20>1.8tn (<28>1.6tn) to the continent after Brexit, according to Brussels-based Bruegel. According to the economics thinktank<6E>s model, Frankfurt would be the biggest winner, with Paris, Amsterdam and Dublin also making gains. But the researchers warn that having a more geographically diverse spread of financial institutions, without stronger oversight of banks, would heighten the risk of a banking meltdown in the event of an acute financial crisis.UK home to 80% of top-earning European bankers Read more These risks could be reduced and benefits shared more evenly, the authors argue, if the EU takes a common approach to investment banks rather than 27 national systems in a <20>regulatory race to the bottom<6F> to steal London<6F>s crown. The analysis is based on the assumption the UK will leave the single market, as set out in Theresa May<61>s Brexit speech last month .<2E>Brexit involves risks for market integrity and stability, because the EU including the UK has been crucially dependent on the Bank of England and the UK Financial Conduct Authority for oversight of its wholesale markets,<2C> states the report. <20>Without the UK, the the EU27 must swiftly upgrade its capacity to ensure market integrity and financial stability.<2E> Nicolas V<>ron, a co-author, said the EU faced a mix of risks and opportunity, but had barely started discussing post-Brexit financial regulations. <20>What is important is for the EU27 to find its feet in the new financial system of the post Brexit landscape,<2C> he said. Rather than creating <20>27 clones of the FCA and Bank of England<6E>, the EU should instead design <20>a more centralised consistent architecture<72>, with central authorities for banking regulation and conduct, V<>ron added. The City could be a flashpoint in Britain<69>s EU exit , given London<6F>s outsized role as Europe<70>s financial centre. Twice as many euros are traded in London as in the 19 countries of the single currency combined.Bruegel was an early advocate of <20> banking union <20> <20> the eurozone<6E>s shared, but unfinished, system of banking rules <20> and its reports are closely read within the EU institutions. V<>ron expressed optimism that the EU would act despite the loss of political momentum that many people expect in 2017 as a result of elections in the Netherlands, France and Germany.Barring an upset, by October 2017, <20>governments would be in place, which would create a fairly favourable context for decision-making<6E>, he said.'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/2017/feb/07/brexit-uk-finance-brussels-thinktank-city-banking-eu-bruegel'|'2017-02-07T02:00:00.000+02:00'
'b0f011f2a6b1969a6bd3c59a3652affbaf6967aa'|'Canada gives aid to Bombardier, vows to defend any trade dispute'|'Aerospace & Defense  23am EST Canada gives aid to Bombardier, vows to defend any trade dispute 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 By Allison Lampert - MONTREAL MONTREAL The Canadian government on Tuesday announced C$372.5 million ($283 million) in repayable loans for two of Bombardier Inc''s ( BBDb.TO ) jet programs, promising to defend the deal against a potential trade challenge by Brazil. While the aid was far less than the $1 billion originally sought by the Canadian plane and train maker, Chief Executive Officer Alain Bellemare called it the right level of support, saying the company''s financial situation had improved. The interest-free loans, which come from a Canadian aerospace and defense fund targeting research and development projects, will be used for Bombardier''s new CSeries jet and the Global 7000 business jet. The contributions will be provided over four years with the majority allocated to the Global 7000 program and will not be repaid on a scheduled basis. The move risks exacerbating trade wounds with rival jetmaking nation Brazil, which has already threatened to take Canada to the World Trade Organization over a $1 billion injection by Quebec for the CSeries. Asked about the potential ramifications of the new aid, Canada Trade Minister Francois-Philippe Champagne said: "We''ll fight that wherever we need to fight that." "I''m very much prepared to defend what we''re doing," Champagne added, noting other countries supported their aerospace sectors. Bellemare said both the earlier funding from Quebec and the new federal money complied with WTO rules. Bombardier initially asked Canada to match Quebec''s investment in the CSeries, but negotiations dragged on for more than a year as the Liberal government made requests of the company, such as changes to its dual-class governing structure. Quebec''s spending on the CSeries, along with a separate $1.5 billion investment by the province''s largest pension fund in Bombardier''s rail division, already risks triggering a trade feud between the company and Brazilian planemaker Embraer SA ( EMBR3.SA ). Brazil on Wednesday will request the WTO start consultations on a dispute involving the two companies around Quebec''s funding, Brazil''s Foreign Ministry said. Bombardier''s CSeries competes with some Embraer jets and the smallest products of Boeing Co ( BA.N ) and Airbus Group SE ( AIR.PA ). Reimbursable loans are a pillar of the world''s largest trade dispute, involving mutual transatlantic claims of unfair support for aircraft makers Airbus and Boeing. The WTO found government loans used by European Union member states to support Airbus airplane developments constituted unfair subsidies, prompting the threat of U.S. sanctions. The case has yet to complete lengthy WTO legal and compliance processes. ($1 = C$1.3182) (Additional reporting by Tim Hepher in Paris, Sweta Singh in Bangalore, David Ljunggren and Leah Schnurr in Ottawa; Editing by Lisa Shumaker and Peter Cooney) Next In Aerospace & Defense'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-canada-bombardier-idUSKBN15M2OJ'|'2017-02-08T21:23:00.000+02:00'
'224613ddabe5f360cf21e5704a0d0bf213e9b284'|'Parmalat main owner files complaint against Amber in buyout dispute'|'MILAN Feb 8 Parmalat top shareholder Sofil said on Wednesday it had filed a complaint with Italian market watchdog against activist investor Amber Capital over alleged incorrect information in a dispute regarding a takeover of the diary company.French group Lactalis, which won control of Parmalat in 2011 amid failed efforts in Italy to mount a domestic counter bid, has launched an offer on the 12.26 percent of Parmalat it does not already own with the aim of delisting the group.Lactalis, through investment vehicle Sofil, has offered to buy Parmalat shares at 2.8 euros each.On Tuesday Parmalat''s board said the takeover price was fair.Amber Capital said last month the buyout price undervalued the Italian diary company, adding it would not tender its 3 percent stake.(Reporting by Francesca Landini)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/parmalat-buyout-amber-sofil-idINI6N1FN011'|'2017-02-08T13:53:00.000+02:00'
'980ee24caf2ced71a163738b4cfd11de2724f7cb'|'Wolfspeed deal threat undermines Infineon power-savings push'|'Company  23am EST Wolfspeed deal threat undermines Infineon power-savings push FRANKFURT Feb 9 A challenge on U.S. national security grounds to Infineon Technologies'' agreed deal to buy Wolfspeed from U.S. firm Cree Inc could crimp the German chipmaker''s profit and electric car ambitions, analysts said. Late on Wednesday Infineon said there is "considerable risk" that its acquisition of compound semiconductor specialist Wolfspeed from Cree for $850 million (794 million euros) will be derailed after the companies said they had been told by a U.S. government security panel that the deal posed security risks. The Committee on Foreign Investment in the United States (CFIUS), a government panel that scrutinises deals for possible security concerns, has not identified any steps the companies could take to allow the deal to be completed, they said. Wolfspeed was expected to bolster Infineon''s expertise in new chip-making materials, including silicon carbide and gallium nitride used in electric vehicles, low-power mobile antenna gear and other energy-saving devices, helping to maintain its leading global position in power-management chips, analysts said. "We believe that the acquisition of Wolfspeed would have been key for Infineon to maintain its technology leadership in power semiconductor technology," Baader analyst Guenther Hollfelder wrote in a note to clients on Thursday. Wolfspeed compound semiconductor technologies promise to give Infineon a leg-up as the electronics world shifts from a reliance on silicon to embrace newer semiconductor materials, including silicon carbide, he said. Another broker, Credit Suisse, had estimated that Wolfspeed could boost Infineon''s compound annual growth rate over the next two years by 2 percentage points to 13 percent and give a bigger boost to earnings per share through the 2018 financial year. Infineon stock fell 2.7 percent to 16.94 euros per share in early trading in Frankfurt on Thursday. The intervention of CFIUS is the latest blow to European technology mergers because of action by the United States, which has stepped up efforts to prevent the transfer of what it considers to be sensitive technology, even when the deal involves a traditional ally, such as Germany. In December a government-backed Chinese investment fund dropped a 670 million euro bid for Germany''s Aixtron after the United States blocked the deal on security grounds. Its chip-making equipment was used to produce chips for Patriot missile defence systems, among its many uses. Wolfspeed would help Infineon in the electric car market, where Japanese rival Rohm and Franco-Italian company STMicroelectronics now lead in silicon carbide. It could also help Infineon to drive down the costs of producing silicon carbide parts, the Baader analyst said. (1 euro = $1.0700) (Reporting By Eric Auchard; Editing by David Goodman) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/wolfspeed-ma-infineon-technol-idUSL5N1FU2LW'|'2017-02-09T17:23:00.000+02:00'
'c5763737f9ab6884801397d46b8c17b46a122fdc'|'Italy opens probe into Telecom Italia-Fastweb broadband deal'|'Business News - Thu Feb 9, 2017 - 6:15pm GMT Italy opens probe into Telecom Italia-Fastweb broadband deal ROME Italy''s antitrust authority opened an investigation into a broadband joint venture between Telecom Italia ( TLIT.MI ) and Swisscom ( SCMN.S ) unit Fastweb for possible violations of competition rules, it said in a statement on Thursday. The two companies agreed in July to invest 1.2 billion euros ($1.28 billion) in a joint venture to speed up the roll-out of an ultrafast broadband network in 29 cities across Italy. The authority said it had sent finance police to both companies on Thursday to acquire "elements needed for the investigation". The joint venture "could reduce the intensity of competition" in the broadband and ultrafast broadband sectors, the statement said. Telecom Italia was not immediately available for comment. Fastweb stood by the project and said the joint venture was running fibre optic cables to 20,000 new homes each week. Fastweb "is convinced both in the validity of the industrial project and in the correctness of its operations," the company said in a statement. ($1 = 0.9379 euros) (Reporting by Steve Scherer, editing by Isla Binnie and Adrian Croft) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-telecom-it-fastweb-italy-probe-idUKKBN15O2E9'|'2017-02-10T01:15:00.000+02:00'
'646e3578a28f90af237ec27fff5e702101e443b4'|'Treasury names Hogg as new deputy governor of Bank of England'|'Business News - Thu Feb 9, 2017 - 2:18pm GMT Treasury names Hogg as new deputy governor of Bank of England People pass the Bank of England in the City of London January 16, 2014. REUTERS/Luke MacGregor LONDON The Treasury said on Thursday it had appointed Charlotte Hogg, who is currently chief operating officer of the Bank of England, to replace Minouche Shafik as a deputy governor at the central bank. As deputy governor for markets and banking, Hogg will be responsible for the Bank''s newly expanded bond-buying programme. Shafik said in September she would leave the BoE to become director of the London School of Economics. The appointment of Hogg, who starts her five-year term on March 1, was the first by Philip Hammond since he became Chancellor last year. At the same time, the BoE said Kristin Forbes, one of the nine members of its Monetary Policy Committee, would return to her academic career in the United States when she completes her three-year term on the MPC on June 30. (Writing by William Schomberg; Editing by Kate Holton) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-boe-idUKKBN15O1RR'|'2017-02-09T21:18:00.000+02:00'
'e7fec6860947d55e36358ad1f417e59f254b2e03'|'UPDATE 1-Buyout firm KKR to hike dividend payout; earnings disappoints'|'(Adds details of results)NEW YORK Feb 9 Private equity firm KKR & Co LP said on Thursday it will raise its quarterly dividend payout from the end of March by a cent, after posting lower-than-expected fourth-quarter earnings, hurt by unrealised losses in its buyout investments.New York-based KKR, which managed $129.6 billion as of the end of December, said it was raising its dividend payout to 17 cents a share from 16 cents from the first quarter of this year.KKR gives its investors a fixed payout every quarter.Gains in the U.S. stock market in the past year have buoyed the returns for some buyout firms, although stubborn weakness in various business segments including hedge funds have dented overall performance.KKR''s rival Carlyle Group LP, for example, reported sharply lower-than-expected earnings on Wednesday, weighed by losses in its hedge funds.KKR earned an economic net income of $339.2 million after taxes in the fourth quarter, which translated to 40 cents a share, compared with analysts'' forecasts of 43 cents a share, according to Thomson Reuters I/B/E/S.Economic net income is a key metric for U.S. private equity firms that accounts for unrealized gains or losses in investments.In a statement, KKR said it had earned less carried interest in the final three months of 2016 due to a lower level of net gains in its private equity investments. Carried interest is a cut of the profit that KKR keeps after generating returns in excess of an agreed level for its clients.For the fourth quarter, KKR said its private equity returns rose 3.4 percent, roughly in line with gains in the benchmark S&P 500 stock index. Its buyout investments gained 11.9 percent for all of 2016, beating a 9.5 gain in the S&P 500 over the same period.A breakdown of KKR''s buyout investments showed weakness in its energy, infrastructure and U.S. real estate holdings were a drag.(Reporting by Koh Gui Qing; Editing by W Simon and Bernadette Baum)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/kkr-results-idINL1N1FU0N4'|'2017-02-09T10:36:00.000+02:00'
'4623c7509e624db8d23d3fac724d2784a3cc1510'|'LPC-European lenders eye <20>12bn of buyout financings'|'By Claire Ruckin - LONDON LONDON Feb 9 A potential <20>12bn of leveraged buyout loans could hit Europe<70>s loan market in the coming months as the pipeline of buyout deals starts to build, presenting a welcome break from a flood of refinancings and repricings that have dominated the market so far this year.Sale processes have kicked off for a number of companies including Swiss chemicals company Archroma; jewellery retailer Thom Europe; French spreads business St Hubert; cleaning and collection company Safetykleen Europe; Swedish air treatment group Munters; Italian facilities management business Manutencoop; UK breakfast cereals producer Weetabix and Solvay<61>s polyamides unit.<2E>The European market absolutely needs the new deal flow because there is too much money blowing a hole in the pockets of institutional investors,<2C> a syndicate head said.Although 2017 got off to a busy start, refinancing and repricing deals have driven issuance, supported by a <20>bond to loan<61> trend, junior loan takeouts and an increase in add-ons, as private equity firms take advantage of the deep liquidity in the leveraged loan market to attain favourable senior loan pricing on covenant-lite loans, with no prepayment penalties.Bankers are spending a lot of time working on debt financings for potential sales in the pipeline, attracted to committing large underwritten, event driven financings as an alternative to the flood of lower paid and less lucrative regurgitation of existing deals.Investors and banks are counting on buyout firms to be successful, in order to avoid another disappointing year.<2E>Banks are trying to put money to work at sensible yields, which are getting crushed across the board from repricings and refinancings. A healthy amount of new deal will help to alleviate this,<2C> the syndicate head said.A majority of banks are clamouring to get a spot on the increasingly aggressive staple financings being offered on potential buyouts, in the hope they will be mandated by the successful buyer.Staple financings have historically been there to beat, but have now become so competitive that some buyers are using them.Four out of the five staple financing banks were mandated to underwrite around <20>1.1bn of debt financing to back Partners Group and PSP Investments<74> buyout of European medical laboratory services operator Cerba.HSBC has offered a staple financing on the potential sale of Archroma, equating to around 5.75 times Archroma<6D>s approximate <20>180m Ebitda. Many bankers are working hard to win a lead role on the sale, willing to offer highly attractive docs and reduced flex.LINING UPOther potential deals in the pipeline include a sale of German metering group Techem and its peer Ista; PlusServer, the managed hosting business that is due to be spun out of Host Europe following its acquisition by US-based website domain name provider GoDaddy and German industrial weighing specialist Schenck Process.Both Ista and Techem boast Ebitda<64>s in excess of <20>300m and any financings would come close to <20>2bn.<2E>Ista and Techem are on everyone<6E>s radars. They are huge and it is likely they will want to avoid coming to the market at the same time. The sellers are going to have to decide whether they want to come first to the market first or last,<2C> a senior leveraged finance banker said.Both Ista and Techem are known to leveraged investors already and there is capacity to finance both in the European loan market. The fear is that they will sell to corporate or infrastructure buyers, triggering devastating repayments.Despite private equity firms benefitting from an abundance of cheap financing and even offers of attractive equity bridges from a growing number of providers such as Goldman Sachs, KKR and Macquarie, the big question is whether they will be able to compete with trade buyers as quantitative easing continues to favour European companies with access to cheap, unsecured funding.Fitch Ratings expects lending to new European buyouts in 2017 to be in line with <20>50bn in 20
'9939e198c85d8ded48d58473df097f4dd8d61b18'|'Asian stocks tread water on U.S. cues, Europe concerns'|'Top  25am IST Asian stocks rise to 18-month highs, dollar revives An investor looks at an electronic board showing stock information on the first trading day after the New Year holiday at a brokerage house in Shanghai, China, January 3, 2017. REUTERS/Aly Song/Files By Saikat Chatterjee - HONG KONG HONG KONG Asian shares climbed to their highest in more than 18 months on Thursday, as investors grew more confident about the world''s second-largest economy while the dollar slightly firmed in the wake of growing concerns over political instability in Europe. MSCI''s broadest index of Asia-Pacific shares outside Japan gained 0.4 percent to their highest since July 2015 with Hong Kong, Taiwan and China among the region''s best performing markets. "In China we have an overweight view on equities as we see improved corporate earnings outlook with the Chinese PPI (producer price index) turning around from deflation trend," said Fan Cheuk Wan, head of investment strategy for Asia at HSBC Private Bank, with an overweight recommendation on China, India and Indonesia. A rally in commodity prices in recent weeks led by copper and iron ore along with gentle policy tightening by Beijing via money market rates, had led to a more optimistic view of Chinese corporate earnings, analysts said. Earnings growth for MSCI China is expected at nearly 15 percent over the next 12 months, slightly ahead of 13 percent projected for companies in MSCI Asia outside Japan, according to Thomson Reuters data. Pictet Asset Management has cut its exposure to U.S. markets due to expensive valuations, and has turned bullish on emerging markets in Asia, citing strong correlations with commodity prices. In other Asian markets, New Zealand stocks rose after the central bank signalled that a further cut in interest rates was no longer likely, but also that any tightening in policy might be two years or more away. COMMODITY RALLY In commodities, copper rose after the world''s top two mines said strikes and permit delays would force them to cut output. Helping sentiment was a recent pick-up in China''s producer price index to its highest levels since September 2011. Copper prices are up 27 percent since late October. Oil prices stabilised on Thursday, boosted by an unexpected draw in U.S. gasoline inventories. Brent crude futures was trading at $55.43 per barrel, up 0.5 percent. However, bubbling political concerns, including a strong showing by   Pen in France''s presidential race, have pushed up premiums demanded by investors to buy French debt over comparable bonds and pushed the yen and U.S. Treasuries higher. "The market is clearly pricing in a degree of uncertainty around the French elections, although that''s not to say that the market is pricing in some type of shock political outcome," James Woods, global investment analyst at Rivkin Securities in Sydney, wrote in a note. The S&P 500 ended slightly higher on Wednesday as investors digested mixed earnings reports with a decline in average short interest positions across U.S. stocks also heping gains, according to data released by Markit. Cautious stock markets translated into another day of gains for bonds with 10-year U.S. benchmark bond yields declining for a third consecutive day to 2.34 percent, the lowest level in three weeks. The dollar bounced after the previous day''s drop, but falling yields are set to limit the greenback''s gains. Against a broad trade-weighted basket of its rivals, the dollar was trading at 100.20 compared to a level of 99.30 last week. The Japanese yen also held its ground thanks to a broad rush to safety. (Editing by Richard Pullin and Jacqueline Wong) Next In Top News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/global-markets-idINKBN15O0BK'|'2017-02-09T07:13:00.000+02:00'
'f0fd40db02e58358ccbb69fe11533fa62b63fb73'|'France''s Macron sets out power policy, would close coal plants'|' 20am EST France''s Macron sets out power policy, would close coal plants PARIS Feb 9 French presidential candidate Emmanuel Macron said on Thursday he would close all coal power plants in France by 2022 and ban oil and gas exploration in French territorial waters. Independent centrist Macron, favourite to win a tight race for the presidency in May according to opinion polls, also said he would launch a tender for 26,000 megawatts of renewable energy capacity at beginning of his term. He also said he would stick to the current government''s commitment to reduce the share of nuclear in the energy mix to 50 percent by 2025. Nuclear accounts for 67 percent of France''s power generation. Coal accounts for just 1 percent. (Reporting by Andrew Callus; Editing by Leigh Thomas)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/france-election-macron-energy-idUSL5N1FU3KS'|'2017-02-09T18:20:00.000+02:00'
'a76ef262f0d1061e5ad4c2a849bbea57a88171e8'|'L''Oreal eyes Body Shop sale, posts higher revenue, profit'|'By Sudip Kar-Gupta and Martinne Geller - PARIS/LONDON PARIS/LONDON French cosmetics giant L''Oreal ( OREP.PA ) is weighing a possible sale of The Body Shop retail chain, it said on Thursday as it posted higher sales and profits.L''Oreal said in a statement that it had decided to "explore all strategic options regarding The Body Shop''s ownership in order to give it the best opportunities and full ability to continue its development."It said no final decision had been taken on the British chain, which it bought over a decade ago.Founded in 1976 by social and environmental activist Anita Roddick, the brand was a pioneer in the ethical beauty business, but has since suffered from heavy competition as many other brands adopted similar philosophies."Given the uninspiring performance of the brand, we suspect it shouldn''t come as a big surprise," said RBC Capital Markets analysts.L''Oreal is being advised by Lazard, according to an earlier report in the Financial Times, which said some private equity suitors had already expressed interest in buying the brand and it could fetch 1 billion euros.L''Oreal said 2016 sales had risen 2.3 percent from a year ago to 25.84 billion euros ($27.6 billion), slightly ahead of the mean average forecast for sales of 25.75 billion euros according to a Reuters consensus conducted with Inquiry Financial.Earnings per share for 2016 also rose 4.6 percent.Looking ahead, L''Oreal said that despite "an economic context that is still volatile and uncertain", it was "confident it will once again outperform the beauty market in 2017" with another year of growing sales and profits.L''Oreal, whose brands include Maybeline New York, Kiehl''s and Redken, issued its statement after the Paris stock market had closed with the stock up 0.4 percent after marginal gains so far this year on top of a roughly 12 percent gain in 2016.L''Oreal has been very active lately in terms of deal-making, announcing the $1.2 billion acquisition of IT Cosmetics last July and the $1.3 billion purchase of three brands from Valeant last month. It said the possible sale of The Body Shop was part of a related "brand portfolio optimisation".(Reporting by Sudip Kar-Gupta; Editing by Andrew Callus/Ruth Pitchford)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-loreal-results-idINKBN15O2BS'|'2017-02-09T15:19:00.000+02:00'
'ed50e10cba9eaf0423f7cae98a8d5a7d02a25a3d'|'Britain''s RPC Group to buy U.S.-based Letica for up to $640 million'|'British packaging company RPC Group Plc ( RPC.L ) said on Thursday it would acquire Letica Group, a U.S.-based maker of plastic packaging and food service products, for up to 511 million pounds ($640 million) to expand outside Europe.RPC will pay 391 million pounds upfront, while an additional 120 million pounds would be payable after meeting certain EBITDA targets over a two-year period, it said in a statement.RPC also said it would raise gross proceeds of about 552 million pounds through a 1-for-4 rights issue.RPC shares rose as much as 3 percent to a more than two-month high, before paring the gains. They were trading down 1.8 percent at 1040 pence at 0847 GMT on the London Stock Exchange.(Reporting by Sanjeeban Sarkar in Bengaluru; Editing by Gopakumar Warrier)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-letica-m-a-rpc-group-idINKBN15O0VU'|'2017-02-09T05:49:00.000+02:00'
'a5b13a274e6b5ac50600ee6c8eda2109de29d09d'|'BRIEF-Honeywell says Darius Adamczyk named CEO, effective March 31'|' 52pm EST BRIEF-Honeywell says Darius Adamczyk named CEO, effective March 31 Feb 10 Honeywell International Inc : * Says Mr Adamczyk appointed CEO * Honeywell - on February 10, 2017, elected Darius Adamczyk as chief executive officer - SEC filing * Honeywell - board does not intend to backfill role of chief operating officer when Adamczyk becomes CEO on March 31, 2017 Source text: ( bit.ly/2lzXzEz )  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1FV1BD'|'2017-02-11T04:52:00.000+02:00'
'df73b6065177605b66e71a54c807b7ffb6f3999e'|'Japan''s Sharp may begin construction on $7 billion U.S. plant before June 30 - source'|'Wed Feb 8, 2017 - 3:18am GMT Japan''s Sharp may begin construction on $7 bln U.S. plant before June 30: source A logo of Sharp Corp is pictured at CEATEC (Combined Exhibition of Advanced Technologies) JAPAN 2016 at the Makuhari Messe in Chiba, Japan, October 3, 2016. Picture taken October 3, 2016. REUTERS/Toru Hanai TOKYO Japanese display maker Sharp Corp may start building a $7 billion plant in the United States before June 30, taking the lead on a project initially considered by its Taiwanese parent Foxconn, a person with knowledge of the plan said. The decision by Foxconn, formally Hon Hai Precision Industry Co Ltd, to give Sharp the lead on the project comes as Japanese Prime Minister Shinzo Abe prepares to travel to the United States to meet U.S. President Donald Trump. In a package expected to please Trump, Abe will unveil investments to create as many as 700,000 U.S. jobs, people familiar with the matter told Reuters earlier. A spokesman for Sharp said no decision on the plant had been made. The person with knowledge of the plan was not authorized to speak to the media and so declined to be identified. (Reporting by Makiko Yamazaki; Writing by Tim Kelly) Up Next Exclusive: White House eying executive order targeting ''conflict minerals'' rule - sources WASHINGTON President Donald Trump is planning to issue an executive order targeting a controversial Dodd-Frank rule that requires companies to disclose whether their products contain "conflict minerals" from a war-torn part of Africa, according to sources familiar with the administration''s thinking. Disney CEO Iger says he is open to extending his term Chief Executive Bob Iger said on Tuesday he is open to extending his term as the head of Walt Disney Co , offering investors a sign of potential stability at the media company as it reported a dip in quarterly advertising at ESPN. WASHINGTON The U.S. trade deficit fell in December as exports hit their highest level in more than 1-1/2 years amid record shipments of technology products, but strengthening domestic demand points to further rises in imports, which could constrain economic growth. 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-sharp-hon-hai-usa-idUKKBN15N09L'|'2017-02-08T10:13:00.000+02:00'
'2c74015a028fda2fc0dea4b1465789cead4af454'|'U.S.-based funds net most cash in more than 3 years -ICI'|'Company  09pm EST U.S.-based funds net most cash in more than 3 years -ICI By Trevor Hunnicutt NEW YORK, Feb 8 Investors poured cash into U.S.-based mutual funds and exchange-traded funds at the fastest pace since 2013 during the latest week, Investment Company Institute data showed on Wednesday, funneling $24.3 billion into the market. That figure is the largest since Oct 23, 2013, and comes as investors showed a strong desire for all kinds of financial assets, from stocks to bonds and gold, just a few weeks into the term of a new U.S. president and Congress with an unformed policy agenda. The week ended Feb. 1 is the first time since August that U.S. and international stock, bond and commodity funds all netted money in the same week, according to the ICI, a trade group. "Investors have become more invested in the stock and bond market using funds, moving some money off the sidelines," said Todd Rosenbluth, director of ETF and mutual fund research at CFRA. With fourth-quarter earnings reports in focus, stock funds took in $15 billion, the largest since Dec. 14, including $11.8 billion into funds that buy domestic shares, ICI data showed. Nearly seven-in-ten S&P 500 companies beat Wall Street analyst''s profit forecasts, according to Thomson Reuters I/B/E/S. About two-thirds of the index has reported results. But after a strong rally since November, investors are extending their bet on growth to companies outside the United States. Funds invested in international shares gathered $3.3 billion, their ninth straight week of inflows, ICI said. U.S. President Donald Trump, who took office last month, and his Republican party have touted potential new economic stimulus measures, such as tax cuts and infrastructure spending. That initially sparked a stock rally and selloff of government-bond and gold funds. The selloff proved short-lived. During the latest week, taxable bond funds took in $8.5 billion, the largest haul since July 13, 2016 and their ninth straight week of inflows. Paul Kim, managing director for ETF Strategy at asset management company Principal Global Investors, said investors are not prepared for the risk that long-dated bonds could be hurt as the Federal Reserve raises rates. "There''s a ton of duration risk that the market is not properly positioned for," said Kim. Commodity funds, which include those invested in gold, reversed outflows from the week prior, gathering $413 million, ICI. The figure is their best sales result since the November presidential election week and came before gold hit a three-month peak on Wednesday. The following table shows estimated ICI flows, including mutual funds and exchange-traded funds (all figures in millions of dollars): 2/1 1/25 1/18 1/11 1/4/2017 Equity 15,045 -3,933 -1,292 7,431 -1,603 -Domestic 11,769 -8,249 -3,748 3,001 -2,087 -World 3,276 4,315 2,457 4,430 484 Hybrid -567 -549 -106 -899 -1,941 Bond 9,393 8,158 4,655 9,608 2,360 -Taxable 8,515 7,637 3,531 7,755 3,950 -Municipal 878 521 1,124 1,853 -1,590 Commodity 413 -492 231 -283 -500 Total 24,284 3,185 3,488 15,856 -1,683 (Reporting by Trevor Hunnicutt; editing by Diane Craft) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-mutualfunds-ici-idUSL1N1FT0XS'|'2017-02-09T02:09:00.000+02:00'
'e4f2d6c8b193e668c669b0a698ce7e3f77deaf0e'|'Bombardier aims to double fleet size in India -exec'|'Company  21am EST Bombardier aims to double fleet size in India -exec By Aditi Shah - MUMBAI MUMBAI Feb 8 Canadian plane maker Bombardier Inc plans to double its fleet size in India to more than 40 aircraft over the next few years, an executive told Reuters on Wednesday on the sidelines of an aviation conference in Mumbai. "Bombardier expects the introduction of short haul flights and efforts to improve the business environment to lead to higher growth than originally planned," Francois Cognard, vice-president sales, Southeast Asia and Australasia at Bombardier Commercial Aircraft, said. Apart from building more infrastructure, training, and maintenance facilities, the government has tweaked rules for repossession of aircraft, which is making plane lessors more comfortable and could bring in more investors to India, Cognard said. SpiceJet, which has about 20 Q400 78-seater aircraft, is Bombardier''s biggest client in the country, and is assisting the airline in reducing costs. "One of the ways it could help is by reconfiguring the aircraft to increase the number of seats to about 86," Cognard said, adding that this would make the airline more competitive. Bombardier has reconfigured planes for other airlines. "The company has also started supplying planes to India''s newest airline Zoom Air," Cognard said. Cognard is hopeful of introducing the CSeries aircraft, which has higher fuel efficiency and can be designed to seat 100 or 136 passengers, making it suitable for domestic and regional flights in India. Bombardier''s CSeries competes with some Embraer jets and the smallest products of Boeing and Airbus Group. Still, Cognard is mindful of the challenges. "India is a very competitive and price sensitive market where yields are still low," he said. "It needs to expand airport infrastructure quickly." (Reporting by Aditi Shah; Editing by Euan Rocha) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/bombardier-india-idUSL4N1FT47D'|'2017-02-08T21:21:00.000+02:00'
'f2c0851d6b74661bddf0dcdf7b1775339e2fc87b'|'Gucci, Yves Saint Laurent shine for Kering'|'  4:59pm GMT Gucci, Yves Saint Laurent shine for Kering Francois-Henri Pinault (R), Chairman and chief executive officer of Kering, looks on as he sits next to Group managing director Jean-Francois Palus (L) during a press conference on the annual report for 2016 of the French luxury goods holding company in Paris, France,... REUTERS/Benoit Tessier By Dominique Vidalon and Pascale Denis - PARIS PARIS French luxury and sports brand group Kering ( PRTP.PA ) delivered a rise in 2016 profits and sales on Friday that surpassed expectations, driven by the revival of its biggest brand, Gucci, and strong sales at fashion house Yves Saint Laurent. Gucci, under the leadership of designer Alessandro Michele and Chief Executive Marco Bizzarri since early 2015, has revamped its stores and adopted a vintage "geek chic" look that has proved popular with customers and driven higher sales. "We recreated the Gucci dream. In 2017 we will make it a booster of sustainable growth," deputy chief executive Jean-Francois Palus told a news conference. Gucci and Yves Saint Laurent now generate 50 percent of their revenue from the tech-savy generations born after 1980. Kering, also the owner of the Stella McCartney and Puma brands, was upbeat despite what it described as an uncertain business environment. The group said 2017 would see a stabilisation of falling sales at underperforming Bottega Veneta, whose exclusive positioning will be strengthened. The strong results provided further evidence of a recovery in the wider luxury goods sector, after rival LVMH ( LVMH.PA ) posted record revenue and profits for 2016 and Hermes gave a confident outlook for 2017. Chairman and CEO Francois-Henri Pinault was similarly optimistic, citing positive signals in Hong Kong and improving demand in China and the United States. Recurring operating income for the year rose 14.5 percent to 1.886 billion euros (1.59 billion pounds) while group revenue rose 8.1 percent on a comparable basis to 12.385 billion euros. This compared with expectations for 1.83 billion euros of profit and 12.28 billion euros of sales according to a Reuters consensus conducted with Inquiry Financial. By 1324 GMT, Kering shares were 2.8 percent, after touching a 16.5 year high of 235 euros, leading gainers on the CAC-40 index of French blue chips. "Gucci is cashing in on a brilliant self-help programme, which has brought back the brand on the map," said Exane BNP Paribas analyst Luca Solca. Fourth quarter comparable sales at Gucci, which makes over 60 percent of Kering''s profit, rose 21.4 percent, beating analysts forecasts for 13 percent growth and accelerating from the third quarter. In directly-operated stores sales climbed 28.2 percent in the quarter, with all regions delivering good showings. The performance was achieved despite Gucci''s decision to stop discounting and some 85 percent of Gucci sales in the quarter were from its new Michele''s collection. Yves Saint Laurent, which accounts for over 10 percent of Kering''s luxury sales, continued to progress with new designer Anthony Vaccarello at the helm since April. Yves Saint Laurent sales rose 20.5 percent during the quarter while the recurring operating margin of the division jumped over the 20 percent mark for the full year. Bottega Veneta remained a weak spot with sales down 8.6 percent in the quarter. The brand was hurt by a slowdown in Chinese tourist spending in Japan and Europe. There were, however, signs of an improvement in Chinese tourist spending in western Europe in the last quarter of the year, the group said. German sportswear firm Puma ( PUMG.DE ) had strong sales growth and gave a confident forecast for 2017 on Thursday. Pinault said the priority was to improve profitability at Puma, when asked if he had any plans to sell the brand. (Reporting by Dominique Vidalon; Editing by Andrew Callus and Elaine Hardcastle)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-kering-results-idU
'644cf17355ff895b225f4b9a2ef0fec4ff0da122'|'Sex Trafficking Just Got a Dangerous New Enemy'|'Legal pressure on embattled classified marketplace Backpage.com mounted Tuesday, with lawsuits in federal court in Arizona and Florida alleging the company conspired to facilitate child sex trafficking, building on the findings of a U.S. Senate inquiry last month.Backpage.com has become known as one of the biggest web platforms for sex ads and prostitution since Craigslist closed down its <20>adult<6C> section in 2010. Backpage has spent years fighting legal challenges, citing protections for websites provided by the Communications Decency Act. Hours after a recent report from a Senate subcommittee revealed details of the company<6E>s business operations and how it handled advertisements, Backpage announced it was shuttering its sex advertising section, blaming <20>unconstitutional government censorship.<2E> Service categories such as <20>escorts<74> and <20>body rubs<62> now appear with the word <20>censored<65> in red. The Senate Permanent Subcommittee on Investigations reviewed over a million pages of internal documents it obtained from Backpage, including emails and policies related to its editing and moderating practices. The inquiry found that Backpage stripped advertisements of such terms as <20>Lolita<74> and <20>Amber Alert,<2C> code words that the sex for sale was with underage girls and boys, then posted the sanitized advertisements.David Boies. Photographer: Andrew Harrer/Bloomberg The new complaints, filed by lawyers including renowned litigator David Boies, allege Backpage knowingly edited away evidence of child sex trafficking and created other sites and special protocols to stymie law enforcement efforts. Sex ads have simply shifted over to the <20>dating<6E> section, Boies contends in court papers.Boies, 75, has represented former U.S. Vice President Al Gore in litigation over the contested 2000 presidential election and ex-American International Group Inc. Chairman Maurice Greenberg in his lawsuit over AIG<49>s bailout. Boies<65>s clients in the Backpage.com cases, however, are an Arizona shelter for victims of sex trafficking and domestic abuse, a Florida anti-trafficking group, and a woman under the name Jane Doe. His law firm, Boies Schiller Flexner LLP, is working with Legal Momentum<75>The Women<65>s Legal Defense and Education Fund. They said the complaints were filed Tuesday (the filings couldn<64>t be immediately confirmed in court records).Liz McDougall of Backpage.com declined to comment, saying she has yet to see the complaints.<2E>Backpage helped create ads offering children and others for commercial sex in violation of numerous state and federal statutes,<2C> Boies alleged.In the Arizona complaint, the lawyers describe how Backpage allegedly facilitated trafficking through other websites it created, including BigCity.com, which increased the efficiency and demand for advertisers. On these sites, which aggregate sex ads, Backpage stripped metadata from photographs, thwarting attempts by family members and law enforcement to search the images, the plaintiffs alleged.Backpage is already fighting similar litigation, including a lawsuit in Washington State set for trial later this year. In California, Backpage Chief Executive Officer Carl Ferrer, as well as former owners Michael Lacey and James Larkin, have been charged with conspiracy to commit pimping and money laundering. They have denied any wrongdoing.'|'bloomberg.com'|'https://www.bloomberg.com/businessweek'|'http://www.bloomberg.com/news/articles/2017-02-08/now-david-boies-is-coming-after-backpage-com'|'2017-02-08T18:00:00.000+02:00'
'2c419cda26b44b504100f7592e98c84f0b4870e1'|'Dow, DuPont offer to sell assets to gain EU approval for merger'|'By Foo Yun Chee - BRUSSELS BRUSSELS Dow Chemical ( DOW.N ) and DuPont ( DD.N ) has offered to sell assets to ease EU competition concerns that their planned $130 billion merger may lead to farmers facing higher prices and fewer new herbicides and pesticides in the future.The companies submitted concessions to the European Commission on Feb. 7."The remedies include proposed divestment of a portion of DuPont''s crop protection business and associated research and development, as well as Dow''s acid copolymers and ionomers business," Dow said in an email.The companies reiterated their goal of closing the deal in the first half of 2017. The European Commission confirmed that the companies had offered concessions. It is now expected to seek feedback from customers and rivals before deciding whether to accept them or demand more.The deadline for the Commission''s decision has now been extended to April 4 from March 14.The Dow, DuPont deal is one of three in the agrochemicals industry as companies seek scale and cut costs. The others are planned combinations of ChemChina [CNNCC.UL] and Syngenta ( SYNN.S ) and of Bayer ( BAYGn.DE ) and Monsanto ( MON.N ).(Reporting by Foo Yun Chee; editing by Philip Blenkinsop)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-du-pont-m-a-dow-eu-idINKBN15N11K'|'2017-02-08T07:17:00.000+02:00'
'2c476c9069ce504dec5acf7b9d438b9fd69b1068'|'Asia shares down, euro pressured on Trump, European political woes'|'  7:58pm EST Asia shares down, euro pressured on Trump, European political woes 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 By Hideyuki Sano - TOKYO TOKYO Asian shares dipped from four-month highs on Wednesday and the euro was pressured as lingering political and economic uncertainty in the United States and Europe sapped investor confidence. MSCI''s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS ticked down 0.2 percent, slipping further from Monday''s four-month high. South Korean shares .KS11 fell 0.6 percent, leading the losses in early trade. Japan''s Nikkei .N225 bounced back 0.3 percent a day after it hit a two-week low. On Wall Street, the S&P 500 .SPX ended barely higher while the Nasdaq .IXIC managed to scratch out a new record as gains in big tech names countered energy declines. With more than half of the S&P 500 having reported results, fourth-quarter earnings are on track to have climbed 8.2 percent, which would be the best performance since the third quarter of 2014, according to Thomson Reuters I/B/E/S. A raft of strong global economic data and hopes that U.S. President Donald Trump''s stimulus measures will boost U.S. economic growth had all helped to support world share markets, and the dollar, since late last year. But some of the moves Trump took since he was sworn in on Jan. 20 have spread anxiety in financial markets, including protectionist measures on international trade and controversial steps to tighten entry to immigrants from selected countries. "Corporate earnings have been pretty good so far. But without details of Trump''s economic policies, it is hard to become bullish," said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui Asset Management. Uncertainty on the new administration''s currency policy is also keeping foreign exchange markets on edge. The dollar has been steadily declining against the yen since Trump signaled displeasure with Japan''s currency stance on Jan. 31. The U.S. currency traded at 112.35 yen JPY= , having fallen to 111.59 yen on Tuesday, its lowest since late November. The pair may see limited moves for now as traders look to a meeting between Trump and Japanese Prime Minister Shinzo Abe on Friday. The euro EUR= , on the other hand, shed 0.6 percent on Tuesday and last stood at $1.0682, hit by rising concerns that the far right could win France''s presidential vote and take the country out of the euro. The gap between French and German 10-year borrowing costs FR10YT=RR DE10YT=RR widened to 78 basis points, the biggest level since late 2012. Support for conservative challenger Francois Fillon, who was seen as a shoo-in only a few weeks ago, has tumbled in the wake of a financial scandal, losing ground to independent centrist Emmanuel Macron and the anti-EU National Front leader Marine Le Pen. While most investors expect Le Pen to be defeated in the run-off by a more moderate candidate, markets are nervous after last year''s experience of the Brexit referendum and Trump''s victory. In addition, wrangling over Greece''s bailout are starting to haunt the market ahead of the euro group meeting on Feb. 20, with two-year Greek debt GR2YT=RR yield soaring to near 10 percent on Tuesday, compared to around six percent just about two weeks ago. Oil prices fell to their lowest levels in more than two weeks, as growing crude stockpiles in the United States pointed to a burgeoning revival in U.S. shale production, complicating efforts by OPEC and other producers to reduce a supply glut. Brent crude LCOc1 settled down 1.2 percent at $55.05 a barrel on Tuesday. U.S. crude CLc1 trade at $51.38 per barrel, falling 1.5 percent in Asian trade on Wednesday, hitting its lowest level in almost three weeks. It has lost 4.5 percent so far this week. (Editing by Shri Navaratnam)  '|'reuters.com'|'http://feeds.reu
'56a0f8917312f475adb6f2a992eeb5b0bcf42986'|'Facebook doubles its bereavement leave for employees'|' 37am GMT Facebook doubles its bereavement leave for employees Sheryl Sandberg, Chief Operating Officer of Facebook, delivers a speech during a visit in Paris, France, January 17, 2017, at a start-up companies gathering at Paris'' Station F site as the company tries to head off tougher regulation by Germany. REUTERS/Philippe Wojazer Facebook Inc ( FB.O ) is doubling its bereavement leave for employees and also introducing paid family sick time, Chief Operating Officer Sheryl Sandberg said in an internet post. "Facebook employees will have up to 20 days paid leave to grieve an immediate family member, up to 10 days to grieve an extended family member," Sandberg said in a Facebook post. ( bit.ly/2k0imnj ) Previously, the company''s employees had 10 days paid leave for immediate family and five for extended family. Facebook also announced paid family sick time <20> three days to take care of a family member with a short-term illness, like a child with the flu. (Reporting by Subrat Patnaik in Bengaluru; Editing by Bernard Orr)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-facebook-policy-idUKKBN15N023'|'2017-02-08T07:37:00.000+02:00'
'db1723025a70607f097d3afd3d4d2ce50c98bdb5'|'BRIEF-Group Ten Metals says has arranged two private placements to raise proceeds of up to C$1.8 mln'|' 15pm EST BRIEF-Group Ten Metals says has arranged two private placements to raise proceeds of up to C$1.8 mln Feb 8 Group Ten Metals Inc : * Arranged 2 concurrent, non-brokered private placements to raise total proceeds of up to C$1.8 million by issuance of up to 29 million units * Proceeds of financings will be used on company''s Yukon and Ontario projects Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1FT0V8'|'2017-02-09T00:15:00.000+02:00'
'8a0034fc7b039b9bb10380a09fa8c36d4947db44'|'Exclusive: DOJ probing people who worked in DB''s mortgage unit'|'Business News - Wed Feb 8, 2017 - 11:45am EST Exclusive: DOJ probing people who worked in DB''s mortgage unit The headquarters of Germany''s Deutsche Bank are seen early evening in Frankfurt, Germany January 31, 2017. REUTERS/Kai Pfaffenbach By Joy Wiltermuth NEW YORK (IFR) - The US Department of Justice is investigating potential wrongdoing by individuals who worked in Deutsche Bank''s mortgage unit in the run-up to the financial crisis, according to two sources familiar with the matter. The probe of former Deutsche staffers is a push to hold individuals accountable for their role in the housing crisis, one of the sources said. The DOJ and Deutsche declined to comment. The probe follows Deutsche''s US$7.2bn settlement in December with the DOJ over the sale of toxic residential mortgage securities between 2006 and 2007. No individuals who worked at Deutsche were named in the settlement. But the DOJ left open the possibility of pursuing individuals who had worked at Deutsche. In a January 17 press release outlining the facts, finalization and terms of the settlement, the DOJ said that the settlement with Deutsche does not release any individuals from potential criminal or civil liability. Separately, the DOJ in December named two former Barclays RMBS staffers in a civil suit it filed against Barclays and some of its US affiliates. The complaint against Barclays alleged that the bank and its staffers fraudulently sold tens of billions of dollars of RMBS, and repeatedly misled investors about the quality of the mortgages backing those deals. The individuals named in the Barclays complaint, Paul Menefee and John Carroll, have obtained their own legal counsel, a Barclays spokesperson said. Menefee was Barclays'' head banker on its subprime RMBS securitizations, and Carroll was Barclays'' head trader for subprime loan acquisitions. "It is surprising and extremely disappointing that the government decided to file this highly unusual lawsuit. John Carroll intends to challenge these ill-conceived and baseless allegations, and expects to be fully vindicated," Crowell & Moring partner Glen McGorty, who is representing Carroll, said in an emailed statement to IFR. A response to the complaint against Carroll has not yet been filed, McGorty said. Lawyers for Menefee did not immediately respond to requests for comment. No filing has been made on behalf of Menefee, according to a search of the federal court docket. Barclays previously said it rejects the claims made in the complaint. "Barclays considers that the claims made in the complaint are disconnected from the facts. We have an obligation to our shareholders, customers, clients, and employees to defend ourselves against unreasonable allegations and demands. Barclays will vigorously defend the complaint and seek its dismissal at the earliest opportunity," the bank said in a statement. (Reporting by Joy Wiltermuth; Editing by Matthew Davies and Natalie Harrison) Next In Business News Exclusive: White House eying executive order targeting ''conflict minerals'' rule - sources WASHINGTON President Donald Trump is planning to issue an executive order targeting a controversial Dodd-Frank rule that requires companies to disclose whether their products contain "conflict minerals" from a war-torn part of Africa, according to sources familiar with the administration''s thinking.'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-corpbonds-abs-exclusive-idUSKBN15N22K'|'2017-02-08T23:45:00.000+02:00'
'553c3290e192a364c93869a86178b78a1cbe4839'|'Out of pocket, Italians fall out of love with the euro'|'Business News - Wed Feb 8, 2017 - 6:48am GMT Out of pocket, Italians fall out of love with the euro Euro coins are seen on the figure of a pair of hands, which are painted in Italy''s colour national colours, on the ground in downtown Rome August 23, 2014. . REUTERS/Stefano Rellandini By Gavin Jones - ROME ROME When the Italian central bank''s deputy governor joined a radio phone-in show last week, many callers asked why Italy didn''t ditch the euro and return to its old lira currency. A few years ago such a scenario, that Salvatore Rossi said would lead to "catastrophe and disaster", would not have been up for public discussion. Now, with the possibility of an election by June, politicians of all stripes are tapping into growing hostility towards the euro. Many Italians hold the single currency responsible for economic decline since its launch in 1999. "We lived much better before the euro," says Luca Fioravanti, a 32-year-old real estate surveyor from Rome. "Prices have gone up but our salaries have stayed the same, we need to get out and go back to our own sovereign currency." The central bank is concerned about the rise in anti-euro sentiment, and a Bank of Italy source told Reuters Rossi''s appearance is part of a plan to reach out to ordinary Italians. Few Italians want to leave the European Union, as Britain chose to do in its referendum last year. Italy was a founding EU member in 1957 and Italians think it has helped maintain peace and stability in Europe. And the ruling Democratic Party (PD) is pro-euro and wants more European integration though it complains that the fiscal rules governing the euro are too rigid. But the three other largest parties are hostile, in various degrees, to Italy''s membership of the single currency in its current form. The PD is due to govern until early 2018, unless elections are called sooner. The PD''s prospects of victory have waned since its leader Matteo Renzi resigned as premier in December after losing a referendum on constitutional reform, and polls suggest that under the current electoral system no party or coalition is likely to win a majority. Italians used to be among the euro''s biggest supporters but a Eurobarometer survey published in December by the European Commission showed only 41 percent said the euro was "a good thing", while 47 percent called it "a bad thing." In the Eurobarometer published in April 2002, a few months after the introduction of euro notes and coins, Italy was the second most pro-euro nation after Luxembourg, with 79 percent expressing a positive opinion. Italy is the only country in the euro zone where per capita output has actually fallen since it joined the euro, according to Eurostat data. Its economy is still 7 percent smaller than it was before the 2008 financial crisis, and youth unemployment stands at 40 percent. 5-STAR THREAT The right-wing Northern League, the third biggest party, is the most critical of the euro. Party leader Matteo Salvini calls it "one of the biggest economic and social crimes ever committed against humanity." The party has promised to pull Italy out of the euro if elected but it only has about 13 percent of voter support. The anti-system 5-Star Movement may pose a bigger threat to Italy''s membership of the currency club. Polling roughly level with the PD at about 30 percent, 5-Star says it will hold a referendum on euro membership. But Italy''s constitution forbids referendums on matters that are governed by international treaties such as euro zone membership. 5-Star says it could organise a non-binding "consultative" ballot to gauge public opinion. A post last week on its official mouthpiece, the blog of founder Beppe Grillo, was headlined "A referendum on the euro before it''s too late". "I would vote to leave the euro as it stands," lower house deputy Luigi Di Maio, who is widely expected to be 5-Star''s candidate for prime minister at the election, told Reuters. "We should return to a sovereign currency or, if 
'6291a42dbc75b56c85978322331919387b1d9e3e'|'IT security firm Sophos rises after $100 million Invincea deal'|' 37am GMT IT security firm Sophos rises after $100 million Invincea deal LONDON British IT security company Sophos ( SOPH.L ) has agreed to buy malware protection company Invincea for $100 million to bolster its product line and give it a stronger presence in the U.S. government, healthcare and financial services sector. Shares in Sophos rose 5.5 percent to a four-month high of 287 pence, topping the mid-cap index .FTMC , after the deal was announced on Wednesday. Sophos chief executive Kris Hagerman said Invincea''s machine learning-based threat detection technology would be rapidly integrated into its product line, representing a significant growth opportunity for the company. The deal, which includes a $20 million earn-out in addition to the $100 million cash payment, came as Sophos reported a 16 percent rise in third-quarter billings to $164.1 million. (Reporting by Paul Sandle, editing by James Davey)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-sophos-group-m-a-invincea-idUKKBN15N0ST'|'2017-02-08T15:37:00.000+02:00'
'd60dd01b1b8cacf671f275a473127e76d5c67e80'|'Syngenta says working with ChemChina on long-term deal financing'|'By Ludwig Burger and Paul Arnold Swiss pesticides and seeds group Syngenta ( SYNN.S ) said that the bridge financing for ChemChina''s [CNNCC.UL] agreed $43 billion takeover had been secured and that it was working with its prospective parent company on longer-term funding of the deal."All the bridge financing to close the transaction is in place and irrevocable. In terms of the longer-term financing Syngenta and ChemChina are working together to get the optimal structure in place, that is ongoing," finance chief Mark Patrick told Reuters in a phone interview on Wednesday.The company is confident that the transaction will get approval from China''s ministry of commerce MOFCOM, causing no delay beyond the second quarter, when the merger partners aim to wrap up the deal, Chief Executive Erik Fyrwald said in the interview.He added he had been assured there were no talks about merging Chinese state-owned chemical firms Sinochem Group and ChemChina that could disrupt the planned Sino-Swiss deal."I speak personally with ChemChina Chairman Ren (Jianxin). We have been repeatedly assured that there are no discussions going on with other parties about any merger in China at this time," Fyrwald said.Sources told Reuters in October that Sinochem and ChemChina were in discussions about a possible merger to create a chemicals, fertilizer and oil giant with almost $100 billion in annual revenue.Syngenta earlier said it expects its takeover by ChemChina to close in the second quarter of 2017 as it makes progress in winning regulatory approval for the deal.(Editing by Michael Shields)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-syngenta-results-chemchina-idINKBN15N0MK'|'2017-02-08T07:39:00.000+02:00'
'90534123d267b8d3bf0778a8dc0fc63205d18485'|'Shell submits plan for dismantling Brent North Sea production platforms'|'Global Energy   12:51pm GMT Shell submits plan for dismantling Brent North Sea production platforms A Shell logo is seen reflected in a car''s side mirror at a petrol station in west London, Britain, January 29, 2015. REUTERS/Toby Melville/File Photo LONDON Royal Dutch Shell ( RDSa.L ) has submitted a plan to the British government for dismantling its Brent North Sea production platforms, a turning point for the UK oil industry as operators face the huge challenge of gradually abandoning depleted fields after 40 years of production. Shell on Wednesday lodged the plans for decommissioning production at the huge Brent field, which lends its name to the globally traded benchmark crude oil grade and which has produced over 3 billion barrels of oil equivalent since 1976. The government has in turn invited public responses to Shell''s proposals over the coming 60 days, a longer consultation period than usual because the decommissioning programme is so complex. It will then analyse the feedback and subsequently decide whether to approve the plan. "Any decommissioning plan will be carefully considered by the government, taking into account environmental, safety and cost implications, the impact on other users of the sea and a public consultation," a spokesman for the government''s department of business, energy and industrial strategy said. Shell will start the programme this year by removing the 24,200 tonne topside of the Brent Delta platform, a process which was already approved two years ago. following Delta''s cessation of production in 2011. The Brent field continues to produce oil from the Charlie platform and Shell said it expected to maintain output from there "for some time". Companies operating in UK waters need to dismantle around 7,500 kilometres of pipelines and more than 100 platforms at an estimated cost of 17.6 billion pounds by 2025, according to industry body Oil & Gas UK. These costs have been provided for by the operators and the British government through tax relief. (Reporting by Karolin Schaps; Editing by Greg Mahlich) Next In Global Energy News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-shell-britain-decommissioning-brent-idUKKBN15N1EX'|'2017-02-08T19:51:00.000+02:00'
'b7fe24d162af7090f4fd7a26df5beba4ab3782bc'|'Rio Tinto gives diamond deposit back to India'|'Rio Tinto hands over diamond discovery to Indian government by Ivana Kottasova @ivanakottasova  59 AM ET The world''s largest uncut diamond goes on sale Rio Tinto is handing a potentially lucrative diamond project back to India. The global mining firm said Wednesday that it was returning its Bunder project to the Indian state of Madhya Pradesh after concerns were raised about the environmental impact of extracting the gems. The Bunder diamond deposit contains an estimated 27.4 million carats, according to Rio Tinto. If ever made operational, that would be enough to turn the central Indian state into one of the top 10 diamond producing regions in the world. Rio Tinto discovered the diamond deposit in 2004, but soon ran into opposition from environmental activists and local groups concerned about the ecological impact of mining in the area. The project is located near a wildlife corridor thought to used by tigers. A government committee estimated that building the project to Rio Tinto''s specifications would have required 500,000 trees to be cut down. It suggested instead that an underground mine be built to help minimize the environmental damage. But that would be expensive, and Rio Tinto announced in August that it would walk away from the project. "Underground mining would increase the cost of the project two to three times," said Gunjan Aggarwal, a mining analyst at CRU in Mumbai. "With lower diamond prices, it does look like Rio Tinto decided that investment amount would be too high," he added. The government''s plans for the mine were not immediately clear. Rio Tinto said it was handing over all land, plant, diamond samples, equipment and vehicles to the government. It has also offered to assist with an auction should the government choose to sell the project. Related: Diamond sales are down, and it''s India''s fault Rio Tinto said its decision to abandon the project was based on commercial considerations. It is trying to streamline its operations and conserve cash. "This move by Rio really does make business sense," said Fiona Cincotta, analyst at City Index Market. "For a firm that is focusing on cost cutting, stripping back to core business and slashing debt, the disposal of this diamond mine situated on an ecologically sensitive area is perhaps not so surprising." Rio Tinto had planned to spend $500 million to develop the mine. The company did not say how much the project cost, but analysts have put the figure at between $125 million and $300 million. CNNMoney (London)  43 AM ET'|'cnn.com'|'http://rss.cnn.com/rss/edition_business.rss'|'http://money.cnn.com/2017/02/08/news/rio-tinto-diamond-mine-india/index.html'|'2017-02-08T20:59:00.000+02:00'
'9a3bbaf2b73b18b805cdd39e278b7727e4391e32'|'SocGen buys Aviva''s stake in insurer Antarius 1 for 425 million pounds'|'LONDON British insurer Aviva ( AV.L ) on Thursday announced the sale of a 50 percent stake in its life insurance joint venture Antarius 1 to a unit of French bank Societe Generale ( SOGN.PA ) for about 425 million pounds ($531.42 million).Antarius is currently owned jointly by Aviva and a separate subsidiary of Societe Generale."This is a good deal at an attractive valuation and the sale realises a strong return for our shareholders," said Aviva Chief Executive Officer Mark Wilson.(Reporting By Andrew MacAskill; Editing by Rachel Armstrong)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-aviva-sale-societe-generale-idINKBN15O0PE'|'2017-02-09T04:25:00.000+02:00'
'7163c58f83a3cc89579d9c24d050b2a0f856c459'|'Boeing sets up shop in high-spending India'|'Boeing wants to cash in on India''s military spending spree by Rishi Iyengar @Iyengarish February 9, 2017: 4:08 AM ET Boeing shoots a plane into the air like a rocket Boeing is ramping up its efforts to win a bigger share of the billions India spends on military hardware. The aviation giant has announced it''s setting up a new unit that will handle all its defense operations in the country.It will focus on building up a manufacturing and engineering base inaddition to other services, the company said. India will be only the fourth country outside the U.S. where Boeing ( BA ) has a dedicated defense arm. The others are in the U.K., Australia and Saudi Arabia. India is on a weapons spending spree, shelling out more than $50 billion on military equipment last year. That''s already more than Russia -- and India is projected to overtake the U.K. as the world''s third largest defense buyer by 2018, according to IHS Jane''s. Related: Aviation execs carrying wish list to Trump meeting Boeing has been aggressively expanding into the Indian market. The U.S. manufacturer announced an $11 billion deal last month to supply 100 new 737 Max 8 commercial aircraft to budget airline Spicejet. With India also shopping for new fighter jets, Boeing is showing that it''s ready to compete with the likes of Lockheed Martin ( LMT ) and Swedish firm Saab -- both of which have offered to manufacture their combat aircraft in India. Lockheed has even said it''s willing to make the South Asian country a global manufacturing hub for its F-16 jets. Boeing already supplies several military aircraft to India, including C-17 supply planes and its Apache and Chinook helicopters. It has also pitched its own fighter -- the F/A 18 Super Hornet -- to the Indian navy, a company representative told CNNMoney, and would potentially make them in the country if it wins the contract. Related: India could shell out $12 billion for new fighter jets The company appears eager to align itself with Indian Prime Minister Narendra Modi''s ''Make in India'' program, aimed at boosting local manufacturing. "We are making the changes necessary to position ourselves for future growth ... and accelerate our efforts to achieve the country''s ''Make in India'' vision," Leanne Caret, the company''s head of defense, space and security, said in a statement. CNNMoney (New Delhi) First published February 9, 2017: 4:08 AM ET'|'cnn.com'|'http://rss.cnn.com/rss/edition_business.rss'|'http://money.cnn.com/2017/02/09/news/india/boeing-india-defense-manufacturing/index.html'|'2017-02-09T16:17:00.000+02:00'
'128cd2175544da79e0705ca5ae87430afb31c047'|'Taking it to the top: the 10 female-led startups solving problems one at a time - Guardian Sustainable Business'|'T echnology has a solution for just about every modern problem, from guiding a visually impaired person around an unknown city to helping autistic children get ready for school each morning. And if Nicola Hazell has her way, it could also remedy the lack of women at the helm of ASX 200 companies.Hazell is the director of SheStarts, a new startup program aimed at female tech entrepreneurs, announced last year. After a flood of applications, 10 founders were selected to receive $100,000 seed funding and a place in the program. Now SheStarts has launched a web series that follows the women as they bring their idea to life. These women are from diverse backgrounds: different age groups, different career experiences, from regional and urban areas around Australia. Some are softly spoken, some straight talkers, yet all the founders are passionate about the tech solutions they have come up with.Indeed, it<69>s fascinating to see what gets them going: Lauren Meyer barely draws breath when she talks about her and co-founder Madeline Green<65>s plan ( Shark Share ) to create a virtual tissue bank for research scientists, while Naomi Stuart ( Farmpay) gets excited about overhauling farm financing. Claire Jenkins has come up with a clever way to solve pet health issues without leaving the house ( Vetchat ) while Xiano Han Drummond ( Refni ) wants to explode the information bubble we all live in.More women in startups means more female CEOs down the line Read more Often it<69>s their own experience with these problems that inspired the solution. Anna Wright<68>s diminishing eyesight got her thinking about how those who are visually impaired navigate a city as well as a smartphone solution ( Audible ). Similarly Alex Armitage and Michelle Hughes<65>s idea for a smartwatch for autistic children ( Habot ) came out of Armitage<67>s experiences as a parent. Speaking after the event, she says they know they can make life less stressful for children on the spectrum and their families, and that<61>s what motivates them. <20>We feel an obligation to do our best for all those who are hoping for our success.<2E>There aren<65>t many Australian startup funds reserved solely for women: Springboard Enterprises is the most visible one. SheStarts is backed by Blue Chilli , one of the foremost accelerator programs in Australia, and is aimed at the tech industry because of the lack of women employed in this field. Men outnumber women two to one in key tech roles, particularly in key coding roles, according to a report released by Davidson Technology in June 2016.Similarly, despite the fact that Australia ranks second in the world for its support of high-impact women<65>s entrepreneurship, SheStart<72>s own research found a dearth of female entrepreneurs in Australia: fewer than one in four startups are led by women, and, of those attracting investment, only 4%.Facebook Twitter Pinterest Georgina Bird, one of the startup founders who has got $100,000 seed funding from the SheStarts accelerator program for her financial literacy app. Photograph: Ernita Siregar Equally, as Hazell is fond of pointing out, there are more CEOs named Peter than female CEOs at the helm of ASX 200 companies. She sees a link between the lack of women in tech and those at the top. <20>If we want to see more women at the helm of ASX 200 companies, then we need to get them at the helm of companies that are the future ASX 200 companies,<2C> she said at the finalists<74> event in December. <20>There is no denying that innovation, the creative intersection of human creativity and tech, that creates incredible global companies, [is] where we need to focus our attention right now, that<61>s where we see that change happening.<2E>People pat me on the back for being a female CEO <20> this is incredibly patronisingJessica Christiansen-Franks, Neighbourlytics Many of the founders felt perceptions around being female have held them back. After a lengthy career in software development, Emma P
'e3bc025d6942f60141b4089337afc110921d8b85'|'KKR succeeds with Gfk stake purchase, clears way for turnaround'|'Company News - Sat Feb 11, 2017 - 9:16am EST KKR succeeds with Gfk stake purchase, clears way for turnaround FRANKFURT/BERLIN Feb 11 Private equity firm KKR has acquired a 18.54 percent stake in German market researcher GfK, GfK said, allowing it to drive strategic change with top shareholder GfK Verein. Shareholders in GfK, best known for its consumer confidence indices, have tendered their holdings to KKR by a Friday midnight deadline, a spokeswoman said on Saturday. Together, KKR and GfK Verein now control at least 75 percent of the company. On Friday, shareholders had only tendered 14.5 percent of stock in GfK, still short of the minimum threshold of 18.54 percent. New York-based KKR, known for successfully turning around media companies, has said it sees opportunities to transform GfK into a technology-based market research leader. Its 43.50 euros a share offer for GfK was contingent upon reaching a 18.54 percent threshold. Shareholders in GfK who have not yet taken the offer will continue to be able to sell stock at the same price between Feb. 16 and March 1. "We now have strong partners at our side to implement our growth strategy quickly and consistently," company executive Gerhard Hausruckinger said in an emailed statement, adding the players will make GfK "fit for the future." Adjusted operating profit plunged almost a fifth last year at Nuremberg-based GfK which has struggled to keep up with digital competition. U.S. businessman Michael Dell, founder of Dell Technologies , has also been building a stake in GfK. Dell''s MSD Capital fund manages more than $12 billion in assets, the company says on its website, which lists merger arbitrage as one of its investment strategies. (Reporting by Alexander Huebner and Andreas Cremer; Editing by Clelia Oziel) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/gfk-ma-kkr-idUSL5N1FW0AI'|'2017-02-11T21:16:00.000+02:00'
'ec99c214866028f9e84f93461d5e90f09fc4d6ac'|'Instagram generation is fuelling UK food waste mountain, study finds - Business'|'A generation gap in attitudes towards cooking and eating is helping to fuel the UK<55>s food waste mountain, research reveals, driven by time-poor millennials who do not understand the value of the food on their plate. In contrast to savvy older consumers familiar with post-war rationing, the study suggests, those aged 18 to 34 are preoccupied by the visual presentation of food to photograph and share on social media while failing to plan meals, buying too much and then throwing it away. UK throwing away <20>13bn of food each year, latest figures show Read more The UK churns out 15m tonnes of food waste a year <20> of which 7m tonnes come from households. The estimated retail value of this is a staggering <20>7.5bn, and the government<6E>s waste advisory body, Wrap, calculates that a typical family wastes <20>700 of food a year.A national supermarket study of the food waste patterns of 5,050 UK consumers, published on Friday, reveals nearly two-fifths of those aged over 65 say they never waste food, compared with just 17% of those under 35.The research by Sainsbury<72>s found more than half (55%) of 18- to 34-year-olds had a <20>live to eat<61> attitude to food <20> more about pleasure than necessity but with higher shopping bills and more waste. Older generations were more likely to <20>eat to live<76> with lower grocery bills and reduced waste.Millennials <20> those born in or after the mid-1980s <20> were also the most likely to try unusual recipes to create Instagram -friendly dishes, involving exotic ingredients that are harder to reuse. <20>A post-war increase in household food waste is due to changes in how we value choice, time and money in relation to food,<2C> said food historian and broadcaster Dr Polly Russell . <20>Gone are the days of eating the same food, on the same days of the week, week in, week out. Most people today, particularly younger generations, demand variety. However, with a menu which changes often, it is more challenging to control waste and plan ahead.<2E>The over-55s are the most comfortable in the kitchen, the survey found, with just 18% wishing they knew more about managing and cooking food. In contrast, more than half of those aged 18 to 34 admit a lack of culinary know-how. When it comes to throwing away leftovers, 18- to 34-year-olds are the most likely culprits, with 17% of them leaving leftovers three or more times a week. Younger consumers also fail to plan ahead. Some 20% of those under 35 admit to wasting the most food after a big shopping trip, compared with 8% of 55- to 64-year-olds and just 7% of the 65-plus age group.The findings are part of Sainsbury<72>s <20>10m <20>waste less, save more<72> scheme to help households save money by cutting food waste. It is awaiting the results of a year-long trial in the Derbyshire market town of Swadlincote, which was chosen as a testbed for reducing household food waste.'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/2017/feb/10/instagram-generation-fuelling-uk-food-waste-mountain-study-sainsburys'|'2017-02-10T02:00:00.000+02:00'
'aed4439391673eebc1532ea37995b13518c5b158'|'Cerberus to unveil proposal for Brazil''s Oi in March -source'|'By Tatiana Bautzer - SAO PAULO SAO PAULO Feb 9 A Cerberus Capital Management LP-led group of investors plans to unveil an alternative in-court restructuring proposal for debt-laden Brazilian phone carrier Oi SA as early as next month, right after finalizing due diligence procedures, a person with direct knowledge of the plan said on Friday.New York-based Cerberus is still gauging the size of Oi''s future equity needs and how the carrier''s creditors will have to be compensated, said the person, who asked for anonymity because the process is underway. Oi filed for Brazil''s largest-ever bankruptcy protection in June.Cerberus, which specializes in private equity and distressed debt investments, could still arrange partners to advance on the Oi proposal should the company''s shareholders and bondholders agree to discuss it, the person added. Oi''s shareholders and creditors are locked in a battle for control of Brazil''s No. 4 wireless carrier, which is saddled with 65.4 billion reais ($21 billion) of debt.The media office of Cerberus declined to comment. Reuters reported Cerberus'' interest in Oi on Dec. 6.Oi did not immediately comment.Cerberus is the only potential bidder that has formally undertaken due diligence procedures, because it is has not partnered with Oi''s creditors, the person said.Billionaire Paul Singer''s Elliott Management Corp recently made an informal proposal committing to invest around $3 billion into Oi. The board of Oi recently shunned Elliott''s proposal and another put forward by Egyptian billionaire Naguib Sawiris and a group of Oi bondholders led by Moelis & Co.Common shares of Oi rose 2.9 percent to 3.74 reais on Friday, extending gains to 47 percent this year.($1 = 3.1150 reais) (Editing by Guillermo Parra-Bernal and Meredith Mazzilli)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/oi-sa-restructuring-cerberus-capital-idINL1N1FU0XM'|'2017-02-10T11:31:00.000+02:00'
'518b6758200579d8fb9519ff645fb639c3950410'|'U.S. health insurer Humana''s quarterly revenue falls 3.6 pct'|'Feb 8 U.S. health insurer Humana Inc posted a 3.6 percent fall in quarterly revenue on Wednesday, hurt in part by a decline in premium revenue associated with fewer individual commercial members.Humana, whose $34 billion deal with Aetna Inc was blocked in court last month, said it would provide an update on the Aetna transaction no later than Feb. 16.Humana reported pretax loss of $486 million, or $2.68 per share, in the fourth quarter ended Dec. 31, compared with pretax income of $246 million, or 67 cents per share, a year earlier.The loss primarily reflects a write-off of about $583 million, in receivables associated with the risk corridor premium stabilization program, Humana said.Revenue fell to $12.88 billion from $13.36 billion. (Reporting by Ankur Banerjee in Bengaluru; Editing by Martina D''Couto)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/humana-results-idINL4N1FT3OQ'|'2017-02-08T08:45:00.000+02:00'
'fec9087582a8bcd70645e576c4b11104a3e9cfd4'|'IMF''s Lagarde says Greece needs work on economic data reporting'|' 29pm GMT IMF''s Lagarde says Greece needs work on economic data reporting International Monetary Fund (IMF) Managing Director Christine Lagarde participates in an onstage interview at the Atlantic Council in Washington, U.S., February 8, 2017. REUTERS/Jonathan Ernst WASHINGTON Greece still needs to improve its reporting of economic data but transparency issues are likely not the cause of differing views over Greece''s debt sustainability, International Monetary Fund Managing Director Christine Lagarde said on Wednesday. Lagarde, speaking at an event at the Atlantic Council in Washington, said such differences over whether Greece can meet more ambitious fiscal surplus targets of 3.5 percent of gross domestic product are more likely due to differing views about Greece''s ability to deliver on fiscal and economic reforms. The IMF chief said the Fund tried to be a "ruthless truth-teller" in its latest audit of Greece''s economic policies released on Tuesday. (Reporting by David Lawder; Editing by James Dalgleish)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-imf-lagarde-greece-idUKKBN15N2BD'|'2017-02-09T01:29:00.000+02:00'
'd3d45777bbf359ab21e86541b386b91a2256a855'|'Germany denies media report about G20 push for tighter monetary policy'|'Economic News - Wed Feb 8, 2017 - 10:36pm IST Germany denies media report about G20 push for tighter monetary policy BERLIN Germany''s Finance Ministry denied a Bloomberg report on Wednesday that Germany had tried to push for a joint statement of the Group of 20 leading economies in which the G20 would have called for monetary stimulus to be reined in. "The report is not correct," a ministry spokeswoman said, adding that such a demand for central banks was never on the G20 agenda. "We respect the independence of the central banks," the spokeswoman added. A Bloomberg report, citing people familiar with the matter, said German officials wanted the G20 to sign up to a paper on the need to enhance the world''s economic resilience, which would encourage central banks to build buffers against future crises. It said German officials had failed to convince counterparts that the G20 should support language backing tighter monetary policy and that they therefore had abandoned the push. (Reporting by Gernot Heller and Michael Nienaber; Editing by Paul Carrel) Next In Economic News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/g20-germany-monetary-policy-idINKBN15N251'|'2017-02-09T00:06:00.000+02:00'
'b322b7d21fa1e7c45b382b13f607b844e214e434'|'BRIEF-Pioneering Technology Corp says unaware of any material change'|' 25pm EST BRIEF-Pioneering Technology Corp says unaware of any material change Feb 8 Pioneering Technology Corp * Pioneering Technology Corp says unaware of any material change   BRIEF-Albany International Q4 sales rose 20 pct to $213 mln * Q4 adjusted non-GAAP earnings per share $0.36 excluding items * ConocoPhillips says wholly owned unit, Burlington Resources Inc, received arbitration award of $380 million from International Arbitration Tribunal 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/idUSFWN1FT0X8'|'2017-02-09T05:25:00.000+02:00'
'7b65e044c5b0e4091f5b81e4ed14cf11b434d52c'|'REFILE-UPDATE 2-Perrigo adds three directors in deal with activist Starboard'|'(Adds dropped word ''operating'' in Alford''s title, paragraph 2)By Michael Flaherty and Greg RoumeliotisFeb 7 Drugmaker Perrigo Co Plc struck a deal on Tuesday with Starboard Value LP, agreeing to add three directors to the board as the activist hedge fund ramps up pressure on the company.Starboard''s CEO and founder Jeffrey Smith, Advent International operating partner Bradley Alford and Lux Capital partner Jeffrey Kindler were appointed to the board on Tuesday.The agreement also allows Starboard, which owns 6.7 percent of Perrigo, to recommend two additional independent directors to the board. Prior to the deal, Perrigo''s board was comprised of seven members.Starboard announced its stake last September, saying at the time that Perrigo should explore the sale of its prescription pharma business, known as Rx Pharmaceuticals, and the sale of its royalty stream from the drug Tysabri, used to treat multiple sclerosis.Two months later, Perrigo said it was reviewing Tysabri''s sale, with Morgan Stanley acting as its adviser.Tysabri''s sale process is ongoing, according to a person familiar with the matter. Perrigo is not currently seeking the sale of Rx Pharmaceuticals, the person added.Starboard has also criticized the company for walking away from a $205-per-share offer from generic drug maker Mylan NV in late 2015.Perrigo''s stock was up 0.6 percent at $78.54 per share on Tuesday, roughly half the price it was trading a year ago and in line where it traded when Starboard arrived.The company, which specializes in generic and over-the-counter drugs, said directors Herman Morris, Shlomo Yanai, Michael Jandernoa and Gary Kunkle will step down, effective immediately.Perrigo is Starboard''s largest stock holding, according to the firm''s quarterly filing, worth around $550 million as of Sept. 30 of last year. Its second largest is Internet company Yahoo Inc., where it has around a $500-million position and where Smith was made a director last year after agitating for the company''s sale.Perrigo''s deadline for nominating directors expires on Feb. 15, according to its annual proxy statement.(Additional reporting by Ankur Banerjee in Bengaluru; Editing by Shounak Dasgupta and Nick Zieminski)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/perrigo-company-starboard-idINL4N1FS410'|'2017-02-08T14:25:00.000+02:00'
'0ebf3a49566111fe47870dc1a46064ad0dd44f18'|'UPDATE 1-Freeport to reduce Indonesian mining activities -smelter official'|'Company News - Wed Feb 8, 2017 - 2:24am EST UPDATE 1-Freeport to reduce Indonesian mining activities -smelter official (Adds government comment, context) By Wilda Asmarini JAKARTA Feb 8 Freeport-McMoRan Inc has warned it will scale back activities at its Indonesian copper mine, an official at Indonesia''s main copper smelter, PT Smelting, said on Wednesday, amid a worker strike and other issues. Freeport''s Grasberg mine in Papua, Indonesia, is the world''s second-largest copper mine, and recent disruptions there have helped support a jump in copper prices. Grasberg had aimed to produce around one-third of the Freeport''s total copper output this year, up from less than a quarter in 2016, as it digs into higher-grade ores. "Freeport has just issued a notice this morning that they will reduce (mining) activities in stages," Smelting director Prihadi Santoso told reporters. "We are trying to meet our commitments to our clients," he said, declining to comment on what had sparked the strike at the mine or how many people were involved. PT Smelting is 60.5 percent owned by Mitsubishi Materials Corporation, while Freeport Indonesia holds 25 percent. Lower output from Grasberg would affect Smelting, which processes around 40 percent of the mine''s copper concentrate production, Santoso said, noting he did not know how much the volumes would be cut. A spokesman for Freeport Indonesia confirmed by text message that it had sent out a notice on output cuts at Grasberg. Last week, Phoenix-based Freeport warned it could be forced to cut staff, spending and production in Indonesia if it did not get a new export permit by mid-February. Freeport CEO Richard Adkerson said in late January that labour issues were hampering production as Grasberg targets to wind up its open pit mining in late 2018. "As we''ve approached the completion of the pit, workers have been raising complaints, grievances, and have simply not been meeting productivity standards," he said. A spokesman for Freeport workers union did not respond to requests for comment. Indonesia''s Coal and Minerals Director General Bambang Gatot said on Wednesday that Freeport had not been issued with a new permit yet and there had been no reports of layoffs. Freeport said on Friday last week it was still working with the Indonesian government to resolve issues after exports of its copper concentrate were halted Jan. 12. The Southeast Asian country banned export shipments of semi-processed ore to boost its local smelter industry. Copper prices on the London Metal Exchange have climbed 6 percent on supply concerns since Indonesia stopped Freeport''s concentrate shipments and as a strike looms at top copper mine Escondida. (Reporting by Wilda Asmarini; Additional reporting by Susan Taylor; Writing by Fergus Jensen; Editing by Tom Hogue) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/indonesia-freeport-idUSL4N1FT26Z'|'2017-02-08T14:24:00.000+02:00'
'1f409db26af0fc10ae3b16cef1a389d71176a11e'|'Rio Tinto denies Guinea iron ore sale has stalled after investigation'|'By Eric Onstad and Barbara Lewis - LONDON/CAPE TOWN LONDON/CAPE TOWN Rio Tinto ( RIO.L ) ( RIO.AX ) shrugged off concerns on Wednesday that its sale of Guinea''s Simandou project to Chinalco ( 3668.HK ) had stalled after an investigation into payments to a consultant who helped it win rights to the huge iron ore deposit.Rio signed a preliminary deal in late October to sell its stake in Simandou, the world''s largest untapped iron ore reserves.But the following month, the world''s second-largest miner axed two of its top 10 executives amid a probe over $10.5 million in payments to a consultant providing advisory services on the Simandou project.Rio has alerted U.S., British and Australian regulators about the payments, but there is no suggestion that the officials or consultant acted illegally.China, the world''s largest iron ore consumer, provides an obvious market for Simandou, but industry sources have questioned whether China would ever develop the project."Why do you say stalled?," Rio Tinto Chief Executive Jean-Sebastien Jacques said during a results conference call in response to a question."The two (negotiating) teams are working as we speak. The Rio team was in Beijing last week again and we''ll be in China next week again."Jacques declined to say if he was confident that Rio and Chinalco would finalize the deal within the original six-month timeframe."We are progressing, it''s a complicated process, it takes some time. We''re just moving as quickly as we can," he said.If the deal to sell its 46.6 percent stake in Simandou to Chinalco went ahead, Rio Tinto would receive payments of between $1.1 billion and $1.3 billion based on the timing of the project''s development, it said in October.Rio pleased investors on Wednesday when it beat full-year profit forecasts and announced a bigger-than-expected annual dividend, but it also warned that the investigation "could ultimately expose the group to material financial cost"."At this point in time it''s early days," Jacques said."We don''t know if there will be any provision... but it was important due to disclosure requirements to put out that there could be something."(Reporting by Eric Onstad in London and Barbara Lewis in Cape Town; editing by Ken Ferris)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-rio-tinto-simandou-idINKBN15N1IP'|'2017-02-08T10:36:00.000+02:00'
'68b57058c16725a681a27d322e82136c38bee247'|'Asia shares down, euro pressured by doubts over Trump''s policies, French election'|'  4:01am GMT Asia shares down, euro pressured by doubts over Trump''s policies, French election 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 By Hideyuki Sano - TOKYO TOKYO Asian share markets retreated on Wednesday and the euro was pressured as doubts over the policies of U.S. President Donald Trump and an election looming in France sapped investor confidence. MSCI''s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS ticked down 0.3 percent, slipping further from Monday''s four-month high, led by 0.9 percent fall in South Korean shares .KS11 . Japan''s Nikkei .N225 slipped 0.2 percent. "The markets are now paying attention to political risks in Europe and the United States, after a rally earlier this week following the strong U.S. payrolls data," said Kenta Tadaide, senior economist at Mizuho Research Institute. On Wall Street, the S&P 500 .SPX ended barely higher while the Nasdaq .IXIC edged to a record high as gains in big tech names countered energy declines. With more than half of the S&P 500 having reported results, fourth-quarter earnings are on track to have climbed 8.2 percent, which would be the best performance since the third quarter of 2014, according to Thomson Reuters I/B/E/S. A raft of strong global economic data and hopes that Trump''s talk of economic stimulus measures had helped to support world share markets, and the dollar, since late last year. But the lack of detail on Trump''s stimulus plans and some other policy stances taken after he was sworn in on Jan. 20 have unsettled investors. Trump''s protectionist leanings on international trade and controversy over his move to temporarily ban the entry of immigrants from seven Muslim-majority countries have caused alarm. "Corporate earnings have been pretty good so far. But without details of Trump''s economic policies, it is hard to become bullish," said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui Asset Management. Uncertainty on the new administration''s currency policy is also keeping foreign exchange markets on edge. The dollar has been steadily declining against the yen since Trump signalled displeasure with Japan''s currency stance on Jan. 31. The U.S. currency traded at 112.35 yen JPY= , having fallen to 111.59 yen on Tuesday, its lowest since late November. The pair may see limited moves for now as traders look to a meeting between Trump and Japanese Prime Minister Shinzo Abe on Friday. The euro EUR= , on the other hand, shed 0.6 percent on Tuesday and last stood at $1.0682, hit by rising concerns that the far right could win France''s presidential vote and take the country out of the euro. The gap between French and German 10-year borrowing costs FR10YT=RR DE10YT=RR widened to 78 basis points, the biggest level since late 2012. Support for conservative challenger Francois Fillon, who was seen as a frontrunner a few weeks ago, has tumbled in the wake of a financial scandal, losing ground to independent centrist Emmanuel Macron and the anti-EU National Front leader Marine Le Pen. While most investors expect Le Pen to be defeated in the run-off by a more moderate candidate, markets are nervous after last year''s experience of the Brexit referendum and Trump''s victory. In addition, wrangling over Greece''s bailout are starting to haunt the market ahead of the euro group meeting on Feb. 20, with two-year Greek debt GR2YT=RR yield soaring to near 10 percent on Tuesday, compared to around six percent just about two weeks ago. Elsewhere, the Chinese yuan dipped slightly following Tuesday''s data that showed China''s foreign exchange reserves unexpectedly fell below the closely watched $3 trillion level in January for the first time in nearly six years. Still, the market impact was limited as the fall in the reserves, of $12.3 billion to $2.998 trillion,
'062cc0ed5c428ef193b79fae1f4b1c9c85505a57'|'''Significant uncertainty'' about fiscal policy under Trump - Fed''s Fischer'|'  1:38pm GMT ''Significant uncertainty'' about fiscal policy under Trump - Fed''s Fischer U.S. Federal Reserve Vice Chair Stanley Fischer addresses The Economic Club of New York in New York March 23, 2015. REUTERS/Brendan McDermid/File Photo By Helen Reid and Abhinav Ramnarayan - COVENTRY, England COVENTRY, England U.S. Federal Reserve Vice Chair Stanley Fischer said there was significant uncertainty about U.S. fiscal policy under the Trump administration, but the Fed would be strict in meeting targets of creating full employment and getting inflation to 2 percent. Speaking at the Warwick Economics Summit on Saturday, Fischer also said he thought Dodd-Frank financial regulation would not be repealed as a whole, and he hoped capital requirements for banks would not be significantly reduced. "There is quite significant uncertainty about what''s actually going to happen, I don''t think anyone quite knows. It''s a process which involves both the administration and the Congress in deciding fiscal policy," Fischer said, in response to a question. "At the moment we''re going strictly according to what we see as our responsibility according to the law, which is maintaining full employment and getting inflation to 2 percent." He also said he thought Dodd-Frank banking regulation legislation would not be repealed, though there may be some adjustments. "I don''t think Dodd-Frank as a whole is going to be repealed, but there may be some adjustments to it," he said. "Significantly reducing capital requirements would reduce the safety of the system. I certainly hope it''s not going to happen." Dodd-Frank financial regulation was passed in 2010 after the financial crisis of 2008-09, and included legislation requiring banks to maintain higher levels of capital. Fischer also mentioned adjustments to Dodd-Frank could include being less demanding of community banks. The comments came the day after the Federal Reserve Board''s top bank regulator, Daniel Tarullo, said he would resign, giving a boost to President Donald Trump''s plans to ease reforms put in place after the 2008-09 financial crisis. Trump last week ordered reviews of major banking rules that were put in place after the 2008 financial crisis, drawing fire from Democrats and sending banking stocks higher on expectations that looser banking regulation is coming. (Reporting by Helen Reid, Editing by Abhinav Ramnarayan/Jeremy Gaunt)   Soon time to watch for rising global inflation? LONDON The global economy has weathered the new U.S. administration''s sweeping challenges to the status quo with surprising aplomb given serious threats made to world trade, but what is not so clear is how much longer inflation will remain stubbornly low.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-fed-fischer-idUKKBN15Q0G7'|'2017-02-11T20:38:00.000+02:00'
'acbcaa3ef29b779b38a075b9d9850dfda3957af6'|'Sears, Kmart drop 31 Trump Home items from their online shops'|'Sat Feb 11, 2017 - 6:25pm GMT Sears, Kmart drop 31 Trump Home items from their online shops left right A Sears department store is seen in New Hyde Park, New York, U.S., January 5, 2017. REUTERS/Shannon Stapleton 1/2 left right Customers are seen outside of a Kmart department store in Killeen, Texas, U.S., January 5, 2017. REUTERS/Mohammad Khursheed 2/2 Major U.S. retailers Sears and Kmart this week removed 31 Trump Home items from their online product offerings to focus on more profitable items, a spokesman said on Saturday. The decision follows retailer Nordstrom Inc''s announcement this week it had decided to stop carrying Ivanka Trump''s apparel because of declining sales, prompting President Donald Trump to take to Twitter to defend his daughter. White House spokesman Sean Spicer characterized the Nordstrom move as a "direct attack" on the president''s policies. Neither Sears nor Kmart carried the Trump Home products in their retail stores, a Sears Holdings Corp spokesman said. Kmart is a wholly owned subsidiary of Sears Holdings. "As part of the company<6E>s initiative to optimize its online product assortment, we constantly refine that assortment to focus on our most profitable items," spokesman Brian Hanover said in a statement. "Amid that streamlining effort, 31 Trump Home items were among the items removed online this week," he said, adding those items can be found through a third-party vendor, without providing additional information about the products. The Trump Home collection includes lines of furniture, lighting, bedding, mirrors and chandeliers, some from makers who supply the items to Trump hotels, according to the collection''s website. Nordstrom''s sales of Ivanka Trump''s line of clothing and shoes fell by nearly one-third in the past fiscal year, with sharp drops in sales weeks before her father was elected president on Nov. 8, the Wall Street Journal reported on Saturday. (Reporting by Jon Herskovitz; editing by Grant McCool) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-usa-trump-sears-idUKKBN15Q0Q2'|'2017-02-12T01:32:00.000+02:00'
'ee4eb6cefb8c8a551f62cf31f6bbae4bc2d9c78e'|'SocGen to list stake in vehicle leasing business'|' 34pm GMT SocGen to list stake in vehicle leasing business left right Frederic Oudea, Chief Executive Officer of French bank Societe Generale, attends the presentation of the company''s 2016 annual results in Paris, France, February 9, 2017. REUTERS/Benoit Tessier 1/2 left right The logo of the French bank Societe Generale is seen in front of the bank''s headquarters building at La Defense business and financial district in Courbevoie near Paris, France, April 21, 2016. REUTERS/Gonzalo Fuentes/File Photo 2/2 By Maya Nikolaeva and Julien Ponthus - PARIS PARIS Societe Generale ( SOGN.PA ), France''s second-biggest listed bank, is to float its vehicle leasing arm ALD towards the middle of this year, after reporting stronger than expected fourth-quarter results. SocGen said it would retain a majority stake in ALD Automotive, which has 1.4 million vehicles and provides leasing services for companies. Financial services to companies, which includes vehicle leasing, fleet management and equipment financing, has been one of SocGen''s growth engines. Its revenue rose 23.4 percent in the fourth quarter to 454 million euros. The bank has been under pressure to cut costs to cope with a fragile French economy, stricter regulations that have raised the cost of doing business as well as high-tech challenges to traditional banking models. It has tried to focus on operations that generate more fees and consume less capital. SocGen''s revenues in the fourth quarter rose 1.3 percent to 6.13 billion euros (5 billion pounds), above the average of analysts'' estimates of 5.99 billion. "The results were a bit better than expected," Benoit de Broissia, analyst at French investment firm Keren Finance, said. "The cost of risk was better than expected, and their revenues at their French retail banking division was better than that of BNP Paribas." Larger rival BNP Paribas ( BNPP.PA ) revealed earlier this week that its retail business in France had struggled. SocGen''s shares were up nearly 3 percent by 1225 GMT. The bank has cut overheads at its French retail arm where net interest income fell more than 5 percent in 2016. It is investing to bolster online and mobile banking while cutting back-office centres. It closed 92 bank branches in 2016. SocGen also reduced costs at its investment banking business, which enjoyed a trading surge in the second half of the year, although full-year revenues fell 2 percent. Looking ahead, Chief Executive Frederic Oudea said political uncertainty, with elections in France and other European countries, could dent confidence. He said companies could postpone investment. "This could result in a slightly less dynamic economy," he told reporters. For the full year, SocGen reported a 1.3 percent revenue decline, weighed down by both investment banking and French retail, while the bank achieved a stronger performance in international retail markets, such as Russia and Romania. For the fourth quarter, net income fell 40.5 percent to 390 million euros ($417 million). That beat the average analysts'' estimate of 354 million in a Reuters poll. The bank''s return on equity - a measure of how well a bank uses shareholder money to generate profit <20> was 7.8 percent in 2016 versus 7 percent in 2015. That is below the 9 to 10 percent that analysts cite as needed. (Additional reporting by Sudip Kar-Gupta. Editing by John O''Donnell and Jane Merriman) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-socgen-results-idUKKBN15O1MJ'|'2017-02-09T20:34:00.000+02:00'
'05546b5187a969069e7dea338afb355610c86c6f'|'Domestic violence leave a small cost to employers but priceless to victims - Guardian Sustainable Business'|'When Simon Earle decided to make five days<79> domestic violence leave available to his 30 employees, he wasn<73>t concerned about the extra cost to his payroll.As it turns out, he had good reason. In more than three years, only one person has used it <20> for one day <20> even though it is open to victims and perpetrators.Earle heads up METL ( Maritime Employees Training Ltd ), a non-profit joint venture between maritime employers and the Maritime Union of Australia to train seafarers. <20>It is letting everybody know <20> women in particular <20> that this is our stand,<2C> he says. <20>We want to stop this issue and it is part of our strategy to get more women into the workplace ... which is going to change some of the archaic attitudes that might exist in certain workplaces,<2C> he says.The cost of paid domestic violence leave is important because it is one of the key arguments against its proposed inclusion by the Fair Work Commission into awards that would affect 1.5 million workers. During an ongoing commission review of modern awards, federal government ministers and some employer groups have argued that domestic violence is a social problem, not an employer responsibility, and that it is too expensive, especially for small employers. More than ever, Australians must work together to create an inclusive society - Lisa Annese Read more In December, finance minister Mathias Cormann said paid domestic violence leave would have an impact on international competitiveness, while the minster for women and employment, Michaelia Cash, said last May that the cost could act as a <20>perverse disincentive<76> to employ women. The commission is not likely to decide on the issue until at least the end of 2017 but, in the meantime, growing numbers of employers are already including domestic violence leave into their workplace policies and workplace agreements.In the private sector, more than half of organisations (of 100 employees or more) offer access to some sort of leave to victims of domestic violence, 12% have specific paid domestic violence leave and 3.8% offer unpaid domestic violence leave. Employers offering paid domestic violence leave <20> to help employees meet legal, medical, counselling, relocation and other administrative commitments <20> include NAB, Telstra, Virgin Australia, PwC and some public sector organisations.One employer organisation lobbying against the leave is the Australian Chamber of Commerce and Industry (ACCI), which claims it could cost employers $205m per year <20> compared with a union-backed figure of about $11.8m per year.This massive discrepancy in cost derives from ACCI<43>s modelling, which assumes that 25% of female and 10% of male workers would be accessing the leave each year. The union case expected 2% of female workers and 1% of male workers.The experience of employers who already have the leave in place is that even the union figures may be a little on the high side.According to a report by the Australia Institute<74>s Centre for Future Work , only about 1.5% of female employees and around 0.3% of male employees are likely to utilise paid domestic leave provisions in any given year. Only 0.001% of Telstra<72>s 32,000-person workforce has used the leave in two years (22 employees, with an average 2.3 days per incident).At Surf Coast council at Torquay, in Victoria, 0.004% of the 354 employees have accessed it over three years. The council offers up to 20 days of paid domestic violence leave. The Surf Coast shire council mayor, Brian McKiterick, says the cost has been a mere $2,324: <20>While this is a small cost to council, it is an invaluable commitment to our staff.<2E>Both the council and METL are among 80 employers accredited by the White Ribbon organisation, which campaigns against violence to women.The White Ribbon chief executive, Libby Davies, says a further 125 employers are going through the accreditation process, which requires a separate domestic leave that does not take away fro
'9f5b4bbcd92b3c97590db60c06382493ceeeb15e'|'VW labour bosses accuse brand chief of breaking cost-cutting deal'|'Business   3:02pm GMT VW labour bosses accuse brand chief of breaking cost-cutting deal FILE PHOTO: The Volkswagen logo is seen at the Frankfurt Motor Show (IAA) in Frankurt, Germany, September 10, 2013. REUTERS/Pawel Kopczynski/File Photo BERLIN Volkswagen''s ( VOWG_p.DE ) works council has accused top executives of breaching a cost-cutting deal, risking fresh turmoil at the German carmaker as it struggles to overcome its emissions scandal. In a letter to VW brand chief Herbert Diess, seen by Reuters, the labour leaders said he and personnel boss Karlheinz Blessing had breached the terms of November''s "future pact" by ruling out possible hirings in the first half of 2017 and cutting temporary jobs more quickly and deeply than agreed. "The management board with its actions is undermining the terms of the future pact," the labour leaders said in the letter delivered to Diess on Tuesday. VW is under pressure to make cuts at high-cost operations in Germany to fund a shift to electric cars and mobility services in the wake of its emissions scandal, while still grappling with billions of euros in costs related to that scandal. Managers and labour leaders agreed in November to cut 30,000 jobs at the VW brand in exchange for a commitment to avoid forced redundancies in Germany until 2025, a deal that leaves the carmaker''s profitability still lagging rivals. Labour leaders may halt cooperation with management on issues such as overtime work, reducing the number of apprenticeships and a possible extension of weekly hours for engineers, according to the letter signed by works council boss Bernd Osterloh and nine other labour representatives. "The ink on the contracts was hardly dry, and brand management blatantly infringed on the agreements and the spirit of the future pact," a works council spokesman said. Osterloh and fellow labour officials called on Diess and Blessing to explain by Monday how management aimed to help resolve the dispute. Germany''s Manager Magazine reported about the letter earlier on Wednesday. (Reporting by Andreas Cremer; Editing by Mark Potter) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-volkswagen-emissions-labour-idUKKBN15N1SN'|'2017-02-08T22:02:00.000+02:00'
'07ad91aa4aeb29f158e0c5ee0476987e50b7ecdc'|'BRIEF-Basswood Capital Management L.L.C. reports 5.8 pct passive stake in Sussex Bancorp'|' 12am EST BRIEF-Basswood Capital Management L.L.C. reports 5.8 pct passive stake in Sussex Bancorp Feb 8 (Reuters) - * Basswood Capital Management, L.L.C. reports 5.8 percent passive stake in Sussex Bancorp as of Dec 31, 2016 - SEC filing Source text - bit.ly/2kO4Enk   EMERGING   m * Indexes down: Dow 0.2 pct, S&P 0.23 pct, Nasdaq 0.3pct (Updates to open) 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/idUSFWN1FT0S3'|'2017-02-08T22:12:00.000+02:00'
'1ac210bdf2693ab8e5f5fed772855ba02d44c85c'|'UPDATE 1-EU softens proposal on extension of Chinese solar duties'|'Company News -  37am EST UPDATE 1-EU softens proposal on extension of Chinese solar duties * Import duty extension cut to 18 months from initial 24 * Duties have been in place since 2013 * Anti-dumping duties up to 64.9 pct, for subsidies up to 11.5 pct (Adds more on EU-China relations) By Philip Blenkinsop BRUSSELS, Feb 8 The European Commission has proposed extending import duties on solar panels from China by 18 months, a shorter period than initially planned, and with a gradual phase-out, Commission Vice President Frans Timmermans said on Wednesday. Anti-dumping and anti-subsidy duties have been in place on Chinese solar panels and cells since 2013 and are currently under review as to whether they should be maintained. A majority of EU countries last month opposed a proposed two-year extension. Timmermans told a news conference that it was a sensitive issue. The Commission''s proposal, revealed by Reuters on Tuesday , will be put to the EU''s 28 member states later this month. "The phase-out is also meant to make sure that producers of solar panels in the European Union have the time to adapt to the new situation. The precise conditions are something that will be up for debate, also with member states now," Timmermans told a news conference. The Commission faces a delicate balancing act between the interests of EU manufacturers and those benefiting from cheap imports, while also being concerned about the response from Beijing, seen as a possible ally in fights against protectionism and climate change. The EU and China came close to a trade war in 2013 over EU allegations of dumping by Chinese solar panel exporters. To avoid that, both sides agreed to allow limited tariff-free imports of panels at a minimum price of 0.56 euros per watt, anti-dumping duties of up to 64.9 percent for those outside the agreement and anti-subsidy duties capped at 11.5 percent. The case is due to be settled by March 3. (Additional reporting by Waverly Colville; Editing by Robin Emmott/Ruth Pitchford) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/eu-china-trade-idUSL5N1FT43O'|'2017-02-08T19:37:00.000+02:00'
'77e0842cfdbc1ded04fa564f6b690abdf2fd9b98'|'Mexico''s Jose Cuervo IPO at least four times oversubscribed: sources'|'By Roberto Aguilar , Christine Murray and Alexandra Alper - MEXICO CITY MEXICO CITY The initial public offering for tequila maker Jose Cuervo is at least four times oversubscribed, four sources said on Wednesday, pointing to a high-end pricing for the first Mexican IPO since Donald Trump won the U.S. presidency.Two of the sources, who spoke on condition of anonymity, said pricing of the 476.6 million share offer was expected to be at the upper end of the 30 to 34 peso guidance range.A 34 peso pricing, combined with a 15 percent "overallotment option" could allow the oldest continuously-producing tequila company to rake in upwards of $900 million.The official pricing is due to be released later on Wednesday. Jose Cuervo, which is also the world''s biggest tequila maker, could not immediately be reached for comment.The company, officially known as Becle, put its IPO on hold twice last year, as Trump''s march to the White House gathered strength, sending the peso currency to a series of record lows.The real estate mogul has threatened to slap a hefty tax on products Mexico sends to the United States to pay for a border wall, as well as tear up a joint trade deal with Mexico.U.S. protectionist measures against Mexico could hurt Jose Cuervo, which generates 64 percent of its $1.165 billion in sales from American and Canadian consumers.But investors have expressed strong interest in the IPO, citing Cuervo''s strong dollar-based earnings and saying demand for tequila is not heavily dependent on prices.Started by Jose Antonio de Cuervo in 1758 before Mexican independence from Spain, Cuervo says it is North America''s oldest continuous producer of spirits.Boasting 30 percent of the global tequila market, the business is now controlled by the Beckmann family, which will remain the majority shareholder after the IPO.Aranda, a subsidiary of Singapore state investor Temasek Holdings Ltd [TEM.UL], has said it will take a 20 percent stake in the listing, helping to put a floor under the IPO.Shares of the company should begin trading on Mexico''s bourse on Thursday.(Writing by Alexandra Alper; Editing by Bernard Orr)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-mexico-josecuervo-idINKBN15N2GN'|'2017-02-08T16:34:00.000+02:00'
'c16a0083813600f5fe44bde5ca1ec9184df245b4'|'U.S. judge says Trump order could impact HSBC executive''s UK trip'|'Business News - Wed Feb 8, 2017 - 8:29pm GMT U.S. judge says Trump order could impact HSBC executive''s UK trip FILE PHOTO -- Mark Johnson, a British citizen who at the time of his arrest was HSBC''s global head of foreign exchange cash trading, exits following a hearing at the U.S. Federal Court in Brooklyn, New York, U.S., August 29, 2016. REUTERS/Brendan McDermid/File Photo By Nate Raymond - NEW YORK NEW YORK A federal judge in Brooklyn on Wednesday signalled that President Donald Trump''s stance on immigration may justify rejecting a HSBC Holdings Plc executive''s request to return to England while awaiting a U.S. trial on fraud charges. Mark Johnson, a British citizen who at the time of his arrest in July was HSBC''s global head of foreign exchange cash trading, had been allowed to return to England from December to January, and sought permission to travel there again in March. But U.S. District Judge Nicholas Garaufis said that while he would prefer to let Johnson visit his wife and five children, the current environment might complicate his return. The judge cited Trump''s Jan. 27 order temporarily banning entry to people from seven Muslim-majority countries, which is now being reviewed by the San Francisco-based 9th U.S. Circuit Court of Appeals. "My problem is I don''t know what is going on down in Washington," Garaufis said. Trump, a Republican who took office on Jan. 20, has defended the directive as necessary to prevent attacks by Islamist militants. Under a plan proposed by Johnson''s lawyer, Garaufis would order his bail to be extended to include the United Kingdom, and Johnson would seek a type of visa he has used before to allow for his return. During a hearing that sometimes drew laughter in the courtroom, Garaufis said would wait for a 9th Circuit ruling before deciding Johnson''s bail conditions. He said countries such as the United Kingdom, which he said has a "large suspect population," could be added to Trump''s list of targeted countries, perhaps preventing Johnson''s return to face the U.S. government''s case. "We''re in an extremely volatile situation in terms of immigration," Garaufis said. "We just don''t know." Prosecutors said Johnson and another executive, Stuart Scott, in 2011 misused information from a client that hired HSBC to convert $3.5 billion to British pounds in connection with a planned sale of the client''s foreign subsidiaries. The executives then used their insider knowledge to trade ahead of the transaction, causing a spike in the price of the currency that hurt the client, prosecutors said. Johnson has pleaded not guilty to conspiracy and wire fraud charges. Prosecutors have said they plan to seek Scott''s extradition from the United Kingdom. The case is U.S. v. Johnson et al, U.S. District Court, Eastern District of New York, No. 16-cr-00457. (Reporting by Nate Raymond in New York; Editing by Marguerita Choy) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-hsbc-usa-crime-idUKKBN15N2KD'|'2017-02-09T03:29:00.000+02:00'
'b3492c25ca8c08fe9544e406715e4bd1684a0344'|'PRESS DIGEST- Financial Times - Feb 8'|'Feb 8 The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy.HeadlinesLloyds launches review of customers hit by HBOS fraud( on.ft.com/2lnxUyq )Deutsche Bank Israel MD arrested in tax probe( on.ft.com/2lloe6N )Airbus integration sparks resignation of strategy director( on.ft.com/2licWEm )Moelis wins biggest ever mandate for Saudi Aramco IPO( on.ft.com/2lhUTyg )OverviewLloyds Banking Group is to review the cases of British businesses that lost out in a 245 million pound ($306.45 million) fraud for which six people were jailed last week. The fraud involved two former bankers of HBOS, once Britain''s biggest mortgage lender, which was rescued in a state-engineered takeover by Lloyds in 2008. They helped siphon off money from struggling businesses which were HBOS clients.Israel''s Tax Authority said on Tuesday that the chief executive of Deutsche Bank''s local subsidiary has been arrested and released on bail over allegations that it mis-reported transactions worth more than 550 million shekels ($146.74 million).Airbus strategy chief Marwan Lahoud, one of the founders of Europe''s largest aerospace group and its M&A czar for the past decade, is leaving the company at the end of February, Airbus said on Tuesday.Independent investment bank Moelis & Co won the sole advisory mandate for the planned initial public offering of Saudi Aramco.($1 = 0.7995 pounds) ($1 = 3.7480 shekels) (Compiled by Rama Venkat Raman in Bengaluru; Editing by Sandra Maler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/britain-press-ft-idINL4N1FS5MN'|'2017-02-07T22:44:00.000+02:00'
'7af25a3b542d3f926f9a7efac4a48f0d11dbd9bd'|'EMERGING MARKETS-Rand on edge before Zuma speech; other emerging markets firm'|' 32am EST EMERGING MARKETS-Rand on edge before Zuma speech; other emerging markets firm LONDON Feb 9 Emerging stocks flirted with new five-month highs on Thursday and currencies mostly firmed versus a tepid dollar, except for the South African rand which fell before the president''s annual state of the nation address. MSCI''s emerging equity benchmark gained 0.4 percent, lifted by solid gains in China and elsewhere in Asia while bourses in South Africa and Turkey rose around 0.5 percent. The rand weakened as much as 0.5 percent against the dollar at one point ahead of President Jacob Zuma''s annual speech where he is expected to outline government plans to improve the economy and could also announce a cabinet reshuffle. "Investors in emerging markets overall are still cautiously optimistic," said Paul Fage, senior emerging markets strategist at TD Securities. "The rand is the biggest mover today ... the one person the market has their eye on is what happens to finance minister (Pravin) Gordhan and I can''t believe Zuma would be crazy enough to get rid of him, even if there is no love lost between the two," he said. Zuma has downplayed the prospect of a significant reshuffle but investors remain nervous given the importance of reform to lift the country''s sluggish growth rate and avert ratings downgrade to sub-investment grade. Uday Patnaik, head of emerging debt at Legal & General noted a potential improvement in growth prospects this year. But he remains neutral on the credit, adding: "This Zuma issue, we don''t know what he wants to do, there is still a chance they get junked in summer and it depends on what he does." Mexico''s peso also booked losses ahead of a central bank meeting which may raise interest rates by 50 basis points to 6.25 percent to stem accelerating inflation fanned by currency falls and a gasoline price hike. However, Russia''s rouble, buoyed by higher oil prices , strengthened 0.3 percent against the dollar, Turkey''s lira struggled 0.1 percent higher and most Asian currencies also firmed. In central Europe, Romania''s leu edged lower but was set for its biggest weekly gain in a year despite hundreds of thousands of Romanians taking to the street to protest a government decree to decriminalize some graft offences. "We don''t think this will result in a full blown political crisis...but the stand-off between the government and the protesters will go on for the time being," said Andreas Schwabe, senior economist at Raiffeisen Bank International in Vienna. Schwab said overly optimistic economic growth forecasts in the draft budget were more worrying. "The budget deficit will be higher than 3 percent, maybe 3.5 percent and that would be above the threshold the European Union and the Commission wants to see," he said. Elsewhere, Nigeria indicated it could offer around 8.5 percent for a $1 billion 15-year eurobond. For GRAPHIC on emerging market FX performance 2016, see tmsnrt.rs/2e7eoml For GRAPHIC on MSCI emerging index performance 2016, see tmsnrt.rs/2dZbdP5 Emerging Markets Prices from Reuters Equities Latest Net Chg % Chg % Chg on year Morgan Stanley Emrg Mkt Indx 925.52 +3.84 +0.42 +7.34 Czech Rep 957.15 +1.94 +0.20 +3.86 Poland 2110.19 +26.54 +1.27 +8.33 Hungary 32806.27 +210.35 +0.65 +2.51 Romania 7622.15 +16.98 +0.22 +7.58 Greece 610.77 -0.09 -0.01 -5.11 Russia 1158.85 -5.80 -0.50 +0.57 South Africa 45122.14 +199.21 +0.44 +2.78 Turkey 88565.85 +316.77 +0.36 +13.34 China 3183.79 +16.81 +0.53 +2.58 India 28312.71 +22.79 +0.08 +6.33 Currencies Latest Prev Local Local close currency currency'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/emerging-markets-idUSL5N1FT6XX'|'2017-02-09T17:32:00.000+02:00'
'ec63ba0e5d0f0a3d037d7060729f9a4d9dfbae00'|'NBA star Stephen Curry opposes Under Armour chief''s Trump comment'|'Politics -  27pm EST NBA star Stephen Curry opposes Under Armour chief''s Trump comment February 2, 2017; Los Angeles, CA, USA; Golden State Warriors guard Stephen Curry (30) brings the ball up court against the Los Angeles Clippers during the first half at Staples Center. Mandatory Credit: Gary A. Vasquez-USA TODAY Sports By Angela Moon - NEW YORK NEW YORK National Basketball Association star Stephen Curry joined a number of other athletes to speak up against President Donald Trump, opposing a comment made by Under Armour Chief Executive Kevin Plank that the president is "a real asset" to the country. On Tuesday, Plank expressed support for Trump on CNBC, saying: "To have such a pro-business president is something that is a real asset for the country." In an interview with The San Jose Mercury News on Wednesday, Curry, one of Under Armour''s most-visible athletes, said, "I agree with that description (of asset made by Plank), if you remove the ''et.''" A number of NBA players including Cleveland Cavaliers superstar Lebron James, who is endorsed by Nike Inc ( NKE.N ), have recently expressed concerns over Trump''s policies. But Curry is the first player to directly oppose comments made by their sponsor. Plank''s comments immediately drew backlash on social media with many using hashtags #boycottUnderArmour and #Grabyourwallet to spread a campaign against pro-Trump companies. Under Armour has since released a statement saying Plank''s comments were in regard to Trump''s business policies, not his social viewpoints. "We believe in advocating for fair trade, an inclusive immigration policy that welcomes the best and the brightest and those seeking opportunity in the great tradition of our country, and tax reform that drives hiring to help create new jobs globally, across America and in Baltimore." Under Armour is based in Baltimore. Under Armour was not immediately available for comment on Thursday. Curry, who has a multi-million dollar contract that includes an equity stake in Under Armour that runs through 2024, said in the interview that Plank working with Trump is not a deal-breaker, but he is more concerned about Under Armour adopting Trump''s values. Curry endorsed Hilary Clinton, Trump''s Democract opponent, in the Nov. 8 election. Shares of Under Armour rose 3.7 percent to $21.86 on Thursday. (Reporting by Angela Moon; Editing by Alan Crosby) Next In Politics'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-underarmour-nba-trump-idUSKBN15O2I3'|'2017-02-10T01:24:00.000+02:00'
'e40e944faa743e3700f481a2a78c3b4f0f186ce8'|'Panera surges to record as Wall Street eyes payoff from technology'|'Business News - Wed Feb 8, 2017 - 3:02pm EST Panera surges to record as Wall Street eyes payoff from technology The sign on the hood of a delivery truck for Panera Bread Co. is seen in Westminster, Colorado February 11, 2015. REUTERS/Rick Wilking SAN FRANCISCO Shares of Panera Bread ( PNRA.O ) surged to a record high on Wednesday and were on track for the biggest one-day move in almost two years after the company gave an upbeat forecast and said technology investments at its restaurants were paying off. The St. Louis, Missouri-based company late on Tuesday reported quarterly results above Wall Street''s expectations and offered a strong outlook for 2017. Its stock on Wednesday jumped as much as 9.6 percent before paring gains to trade up 8.3 percent. Recent investments to add ordering kiosks and other technology upgrades to Panera''s retail locations are beginning to show results, company founder and Chief Executive Ron Shaich told analysts on a conference call late on Tuesday. Such changes may help offset rising labor costs - driven by rising minimum wages and declining unemployment - that have hurt the profits of many restaurant chains. Following the lead of Domino''s Pizza ( DPZ.N ) and other pizza chains that have successfully used smartphone apps to drive growth, Panera said a quarter of its sales are now online. Panera last month said it completed a goal of removing artificial ingredients, which are federally approved, from its menus in U.S. restaurants, in response to customer desire for foods they believe are healthier. "Panera has really staked its claim on trying to get rid of artificial ingredients," said Maxim analyst Stephen Anderson. "That''s been the halo they''ve had, and they''ve been able to gain share." Panera has won attention from mutual fund managers. Seventy-five mutual funds disclosed that they were new owners of the stock in recent quarterly filings, compared with 50 mutual funds that sold all their Panera shares, according to Morningstar. Panera''s stock is up 13 percent so far in 2017, compared with a 7 percent increase in rival Chipotle Mexican Grill ( CMG.N ), which is trying to win back diners after a series of food safety lapses. (Reporting by Noel Randewich; Editing by Leslie Adler) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-markets-panera-idUSKBN15N2IT'|'2017-02-09T03:02:00.000+02:00'
'573e79945db2c2a0fc5f4e7a761159de4bfc1fe4'|'EMERGING MARKETS-Brazil rate futures fall as inflation slumps'|' 06am EST EMERGING   month, to 13 percent. According to Reuters calculations, rate future yields indicated a 90 percent chance of a 75 basis-point cut and a 10 percent probability of a steeper 100 basis-point reduction. "In our view, the pace of a 75 basis-point cut per meeting adopted by the Central Bank in last January''s Copom meeting is enough to ensure inflation to the target in the next two years," UBS economists wrote in a note to clients. Brazil''s benchmark Bovespa stock index slipped 0.4 percent, weighed down by falling shares of state-controlled oil company Petr<74>leo Brasileiro SA. Crude futures extended a recent slump on Wednesday, reacting to an increase in U.S. inventories and a slump in Chinese demand. The move also helped dent demand for assets from oil-heavy economies, such as Colombia''s peso. Key Latin American stock indexes and currencies at 1440 GMT: Stock indexes daily % YTD % change change Latest MSCI Emerging Markets 920.02 0.02 6.67 MSCI LatAm 2518.15 -0.02 7.6 Brazil Bovespa 64004.51 -0.3 6.27 Mexico IPC 46666.61 -0.13 2.24 Chile IPSA 4252.36 -0.13 2.43 Chile IGPA 21221.60 -0.13 2.35 Argentina MerVal 19147.79 -0.24 13.18 Colombia IGBC 10098.13 -0.31 -0.30 Venezuela IBC 28260.26 -0.05 -10.87 Currencies daily % YTD % change change Latest Brazil real 3.1269 -0.33 3.91 Mexico peso 20.5520 0.36 0.93 Chile peso 644.8 0.09 4.02 Colombia peso 2875.18 -0.82 4.39 Peru sol 3.293 0.06 3.67 Argentina peso (interbank) 15.6750 0.10 1.28 Argentina peso (parallel) 16.44 0.30 2.31 (Reporting by Bruno Federowski, Editing by Franklin Paul)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/emerging-markets-latam-idUSL1N1FT0S1'|'2017-02-08T22:06:00.000+02:00'
'ca93ee9e9d9304285b65b640d4bb719833398b81'|'Boutique bank Moelis wins advisory role for mammoth Saudi Aramco IPO'|'By Lauren Hirsch , Clara Denina and Hadeel Al Sayegh - NEW YORK/LONDON/DUBAI NEW YORK/LONDON/DUBAI New York-based boutique investment bank Moelis & Co has been chosen as an adviser by Saudi Aramco [IPO-ARMO.SE] on its plans for what is expected to be the world''s biggest initial public share offer, sources familiar with the matter told Reuters.The IPO, which officials expect to value the oil producer at a minimum of $2 trillion, is the centerpiece of a Saudi Arabian government plan to transform the economy by attracting foreign investment and diversifying away from a reliance on oil.Moelis will be the internal independent advisor, as part of a team preparing for the share offer and conducting regulatory discussions ahead of the roadshows and execution, the sources said.A decision is expected by early next week on appointing international and local banks for preparatory work, they added.Moelis''s appointment is a big win for the bank, which itself went public less than three years ago, having been founded by veteran U.S. dealmaker Ken Moelis in 2007.The Saudi Aramco mandate dwarfs previous IPO advisory roles, which include luggage maker Samsonite on its $1.3 billion IPO in 2011 and last year''s flotation of Extraction Oil & Gas, which valued the company at $675 million.But senior dealmakers at the bank, which has offices across the world, have been working on winning a role with Saudi Aramco for years, according to a source familiar with the matter.The bank has an experienced team of advisers based in the Middle East, making its name in the region by advising the Dubai government on the $25 billion debt restructuring of conglomerate Dubai World in 2011.Local and major international banks including Morgan Stanley, HSBC, Citi were among those that had been asked to pitch for an advisory position with Aramco three weeks ago, Saudi-based industry sources said last month.Wall Street bank JPMorgan and independent boutique bank Michael Klein had already been picked to advise the country ahead of any listing.Generally government work across the world is poorly paid, but banks often vie for the contracts simply to build a relationship with the state in the hope of getting future business.The listing of Aramco is slated to take place in 2018, so the appointment of banks to run the share sale as lead managers and book runners is still some way off, the sources said.Saudi Energy Minister Khalid al-Falih said last week the company was evaluating concurrent listings on more than one exchange.A Moelis spokesperson declined to comment and Saudi Aramco was not immediately available to comment.(Additional reporting by Ron Bousso and Pamela Barbaglia in London, Bhanu Pratap in Bengaluru and Reem Shamseddine in Riyadh; Writing by Dasha Afanasieva; Editing by Greg Mahlich)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/saudi-aramco-ipo-moelis-idINKBN15N1DF'|'2017-02-08T09:41:00.000+02:00'
'54e6cd6861651d6c422f838aa62114e4b1027182'|'Allergan revenue up 7 percent as Botox offsets drop in older drug sales'|' 17am EST Allergan revenue up 7 percent as Botox offsets drop in older drug sales FILE PHOTO - The Allergan logo is seen in this photo illustration in Singapore November 23, 2015. REUTERS/Thomas White/File Photo Allergan Plc ( AGN.N ) reported a 7 percent rise in quarterly revenue, as demand for its facial aesthetic therapies, including Botox, as well as eye treatments and constipation medicine Linzess more than made up for declining sales of older drugs. Net loss attributable to ordinary shareholders narrowed to $70.2 million, or 20 cents per share, in the fourth-quarter ended Dec. 31, from $700.5 million, or $1.78 per share, a year earlier. Net revenue for the acquisitive Dublin-based company, which in September pledged to limit drug price increases to 10 percent, rose to $3.86 billion from $3.61 billion. (Reporting by Natalie Grover   Sriraj Kalluvila)   Exclusive: White House eying executive order targeting ''conflict minerals'' rule - sources WASHINGTON President Donald Trump is planning to issue an executive order targeting a controversial Dodd-Frank rule that requires companies to disclose whether their products contain "conflict minerals" from a war-torn part of Africa, according to sources familiar with the administration''s thinking.'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-allergan-results-idUSKBN15N1BH'|'2017-02-08T19:17:00.000+02:00'
'8e21f9f8e80844eb140f6e3dd128426d3dbb5ccc'|'PRESS DIGEST- British Business - Feb 8'|'Company News - Tue Feb 7, 2017 - 8:39pm EST PRESS DIGEST- British Business - Feb 8 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 - Developers that do not build homes quickly enough could have their land seized by local authorities, in plans being proposed by UK government. bit.ly/2kk32OD - The government could demand that the Bank of England blocks the London Stock Exchange Group Plc and Deutsche B<>rse AG''s merger, under powers granted to the Treasury when the central bank was nationalised 71 years ago. bit.ly/2kkcrWz The Guardian - Britain could lose 30,000 finance sector jobs as a result of Brexit, but EU rivals need to act to avoid importing banking risk to the continent, according to an influential thinktank with close ties to the European commission. bit.ly/2kjPQt6 - British government is on course to impose steep cuts in public spending and increase taxes by the end of the decade to their highest level in 30 years to combat its persistent budget deficit. bit.ly/2kjPZNa The Telegraph - The EU faces a crisis which could threaten the sustainability of the eurozone as the International Monetary Fund has warned Greece''s debts are on an "explosive" path despite years of attempted austerity and economic reforms. bit.ly/2kjPAKE - Jeremy Corbyn could be forced to sack one of his closest allies as he faces a Brexit rebellion by more than 50 Labour MPs. The Labour leader has imposed a three-line whip requiring his MPs to support legislation that will enable the Government to trigger Brexit. bit.ly/2kk2ckJ Sky News - Britain''s Co-operative Group released a statement on Tuesday afternoon that said its CEO Richard Pennycook would hand over the reins of the food-to-funerals group to Steve Murrells, the head of its retail business. bit.ly/2kjZTOA - Lloyds Banking Group Plc is to review all customer cases that may have been affected by a corruption scam involving managers at its HBOS subsidiary. bit.ly/2kjVqvA The Independent - The British Government has been accused of "conning" parliamentarians into backing their plans for Brexit without offering them a meaningful vote on any deal to leave the European Union. ind.pn/2kk4T68 - Islamist hackers linked to ISIS carried out an attack on a series of NHS websites in a cyber-attack exposing serious flaws in security systems meant to protect sensitive information. ind.pn/2kk2sAt (Compiled by Bhanu Pratap in Bengaluru; Editing by Peter Cooney) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-press-business-idUSL1N1FT02R'|'2017-02-08T08:39:00.000+02:00'
'c4e36cdb29abd1e528a8a24b6d17248c12a1fe8e'|'UPDATE 4-Workers at Chile''s Escondida copper mine to strike Thursday -union'|'Commodities - Tue Feb 7, 2017 - 6:59pm EST Workers at Chile''s Escondida copper mine to strike Thursday: union By Fabian Cambero - ANTOFAGASTA, Chile ANTOFAGASTA, Chile Workers are set to strike on Thursday at BHP Billiton Plc''s Escondida copper mine after contract talks mediated by the Chilean government failed to reach a deal, the main union at the world''s largest copper mine told Reuters. The union has warned that a strike at the Chilean copper mine could be lengthy, potentially affecting global supplies of a metal used in everything from construction to telecommunications. BHP Billiton said it planned to halt production during the strike since it could not guarantee the safety of the 80 workers the government had authorized to remain at the mine to perform "critical duties", such as equipment upkeep and adherence to environmental protocols. "The company doesn''t want to change its position, so we understand that there is nothing left to negotiate ... there is nothing left to talk about, we''ve already talked a lot and we are definitely going on strike," union spokesman Carlos Allendes said on Tuesday. The strike is planned to start at 8 a.m. (1100 GMT) on Thursday. "We''ve decided not to replace workers, at least during the first 15 days of the strike. With complete conviction, we have accepted that we will not be producing during this phase because the safety of our workers cannot be guaranteed during a strike," said Patricio Vilaplana, Escondida''s vice-president of corporate affairs. Copper prices have spiked in recent weeks over fears of a strike at Escondida, which produced 6 percent of the world''s supply in 2015. One tonne of copper was trading at $5,795.00 at 7:18 p.m. local time (1018 GMT), up from a morning low of $5,786. The two sides on Friday started a five-day government-mediated period of negotiations that effectively delays a work stoppage the Escondida Union No. 1 voted for last week. A strike can only legally begin on Thursday since Wednesday will be the last day of the scheduled negotiations if talks are not actually held. If there is a sudden change of heart, both parties can agree to an extension. Allendes warned that the union has decided not to sit down to negotiate with the company on Wednesday. "There will be no talks tomorrow," Allendes said. In a statement on Monday, the union said BHP had not committed to a benefits scheme that places new and longtime workers on equal footing. The union, which considers equality of benefits essential to any agreement, added that it tried to discuss the issue with the company, which asked to put it off to the end of negotiations. Labor negotiations at Escondida, which have a long history of being tricky, are seen as a benchmark for the industry at large. The last wage talks four years ago, when copper prices were considerably higher, ended with Escondida offering each worker a bonus worth some $49,000, the highest ever offered in Chile''s mining industry. Falling profits at Chile''s copper mines because of lower prices of the metal have caused belt-tightening that makes labor negotiations more difficult. Labor problems at Escondida could portend tough negotiations this year at other Chilean copper mines, such as Anglo American and Glencore''s Collahuasi and Antofagasta''s Los Pelambres. Escondida is majority-controlled by BHP, with Rio Tinto and Japan''s JECO also holding stakes. (Reporting by Fabian Cambero; Additional reporting by Gram Slattery & Anthony Esposito; Writing by Anthony Esposito & Gram Slattery; Editing by Grant McCool and Alan Crosby) Next In Commodities Mining stocks upstage oil as investors scour for reflation trades LONDON/CAPE TOWN Mining stocks are outpacing oil-related peers in a "reflation rally" sparked by U.S. President Donald Trump''s election and the outperformance will last for at least another year if history is a guide. Investors have flocked to sectors closely geared to the global economic cycle and the
'e167d610bf9ae37b708cccab28c46f73ee62399a'|'Venezuela to charge ex-PDVSA port boss over alleged corruption'|'Company News - Tue Feb 7, 2017 - 6:54pm EST Venezuela to charge ex-PDVSA port boss over alleged corruption CARACAS Feb 7 Venezuela will charge a former manager of state oil company PDVSA''s main crude exporting port with corruption over suspected overpricing in equipment purchases, the public prosecutor''s office said in a statement late on Tuesday. Jesus Osorio will be charged in the coming hours following complaints lodged by colleagues at PDVSA, which exports much of its oil from the Jose terminal, over the purchase of two monobuoys costing $76.2 million, the statement added. Further information was not immediately available. Caracas-based PDVSA did not immediately respond to a request for comment. Venezuela''s opposition parties say PDVSA has been crippled by financial malfeasance and blames corruption for some of Venezuela''s deep economic recession. A congressional probe in October said $11 billion was missing from PDVSA, and critics say arrests linked to corruption are perfunctory and do not tackle the roots of the problem. PDVSA says it is taking steps to combat corruption, which has affected oil-rich Venezuela for decades. The company has also said in the past that it is victim of a right-wing campaign, led by the United States and international media, to sabotage socialism. (Reporting by Alexandra Ulmer; Editing by Bernard Orr) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/venezuela-pdvsa-idUSL1N1FS280'|'2017-02-08T06:54:00.000+02:00'
'63b4021d2f0aab80d2fdd2fc35c32dfdac23aea1'|'Pimco''s Ivascyn - Treasuries rallying as ''still powerful global forces at work'''|'Business News - Wed Feb 8, 2017 - 4:14pm GMT Pimco''s Ivascyn - Treasuries rallying as ''still powerful global forces at work'' NEW YORK Dan Ivascyn, the group chief investment officer at bond giant Pimco, said Wednesday that Treasuries will continue to be in demand, given the geopolitical risks around the world. "There are still powerful global forces at work weighing on high quality bond yields," Ivascyn said. "These will not go away overnight." (Reporting By Jennifer Ablan; Editing by XXXX) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-funds-pimco-idUKKBN15N1ZN'|'2017-02-08T23:14:00.000+02:00'
'883ab4756e92d070ec70264678efc6ee0a429316'|'Centrica creates new global consumer division in strategy overhaul'|' 40pm GMT Centrica creates new global consumer division in strategy overhaul LONDON Britain''s Centrica ( CNA.L ) has created a new global division to focus on end-consumers in a strategy shift away from its core energy production business that will also merge its British and North American segments, the company said on Wednesday. The division, Centrica Consumer, will be led by Mark Hodges, currently Centrica''s chief executive of energy supply and services in the UK and Ireland, including the utility''s British Gas energy supplier brand. Hodges will also assume responsibility for Centrica''s North America Home division following the departure of Badar Khan, Centrica''s head of energy supply and services in North America. Khan is taking up a role on National Grid''s executive committee, Centrica said. The utility is in the middle of a strategic turnaround spearheaded by former BP executive Iain Conn who is shifting the company away from energy production to supplying services to end-consumers. "This reorganization enables a more coherent strategy built around the end-customer and gives us the ability to ensure capability is developed globally and efficiently in support of that strategy," Conn said in a statement. Centrica''s head of energy generation and trading, Mark Hanafin, will take charge of a second new division, called Centrica Business, which will also include the North American business segment, the company said. (Reporting by Karolin Schaps, editing by David Evans) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-centrica-strategy-idUKKBN15N225'|'2017-02-08T23:37:00.000+02:00'
'c31c82a77f5e697383c9533dfe19c191e1c3c4b6'|'UPDATE 1-Alaska Air revenue rises 10.7 percent in fourth quarter'|'(Adds CEO Quote: , details)Feb 8 Alaska Air Group Inc, which became the fifth-largest U.S. carrier after completing its $2.6 billion acquisition of Virgin America Inc in December, reported a 10.7 percent rise in quarterly revenue as it flew more passengers.Alaska Air said passenger unit revenue, which compares sales to how many seats an airline flies and how far it flies them, fell about 1 percent in the fourth quarter ended Dec. 31.Excluding special items, the Seattle-based company''s cost per available seat mile - a measure of airline efficiency calculated by dividing an airline''s operating costs with its available seat miles - rose to $7.57, up 0.4 percent, from $7.54 a year earlier.The company''s net income fell to $114 million, or 92 cents per share, in the quarter from $191 million, or $1.51 per share, a year earlier. ( bit.ly/2klw1BL )Excluding items, Alaska Air earned $1.56 per share in the quarter, compared with $1.46 per share a year earlier. Analysts had expected a more modest earnings per share of $1.40 in that period.Total operating revenue rose to $1.52 billion from $1.38 billion."2016 was an incredible year for Alaska in almost every way, and we are even more excited as we look forward to 2017 and beyond," Alaska CEO Brad Tilden said in a statement, citing the airline''s acquisition of fellow West Coast carrier Virgin America. (Reporting by Ankit Ajmera in Bengaluru and Alana Wise in New York; Editing by Anil D''Silva and Bill Trott)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/alaska-air-group-results-idINL4N1FT413'|'2017-02-08T10:52:00.000+02:00'
'b5a46b3b3667df2551016f7edd426d73597396a9'|'Goodyear''s sales fall 7.9 percent'|' 49am EST Goodyear''s sales fall 7.9 percent FILE PHOTO - The Goodyear Tire and Rubber Co storefront is seen in Westminster, Colorado August 27, 2013. REUTERS/Rick Wilking/File Photo Goodyear Tire & Rubber Co ( GT.O ), the largest U.S. tire maker, reported a 7.9 percent decline in quarterly sales on Wednesday, as it shipped fewer tires in the Americas, its biggest market. Goodyear reported a net income of $561 million, or $2.14 per share, in the fourth quarter ended Dec. 31, compared with a loss of $380 million, or $1.42 per share, a year earlier. On an adjusted basis, Goodyear earned 95 cents per share. Last year''s loss included items related to the deconsolidation of the Goodyear''s Venezuelan unit. Net sales fell to $3.74 billion from $4.06 billion. Goodyear said it expects flat segment operating income in 2017 compared with 2016, partly as raw material costs continue to rise. (Reporting by Arunima Banerjee and Ankit Ajmera in Bengaluru; Editing by Martina D''Couto) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-goodyear-tire-results-idUSKBN15N1EE'|'2017-02-08T19:46:00.000+02:00'
'c3316c3ef0b3a86cef992b1eaa029d5ce38a71ea'|'Drugmaker Sanofi sees weak 2017 earnings, not in hurry for M&A'|'PARIS France''s biggest drugmaker, Sanofi ( SASY.PA ), which missed out on a major takeover deal last month, said on Wednesday it expected 2017 earnings per share to be stable or slightly lower.The company was reporting fourth-quarter results hit by higher taxes and one-off charges.The group had warned investors in 2015 not to expect any ''meaningful'' profit growth for two years because of a downturn in its embattled diabetes division."In 2017 and beyond we will continue to simplify and reshape the company," Chief Executive Olivier Brandicourt told journalists. "We will be supported by our current growth engine businesses: Sanofi Genzyme, vaccines and consumer healthcare."Under pressure from investors to land a significant acquisition that would help Sanofi resist a tough pricing environment in the United States, the world''s largest health market, Brandicourt said Sanofi was "not in a hurry to do M&A."U.S. healthcare giant Johnson & Johnson ( JNJ.N ) said last month it would buy Swiss biotech company Actelion ( ATLN.S ) in a $30 billion all-cash deal, edging out Sanofi, which also tried to buy the company, according to people familiar with the matter.Sanofi was also trumped last August by a $14 billion bid for cancer specialist Medivation which came from Pfizer ( PFE.N ).Brandicourt signaled in January an unwillingness to overpay for pricey assets and a lack of good opportunities."The only principle we will follow is to create value for shareholders and always consider the strategic fit," Brandicourt said on Wednesday.Sanofi''s shares were up 3.1 percent at 78.26 euros by 0822 GMT.Sanofi said fourth-quarter business net income fell 2.9 percent at constant exchange rates to 1.61 billion euros ($1.7 billion). Total sales rose 3.4 percent to 8.87 billion euros.Analysts polled by Reuters in partnership with Inquiry Financial had on average been expecting business net profit of 1.57 billion euros and net sales of 8.94 billion.Sanofi said its fourth-quarter effective tax rate had reached 24 pct compared with 17.4 pct in 2015.($1 = 0.9367 euros)(Reporting by Matthias Blamont and Matthieu Protard; Editing Andrew Callus and Louise Heavens)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-sanofi-results-idINKBN15N0UT'|'2017-02-08T05:54:00.000+02:00'
'487fd4fe961ba5c37448ecc491630678a0467332'|'Morning News Call - India, February 8'|'Company News - Tue Feb 7, 2017 - 10:25pm EST Morning News Call - India, February 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 11:00 am: Budget session of parliament continues in New Delhi. 2:30 pm: RBI releases monetary policy statement in Mumbai. 2:45 pm: RBI media interaction after release of monetary policy statement in Mumbai. 4:30 pm: RBI holds teleconference call with analysts in Mumbai. 4:45 pm: Union Bank of India third quarter earnings conference in Mumbai. 6:10 pm: Federal cabinet likely to meet in New Delhi. LIVECHAT- CHARTING FOREX Take a look at the FX charts with Reuters technical analyst Martin Miller at 4:30 pm. To join the conversation, click on the link: here INDIA TOP NEWS  Tata Steel reports first profit in five quarters, tops estimates Tata Steel Ltd reported its first profit in five quarters on Tuesday helped by higher sales of industrial products and steel for the auto sector and a rise in exports despite India''s surprise ban on high-value currency notes which hurt several sectors.  Punjab National Bank Q3 net profit surges; bad loans stable Punjab National Bank, India''s fifth-biggest lender by assets, reported on Tuesday a surge in third-quarter profit on lower provisions for bad loans, but the profit fell short of analysts'' expectations.  IDBI Bank sees bad loans rising in next quarters IDBI Bank expects bad loans will rise in the coming quarters and it may have to go slow new lending to conserve capital, a senior executive said, as the state-run lender reported a $335 million third-quarter loss.  India raises $995 mln from stake sale in ITC- sources India has sold a 2 percent stake in consumer goods and cigarettes maker, raising about $995 million for the government, three sources with direct knowledge of the deal said on Tuesday.  POLL-Indian rupee to weaken to record low over the coming year India''s rupee will reverse recent gains and sink to a record low in the coming year on expectations for a rise in the dollar even though U.S. President Donald Trump has made clear his dislike of a strong currency, a Reuters poll found.  PREVIEW-India cenbank seen cutting rates, but it will be a close call India''s falling inflation rate gives the central bank room to cut its policy rate to a more than six-year low to help an economy hit by a crackdown on cash.  IT firm Infosys'' founders raise governance concerns with board - CNBC The founders of Infosys Ltd, India''s second-biggest software services exporter, have informed the company''s board that they have certain corporate governance concerns, according to a CNBC-TV18 report late on Tuesday.  Modi says cash crackdown is a fight for the poor Indian Prime Minister Narendra Modi on Tuesday defended his decision to abolish high denomination bank notes that has left the economy reeling, calling it a "fight" for the poor.  Kia close to finalising Andhra Pradesh state for 1st India car plant -source South Korea''s Kia Motors Corp is close to finalising the southern Indian state of Andhra Pradesh as the site for its first factory in the country, as it speeds up efforts to start production in the fast-growing market, a source familiar with the matter said. GLOBAL TOP NEWS  Appeals court presses Trump administration on travel ban President Donald Trump''s order temporarily banning U.S. entry to people from seven Muslim-majority countries came under intense scrutiny on Tuesday from a federal appeals court that questioned whether the ban unfairly targeted people over their religion.  BOJ sees improvements in economy but warns on inflation expectations Bank of Japan board members saw improvements in exports, consumer spending and capital expenditure but warned that it may take time for inflation expectations to pick up, a summary of opinions from their Jan. 30-31 meeting.  Disney CEO Iger says he is open to extending his term Chief Executive Bob Iger said on Tues
'61344e3fec6e3e973515277893d3b3b895ef9dfa'|'Post-Brexit customs barriers threaten end of seamless UK-EU supply chains'|'Business News  13am GMT Post-Brexit customs barriers threaten end of seamless UK-EU supply chains By Kylie MacLellan - BIRMINGHAM, England BIRMINGHAM, England In a small factory in a suburb of Birmingham in central England, family-owned Brandauer manufactures a tiny metal component used in the control panel of a car airbag. From raw material to electrical connector pin in the airbag of a finished car, it will travel between Britain and the European continent as many as five times during the production process -- without encountering any customs barriers. But when Britain leaves the European Union, and likely the bloc''s customs union, such cross-border supply chains could see substantially increased costs and time delays due to tariffs and administrative burdens. The EU''s customs union allows goods to circulate freely between member states without facing any duties, quotas or customs controls, and applies a common tariff at its external border to goods coming from outside the bloc. Prime Minister Theresa May has said she wants to have some kind of customs agreement with the EU in order to have trade that is "as frictionless as possible". "Whether that means we must reach a completely new customs agreement, become an associate member of the customs union in some way, or remain a signatory to some elements of it, I hold no preconceived position," May said in a speech last month setting out her priorities for upcoming Brexit negotiations. For the boss of Brandauer, a 155-year-old business which began life as a pen-nib manufacturer and now makes 8 million of the airbag components every month, the goal is clear. "We do need tariff-free trading with the eurozone," Rowan Crozier told Reuters, speaking over the whir of the large machines nearby which suck in coils of metal at one end and spit out tiny precision-cut components at the other. Crozier, who voted to remain in the EU, says the government has not provided enough information for him to predict what impact EU tariff barriers might have on the company, which employs 54 staff and produces parts used in everything from plumbing to kettles. "We have to wait and see, I can''t second guess what might happen. I don<6F>t think we have a plan from the government ... They have got a wish list. If they get 50 percent of what they want they will be doing well," he said. "It is very difficult to plan for that ... It will affect our competitiveness, or our customer<65>s competitiveness, which will then affect people''s strategies of buying." SEAMLESS TRADE The copper alloy for the airbag part is made in Germany before being imported to Britain on a large coil where it is stamped into shape by a press at Brandauer''s factory in Birmingham and then plated in a semi-precious coating at a site in nearby Coventry. That material could face an import duty of 4.8 percent under World Trade Organization rules, if Britain does not agree a more favourable rate with the EU as part of a free trade deal. It could then be hit with this duty again when the stamped copper is shipped back to Brandauer''s customer in Germany where it is assembled into a control box and connector. That control box part is sent around the world, including to a subsidiary back in Britain, to be finished off before it ends up in cars assembled on the European continent, including by VW ( VOWG_p.DE ) and Fiat ( FCHA.MI ). Safety airbags and their component parts could face average duties of 3.7 percent, while the final vehicles they are used in may then be hit by tariffs of up to 10 percent if they are sold to consumers back in Britain. It is just one example of the many complex, cross-border supply chains which could be impacted by Brexit. Analysis of the latest available data from the World Input-Output Database by Credit Suisse last year found that in 2011 around a third of UK exports to the EU were part of EU exporters'' supply chains, a steadily rising proportion. Future customs arrangements are among the t
'1c4ee0f8e9dce9839521839e27bb8219765c7206'|'German trade surplus surges to new record in 2016'|'Business News - Thu Feb 9, 2017 - 7:09am GMT German trade surplus surges to new record in 2016 Loading cranes are seen at a shipping terminal in the harbour in Hamburg September 18, 2014. Picture taken September 18. REUTERS/Fabian Bimmer BERLIN Germany''s trade surplus hit a new record in 2016 despite a drop in exports narrowing the monthly measure for Europe''s largest economy in December, data showed on Thursday. Germany''s trade surplus for 2016 as a whole rose to a new record of 252.9 billion euros (216 billion pounds), surpassing the previous high of 244.3 billion euros from the prior year, the Federal Statistics Office said. In December, seasonally adjusted exports fell by 3.3 percent on the month while imports were unchanged. Economists polled by Reuters had expected exports to fall by 1.1 percent and imports to decline by 1.0 percent. In December, the trade surplus narrowed to 18.4 billion euros from 21.8 billion in the previous month. ($1 = 0.9365 euros) (Reporting by Paul Carrel; Editing by Michelle Martin) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-germany-economy-trade-idUKKBN15O0NA'|'2017-02-09T14:09:00.000+02:00'
'25f0fbd4b5526de02a360913814b0dc13716be0d'|'MEG Energy posts larger quarterly loss'|' 08am EST MEG Energy posts larger quarterly loss Feb 9 Canadian oil sands producer MEG Energy Corp reported a bigger quarterly loss as it recorded an impairment charge of C$80.1 million ($61.04 million). The Calgary, Alberta-based MEG''s net loss widened to C$305 million or C$1.34 per share, for the three months ended Dec. 31, from C$297 million, or C$1.32 per share, a year earlier. Revenue rose 27.2 percent to C$566 million. ($1 = 1.3119 Canadian dollars) ($1 = 1.3122 Canadian dollars) (Reporting by Arathy S Nair in Bengaluru; Editing by Amrutha Gayathri)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/meg-energy-results-idUSL4N1FU3HD'|'2017-02-09T17:08:00.000+02:00'
'7d5b5cd1211f74d2305beae6ffcc50975d402115'|'Infineon, Cree warn U.S. might block Wolfspeed deal'|'Business News - Thu Feb 9, 2017 - 1:24am GMT Infineon, Cree warn U.S. might block Wolfspeed deal By Christoph Steitz and Liana B. Baker German chipmaker Infineon Technologies AG ( IFXGn.DE ) and U.S. LED lighting maker Cree Inc ( CREE.O ) warned on Wednesday that Cree''s agreed $850 million (678.26 million pounds) sale of its Wolfspeed Power unit to Infineon might not go ahead, citing U.S. government security concerns. The deal''s woes underscore a drive by the United States to prevent the transfer of what it considers to be sensitive technology, even when the acquirer comes from a traditional ally, such as Germany, as opposed to country more likely to raise national security suspicions, such as China. Infineon and Cree did not specify the nature of the U.S. security concerns. However, Wolfspeed makes devices using gallium nitride, a sensitive powdery compound that can have military applications and has been responsible for the U.S. blocking acquisitions in the past. "This clearly shows that the U.S. government will protect what the defence industry has identified as important. The United States does not want to lose its edge, and in that regard it does not matter if the acquirer is from Germany or China," said Brian Chilton, a regulatory lawyer at DLA Piper LLP, who is not involved in the deal. The Committee on Foreign Investment in the United States (CFIUS), which is the government panel that scrutinizes deals over possible security concerns, informed the two companies that the deal poses a risk to U.S. national security, Infineon said on Wednesday. It added that CFIUS had so far not identified any mitigation measures that would allow the deal to go through. "Against this background, Infineon is of the opinion that there is a considerable risk that the transaction, as agreed, is not going to close," Infineon said, adding that it would work closely with CFIUS and Cree to find a solution. Cree, in a separate statement, said the parties were exploring alternatives to modify the transaction. It said there was no guarantee that a new deal structure would remove CFIUS concerns. Infineon agreed to buy Wolfspeed - which includes a silicon carbide substrate business for power, RF and gemstone applications - last July, in a bet on new energy-efficient chips. Last year, CFIUS blocked the $2.8 billion sale of Philips'' ( PHG.AS ) components lighting division Lumileds to an investor consortium led by GO Scale Capital of China. The U.S. division of the Dutch company also manufactured components using gallium nitride. In December, Philips cut another deal to sell Lumileds to U.S. private equity firm Apollo Global Management LLC ( APO.N ) for $1.5 billion. (Reporting by Christoph Steitz in Frankfurt and Liana B. Baker in San Francisco; Additional reporting by Greg Roumeliotis in New York; Editing by Georgina Prodhan, Leslie Adler and Lisa Shumaker) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-cree-m-a-infineon-technol-idUKKBN15O053'|'2017-02-09T08:24:00.000+02:00'
'7b9f519ce5a9c70cf6c4859f3470bd3b1a56ede8'|'BRIEF-Innovative Solutions & Support announces Q1 fiscal 2017 financial results'|' 20pm EST BRIEF-Innovative Solutions & Support announces Q1 fiscal 2017 financial results Feb 8 Innovative Solutions and Support Inc * Innovative Solutions & Support, Inc. announces first quarter fiscal 2017 financial results * Q1 loss per share $0.07 * Q1 sales $3.8 million * Innovative Solutions and Support Inc - Backlog as of December 31, 2016 was $6.0 million, up from $4.6 million at September 30, 2016 * Innovative Solutions and Support Inc - New orders in Q1 of fiscal 2017 were $5.3 million  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSASB0AZCC'|'2017-02-09T05:20:00.000+02:00'
'c85543d3d38c176667f5079c957dcb86c09afa50'|'BUSINESS WATCH - Living in a ''bipolar world'''|'A daily selection of our best business coverage - Wed Feb 8, 2017 - 3:37pm EST BUSINESS WATCH - Living in a ''bipolar world'' A trader wearing a Trump hat works at the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S., January 20, 2017. REUTERS/Stephen Yang ''We''re living in a bipolar world'' BlackRock Chief Executive Larry Fink added is voice to the choir of major figures in the financial world calling for a dose of caution after Trump''s election touched off a rally in U.S. stocks. "The markets are probably ahead of themselves,<2C> he said.'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-usa-businesswatch-idUSKBN15N29O'|'2017-02-09T03:37:00.000+02:00'
'1b2a5a6eb876d9ee445be65f7299d7e2647c95f4'|'Nikkei edges up as yen''s rise stalls; glass sector shines'|'Company News  42am EST Nikkei edges up as yen''s rise stalls; glass sector shines TOKYO Feb 8 Japan''s Nikkei share average edged up on Wednesday, swinging away from earlier losses as the yen''s recent rise against the dollar stalled and upbeat earnings helped shore up market sentiment. The Nikkei closed 0.5 percent higher at 19,007.60. "The Nikkei dipped in the morning as the yen initially appreciated, but equities were bought back in the afternoon as the currency market stabilised," said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui Asset Management. "Shares of companies that revised up their earnings forecasts are finding bids, but caution towards the Abe-Trump summit is limiting overall risk-taking activity." Japanese Prime Minister Shinzo Abe and U.S. President Donald Trump are scheduled to hold a two-day summit starting on Friday, with trade and currency policy expected to be high on the agenda. With Asahi Glass Co surging more than 9 percent after raising its full-year forecast and announcing a share buyback plan, the glass sector rose 2.5 percent and was the best sector performer on the board. Blue chips like Mitsubishi Chemical Holdings and trading house Mitsui & Co also posted solid gains after releasing upbeat earnings results. The broader Topix added 0.5 percent to 1,524.15 and the JPX-Nikkei Index 400 gained 0.6 percent to 13,673.03. (Reporting by the Tokyo markets team; Editing by Sam Holmes) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/japan-stocks-close-idUSL4N1FT2BI'|'2017-02-08T13:42:00.000+02:00'
'88969262b982586a1a053b43c7f49168ced47737'|'Lloyds joins new British banking cyber defence alliance - sources'|' 01pm GMT Lloyds joins new British banking cyber defence alliance - sources Signs are seen outside a branch of Lloyds Bank in central London October 28, 2014. REUTERS/Andrew Winning LONDON Lloyds Banking Group ( LLOY.L ) is the latest bank to join a new British cyber security group for banks called the Cyber Defence Alliance (CDA), sources with direct knowledge of the matter told Reuters. Lloyds joins Barclays ( BARC.L ), Deutsche Bank ( DBKGn.DE ), Santander UK ( SAN.MC ) and Standard Chartered ( STAN.L ) in the CDA, the sources said. A spokeswoman for Lloyds confirmed that the bank joined the group on December 8. The list of other banks participating is confirmed by company filings reviewed by Reuters. The London-based CDA was created to facilitate sharing of information following cyber security incidents, with banks joining it paying to help to fund it and gain access to the group''s pooled knowledge on the latest attack methods, the sources said. Banks have stepped up information sharing on such security incidents in recent months in response to an increase in attacks on their systems, including an attack on Tesco Bank last November that was Britain''s biggest ever financial cyber heist. Lloyds said on Jan. 23 it was working with law enforcement agencies to trace who might be behind a cyber attack that caused intermittent outages for customers of its personal banking websites. (Reporting By Lawrence White. Editing by Jane Merriman)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-lloyds-cyber-idUKKBN15O297'|'2017-02-10T00:01:00.000+02:00'
'0ca6759095f9befeeabf8d25a2855825f877dba9'|'CEE MARKETS-Warsaw stocks rise, led by banks, as earnings improve'|'* Warsaw equities index jumps to highest in more than 15 months * Poland''s Bank Pekao reports 13 percent annual rise in Q4 net * Expectations for central bank rate hike helps banks-analyst * Leu stays firmer than 4.5 vs euro as political conflict eases By Sandor Peto and Bartosz Chmielewski BUDAPEST/WARSAW, Feb 9 Banks stocks pushed Warsaw''s blue-chip stock index to its highest in more than 15 months on Thursday after fourth-quarter earnings from Bank Pekao beat forecasts. The index rose 1.3 percent by 0926 GMT, outperforming Central Europe''s other main indices as well as the main Western European stock markets. Pekao rose 2.5 percent to a seven-month high after reporting a 13 percent increase in annual net profits. Shares of Poland''s biggest bank, PKO BP, rose 1.5 percent. Gains by oil stocks after crude oil prices rose also helped the Warsaw index. PKN Orlen added 2.5 percent. Poland''s fourth-largest bank, mBank, also reported higher than-expected earnings on Wednesday, even though profits fell almost 6 percent in annual terms, reflecting the impact of a bank tax imposed in 2016. Poland''s government introduced less business-friendly policies than its predecessor, causing the stock exchange index to fall to seven-year lows last year. "Another solid report from a bank may provide some ground for optimism, but the strong upwards trend of Polish financial stocks can be observed for weeks, and that''s due to strong expectations of rate hikes," said Haitong analyst Kamil Stolarski. "Yesterday, NBP (the central bank) once again left interest rates unchanged, but tightening is a very hot topic among market players, and the majority expect that rates will be raised in 2018, with obvious benefit for Polish banks," he added. The biggest Czech bank, Komercni Banka, also reported bigger-than-expected in earnings. Hungarian banks surged as well last year. The Polish zloty eased 0.1 percent to 4.3165 to the euro, after a rebound to a four-month high at 4.2734 early this week, followed by profit-taking. Romania''s leu also eased a shade but remained on the stronger side of 4.5 to the euro, at around 4.49. Last week, it reached its weakest level in seven month, 4.554, amid mass protests over a government decree that would have decriminalised some graft offences. It recovered this week as the decree was rescinded. The Constitutional Court will look at the decree later on Thursday. "Given that we expect no escalation in the political conflict, we would project no additional strong reaction in EUR/RON (leu) for the near-term," Raiffeisen analyst Wolfgang Ernst said in a note. CEE SNAPS AT 1026 MARKETS HOT CET CURRENCIES Lates Previ Daily Chang t ous e bid close chang in e 2017 Czech crown 27.02 27.03 +0.0 -0.05 10 35 5% % Hungary 309.0 309.1 +0.0 -0.08 forint 800 750 3% % Polish 4.316 4.312 -0.09 2.02% zloty 5 4 % Romanian 4.490 4.488 -0.04 0.99% leu 5 6 % Croatian 7.468 7.461 -0.09 1.17% kuna 0 2 % Serbian 123.8 123.8 +0.0 -0.40 dinar 500 600 1% % 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 956.7 955.2 +0.1 +3.8 5 1 6% 1% Budapest 32744 32595 +0.4 +2.3 .98 .92 6% 2% Warsaw 2111. 2083. +1.3 +8.4 60 65 4% 0% Bucharest 7612. 7605. +0.1 +7.4 65 17 0% 5% Ljubljana 748.9 754.6 -0.75 +4.3 6 4 % 7% Zagreb 2184. 2184. +0.0 +9.5 93 58 2% 3% Belgrade <.BELEX15 700.8 699.6 +0.1 -2.30 > 8 3 8% % Sofia 603.0 603.6 -0.11 +2.8 0 5 % 3% BONDS Yield Yield Sprea Daily d (bid) chang vs chang e Bund e in Czech sprea Republic d 2-year <CZ2YT=RR -0.57 0.047 +020 +4bp > 8 bps s 5-year <CZ5YT=RR 0.062 0.013 +050 +0bp > bps s 10-year <CZ10YT=R 0.507 0.016 +019 +0bp R> bps s Poland 2-year <PL2YT=RR 2.198 0.008 +298 +0bp > bps s 5-year <PL5YT=RR 3.129 0.025 +357 +1bp > bps s 10-year <PL10YT=R 3.775 0.004 +346 -1bps R> bps FORWARD RATE AGREEMENT 3x6 6x9 9x12 3M inter bank Czech Rep < 0.26 0.25 0.27 0 PRIBOR=> Hungary < 0.38 0.47 0.61 0.25 BUBOR=> Poland < 1.79 1
'fb00551641d9f0747350b00eb2ee7cb0e448c239'|'LPC-Creditors to leasing firm Fraikin hire restructuring advisers'|'By Sandrine Bradley - LONDON LONDON Feb 9 Creditors to French vehicle leasing firm Fraikin are hiring debt restructuring advisers after fellow leasing group Petit Forestier announced last month that it is no longer able to acquire the company, sources close to the situation said.Fraikin, owned by private equity firm CVC Capital Partners, has hired Rothschild to advise it on a potential upcoming debt restructuring, while junior mezzanine holders have hired Lazard, one of the sources said. Senior debt holders have been holding pitches for a restructuring adviser with a decision expected to be made within the next week.CVC, Rothschild and Lazard declined to comment.The company has at least <20>1.4bn of debt, including <20>900m remaining on a <20>1bn five-year securitisation that was signed in June 2012, a <20>70m mezzanine bond, <20>350m senior holdco debt and an <20>80m opco bond, the source said.The failure of the acquisition process came as a surprise to the market and with March 2017 maturities looming the company is aiming to get advisers into place as quickly as possible, the source said.<2E>It took everyone off guard <20> Fraikin was literally on no-one''s radar,<2C> he said.According to a second adviser, Fraikin is unlikely to go through a full blown debt restructuring but instead will result in an amend and extend process.Credit Agricole acted as lead arranger and Natixis as co-lead arranger on the <20>1bn financing agreed in 2012, which was backed by long term lease receivables and the residual value of 49,000 trucks in France, UK and Spain managed by Fraikin.In June last year, Petit Forestier announced it had entered into an exclusivity agreement with the aim to acquire 100% of the Fraikin Group<75>s share capital from by CVC Capital Partners and Eurazeo, subject to regulatory approval.The antitrust authorities in Poland and Spain granted their approval in August and October 2016 respectively, but the company ultimately did not gain approval from the French authorities and in January Petit Forestier announced that it had decided not to go ahead with the deal.CVC acquired Fraikin in February 2007 in a deal that valued the company at <20>1.35bn with the previous majority shareholder Eurazeo reinvesting <20>60m alongside CVC.Since September 2015 the company manages a fleet of 57,000 vehicles, with over 85% of its revenues linked to long term contracts up to nine years. (Editing by Christopher Mangham)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/fraikin-loans-idINL5N1FU347'|'2017-02-09T07:08:00.000+02:00'
'26cd5750a379c54c45cadba9700e25dd9e2e8fd8'|'PRESS DIGEST - Wall Street Journal - Feb 8'|'Feb 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.- Homeland Security Secretary John Kelly told Congress the Trump administration should have taken more time to inform the legislative branch before implementing its order. on.wsj.com/2kLH5eL- Meredith Corp and an investor group led by Edgar Bronfman Jr have advanced in their pursuit of Time Inc as the publisher explores a possible sale. on.wsj.com/2kLHrCb- U.S. farm incomes will drop 8.7 percent in 2017, a fourth consecutive year of declines amid a deep slump in prices for many crops. on.wsj.com/2kLM27f- A week into its fight to shake up Arconic''s boardroom, Elliott Management Corp says the aerospace and automotive parts maker has a little less room to improve than it previously estimated. on.wsj.com/2kLuFn0- Deutsche Bank''s corporate and investment-banking chief, Jeffrey Urwin, is in discussions to leave the role, and the lender has been in talks to move its finance chief, Marcus Schenck, to oversee the business. on.wsj.com/2kLGhXm- Boutique investment bank Moelis & Co won a coveted spot advising oil colossus Saudi Aramco on its planned initial public offering, according to people familiar with the deal. on.wsj.com/2kLI92f- The International Monetary Fund warned on Tuesday that Greece once again risks a eurozone exit amid stalled bailout talks, sending the clearest signal yet the emergency lender isn''t likely to soon rejoin Europe''s failed efforts to fix the debt-weary nation. on.wsj.com/2kLGdqC(Compiled by Vishal Sridhar in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/press-digest-wsj-idINL4N1FT25D'|'2017-02-08T03:08:00.000+02:00'
'bb2727d2710a81184dea3f64b956ee848fc8d508'|'France''s Hermes keeps goals after fourth-quarter sales rise 6.6 percent'|'  7:14am GMT France''s Hermes keeps goals after fourth-quarter sales rise 6.6 percent A Hermes sign is seen on one of their stores in Paris, France, March 21, 2013. REUTERS/Philippe Wojazer/File Photo PARIS French luxury goods group Hermes ( HRMS.PA ) said on Wednesday that sales growth rose 6.6 percent in the fourth quarter, at constant exchange rates, coming close to market expectations. Fourth quarter sales reached 1.505 billion euros (1.27 billion pounds), with growth slowing from 8.8 percent in the third quarter. This compared with analysts'' expectations of 7.1 percent growth. Hermes, known for its $10,000 Birkin bags and $400 printed silk scarves, said the improvement was driven mainly by its leather goods division, while other divisions also performed well although its watches unit fared slightly less better. The group kept its forecast for a full year 2016 operating margin being slightly higher than 2015''s 31.8 percent of sales. Hermes added it was keeping an "ambitious" medium-term goal for revenue growth at constant exchange rates, despite growing economic and geopolitical uncertainties around the world. (Reporting by Dominique Vidalon; Editing by Sudip Kar-Gupta) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-hermes-results-idUKKBN15N0LZ'|'2017-02-08T14:14:00.000+02:00'
'fec557752e788b6ce55c8395f0c3e50d6729a17c'|'Wall Street set to open flat amid earnings rush'|'By Yashaswini Swamynathan U.S. stocks looked set to open little changed as investors assessed a flood of quarterly earnings, a day after the Nasdaq closed at a record high.More than half of the S&P 500 companies have reported results so far, with their combined earnings estimated to have risen 8.2 percent - the most in nine quarters.Key companies scheduled to report results on Wednesday include life insurer Prudential Financial and grocer Whole Foods."The market is poised to take its cue from earnings, which, by the way, have been upbeat and are probably a solid reason for the market''s resilience," Peter Cardillo, chief market economist at First Standard Financial wrote in a note.Oil prices fell 0.3 percent, extending losses to the third day as an increase in U.S. crude inventories and a slump in Chinese demand implied that global oil markets remain oversupplied despite OPEC-led efforts to cut output. [O/R]The dollar edged up, but gold rose to a three-month high as political uncertainty ahead of European elections kept the safe-haven asset in favor.Dow e-minis were down 2 points, or 0.01 percent at 8:18 a.m. ET (1318 GMT), with 20,765 contracts changing hands.S&P 500 e-minis were down 2.25 points, or 0.1 percent, with 110,623 contracts traded.Nasdaq 100 e-minis were up 1 point, or 0.02 percent, on volume of 20,365 contracts.Among stocks, Gilead dropped 6.1 percent to $68.70 in premarket trading after the drugmaker projected disappointing sales for its hepatitis C drugs this year.Cognizant rose 5.9 percent to $56.95 after the IT services provider named three directors to its board and announced a $3.4 billion share buyback program, bowing to pressure from activist shareholder Elliott Management.U.S. carrier Alaska Air rose 3.2 percent to $97.16 after the company reported a 10.7 percent jump in quarterly revenue.No key economic report is scheduled for the day.(Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Anil D''Silva)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/usa-stocks-idINKBN15N1M1'|'2017-02-08T10:56:00.000+02:00'
'7e5e182f2ae40fff399ee97e8b93e3ddf04b6bed'|'HIGHLIGHTS-The Trump presidency on Feb. 8 at 2:40 P.M. EST (1940 GMT)'|'Feb 8 Highlights of the day for U.S. President Donald Trump''s administration on Wednesday:IMMIGRATIONTrump steps up his criticism of the U.S. judicial system by saying courts seem to be "so political," a day after his U.S. travel ban on people from seven Muslim-majority countries came under scrutiny by an appeals court.COMPANIESTrump accuses Nordstrom Inc of treating his daughter Ivanka unfairly after the major department store chain dropped her clothing line, raising fresh questions about the president''s ties to his family''s businesses.Intel Corp Chief Executive Officer Brian Krzanich tells Trump that the computer chip manufacturer will invest $7 billion in an Arizona semiconductor factory that will employ 3,000 people.SECURITYTrump and Turkish President Tayyip Erdogan agree in an overnight phone call to act jointly against Islamic State in the Syrian towns of al-Bab and Raqqa, Turkish sources say.The Trump administration is considering a proposal that could lead to potentially designating Iran''s powerful Islamic Revolutionary Guard Corps a terrorist organization, U.S. officials familiar with the matter say.China''s state media says Trump''s travel ban shows that his administration does not understand its counterterrorism duties.CARBON TAXA group of elder Republican statesmen, including three former Cabinet members, will meet with White House officials to propose a $40 per ton tax on carbon emissions to fend off global climate change.REGULATIONSeveral advocacy groups sue the Trump administration over the president''s executive order to U.S. agencies to rescind two government regulations for every new rule introduced, according to a court document.INVESTOR RISKBillionaire money manager Seth Klarman, whose Baupost Group hedge fund ranks among the world''s largest and most closely watched, warns investors that Trump is creating considerable uncertainty that will translate into risk for them.CONFLICT MINERALSTrump plans to issue an executive order targeting a controversial Dodd-Frank rule that requires companies to disclose whether their products contain "conflict minerals" from a war-torn part of Africa, sources familiar with the administration''s thinking say.JAPANJapanese Prime Minister Shinzo Abe heads to Washington on Thursday hoping promises to help create U.S. jobs and bolster his military will persuade Trump to turn down the heat on trade and currency and stand by the decades-old alliance.ASIAN INVESTMENTManufacturers in Asia''s export-oriented economies are rushing to announce investment plans in the United States as Trump calls for companies to make more products in the country. (Compiled by Bill Trott and Jonathan Oatis; Editing by James Dalgleish)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-trump-highlights-idINL1N1FT0LU'|'2017-02-08T16:39:00.000+02:00'
'e39b2020c27bb5808cadd0a8f8da294970bf9f48'|'Syngenta sees ChemChina takeover closing in second quarter'|' 23am GMT Syngenta sees ChemChina takeover closing in second quarter The company logo of China National Chemical Corp, or ChemChina, is seen at its headquarters in Beijing, China February 3, 2017. REUTERS/Thomas Peter ZURICH Swiss pesticides and seeds group Syngenta ( SYNN.S ) expects its $43 billion takeover by ChemChina [CNNCC.UL] to close in the second quarter of 2017, it said on Wednesday while proposing to omit a regular dividend for 2016. "ChemChina and Syngenta have made significant progress towards achieving the necessary regulatory approvals and closing the transaction," it said, noting it had won approvals from 13 regulatory authorities. It was awaiting approvals from Brazil, Canada, China, the EU, India, Mexico and the United States. "ChemChina and Syngenta remain fully committed to the transaction and are confident of its closure," it said. (Reporting by Michael Shields; Editing by Joshua Franklin)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-syngenta-results-idUKKBN15N0HS'|'2017-02-08T13:23:00.000+02:00'
'6e284cac17487afd6c4d64bcec8a1e2cb7c16916'|'Cipla third-quarter profit up 43.7 percent, tops estimates'|'MUMBAI Indian drugmaker Cipla Ltd reported a 43.7 percent jump in third-quarter net profit, beating analysts'' expectations.Net profit for the October-December quarter rose to 3.75 billion rupees ($55.79 million) from 2.61 billion a year earlier.That beat the 3.70 billion rupees forecast by 23 analysts on average, data from Thomson Reuters I/B/E/S showed.India''s fifth-largest drugmaker by sales derives most of its revenue from its home market, but is building its presence in markets such as the United States and the UK, where during the third quarter it launched the Seroflo inhaler, used for the treatment of asthma.($1 = 67.2150 Indian rupees)(Reporting by Zeba Siddiqui; editing by Swati Bhat and Jason Neely)'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/cipla-results-idINKBN15N17N'|'2017-02-08T08:35:00.000+02:00'
'c8f16a2f972df806948250944fe502e5ad8e88c5'|'McLaren Automotive to create 200 UK jobs with new chassis plant'|'Business News - Wed Feb 8, 2017 - 2:10pm GMT McLaren Automotive to create 200 UK jobs with new chassis plant A view of the media area outside the first North American McLaren Automotive dealership during its opening in Beverly Hills, California January 10, 2012. REUTERS/Mario Anzuoni By Costas Pitas - LONDON LONDON Luxury sports car maker McLaren Automotive said it will create more than 200 jobs in Britain by bringing production of its carbon-fibre chassis from Austria to northern England, a move it said had been initiated long before the Brexit vote. The firm, which shares facilities and its brand with the Formula One team but is a separate legal entity, will begin building the facility in Sheffield, northern England, early this year with full production due to begin by 2020. The investment of nearly 50 million pounds will be the firm''s first purpose-built site away from its headquarters in the southern English town of Woking and will save it around 10 million pounds per year once it is fully operational. The carbon fibre chassis, which helps to keep the top-end sports cars as light as possible, is currently built by a supplier in Austria with the firm saying it now made sense to make them in Britain. "We have been investigating this for over two years," a spokesman told Reuters. "This and the engine are strategically the most important parts of the cars and this is us taking control of the production, supply and quality of this vitally important component," he said. The site will be built in cooperation with the University of Sheffield and the local city council. Prime Minister Theresa May''s comments last month that when Britain leaves the European Union it will also leave the single market, which protects unfettered trade, has prompted renewed concerns from carmakers about potential barriers to trade. McLaren said building it chassis in Britain will increase the average value of British parts in its models from around 50 percent to 58 percent, depending on the vehicle. McLaren Automotive, which began building cars only in 2011, has grown rapidly and is aiming to double the number of hand-made models it builds to over 3,000 this year. The firm currently makes all of its high-end models, which range from just over 120,000 pounds to around 2 million pounds depending on customisation, at its Woking site and exports 92 percent of its output. Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-mclaren-jobs-chasis-idUKKBN15N1NA'|'2017-02-08T21:10:00.000+02:00'
'35027a50e4fb9fa850bacdd3c0cb60b6b05636a1'|'Alibaba''s Ant Financial in talks to raise more than $3 billion - report'|'Business News - Thu Feb 9, 2017 - 5:08am GMT Alibaba''s Ant Financial in talks to raise more than $3 billion - report A logo of Ant Financial is displayed at an event of the company in Hong Kong, China November 1, 2016. REUTERS/Bobby Yip By Sijia Jiang - HONG KONG HONG KONG China''s most valuable online finance company, Ant Financial, is looking to raise more than $3 billion (2.4 billion pounds) in debt to fund international expansion, according to technology news website The Information. The finance arm of online shopping giant Alibaba Group is in early talks with bankers to raise funds, possibly by issuing bonds or bank loans, the news site said on Thursday, citing a person familiar with the talks. "It is the market practice for a globalised company like Ant Financial to raise debt in U.S. dollars," a representative of Ant Financial told Reuters, when contacted for comment, but gave no further details. Ant, valued at about $60 billion after a funding round last April, is set to have an initial public offering, although the company has not specified a timeframe or listing venue. With 450 million users of its Alipay payment service, Ant is making an aggressive push to expand internationally. Last month, it said it would acquire U.S. money-transfer company MoneyGram International Inc for about $880 million. It has also invested in Indian mobile e-commerce website Paytm and Thai financial technology firm Ascend Money. Ant is controlled by Alibaba founder Jack Ma. (Reporting by Sijia Jiang; Editing by Clarence Fernandez) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ant-funding-idUKKBN15O0DF'|'2017-02-09T12:08:00.000+02:00'
'd1ae8f8cae325c06a6c8f40dd434b810a194c12f'|'BRIEF-Central European Media Q4 revenue rose 6 pct to $207.1 mln'|'  3:09am EST BRIEF-Central European Media Q4 revenue rose 6 pct to $207.1 mln Feb 9 Central European Media Enterprises Ltd * Q4 revenue estimate $204 million - Reuters Poll * Central European Media Enterprises LTD. reports results for the full year and fourth quarter ended December 31, 2016 * Q4 revenue rose 6 percent to $207.1 million * Qtrly net income attributable to CME Ltd. per share - diluted $0.06 * Qtrly OIBDA improved 9% to $61.3 million * Q4 OIBDA estimate $62.21 million - Reuters Poll Source text for Eikon:'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSL5N1FU1A1'|'2017-02-09T15:09:00.000+02:00'
'dd199080bcdc79f905fcc792afc33f4452808b5d'|'U.S. investors more willing to place wagers on uncertain Europe'|'  7:34pm GMT U.S. investors more willing to place wagers on uncertain Europe The financial district of La Defense is seen at dusk near Paris, France, January 5, 2017. REUTERS/Christian Hartmann By Trevor Hunnicutt - NEW YORK NEW YORK A spate of elections this year that threaten to change Europe''s course and rattle the continent''s largest political bloc and currency is normally the sort of uncertainty that scares away international investors. Instead, deep-pocketed investors are buying into the continent''s stocks - and trimming their stakes in the United States, where stock markets have been at record levels - in the hope some bargain shopping will pay off. The 2017 calendar is marked with a series of European elections in big countries that have put markets on the edge, including a March vote in the Netherlands, a two-round French presidential election that starts in April and a September German poll that Chancellor Angela Merkel has called her "toughest" test ever. In each case - and in a possible Italian vote that could be called by June - voters will likely have the opportunity to voice support for anti-European Union or anti-euro candidates who are seen as increasingly credible in the aftermath of the shocking June British "Brexit" vote to quit the European Union and the election of U.S. President Donald Trump. "We''re not bearish on U.S. stocks, it''s just more of a preference of where we''d rather be," said Kevin Lyons, a senior investment manager at Aberdeen Asset Management PLC ( ADN.L ), noting that since late last year, his team has boosted its bet on European stocks. Aberdeen is not alone. Fund managers increased their exposure to the Eurozone in January more than any other investment category, according to a survey conducted last month by Bank of America Corp ( BAC.N ) of 176 institutions that manage $455 billion (<28>364 billion) in assets. BlackRock Inc ( BLK.N ), which manages $5.1 trillion overall, has been scaling up its exposure to European stocks in several funds over the past few months, according to research service Morningstar Inc. On Monday, BlackRock officially raised its outlook on European stocks to the highest possible rating for the first time since last May, saying the risks are overblown. By contrast, the asset manager is neutral on U.S. stocks. LOW EXPECTATIONS "It''s far from consensus," said Richard Turnill, BlackRock''s global chief investment strategist, noting that the United States is growing but most investors already know that. "What drives markets is surprise, and expectations for Europe are just very low," he added. Growth, inflation and analyst forecasts for corporate profits have picked up in Europe in the last year, but so too has the prospect for a stronger currency and the withdrawal of historic support from the European Central Bank''s bond-buying programme, called quantitative easing. Earnings would have to move higher to support a positive view, Wells Fargo & Co''s ( WFC.N ) Investment Institute said in a note on Wednesday. Yet a score of measures, including the widely used price-to-earnings ratio, suggest investors might be rewarded for a taking a risk now. That ratio for the U.S. stock market is 17.67, following a long bull market since the financial crisis, compared with 14.01 for a group of European shares excluding Britain. The difference between the valuation ratios is wider than normal, ranking in the top 78th percentile, according to an analysis of monthly Thomson Reuters data stretching back 20 years. TAKING NOTICE Investors are taking notice. U.S.-based European stock funds attracted $709 million in January, their first inflows in a full year and the end of the funds'' longest drought on record. By contrast, investors pulled $1.7 billion from domestic stock funds in the United States last month, according to Thomson Reuters Lipper, a research service. That said, U.S. stock exchange-traded funds pulled in $15.3 billion during the latest week. But those fu
'b543f4280746c9612116bc7271fd2bd52aa5634f'|'Canada open to more aid for future Bombardier planes -source'|'Company   1:10pm EST Canada open to more aid for future Bombardier planes -source OTTAWA Feb 8 The Canadian government would be open to providing more aid to planemaker Bombardier Inc if it developed new aircraft and asked for help, a source familiar with the matter told Reuters on Wednesday. The government announced C$372.5 million ($283 million) in repayable loans for two of Bombardier jet programs on Tuesday but the funding was well short of the $1 billion that Bombardier was seeking. The source declined to be identified as the discussions were confidential. (Reporting by David Ljunggren; Editing by Denny Thomas and Nick Zieminski) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/bombardier-investment-idUSL1N1FT18L'|'2017-02-09T01:10:00.000+02:00'
'93982a2f046f74bbfd64d77c09515605b9251234'|'BOJ sees improvements in economy but warns on inflation expectations'|' 16am GMT BOJ sees improvements in economy but warns on inflation expectations Men walk toward the Bank of Japan (BOJ) building in Tokyo, Japan, September 21, 2016. REUTERS/Toru Hanai TOKYO Bank of Japan board members saw improvements in exports, consumer spending and capital expenditure but warned that it may take time for inflation expectations to pick up, a summary of opinions from their Jan. 30-31 meeting showed on Wednesday. "Since the second half of 2016, Japan''s economic recovery has strengthened," one of the nine board members was quoted as saying. "Positive synergy effects are being produced by improvement in overseas economies, economic stimulus measures by the government, and enhanced monetary easing." At the policy meeting, the BOJ kept policy on hold, raised its growth projections, but warned that its 2 percent inflation target remained elusive. (Reporting by Stanley White; Editing by Chang-Ran Kim)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-japan-economy-boj-idUKKBN15N015'|'2017-02-08T07:16:00.000+02:00'
'd22f49558f1c25dec048e7c9040569027cb78b53'|'RBI deputy says ''bad bank'' could help if designed right'|'Economic News - Wed Feb 8, 2017 - 7:55pm IST RBI deputy says ''bad bank'' could help if designed right Currency of different denominations are seen in this picture illustration taken in Mumbai April 30, 2012. REUTERS/Vivek Prakash/Files By Devidutta Tripathy - MUMBAI MUMBAI The Reserve Bank of India (RBI)deputy governor on Wednesday joined the debate over creating a so-called "bad bank" to handle record sour assets in the nation''s banks, saying it could help if "designed properly". Banks in India had record stressed loans of $133 billion, or 12.34 percent of their total loans, as of last September. About two dozen state-owned lenders, which own nearly 70 percent of India''s banking assets, have an even higher stressed-loan ratio of 15.88 percent, according to data compiled by India''s central bank. In its economic survey released on Jan. 31, the finance ministry suggested setting up a bad bank that it said could be used to buy bad loans from the banks and deal with them through methods including conversion of debt to equity. While the idea is not new, critics including former Reserve Bank of India Governor Raghuram Rajan have questioned the need for it at a time when more than a dozen already existing companies buying bad loans have yet to make a significant dent. "I don''t think a bad bank just by itself will necessarily work, I think it has to be designed right," Viral Acharya, one of the four deputy governors in the RBI, said on Wednesday. "The big piece of the problem is can you get the bank to sell the assets at the right price to (asset reconstruction companies) and private investors who want to come in ... I think that''s going to be key," Acharya, a former New York University economics professor who joined the RBI last month, told a news conference after the central bank held rates. "We''re going to be thinking about what kind of design issues might help with that. But we think it is something designed properly could help." One of the reasons cited for lower than expected bad loan purchases by asset reconstruction companies is the high price expectations by the banks, analysts say. A slow legal process - India just last year enacted a bankruptcy law - is another factor that has been blamed for hindering the resolution of the bad loans. Including "unrecognised" problem debts, total stressed loans in the system could be as high as $191 billion, or 16.6 percent of the total loans as of September, the finance ministry has estimated. For the state-run banks, nearly 20 percent of the loans are stressed, it said in the economic survey. ($1 = 67.2800 Indian rupees) (Reporting by Devidutta Tripathy; Editing by Tom Heneghan) Next In Economic News Expert Views - RBI keeps key rate on hold, surprises with change in stance The Reserve Bank of India (RBI) kept its repo rate on hold at 6.25 percent for a second straight policy meeting, opting to wait for more clarity on inflation trends and on how a radical crackdown on "black money" is impacting economic growth. Japan logs biggest current account surplus since 2007 TOKYO Japan attained its second-biggest current account surplus on record in 2016, Ministry of Finance data showed on Wednesday, just days before the U.S. and Japanese leaders meet for talks with trade surpluses and currency valuations expected to be high on the agenda. TOKYO Bank of Japan board members saw improvements in exports, consumer spending and capital expenditure but warned that it may take time for inflation expectations to pick up, a summary of opinions from their Jan. 30-31 meeting showed on Wednesday. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/india-banks-badloans-idINKBN15N1OR'|'2017-02-08T21:25:00.000+02:00'
'1fcd657c99480ccb6e3a076c414d7d323c75ce5c'|'Boeing front-runner for $13.8 billion Singapore Airlines order: Bloomberg'|'Aerospace & Defense  03pm EST Boeing front-runner for $13.8 billion Singapore Airlines order: Bloomberg 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 Boeing Co ( BA.N ) is the front-runner as Singapore Airlines Ltd ( SIAL.SI ) is closing in on a 35 wide-body aircraft order amid a battle with Chinese and Middle Eastern carriers, Bloomberg reported, citing sources. Singapore Airlines has for months been weighing the latest model of Boeing''s 777, the 406-seat 777-9, against a possible stretched version of the A350 that Airbus is considering building to increase the capacity of its newest jetliner to 400 seats. The carrier is also poised to take at least 19 of the longest Dreamliner model, Boeing 787-10, Bloomberg said. Singapore also has reviewed a proposed version of the twin-engine 777 that would carry about 450 passengers, a load previously handled by four-engine jumbo jets only, Bloomberg reported. Airbus has so far delayed taking a decision on whether to build the larger version, variously code-named A350-8000 and most recently A350-2000. Industry sources said the two main potential customers whose decisions could have a decisive influence on whether the project goes ahead are Singapore Airlines ( SIAL.SI ) and British Airways ( ICAG.L ). CNN reported in November that Singapore Airlines would make a decision by end-year. Boeing Co declined to comment, while Singapore Air was not immediately available for comment. (Reporting by Shalini Nagarajan in Bengaluru) Next In Aerospace & Defense'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-singapore-airlin-orders-boeing-idUSKBN15O001'|'2017-02-09T07:03:00.000+02:00'
'4c4be77064e38c42417f989e18f7faaa18fba7cd'|'Tate & Lyle sees brighter full year after good third quarter'|'Business News - Thu Feb 9, 2017 - 7:23am GMT Tate & Lyle sees brighter full year after good third quarter LONDON Tate & Lyle ( TATE.L ), the British food ingredients maker, raised its expectations for the full financial year on Thursday, citing strong performance in its third quarter. The company, which sells corn syrup to food and drink makers as well as other specialty ingredients, said it expects performance in constant currency for the full year to be "modestly ahead" of what it expected when reporting its half-year results in November. The company''s update did not reveal any figures, but said that profit in constant currencies was higher in both of its main business divisions, specialty food ingredients and bulk ingredients. (Reporting by Martinne Geller; editing by Jason Neely) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-tate-lyle-outlook-idUKKBN15O0P8'|'2017-02-09T14:23:00.000+02:00'
'66ce9bf9da7daeb16b1aa1d515cdb0658950ce18'|'Sensex largely flat ahead of RBI monetary policy meet'|'By Arnab Paul Indian shares oscillated in and out of positive terrain on Wednesday amid tepid investor sentiment ahead of the central bank''s monetary policy decision later in the day.Analysts expect a close call with 28 of 46 participants in a Reuters poll last week predicting the Reserve Bank of India will cut the repo rate by 25 basis points to 6.0 percent, its lowest since November 2010, while two analysts expected a 50 bps cut.The broader NSE Nifty was up 0.09 percent at 8,776.25 as of 0552 GMT, while the benchmark BSE Sensex was trading 0.01 percent down at 28,332.77Earlier this week, both indexes had hit a four-month high on rate-cut hopes.Tata Steel Ltd ( TISC.NS ) was among top gainers on the NSE index, rising to over two-year high after reporting its first quarterly profit in five.FMCG stocks were among the biggest decliners with cigarette maker ITC Ltd ( ITC.NS ) falling as much as 1.7 percent after it hit a record high in the previous session.(Editing by Sherry Jacob-Phillips)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/india-sensex-nifty-stock-markets-idINKBN15N0H7'|'2017-02-08T03:21:00.000+02:00'
'1b53a42d43a512c1d0e7172605bcdf18975d0700'|'What we know, and don''t, about Trump''s trust'|'What we know, and don''t, about Trump''s trust by Jill Disis @jdisis February 8, 2017: 8:13 AM ET Docs suggest Trump still tied to business empire One major part of President Trump''s plan to avoid conflicts of interest was a promise to place his vast business assets into a trust run by his adult sons. Three weeks into his administration, neither the president nor his company has released paperwork to show the public how such a trust will work. But a newly surfaced document provides a peek into how Trump''s assets are being managed. The document, made public by ProPublica last week , was filed in January with an alcohol board in Washington, D.C. It notifies the agency that Trump''s stake in the historic post office that he rebuilt as a luxury hotelhas been transferred to the trust. Attached to the notice is a summary that reveals the existence of a revocable trust -- one created "to hold assets for the exclusive benefit" of Trump. His son Donald Trump Jr. and Trump Organization executive Allen Weisselberg were appointed trustees the day before the inauguration, but Trump can remove them at any time. Trump''s other adult son, Eric, is not listed on the trust document. He appears on other business registration paperwork and retains a key executive role with the Trump Organization. Related: What Trump is really doing about his business The document leaves open many questions about Trump''s financial entanglements. It does not, for example, say whether Trump''s stakes in hundreds of other businesses have also been transferred to the trust, as promised. And the answers it does provide trouble ethics experts, who have repeatedly said the president''s decision not to sell his business assets invites myriad conflicts of interest. "I think the trust, in large part, appears to be window dressing," said Steven Schooner, a professor of government procurement law at George Washington University. No expert would look at the documents "and see a good-faith effort to affirmatively resolve the concerns, or ensure that we''re not seeing the president abuse the Oval Office for personal benefit," he said. While the circumstances may be unprecedented, it is not surprising that the trust is structured for Trump''s financial benefit, said John Pankauski, a trust lawyer in West Palm Beach, Florida. Under a typical trust arrangement,"The trustee''s job, to be crude, is to look out for (and) protect the beneficiary and try to make money," Pankauski said. That means Donald Jr. and Weisselberg are responsible for looking after Trump''s bottom line -- a major point of concern for ethics lawyers who worry Trump and his sons could use the presidency to profit personally. Trump himself said at the January 11 press conference, referring to his sons: "I hope at the end of eight years, I''ll come back and say, oh, you did a good job. Otherwise, if they do a bad job, I''ll say, ''You''re fired.''" Related: How Congress could get Trump''s tax returns The full trust agreement, which formalizes Trump''s promise to give up control of his holdings, would be private unless Trump or his company released it. Trump''s lawyers promised that the trust would hold his ownership or licensing stakes in golf courses, hotels, resorts, commercial real estate, even Trump Tower itself. While Trump declined to sell them, the trust was meant to convey separation between the president and his business interests. "Here is just some of the paperwork that''s taking care of those actions," his lawyer Sheri Dillon told reporters on January 11, gesturing to stacks of manila envelopes on a table. Trump has also resigned his management positions in companies across his business empire, according to a document provided to CNN last month. Related: Trump Organization documents say he has resigned from more than 400 businesses Trump Organization general counsel Alan Garten did not respond to repeated requests from CNN asking for documentation related to the trust agreement, which deals with ownersh
'5e1e2221c058261beea3bc33b138dc7033e5fa10'|'Packaging film maker Charter NEX up for sale: sources'|'By Greg Roumeliotis Charter NEX Films Inc, a U.S. manufacturer of specialty films used in the food and medical industries, is exploring a sale that could value it at around $1.3 billion, including debt, people familiar with the matter said on Friday.Pamplona Capital Management LLP, the private equity firm that owns Charter NEX, has hired investment banks UBS Group AG ( UBSG.S ) and William Blair & Company LLC to explore a sale of Charter NEX, the people said.Charter NEX posts 12-month earnings before interest, tax, depreciation and amortization of around $115 million, the people added.The sources asked not to be identified because the sale process is confidential. Pamplona, Charter NEX, UBS and William Blair did not immediately respond to requests for comment.Headquartered in Milton, Wisconsin, Charter NEX is a producer of specialty polyethylene film for food and consumer packaging and for industrial and medical applications.Pamplona acquired Charter NEX from private equity firm Mason Wells in 2015 for an undisclosed amount. A year later, Charter NEX under Pamplona acquired a smaller peer, Optimum Plastics Inc.(Reporting by Greg Roumeliotis in New York, editing by G Crosse)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-charter-nex-m-a-idINKBN15P2TJ'|'2017-02-10T20:33:00.000+02:00'
'786318f83be6ecaa2e500297a5021ffb71374eb1'|'Aon to sell benefits outsourcing to Blackstone for $4.3 billion'|'Deals - Fri Feb 10, 2017 - 6:14am EST Aon to sell benefits outsourcing to Blackstone for $4.3 billion FILE PHOTO - The ticker and trading information for Blackstone Group is displayed at the post where it is traded on the floor of the New York Stock Exchange (NYSE) April 4, 2016. REUTERS/Brendan McDermid/File Photo Insurance broker Aon PLC ( AON.N ) said on Friday it agreed to sell its benefits administration and HR BPO platform to Blackstone Group LP ( BX.N ) for $4.3 billion in cash. Aon said it expected the deal to improve its return on invested capital and add to adjusted earnings per share in 2018. The company also said it expects to allocate part of the proceeds from this transaction to increase its share repurchases. The repurchase program has been increased by $5 billion, bringing the total amount currently authorized for repurchases to about $7.7 billion as of Feb. 10, Aon added. (Reporting by Nikhil Subba in Bengaluru; Editing by Shounak Dasgupta) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-aon-benefits-blackstone-idUSKBN15P17P'|'2017-02-10T18:14:00.000+02:00'
'48064289ea2061ada4843076d0bdcd63032a2b09'|'US STOCKS-Dow dragged down by banks; S&P and Nasdaq flat'|'Company   1:00pm EST US STOCKS-Dow dragged down by banks; S&P and Nasdaq flat * Financial sector set for worst day in nearly three weeks * Goldman Sachs weighs on Dow * Cognizant rises after board deal with Elliott, results * Dow down 0.19 pct, S&P flat, Nasdaq up 0.02 pct (Updates to early afternoon) By Yashaswini Swamynathan Feb 8 The S&P 500 and the Nasdaq Composite index were little changed on Wednesday, while the Dow was pressured by losses in bank stocks. The financial index dropped 1 percent and was on track to mark its biggest drop in three weeks due to declines in JPMorgan and Wells Fargo. Analysts say market is reducing expectations for the number of U.S. interest rate hikes this year as well as for fiscal stimulus policies and tax cuts from President Donald Trump''s administration. Goldman Sachs fell 1.1 percent and was the biggest drag on the Dow. The dollar slipped 0.14 percent, while gold rose to a near three-month high amid political uncertainty in Europe ahead of elections. At 12:24 p.m. ET (1724 GMT), the Dow Jones Industrial Average was down 38.02 points, or 0.19 percent, at 20,052.27 and the S&P 500 was down 0.17 points, or flat, at 2,292.91. The Nasdaq Composite was up 1.07 points, or 0.02 percent, at 5,675.28. Six of the 11 major S&P sectors were higher, led by gains in technology and consumer discretionary stocks. Cognizant rose 4 percent to $55.93 after the IT services provider named three directors to its board and announced a $3.4 billion share buyback program, bowing to pressure from activist shareholder Elliott Management. Healthcare was off 0.29 percent, dragged down by Gilead. The drugmaker''s stock, which also weighed on the S&P and the Nasdaq, slid 9.7 percent after the company projected disappointing sales for its hepatitis C drugs this year. U.S. carrier Alaska Air rose 2 percent to $96.06 after the company reported a 10.7 percent jump in quarterly revenue. Declining issues outnumbered advancers on the NYSE by 1,490 to 1,370. On the Nasdaq, 1,746 issues fell and 997 advanced. The S&P 500 index showed 16 new 52-week highs and three new lows, while the Nasdaq recorded 67 new highs and 40 new lows. (Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Anil D''Silva) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-stocks-idUSL4N1FT4M2'|'2017-02-09T01:00:00.000+02:00'
'fc52f6b69511d1c4520be1db1789f1127ce166c6'|'Wal-Mart aims to leverage British arm Asda back to health'|'Business News - Wed Feb 8, 2017 - 9:50am EST Wal-Mart aims to leverage British arm Asda back to health A customer carries a shopping basket at an Asda store in northwest London, Britain, in this file photograph dated August 18, 2015. REUTERS/Suzanne Plunkett/files By James Davey - LONDON LONDON Wal-Mart ( WMT.N ) is throwing its weight as the world''s largest retailer behind its struggling British arm Asda after admitting it was too slow to respond effectively to the threat posed by the discount supermarkets. Asda thrived for a decade as Britain''s cheapest supermarket after it was bought by Wal-Mart in 1999 and remains the third-biggest in the country. But German-owned Aldi [ALDIEI.UL] and Lidl [LIDUK.UL] have steadily cut into Asda''s market share. The two discounters started opening stores in the UK in 1990 and 1994, respectively, but their big breakthrough came when the economic crisis hit in 2008 and more British shoppers were prepared to give them a go. Declining sales show signs of tapering off since Wal-Mart veteran Sean Clarke became Asda''s president and chief executive last July, with a focus on improving the look and feel of the stores as well as enhancing product lines. Wal-Mart will provide further firepower by ensuring Asda leverages the parent''s purchasing strength in everything from refrigerators to own-brand products and real estate to drive down prices and costs, said Scott Price, chief administrative officer of Walmart International. "One thing that maybe we would criticize ourselves for is that we didn''t start the repositioning of the business sooner, that we didn''t focus more on the leverage opportunities so that Asda was able to invest more aggressively in price," Price told Reuters in an interview. "What Sean is able to do with his global experience at Wal-Mart is to know what levers to pull," he said, in a reference to Clarke''s time with Wal-Mart in Japan, Canada and most recently as chief executive in China. Working more closely with its parent, Asda will be able to market more Wal-Mart brands as its own at a lower price than rivals, Price said. "He''s able to pull private (Wal-Mart) brands and put an Asda brand on it that is equal to the national brand in the UK in terms of quality and sensory, but at a price that no one else can match," he said of Clarke. In return, Wal-Mart was looking for more ways to exploit the areas where Asda has excelled, for example with a popular olive oil originally sourced by Asda and now sold across the group, including in the United States and 10 other international markets. PERFORMANCE SLUMPED From its headquarters in Leeds in northern England, Asda claimed to be the first of Britain''s major grocers -- which also includes market leader Tesco ( TSCO.L ), No. 2 Sainsbury''s ( SBRY.L ) and No. 4 Morrisons ( MRW.L ) -- to spot the threat from the discounters. With fewer stores in the more affluent southeast of England than its rivals and the vast majority of its business in the large stores that have become less fashionable in recent years, Asda was most exposed. After it lost its price advantage and failed to offer other reasons to shop there, performance slumped. Wal-Mart added to Asda''s problems by diverting key executives from Britain to the United States and focusing too much on cutting costs and maximizing short-term profit at the expense of investing to protect market share, analysts said. The result has been nine straight quarters of underlying sales decline since the middle of 2014, which translated into a more than 1 percentage point loss in market share, according to researcher Kantar Worldpanel. Its share currently stands at 15.6 percent, versus more than 28 percent for Tesco. David Cheesewright, CEO of Walmart International, in June expressed disappointment at Asda''s weak performance and said it would shift from protecting profit to protecting market share. The data shows signs of improving. In November Asda reported a like-for-like sales decli
'2130ffd75f77e8d4e24b246d8165e810cfbf1f31'|'BoE''s Cunliffe sees weak outlook for UK investment'|'Business   1:05pm GMT BoE''s Cunliffe sees weak outlook for UK investment FILE PHOTO: Canary Wharf and the City at sunset in London, Britain, December 14, 2016. REUTERS/Eddie Keogh/File Photo - RTSWGQU LONDON British business investment is likely to remain very weak in the near term after June''s Brexit referendum before later picking up, Bank of England Deputy Governor Jon Cunliffe said on Wednesday. Cunliffe made his comments - which drew on last week''s updated economic forecasts from the central bank - as part of a longer speech looking at the reasons behind weak business investment. A continued lack of access to finance for some firms, as well as a failure of businesses to lower their ''hurdle'' rates for approving new investment in response to lower borrowing costs, could be to blame, Cunliffe said. "Ultimately, the outlook for business investment, like the outlook for the economy more generally over the forecast period, depends largely on how households and businesses react to Brexit and on the process that accompanies it," Cunliffe said. (Reporting by David Milliken, editing by William Schomberg) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-boe-cunliffe-idUKKBN15N1G9'|'2017-02-08T20:05:00.000+02:00'
'24d98d5e654850dc75d1ce70b7738b3fe049df11'|'Boeing needs to sell 777, 787 jetliners in slack market, CEO says'|'By Alwyn Scott - NEW YORK NEW YORK Boeing Co ( BA.N ) must sell more 777 and 787 jetliners to keep production plans on track, despite a $13.8 billion order for both planes that landed on Thursday, its chief executive said.Slow 777 sales are one of the top risks facing Boeing in the next few years, Chief Executive Officer Dennis Muilenburg said on Thursday at a conference in New York hosted by Cowen and Co.Boeing also must sell more 787s so it can proceed with plans to lift output to 14 planes a month from 12 in the next few years, he said, adding that there is no scenario in which Boeing envisions cutting production of the 787 to less than 12 a month.Earlier Thursday, Boeing won a provisional order for 20 777-9 and 19 787-10 wide-body planes from Singapore Airlines Ltd ( SIAL.SI ), worth $13.8 billion at list prices, beating rival Airbus ( AIR.PA ).While that order is a boost for the 787 assembly line, it does not help with slow sales of the 777, since the order is for the newer 777X model.Boeing recently cut current 777 production about 16 percent to seven a month. It plans another 29 percent cut by mid-year. But Boeing still needs to sell more 777s to fill production slots as it switches to the 777X over the next few years."When I take a look at risk areas, filling out the 777 bridge is the area that we''re focussed on," Muilenburg said, referring to the production spanning the two models. "We still have work to do."Boeing shares were up 0.5 percent at $164.65 in afternoon trading.(Reporting by Alwyn Scott; Editing by Tom Brown and Leslie Adler)'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/boeing-outlook-ceo-idINKBN15O2P9'|'2017-02-09T17:12:00.000+02:00'
'aa94fc04585c9fdb3a1a6d5136080996560bac3f'|'Commerzbank posts flat fourth-quarter earnings, aims for stable costs in 2017'|'  6:15am GMT Commerzbank posts flat fourth-quarter earnings, aims for stable costs in 2017 Three floors of Germany''s second largest business bank, Commerzbank, are pictured from a nearby tourist platform Frankfurt, Germany, January 31, 2017. REUTERS/Kai Pfaffenbach FRANKFURT Commerzbank ( CBKG.DE ) reported flat revenues and earnings for the fourth quarter on Thursday, hit by the impact of low interest rates coupled with weak loan demand from German companies. The 183 million-euro (156 million pounds) net profit of Germany''s second-largest lender after Deutsche Bank ( DBKGn.DE ) was, however, ahead of analysts'' expectations for 154 million euro euros. Commerzbank stopped short of giving an earnings outlook for 2017 but said that it aims to keep its cost base stable and expects loan loss provisions for its retail and corporate bank to remain stable. ($1 = 0.9362 euros) (Reporting by Arno Schuetze; Editing by Maria Sheahan)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-commerzbank-results-idUKKBN15O0IK'|'2017-02-09T13:15:00.000+02:00'
'7033b26c8faeeea9ae0add3ab9d0085d653501c7'|'Canada''s Fairfax buys New Zealand insurer for $143 million'|'SYDNEY New Zealand insurer Tower Ltd ( TWR.NZ ) said on Thursday it has agreed to sell all its shares to Canada''s Fairfax Financial ( FFH.TO ) for NZ$197 million ($143 million) in a deal that was unanimously approved by its board.Fairfax will pay Tower shareholders NZ$1.17 per share, a premium of 48 percent to the New Zealand firm''s closing price on Feb. 8. Shares in Tower, which has a market capitalization of NZ$187 million, soared 40.5 percent after the announcement to a five-month high of NZ$1.11Foreign insurers from mainly Canada and Japan have been desperate for overseas growth and have been looking at Australia and New Zealand to sate their appetites."The acquisition of Tower will provide us with an immediate significant presence, with a strong management team ... in a market where Fairfax currently has limited exposure," said Prem Watsa, chairman and CEO of Fairfax.Fairfax''s proposal is subject to customary conditions, including approvals from the Reserve Bank of New Zealand, the New Zealand Overseas Investment Office, Pacific Islands regulatory authorities and Tower shareholders.Tower is the third-largest insurance group in New Zealand, offering car, house, contents, business, travel and other personal insurance lines to its 265,000 customers.Toronto-based Fairfax, through its subsidiaries, is engaged in property and casualty insurance and reinsurance and investment management.In recent months, National Australia Bank ( NAB.AX ) has sold 80 percent of its life business to Nippon Life Insurance for A$2.4 billion. Reuters has reported that Japanese and HK-based firms have shown interest in Australia and New Zealand Banking Group''s ( ANZ.AX ) insurance and wealth business.(Reporting by Swati Pandey; Editing by Stephen Coates)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-fairfax-fin-m-a-tower-idINKBN15O01L'|'2017-02-08T21:25:00.000+02:00'
'160101c9ebf8de638426ea0bdd86cafba76a7d92'|'Toshiba receives bid as high as $3.6 billion for chip business stake - source'|'Business News - Thu Feb 9, 2017 - 5:26am GMT Toshiba receives bid as high as $3.6 billion for chip business stake - source FILE PHOTO - The logo of Toshiba Corp is pictured at its headquarters in Tokyo, Japan, August 31, 2015. REUTERS/Yuya Shino/File Photo TOKYO Toshiba Corp ( 6502.T ) has received an offer as high as 400 billion yen ($3.6 billion) for a 19.9 percent stake in its flash memory business, with other bids as low as 200 billion yen, a person directly involved in the deal told Reuters. Suitors include rivals SK Hynix Inc ( 000660.KS ) and Micron Technology Inc ( MU.O ), and financial investors like Bain Capital. The Japanese conglomerate was seeking to raise around 300 billion yen from the stake sale, said the source, who declined to be named because he is not authorised to speak to the media. Toshiba needs to raise funds by the end of March to offset an imminent multibillion dollar writedown on its U.S. nuclear power business. A Toshiba spokeswoman said the company could not comment on specifics of the sale process. ($1 = 112.1600 yen) (Reporting by Taro Fuse; Writing by Makiko Yamazaki; Editing by Chris Gallagher) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-toshiba-m-a-idUKKBN15O0EH'|'2017-02-09T12:26:00.000+02:00'
'b254aa35038fb595cd2f1b6a4bd8c051289d848f'|'Gander Mountain preparing to file for bankruptcy this month: sources'|'U.S. hunting and fishing chain Gander Mountain Co is preparing to file for bankruptcy as early as this month, after an aggressive effort to expand its store base failed to pull in new customers, according to people familiar with the matter.Gander Mountain is working with financial advisory firm Lighthouse Management Group Inc and law firm Fredrikson & Byron PA as it gets ready to file for bankruptcy, the people said this week.The sources asked not to be identified because the matter is confidential. Gander Mountain and Lighthouse Management declined to comment this week, while a spokeswoman for Fredrikson did not return a request for comment made on Wednesday.Gander Mountain, which bills itself as America''s firearms superstore, has faced challenges capitalizing on a booming gun market. The Federal Bureau of Investigation carried out a record 27.5 million background checks on people seeking to buy guns in 2016, up 19 percent from the year before.Gander also has stiff competition from rivals like Bass Pro Shops and Cabela''s Inc ( CAB.N ), which have been revamping their stores to attract customers with restaurants and shooting activities.Bass Pro agreed last year to buy Cabela''s for $5.5 billion, potentially putting more pressure on Gander Mountain, though the deal has to overcome major hurdles to close, including antitrust concerns.Based in Saint Paul, Minneapolis, Gander Mountain was taken private in 2010 by Gratco, a holding company controlled by Gander Chairman and Chief Executive David Pratt, and Holiday Stationstores, a gas-station retail operation controlled by Minnesota''s Erickson family.Gander Mountain confronts financial trouble after an aggressive expansion across the United States for a total of about 160 stores, with nearly 60 new outposts opened or announced since 2012.The company has a $30 million loan, and revolving credit lines for $25 million and $500 million, according to Thomson Reuters data. It is not clear how much money in the credit lines Gander Mountain has yet to draw down on.Gander Mountain would be the fifth outdoor retailer to file for bankruptcy in the last 12 months, following sports retailers such as Sports Chalet and Sports Authority Inc, which both sought court protection from their creditors.Gander Mountain wanted to address some of its challenges by exploring a sale last year of its online and catalog boating business called Overton''s, but was unable to find a buyer at agreeable terms, according to the sources.(Reporting by Lauren Hirsch and Jessica DiNapoli in New York; Editing by Bernard Orr)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-gandermountain-bankruptcy-idUSKBN15P2N5'|'2017-02-11T00:06:00.000+02:00'
'1bb93f472d655b5c8361608642378809243e6c25'|'PRESS DIGEST- Financial Times - Feb 8'|'Company News - Tue Feb 7, 2017 - 8:44pm EST PRESS DIGEST- Financial Times - Feb 8 Feb 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/2lhUTyg ) Overview Lloyds Banking Group is to review the cases of British businesses that lost out in a 245 million pound ($306.45 million) fraud for which six people were jailed last week. The fraud involved two former bankers of HBOS, once Britain''s biggest mortgage lender, which was rescued in a state-engineered takeover by Lloyds in 2008. They helped siphon off money from struggling businesses which were HBOS clients. Israel''s Tax Authority said on Tuesday that the chief executive of Deutsche Bank''s local subsidiary has been arrested and released on bail over allegations that it mis-reported transactions worth more than 550 million shekels ($146.74 million). Airbus strategy chief Marwan Lahoud, one of the founders of Europe''s largest aerospace group and its M&A czar for the past decade, is leaving the company at the end of February, Airbus said on Tuesday. Independent investment bank Moelis & Co won the sole advisory mandate for the planned initial public offering of Saudi Aramco. ($1 = 0.7995 pounds) ($1 = 3.7480 shekels) (Compiled by Rama Venkat Raman in Bengaluru; Editing by Sandra Maler) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-press-ft-idUSL4N1FS5MN'|'2017-02-08T08:44:00.000+02:00'
'5c734871f01788542c08fcf178192871a326959e'|'IT security firm Sophos rises after $100 million Invincea deal'|'LONDON British IT security company Sophos ( SOPH.L ) has agreed to buy malware protection company Invincea for $100 million to bolster its product line and give it a stronger presence in the U.S. government, healthcare and financial services sector.Shares in Sophos rose 5.5 percent to a four-month high of 287 pence, topping the mid-cap index .FTMC , after the deal was announced on Wednesday.Sophos chief executive Kris Hagerman said Invincea''s machine learning-based threat detection technology would be rapidly integrated into its product line, representing a significant growth opportunity for the company.The deal, which includes a $20 million earn-out in addition to the $100 million cash payment, came as Sophos reported a 16 percent rise in third-quarter billings to $164.1 million.(Reporting by Paul Sandle, editing by James Davey)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-sophos-group-m-a-invincea-idINKBN15N0XO'|'2017-02-08T06:27:00.000+02:00'
'04965a578d276e261b6e7907f90686c905dd57b6'|'Ex-VW chairman Piech refuses to testify in German emissions inquiry'|'Sat Feb 11, 2017 - 5:00pm GMT Ex-VW chairman Piech refuses to testify in German emissions inquiry Ferdinand Piech, chairman of the supervisory board of German carmaker Volkswagen, arrives at the annual shareholders meeting in Hanover in this April 25, 2013 file photo. REUTERS/Fabian Bimmer/Files HAMBURG/BERLIN Ex-Volkswagen ( VOWG_p.DE ) Chairman Ferdinand Piech, who resigned after a showdown with former chief executive Martin Winterkorn, has refused to testify to German lawmakers investigating a possible government''s role in the VW emissions scandal, according to his lawyer. Piech, also VW''s former CEO who spearheaded the carmaker''s global expansion, gave testimony to lawyers of U.S. law firm Jones Day last April and to German prosecutors in Braunschweig near VW''s Wolfsburg headquarters in December, his lawyer said. "These comments were solely directed at the inquirers of Jones Day and the prosecutors respectively. They were not directed at the public media," Piech''s Hamburg-based lawyer, Gerhard Strate, said in an emailed statement. He said Piech has no intention "to comment in public on what is being circulated as the alleged content of the questioning". The German parliamentary committee of inquiry has expressed its intention to summon Piech. The committee chairman did not return calls seeking comment on Piech''s refusal to testify. A German media report earlier this week said Piech had informed top directors at VW about potential cheating with diesel emissions tests in the United States six months before the scandal became public in September 2015. Piech has not commented on the report by Bild am Sonntag. The unsourced report said Piech raised the issue with Winterkorn and subsequently informed members of the supervisory board''s steering committee in March 2015 - a month before Piech was ousted as chairman. VW has said it might take legal action against Piech over his reported assertions. The supervisory board''s labor representatives have since denied the reported allegations, as did Stephan Weil, a member of the steering committee and prime minister of Lower Saxony state, VW''s No. 2 stakeholder. The German parliamentary committee will next Thursday question Weil and Transport Minister Alexander Dobrindt over the scandal. The panel was set up last April to clarify whether Germany''s federal government and regulators were involved in VW''s manipulations or failed to contribute towards their disclosure. Last month it questioned Winterkorn, who denied early knowledge of the cheating. (Reporting by Jan Schwartz and Andreas Cremer; editing by Mark Heinrich) Up Next Russia to decide in April-May if global oil deal should be extended: TASS MOSCOW Russia will decided in April or May whether an agreement on global oil output cuts between OPEC and non-OPEC producers, set to end on June 31, should be extended, TASS news agency quoted Russian Energy Minister Alexander Novak as saying on Saturday.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-volkswagen-emissions-piech-idUKKBN15Q0LR'|'2017-02-11T23:53:00.000+02:00'
'07ad33a8608a8111abddfc1573b365bd83697402'|'Saudi hires Jadwa Investment to advise on selling soccer clubs - sources'|' 41am GMT Saudi hires Jadwa Investment to advise on selling soccer clubs - sources By Hadeel Al Sayegh and Tom Arnold - DUBAI DUBAI Saudi Arabia''s Jadwa Investment, one of the country''s largest privately owned investment bank, has been appointed to advise on the privatisation of as many as five soccer clubs in the Saudi Professional League, sources told Reuters on Wednesday. A request for proposals was sent to bankers last month, one of the sources said, declining to be named because the matter is not yet public. A spokesperson for the government''s General Authority of Sports was not immediately available to comment. Late last year, the government approved plans to turn state-owned sports clubs into private companies. (Additional reporting by Katie Paul; Editing by Andrew Torchia)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-saudi-soccer-privatisation-idUKKBN15N0TR'|'2017-02-08T15:41:00.000+02:00'
'b3acca1df69d3d823a5c8e33ec7db07213d4f849'|'Microsoft offers patent troll defense for cloud customers'|'Microsoft Corp has thought up another way to attract potential customers to its cloud computing service: deterrent against patent trolls.Companies new to the cloud are vulnerable to non-practicing entities, which do not make any products themselves but use their arsenal of broad technology patents to sue other firms in order to extract royalties or a cash settlement.The new offering could appeal to companies new to the cloud arena, needing a service such as Microsoft''s Azure to store their data or host their mobile app.It was not clear that it alone would be enough to draw customers away from the market leader, Amazon.com Inc''s Amazon Web Services.Under a plan unveiled on Wednesday, Microsoft said customers of its cloud service could rely on any of 10,000 Microsoft patents free of charge to deter legal threats against them.The Redmond, Washington-based company also said it would extend its existing promise to defend any customers sued over Azure to include the freely available or ''open source'' technology incorporated into its cloud service.The protection is designed to appeal to an automaker, for instance, which may have car-related patents but has no such cover for its mobile apps and other cloud-based products, making it a target."They haven''t had years to build up that patent portfolio," said Julia White, Microsoft corporate vice president, in an interview. "Cloud innovation is far too important to be stifled by lawsuits."(Reporting by Jeffrey Dastin in San Francisco; Editing by Bill Rigby)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/microsoft-cloud-idINKBN15N1MI'|'2017-02-08T11:01:00.000+02:00'
'3275e8b35c86a1cbbfead5f20a696a934664c8bd'|'Caixabank gets 84.5 percent stake in Portugal''s Banco BPI in takeover'|'By Sergio Goncalves - LISBON LISBON Spain''s Caixabank successfully completed the takeover of Portugal''s second-largest listed lender, Banco BPI, paying 645 million euros ($690 million) to raise its stake to 84.5 percent from 45 percent, the two banks said on Wednesday."This acquisition has a lot of financial logic, we''re talking about two institutions that complete each other perfectly," CEO of Caixabank, Gonzalo Cortazar, told a news conference, adding that the Portuguese market "has potential".The takeover took nearly two years to complete and was designed to boost Caixabank revenues outside Spain, where it faces stiff competition for lending. The Barcelona-based lender was one of Spain''s most acquisitive banks during the financial crisis, and has struggled to offset falling profitability at home by buying smaller savings banks.It launched its first bid for BPI in 2015 at 1.329 euros per share, but opposition by some shareholders, notably Angolan investor Isabel dos Santos, forced it to withdraw that bid last year, only to make a lower final offer of 1.134 euros a share.Dos Santos, the daughter of Angola''s president, had a stake of about 20 percent in the Portuguese bank. It was not immediately clear whether she was fully bought out.BPI CEO Fernando Ulrich will step down, but Caixabank proposed that he be elected chairman of the board at BPI, which will keep its decision-making center in Portugal.Caixabank has said it expects savings of up to 84 million euros a year from merger synergies, including up to 45 million euros from 900 layoffs as businesses are combined.Caixabank ended 2016 with a fully-loaded capital ratio - a measure of a bank''s strength under the strictest capital rules - of 12.4 percent and expected the ratio to fall by up to 80-140 basis points, depending on the take-up of the BPI bid.Although not immune to problems affecting Portugal''s notoriously fragile banking sector, BPI has long finished paying off its state loans, while its larger rivals Millennium bcp ( BCP.LS ) and state-owned CGD still owe money to the state.BPI had a 33 percent rise in 2016 net profit as net interest income rose while impairments for bad loans fell sharply. Its fully-loaded capital ratio at the end of 2016 was 11.1 percent.Before the completion of the takeover, BPI handed control of its lucrative Angolan unit BFA to Angolan telecoms firm Unitel to meet requirements by the European Central Bank on risky exposure to the Angolan economy.Dos Santos also indirectly controls Unitel and the BFA deal was seen as a way of winning her approval for the takeover.Shares in BPI closed 6.58 percent lower before the announcement, on expectations it would drop out of Lisbon''s PSI20 leading stock index. Caixabank shares fell 1 percent.(Writing by Andrei Khalip; Editing by Ruth Pitchford)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-banco-bpi-m-a-caixabank-idINKBN15N2ES'|'2017-02-08T16:11:00.000+02:00'
'c0de6cc810322fdbb6361ffa154038bc9a991ff3'|'IMF chief says new research shows data transparency cuts borrowing costs'|'Business News -  38pm GMT IMF chief says new research shows data transparency cuts borrowing costs Christine Lagarde, Managing Director, International Monetary Fund (IMF) attends the annual meeting of the World Economic Forum (WEF) in Davos, Switzerland January 18, 2017. REUTERS/Ruben Sprich WASHINGTON New International Monetary Fund data shows that countries that improve the transparency of their economic and fiscal data are rewarded with significantly lower borrowing costs, IMF Managing Director Christine Lagarde said on Wednesday. Lagarde, in prepared remarks to the Atlantic Council, said that a yet-to-be published IMF staff research paper will show that adherence by countries to the Fund''s data transparency initiatives leads to a 15 percent reduction in the spreads on emerging market sovereign bonds - just three months after the improvements are made. "IMF staff research also shows that, during crises, capital flight is greater in the least transparent countries, which underlines the benefits for financial stability that transparency can bring," Lagarde said in prepared remarks. The IMF said that the paper, titled, "The Effects of Data Transparency Policy Reforms on Emerging Market Sovereign Bond Spreads," will be published this year. (Reporting by David Lawder; Editing by Andrea Ricci) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-imf-lagarde-idUKKBN15N221'|'2017-02-08T23:32:00.000+02:00'
'7cfdb269391c092ec2b195e43537534a54b403c1'|'Suncor reports fourth quarter profit and record production'|'Wed Feb 8, 2017 - 8:31pm EST Suncor reports fourth quarter profit and record production A Suncor refinery is seen in Sherwood Park, near Edmonton, Alberta, Canada November 13, 2016. REUTERS/Chris Helgren CALGARY, Alberta Suncor Energy Inc, Canada''s largest oil and gas company, reported a larger-than-expected fourth-quarter profit on Wednesday as a result of higher global crude prices and improved reliability at the Syncrude oil sands project. The company reported net earnings of C$531 million or 32 Canadian cents per share. In the year-prior quarter, Suncor recorded a net loss of C$2 billion, or C$1.38 a share, because of non-cash impairment charges and an unrealized foreign exchange loss of U.S. dollar-denominated debt. Suncor''s fourth-quarter operating profit, which excludes one-time items, was C$636 million, or 38 Canadian cents per share, versus a loss of C$26 million, or 2 Canadian cents per share, in the year-ago period. Analysts had predicted earnings of 29 Canadian cents per share, according to Thomson Reuters I/B/E/S. Calgary-based Suncor is the biggest producer in Canada''s oil sands and the majority owner of the Syncrude project. The company also has operations offshore Atlantic Canada and in the North Sea. The company produced a record 738,500 barrels of oil equivalent per day in the fourth quarter, up from 582,900 boepd in the same period of 2015, due mainly to acquiring a majority share in Syncrude. Refinery throughput was 427,300 barrels per day in the final quarter of 2016, down slightly from 430,200 bpd in the same period a year earlier. (Reporting by Nia Williams; Editing by Bill Rigby) Up Next Panera surges to record as Wall Street eyes payoff from technology SAN FRANCISCO Shares of Panera Bread surged to a record high on Wednesday and were on track for the biggest one-day move in almost two years after the company gave an upbeat forecast and said technology investments at its restaurants were paying off.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-suncor-energy-results-idUSKBN15O05B'|'2017-02-09T08:27:00.000+02:00'
'c679db1762a5910ffd43aafd9cfe014b546e9986'|'Takata to set aside $864 mln as part of U.S. DOJ settlement'|'TOKYO Feb 9 Japan''s Takata Corp said on Thursday it will set aside 96.93 billion yen ($864.4 million) as part of a $1 billion settlement with the United States Justice Department over the world''s largest ever auto recall.In a regulatory filing, the auto parts firm also said it would book and additional 3.5 billion yen special loss over recall-related costs in the third quarter. Takata added that it expects currency related gains of 4.07 billion yen in the April-December period.Takata has been looking for a sponsor to lead its turnaround, with sources saying Key Safety Systems had been selected, fanning concern that a court-led restructuring was on the cards.It will report its third quarter earnings on Friday.($1 = 112.1400 yen) (Reporting by Thomas Wilson; Editing by Stephen Coates)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/takata-settlement-idINT9N1EA02E'|'2017-02-09T03:33:00.000+02:00'
'b82b964023a4b67582ee7901f3f10eb9b1877249'|'Banks, brokers face post-Brexit mis-selling claims over FX options'|'Foreign Exchange Analysis - Thu Feb 9, 2017 - 5:32pm GMT Banks, brokers face post-Brexit mis-selling claims over FX options New one pound coins are displayed The Royal Mint, in Llantrisant, Wales, Britain, January 25, 2017. Picture taken January 25, 2017. REUTERS/Rebecca Naden By Lawrence White and John Geddie - LONDON LONDON Banks and foreign exchange brokers in Britain face legal claims from small companies which allege they were mis-sold complex currency derivatives that soured when the pound fell after Britain''s vote to leave the European Union, according to court filings and sources familiar with the cases. In one of the first cases that has been brought, a small British jeans maker, Newstar Garments, alleges broker World First sold it derivatives of an ''exceptionally high level of complexity'' that led to losses of over four million pounds, according to court filings seen by Reuters. Newstar said it wanted simply to hedge against fluctuations in the dollar/sterling exchange rate when it engaged World First, but that the broker recommended it enter increasingly complex transactions that resulted in it taking risky speculative bets. When World First lodged a debt recovery claim against Newstar following the company''s failure to pay up on the contract, Newstar responded with a counter-claim alleging the misselling. "In simple terms, the allegations of mis-selling are opportunistic, entirely baseless and have no prospect of success," a spokeswoman for World First said via email. A lawyer representing Newstar   the case. World First said last week it will exit the FX options business, citing a change in its strategy. Lawyers say they are working on similar claims worth hundreds of millions of pounds in total, against large banks and leading currency brokers accused of breaching their duty of care to their customers. The law firm representing Newstar, Collyer Bristow, said it is working on six other such cases. Abhishek Sachdev, Chief Executive of Vedanta Hedging which advises companies on derivatives for hedging and on mis-selling cases, said he is aware of 25 cases involving currency products of which some 15 clients are instructing lawyers. Banks in Britain have already paid out over 2 billion pounds in compensation to small companies that claim they were mis-sold interest rate hedging products, the FCA said in January last year following the completion of a review of such cases. Sachdev said in many of the cases he has worked on involving forex products, what starts as a simple hedging contract is restructured many times until the customer is unknowingly taking on excessive levels of risk. The filings seen by Reuters showed customers making the same allegation. "Since Brexit we have seen a hell of a lot more (of these forex mis-selling cases) because when you have a major move in a currency like that, it is like the 2009 moment for interest rates," said Vedanta''s Sachdev. Sachdev was called in 2012 by the British government and the FSA, the relevant regulator at the time, as an expert witness in those interest rate mis-selling cases. LEGITIMATE USE Hedging of currency risks by small and medium-sized British companies surged before June''s referendum on EU membership, according to a survey by bank research firm East and Partners published last July. Around 20 percent of small businesses in Britain with revenues under 20 million bought foreign exchange options from banks and brokers to protect themselves against sharp movements in the value of the British pound, the survey said, compared with 17 percent in a previous survey in April 2016. All of those with turnover of 20 million to 100 million pounds a year had used FX options to protect themselves in the past year, the survey said. A decade-long squeeze in the profits banks and brokers earn on ordinary spot currency transactions has driven them to focus on options and other speculative financial derivatives, according to sources at those firms and indu
'2feaa17220bdbce384346f9bad3c0eb1e2fe1d80'|'Exclusive: Spain''s Telefonica in talks to sell Telxius stake - sources'|'By Andr<64>s Gonz<6E>lez - MADRID MADRID Spain''s Telefonica is in talks with private equity firms KKR ( KKR.N ), CVC [CVC.UL] and Ardian as well as sovereign fund GIC [GIC.UL] about the sale of a 49 percent stake in its telecom masts subsidiary Telxius, four sources said.The sources familiar with the matter said Telefonica had hired HSBC ( HSBA.L ) as an advisor and while the talks could still fall through they were at a final stage and Telefonica wanted to reach a deal before March.A successful sale would only be a small step in bringing down Telefonica''s 50 billion euros ($53 billion) of debt, but it would go a long way in showing investors its strategy of cutting its dividend last year to wait for a better window to divest assets, rather than selling them cheaply, is paying off.The move by the telecoms company follows several failed deals - including a cancelled Telxius initial public offering and the blocked sale of its British subsidiary O2 - as it tries to cut debt, recover financial muscle and boost its share price.It would also be the clearest indication to date that Telefonica still sees value in owning network infrastructure and is not willing to follow some rivals who have abandoned control of their towers to become technology or content companies.Two of the sources said a deal could even be announced before Telefonica releases full-year earnings on Feb. 23."The deal is going fast, faster than a non-binding and binding offers process. The idea of Telefonica is to close something shortly, even ahead of its results," said one of the sources, on condition of anonymity.Telefonica, HSBC, KKR, CVC, and Ardian declined to comment. GIC did not immediately respond to a request for comment.Some of the sources said GIC and CVC could make a joint offer while others said KKR could team up with Ardian, or that KKR, GIC and CVC could all bid together.The funds are also asking Telefonica to enter into a shareholders pact as part of the sale so they can have a say in the management of the towers subsidiary, even if they do not acquire full control, the sources said.The 49 percent stake is expected to fetch at least 1.47 billion euros based on the valuation of the failed initial public offering (IPO) of the telecom masts business in September.Analysts and insiders believe the sale of the Telxius stake would pave the way for Telefonica to revive attempts to raise money from O2 UK, either through an IPO or the sale of a stake in the British telecoms company.($1 = 0.9361 euros)(Additional reporting by Pamela Barbaglia, Dasha Afanasieva and Saeed Azhar; writing by Julien Toyer; editing by David Clarke)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-telefonica-m-a-telxius-idINKBN15O1K8'|'2017-02-09T10:07:00.000+02:00'
'b32d6bd8dab67c3d3e9799fbf024db7ed8db3268'|'UPDATE 1-Nigeria parliament approves plan to sell $1 billion Eurobond'|'(Adds Quote: , use of funds, background)LAGOS Feb 8 Nigeria''s parliament has approved the government''s request to sell a $1 billion Eurobond on the international debt market to help finance its budget deficit, the senate spokesman said on Wednesday."As at today, the only request for approval from the executive was ... for the issuance of $1 billion eurobond ... for the funding of the 2016 budget deficit, and we immediately granted the approval," Senate spokesman Aliyu Sabi Abdullahi said in a statement.He added that the government said it wanted to use part of the eurobond proceeds to finance two rail projects.Finance Minister Kemi Adeosun, Central Bank Governor Godwin Emefiele and other senior government officials have been meeting investors in London and the United States on a roadshow to issue the bond with a 15-year maturity.Citigroup and Standard Chartered Bank organised the investor meetings.Adeosun said in October that Africa''s biggest economy had commitments for half the amount it wanted to raise from the eurobond.Nigeria is suffering its first recession in 25 years and needs to find money to make up for shortfall in its budget. Its revenues have plunged along with global oil prices and militant attacks in its crude-producing heartland, the Niger Delta.The government has laid out plans to spend a record 6.86 trillion naira ($22.5 billion) to help pull Nigeria out of recession in a draft 2017 budget sent to parliament for approval.It planned to spend 6.06 trillion naira last year, but struggled to fund it.The government has set out a $30 billion overseas borrowing plan to finance planned infrastructure projects until 2018, but analysts were skeptical whether it would be able to raise the funds.($1 = 305.25 naira) (Reporting by Camillus Eboh; Writing by Chijioke Ohuocha; Editing by Larry King)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/nigeria-eurobond-idINL5N1FT32H'|'2017-02-08T08:27:00.000+02:00'
'c524a3e092b79b17ddedacf7996b977e6117d0f8'|'Rome moves to shield Italy Inc from corporate raiders'|'Company News - Wed Feb 8, 2017 - 10:02am EST Rome moves to shield Italy Inc from corporate raiders * Government plans transparency law on stake purchases * Some lawmakers urge tougher action to protect firms * Signals growing protectionist sentiment in Italy * French buyers biggest overseas investors in country * Graphic-Italian inbound M&A: tmsnrt.rs/2khFKJg By Giselda Vagnoni and Giuseppe Fonte ROME, Feb 8 Italy''s government is concerned about the vulnerability of its companies to foreign takeover, particularly those it considers of national importance, and is moving to defend them. Rome is drafting new corporate transparency rules to force buyers who build up significant minority stakes in Italian firms to disclose what their ultimate intentions are, a reform aimed at guarding against hostile foreign takeovers. Few details have been disclosed about the planned law but Massimo Mucchetti, a senior senator in the ruling Democratic Party (PD), told Reuters the proposals envisaged a threshold of 5 percent at which a buyer must disclose their aims regarding the company. The government drive follows aggressive stake-building by French tycoon Vincent Bollore''s media group Vivendi, which has accumulated a holding of almost 29 percent in Italian broadcaster Mediaset since last year. Vivendi is the top shareholder in Telecom Italia. There have also been a spate of acquisitions of high-profile Italian companies across a wide range of sectors in recent years, with the charge led by French firms. Deals have included ChemChina''s 7.1 billion euro ($7.6 billion) acquisition of tyre maker Pirelli in 2015 and French asset manager Amundi''s 3.5 billion euro purchase of Italian rival Pioneer late last year. Last month Italy''s Luxottica and France''s Essilor agreed on a 46-billion-euro merger to form an eyewear powerhouse that will be headquartered and listed in Paris. Some PD lawmakers are urging tougher government action. While few people expect Rome to go beyond its disclosure rules for now, the planned law and political debate signals protectionist sentiment is on the rise in Italy after years of a relatively open approach to foreign acquisitions - one championed by former Prime Minister Matteo Renzi. This has echoes of a trend seen in the United States, where Donald Trump won the presidency after a campaign advocating "America First" protectionist policies. The planned Italian law also underlines growing political concerns about the prospect of companies deemed of strategic national importance - including Mediaset, national airline Alitalia, insurer Generali and former telecoms monopoly Telecom Italia - falling under overseas control. Mucchetti, chairman of the Senate''s industry committee, said the planned disclosure law would put "some sand in the engine" for foreign takeovers but added it would not affect the Vivendi-Mediaset situation as it could not be applied retrospectively. He said he was reporting what was discussed in a meeting between members of his committee and government officials. A spokeswoman for the industry minister declined to comment on the 5 percent threshold or provide details about the draft legislation, saying discussions between the government and lawmakers were at an early stage. Vivendi and Mediaset declined to comment. Vivendi has previously denied it is seeking a hostile takeover of Mediaset , saying its stake-building is aimed at strengthening Mediaset. FRENCH BUYERS French buyers have been the biggest overseas investors in Italian companies over the past decade, with total deals worth about $65 billion since 2008, according to Thomson Reuters data, ahead of U.S. buyers in second place with about $39 billion. Over the same period, Italian companies have invested a relatively paltry $7.3 billion in France. The Italian government announced it was planning to increase corporate transparency requirements late last month, without providing details. Another PD Senator on the industry committee, Salvatore To
'c82e1b0e41518f1e48fb99864d368a9ef9c6128c'|'UniCredit exec says upbeat about capital increase'|'Business News - Wed Feb 8, 2017 - 5:29pm GMT UniCredit exec says upbeat about capital increase Unicredit bank logo is seen on a sign in Milan, Italy, May 23, 2016. REUTERS/Stefano Rellandini/File Photo MILAN Italy''s biggest bank by assets is upbeat about a record 13 billion-euro ($13.91 billion) share sale launched this week, the bank''s head of strategy said on Wednesday. The cash call, the biggest in Europe since 2010, is seen as a key test of investor confidence in Italy''s battered banking sector, coming just weeks after Monte dei Paschi di Siena ( BMPS.MI ) had to be rescued by the state. The share issue kicked off against a shaky backdrop on Monday, when banking shares were hit by a spike in the spread between Italian and German 10-year government bonds. "If you look at the last two days, the market prices are very good. We are serene," Marina Natale told reporters. (Reporting by Gianluca Semeraro, writing by Silvia Aloisi; editing by Agnieszka Flak) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eurozone-banks-italy-unicredit-idUKKBN15N26R'|'2017-02-09T00:29:00.000+02:00'
'cfe377aba13c32e56fe59569fbdbd8f40ea319d8'|'ChinaCoal to divert 9,300 workers to new jobs in capacity cut'|'  4:11am GMT ChinaCoal to divert 9,300 workers to new jobs in capacity cut BEIJING Chinacoal ( 601898.SS ), China''s second-largest coal producer, plans to divert around 9,300 coal workers, about 10 percent of its workforce, to new jobs, the company''s spokesperson said on Wednesday. Part of a plan to reduce mining capacity by 17 million tonnes a year in 2017, ChinaCoal will offer the coal mine employees training and help them look for jobs with other companies, Jiang Chun, spokesman for ChinaCoal said. "We plan to offer training to the 9,300 workers that will be diverted," said Jiang. "Some of these people will remain within ChinaCoal. We will also help these employees look for jobs with other companies if they opt to leave ChinaCoal." ChinaCoal''s current annual capacity is 277 million tonnes from 44 mines. ChinaCoal''s total workforce will drop to around 95,000 from 100,000 by the end of 2017, he said. "At some of our loss making mines, many of the coal workers have ended contracts with us and left for new opportunities." Jiang said. (Reporting by Meng Meng and Josephine Mason; Editing by Christian Schmollinger)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-china-chinacoal-idUKKBN15N0BC'|'2017-02-08T11:11:00.000+02:00'
'55ab845ecbf5e1bfca2298695771adb807386c34'|'China''s PBOC to skip open market operations for 4th straight trading day - statement'|'Business News  24am GMT China''s PBOC to skip open market operations for 4th straight trading day - statement SHANGHAI China''s central bank said it would skip open market operations for a fourth straight trading day on Wednesday in order to keep liquidity stable in the country''s banking system. "The overall liquidity in the banking system is staying at a relatively high level," the PBOC said in a statement on its website. In order to "keep liquidity basically stable in the banking system", the central bank decided to skip the reverse repurchase agreement operations on Tuesday, it added. The PBOC has drained a net 395 billion yuan ($57.40 billion) so far this week. In early trade on Wednesday, the volume weighted average of the seven-day repo rate CN7DRP=CFXS was at 2.35 percent, down 8.47 basis points from the previous closing average rate. The PBOC surprised financial markets on Friday by increasing the interest rates on open market operations by 10 basis points, on the first day back from the long Lunar New Year holidays. ($1 = 6.8821 Chinese yuan) (Reporting by the Shanghai Newsroom; Editing by Sam Holmes) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-china-openmarket-repo-idUKKBN15N04Z'|'2017-02-08T08:24:00.000+02:00'
'd14717918e1089b4306dae5fd6f451f26a245441'|'Fund manager Ashmore posts above-forecast 32 percent first-half profit rise'|'Business News - Thu Feb 9, 2017 - 7:31am GMT Fund manager Ashmore posts above-forecast 32 percent first-half profit rise By Carolyn Cohn - LONDON LONDON Fund manager Ashmore Group ( ASHM.L ) posted an above-forecast 32 percent rise in first-half core profit to 89.7 million pounds following strong investment returns in emerging markets, it said on Thursday. The firm, which specialises in emerging market investments, saw a decrease in assets under management in the six months to the end of December, however, to $52.2 billion from $52.6 billion. Assets under management rose 5 percent over the whole of 2016, helping boost revenues to 144.1 million pounds, up 24 percent, compared with a forecast 128.9 million. Adjusted earnings before interest, tax, depreciation and amortisation were forecast at 77.3 million pounds, according to a company-supplied poll. Ashmore said it would pay an interim dividend of 4.55 pence per share, unchanged from a year earlier. "The combination of attractive absolute and relative returns, accelerating GDP growth, and low allocations all support the expectation of further strong performance in 2017 and a return to the improving flow trend seen for most of 2016,<2C> chief executive Mark Coombs said in a statement. Emerging market stocks .MSCIEF have risen 16 percent since the beginning of 2016. ($1 = 0.7996 pounds)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ashmore-results-idUKKBN15O0PV'|'2017-02-09T14:31:00.000+02:00'
'011eca1782c888cf4e961184377d2bb4fa4c545f'|'Goviex sees uranium market strong enough for new mine in 2020'|'Company  24am EST Goviex sees uranium market strong enough for new mine in 2020 * Spot prices still too low to justify new mines * Chinese expansion driving demand CAPE TOWN Feb 9 Uranium markets are showing signs of strength that should enable Canadian-listed producer Goviex to bring its Madaouela mine in Niger onstream by 2020, the company''s CEO said on Thursday. Spot prices of uranium, used to make fuel for nuclear power production, have been depressed since the 2011 Fukushima disaster led Japan to shut down its reactors and created high stockpiles globally. Goviex CEO Daniel Major said prices are still around $30 dollars per pound compared with the level of $50-to-$55 Goviex says it needs to build a mine. But he said the fundamentals are stronger as China aggressively builds reactors and uranium markets start to face a supply shortage. "The uranium market is permanently in operational production deficit. It survives by taking material out of stockpiles all the time. It doesn''t take much to tighten it up," Major said on the sidelines of a conference in Cape Town. Goviex operates in Africa, which Major says is a good environment for a uranium miner as licences are easily obtainable and the quality of the ore is good enough. "It''s not just about the grade in our industry and the key thing is you can get permits in Africa," Major said, adding that nations such as Niger, heavily reliant on resources income, were likely to facilitate operations. In addition to Niger, Goviex has Mutanga in Zambia, which is expected to come onstream in 2023 and Falea in Mali which is due about three years after that, provided uranium prices are strong enough. (Reporting by Barbara Lewis; editing by Jason Neely) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/africa-mining-goviex-uranium-idUSL5N1FU2U1'|'2017-02-09T17:24:00.000+02:00'
'ce0dda6472a1673ec5a281fa34d76e1d3e78628e'|'Infineon, Cree warn U.S. might stop Wolfspeed sale'|'FRANKFURT German chipmaker Infineon ( IFXGn.DE ) and U.S. LED lighting maker Cree ( CREE.O ) warned that Cree''s planned sale of Wolfspeed Power and RF to Infineon might not go ahead, citing security concerns by the U.S. government.The Committee on Foreign Investment in the United States (CFIUS) informed Infineon and Cree that the deal poses a risk to U.S. national security, Infineon said on Wednesday, adding that CFIUS had so far not identified any mitigation measures."Against this background, Infineon is of the opinion that there is a considerable risk that the transaction, as agreed, is not going to close," it said.Infineon in July agreed to buy Wolfspeed Power and RF - which helps to make electronic devices operate more efficiently - for $850 million, betting on new energy-efficient chips it expects will dominate the market in the next decade.(Reporting by Christoph Steitz; Editing by Georgina Prodhan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-cree-m-a-infineon-technol-idINKBN15N2U1'|'2017-02-08T20:02:00.000+02:00'
'b51cb62ca12901c096bce7d7ec06191a536ca623'|'European shares gain for 3rd day, SocGen and Total advance'|' 33am EST European shares gain for 3rd day, SocGen and Total advance (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) * STOXX Europe 600 index up 0.2 pct * SocGen and Eutelsat among top gainers * Yara International worst performer By Atul Prakash LONDON, Feb 9 European shares climbed for a third consecutive session on Thursday, with some major companies such as France''s second-biggest listed bank Societe Generale and oil major Total advancing after their results. Eutelsat also surged, up 6 percent and the top gainer in the STOXX 600 index, after the telecommunication services firm''s first half revenue fell less than expected. It also predicted higher Internet and mobile satellite sales and planned to buy a Viasat satellite. Shares in Societe Generale rose 2 percent after the bank reported better than expected net income in the final three months of last year and said it would float a stake in its booming vehicle leasing unit ALD. France''s Total gained 0.8 percent after the company also reported better than expected fourth quarter net profits, thanks to cost savings that enabled it to raise its dividend, and said it was hunting opportunities to buy assets from struggling rivals. Bank of America Merrill Lynch said that there was a strong value case for European equities relative to the United States. However, the value case was conditional on the earnings cycle in Europe turning to relative profit growth and the impact of political and sovereign risks. "So far the signs are positive. Earnings (in Europe) are now rising relative to the U.S. and we expect double digit EPS growth in 2017," Bank of America ML analysts said in a note. The pan-European STOXX 600 index was up 0.2 percent by 0959 GMT after rising in the past two straight days. Across Europe, the DAX, up 0.1 percent, was little changed after data showed Germany''s trade surplus hit a new record in 2016. However, gains were limited by some weaker sectors and poor company updates. The European mining index fell 1.3 percent, the biggest sectoral decliner, after copper and nickel dropped. Shares in Anglo American, Antofagasta and Glencore were down 2.6 to 3.5 percent. Commerzbank fell 3 percent after the German lender said it needed to do more to get back to sustainable growth. Germany''s second-largest lender behind Deutsche Bank, however, beat quarterly profit forecasts. Thomas Cook fell 7 percent on its cautious outlook. It said summer bookings were ahead of last year, but it was cautious for the rest of the year due to uncertain political and economic outlook. However, some analysts were mildly positive. "Times are tough in the European travel industry and Thomas Cook isn''t having the best of it, though the good news is things don''t seem to be getting any worse," Laith Khalaf, senior analyst at Hargreaves Lansdown, said. Yara International and Gjensidige both fell 6 percent after their results. Smith & Nephew dropped 3.3 percent after Europe''s biggest artificial hip and knee maker reported a 7 percent drop in full-year trading profit, missing average forecasts, on tough market conditions in China and the Gulf. Yara International and Gjensidige both fell 6 percent after their results. (Reporting by Atul Prakash; Editing by Keith Weir) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/europe-stocks-idUSL5N1FU2TX'|'2017-02-09T17:33:00.000+02:00'
'd810c6ca367fb284b7eded6dd418bdc41db6b1ef'|'Twitter reports slowest quarterly revenue growth, shares slide'|' 29pm IST Twitter reports slowest quarterly revenue growth, shares slide 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 reported its slowest quarterly revenue growth since going public as the company continues to face intense competition from Snap Inc''s Snapchat and Facebook Inc''s Instagram. The company''s shares fell as much as 10 percent to $16.81 in premarket trading on Thursday. Twitter said its user base increased 4 percent to 319 million average monthly active users. Analysts on average had expected 319.6 million monthly active users, according to market research firm FactSet StreetAccount. Revenue rose just 1 percent to $717.2 million, missing analysts'' average estimate of $740.1 million, according to Thomson Reuters I/B/E/S. The company''s adjusted profit, however, beat sharply lowered estimates. "While revenue growth continues to lag audience growth, we are applying the same focused approach that drove audience growth to our revenue product portfolio," Chief Executive Jack Dorsey said in a statement. "This will take time, but we''re moving fast to show results." Twitter''s user growth benefited from the social media frenzy that surrounded the U.S. Presidential election as well as the growing follower base of President Donald Trump. Trump has been using Twitter to air his views, bypassing traditional media outlets. Twitter was abuzz with takeover chatter last year involving big names such as Salesforce.com Inc and Walt Disney Co. The rumors died down due to the lack of concrete offers. Twitter has also upgraded its offerings with several new features, including live video broadcasts from its app. "While none of them will likely materially change Twitter''s user/usage growth, these product innovations are a positive step," RBC Capital Markets analysts wrote in a pre-earnings note. San Francisco-based Twitter was also hit by a string of executive departures in 2016, including in its product team, which has had three heads in less than a year. Twitter''s net loss widened to $167.1 million, or 23 cents per share, in the fourth quarter ended Dec. 31, from $90.24 million, or 13 cents per share, a year earlier. Restructuring charges in the latest quarter ballooned to $101.2 million from $12.9 million a year earlier. Twitter said in October it would cut 9 percent of its global workforce as part of a broader restructuring. Excluding items, the company earned 16 cents per share in the fourth quarter, beating the average estimate of a profit of 12 cents per share. (Reporting by Aishwarya Venugopal and Supantha Mukherjee in Bengaluru; Editing by Saumyadeb Chakrabarty) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/twitter-results-idINKBN15O1JO'|'2017-02-09T19:59:00.000+02:00'
'f06a244659f1050cb6d4f216fab3148cdc27a982'|'KKR buys 14.1 pct stake in GFK, Dell stake rises to 10.1 pct'|'Deals  14pm EST KKR buys 14.1 percent stake in GFK, Dell stake rises to 10.1 percent FRANKFURT Private equity firm KKR ( KKR.N ) has acquired a stake of 14.1 percent in German research firm GFK ( GFKG.DE ), regulatory filings show, as it seeks to fight off rival investor Michael Dell. Together with GFK Verein, KKR is seeking to acquire control over 75 percent of GFK by end of Feb. 10, but rival investor Michael Dell has also started building a stake. Dell''s GFK shareholdings now amounts to 10.1 percent, the filings show. KKR made its 43.50 euros a share GKK offer conditional on surpassing a 18.54 percent threshold. Dell''s MSD Capital fund manages more than $12 billion in assets, the company says on its website, which lists merger arbitrage as one of its investment strategies. (Reporting by Alexander Huebner, writing by Edward Taylor; editing by Susan Thomas) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-gfk-m-a-dell-idUSKBN15O2MS'|'2017-02-10T02:12:00.000+02:00'
'1f67a1a741026f96865ed5be8bf7b6cdde9468e2'|'Graphics-chip maker Nvidia''s revenue surges 55.1 pct'|'Thu Feb 9, 2017 - 4:33pm EST Graphics-chip maker Nvidia''s revenue surges 55.1 percent The logo of technology company Nvidia is seen at its headquarters in Santa Clara, California February 11, 2015. REUTERS/Robert Galbraith/File Photo Nvidia Corp''s quarterly revenue surged more than 50 percent for the second straight quarter, helped by rising demand for its graphics chips and strength in rapidly growing areas such as self-driving systems and artificial intelligence. The company''s net income jumped to $655 million, or 99 cents per share, in the fourth quarter ended Jan. 29, from $207 million, or 35 cents per share, a year earlier. The company''s revenue rose to $2.17 billion from $1.40 billion. (Reporting by Narottam Medhora in Bengaluru; Editing by Savio D''Souza) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-nvidia-results-idUSKBN15O2W1'|'2017-02-10T04:24:00.000+02:00'
'2208f3b52abea893a79152c80278585cf40276b3'|'UK Stocks-Factors to watch on Feb 8'|'Company News  29am EST UK Stocks-Factors to watch on Feb 8 Feb 8 Britain''s FTSE 100 index is seen opening 8 points lower on Wednesday, according to financial bookmakers. * The UK blue chip index closed up 0.2 percent at 7,186.22 points on Tuesday, boosted by a weak sterling and a surge in services company DCC, while UK mid-caps posted a record closing level. * RIO TINTO: Global miner Rio Tinto, said on Wednesday it will pay a bigger-than-expected annual dividend of $1.70 per share on the back of a strong recovery in mineral commodities markets in 2016 and cost-cutting. * CO-OPERATIVE GROUP: Britain''s Co-operative Group said Richard Pennycook, its CEO who played a key role in steering the group through a 2013 crisis, is to step down on March 1 and be succeeded by Steve Murrells, the current boss of the group''s food business. * SHIRE: The U.S. Federal Trade Commission filed a complaint against Shire ViroPharma on Tuesday, accusing it of abusing government processes in order to fend off generic competition to its antibiotic Vancocin HCI, the agency said in a statement. * BHP: Workers are set to strike on Thursday at BHP Billiton Plc''s Escondida copper mine after contract talks mediated by the Chilean government failed to reach a deal, the main union at the world''s largest copper mine told Reuters. * BRITAIN ECONOMY: British employers struggled to find the staff they needed in January, forcing them to increase starting salaries for permanent staff at the fastest pace in nine months, a survey showed on Wednesday. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets * UK CORPORATE DIARY: Victrex Plc Q1 2017 Redrow Plc Half Year 2017 Earnings Release Dunelm Group Plc Half Year 2017 Earnings Release Hargreaves Lansdown Plc Half Year 2017 Earnings Release Tullow Oil Plc Full Year 2016 Earnings Release GlaxoSmithKline Plc Q4 2016 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 in Bengaluru; Editing by Amrutha Gayathri) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-stocks-factors-idUSL4N1FT25L'|'2017-02-08T13:29:00.000+02:00'
'1eac1f02c45356820ed368ef3a0d60abfda92f6d'|'Exclusive: Spain''s Telefonica in talks to sell Telxius stake - sources'|'By Andr<64>s Gonz<6E>lez - MADRID MADRID Spain''s Telefonica is in talks with private equity firms KKR, CVC and Ardian as well as sovereign fund GIC about the sale of a 49 percent stake in its telecom masts subsidiary Telxius, four sources said.The sources familiar with the matter said Telefonica had hired HSBC as an advisor and while the talks could still fall through they were at a final stage and Telefonica wanted to reach a deal before March.A successful sale would only be a small step in bringing down Telefonica''s 50 billion euros ($53 billion) of debt, but it would go a long way in showing investors its strategy of cutting its dividend last year to wait for a better window to divest assets, rather than selling them cheaply, is paying off.The move by the telecoms company follows several failed deals - including a cancelled Telxius initial public offering and the blocked sale of its British subsidiary O2 - as it tries to cut debt, recover financial muscle and boost its share price.It would also be the clearest indication to date that Telefonica still sees value in owning network infrastructure and is not willing to follow some rivals who have abandoned control of their towers to become technology or content companies.Two of the sources said a deal could even be announced before Telefonica releases full-year earnings on Feb. 23."The deal is going fast, faster than a non-binding and binding offers process. The idea of Telefonica is to close something shortly, even ahead of its results," said one of the sources, on condition of anonymity.Telefonica, HSBC, KKR, CVC, and Ardian declined to comment. GIC did not immediately respond to a request for comment.Some of the sources said GIC and CVC could make a joint offer while others said KKR could team up with Ardian, or that KKR, GIC and CVC could all bid together.The funds are also asking Telefonica to enter into a shareholders pact as part of the sale so they can have a say in the management of the towers subsidiary, even if they do not acquire full control, the sources said.The 49 percent stake is expected to fetch at least 1.47 billion euros based on the valuation of the failed initial public offering (IPO) of the telecom masts business in September.Analysts and insiders believe the sale of the Telxius stake would pave the way for Telefonica to revive attempts to raise money from O2 UK, either through an IPO or the sale of a stake in the British telecoms company.($1 = 0.9361 euros)(Additional reporting by Pamela Barbaglia, Dasha Afanasieva and Saeed Azhar; writing by Julien Toyer; editing by David Clarke)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/telefonica-m-a-telxius-idINKBN15O1XO'|'2017-02-09T12:00:00.000+02:00'
'044517181cdab6994cd717ca16b49e5248311d17'|'Walt Disney raises stake in Paris Disneyland operator to 85.7 percent'|' 05am GMT Walt Disney raises stake in Paris Disneyland operator to 85.7 percent Mickey and Minnie are pictured at the 20th anniversary celebrations of Disneyland Resort in Marne-la-Vallee, outside Paris, March 31, 2012. REUTERS/Benoit Tessier Walt Disney Co ( DIS.N ) said it would raise its holding in Euro Disney SCA ( EDLP.PA ) to 85.7 percent by acquiring most of Saudi Prince Alwaleed Bin Talal''s Kingdom Holding Co''s 4280.SE stake in the Paris Disneyland operator. The media company, through its subsidiary EDL Holding Company, is buying a 9 percent stake in Euro Disney for 2 euros a share, to be paid in Disney common stock, the company said in a statement. The deal represents a 67 percent premium to the closing price of Euro Disney''s shares on Thursday. Following the deal, Kingdom Holding''s stake in Euro Disney will come down to 1 percent from 10 percent, Disney said. Disney also made a cash offer of 2 euros a share to acquire the remaining shares of Euro Disney. After the completion of the voluntary tender offer, if Disney and its subsidiaries own at least 95 percent of Euro Disney''s shares, it would promptly buy out and delist Euro Disney shares from the Euronext Paris stock exchange. Disney also reiterated its commitment to a 1.5 billion euro (1.27 billion pound) racapitalisation for Euro Disney, which would go into its infrastructure improvements and debt reduction. Euro Disney''s financial condition has been negatively impacted by the 2015 Paris attacks and tough business conditions throughout France and Europe in 2016, Disney said. Euro Disney has been reeling under increasing losses, with annual net loss widening to 858 million euros in 2016 from 102 million euros in 2015. (Reporting by Sangameswaran S in Bengaluru; Editing by Sunil Nair)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-euro-disney-walt-disney-stake-idUKKBN15P0ZV'|'2017-02-10T17:05:00.000+02:00'
'3b862099773c66a46b35ebbfa1a31cc9f6dacbbf'|'SoftBank''s Q3 operating profit rises 71 pct as Sprint trims losses'|'Wed Feb 8, 2017 - 1:12am EST SoftBank''s third-quarter operating profit rises 71 percent as Sprint trims losses FILE PHOTO - People walk behind the logo of SoftBank Corp in Tokyo December 18, 2014. REUTERS/Toru Hanai/File Photo TOKYO Japan''s SoftBank Group Corp ( 9984.T ) reported on Wednesday a 71 percent rise in operating profit for the October-December quarter due to shrinking losses at U.S. unit Sprint Corp ( S.N ) and a strength in its domestic telecommunications business. SoftBank, which owns a majority stake in Sprint, said third-quarter profit increased to 295.7 billion yen ($2.63 billion) from 172.8 billion yen in the same period a year earlier. That beat a Thomson Reuters Starmine SmartEstimate of 246.30 billion yen drawn from three analysts. SmartEstimates give greater weight to recent forecasts by top-rated analysts. Sprint trimmed its quarterly loss as the No. 4 U.S. wireless carrier added more subscribers than Wall Street expected. This was the first full quarter since SoftBank completed a $32 billion acquisition of Britain''s most valuable technology company ARM, but SoftBank''s earnings are still highly dependent on Sprint and the performance of the domestic telecommunications business. ($1 = 112.3400 yen) (Reporting by Makiko Yamazaki; Editing by Muralikumar Anantharaman) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-softbank-results-idUSKBN15N0GQ'|'2017-02-08T13:10:00.000+02:00'
'534b37a4890d6f86be29c3f68b7667f5b61c4133'|'SocGen buys Aviva''s stake in insurer Antarius 1 for 425 million pounds'|'LONDON British insurer Aviva ( AV.L ) on Thursday announced the sale of a 50 percent stake in its life insurance joint venture Antarius 1 to a unit of French bank Societe Generale ( SOGN.PA ) for about 425 million pounds ($531.42 million).Antarius is currently owned jointly by Aviva and a separate subsidiary of Societe Generale."This is a good deal at an attractive valuation and the sale realises a strong return for our shareholders," said Aviva Chief Executive Officer Mark Wilson.(Reporting By Andrew MacAskill; Editing by Rachel Armstrong)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-aviva-sale-societe-generale-idUSKBN15O0PE'|'2017-02-09T10:25:00.000+02:00'
'8846a04539f58beaf77620a9877fd1c26912f5c3'|'L''Oreal eyes Body Shop sale, posts higher revenue, profit - Reuters'|'By Sudip Kar-Gupta and Martinne Geller - PARIS/LONDON PARIS/LONDON French cosmetics giant L''Oreal ( OREP.PA ) is weighing a possible sale of The Body Shop retail chain, it said on Thursday as it posted higher sales and profits.L''Oreal said in a statement that it had decided to "explore all strategic options regarding The Body Shop''s ownership in order to give it the best opportunities and full ability to continue its development."It said no final decision had been taken on the British chain, which it bought over a decade ago.Founded in 1976 by social and environmental activist Anita Roddick, the brand was a pioneer in the ethical beauty business, but has since suffered from heavy competition as many other brands adopted similar philosophies."Given the uninspiring performance of the brand, we suspect it shouldn''t come as a big surprise," said RBC Capital Markets analysts.L''Oreal is being advised by Lazard, according to an earlier report in the Financial Times, which said some private equity suitors had already expressed interest in buying the brand and it could fetch 1 billion euros.L''Oreal said 2016 sales had risen 2.3 percent from a year ago to 25.84 billion euros ($27.6 billion), slightly ahead of the mean average forecast for sales of 25.75 billion euros according to a Reuters consensus conducted with Inquiry Financial.Earnings per share for 2016 also rose 4.6 percent.Looking ahead, L''Oreal said that despite "an economic context that is still volatile and uncertain", it was "confident it will once again outperform the beauty market in 2017" with another year of growing sales and profits.L''Oreal, whose brands include Maybelline New York, Kiehl''s and Redken, issued its statement after the Paris stock market had closed with the stock up 0.4 percent after marginal gains so far this year on top of a roughly 12 percent gain in 2016.L''Oreal has been very active lately in terms of deal-making, announcing the $1.2 billion acquisition of IT Cosmetics last July and the $1.3 billion purchase of three brands from Valeant last month. It said the possible sale of The Body Shop was part of a related "brand portfolio optimisation".(Reporting by Sudip Kar-Gupta; Editing by Andrew Callus/Ruth Pitchford)'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/loreal-results-idINKBN15O2KR'|'2017-02-09T15:50:00.000+02:00'
'744b266ca4398428522e75b275db87dda23a556a'|'Investors turn to ''safe haven'' gold as political tensions heighten - business live - Business'|'Gold prices are at three-month highs Photograph: The Royal Mint/PA 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 Angela Monaghan Thursday 9 February 2017 08.14 GMT Key events Show 8.06am GMT 08:06 The agenda: Political tensions fuel investor jitters Live feed Show 8.14am GMT 08:14 Political uncertainty has also kept equity investors guessing. Michael Hewson, chief market analyst at CMC Markets, says that trying to work out which way markets are heading is like <20>wading through treacle<6C>:Equity markets in Europe have continued to chop in and out of positive territory for most of the past few days, as rising political uncertainty serves to keep investors in limbo, though the FTSE 250 has continued to outperform, closing at another record high yesterday.So far this year e quity markets across Europe for all the ups and downs seen in the last few weeks aren<65>t too far from where they started the year, as investors try to look through the fog of politics in France, Germany, the Netherlands, as well as the banking issues in Italy and the possibility of new elections there, as well as the perennial problem child of Greece. Is it any wonder that trying to find any sort of market direction is like wading through treacle?US markets finished the day rather more mixed but only marginally below their record highs. US investors appear reluctant to throw in the towel on the Trump reflation trade quite yet, but there are signs of doubt as to whether it will actually arrive, so distracted does the new President appear to be with taking on his opponents. Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 8.06am GMT 08:06 The agenda: Political tensions fuel investor jitters Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business. Political tensions in Europe and the US are fuelling investor caution, with gold prices at three-month highs as demand for the safe have asset rises.US gold futures rose 0.2% to $1,241.30 an ounce, while spot gold hovers around $1,240 an ounce.Investors are concerned by the wave of elections coming up in Europe, not least in France where the far-right candidate Marine Le Pen - who is promising a referendum on EU memberhip - has gained strong support. In the US, uncertainty reigns over President<6E>s Trump<6D> s policies.Barnabas Gan , analyst at OCBC Bank , says gold prices are likely to rise further over the next few weeks:Gold prices will be a little bit rangebound with some upside bias for the next few weeks or so.The risk factors have not really changed so far - we<77>re talking about Donald Trump, we<77>re talking about the political situation in Europe and because of all these factors, we do expect market watchers to stay cautious in the months ahead to gauge how the global economy is going to perform.Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/live/2017/feb/09/investors-turn-to-safe-haven-gold-as-political-tensions-heighten-business-live'|'2017-02-09T15:14:00.000+02:00'
'b851dd76da96ac8050b5c677af2e1c541a49bed0'|'Thyssenkrupp sees Steel Europe recovery later in year'|'  6:13am GMT Thyssenkrupp sees Steel Europe recovery later in year FILE PHOTO - 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/File Photo FRANKFURT German industrial group Thyssenkrupp ( TKAG.DE ) posted a 40 percent jump in first-quarter adjusted operating profit, in line with expectations, but said on Thursday it expected a recovery in its European steel business only later in the year. Profit was lifted by Thyssenkrupp''s elevator business and a sharp improvement in its American steel operations but a recovery in prices that helped its materials distribution business has yet to lift prices at its European steel unit, while still raising input costs. "Due to the sharp rise in raw material costs combined with a high share of longer-term contract business, this positive trend will not impact earnings at Steel Europe until later in the year," the company said in a statement. Steel prices have risen in recent months due to lower Chinese exports, anti-dumping measures and higher demand but Thyssenkrupp has relatively little exposure to spot markets, with half its contracts being six months long or more. Thyssenkrupp hopes to combine its European steel business with that of Tata Steel''s ( TISC.NS ) to help reduce excess capacity and costs. But that depends on Tata''s finding a solution for its large UK steel pension deficit, which has been complicated by political turmoil in the wake of Britain''s vote to leave the European Union. Tata Steel reported its first profit in five quarters on Tuesday helped by higher sales of industrial products and steel for the auto sector, and said strategic initiatives on UK pensions continued to be a priority. Arcelor Mittal ( ISPA.AS ), the world''s biggest steelmaker, is expected to report a 44 percent jump in core profit and a 5 percent increase in quarterly sales on Friday. Quarterly adjusted operating profit at Thyssenkrupp''s Steel Europe unit almost halved to 28 million euros ($30 million), a margin of just over 1 percent on its sales of 1.91 billion euros and short of analysts'' expectations of 53 million euros. Group adjusted earnings before interest and tax (EBIT) were 329 million euros ($352 million) in the quarter to end-December, in line with expectations in a Reuters poll. Thyssenkrupp confirmed its full-year outlook for adjusted EBIT of around 1.7 billion euros - a rise of about 8 percent - a clear year-on-year improvement in net income and slightly positive free cash flow before mergers and acquisitions. Orders in the quarter rose 1 percent to 9.95 billion euros and sales were up 6 percent to 10.1 billion euros, broadly in line with expectations. ($1 = 0.9350 euros) (Reporting by Georgina Prodhan; Editing by Maria Sheahan)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-thyssenkrupp-results-idUKKBN15O0H3'|'2017-02-09T13:13:00.000+02:00'
'6cc1806a83c7e9c6a1fd669763d38227a814b413'|'Puerto Rico to pay $1.4 million in general obligation debt'|'Puerto Rico Governor Ricardo Rossello said on Thursday that the U.S. territory would make a $1.4 million interest payment on constitutionally-backed bonds that was due on Feb. 1, drawing on money deposited at Banco Popular.Speaking at an event in San Juan with private sector leaders, Rossello said he would draw on a $146 million account funded with so-called clawback funds - money that had been earmarked for other debt payments, but was redirected last year by ex-governor Alejandro Garcia Padilla, as the island tried to combat a crippling fiscal crisis.(Reporting by Nick Brown, editing by G Crosse)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-puertorico-debt-payment-idINKBN15O2LW'|'2017-02-09T16:05:00.000+02:00'
'942d8655960971205ccf10e3e7ac420762c252f2'|'BRIEF-Summit Midstream Partners LP announces pricing of senior notes'|' 18pm EST BRIEF-Summit Midstream Partners LP announces pricing of senior notes Feb 8 Summit Midstream Partners LP : * Summit Midstream Partners LP announces pricing of senior notes * Summit Midstream Partners - notes will be issued at par and bear interest at 5.75 pct per annum, payable semi-annually in arrears  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSASB0AZCU'|'2017-02-09T05:18:00.000+02:00'
'3610b8f2dbb2f6102cefd4d02df7640d9e321cb6'|'Hyundai may source car batteries from China amid political tension'|'Wed Feb 8, 2017 - 8:29am GMT Hyundai may source car batteries from China amid political tension The logo of Hyundai Motor is seen on a steering wheel at its dealership in Seoul, South Korea, December 15, 2016. REUTERS/Kim Hong-Ji By Hyunjoo Jin - SEOUL SEOUL Hyundai Motor ( 005380.KS ) said on Wednesday it may procure electric vehicle batteries from Chinese companies for a planned China model after South Korean battery makers failed to make a list of approved vendors last year. The decision comes at a time of growing concern in South Korea that Beijing may be retaliating over Seoul''s decision to deploy a U.S. anti-missile system. China argues the defense system could undermine its security. Hyundai Motor said it was now considering a Chinese battery for a plug-in hybrid version of its Sonata sedan to be sold in China. "Considering various factors in Chinese market and price competitiveness, Hyundai Motor Company is also looking at cooperation with Chinese battery suppliers," the company said in a statement to Reuters. It declined to comment on reports that its decision was due to tension with Beijing over the U.S. Terminal High Altitude Area Defence (THAAD) system. The news came on the same day that South Korea''s Lotte Group said Chinese authorities have halted construction at a multi-billion dollar real estate project in the northeastern city of Shenyang after a fire inspection - a move that has also fueled concerns about retaliation. Beijing last year declined to award certification to LG Chem Ltd ( 051910.KS ) and Samsung SDI Co Ltd ( 006400.KS ), both among the world''s largest players, potentially excluding them from state subsidies and eroding their price competitiveness. "As a company which has to sell vehicles in China, we have no choice but to consider a China battery maker under the current conditions," said a Hyundai source, who was not authorized to speak to the media and declined to be identified. The current Sonata Plug-In Hybrid, sold in South Korea and the United States, uses a battery made by South Korea''s LG Chem ( 051910.KS ). Hyundai also said it now plans to launch the Sonata Plug-In Hybrid in China in 2018, a year later than previously planned, without elaborating on the reason for the delay. (Reporting by Hyunjoo Jin; Editing by Tony Munroe and Edwina Gibbs) Up Next Exclusive: White House eying executive order targeting ''conflict minerals'' rule - sources WASHINGTON President Donald Trump is planning to issue an executive order targeting a controversial Dodd-Frank rule that requires companies to disclose whether their products contain "conflict minerals" from a war-torn part of Africa, according to sources familiar with the administration''s thinking. Disney CEO Iger says he is open to extending his term Chief Executive Bob Iger said on Tuesday he is open to extending his term as the head of Walt Disney Co , offering investors a sign of potential stability at the media company as it reported a dip in quarterly advertising at ESPN. Japan''s Sharp may break ground on $7 billion U.S. plant in first half: source TOKYO 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, a person with knowledge of the plan said. 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-hyundai-motor-china-idUKKBN15N0S3'|'2017-02-08T15:26:00.000+02:00'
'948be2bcbd1618f8c386f662924ed90556c8da00'|'U.S. refiners give mixed reviews of GOP-backed border tax plan'|'Commodities  18pm EST U.S. refiners give mixed reviews of GOP-backed border tax plan The Phillips 66 refinery is viewed from the air in Carson, California, U.S. on August 5, 2015. REUTERS/Mike Blake/File Photo By Jarrett Renshaw - NEW YORK NEW YORK U.S. independent refiners like Phillips ( PSX.N ) and Valero ( VLO.N ) have offered mixed support for Republican efforts to boost American jobs and products, expressing concerns about how a border tax on imports could upend the energy ecosystem. The comments by refining executives in a wave of recent earnings calls offer the first glimpse of the balancing act U.S. refiners must perform under the Trump Administration: Applaud pro-business proposals while raise alarms about protectionist policies that may hurt American consumers - and perhaps their own balance sheets. Congressional Republicans and the Trump administration are considering a basket of tax reforms, the centerpiece of which is a 20 percent tax on imports, to try to drive domestic manufacturing and energy industry growth. The tax would be offset by cutting income taxes on exports. Refining executives warned it would have significant consequences for the U.S. refining industry that imports around 40 percent of its daily crude oil needs, and the consumer was most likely the one to get hit. "If it were to pass, we''ll be able to be flexible. We''ll be able to move the price onto the consumer,<2C> Valero CEO Joe Gorder said. GAS UP 30-40 CENTS ON BORDER TAX It is not clear that refineries would easily be able to absorb more U.S. light, sweet crude when many of them are designed to refine heavier grades of oil from Canada and Saudi Arabia. Phillips 66 is among the largest buyers of the roughly 3.3 million barrels per day of Canadian crude that flows into the United States. Phillips CEO Greg Garland said last week that Canadian producers, at the moment, need U.S. buyers to survive and will need to adjust to any border tax. "Short-term, I''m not sure where the Canadian crude goes, I think it''s got to drain south. Longer-term, I think options can be developed for that. So I don''t think we''re worried about the Canadian crude going away, but it will have to price such that the refiners run it,<2C> Garland said. The company imports roughly 1 million bpd of crude oil. It could replace about 400,000 bpd of that with domestic barrels, but ultimately they and other refiners need to look outside the borders. <20>The heavy crudes, the availability is not really there,<2C> said Phillips 66 president Tim Taylor. Valero said they can run between 600,000 to roughly 1 million barrels per day of light domestic crude in their 3 million bpd network, giving them flexibility to respond. Executives noted that they have made investments in recent years to increase their product export capacity, which would yield higher returns if exports were tax free. U.S. products exports have risen dramatically in recent years. The border tax proposal still faces hurdles. Big U.S. retailers that rely on imports oppose it, President Donald Trump has sent mixed signals, and some U.S. Senate Republicans question whether it would pass muster under international trade rules. The tax reform would have a disproportionate effect across the country. Refiners on the East and West Coast who lack direct access to U.S. pipelines and rely more on imports would have less flexibility to shift crude slates than their Gulf Coast counterparts. Companies without significant product export operations would not be able to offset the new import tax costs. "We think crude prices go up 25 percent. We think gasoline prices go up 30 to 40 cents a gallon in that scenario. We''re worried about demand destruction in that case and what happens,<2C> Garland said. (Reporting By Jarrett Renshaw; Editing by Andrew Hay) Next In Commodities'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-refineries-bordertax-idUSKBN15N2NW'|'2017-02-09T04:15:00.000
'f42af2fa84439cf173439bbd8fc545c9a66f4a4f'|'Baupost''s Klarman warns Trump-related jitters stoking investor risk'|'Money - Wed Feb 8, 2017 - 1:51pm EST Baupost''s Klarman warns Trump-related jitters stoking investor risk U.S. President Donald Trump speaks to members of the law enforcement at the Major Cities Chiefs Association (MCCA) Winter Conference in Washington, U.S., February 8, 2017. REUTERS/Joshua Roberts By Svea Herbst-Bayliss - BOSTON BOSTON Billionaire money manager Seth Klarman, whose Baupost Group hedge fund ranks among the world''s largest and closely watched, warned that U.S. President Donald Trump is creating considerable uncertainty that will translate into risk for investors. Klarman, whose letters are some of the most widely read in the investment industry, also announced a key organizational change. "If things go wrong, we could find ourselves at the beginning of a lengthy decline in dollar hegemony, a rapid rise in interest rates and inflation and global angst," Klarman who has run the $29 billion firm since 1982 wrote in the letter seen by Reuters. "In short, tail risk has grown," Klarman wrote, saying he is troubled by Trump, citing the new president''s "erratic tendencies and over-confidence in his own wisdom and judgment." Many investors have rallied around Trump''s promises for tax cuts and rolling back regulatory requirements, forecasting these will boost hedge fund returns. But Klarman has taken a more cautious tone, warning of potential ups and downs. "Exuberant investors have focused on the potential benefits of stimulative tax cuts while mostly ignoring the risks from America-first protectionism and the erection of new trade barriers," Klarman wrote in the 20-page letter. He said Baupost made money last year, earning "high single-digit gains" after having lost money in 2015 when the fund posted a "mid-single-digit decline." Klarman was mum on specific investments, noting only that "the European pipeline remains full." Klarman, who has run the Boston-based fund since 1982, said he plans to oversee investments for many years and announced an organizational change to help "extend my tenure." Jim Mooney, who heads Baupost''s public investments group, will take on the additional role of president, where he will be responsible for staffing, recruiting and promotions, among other things. Mark Tsocanos, a real estate expert, was also promoted to partner. A new analyst joined the Private Investment Group last year and "several more" are joining the public and private teams this year, Klarman said. Klarman also told investors that he is sticking with his long-successful strategy of valuing specific assets instead of making broad-based macro calls about growth or currency movements, for example. "Many investors are now being tempted to make top-down bets based on guessing where the Trump administration will take the economy," Klarman said, adding: "It''s incredibly hard to develop an edge from such top-down viewpoints." Investors'' tastes for passive investments in a small number of exchange traded funds may make global markets more vulnerable to more severe downturns, he said, and his team has to play both offense and defense to make money. "We intend to maintain our focus on downside protection, and we will wait as long as necessary for bargains to arise." (Reporting by Svea Herbst-Bayliss, editing by G Crosse) Next In Money BlackRock CEO Fink sees ''dark shadows'' in financial markets NEW YORK BlackRock Chief Executive Larry Fink on Wednesday said the U.S. economy is in the midst of a slowdown and financial markets could see a significant setback, because of uncertainty over global trade and the Trump administration''s plan to cut taxes.'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-hedgefunds-baupost-idUSKBN15N2DC'|'2017-02-09T01:51:00.000+02:00'
'571025f89c2b58447acfef578257003c6a461589'|'BRIEF-Nighthawk increases bought deal private placement to $20 million'|' 12pm EST BRIEF-Nighthawk increases bought deal private placement to $20 million Feb 8 Nighthawk Gold Corp * Nighthawk increases bought deal private placement to $20 million * Offering will now be for 10.7 million flow-through units at price of $0.93 per ft unit, 14.3 million units at a price of $0.70 per unit Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSASB0AZ7V'|'2017-02-09T00:12:00.000+02:00'
'c0ed1f38ef00a75ca2e8a4d845db4624874c5283'|'BoE''s Cunliffe warns against diluting global banking rules'|'Business News - Wed Feb 8, 2017 - 6:49pm GMT BoE''s Cunliffe warns against diluting global banking rules The Bank of England is seen through the columns on the Royal Exchange building in London, Britain August 4, 2016. REUTERS/Neil Hall LONDON Bank of England Deputy Governor Jon Cunliffe warned against moves to dilute the banking rules introduced after the global financial crisis, which have come under fresh scrutiny following Donald Trump U.S. presidential election win. Trump last week ordered reviews of the banking rules put in place after the 2008 financial crisis, while in Britain some supporters of Brexit have called for a scaling back of similar regulations once the country leaves the European Union. "We''ve made very substantial progress since the financial crisis, increasing the resilience of the financial sector and increasing its ability to support the economy in times of stress both nationally and ...globally," Cunliffe told the BBC in an interview on Wednesday. "Those changes were necessary," he said. "None of us want to see again the sorts of events we saw between 2007 and 2009 and the costs of those events are still very clear." Cunliffe said it was too early to say what the outcome of the reform proposals in the United States would be. He said an executive order signed by Trump announcing the review referred to proportionate regulation and the need to prevent bail-outs which did not seem "out of line" with global finance rules. For Britain, with its large financial services sector, it was important that regulation remained robust, he said. "One doesn''t become successful as an international center by having lax standards and by being open to crises and regulatory arbitrage," Cunliffe said. He also told the BBC that he considered the risks to the BoE''s latest outlook for the British economy to be evenly balanced between the possibility of growth coming in stronger or weaker than forecast. (Writing by William Schomberg; editing by John Stonestreet) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-boe-cunliffe-idUKKBN15N2CF'|'2017-02-09T01:44:00.000+02:00'
'a45dc19eff1f79bbe838b7d95f7ebb9140ffe99d'|'In Kenya, midwives on motorbikes save mothers from perilous journeys - Global Development Professionals Network'|'Leparua, Isiolo County, Kenya <20> it takes three hours to snake downhill on a motorbike, skirting gingerly around mud puddles, but for Salome, it feels like days.Riding side-saddle, she exhales sharply over each bump on the track and rubs her heavily pregnant belly protectively.In the driver<65>s seat is traditional birth attendant, or TBA, Afro. He squints through the monsoon rainclouds, carefully inching the motorbike forward. His gaze remains fixed on the horizon until, at last, the hospital comes into view.Deep in Kenya<79>s interior, health facilities are sparse, with some located up to 100 kilometres from the communities they service. For pregnant women like Salome, reaching it can be perilous, particularly during the rainy season, when dirt roads flood and bridges become submerged.<2E>I know many women who went into labour and started to walk to the hospital alone,<2C> she says, slumping down on a plastic stool at the hospital entrance. <20>But it is too far to walk with labour pains, so they had to deliver the baby in a bush.<2E>Fortunately, Salome is in safe hands, thanks to birth attendant Afro and his motorbike, or piki-piki, as it is known locally.As she goes in to register, Afro leans heavily on a curved crook outside, exhausted. He explains why traditional birth attendants continue to play a central role within the Masai<61>s tribal structure.<2E>It is a great honour for us to deliver the new members of our tribe. This role gives us status within our communities.<2E>But with the arrival of the motorbike, he says, the role of the traditional birth attendant may be changing.<2E>In the past, I had to deliver the baby at the woman<61>s home with no medical knowledge. When there were complications, there was nothing I could do. Now I can bring the mothers here on my piki-piki and take the tiny babies back home when they arrive. So, we still play a significant role.<2E>Unfortunately, many women in Kenya do not have access to the same level of medical care as Salome. According to the latest figures from the World Health Organisation, more than 6,300 women died in childbirth last year, one of the highest in East Africa. It is estimated that more than 800 of those deaths occurred in Isiolo County.With long distances, poor infrastructure and no licenced medical professionals nearby, women in this part of the country have relied on TBAs for generations.In 2005, Kenya<79>s Ministry of Health banned traditional midwifery practices, saying TBAs had adopted increasingly risky methods of delivery. They focused their investment instead on training and equipment.Nurse Julia describes how the ban further entrenched high-risk practices in Masai culture. <20>Many TBAs felt abandoned at that time. They felt they had no choice, so they continue to use these natural remedies. For example, they take a part of a tree commonly found here, boil the root and give the liquid to the pregnant woman to encourage the uterus to contract.<2E>But many midwives give the mother too much of the liquid. Sometimes, the ladies overdose, start fainting during labour and even lose their babies. It is traditions like this that we must prevent.<2E>She points to a small plastic bag filled with blood on a tray nearby and explains that this had been extracted from a goat by another TBA to increase the haemoglobin levels of an 18-year-old mother.Facebook Twitter Pinterest A health worker delivers a patient to hospital in Kenya. Photograph: Christian Aid <20>Clearly, she needed a blood transfusion, but the TBA saw no alternative,<2C> she adds. <20>This is how tetanus, hepatitis B, HIV and many other infections are being spread.<2E> Afro says that, while these traditions will endure, he encourages his fellow TBAs to integrate their practices with skilled medical care.<2E>We used to deliver the babies with no protective gloves, but a lot of birth attendants contracted HIV. Now we know that it is not safe to do this. We have agreed not to assist women at home anymore.<2E>
'fd0d0665a2127d8f1ac420f3b7d6e852cf35228c'|'UPDATE 1-Mexico''s Jose Cuervo prices IPO at 34 pesos per share'|'(Adds sum raised)MEXICO CITY Feb 9 The initial public offering for tequila maker Jose Cuervo priced at the top of an expected range at 34 pesos per share, the company said on Thursday, kicking off the first Mexican initial public offering since Donald Trump won the U.S. presidency in November.Including the overallotment option, the IPO raised 18.64 billion pesos ($912.6 million), the company said in a statement.The share price confirmed a report by sources familiar with the matter consulted by Reuters on Wednesday, who said there was strong investor demand for the offering.The company, officially known as Becle, put its IPO on hold twice last year, after Trump''s relationship with Mexico became strained over the issue of immigration, sending the peso currency to a string of record lows. ($1 = 20.4260 Mexican pesos) (Reporting by Dave Graham)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/mexico-josecuervo-idINL1N1FU0PX'|'2017-02-09T10:43:00.000+02:00'
'5d47fdea08a624255c827109cfc207a2eff60504'|'BRIEF-ConocoPhillips says wholly owned unit, Burlington Resources Inc, received arbitration award of $380 million from International Arbitration Tribunal'|'United States  20pm EST BRIEF-ConocoPhillips says wholly owned unit, Burlington Resources Inc, received arbitration award of $380 million from International Arbitration Tribunal Feb 8 Conocophillips * ConocoPhillips says wholly owned unit, Burlington Resources Inc, received arbitration award of $380 million from International Arbitration Tribunal * ConocoPhillips says arbitration award relates to Ecuador''s "expropriation" of Burlington''s investment in "breach of U.S.-Ecuador bilateral investment treaty" * ConocoPhillips says tribunal issued separate decision that Ecuador was entitled to $42 million for certain environmental and infrastructure impacts  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1FT0XN'|'2017-02-09T05:20:00.000+02:00'
'a5d49c76322545097d6632f58127867628ae1e61'|'''There will be more deaths'': NGOs on Trump''s anti-abortion rule - Global Development Professionals Network'|'Three days after his inauguration, Donald Trump reinstated the <20>global gag<61> rule , which prohibits the use of US aid money for abortions, prevents NGOs from using private funds for abortion services, from referring women to groups that provide abortions, and even from offering information on services. We asked NGOs around the world to tell us how the policy impacted them in the past, and what it means for their work today. <20>The policy constitutes bullying and blackmail<69>Sally Griffin, director, ICRH-Mozambique Mozambique is at a crucial turning point. Abortion was recently decriminalised and the government and its partners are preparing to roll out services. We fear this policy could derail the process, either through its impact on funding for services, or through the climate of fear and restraint it creates.We receive US funding to provide HIV, sexual and reproductive health (SRH) services to sex workers. The <20>global gag<61> rule pushes us into a corner: abandon our efforts to support access to safe abortion or close down our programme providing essential SRH services to marginalised people. Either way, vulnerable women will have their reproductive and sexual rights compromised. The policy constitutes bullying and blackmail, particularly of local organisations that are heavily dependent on US funding to provide services and to survive, and are therefore effectively powerless to turn it down.This policy is going to undermine the reproductive health of our womenRani Jha, Nepal <20>Impoverished women may not be able to afford quality abortion care<72>Rani Jha, obstetrician and gynaecologist, Nepal I work to provide free or subsidised safe abortions and contraceptive services to marginalised women. The services are funded by international donations and we are afraid that we may not be able to secure more funds in the future. Then, we may have to curtail our services or start charging patients. But Nepal is a poor country and impoverished women may not be able to afford quality abortion care. We can expect a rise in the rate of unsafe abortions, and subsequent mortality and morbidity. This is going to undermine the reproductive health of our women.Facebook Twitter Pinterest What is the <20>global gag rule<6C>, and why does Trump support it? <20>The rule will reduce our work to near zero<72> Claudia Dides, executive director, Miles Chile In the past, the implementation of the policy meant that only government funding was available to support the promotion of sexual and reproductive rights. There was an increase in the number of girls aged 11<31>14 having unwanted pregnancies, and an increase in the prevalence of HIV/Aids. The global gag rule will reduce our work to near zero as we depend almost 100% on external support to promote the sexual and reproductive rights of women and teenagers in Chile . They would be left without information on the latest contraceptive methods, they would have limited access to sex education (government programmes are limited or non-existent), and there would be restrictions on advocating preventive actions around HIV/Aids and other sexually-transmitted diseases.<2E>Mothers will visit the clinic with problems they might have avoided<65> Heloise, Ghana In northern Ghana , it is common for poor young women to receive financial support from their boyfriend in exchange for sex. But without SRH and rights education, they often don<6F>t know how to prevent pregnancy. If a woman does get pregnant, she will often rely on her boyfriend and his family to support her. And if she goes to school, she may have to drop out. After the baby is born, the man<61>s family is considered free of responsibility and this can leave the woman without financial or family support. In this region, girls and women are often so poor they have no money to get treatment for any pregnancy or newborn complications, resulting in extremely high rates of maternal and child mortality.Facebook Twitter Pinterest Family p
'4b12a607c6866b4f32fe37393b1ec96d212bc7f9'|'Viacom revenue rises 5.39 pct'|'Thu Feb 9, 2017 - 7:18am EST Viacom revenue rises 5.39 percent A woman exits the Viacom Inc. headquarters in New York, U.S. on April 30, 2013. REUTERS/Lucas Jackson/File Photo Viacom Inc ( VIAB.O ), the owner of MTV, Comedy Central and Nickelodeon, reported a 5.39 percent rise in quarterly revenue, helped by improved theatrical revenue and growth in domestic affiliate revenues. However, net income attributable to Viacom fell to $396 million, or $1 per share, in the first quarter ended Dec. 31, from $449 million, or $1.13 per share, a year earlier. Revenue rose to $3.32 billion from $3.15 billion. The company also said it would focus its efforts on six "flagship" brands: Nickelodeon, Nick Jr., MTV, Comedy Central, BET and Paramount as part of a turnaround plan under new Chief Executive Officer Bob Bakish. (Reporting by Rishika Sadam in BengaluruEditing by Sriraj Kalluvila) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-viacom-results-idUSKBN15O1FU'|'2017-02-09T19:11:00.000+02:00'
'95a2aa94f2c7abd144d54fd535ba6ab89b9d9bc8'|'LPC-Sterling loans well-received despite Brexit backdrop'|' 44pm GMT LPC-Sterling loans well-received despite Brexit backdrop New two pound coins are seen at The Royal Mint, in Llantrisant, Wales, Britain, January 25, 2017. Picture taken January 25, 2017. REUTERS/Rebecca Naden By Hannah Brenton A small flurry of sterling issuers have secured more attractive terms on their leveraged loans in recent weeks, driven by red-hot investor demand heightened by a lack of supply -- all against the background of an uncertain political backdrop as Britain prepares to leave the European Union. The success of the small wave of deals comes as demand outpaces supply in the European market, prompting an ongoing repricing of euro-denominated loans and making the yield on sterling more attractive to investors. The loans have also been viewed as relatively immune to Brexit-related risks. The sterling deals include a large buyout financing for British holiday park operator Parkdean, a sterling tranche for Belgian aluminium systems manufacturer Corialis and a string of repricings for UK and Ireland-based cable operator Virgin Media, UK online sports betting and gaming company Sky Bet and US nutritional supplements market Nature<72>s Bounty. <20>They<65>re easy, really easy,<2C> said one banker. <20>Virgin Media was a walk in the park.<2E> BREXIT RISKS Bankers deny there is any rush to bring sterling deals to market before Britain triggers Article 50 and begins its formal exit from the EU at the end of March. <20>It<49>s not tied to Brexit in any way,<2C> the first banker said. <20>It<49>s tied to who wants to sit on sidelines watching a great market go by and risk that the market changes for whatever reason in the future.<2E> A second banker said that the timing was more about borrowers trying to access the favourable terms on offer in the market right now. <20>I just can<61>t make that connection between Brexit and sterling activity,<2C> he said. The sterling loans in the market have also not come from sectors viewed as more vulnerable to Brexit and price inflation, such as retail or restaurants. <20>There hasn<73>t been anything with front and centre Brexit risk,<2C> a third banker said. Parkdean was perceived as the biggest test of demand for a large sterling buyout, yet investors flocked to the credit partly as it is a potential beneficiary of Brexit should Brits eschew holidays abroad due to the fall in the value of the pound since the referendum. <20>It<49>s a bit simplistic to say we<77>ll all be vacationing at home and therefore it will do very well<6C> but yes I think it<69>s got the right defensive characteristics,<2C> said one loan investor. The company reverse-flexed its <20>575m term loan B twice during syndication, knocking the margin down 75bp to 425bp over Libor from initial guidance of 500bp. INVESTOR BASE For now, sterling borrowers are benefiting from increased demand as investors pour more money into loan strategies in the search for yield. <20>It<49>s total return funds, it<69>s managed money with lower yield requirements, different swap requirements -- it<69>s anybody but a structured vehicle like a CLO,<2C> the first banker said. CLOs drive demand for euro-denominated loans but face swap costs for sterling deals and are therefore not significant investors in the currency. <20>There has been an increase in demand from non-CLO lenders,<2C> said the second banker. <20>They<65>re attracted to the asset class -- to term loans, not necessarily to sterling -- but they don<6F>t have the same swap requirements as CLOs so they<65>re more flexible around currency.<2E> Sterling loans also still pay a premium over their European counterparts <20> due to the lower levels of liquidity for the currency <20> which has grown to around 100bp from 50bp-75bp since the referendum. Corialis, for instance, priced its euro term loan at 375bp while its sterling tranche priced at 475bp. Even well-liked liquid credits like Virgin Media, a Liberty Global-owned business, priced at 350bp over Libor -- a 50bp premium to its Dutch counterpart VodafoneZiggo<67>s recent euro offering. Overall yields on sterling deals will also b
'a77472ff058d6746b1ab10f126cfbf6fb7efcf9e'|'PSA Group referred to French prosecutors over diesel emissions'|'  6:47pm GMT PSA Group referred to French prosecutors over diesel emissions PARIS French carmaker PSA Group ( PEUP.PA ) has been referred to prosecutors over suspected diesel emissions-cheating, the company said on Thursday. The decision is a blow for the Paris-based manufacturer of Peugeot, Citroen and DS cars, whose diesel technology had until now escaped serious criticism in the wake of the Volkswagen emissions-cheating scandal. "We are extremely surprised, even shocked by this decision," PSA engineering chief Gilles Le Borgne told reporters at the company''s headquarters. The company denies using banned engine software cheats, he added. PSA is the fourth carmaker to be referred for possible prosecution by France''s consumer fraud agency, after Volkswagen ( VOWG_p.DE ), Renault ( RENA.PA ) and Fiat Chrysler ( FCHA.MI ). Following VW''s exposure in 2015 for U.S. diesel test-cheating, several European countries launched their own investigative test programmes. They found on-road nitrogen oxide (NOx) emissions more than 10 times above regulatory limits - for some GM ( GM.N ), Renault ( RENA.PA ) and Fiat ( FCHA.MI ) models - and widespread use of devices that reduce exhaust treatment in some conditions. Carmakers have broadly invoked an EU legal loophole designed to allow such software only when it is necessary for safety or engine protection. PSA diesels under the current Euro 6 standard have cleaner emissions than many mass-market rivals, thanks to their deployment of costly selective catalytic reduction (SCR) as standard. But in a government-backed testing programme last year, five PSA vehicles of the last Euro 5 diesel generation emitted significantly higher NOx in motorway driving conditions when engine temperatures were increased. By design, the cars'' so-called EGR emissions treatment is deliberately reduced at higher temperatures to improve fuel efficiency and carbon dioxide (CO2) emissions in out-of-town driving, where NOx and particle output is less critical, Le Borgne said. The company last year began an independently certified real-world CO2 emissions-testing programme and began publishing results measured for all its vehicles on the road. "We don''t know what more we could have done," Le Borgne said. (Reporting by Laurence Frost; Editing by Adrian Croft)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-peugeot-emissions-idUKKBN15O2DM'|'2017-02-10T01:47:00.000+02:00'
'01b4716001c84d4112b81145386c55979c66339d'|'UPDATE 2-Fund firm Henderson sees outflows even as full-year assets rise'|'* Total assets at end-December 101 bln stg* Net outflows of 4 bln stg, led by retail investors* Shares down 2.1 pct; says Janus tie-up on track (Adds analyst Quote: , share reaction, background)By Simon JessopLONDON, Feb 9 Fund manager Henderson Group''s total assets rose 10 percent to 101 billion pounds ($126 billion) in 2016 after market gains more than offset the impact of retail customers withdrawing money.Henderson said the weakening demand was the result of a broad pullback from European assets, and was exacerbated by a weak performance in some of its equity funds, although it did see improved demand from institutional investors."Market conditions proved challenging for our investment management teams," Chief Executive Andrew Formica said in a statement on Thursday, with just half of the group''s assets outperforming over one year and amid a particularly weak performance from its European and Global equities strategies.Net outflows for the year were 4 billion pounds, it said, compared with net inflows of 8.5 billion pounds the year earlier, and performance fees fell 59 percent to 40.4 million pounds, dragging on profits.Underlying profit before tax was 212.7 million pounds, down from 220 million a year earlier.Henderson said its planned $6 billion purchase of rival U.S. asset manager Janus Capital was on track to complete by the end of May, and it planned to pay a final dividend of 7.30 pence a share. That would give a total dividend of 10.5 pence, up from 10.3 pence the year before.Shares in Henderson were down 2.1 percent at 0834 GMT, the second-biggest fall on the UK mid-cap index, in contrast with emerging markets-focused peer Ashmore Group, which beat half-year profit forecasts and saw its shares rise.Calling the results in line with expectations, analyst Jonathan Richards at Keefe, Bruyette & Woods gave the stock a ''Market Perform'' rating and a 260 pence price target in a note to clients."(Henderson''s) shares have come under pressure as the market has focused on the company''s exposure to the European equity product suite, and lost enthusiasm for Henderson''s merger of equals with Janus Group," he said."Given the company''s reliance on European equities, we view its discounted valuation as correct."($1 = 0.7991 pounds) (Reporting by Simon Jessop; Editing by Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/henderson-results-idINL5N1FU1SN'|'2017-02-09T06:02:00.000+02:00'
'0f309cf1c27fbe6dad6bf397d1efc4d972b979e6'|'Air France to hire 1,000 cabin crew, wants to save 35 million euros'|'Business News - Thu Feb 9, 2017 - 4:27pm GMT Air France to hire 1,000 cabin crew, wants to save 35 million euros An Air France aircraft lands at Manchester Airport in Manchester, Britain June 28, 2016. REUTERS/Andrew Yates - PARIS French airline Air France ( AIRF.PA ) plans to hire 1,000 new cabin crew for its new low-cost, long-haul company which will have operating costs 20 percent below those of Air France, its chief executive said on Thursday. Air France CEO Franck Terner also said he aimed to save 35 million euros (32 million pounds) in pilots costs, including 15 million euros thanks to the new company. (Reporting by Cyril Altmeyer; writing by Michel Rose) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-airfrance-pilots-ceo-idUKKBN15O26G'|'2017-02-09T23:27:00.000+02:00'
'4995405a35e1af87f3c2a02f85758dfd4848697e'|'UK house price growth edges up after December slowdown'|'LONDON British house price growth became slightly more broad-based last month after slowing in December for the first time since just after June''s vote to leave the European Union, a monthly survey of property valuers showed on Thursday.The Royal Institution of Chartered Surveyors (RICS) said its house price balance rose to +25 in January after dipping to +23 in December, its first fall since July, bucking expectations in a Reuters poll for a further modest loss of pace.Central London - where the luxury market has been under pressure from concerns about Brexit and high purchase taxes - reported an eleventh consecutive monthly price fall. For the first time since September, surveyors did not expect prices in London to rise over the next 12 months.Over the next five years, RICS said its members expected average British house prices to increase by just under 20 percent, while rents were seen rising by more than 25 percent.Britain''s housing market has held up more strongly than expected since June''s Brexit vote, but RICS reported static demand from new buyers in January. Just 5 percent of surveyors reported higher demand, the lowest since August.Mortgage lender Halifax said on Tuesday that house prices dropped last month for the first time since August.On Tuesday the government set out steps to ensure tenants as well as homeowners benefited from its efforts to boost house building, which has not kept up with a growing population.RICS said it welcomed steps to favour large investors seeking to build new blocks of apartments to rent, which are rare in Britain compared with the United States. But it said other measures to boost tenants'' rights risked being "punitive" towards small-scale landlords."The detail on the ban on letting agent fees is yet to come, and along with any overt forcing of longer tenancies, could dampen investment in buy-to-let overall," RICS head of policy Jeremy Blackburn said.Private-sector tenants in Britain rarely have more than a few months'' security of tenure - making it hard to insist on repairs - and often face opaque fees from the letting agent employed by their landlord.(Reporting by David Milliken)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/britain-houseprices-rics-idINKBN15O00C'|'2017-02-08T21:04:00.000+02:00'
'ae1479ecde3aeaddb9f265223a45f4c94cb0d9f8'|'Boris Johnson has given up his U.S. citizenship'|'Boris Johnson has given up his U.S. citizenship by Charles Riley @CRrileyCNN February 9, 2017: 4:52 AM ET Who is Boris Johnson? Boris Johnson has turned in his U.S. passport. Britain''s colorful foreign secretary is on a new U.S. Treasury list of Americans who have renounced their citizenship. Johnson, who previously served as the mayor of London, was born in New York to British parents. Johnson left the U.S. when he was five years old, but the former journalist remained a dual citizen. It''s not clear exactly when Johnson renounced his allegiance to the U.S.: The Treasury list is published quarterly, but it can take months for names to appear on the document. Johnson wasn''t always happy being American. In 2015, he settled a U.S. tax bill that he had described as "absolutely outrageous." Unlike most countries, the U.S. taxes its citizens on all income, no matter where it''s earned or where they live. The rules can sometimes result in surprise tax bills for Americans who live abroad. Johnson had initially refused to pay the bill, saying the IRS was "coming after him" for capital gains tax on the sale of his first London home. Johnson, a Conservative, was appointed foreign secretary after Britain voted to leave the European Union -- a result he campaigned for after wrestling with his fears that it could cause an economic shock and break up the U.K. Related: Boris Johnson''s best put-downs Often disheveled but always outspoken, the Briton makes for an unlikely chief diplomat: He once described Barack Obama as a "part-Kenyan President" with an "ancestral dislike of the British Empire." More recently, he suggested he would avoid visiting New York because of "the real risk of meeting Donald Trump." He has also likened Hillary Clinton''s appearance to that of "a sadistic nurse in a mental hospital." Prime Minister Theresa May slapped him down for accusing ally Saudi Arabia of "puppeteering and playing proxy wars" in the Middle East. Related: Record number of Americans dump U.S. passports Johnson is one of an increasing number of Americans who are cutting their ties to Uncle Sam. Many of those severing links are expatriates who are tired of dealing with complicated tax paperwork, a headache that has worsened since new regulations came into effect. Johnson is listed in the Treasury document as Boris Alexander Johnson. His full given name is Alexander Boris de Pfeffel Johnson. CNNMoney (London) First published February 9, 2017: 4:52 AM ET'|'cnn.com'|'http://rss.cnn.com/rss/edition_business.rss'|'http://money.cnn.com/2017/02/09/news/boris-johnson-us-citizenship/index.html'|'2017-02-09T16:52:00.000+02:00'
'1ba2a2f0bbd8cf191fe4358f9b19bc57ab7ff2c9'|'BRIEF-Chinook Energy sees 2017 average production 4,070 - 4,170 BOE/d'|' 20pm EST BRIEF-Chinook Energy sees 2017 average production 4,070 - 4,170 BOE/d Feb 8 Chinook Energy Inc : * Chinook energy announces non-core asset disposition and 2017 capital program and guidance * Chinook Energy Inc sees 2017 average production 4,070 - 4,170 BOE/d * Chinook Energy Inc- board of directors approved a $40 million capital program for 2017 * Chinook Energy Inc sees FY 2017 exit production 6,000 - 6,150 BOE/D * Chinook Energy Inc - estimates that its working capital surplus will be $25 million as at March 31, 2017  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1FT108'|'2017-02-09T05:20:00.000+02:00'
'24ef505ff07629bd0d682bdafb6f5b8601d70795'|'Soon time to watch for rising global inflation?'|'Business News - Sat Feb 11, 2017 - 3:39am GMT Soon time to watch for rising global inflation? left right FILE PHOTO: A TV monitor showing U.S. President Donald Trump is seen through national flags of the U.S. and Japan at a foreign exchange trading company in Tokyo, Japan February 1, 2017. REUTERS/Kim Kyung-Hoon/File Photo 1/2 left right FILE PHOTO: A worker walks next to an electronic stock board at the Indonesia Stock Exchange in Jakarta, Indonesia February 3, 2017. REUTERS/Beawiharta/File Photo 2/2 By Ross Finley - LONDON LONDON The global economy has weathered the new U.S. administration''s sweeping challenges to the status quo with surprising aplomb given serious threats made to world trade, but what is not so clear is how much longer inflation will remain stubbornly low. Graphic - Reuters Global Economic Outlook Poll results: here Nearly a decade since the start of the financial crisis and an avalanche of emergency monetary stimulus that ensued, inflation is only just now close to the 2 percent target many of the world''s biggest central banks still keep. But there have been stirring signals on inflation elsewhere in the world, suggesting a turning point may be closer. The Reserve Bank of India just dropped its bias to ease policy, citing global inflation pressures as one reason for a sudden volte-face. Mexico''s central bank, grappling with a falling peso, hiked rates on Thursday to a near-eight year high. Key releases on inflation for the United States, Britain and China are due next week, forecast at 2.4, 1.9 and 2.4 percent, respectively, according to Reuters polls. The worry is with growth holding up and commodity prices giving inflation a nudge up now, the last thing needed with most major central bank rates still near zero is more fuel poured onto to an already-raging fire. An expected announcement from the Trump administration on plans for sweeping tax cuts is likely only weeks away, and has again boosted already-lofty stock prices, despite widespread worries about the barriers to trade that may come later. Federal Reserve Chair Janet Yellen is due to testify to Congress next week for the first time since Donald Trump moved into the White House. She doesn''t appear ready to signal a major step up in the Fed''s glacial pace of rate rises yet either. Inflation in the economy is picking up: but so far not because spare capacity has been eaten up in product and labour markets, triggering price rises driven by demand outstripping shortages of supply. Instead, the latest rise has to do with rising costs, particularly energy costs, leaving central bankers, notably European Central Bank President Mario Draghi, saying they will instead focus on the next round of inflation pressures. The main impediment to higher inflation rests in one of the side-effects from the free flow of labour: a lack of wage pressure. "What had appeared to be a promising trend of stronger wage growth broadening out to include more higher paying industries has reversed since late last year," notes Morgan Stanley U.S. economist Robert Rosener. "Wage pressures remain predominately in low-wage industries, limiting gains in overall aggregate wage growth." The U.S. unemployment rate is below 5 percent, close to where most economists say is the lowest it can go before shortages start to drive up the cost of labour. Despite this latest setback in the official data, the general expectation is that wage inflation will soon take off, especially given that it is one of President Trump''s stated aims to hire American. The talk of wage inflation has been less robust in the Britain, however. Britain is facing an imported inflation challenge following Britons'' majority vote last June to leave the European Union that caused a 15 percent fall in sterling. That could send inflation to 3 percent or higher later this year. The Bank of England just cut its estimate of the unemployment rate it thinks will generate inflation to 4.5 percent from 5.0 percent based on recent
'7a356d781c9834eda1cfd501742c09091a494368'|'Italy''s Monte dei Paschi posts 3.38 billion euro net loss in 2016'|'Business News - Thu Feb 9, 2017 - 7:19pm GMT Italy''s Monte dei Paschi posts 3.38 billion euro net loss in 2016 The main entrance of the Monte dei Paschi bank headquarters is seen in Siena, Italy March 13, 2012. REUTERS/Max Rossi/File photo MILAN Italian bank Monte dei Paschi di Siena ( BMPS.MI ), which is being bailed out by the government, booked a net loss of 3.38 billion euros for 2016 after setting aside more money to cover for bad loans. Its CET 1 ratio, a key measure of financial strength, stood at a lowly 8 percent at the end of December. The Rome government has had to step in to rescue Monte dei Paschi after the bank failed to raise money from private investors in December. (Reporting by Silvia Aloisi; editing   Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eurozone-banks-italy-montepaschi-idUKKBN15O2MK'|'2017-02-10T02:19:00.000+02:00'
'f90ae829d114ef9d1f91f671fd7a6d0d9c36aaed'|'UPDATE 2-Mexico''s Cemex profit beats expectations in fourth quarter'|'Thu Feb 9, 2017 - 1:18pm EST Mexico''s Cemex profit beats expectations in fourth quarter Workers stand in front of a trailer truck at a concrete plant of Mexican cement maker CEMEX, in Monterrey February 24, 2015. REUTERS/Daniel Becerril Mexican cement producer Cemex reported a 48 percent jump in fourth-quarter net profit, beating expectations, on increased demand in Mexico, and it forecast sales volume growth of up to 3 percent in 2017. Cemex ( CMXCPO.MX ) ( CX.N ) said on Thursday that net income rose to $214 million from $144 million a year earlier. Analysts in a Reuters poll were expecting $185 million. Net sales fell 4 percent to $3.19 billion, just below the $3.33 billion expected from the poll. In a call with journalists, Chief Executive Officer Fernando Gonzalez said the company expected capital expenditures of $730 million in 2017, and growth in cement and concrete volumes of 1 percent to 3 percent. Sales in Mexico, Cemex''s biggest market by profit, rose 4 percent to $701 million, while cement volumes grew by 7 percent. The company is still divesting assets to help cut its debt in hopes of regaining an investment-grade rating. Cemex''s shares have rallied since Donald Trump''s election as U.S. president, partly on hopes that the company could benefit from his plan to build a wall along the U.S.-Mexico border. Gonzalez declined to comment on the call on whether Cemex would supply the wall. In January, Cemex sold a concrete tubing unit for $500 million. The company is also forging ahead with the sale of its 23 percent stake in Grupo Cementos de Chihuahua ( GCC.MX ) through a secondary share offering that could raise more than $400 million. (Reporting by Ankit Ajmera in Bengaluru and Noe Torres in Mexico City; Editing by Lisa Von Ahn) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-cemex-results-idUSKBN15O2H1'|'2017-02-10T01:13:00.000+02:00'
'afdf99d115d20ac12353d32be95b5376b86c5fe4'|'VW mulls steps against Piech over diesel claims against board'|'Business  15pm EST Volkswagen mulls steps against Piech over diesel claims against board left right The Volkswagen logo is seen at the company''s display during the North American International Auto Show in Detroit, Michigan, U.S., January 10, 2017. REUTERS/Mark Blinch 1/3 left right Ferdinand Piech arrives at the annual shareholders meeting in Hanover in this April 25, 2013 file photo. REUTERS/Fabian Bimmer/Files 2/3 left right Former Volkswagen chief executive Martin Winterkorn arrives to testify to a German parliamentary committee on the carmaker''s emissions scandal in Berlin, Germany, January 19, 2017. REUTERS/Fabrizio Bensch 3/3 FRANKFURT Volkswagen ( VOWG_p.DE ) said it was weighing steps against ex-Chairman Ferdinand Piech after media reports that Piech had accused supervisory board members of inaction after learning of VW''s diesel emissions cheating in the United States. "The supervisory board of Volkswagen AG emphatically repudiates the assertions made by Ferdinand Piech as reported recently in the media," VW''s supervisory board said in a statement on Wednesday. "The board of management will carefully weigh the possibility of measures and claims against Mr Piech," it said, adding that VW would not comment on ongoing investigations as a matter of principle. Bild am Sonntag said Piech had raised the issue with then-Chief Executive Martin Winterkorn and members of the supervisory board steering committee in March 2015, six months before the scandal became public, after getting a tip-off from an Israeli security firm. Winterkorn had assured him that everything was under control, Bild am Sonntag and magazine Der Spiegel reported. Volkswagen admitted in September 2015 to having installed software to cheat the tests, causing a collapse in its share price, Winterkorn''s resignation and tens of billions of euros in fines and legal costs. Piech had said the previous April he was "distancing himself" from Winterkorn, without elaborating, sparking a showdown that saw senior VW figures rallying around Winterkorn and forcing family patriarch Piech to step down. (Reporting by Georgina Prodhan; Editing by Christoph Steitz) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-volkswagen-emissions-piech-idUSKBN15N2F2'|'2017-02-09T02:01:00.000+02:00'
'85d05f4e1d1d119a4cde38a108c9e3ecb768bda1'|'Turnbull calls Australia Post chairman over CEO''s pay <20> video - Business'|'Turnbull calls Australia Post chairman over CEO''s pay <20> video The prime minister has called the chairman of Australia Post after it was revealed its chief executive, Ahmed Fahour, took home $5.6m in salary and bonus in 2016. Turnbull told reporters, <20>I think that renumeration is too high.<2E>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 Source: Australian Associated PressWednesday 8 February 2017 00.56 GMT'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/video/2017/feb/08/turnbull-calls-australia-post-chairman-over-ceos-pay-video'|'2017-02-08T07:56:00.000+02:00'
'513e377cea8244bcd6b323dfc1d40a2e868dc75e'|'Pinterest''s new ''Lens'' IDs objects and helps you buy them'|'Wedding planning boosts Pinterest''s growth Pinterest is taking steps to merge the real world with virtual scrapbooking. Pinterest is a popular bookmarking platform for planning everything from weddings to recipes by pinning pictures to boards. On Wednesday, the company, one of tech''s "unicorns" valued at $11 billion, announced a new feature called Lens, which will enable people to snap a picture of an item inside the Pinterest app. The app will then suggest objects it thinks are related. Think Shazam but for objects, not music. Surfacing the products will make it easier for people to take action, according to Pinterest. That could include everything from making a purchase to cooking a meal. In a blog post, cofounder and head of product Evan Sharp, described it as helping solve an age-old problem. "Sometimes you spot something out in the world that looks interesting, but when you try to search for it online later, words fail you." The new technology, Sharp said, "is capable of seeing the world the way you do." Related: Tech mostly meets its modest diversity goals The new feature comes one year after Pinterest announced its visual search tool, a way for users to zoom in on specific items within an image and see pins that are similar. Pinterest said its technology can recognize over 1 billion objects, which in some cases even includes specific brands. In addition to now applying that feature more broadly, Pinterest Lens will also suggest ways in which to put it the object to use. Take a picture of a food item and Pinterest will suggest recipes. Or, snap a photo of a pair of shoes and Pinterest will suggest possible outfits to wear them with. On Wednesday, the company also announced two other new features: Shop the Look, a way to shop and buy products inside its fashion and home-themed pins, and Instant Ideas, which surfaces related ideas, like a new recipe using similar ingredients. The company said that 100 billion pins have been saved by 150 million people globally.   3:18 PM ET'|'cnn.com'|'http://rss.cnn.com/rss/money_technology.rss'|'http://money.cnn.com/2017/02/08/technology/pinterest-lens/index.html'|'2017-02-08T22:18:00.000+02:00'
'0f9c7ee9f3a5b63c63fa5a2aa0c126c5f227d81a'|'Amazon warns that trade protectionism could hurt business -filing'|'  10:06pm GMT Amazon warns that trade protectionism could hurt business: filing Amazon.com''s logo is seen at Amazon Japan''s office building in Tokyo, Japan, August 8, 2016. REUTERS/Kim Kyung-Hoon By Jeffrey Dastin Amazon.com Inc ( AMZN.O ) warned on Friday that government actions to bolster domestic companies over foreign competition could hurt its business, in a potential reference to U.S. President Donald Trump''s "America First" agenda. In a routine description of regulatory risks in its 2016 annual filing, the world''s largest online retailer said "trade and protectionist measures" might hinder its ability to grow. That language has not appeared in Amazon''s warning about government regulation in at least the past five annual filings with the U.S. Securities and Exchange Commission. However, the Seattle-based company has cited trade protection in those filings as a risk to its international sales and operations specifically. The new Republican president has made job creation a cornerstone of his policies, threatening to impose tariffs on imports so companies produce and hire within the United States. Republicans in Congress also have a plan to target imports while excluding export revenue from U.S. corporate income tax, known as a border adjustment tax. The proposal in the U.S. House of Representatives has divided corporate America. Major exporters like Boeing Co ( BA.N ) have thrown their weight behind it, but a retail association has said it would raise prices for shoppers. It was not clear what kinds of protectionist measures - whether tariffs or other actions - concerned Amazon the most, or from which countries Amazon saw the greatest risk. Amazon so far has declined to comment on Republican lawmakers'' border tax plan. It did not return requests for comment on the new language in its annual filing. The filing did not mention the change in leadership of the White House. The language appeared in its filing under the header, "Government Regulation Is Evolving and Unfavorable Changes Could Harm Our Business." (Reporting by Jeffrey Dastin in San Francisco; Editing by Jonathan Oatis)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-amazon-com-outlook-trade-idUKKBN15P2OR'|'2017-02-11T04:50:00.000+02:00'
'092d028593cb5089b0abb1692b4f5fdd2ba1536e'|'Nigeria''s Arik Air founder eyes lawsuit over government takeover'|'By Chijioke Ohuocha - LAGOS LAGOS Feb 11 The founder of Nigeria''s largest airline Arik Air, placed in receivership earlier this week, accused the government of seizing Arik to meet a political goal of creating a "national carrier" and said he would challenge the move in court.State-owned "bad bank" AMCON said on Thursday the move arose from Arik''s inability to pay workers and creditors. Arik is West Africa''s biggest airline by passenger numbers but has been hard hit by Nigeria''s currency crisis as its customers are invoiced in naira but fuel suppliers are paid in dollars.Arik founder Michael Arumemi-Ikhide said he believed the government staged the move after a team travelled overseas in search of partners but were turned down and advised to work with the decade-old Arik."This (takeover) was designed by the government. Ever since this government came into power there has been the ambition to have a national carrier," Arumeni-Ikhide told Reuters. "We are going to challenge the forceful takeover in court. By earlier next week we will be filing the case."Analysts say the dispute showcases the complexity of doing business in Nigeria, with some suggesting it could damage Nigeria''s efforts to shake off its image as a risky frontier market for international investors.Arumemi-Ikhide said AMCON had used armed police to take control of the airline on Thursday, but that shareholders have retained their shares. AMCON said it had a court order to take over Arik and had to use policemen and bailiffs to carry it out.Arumeni-Ikhide said the action recalled 2010 when British billionaire Richard Branson pulled out of Virgin Nigeria, a 10-year partnership with the Nigerian government he helped set up, citing alleged interference by politicians and regulators.AMCON said on Thursday a receivership manager had been put in charge of Arik as the airline had been fallen into a "precarious situation largely attributable to its heavy financial debt burden (and) bad corporate governance".Arumemi-Ikhide denied this. He said Arik''s debt had been secured as a Union Bank guarantee to buy new planes through European export banks. But he said the dollar guarantee was turned into a more expensive naira loan without recourse for Arik when Union Bank was rescued by AMCON in 2010 to help stem a financial crisis.That brought Arik''s total indebtedness to 147 billion naira ($484 million). But Arumemi-Ikhide said Arik had grown rapidly and had been planning to raise equity capital of as much as $1 billion in the second quarter and then a possible stock market listing in Lagos and London, rather than sourcing debt.He said Arik had an enterprise value of around $4 billion.In 2015, the Nigerian government set up a committee on establishing a national airline, in fulfilment of campaign promises which brought President Muhammadu Buhari''s All Progressive Congress (APC) to power.An APC transition paper seen by Reuters had proposed merging a dozen debt-laden airlines on AMCON''s books into a single carrier. It would include Arik and operate in partnership with a global airline to serve the West and Central African region. ($1 = 304.00 naira) (Editing by Mark Heinrich)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/nigeria-arik-air-bankruptcy-idINL5N1FV6HJ'|'2017-02-11T12:24:00.000+02:00'
'a7c4f0d281c7fd5d32044908a538e1d0e2f8639a'|'UAE''s Ras Al Khaimah emirate has no plans to issue dollar bond in 2017 -statement - Reuters'|'DUBAI Feb 11 The United Arab Emirates'' Ras Al Khaimah does not plan to issue a U.S. dollar-denominated bond in 2017 and has not had talks with banks regarding that, the emirate said in a statement on Saturday.Reuters published an article on Feb. 9 which said the emirate, one of the seven which make up the UAE, had been in talks with lenders over a potential international bond sale, citing banking sources.At the time, telephone calls and an email to Ras Al Khaimah''s finance department seeking comment were unanswered. (Reporting by Davide Barbuscia; Editing by Louise Ireland)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/ras-al-khaimah-bond-idINL5N1FW056'|'2017-02-11T06:28:00.000+02:00'
'6f00d41a753b7ebb866ad5dfd87968ac8863f3f8'|'Boeing front-runner for $13.8 billion Singapore Airlines order - Bloomberg'|'Boeing Co ( BA.N ) is the front-runner as Singapore Airlines Ltd ( SIAL.SI ) is closing in on a 35 wide-body aircraft order amid a battle with Chinese and Middle Eastern carriers, Bloomberg reported, citing sources.Singapore Airlines has for months been weighing the latest model of Boeing''s 777, the 406-seat 777-9, against a possible stretched version of the A350 that Airbus is considering building to increase the capacity of its newest jetliner to 400 seats.The carrier is also poised to take at least 19 of the longest Dreamliner model, Boeing 787-10, Bloomberg said.Singapore also has reviewed a proposed version of the twin-engine 777 that would carry about 450 passengers, a load previously handled by four-engine jumbo jets only, Bloomberg reported.Airbus has so far delayed taking a decision on whether to build the larger version, variously code-named A350-8000 and most recently A350-2000. Industry sources said the two main potential customers whose decisions could have a decisive influence on whether the project goes ahead are Singapore Airlines ( SIAL.SI ) and British Airways ( ICAG.L ).CNN reported in November that Singapore Airlines would make a decision by end-year. Boeing Co declined to comment, while Singapore Air was not immediately available for comment.(Reporting by Shalini Nagarajan in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/singapore-airlin-orders-boeing-idINKBN15N2WJ'|'2017-02-08T20:59:00.000+02:00'
'effa935301b33a9e67359260e39e2ae89d84b8b3'|'UPDATE 2-Telus profit misses as it spends more to win wireless customers'|'Company News  35pm EST UPDATE 2-Telus profit misses as it spends more to win wireless customers * Q4 profit of C$0.53/shr vs est C$0.58/shr * Q4 revenue of C$3.31 bln vs est C$3.33 bln * Sees 2017 revenue of C$13.12 bln-C$13.25 bln (Adds analyst comment, shares) Feb 9 Telus Corp, one of Canada''s three big telecom providers, reported a smaller-than-expected quarterly profit on Thursday as operating expenses rose and it paid more to win wireless customers. Telus is spending billions of dollars to expand its wireless and broadband networks as it competes with BCE Inc and Rogers Communications Inc for wireless customers across the country, and with Shaw Communications Inc for television, internet and phone customers in Western Canada. Shares of Vancouver-based Telus fell as much as 2.4 percent to C$43.10 in afternoon trading. The company said it added 87,000 net postpaid wireless customers, 25,000 more than a year ago. In the same period, market leader Rogers Communications Inc added 93,000 wireless customers, and BCE Inc, Telus'' network-sharing partner, signed on nearly 112,000. Telus''s wireless customers, on average, including those on contracts and those who pay upfront for cellular service, paid C$66.24 per month, about 4 percent higher than a year earlier. However, the company''s cost of acquiring wireless customers rose about 6 percent to C$500 per gross subscriber addition. The company''s operating expenses rose 11.3 percent to C$3.07 billion in the quarter ended Dec. 31. The company said it added 24,000 internet connections, up 2,000 from a year ago, reflecting an ongoing expansion of its broadband business. "Telus produced far better than expected internet net adds, potentially moderating concerns in the market around losing ground to its cable competitor," Canaccord Genuity analysts wrote in a note. Telus forecast 2017 revenue of C$13.12 billion-C$13.25 billion, compared with analysts'' average estimate of C$13.19 billion, according to Thomson Reuters I/B/E/S. Fourth-quarter net income fell 67 percent to C$87 million ($66.31 million), or 14 Canadian cents per share. Excluding items, which included a restructuring charge of C$255 million, the company earned 53 Canadian cents per share, missing estimates of 58 Canadian cents. Telus'' operating revenue rose 2.7 percent to C$3.31 billion, also missing estimates of C$3.33 billion. Up to Wednesday''s close, the company''s shares had risen about 10 percent in the past 12 months. ($1 = 1.3120 Canadian dollars) (Reporting by Komal Khettry in Bengaluru; Editing by Shounak Dasgupta) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/telus-results-idUSL4N1FU3PW'|'2017-02-10T00:35:00.000+02:00'
'76337e9f758494033917292d5d3f19d6a01aaf69'|'U.S. Army Corps of Engineers grants easement for Dakota Access pipeline'|'Company News - Wed Feb 8, 2017 - 7:27pm EST U.S. Army Corps of Engineers grants easement for Dakota Access pipeline WASHINGTON Feb 8 The U.S. Army Corps of Engineers said it had granted on Wednesday an easement to Dakota Access LLC to allow the installation of a light crude oil pipeline under federal lands managed by the Corps at the Oahe Reservoir. The easement is the final permit needed for the controversial Dakota Access oil pipeline after an order from President Donald Trump to expedite the project despite opposition from Native American tribes and climate activists. (Reporting by Valerie Volcovici; Writing by Eric Walsh) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/north-dakota-pipelin-easement-idUSL1N1FU00N'|'2017-02-09T07:27:00.000+02:00'
'c70c2743fc44e1f01630cdc7be56d6d934a26c73'|'SEC charges Chinese exec with DreamWorks insider trading'|'By Jonathan Stempel and Eric Walsh - WASHINGTON WASHINGTON A Chinese private equity executive has been charged by the U.S. Securities and Exchange Commission with reaping $29.05 million of illegal profit from insider trading ahead of Comcast Corp''s ( CMCSA.O ) purchase of DreamWorks Animation SKG Inc.The SEC said it also obtained a court order freezing five brokerage accounts controlled by Shaohua "Michael" Yin, 44, a partner at Hong Kong-based Summitview Capital Management Ltd and graduate of the University of Pennsylvania''s Wharton School.Yin was accused of trading illegally in DreamWorks stock before the $3.8 billion takeover was announced, through Interactive Brokers accounts held in the names of five other Chinese nationals, including his septuagenarian parents.The defendant, who has homes in Beijing and Palo Alto, California, was charged a week after the FBI executed a search warrant on his mobile phone for evidence of insider trading, as he prepared to board a flight to Beijing from San Jose, California, the SEC said.Friday''s civil lawsuit seeks fines, the return of illegal profit, and other remedies.Yin did not immediately respond to an email seeking comment. It was unclear whether he has hired a lawyer.Summitview was not charged, and did not immediately respond to a request for comment outside business hours.According to the SEC, Yin spent $56.3 million on nearly 2.15 million DreamWorks shares in a three-week period after PAG Asia Capital, an Asia-focused private equity fund manager, made a confidential bid to buy the film studio last March 31.Yin unloaded the shares around the time of Comcast''s April 28 announcement that it would buy DreamWorks for $41 per share, well above the $26.25 average price he paid, the SEC said."The precision with which these trades were timed, combined with the sheer scale in which they occurred, could not be the product of chance," the SEC said in its complaint filed with the U.S. District Court in Manhattan.U.S. District Judge Paul Oetken froze the five accounts following what the SEC said were several withdrawal requests in the wake of the search warrant.The SEC said the accounts also profited in securities of China-based 58.com Inc ( WUBA.N ), Ctrip.com International Ltd ( CTRP.O ) and Giant Interactive Group Inc ahead of market-moving announcements, and conducted "suspicious and profitable trading" in U.S.-based Lattice Semiconductor Corp ( LSCC.O ).Friday''s lawsuit named as "relief" defendants Yin''s mother Lizhao Su, his father Zhiqing Yin, Jun Qin, Yan Zhou and Bei Xie. The DreamWorks takeover closed in August.The case is SEC v Yin et al, U.S. District Court, Southern District of New York, No. 17-00972.(Reporting by Jonathan Stempel and Eric Walsh)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-comcast-hldgs-insidertrading-sec-idINKBN15P2KA'|'2017-02-10T19:10:00.000+02:00'
'df1ce56d4b36c5b05dbb22107d49dadbdd936910'|'Indonesia Freeport to reduce mining activities -smelter official'|'Company News - Wed Feb 8, 2017 - 12:53am EST Indonesia Freeport to reduce mining activities -smelter official JAKARTA Feb 8 Freeport-McMoRan Inc said it will scale back activities at its Indonesian copper mine, an official at Indonesia''s main copper smelter, PT Smelting, said on Wednesday, amid a worker strike and other issues. "Freeport has just issued a notice this morning that they will reduce (mining) activities in stages," Smelting director Prihadi Santoso told reporters. "We are trying to meet our commitments to our clients," he said, declining to comment on what had sparked the strike. PT Smelting is 60.5 percent owned by Mitsubishi Materials Corporation. Freeport Indonesia holds 25 percent. (Reporting by Wilda Asmarini; Writing by Fergus Jensen; Editing by Tom Hogue) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/indonesia-freeport-idUSJ9N1EZ00N'|'2017-02-08T12:53:00.000+02:00'
'cbb5893e9facc021fddebd12e40e996bdae7d0ce'|'RPT-Lack of information on Tesco Bank hack frustrates fellow lenders'|'Company News - Wed Feb 8, 2017 - 2:00am EST RPT-Lack of information on Tesco Bank hack frustrates fellow lenders (Repeats story with no changes to text) * Three months on, no clarity on Tesco Bank hack method * Attack is test case for new cyber agency, the NCSC * Bankers say "gentleman''s code" to share info broken By Lawrence White and Ritvik Carvalho LONDON, Feb 7 British banking executives and security experts are growing frustrated at the dearth of information available more than three months after 2.5 million pounds ($3.09 million) was stolen from Tesco Bank in the UK''s biggest financial cyber heist. Security officers normally share information on an informal basis immediately after a major cyber incident so that the other banks can check their systems, sources at four of Britain''s biggest lenders said. In the case of Tesco Bank, a small lender with annual profits of just 162 million pounds, details about exactly how criminals stole the money and what vulnerabilities were exposed have yet to be provided, however. The case has exposed the lack of proper procedures to share information as well as confusion over which government agency has ultimate responsibility for the issue, lawmakers and executives say. "It is very frustrating," a senior executive at one of Britain''s largest banks told Reuters. "The gentlemen''s code has been broken." A risk officer at another of Britain''s biggest lenders said a formal regulatory system was essential in a financial centre like London where hundreds of banks of all sizes operate. "I am not going to criticise them, the problem is the structure," he said. The Nov. 5-6 attack, which affected 9,000 Tesco Bank customers, is the first major case to be investigated by Britain''s new National Cyber Security Centre (NCSC), working with the National Crime Agency (NCA). The NCSC brings together and replaces a host of bodies including CESG (the information security arm of GCHQ), the Centre for Cyber Assessment, Computer Emergency Response Team UK and the cyber-related responsibilities of the Centre for the Protection of National Infrastructure. As regulatory authorities for the banking system, the Bank of England''s Prudential Regulation Authority and the Financial Conduct Authority would also be involved in any regulations governing financial cyber crime. The NCSC did not respond to requests for comment on the Tesco case. An NCA spokesman said: "The investigation is ongoing therefore it would be inappropriate to comment further." The new body is coming under pressure from the financial industry and lawmakers to act quickly. "It is up to the NCSC to institutionalise the sharing of information and give some kind of obligation or requirement for feedback after an attack like Tesco Bank," Troels Oerting, Group Chief Information Security Officer at Barclays, told Reuters. A team of academics from the University of Newcastle said in December that a relatively unsophisticated method known as ''distributed guessing'' could have been used to generate usable card payment details in the November attack. A spokesman for the bank, which is owned by leading supermarket chain Tesco Plc, declined to discuss the specifics of the case. "We continue to work closely with the authorities and regulators in their investigation of the criminal incident that took place last year. Our priority throughout has been to look after our customers," the spokesman said on Monday. Bank executives and cyber security experts told Reuters in October they feared Britain''s banks are not reporting the full extent of cyber attacks to regulators for fear of punishment or bad publicity. ($1 = 0.8097 pounds) (Additional reporting by Andrew MacAskill; Editing by Sonya Hepinstall) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-banks-cyber-idUSL5N1FS5X4'|'2017-02-08T14:00:00.000+02:00'
'bc89a526f925102e293deef71fc77aed289990cd'|'Syngenta sees ChemChina takeover closing in Q2'|'Deals  23am EST Syngenta sees ChemChina takeover closing in second quarter FILE PHOTO - A Syngenta logo is pictured in their office in Singapore, February 12, 2016. REUTERS/Edgar Su/File Photo ZURICH Swiss pesticides and seeds group Syngenta ( SYNN.S ) expects its $43 billion takeover by ChemChina [CNNCC.UL] to close in the second quarter of 2017, it said on Wednesday while proposing to omit a regular dividend for 2016. "ChemChina and Syngenta have made significant progress towards achieving the necessary regulatory approvals and closing the transaction," it said, noting it had won approvals from 13 regulatory authorities. It was awaiting approvals from Brazil, Canada, China, the EU, India, Mexico and the United States. "ChemChina and Syngenta remain fully committed to the transaction and are confident of its closure," it said. (Reporting by Michael Shields; Editing by Joshua Franklin) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-syngenta-results-idUSKBN15N0HQ'|'2017-02-08T13:19:00.000+02:00'
'69013f069d10dddfd59f19a2b82d2d53b5df2bb4'|'Verizon''s move to unlimited data ups ante in wireless war'|'By Anjali Athavaley - NEW YORK NEW YORK Verizon Communications Inc''s announcement that it will once again offer an unlimited pricing plan marks a shift in its thinking as a price war among the four biggest U.S wireless carriers accelerates.The biggest wireless carrier in the U.S. said on Sunday that it will offer an unlimited data plan, its first in more than five years.The plan, priced at $80 a month for unlimited data, talk and text on a single line, is cheaper than AT&T''s unlimited plan for DirecTV now and U-Verse subscribers but costs more than plans offered by smaller rivals T-Mobile USA and Sprint Corp. On Monday, Verizon also said it was offering free smartphones for customers who switched over.T-Mobile shares fell 2.8 percent in early afternoon trading on Nasdaq. AT&T, Sprint and Verizon shares were down roughly 1 percent on the New York Stock Exchange as investors worried about how a price war would erode margins.Verizon stopped offering unlimited plans in 2011 largely due to concerns about network capacity and a desire to charge more to customers who were heavier users of data, Dave Heger, senior equity analyst at Edward Jones, said in an interview.On an earnings conference call with investors in late January, Chief Financial Officer Matt Ellis said the quality of Verizon''s network allowed the company to maintain a premium price, adding that an unlimited plan was "not something we feel the need to do.""Verizon resisted going back to unlimited if they could," Heger said. "It became obvious that the market wasn''t going to necessarily allow that."The move could hurt the industry''s profit margins, putting more pressure on major players to cut costs, analysts said."As the carrier was the last holdout, the announcement solidifies the industry''s move back to unlimited plans which ultimately constricts growth and elevates the pressure to drive down network costs," Amir Rozwadowski, an analyst at Barclays, said in a note.But Jennifer Fritsche, an analyst at Wells Fargo, argued that the move was a "fightback" moment for the company.Verizon said in January that it added fewer subscribers than anticipated in the fourth quarter. Defections among wireless customers who pay bills on a monthly basis increased to 1.10 percent of total wireless subscribers, compared with the average analyst estimate of 1.05 percent, according to FactSet.(Reporting by Anjali Athavaley; Editing by Alan Crosby)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/us-verizon-data-competition-idINKBN15S277'|'2017-02-13T15:42:00.000+02:00'
'00f9eebe45dde074fcb4745af629d48a986eb448'|'BRIEF-Magyar Bancorp Inc says board elects Tom Lankey as Chairman'|' 43pm EST BRIEF-Magyar Bancorp Inc says board elects Tom Lankey as Chairman Feb 13 Magyar Bancorp Inc : * On Feb 9, board elected Tom Lankey as chairman - SEC filing Source text ( bit.ly/2lJhHUH )   Engine core cleared in Airbus A400M investigation -sources PARIS/BERLIN, Feb 13 An oil leak that grounded an Airbus A400M military plane with a German government minister on board does not point to a fundamental new problem with the West''s largest turboprop engines, three sources close to 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/idUSFWN1FY0UI'|'2017-02-14T03:43:00.000+02:00'
'5544c5b70103dd1fa05a3d076b914ee7a9f4a14f'|'Apple closes at record high for first time since 2015'|'Business News - Mon Feb 13, 2017 - 9:21pm GMT Apple closes at record high for first time since 2015 FILE PHOTO - The new iPhone 7 smartphone goes on sale inside an Apple Inc. store in Los Angeles, California, U.S., September 16, 2016. REUTERS/Lucy Nicholson/File Photo By Noel Randewich - SAN FRANCISCO SAN FRANCISCO Shares of Apple rose to a record high close on Monday, buoyed by Wall Street''s expectations that the release of a 10th-anniversary iPhone and pent-up customer demand will shore up lacklustre sales. The largest component of the S&P 500 and a core holding on Wall Street, Apple''s stock climbed 0.9 percent to end at $133.29, breaking above its record high close of $133.00 hit on Feb. 23, 2015 and giving it a market value of about $699.3 billion (559.44 billion pounds). Its increase helped balloon the S&P 500''s market capitalization on Monday beyond $20 trillion for the first time. Apple has climbed 50 percent from lows in the first half of last year and is up 15.1 percent so far in 2017. It was still short of its all-time intraday high of $134.54, set on April 28, 2015. Monday''s gain came after Goldman Sachs analyst Simona Jankowski raised her price target for Apple to $150. She said she is more confident that an upcoming 10th anniversary iPhone will feature augmented-reality technology, which could help boost demand in a saturated smartphone market. (Reporting by Noel Randewich; Editing by James Dalgleish) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-markets-apple-idUKKBN15S2G5'|'2017-02-14T04:21:00.000+02:00'
'96bfb7af67673879150ba9964c7c96b4e7de8eed'|'KKR buys 14.1 percent stake in GFK, Dell stake rises to 10.1 percent'|'FRANKFURT Private equity firm KKR ( KKR.N ) has acquired a stake of 14.1 percent in German research firm GFK ( GFKG.DE ), regulatory filings show, as it seeks to fight off rival investor Michael Dell.Together with GFK Verein, KKR is seeking to acquire control over 75 percent of GFK by end of Feb. 10, but rival investor Michael Dell has also started building a stake.Dell''s GFK shareholdings now amounts to 10.1 percent, the filings show.KKR made its 43.50 euros a share GKK offer conditional on surpassing a 18.54 percent threshold.Dell''s MSD Capital fund manages more than $12 billion in assets, the company says on its website, which lists merger arbitrage as one of its investment strategies.(Reporting by Alexander Huebner, writing by Edward Taylor; editing by Susan Thomas)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/gfk-m-a-dell-idINKBN15O2OW'|'2017-02-09T16:38:00.000+02:00'
'13b3d341ad5c986d0f058d8e05f45a69f3821431'|'Goldman hedge fund folding London operations, shifting staff to U.S. - sources'|' 27am GMT Goldman hedge fund folding London operations, shifting staff to U.S.: sources A sign is displayed in the reception of Goldman Sachs in Sydney, Australia, May 18, 2016. REUTERS/David Gray/File Photo By Maiya Keidan and Olivia Oran - NEW YORK/LONDON NEW YORK/LONDON Goldman Sachs Investment Partners (GSIP), which opened in 2008 with one of the biggest launches in hedge fund history, is folding its London operations into the United States and shifting staff members to New York, four sources told Reuters. About eight staff members who made up the London team were recently told to move to the Battery Park City headquarters of Goldman Sach Group Inc ( GS.N ) in lower Manhattan or find a new job internally, the sources said. A Goldman spokesman confirmed the move but not the details, adding that the reasons for the staff shift were not related to Brexit. "This is a discrete decision for reasons specific to GSIP, one investment team within Goldman Sachs, and shouldn<64>t be construed as anything but that," he said. The move was triggered by managing director Nick Advani, who led the hedge fund''s London operations, the sources said. He said in June he would be stepping down from his role, they said, requesting anonymity because they are not authorized to speak to the media. Advani, now an advisory director at Goldman, did not respond to requests for comment. Advani is expected to leave the firm later this year, the sources said. Managing director Raluca Ragab, who had been formally leading the London-based team since Advani''s departure, will also leave Goldman once the move is complete, one of the sources said. Ragab''s departure is for personal reasons, one of the sources added. Multi-strategy hedge fund GSIP launched in November 2008 with $7 billion in assets, one of the largest hedge fund launches at the time. GSIP, run globally by co-heads Raanan Agus and Kenneth Eberts, sits within Goldman''s asset management division. But a focus on value investing with around 20 positions mainly in equities became more challenging in recent years, a former employee told Reuters. GSIP''s Global Long Short Partners Offshore fund posted losses of 8.2 percent in the year to end-September in 2016 after small gains of 1.5 percent in 2015, according to an investor letter reviewed by Reuters. Last September, three of the fund''s top five credit positions were in the Europe Middle East and Africa region, according to the letter. GSIP''s assets fell in 2014 after Goldman pulled out $2.8 billion in response to the U.S. Dodd-Frank financial reform law and the Volcker rule, which restricted banks'' proprietary trading. The fund now manages around $3.5 billion. Separately, Goldman may move up to 1,000 staff out of London in response to Britain''s vote to leave the European Union, it was reported last month. (Reporting by Maiya Keidan in London and Olivia Oran ia New York, additional reporting by Carolyn Cohn and Simon Jessop; Editing by Tom Brown and David Gregorio) Up Next Global automakers blame tax policy, Lunar New Year for China sales drop BEIJING China vehicle sales in January fell by the largest margin since 2015 for several global automakers, with General Motors Co and Ford Motor Co blaming the roll back of a tax cut on small-engined vehicles and the Lunar New Year holiday.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-hedgefunds-goldman-sachs-exclusive-idUKKBN15N2LZ'|'2017-02-09T16:10:00.000+02:00'
'b59b16e31da6fc0ee80f1d6fd756c6a938560665'|'U.S. investors more willing to place wagers on uncertain Europe'|'Money  36pm EST U.S. investors more willing to place wagers on uncertain Europe By Trevor Hunnicutt - NEW YORK NEW YORK A spate of elections this year that threaten to change Europe''s course and rattle the continent''s largest political bloc and currency is normally the sort of uncertainty that scares away international investors. Instead, deep-pocketed investors are buying into the continent''s stocks - and trimming their stakes in the United States, where stock markets have been at record levels - in the hope some bargain shopping will pay off. The 2017 calendar is marked with a series of European elections in big countries that have put markets on the edge, including a March vote in the Netherlands, a two-round French presidential election that starts in April and a September German poll that Chancellor Angela Merkel has called her "toughest" test ever. In each case - and in a possible Italian vote that could be called by June - voters will likely have the opportunity to voice support for anti-European Union or anti-euro candidates who are seen as increasingly credible in the aftermath of the shocking June British "Brexit" vote to quit the European Union and the election of U.S. President Donald Trump. "We''re not bearish on U.S. stocks, it''s just more of a preference of where we''d rather be," said Kevin Lyons, a senior investment manager at Aberdeen Asset Management PLC, noting that since late last year, his team has boosted its bet on European stocks. Aberdeen is not alone. Fund managers increased their exposure to the Eurozone in January more than any other investment category, according to a survey conducted last month by Bank of America Corp of 176 institutions that manage $455 billion in assets. BlackRock Inc, which manages $5.1 trillion overall, has been scaling up its exposure to European stocks in several funds over the past few months, according to research service Morningstar Inc. On Monday, BlackRock officially raised its outlook on European stocks to the highest possible rating for the first time since last May, saying the risks are overblown. By contrast, the asset manager is neutral on U.S. stocks. LOW EXPECTATIONS "It''s far from consensus," said Richard Turnill, BlackRock''s global chief investment strategist, noting that the United States is growing but most investors already know that. "What drives markets is surprise, and expectations for Europe are just very low," he added. Growth, inflation and analyst forecasts for corporate profits have picked up in Europe in the last year, but so too has the prospect for a stronger currency and the withdrawal of historic support from the European Central Bank''s bond-buying program, called quantitative easing. Earnings would have to move higher to support a positive view, Wells Fargo & Co''s Investment Institute said in a note on Wednesday. Yet a score of measures, including the widely used price-to-earnings ratio, suggest investors might be rewarded for a taking a risk now. That ratio for the U.S. stock market is 17.67, following a long bull market since the financial crisis, compared with 14.01 for a group of European shares excluding Britain. The difference between the valuation ratios is wider than normal, ranking in the top 78th percentile, according to an analysis of monthly Thomson Reuters data stretching back 20 years. TAKING NOTICE Investors are taking notice. U.S.-based European stock funds attracted $709 million in January, their first inflows in a full year and the end of the funds'' longest drought on record. By contrast, investors pulled $1.7 billion from domestic stock funds in the United States last month, according to Thomson Reuters Lipper, a research service. That said, U.S. stock exchange-traded funds pulled in $15.3 billion during the latest week. But those funds are seen as representing quick, tactical shifts, rather than strategic bets, in part because ETF users include hedge funds and other institutional investors. "It may b
'f17f04051a13fc670a2c2a956943bf285b80e303'|'Stocks: 5 things to know before the U.S. open'|'Airline execs meet Trump; Anthem deal blocked; Twitter earnings by Alanna Petroff @AlannaPetroff February 9, 2017: 4:51 AM ET Click chart for in-depth premarket data. 1. Airline execs meet Trump: Top aviation executives are heading to the White House on Thursday to meet with President Trump. The executives are hoping to find a receptive ear as they discuss airport infrastructure, aviation''s impact on jobs, air traffic modernization, tax and regulatory reform and a host of other issues. The chief executives of Delta Air Lines ( DAL ) , United Airlines ( UAL ) , Southwest Airlines ( LUV ) , JetBlue Airways ( JBLU ) and Alaska Airlines ( ALK ) are expected to attend. Executives from cargo carriers FedEx ( FDX ) , UPS ( UPS ) and Atlas Air ( AAWW ) will also be in attendance. American Airlines ( AAL ) CEO Doug Parker is not able to attend due to a scheduling conflict. 2. Anthem deal blocked: A federal judge has blocked Anthem''s ( ANTX ) bid to acquire Cigna ( CI ) . The $54 billion deal would have created the largest health insurer in the U.S. Anthem and Cigna are the country''s second and third largest health insurance providers.'|'cnn.com'|'http://rss.cnn.com/rss/edition_business.rss'|'http://money.cnn.com/2017/02/09/investing/premarket-stocks-trading/index.html'|'2017-02-09T16:57:00.000+02:00'
'737a4ac75e3d9218cc32e2bfc8d393331509a23a'|'UPDATE 1-Bahrain''s Investcorp targets U.S. service sector, UK property'|' 16am EST UPDATE 1-Bahrain''s Investcorp targets U.S. service sector, UK property (Adds detail, Co-CEO quotes) By Tom Arnold DUBAI Feb 9 Bahrain-based Investcorp is responding to the election of U.S. President Donald Trump and Brexit by seeking investments in U.S. business services and British real estate, the private equity firm''s Co-Chief Executive Rishi Kapoor said. Investcorp, which expects its assets under management to rise to around $21 billion in the first half of 2017, on Thursday reported a fall in profit to $35.6 million in the six months to Dec. 31 from $50.9 million in the prior-year period. This was largely due to the writedown of a real estate investment in the U.S. which it bought before the global financial crisis, Kapoor told Reuters on a call. Among potential investments in the U.S., Europe and the Gulf, Investcorp was looking for opportunities created by Britain''s vote to leave the European Union and uncertainty over whether Trump''s U.S. administration would deploy fiscal stimulus and the pace of interest rate hikes by the U.S. Federal Reserve. "As a consequence (of the uncertainty) in the U.S., the kind of businesses we are focusing on are those resilient to cyclical downturns," Kapoor said, adding that business services was one area in particular where it was looking for opportunities. Kapoor said U.S.-based AlixPartners, the global advisory firm it agreed to acquire ownership stakes in along with other investors in November, was an example of this thinking. In Britain, Investcorp was looking at real estate assets with a long-term horizon in order to overcome any market volatility in the next two or three years, he said. The pound''s slump since June''s Brexit vote has encouraged investors from some Middle Eastern markets linked to the U.S. dollar to look for openings in the property market. Investcorp, which was founded in 1982, is one of the oldest Middle Eastern private equity houses and is best known outside the region for listing luxury goods brands such as Gucci and Tiffany & Co. It has increasingly branched out into other sectors and set out a goal in 2015 to more than double its assets under management in the next five to seven years to $25 billion. In a big step towards achieving that goal it agreed to buy 3i Group''s debt-management business in October. When that deal closes in the first half of 2017, Investcorp said its assets under management will reach around $21 billion. (Additional reporting by Hadeel Al Sayegh; Editing by Andrew Torchia and Alexander Smith)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/investcorp-bank-results-idUSL5N1FU17T'|'2017-02-09T16:16:00.000+02:00'
'969a86d296daeef9c3252ff6088859d9cb7c41ac'|'METALS-London copper hovers near two-month peak on supply worries'|'Company News - Wed Feb 8, 2017 - 11:44pm EST METALS-London copper hovers near two-month peak on supply worries * Goldman Sachs sees supply issues underpinning bullish copper mkt * Markets looking to China trade data on Friday * Coming up: U.S. wholesale inventories for Dec at 1500 GMT (Adds comment, detail; updates prices) By Melanie Burton MELBOURNE, Feb 9 London copper hovered near its highest since late November on Thursday as niggling supply risks threatened to corrode what is expected to be a modest surplus this year. The potential for supply disruptions has become an increasing focus in copper markets in the past month, Goldman Sachs said in a report, with workers at the world''s largest mine in Chile set to strike and with Freeport-McMoRan Inc''s Grasberg mine in Indonesia yet to be granted a new export permit. "Downside risks to supply appear increasingly likely to materialise and translate into copper production losses ... these supply-side dynamics appear increasingly likely to support our tactically bullish 1H17 copper view," said Goldman. Three-month copper on the London Metal Exchange had slipped 0.1 percent to $5,888 a tonne by 0348 GMT. That followed a 1.7-percent gain in the previous session, when prices climbed to $5,925, not far from a two-month peak of $6,007 a tonne hit on Feb. 1. Shanghai Futures Exchange copper advanced 0.9 percent to 47,580 yuan ($6,927) a tonne. BHP Billiton Plc has begun halting operations at its Escondida copper mine in northern Chile, ahead of a planned strike on Thursday, a union leader told Reuters. Freeport warned it would scale back activities at its Grasberg copper mine, said an official at Indonesia''s main copper smelter, PT Smelting, amid a worker strike and other issues. Also adding to supply kinks in copper, protests over public work projects in a remote highland region of Peru have blocked roads used by MMG Ltd to transport copper concentrates from its Las Bambas mine, a representative of the ombudsman''s office said on Wednesday. Traders are also looking ahead to Chinese trade data on Friday for signals on the strength of the world''s No.2 economy and for numbers on copper imports. Shipments are typically weaker between Christmas and Lunar New Year. PRICES'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/global-metals-idUSL4N1FU1TI'|'2017-02-09T11:44:00.000+02:00'
'986ef46869785e0f8f525d3ab6c2690a5c06e324'|'Kellogg''s quarterly loss widens, sales fall further'|' 16am EST Kellogg''s quarterly loss widens, sales fall further Corn Flakes maker Kellogg Co ( K.N ) posted a bigger quarterly net loss, as it took a charge related to its Venezuelan business. Net loss attributable to Kellogg widened to $53 million, or 15 cents per share, in the fourth quarter ended Dec. 31, compared with a loss of $41 million, or 12 cents per share, a year earlier. The net loss included a charge of $72 million or 20 cents per share due to the exclusion of its Venezuelan business from its financial statements. Net sales fell for the eighth straight quarter to $3.1 billion. (Reporting by Gayathree Ganesan in Bengaluru; Editing by Shounak Dasgupta) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-kellogg-results-idUSKBN15O1L0'|'2017-02-09T20:14:00.000+02:00'
'67e3103cf897328fc09613ec04fb50340eed54ea'|'VW turns on ex-chairman over emissions allegations'|'Business News  23am GMT VW turns on ex-chairman over emissions allegations left right Volkswagen Chief Executive Martin Winterkorn adjusts his glasses before the annual general meeting in Hanover, Germany, May 5, 2015. REUTERS/Fabian Bimmer 1/2 left right FILE PHOTO: The Volkswagen logo is seen at the Frankfurt Motor Show (IAA) in Frankurt, Germany, September 10, 2013. REUTERS/Pawel Kopczynski/File Photo 2/2 By Ilona Wissenbach and Edward Taylor - FRANKFURT FRANKFURT Volkswagen signalled it could take legal action against former chairman Ferdinand Piech after a media report said he had informed top directors about potential cheating of diesel emission tests six months before the scandal became public. The report, without citing sources, said Piech raised the issue with then-Chief Executive Martin Winterkorn and members of the supervisory board''s steering committee in March 2015 - shortly before Piech was ousted as chairman. Winterkorn had assured Piech that everything was under control, the Bild am Sonntag reported in an email release late Wednesday. The allegations could not immediately be verified, with Piech and his representatives not reachable for comment. "The supervisory board of Volkswagen AG emphatically repudiates the assertions made by Ferdinand Piech as reported recently in the media," the German carmaker said in a statement late Wednesday. "The board of management will carefully weigh the possibility of measures and claims against Mr Piech," it said, adding Volkswagen ( VOWG_p.DE ) would not comment on ongoing investigations as a matter of principle. The in-fighting risks undermining Volkswagen''s (VW) efforts to move on from the biggest business scandal in its 80 year history, which has already cost it billions of euros in regulatory fines, compensation payments and technical fixes. Piech, a member of the clan that owns a majority stake in VW, led the company for two decades before he was forced by the board to step down April 2015 after a clash with Winterkorn. "VW works hard on its own disruption," commented Evercore ISI analyst Arndt Ellinghorst, noting also a festering dispute between labour leaders and management. At 1000 GMT, VW shares were down 1.2 percent at 138.25 euros, lagging a 0.1 percent rise in Germany''s blue-chip DAX index .GDAXI . Five months after Piech was forced out, Winterkorn himself resigned after VW admitted it had used illegal software in the United States to mask the true level of toxic emissions from diesel emissions. Winterkorn is being investigated over the scandal and his lawyer said earlier this month that Piech had given a testimony to prosecutors. Winterkorn''s Frankfurt-based lawyer Kersten von Schenck said by email on Thursday that the former CEO would not be commenting until he had been granted access to files held by Braunschweig prosecutors. Bankhaus Metzler analyst Juergen Pieper, who has a "buy" recommendation on the stock, predicted the re-emergence of the power struggle with Piech would cause only limited distraction from VW''s operating challenges. "VW has been in turbulence for some time and Piech has no more say," he said, citing the strong potential of brands such as Audi, Skoda and Porsche. Labour representatives Bernd Osterloh and Berthold Huber, both members of the steering committee at the time, denied the reported allegations and said they wished Piech had warned them of the looming problems in the United States. "The allegations are untrue. Had Dr Piech informed us, we may have been able to spare the company and its workforce from substantial harm. We now expect the management board to thoroughly evaluate whether steps need to be taken against Piech," Osterloh and Huber said in a joint statement late Wednesday. Huber, who took over as interim chairman after Piech was ousted, has since left the board. He told Reuters: "I can swear in any court in the world that Piech did not talk to me about the matter." Stephan Weil, a steering committee member and premier o
'bbffa3f02eace617b04930d508ea2499773f043b'|'EU to take more legal action against nations soft on carmakers'|'Business News  04am GMT EU to take more legal action against nations soft on carmakers EU Industry Commissioner Elzbieta Bienkowska holds a news conference in Brussels, Belgium November 30, 2016. REUTERS/Eric Vidal BRUSSELS Brussels will soon take more legal action against governments who have failed to crack down on car industry cheating, Europe''s industry commissioner said on Thursday, accusing them of obstructing the European Union''s own efforts. Speaking to European Parliament, Commissioner Elzbieta Bienkowska urged lawmakers to back her draft proposal to overhaul rules on authorising new vehicles to prevent a re-run of the Volkswagen ( VOWG_p.DE ) emissions scandal. The draft law is going to a vote in a Parliament Committee on Thursday. "Member states really failed to enforce the law," Bienkowska told members of Parliament. "I feel they are still playing for time. ... We are seeing delay, after delay." Amid mounting frustration over what EU regulators see as governments colluding with carmakers, the EU executive is using its only tool to force action. It began legal cases against Germany, Britain and five other EU members in December. Bienkowska said there were a lot more cases to come in the coming months. "But these are very limited tools," she added. "We need a new type approval system." FIXING THE SYSTEM After VW admitted to using software to mask the levels of health-harming exhaust on its cars, several European countries ran their own investigations. They revealed on-road nitrogen oxide (NOx) emissions as high as 15 times the regulatory limits, as well as the widespread use of defeat devices to reduce exhaust treatment. The use of such devices is illegal under EU law, but car manufacturers have invoked a legal loophole designed to allow them when necessary to protect car engines. [L5N1FS7HM] Seeking to close this loophole, the Commission issued guidance last month on how members of the 28-nation bloc should apply the rules. The draft regulation before MEPs would bolster EU oversight of government testing authorities to address perceived conflicts of interest when they inspect and certify the cars of their own national manufacturing champions. Brussels would get powers to carry out vehicle spot-checks and allow national authorities to peer-review one another''s decisions. Under current rules, a vehicle certification is valid EU-wide but can be revoked only by the country that issued it. Lawmakers on the European Parliament''s internal market committee are expected to approve the draft with only minor amendments on Thursday, setting the stage for a plenary vote. (Reporting by Alissa de Carbonnel, editing by Ed Osmond) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-volkswagen-emissions-eu-idUKKBN15O17J'|'2017-02-09T18:04:00.000+02:00'
'a6f483665ab5549d542d64e92e8813b1498d016f'|'Twitter reports slowest quarterly revenue growth'|'Business News -  12pm GMT Twitter reports slowest quarterly revenue growth The Twitter logo is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 28, 2016. REUTERS/Brendan McDermid/File Photo Twitter Inc reported its slowest quarterly revenue growth since going public, as the company continues to grapple with intense competition from newer services such as Snap Inc''s Snapchat and Facebook''s Instagram. Twitter''s net loss widened to $167.1 million, or 23 cents per share, in the fourth quarter ended Dec. 31, from $90.24 million, or 13 cents per share, a year earlier. Restructuring charges in the latest quarter ballooned to $101.2 million from $12.9 million a year earlier. Revenue rose 1 percent to $717 million. Twitter was abuzz with takeover chatter last year involving big names such as Salesforce.com Inc and Walt Disney Co. The rumours died down due to the lack of concrete offers. Twitter said in October it would cut 9 percent of its global workforce as part of a broader restructuring. (Reporting by Aishwarya Venugopal and Supantha Mukherjee in Bengaluru; Editing by Saumyadeb Chakrabarty) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-twitter-results-idUKKBN15O1F8'|'2017-02-09T19:13:00.000+02:00'
'54f9fa2bf49558a1b1813a8ba29f5917740cb075'|'Nikkei edges down in choppy trade; glass sector outperforms'|'Company News - Tue Feb 7, 2017 - 9:25pm EST Nikkei edges down in choppy trade; glass sector outperforms * Asahi Glass soars on strong forecast and share buy back plan * Fujitsu down after its biggest shareholder''s stake sale By Ayai Tomisawa TOKYO, Feb 8 Japan''s Nikkei share average edged down in choppy trade on Wednesday morning as stocks tracked the volatile currency market, while the glass manufacturing sector outperformed on brisk earnings results. The Nikkei dropped 0.1 percent to 18,892.69, having dabbled in positive territory earlier in the trading session. The dollar fell 0.2 percent against 112.20 yen in Asian trade, after edging up to 112.54 yen earlier while investors awaited a meeting between U.S.-Japan leaders. U.S. President Donald Trump will meet Japanese Prime Minister Shinzo Abe in the U.S. later this week. Market participants await remarks on currencies or on Japan''s fiscal or monetary policies that might emerge from their meeting, although trade and defense issues are likely to be in the spotlight. "The Japanese market has been sensitive to the dollar-yen moves even more so since the beginning of the year," said Yoshihiro Okumura, general manager at Chibagin Asset Management. "Overall, investors'' risk averse stance will likely continue due to political and economic uncertainties in the U.S. and Europe." Meanwhile, traders said investors remain focused on companies'' earnings results and forecasts. The glass sector subindex rose 2.2 percent and was the best performer on the board after Asahi Glass Co surged more than 8 percent after raising its full-year forecast and announced a share buy back plan. Toy maker Tomy Co. rose 3.5 percent after it increased its profit forecasts for the year ending March helped by strong toy sales with high profit margins in the domestic market. Meanwhile, Fujitsu Ltd dropped 3.1 percent after its biggest shareholder said it would sell about $1 billion worth of the Japanese electronics conglomerate''s stock. The broader Topix was flat at 1,516.76 and the JPX-Nikkei Index 400 gained 0.1 percent to 13,607.61. (Editing by Sam Holmes)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/japan-stocks-midday-idUSL4N1FT1E7'|'2017-02-08T09:25:00.000+02:00'
'ec875763a38b0fe70d379d2d80a164e607000077'|'BRIEF-Secom Co Ltd is expected to post 7% gain in revenue for nine months ended Dec- Nikkei'|' 09pm EST BRIEF-Secom Co Ltd is expected to post 7% gain in revenue for nine months ended Dec- Nikkei Feb 8 Nikkei : * Secom Co Ltd''s operating profit for the nine months ended December apparently climbed 3% on the year to a record 95 billion yen - Nikkei * Secom Co ltd will likely maintain its forecast for the fiscal year ending March 31- Nikkei * Secom Co Ltd is expected to post a 7% gain in revenue to around 665 billion yen for the nine months ended December - Nikkei Source text : ( s.nikkei.com/2k3NflS )  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1FT0T3'|'2017-02-09T00:09:00.000+02:00'
'e28069308e9b0a229f75fe3e3998cc77f67407ac'|'Takata to plead guilty February 27: court documents - Reuters'|'WASHINGTON Japan''s Takata Corp is set to plead guilty Feb. 27 in federal court in Detroit to a single felony count of wire fraud to resolve a U.S. Justice Department investigation into ruptures of its air bag inflators linked to at least 16 deaths worldwide, according to a court filing Tuesday.Last month, the auto parts firm agreed to the guilty plea as part of a $1 billion settlement in the world''s largest ever recall.U.S. prosecutors also charged three former senior Takata executives in Japan with falsifying test results to conceal the inflator defect linked the recall of about 100 million air bag inflators worldwide.Takata has agreed to pay a $25 million fine, $125 million in a victim compensation fund, including for future incidents, and $850 million to compensate automakers for massive recall costs, the Justice Department said. The auto parts supplier will be required to make significant reforms and be on probation and under the oversight of an independent monitor for three years.Last month, three senior Takata executives in the United States left the company, including Kevin Kennedy, who was president of Takata North America. Kennedy confirmed his departure in a posting on the employment networking website LinkedIn but did not return emails.Reuters reported Monday that Key Safety Systems (KSS) Inc has been selected to lead its turnaround, fanning concern that a court-led restructuring was on the cards.The Nikkei business daily, which first reported the news of KSS''s selection, said automakers would support the pick on condition Takata pursue a court-mediated turnaround in both Japan and the United States, a move that could wipe out shareholders'' equity.In a statement late on Saturday, Takata denied that it had selected KSS as its sponsor or a court-led restructuring as the way forward.(Reporting by David Shepardson)'|'reuters.com'|'http://www.reuters.com/finance'|'http://www.reuters.com/article/us-takata-settlement-idUSKBN15M2JU'|'2017-02-08T01:11:00.000+02:00'
'b0146bde46d65d115da489a725e59a6d8c472219'|'BRIEF-Viacom to narrow focus to six key cable TV channels- WSJ'|'Company  44am EST BRIEF-Viacom to narrow focus to six key cable TV channels- WSJ Feb 8 Viacom Inc * Viacom to narrow focus to six key cable TV channels- WSJ, citing sources * Viacom''s brands Nickelodeon, Nick jr., MTV, Comedy Central, Bet and Spike- Part of CEO Bob Bakish''s turnaround plan * Viacom has no immediate plans to shut down channels- WSJ, citing sources * Turnaround plan was approved by board on Monday, is expected to be unveiled during its discussion of quarterly earnings on Thursday- WSJ, citing sources Source: [ on.wsj.com/2k28bPd ] Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1FT0EB'|'2017-02-08T17:44:00.000+02:00'
'721cb19ecdc3002fb434d9c43a2e70d7d7066cd2'|'South Africa targets auto sector with fuel cell plant'|'Global Energy News - Wed Feb 8, 2017 - 7:58am EST South Africa targets auto sector with fuel cell plant CAPE TOWN Africa''s first fuel cell component plant using platinum as a catalyst will start production by December aiming to take advantage of rising demand for clean energy cars, officials from Isondo Precious Metals said. Isondo has secured a license from U.S-based Chemours Technology to assemble components for fuel cells using platinum, which has mainly been used in catalysts to clean up car emissions. South Africa is the world''s top platinum producer and has the largest reserves of the precious metal. Vinay Somera, chief executive of Isondo Precious Metals, said tax breaks, relatively cheap labor costs and access to raw materials should give the plant a competitive advantage. <20>We are not re-inventing the wheel, we are going for what is available but locating the manufacturing here while doing it cheaper and at the same standard internationally,<2C> Somera said at an African mining conference in Cape Town. Isondo was looking at venture capital funds and other investors to help to raise around 120 million rand ($9 million) needed over the next two years to expand its production line. The new plant will be located in a special economic zone either in Johannesburg or Durban on the east coast. The number of vehicles using fuel cells has grown rapidly as car-makers including Toyota, Honda, Hyundai and Daimler invest in technology to cut auto emissions. David Hart, director of Swiss-based sustainable energy consultancy, E4tech, said by 2030 there could be 1.6 million fuel cell vehicles globally. "It is very clear that there will be more people entering this market and if you do it in five years time, it is probably too late. So, to some level it is first mover advantage and this is important," Hart, who was also attending the mining conference, told Reuters. (Reporting by Wendell Roelf; Editing by James Macharia and Jane Merriman) Next In Global Energy News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-africa-mining-fuelcell-idUSKBN15N1FK'|'2017-02-08T19:53:00.000+02:00'
'5fa01a38bca04a12d6e94c19036deb00e5ee0451'|'UPDATE 1-Publicis pushed to loss by digital writedown'|'Company News - Thu Feb 9, 2017 - 5:13am EST UPDATE 1-Publicis pushed to loss by digital writedown * Publicis hurt by charge, North America weakness * Long-serving CEO Levy to step aside this year * Company sticks to margin targets (Writes through with additional material) By Mathieu Rosemain and Gw<47>na<6E>lle Barzic PARIS, Feb 9 A writedown of the value of its digital business drove Publicis to an annual loss and underlined the challenge facing the new chief executive who will take charge of the French advertising group in June. Publicis also reported weaker than expected sales in the last three months of 2016, sending its shares as much as 5 percent lower and making them briefly the worst performer of the Euro Stoxx 600 index. The world''s third largest advertising company is preparing for change at the top when veteran chief executive Maurice Levy, 74, hands over to 45-year-old Arthur Sadoun later this year. Sadoun currently oversees Publicis'' creative agencies, including Saatchi & Saatchi and Leo Burnett. Publicis has already begun an internal reorganisation to foster greater cooperation between its myriad agencies and win back big clients lost when a series of major contracts were renewed in 2015. In the last set of annual earnings before Levy moves to the role of chairman of the supervisory board, the company took a 1.44 billion-euro ($1.54 billion) impairment charge, essentially for its Publicis.Sapient digital division, resulting in a net loss of 527 million euros. Publicis agreed to buy U.S. based digital ad specialist Sapient for $3.7 billion in November 2014 in the wake of a botched merger with Omnicom. Within that division, Publicis singled out a weaker performance from Razorfish, a digital marketing agency it acquired in 2009. Razorfish revenues fell 15 percent in 2016 and the agency has been hit by a series of management changes including the death of Tom Adamski in October 2015. NORTH AMERICA IMPACT FELT Fourth-quarter revenue was 2.67 billion euros, an underlying drop of 2.5 percent compared with the same period a year ago, as market conditions in North America, Publicis'' number largest region for sales, worsened over the three months. A Reuters poll had forecast an underlying sales drop of 0.63 percent over the period. Publicis said it had been hurt by political uncertainty around the U.S. election in November, with advertising for products such as soft drinks and processed foods hit. Levy also said that the challenges Publicis faced in 2016 were likely to continue to weigh on sales in the first half of 2017. The group should see its underlying sales growth return to market average in the second half, he added. Levy stuck to targets set out under the group''s strategic plan for 2018, including a yearly operating margin in the range of 17.3 to 19.3 percent. Last year, Publicis'' operating margin stood at 15.6 percent. "It''s true that we are running behind by a year (on that plan)," Levy told reporters. "It''s clear that it''s a little bit more difficult... but it''s not unachievable," he added, referring to the 2018 targets. Omnicom, the world''s second-biggest advertising group, also faced a slowing market in North America, reporting a mere 0.6 percent underlying sales growth for the region in the fourth quarter. Rival WPP will report full-year earnings on March 3. ($1 = 0.9357 euros) (Reporting by Mathieu Rosemain and Gwenaelle Barzic; Editing by Bernard Orr/Keith Weir) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/publicis-results-idUSL5N1FU2HE'|'2017-02-09T17:13:00.000+02:00'
'679907d2bdf590429422e1be7c576f9862f1adbc'|'Thomson Reuters posts higher fourth-quarter net income'|' 14pm GMT Thomson Reuters posts higher fourth-quarter net income FILE PHOTO - The Thomson Reuters logo is seen on the company building in Times Square, New York October 29, 2013. REUTERS/Carlo Allegri/File Photo NEW YORK Thomson Reuters Corp ( TRI.N )( TRI.TO ) reported a higher quarterly net profit on Thursday, reflecting a gain on the sale of a business and said it expects revenue growth this year in the low single digits. The news and information company reported diluted net earnings of $2.24 billion, or $3.03 per share, versus $417 million, or 53 cents, in the year-ago period. Excluding charges and earnings from discontinued operations, Thomson Reuters earned 60 cents per share. It was not immediately clear whether that compared directly with the 58 cents a share analysts expected. (Reporting By Nick Zieminski in New York Editing by W Simon) Up Next Cautious outlook hits Thomas Cook shares LONDON Thomas Cook said on Thursday it was cautious about the rest of the year due to political and economic uncertainty, sending its shares down sharply, even though the tour operator produced solid first-quarter results and a rise in summer bookings.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-thomsonreuters-results-idUKKBN15O1FK'|'2017-02-09T19:11:00.000+02:00'
'67d8f140d621d8f145aa348ce46eef625caec1d2'|'South Korean court rules against Nissan in emissions case'|'Business News - Thu Feb 9, 2017 - 12:31am EST South Korean court rules against Nissan in emissions case The Nissan logo is seen at the company''s display area during the North American International Auto Show in Detroit, Michigan, U.S., January 10, 2017. REUTERS/Mark Blinch SEOUL A South Korean court on Thursday ruled against Nissan Motor Co ( 7201.T ) in an emissions case, a court spokesman told Reuters, without immediately providing the reason behind the ruling. Nissan sued South Korea''s environment ministry last year after it accused the Japanese automaker of cheating on emissions with its Qashqai diesel sports utility vehicle. (Reporting by Hyunjoo Jin; Editing by Edwina Gibbs) Next In Business News Exclusive: Tesla pausing factory for Model 3 preparation this month DETROIT/SAN FRANCISCO Tesla Inc said on Wednesday it will shut down production at its California assembly plant for a week this month to prepare for production of its high-volume Model 3 sedan, moving the company closer to meeting its target to start production in July. Goldman hedge fund folding London operations, shifting staff to U.S.: sources NEW YORK/LONDON Goldman Sachs Investment Partners (GSIP), which opened in 2008 with one of the biggest launches in hedge fund history, is folding its London operations into the United States and shifting staff members to New York, four sources told Reuters. Toshiba receives bid as high as $3.6 billion for chip business stake: source TOKYO Toshiba Corp has received an offer as high as 400 billion yen ($3.6 billion) for a 19.9 percent stake in its flash memory business, with other bids as low as 200 billion yen, a person directly involved in the deal told Reuters. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-nissan-southkorea-idUSKBN15O0EW'|'2017-02-09T12:31:00.000+02:00'
'43ffcb3c752f0895367b72202f1a333e0f048993'|'Bahrain''s Investcorp H1 net income falls 30 pct'|'DUBAI Feb 9 Bahrain-based alternative investment fund Investcorp posted a 30 percent decrease in first-half net profit on Thursday.Profit fell to $35.6 million in the six months to Dec. 31 from $50.9 million in the prior-year period.Founded in 1982, making it one of the oldest Middle Eastern private equity houses, Investcorp is best known in the global space for listing luxury goods brands, such as Gucci and Tiffany & Co, but has increasingly branched out into other sectors too. (Reporting by Hadeel Al Sayegh; Editing by Andrew Torchia)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/investcorp-bank-results-idUSD5N1F6028'|'2017-02-09T08:32:00.000+02:00'
'9c51081261b7fd0d4a18ce0d489d4c87413ae572'|'Swiss stocks - Factors to watch on on Feb 9'|'ZURICH Feb 9 Here are some of the main factors expected to affect Swiss stocks on Thursday:ZURICH INSURANCE* The Swiss insurer on Thursday posted a 74 percent jump in full-year net earnings as its core general insurance business rebounded under new chief executive Mario Greco.* On Wednesday evening, Zurich said it was proposing Bank of America Chief Operations and Technology Officer Catherine P. Bessant to its board of directors.For more click onUBSUBS has hired former Credit Suisse global ECM head Joe Reece as executive vice chairman of its investment bank as the Swiss bank looks to bolster its ranks of US dealmakers.For more, click onCOMPANY STATEMENTS* Also Group said its profit before taxes (EBT) rose by 25.4 percent to 113.9 million euros in 2016. It proposed a dividend of 2.25 Swiss francs per share.* Baloise Holding Ltd said it appointed Matthias Henny as Chief Investment Officer (CIO) and Carsten Stolz as Chief Financial Officer (CFO). Both will take up their roles on 1 May 2017.* Belimo Holding AG said its net income rose to approximately 69 million Swiss francs last year, from 56.2 million in 2015. Detailed figures are due on March 13.* Geberit AG said it will nominate Eunice Zehnder-Lai for election to the Board of Directors at the 2017 General Meeting.* Leonteq said group net profit fell 75 percent to 17.2 million Swiss francs in 2016 and proposed no dividend for the year. The company also announced a cooperation agreement with Credit Agricole in the area of structured investment products.* MCH Group said it was acquiring a 25.1 percent holding in art.fair International GmbH in Cologne, Germany.* Molecular Partners said it had an operating loss of 19.5 million Swiss francs and a net loss of 18.6 million francs in 2016.* Swiss Finance & Property Investment increased net profit to 24.4 million Swiss francs in 2016 from 22.7 million francs the year before thanks to sales and re-evaluation effects, the group said.* Vetropack Holding Ltd said it appointed Johann Reiter, General Manager of the Business Division Switzerland/Austria, as CEO with effect from 1 January 2018.* WISeKey International Holding Ltd announced its intention to establish an IoT Blockchain Centre of Excellence in the United States aiming to deploy a Trusted Blockchain as a Service platform.ECONOMY* Swiss unadjusted jobless rate rises to 3.7 percent in January. (Reporting by Zurich newsroom)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/markets-swiss-stocks-idINL5N1FT60B'|'2017-02-09T03:46:00.000+02:00'
'c93379b3183e6c5620a002681020cee3ea0093b8'|'Fiat Chrysler CEO complains about emissions rules "mess" in Europe'|'Business News  35pm EST Fiat Chrysler CEO complains about emissions rules ''mess'' in Europe Fiat Chrysler Automobiles CEO Sergio Marchionne speaks during the North American International Auto Show in Detroit, Michigan, U.S., January 9, 2017. REUTERS/Rebecca Cook TURIN Fiat Chrysler CEO Sergio Marchionne complained on Thursday about emissions regulations in the European Union, saying that the single market was meant "to avoid this mess". "Bad rules are also applied in a different way in every country, creating the worst solution that could be invented," Marchionne said. FCA faces a U.S. criminal investigation for alleged emissions manipulation and German accusations that it, like VW, used "defeat devices" to confound nitrogen oxide (NOx) tests. The Italian-American group on Monday also became the third carmaker after VW and Renault to be referred to French prosecutors over the scandal. FCA has denied breaking any laws. (Reporting by Gianni Montani; writing by Francesca Landini) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-fiatchrysler-emissions-ceo-idUSKBN15O2OL'|'2017-02-10T02:23:00.000+02:00'
'17f61a16dc7b78f4fbcd8f6195e6c758f251f5e4'|'Bahrain''s Investcorp H1 net income falls 30 pct'|'DUBAI Feb 9 Bahrain-based alternative investment fund Investcorp posted a 30 percent decrease in first-half net profit on Thursday.Profit fell to $35.6 million in the six months to Dec. 31 from $50.9 million in the prior-year period.Founded in 1982, making it one of the oldest Middle Eastern private equity houses, Investcorp is best known in the global space for listing luxury goods brands, such as Gucci and Tiffany & Co, but has increasingly branched out into other sectors too. (Reporting by Hadeel Al Sayegh; Editing by Andrew Torchia)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/investcorp-bank-results-idIND5N1F6028'|'2017-02-09T02:32:00.000+02:00'
'9c812f54b913341f1046a7fd4d4aadfc0dfab883'|'FDA approves Marathon Pharmaceuticals DMD drug'|'Health News  20pm EST FDA approves Marathon Pharmaceuticals DMD drug A view shows the U.S. Food and Drug Administration (FDA) headquarters in Silver Spring, Maryland August 14, 2012. REUTERS/Jason Reed/File Photo The U.S. Food and Drug Administration on Thursday approved Marathon Pharmaceuticals'' Duchenne muscular dystrophy (DMD) drug, Emflaza, to treat patients aged 5 years and above. DMD is a rare genetic disorder that causes progressive muscle deterioration and weakness and had only one approved treatment in the United States before Emflaza''s approval. The FDA in September approved Sarepta Therapeutics Inc''s DMD treatment even though an outside panel of experts and the agency''s own reviewers questioned the drug''s efficacy. (Reporting by Akankshita Mukhopadhyay in Bengaluru; Editing by Savio D''Souza) Next In Health News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-fda-marathon-pharmaceuticals-idUSKBN15O2N6'|'2017-02-10T02:16:00.000+02:00'
'4d07ba00c237e6aab1d233eabf03ed76a3cf21f5'|'Exclusive - Mubadala in talks to buy stake in Brazil''s Invepar, inject capital, sources say'|'By Guillermo Parra-Bernal and Tatiana Bautzer - SAO PAULO SAO PAULO Mubadala Development Co PJSC [MUDEV.UL] is in talks to buy a minority stake in Invepar SA ( IVPR4B.SO ) and inject fresh capital into the Brazilian infrastructure company to kick-start projects and reduce debt, three people with direct knowledge of the matter said on Thursday.According to two of the people, Abu Dhabi-based Mubadala is in advanced talks to buy 24.4 percent of the company from a group of investment firms that obtained it in the in-court reorganization of OAS SA, one of Invepar''s founding partners. OAS [OAEP.UL] surrendered the Invepar stake late last month.A deal, which could be announced around late February or early March, would trigger a reworking of the shareholder accord between OAS and the three Brazilian pension funds that own a combined 75.6 percent of Invepar, said the people, who requested anonymity as talks remain under way.As part of the plan, Mubadala would agree to pump fresh capital into Invepar to rework that accord, the people said. The capital injection would dilute the stakes that Previ Caixa de Previd<69>ncia [PREVI.UL], Petros Funda<64><61>o Petrobras [PETROS.UL] and Funcef Funda<64><61>o [FUNCEF.UL] have in Invepar, two of the people said.In a statement to Reuters, Mubadala said it is "always looking for opportunities in sectors and geographies with strong potential."OAS and representatives for the creditor group declined to comment.Previ declined to comment, while Petros and Funcef did not have an immediate response.The deal underscores growing interest in infrastructure firms among global private equity firms and sovereign wealth funds, which want to take advantage of depressed valuations to plant flags in Brazil ahead of an expected economic recovery.PREVIOUS INTERESTMubadala first ventured into Brazil in 2012 through a partnership with former tycoon Eike Batista, from whom it bought a stake and extended a loan to his mining, energy and logistics conglomerate Grupo EBX.The collapse of EBX left Mubadala with stakes in several EBX-controlled companies, property and a $300 million stake that he held in Burger King Holdings Inc [BKWXK.UL].Formally known as Investimentos & Participacoes em Infraestrutura SA, Invepar operates toll road, airport and urban mobility licenses, including S<>o Paulo''s GRU international airport and the Metr<74>Rio and VLT Carioca urban transport projects in Rio de Janeiro.The company had previously been the target of interest from global firms including Canada''s Brookfield Asset Management Inc ( BAMa.TO ) and France''s Vinci SA ( SGEF.PA ), Reuters reported in June 2015. Brookfield scrapped plans to acquire the stake from OAS and creditors over strategic disagreements.A new partner would help Invepar cut debt and jumpstart investments that snagged amid Brazil''s harshest recession ever, surging borrowing costs and the involvement of OAS in the nation''s worst corruption scandal.The creditor group could sell the stake for a value "north of" 2 billion reais ($642 million), the people said. The creditors took control of the stake in exchange for their redemption of 1.25 billion reais worth of OAS debt.($1 = 3.1174 reais)(Additional reporting by Stanley Carvalho in Abu Dhabi; Editing by Phil Berlowitz)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/invepar-m-a-mubadala-exclusive-idINKBN15O2K2'|'2017-02-09T15:43:00.000+02:00'
'9dccf9f3401800ddadd9790bad62bfd3b53da79a'|'Cigna, Humana could still combine despite anti-trust rulings - analysts'|' 48pm GMT Cigna, Humana could still combine despite anti-trust rulings - analysts FILE PHOTO -- A sign at the office building of health insurer Anthem is seen in Los Angeles, California February 5, 2015. REUTERS/Gus Ruelas By Carl O''Donnell Although judges shot down Anthem Inc''s ( ANTM.N ) $54 billion (<28>43.1 billion) acquisition of Cigna Corp ( CI.N ) and Aetna Inc''s ( AET.N ) $35 billion takeover of Humana Inc ( HUM.N ) on anti-trust grounds, the rulings left scope for a possible combination of Cigna and Humana, industry insiders said. Cigna would have both the motives and finances to pursue an acquisition of Humana, these experts suggested. Because of its much smaller Medicare Advantage business, Cigna may have a better shot at winning a regulatory green light, they added. "They may have blocked the merger (with Aetna), but that''s not the end of the song," said Randal Schultz, an attorney at Lathrop & Gage LLP focusing on the healthcare sector. Cigna and Humana did not respond to requests for comment. Aetna declined to comment. A merger of Cigna and Humana would allow them to save money by cutting back administrative costs in overlapping markets and holding down healthcare costs by boosting the combined company''s bargaining power with healthcare providers and drug makers. To be sure, further industry consolidation is not seen as imminent following the scuppering of two mega deals in the sector. Anthem has said it wants to appeal the court ruling and Cigna is still weighing how to proceed. Aetna and Humana have yet to announce their plans. When asked whether a big deal is out of the question right now, Cigna CEO David Cordani left the door open in a conference call last week with analysts discussing fourth-quarter earnings, saying "never say never, in terms of large versus small." Moreover,   intention to repeal and replace his predecessor''s signature healthcare law, the Affordable Care Act - also known as Obamacare - will not remove the incentives for health insurers to consolidate, and could even bolster them. With Republican lawmakers and policymakers in control of Washington, Humana''s Medicare Advantage assets could become even more valuable. U.S. House of Representatives Speaker Paul Ryan has argued for more privatisation of Medicare, the government-run insurance programme for the elderly and disabled. While the White House does not yet back Ryan''s proposal for government-sponsored vouchers for private insurance plans, analysts say such a policy is likely to spur more growth and profits in privately run Medicare Advantage plans. For Cigna, a deal with Humana could help offset its slower- growing business managing insurance plans for large companies, which makes up 85 percent of its revenues and is considered more vulnerable to economic downturns. Cigna''s Medicare Advantage footprint is less than half that of Aetna''s, giving it a stronger footing with antitrust regulators, investors and analysts said. "There would be a lot fewer (antitrust) objections to a Cigna buyout of Humana than there were with Aetna, and I think Humana could get a higher price," said Jeff Jonas, a portfolio manager at GAMCO Investors, which owns shares in all five big U.S. health insurers, including Humana. The terms of any new deal would need to reflect the fact that some aspects of Humana''s business has improved since it agreed to sell itself to Aetna in 2015, Jonas said. That includes Humana''s decision to largely withdraw from the online exchanges for individual plans set up by the Affordable Care Act last year, Jonas said. Following losses it suffered on these exchanges, Humana said this week its individual membership participation was down 70 percent. A NEW RACE FOR HUMANA Humana emerged as a coveted acquisition target in 2015, when an approach by Cigna triggered a sale process for the company in which Aetna prevailed. Bidders were attracted to Humana''s robust presence in the fast-growing Medicare Advantage m
'8442572484b643c5707ae4acd202ce78a47ba957'|'Britain''s economy likely expanded 0.7 percent in three months to January - NIESR'|' 16pm GMT Britain''s economy likely expanded 0.7 percent in three months to January - NIESR People''s shadows are seen as shoppers are silhouetted in the bright sunshine at the Westfield shopping centre, Stratford, London January, 28, 2017. REUTERS/Russell Boyce LONDON Britain''s economy likely expanded by 0.7 percent in the three months to January, quickening slightly from the fourth quarter, the National Institute of Economic and Social Research said on Friday. Its estimate follows the publication of industrial output and trade data for December, which underlined the economy''s strong end to 2016. NIESR cited consumer spending and a pick-up in industrial production as the main drivers behind the economy. "Despite our estimates indicating a strong start of 2017, we expect economic growth to soften to 1.7 per cent this year as rising consumer price inflation weighs on consumer spending," said Oriol Carreras, a research fellow at NIESR. NIESR''s prediction lies in the upper range of forecasts among economists polled by Reuters, but it is still less optimistic than the Bank of England''s expectation that the economy will grow 2 percent this year. A Reuters poll published last month showed that, on average, economists expect the rate of GDP growth to almost halve this year to 1.2 percent. (Reporting by Andy Bruce, editing by David Milliken)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-economy-niesr-idUKKBN15P1VI'|'2017-02-10T22:16:00.000+02:00'
'eb9705fd68594c12766b318cc7e0c3ca31271f28'|'Russia to decide in April-May if global oil deal should be extended - TASS'|'  1:54pm GMT Russia to decide in April-May if global oil deal should be extended: TASS FILE PHOTO: A view shows an oil derrick and other facilities at Vankorskoye oil field owned by Rosneft company north of Krasnoyarsk, Russia March 25, 2015. REUTERS/Sergei Karpukhin/File Photo MOSCOW Russia will decided in April or May whether an agreement on global oil output cuts between OPEC and non-OPEC producers, set to end on June 31, should be extended, TASS news agency quoted Russian Energy Minister Alexander Novak as saying on Saturday. Novak also said that he planned to meet his Saudi Arabia counterpart Khalid al-Falih during the CERAWeek energy conference in Houston in March. (Reporting by Polina Devitt; Editing by Louise Ireland)   Energy stocks look for catalyst out of doldrums NEW YORK Buoyant oil prices since Donald Trump''s election have provided no lasting halo effect for energy stocks as the sector''s profit rebound has lacked vigor, but that could change in the week ahead with a fresh crop of quarterly scorecards.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-russia-opec-idUKKBN15Q0HK'|'2017-02-11T20:52:00.000+02:00'
'827405830e61c13db20bdc5822a187c7c7385b1a'|'Britain''s RPC Group to buy U.S.-based Letica for up to 511 million pounds'|'  8:50am GMT Britain''s RPC Group to buy U.S.-based Letica for up to 511 million pounds British packaging company RPC Group Plc ( RPC.L ) said on Thursday it would acquire Letica Group, a U.S.-based maker of plastic packaging and food service products, for up to 511 million pounds to expand outside Europe. RPC will pay 391 million pounds upfront, while an additional 120 million pounds would be payable after meeting certain EBITDA targets over a two-year period, it said in a statement. RPC also said it would raise gross proceeds of about 552 million pounds through a 1-for-4 rights issue. RPC shares rose as much as 3 percent to a more than two-month high, before paring the gains. They were trading down 1.8 percent at 1040 pence at 0847 GMT on the London Stock Exchange. ($1 = 0.7983 pounds) (Reporting by Sanjeeban Sarkar in Bengaluru; Editing by Gopakumar Warrier)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-letica-m-a-rpc-group-idUKKBN15O0VZ'|'2017-02-09T15:50:00.000+02:00'
'c065300f84ef247bae77f4343e27f6f57e701394'|'Nokia offers to buy Comptel for $370 million'|'HELSINKI Finnish telecoms network equipment maker Nokia ( NOKIA.HE ) said on Thursday it is seeking to buy company Comptel ( CTL1V.HE ) for about 347 million euros ($370 million) to expand its software services business.Nokia and its rivals, Sweden''s Ericsson ( ERICb.ST ) and China''s Huawei [HWT.UL] have struggled recently as demand for faster 4G mobile broadband equipment has peaked and the move to the next-generation 5G networks are still years away.Nokia said its customers were now turning to software to make their networks more intelligent."The planned acquisition is part of Nokia''s strategy to build a standalone software business at scale by expanding and strengthening its software portfolio and go-to-market capabilities with additional sales capacity and a strategic partner network," Nokia said in a statement.The cash offer, 3.04 euros per share, represents a premium of 29 percent compared with Comptel''s last closing price.Comptel, which had sales of about 100 million euros in 2016, said its board of directors, and shareholders that hold about 48 percent of the shares backed the offer.Last year, Nokia bought Franco-American group Alcatel-Lucent in a 15.6 billion-euro all-share deal and is cutting thousands of jobs as it seeks to reduce annual costs by 1.2 billion euros ($1.3 billion) by 2018.(Reporting by Jussi Rosendahl; Editing by Terje Solsvik, Greg Mahlich)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-comptel-m-a-nokia-idINKBN15O0OT'|'2017-02-09T04:43:00.000+02:00'
'3d77b2d25e71cb869bda06454d265502524bc2e0'|'Deals of the day-Mergers and acquisitions'|'(Adds KKR, Mubadala Development, Onexim, L''Oreal, Fidelity & Guaranty Life, Tata Steel UK, Ovo Energy, Group Five and Zurich Insurance)Feb 9 The following bids, mergers, acquisitions and disposals were reported by 2100 GMT on Thursday:** A federal judge ruled against U.S. health insurer Anthem Inc''s proposed $54 billion merger with smaller rival Cigna Corp, derailing an unprecedented effort to consolidate the country''s health insurance industry.** Private equity firm KKR has acquired a stake of 14.1 percent in German research firm GFK, regulatory filings show, as it seeks to fight off rival investor Michael Dell.** Mubadala Development Co PJSC is in talks to buy a minority stake in Invepar SA and inject fresh capital into the Brazilian infrastructure company to kick-start projects and reduce debt, three people with direct knowledge of the matter said.** Onexim Group, which manages the assets of Russian tycoon Mikhail Prokhorov, is considering selling some of its 17 percent stake in Russian aluminium giant Rusal, two banking sources and two industry sources told Reuters.** L''Oreal raised the possibility of selling iconic British beauty products company The Body Shop, as the French cosmetics group posted higher sales and profits.** In the face of U.S. state regulatory hurdles, U.S. annuities and life insurer Fidelity & Guaranty Life said it extended the deadline for its $1.6 billion sale to China''s Anbang Insurance Group, and has negotiated the right to accept other offers.** Tata Steel UK has signed a 100 million pound ($126 million) deal to sell its speciality steel business to Liberty House Group, as the firm''s Indian owner Tata Steel Ltd presses on with restructuring its European operations.** Ovo Energy, one of Britain''s fast-growing independent energy suppliers, said it has bought U.S. smart grid startup VCharge, its first acquisition since it was set up in 2009.** South African construction firm Group Five will buy a further 10 percent stake in Hungarian road concession company Mecsek for 125.16 million rand ($9 million), it said on Thursday, seeking to source and participate in further global concessions.** Zurich Insurance does not consider Italian insurer Assicurazioni Generali as an interesting target, a spokesperson for the Swiss group said on Thursday.** The overseas arm of India''s Oil and Natural Gas Corp Ltd (ONGC) should not be merged with its parent company, ONGC''s chairman said, a week after the government proposed setting up an integrated oil company to better compete with global majors.** Toshiba Corp has received bids ranging from 200 billion yen to as much as 400 billion yen ($1.8 billion-3.6 billion) for a 19.9 percent stake in its flash memory business, a person directly involved in the deal told Reuters.** Finnish telecoms network equipment maker Nokia said it is seeking to buy company Comptel for 347 million euros ($370 million), as mobile operators increasingly rely on software to make their networks more intelligent.** British insurer Aviva announced the sale of a 50 percent stake in its life insurance joint venture Antarius 1 to a unit of French bank Societe Generale for about 425 million pounds ($531.42 million).** French oil company Total said it is on the hunt to buy assets from struggling rivals, after reporting better-than-expected fourth-quarter net profit thanks to cost cuts, and raising its dividend.** Italian investment house Mediobanca is sticking to its plans to sell down its stake in the country''s biggest insurer, Generali, the subject of fierce takeover speculation.** The controlling shareholder in Russian fertiliser producer Phosagro has sold a 4.5 percent stake in the company, raising 14.9 billion roubles ($252 million) in the Moscow share market''s third offering so far this year.** British packaging company RPC Group Plc said it would acquire Letica Group, a U.S.-based maker of plastic food-packaging products, for up to $640 million to expand outside Europe.** Kumba Iron Ore said 
'254d2e6f454bb9fac5c714f03287b08196592616'|'Population trends deliver boost for Japan''s micro M&A boutiques'|'Business News - Mon Feb 13, 2017 - 4:47am GMT Population trends deliver boost for Japan''s micro M&A boutiques left right Office buildings are reflected on a high-rise building at a business district in Tokyo, Japan, February 12, 2017. Picture taken February 12, 2017. REUTERS/Toru Hanai 1/3 left right Office buildings are pictured at a business district in Tokyo, Japan, February 12, 2017. Picture taken February 12, 2017. REUTERS/Toru Hanai 2/3 left right Office buildings are pictured at a business district in Tokyo, Japan, February 12, 2017. Picture taken February 12, 2017. REUTERS/Toru Hanai 3/3 By Junko Fujita - TOKYO TOKYO Boutique advisers specialising in micro-M&A for mostly family-run firms are enjoying a boom in Japan, as an ageing, shrinking population brings in the boundaries on the country''s small business landscape. There are no industry-wide figures for deals between 500 million and 1 billion yen ($4.4-$8.8 million), but boutique advisers say they are benefiting as owners look to merge their businesses to cope with dwindling demand or as they reach retirement without a successor. Japan''s population, already the oldest among developed economies, is projected to shrink by a third by 2060. Nihon M&A Center Inc ( 2127.T ), the largest of the three publicly listed boutique advisors, said on Jan. 30 nine-month profit to end-December had risen 34 percent to a record 5.3 billion yen on sales of 15 billion yen. "Japan''s population is shrinking ... Ultimately none of the small companies will be able survive by itself," said Yasuhiro Wakebayashi, chairman and founder of the company. "They have to be part of larger firms to grow. That is going to be a trend in this country, so the M&A market will only become bigger." Nihon M&A brokered 406 deals in the first nine months of the financial year ending in March, comfortably on the way to beating the previous year''s 420 total. Smaller rivals Strike Co ( 6196.T ) and M&A Capital Partners ( 6080.T ) are also capitalising on the trend, brokering a combined 106 deals in the last financial year, up 23 percent on the previous year and 74 percent on the year before that. Reuters has previously reported that private equity firms in Japan have had a similar boost to business after a long period of torpor, based on the same demographic imperatives. "We are in a niche overlooked by big institutions," said Kunihiko Arai, president of Strike. M&A activity among bigger businesses, arranged by financial heavyweights such as conducted has been Nomura Holdings ( 8604.T ), Daiwa Securities Group Inc ( 8601.T ) and Mitsubishi UFJ Financial Group Inc ( 8306.T ), grew only 4.3 percent to 2,137 last year, while deal value fell 10 percent to 6.2 trillion yen, Thomson Reuters data show. SHARE GAINS Investors in the advisors have also benefited. Shares in Nihon M&A Center gained 56 percent in the past year and M&A Capital Partners shares almost tripled, outperforming a 48 percent gain in the Tokyo Stock Exchange''s Topix Securities Index .ISECU.T. Strike shares have more than doubled since listing in June. Nobuko Inui, 59, who owned four dispensing pharmacies in Osaka, western Japan, was among those helped by Nihon M&A. Last year Inui sold the business she set up in 1994 to Tokyo-based, privately held Kraft Inc, which operates 630 pharmacies nationwide. Inui found it hard to stay competitive as the government cut drug prices to reduce mounting healthcare costs. "Drugs stores are under pressure to improve and diversify our services, but a small company like mine could not afford to hire more pharmacists, so I decided to sell my business," said Inui, who runs the pharmacies for their new owner. Strike says more consolidation is likely in the 7.8 trillion yen dispensing pharmacy market, where a big player like Ain Holdings Inc ( 9627.T ), with about 1,100 outlets, controls just 3 percent. Small firms are the backbone of Japan''s economy, accounting for 99.7 percent of its 3.8 million compa
'ce6005e2d3c3bb415248ef41680747279a684bb6'|'Fake receipts at Glencore warehouse unit triggered sector credit freeze, Qingdao shivers - sources'|'Business News - Mon Feb 13, 2017 - 8:58am GMT Fake receipts at Glencore warehouse unit triggered sector credit freeze, Qingdao shivers - sources 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 Melanie Burton - MELBOURNE MELBOURNE Some global banks briefly froze credit lines for Singapore metal traders last month after a unit of commodities giant Glencore ( GLEN.L ) uncovered fake warehousing receipts, people familiar with the matter said, reviving the spectre of a $3 billion scandal that rocked the trading world three years ago. Though the impact has proved limited so far, the "forged" receipts for nickel stocks that Glencore''s Access World unit said it found still set alarm bells ringing - even though regulation and scrutiny have been tightened across the business since the 2014 Qingdao port scandal in China. Two people who have metal storage dealings with Access World said the company told them the receipts were from a third party, not issued internally. At Qingdao, a firm allegedly duplicated notes pledging metal as collateral for multiple bank loans. "We checked with (Access World) and all our stock was in good order," said one of the people, an official at a Singapore trading house. But the firm did have its credit lines temporarily frozen by several banks while they investigated, the person said, speaking on condition of anonymity. Metals traders told Reuters that a raft of international banks involved in providing finance to the sector, including Australia''s ANZ ( ANZ.AX ), France''s Natixis ( CNAT.PA ) and Rabobank of the Netherlands, temporarily froze some credit lines before for the most part resuming business. Natixis declined to comment. Rabobank said it was aware of the news on forged warehouse certificates circulating in the name of Access World, and was "assessing the situation," but could not comment further. ANZ said that its "warehouse commodity financing was a small business within (the bank''s) institutional division with only a handful of customers", and declined to comment further. In its statement disclosing the incident, Access World said it had become aware of "forged warehouse receipts" and urged holders of its warehouse receipts to authenticate them. Last week it said it would provide authentication for clients'' certificates on Feb. 10-15, after which it would honour "duly authenticated original warehouse receipts". The warehouse receipts concerned applied to stockpiles in Singapore, people said. Reuters was unable to confirm the volumes involved, nor whether finance had been advanced against them, or which, if any other locations were affected. Glencore itself declined to comment. FROM GREEN TO AMBER The late January disclosure led to a frenzy of phone calls among trading houses and banks - and the cancellation of holidays over the Lunar New Year period - as warehousers combed through their stock to make sure all was in order. "There''s a lot of ''calm panic'' out there," said an executive at another trading company in Singapore, speaking on condition of anonymity. At the time the news broke, he said, people were asking, "(What if) It''s internal fraud at a warehouse company?" But the fallout appears to have been limited, partly because the type of alleged fraud attempted was via a third party. "It''s not systemic like the one in Qingdao," said one banker familiar with the matter, who declined to be identified because he wasn''t authorised to discuss the matter. Banks and trading houses have tightened procedures around collateral financing since Qingdao, particularly around limiting transfers of titles to metal. The London Metal Exchange - the largest base metals exchange - set up a global inventory monitoring chain known as LMEShield for private stocks held outside its warehousing network, where rent is cheaper, b
'24792d8f300ffc79115185f34e10f08ecd26bd72'|'Hundreds of Uber drivers in Qatar go on strike after price cuts'|'Business  50am EST Hundreds of Uber drivers in Qatar go on strike after price cuts FILE PHOTO: The Uber app logo is seen on a mobile telephone in this October 28, 2016 photo illustration. REUTERS/Toby Melville/Illustration/File Photo DOHA Hundreds of drivers with ride-hailing service Uber [UBER.UL] in Qatar went on strike on Monday for the second time in a year to protest against fare cuts. The U.S.-based company, which started operations in Doha in 2014, has in recent months cut fares by 15-20 percent for passengers amid growing competition from local firms. Uber drivers in Doha stayed home on Monday to protest the cuts and an "upfront" service launched by Uber in November that allows passengers to view the total fare before their journey. "The upfront [service] isn''t fair. If you get stuck in traffic or the passenger makes extra stops during the journey, we receive nothing for that," said John, an Ethiopian driver who declined to give his second name. "If they [Uber] don''t raise fares and treat drivers better we have many other platforms we can go to. I have a family to support," he said. Uber has tried to drive down taxi fares to win customers from local rivals in Qatar like Careem which has a larger market share than Uber in most of the 32 cities in the Middle East, North Africa and Pakistan region in which it operates. An Uber spokesman in Dubai said the company was "committed to dialogue with partner drivers" and had made improving their experience a priority. "We are very proud of the high quality service they [drivers] offer to riders who want to get around Doha with a safe, efficient and affordable ride," said the spokesman in a statement. Thousands of Ethiopians, Indians and Nepalis work as Uber drivers in wealthy Qatar where unions and labor protests are banned and authorities penalize dissent with jail terms or immediate deportation. Some drivers say they have struggled since an oil slump in mid-2014 that has squeezed state finances and last year saw Doha raise the domestic price of gasoline by 30 percent.. (Reporting by Tom Finn; Additional reporting by Celine Aswad in Dubai; Editing by Janet Lawrence) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-uber-qatar-strike-idUSKBN15S196'|'2017-02-13T18:47:00.000+02:00'
'16016ea3bf5327b7af03047aa5fc2849bab124c2'|'Japan fourth-quarter GDP grows 1.0 percent annualised on exports, capex'|' 07am GMT Japan fourth-quarter GDP grows 1.0 percent annualised on exports, capex Japan''s national flag is seen in front of containers and cranes at an industrial port in Tokyo, Japan, January 25, 2017. REUTERS/Kim Kyung-Hoon TOKYO Japan''s economy grew at an annualised rate of 1.0 percent in October-December, posting a fourth straight quarter of expansion, led by solid exports and firmer capital expenditure, government data showed on Monday. The preliminary reading for fourth-quarter gross domestic product compared with the median estimate of 1.1 percent growth in a Reuters poll of economists. It followed a revised 1.4 percent expansion in the prior quarter, the Cabinet Office data showed. On a quarter-on-quarter basis, GDP rose 0.2 percent, versus 0.3 percent growth expected by economists. To view the full tables, go to the Cabinet Office''s website: here (Reporting by Tetsushi Kajimoto, Stanley White and Chang-Ran Kim) Next In Business News VW says has no plans to retain large number of temporary staff BERLIN Volkswagen said it has no plans to keep a large number of temporary workers on its books following a media report saying management at the carmaker''s VW brand would retain about 2,000 of them as labour leaders and executives wrestle over the company''s turnaround plan.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-japan-economy-gdp-idUKKBN15S00C'|'2017-02-13T07:07:00.000+02:00'
'8ecb6b75ba4d71cab1a43145621b8fb7f962f2f6'|'Daimler to focus Smart brand on electric cars in U.S., Canada - report'|'Business News - Mon Feb 13, 2017 - 9:53pm GMT Daimler to focus Smart brand on electric cars in U.S., Canada: report left right Mercedes introduces the 2017 Smart electric car at the 2016 Los Angeles Auto Show in Los Angeles, California, U.S November 16, 2016. REUTERS/Lucy Nicholson 1/2 left right The Daimler AG sign with raindrops is pictured before the company''s annual news conference in Stuttgart, Germany, February 4, 2016. REUTERS/Michaela Rehle/File Photo 2/2 FRANKFURT Daimler ( DAIGn.DE ) will stop selling cars under the Smart brand with combustion engines to focus on electric cars, Frankfurter Allgemeine Zeitung reported, citing a letter that Mercedes-Benz USA sent to dealerships. Dietmar Exler, head of Mercedes-Benz USA, said in his letter that the sale of Smart cars with combustion engines would stop in September, the paper reported in its Tuesday edition. It added that the carmaker would sell battery-powered versions of its Fortwo and Fortwo convertible models. Daimler was not immediately available for comment. Mercedes-Benz USA sold 6,211 Smart cars last year, compared with global sales of Smart branded vehicles of 144,479. Daimler''s group deliveries, including its premium Mercedes brand, stood at 2.1 million in 2016. (Reporting by Maria Sheahan; Additional reporting by Edward Taylor; Editing by Tom Heneghan) Next In Business News Apple hits record high but leaves some investors in dust SAN FRANCISCO Apple shares cruised to a record-high close Monday, helping catapult the S&P 500 stock index over the $20 trillion mark in what amounts to a victory for plain-vanilla mutual funds over a bevy of hedge fund managers who recently backed away from the iPhone maker. U.S. inflation expectations at highest level since 2015: NY Fed NEW YORK A measure of U.S. inflation expectations rose for a second straight month in January to its highest level since mid-2015, according to a Federal Reserve Bank of New York survey released on Monday that reinforced the view that interest rates would keep climbing. NEW YORK Dallas Federal Reserve Bank President Robert Kaplan on Monday said the U.S. central bank should act soon to raise rates, or risk having to abandon its plan to do so slowly. 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-daimler-usa-idUKKBN15S2I0'|'2017-02-14T04:53:00.000+02:00'
'363fadffb14b4284af45a3b2a354408bdde0507c'|'Syngenta sees ChemChina takeover closing in second quarter'|'ZURICH Swiss pesticides and seeds group Syngenta ( SYNN.S ) expects its $43 billion takeover by ChemChina [CNNCC.UL] to close in the second quarter of 2017 as it makes progress in winning regulatory approval for the deal, it said on Wednesday.The transaction is important for China, the world''s largest agricultural market, which is seeking to secure the food supply for its huge population.Syngenta''s portfolio of top-tier chemicals and patent-protected seeds would boost its potential output."ChemChina and Syngenta have made significant progress towards achieving the necessary regulatory approvals and closing the transaction," Syngenta said in announcing 2016 results, noting it had won approvals from 13 regulatory authorities.It was awaiting approvals from Brazil, Canada, China, the EU, India, Mexico and the United States."ChemChina and Syngenta remain fully committed to the transaction and are confident of its closure," it said.Chief Executive Erik Fyrwald told Reuters he was confident the deal would win approval from China''s MOFCOM regulator without causing any delay. The deal was making good progress with U.S. and EU regulators as well, he said.ChemChina is set to secure conditional EU antitrust approval for its bid, the largest foreign acquisition by a Chinese company, two people familiar with the matter told Reuters last week.Bridge financing to close the deal was in place and irrevocable, finance chief Mark Patrick said, while the partners were working on the structure of longer-term financing.Syngenta said it planned to push its annual meeting to June given that it was close to completing the deal."With the first settlement of the transaction expected to take place before the AGM, there will not be a proposal for payment of a regular dividend. As previously communicated, a special dividend of 5.00 Swiss francs will be paid conditional upon and prior to the first settlement of the transaction," it said.Syngenta reported 2016 earnings before interest, tax, depreciation and amortization (EBITDA) of $2.66 billion on sales of $12.79 billion.Analysts polled by Reuters had on average expected EBITDA to fall 5.9 percent to $2.61 billion on sales down 4.2 percent to $12.85 billion. They had expected it to boost its dividend to 11.60 Swiss francs from 11.00.(Reporting by Michael Shields and Ludwig Burger; Editing by Joshua Franklin)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-syngenta-results-idINKBN15N0HQ'|'2017-02-08T03:56:00.000+02:00'
'5574bc5472c4d7540853738574d77b6af20ad2d9'|'Brazil official sees Airbus ruling helping WTO case against Canada'|'Company   1:20pm EST Brazil official sees Airbus ruling helping WTO case against Canada BRASILIA Feb 8 Brazil''s argument in a trade dispute with Canada will be helped by a World Trade Organization (WTO) ruling that European nations had provided unfair subsidies to Airbus Group SE, a senior official at Brazil''s Foreign Ministry said on Wednesday. Carlos Cozendey, undersecretary for economic affairs, said Canadian government support for Bombardier Inc had helped the planemaker win a major order from Delta Air Lines Inc over Brazilian rival Embraer SA. (Reporting by Alonso Soto; Editing by Chris Reese; Writing by Brad Haynes) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/bombardier-investment-wto-idUSE6N1CB027'|'2017-02-09T01:20:00.000+02:00'
'de6034cc1b95107b7f52d55cc5aba971a628d206'|'MEG Energy posts larger quarterly loss'|'Feb 9 Canadian oil sands producer MEG Energy Corp reported a bigger quarterly loss as it recorded an impairment charge of C$80.1 million ($61.04 million).The Calgary, Alberta-based MEG''s net loss widened to C$305 million or C$1.34 per share, for the three months ended Dec. 31, from C$297 million, or C$1.32 per share, a year earlier.Revenue rose 27.2 percent to C$566 million. ($1 = 1.3119 Canadian dollars) ($1 = 1.3122 Canadian dollars) (Reporting by Arathy S Nair in Bengaluru; Editing by Amrutha Gayathri)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/meg-energy-results-idINL4N1FU3HD'|'2017-02-09T07:08:00.000+02:00'
'228bd844b8c8203b7307079f09ec53c944124c4a'|'News Corp posts second-quarter loss'|'Thu Feb 9, 2017 - 4:30pm EST News Corp posts second-quarter loss News Corp ( NWSA.O ), the owner of the Dow Jones Newswires and book publisher HarperCollins, posted a second-quarter loss as it struggles to offset the decline in advertising income in its newspaper business. Net loss available to News Corp shareholders was $290 million, or 50 cents per share, in the quarter ended Dec. 31, compared with a profit of $62 million, or 11 cents per share, a year earlier. The company, controlled by media mogul Rupert Murdoch, said revenue fell 2.1 percent to $2.12 billion. (Reporting by Laharee Chatterjee in Bengaluru; Editing by Savio D''Souza) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-news-corp-results-idUSKBN15O2VX'|'2017-02-10T04:23:00.000+02:00'
'3f1d501e0fdc29fc248eab7b0e25deac5b32197d'|'BRIEF-Pennine Petroleum says co signed production sharing agreement with Albpetrol SH.A'|' 06pm EST BRIEF-Pennine Petroleum says co signed production sharing agreement with Albpetrol SH.A Feb 14 Pennine Petroleum Corp * Pennine Petroleum Corp - co has signed a production sharing agreement with Albpetrol SH.A for exploration and development of velca block in Albania Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1FZ15J'|'2017-02-15T01:06:00.000+02:00'
'b4529f91ff003059f08b50d1bd520fe784650902'|'Blackstone and Carlyle Group consider sale of Service King'|'Auto repair-center operator Service King Paint & Body LLC, owned by Blackstone Group LP and Carlyle Group LP, is considering a potential sale of the company for more than $2 billion, Bloomberg reported citing sources.Blackstone Group LP and Carlyle Group LP have had discussions about initiating the sale process with bankers but no final decision has been made, Bloomberg reported.Blackstone first invested in Dallas-based Service King in 2014 while Carlyle Group made its first investment in the auto repair company in 2012.Neither Blackstone Group nor Carlyle Group could be reached immediately for comments.(Reporting by Laharee Chatterjee in Bengaluru; Editing by Sandra Maler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-service-king-sale-idINKBN15T043'|'2017-02-13T22:06:00.000+02:00'
'a3c553770bb2400784b5767d4927922c9e9d9453'|'Exclusive - Trump to meet with retail CEOs on taxes, infrastructure'|' 10pm GMT Exclusive - Trump to meet with retail CEOs on taxes, infrastructure left right Target Corp. CEO, Brian Cornell speaks during an interview on the floor of the New York Stock Exchange November 28, 2014. REUTERS/Brendan McDermid 1/3 left right Hubert Joly, Chairman and CEO of Best Buy, participates in a panel at the 2015 Fortune Global Forum in San Francisco, California November 2, 2015. REUTERS/Elijah Nouvelage 2/3 left right Art Peck, CEO of Gap, speaks during the Clinton Global Initiative''s annual meeting in New York, September 28, 2015. REUTERS/Brendan McDermid 3/3 By Ginger Gibson - WASHINGTON WASHINGTON President Donald Trump will meet on Wednesday with the chief executive officers of eight large retailers, including Target Corp ( TGT.N ), Best Buy Co Inc ( BBY.N ) and J.C. Penney Company Inc ( JCP.N ), to discuss tax reform and infrastructure improvements, according to people with knowledge of the meeting. A White House official confirmed the meeting between retail CEOs and Trump will take place on Wednesday morning. The meeting will include Target CEO Brian Cornell, Best Buy CEO Hubert Joly, Gap Inc ( GPS.N ) CEO Art Peck, Autozone Inc ( AZO.N ) CEO William Rhodes, Walgreens Boots Alliance Inc ( WBA.O ) CEO Stefano Pessina, J.C. Penney CEO Marvin Ellison, Jo-Ann Stores LLC [NEDLEJ.UL] CEO Jill Soltau and Tractor Supply Co ( TSCO.O ) CEO Gregory Sandfort, according to those familiar with attendees. The retailers oppose the border adjustment tax, a Republican proposal that would cut corporate income tax to 20 percent from 35 percent, exclude export revenue from taxable income and impose a 20 percent tax on imports. (Reporting by Ginger Gibson; Additional reporting by Steve Holland; Editing by Lisa Shumaker)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-usa-trump-retail-ceos-exclusive-idUKKBN15T2OQ'|'2017-02-15T03:10:00.000+02:00'
'605b7e374127c023b4e4e6c9ba2898dad954a710'|'UPDATE 1-UK Stocks-Factors to watch on Feb 14'|'Company News  49am EST UPDATE 1-UK Stocks-Factors to watch on Feb 14 (Adds futures, companies items) Feb 14 Britain''s FTSE 100 index is seen opening down 3.9 points on Tuesday according to financial spreadbetters, with futures down 0.2 percent ahead of the cash market open. * The blue-chip FTSE 100 index ended 0.3 percent higher on Monday, at 7,278.92 points after hitting an intra-day high of 7,298.47, the highest level since mid-January, as a sharp rally in basic resources stocks on the back of stronger metals prices supported the broader market. It now stands some 75 points below its record peak scaled on Jan. 16. * ROLLS-ROYCE: Rolls-Royce posted a record reported loss of 4.6 billion pounds ($5.8 billion) on Tuesday as a fine to settle bribery charges and the collapse in the pound from Brexit capped a difficult few years for the British aero engine maker. * NEXT PLC: British clothing retailer Next said its chairman John Barton will retire in August and be succeeded by Michael Roney. * ACACIA MINING: Tanzanian gold producer Acacia Mining said 2017 production would be lifted 40 percent by a mine life extension at Buzwagi following a strong 2016 when EBITDA (earnings before interest, tax, depreciation and amortisation) more than doubled. * KUMBA IRON ORE: Kumba Iron Ore ltd, a unit of Anglo American Plc , said on Tuesday its 2016 earnings more than doubled, partly on higher prices, but held off on paying a dividend because of a volatile market outlook. * TUI: European tour operator TUI reported a narrower loss for the first-quarter, although its German TUIFly unit was hit by costs of around 22 million euros ($23 million) due to staff calling in sick after a new strategy was announced in October. TUI agreed to sell its specialist holiday arm Travelopia to KKR at an enterprise value of 325 million pounds ($407 million). * LLOYDS: Lloyds Banking Group is close to selecting Berlin as its base to build out its European operations as it tries to secure market access to the European Union when Britain leaves the bloc, according to sources familiar with the plans. * GLENCORE: Glencore has increased its hold on Democratic Republic of Congo''s copper and cobalt resources by buying the remaining stake in the Mutanda mine from resource group Fleurette and increasing its share in Katanga for a total of $960 million. * GOLD: Gold prices edged up on Tuesday as the dollar crept lower, with investors turning their attention to testimony from U.S. Federal Reserve Chair Janet Yellen later in the day for hints on the central bank''s interest rate strategy. * COPPER: Copper held on to hefty overnight gains on Tuesday amid supply concerns from two of the world''s biggest sources of the metal. * 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 Sanjeeban Sarkar in Bengaluru; Editing by Amrutha Gayathri) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-stocks-factors-idUSL4N1FZ2W7'|'2017-02-14T14:49:00.000+02:00'
'd6b322fd8436a0ece4312d0acb872256377abef3'|'BRIEF-Gluskin Sheff + Associates says qtrly earnings per share $ 0.78'|' 21pm EST BRIEF-Gluskin Sheff + Associates says qtrly earnings per share $ 0.78 Feb 13 Gluskin Sheff + Associates Inc * Gluskin Sheff + Associates Inc. announces second quarter fiscal 2017 results * Gluskin Sheff + Associates Inc - During quarter, AUM increased by $205 million to $8.7 billion as at December 31, 2016, from $8.5 billion as at September 30, 2016 * Gluskin Sheff + Associates Inc says qtrly earnings per share $ 0.78 * Qtrly total revenue $64.6 million versus $58.6 million Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSASB0B01G'|'2017-02-14T05:21:00.000+02:00'
'6c7d9ec2826d05b0f20f4e77bdcd44ee2c4cb493'|'Italy - Factors to watch on Feb. 14'|'Company News  56am EST Italy - Factors to watch on Feb. 14 The following factors could affect Italian markets on Tuesday. Reuters has not verified the newspaper reports, and cannot vouch for their accuracy. New items are marked with (*). For a complete list of diary events in Italy please click on . ECONOMY ISTAT releases flash Q4 GDP data (0900 GMT). COMPANIES (*) BANKS Banca Popolare di Vicenza and Veneto Banca have submitted a draft merger plan to the ECB that includes a fresh capital injection of between 4 billion and 5 billion euros ($4.3-5.3 bln) and paves the way for the Italian state to become the two ailing lenders'' main shareholder, Il Messaggero reported without citing sources. (*) ENI China''s CNPC is not happy with Eni''s plan to have U.S. oil major Exxon join the consortium developing Mozambique''s Area 4 licence, MF reported. CNPC entered the consortium in 2013 and is now slowing a new sale of a stake in the Mozambique field which Eni is aiming to announced on March 1. SAVE At least four international infrastructure funds have an expressed an interest in taking a stake in Venice airport operator SAVE, Corriere della Sera reported. The moves follow a an ownership shake-up at Finanziaria Internazionale, which together with Morgan Stanley owns 59.6 percent of the airport group through its Agora unit. FASHION International textiles buyers are increasingly switching away from China, and back to Western suppliers, as rising labour, raw material and energy costs make the world''s dominant producer more expensive. INTERPUMP GROUP Board meeting on Q4 results. SABAF Board meeting on Q4 results, followed by conference call (1400 GMT). FOPE For Italian market data and news, click on codes in brackets: 20 biggest gainers (in percentage) 20 biggest losers (in percentage) FTSE IT allshare index'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/italy-factors-feb-idUSL5N1FU6G3'|'2017-02-14T14:53:00.000+02:00'
'ca26db01d94d7d9e6c7c1a625a2d4ddfe3901d6c'|'White House should probe Conway''s Nordstrom comments -U.S. ethics office'|'Politics - Tue Feb 14, 2017 - 2:37pm EST White House should probe Conway''s Nordstrom comments: U.S. ethics office Counselor to the President Kellyanne Conway speaks at the annual March for Life rally in Washington, DC, U.S. January 27, 2017. REUTERS/Yuri Gripas WASHINGTON The White House should investigate a public endorsement of Ivanka Trump products by Kellyanne Conway, a senior adviser to President Donald Trump, and consider disciplinary action, the Office of Government Ethics said in a letter on Tuesday. Conway''s comments last week after Nordstrom announced it was dropping the brand of Trump''s daughter Ivanka from its stores prompted criticism from Republican and Democratic lawmakers amid concern she may have violated ethics rules that prohibit using a public office to endorse products or advance personal business gains. "There is strong reason to believe that Ms. Conway has violated the Standards of Conduct and that disciplinary action is warranted," the letter read. It recommended the investigation and any disciplinary action be taken by Feb. 28. (Reporting by Doina Chiacu and Timothy Ahmann; editing by Grant McCool) Next In Politics Challenge to Trump travel ban moves forward in two courts SAN FRANCISCO The most consequential legal challenge to U.S. President Donald Trump''s travel ban will proceed on two tracks in the next few days: in a U.S. appeals court vote in San Francisco and the Seattle courtroom of a federal judge.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-trump-nordstrom-idUSKBN15T2M7'|'2017-02-15T02:30:00.000+02:00'
'02288de902779c46c4c41d3dcc65af4c0ccd8593'|'Julius Baer served with 306 million euro claim in embezzlement case'|'Business News - Fri Feb 10, 2017 - 6:32am GMT Julius Baer served with 306 million euro claim in embezzlement case The logo of Swiss private bank Julius Baer is seen at the bank''s headquarters in Zurich, Switzerland February 1, 2017. REUTERS/Arnd Wiegmann ZURICH Swiss private bank Julius Baer ( BAER.S ) said on Friday that it has been served with a 306 million euro (260.74 million pounds) claim that contends it did not prevent two clients from embezzling assets from a foreign corporation that is now being liquidated. Baer is contesting the claim and taking what it called "further appropriate measures" to defend its interests, it said in a statement. In its 2013 annual report, Baer had disclosed the foreign corporation''s liquidator had presented the private bank with a draft 12 million euro complaint and had filed a a payment order for 422 million euros, plus accrued interest from 2009. It does not name the corporation or country where the claim originated. ($1 = 0.9389 euros)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-julius-baer-claim-idUKKBN15P0K4'|'2017-02-10T13:32:00.000+02:00'
'b7d9a608b7aa3e263311ee1acf40b3f760881c4d'|'ABB says cooperating with UK corruption probe'|'Business News - Fri Feb 10, 2017 - 11:30am EST ABB says cooperating with UK corruption probe A woman takes pictures of the logo of Swiss power technology and automation group ABB ahead of a news conference to present the company''s full-year results in Zurich, Switzerland February 8, 2017. REUTERS/Arnd Wiegmann ZURICH ABB ( ABBN.S ) said it was cooperating with anti-fraud authorities in the United States and Britain and had reported past dealings with Monaco-based engineering and construction group Unaoil, including alleged improper payments to third parties. The Serious Fraud Office in Britain said earlier it has launched an investigation into the activities of ABB''s United Kingdom subsidiaries, their officers, employees and agents for suspected bribery and corruption. "As a result of an internal investigation, ABB self-reported ... certain of its past dealings with Unaoil and its subsidiaries, including alleged improper payments made by these entities to third parties," ABB said in a statement. Unaoil in May denied a media report linking it to corrupt practices involving big oil companies and said it has been the victim of an extortion attempt by unidentified criminals. (Reporting by John Revill; Editing by Michael Shields) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-abb-unaoil-investigation-idUSKBN15P22Q'|'2017-02-10T23:30:00.000+02:00'
'a8443d459e584185f1eb5d4321648dbbd96eec43'|'MIDEAST STOCKS - Factors to watch - Feb 9'|'DUBAI Feb 9 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 stocks tread water on U.S. cues, Europe concerns* MIDEAST STOCKS-Qatar rises as Barwa leaps; oil price drop pulls down Saudi* Oil stable after drop in US gasoline stocks, but market remains bloated* PRECIOUS-Gold off 3-month highs; political uncertainty provides support* MIDEAST DEBT-ICD''s performance makes case for 10-year Saudi sukuk, investors say* Middle East Crude-Benchmarks strengthen in thin trade* Trump''s U.S. Supreme Court pick dispirited by president''s tweets* Islamic finance body drafts new standard for centralised sharia boards* Yemen keeps counter-terrorism operations with U.S. despite raid* Legal battle over travel ban pits Trump''s powers against his own words* U.S. commander expects recapture soon of Islamic State strongholds* Turkish-led forces advance into outskirts of Syrian city* COLUMN-Why Trump''s tough talk on Iran will backfire* Syrian jets carry out deadly strikes on rebel-held Homs district* Chairman leads deal to buy stake in Arab Bank for $1.12 bln* Erdogan, Trump agree joint action against Islamic State in Syria -Turkish sources* Administrator sets bid deadline for Moroccan oil refiner Samir* Russia completes S-300 missile systems supplies to Iran in 2016 -TASS* U.N. seeks $2.1 billion to avert famine in Yemen* Foreign banks, wealth funds eye cooperation with Turkish wealth fund - finmin* Halic Leasing widens Turkey''s Islamic finance marketEGYPT* Trump presidency heralds new era of closer ties with Egypt* Egypt''s capital project hits latest snag as Chinese pull out* Egyptian exports to Gaza signal better ties with Hamas* Egypt bourse approves listing of Banque du Caire- statement* Egypt to issue $1 bln one-year dollar-denominated treasury bill -central bank* White House weighs designating Iran''s Revolutionary Guard a terrorist groupSAUDI ARABIA* Saudi wealth fund PIF considers taking stake in Six Flags - Bloomberg* Canada''s TMX seeks part of Saudi Aramco listing* Boutique bank Moelis wins advisory role for mammoth Saudi IPO* Saudi to supply full March oil volumes to two Asian buyers - sources* Saudi Cement proposes H2 2016 cash dividend of 2.75 riyals/share* Saudi hires Jadwa Investment to advise on selling soccer clubs -sourcesUNITED ARAB EMIRATES* Moody''s upgrades Aldar Properties to Baa2; stable outlook* Etihad sees challenging year as passenger growth slowsQATAR* Qatar says oil market can cope with higher shale output* Qatar says oil market can cope with higher shale output* Qatar''s United Development Company Q4 profit rises 81 pct* Qatar''s Barwa Real Estate Q4 swings to profitKUWAIT* Kuwait welcomes Iran''s readiness for dialogue with Gulf - Kuwaiti state news* Kuwait''s KIPCO mandates banks for bond issue of up to $500 mln, to repurchase debt (Compiled by Dubai newsroom)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/mideast-factors-idINL5N1FU00G'|'2017-02-09T00:00:00.000+02:00'
'0e92feb03ceb456d934ea2ab8c8df7deded4f028'|'Indian Oil says Chennai Petroleum arm to benefit if merged with parent'|' 32pm IST Indian Oil says Chennai Petroleum arm to benefit if merged with parent A woman walks past a logo of Indian Oil outside a fuel station in New Delhi, August 29, 2016. REUTERS/Adnan Abidi/Files NEW DELHI State-owned Indian Oil Corp would like to merge its subsidiary Chennai Petroleum Corp with itself as part of a government plan to integrate state oil firms to create a national oil behemoth, its chairman said on Thursday. "Chennai Petroleum will benefit by integrating with IOC. Certainly given an opportunity we will like to merge," B. Ashok told Reuters. He said IOC had previously merged its fuel retail subsidiary IBP Ltd and refiner Bongaigaon Refinery and Petrochemical Ltd with itself. Chennai Petroleum operates two refineries in southern India. Finance Minister Arun Jaitley last week announced that the country plans to create a giant national oil company by merging some state firms to take on global rivals. India has about a dozen state-owned oil firms. Ashok, who heads the country''s largest refiner with limited exposure in exploration, favours integration of companies to create oil majors with a presence in drilling to retail sales. "It is a good idea to integrate across value chain and of course it helps us to leverage ourselves in terms of bigger size when we compare ourselves with international companies," he said. Ashok said the creation of multiple integrated firms would benefit consumers as the companies would compete among themselves to provide better services to improve performance. (Reporting by Nidhi Verma; Editing by Malini Menon) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/india-ioc-m-a-idINKBN15O1JU'|'2017-02-09T20:02:00.000+02:00'
'8444c127d15a25fb3e0f03c01719fd3b10f65ef7'|'China''s Sinohydro in talks for Odebrecht stake in Colombia river project'|'BOGOTA Chinese construction company Sinohydro is negotiating with Odebrecht to take over the Brazilian company''s stake in Colombia''s Magdalena River navigability project, a deal that could save the $873 million contract, a government official said.Power China is interested in becoming involved through its Sinohydro unit, Luis Fernando Andrade, president of Colombia''s National Infrastructure Agency, told Reuters on Thursday."The only way out for this contract is another company taking it over," he said. Odebrecht received the concession in 2014.The company is trying to divest its 87 percent stake in the Navelena consortium, which is tasked with dredging the river to increase its cargo capacity, after allegations by U.S. prosecutors that Odebrecht paid hundreds of millions of dollars in bribes in 12 countries.The project "needs a company that''s not Navelena and has nothing to do with Odebrecht, and that is what we''ve been working on," said Andrade.The latest negotiations come after Japan''s Sumitomo Mitsui bank pulled $250 million in financing from the project in January as the Odebrecht scandal was blowing up."Power China, a very important company ... already has history of working on the Magdalena River through Sinohydro," Andrade said.Sinohydro was disqualified from the bidding for the contract eventually won by Navelena. Andrade said he did not remember why.The Navelena consortium, which also includes Colombia''s Valorcon, has until Feb. 22 to find alternative financing, or the contract will be scrapped, according to government agency Cormagdalena, which manages the project.Officials at Odebrecht and Cormagdalena said they had no information about the talks. Sinohydro did not respond to messages from Reuters seeking comment.The government would have to temporarily take over dredging works if the contract is liquidated, Andrade said. Construction was originally slated to begin in June 2016.The dredging is set to increase cargo transport fivefold on a 256-km (159-mile) section of the river to some 10 million tonnes by 2029 to reduce freight costs and help increase exports by commodities producers and agricultural companies.U.S. prosecutors have accused Odebrecht of paying bribes connected to projects in countries including Brazil, Argentina, Colombia, Mexico and Venezuela between 2002 and 2016.Accusations swirled this week that the 2014 re-election campaign for President Juan Manuel Santos received $1 million from the company. He has denied any money was received.(Additional reporting by Helen Murphy and Julia Symmes Cobb; Writing by Helen Murphy; Editing by Julia Symmes Cobb and Lisa Von Ahn)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-colombia-odebrecht-magdalena-idUSKBN15P1NY'|'2017-02-10T16:49:00.000+02:00'
'1cf3e16df6189101df064fc79215cba39198dd81'|'Britain and India ease limits on flights to boost trade ties'|' 13pm GMT Britain and India ease limits on flights to boost trade ties Britain''s Prime Minister Theresa May (L) shakes hands with her Indian counterpart Narendra Modi during a photo opportunity ahead of their meeting at Hyderabad House in New Delhi, India, November 7, 2016. REUTERS/Adnan Abidi LONDON Britain and India on Thursday agreed to ease restrictions on the number of scheduled flights between the two countries in a bid to boost trade and tourism ties before Britain leaves the European Union. Limits on flights to Britain from key Indian cities including Chennai and Kolkata have been scrapped, allowing for passengers to choose from a greater range of flights. "India is one of our closest allies and key trading partners and this new agreement will only serve to strengthen this crucial relationship," Britain''s aviation minister Tariq Ahmad said in a statement. "We are unlocking new trade and tourism opportunities which will boost our economies, create new jobs and open up new business links." According to the Department for Transport, 2.5 million passengers fly directly between the UK and India annually, with 88 scheduled services per week in each direction between the two countries. Limits on the number of flights between countries are typically determined by bilateral air transport agreements (ATAs). (Reporting by Ritvik Carvalho; editing by Kate Holton)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-india-britain-aviation-idUKKBN15O2A9'|'2017-02-10T00:13:00.000+02:00'
'b28a219b4f04c328b311b4e05e9a5d71f75651ef'|'Fed''s Tarullo to resign, creating opening at central bank'|'Business News - Fri Feb 10, 2017 - 6:37pm GMT Fed''s Tarullo to resign, creating opening at central bank U.S. Federal Reserve Governor Daniel Tarullo delivers remarks at the Center for American Progress in Washington, U.S. July 12, 2016. REUTERS/Gary Cameron WASHINGTON Federal Reserve Governor Daniel Tarullo will resign from the U.S. central bank where he helped lead financial regulation, creating further room for President Donald Trump to reshape the Fed''s policymaking staff. Tarullo, who had served at the Fed since 2009 and helped shape its response to a financial crisis and deep recession, said in a letter to Trump on Friday he would leave the central bank "on or around April 5." The Fed released the letter along with a comment by Fed Chair Janet Yellen who cited Tarullo''s work crafting a new regulatory framework and his "invaluable" contributions to Fed policymaking. Besides crafting regulation, Tarullo also is a voter on interest rate policy. "It has been a great privilege to work with former Chairman Bernanke and Chair Yellen during such a challenging period," Tarullo said in the letter. (Reporting by Jason Lange; Editing by Andrea Ricci) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-fed-tarullo-idUKKBN15P2CL'|'2017-02-11T01:37:00.000+02:00'
'443d41beb8274d65352d824d53a455f08313750a'|'Fiat Chrysler CEO complains about emissions rules ''mess'' in Europe'|'Thu Feb 9, 2017 - 7:35pm GMT Fiat Chrysler CEO complains about emissions rules ''mess'' in Europe Fiat Chrysler Automobiles CEO Sergio Marchionne speaks during the North American International Auto Show in Detroit, Michigan, U.S., January 9, 2017. REUTERS/Rebecca Cook TURIN Fiat Chrysler CEO Sergio Marchionne complained on Thursday about emissions regulations in the European Union, saying that the single market was meant "to avoid this mess". "Bad rules are also applied in a different way in every country, creating the worst solution that could be invented," Marchionne said. FCA faces a U.S. criminal investigation for alleged emissions manipulation and German accusations that it, like VW, used "defeat devices" to confound nitrogen oxide (NOx) tests. The Italian-American group on Monday also became the third carmaker after VW and Renault to be referred to French prosecutors over the scandal. FCA has denied breaking any laws. (Reporting by Gianni Montani; writing   Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-fiatchrysler-emissions-ceo-idUKKBN15O2OL'|'2017-02-10T02:28:00.000+02:00'
'b41de707b4eba21eaba149f2141933aec57d6e64'|'Exclusive - EU sharpens competition tools to face Gulf carrier challenge'|'Business   8:34pm GMT Exclusive: EU sharpens competition tools to face Gulf carrier challenge Vapour trails from a Lufthansa plane are seen in the sky over the ski resort of Val d''Isere, France, December 1, 2016. REUTERS/Christian Hartmann By Julia Fioretti - BRUSSELS BRUSSELS The European Commission is set to revamp a law enabling it to impose duties on non-EU airlines or suspend their flying rights if it finds they have caused injury to European airlines, as it seeks to counter rising competition from Gulf carriers. In a draft proposal seen by Reuters, the European Union executive aims to guarantee fair competition between airlines in the bloc by tackling unfair business practices by foreign airlines and their governments which cannot be addressed through open skies agreements. These include illegal government subsidies or favorable treatment when it comes to slot allocation, ground handling services, airport charges and refueling, among others. The proposal is likely to stoke tensions between European legacy carriers - hit by increased competition on long-haul routes and shifting traffic flows to Asia - and the three major Middle Eastern airlines. Qatar Airways, Emirates and Etihad Airways have faced accusations of receiving illegal state subsides, which they deny. The Commission has come under heavy pressure from France and Germany as well as their flag carriers, Air France KLM ( AIRF.PA ) and Lufthansa ( LHAG.DE ), to do more to tackle the challenge posed by the Gulf airlines. Lufthansa has started cooperating with Abu Dhabi-based Etihad. But the issue of unfair competition has not gone away, with Lufthansa CEO Carsten Spohr repeating last week that he rejected subsidies as he signed a catering deal and maintenance project with Etihad. "It is not a secret that Lufthansa has always been and remains an opponent of state subsidies," he said at a press conference in Abu Dhabi. The draft law would replace the current one, adopted in 2004 to counter unfair pricing practices by U.S. airlines on transatlantic routes. It has never been used and is widely considered to be ineffective. Under the draft proposal, an EU member state, airline or airline association will be able to submit a complaint to the Commission, which will open an investigation if there is "prima facie" evidence of a practice causing injury or "threat of injury" to one or more EU carriers. During the probe, which should be concluded within two years, the Commission may carry out investigations in the third country concerned if the government and foreign carrier have given their consent. Where the Commission concludes that a European carrier has suffered injury or threat of injury because of unfair practices from a country or airline, it may impose duties or suspend "concessions, services or rights of the third country air carrier" or the rights of the third country. However, the Commission will not adopt redressive measures if their impact on EU citizens or interested parties "would be negative and clearly disproportionate compared to any advantages given to the Union air carrier(s) concerned," according to the document. U.S. OPEN SKIES At the same time, major U.S. carriers American Airlines Group ( AAL.O ), Delta Air Lines ( DAL.N ) and United Airlines ( UAL.N ) have resumed their campaign against the Gulf carriers by pressuring the new U.S. administration to renegotiate its open skies agreements with the United Arab Emirates and Qatar. Qatar Airways, Emirates and Etihad Airways, have staunchly refuted the allegations of receiving illegal government subsidies and say U.S. and EU airlines are being protectionist. U.S. aviation executives met U.S. President Donald Trump on Thursday. While the proposal is mainly envisaged for dealing with disputes with countries which do not have an open skies agreement with the bloc - such agreements typically have fair competition and dispute settlement provisions - it will not preclude the Commission from
'f0d754f5baeef8300c49866ea3c4c9d9d41a4ae2'|'CANADA STOCKS-TSX rises for 5th straight day, posts new record high'|' 11pm EST CANADA STOCKS-TSX rises for 5th straight day, posts new record high TORONTO Feb 13 Canada''s main stock index rose for the fifth straight day on Monday, posting a fresh all-time peak as financials and industrials climbed, while lower oil and gold prices weighed on resource shares. The Toronto Stock Exchange''s S&P/TSX composite index unofficially closed up 27.46 points, or 0.17 percent, at 15,756.58. Five of the index''s 10 main groups ended higher. (Reporting by Fergal Smith; Editing by Sandra Maler)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-close-idUSL1N1FY1IN'|'2017-02-14T04:11:00.000+02:00'
'a2b4be2991543d6288d8512e7939e93edc7011ae'|'S. Korea''s ING Life Insurance applies for IPO approval -Korea Exchange'|'SEOUL Feb 13 South Korea''s ING Life Insurance Korea Ltd, controlled by Asia-based private equity firm MBK Partners, applied for exchange approval for an initial public offering (IPO), a Korea Exchange official said on Monday.ING Life Insurance, South Korea''s fifth-largest insurer based on assets, which MBK acquired from the Netherlands'' ING Groep NV in late 2013, said in a statement last December it has chosen Morgan Stanley and Samsung Securities as lead advisers for an IPO.ING Life had 31.8 trillion won ($27.95 billion) in assets as of end-September 2016, and reported net profits of 304.8 billion won in 2015, up from 223.5 billion won in 2014, according to the company. Seoul-based analysts have estimated an IPO size of about 1.5 trillion won. ($1 = 1,137.8000 won) (Reporting by Joyce Lee; Editing by Bill Rigby)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/southkorea-ing-life-insurance-ipo-idINL4N1FR1A1'|'2017-02-12T20:00:00.000+02:00'
'801857e385970ea5a53f3d6bb5ffd15d1eb8e200'|'CANADA STOCKS-TSX rises to fresh record high as financials climb'|' 35am EST CANADA STOCKS-TSX rises to fresh record high as financials climb TORONTO Feb 13 Canada''s main stock index rose on Monday to a fresh record high as heavyweight financial shares climbed, while lower oil and gold prices weighed on the energy and materials groups. The Toronto Stock Exchange''s S&P/TSX composite index was up 26.53 points, or 0.17 percent, at 15,755.65, shortly after the open. Six of the index''s 10 main groups were higher. (Reporting by Fergal Smith; Editing by Bernadette Baum)   EMERGING  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-open-idUSL1N1FY0NB'|'2017-02-13T21:35:00.000+02:00'
'4cf96152afb3638f708c5e75be1a4711a0d10abe'|'Germany opposes unilateral tariffs on imports - Merkel'|'Business News - Mon Feb 6, 2017 - 1:28pm GMT Germany opposes unilateral tariffs on imports: Merkel German Chancellor Angela Merkel addresses a press briefing during the European Union leaders summit in Malta, February 3, 2017. REUTERS/Yves Herman BERLIN Chancellor Angela Merkel said on Monday she was opposed to unilateral steps to impose tariffs on imports, adding that should the new U.S. administration back such protectionist measures Germany would have to decide how to respond. "I have no reason to speculate. We have to see what the U.S. administration does and then we have to decide whether to react or not to react," Merkel said when asked about threats by U.S. President Donald Trump to impose tariffs on imports. "I have often said that I support multilateralism and mutual trade agreements. I believe the world mastered the financial and banking crisis because we reacted together in the G20." (Reporting by Andreas Rinke and Michelle Martin; Writing by Joseph Nasr; Editing by Michael Nienaber) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-germany-trade-usa-idUKKBN15L1HI'|'2017-02-06T20:27:00.000+02:00'
'963d222cc11f5e872b8e90535d0b78412f0f7ac6'|'Oil companies bullish on Egypt, eyeing more investment, discoveries'|'Global Energy   5:58pm GMT Oil companies bullish on Egypt, eyeing more investment, discoveries The logo of oil company Eni-Saipem is pictured on a barrel in Rome, Italy, March 5 2016. REUTERS/Alessandro Bianchi By Lin Noueihed and Eric Knecht - CAIRO CAIRO Major international oil companies say they plan to step up their investments in Egypt, expecting to find more oil and gas now that ENI''s ( ENI.MI ) giant Zohr gas discovery has put its Mediterranean waters on the map. Once a net gas exporter, Egypt has turned into a major importer in recent years as growing domestic demand outstripped production, but the discovery of the 850 billion-cubic metre Zohr field in 2015 is expected to change that. The field is expected to come into production by the end of the year and will save Egypt billions of dollars in hard currency that would otherwise be spent on imports. The Egyptian government is also seeking to attract foreign investors as it seeks to transform itself into a gas trading hub for its own and other emerging Mediterranean producers. Marc Benayoun, chief executive of Italian energy group Edison ( EDNn.MI ), which is exploring areas near the Zohr field, said on Tuesday he was confident more gas would be discovered. Like other oil and gas industry executives speaking at a conference in Cairo on Tuesday, Benayoun said the fact that Egypt already had plenty of spare capacity in its existing gas pipelines and other infrastructure meant new production costs were competitive. "We find here (Egypt) there has been very competitive costs and operating costs in a context of volatile prices. This is an area where we think we will continue to make investments and develop as opposed to other regions which are higher in cost," he said. "For Egypt, gas prices will be extremely important because the country has lots of gas reserves and extraordinary discoveries have been made and others will be made I''m confident in the next two, three years, and at some point the country will be in a position to export gas." ENI''s chief executive, Claudio Descalzi, said the Zohr field would enter production before the end of the year but the company was still exploring and expected more finds in the area. "The big effort in Zohr is there ... but we can also find something else," he said. "We have Noroos <20> in 11 months we got to 170,000 barrels a day of gas condensate and we continue exploration." The presence of top level oil executives in Cairo shows how quickly the country has emerged from the shadow of major nearby oil and gas exporters in the Gulf and North Africa to become an important player in its own right. BP ( BP.L ), which has been present in Egypt for half a century, last year bought a 10 percent stake in Zohr from ENI. It has also been actively snapping up licence blocks in Egypt''s recent exploration rounds. "In 2016-17, we''re investing more money in Egypt than any country in the world. We have a lot of confidence in Egypt," Bob Dudley, chief executive of BP, told the conference. (Reporting by Lin Noueihed; Writing by Asma Alsharif; Editing by Susan Fenton, Greg Mahlich) Next In Global Energy News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-edison-egypt-gas-idUKKBN15T2EI'|'2017-02-15T00:58:00.000+02:00'
'8a0dc26659c03a7de5938cd5cc5b98f1a0cd4742'|'Utility EDF''s core earnings fall 6.7 percent, confirms 2018 outlook'|'Business News   6:37am GMT Utility EDF''s core earnings fall 6.7 percent, confirms 2018 outlook FILE PHOTO An EDF worker is seen November 16, 2016 on the construction site of the third-generation European Pressurised Water nuclear reactor (EPR) in Flamanville, France. REUTERS/Benoit Tessier/File Photo PARIS French utility EDF ( EDF.PA ) said its core 2016 earnings declined by 6.7 percent as nuclear production fell, although the company confirmed its outlook for positive cash flow in 2018. The state-owned group''s 2016 revenues fell 5.1 percent to 71.20 billion euros, while core earnings before interest, tax, depreciation and amortisation (EBITDA) also fell to 16.41 billion. Net income was up 140 percent to 2.85 billion due to lower impairment losses in 2016, and thanks to the positive effect of the extension to 50 years of the accounting depreciation period of its nuclear fleet. Analysts polled by ThomsonReuters had forecast mean revenue of 70.77 billion euros, EBITDA of 16.13 billion and net income of 3.15 billion euros. The company set a target for nuclear output of 390 to 400 terawatthours, after 2016 nuclear output fell nearly 8 percent to 384 TWh, as EDF had to extend or bring forward maintenance outages for safety checks following the discovery of manufacturing problems at its suppliers. (Reporting by Geert De Clercq; Editing by Sudip Kar-Gupta) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-edf-results-idUKKBN15T0LJ'|'2017-02-14T13:37:00.000+02:00'
'dd8f2d4554b8cb1bd4103f95f734cd6a92206226'|'Dollar gains after Trump-Abe meet, Asian shares firm'|' 00am GMT Dollar gains after Trump-Abe meet, Asian shares firm South Korean won, Chinese yuan and Japanese yen notes are seen on U.S. 100 dollar notes in this picture illustration taken in Seoul, South Korea, December 15, 2015. REUTERS/Kim Hong-Ji By Hideyuki Sano - TOKYO TOKYO The dollar rose against the yen on Monday on relief that U.S. President Donald Trump set aside tough campaign rhetoric over security and jobs in a smooth meeting with Japanese Prime Minister Shinzo Abe, with no mention of currency policy. Asian stocks ticked up, helped by renewed optimism over Trump''s tax reform plans, generally upbeat global economic data and Trump''s change of tack to agree to honour the "one China" policy. The dollar rose 0.6 percent against the yen to 113.90 yen JPY= , extending its rebound from 111.59 yen touched last Tuesday, which was its lowest level in 10 weeks. A senior Japanese government spokesman said Abe and Trump did not discuss currency issues and that Trump did not request a bilateral trade deal. The official told reporters that a U.S.-Japan economic dialogue will be led by Japanese Deputy Prime Minister Taro Aso and Vice President Mike Pence to address fiscal and monetary policies as well as infrastructure projects and trade. "We can expect a realistic approach as the dialogue will be led by Pence and Aso. It is reassuring that an unpredictable Trump is not in it," said Yasunobu Katsuki, senior primary analyst at Mizuho Securities. MSCI''s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS rose 0.1 percent in early trade with Australian shares up 0.4 percent . Japan''s Nikkei .N225 is likely to gain, with its futures in Chicago NIYcm1 trading at 0.3 percent higher. The MSCI''s world index .MIWD PUS, which tracks shares in 46 countries, rose to its highest level since May 2015 on Friday, with Wall Street''s main stock indexes rising to fresh all-time closing highs. Comments from Trump on Thursday that he plans to announce the most ambitious tax reform plan since the Reagan era in the next few weeks rekindled hopes for big tax cuts. Tax cut hopes offered broad support for the dollar, with the euro slipping 0.1 percent to $1.0629 EUR= , edging near Friday''s three-week low of $1.0608. The common currency has been dogged by fears about a strong showing for French far-right leader Marine Le Pen ahead of a presidential election. Oil prices held steady after strong gains on Friday on reports that OPEC members delivered more than 90 percent of the output cuts they pledged in a landmark deal that took effect in January. U.S. crude futures CLc1 traded at $53.90 per barrel, little changed from Friday''s settlement. Copper CMCU3 also surged to its highest level since May 2015 on Friday on a strike at the world''s biggest copper mine in Chile. (Editing by Richard Pullin)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-global-markets-idUKKBN15S001'|'2017-02-13T07:00:00.000+02:00'
'b56356e49da3595f5a2565c8c7aeb5ff4d67fe68'|'Oil prices dip as markets remain bloated despite OPEC-led cuts'|'Business   7:51pm EST Oil prices dip as markets remain bloated despite OPEC-led cuts 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/File Photo By Henning Gloystein - SINGAPORE SINGAPORE Oil prices dipped on Monday on signs that global fuel markets remained bloated despite OPEC-led crude production cuts that have been more successful than most initially expected. Brent crude futures were trading at $56.55 per barrel at 0035 GMT, down 15 cents from their previous close. West Texas Intermediate (WTI) crude futures were down 12 cents at $53.74 a barrel. The Organization of the Petroleum Exporting Countries (OPEC) and other producers including Russia have agreed to cut output by almost 1.8 million barrels per day (bpd) during the first half of 2017 in a bid to rein in a global fuel supply overhang. There was widespread scepticism that all producers would actually make the promised cuts, but compliance with the announced reductions is now estimated to be around 90 percent. "Traders will be keenly awaiting the release today of OPEC''s monthly report. If production cuts are coming through as suggested, we should see oil prices push higher," ANZ bank said on Monday. While traders said that crude was well supported in the lower to mid-$50s per barrel due to the curbs, they pointed to a host of reasons that were preventing prices from rising further unless production is cut deeper or for a longer period. In the United States, rising drilling activity is pushing up production and undermining OPEC''s efforts to reduce output. Drillers added eight oil rigs in the week to Feb. 10, bringing the total U.S. count to 591, the most since October 2015, Baker Hughes said on Friday. During the same week last year, when prices were around $30 per barrel, there were just 439 active oil rigs. In Russia, which is participating in the cuts, there are signs that output may be falling but that exports remain high, as its producers shield their core export markets at the cost of lower domestic supplies or by cutting into inventories. Given these trends, analysts say that OPEC might have to extend its cuts for a longer period than the currently planned first half of 2017. But since global oil demand is expected to rise be between 1.3 million bpd and 1.5 million bpd in 2017, OPEC''s conundrum is that the longer and deeper it cuts, the more it cedes market share to competitors, as seen in the two world''s biggest oil consuming markets. In the United States, OPEC is facing the rising flood of shale driven production. In China, OPEC''s de-facto leader Saudi Arabia has already been overtaken by Russia as the biggest oil supplier. (Reporting by Henning Gloystein; Editing by Joseph Radford) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-global-oil-idUSKBN15S02M'|'2017-02-13T07:47:00.000+02:00'
'641f0e89150a4938ee2168374baee9fda524f43b'|'ECB to allot 30 billion euros at its weekly tender - Reuters poll'|' 33am GMT ECB to allot 30 billion euros at its weekly tender - Reuters poll European Central Bank (ECB) President Mario Draghi addresses a news conference at the ECB headquarters in Frankfurt, Germany, January 19, 2017. REUTERS/Kai Pfaffenbach The European Central Bank will allot 30.0 billion euros (25 billion pounds) to banks at its weekly refinancing operation, slightly more than the 29.6 billion euros maturing, a Reuters poll found on Monday. Forecasts in the poll of 19 euro money market traders ranged from 25.0 billion to 30.0 billion euros. (Reporting By Vartika Sahu, Polling by Krishna Eluri Editing by Jeremy Gaunt)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ecb-refi-reuterspoll-idUKKBN15S171'|'2017-02-13T18:33:00.000+02:00'
'4b2bcac7fbcfcf80987998570d1e98cd3d67a750'|'BRIEF-CTC Global and General Cable expand collaborative ACCC conductor partnership'|'Company  17am EST BRIEF-CTC Global and General Cable expand collaborative ACCC conductor partnership Next In Company News * CAE awarded contract by Airbus for comprehensive c295w training solution for Canada''s fixed-wing search and rescue program 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/idUSFWN1FY0EI'|'2017-02-13T18:15:00.000+02:00'
'06a71ca42a8d94d698da7a37fba865715275ca60'|'Hyundai Motor hires former GM researcher to lead self-driving car centre'|'Business News - Mon Feb 13, 2017 - 2:29am GMT Hyundai Motor hires former GM researcher to lead self-driving car centre The logo of Hyundai Motor is seen on a steering wheel at its dealership in Seoul, South Korea, December 15, 2016. Picture taken December 15, 2016. REUTERS/Kim Hong-Ji SEOUL Hyundai Motor Group ( 005380.KS ) has hired a former General Motors ( GM.N ) researcher to oversee its centre to develop fully autonomous vehicles, joining other automakers and Silicon Valley giants in accelerating efforts on the fast-growing technology. Lee Jin-woo, 47, who has previously led autonomous driving technology development at General Motors (GM) for more than a decade, will head the newly established Intelligent Safety Technology Center - a combined research body for Hyundai Motor and its affiliate Kia Motors ( 000270.KS ) - starting on Monday. "The new centre will not only enhance existing Advanced Drive Assistance System technologies but also conduct research into artificial intelligence related self-driving car technologies with the aim of commercializing those technologies," Hyundai Motor said in a statement on Monday. Hyundai Motor and Kia, together the world''s fifth-largest automaker, aim to develop highly automated vehicles by 2020 and fully autonomous vehicles by 2030. However, experts say Hyundai needs to do more to catch up with rivals in the self-driving car race. Last week, Ford Motor Co ( F.N ) announced plans to invest $1 billion over the next five years in autonomous vehicle tech firm Argo AI, while GM made a billion-dollar bet a year ago with its acquisition of Silicon Valley self-driving startup Cruise Automation. "Bringing in one person is not enough. Hyundai should form alliances with other companies, which will help hedge financial risks related to developing self-driving cars at a time of falling profit," said Lee Hang-koo, a senior research fellow at Korea Institute for Industrial Economics & Trade. "But this requires commitment from the top management." Hyundai Motor, which has typically promoted executives from within, has hired a series of executives from overseas, mostly in the design and engineering field. Lee earned a post doctorate at Cornell University, after studying at South Korea''s KAIST and Seoul National University. (Reporting by Hyunjoo Jin; Editing by Himani Sarkar)   Australian banks narrow focus of Apple Pay collective bargaining request SYDNEY Australian banks seeking permission from the country''s competition regulator to bargain collectively with Apple Inc over its mobile payment system said on Monday they will focus on gaining access to the U.S. tech company''s contactless payment function, removing the fees Apple charges as a bone of contention. VW says has no plans to retain large number of temporary staff BERLIN Volkswagen said it has no plans to keep a large number of temporary workers on its books following a media report saying management at the carmaker''s VW brand would retain about 2,000 of them as labour leaders and executives wrestle over the company''s turnaround plan. 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-hyundai-motor-gm-idUKKBN15S067'|'2017-02-13T09:15:00.000+02:00'
'fdce2859d81b54ba73989fa6a02f5f1c34ac1115'|'Sanofi nears deal to sell some over-the-counter drugs to Ipsen - Bloomberg'|'Health   Sanofi nears deal to sell some over-the-counter drugs to Ipsen: Bloomberg FILE PHOTO - The logo of French drugmaker Sanofi is seen in front of the company''s headquarters in Paris, France, October 30, 2014. REUTERS/Christian Hartmann/File Photo Drugmaker Sanofi ( SASY.PA ) is close to selling some over-the-counter products to Ipsen SA ( IPN.PA ), in a deal that could be valued at nearly 100 million euros ($106.18 million), Bloomberg reported. The deal between the French drugmakers may be announced as early as Monday, Bloomberg reported, citing a person familiar with the matter. bloom.bg/2kAJLsp Ipsen emerged as the preferred bidder after a competitive sale process involving other pharmaceutical companies, Bloomberg reported. Both Ipsen and Sanofi could not be immediately reached for comments outside regular business hours. Sanofi and German drugmaker Boehringer Ingelheim confirmed last month the closing of a $20 billion asset swap, under which Sanofi bought Boehringer''s consumer health division, and the German firm purchased Merial animal health business. (Reporting by Vishal Sridhar in Bengaluru; Editing by Amrutha Gayathri) Next In Health News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-sanofi-fr-m-a-ipsen-idUSKBN15S08J'|'2017-02-13T09:48:00.000+02:00'
'7cfd2ee3d57a68bd2e6a1b640980c5626567c3d1'|'VW says has no plans to retain large number of temporary staff'|'Business News - Sun Feb 12, 2017 - 8:39pm GMT VW says has no plans to retain large number of temporary staff A Volkswagen logo is pictured at the newly opened Volkswagen factory in Wrzesnia, Poland, September 9, 2016. REUTERS/Kacper Pempel/File Photo BERLIN Volkswagen ( VOWG_p.DE ) said it has no plans to keep a large number of temporary workers on its books following a media report saying management at the carmaker''s VW brand would retain about 2,000 of them as labour leaders and executives wrestle over the company''s turnaround plan. Labour leaders at VW last week halted cooperation with top managers on issues such as overtime work and apprenticeships after accusing executives of pushing for greater savings on the back of a cost-cutting plan agreed in November. Europe''s largest automaker is under pressure to make cuts at high-cost operations in Germany to fund a shift to electric cars and mobility services as it tries to move on from its emissions scandal, while still grappling with billions of euros in related costs. At the heart of the dispute are allegations by the works council that VW brand chief Herbert Diess is aiming to cut temporary jobs more quickly and deeply than agreed under the so-called "future pact" designed to lift profitability at VW''s core division. Business daily Handelsblatt, citing unnamed sources, said on Sunday VW has pledged to keep about 2,000 temporary workers on its books and may offer further concessions ahead of a meeting between both sides on Monday to try to de-escalate the row. A spokesman for the Wolfsburg-based carmaker on Sunday declined to comment on the report but referred to a letter by Diess distributed to staff this week. "We regret that we cannot keep on board temporary workers the way we used to: The company''s economic situation is giving us little room at present. Retaining temporary workers in a larger way would once again raise the pressure for cutbacks in the core workforce," Diess said in the letter dated Feb. 10. VW has said it stands by the future pact but predicts tension between management and the workforce regarding its implementation. (Reporting by Andreas Cremer, editing by David Evans) Next In Business News Greece, lenders risk euro zone instability if review talks drag on - EU''s Dombrovskis BERLIN Greece and its lenders should quickly approve a review of reforms the indebted country must take in return for unlocking new loans, a senior European Union official said on Sunday, warning of financial instability in the euro zone if the issue lingers.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-volkswagen-emissions-labour-idUKKBN15R0YR'|'2017-02-13T03:39:00.000+02:00'
'b727981a6b314ae2f49582d2599f7236e8a1a2a1'|'BRIEF-Route One Investment Company reports 5.4 percent passive stake in Post Holdings Inc as of December 31, 2016'|'United States  36pm EST BRIEF-Route One Investment Company reports 5.4   Post Holdings Inc as of December 31, 2016 Feb 14 Route One Investment Company L.P. * Route One Investment Company L.P. reports a 5.4   Post Holdings Inc as of December 31, 2016 -sec filing Source text : [ID: bit.ly/2kGFFPu ]  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1FZ18K'|'2017-02-15T01:36:00.000+02:00'
'd267861357c56cacf231743df9a330649afccb31'|'UPDATE 1-MOVES-Morgan Stanley''s global stock trading head leaves for hedge fund Millennium'|'  3:16pm EST UPDATE 1-MOVES-Morgan Stanley''s global stock trading head leaves for hedge fund Millennium (Adds background) By Olivia Oran Feb 14 Morgan Stanley said on Tuesday its global head of equities trading, Peter Santoro, is leaving the firm. Santoro is joining hedge fund Millennium Partners, where he will run global equities. He will be replaced at Morgan Stanley by Alan Thomas, who will run equities in the Americas. Thomas previously was the co-head of prime brokerage. Before joining Morgan Stanley, Santoro held senior roles at hedge fund Citadel Investment Group LLC and Citigroup Inc. At Millennium, Sanotoro replaces Hyung Soon Lee, who left late last year. Morgan Stanley, which competes head-to-head with Goldman Sachs Group Inc for stock trading business, posted fourth-quarter revenue from the business of nearly $2 billion, up 4 percent from the year-ago period. That was the most of any Wall Street firm during the fourth quarter. (Reporting by Olivia Oran in New York; Additional reporting by Lawrence Delevingne; Editing by Nick Zieminski and Leslie Adler)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/morgan-stanley-stocks-idUSL1N1FZ1T1'|'2017-02-15T03:16:00.000+02:00'
'8db585f93ebea4229cb25ed0bba5a7944c42a52f'|'BRIEF-Solus Alternative Asset Management reports 7.83 percent passive stake in SandRidge Energy as on Dec 31, 2016'|' 06pm EST BRIEF-Solus Alternative Asset Management reports 7.83 percent passive stake in SandRidge Energy as on Dec 31, 2016 Feb 14 SandRidge Energy Inc : * Solus Alternative Asset Management LP reports 7.83 percent passive stake in SandRidge Energy Inc as on December 31, 2016 - SEC filing Source text: ( bit.ly/2lGZKsX )  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1FZ102'|'2017-02-15T01:06:00.000+02:00'
'61f8df0b9660405793491ef69a352030bba3f1fb'|'Britain''s Rolls-Royce posts record reported loss'|'Business News  45am EST Britain''s Rolls-Royce posts record reported loss left right 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 1/2 left right FILE PHOTO - A Rolls-Royce logo is seen at the company''s aerospace engineering and development site in Bristol, Britain, December 17, 2015. REUTERS/Toby Melville/File Photo 2/2 LONDON Rolls-Royce ( RR.L ) posted a record reported loss of 4.6 billion pounds ($5.8 billion) on Tuesday as a fine to settle bribery charges and the collapse in the pound from Brexit capped a difficult few years for the British aero engine maker. In restructuring mode following a string of profit warnings, Rolls said more costs needed to be taken out of the business after its 2016 profit fell by 49 percent to 813 million pounds on an underlying basis - an outcome that did, however, exceed analysts'' expectations. The group said it would maintain, rather than raise, its final dividend in order to retain a degree of financial flexibility. "While we have made good progress in our cost cutting and efficiency programs, more needs to be done to ensure we drive sustainable margin improvements within the business," Chief Executive Warren East said. "Over the next few months we will conclude our review of our strengths and investment opportunities and set out an appropriate vision for the business and the best way we can deliver sustainable shareholder value." Rolls-Royce has faced challenges across its business in recent years, weighing on its revenue and profit. That has prompted East, who took the job in 2015, to restructure the company to respond to changes in civil aviation and other sectors. The group said it expected "modest performance improvements" this year. (Reporting by Paul Sandle; editing by Kate Holton and James Davey) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-rolls-royce-hldg-results-idUSKBN15T0Q5'|'2017-02-14T14:45:00.000+02:00'
'6dd2190574ccaeac9cc408989cb6c277ba798791'|'BRIEF-Spirit Airlines says specific legislative and regulatory proposals discussed during and after U.S. election could have material impact on co - SEC filing'|'United States  37pm EST BRIEF-Spirit Airlines says specific legislative and regulatory proposals discussed during and after U.S. election could have material impact on co - SEC filing Feb 13 Spirit Airlines Inc * Spirit Airlines says regarding U.S. presidential, congressional elections, changes at local, state or federal level could "significantly impact our business" * Spirit Airlines says specific legislative and regulatory proposals discussed during and after U.S. election could have material impact on co - SEC filing * Spirit Airlines says U.S. election-related proposals that could have impact on co include reform of federal tax code, changes to immigration policy * Spirit Airlines says proposals that could impact co include modifications to international trade policy, including withdrawing from trade agreements * Spirit Airlines says proposals that could impact co also include changes to financial legislation, including partial or full repeal of Dodd-Frank act Source text for Eikon: ( bit.ly/2lIKasU )  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1FY0YG'|'2017-02-14T05:37:00.000+02:00'
'2e7cb9c92ef43061e1ba1fadb44942806e187ad9'|'Asset manager Vanguard hits $4 trillion in assets - WSJ report'|'  5:35pm GMT Asset manager Vanguard hits $4 trillion in assets - WSJ report WASHINGTON The Vanguard Group topped $4 trillion (<28>3.20 trillion) in assets for the first time at the end of January after a year in which it pulled in more money than all of its rivals combined,   reported. The newspaper reported on its website late Friday that Vanguard hit $4.048 trillion in late January. The fund said that its attracted $322.8 billion in the past year, the report said. Vanguard''s success points to investors becoming disillusioned with expensive money managers and turning instead to funds that are not actively managed. Vanguard is the second largest asset manager, with BlackRock Inc in first place with more than $5 trillion in assets, the WSJ report said.   editing by Grant McCool)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-vanguardgroup-assets-idUKKBN15Q0NX'|'2017-02-12T00:35:00.000+02:00'
'80519057aee38436b2ddb4d75cc282a5671e6c4b'|'Glencore agrees $960 million copper and cobalt deals'|'LONDON Glencore has bought out the Fleurette group''s 31 percent stake in Mutanda Mining and increased its stake in Katanga Mining in Democratic Republic of Congo for a total of $960 million, Glencore said on Monday.Glencore now owns 100 percent of the Mutanda copper and cobalt mine and about 86 percent of Katanga.(Reporting by Rahul B in Bengaluru and Barbara Lewis in London; Editing by David Goodman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-glencore-congo-idINKBN15S1Y4'|'2017-02-13T13:20:00.000+02:00'
'af56389fa672db5ce41e23183bb9bde99607949a'|'Actelion, being bought by J&J, says FY profit rose 26 pct'|'Company News  22am EST Actelion, being bought by J&J, says FY profit rose 26 pct ZURICH Feb 14 Swiss drugmaker Actelion said on Tuesday that its full year 2016 net income rose 26 percent on accelerating sales of its newer medicines to treat deadly pulmonary arterial hypertension. Net income rose to 696 million Swiss francs ($693.4 million), lagging the average estimate of 737 million francs in a Reuters poll of analysts. Sales rose 18 percent to 2.42 billion francs, compared to the 2.41 billion francs expected in the poll. ($1 = 1.0037 Swiss francs) (Reporting by John Miller; Editing by Michael Shields) Next In Company News UK Stocks-Factors to watch on Feb 14 Feb 14 Britain''s FTSE 100 index is seen opening down 3.9 points on Tuesday according to financial spreadbetters. * The blue-chip FTSE 100 index ended 0.3 percent higher on Monday, at 7,278.92 points after hitting an intra-day high of 7,298.47, the highest level since mid-January, as a sharp rally in basic resources stocks on the back of stronger metals prices supported the broader market. It now stands some 75 points below its record peak scaled on Jan. 16. * TUI: European to'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/actelion-results-idUSFWN1FY0QU'|'2017-02-14T13:22:00.000+02:00'
'5fdc68a6212fe91b9923cb87d69fea44117d52ac'|'BRIEF-FS Credit Real Estate Income Trust files for offering on a continuous basis of up to $2.75 bln of common stock'|'Feb 13 FS Credit Real Estate Income Trust:* FS Credit Real Estate Income Trust files for offering on a continuous basis of up to $2.75 billion in shares of common stock* FS Credit Real Estate Income Trust - offering consists of up to $2.5 billion in shares of common stock in its primary offering and up to $250 million in shares pursuant to distribution reinvestment plan Source text:( bit.ly/2l8QTQa )'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/idINFWN1FY10S'|'2017-02-13T19:10:00.000+02:00'
'5ffae165e73bf8179b2038e40622ee53b19894a7'|'BRIEF-Sutherland Asset Management Corp says on February 13, unit of co issued $75 million in aggregate principal amount of its 7.50% senior secured notes due 2022'|'United States  40pm EST BRIEF-Sutherland Asset Management Corp says on February 13, unit of co issued $75 million in aggregate principal amount of its 7.50% senior secured notes due 2022 Feb 13 Sutherland Asset Management Corp * Sutherland Asset Management Corp says on February 13, unit of co issued $75 million in aggregate principal amount of its 7.50% senior secured notes due 2022 Source text for Eikon: ( bit.ly/2lJC18r )  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1FY0YP'|'2017-02-14T05:40:00.000+02:00'
'67f97e7530af6e9b989e7bdcf1406705e025b6f1'|'UPDATE 1-Fantastic Beasts helps Time Warner beat revenue estimate'|'(Adds details, background)Feb 8 Time Warner Inc, which is in the process of being bought by AT&T Inc, reported a higher-than-expected 11.5 rise in quarterly revenue and said it remained on track to close the deal later this year.AT&T''s $85.4 billion bid for Time Warner was opposed by U.S. President Donald Trump during his election campaign.Time Warner''s fourth-quarter revenue rose to $7.89 billion from $7.08 billion, helped by the success of the "Harry Potter" spinoff "Fantastic Beasts and Where To Find Them."Analysts on average had expected $7.72 billion, according to Thomson Reuters I/B/E/S.Revenue from Warner Bros, the company''s biggest unit by revenue, rose 17 percent to $3.87 billion."Fantastic Beasts" grossed more than $800 million globally as of Feb. 5, according to tracking firm Box Office Mojo. ( bit.ly/2kDA90R )Revenue from HBO, home to popular shows such as "Game of Thrones" and the new breakout series "WestWorld", rose 5.6 percent to $1.49 billion.Time Warner, which is losing its audience to streaming services such as Netflix and Amazon Prime, took a 10 percent stake in video streaming site Hulu in August as part of its efforts to keep users hooked.The company''s net income from continuing operations fell to $317 million, or 40 cents per share, in the quarter ended Dec. 31 from $857 million, or $1.06 per share, a year earlier.Excluding some items, the company earned $1.25 per share, compared with the average estimate of $1.19 per share. (Reporting by Rishika Sadam and Aishwarya Venugopal in Bengaluru; Editing by Saumyadeb Chakrabarty)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/time-warner-results-idUSL4N1FT3TZ'|'2017-02-08T15:30:00.000+02:00'
'af2b3695741b503c04d76dd968da0148a14757e7'|'BRIEF-Matsumotokiyoshi Holdings is expected to report operating profit of around 21 billion yen for april-dec term - Nikkei'|' 12pm EST BRIEF-Matsumotokiyoshi Holdings is expected to report operating profit of around 21 billion yen for april-dec term - Nikkei Feb 8 Nikkei: * Matsumotokiyoshi holdings is expected to report an operating profit of around 21 billion yen for the April-December Term - nikkei * Matsumotokiyoshi holdings co ltd''s sales apparently totaled just over 403 billion yen for the April-December term - nikkei * Matsumotokiyoshi holdings co ltd is expected to keep current forecast calling for 2% gain in operating profit for full year through March 31 - nikkei Source text : ( s.nikkei.com/2lr0HCw )  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1FT0V7'|'2017-02-09T00:12:00.000+02:00'
'b1cb30d35ea219129511c437b62722c800e1db5d'|'Caixabank gets 84.5 percent stake in Portugal''s Banco BPI in takeover'|'Business News -  12pm GMT Caixabank gets 84.5 percent stake in Portugal''s Banco BPI in takeover left right CaixaBank CEO Gonzalo Gortazar speaks during a news conference in Lisbon, Portugal February 8, 2017. REUTERS/Rafael Marchante 1/6 left right CaixaBank''s logo is reflected on a glass of an advertising window, at company''s headquarters in Barcelona, Spain, April 18, 2016. REUTERS/Albert Gea/File Photo 2/6 left right CaixaBank CEO Gonzalo Gortazar speaks during a news conference in Lisbon, Portugal February 8, 2017. REUTERS/Rafael Marchante 3/6 left right Banco BPI Chief Executive Fernando Ulrich attends a news conference in Lisbon, Portugal February 8, 2017. REUTERS/Rafael Marchante 4/6 left right Banco BPI Chief Executive Fernando Ulrich attends a news conference in Lisbon, Portugal February 8, 2017. Picture taken through glass. REUTERS/Rafael Marchante 5/6 left right CaixaBank CEO Gonzalo Gortazar speaks during a news conference in Lisbon, Portugal February 8, 2017. REUTERS/Rafael Marchante 6/6 By Sergio Goncalves - LISBON LISBON Spain''s Caixabank successfully completed the takeover of Portugal''s second-largest listed lender, Banco BPI, paying 645 million euros ($690 million) to raise its stake to 84.5 percent from 45 percent, the two banks said on Wednesday. "This acquisition has a lot of financial logic, we''re talking about two institutions that complete each other perfectly," CEO of Caixabank, Gonzalo Cortazar, told a news conference, adding that the Portuguese market "has potential". The takeover took nearly two years to complete and was designed to boost Caixabank revenues outside Spain, where it faces stiff competition for lending. The Barcelona-based lender was one of Spain''s most acquisitive banks during the financial crisis, and has struggled to offset falling profitability at home by buying smaller savings banks. It launched its first bid for BPI in 2015 at 1.329 euros per share, but opposition by some shareholders, notably Angolan investor Isabel dos Santos, forced it to withdraw that bid last year, only to make a lower final offer of 1.134 euros a share. Dos Santos, the daughter of Angola''s president, had a stake of about 20 percent in the Portuguese bank. It was not immediately clear whether she was fully bought out. BPI CEO Fernando Ulrich will step down, but Caixabank proposed that he be elected chairman of the board at BPI, which will keep its decision-making centre in Portugal. Caixabank has said it expects savings of up to 84 million euros a year from merger synergies, including up to 45 million euros from 900 layoffs as businesses are combined. Caixabank ended 2016 with a fully-loaded capital ratio - a measure of a bank''s strength under the strictest capital rules - of 12.4 percent and expected the ratio to fall by up to 80-140 basis points, depending on the take-up of the BPI bid. Although not immune to problems affecting Portugal''s notoriously fragile banking sector, BPI has long finished paying off its state loans, while its larger rivals Millennium bcp ( BCP.LS ) and state-owned CGD still owe money to the state. BPI had a 33 percent rise in 2016 net profit as net interest income rose while impairments for bad loans fell sharply. Its fully-loaded capital ratio at the end of 2016 was 11.1 percent. Before the completion of the takeover, BPI handed control of its lucrative Angolan unit BFA to Angolan telecoms firm Unitel to meet requirements by the European Central Bank on risky exposure to the Angolan economy. Dos Santos also indirectly controls Unitel and the BFA deal was seen as a way of winning her approval for the takeover. Shares in BPI closed 6.58 percent lower before the announcement, on expectations it would drop out of Lisbon''s PSI20 leading stock index. Caixabank shares fell 1 percent. ($1 = 0.9356 euros) (Writing by Andrei Khalip; Editing by Ruth Pitchford) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reut
'80c156b76b74b290f006f26edac27086bdece17f'|'TREASURIES-Uncertainty, positioning push yields to fresh lows'|'* Uncertainty over Trump, Fed, Europe push Treasury yields lower* 5-year yields hit lowest since December* 7- and 10-year yields hit lowest since mid-January (Updates to U.S. afternoon trading, adds Quote: , data)By Dion RabouinNEW YORK, Feb 8 U.S. Treasury yields fell to their lowest levels in multiple weeks on Wednesday with 5-year note yields hitting their lowest since Dec. 8 as a flight to safety and technical positioning encouraged investors to buy U.S. government debt.Yields on 7-, 10- and 30-year Treasuries fell to their lowest levels since mid-January.Buying has picked up this week as analysts say the market is reducing its expectations of the number of forthcoming interest rate hikes from the U.S. Federal Reserve and of fiscal stimulus policies and tax cuts from the administration of President Donald Trump.Uncertainty about European politics also sent a wave of overseas buyers to Treasuries, which offer a sizeable yield premium over government bonds from countries in Europe."Across the developed world the U.S. is still pretty much the high-yielding choice and I would argue the U.S. economy is by-far the strongest of those choices," said Dominic Pappalardo, director of the taxable portfolio management team at McDonnell Investment Management in Oakbrook, Illinois."If you''re in much of Europe or Asia where you have rates near zero as well as a tremendous amount of economic uncertainty, so getting 2-1/2 percent on your money is really, really attractive."Recent polls have shown German Chancellor Angela Merkel falling behind a candidate from the country''s Social Democrats in this year''s elections. Polls have also suggested France''s Marine Le Pen, who has championed pulling the country out of the European Union, is gaining steam."People are saying, ''I don''t know what''s going on over in Europe and I want to get into something safer, most notably U.S. Treasuries,''" said Stan Shipley, a strategist at Evercore ISI.Shipley also noted that benchmark 10-year note yields have drifted below their 50-day moving average and a couple key technical levels, increasing buying.Further, there has been an absence of positive data on the U.S. economy to offset the flight to safety, Pappalardo said.Yields pared their losses modestly after a weak 10-year note auction, but remained lower.The 10-year note was last up 9/32 in price to yield 2.358 percent.(Reporting by Dion Rabouin; Editing by Andrea Ricci and Diane Craft)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-bonds-idINL1N1FT1L8'|'2017-02-08T17:07:00.000+02:00'
'35010ee0d0b77cfe3a8b34f5f174644a10a86326'|'UPDATE 1-Cargo loadings at Australia''s North West Shelf project halted - sources'|'(Adds details, Woodside comments)By Mark TaySINGAPORE Feb 8 Loading of cargoes from Australia''s North West Shelf (NWS) liquefied natural gas (LNG) and condensate project has been halted due to adverse weather, traders with direct knowledge of the matter said on Wednesday.It remains unclear when cargo loadings at the port of Dampier will resume, said one person familiar with the matter who is facing loading delays for a cargo of NWS condensate.In an emailed statement, Pilbara Ports Authority - which manages ports in the area - said LNG cargo loadings are likely to have stopped "as at the ports of Ashburton and Dampier, the ports and anchorages continue to remain clear of vessels".The NWS project is operated by Australian firm Woodside Petroleum.Woodside declined to comment on its loading operations, but said the company "is taking the necessary precautions to safeguard our people and assets".The loading delays are unlikely to have an immediate impact in LNG or condensate prices as adverse weather along the Australian coast is common in January and February, traders said.The impact of such loading delays are minimal as producers can claim force majeure, a Singapore-based LNG trader said. "Also, demand is now quite weak," the trader said.NSW joint venture partners include BHP Billiton , BP, Chevron Corp, Japan''s Mitsubishi Corp and Mitsui & Co, and Royal Dutch Shell .(Reporting by Mark Tay; Editing by Shri Navaratnam and Kenneth Maxwell)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/australia-ports-nws-idINL4N1FT2TX'|'2017-02-08T06:04:00.000+02:00'
'5482c59e2956cc470b29134bbab613bf8327e67e'|'UPDATE 1-UK Stocks-Factors to watch on Feb 8'|'Company News - Wed Feb 8, 2017 - 2:24am EST UPDATE 1-UK Stocks-Factors to watch on Feb 8 (Adds futures, company news items) Feb 8 Britain''s FTSE 100 futures were up about 0.1 percent ahead of the cash market open on Wednesday. * The UK blue chip index closed up 0.2 percent at 7,186.22 points on Tuesday, boosted by a weak sterling and a surge in services company DCC, while UK mid-caps posted a record closing level. * RIO TINTO: Global miner Rio Tinto, said on Wednesday it will pay a bigger-than-expected annual dividend of $1.70 per share on the back of a strong recovery in mineral commodities markets in 2016 and cost-cutting. Rio Tinto wants to cut its debt further, as the company looks to ensure it can withstand any volatility in global commodity markets, Chief Financial Officer Chris Lynch said. * CO-OPERATIVE GROUP: Britain''s Co-operative Group said Richard Pennycook, its CEO who played a key role in steering the group through a 2013 crisis, is to step down on March 1 and be succeeded by Steve Murrells, the current boss of the group''s food business. * SHIRE: The U.S. Federal Trade Commission filed a complaint against Shire ViroPharma on Tuesday, accusing it of abusing government processes in order to fend off generic competition to its antibiotic Vancocin HCI, the agency said in a statement. * TULLOW: Africa-focused Tullow Oil reported a loss for a third consecutive year in 2016 after it was forced to write off further exploration costs, the company said on Wednesday. * BHP: Workers are set to strike on Thursday at BHP Billiton Plc''s Escondida copper mine after contract talks mediated by the Chilean government failed to reach a deal, the main union at the world''s largest copper mine told Reuters. * TESCO BANK: British banking executives and security experts are growing frustrated at the dearth of information available more than three months after 2.5 million pounds ($3.09 million) was stolen from Tesco Bank in the UK''s biggest financial cyber heist. The bank is owned by supermarket chain Tesco Plc . * BRITAIN ECONOMY: British employers struggled to find the staff they needed in January, forcing them to increase starting salaries for permanent staff at the fastest pace in nine months, a survey showed on Wednesday. * 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 in Bengaluru; Editing by Amrutha Gayathri) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-stocks-factors-idUSL4N1FT2KH'|'2017-02-08T14:24:00.000+02:00'
'33f55b6b5067e00f40787cf907e2281d5d5239d3'|'Kirin to sell Brazil unit to Heineken''s Bavaria for $700 million'|'TOKYO Japan''s Kirin Holdings Co ( 2503.T ) said on Monday it would sell its Brazilian unit to Heineken NV ( HEIN.AS ) subsidiary Bavaria S.A. for 2.2 billion Brazilian reais ($706 million).The transfer will be executed immediately upon approval by Brazil''s antitrust agency, Kirin said in a statement.Heineken had said last month it was in talks with Kirin over the deal. Brasil Kirin operates 12 breweries and was created in 2011 after Kirin paid 6.3 billion reais for Brazil''s Schincariol brand.(Reporting by Taiga Uranaka and Chang-Ran Kim; Editing by Kim Coghill)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/uk-kirin-holdings-brazil-idINKBN15S0KI'|'2017-02-13T03:55:00.000+02:00'
'1b77daf160ec83651c8aa30d3dd95bba22836f42'|'Toshiba to issue business risk warning on Tuesday - Nikkei'|'Business News - Mon Feb 13, 2017 - 6:00pm GMT Toshiba to issue business risk warning on Tuesday - Nikkei left right The logo of Toshiba Corp is seen behind a traffic signal at its headquarters in Tokyo, Japan January 27, 2017. REUTERS/Toru Hanai 1/5 left right FILE PHOTO - A logo of Toshiba Corp is seen outside an electronics retail store in Tokyo, Japan, January 19, 2017. REUTERS/Toru Hanai/File Photo 2/5 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 3/5 left right FILE PHOTO - The logo of Toshiba Corp is pictured at its headquarters in Tokyo, Japan, August 31, 2015. REUTERS/Yuya Shino/File Photo 4/5 left right FILE PHOTO - An employee stands next to a logo of Toshiba Corp in Yokohama, south of Tokyo November 21, 2012. REUTERS/Yuriko Nakao/File Photo 5/5 Toshiba Corp will issue on Tuesday its first-ever warning that it may not be able to continue as a going concern, following massive nuclear-related losses, the Nikkei reported. The warning will be included in the earnings announcement for the nine months ended December, the Japanese business daily reported. ( s.nikkei.com/2kLtraM ) Toshiba will writedown close to $6 billion (4.80 billion pounds) after bruising cost overruns at its U.S. nuclear arm, turning investor attention to the company''s efforts to fix that and other balance sheet headaches. Toshiba did not immediately respond to a request for comment outside regular business hours. (Reporting by Rishika Sadam in Bengaluru; Editing by Shounak Dasgupta) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-toshiba-accounting-going-concern-idUKKBN15S24K'|'2017-02-14T01:00:00.000+02:00'
'de31c43b62590202aabd4f402cb66c390eede0f9'|'Burlington to drop Ivanka Trump brand online - Business Insider'|' 10pm GMT Burlington to drop Ivanka Trump brand online - Business Insider Burlington Stores Inc ( BURL.N ) joined other retailers, including Nordstrom Inc ( JWN.N ), in deciding not to sell products of Ivanka Trump''s brand online, news website Business Insider reported. Burlington will no longer stock the brand''s accessories and clothing online, according to the report, but it was unclear if the off-price retailer would sell the products in its stores. Burlington and Ivanka Trump''s representatives were not immediately available for comment. Earlier this month, Nordstrom said it would stop carrying Ivanka Trump''s apparel because of falling sales, pushing   to defend his daughter on Twitter by saying she was treated "unfairly" by the retailer. Neiman Marcus [NMRCUS.UL] has also said it would not sell Ivanka Trump''s jewellery line while TJX Cos Inc ( TJX.N ) told its employees to dump any signs related to the brand. HSN Inc ( HSNI.O ) has stopped selling Trump Home products, but still sells Trump presidential memorabilia. Sears Holdings ( SHLD.O ) and its unit, Kmart, had also removed 31 Trump Home items from their online product offerings to focus on more profitable items this month. (Reporting by Jessica Kuruthukulangara in Bengaluru; Editing by Maju Samuel)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-burlington-ivanka-trump-idUKKBN15S2C0'|'2017-02-14T03:10:00.000+02:00'
'61bcb126b84f06555e5d73326873740f0158d27c'|'BRIEF-Mack-Cali Realty says for Q4 2016 and year-to-date 2017 office dispositions totaled $280 mln'|' 10pm EST BRIEF-Mack-Cali Realty says for Q4 2016 and year-to-date 2017 office dispositions totaled $280 mln Feb 14 Mack-Cali Realty Corp * Mack-Cali realty corp says for q4 2016 and year-to-date 2017 office dispositions totaled $280 million * Mack-Cali realty -currently exploring potential of up to $450 million of additional property sales which it anticipates could close by mid to late 2017 * Mack-Cali realty corp says finalizing terms to sell its minority interest in estuary located in weehawken, new jersey * Mack-Cali realty -agreement reached to purchase its partners'' 85 percent jv interest in monaco, a high-rise community in jersey city Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1FZ15G'|'2017-02-15T01:10:00.000+02:00'
'816da0c98117bbc95256edc1032409c819b085b8'|'Actelion, being bought by J&J, says FY core net income rose 27 pct'|'Global Energy   6:55am GMT Actelion, being bought by J&J, says FY core net income rose 27 pct The company''s logo is seen at the headquarters of Swiss biotech company Actelion in Allschwil, Switzerland January 26, 2017. REUTERS/Arnd Wiegmann ZURICH Swiss drugmaker Actelion''s ( ATLN.S ) 2016 core net income rose 27 percent on accelerating sales of its newer medicines to treat deadly pulmonary arterial hypertension (PAH), it said on Tuesday. Core net income rose to 881 million Swiss francs (699.83 million pounds) from 693 million francs in the previous year, the company said in a statement. Sales rose 18 percent to 2.42 billion francs, in line with the 2.41 billion francs expected in a Reuters poll. Actelion reported that sales of its new drug Opsumit for PAH rose 57 percent to 831 million francs, while Uptravi booked 245 million francs in its first year after launch, more than making up for slumping sales of its once-mainstay Tracleer after patent expiration. Europe''s biggest biotech sold itself for $30 billion to U.S. healthcare giant Johnson & Johnson ( JNJ.N ) this year, in a deal that will also create a new research and development company to be overseen by Actelion Chief Executive Jean-Paul Clozel. "Our current PAH portfolio and our late-stage pipeline will have expanded potential as part of Johnson & Johnson," Clozel said. "With the creation of a new R&D company we also have the opportunity to realize the value potential we have created with our discovery engine and early-stage pipeline." ($1 = 1.0037 Swiss francs) (Reporting by John Miller; Editing by Michael Shields) Next In Global Energy News UPDATE 3-Judge denies tribes'' request to block final link in Dakota pipeline WASHINGTON, Feb 13 A U.S. federal judge on Monday denied a request by Native American tribes seeking to halt construction of the final link in the Dakota Access Pipeline, the controversial project that has sparked months of protests by activists aimed at stopping the 1,170-mile line. UPDATE 2-U.S. shale oil output to rise in March to highest in 10 mths -EIA NEW YORK, Feb 13 U.S. shale oil production for March is expected to rise by the most in five months to its highest rate since May last year, government data showed on Monday, as energy companies boost drilling on the back of crude prices that are hovering over $50 a barrel. Native tribes to urge judge to block final link in Dakota pipeline WASHINGTON, Feb 13 Native American tribes seeking a halt to construction of the final link in the Dakota Access Pipeline will argue in federal court on Monday that the project will prevent them from practicing religious ceremonies at a lake they say is surrounded by sacred ground. 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-actelion-results-idUKKBN15T0MX'|'2017-02-14T13:55:00.000+02:00'
'5de8a98fde926bfd727b4697665416a42a003201'|'BRIEF-Temasek Holdings (Private) LTD takes share stake in Amazon, Mastercard and Visa'|'Company News  32am EST BRIEF-Temasek Holdings (Private) LTD takes share stake in Amazon, Mastercard and Visa Feb 14 Temasek Holdings (Private) LTD * Temasek Holdings (Private) LTD takes share stake of 128,970shares in amazon com inc - sec filing * Temasek holdings (private) ltd takes share stake of 1.5 million shares in visa inc -sec filing * Temasek Holdings (Private) LTD takes share stake of 267,006 shares of class a common stock in mastercard * Temasek Holdings (Private) LTD takes share stake of 1.2 million sponsored adr in zto express cayman inc * Temasek Holdings (Private) LTD takes share stake of 9.8 million shares in antero resources corp * Temasek holdings (private) ltd ups share stake in ctrip com international ltd to 4.8 million ads from 350,159 ads * Temasek Holdings (Private) LTD cuts share stake in amyris inc by 12.2 percent to 61.1 million shares * Temasek Holdings (Private) LTD - change in holdings are as of dec 31, 2016 and compared with the previous quarter ended as of sept 30, 2016 Source text for quarter ended Dec 31, 2016: bit.ly/2lLaYJL Source text for quarter ended Sept 30, 2016: bit.ly/2g728HI Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1FZ0LA'|'2017-02-14T18:32:00.000+02:00'
'e773e70e018bc710c3de92b986e0f3d38cea5305'|'PRESS DIGEST- Canada- Feb 14'|'Company News - Tue Feb 14, 2017 - 5:15am EST PRESS DIGEST- Canada- Feb 14 Feb 14 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 ** After meeting with Canadian Prime Minister Justin Trudeau, U.S. President Donald Trump signaled his desire to strengthen the bilateral-trading relationship, as the two leaders committed to improved energy trade and singled out the Keystone XL pipeline as an important infrastructure project. tgam.ca/2leKN09 ** Tim Hortons Inc''s sales growth at its existing restaurants continued to slide in its fourth quarter as its parent, Restaurant Brands International Inc, raced to seal agreements with international franchisees to bolster the chain''s business outside of Canada. tgam.ca/2kCi5mP ** The White House has assured Canada that former Alaska Governor Sarah Palin will not be appointed as U.S. ambassador to Canada. tgam.ca/2lKmK6q NATIONAL POST ** Home Capital Group Inc will likely be able to manage any financial sanctions stemming from an enforcement notice it received from Canada''s largest securities regulator, but the threat of a class-action lawsuit is "potentially more meaningful," a National Bank analyst says. bit.ly/2lKWxWa ** The specter of new rules creates more risk for Canada''s wireless service providers, Desjardins analyst noted in light of the federal regulator''s review of the wireless code. bit.ly/2kFsvSG (Compiled by Parikshit Mishra in Bengaluru) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/press-digest-canada-idUSL4N1FZ3UR'|'2017-02-14T17:15:00.000+02:00'
'f73702cec899dcc851d2125cc2ea0ca893144087'|'CANADA STOCKS-TSX sets record high as oil prices, bond yields climb'|'Company News - Tue Feb 14, 2017 - 4:09pm EST CANADA STOCKS-TSX sets record high as oil prices, bond yields climb TORONTO Feb 14 Canada''s main stock index reached a record high on Tuesday as higher oil prices and bond yields supported energy and financials, while auto suppliers benefited from U.S. President Donald Trump''s warm words for Canadian trade the day before. The Toronto Stock Exchange''s S&P/TSX composite index unofficially closed up 29.45 points, or 0.19 percent, at 15,786.03, rising for the sixth straight day. Five of the index''s 10 main groups ended higher. (Reporting by Fergal Smith; Editing by Phil Berlowitz) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-close-idUSL1N1FZ20R'|'2017-02-15T04:09:00.000+02:00'
'2de4738c6a39950ec7917e9d827ac1ad58069a5f'|'U.S. judge grants preliminary approval to VW, Bosch settlements'|' 30pm GMT U.S. judge grants preliminary approval to VW, Bosch settlements FILE PHOTO: An American flag flies next to a Volkswagen car dealership in San Diego, California, U.S. September 23, 2015. REUTERS/Mike Blake/File Photo WASHINGTON A federal judge on Tuesday granted preliminary approval to a Volkswagen AG ( VOWG_p.DE ) settlement to pay at least $1.22 billion to fix or buy back nearly 80,000 polluting U.S. 3.0 litre diesel-engine vehicles. Separately, U.S. District Judge Charles Breyer in San Francisco also agreed at a court hearing to grant preliminary approval to German auto supplier Robert Bosch GmbH''s [ROBG.UL] settlement to pay $327.5 million to U.S. diesel VW owners. Volkswagen could be forced to pay up to $4.04 billion if regulators don''t approve fixes for all vehicles. Breyer will hold a May 11 hearing on whether to grant final approval. (Reporting by David Shepardson in Washington; Editing by Cynthia Osterman)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-volkswagen-emissions-idUKKBN15T2H4'|'2017-02-15T01:30:00.000+02:00'
'185d1a9a62cda86d4fecd05bd1615975b0caa64f'|'Bilfinger chief sets out latest attempt to revive ailing company'|' 43pm GMT Bilfinger chief sets out latest attempt to revive ailing company The logo of German industrial services provider Bilfinger is pictured outside its headquarters in Mannheim, Germany, May 11, 2016. REUTERS/Ralph Orlowski By Georgina Prodhan - MANNHEIM, Germany MANNHEIM, Germany Bilfinger''s ( GBFG.DE ) new chief executive has set out the latest attempt to revive the German industrial firm''s failing fortunes, consolidating what remains of the group into a new structure and promising to rekindle a sense of pride. Tom Blades, Bilfinger''s fourth CEO in six years, on Tuesday outlined a vision of a company that could build on more than a century of engineering expertise to grow again, after years of battering by a collapse in its markets and poor management. Bilfinger, once a leading name in German construction, became notorious for issuing six profit warnings in the space of two years before Blades''s arrival in July 2016. One CEO after another sold off some of the company''s crown jewels. The group is left with the design, construction and servicing of industrial plants - a difficult business in an environment of volatile raw-materials prices - and some activities catering to power utilities. "We have tasks ahead of us," Blades told a news conference on Tuesday at the company''s headquarters in Mannheim before a meeting with analysts. "It''s not rocket science, it''s simply doing what we''re good at and doing it every day." His comments came after Bilfinger late on Monday announced new mid-term targets, a surprise share buyback and an unexpectedly high dividend, lifting its shares which closed up 3.9 percent after hitting an eight-month high. Blades, a 61-year-old Briton who is an engineer by training and former manager at industrial gases group Linde ( LING.DE ), said he had the backing of activist investor Cevian, which holds 26 percent of its stock, for his strategy to build up the group. He plans to simplify its structure into one arm focusing on engineering and technology and another on after-sales service. Blades was recruited by Cevian partner Eckhard Cordes, now Bilfinger''s chairman. "A break-up was never an issue for me. I never talked to the supervisory board about it," Blades said. "If that had been the case, they would have installed an accountant or a lawyer, not an engineer." Cevian declined to comment. Bilfinger sold its construction business in 2014 under then-CEO Roland Koch, a former politician who tried to focus the group on higher-margin service activities. It sold its real-estate services operations, its most profitable business, last year. Analysts said Blades and his team had time to prove themselves, although the company had a long road ahead. "The new management is slowly starting to win the confidence of the market," Metzler Bank analyst Jasko Terzic said. "Blades''s technical knowledge and understanding of how the business works is impressive. But it''s still very early days." (Editing by Maria Sheahan and David Holmes)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-bilfinger-strategy-idUKKBN15T1MV'|'2017-02-15T01:43:00.000+02:00'
'6bc68f1f0a7301d58920fdd70f039f8be6ee89cd'|'Nikkei at more than 1-month highs as yen weakens on Trump relief'|'Company   Nikkei at more than 1-month highs as yen weakens on Trump relief * Dollar gains against yen on relief over Trump-Abe meeting * Sentiment underpinned by record closes on Wall Street TOKYO Feb 13 Japan''s Nikkei share average probed more than one-month highs on Monday, cheered by Wall Street breaking records, a weaker yen and relief that talks between U.S. President Donald Trump and Japan''s Prime Minister Shinzo Abe yielded no negative surprises. The Nikkei was up 0.5 percent at 19,483.38 at the end of morning trade, after earlier rising as high as 19,519.44, its highest since Jan. 5 "The January high of 19,615.40 is in sight," said Yutaka Miura, a senior technical analyst at Mizuho Securities. "It might not be topped today, but it would not be surprising if it was attained later this week," he said. Wall Street''s main stock indexes rose to fresh all-time closing highs on Friday as a spike in oil prices supported energy shares and investors renewed their optimism about Trump''s economic agenda. On Abe''s U.S. visit, Trump abruptly set aside campaign pledges to force Tokyo to pay more for U.S. defense aid as well as his past complaints that Japan was artificially weakening its currency. The dollar was up 0.7 percent at 113.95 yen after topping 114 earlier in the session, and pulling away from last week''s 10-week lows. "The mood here is clearly one of relief," said Stefan Worrall, director of Japan equity sales at Credit Suisse in Tokyo. "Going into the summit, the degree of anxious hand-wringing by Japanese policymakers was palpable," he said, as they fretted about whether currencies or the Bank of Japan''s monetary easing steps would attract Trump''s ire. Data released earlier on Monday showed Japan''s economy grew for a fourth straight quarter in the final three months of last year thanks to strong exports, though weak private consumption and rising protectionism in the United States suggested a sustainable recovery could be some way off. The broader market shrugged off news that North Korea fired a ballistic missile into the sea off its east coast early on Sunday, the first time the isolated state has tested such a device since Trump''s election. The Tokyo Stock Exchange''s mining subindex gained 5.5 percent, while the oil and coal subindex rose 3.2 percent. Crude oil futures rallied on Friday on reports that OPEC members delivered more than 90 percent of the output cuts they pledged in a landmark deal that took effect in January, though they gave back some of those gains on Monday. Oil producer Inpex Corp jumped 5.9 percent, scaling its highest levels in more than three weeks, after it forecast higher profits for the fiscal year through March. But consumer goods maker Lion Corp fell 9.2 percent after it forecast its 2017 operating profit would rise 10.2 percent, slowing sharply from 2016''s 49.6 percent increase. The broader Topix gained 0.6 percent to 1,556.07, while the JPX-Nikkei Index 400 rose 0.7 percent to 13,969.05. (Reporting by Tokyo markets team; Editing by Simon Cameron-Moore) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/japan-stocks-midday-idUSL4N1FY1IL'|'2017-02-13T09:50:00.000+02:00'
'a26626247fe089af7090c8661e4c2b7cc8070ccb'|'MIDEAST STOCKS - Factors to watch - Feb 13'|'Company News - Sun Feb 12, 2017 - 10:55pm EST MIDEAST STOCKS - Factors to watch - Feb 13 DUBAI Feb 13 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-Yen slips after Trump-Abe meet, Asian shares firm * MIDEAST STOCKS-Firm oil boosts Saudi, Kuwait rebounds but Egypt slips * Oil prices dip as markets remain bloated despite OPEC-led cuts * PRECIOUS-Gold slips as dollar strengthens against yen * UN chief affirms full support for Yemen peace envoy * Hezbollah supports Syria ceasefire and political talks * Netanyahu pledges to promote "responsible policies" at Trump meeting * UAE says expects higher compliance with OPEC, non-OPEC deal * Turkey to hold referendum on stronger presidency on April 16 * Saudi govt approves 92 bln riyals support for agriculture, water, environment * Iraqi policeman killed in clashes with pro-Sadr protesters * Iran allowing Syria-bound Russian planes to use airspace-report * U.S. expresses objection to Palestinian as U.N. envoy to Libya * Inter-Shi''ite tension mounts in Baghdad after clashes * Syrian opposition picks delegation to Geneva talks * Helicopter bombs vehicle amid power struggle in Yemen''s Aden * Erdogan says Turkish operation in Syria will continue to Raqqa * ANALYSIS-Trump''s hostility to help keep Iran''s Rouhani in office, but make his life harder * INTERVIEW-Six Gulf nations aiming for simultaneous VAT adoption in January -UAE official EGYPT * Foreigners support rally on Egyptian treasuries, pushing yields lower * Egypt''s GASC says seeking at least 30,000 tonnes soyoil in tender * Egypt''s Al Nouran sugar to start operations in May * Yields drop on Egypt''s three, nine-month T-bills in weekly auction SAUDI ARABIA * BUZZ-Shares in Kingdom Holding surge on Disney share swap * Saudi govt approves 92 bln riyals support for agriculture, water, environment UNITED ARAB EMIRATES * Dubai''s troubled Arabtec working with boutique investment bank Moelis -sources * Dubai''s DP World not concerned about Trump protectionist policies * INTERVIEW-Dubai''s Al Khaleej Sugar operating at full capacity * UAE says expects higher compliance with OPEC, non-OPEC deal QATAR * BRIEF-Qatar Islamic Insurance FY profit falls * TABLE-Qatar January inflation falls to 1.2 pct on food prices KUWAIT * TABLE-Kuwait December bank loan growth slowest since January 2012 * BRIEF-Kuwait''s Zain says Ministry of Electricity and Water awards contract worth 22 mln dinars OMAN * TABLE-Oman January inflation rises to 1.8 pct on transport, housing BAHRAIN * Bahrain''s sugar refinery stopped production in October - source (Reporting by Dubai Newsroom)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/mideast-factors-idUSL8N1FY07K'|'2017-02-13T10:55:00.000+02:00'
'5b1d8e142b1e62f74177cf4bbde6cf5d150f2cfe'|'Australian banks narrow focus of Apple Pay collective bargaining request'|'Technology   5:59pm EST Australian banks narrow focus of Apple Pay collective bargaining request An Apple iPhone 6 with Apple Pay is shown in this photo illustration in Encinitas, California, U.S. June 3, 2015. REUTERS/Mike Blake/File Photo By Jamie Freed - SYDNEY SYDNEY Australian banks seeking permission from the country''s competition regulator to bargain collectively with Apple Inc ( AAPL.O ) over its mobile payment system said on Monday they will focus on gaining access to the U.S. tech company''s contactless payment function, removing the fees Apple charges as a bone of contention. Commonwealth Bank of Australia ( CBA.AX ), Westpac Banking Corp ( WBC.AX ), National Australia Bank Ltd ( NAB.AX ) and Bendigo & Adelaide Bank Ltd ( BEN.AX ) command two-thirds of Australia''s credit card market but have yet to allow use of their cards with Apple Pay which was introduced to the country last year. Under Australian law, bargaining cartels can be formed with the approval of authorities. A cartel would strengthen the banks in negotiating the ability to offer their own digital wallets for Apple''s iPhones - the first major challenge to Apple Pay of its kind globally. Apple Pay allows users to register credit cards on iPhones, and pay for goods and services by swiping the devices over contactless payment terminals. Apple charges card providers for transactions made using Apple Pay and does not allow companies to develop their own mobile wallets, which would allow banks to circumvent transaction fees and get customers to engage more frequently with their own apps. In the banks'' initial application lodged in July, they sought to negotiate with Apple over fees as well as access to the contactless payments function. In a draft decision issued in November, which it described as "finely balanced", the Australian Competition and Consumer Commission (ACCC) proposed to deny the collective bargaining application. At the time, ACCC Chairman Rod Sims told Reuters that if fees were at the heart of the banks'' application, then it would be difficult for them to win approval. But if the issue was more about access to Apple''s contactless payment technology, then the banks had a stronger case, he said. In a statement ahead of a final decision from the regulator, the banks on Monday said they had narrowed the application to focus on contactless payments and halved the collective bargaining authorization term to 18 months. "It is about the consumer having the choice of multiple wallets," said Lance Blockley, a spokesman for the banks. In a submission to the competition regulator on Jan. 31, Apple said there were no public benefits to providing the banks access to its contactless payment system, and that doing so would give them a "free-ride" on Apple''s investment in technology. Among other banks, Australia and New Zealand Banking Group Ltd ( ANZ.AX ) has offered Apple Pay to customers since April, while Macquarie Group Ltd ( MQG.AX ) and ING Groep NV''s ( INGA.AS ) ING Direct on Friday said they would introduce Apple Pay this month. (Reporting by Jamie Freed; Editing by Bill Rigby) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-apple-australia-idUSKBN15R11I'|'2017-02-13T05:59:00.000+02:00'
'af3cf5e1a085cd9b134d3d16604d0283eedd24fc'|'German stocks - Factors to watch on February 13'|'FRANKFURT/BERLIN Feb 13 The following are some of the factors that may move German stocks on Monday:DEUTSCHE TELEKOMThe U.S. Federal Communications Commission said Friday that bidding in the wireless spectrum auction has ended at $19.6 billion, significantly less than many analysts had initially forecast.VOLKSWAGENEx-Volkswagen Chairman Ferdinand Piech, who resigned after a showdown with former chief executive Martin Winterkorn, has refused to testify to German lawmakers investigating a possible government''s role in the VW emissions scandal, according to his lawyer.The carmaker said it has no plans to keep a large number of temporary workers on its books following a media report saying management at the carmaker''s VW brand would retain about 2,000 of them as labour leaders and executives wrestle over the company''s turnaround plan.Swedish trucks division Scania will deliver 1,350 buses to cities in Iran.AURUBISQ1 results due.DEUTSCHE WOHNENThe real estate firm keeps looking for possible acquisitions in the property market, finance chief Philip Grosse told Boersen-Zeitung.OSRAMThe lighting group has received approval from a U.S. agency for the 400 million euro ($425.52 million) sale of its LEDvance lamps unit to a consortium of Chinese bidders, a spokesman said, bringing the deal closer to completion.STADAThe generic drugmaker said it has received two offers for the acquisition of the company, one of which is private equity group Cinven Partners LLP.GfKPrivate equity firm KKR has acquired a 18.54 percent stake in the market research firm, GfK said, allowing it to drive strategic change with top shareholder GfK Verein.HHLAQ4 results due.SCOUT24Q4 results due.STABILUSQ1 results due.AIR BERLINBerlin''s long-delayed international airport is scheduled to open in June next year, German weekly Bild am Sonntag reported, citing internal documents of the airport operator.BEATE UHSEChief Operating Officer Dennis van Allemeersch will leave the company on March 15.OVERSEAS STOCK MARKETSDow Jones +0.5 pct, S&P 500 +0.4 pct, Nasdaq +0.3 pct at close.Nikkei +0.4 pct, Shanghai stocks +0.5 pct.Time: 5.56 GMT.GERMAN ECONOMIC DATANo economic data scheduled.EUROPEAN FACTORS TO WATCHDIARIESREUTERS TOP NEWS (Reporting by Andreas Cremer and Harro ten Wolde)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/germany-stocks-factors-idINL5N1FV38T'|'2017-02-13T02:57:00.000+02:00'
'9a27f41074dbf6ce6d51fa494103684ce87d4129'|'SoundCloud loses key executives amid fundraising drive'|'FRANKFURT Music-streaming service SoundCloud has lost two senior executives and is seeking to raise new funding, the company said on Sunday, but denied a Financial Times report that it was running low on cash.Marc Strigel, SoundCloud''s chief operating officer, and finance director Markus Harder left after five years with the company to pursue new opportunities, a spokeswoman for Berlin-based SoundCloud said, without giving details."SoundCloud is currently fundraising, which is typical of most startups of our size and in our phase of growth," the spokeswoman said, denying an assertion by an anonymous source Quote: d by the FT as saying it was seeking financing in "desperation."The firm raised $100 million last June from a group of investors including Twitter, half the $193 million it has taken in since its founding in 2008, according to Crunchbase data.The FT''s source said SoundCloud was looking to raise funds while seeking to avoid accepting a lower valuation than the roughly $700 million when it last raised money.SoundCloud is popular among music artists, but has been less successful at striking licensing deals on favorable terms with major music labels than rivals Spotify and Apple Music.The SoundCloud spokeswoman reported business as usual, saying the executive departures were unrelated to its fundraising. The company said in a report filed early in January that it made a loss of 48.7 million euros ($51.8 million) after tax during the 2015 calendar year.The company''s auditors warned in the filing with UK Companies House that a material uncertainty exists that may cast doubt on the company''s ability to continue as a going concern."This is unrelated to our ''normal course'' fundraising efforts, which are being led by our recently appointed Chief Financial Officer, Holly Lim," the SoundCloud spokeswoman said. Lim joined in September after working at Google."SoundCloud remains in a position of strength and is confident in its long-term prospects as it continues to be the go to platform for the creative community," the spokeswoman said.(Reporting by Eric Auchard; Writing by Andreas Cremer; Editing by Peter Cooney.)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-soundcloud-management-idINKBN15R11A'|'2017-02-12T19:48:00.000+02:00'
'6245da832a02d46bb9ef2324a4052872a73f4a34'|'TREASURIES-Yields rise as traders await Yellen testimony'|'Company News   3:07pm EST TREASURIES-Yields rise as traders await Yellen testimony (Adds quote, updates prices) * Yellen testifies to lawmakers on Tuesday and Wednesday * Stock market highs put pressure on bonds * Economic data this week includes inflation, retail sales By Karen Brettell NEW YORK, Feb 13 U.S. Treasury yields rose on Monday as investors looked ahead to testimony by Federal Reserve Chair Janet Yellen on Tuesday and Wednesday and as record high stock markets reduced demand for bonds. Investors will be watching for any new indications of when the U.S. central bank will next raise rates when Yellen gives her semiannual Humphrey Hawkins testimony before lawmakers in Washington. Investors reduced expectations of rate hike at the Fed''s March meeting after jobs data for January showed disappointing wage growth. However, "if she says something hawkish, there''s definitely a reason to believe they could go in March," said Justin Lederer, an interest rate strategist at Cantor Fitzgerald in New York. Benchmark 10-year notes fell 7/32 in price to yield 2.43 percent, up from 2.41 percent late on Friday. Futures traders are currently pricing in an 18-percent likelihood of a March rate hike, according to the CME Group''s FedWatch Tool. Fed Vice Chair Stanley Fischer said on Saturday that there was significant uncertainty about U.S. fiscal policy under the Trump administration, but the Fed would be strict in meeting targets of creating full employment and getting inflation to 2 percent. Record high stock markets and a weaker yen also pressured bonds on Monday. "The risk tone in general is driving rates, the markets have started the week deciding they like risk," said Gennadiy Goldberg, an interest rate strategist at TD Securities in New York. U.S. bonds are seen as safe-haven assets that benefit when investors are more risk averse. Treasuries are also trading based on technical levels as they hold within their recent range, said Goldberg. Economic releases including inflation, manufacturing and retail sales data are also in focus this week. (Editing by Nick Zieminski and Andrew Hay) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-bonds-idUSL1N1FY197'|'2017-02-14T03:07:00.000+02:00'
'c8f7afb311d7095c954a090790f983b562c2eee1'|'Daimler invests in smartphone-based vehicle finance app AutoGravity'|'Technology News   6:22am GMT Daimler invests in smartphone-based vehicle finance app AutoGravity Daimler AG sign is pictured at the IAA truck show in Hanover, Germany, September 22, 2016. REUTERS/Fabian Bimmer/File Photo FRANKFURT Daimler ( DAIGn.DE ) said on Tuesday it was investing a double-digit million euro amount into AutoGravity, a smartphone-based vehicle leasing and financing app as part of a broader push by the carmaker to build a digital platform for financial services. Car buyers in the United States can use AutoGravity to find tailored buying and leasing offers. AutoGravity features multiple vehicle brands and models, and enables various financial services providers and automotive manufacturers the opportunity to offer vehicle financing and leasing via smartphone. (Reporting by Ilona Wissenbach; Writing by Edward Taylor; Editing by Maria Sheahan) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-daimler-investment-autogravity-idUKKBN15T0KH'|'2017-02-14T13:13:00.000+02:00'
'380ca9c6108bfd149705f7706963f9db51b3036a'|'Rolls-Royce posts record reported loss'|' 42am GMT Britain''s Rolls-Royce posts record reported loss left right FILE PHOTO - A Rolls-Royce logo is seen at the company''s aerospace engineering and development site in Bristol, Britain, December 17, 2015. REUTERS/Toby Melville/File Photo 1/2 left right 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 2/2 LONDON Rolls-Royce ( RR.L ) posted a record reported loss of 4.6 billion pounds on Tuesday as a fine to settle bribery charges and the collapse in the pound from Brexit capped a difficult few years for the British aero engine maker. In restructuring mode following a string of profit warnings, Rolls said more costs needed to be taken out of the business after its 2016 profit fell by 49 percent to 813 million pounds on an underlying basis - an outcome that did, however, exceed analysts'' expectations. The group said it would maintain, rather than raise, its final dividend in order to retain a degree of financial flexibility. "While we have made good progress in our cost cutting and efficiency programmes, more needs to be done to ensure we drive sustainable margin improvements within the business," Chief Executive Warren East said. "Over the next few months we will conclude our review of our strengths and investment opportunities and set out an appropriate vision for the business and the best way we can deliver sustainable shareholder value." Rolls-Royce has faced challenges across its business in recent years, weighing on its revenue and profit. That has prompted East, who took the job in 2015, to restructure the company to respond to changes in civil aviation and other sectors. The group said it expected "modest performance improvements" this year. ($1 = 0.7976 pounds) (Reporting by Paul Sandle; editing by Kate Holton and James Davey)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-rolls-royce-hldg-results-idUKKBN15T0PL'|'2017-02-14T14:51:00.000+02:00'
'bb57454ae8d285f3fdeac9fc682c5ae42dbdcfd4'|'BRIEF-Computer Sciences says on Feb 10 entered into an Amended and Restated Intellectual Property Matters Agreement with CSRA Inc'|'United States  39pm EST BRIEF-Computer Sciences says on Feb 10 entered into an Amended and Restated Intellectual Property Matters Agreement with CSRA Inc Feb 13 Computer Sciences Corp : * On Feb 10 co entered into an Amended and Restated Intellectual Property Matters Agreement with CSRA Inc - SEC filing * Amended Agreement amends and restates the Intellectual Property Matters Agreement dated as of Nov 27, 2015 between co and CSRA * In addition, pursuant to Amended IPMA, CSRA paid company a onetime payment of $65 million * As per Amended IPMA, co assigned certain intellectual property rights it had previously licensed to CSRA under original IPMA Source text: ( bit.ly/2lJrYAl )  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSL8N1FY6SI'|'2017-02-14T05:39:00.000+02:00'
'58439eb414a387fe48428295943f7e2aa05e97bf'|'Oi nears new creditor proposal, regardless of Brazil telecom reform: CEO'|'BRASILIA Changes in Brazil''s telecom law currently under debate in the Senate are not being taken into account by debt-laden carrier Oi SA as it devises its in-court reorganization plan, Oi Chief Executive Marcos Schroeder said on Tuesday.Speaking at an industry event in Bras<61>lia, Schroeder said the imminent reforms will have no economic effect on the company''s reorganization in bankruptcy court.The bill had been scheduled to become law last December but was held up in the Senate after opposition legislators filed a motion to submit it to a vote by the full house.Poised to become law after passing committees in both chambers of Congress, the reform aims to update a concession-based model that had created uncertainty about the value of the industry''s fixed-line assets.Schroeder''s comments suggest that Oi will not let the reform''s current legal limbo slow negotiations with creditors to restructure about 65.4 billion reais ($21.1 billion) of bank debt, bonds and regulatory liabilities.Schroeder said Oi will present an amended debt restructuring plan next month and put it to a creditor vote between April and June. The company made its first proposal in September but a large group of lenders rejected it. [nIFR5V2VPK]Schroeder reiterated the plan will involve a reduction of the company''s debt as well as a debt-for-equity swap. He said the nominal value of the bond debt, about 32 billion reais, would be reduced by 70 percent while debt notes representing about 10 billion reais would be converted into Oi equity.Bank debt should be repaid in 17 years under the amended plan, he said.In the second half of this year, Oi also intends to start negotiations with potential international investors interested in providing capital to the company, Schroeder said.A stay of execution, which protects Oi from creditor suits while it devises a plan to avoid bankruptcy, will expire in May.($1 = 3.095 reais)(Reporting by Leonardo Goy; Writing by Ana Mano; Editing by Bill Trott)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-oi-sa-restructuring-idINKBN15T1YG'|'2017-02-14T11:49:00.000+02:00'
'612984720803f9f8731b1205544bd4e000c15b6e'|'Freeport Indonesia copper concentrate output has stopped -spokesman'|'JAKARTA Feb 14 Freeport McMoRan Inc has stopped production of copper concentrate at its Indonesian unit, a spokesman told Reuters on Tuesday, amid an export stoppage from its Grasberg mine, the world''s second-biggest copper mine, located in Papua province."The processing plant has not been producing concentrate since last Friday," Freeport Indonesia spokesman Riza Pratama told Reuters. (Reporting by Fergus Jensen; Editing by Christian Schmollinger)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/indonesia-freeport-output-idINJ9N1EZ02G'|'2017-02-14T00:34:00.000+02:00'
'ad8897e9b36c6a5b86ef52862d6874b41d1eb1c9'|'BRIEF-Alcobra reports Q4 loss per share $0.22'|' 21am EST BRIEF-Alcobra reports Q4 loss per share $0.22 Feb 15 Alcobra Ltd * Alcobra announces fourth-quarter and full-year 2016 financial results and provides corporate update * Qtrly loss per share $0.22 * Alcobra ltd - qtrly loss per share $0.22 * Q4 earnings per share view $-0.27 -- Thomson Reuters I/B/E/S  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSASB0B0DB'|'2017-02-15T19:21:00.000+02:00'
'd755485ceb2b33809eebf36cf4a4c72194184a22'|'PepsiCo profit beats on demand for healthy snacks, drinks'|'Wed Feb 15, 2017 - 12:02pm GMT PepsiCo profit beats on demand for healthy snacks, drinks FILE PHOTO - A bottle of Pepsi is seen in this file photo illustration February 10, 2015. REUTERS/Jim Young/Illustration/Files PepsiCo Inc ( PEP.N ) reported a better-than-expected quarterly profit, as the company benefited from its cost-cutting programs and higher demand for its healthier beverages and snacks in North America. The company''s shares were up marginally at $107.15 in premarket trading on Wednesday. PepsiCo and other processed-food companies are investing heavily to develop products to meet the changing tastes of consumers, who are increasingly seeking healthier options. The company has said it now gets about 45 percent of its net revenue from "guilt-free" products - beverages that have fewer than 70 calories per 12 ounces and snacks that have lower amounts of salt and saturated fat. Net revenue in the North America beverages unit, the company''s biggest business, rose 8 percent in the fourth quarter ended Dec. 31. Volume sales in the unit rose 1 percent. The company also benefited from lower raw material costs as well as productivity gains from multi-year cost-cutting plans, which include closing plants, simplifying its organization and management structures and investing in manufacturing automation. However, net income attributable to PepsiCo fell to $1.40 billion, or 97 cents per share, in the quarter, from $1.72 billion, or $1.17 per share, a year earlier. The fall in net income was due to pension-related settlements and a debt redemption charge in the latest quarter and a tax benefit in the year-ago period, the company said. Excluding items, the company earned $1.20 per share. The company''s net revenue rose 5 percent to $19.52 billion. Analysts on average had expected earnings of $1.16 per share on revenue of $19.51 billion, according to Thomson Reuters I/B/E/S. PepsiCo also forecast 2017 adjusted earnings of $5.09 per share, missing the average analysts'' estimate of $5.16. The New York-based company said it expected organic revenue to grow at least 3 percent, slower than the 3.7 percent growth in 2016. (Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by Sriraj Kalluvila) Up Next'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-pepsico-results-idUKKBN15U1C9'|'2017-02-15T19:06:00.000+02:00'
'9463bc28955f696052f930cb1eb22b1825679f91'|'Soros Fund Management buys new stakes in financials'|'Money  17pm EST Soros Fund Management buys new stakes in financials Business magnate George Soros arrives to speak at the Open Russia Club in London, Britain June 20, 2016. REUTERS/Luke MacGregor/File Photo BOSTON Soros Fund Management, the firm that invests the personal fortune of billionaire investor and philanthropist George Soros, took a handful of new positions in financial stocks during the fourth quarter as the sector was buoyed by Donald Trump''s presidential victory. The New York-based firm disclosed a $14.9 million position in Goldman Sachs ( GS.N ) and made a new bet on Bank of America ( BAC.N ) worth $3.9 million. One of its biggest buys during the last three months of 2016 was a call option on the S&P Select Sector SPDR Fund - Financial Sector worth $72.6 million. A number of asset managers bought into financial stocks during the final months of 2016 after Trump''s surprise victory suggested that tax cuts and a reduction of regulatory burdens plus higher interest rates could benefit the financial sector. Soros recently hired UBS executive Dawn Fitzpatrick to be the firm''s chief investment officer, putting a woman in charge of his portfolio for the first time. Soros sold his entire stake in Procter & Gamble ( PG.N ), while Trian Fund Management bought a stake worth $3.5 billion in the company. (Reporting by Svea Herbst-Bayliss; Editing by Bernard Orr) Next In Money'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-investment-funds-soros-idUSKBN15U014'|'2017-02-15T07:15:00.000+02:00'
'bf040284973f0e92881a270efc9ba7473323d470'|'SoftBank to buy Fortress Investment for $3.3 billion'|'By Thomas Wilson - TOKYO TOKYO Japan''s SoftBank Group Corp ( 9984.T ) on Wednesday said it has agreed to buy Fortress Investment Group LLC ( FIG.N ) for about $3.3 billion, looking to add investment expertise as it prepares to launch the world''s largest private equity fund.The all-cash deal is SoftBank''s first major investment in an asset manager and represents yet another unpredictable gambit for a group that has to date focused on telecoms and technology.It comes after founder Masayashi Son made the surprise announcement in October that SoftBank is teaming up with Saudi Arabia to set up a $100 billion technology fund.Buying private equity and alternative investment heavyweight Fortress could help SoftBank move to financing investments with private equity cash instead of debt, said Gerhard Fasol of Eurotechnology Japan, a consultancy."Son''s strategy appears to be to use Fortress''s know-how to move from debt financing to private equity. It''s a logical progression for the company," he said.SoftBank hired one of Fortress''s senior executives, Rajeev Misra, in 2014. Misra now runs the SoftBank-Saudi Arabia fund.New York-listed asset manager Fortress''s investments span real estate, hedge funds and private equity.It had $70 billion in investments under management at the end of September 2016, and is one of few global foreign investors with funds that are targeted at Japanese assets.In the wake of the global financial crisis, Fortress bought bad loans in Italy and has a track record in Japan, where it bought hotels held by Lehman Brothers after the bank collapsed in 2008."DISCIPLINED INVESTMENT"SoftBank''s Son said in a statement that the deal would "accelerate our SoftBank 2.0 transformation strategy of bold, disciplined investment and world-class execution to drive sustainable long-term growth".SoftBank executives were not available to comment further on the deal.Though Fortress'' performance in Japan may have impressed SoftBank, its broader growth has been lacklustre. The first among the major U.S. alternative asset managers to go public 10 years ago, Fortress was then valued at $14 billion.Despite its diversification into a range of hedge fund strategies, from bitcoin to timber, Fortress failed to keep up with the growth in assets under management of bigger peers such as Blackstone.The companies said Fortress principals would continue to lead the investment manager, which will operate within SoftBank as an independent business, based in New York. Senior fund managers would also remain with the group, it said.Fortress shareholders will receive $8.08 per share, a premium of 38.6 percent to the closing price on Feb. 13.Fortress plans to maintain its current base dividend of 9 cents per share for the fourth quarter of 2016, the company said in a statement.JP Morgan Securities and Morgan Stanley & Co acted as financial advisers for SoftBank and Fortress respectively.SoftBank shares rose 2 percent, compared with a 1 percent gain for the wider TOPIX .TOPX index.(Reporting by Thomas Wilson in Tokyo, Subrat Patnaik in Bengaluru and Clara Ferreira Marques in Singapore; Editing by Stephen Coates)A man talks on the phone as he stand in front of an advertising poster of the SoftBank telecommunications company in Tokyo October 16, 2015. REUTERS/Thomas Peter'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/fortress-inv-glo-m-a-softbank-group-idINKBN15T339'|'2017-02-15T16:42:00.000+02:00'
'f08b0243c76ae5cd9e4c5e7826c6c95914ea5e61'|'Engine core cleared in Airbus A400M investigation - sources'|'Business News - Mon Feb 13, 2017 - 8:39pm GMT Engine core cleared in Airbus A400M investigation - sources left right An Airbus A400M military aircraft lands at the ILA Berlin Air Show in Schoenefeld, south of Berlin, Germany, June 1, 2016. REUTERS/Fabrizio Bensch 1/2 left right An Airbus A400M military transport plane is parked at the Airbus assembly plant during an event in the Andalusian capital of Seville, southern Spain, December 1, 2016. REUTERS/Marcelo del Pozo 2/2 PARIS/BERLIN An oil leak that grounded an Airbus ( AIR.PA ) A400M military plane with a German government minister on board does not point to a fundamental new problem with the West''s largest turboprop engines, three sources close to the matter said. Last week''s breakdown was on a trip that was meant to showcase the aircraft''s capabilities as Airbus seeks to win back confidence in the troubled A400M project from its largest purchasing nation. German military officials initially said the leak appeared to be linked to the hydraulic system used to adjust the turbine blades in one of the four powerful A400M engines. However, two of the three sources said the leak had been found between the propellers and the nacelle, or engine housing, which are part of the power system but not components of the engine itself. "It doesn<73>t look like it came from the core of the engine," the third source said. The German air force declined to comment. If confirmed, the findings are likely to ease concerns over fresh delays in the 20 billion euro (16.96 billion pounds) project, which is already years behind schedule and heavily over budget. However, the breakdown represents a public relations blow for Airbus, which is still grappling with previous problems that led to write-off amounting to more than 5 billion euros. Defense Minister Ursula von der Leyen was forced to switch planes after visiting troops in Lithuania in what the ministry described as a "very aggravating" incident. Problems with the engines, including software and an Italian-built gear component, contributed to years of delays and cost overruns in Europe''s largest multinational defense project. A German military source familiar with the program said last week that the latest incident appeared to involve a routine and relatively minor technical problem. The propellers are made by France''s Ratier-Figeac on behalf of Airbus, which supplies the nacelle. The main part of the engine is supplied by a four-nation consortium led by Britain''s Rolls-Royce ( RR.L ) and France''s Safran ( SAF.PA ). Airbus reiterated that it is doing what it can to support the investigation. A spokesman declined to comment in detail on the incident, saying the investigation is being handled by the German air force. The aircraft was flown to a German air base late last week. ($1 = 0.9435 euros) (Reporting by Tim Hepher and Andrea Shalal; Editing by David Goodman) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-airbus-germany-idUKKBN15S2E5'|'2017-02-14T03:39:00.000+02:00'
'cf41dbb4c0535e46f7ab2d6817dfe76cd047c401'|'British factory input prices may clobber manufacturing investment'|'Business News - Mon Feb 13, 2017 - 3:56pm GMT British factory input prices may clobber manufacturing investment 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 LONDON Reuters polls are forecasting that British factory input prices GBPIP1=ECI will show an 18.3 percent year-on-year increase In January, up from 15.8 percent a month earlier, when they are released on Tuesday. That would be the highest level since 2008 - and it could spell trouble ahead for British manufacturing. As the following graphic shows - bit.ly/2lHPptw - factory input prices have pretty much run with an inverse relationship to manufacturing investment in recent years, as tracked by the British Chambers of Commerce. Statistically, there is a strong inverse correlation co-efficient above 0.7 a quarter ahead. The input prices are being driven by the Brexit-led fall in sterling. Slumping manufacturing investment would be a second-round effect, according to the numbers. (Reporting by Jeremy Gaunt and Andy Bruce, editing by Larry King) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-economy-industry-idUKKBN15S1VJ'|'2017-02-13T22:59:00.000+02:00'
'89b7a7cffb7d1b985902e63ccd8bac4a01c923fa'|'VietJet to list on February 28 at $1.2 billion valuation: exchange'|'HANOI Vietnamese budget airline Vietjet Aviation VJC.HM will list on the domestic Ho Chi Minh Stock Exchange on February 28 at a starting price of 90,000 dong ($3.97) per share, the exchange said in a statement on Monday.The starting price, which Vietjet announced last Thursday, would put the capitalization of Vietnam''s biggest private airline at $1.19 billion.(Reporting by Mai Nguyen)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-vietjet-listing-idUSKBN15S0W6'|'2017-02-13T12:27:00.000+02:00'
'44fbca0b1c4fd4621c907cf9a1f3bb713eca2f65'|'Fed on course to raise interest rates at an upcoming meeting - Yellen'|'By Jason Lange and David Lawder - WASHINGTON WASHINGTON The Federal Reserve will likely need to raise interest rates at an upcoming meeting, Fed Chair Janet Yellen said on Tuesday, although she flagged considerable uncertainty over economic policy under the Trump administration.Yellen said delaying rate increases could leave the Fed''s policymaking committee behind the curve and eventually lead it to hike rates quickly, which she said could cause a recession."Waiting too long to remove accommodation would be unwise," Yellen told the U.S. Senate Banking Committee, citing the central bank''s expectations the job market will tighten further and that inflation would rise to 2 percent."At our upcoming meetings, the committee will evaluate whether employment and inflation are continuing to evolve in line with these expectations, in which case a further adjustment of the federal funds rate would likely be appropriate."Yellen did not say if Fed policymakers expected the economy would warrant three interest rate increases this year, as they last signaled in December. Nor did she give indications whether the first rate hike of the year might come at its next meeting in March or at the June meeting, which is when most analysts expect a rate increase."I can''t tell you which meeting it would be," she said, including specifying "whether it''s March or May or June."Since the end of the 2007-09 recession, the Fed has raised rates once in December 2015 and again in December of last year.Yellen added that Fed policymakers would be discussing in the coming months how the central bank will eventually reduce the size of its bond portfolio, which ballooned during the financial crisis as the Fed sought to keep rates low. She repeated the Fed''s guidance that reducing its holdings would begin when the Fed''s current cycle of rate hikes is well under way.Yellen was appearing in Congress for the first time since Republicans took control of the White House and both houses of the legislature and she nodded to the uncertainties over the direction of U.S. economic policy."Changes in fiscal policy or other economic policies could potentially affect the economic outlook," she said. "It is too early to know what policy changes will be put in place or how their economic effects will unfold."President Donald Trump has announced a rollback of financial regulation with few details and there is no clarity on the size and scope of the tax cuts he has promised, while possible new taxes on imports and increased infrastructure spending could boost inflation.Inflation has remained persistently below the Fed''s 2 percent target for several years and Yellen said it was "reassuring" that market-based measures of inflation compensation had recently risen, though she noted they remain low.Yellen said she did not want to weigh in on specific tax and spending proposals, but she urged policymakers to consider the importance of making U.S. businesses more efficient, which economists believe is essential to raising living standards over the long term."I would also hope that fiscal policy changes will be consistent with putting U.S. fiscal accounts on a sustainable trajectory," she said.(Reporting by Jason Lange and David Lawder; Editing by Andrea Ricci)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-fed-yellen-testimony-idINKBN15T20W'|'2017-02-14T15:43:00.000+02:00'
'f4f8b9794dac843149c439c8621ac2083c3cecde'|'Exclusive: Burger King and Tim Hortons owner in bid to buy Popeyes - sources'|'By Lauren Hirsch and Greg Roumeliotis Restaurant Brands International Inc ( QSR.TO ), owner of the Burger King and Tim Hortons fast-food chains, has approached Popeyes Louisiana Kitchen Inc ( PLKI.O ) about a possible acquisition, people familiar with the matter said on Monday.Shares of Atlanta-based Popeyes moved sharply higher on the news in afternoon trading.A deal would be a bet by Oakville, Ontario-based Restaurant Brands that it can use its international reach to introduce Popeyes'' famous Louisiana-style fried chicken and buttermilk biscuits to more diners globally.RBI and Popeyes have yet to agree on a deal price, and there is no certainty that negotiations will continue, the people said. Restaurant Brands has also been considering the acquisition of other companies, one of the people added.The sources asked not to be identified because the matter is confidential. Popeyes declined to comment, while Restaurant Brands did not immediately respond to a request for comment.Popeyes shares jumped 14 percent in New York, reaching a record $75.30 and giving the company a market capitalization of around $1.6 billion. Restaurant Brands shares rose 4 percent to C$70.12 in Toronto, giving that company a market capitalization of C$32.34 billion.Popeyes, whose fans include pop singer Beyonc<6E>, began 45 years ago as a Southern-fried "Chicken on the Run" restaurant in a New Orleans suburb. It has since expanded to more than 2,000 restaurants, of which 1,600 are in the United States.The company has benefited from strong customer loyalty, as well as from a restaurant refurbishment program.Chicken accounts for about 10 percent of the fast-food industry, according to data service IBISWorld, and Popeyes'' market share is growing. The largest brands in the sector include privately held Chick-fil-A and Yum! Brands Inc''s ( YUM.N ) KFC.Private equity firm 3G Capital, which is controlled by Brazilian billionaire Jorge Paulo Lemann, owns about 43 percent of the voting shares in Restaurant Brands. 3G Capital has made a name by acquiring major U.S. consumer companies including Kraft Heinz Co ( KHC.O ).Restaurant Brands was formed in 2014, when 3G Capital-backed Burger King acquired Canadian coffee and doughnut chain Tim Hortons Inc for $11 billion.3G Capital''s long-time partner, Warren Buffett''s Berkshire Hathaway Inc ( BRKa.N ), committed $3 billion of preferred equity to finance that deal.(Reporting by Lauren Hirsch and Greg Roumeliotis in New York; Editing by Matthew Lewis)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-popeyes-m-a-rstrnt-brnd-exclusive-idINKBN15S2C9'|'2017-02-13T18:39:00.000+02:00'
'8f353108696eee9eaad546388e944040ec1932c2'|'Japan''s Kirin exits Brazil beer market with 563 million pounds sale of unit to Heineken'|' 27am GMT Japan''s Kirin exits Brazil beer market with 563 million pounds sale of unit to Heineken The Kirin logo is seen on its liquor cans at a shop in Tokyo September 28, 2012. REUTERS/Kim Kyung-Hoon TOKYO Japan''s Kirin Holdings ( 2503.T ) is selling its unprofitable Brazilian breweries unit to Heineken ( HEIN.AS ) for 2.2 billion reais (563.40 million pounds), exiting Brazil''s beer market after losing share and seeing raw material costs rise due to a weak currency. The transfer of the unit to Heineken subsidiary Bavaria S.A. will be executed immediately upon approval by Brazil''s antitrust agency, Kirin said in a statement on Monday. Heineken had said last month it was in talks with Kirin over the deal. Brasil Kirin operates 12 breweries and was created in 2011 after Kirin paid 6.3 billion reais for Brazil''s Schincariol brand. "Considering the various risks associated with the Brazilian economy and the stagnant and competitive situation in the Brazilian beer and soft drink market, Kirin has come to the conclusion that there are certain limitations in transforming Brasil Kirin into a sustainable and highly profitable business on its own," Kirin said. Brasil Kirin posted an operating loss of 284 million reais for 2016, it said. Separately, Kirin said it will take a 51 percent stake in a beer company in Myanmar. The company, Mandalay Brewery Ltd, will be 49 percent owned by Myanmar Economic Holdings. Kirin and Myanmar Economic Holdings already run already another beer joint venture, Myanmar Brewery Ltd. Kirin also said it ended capital alliance talks with Coca-Cola Group ( KO.N ), though the two companies will continue to discuss a potential operational partnership. ($1 = 3.1145 reais) (Reporting by Taiga Uranaka and Chang-Ran Kim; Additional reporting by Ritsuko Shimizu; Editing by Kim Coghill and Muralikumar Anantharaman)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-kirin-holdings-brazil-idUKKBN15S0RO'|'2017-02-13T15:27:00.000+02:00'
'3e588b63f2be820c871d4623cf07787bc4a8385e'|'FTSE 100 extends winning run as stronger metals boost mining stocks'|' 35am GMT FTSE 100 extends winning run as stronger metals boost mining stocks 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 UK shares rose on Monday, underpinned by a rally in mining stocks on the back of firmer metals prices, building on the previous session''s three-week high and on course to post its fifth straight day of gains. The blue-chip FTSE 100 index .FTSE was up 0.1 percent at 7,262.78 points by 0955 GMT. Mining stocks .FTNMX1770 gained 1.6 percent after the price of copper touched a 20-month high on the back of supply worries after shipments were shut off from the world''s two biggest copper mines. [MET/L] Shares in Glencore ( GLEN.L ), Anglo American ( AAL.L ), BHP Billiton ( BLT.L ) and Antofagasta ( ANTO.L ) climbed between 1.7 percent and 2.2 percent. BHP Billiton was also in focus after an attack on its Escondida mine in Chile at the weekend. A number of price-target upgrades also helped the sector. Glencore was raised to "equal weight" from "underweight" at Morgan Stanley, while RBC Capital Markets raised Rio Tinto''s ( RIO.L ) target price. "Post 2016 Glencore''s valuation multiples, financial risk, downside to PT and risk reward skew are similar to its London peers," Morgan Stanley analysts said in a note. "Reinvestment or return of excess cash is the key value driver ahead." An upgrade from Peel Hunt to "add" from "hold" also helped Hargreaves Lansdown ( HRGV.L ) rise 1.2 percent, with analysts citing a stronger-than-expected first-half performance in its results last week. "As much as the financial returns, in our view the statement last week confirmed the power of Hargreaves<65> business model," Peel Hunt analysts said in a note, singling out the development of the company''s HL Savings unit. Mid-caps also rose, with the FTSE 250 index .FTMC hitting a new record high, up 0.1 percent. Shares in energy firm Evraz ( EVRE.L ) were the biggest gainers, up 6 percent, while earnings underpinned a rally in trading software provider Fidessa Group''s ( FDSA.L ) shares. They rose 4.3 percent after Fidessa said that its international revenue spread provided stability amid uncertainty following the Brexit vote and the U.S. election. "Fidessa has delivered a solid set of results in a year where its customers had to grapple with heightened geopolitical uncertainty," Jefferies'' equity analyst, Damindu Jayaweera, said in a note, who expects the business climate to improve in 2017. (Reporting by Kit Rees) Fake receipts at Glencore warehouse unit triggered sector credit freeze, Qingdao shivers - sources MELBOURNE Some global banks briefly froze credit lines for Singapore metal traders last month after a unit of commodities giant Glencore uncovered fake warehousing receipts, people familiar with the matter said, reviving the spectre of a $3 billion scandal that rocked the trading world three years ago.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-stocks-idUKKBN15S124'|'2017-02-13T17:35:00.000+02:00'
'6c720db8fc6c9e2796918038ec26eb3d778926b8'|'SoundCloud loses key executives amid fundraising drive'|'Business   10:52pm GMT SoundCloud loses key executives amid fundraising drive FRANKFURT Music-streaming service SoundCloud has lost two senior executives and is seeking to raise new funding, the company said on Sunday, but denied a Financial Times report that it was running low on cash. Marc Strigel, SoundCloud''s chief operating officer, and finance director Markus Harder left after five years with the company to pursue new opportunities, a spokeswoman for Berlin-based SoundCloud said, without giving details. "SoundCloud is currently fundraising, which is typical of most startups of our size and in our phase of growth," the spokeswoman said, denying an assertion by an anonymous source quoted by the FT as saying it was seeking financing in "desperation." The firm raised $100 million last June from a group of investors including Twitter, half the $193 million it has taken in since its founding in 2008, according to Crunchbase data. The FT''s source said SoundCloud was looking to raise funds while seeking to avoid accepting a lower valuation than the roughly $700 million when it last raised money. SoundCloud is popular among music artists, but has been less successful at striking licensing deals on favourable terms with major music labels than rivals Spotify and Apple Music. The SoundCloud spokeswoman reported business as usual, saying the executive departures were unrelated to its fundraising. The company said in a report filed early in January that it made a loss of 48.7 million euros ($51.8 million) after tax during the 2015 calendar year. The company''s auditors warned in the filing with UK Companies House that a material uncertainty exists that may cast doubt on the company''s ability to continue as a going concern. "This is unrelated to our ''normal course'' fundraising efforts, which are being led by our recently appointed Chief Financial Officer, Holly Lim," the SoundCloud spokeswoman said. Lim joined in September after working at Google. "SoundCloud remains in a position of strength and is confident in its long-term prospects as it continues to be the go to platform for the creative community," the spokeswoman said. ($1 = 0.9406 euros) (Reporting by Eric Auchard; Writing by Andreas Cremer; Editing by Peter Cooney.) Next In Business News VW says has no plans to retain large number of temporary staff BERLIN Volkswagen said it has no plans to keep a large number of temporary workers on its books following a media report saying management at the carmaker''s VW brand would retain about 2,000 of them as labour leaders and executives wrestle over the company''s turnaround plan.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-soundcloud-management-idUKKBN15R11E'|'2017-02-13T05:52:00.000+02:00'
'a193fe802f3a043a3983e704d6f26a7d9a324ad8'|'Population trends deliver boost for Japan''s micro M&A boutiques'|'By Junko Fujita - TOKYO TOKYO Boutique advisers specializing in micro-M&A for mostly family-run firms are enjoying a boom in Japan, as an ageing, shrinking population brings in the boundaries on the country''s small business landscape.There are no industry-wide figures for deals between 500 million and 1 billion yen ($4.4-$8.8 million), but boutique advisers say they are benefiting as owners look to merge their businesses to cope with dwindling demand or as they reach retirement without a successor.Japan''s population, already the oldest among developed economies, is projected to shrink by a third by 2060.Nihon M&A Center Inc ( 2127.T ), the largest of the three publicly listed boutique advisors, said on Jan. 30 nine-month profit to end-December had risen 34 percent to a record 5.3 billion yen on sales of 15 billion yen."Japan''s population is shrinking ... Ultimately none of the small companies will be able survive by itself," said Yasuhiro Wakebayashi, chairman and founder of the company."They have to be part of larger firms to grow. That is going to be a trend in this country, so the M&A market will only become bigger."Nihon M&A brokered 406 deals in the first nine months of the financial year ending in March, comfortably on the way to beating the previous year''s 420 total.Smaller rivals Strike Co ( 6196.T ) and M&A Capital Partners ( 6080.T ) are also capitalizing on the trend, brokering a combined 106 deals in the last financial year, up 23 percent on the previous year and 74 percent on the year before that.Reuters has previously reported that private equity firms in Japan have had a similar boost to business after a long period of torpor, based on the same demographic imperatives."We are in a niche overlooked by big institutions," said Kunihiko Arai, president of Strike.M&A activity among bigger businesses, arranged by financial heavyweights such as conducted has been Nomura Holdings ( 8604.T ), Daiwa Securities Group Inc ( 8601.T ) and Mitsubishi UFJ Financial Group Inc ( 8306.T ), grew only 4.3 percent to 2,137 last year, while deal value fell 10 percent to 6.2 trillion yen, Thomson Reuters data show.SHARE GAINSInvestors in the advisors have also benefited.Shares in Nihon M&A Center gained 56 percent in the past year and M&A Capital Partners shares almost tripled, outperforming a 48 percent gain in the Tokyo Stock Exchange''s Topix Securities Index .ISECU.T. Strike shares have more than doubled since listing in June.Nobuko Inui, 59, who owned four dispensing pharmacies in Osaka, western Japan, was among those helped by Nihon M&A.Last year Inui sold the business she set up in 1994 to Tokyo-based, privately held Kraft Inc, which operates 630 pharmacies nationwide. Inui found it hard to stay competitive as the government cut drug prices to reduce mounting healthcare costs."Drugs stores are under pressure to improve and diversify our services, but a small company like mine could not afford to hire more pharmacists, so I decided to sell my business," said Inui, who runs the pharmacies for their new owner.Strike says more consolidation is likely in the 7.8 trillion yen dispensing pharmacy market, where a big player like Ain Holdings Inc ( 9627.T ), with about 1,100 outlets, controls just 3 percent.Small firms are the backbone of Japan''s economy, accounting for 99.7 percent of its 3.8 million companies and employing about 70 percent of the workforce, according to government data, but many are closing their doors as owners age.Last year a record 29,583 companies closed, up 8.2 percent on the previous year, according to Tokyo Shoko Research Ltd.The boutiques largely get deals through referrals from regional banks and local accountants."There are cases where companies can keep their operations by conducting M&As. That means jobs are protected, which is good for revitalizing local economies," said Tomoharu Sato, assistant manager in the corporate banking department for Toho Bank Ltd ( 8346.T ) in Fukushima city.
'8956dc552ea27d274a8cf740672c4d35ceff0852'|'Engine core cleared in Airbus A400M investigation -sources'|'Big Story 10  33pm EST Engine core cleared in Airbus A400M investigation: sources PARIS/BERLIN An oil leak that grounded an Airbus A400M military plane with a German government minister on board does not point to a fundamental new problem with the West''s largest turboprop engines, three sources close to the matter said. Last week''s breakdown was on a trip that was meant to showcase the aircraft''s capabilities as Airbus seeks to win back confidence in the troubled A400M project from its largest purchasing nation. German military officials initially said the leak appeared to be linked to the hydraulic system used to adjust the turbine blades in one of the four powerful A400M engines. [nL5N1FV4TJ] However, two of the three sources said the leak had been found between the propellers and the nacelle, or engine housing, which are part of the power system but not components of the engine itself. "It doesn<73>t look like it came from the core of the engine," the third source said. The German air force declined to comment. If confirmed, the findings are likely to ease concerns over fresh delays in the 20 billion euro ($21.2 billion) project, which is already years behind schedule and heavily over budget. However, the breakdown represents a public relations blow for Airbus, which is still grappling with previous problems that led to write-off amounting to more than 5 billion euros. Defense Minister Ursula von der Leyen was forced to switch planes after visiting troops in Lithuania in what the ministry described as a "very aggravating" incident. [nL5N1FT5CJ] Problems with the engines, including software and an Italian-built gear component, contributed to years of delays and cost overruns in Europe''s largest multinational defense project. A German military source familiar with the program said last week that the latest incident appeared to involve a routine and relatively minor technical problem. The propellers are made by France''s Ratier-Figeac on behalf of Airbus, which supplies the nacelle. The main part of the engine is supplied by a four-nation consortium led by Britain''s Rolls-Royce and France''s Safran. Airbus reiterated that it is doing what it can to support the investigation. A spokesman declined to comment in detail on the incident, saying the investigation is being handled by the German air force. The aircraft was flown to a German air base late last week. ($1 = 0.9435 euros) (Reporting by Tim Hepher and Andrea Shalal; Editing by David Goodman) Next In Big Story 10'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-airbus-germany-idUSKBN15S2DS'|'2017-02-14T03:31:00.000+02:00'
'1971a7bd6fcd48d67bdfaec92677e678043918da'|'Japan fourth-quarter GDP grows for fourth straight quarter on exports'|' 29pm EST Japan fourth-quarter GDP grows for fourth straight quarter on exports left right People walk on a street at Tokyo''s Ginza shopping district, Japan, February 12, 2017. REUTERS/Toru Hanai 1/4 left right A man walks up a spiral staircase at a shopping mall at the Tokyo''s Ginza shopping district, Japan, May 19, 2015. REUTERS/Yuya Shino 2/4 left right A worker walks in a container area at a port in Tokyo April 21, 2014. REUTERS/Toru Hanai 3/4 left right People walk on a street at Tokyo''s Ginza shopping district, Japan, February 12, 2017. Picture taken February 12, 2017. REUTERS/Toru Hanai 4/4 By Tetsushi Kajimoto and Stanley White - TOKYO TOKYO Japan''s economy expanded for a fourth straight quarter in the October-December period as strong trade demand and a pickup in capital expenditure underscored a steady export-led recovery. Cabinet Office data on Monday showed the world''s third-largest economy grew an annualized 1.0 percent in the final three months of 2016, roughly in line with the 1.1 percent increase markets had expected, following a revised 1.4 percent expansion in July-September. The data should be a relief to government and Bank of Japan policymakers who aim to sustain growth and pull the economy out of deflation and stagnation. However, uncertainty over U.S. President Donald Trump''s policies has cast a cloud over export-reliant Japan as domestic demand remains underpowered, analysts say. The preliminary reading for fourth-quarter gross domestic product (GDP) figure translated into 0.2 percent growth on a quarter-on-quarter basis, versus a 0.3 percent gain expected by analysts. External demand - or exports minus imports - contributed 0.2 percentage point to GDP, due to a rise in shipments from a pick up in car demand from China and the United States, and electronics parts from Asia. Private consumption, which accounts for roughly 60 percent of GDP, showed no growth, largely in line with a flat reading forecast by economists. Rising prices of fresh food and vegetables are likely to have dented households'' purchasing power. Capital expenditure, a key component of GDP, rose 0.9 percent, reversing from a 0.3 percent decline in the third quarter. Housing investment, a bright spot in the economy helped by the central bank''s aggressive monetary easing, rose 0.2 percent, the slowest expansion in four quarters. (Reporting by Tetsushi Kajimoto, Stanley White and Chang-Ran Kim; Editing by Shri Navaratnam)  '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-japan-economy-gdp-idUSKBN15R138'|'2017-02-13T07:29:00.000+02:00'
'2b1b21a707f2d8a89cfb6f9b39c5d94cdb71fa97'|'PRESS DIGEST - The Wall Street Journal - Feb 13'|'Company News - Mon Feb 13, 2017 - 1:59am EST PRESS DIGEST - The Wall Street Journal - Feb 13 Feb 13 The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy. - Leftist presidential hopeful Andr<64>s Manuel L<>pez Obrador is gaining momentum in the race to lead Mexico, tapping into a nationalist backlash against the U.S. as President Donald Trump upends bilateral relations. The former Mexico City mayor, narrowly beaten in Mexico''s two previous presidential elections, is now widening his lead in opinion polls ahead of next year''s contest. on.wsj.com/2lzRxGX - Sales of Ivanka Trump''s fashion line tumbled 32 percent at Nordstrom Inc last fiscal year, with the declines deepening in the run-up to the U.S. presidential election, according to internal Nordstrom data. Amid calls to boycott the brand, Ivanka Trump footwear and apparel sales fell more than 70 percent in the second, third and fourth weeks of October compared with a year ago, the Nordstrom data show. on.wsj.com/2lzYZlm - The White House is reviewing whether to retain National Security Adviser Mike Flynn amid a furor over his contacts with Russian officials before President Donald Trump took office, an administration official said Sunday. Flynn has apologized to White House colleagues over the episode, which has created a rift with Vice President Mike Pence and diverted attention from the administration''s message to his own dealings. on.wsj.com/2lzSkI6 - President Donald Trump is facing calls for a show of strength toward North Korea after Pyongyang''s weekend launch of a ballistic missile, posing the first major challenge to his administration by a foreign leader and an awkward balancing act with China. U.S. lawmakers called for military exercises with regional allies, a rapid deployment of regional missile defenses and tough new sanctions. on.wsj.com/2lzX3JF - Verizon Communications Inc will start selling unlimited data plans on Monday, the first time it has offered such a service since 2011 and a sign that intense competition is forcing the nation''s largest carrier to respond. The new plan is a stark change in strategy for Verizon, which has spent years trying to get customers to pay for data based on usage and recently raised prices on certain fees. on.wsj.com/2lA4DE9 - South Korean prosecutors summoned Lee Jae-yong, the third-generation heir of the Samsung conglomerate, for a fresh round of questioning, seeking answers about his role in a political corruption scandal. Special prosecutors had previously summoned Lee, the vice chairman of Samsung Electronics Co , as a bribery suspect in the scandal, as authorities attempted to zero in on payments made by Samsung to organizations linked to the impeached president''s confidante. on.wsj.com/2lzU5oK (Compiled by Sangameswaran S in Bengaluru) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/press-digest-wsj-idUSL4N1FY25U'|'2017-02-13T13:59:00.000+02:00'
'15ffaae9d6a16f03f4b9937e8251dcac431dff3d'|'L&T, Europe''s MBDA to form Indian missile venture'|'MUMBAI Indian engineering conglomerate Larsen & Toubro Ltd (L&T) and European missile maker MBDA on Monday said they have agreed to form a joint venture to build and supply missile systems for the India army.The venture will be established in the first half of 2017 and will bid for new contracts under rules for indigenous defence firms, the pair said in a joint statement, calling the venture a milestone in their long-term relationship."L&T and MBDA have collaborated and partnered on co-development and production of major subsystems involving complex technologies and sophisticated weapon systems," they said.The government plans to spend $250 billion over the next decade modernising its military, in which it wants a greater role for domestic defence firms. Foreign companies seeking to bid for contracts must establish joint ventures with Indian firms, majority-owned by the latter.L&T and MBDA said their venture will look to develop and supply fifth generation anti-tank guided missiles, missiles for coastal batteries and high-speed target drones.(Reporting by Promit Mukherjee; Editing by Christopher Cushing)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/l-t-mbda-idINKBN15S0X6'|'2017-02-13T06:51:00.000+02:00'
'5a10fd9657b159f5a151672195930efedfb5cc4d'|'Aetna, Humana terminate $34 billion deal; Humana to receive $1 billion'|'Health insurers Aetna Inc and Humana Inc said on Tuesday that they would end their $34 billion merger agreement after a U.S. federal court ruled against the deal, saying it would stifle competition in the Medicare Advantage program.Aetna will pay Humana a $1 billion breakup fee and has terminated its plan to sell some Medicare Advantage assets to Molina Healthcare Inc, the companies said.Aetna and Humana announced their deal in July 2015, just a few weeks before Anthem Inc and Cigna Corp said they would also combine. The U.S. Justice Department sued to block both transactions last July and won in separate court proceedings.Anthem filed an appeal last week after its loss, but Aetna and Humana had said they were weighing their next steps ahead of the Feb. 15 end date for the merger agreement."While we continue to believe that a combined company would create greater value for health care consumers through improved affordability and quality, the current environment makes it too challenging to continue pursuing the transaction,<2C> said Aetna Chief Executive Officer Mark Bertolini.Aetna, which had issued debt to acquire Humana, said it was redeeming the notes for cash.Humana plans to hold a conference call later on Tuesday to provide its 2017 financial outlook. The company said the breakup fee was $630 million after taxes.(Reporting by Caroline Humer in New York and Ankur Banerjee in Bengaluru; Editing by Lisa Von Ahn)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-humana-m-a-aetna-idINKBN15T1HN'|'2017-02-14T09:44:00.000+02:00'
'ecd507457a9a5b94971de86f2dd34f64cef374b0'|'BRIEF-Tiger Global Management takes share stake in Dominos Pizza'|'Company News  44pm EST BRIEF-Tiger Global Management takes share stake in Dominos Pizza Feb 14 Tiger Global Management * Tiger global management takes share stake of 612,289 shares in dominos pizza inc - sec filing * Tiger global management - change in holdings are as of dec 31, 2016 and compared with the previous quarter ended as of sept 30, 2016 Source text for quarter ended Dec 31, 2016: ( bit.ly/2knvbZ3 ) Source text for quarter ended Sept 30, 2016: ( bit.ly/2fQsbxH ) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1FZ16J'|'2017-02-15T03:44:00.000+02:00'
'e6c11484a95ab95ac2406ab19172fa970fa315e3'|'Deals of the day-Mergers and acquisitions'|'(Adds Lenta, Rent-A-Center, Anthem; Updates General Motors, Hologic)Feb 14 The following bids, mergers, acquisitions and disposals were reported by 2100 GMT on Tuesday:** Health insurer Anthem Inc said that Cigna Corp could not unilaterally terminate an agreement between the two companies to merge.** Activist investment fund Engaged Capital LLC urged the board of furniture retailer Rent-A-Center Inc to start evaluating strategic alternatives, including a sale.** Two of Russian food retailer Lenta''s top shareholders may sell some of their holdings in the near future, banking sources told Reuters, capitalising on early signs of economic recovery in Russia and higher oil prices.** Health insurers Aetna Inc and Humana Inc walked away from their $34 billion merger deal, after a U.S. judge ruled in January the combination would stifle competition in the private Medicare Advantage program for retirees.** Hologic Inc said it would acquire medical aesthetics company Cynosure Inc for $1.65 billion as it looks to capitalize on an increase in medical procedures that are not traditionally reimbursed.** In a move that could shake up the global auto industry, General Motors Co and French automaker PSA Group said they are in talks that could result in PSA buying GM''s European auto operations.** China''s state-owned Sinochem is in early talks with Noble Group to buy an equity stake in the embattled trader, three sources familiar with the matter said, in a move that would help it gain access to the commodity trader''s global supply chain.** Daimler said it was investing a double-digit million euro amount into AutoGravity, a smartphone-based vehicle leasing and financing app as part of a broader push by the carmaker to build a digital platform for financial services.** Germany''s Grammer AG said it plans to sell a 9.2 percent stake to China''s Ningbo Jifeng Auto Parts Co Ltd as the automotive interiors maker looks to counter activist shareholders the Hastor family.** French telecoms and construction group Bouygues has denied fresh speculation that merger talks have resumed between the country''s four telecoms operators.** Russian tycoon Mikhail Prokhorov has offloaded some of his Rusal stake in the open market after talks to sell his holding in the Russian aluminium giant to fellow businessman Viktor Vekselberg stalled.** Italian regional railway group Ferrovie Nord Milano said it was studying a possible tie-up with Milan''s public transportation company ATM as consolidation heats up in the sector. (Compiled by Vishaka George and Akankshita Mukhopadhyay in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/deals-day-idINL4N1FZ51B'|'2017-02-14T18:00:00.000+02:00'
'c91b493c497ad1652274cf8870817410fe1b6c76'|'BRIEF-Jana Partners LLC dissolves sole share stake in Alphabet, Marathon Petroleum'|'Company News  44pm EST BRIEF-Jana Partners LLC dissolves sole share stake in Alphabet, Marathon Petroleum Feb 14 Jana Partners LLC: * Jana Partners LLC dissolves sole share stake in Alphabet Inc - SEC filing * Jana Partners LLC dissolves sole share stake in Marathon Petroleum Corp * Jana Partners LLC dissolves sole share stake in Kate Spade & Co * Change in holdings are as of Dec 31, 2016 and compared with the previous quarter ended as of Sept 30, 2016 Source text for quarter ended Dec 31, 2016: ( bit.ly/2kudAdq ) Source text for quarter ended Sept 30, 2016: ( bit.ly/2fMRPEO ) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1FZ16V'|'2017-02-15T03:44:00.000+02:00'
'1f02d61e83614b9c787766bf41fb432390656e64'|'Euronext''s core profit stable on lower costs'|' 11am GMT Euronext''s core profit stable on lower costs FILE PHOTO: 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/File Photo Euronext ( ENX.PA ) said its full-year core earnings stood stable, as the pan-European exchange group''s reduced costs offset a drop in listing and trading volumes that it blamed on uncertainty following Britain''s vote to leave the European Union. The bourse operator said total capital raised in primary activity fell to 3.73 billion euros ($3.95 billion) from 28 new listings, against 12.40 billion euros a year earlier from 52 listings. Trading activity for the year was "marked by lower volumes," the company said, citing reduced investor confidence post-Brexit and lower volatility. Seasonally low levels of volume in cash and derivatives markets were further hurt in July and August as a result of the June 23 referendum, which saw volatility drop to 12-month lows after a brief spike in the final days of June, Euronext said in November. The bourse operator has been vocal in warning its investors over falling listings and reduced trading activity and has turned to making itself a leaner company to compensate. Euronext last year unveiled a new strategic plan and said it would improve technology, cut costs and aim to grow sales at its core business by 2 percent a year for the next three years. On Wednesday, the company said it had achieved about 70 percent of its cost reductions that were targeted. Euronext, which has agreed to buy London Stock Exchange Group''s ( LSE.L ) French clearing business for 510 million euros, said earnings before interest, tax, depreciation and amortisation (EBITDA) were stable at 283.9 million euros for 2016. Analysts on average had expected EBITDA of 276.6 million euros, according to Thomson Reuters I/B/E/S. The company, which operates bourses in Paris, Amsterdam, Brussels, London and Lisbon, said third-party revenue fell to 496.4 million euros from 518.5 million euros in the year. Operating expenses for the year fell 9.4 percent to 212.5 million euros from 234.7 million euros a year earlier. The company''s EBITDA margin rose to 57.2 percent, up from 54.7 percent a year ago. ($1 = 0.9451 euros) (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Gopakumar Warrier and Sunil Nair)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-euronext-results-idUKKBN15U0LH'|'2017-02-15T14:11:00.000+02:00'
'43a116167920951911b0f8c22cdbe19bdcb488b4'|'US STOCKS-Futures flat, digesting record run and before data blast'|'Business News  43am EST Stock futures flat, digesting record run and before data blast Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., February 7, 2017. REUTERS/Brendan McDermid By Yashaswini Swamynathan U.S. stock index futures were little changed on Wednesday, ahead of a blast of economic data and a day after Federal Reserve Chair Janet Yellen painted a largely upbeat picture of the economy. Yellen said on Tuesday, before the U.S. Senate Banking Committee, that delaying interest rate hikes would be unwise, but did not indicate when the Fed would raise rates. Her testimony before the House Financial Services Committee on Wednesday will be scrutinized for further clues on when the central bank might pull the trigger. Traders have priced in very little chances of a rate hike at the Fed''s March meeting. However, some Fed officials have said it would be prudent to move sooner than later. Three Fed presidents, including William Dudley, are scheduled to make speeches on Wednesday and their comments will be closely assessed for further clarity on the opinion of policymakers. Key economic data on tap include reports on monthly retail sales and on consumer prices at 8:30 a.m. ET (1330 GMT). Data on industrial output for January is due at 9:15 a.m. ET. Wall Street''s main indexes have closed at record highs for the past four sessions, sparked by President Donald Trump''s promise on Thursday of a major tax announcement and fueled by Yellen''s comments. World stocks also gained on Yellen''s remarks. The dollar rose for the 11th straight session and hit a near four-week high. Prices of safe haven gold fell. Among stocks, Pepsi ( PEP.N ) inched up 0.22 percent to $10 in light premarket trading after the beverage maker reported a better-than-expected quarterly profit. Dow component Procter & Gamble ( PG.N ) rose 2.5 percent to $90.10 after activist investor Trian Fund disclosed a $3.5 billion stake in the consumer products company. Fortress Investment ( FIG.N ) surged 28 percent to $7.95 after Japan''s SoftBank ( 9984.T ) agreed to buy the company for $3.3 billion. Watchmaker Fossil ( FOSL.O ) dropped 18.4 percent to $18.65 after posting fourth-quarter revenue that missed analysts'' expectations. Futures snapshot at 7:00 a.m. EDT: Dow e-minis 1YMc1 were up 19 points, or 0.09 percent, with 21,246 contracts changing hands. S&P 500 e-minis ESc1 were down 1.25 points, or 0.05 percent, with 75,078 contracts traded. Nasdaq 100 e-minis NQc1 were down 0.25 points, or flat on volume of 16,676 contracts. (Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Savio D''Souza) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-stocks-idUSKBN15U1J0'|'2017-02-15T19:34:00.000+02:00'
'8f4c61e7c5333c01509f72048b3a6dcff85d3974'|'Toyota sees plug-in hybrids catching on faster than conventional hybrids'|'Business News - Wed Feb 15, 2017 - 12:57pm GMT Toyota sees plug-in hybrids catching on faster than conventional hybrids left right Toyota Motor Corp. displays the company''s Prius PHV Plug-in-Hybrid vehicle, also known as Prius Prime in the U.S., during an event to mark the launch of the car in Japan, in Tokyo, Japan February 15, 2017. REUTERS/Issei Kato 1/12 left right Japanese actress Satomi Ishihara demonstrates electric power supply system from Toyota Motor Corp.'' Prius PHV Plug-in-Hybrid vehicle, also known as Prius Prime in the U.S., during an event to mark the launch of the car in Japan, in Tokyo, Japan February 15, 2017. REUTERS/Issei Kato 2/12 left right Toyota Motor Corp. displays the company''s Prius PHV Plug-in-Hybrid vehicle, also known as Prius Prime in the U.S., during an event to mark the launch of the car in Japan, in Tokyo, Japan February 15, 2017. REUTERS/Issei Kato 3/12 left right Toyota Motor Corp. displays the company''s Prius PHV Plug-in-Hybrid vehicle, also known as Prius Prime in the U.S., during an event to mark the launch of the car in Japan, in Tokyo, Japan February 15, 2017. REUTERS/Issei Kato 4/12 left right Toyota Motor Corp. displays the company''s Prius PHV Plug-in-Hybrid vehicle, also known as Prius Prime in the U.S., during an event to mark the launch of the car in Japan, in Tokyo, Japan February 15, 2017. REUTERS/Issei Kato 5/12 left right Toyota Motor Corp. presents the company''s Prius PHV Plug-in-Hybrid vehicle, also known as Prius Prime in the U.S., during an event to mark the launch of the car in Japan, in Tokyo, Japan February 15, 2017. REUTERS/Issei Kato 6/12 left right Toyota Motor Corp. Chairman of the Board of Directors Takeshi Uchiyamada speaks during an event to mark the launch of the redesigned Prius PHV in Japan, in Tokyo, Japan February 15, 2017. REUTERS/Issei Kato 7/12 left right Toyota Motor Corp. Chairman of the Board of Directors Takeshi Uchiyamada speaks during an event to mark the launch of the redesigned Prius PHV in Japan, in Tokyo, Japan February 15, 2017. REUTERS/Issei Kato 8/12 left right Toyota Motor Corp. Chairman of the Board of Directors Takeshi Uchiyamada speaks next to the company''s Prius PHV Plug-in-Hybrid vehicle, also known as Prius Prime in the U.S., during an event to mark the launch of the car in Japan, in Tokyo, Japan February 15, 2017. REUTERS/Issei Kato 9/12 left right Toyota Motor Corp. Chairman of the Board of Directors Takeshi Uchiyamada speaks as a screen displays the company''s Mirai fuel cell vehicle at an event to mark the launch of the redesigned Prius PHV in Japan, in Tokyo, Japan February 15, 2017. REUTERS/Issei Kato 10/12 left right Japanese actress Satomi Ishihara poses next to Toyota Motor Corp.'' Prius PHV Plug-in-Hybrid vehicle, also known as Prius Prime in the U.S., during an event to mark the launch of the car in Japan, in Tokyo, Japan February 15, 2017. REUTERS/Issei Kato 11/12 left right Japanese actress Satomi Ishihara poses next to Toyota Motor Corp.'' Prius PHV Plug-in-Hybrid vehicle, also known as Prius Prime in the U.S., during an event to mark the launch of the car in Japan, in Tokyo, Japan February 15, 2017. REUTERS/Issei Kato 12/12 By Naomi Tajitsu - TOKYO TOKYO Toyota Motor Corp''s ( 7203.T ) chairman, who led the development of the Toyota Prius, expects the latest plug-in hybrid vehicles (PHVs) will catch on with consumers far more rapidly than the original Prius did. Known as the "father of the Prius" for his role in popularising the world''s best-selling hybrid car, Takeshi Uchiyamada said he expected to sell 1 million plug-in hybrids in less than 10 years, the time it took for sales of its conventional hybrid vehicles to hit that mark. "Environmental awareness has become a bigger issue today than it was 20 years ago, and demand for environmentally conscious products has increased," Uchiyamada told reporters at an event to launch the latest plug-in version of the Prius in Japan. While the techno
'b9ac3dd023082b87920bfbd461433c3fa936323c'|'BRIEF-H.I.G. Capital acquires assets of Xtera Communications'|' 24am EST BRIEF-H.I.G. Capital acquires assets of Xtera Communications Feb 15 H.I.G. Capital - * H.I.G. Capital acquires assets of Xtera Communications, Inc. * H.I.G. Capital - Acquired substantially all assets of Xtera Communications; previously provided DIP financing to Xtera debtors in connection with chapter 11 case  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSASB0B0DT'|'2017-02-15T19:24:00.000+02:00'
'078457a5126e8e1e53a4717492dd89c7ed5cd2b8'|'Regulator asks BCE to divest some assets to get MTS deal approval'|'Company  39am EST Regulator asks BCE to divest some assets to get MTS deal approval Feb 15 Canada''s business competition watchdog asked BCE Inc to sell six retail stores, some subscribers and telecom spectrum to gain approval of its deal to buy Manitoba Telecom Services. BCE, Canada''s largest telecom and media company, said last May it would buy Manitoba Telecom for about C$3.1 billion ($2.5 billion) to expand its services in the western Canadian province. Under the terms of the deal, BCE which operates as Bell Canada, must sell 24,700 subscribers and 40 megahertz of spectrum to privately held Xplornet Communications Inc. BCE said in May it would divest one-third of MTS''s postpaid wireless subscribers to Telus Corp after the close of the deal to allay regulatory concerns and reduce acquisition costs. The investigation found that the deal would remove "a strong regional competitor" that was effective in controlling the pricing of Bell, Rogers Communications Inc and TELUS products. Lesser competition in wireless services providers would likely lead to higher prices and fewer options for Manitobans. "Any future potential mergers by Canada''s three largest mobile wireless providers, Bell, Rogers and TELUS, can expect to receive a close examination by the Bureau," the regulator said. The Competition Bureau said the divestiture to Xplornet would set up a new entrant in the Manitoba mobile wireless services market. Xplornet provides broadband internet through fixed wireless and satellite networks throughout Canada, including rural Manitoba. (Reporting by Vishaka George in Bengaluru; Editing by Martina D''Couto) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/manitoba-telecom-ma-bce-idUSL4N1G049M'|'2017-02-15T21:39:00.000+02:00'
'fd12c2c79ee9dd401869b1b958a10c5b1fc5b363'|'AIG posts bigger loss, adds $3.5 billion to buyback program'|'Business News - Tue Feb 14, 2017 - 5:22pm EST AIG posts bigger loss, adds $3.5 billion to buyback program The AIG logo is seen at its building in New York''s financial district March 19, 2015. REUTERS/Brendan McDermid American International Group Inc ( AIG.N ), the largest commercial insurer in the United States and Canada, reported a bigger quarterly loss, as company recorded a $5.6 billion (4.49 billion pounds) charge related to measures to reduce reserve additions. The company also raised its share buyback program by up to $3.5 billion on Tuesday. AIG''s net loss widened to $3.04 billion, or $2.96 per share, in the fourth quarter ended Dec. 31, from $1.84 billion, or $1.50 per share, a year earlier. The fourth quarter included a $5.6 billion, or $3.56 per share, impact from prior year adverse reserve development. AIG Chief Executive Peter Hancock said that the adverse reserve development cover reduces the risk of further reserve additions in some of the most volatile lines. "... we responded definitively to emerging severity trends that we believe are materially impacting the overall U.S. casualty market," he said in a statement. AIG agreed last month to pay about $10.2 billion to Warren Buffett''s Berkshire Hathaway Inc ( BRKa.N ) to take on many long-term risks on U.S. commercial insurance policies it has already written. The New York-based insurer had then said it would take a charge related to the deal in the fourth quarter. On an operating basis, the company reported a loss of $2.72 per share. Total general operating expenses fell 9.6 percent to $2.48 billion. The insurer is looking to cut its gross general operating expenses by $1.6 billion by the end of 2017. (Reporting by Nikhil Subba in Bengaluru; Editing by Sriraj Kalluvila) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/uk-aig-results-idUSKBN15T2Z1'|'2017-02-15T05:22:00.000+02:00'
'be198a4581a60a9d1a9c61406261dacc69988d5d'|'Schindler 2016 results largely in line, expects similar growth this year'|' 29am GMT Schindler 2016 results largely in line, expects similar growth this year Schindler Holding ( SCHP.S ) posted full-year results on Wednesday largely in line with estimates and expected a similar revenue growth for 2017, as the Swiss-based elevator and escalator maker saw improvements in new installations in all markets except China and India. Its shares hit a six-month high in early trade and were up 1.5 percent at 194 Swiss francs by 0817 GMT. Net profit climbed 10.2 percent to 823 million Swiss francs ($818 million), slightly above the 819 million francs estimated in a Reuters poll, while orders for 2016 rose 4.6 percent to 10.37 billion francs, marginally missing the poll average of 10.39 billion francs. "Developments in the Asia-Pacific region during the reporting year were significantly impacted by slower economic growth, a tight real estate market in China and the short-term weakening of the Indian market," the company said on Wednesday. The company said it expected revenue to grow by between 3 and 5 pct in local currencies for 2017, which is the same as the lowered guidance for last year announced in August. This fits the current trend outlined by largely China-dependent Finnish rival Kone ( KNEBV.HE ), whose profit forecast issued in January reflected weak Chinese demand for a second straight year. Schindler aims to offset market weakness by making more acquisitions in China, as local companies struggle to compete on price, Chief Executive Thomas Oetterli said in December. In a research note, Morgan Stanley analysts noted the group''s lower dependence on the weak China market meant orders could still grow and said it was encouraging that its operations in Brazil were bottoming out. Schindler''s revenue in Latin America rose 3.8 percent in 2016. The region represented 28 percent of overall revenue. "The recession in Brazil has bottomed out and the positive development of construction activities in Mexico brightened the general picture somewhat and were a source of hope regarding the medium-term outlook," Schindler said. Schindler plans an ordinary dividend of 3.00 Swiss francs per share and per participation certificate, as well as a special one-off dividend of 2.00 francs per share linked to the sale of ALSO Holding ( ALSN.S ). ($1 = 1.0058 Swiss francs) (Reporting by Bartosz Dabrowski in Gdynia; Editing by Sherry Jacob-Phillips and David Holmes)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-schindler-results-idUKKBN15U0SK'|'2017-02-15T15:29:00.000+02:00'
'b87100dc989b863dbf30f42124a185f2af9665a9'|'Big banks avoid hiring spree despite trading boom'|' 45am GMT Big banks avoid hiring spree despite trading boom 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 Jamie McGeever and Anjuli Davies - LONDON LONDON Market trading is booming at U.S. and European banks thanks to Donald Trump and Brexit, and yet the glory days of dealing rooms the size of football pitches remain as distant as ever. Scarred by the 2007-09 global financial crisis and a subsequent regulatory clampdown, cost-conscious banks aren''t taking on more traders, uncertain whether the revival will last. "There''s no hiring spree," Jason Kennedy, chief executive of recruitment firm Kennedy Group in London, told Reuters. "Management don''t know if the boom is real or not, if we''re in a bubble or not. The last thing they are doing is gear up, only to find there''s nothing behind it." Last year''s shocks of the British vote to leave the European Union and Trump''s U.S. presidential election victory fuelled a surge in market volatility and banks'' trading activity, revenue and profit. But that won''t mean more traders, with banks avoiding any return to dealing rooms staffed by hundreds like before the crisis, instead investing more in automated trading. Europe''s largest bank HSBC ( HSBA.L ) began cutting around 100 senior jobs last month in its investment banking division worldwide, according to sources with direct knowledge of the matter, without saying how many were traders. Germany''s largest lender, the troubled Deutsche Bank, ( DBKGn.DE ) is set to scrap roughly one in five equity trading jobs under a scheme to cut costs across the globe, according to sources, and will slash pay and bonuses. Even Wall Street''s big beasts, which have profited most from the boom, are cautious about how long it will continue, with some offering existing staff juicier bonuses to prevent departures of talent rather than expanding the payroll. "We''d always rather do more with less," said one senior source at a major Wall Street trading firm. "We are not looking to ramp up hiring. New technology will help," the source told Reuters. "We are always looking at productivity gains. Sometime saying you''re hiring a bunch of people is a sign of great stupidity." The biggest trading gains have been in fixed income, currency and commodities (FICC). The top five U.S. banks made $10.5 billion (8 billion pounds) in revenue from FICC trading in the fourth quarter, and $14.1 billion in the previous three month period. The $24.6 billion total for the second half of last year was up 37 percent from $17.9 billion from the same period in 2015. Only four of Europe''s biggest banks - Credit Suisse ( CSGN.S ), Deutsche Bank and France''s Societe Generale ( SOGN.PA ) and BNP Paribas ( BNPP.PA ) - have reported their fourth quarter earnings so far. They too said FICC trading revenue had increased, although not as strongly as at their Wall Street rivals, and their equity trading performance has been patchier. GRAPHIC: Big banks'' trading revenue reut.rs/2kp0D9g A LID ON COSTS In recent years, banks have hired heavily in two areas. One is regulatory compliance to handle a welter of new rules imposed by U.S. and European authorities, as well as to prevent a repeat of the pre-crisis misbehaviour that earned some banks huge penalties. The other is technology to improve efficiency. Trading is a different story. According to Coalition, an industry analytics firm, the total number of FICC front office staff - covering sales, trading and research - at the top 12 global banks fell to 17,479 last year from 18,755 the year before. That''s down 7 percent on the year and marks a decline of nearly 25 percent from 2012. Within that lies a deeper retrenchment at European banks, where FICC staffing levels have been slashed by 30 percent since 2012. That''s nearly twice the rate at U.S. banks. George Kuznetsov, head of research and analytics at Coalition, said banks are s
'136e9a4b4d7bbcb04f170f0c648e4aa7f46382e1'|'South Korea prosecutor to summon Samsung''s Lee again on suspicion of bribery'|'Technology News - Sun Feb 12, 2017 - 1:10am EST South Korea prosecutor to summon Samsung''s Lee again on suspicion of bribery Samsung Group chief, Jay Y. Lee, arrives for a court hearing to review a detention warrant request against him at the Seoul Central District Court in Seoul, South Korea, January 18, 2017. REUTERS/Kim Hong-Ji SEOUL South Korea''s special prosecutor said its investigation team would again summon Samsung Group scion Jay Y. Lee on Monday to question him on suspicion of bribery, as part of its investigation into a political corruption scandal. Lee Kyu-chul, spokesman for the special prosecutor, told a news briefing the office would decide later whether to seek another arrest warrant for Lee after his questioning on Monday. The special prosecution team would also question two other Samsung executives on Monday, the spokesman said. A South Korean court last month dismissed an arrest warrant against the head of Samsung Group, the country''s largest conglomerate, who is embroiled in the graft scandal that has led parliament to impeach President Park Geun-hye, a decision that must be upheld or overturned by a court. (Reporting by Ju-min Park; Editing by Clarence Fernandez) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-southkorea-politics-samsung-idUSKBN15R084'|'2017-02-12T13:10:00.000+02:00'
'f00f8505e748a6a84bc35f6c27bd8ad3ff67011f'|'Allergan agrees to buy Zeltiq for about $2.48 billion'|'Deals - Mon Feb 13, 2017 - 8:15am EST Allergan agrees to buy Zeltiq for about $2.48 billion FILE PHOTO - The Allergan logo is seen in this photo illustration in Singapore November 23, 2015. REUTERS/Thomas White/File Photo Allergan Plc ( AGN.N ) on Monday said it would buy Zeltiq Aesthetics Inc ( ZLTQ.O ) for about $2.48 billion to gain access to its flagship body contouring technology. The Botox maker agreed to pay $56.50 per Zeltiq share, or a premium of 14.4 percent to the company''s Friday close. (Reporting by Natalie Grover in Bengaluru; Editing by Shounak Dasgupta) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-zeltiq-m-a-allergan-idUSKBN15S1G1'|'2017-02-13T20:15:00.000+02:00'
'd94a00be971b866f2f7c7a800ee156f297efdd61'|'Exclusive: China mulls radical steps targeting metals, coal in war on smog - document'|' 40am GMT Exclusive: China mulls radical steps targeting metals, coal in war on smog - document left right FILE PHOTO: A police officer wears a face mask as he keeps watch in front of Tiananmen Gate on a polluted day in Beijing, China, January 3, 2017. REUTERS/Thomas Peter/File Photo 1/4 left right FILE PHOTO: Visitors wearing face masks against pollution take pictures of themselves at the temple fair at Ditan Park (the Temple of Earth) as the Lunar New Year of the Rooster is celebrated, in Beijing, China January 28, 2017. REUTERS/Damir Sagolj/File Photo 2/4 left right Residential buildings under construction are pictured on a polluted day after the Chinese Lunar New Year holidays on the outskirts of Langfang, Hebei province, China, February 3, 2017. REUTERS/Jason Lee 3/4 left right FILE PHOTO: People walk along a village road on a polluted day after the Chinese Lunar New Year holidays on the outskirts of Langfang, Hebei province, China, February 3, 2017. REUTERS/Jason Lee/File Photo 4/4 By Meng Meng and Josephine Mason - BEIJING BEIJING China is considering forcing steel and aluminium producers to cut more output, banning coal in one of the country''s top ports and shutting some fertiliser and drug plants as Beijing intensifies its war on smog, a draft policy document shows. The Ministry of Environmental Protection (MEP) has proposed the measures in a draft policy document seen by Reuters. If implemented, they would be some of the most radical steps so far to tackle air quality in the country''s most polluted cities. The move comes after China''s northeast has battled some of the worst pollution in years as emissions from heavy industry, coal burning in winter and increased transport have left major cities including Beijing blanketed in thick smog. The document outlines plans to cut steel and fertiliser capacity by at least half and aluminium capacity by at least 30 percent in 28 cities across five regions during the winter heating season, which normally lasts from late November to late February. By July, it would stop Tianjin, one of the nation''s busiest ports, handling coal, with shipments diverted to Tangshan, 130 kms (80 miles) to the north. Last year, the port accounted for 17 percent of China''s coal imports. By September, ports in Hebei province would not be allowed to use trucks to carry coal from railways to ships. A source with direct knowledge of the proposal said the environmental watchdog has distributed the draft to seek opinion from relevant local governments and companies. The Ministry declined to comment on the draft. The Ministry of Transportation did not respond to requests for comment. It''s not known when the Ministry expects to decide on whether to implement the plan, one of the most extreme since the government launched its offensive on pollution three years ago. If introduced, the steps would likely add further fuel to rallies in aluminium, steel and coal prices, which have been buoyed by China''s efforts to shut excess capacity and clean up polluting sectors. Still, prolonged cuts in capacity will reignite worries about demand for raw materials like iron ore. They will also cause major upheaval for utilities, miners and traders, as they seek alternative routes for their coal. The five regions affected are Beijing, the port city of Tianjin and the neighbouring province of Hebei, as well as Shandong, Shanxi and Henan. Located along China''s east coast, they are some of the top steel and coal producing regions, as well as among the most populated and most plagued by smog. The Ministry also plans to close pesticide and pharmaceutical factories and fertiliser plants that use urea unless the chemicals and drugs are critically needed for the population, according to the document. The news comes as the country''s northern regions braces for more heavy smog this week. On Monday, state media reported Chinese cities that sit on three pollution "highways" have been told to co
'805a413b148e9c1ac7f5ab23b3e81e18f228e805'|'UPDATE 4-UAW says it will greet Tesla workers with ''open arms'''|'(Adds comment from Tesla worker Moran)By Alexandria Sage and Joseph WhiteSAN FRANCISCO/DETROIT Feb 10 The United Automobile Workers union on Friday said it had been approached by workers at Tesla Inc''s Fremont, California, assembly plant, rejecting a charge by the chief executive of the luxury electric car maker that a worker who publicly criticized the company was on the UAW payroll.The nascent move to organize at Tesla''s factory shines an unwelcome spotlight on allegations of long hours, mandatory overtime and preventable injuries at a time when Tesla is accelerating production to meet ambitious targets.The worker, 43-year-old Jose Moran, said on Friday his goal was to unionize at the factory where he has worked since 2012, often pulling 12-hour days, six days a week."A lot of workers believe we have a right for union representation and a right to represent ourselves and our own interest. We don''t believe the company is doing that for us," Moran told reporters during a conference call.Earlier in the day, the UAW said Moran had never been paid by the union."We can confirm that Mr. Moran and others at Tesla have approached the UAW and we welcome them with open arms," the union said.The Fremont factory was once a UAW-represented operation, owned by General Motors Co, but became non-union when Tesla took over in 2010.Tesla''s chief executive, Elon Musk, told the website Gizmodo on Thursday that Moran was "paid by the UAW to join Tesla and agitate for a union. He doesn''t really work for us, he works for the UAW."Moran said he had been congratulated by fellow factory workers since publishing a blog earlier this week citing preventable injuries at the plant, mandatory overtime and workers being paid less than the auto industry average. ( bit.ly/2kcIsyK )"A lot of people have been ... shaking my hand, congratulating me. Glad that someone spoke up," said Moran, whose team works on Tesla''s Model S sedan.The attempts to organize comes as Tesla plans to idle the factory for a week this month to prepare for production of the high-volume Model 3 sedan. Tesla already builds Model S sedans and Model X SUVs at the plant.Musk is pushing to launch Model 3 production by July. He has projected output will reach 500,000 vehicles a year by 2018, roughly five times last year''s production.In a video posted to the "Fair Future at Tesla" Facebook page on Friday, Moran says employees "spend more time at work than at home," and they do not feel they can report health and safety issues. "Tesla workers are fed up," he said. ( bit.ly/2lsMYOE )About 200 Tesla workers are on the Facebook site with "more support every day," Moran told reporters.A Tesla spokesman did not return a call for comment.Moran''s blog charged that Tesla managers required workers to sign confidentiality agreements agreeing not to speak out about wages or working conditions.Musk, in comments reported by Gizmodo, said there is sometimes mandatory overtime, but it is tapering off.He said Tesla''s starting wages are higher than UAW starting pay and employees also receive stock grants. Confidentiality agreements are meant to prevent company secrets from leaking, Musk said. (Reporting by Joseph White and Alexandria Sage; Editing by Tom Brown and Leslie Adler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/tesla-uaw-idINL4N1FV4J4'|'2017-02-10T22:52:00.000+02:00'
'6302accbef24067577acd681222104ba7a14c19b'|'Oi nears new creditor proposal, regardless of Brazil telecom reform -CEO'|'Deals - Tue Feb 14, 2017 - 9:49am EST Oi nears new creditor proposal, regardless of Brazil telecom reform: CEO People walk in front of the headquarters of the Brazil''s largest fixed-line telecoms group Oi, in Rio de Janeiro, Brazil, June 22, 2016. REUTERS/Sergio Moraes BRASILIA Changes in Brazil''s telecom law currently under debate in the Senate are not being taken into account by debt-laden carrier Oi SA as it devises its in-court reorganization plan, Oi Chief Executive Marcos Schroeder said on Tuesday. Speaking at an industry event in Bras<61>lia, Schroeder said the imminent reforms will have no economic effect on the company''s reorganization in bankruptcy court. The bill had been scheduled to become law last December but was held up in the Senate after opposition legislators filed a motion to submit it to a vote by the full house. Poised to become law after passing committees in both chambers of Congress, the reform aims to update a concession-based model that had created uncertainty about the value of the industry''s fixed-line assets. Schroeder''s comments suggest that Oi will not let the reform''s current legal limbo slow negotiations with creditors to restructure about 65.4 billion reais ($21.1 billion) of bank debt, bonds and regulatory liabilities. Schroeder said Oi will present an amended debt restructuring plan next month and put it to a creditor vote between April and June. The company made its first proposal in September but a large group of lenders rejected it. [nIFR5V2VPK] Schroeder reiterated the plan will involve a reduction of the company''s debt as well as a debt-for-equity swap. He said the nominal value of the bond debt, about 32 billion reais, would be reduced by 70 percent while debt notes representing about 10 billion reais would be converted into Oi equity. Bank debt should be repaid in 17 years under the amended plan, he said. In the second half of this year, Oi also intends to start negotiations with potential international investors interested in providing capital to the company, Schroeder said. A stay of execution, which protects Oi from creditor suits while it devises a plan to avoid bankruptcy, will expire in May. ($1 = 3.095 reais) (Reporting by Leonardo Goy; Writing by Ana Mano; Editing by Bill Trott) Next In Deals Delays, confusion as Toshiba reports $6 billion nuclear hit and slides to loss TOKYO After a day of delays and confusion, Japan''s Toshiba Corp said on Tuesday it expected to book a $6.3 billion hit to its U.S. nuclear unit, a writedown that wipes out its shareholder equity and will drag the group to a full-year loss.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-oi-sa-restructuring-idUSKBN15T1YG'|'2017-02-14T21:47:00.000+02:00'
'8d627f86a79e0369690699e6dc05c49767a3fd50'|'Peruvian miner Volcan suspends operations at oxide plant'|'  10:58am EST Peruvian miner Volcan suspends operations at oxide plant LIMA Feb 14 Peruvian polymetallic miner Volcan Compania Minera SAA has suspended operations at an oxide plant that processes about 10 percent of its annual output after a group of people blocked access to it, the company said on Tuesday. Volcan, a top global producer of zinc, silver and lead, does not expect the incident to affect overall production, said David Gleit, manager of investor relations. Gleit declined to comment on why the group of people had cut off access to the plant, but the company said in a statement it has asked authorities for help. Volcan likely produced 275,000-285,000 tonnes of zinc, 22.5 million-23.5 million ounces of silver, and 50,000-55,000 tonnes of lead last year, the company said in December. (Reporting by Mitra Taj; Editing by Matthew Lewis) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/peru-volcan-minera-idUSL1N1FZ0ZE'|'2017-02-14T22:58:00.000+02:00'
'a9de97f5cbd0b0ab0c359bddffd495cf255a5e20'|'Shell and Eni ask Nigerian court to lift forfeiture on oilfield -documents'|'Business   4:18pm GMT Shell and Eni ask Nigerian court to lift forfeiture on oilfield -documents 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 ABUJA Oil majors Royal Dutch Shell ( RDSa.L ) and ENI ( ENI.MI ) have asked a Nigerian court to lift a temporary forfeiture of a long-disputed oilfield, a copy of the court documents filed by the two firms showed on Tuesday. Last month, a Nigerian court ordered the temporary forfeiture of assets and the transfer of operations of the OPL 245 field owned by Shell and Eni, among others, to the federal government. (Reporting by Camilus Eboh; Writing by Ulf Laessing; Editing by Ruth Pitchford) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-nigeria-oilfield-idUKKBN15T25X'|'2017-02-14T23:18:00.000+02:00'
'6e89d33e89dd6d411f97b64ceddd12e10aa392af'|'UPDATE 2-Freeport cuts output at key Indonesia copper mine'|'Commodities  48am EST Freeport cuts output at key Indonesia copper mine FILE PHOTO: Trucks operate in the open-pit mine of PT Freeport''s Grasberg copper and gold mine complex near Timika, in the eastern region of Papua, Indonesia on September 19, 2015 in this photo taken by Antara Foto. REUTERS/Muhammad Adimaja/Antara Foto/File Photo By Fergus Jensen - JAKARTA JAKARTA Freeport-McMoRan Inc has halted production of concentrate at the world''s second-largest copper mine in Indonesia and has begun to send workers home, a spokesman for the company''s local unit said on Tuesday. The Southeast Asian nation on Jan. 12 introduced rules restricting copper concentrate exports in a bid to boost its domestic smelting industry. Freeport previously said the suspension of concentrate exports would require the Grasberg mine to slash output by around 70 million pounds of copper per month. The halt comes at the same time as a stoppage at the world''s biggest copper mine in Chile, fueling supply worries and helping support prices for the metal near 20-month highs touched on Monday. "The processing plant has not been producing concentrate since last Friday," Freeport Indonesia spokesman Riza Pratama told Reuters on Tuesday. The world''s biggest publicly-traded copper miner has also started sending workers home from Grasberg, he added. The company previously said it would need to cut production to about 40 percent of capacity if it did not get an export permit by mid-February, due to limited storage. But a strike at Freeport''s sole domestic offtaker of copper concentrate, PT Smelting, expected to last at least until March, has limited Freeport''s output options, and Grasberg''s storage sites are now full. Under new regulations announced in mid-January, Freeport and some other miners could be allowed to keep exporting semi-processed ores and concentrates if they meet conditions including shifting from their current ''contracts of work'' to so-called ''special mining permits'', a move that could leave them liable to paying more in taxes. Although the government said on Friday it had issued the new mining permit, Freeport said no agreement had been reached on the terms that were "necessary and critical" for its long-term investment plans, and that an export ban remained in place. Freeport was still seeking "investment stability guarantees from the finance ministry", a mining ministry official told Reuters on Tuesday, declining to be identified as he was not authorized to speak with media. Another official at the ministry said on Tuesday that Freeport''s exports could resume as soon as "next week" once it applied for an export permit. "We have provided a way for them," Coal and Minerals Director General Bambang Gatot told reporters, referring to the new mining permit. "Their operations can continue," he said, stopping short of providing details. Gatot, who was unaware of the production stoppage, declined to say whether terms under Freeport''s existing contract would still be applied. In 2014, Freeport''s Indonesian copper concentrate exports were suspended for six months while it negotiated new mining rules. (Additional reporting by Wilda Asmarini in Jakarta; Writing by Susan Taylor in Toronto; Editing by Tom Hogue and Joseph Radford) Next In Commodities Exclusive: China''s Sinochem in early talks to buy stake in Noble Group - sources SINGAPORE/HONG KONG China''s state-owned Sinochem is in early talks with Noble Group to buy an equity stake in the embattled trader, three sources familiar with the matter said, in a move that would help it gain access to the commodity trader''s global supply chain.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-indonesia-freeport-output-idUSKBN15T0SS'|'2017-02-14T14:45:00.000+02:00'
'9132cea9cdab66efcfdbbaa08ba2198d14dd0254'|'Donald Trump says H&R Block will be unhappy with his tax plan'|'H&R Block CEO: The President is right about tax reform President Donald Trump is again singling out tax preparer H&R block as the one company that would be unhappy with his tax reform plans. He made the comment even though H&R Block is on record endorsing the concept of both tax reform and tax simplification. But at a meeting with retail CEO''s at the White House Wednesday morning, Trump said that his administration''s plans for tax simplification will be bad for H&R Block. "We''re going to simplify very greatly the tax code. It''s too complicated. H&R Block probably won''t be too happy. That''s one business that might not be happy with what we''re doing," Trump said. "Other than H&R Block, I think people are going to love it." Trump says that his administration is getting close to presenting its outline for reforming the tax code for both individuals and businesses. "We''re doing a massive tax plan. It''s going really well," he said. Shares of H&R Block ( HRB ) , which had been slightly higher before his comments, fell as much as 2% immediately following his remarks, but they soon moved off those losses. Shares of the company fell nearly 4% the day after Trump was elected and are down an additional 2% since then, including Wednesday''s slide. Related: Democrats vow to keep pushing GOP to get Trump tax returns This isn''t the first time Trump has dissed H&R Block. During the campaign he spoke about wanting to put the company out of business by greatly simplifying taxes. However, H&R Block is on record saying it the tax code should be simplified. Related: Why tax reform is a lot harder than it looks "The president is right. We should reform the tax code," said H&R Block CEO Bill Cobb in a recent interview with CNN. "There are ways we can streamline the tax code." He cautioned, "There are so many nuances to the tax code...I think there are ways you have to step your way towards more simplification," he said. "But I think we can make it simpler, both for us as tax preparers and for you as an individual."  34 PM ET'|'cnn.com'|'http://rss.cnn.com/rss/money_news_companies.rss'|'http://money.cnn.com/2017/02/15/pf/taxes/donald-trump-hr-block/index.html'|'2017-02-15T20:34:00.000+02:00'
'9b924243663b6440a3e9fc930e9a11b86a3174a8'|'UPDATE 1-Chipmaker TowerJazz sees further growth in 2017 after record 2016'|' 47am EST UPDATE 1-Chipmaker TowerJazz sees further growth in 2017 after record 2016 * Q4 adjusted EPS $0.52 vs $0.48 forecast * Q4 revenue up 34 pct to record $340 mln * Sees Q1 revenue of $330 mln * CEO says pursuing multiple M&A opportunities in China (Adds details, CEO comments) By Steven Scheer JERUSALEM, Feb 13 Israeli chipmaker TowerJazz projected further growth in revenue and profit in 2017 after posting a record fourth quarter and 2016 as a whole, boosted by robust demand from existing and new customers. TowerJazz, which makes chips for smartphones, battery chargers, AC/DC adapters and image sensors, said it earned 52 cents per fully diluted share, excluding one-off items, in the fourth quarter, up from 27 cents a share a year earlier. Revenue grew 34 percent to a quarterly record of $340 million. The company was forecast to earn 48 cents a share ex-items on revenue of $339.9 million, according to Thomson Reuters I/B/E/S. It projected first-quarter 2017 revenue of $330 million, plus or minus 5 percent, for a 19 percent annual gain. Analysts expect first-quarter revenue of $329.8 million and $1.4 billion for all of 2017. Chief Executive Russell Ellwanger said the company wasn''t providing a specific outlook for 2017 after setting a number of financial records last year. "We see growth throughout the year," Ellwanger told Reuters, predicting each quarter of 2017 should beat what had been achieved the year before. "I don''t see anything that prevents us from doing that." TowerJazz posted record revenue of $1.25 billion in 2016 for a 30 percent annual gain. It also earned a record $204 million, versus a net loss of $30 million in 2015. Much of the company''s growth is coming from existing customers in its radio frequency technology, image sensor and power management segments, but the number of new clients and partners are expanding and would benefit TowerJazz in future. TowerJazz, founded in 1993 as Tower Semiconductor, operates two plants in Israel, one in California and three in Japan through its joint venture with Panasonic. The company, which has just been added to a revamped blue-chip index in Tel Aviv, lost money for years following heavy investments in its second chip plant in Israel, but has become profitable in the past two years. TowerJazz bought a wafer manufacturing plant in San Antonio, Texas, in February to boost capacity and provide potential revenue of up to $200 million annually in the next few years. Ellwanger said the company has capacity for 1.6 billion wafers a year but would need more operational capacity towards the end of 2018 and into 2019. He reiterated the firm was pursuing multiple opportunities in China, where TowerJazz would buy a factory with a minimal investment and where it would be accretive to earnings right away. TowerJazz shares were 1.2 percent higher at midday in Tel Aviv. (Editing by Tova Cohen and David Holmes)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/towerjazz-results-idUSL8N1FY20O'|'2017-02-13T17:47:00.000+02:00'
'e130bd9b1c7724cef9444b4ac5fb7cb81cf71fa5'|'Prada sales improve after revenues drop 10 percent in 2016'|'By Giulia Segreti - MILAN MILAN Luxury fashion group Prada said sales had accelerated in the past two months, particularly in Greater China and Russia, pointing to an improving outlook after its revenues slumped last year.The Italian group, which has said it expects to return to profit growth this year after being hit by the downturn in global luxury spending, reported on Monday a 10 percent decline in revenue for 2016."However positive progress in sales trend were seen in the second half of the year, particularly in December 2016 and January 2017," Prada said in a statement.Business improved after a 25 percent drop in group net profit in the first half of 2016. Sales in Greater China grew in the final quarter of 2016 and Russian sales were up "double-digit".CEO Patrizio Bertelli said in the statement he was confident that a restructuring of the business, which was still under way, and the group''s new strategies would ensure its future growth.Greater China is Hong Kong-listed Prada''s biggest market. Last year the group also saw sales in Japan fall 13 percent at constant exchange rates, after five years of consecutive growth, due to fewer tourists from China.The Milan-based group is trying to turn itself around by cutting back its retail network and selling more fresh and accessible products, as it faces rising competition from new brands and traditional rivals like Gucci.Gucci, owned by French luxury group Kering, had also seen sales decline in recent years as consumers shunned mega-brands in favour of niche products. But Gucci sales rebounded more than 20 percent in the fourth quarter of 2016 with the help of new products.STRONG RESPONSEPrada said its consolidated sales fell 10 percent in 2016 to 3.18 billion euros ($3.4 billion) in line with a Thomson Reuters analyst estimate. At constant exchange rates group sales were down 9 percent.It is due to release detailed 2016 results in April.In the year to Jan. 31, 2017, retail sales, which are over 80 percent of total group sales, shrank 14 percent at current exchange rates from a year earlier.Revenue for the group fell across all regions last year. In the Asia Pacific, its biggest region, Prada sold 12 percent less than the previous year at constant exchange rates.The group is cutting back on its retail network after a rapid expansion following its 2011 listing when it also raised the prices of its handbags at a time of weakening luxury spending.It said there had been "an excellent market response" to its latest footwear and leather goods collections while ready-to-wear had seen "concrete results" in sales in the second half of last year.Wholesale revenue rose by 14 percent in 2016 at constant exchange rates, helped by orders from multi-brand online retailers such as Yoox-Net-A-Porter and mytheresa.com.($1 = 0.9398 euros)(Reporting by Giulia Segreti, editing by Valentina Za and Susan Fenton)'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/prada-results-idINKBN15S1QT'|'2017-02-13T12:06:00.000+02:00'
'4ecbd1216366e9018f5c413c6d1a3e82e6c3b142'|'Australia''s Ravensthorpe nickel mine cut off by rains-First Quantum'|'SYDNEY Feb 13 Heavy rains have cut access in and out of the Ravensthorpe nickel-producing operations in Western Australia, owner First Quantum Minerals said on Monday.Processing of nickel ore into metal was continuing at the site, located 250 kms (155 miles) from the Port of Esperance on the Indian Ocean, the company said in a statement emailed to Reuters."At this stage we will not declare Force Majeure but we reserve the right to," it said.Ravensthorpe is expected to produce 25,000 tonnes of nickel in 2017, according to First Quantum''s website.(Reporting by James Regan; Editing by Richard Pullin)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/australia-nickel-rains-idINL4N1FY1ZS'|'2017-02-13T02:33:00.000+02:00'
'2d17ed3fb7523e6f4c20b99b1934bd3c8ad8e630'|'Drugmaker Stada confirms takeover bid from companies'|'German generic drugmaker Stada ( STAGn.DE ) said it has received two offers for the acquisition of the company, one of which is private equity group Cinven Partners LLP.Cinven is offering a price of 56 euros per Stada share.Stada did not mention the name of the other bidder.The company said it is still weighing its options and says it is "not possible to foresee whether a takeover offer from Cinven or the other potential bidder will materialize."The Financial Times earlier reported that Stada had received an offer from Cinven for 58 euros per share, valuing the bid at 3.6 billion euros ($3.83 billion).In August, the chief executive of Stada, Matthias Wiedenfels, under pressure from activist investors to reform the company''s governance and replace board members, promised a more modern, dynamic approach to running the company.Stada steered clear of major merger deals last year as the generic drug industry began consolidating to cut costs, driven by larger players including Teva ( TEVA.TA ) and Allergan ( AGN.N ).Stada had focused instead on branching out into branded consumer care and cosmetics products as well as diagnostics kits.(Reporting by Shalini Nagarajan in Bengaluru; Editing by Andrea Ricci)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-stada-m-a-cinven-bid-idINKBN15R10C'|'2017-02-12T19:00:00.000+02:00'
'c36079062ea870cda5c21629a38280dece7a503a'|'Latest economic data not playing ball for Greece and its lenders'|'Business News   4:24pm GMT Latest economic data not playing ball for Greece and its lenders 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 Jeremy Gaunt - LONDON LONDON Just as Greece and its international lenders are locking horns once again over the country''s bailout and the tasks it needs to carry out to get the money, economic releases are suggesting more tough times ahead for everyday Greeks. As this graph shows - bit.ly/2lKVY1Y - the economy contracted in the fourth quarter at the same rate as it did at the beginning of last year. Three quarter-on-quarter blips in growth over the period have come to nought - or to be precise, less than nought. Joblessness has improved. But a drop from 25.8 percent to a levelling off to 23 percent still leaves almost quarter of the workforce unemployed. Now comes a big jump in consumer inflation, which shot up to a near five-year high of 1.5 percent year-on-year in January. That may be healthy in that half a decade of deflation has ended, but rising prices will be no comfort to the jobless or to pensioners who have seen bailout-imposed austerity cut their incomes 11 times. There is, of course, some more positive news. On an annual basis Greece managed small growth for 2016 as a whole, 0.3 percent, beating earlier projections that saw a 0.3 percent GDP contraction. On the fiscal front, it also looks set to have outperformed with a 2 percent primary budget surplus, before debt obligations, versus a 0.5 percent target. But both of those reflect last year as a whole rather than the past few months. The debate between Greece and its lenders - the International Monetary Fund and the euro zone - meanwhile is primarily about more reforms, and on whether its 2018 bailout target for a primary surplus of 3.5 percent of GDP can be achieved without extra austerity measures. Whether any of that is doable politically remains to be seen. But the latest Greek data is not exactly helping create a robust background, and the current standoff may further hurt the economy. (Editing by Hugh Lawson)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eurozone-greece-data-idUKKBN15U23H'|'2017-02-15T23:24:00.000+02:00'
'100825dc78f6a7d47f001a1279b6ce1d533f5fdb'|'Anthem sues Cigna to block termination of merger'|'By Michael Erman Anthem Inc ( ANTM.N ) said on Wednesday it filed a lawsuit to block smaller rival Cigna Corp ( CI.N ) from officially terminating their proposed $54 billion merger, a transaction already rejected by U.S. antitrust regulators.The deal would have created the largest U.S. health insurer. Rivals Aetna Inc ( AET.N ) and Humana Inc ( HUM.N ) had sought their own merger, representing an unprecedented consolidation among U.S. health insurers.In separate rulings, federal judges struck down both deals as anticompetitive, at the request of the Justice Department. Aetna and Humana said on Tuesday they were ending their deal, but Anthem filed an appeal of its ruling.Cigna, however, said on Tuesday it notified Anthem it had ended the deal and that Anthem was required to pay a $1.85 billion break-up fee under their agreement.Cigna also filed a lawsuit in Delaware, seeking legal sanction for its decision to end the deal and approval for $13 billion in damages for its shareholders who did not receive the takeover premium.Anthem''s lawsuit, which was also filed in Delaware, seeks a temporary restraining order to prevent Cigna from ending the deal, arguing there is still enough time to complete the transaction first announced in July 2015."Cigna''s lawsuit and purported termination is the next step in Cigna''s campaign to sabotage the merger and to try to deflect attention from its repeated wilful breaches of the Merger Agreement in support of such effort," Anthem said.Cigna said on Wednesday that it believed Anthem''s allegations were meritless.Anthem said it was pursuing an expedited appeal of the court decision and remained committed to complete the merger either through a successful appeal or through a settlement with the new leadership at the Justice Department under the Trump administration.Cigna maintains that Anthem had not done enough to reduce potential anticompetitive elements on its side of the transaction, and would not be able to make those changes in time to secure regulatory approval."Accordingly, there is no viable path to completing this transaction," Cigna said.Cigna had increased its share repurchase programme to $3.7 billion, but said on Tuesday it would limit the share repurchase amount to $250 million per quarter. Some analysts questioned whether this signalled a new intent by the insurer to seek an acquisition."We believe this suggests Cigna was looking to deploy the capital in another way, potentially M&A, but we are hesitant to suggest another public-public merger offer," Piper Jaffray analyst Sarah James said in a client note.(Reporting by Michael Erman in New York, Additional reporting by Ankur Banerjee in Bengaluru; Editing by Martina D''Couto and Tom Brown)FILE PHOTO -- A sign at the office building of health insurer Anthem is seen in Los Angeles, California February 5, 2015. REUTERS/Gus Ruelas/File Photo'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/cigna-m-a-anthem-lawsuit-idINKBN15U2E1'|'2017-02-15T15:29:00.000+02:00'
'eb46212f14ad6ba9a7f75ce8c25e508c4db0dd78'|'Goldman to invest $95 million in ad firm MDC Partners'|'Advertising and communications company MDC Partners Inc ( MDCA.O ) said on Wednesday Goldman Sachs Group Inc ( GS.N ) would invest $95 million and would get a seat on its board.Shares of MDC Partners were up about 30 percent at $8.80 in morning trading.In November, MDC Partners said it had hired an adviser to evaluate its capital structure strategyAs of Sept. 30, the company had total liabilities of $2.09 billion and total assets of $1.6 billion.On completion of the Goldman investment, which is expected to close in the first quarter of 2017, the bank will own about 15 percent of MDC.Bradley Gross, a managing director in the merchant banking division of Goldman Sachs, will join MDC''s board after the close of the transaction, increasing the size to seven members.Proceeds from the investment will be used to pay down existing debt, MDC said.(Reporting by Aishwarya Venugopal in Bengaluru; Editing by Shounak Dasgupta)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-mdc-partnrs-equity-goldman-sachs-idINKBN15U1YD'|'2017-02-15T12:22:00.000+02:00'
'2c3f94ac38be4632e2581dc5252e8c7f17f4e607'|'OPEC reports drop in January oil output, big Saudi cut'|' 43pm GMT OPEC reports drop in January oil output, big Saudi cut 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 LONDON OPEC delivered more than 90 percent of pledged oil output curbs in January, based on figures the exporter group published on Monday, implying a supply glut that has weighed on prices could fall to zero this year. The Organization of the Petroleum Exporting Countries has agreed to cut its crude output by about 1.2 million barrels per day (bpd) from Jan. 1. Supply from the 11 OPEC members with production targets under the deal fell to 29.888 million bpd in January, according to figures from secondary sources that OPEC uses to monitor its output. This amounts to 93 percent compliance, according to a Reuters calculation based on the OPEC figures. In its monthly report, OPEC did not give a compliance figure. Reuters saw an earlier version of the secondary-source figures last week, which put compliance at 92 percent. Top OPEC producer Saudi Arabia reported to OPEC that it made a bigger cut in output last month than estimated by the secondary sources. (Reporting by Alex Lawler; Editing by Dale Hudson)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-opec-oil-idUKKBN15S1DU'|'2017-02-13T19:43:00.000+02:00'
'983ebca8be72a14dfee1fedcbcd131972de3264c'|'TREASURIES-Yields rise as Yellen warns about delaying rate hike'|'(Recasts with Yellen testimony) * Yellen gives hawkish testimony before Senate * 10-year yields highest in more than a week By Karen Brettell NEW YORK, Feb 14 U.S. Treasury yields jumped on Tuesday after Federal Reserve Chair Janet Yellen said it would be unwise to wait too long to raise interest rates, striking a more hawkish tone than investors expected. The U.S. central bank will likely need to raise rates at an upcoming meeting, Fed Chair Janet Yellen said, although she flagged considerable uncertainty over economic policy under the Trump administration. Yellen said delaying rate increases could leave the Fed''s policymaking committee behind the curve and eventually lead it to hike rates quickly, which she said could cause a recession. "It was hawkish, but the market was expecting it to be hawkish," said Ian Lyngen, head of U.S. rates strategy at BMO Capital Markets in New York. "What we are seeing is a down trade on the headline that waiting too long to tighten monetary policy would be unwise. I think that''s the biggest headline that everyone reacted to." Benchmark 10-year notes dropped 15/32 in price to yield 2.49 percent, the highest since Feb. 3, up from 2.44 percent before the testimony. (Editing by Meredith Mazzilli)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-bonds-idINL1N1FZ0WC'|'2017-02-14T12:25:00.000+02:00'
'15c6ce9cd3b72819c15df5b8c03bd256af43d317'|'Bank of Spain says three officials to resign over Bankia IPO case'|'Business News - Mon Feb 13, 2017 - 6:09pm GMT Bank of Spain says three officials to resign over Bankia IPO case Spain''s Bankia logo is seen inside bank''s headquarters before a news conference to present their annual results in Madrid, Spain, January 30, 2017. REUTERS/Sergio Perez MADRID The Bank of Spain said on Monday that three officials would resign after the Spanish High Court named them on Monday as suspects in an investigation into Bankia''s ( BKIA.MC ) disputed flotation in 2011. In a statement, Spain''s central bank said supervisory managing director Mariano Herrera Garcia-Canturri, supervisory deputy managing director Pedro Comin Rodriguez and inspection head Pedro Gonzalez Gonzalez would resign on Tuesday. The bank said they wanted to leave so as not to affect the Bank of Spain''s supervisory functions while testifying as part of the case. (Reporting By Jes<65>s Aguado; Editing by Angus Berwick) Next In Business News Oil down two percent as dollar firms, OPEC compliance rate shrugged off NEW YORK Oil on Monday declined by about 2 percent, the most since mid January, as a stronger dollar and signs of rising U.S. crude output pressured prices while an OPEC report showing high compliance with last year''s production-cut deal underwhelmed investors.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-spain-court-bankia-idUKKBN15S25E'|'2017-02-14T01:09:00.000+02:00'
'808f7583da4a227e69226b0d327c7e2d7a40682e'|'Osram CEO to have contract renewed for 5 years - source'|' 22am GMT Osram CEO to have contract renewed for 5 years - source Light bulbs of lamp manufacturer Osram are seen in a shop in Germering, near Munich, November 28, 2012. REUTERS/Michaela Rehle/File Photo FRANKFURT Olaf Berlien, chief executive of German lighting group Osram ( OSRn.DE ), is to have his contract renewed for five years, a source familiar with the matter told Reuters on Monday, confirming a report in Manager Magazin. Berlien has decided to invest a billion euros ($1.07 billion) in expanding Osram''s LED semiconductor business - a strategy that caused dismay among investors when he announced it in late 2015 but has gradually gained acceptance. He took over at Osram in January 2015 and his contract runs until the end of 2017. The source said the supervisory board would approve the renewal before Tuesday''s annual general shareholder meeting. A spokesman for Osram declined to comment on the matter. ($1 = 0.9390 euros) (Reporting by Georgina Prodhan; Editing by Harro ten Wolde)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-osram-licht-ceo-idUKKBN15S0VU'|'2017-02-13T16:22:00.000+02:00'
'70cab1601df29697c6a09f817fdb704d7554c076'|'Apax Partners in talks to buy Israel''s Syneron Medical -report'|'Company News - Mon Feb 13, 2017 - 4:00am EST Apax Partners in talks to buy Israel''s Syneron Medical -report JERUSALEM Feb 13 British private equity fund Apax Partners is in talks to buy Israel-based Syneron Medical , an aesthetic device company, for $350-$400 million, Israeli financial daily Calcalist reported on Monday. Representatives from Apax met Syneron executives in Israel last week and the talks are being managed by Barclays, according to Calcalist, a leading Israeli publication, which did not name its sources. Spokespeople in Israel for Apax and Barclays would not comment on the report. Officials at Syneron were not reachable for immediate comment. Syneron says its products have a range of applications, like body contouring, hair removal and wrinkle reduction. The products are sold under two brands, Syneron and Candela. (Reporting by Ari Rabinovitch; Editing by Tova Cohen) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/syneron-med-apax-idUSL8N1FY1KF'|'2017-02-13T16:00:00.000+02:00'
'36713c850c1de19589a99133754ae64d384e9940'|'Stock futures hit record highs as ''Trump trade'' rekindles'|'Business News - Mon Feb 13, 2017 - 7:35am EST Stock futures hit record highs as ''Trump trade'' rekindles Traders work on the floor at the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S., December 21, 2016. REUTERS/Andrew Kelly By Yashaswini Swamynathan U.S. stock index futures hit record highs on Monday as the so-called "Trump trade", which sent Wall Street to record highs last week, looked set to pick up speed after a brief lull. Wall Street''s three main stock indexes closed at record highs on Thursday and Friday as optimism about the economy rose after President Donald Trump vowed to make a major tax announcement in the next few weeks. The S&P 500 .SPX has surged 8.3 percent since Trump''s Nov. 8 election, fueled by expectations he will lower corporate taxes, reduce regulations and increase infrastructure spending. The rally had stalled amid concerns over Trump''s protectionist stance and lack of clarity on policy reforms. Investors are now closely watching as the businessman-turned-politician lays out the finer details of his agenda to boost economic growth. Investors were also comforted by the two-day U.S.-Japan summit held over the weekend apparently having ended smoothly without President Donald Trump talking tough on trade, currency and security issues. Oil prices, which helped the markets break records last week, were down about 0.3 percent, cutting their losses after OPEC data showed a 93 percent compliance on its output cut deal. [O/R] Energy stocks could continue to be in focus through the week as a host of small-cap energy companies are due to report results. Corporate reports in general are likely to remain in focus for the day, given the absence of key economic data and no scheduled appearances by Federal Reserve speakers. Teva''s U.S.-listed shares ( TEVA.N ) rose 4.6 percent to $33.69 in premarket trading after the Israeli drugmaker reported a better-than-expected fourth-quarter profit. Caterpillar was up 0.8 percent at $97.14 after Evercore ISI raised its rating on the stock, a trader said. Macy''s ( M.N ) rose 2.4 percent after Barron''s said on Sunday that the department store chain operator could see its shares rise by 50 percent in a potential sale. Futures snapshot at 6:58 a.m. ET: Dow e-minis 1YMc1 were up 43 points, or 0.21 percent, with 18,639 contracts changing hands. S&P 500 e-minis ESc1 were up 3 points, or 0.13 percent, with 78,271 contracts traded. Nasdaq 100 e-minis NQc1 were up 4 points, or 0.08 percent, on volume of 15,794 contracts. (Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Savio D''Souza) Next In Business News Fake receipts at Glencore warehouse unit triggered sector credit freeze, Qingdao shivers: sources MELBOURNE Some global banks briefly froze credit lines for Singapore metal traders last month after a unit of commodities giant Glencore uncovered fake warehousing receipts, people familiar with the matter said, reviving the specter of a $3 billion scandal that rocked the trading world three years ago.'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-usa-stocks-idUSKBN15S1D3'|'2017-02-13T19:35:00.000+02:00'
'c13a6c481f8602ff802e20b951b1a66011f61a5b'|'Exclusive: Burger King and Tim Horton''s owner in bid to buy Popeyes - sources'|'Restaurant Brands International Inc ( QSR.TO ), the owner of the Burger King and Tim Horton''s fast-food chains, has approached Popeyes Louisiana Kitchen Inc ( PLKI.O ) to express interest in an acquisition, people familiar with the matter said on Monday.A deal would be a bet by Oakville, Ontario-based Restaurant Brands that it can use its international reach to introduce Atlanta, Georgia-based Popeyes'' famous Louisiana-style fried chicken and buttermilk biscuits to more diners globally.RBI and Popeyes have yet to agree on a deal price, and there is no certainty that negotiations will continue, or that they will lead to any agreement, the people said. Restaurant Brands has also been considering the acquisition of other companies, one of the people added.The sources asked not to be identified because the matter is confidential. Popeyes declined to comment, while Restaurant Brands did not immediately respond to a request for comment.(Reporting by Lauren Hirsch and Greg Roumeliotis in New York; Editing by Matthew Lewis)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/popeyes-m-a-rstrnt-brnd-idINKBN15S2DL'|'2017-02-13T17:30:00.000+02:00'
'26d57cd079da5d5e95e44678b663704304b0a9f5'|'BRIEF-Sapiens to acquire StoneRiver for about $102 mln'|' 22am EST BRIEF-Sapiens to acquire StoneRiver for about $102 mln Feb 15 Sapiens International Corporation Nv * Sapiens to acquire U.S.-based StoneRiver Inc. for approximately $102 million * Sapiens International Corporation NV - expects this transaction to be accretive to earnings starting with Q3 of 2017  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSASB0B0DS'|'2017-02-15T19:22:00.000+02:00'
'7f990d48f61cfcb5d3b2192290adb80c5b2af28f'|'Nikkei rises as financials get boost from Yellen comment; Toshiba tumbles'|'Company News - Tue Feb 14, 2017 - 9:28pm EST Nikkei rises as financials get boost from Yellen comment; Toshiba tumbles * Toshiba nosedives after saying it may sell more of chip business * SoftBank buys Fortress for $3.3 bln By Ayai Tomisawa TOKYO, Feb 15 Japanese stocks rose on Wednesday morning as the dollar jumped after U.S. Federal Reserve Chair Janet Yellen hinted at an interest rate hike next month, with financial stocks outperforming on higher yields. The weak yen lifted exporters too and took the sting off a bruising slide in shares of Toshiba Corp after it booked a massive writedown. The Nikkei gained 1.2 percent to 19,459.62 in midmorning trade. Yellen told the U.S. Senate Banking Committee the central bank will likely need to raise interest rates at one of its upcoming meetings. "The market takes heart from Yellen''s comment and such positive sentiment will likely last throughout the day," said Takuya Takahashi, a strategist at Daiwa Securities. Higher U.S. Treasury yields attracted buying in insurers and banks, whose sectors rose 5.1 percent and 2.2 percent, respectively. Dai-ichi Life Holdings jumped 5.1 percent, MS&AD Insurance surged 5.5 percent and Sompo Holdings soared 4.6 percent. Mitsubishi UFJ Financial Group rose 2.5 percent and Mizuho Financial Group rose 1.6 percent. Exporters also rallied, with Panasonic Corp rising 2.7 percent, Hitachi Ltd adding 1.8 percent and Honda Motor Co gaining 1.3 percent. The dollar was at 114.28 yen, not far from the two-week peak of 114.49 yen touched on Tuesday. Toshiba tumbled more than 10 percent after the conglomerate said it would book a $6.3 billion hit to its U.S. nuclear unit and may sell more of its prized flash-memory chip business than planned to urgently raise funds. Corporate activity was also a focus in the market, with SoftBank Group Corp agreeing to buy Fortress Investment Group LLC, a private-equity firm and asset manager, for about $3.3 billion in cash - a surprise move for a group that has to date focused on telecoms and technology. SoftBank shares were up 0.8 percent. The broader Topix added 1.1 percent to 1,555.84 and the JPX-Nikkei Index 400 advanced 1.2 percent to 13,962.83. (Editing by Shri Navaratnam)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/japan-stocks-midday-idUSL4N1G01HU'|'2017-02-15T09:28:00.000+02:00'
'd53889dd957fb55f672c33a5f7db9ee3af80f7d5'|'Banks and earnings power European shares'|' 28am EST Banks and earnings power European shares LONDON Feb 15 European shares rose in early trade on Wednesday as French lender Credit Agricole led banking stocks higher and earnings provided a boost. The pan-European STOXX 600 index was up 0.3 percent in early trade with the European banking index the top-gaining sector, up 1.2 percent. Shares in Credit Agricole <CAGR.PA. jumped 3.2 percent after France''s biggest retail bank beat forecasts with a smaller than expected earnings drop in the fourth quarter. Banking stocks were also helped by hawkish rhetoric from U.S. Federal Reserve Chair Janet Yellen on Tuesday, who said that the Federal Reserve will likely need to raise interest rates at an upcoming meeting. Low interest rates put pressure on banks'' margins, as has been the case in Europe. Earnings also fuelled the move higher, with Finnish packaging maker Huhtamaki rising 7 percent after reporting results, the top gainer on the STOXX 600 index, and brewer Heineken also rallying 3.6 percent after confirming its margin target. Among the biggest fallers, insurer Ageas, medical equipment firm Gerresheimer and paints and coatings company Akzo Nobel were all weaker after reporting results. (Reporting by Kit Rees; Editing by Toby Chopra)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/europe-stocks-idUSL8N1G01NN'|'2017-02-15T15:28:00.000+02:00'
'ab1bf0a0d9a0b09443c72d8de965756f4aa50947'|'NBC buys stake in Euronews, names new president'|'Deals   5:41pm EST NBC buys stake in Euronews, names new president The NBC and Comcast logo are displayed on top of 30 Rockefeller Plaza, formerly known as the GE building, in midtown Manhattan in New York July 1, 2015. REUTERS/Brendan McDermid/File Photo NBCUniversal, the U.S. media conglomerate owned by Comcast Corp ( CMCSA.O ), has made an investment in European broadcaster Euronews and named Noah Oppenheim as the president of NBC News, according to an internal memo seen by Reuters on Tuesday. Financial details of the investment were not disclosed in the memo. However, Reuters, citing sources, reported in November that NBC would buy a stake of between 15 percent and 30 percent. The investment will allow NBC to reach out to 277 million new households in 13 languages across Europe, Africa and the Middle East. Euronews was created in the wake of the 1990 Gulf War as a "European CNN" and used to be owned by a consortium of state-owned European channels before Egyptian billionaire Naguib Sawiris took a 53 percent stake in the broadcaster. The memo said Oppenheim, the executive in charge of NBC''s morning show "Today", will replace Deborah Turness, president since 2013. Turness will be named as the first president of NBC News International. Both Oppenheim and Turness will report to NBC News Chairman Andy Lack. (Reporting by Laharee Chatterjee in Bengaluru; Editing by Maju Samuel) Next In Deals Delays, confusion as Toshiba reports $6 billion nuclear hit and slides to loss TOKYO After a day of delays and confusion, Japan''s Toshiba Corp said on Tuesday it expected to book a $6.3 billion hit to its U.S. nuclear unit, a writedown that wipes out its shareholder equity and will drag the group to a full-year loss.'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-euronews-comcast-nbcuniversal-idUSKBN15T30F'|'2017-02-15T05:41:00.000+02:00'
'14ca86ccb341c921e0781b48cd41aa33f2cb8961'|'Workers end strike at CNR''s Ivory Coast oil and gas fields -union'|'  3:16am EST Workers end strike at CNR''s Ivory Coast oil and gas fields -union ABIDJAN Feb 15 Workers at Canadian Natural Resources'' (CNR) Baobab and Espoir oil and gas fields in Ivory Coast on Wednesday ended a strike over employment conditions launched last week, the head of their union said. "We have lifted the strike order. Production has restarted on all the platforms," Imrana Konate, secretary-general of the SISPOO union, told Reuters. "We have signed a memorandum of understanding." (Reporting by Joe Bavier; editing by Jason Neely)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/ivorycoast-cdn-natural-rsc-strike-idUSL8N1G01W8'|'2017-02-15T15:16:00.000+02:00'
'bb755576c58c5f0c2806b74d038cfd784e1c3800'|'VW works council says talks over strategy pact broken off without results'|'Business News - Mon Feb 13, 2017 - 5:25am EST VW works council says talks over strategy pact broken off without results FILE PHOTO: The Volkswagen logo is seen at the Frankfurt Motor Show (IAA) in Frankurt, Germany, September 10, 2013. REUTERS/Pawel Kopczynski/File Photo BERLIN Volkswagen''s ( VOWG_p.DE ) cost-cutting deal with unions is left in limbo after talks between labour leaders and top executives over the implementation of the turnaround plan were broken off on Monday without an agreement, the works council said. "We would welcome if the group''s management would more strongly deal with the implementation of the future pact and the compliance with agreements," a works council spokesman said by email. Works council chief Bernd Osterloh and fellow labour leaders last week halted cooperation with top managers on issues such as overtime work and apprenticeships after accusing VW brand chief Herbert Diess of pushing for greater savings on the back of the cost-cutting plan agreed in November. Osterloh has repeatedly clashed with Diess over how to achieve greater savings to help fund a strategy shift and cope with the costs of the carmaker''s emissions scandal. A VW brand spokesman didn''t return calls seeking comment. (Reporting by Andreas Cremer; Editing by Harro ten Wolde) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-volkswagen-emissions-costs-idUSKBN15S10W'|'2017-02-13T17:25:00.000+02:00'
'bca722d9d2c4be02b08bc2a5ce8f934142a20f9d'|'Deutsche says working with Russian tax officials over standard ops'|'  7:59am GMT Deutsche says working with Russian tax officials over standard ops An exterior view shows an office building, which houses the Russian headquarters of Deutsche Bank, in Moscow, Russia, September 17, 2015. REUTERS/Maxim Zmeyev MOSCOW The Russian unit of Deutsche Bank ( DBKGn.DE ) said on Monday it was working with Russian tax authorities over standard operations it had conducted, following a RBC news report which said it could face over 10 billion roubles ($172 million) in extra profit tax charges. "As part of an ongoing routine audit, Deutsche Bank is working with Russian tax authorities on matters relating to standard business operations that follow normal industry practice," Deutsche''s Russian unit said in a statement. Citing sources, RBC reported that the tax service believes that the bank lowered its taxable income in 2013 and 2014 when it was buying the foreign currency on the domestic currency market and selling it to London''s Deutsche Bank. ($1 = 58.1164 roubles) (Reporting by Alexander Winning; Editing by Katya Golubkova)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-deutsche-bank-russia-tax-idUKKBN15S0PH'|'2017-02-13T14:59:00.000+02:00'
'8677b1ba5f2a2d7bae91f5ec18b942e573195d44'|'Exclusive: China mulls radical steps targeting metals, coal in war on smog - document'|'Commodities  36am EST Exclusive: China mulls radical steps targeting metals, coal in war on smog - document left right FILE PHOTO: People walk along a village road on a polluted day after the Chinese Lunar New Year holidays on the outskirts of Langfang, Hebei province, China, February 3, 2017. REUTERS/Jason Lee/File Photo 1/2 left right FILE PHOTO: Residential buildings under construction are pictured on a polluted day after the Chinese Lunar New Year holidays on the outskirts of Langfang, Hebei province, China, February 3, 2017. REUTERS/Jason Lee/File Photo 2/2 By Meng Meng and Josephine Mason - BEIJING BEIJING China is considering forcing steel and aluminum producers to cut more output, banning coal in one of the country''s top ports and shutting some fertilizer and drug plants as Beijing intensifies its war on smog, a draft policy document shows. The Ministry of Environmental Protection (MEP) has proposed the measures in a draft policy document seen by Reuters. If implemented, they would be some of the most radical steps so far to tackle air quality in the country''s most polluted cities. The move comes after China''s northeast has battled some of the worst pollution in years as emissions from heavy industry, coal burning in winter and increased transport have left major cities including Beijing blanketed in thick smog. The document outlines plans to cut steel and fertilizer capacity by at least half and aluminum capacity by at least 30 percent in 28 cities across five regions during the winter heating season, which normally lasts from late November to late February. By July, it would stop Tianjin, one of the nation''s busiest ports, handling coal, with shipments diverted to Tangshan, 130 kms (80 miles) to the north. Last year, the port accounted for 17 percent of China''s coal imports. By September, ports in Hebei province would not be allowed to use trucks to carry coal from railways to ships. A source with direct knowledge of the proposal said the environmental watchdog has distributed the draft to seek opinion from relevant local governments and companies. The Ministry declined to comment on the draft. The Ministry of Transportation did not respond to requests for comment. It''s not known when the Ministry expects to decide on whether to implement the plan, one of the most extreme since the government launched its offensive on pollution three years ago. If introduced, the steps would likely add further fuel to rallies in aluminum, steel and coal prices, which have been buoyed by China''s efforts to shut excess capacity and clean up polluting sectors. Still, prolonged cuts in capacity will reignite worries about demand for raw materials like iron ore. They will also cause major upheaval for utilities, miners and traders, as they seek alternative routes for their coal. The five regions affected are Beijing, the port city of Tianjin and the neighboring province of Hebei, as well as Shandong, Shanxi and Henan. Located along China''s east coast, they are some of the top steel and coal producing regions, as well as among the most populated and most plagued by smog. The Ministry also plans to close pesticide and pharmaceutical factories and fertilizer plants that use urea unless the chemicals and drugs are critically needed for the population, according to the document. The news comes as the country''s northern regions braces for more heavy smog this week. On Monday, state media reported Chinese cities that sit on three pollution "highways" have been told to coordinate efforts to reduce emissions. (Reporting by Meng Meng and Josephine Mason; Editing by Richard Pullin) Next In Commodities'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-china-pollution-idUSKBN15S0ET'|'2017-02-13T12:27:00.000+02:00'
'c73c64f2bb6d114c08b41226afea8f5d0e51354e'|'Trade stops in yuan-Singapore dollar after daily fixing mix-up - traders'|'Business News - Mon Feb 13, 2017 - 4:57am GMT Trade stops in yuan-Singapore dollar after daily fixing mix-up - traders Singapore currency notes are seen through a magnifying glass among other currencies in this photo illustration taken in Singapore April 12, 2013. REUTERS/Edgar Su SHANGHAI Currency dealers refrained from trading the Chinese yuan against the Singapore dollar on Monday morning due to an incorrect midpoint fix SGDCNY=PBOC before the market opened. The People''s Bank of China later adjusted the midpoint, but as of midday there had been no trades in the two currencies on China''s interbank market. The yuan''s midpoint was initially set at 4.9929 per Singapore dollar, far weaker than Friday''s closing rate of 4.8418. The PBOC later amended the daily midpoint on the official foreign exchange trading platform website, re-setting it at 4.8391. The PBOC fixes a midpoint based on levels rates submitted by some banks, but suspicions arose at Monday''s fixing that some banks submitted incorrect rates. Under China''s currency regime the exchange rate is permitted to deviate two percent either side of the daily mid-point. China Foreign Exchange Trade System (CFETS) did not immediately comment on the issue when contacted by Reuters. The Singapore dollar accounts for 3.21 percent in the CFETS trade weighted basket for the yuan. (Reporting by Hong Kong Newsroom; Editing by Simon Cameron-Moore) Next In Business News Yen slips after Trump-Abe meet, Asian shares firm TOKYO The dollar rose against the yen on Monday on relief that U.S. President Donald Trump set aside tough campaign rhetoric over security and jobs in a smooth meeting with Japanese Prime Minister Shinzo Abe, with no mention of currency policy.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-china-yuan-idUKKBN15S0DC'|'2017-02-13T11:57:00.000+02:00'
'00fc04c7df387561bffa3ce362ab303bb22ec71c'|'Automakers seen investing $615 mln in South Africa this year - NAAMSA'|'Company  34am EST Automakers seen investing $615 mln in South Africa this year - NAAMSA JOHANNESBURG Feb 13 South Africa''s automotive sector capital expenditure is projected to rise to 8.2 billion rand ($615 million) this year from 6.4 billion rand in 2016, the auto industry body said in a document seen by Reuters. The National Association of Automobile Manufacturers of South Africa said in a memo dated Feb. 7 that the sector''s estimated capex was based on details supplied by seven major car makers and data from various sources relevant to Beijing Automotive International Corporation. Car manufacturers in South Africa include Ford, Volkswagen, Mercedes Benz SA, Nissan and Toyota, among others. The automotive sector, South Africa''s largest manufacturing industry, expects a slight increase in new vehicles sales this year as economic growth gains pace thanks to commodity price rises and a recovery in farming. ($1 = 13.3433 rand) (Reporting by Olivia Kumwenda-Mtambo; Editing by James Macharia) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/safrica-autos-idUSL8N1FY150'|'2017-02-13T14:34:00.000+02:00'
'ad554b5785246131a86df58527ea107d44359a03'|'Boeing expects 737 MAX-9 to fly in April as larger version takes shape'|'By Alwyn Scott - SEATTLE SEATTLE Boeing Co ( BA.N ) said on Tuesday it plans to fly its new 737 MAX-9 aircraft for the first time in April, a further sign the company will start delivering the large version of the workhorse plane in 2018.Delivery of the single-aisle 737 MAX models, which replace the current 737 "NG" introduced in 1997, is crucial for Boeing to hit the financial targets it has promised investors and to offset slowing output of some of its largest jets such as the 777 and 747. Airlines want the MAX because it burns significantly less fuel than current models.The world''s largest plane maker is creating up to five MAX versions, while planning to increase output to 57 planes a month in 2019, from 42 a month at present.The first MAX model in production, known as the MAX-8, is on track to reach customers by mid-year."We are anticipating our certification of the airplane within a matter of days-weeks," Keith Leverkuhn, 737 general manager, said at a Monday briefing embargoed until Tuesday.The stamp of approval by the U.S. Federal Aviation Administration would come about a year after the MAX-8''s first flight and allow Boeing to begin delivering the $110 million, 162-seat jetliner in the second quarter, he said.Deliveries trigger the bulk of airline payments. Norwegian Air Shuttle ( NWC.OL ) will be one of the first airlines to fly the plane commercially, likely ahead of launch customer Southwest Airlines Co ( LUV.N ), which was first to order the MAX but is taking longer to put it into service.Boeing expects the MAX to account for as much as 15 percent of the 500 or more 737s it expects to deliver in 2017, rising to nearly 100 percent by 2020.Boeing on Monday showed off the first 737 MAX-9 sitting near the end of the assembly line at its factory in Renton, Washington. The nearly completed jet, which carries a list price of $116.6 million and seats 178, will undergo about nine months of testing after first flight in April.MAX-10 TAKES SHAPEBoeing is mulling an even larger version, the 737 MAX-10, to take on rival Airbus ( AIR.PA ), which has had strong sales of its A321neo that is a larger competitor to the MAX-9.The MAX-10 would be 66 inches (1.68 m) longer than the MAX-9, with the same engine thrust. The major change will be the landing gear, which must be taller to accommodate the longer fuselage.Boeing expects to test various landing gear designs this year "to see which one ... is going to be the best solution," Leverkuhn said.Boeing is about 90 percent finished with design drawings for the smallest version, the 737 MAX-7. A high-density MAX-200, with seating for 200 passengers, rounds out the model line.Sales of Boeing''s larger twin-aisle planes have slowed sharply and the company is cutting output of the profitable 777 by 40 percent this year. It will rely on the 737 and 787 to make up a large part of the financial difference.Introducing new models while increasing production rates requires Boeing to solve any factory issues quickly. So far, Leverkuhn said, "the hours to build the MAX are meeting our expectation."(Editing by Matthew Lewis)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/us-boeing-idINKBN15T2FB'|'2017-02-14T15:07:00.000+02:00'
'873cf230b22dd090767eb3b584731ebbef2339cd'|'Inside Uber: How the company attracts top talent despite its reputation 14,'|'No massages? Why Uber''s workplace is different than other tech companies Silicon Valley lures top-tier talent from all over the world. High salaries, free food and laundry on campus are just a few of the benefits. But six-year-old "startup" Uber -- valued at an estimated $68 billion -- doesn''t rely on fun, quirky perks to attract employees. In fact, despite its reputation for for long hours and a limited work-life balance, Uber has enticed some of the most brilliant minds in tech to leave cushy jobs at Google, Facebook and Twitter. The breakneck pace can be grueling, employees admit, but they say Uber offers unique opportunities: "rocket ship" growth, the chance to solve real-world problems and a culture that frees them to experiment with radical solutions in a burgeoning field. "I like to use the analogy of diamonds, which are compressed with heat and pressure for thousands of years," Uber CTO Thuan Pham told CNNTech. "Those who can actually survive and thrive from it come out as diamonds." Related: The world''s most valuable startups Uber''s San Francisco headquarters is dotted with one-year anniversary balloons tied to worker desks -- a sign that the company is adding an enormous amount of new employees. Uber now employs 10,000 full-time (non-driver) workers and operates in more than 500 cities in 70 countries. "If you''re going to leave, people do so within the first year because the pace isn''t what they expected or what they''re used to," said Neal Narayani, Uber''s head of people analytics. Reception at Uber''s San Francisco headquarters Among those who left within the first 12 months is Melanie Curtain, who worked at Uber''s Washington, D.C., office as a community manager in 2013. She compared the company''s culture to ducks swimming on a pond: seemingly calm from above and working tirelessly under water. "It wasn''t unusual to sign online and see people working after midnight and on weekends," she said. "The culture isn''t imposed; it just exists. I knew what I was getting into, but it wasn''t for me." Narayani agrees: "You have to be a bit of an adrenaline junkie to work here." He himself skydives in his free time. What''s more, people with successful backgrounds -- valedictorians and those who have always done well in their careers -- often fail, "possibly for the first times in their lives," Narayani said. Uber''s San Francisco headquarters Still, Uber can''t keep up with job applications, according to Narayani. It has a 4.2 rating on job review site Glassdoor, compared to the average company rating of 3.3. (However, drivers give Uber a 2.9 rating.) Tech companies in general maintain a high approval rate on the site: Facebook ( FB , Tech30 ) earns a 4.5 and Google ( GOOGL , Tech30 ) a 4.4. The rocket ship When CEO Travis Kalanick launched Uber in March 2009, the company faced a steep learning curve. Challenges ranged from dealing with local city regulations and hiring reliable drivers to developing a loyal rider base and scaling at an astronomical rate. Critics have also called Uber''s ethics into question. Staffers allegedly posed as Lyft customers to cancel rides and poach drivers, and an executive revealed plans to dig up personal dirt on reporters critical of Uber. More recently, a lawsuit claimed employees misused the platform to track high-profile politicians and celebrities. Travis Kalanick, cofounder and CEO of Uber But Uber''s popularity on the ground continues to grow. Although it has emerged from its DIY roots, insiders say the culture and pace have remained relatively intact since the beginning. For example, not long after Andi Pimentel -- chief of staff to chief business officer Emil Michael -- joined Uber in 2012, she was approached by Kalanick, who knew she was from Mexico City. He wanted her to help him launch there. Related: Uber CEO drops out of Trump''s advisory council Along with four colleagues, she booked a one-way ticket to Mexico City. In a sort of grassroots eff
'd5ad9713de32e856db36b050dcd2ecb3d87878f6'|'BRIEF-Genesee & wyoming reports traffic for January 2017'|' 20pm EST BRIEF-Genesee & wyoming reports traffic for January 2017 Feb 13 Genesee & Wyoming Inc * Genesee & Wyoming reports traffic for January 2017 * G&W''s traffic in January 2017 was 278,268 carloads, an increase of 59,837 carloads, or 27.4 pct, compared with January 2016 * G&W''s same-railroad traffic in January 2017 was 240,801 carloads, an increase of 22,370 carloads, or 10.2 pct, compared with January 2016 * For North American operations traffic in January 2017 was 138,551 carloads, an increase of 11.4 pct compared with January 2016 Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSASB0B01A'|'2017-02-14T05:20:00.000+02:00'
'a4fd58492f5f1ca7f28d5d9a919fa8888cdfa45d'|'BRIEF-Vermillion announces equity financing of $5.6 million'|' 49am EST BRIEF-Vermillion announces equity financing of $5.6 million Feb 14 Vermillion Inc * Vermillion announces equity financing of $5.6 million * Vermillion Inc - under terms of private placement,vermillion has agreed to sell 3.7 million shares of its common stock at price of $1.40 per share  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSASB0B05M'|'2017-02-14T20:49:00.000+02:00'
'272593ca1946000a94ab553bac828606074b7062'|'British defence spending dipped below NATO target in 2016 - think tank'|' 31am GMT British defence spending dipped below NATO target in 2016 - think tank A RAF Typhoon monitors Russian warships Pyotr Velikiy and the Admiral Kuznetsov (rear) as they pass close to UK territorial waters, in this photograph released in London on January 25, 2017. Ministry of Defence/Crown Copyright 2017/Handout via REUTERS LONDON Britain''s defence spending last year dipped just below the NATO military alliance''s target of 2 percent of gross domestic product, the International Institute for Strategic Studies said on Tuesday. The government disputed the figures, saying NATO''s own data showed it had spent 2.21 percent of GDP on defence last year. Britain has previously met the commitment and during a visit to Washington last month Prime Minister Theresa May discussed the issue with U.S. President Donald Trump, who has repeatedly criticised members who do not spend enough on their militaries. Echoing the rationale behind Trump''s criticism, May then warned EU leaders at a summit earlier this month that they must raise their defence spending. "In 2016, only two European NATO states, Greece and Estonia, met the aim to spend 2 percent of their GDP on defence, down from four European states that met this measure in 2015," said John Chipman, Director General of global security think tank IISS, at the launch of a report on global military capabilities. "The UK dipped slightly below this at 1.98 percent, as its economy grew faster in 2016 than its defence spending. Nonetheless, the UK remained the only European state in the world''s top five defence spenders in 2016." The British government said the IISS presented its spending figures in U.S. dollars, and so had been impacted by fluctuations in exchange rates. "These figures are wrong: NATO''s own figures clearly show that the UK spends over 2 percent of its GDP on defence," a spokesman for the Ministry of Defence said in a statement. "Our defence budget is the biggest in Europe, the second largest in NATO, and it is growing each year as we invest 178 billion pounds in new equipment and the UK steps up globally, with new ships, submarines and aircraft over the next decade." (Reporting by Kylie MacLellan; editing by Stephen Addison) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-defence-idUKKBN15T170'|'2017-02-14T17:31:00.000+02:00'
'7e21e70548a05a3e235196ed275b5a6cf72990ed'|'TCI Fund urges French market regulator to intervene on Zodiac-Safran tie-up'|'PARIS Hedge fund TCI Fund Management wrote to French market regulator AMF on Tuesday to protest against aero engine maker Safran''s ( SAF.PA ) agreed bid for seats manufacturer Zodiac Aerospace ( ZODC.PA ), saying it risks violating shareholders'' rights.The $9 billion Safran-Zodiac tie-up plan aims to create the world''s third-largest aerospace supplier as the industry bulks up to tackle record high output plans."We believe that the AMF should intervene in order to ensure the protection of the rights of the shareholders of both Safran and Zodiac Aerospace," TCI head Christopher Hohn said in the letter published on the fund''s website.A spokeswoman for Safran declined to comment. A spokeswoman for the AMF could not immediately be reached.TCI Fund owns about 3.87 percent of Safran''s capital and, together with other clients of TCI, that reaches about 4.13 percent, he said, adding that TCI is also a shareholder of Zodiac.Hohn writes that he fears shareholders will only be consulted on the public tender offer after it has been initiated."If this were to be the case, we believe that launching a public tender offer prior to a vote on the merger by Safran shareholders would be in violation of the rights of Safran shareholders and in violation of the principle of equal access to information for all Zodiac shareholders," Hohn wrote."In order to preserve Safran shareholders'' voting rights, a vote of the extraordinary shareholders'' meeting of Safran on the merger must take place before the filing of the public tender offer."(Reporting by Ingrid Melander; Editing by Ruth Pitchford)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-zodiac-aero-m-a-safran-idINKBN15T2N0'|'2017-02-14T16:46:00.000+02:00'
'8913d09395c52f40e904c14e9f10b8344798b26b'|'Devon Energy posts Q4 profit vs. year-ago loss'|'Tue Feb 14, 2017 - 4:15pm EST Devon Energy posts fourth quarter profit vs. year-ago loss U.S. oil producer Devon Energy Corp ( DVN.N ) reported a quarterly profit on Tuesday, compared with a year-ago loss, driven by cost cutting. The company reported a net profit of $331 million, or 63 cents per share, for the fourth-quarter ended Dec. 31, compared with a loss of $4.5 billion, or a loss of $11.12 per share, a year earlier. The year-earlier quarter included a non-cash, asset impairment charge of $5.34 billion. Revenue rose 16 percent to $3.35 billion. (Reporting by Ahmed Farhatha in Bengaluru; Editing by Sriraj Kalluvila) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-devon-energy-results-idUSKBN15T2UB'|'2017-02-15T04:09:00.000+02:00'
'5e0520ea4624e238fc14671fdf03b94ea72f3313'|'UPDATE 1-Trian takes $3.5 billion stake in Procter & Gamble'|'Deals  19pm EST Trian takes $3.5 billion stake in Procter & Gamble By Michael Flaherty Trian Fund Management LP on Tuesday disclosed that it bought a $3.5 billion stake in Procter & Gamble Co, making it the second activist shareholder to take aim at the consumer products giant in the last five years. Cincinnati, Ohio-based P&G, maker of Tide detergent, Gillette razors and Crest toothpaste, is a $225 billion behemoth whose stock price has hardly budged from the $85 per share range in the last two years. The stock closed at $87.86 on Tuesday, a few dollars above where it traded this time two years ago. Trian was founded in 2005 by Nelson Peltz, Ed Garden and Peter May. The investment fund focuses mainly on three sectors: consumer brand companies, industrial and financial firms. The New York-based firm is known for making large investments in a small amount of companies where it pushes for board representation and for strategic moves that will increase revenues while reducing expenses. At $3.5 billion, Trian''s stake in P&G is its largest position by far. Trian''s current portfolio includes Mondelez International Inc, maker of Oreo cookies and Cadbury chocolate, and industrial group General Electric. Activist hedge fund Pershing Square Capital Management invested in Procter & Gamble in 2012, and called for the ouster of its then CEO, Robert McDonald. P&G reported better-than-expected quarterly sales last month, driven partly by its beauty and health care businesses, and raised its fiscal 2017 forecast for organic sales growth. (Additional reporting by Subrat Patnaik in Bengaluru; Editing by Bernard Orr) Next In Deals Delays, confusion as Toshiba reports $6 billion nuclear hit and slides to loss TOKYO After a day of delays and confusion, Japan''s Toshiba Corp said on Tuesday it expected to book a $6.3 billion hit to its U.S. nuclear unit, a writedown that wipes out its shareholder equity and will drag the group to a full-year loss.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-procter-gamble-stake-trian-fund-idUSKBN15T2WR'|'2017-02-15T05:15:00.000+02:00'
'e3935d0859a2eeae6e0f7d8b60a245005a607dec'|'BRIEF-Moody''s acquires structured finance data and analytics business of SCDM'|' 19am EST BRIEF-Moody''s acquires structured finance data and analytics business of SCDM Feb 15 Moody''s Corp * Moody''s acquires structured finance data and analytics business of SCDM * Says terms of transaction were not disclosed * Moody''s-Acquisition was funded from international cash on hand and is not expected to have a material impact on moody''s earnings per share in 2017 Source text for Eikon:'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1G0050'|'2017-02-15T17:19:00.000+02:00'
'92c82396609994f2a91c9a467f1fea28e4c0f62f'|'U.S. investment banker gets 11 years in prison for stock scam'|'A former Los Angeles investment banker was sentenced to more than 11 years in prison by a federal judge on Wednesday for his role in a stock manipulation scheme, resolving one of two criminal cases facing the man once dubbed "Porn''s New King."Jason Galanis, 46, admitted last year to securities fraud, investment adviser fraud and two conspiracy charges in connection with the scheme to manipulate shares in the now defunct reinsurer, Gerova Financial Group Ltd .Galanis did not have a publicly disclosed role at Gerova but was head of a subsidiary and exerted control over the company through associates, prosecutors said. They said Galanis worked with the reinsurer''s former chairman to amass nearly half of the company''s public float and had them issued to a so-called straw holder to disguise Galanis'' ownership.Galanis then allegedly bribed investment advisers to buy Gerova shares for their own clients, and through coordinated trading sold Gerova shares from the straw holder''s account in a scheme that generated nearly $20 million in profits, prosecutors said.U.S. District Judge Kevin Castel in Manhattan sentenced Galanis to 11 years and three months in prison and ordered him to forfeit nearly $38 million, a mansion in Bel Air, California, and a $7 million apartment in New York.The sentence was at the bottom of the range of up to 14 years sought by prosecutors.The case is one of two against Galanis, who was nicknamed "Porn''s New King" by Forbes magazine in 2004 after buying the nation''s largest processor of credit card payments for internet pornography. Galanis also pleaded guilty in the second case, in which prosecutors say he and associates misappropriated the proceeds of a bond issue by a Native American tribe.Galanis is due to be sentenced in May for that case, also in Manhattan federal court.Galanis apologized and told the judge he understood the damage he had done."My moral compass is not broken," Galanis said. "In certain cases I just ignored it."Judge Castel said he took into account that Galanis faces an additional sentence in the second case. He said Galanis stood apart from other defendants suffering from issues like drug addiction or mental illness in that he faced few impediments to doing well in life."Jason Galanis used his very considerable intellect and talents as a weapon," the judge said. "In other words, he didn''t have to do it."(reporting by Nathan Layne in New York; Editing by Noeleen Walder and Lisa Shumaker)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-gerova-financial-fraud-idUSKBN15U2L5'|'2017-02-15T23:23:00.000+02:00'
'33959bf2e162cfb489c7ddb434b2c6a7455a7e22'|'New labor laws in Chile embolden striking miners'|'Commodities - Wed Feb 15, 2017 - 1:10am EST New labor laws in Chile embolden striking miners left right Workers from BHP Billiton''s Escondida, the world''s biggest copper mine, gather outside the company gates during a strike, in Antofagasta, Chile February 9, 2017. REUTERS/Juan Ricardo 1/5 left right Workers from BHP Billiton''s Escondida, the world''s biggest copper mine, gather outside the company gates during a strike, in Antofagasta, Chile February 10, 2017. REUTERS/Juan Ricardo 2/5 left right Workers from BHP Billiton''s Escondida, the world''s biggest copper mine, gather outside the company gates during a strike, in Antofagasta, Chile February 10, 2017. REUTERS/Juan Ricardo 3/5 left right Workers from BHP Billiton''s Escondida, the world''s biggest copper mine, gather outside the company gates during a strike, in Antofagasta, Chile February 9, 2017. REUTERS/Juan Ricardo 4/5 left right Workers from BHP Billiton''s Escondida, the world''s biggest copper mine, gather outside the company gates during a strike, in Antofagasta, Chile February 9, 2017. REUTERS/Juan Ricardo 5/5 By Gram Slattery and Fabian Cambero - SANTIAGO/ANTOFAGASTA SANTIAGO/ANTOFAGASTA Workers at the world''s largest copper mine in Chile are digging in for a long strike, emboldened by new labor laws that are likely to result in tough wage negotiations in the industry in 2017 in one of Latin America''s most free-market economies. The 2,500-member union at BHP Billiton''s Escondida mine has been on strike since Thursday. Labor leaders say they are far from reaching an agreement, and BHP has already said it will not be able to fulfill copper delivery contracts. The stoppage at Escondida, combined with export issues at Freeport-McMoRan Inc''s Grasberg copper mine in Indonesia, the world''s second-largest, have sent prices for the metal to 20-month highs amid supply concerns. Workers at mines representing around 12 percent of global output are due to renegotiate contracts in Chile in 2017, with any stoppage likely to affect volatile copper prices. Escondida''s labor relations have long been fractious, and strikes paralyzed the mine in 2011 and 2006, when previous collective labor contracts were renegotiated. This time, negotiations stalled in part because of a freshly minted labor code that aims to return power lost by unions decades ago, people with knowledge of the talks told Reuters. The law does not take effect until April, but its provisions and language have influenced the union''s negotiating position. Last year, the center-left government of President Michelle Bachelet passed the sweeping, complex reform to strengthen the hand of organized labor, which government supporters say never recovered from suppression under the 1973-1990 dictatorship of Augusto Pinochet. Union sources say workers broke off wage talks with Escondida in part because they believed the company was using underhanded tactics to dilute the impact of that reform. BHP declined to comment on ongoing negotiations. But one legal source with knowledge of BHP''s negotiating strategy said the reform had effectively narrowed the pay and benefit proposals the company could successfully take to the union. The situation at Escondida bodes ill for other mining companies ahead of wage talks expected elsewhere in Chile this year. Anglo American Plc and Glencore Plc''s Collahuasi mine and Barrick Gold Corp and Antofogasta Plc''s Zaldivar mine are among those on that list. Those two mines account for about a half-million tonnes per year of copper output and more than 2 percent of global supply. Labor leaders at both deposits said they had good relationships with management. They added, however, they would use the powers granted them in the reform in the coming negotiations. "It brings some rather powerful tools to the workers'' movement," said Raul Torres, president of Zaldivar''s main union. An Antofagasta spokeswoman said the company was already working with unions to define what activities a compan
'6d1c23d95aa926944a10779bf8413802cd8092da'|'Nikkei rises to more than 2-week highs on weaker yen, Trump relief'|'  1:11am EST Nikkei rises to more than 2-week highs on weaker yen, Trump relief TOKYO Feb 13 Japan''s Nikkei share average rose to more than two-week highs on Monday, helped by Wall Street breaking records, a weaker yen and relief that talks between U.S. President Donald Trump and Japan''s Prime Minister Shinzo Abe yielded no negative surprises. The Nikkei gained 0.4 percent to 19,459.15, its highest closing since Jan. 27. The broader Topix gained 0.5 percent to 1,554.20, while the JPX-Nikkei Index 400 rose 0.5 percent to 13,946.05. (Reporting by Lisa Twaronite and Ayai Tomisawa; Editing by Shri Navaratnam) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/japan-stocks-close-idUSL4N1FY247'|'2017-02-13T13:11:00.000+02:00'
'7fb356caf8161c14921c836dce544b8ff0a2a0c8'|'UPDATE 1-Boeing expects 737 MAX-9 to fly in April as larger version takes shape'|'Business   1:07pm EST Boeing expects 737 MAX-9 to fly in April as larger version takes shape left right Boeing''s new 737 MAX-9 is pictured under construction at their production facility in Renton, Washington, U.S., February 13, 2017. REUTERS/Jason Redmond 1/12 left right A worker is pictured next to Boeing''s new 737 MAX-9 under construction at their production facility in Renton, Washington, U.S., February 13, 2017. REUTERS/Jason Redmond 2/12 left right An engine of Boeing''s new 737 MAX-9 is pictured under construction at their production facility in Renton, Washington, U.S., February 13, 2017. REUTERS/Jason Redmond 3/12 left right Boeing''s new 737 MAX-9 is pictured under construction at their production facility in Renton, Washington, U.S., February 13, 2017. REUTERS/Jason Redmond 4/12 left right Boeing''s new 737 MAX-9 is pictured under construction at their production facility in Renton, Washington, U.S., February 13, 2017. REUTERS/Jason Redmond 5/12 left right A worker walks past Boeing''s new 737 MAX-9 under construction at their production facility in Renton, Washington, U.S., February 13, 2017. REUTERS/Jason Redmond 6/12 left right Workers are pictured next to Boeing''s new 737 MAX-9 under construction at their production facility in Renton, Washington, U.S., February 13, 2017. REUTERS/Jason Redmond 7/12 left right The cockpit of Boeing''s new 737 MAX-9 is pictured under construction at their production facility in Renton, Washington, U.S., February 13, 2017. REUTERS/Jason Redmond 8/12 left right A wing for a Boeing 737 is pictured in the wing system installation area at their factory in Renton, Washington, U.S., February 13, 2017. REUTERS/Jason Redmond 9/12 left right Keith Leverkuhn, vice president in charge of Boeing''s 737 program, speaks to reporters at their factory in Renton, Washington, U.S., February 13, 2017. REUTERS/Jason Redmond 10/12 left right Boeing''s new 737 MAX-9 is pictured under construction at their production facility in Renton, Washington, U.S., February 13, 2017. REUTERS/Jason Redmond 11/12 left right A Spar Assembly Line (SAL) machine, which builds spars for wings, is pictured at Boeing''s 737 factory in Renton, Washington, U.S., February 13, 2017. REUTERS/Jason Redmond 12/12 By Alwyn Scott - SEATTLE SEATTLE Boeing Co ( BA.N ) said on Tuesday it plans to fly its new 737 MAX-9 aircraft for the first time in April, a further sign the company will start delivering the large version of the workhorse plane in 2018. Delivery of the single-aisle 737 MAX models, which replace the current 737 "NG" introduced in 1997, is crucial for Boeing to hit the financial targets it has promised investors and to offset slowing output of some of its largest jets such as the 777 and 747. Airlines want the MAX because it burns significantly less fuel than current models. The world''s largest plane maker is creating up to five MAX versions, while planning to increase output to 57 planes a month in 2019, from 42 a month at present. The first MAX model in production, known as the MAX-8, is on track to reach customers by mid-year. "We are anticipating our certification of the airplane within a matter of days-weeks," Keith Leverkuhn, 737 general manager, said at a Monday briefing embargoed until Tuesday. The stamp of approval by the U.S. Federal Aviation Administration would come about a year after the MAX-8''s first flight and allow Boeing to begin delivering the $110 million, 162-seat jetliner in the second quarter, he said. Deliveries trigger the bulk of airline payments. Norwegian Air Shuttle ( NWC.OL ) will be one of the first airlines to fly the plane commercially, likely ahead of launch customer Southwest Airlines Co ( LUV.N ), which was first to order the MAX but is taking longer to put it into service. Boeing expects the MAX to account for as much as 15 percent of the 500 or more 737s it expects to deliver in 2017, rising to nearly 100 percent by 2020. Boeing on Monday showed off 
'685fe2d9417c0009ac3ba016e6ade3ff2e7cda0b'|'Acacia Mining sees 40 percent boost from mine extension'|'LONDON Feb 14 Tanzanian gold producer Acacia Mining said 2017 production would be lifted 40 percent by a mine life extension at Buzwagi following a strong 2016 when EBITDA (earnings before interest, tax, depreciation and amortisation) more than doubled."2016 was another successful year for Acacia as we delivered record production, reduced our all-in sustaining costs by 14 percent and more than doubled our net cash position," Brad Gordon, chief executive of Acacia Mining, said.For the coming year, the company said in a statement, a six-month extension of mining at Buzwagi will lead to a 40 percent output increase versus 2016. (Reporting by Barbara Lewis; Editing by Susan Fenton)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/acacia-mining-results-idUSL5N1EO2XW'|'2017-02-14T10:16:00.000+02:00'
'2509a46dfb70191b4c74a1ca08149c06c565cf37'|'Samsung Group chief appears at South Korea special prosecutor''s office'|'Business News - Mon Feb 13, 2017 - 12:40am GMT Samsung Group chief appears at South Korea special prosecutor''s office File Photo: Samsung Group chief, Jay Y. Lee, leaves after attending a court hearing to review a detention warrant request against him at the Seoul Central District Court in Seoul, South Korea, January 18, 2017. REUTERS/Kim Hong-Ji SEOUL Samsung Group leader Jay Y. Lee appeared at the South Korean special prosecutor''s office on Monday for questioning as part of a wider investigation into an influence-peddling scandal that could topple President Park Geun-hye. Lee, the third-generation leader of South Korea''s top conglomerate, has been identified as a suspect on suspicions that he paid bribes to Park''s friend, Choi Soon-sil, to pave the way for a controversial 2015 merger of two Samsung affiliates. "I will once again tell the truth to the special prosecution," he told reporters. (Reporting by Se Young Lee; Editing by Paul Tait) Next In Business News Dollar gains after Trump-Abe meet, Asian shares firm TOKYO The dollar rose against the yen on Monday on relief that U.S. President Donald Trump set aside tough campaign rhetoric over security and jobs in a smooth meeting with Japanese Prime Minister Shinzo Abe, with no mention of currency policy. Australian banks narrow focus of Apple Pay collective bargaining request SYDNEY Australian banks seeking permission from the country''s competition regulator to bargain collectively with Apple Inc over its mobile payment system said on Monday they will focus on gaining access to the U.S. tech company''s contactless payment function, removing the fees Apple charges as a bone of contention. VW says has no plans to retain large number of temporary staff BERLIN Volkswagen said it has no plans to keep a large number of temporary workers on its books following a media report saying management at the carmaker''s VW brand would retain about 2,000 of them as labour leaders and executives wrestle over the company''s turnaround plan. 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-southkorea-politics-samsung-group-idUKKBN15S022'|'2017-02-13T07:40:00.000+02:00'
'eeff7e86718de0f229135bdf6209bab9344970ff'|'Toshiba prepares to unveil nuclear hole, other perils threaten'|' 30am GMT Toshiba prepares to unveil nuclear hole, other perils threaten The logo of Toshiba Corp is seen behind trees at its headquarters in Tokyo, Japan October 1, 2015. REUTERS/Toru Hanai By Makiko Yamazaki and Taro Fuse - TOKYO TOKYO Toshiba Corp ( 6502.T ) will on Tuesday detail a writedown of close to $6 billion after bruising cost overruns at its U.S. nuclear arm, turning investor attention to the Japanese group''s efforts to fix that and other balance sheet headaches. The TVs-to-construction conglomerate warned of a potential multi-billion dollar nuclear writedown in December, a year after a $1.3 billion accounting scandal. Sources familiar with the matter say the final charge, to be detailed alongside quarterly earnings, will be as high as 700 billion yen ($6.2 billion), a sum which alone would wipe out the company''s shareholder equity. Toshiba, which has seen its market value almost halve since the prospect of a writedown emerged in December, is also expected to outline the prospects for its nuclear arm and update investors on efforts to raise capital, including through the sale of a stake in its flagship memory chips business. "The question for Toshiba is how is it going to move forward," said Masahiko Ishino, analyst at Tokai Tokyo Research Center. He added Toshiba would need to show how it could stay competitive in the cash-generating but capital-intensive memory chip industry, given its battered balance sheet. Toshiba has offered a 19.9 percent of its prize chips business to investment funds and rivals including Bain Capital, SK Hynix ( 000660.KS ) and Micron Technology ( MU.O ). PILLAR OF BUSINESS On Thursday, a source said that Toshiba had received bids of between 200 billion yen to 400 billion yen for the flash memory stake, a range that could cover the 300 billion yen the company wants to raise. It prefers multiple investors. Toshiba is a pillar of Japan''s business establishment. Born in the tumult of Japan''s emergence from centuries of isolation, it made Japan''s first light bulb and was a pioneer in laptop computers. Toshiba''s 190,000 workers, employed at some 500 units, likely will make it too big to fail. But as with other established Japanese firms that have dodged financial collapse, such as liquid crystal display inventor Sharp Corp ( 6753.T ), Toshiba could face protracted pain. Financial sources last week pointed to problem businesses within Toshiba beyond nuclear, including Landis+Gyr AG. Toshiba agreed to buy that unlisted meter maker for $2.3 billion in 2011 to tap smart grid demand that at the time was expected to grow six-fold to around $70 billion in 10 years. At the end of September, the goodwill value of Landis+Gyr was 143.2 billion yen ($1.3 billion). Other stumbling blocks for Toshiba include a $7.4 billion commitment four years ago to buy U.S. liquefied natural gas believing that would help sell power plant turbines. ACCOUNTING SCANDAL A fall in Asian gas prices, now at about half the level they were, has cast doubt on that strategy. Toshiba, on a stock exchange watchlist barring it from issuing new shares, must also contend with fallout from the 2015 accounting scandal. Mitsubishi UFJ Trust and Banking Corp ( 8306.T ) last month said it will seek 1 billion yen in damages, while sources say Sumitomo Mitsui Trust Bank Ltd and Mizuho Trust & Banking Co are preparing similar suits.[nL4N1FK07I} With its latest financial crisis unresolved, investors appear most nervous about Toshiba''s short-term prospects. The cost of insuring against a credit default has soared over the past two months. Five-year insurance, or credit default swaps, was quoted at 315/355 basis points TOSB5YJPAC=MG on Friday, compared with 75 basis points in mid-December. That quote, below late December highs, suggests it would cost $315,000-$355,000 per year for five years to insure $10 million in bonds. The CDS curve <0#TOSBJPACMPBMK=> is inverted, suggesting short-term cover is most expensive. ($1 = 113.190
'b5ff67a53da4cdc86ed7091eea43c1b18b788b43'|'Lundin Petroleum to spin off non-Norwegian assets'|'  8:02am GMT Lundin Petroleum to spin off non-Norwegian assets OSLO Swedish oil firm Lundin Petroleum ( LUPE.ST ) plans to spin off its assets outside of Norway in a separately listed company and will hand out shares in the new firm to its owners, it said in a statement on Monday. Separately the company''s Norwegian unit announced an oil discovery in the Arctic Barents Sea, while Lundin also set an output target for 2017 that was below forecasts in a Reuters poll of analysts. The assets that will be hived off, located in Malaysia, France and the Netherlands, will become part of the newly formed International Petroleum Corporation (IPC). "Given ongoing developments and successes with the company''s assets in Norway, the IPC Assets, held within a separate and independent entity, would benefit from enhanced strategic flexibility and management focus, as well as be ascribed increased focus, visibility, and value from investors," it said. The aim is to turn IPC into a leading international independent oil and gas company. "IPC has applied to the Toronto Stock Exchange to list its shares ... under the ticker IPCO, and also intends to list its shares on the NASDAQ Stockholm stock exchange," Lundin said. (Reporting by Terje Solsvik, editing by Nerijus Adomaitis)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-lundinpetroleum-divestiture-idUKKBN15S0PT'|'2017-02-13T15:02:00.000+02:00'
'6a6b20aeae90ebc82e25da18dedc7f8d45aca9b7'|'US issuers rush to sell Formosa bonds before rule change'|'Company News - Sun Feb 12, 2017 - 10:10pm EST US issuers rush to sell Formosa bonds before rule change * US blue chips head for Taiwan to lock in flexible funding terms By Daniel Stanton SINGAPORE, Feb 13 (IFR) - Three US blue chips headed to Taiwan''s Formosa bond market last week in a rush to lock in flexible funding ahead of changes in local regulations and a potential shake-up in US tax rules. Verizon Communications issued a $1.475 billion 30-year non-call three bond at 4.95 percent, the largest Formosa issue of the year so far. Also last week, Apple was rumoured to be sounding investors for a potential $1 billion 30 non-call three, indicated at a yield in the 4.3 percent area, and Pfizer was heard to be eyeing the market, too. Global issuers are rushing to Taiwan before a local rule change in March that will effectively prevent them from offering securities with call dates of less than five years. However, US companies have an additional incentive to lock in the most flexible terms possible, with potential changes to the US tax code looming over the horizon. "A lot of issuers are thinking they want to get ahead of this," said a foreign banker. "If something changes in the US tax rules, they can call back their bonds later." Many US multinationals keep large piles of cash offshore to limit corporate tax payments and sell bonds to fund dividend payments or share buybacks. However, proposals to cut the US corporate tax rate and remove the deductibility of interest payments against income are likely to spur them to repatriate their cash and potentially reduce bond issuance. Such proposals are unlikely to become law before the end of this year, if at all, but, in the meantime, yield-hungry Taiwanese investors remain an attractive alternative source of US dollar funding. The Formosa market relies heavily on local life insurers, and foreign issuance has rocketed since 2014, when Taiwan''s Financial Services Commission reclassified Formosa bonds as domestic debt. Taiwanese insurers, which cannot invest more than 45 percent of their assets in foreign bonds, were, therefore, freed up to buy more dollar bonds listed in Taiwan. CALLING TIME Insurance investors typically prefer long maturities and the most popular tenor in the Formosa market is 30 years, but most bonds have call options, most commonly at three years. Still, the structure of Formosa bonds is about to change. Last month, the FSC said it would prohibit Taiwanese insurance companies from buying bonds with call options earlier than five years. Since insurers are, by far, the largest buyers of Formosa bonds with about an 80 percent share of all outstanding issues, according to a November estimate by asset manager PIMCO, issuers are expected to stick to non-call five structures after the new rule takes effect on March 25. That means US corporate issuers, in particular, are trying to take advantage of the short-dated call options available in the Formosa market while they can. That may also mean the mix of issuers looking to court Taiwanese investors may change after March. "I don''t think it will mean that we get fewer US corporates issuing into the Formosa market since the economics for them to issue dollars from an economic standpoint is still the most attractive," said Rick Chan, EVP and portfolio manager, interest rate derivatives, at PIMCO. "There is a potential that it may be different names. We have seen a decrease in Formosa bond issuance from US financials with the slack being made up from Middle East issuers and other corporates. Pfizer, Apple and Vodafone are all working on potential deals this week, for example. The binding constraint will be more from the demand side." However, another mooted rule change is expected to encourage issues from lower-rated names. Currently, it is impractical for life insurers to buy Formosa rated below Single A, as there are restrictions on how much lower-rated paper they can purchase. However, it is expected that requiremen
'75aa886f3f13dfff72f8c5e884054b1cb7d96b8c'|'Health insurer Anthem says Cigna cannot terminate merger agreement'|'  3:15pm EST Health insurer Anthem says Cigna cannot terminate merger agreement WASHINGTON Feb 14 Health insurer Anthem Inc said on Tuesday that Cigna Corp could not unilaterally terminate an agreement between the two companies to merge. "Under the terms of the merger agreement, Cigna does not have a right to terminate the agreement. Therefore, Cigna''s purported termination of the merger agreement is invalid," Anthem said in a statement. Cigna had said earlier on Tuesday that it would terminate the planned deal after a federal judge ruled on Feb. 8 that the deal was illegal under antitrust law. (Reporting by Diane Bartz; Editing by Bernard Orr)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/cigna-ma-anthem-idUSL1N1FZ1SP'|'2017-02-15T03:15:00.000+02:00'
'cac65370f206135ee35427f0462d4d4cb9fc3c2e'|'LendingClub posts third straight quarterly loss'|'Tue Feb 14, 2017 - 4:16pm EST LendingClub posts third straight quarterly loss Online lending platform operator LendingClub Corp ( LC.N ) reported its third straight quarterly loss, largely due to higher costs. The company reported a net loss of $32.27 million, or 8 cents per share, in the fourth quarter ended Dec.31, compared with a profit of $4.57 million, or 1 cent per share, a year earlier. Total net operating revenue fell 3.9 percent to $129.20 million. (Reporting by Rishika Sadam in Bengaluru; Editing by Sriraj Kalluvila) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-lendingclub-results-idUSKBN15T2UL'|'2017-02-15T04:13:00.000+02:00'
'5518d7fa168d2e41b054ebb12577efbc1c1499a4'|'German Econ Min attacks PSA/Opel talks for excluding labour reps'|'Company News - Tue Feb 14, 2017 - 9:57am EST German Econ Min attacks PSA/Opel talks for excluding labour reps BERLIN Feb 14 German Economy Minister Brigitte Zypries said it was totally unacceptable that talks took place on French carmaker PSA Group buying General Motors'' European Opel unit without consulting German works councils or local government. Speaking on the sidelines of a meeting of lawmakers, Zypries also said on Tuesday that the German government had no information on the talks. GM had a responsibility to ensure that Opel''s innovation centre remained in Germany, the minister said. Earlier, PSA said it was holding talks with GM about buying Opel. (Reporting by Holger Hansen; Writing by Madeline Chambers; Editing by Michael Nienaber) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/opel-ma-psa-idUSB4N1DI00F'|'2017-02-14T21:57:00.000+02:00'
'cec1f897f421d353a95fc19e64d20c34cf2ad902'|'Activist fund year-end returns boosted by Trump rally'|'Business News - Tue Feb 14, 2017 - 2:44pm EST Activist fund year-end returns boosted by Trump rally By Michael Flaherty - NEW YORK NEW YORK Activist hedge funds recovered from a slow start last year, ending 2016 with sharp gains across the sector, spurred by a stock rally that followed the U.S. presidential election. Hedge fund managers that exclusively or partially manage an activist portfolio of stocks cited the election of President Donald Trump as a year-end boost and a likely tailwind for 2017, though several expressed concern that the policy direction coming from the White House remains uncertain. "Like it or not, Donald Trump''s presidency changes everything," activist Raging Capital said in its fourth-quarter letter. The fund, which manages around $900 million, was up 27 percent last year. Unlike most of the hedge fund industry, activist managers directly engage with chief executives and boards to push changes, sometimes publicly calling out the companies and pursuing proxy fights. The HFRI Event-Driven activist index showed a 10.4 percent gain for the year, compared with a 1.15 percent bump the year before. In 2016, the S&P 500 index ended the year up 9.5 percent. New activist targets in 2016 included restaurant chain Buffalo Wild Wings ( BWLD.O ), refiner Marathon Petroleum ( MPC.N ) and industrial retailer HD Supply ( HDS.O ). J.P. Morgan director David Hunker, who advises companies on shareholder activism, said activists showed more discipline toward the end of the year in targeting companies where a broader set of investors were unhappy. "There''s a lot more going on among activists to really understand what shareholder frustrations are and where they can drive a wedge between management teams, the board and their investors," Hunker said. Raging Capital Chief Investment Officer, William Martin, said Trump''s election, and the anticipation of low-tax, pro-business policies, have handed the economic baton over to Congress from the U.S. Federal Reserve, which had kept interest rates at near-zero levels for nearly a decade. "Many of the Republican proposals have potentially far- reaching impacts on certain industries, though sufficient detail does not exist to properly quantify these impacts or their timing," according to hedge fund PSAM, which manages around $2 billion and was up 14 percent last year. The hedge fund, which occasionally takes activist positions, added that Trump''s expected deregulation push could further accelerate merger deals in 2017, with media companies expected to lead the pack. (Reporting by Michael Flaherty; Editing by Alan Crosby) Next In Business News U.S. investors brace for mounting political risks as they decode Trump NEW YORK Barry James built up his $4 billion mutual fund largely by studying balance sheets, earnings and market share. In the last few weeks, however, he has realized that he must look at a new force in the market: U.S. President Donald Trump. Exclusive: Yellen brushes off warning, says Fed has authority on global talks NEW YORK Federal Reserve Chair Janet Yellen, in response to a warning from a U.S. congressman to halt global regulatory talks in the early stages of Donald Trump''s presidency, said in a letter the Fed has the authority and responsibility to consult with its foreign counterparts and does so to benefit the United States. HOUSTON Dallas Federal Reserve Bank President Robert Kaplan on Tuesday said that the biggest risk to U.S. economic growth in 2017 is the size of the workforce, which is shrinking because of the aging population. 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-activist-funds-returns-idUSKBN15T2MW'|'2017-02-15T02:41:00.000+02:00'
'5b057b3bf9e1d385301a5aca000616c1f89e2db3'|'BRIEF-Jana Partners dissolves stake in Twitter, Viacom and Priceline'|'Company News  44pm EST BRIEF-Jana Partners dissolves stake in Twitter, Viacom and Priceline Feb 14 Jana Partners LLC * Jana Partners LLC dissolves sole share stake in Twitter - sec filing * Jana Partners LLC takes sole share stake of 633,101 shares in Yum Brands * Jana Partners LLC dissolves sole share stake in Viacom Inc * Jana Partners LLC ups sole share stake in Yahoo Inc to 2.0 million shares from 199,070 shares * Jana Partners LLC dissolves sole share stake in Priceline Group Inc * Jana Partners LLC dissolves sole share stake in Mondelez International Inc * Jana Partners LLC ups sole share stake in Nuvasive Inc to 1.8 million shares from 80,744 shares * Jana Partners LLC - change in holdings are as of Dec 31, 2016 and compared with the previous quarter ended as of Sept 30, 2016 Source text for quarter ended Dec 31, 2016: bit.ly/2kudAdq Source text for quarter ended Sept 30, 2016: bit.ly/2fMRPEO Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1FZ191'|'2017-02-15T03:44:00.000+02:00'
'5783fc440e60b21a06266e412558c1f6b8139407'|'Tesla will sell electric cars in the Middle East'|'Tesla is going to sell electric cars in the Middle East by Zahraa Alkhalisi @CNNMoneyInvest February 13, 2017: 11:06 AM ET Elon Musk in 90 Seconds Tesla is bringing its electric cars to the heart of the oil producing world. The automaker announced Monday that its first official venture in the Middle East will be in the United Arab Emirates. The first cars -- the Model S and Model X -- will hit the road this summer. "Timing seems to be good to really make a significant debut in this region starting in Dubai," Tesla ( TSLA ) CEO Elon Musk said at the World Government Summit in Dubai. Tesla owners will have access to two existing supercharging stations in the UAE, and Telsa plans to open five more by the end of the year. Despite sitting on huge oil and gas reserves, the UAE has ambitious plans to go green . Last month it said it will invest $163 billion to boost alternative energy use over the next three decades. It''s the latest in a series of expansion announcements for Tesla. Last week, Musk hinted that Tesla may soon come to India. Musk has also teased plans to build "heavy-duty trucks and high passenger-density urban transport" as well developing a ride-hailing network, which could be similar to Uber. Speaking in Dubai, the entrepreneur expounded on the future of robotics. "We will see autonomy and artificial intelligence advance tremendously," Musk said. "In probably 10 years, it will be very unusual for cars to be built that are not fully autonomous." Related: Elon Musk''s surprising secret weapon: Trump? But he also warned of the "disruptive" nature of autonomous vehicles. "That disruption I''m talking about will take place over about 20 years. Still, 20 years is a short period of time to have something like 12% to 15% of the workforce be unemployed." Musk said governments must pay close attention to artificial intelligence, create sustainable transport and be wary of mass unemployment. "This will be a massive social challenge. Ultimately, we need to think about universal basic income. I don''t think we have a choice," he said. "There will be fewer and fewer jobs that a robot cannot do better." -- Seth Fiegerman contributed reporting.'|'cnn.com'|'http://rss.cnn.com/rss/edition_business.rss'|'http://money.cnn.com/2017/02/13/investing/tesla-uae-elon-musk/index.html'|'2017-02-13T23:18:00.000+02:00'
'763ff56a4ef91f465ed5c40050adc0d22eefdaf4'|'India says in talks with Vietnam for first missile sale'|' 30am GMT India says in talks with Vietnam for first missile sale India''s ''''Akash'''' missiles, mounted on a truck, are displayed during the Republic Day parade in New Delhi January 26, 2007. REUTERS/B Mathur (INDIA) By Sanjeev Miglani - BENGALURU, India BENGALURU, India India is in talks to sell short range surface-to-air missiles to Vietnam, the head of India''s defence research agency said on Wednesday, in what would be its first transfer of such weapons to the Southeast Asian country. India has been helping the Vietnamese military with training and patrol vessels, but a further deepening of ties with missile sales could draw criticism from China that has been locked in a territorial dispute with Hanoi in the South China Sea. New Delhi is currently talking to a number of countries for sales of its surface-to-air Akash missiles, said S. Christopher, chairman of state-run Defence Research and Development Organisation (DRDO). The move is in line with Prime Minister Narendra Modi''s push to establish India as an arms exporter. "We are talking to countries, one of them is none other than Vietnam," he told a news conference on the sidelines of an air show where the DRDO is showcasing its missile programmes and other key projects, including a home-grown light combat fighter. Christopher did not provide any details of how many Akash missile batteries the government planned to supply Vietnam. Vietnam is in the midst of a quiet military buildup that analysts say is designed as a deterrent, to secure its 200 nautical mile Exclusive Economic Zone as China grows more assertive in staking its claims in the South China Sea. Experts say Vietnam is in the market for fighter jets and more advanced missile systems, in addition to the kilo-class submarines it has bought from Russia. India, which is also sparring with China over a border dispute, has in the past considered the sale of its Brahmos supersonic missile with a range of 290 kms to Vietnam and has been steadily helping Hanoi beef up its defences. Last year, Modi announced a $500 million credit line to Vietnam to buy defence equipment, on top of a $100 million given previously to help it buy patrol boats. The two sides have also agreed for training of Vietnamese air force pilots to operate Su-30 Russian fighter planes. (Reporting by Sanjeev Miglani; Editing by Himani Sarkar)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-airshow-india-vietnam-idUKKBN15U0YI'|'2017-02-15T16:30:00.000+02:00'
'bf391503f7543fce97d5b28cde8f856bd6460e70'|'China Fosun''s tourism unit eyes fundraising for overseas M&A-president'|'By Julie Zhu and Elzio Barreto - HONG KONG HONG KONG China''s Fosun is in talks with investors to raise funds for its tourism unit''s planned overseas acquisitions, looking to build up the business even as regulators closely scrutinize outbound transactions, the unit''s president said.Fosun Tourism & Culture Group, a key profit growth business for China''s largest private conglomerate, is in discussions with domestic and international investors for its first round of capital raising to boost overseas investments ahead of a public listing, said Qian Jiannong.The unit includes resort operator Club Med, a Chinese joint venture with tour operator Thomas Cook Group ( TCG.L ) and the ultra-luxury Atlantis Resort Hotel in the southern Chinese seaside city of Sanya."We will increase (overseas) investment in the next few years and the area or regions that are most important for us are really not only where Chinese people have an interest in, but also the global regions where the tourism business is attractive," Qian told Reuters in an interview."We have been in talks with many companies since 2010. Currently, we are also talking to a few companies, but I can''t comment on any potential deals and projects at this stage."After a record year for outbound mergers and acquisitions by Chinese companies in 2016, Beijing has placed curbs on capital outflows to reduce pressure on the yuan currency, which fell to eight-year lows in December.That won''t present a hurdle to Fosun''s growth ambitions, according to Qian."Fosun, as a global enterprise, won''t be affected by such restrictions because we have enough offshore capital to conduct M&A deals overseas," he said."If it''s an overseas target, we will definitely use our offshore platform to acquire it. We have units incorporated abroad and at home."Asked about a timeline for a listing, Qian said none had been set for Fosun Tourism. But Fosun ( 0656.HK ), controlled by billionaire co-founder Guo Guangchang, encourages its different units "to go public at an appropriate time", he said.Tourism is key to China''s shift toward a more consumer-driven economic growth, with companies including Fosun, Dalian Wanda Group Co and HNA Group increasing their bets on the sector. The domestic tourism industry raked in 3.9 trillion yuan ($567.3 billion) in 2016, which Beijing wants to rise to 7 trillion yuan by 2020, official news agency Xinhua has said.China will account for 14 percent of total global outbound travel by 2020 from 10 percent now, brokerage CLSA has forecast, with the number of Chinese overseas trips rising to 200 million a year at the end of the period from 125 million in 2015.For Fosun, the tourism unit is part of its "happiness" segment, which saw profits for the six months ended June 2016 soar 76 percent to 365.4 million yuan, surpassing the 25.5 percent increase in the conglomerate''s health segment and the 13.7 percent gain in the wealth management segment over the same period.Only the investment and property development segments, which saw profits double and rise more than 600 percent, respectively, experienced faster growth.Club Med, which Fosun bought in 2015, plans to open at least 20 new resorts in China over the next few years, Qian said without specifying the timeline for the buildup.The tourism unit has an inhouse investment team of 26 people scouring the world for leisure tourism targets including hotel brands, travel agencies and theme parks, he said."Definitely we still have the investment teams in our new group and they''re still searching some new targets to buy and also find some companies that maybe we won''t merge with or acquire them, but we can have very good cooperation with them," Qian said.($1 = 6.8750 Chinese yuan renminbi)(Reporting by Julie Zhu and Elzio Barreto; Editing by Muralikumar Anantharaman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/fosun-tourism-idINKBN15T32T'|'2017-02-14T20:19:00.000+02:00'
'714866a519a2547be5615c38273f805ee7aa88a1'|'South Korea prosecutor says secured additional evidence against Samsung chief'|'Wed Feb 15, 2017 - 6:15am GMT South Korea prosecutor says secured additional evidence against Samsung chief Samsung Group chief, Jay Y. Lee, arrives for a court hearing to review a detention warrant request against him at the Seoul Central District Court in Seoul, South Korea, January 18, 2017. REUTERS/Kim Hong-Ji SEOUL South Korea''s special prosecutor''s office said on Wednesday it had expanded charges against Samsung Group chief Jay Y. Lee to include hiding the proceeds of a criminal act before it decided to seek a warrant for his arrest. A Seoul court said on Tuesday it would hold a hearing on Thursday to decide on the prosecution''s request for warrants to arrest Jay Y. Lee and Samsung Electronics Co Ltd ( 005930.KS ) President Park Sang-jin for bribery and other charges. Lee and the Samsung Group [SAGR.UL] have denied any wrongdoing. (Reporting by Joyce Lee; Editing by Paul Tait) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-southkorea-politics-samsung-group-idUKKBN15U0HN'|'2017-02-15T13:08:00.000+02:00'
'1b4c9e331ecbed4c9573657f559f8db9097a17e1'|'China Fosun''s tourism unit eyes fundraising for overseas M&A-president'|'* Fosun Tourism in talks with investors on first capital raising* Fosun unit targets hotels, travel agencies, theme parks* Unit would go public "at an appropriate time"-presidentBy Julie Zhu and Elzio BarretoHONG KONG, Feb 15 China''s Fosun is in talks with investors to raise funds for its tourism unit''s planned overseas acquisitions, looking to build up the business even as regulators closely scrutinize outbound transactions, the unit''s president said.Fosun Tourism & Culture Group, a key profit growth business for China''s largest private conglomerate, is in discussions with domestic and international investors for its first round of capital raising to boost overseas investments ahead of a public listing, said Qian Jiannong.The unit includes resort operator Club Med, a Chinese joint venture with tour operator Thomas Cook Group and the ultra-luxury Atlantis Resort Hotel in the southern Chinese seaside city of Sanya."We will increase (overseas) investment in the next few years and the area or regions that are most important for us are really not only where Chinese people have an interest in, but also the global regions where the tourism business is attractive," Qian told Reuters in an interview."We have been in talks with many companies since 2010. Currently, we are also talking to a few companies, but I can''t comment on any potential deals and projects at this stage."After a record year for outbound mergers and acquisitions by Chinese companies in 2016, Beijing has placed curbs on capital outflows to reduce pressure on the yuan currency, which fell to eight-year lows in December.That won''t present a hurdle to Fosun''s growth ambitions, according to Qian."Fosun, as a global enterprise, won''t be affected by such restrictions because we have enough offshore capital to conduct M&A deals overseas," he said."If it''s an overseas target, we will definitely use our offshore platform to acquire it. We have units incorporated abroad and at home."Asked about a timeline for a listing, Qian said none had been set for Fosun Tourism. But Fosun, controlled by billionaire co-founder Guo Guangchang, encourages its different units "to go public at an appropriate time", he said.Tourism is key to China''s shift toward a more consumer-driven economic growth, with companies including Fosun, Dalian Wanda Group Co and HNA Group increasing their bets on the sector. The domestic tourism industry raked in 3.9 trillion yuan ($567.3 billion) in 2016, which Beijing wants to rise to 7 trillion yuan by 2020, official news agency Xinhua has said.China will account for 14 percent of total global outbound travel by 2020 from 10 percent now, brokerage CLSA has forecast, with the number of Chinese overseas trips rising to 200 million a year at the end of the period from 125 million in 2015.For Fosun, the tourism unit is part of its "happiness" segment, which saw profits for the six months ended June 2016 soar 76 percent to 365.4 million yuan, surpassing the 25.5 percent increase in the conglomerate''s health segment and the 13.7 percent gain in the wealth management segment over the same period.Only the investment and property development segments, which saw profits double and rise more than 600 percent, respectively, experienced faster growth.Club Med, which Fosun bought in 2015, plans to open at least 20 new resorts in China over the next few years, Qian said without specifying the timeline for the buildup.The tourism unit has an inhouse investment team of 26 people scouring the world for leisure tourism targets including hotel brands, travel agencies and theme parks, he said."Definitely we still have the investment teams in our new group and they''re still searching some new targets to buy and also find some companies that maybe we won''t merge with or acquire them, but we can have very good cooperation with them," Qian said. ($1 = 6.8750 Chinese yuan renminbi) (Reporting by Julie Zhu and Elzio Barreto; Editing by Muralikumar Anantha
'84f51120cec49adf579e044ff1fd60a2d2937ed7'|'Stada receives 3.6 billion euro offer from private equity group Cinven: FT'|'German generic drugmaker Stada ( STAGn.DE ) has received a 3.6 billion euro ($3.83 billion) takeover offer from private equity group Cinven, the Financial Times reported.Cinven''s offer follows a year-long activist campaign to improve Stada''s profitability by Active Ownership Capital, one of its largest shareholders, and is believed to be pitched at close to 58 euros a share, the Financial Times reported, citing sources.Cinven declined to comment. Stada was not immediately available to comment.Advent, Bain Capital, CVC and Permira are all assessing the bidding war closely and could make a bid, the FT sources said.In August last year, Stada''s CEO Matthias Wiedenfels promised a more modern, dynamic approach to running the company, saying it had to improve its transparency, flexibility, hierarchies and communication, although it had no need to change its strategy.AOC put forward four candidates for Stada''s supervisory board for election at the AGM, including former Novartis ( NOVN.S ) manager Eric Cornut for chairman, and said it also supported two of the four candidates proposed by Stada.Another activist investor, Guy Wyser-Pratte, who has a stake of just under 3 percent, said in July that buyout firm CVC Capital Partners was interested in buying the drugmaker and that would be a better plan than AOC''s suggested board overhaul.(Reporting by Shalini Nagarajan in Bengaluru; Editing by Andrea Ricci)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-stada-m-a-cinven-idINKBN15R0XL'|'2017-02-12T16:26:00.000+02:00'
'c1acbab0e2333cc287f88ba3e617c26502ba4eec'|'BRIEF-Appaloosa LP takes share stake in American Airlines, Comerica'|'Feb 14 Appaloosa LP:* Appaloosa LP takes share stake of 1.3 million shares in American Airlines Group Inc* Appaloosa LP takes share stake of 1.2 million shares in Comerica Inc - Sec Filing* Appaloosa LP - change in holdings are as of Dec 31, 2016 and compared with the previous quarter ended as of Sept 30, 2016 Source text for quarter ended Dec. 31, 2016: ( bit.ly/2kQkMDQ ) Source text for quarter ended Sept. 30, 2016: ( bit.ly/2fSiJxx )'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/idINFWN1FZ19I'|'2017-02-14T18:59:00.000+02:00'
'09a3dcd725047d9887942d6ac64bc5a5970d8f1e'|'PSA Opel deal would benefit both companies - GM CEO'|'Company News  42am EST PSA Opel deal would benefit both companies - GM CEO FRANKFURT Feb 15 General Motors Chief Executive Mary Barra on Wednesday told employees that combining GM''s European Opel and Vauxhall business with Peugeot would be beneficial for both companies. "While there can be no assurance of any agreement, any possible transaction would enable PSA Groupe and Opel Vauxhall to leverage their complementary strengths, enhancing their competitive positions for the future in a rapidly changing European market," Barra said in message to staff, according to extracts of the message seen by Reuters. Barra urged employees not to let speculation about Opel''s fate distract the carmaker from carrying out its business. Barra concluded by saying that no additional information could be provided at this point, "because we are simply not at that point in our discussions." (Reporting by Edward Taylor. Editing by Jane Merriman) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/opel-ma-psa-barra-idUSL8N1G05YN'|'2017-02-15T23:42:00.000+02:00'
'9e9880cac1b29169d51a904a60ab6b3300f4fc65'|'Canada''s Shopify reports bigger loss as expenses soar'|'Company News  05am EST Canada''s Shopify reports bigger loss as expenses soar Feb 15 Canadian e-commerce software maker Shopify Inc reported a bigger quarterly loss on Wednesday as operating expenses jumped 80 percent. The company''s net loss widened to $8.9 million, or 10 cents per share, in the fourth quarter ended Dec. 31, from $6.3 million, or 8 cents per share, a year earlier. Ottawa-based Shopify, which went public in May 2015, said revenue rose to $130.4 million from $70.2 million. (Reporting by Komal Khettry in Bengaluru; Editing by Shounak Dasgupta) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/shopify-results-idUSL4N1FZ5MY'|'2017-02-15T19:05:00.000+02:00'
'1bba17d08bdd52ddd9d0201d869934eff1a6508b'|'UPDATE 2-South Africa watchdog seeks penalty against banks for FX rigging'|'(Adds comments from banks, central bank, detail from statement, writes through)By Tiisetso MotsoenengJOHANNESBURG Feb 15 South Africa''s competition watchdog has recommended fines against banks including Citigroup , Nomura and Standard Bank equal to 10 percent of their annual revenues for rigging the rand currency, it said on Wednesday.The Competition Commission said it had concluded an investigation into whether banks colluded to coordinate their trading activities when giving Quote: s to customers who were buying or selling currencies.It did not say if the fines should relate to the global revenues of the banks in question or just their South African business and could not be reached for further comment.The probe found that from at least 2007, traders at these banks had an agreement to collude on prices for bids, offers and bid-offer spreads for spot trades involving the rand and the U.S. dollar, the Commission said."They also created fictitious bids and offers, distorting demand and supply in order to achieve their profit motives," the Commission said in a statement.It did not give any detailed examples of how it had come to this finding, but said the banks had a general agreement to collude and had used instant messaging, phone conversation and meetings to coordinate their activities.The Commission launched the investigation in April 2015, joining a global clampdown that has led to dozens of traders fired and big banks fined around $10 billion in total for rigging the level of Libor and other forex benchmarks.KEY MILESTONEThe Commission, which investigates anti-trust practices, said it had referred the case for prosecution to the Competition Tribunal, which holds hearings on anti-trust matters before making a finding which parties affected can then appeal to South Africa''s Competition Appeal Court.<2E>The referral of this matter to the Tribunal marks a key milestone in this case as it now affords the banks an opportunity to answer for themselves,<2C> said Commissioner Tembinkosi Bonakele in a statement.The Tribunal declined comment.Other banks named in the case were Investec, JP Morgan, BNP Paribas, Credit Suisse Group , Commerzbank AG, Standard New York Securities Inc, Macquarie Bank, Bank of America Merrill Lynch , ANZ Banking Group Ltd, Standard Chartered Plc and Barclays Africa (Absa), part of the Barclays Plc."It should be noted that the Competition Commission has not sought any penalties against Absa," Barclays Africa said without giving any explanation. It said it would cooperate with the investigation.Investec also said in an emailed statement it would cooperate, but added: "Unfortunately at this stage we still do not have further detail with respect to the nature of the investigation and are thus not able to comment on the matter.<2E>Standard Bank declined to comment.The South African Reserve Bank (SARB) said it saw the allegations in a serious light."The SARB will allow the legal processes now initiated to run their course, and will continue to monitor developments closely to inform any action that we may need to embark upon in accordance with our mandate and jurisdiction," the central bank said in a statement. (Additional reporting by TJ Strydom; Editing by Susan Fenton and David Holmes)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/safrica-currencyrigging-idINL8N1G058W'|'2017-02-15T14:33:00.000+02:00'
'caee835a00846b2d4a087b35e24a818861e20957'|'CANADA STOCKS-Futures point to lower start as oil prices slip'|'Company News  37am EST CANADA STOCKS-Futures point to lower start as oil prices slip Feb 15 Canada''s main stock index was set to open lower on Wednesday as oil prices slipped following a report showing U.S. oil inventory increased. The American Petroleum Institute trade group said on Tuesday that U.S. inventories rose by a larger-than-expected 9.9 million barrels last week, ahead of the Energy Information Administration''s official supply report. March futures on the S&P TSX index were down 0.13 percent at 7:15 a.m. ET. Cannada manufacturing sales data for December is due at 8:30 a.m. ET. The Toronto Stock Exchange''s S&P/TSX composite index posted a fresh record high on Tuesday as higher oil prices and bond yields supported energy and financials, while auto suppliers benefited from U.S. President Donald Trump''s warm words for Canadian trade the day before. 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 down 0.02 percent and Nasdaq 100 e-mini futures were up 0.02 percent. (Morning News Call newsletter here ; The Day Ahead newsletter here ) TOP STORIES The European Union and Canada secured clearance for their contentious free trade deal and the removal of import duties that supporters say will boost growth and jobs on both sides of the Atlantic. Teck Resources Ltd, North America''s largest producer of steel-making coal, reported better-than-expected quarterly results, helped by higher realized prices. Canadian e-commerce software maker Shopify Inc, reported a bigger quarterly loss as operating expenses jumped 80 percent. ANALYST RESEARCH HIGHLIGHTS Bank of Montreal : CIBC raises target price to C$101 from C$100 Enerflex Ltd : RBC starts coverage with "outperform" rating; target price C$22 Royal Bank of Canada : CIBC raises target price to C$99 from C$98 COMMODITIES AT 7:15 a.m. ET Gold futures : $1225.2; +0.11 percent US crude : $52.86; -0.64 percent Brent crude : $55.64; -0.59 percent LME 3-month copper : $6044.5; +0.39 percent U.S. ECONOMIC DATA DUE ON WEDNESDAY 08:30 CPI mm, SA for Jan: Expected 0.3 pct; Prior 0.3 pct 08:30 CPI yy, NSA for Jan: Expected 2.4 pct; Prior 2.1 pct 08:30 Core CPI mm, SA for Jan: Expected 0.2 pct; Prior 0.2 pct 08:30 Core CPI yy, NSA for Jan: Expected 2.1 pct; Prior 2.2 pct 08:30 CPI Index, NSA for Jan: Expected 242.47; Prior 241.43 08:30 Core CPI Index, SA for Jan: Prior 250.01 08:30 Real weekly earnings mm for Jan: Expected 0.0 pct; Prior 0.1 pct 08:30 NY Fed Manufacturing for Feb: Expected 7.00; Prior 6.50 08:30 Retail sales mm for Jan: Expected 0.1 pct; Prior 0.6 pct 08:30 Retail sales ex-autos mm for Jan: Expected 0.4 pct; Prior 0.2 pct 08:30 Retail ex gas/autos for Jan: Prior 0.0 pct 08:30 Retail control for Jan: Expected 0.3 pct; Prior 0.2 pct 09:15 Industrial production mm for Jan: Expected 0.0 pct; Prior 0.8 pct 09:15 Capacity utilization mm for Jan: Expected 75.5 pct; Prior 75.5 pct 09:15 Manufacturing output mm for Jan: Expected 0.2 pct; Prior 0.2 pct 10:00 Business inventories mm for Dec: Expected 0.4 pct; Prior 0.7 pct 10:00 Retail inventory ex auto (R) for Dec: Prior 0.2 10:00 NAHB Housing Market Index for Feb: Expected 67; Prior 67 11:00 Cleveland Fed CPI for Jan: Prior 0.2 pct 16:00 Net L-T flows,exswaps for Dec: Prior 30.8 bln 16:00 Foreign buying, T-bonds for Dec: Prior -0.2 bln 16:00 Overall net capital flow for Dec: Prior 23.7 bln 16:00 Net L-T flows, including swaps for Dec: Prior 12.1 bln 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$1.31) (Reporting by Shradha Singh in Bengaluru; Editing by Savio D''Souza) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-idUSL4N1G03QM'|'2017-02-15T19:37:00.000+02:00'
'ab7dda13a8471b8ff3888335dd259f448584474e'|'BRIEF-Copa Holdings SA January load factor 83.7 percent'|' 21am EST BRIEF-Copa Holdings SA January load factor 83.7 percent Feb 15 Copa Holdings SA * January load factor 83.7 percent, up 3.8 points * Copa Holdings announces monthly traffic statistics for january 2017 * Copa Holdings SA - for month of january 2017, Copa Holdings'' system-wide passenger traffic (rpms) increased 10.7% year over year * Copa Holdings SA - for month of january 2017, Copa Holdings'' system-wide capacity (asms) increased 5.7%  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSASB0B0DH'|'2017-02-15T19:21:00.000+02:00'
'660ab4e0ba117bed5773b5b868d9fbcfc71d93c3'|'German economy minister in Paris for talks next week amid Opel worries'|'BERLIN Feb 15 German Economy Minister Brigitte Zypries will travel to Paris on Thursday next week for talks with her French counterpart Michel Sapin, her spokesman said on Wednesday.The meeting has been planned for some time and there is no connection to recent events, Economy Ministry spokesman Andreas Audretsch said.A German government spokesman said earlier on Wednesday that Berlin would "accompany" talks on Peugeot maker PSA''s plans to buy General Motors'' European business Opel.On Tuesday, Zypries said it was "totally unacceptable" that the talks about Opel had taken place without consulting German works councils or local government and that Opel''s innovation centre had to remain in Germany. (Reporting by Gernot Heller; Writing by Michael Nienaber; Editing by Paul Carrel)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/germany-france-minister-idINB4N1E900X'|'2017-02-15T13:23:00.000+02:00'
'5890b1e489f3c09b0c31fd9e9ec5fd689dfd028b'|'CVR settles SEC probe into disclosures tied to Icahn takeover'|'NEW YORK CVR Energy Inc will not pay a penalty over allegations that it made inadequate disclosures to investors during its unsuccessful defense against billionaire Carl Icahn''s 2012 hostile takeover, the U.S. Securities and Exchange Commission said on Tuesday.The SEC announcement came two years after CVR disclosed regulators were examining whether it properly characterized fees it agreed to pay advisers Goldman Sachs and Deutsche Bank to defend against Icahn''s tender offer.According to the SEC, the Texas-based oil refinery company made inadequate disclosures in SEC filings about "success fee" arrangements it reached with the two investment banks.Investors as a result were unaware of the potential conflicts of interest that the banks could still earn success fees even if Icahn secured control of the company, the SEC said.A majority of CVR shareholders ultimately accepted Icahn''s $30-per-share tender offer. The activist investor as of September had an 82 percent stake in the company, according to a regulatory filing.CVR declined to comment. It agreed to settle the case without admitting or denying wrongdoing, and the SEC said the company would pay no penalty in light of remedial steps it had taken and its "extensive cooperation" with the probe.(Reporting by Nate Raymond in New York; Editing by David Gregorio)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-cvr-energy-settlement-idINKBN15T341'|'2017-02-14T20:38:00.000+02:00'
'1a7a02cd470406fabbd6266b9b00e78ac45d03bc'|'EU Commission sees Italy''s budget deficit on the rise'|' 10am GMT EU Commission sees Italy''s budget deficit on the rise A woman walks in a street market in Rome, Italy, August 11, 2016. Picture taken August 11, 2016. REUTERS/Max Rossi BRUSSELS Italy''s structural budget deficit is on the rise,   forecast on Monday, moving in the opposite direction to that required under EU rules and likely putting Rome on a collision course with the EU''s executive arm. The structural deficit is the budget balance that excludes one-off items and the effects of the business cycle. Under EU law, it should diminish each year by at least 0.5 percent of GDP until balance or surplus. But Italy''s structural deficit will increase to 2.0 percent of GDP this year from 1.6 percent in 2016 and rise further to 2.5 percent in 2018, unless policies change, the Commission said in its forecasts issued three times a year. Also Italy''s public debt, which according to EU rules should be falling each year and in the case of Italy by more 3 percentage points of GDP a year, will actually increase this year to an all-time high of 133.3 percent of GDP from 132.8   edge lower only marginally to 133.2 percent next year. (Reporting By Jan Strupczewski; editing by Philip Blenkinsop)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-italy-eu-forecast-idUKKBN15S0Z2'|'2017-02-13T17:10:00.000+02:00'
'9bc49675d2ae9e6d32d65da330c98f0c11540572'|'Ansell says sale of condom business is progressing, posts flat profit'|'SYDNEY Australian rubber products maker Ansell Ltd ( ANN.AX ) said on Monday it had received several expressions of interest for its condom business, as it reported flat profits for the half-year ended Dec. 31.Ansell in August flagged the possible sale of its profitable condom-making business, sending shares soaring, despite an earnings hit then from foreign exchange fluctuations."We have received multiple expressions of interest with several parties now advancing in a process supported by Goldman Sachs," Ansell Chairman Glenn Barnes said in a statement.Half-year profit was $69.8 million, Ansell said on Monday in a statement to the Australian Securities Exchange. That compared with $69.6 million previously. Earnings per share were 47.7c, tracking slightly behind full-year guidance of between $1 and $1.12, although the company reaffirmed that guidance.The company declared an interim dividend of 20.25c, edging higher than 20c a year ago.The company reports in U.S. dollars, so all figures are in that currency.(Reporting by Tom Westbrook; Editing by Peter Cooney)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-ansell-ltd-results-idINKBN15R110'|'2017-02-12T19:32:00.000+02:00'
'f64739e1ae0bff3d9ce000762581353b244d8ef9'|'Exclusive - China''s Sinochem in early talks to buy stake in Noble Group: sources'|' 33am GMT Exclusive - China''s Sinochem in early talks to buy stake in Noble Group: sources The reception of Noble Group is seen at its headquarters in Hong Kong March 23, 2015. REUTERS/Bobby Yip/File Photo By Anshuman Daga and Sumeet Chatterjee - SINGAPORE/HONG KONG SINGAPORE/HONG KONG China''s state-owned Sinochem is in early talks with Noble Group ( NOBG.SI ) to buy an equity stake in the embattled trader, three sources familiar with the matter said, in a move that would help it gain access to the commodity trader''s global supply chain. Taking a stake in an internationally active trading house like Noble would help Sinochem, a big oil, gas and petrochemical company, in its ambitions to become a more globally active energy trader, and also develop China''s gas industry. The discussions are taking place as Noble looks to rejig its business units, cut debt and boost liquidity to fight a long-term downtrend in commodity prices. In November, Hong Kong-headquartered Noble said it had met its capital raising target of $2 billion as it sold assets, completed a rights issue and restructured its operations. The sources said the talks have not been completed and there is no assurance that a deal will be finalised. They said senior Noble executives visited China in recent months to hold talks with Sinochem''s management, and both sides also met at Noble''s U.S. regional hub in Stamford, Connecticut. The sources declined to be identified as they were not authorised to speak to the media. Sinochem did not immediately return a request for comment, and an external spokeswoman for Noble declined comment. Noble already has the backing of Chinese sovereign wealth fund China Investment Corp. (CIC), which participated in the company''s rights issue last year. The capital raising followed a slump in investor confidence as Noble''s accounting practices were questioned by Iceberg Research. CIC has a 9.6 percent stake in Noble, while Noble Chairman Richard Elman holds a stake of about 18 percent. The size of the planned stake or the amount to be invested by Sinochem has not yet been finalised, and any deal could face scrutiny in China as authorities there try to control capital outflows, sources said. The appeal of Noble for Sinochem is likely to be access to its global supply chain. A Sinochem source said the company was still conducting due diligence on Noble, which typically takes six months to a year. He said the company was looking at Noble''s North America energy trading, which could complement Sinochem''s existing portfolio. Noble specialises in shipping and storage logistics, rather than owning large production assets or refineries, and is also a major player in gasoline blending in the United States. Noble is also targeting Asia''s emerging liquefied natural gas (LNG) market as a core growth area, while Sinochem is likely to play a key role in China''s plans to expand its natural gas sector to reduce the share of polluting coal in its energy mix. Access to Noble''s LNG trading network could help with the Chinese plans. (Reporting by Anshuman Daga in SINGAPORE and Sumeet Chatterjee in HONG KONG; Additional reporting by Henning Gloystein and Florence Tan in SINGAPORE and Hallie Gu in BEIJING; Editing by Will Waterman)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-noble-m-a-sinochem-idUKKBN15S0VQ'|'2017-02-13T16:33:00.000+02:00'
'800a9f2c2445bd2de77b3895cc0ec39260765006'|'FXCM to pay $650,000 CFTC fine over capital shortfall'|'Company News  23pm EST FXCM to pay $650,000 CFTC fine over capital shortfall NEW YORK Feb 13 FXCM Inc agreed to pay a $650,000 civil fine to settle U.S. Commodity Futures Trading Commission charges that the currencies broker was undercapitalized in January 2015 and was too slow to report the shortfall. A consent order describing the settlement was filed on Monday with the federal court in Manhattan and approved by U.S. District Judge Katherine Forrest. The settlement also resolved a claim that FXCM violated CFTC rules by representing to customers that it would limit their losses, through a policy of "zeroing out" negative balances. FXCM did not admit or deny wrongdoing. A spokeswoman did not immediately respond to requests for comment. The settlement was disclosed one week after New York-based FXCM said it intended to pull out of U.S. retail foreign exchange, and sell its customer accounts to Gain Capital Holdings Inc. That announcement accompanied a $7 million CFTC fine against FXCM and founding partners Dror "Drew" Niv and William Ahdout to resolve charges that over five years they concealed FXCM''s close ties to a market maker that received favored treatment. FXCM, Niv and Ahdout were also barred from markets overseen by the CFTC. ( here ) Monday''s settlement stemmed from the Swiss National Bank''s decision on Jan. 15, 2015 to eliminate a cap on the Swiss franc''s value relative to the euro. That decision caused the euro to plunge, and led FXCM a day later to report having lost more than $200 million as a result. (Reporting by Jonathan Stempel in New York; Editing by Alan Crosby) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/fxcm-cftc-settlement-idUSL1N1FY0W5'|'2017-02-14T00:23:00.000+02:00'
'8a438bebe9faa800c7f9bed020ae721e15b42b95'|'Virgin Media bond exchange leaves dollar holders out in the cold'|'* Sterling exchange also alters covenants on dollar bonds* Dollar bondholders offered no reward for changes* Exchange expected to be successful, howeverBy Robert SmithLONDON, Feb 13 (IFR) - Virgin Media is looking to exploit weak covenants in legacy bonds to carry out an exchange on sterling notes that will also impose covenant changes on dollar bondholders.The Liberty Global-owned UK cable company launched the exchange offer last Wednesday, offering holders of its <20>628m 5.50% 2021 notes an exchange into new bonds maturing in 2025 with a 6% annual coupon.This higher coupon is not the only incentive to roll into the new issue. The new bonds have a first call on January 15 2021 - matching the maturity of the old notes - and if they are not called at a 105 cash price, the coupon jumps dramatically to 11%.In order to take part in the exchange, sterling bondholders will also have to consent to the removal of "all restrictive covenants" in the old bonds. This provides a stick, alongside the carrot, to encourage participation - a technique usually dubbed an "exit consent".But language in the bond''s documentation means that if at least 78.7% of these sterling bonds are tendered, these covenant changes will also be imposed on holders of Virgin Media''s equivalent US$448m 5.25% 2021 notes.Yet, the dollar bondholders will neither be able to participate in the new bond, have a say in the process,/ or have a reward for participating.One high-yield fund manager said this was "above and beyond" aggressive tactics he had seen in previous liability management exercises."There''s an inherent logical inconsistency in treating the dollar and sterling notes as just two different tranches of the same notes offering, and yet at the same time giving them unequal treatment in the exchange," he said."I find it unbelievable that one group of holders can impose their will on another, without equal compensation being passed on."MISSING PROTECTIONSThe bonds in question were issued in 2011 as investment-grade-rated notes, at a time when the company''s equity was publicly listed.Ratings agencies junked the debt when John Malone''s Liberty Global took over Virgin Media in 2013, with bondholders suffering bad mark-to-market losses.The notes had "suspended covenants" that came into play when Virgin Media''s secured debt lost its investment-grade rating, however, meaning bondholders gained some additional protections, cushioning the blow.But research firm Covenant Review said that the omission of "two key covenant protections" allow Liberty Global to leave dollar bondholders out in the cold in the liability management exercise.These are the "payments for consents" covenants and voting provisions that require consent from each individual series of bonds."These covenant protections are standard in US high-yield deals, and their absence from the 2021s indenture permits the company to favour holders of the sterling 2021s over holders of the dollar 2021s," said Sabrina Fox, an analyst at Covenant Review, in a report published Friday.Virgin Media has tempered its aggression to some degree, however, as it is not using language in the documentation that would allow it to strip the dollar bonds of covenants entirely.Instead, it is putting the covenants in line with those on Virgin Media''s bonds issued after the Liberty takeover, which notably employ a different calculation for the restricted payments basket.The dollar bonds have actually strengthened since the exchange was announced, moving from a cash price bid of 106.625 prior to announcement to 107.50 on Monday, suggesting that covenant changes are not seen as damaging.But, in contrast, the sterling notes have rocketed in value, jumping from 111.50 to 115 in the same time period, meaning dollar holders have missed out on gains seen in the sterling bonds."Weak covenants cost money - strong covenants protect your investment," said Fox at Covenant Review.SUCCESS EXPECTEDWhile the liability management ex
'8368bd6cf163e5ddebe18e397f517548a602ecd8'|'Lawsuit over TMZ''s naming of wrong rapper who cut off penis is dismissed'|'U.S. -  53pm EST Lawsuit over TMZ''s naming of wrong rapper who cut off penis is dismissed By Jonathan Stempel   A federal judge dismissed a lawsuit by a rapper affiliated with hip-hop group Wu-Tang Clan who accused celebrity news website TMZ of defamation for reporting incorrectly that he attempted suicide by severing his penis and jumping off a second-floor balcony. Marques Andre Johnson, known as Andre Roxx, missed a one-year statute of limitations by waiting 23 months after TMZ''s story was published to sue, Chief Judge Leonard Stark of U.S. District Court in Wilmington, Delaware, ruled on Tuesday. Lawyers for Johnson did not immediately respond to requests for comment. TMZ is a unit of Warner Brothers Entertainment, which is owned by Time Warner Inc. Warner Brothers spokesman Paul McGuire declined to comment. The story in question arose from apparent confusion between Marques Andre Johnson, who was associated with Wu-Tang affiliate Killa Beez, and Andre Johnson, who performed as Christ Bearer and was associated with Wu-Tang affiliate Northstar. According to court papers, Christ Bearer''s suicide attempt was wrongly attributed in the April 16, 2014, story to the plaintiff, who was then serving a 16-month prison term in Pennsylvania. Marques Andre Johnson said the error soon "spread like wild fire" across other media such as CBS Corp''s CBS Radio, Gannett Co''s USA Today, Viacom Inc''s MTV and the New York Daily News. He said he was forced him to go into protective custody while in prison and his career was irreparably harmed, warranting damages. The complaint said TMZ fixed but did not retract its story, while other media did not correct their versions. Johnson said Delaware''s two-year statute of limitations should apply to his March 2016 complaint because his music was often showcased in the state, he had a "substantial" fan base in Delaware, and many defendants were incorporated there. But the judge said Pennsylvania''s one-year deadline to sue applied because Johnson, a Philadelphia resident, suffered the most significant harm in that state. "Plaintiff points to his special connections to Delaware - having a promoter, radio show, and concerts here - but they do not give Delaware a more significant relationship to his claims than the other states where he has lost fans and concert bookings," Stark wrote. Lawyers for CBS, Gannett, Viacom and the Daily News did not immediately respond to requests for comment. The case is Johnson v Warner Brothers Entertainment Inc et al, U.S. District Court, District of Delaware, No. 16-00185. (Reporting by Jonathan Stempel in New York; Editing by Leslie Adler) Next In U.S.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-lawsuit-tmz-rapper-idUSKBN15T2NO'|'2017-02-15T02:51:00.000+02:00'
'aca261742c218387709f071a4e5892e86ca65a97'|'Electric car boom spurs investor scramble for cobalt'|'Money   8:12pm IST Electric car boom spurs investor scramble for cobalt left right An electric car charging sign is seen at a PTT Pcl''s commercial EV (Electric Vehicle) charging station in Bangkok, Thailand, August 15, 2016. REUTERS/Jorge Silva/File Photo 1/2 left right Excavators and drillers at work in an open pit at Tenke Fungurume, a copper and cobalt mine northwest of Lubumbashi, Democratic Republic of the Congo, January 29, 2013. REUTERS/Jonny Hogg/File Photo 2/2 By Pratima Desai - LONDON LONDON Investors are buying up physical cobalt anticipating that shortages of the metal, a key component of lithium-ion batteries used in electrical cars, will spur prices to their highest levels since the 2008 financial crisis. Prices for cobalt metal have climbed nearly 50 percent since September to five-year peaks around $19 a lb as stricter emissions controls boost demand for electric vehicles, especially in China, struggling with ruinous pollution levels in some cities. Consultants CRU Group say electric car and plug-in hybrid vehicle sales could hit 4.4 million in 2021 and more than six million by 2025, from 1.1 million last year. By 2020, 75 percent of lithium-ion batteries will contain cobalt, whose properties allow electric cars to extend their range between charges, according to eCobalt Solutions, which produces battery grade cobalt salts. Some 98 percent of cobalt is produced as a by-product of copper and nickel output, so for investors pure equity exposure to cobalt is tricky. "Cobalt isn''t going to massively impact share prices. The funds looked at LME (London Metal Exchange) cobalt contracts, but they aren''t liquid enough for the millions they want to invest," a Europe-based cobalt trader said. "So they are buying cobalt with the intention of sitting on it until prices rise, looking for $25 (a lb) or more." Swiss-based Pala Investments, a fund focused on the mining sector, and Shanghai Chaos Investment, one of China''s largest commodities funds, bought cobalt last year, industry sources familiar with the matter said, declining to specify amounts. Pala Investments declined to comment, while calls to Shanghai Chaos went unanswered. "Future demand for cobalt from the EV (electric vehicle) sector is looking tangible and is more positive than originally expected," one commodity-focused fund manager said. "China has some aggressive plans in terms of electric vehicles...It will be a major driver behind cobalt consumption growth." China''s State Reserves Bureau, in charge of building the country''s stocks of commodities from oil to rare earth minerals, bought 5,000 tonnes of cobalt metal last year and in 2015, traders said. It is expected to buy more this year. Highlighting the metal''s importance, the U.S.''s Defense Logistics Agency deemed lithium cobalt oxide and lithium nickel cobalt aluminium oxide compounds as strategic and has been stockpiling since 2014. Cobalt is also widely used for superalloys in turbines, space vehicles, rocket engines and power plants. HOARDING After seven years of surplus and overcapacity the market will move into a deficit this year, exacerbated by an insecure supply chain. Almost 60 percent of the world''s cobalt lies in politically risky Democratic Republic of Congo. At the same time, many traders are hoarding cobalt, most of it bought when the price was around $10 a lb in Dec. 2015 due to a market surplus of more than 2,000 tonnes. They are waiting for higher prices. On Monday, trader and miner Glencore tightened its grip on Congo''s copper and cobalt resources by buying the remaining stake in one mine and upping its share in another for $960 million. It said the complex had the potential to become the world''s largest cobalt producer. Other copper and cobalt producers include privately owned Eurasian Resources Group, Canada''s Sherritt International and China Molybdenum. Canadian small-cap LiCo Energy Metals, which is exploring for materials used in lithium-ion batteries, could appeal to 
'980d579ebc47dff847b76af9811060c991d08adc'|'Inflation picks up to multi-year highs in China as central bank eyes tighter policy'|'Economic  52am IST Inflation picks up to multi-year highs in China as central bank eyes tighter policy Shoppers ride on a travelator at a supermarket in Beijing, China, October 15, 2015. REUTERS/Kim Kyung-Hoon/Files   China consumer inflation also rose more than expected to near three-year highs, data showed on Tuesday. Much of the pick up in consumer prices was likely due to higher food and transportation prices heading into the long Lunar New Year holiday, the National Bureau of Statistics said. But mounting price pressures in China and many other developed economies have sparked talk of tighter monetary policy this year, after years of super-loose settings aimed at reviving economic growth. China''s central bank raised short-term interest rates in recent weeks as it looks to contain financial risks from an explosive growth in debt. Consumer inflation quickened to 2.5 percent in January from a year earlier, the highest since May 2014 and just above market expectations. Analysts polled by Reuters had predicted the consumer price index (CPI) would rise 2.4 percent, versus a 2.1 percent gain in December. Food prices, the biggest component of CPI, rose by 2.7 percent in January from a 2.5 percent rise in December. Transportation and communication costs rose 2.3 percent, up from a 0.9 percent gain in December. Producer price inflation accelerated to 6.9 percent, from December''s rise of 5.5 percent. The producer price index (PPI) rose the fastest since August 2011, driven by a 31.0 percent increase in mining costs as coal prices rise, the biggest jump in that category since early 2010. The market had expected producer prices to rise 6.3 percent on an annual basis. China''s massive imports of coal, crude oil, iron ore and industrial materials have helped fuel a sharp rebound in global resources prices in recent months, boosting profits for producers and processors. Iron ore futures in China rallied to the highest in more than three years on Monday, while London copper futures hit 20-month highs. Price gains in China have been further amplified by government efforts to reduce overcapacity in some industrial sectors. But heady increases in China''s commodity futures market, especially for iron ore, metal reinforcing bars and coking coal used in steel production, have added to worries about speculative price bubbles. (Reporting by Beijing Monitoring Desk and Elias Glenn; Editing by Kim Coghill) Next In Economic News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/china-economy-inflation-idINKBN15T08D'|'2017-02-14T09:22:00.000+02:00'
'9310cc91b607a3126ef9abcb0a3dcd22f8a1b72a'|'Noble Group shares jump 17 percent after confirming talks on potential investment'|'SINGAPORE Shares in Noble Group Ltd ( NOBG.SI ) leapt as much as 17 percent on Tuesday to the highest in eight months after the commodities trader confirmed it was holding talks on a possible strategic investment in the firm.China''s state-owned Sinochem is in early talks with Noble to buy an equity stake, a move that would help it gain access to the Singapore-listed trader''s global supply chain, Reuters reported on Monday.In response to the story, Noble told the Singapore exchange on Tuesday that it was in talks but did not give details."The board wishes to advise that Noble Group is currently engaged in discussions regarding a possible strategic investment in Noble Group," it said."However, no binding arrangements have as yet been entered into with respect to this possible transaction and, accordingly, there can be no assurance that this transaction will be concluded."(Reporting by Anshuman Daga; Editing by Stephen Coates)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-noble-m-a-sinochem-idINKBN15T070'|'2017-02-13T22:58:00.000+02:00'
'73974817f33940330f070c0e9d2c6f8c5ee593f4'|'BRIEF-Toscafund Asset Management takes share stake in AerCap, Athene Holding, E*Trade'|'Company News - Tue Feb 14, 2017 - 9:48am EST BRIEF-Toscafund Asset Management takes share stake in AerCap, Athene Holding, E*Trade Feb 14 (Reuters) - * Toscafund Asset Management LLP takes share stake of 400,000 shares in AerCap holdings - SEC filing * Toscafund Asset Management LLP takes share stake of 400,000 shares in Athene Holding * Toscafund Asset Management takes share stake of 850,000 shares in E*Trade Financial * Toscafund Asset Management - Change in holdings are as of Dec 31, 2016 and compared with the previous quarter ended as of Sept 30, 2016 Source text for quarter ended Dec 31, 2016: bit.ly/2ksShc3 Source text for quarter ended Sept 30, 2016: bit.ly/2lLJdAV Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1FZ0WG'|'2017-02-14T21:48:00.000+02:00'
'7bdac4d08b690a150b359039c430cb6cf9f1d8d7'|'UPDATE 3-Russian tycoon Prokhorov cuts Rusal stake in $240 million sale'|'Deals  24am EST Russian tycoon Prokhorov cuts Rusal stake in $240 million sale Russian billionaire Mikhail Prokhorov speaks during a news conference in Moscow June 13, 2013. REUTERS/Sergei Karpukhin By Anastasia Lyrchikova and Olga Popova - MOSCOW MOSCOW Russian tycoon Mikhail Prokhorov has offloaded some of his Rusal stake in the open market after talks to sell his holding in the Russian aluminum giant to fellow businessman Viktor Vekselberg stalled. Prokhorov''s Onexim Group, which manages his assets, sold 3.3 percent of Rusal via an accelerated book build for $240 million on Monday, Renaissance Capital told Reuters on Tuesday. The deal came a week after sources said that Prokhorov''s discussions to sell a 12-percent stake in the aluminum company to fellow Rusal shareholder Vekselberg, which had been going on since last year, had halted. Prokhorov, whose interests include the Brooklyn Nets basketball team in the United States, has said that he is not selling all his Russian assets. Vedomosti newspaper reported in July that the tycoon was looking for buyers, several months after Russian law enforcement officials searched his offices. Onexim, which owned 17 percent of Rusal before Monday''s sale, had initially planned to raise $200 million by selling 2.5 percent of the Russian company, banking sources have said. But demand for the shares allowed Onexim to sell a slightly larger portion of its holding, Dmitry Brodsky, head of Russia & CIS Equity Capital Markets at Renaissance Capital, told Reuters. Onexim and Rusal declined to comment, but Renaissance Capital, which was one of the deal''s organizers, said it valued a Hong-Kong listed Rusal share at HK$3.70. A significant part of demand for the deal has come from Russian investors, with European and British interest but "insignificant" Chinese buying, Brodsky said. Rusal shares fell 3.4 percent to HK$3.93 in Hong Kong on Tuesday, against a broadly flat benchmark index, although its market value is still up 20 percent so far this year, supported by growth in global aluminum prices. Russian tycoon Oleg Deripaska''s En+ Group owns 48.1 percent of Rusal, which competes with China''s Hongqiao for the rank of the world''s biggest aluminum producer. Another 15.8 percent is owned by Vekselberg and Leonard Blavatnik, Glencore holds 8.75 percent and Onexim''s sale increases Rusal''s official free-float to 13.3 percent. (Additional reporting by Kira Zavyalova, Katya Golubkova and Polina Devitt; Writing by Polina Devitt; Editing by Larry King and Alexander Smith) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-russia-rusal-spo-idUSKBN15T1CI'|'2017-02-14T18:20:00.000+02:00'
'de7573bdaf9c848520f0baefcae659cf1f44c14e'|'UPDATE 1-Noble Energy posts surprise adjusted profit'|'Mon Feb 13, 2017 - 6:06pm EST Noble Energy posts surprise adjusted profit U.S. oil and gas producer Noble Energy Inc ( NBL.N ) reported a surprise adjusted profit for the fourth quarter, helped by lower expenses and higher oil prices. Oil producers are betting big on a rise in crude prices by raising capital spending and buying up acreage in low-cost, oil-rich regions such as the Permian Basin of Texas. Last month, Noble announced that it would buy smaller rival Clayton Williams Energy ( CWEI.N ) to boost its presence in the region. The company said on Monday that sales volumes for the current year are expected to average 415,000 to 425,000 barrels of oil equivalent per day, including sales from Clayton. Noble reported 2016 sales volumes of 420,000 boed. The company''s total operating expenses fell about 47 percent to $1.37 billion in the quarter ended Dec. 31. Net loss attributable to Noble narrowed to $252 million, or 59 cents per share, in the quarter, from $2.03 billion, or $4.73 per share, a year earlier. Excluding items, the company earned 26 cents per share. Analysts on average had expected a loss of 10 cents per share, according to Thomson Reuters I/B/E/S. The Houston, Texas-based company''s total revenue rose 17 percent to $1.01 billion, but missed the average analyst estimate of $1.03 billion. Total sales volumes dropped 2.8 percent. (Reporting by John Benny in Bengaluru; Editing by Maju Samuel) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-noble-energy-results-idUSKBN15S2HL'|'2017-02-14T06:00:00.000+02:00'
'1072f134abfce51567d62207156e2edc9cdc9fcb'|'Bouygues denies speculation over French telecoms consolidation'|'PARIS French telecoms and construction group Bouygues has denied fresh speculation that merger talks have resumed between the country''s four telecoms operators.The speculation, which lifted shares of Bouygues, Orange, Iliad, Altice and its French unit SFR Group, was sparked by a report in newsletter La Lettre de l''Expansion of a resumption in negotiations with the aim of cutting the number of operators from four to three.Under that scenario, Bouygues'' telecoms arm would be the target and would be divided up among Orange, Iliad and SFR, La Lettre de l''Expansion said without citing sources."Bouygues denies any talks with other operators over a possible consolidation of the telecoms sector," a Bouygues spokesman said on Tuesday.Officials at SFR, Orange, Iliad and Altice were not immediately available for comment.The French telecoms sector has been awash with merger speculation ever since the round of merger talks between the four French operators failed in April last year, ending an attempt to ease a price war that has hit margins since the arrival of Iliad''s low-cost Free Mobile services in 2012.La Lettre de L''Expansion said that tycoon Patrick Drahi, owner of Altice, was the initiator of the talks this time and that billionaire Xavier Niel, the boss of Iliad, would be less demanding than during the previous talks, which had focused on Orange buying Bouygues Telecom.Bouygues shares were up 2.5 percent at 0954 GMT, having retreated slightly from earlier gains of more than 3 percent. Orange was up by close to 1 percent, Iliad rose 3.3 percent and Altice advanced by 1.1 percent.Benoit de Broissia, an analyst at French investment firm Keren Finance, said the consolidation speculation was realistic, given that it would result in cost savings and could get cleared by antitrust authorities.However, he added that Bouygues would first have to be prepared to sell its Bouygues Telecom unit."On paper, it looks feasible, but first of all you<6F>d need to make sure that Bouygues would be prepared to sell,<2C> said Broissia, whose firm owns shares in Iliad, Bouygues and Orange.(Reporting by Dominique Vidalon and Sudip Kar-Gupta; Editing by David Goodman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-bouygues-m-a-telecoms-idINKBN15T17F'|'2017-02-14T07:34:00.000+02:00'
'3c41abb0d8368b8ce5963d15264ea07950a15b83'|'U.S. judge grants preliminary approval to VW, Bosch settlements'|'Money News - Wed Feb 15, 2017 - 12:44am IST U.S. judge grants preliminary approval to VW, Bosch settlements 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 By David Shepardson - WASHINGTON WASHINGTON A federal judge on Tuesday granted preliminary approval to a plan for Volkswagen AG ( VOWG_p.DE ) to pay at least $1.22 billion to fix or buy back nearly 80,000 polluting 3.0-liter diesel vehicles in the United States over the German automaker''s emissions-cheating scandal. U.S. District Judge Charles Breyer in San Francisco also agreed at a court hearing to grant preliminary approval to German auto supplier Robert Bosch GmbH''s separate settlement to pay $327.5 million to U.S. diesel VW owners. Volkswagen, the best-selling automaker worldwide in 2016, could be forced to pay up to $4.04 billion if regulators do not approve fixes for all 3.0 litre luxury Porsche, Audi and VW diesel vehicles in the settlement. Breyer will hold a May 11 hearing on whether to grant final approval. In total, VW has now agreed to spend up to $25 billion in the United States to address claims from owners, environmental regulators, U.S. states and dealers and to make buyback offers. Volkswagen is set to plead guilty on Feb. 24 in Detroit to three felony counts under a plea agreement to resolve U.S. charges it installed secret software in vehicles to allow them to emit pollution up to 40 times the legal limit. VW previously agreed to spend up to $10.03 billion to buy back up to 475,000 polluting 2.0-liter vehicles that have software that allowed them to evade emissions rules in testing. The 3.0 litre vehicles have an undeclared auxiliary emissions system that allowed the vehicles to emit up to nine times allowable limits. VW said Tuesday that it has received claims from 360,000 current and former 2.0-liter owners and has made settlement offers to more than 300,000 owners. The German automaker still faces claims from investors, suits from some U.S. states and some owners who have opted out of the class-actions settlement, along with pending investigations by the U.S. Securities and Exchange Commission and German prosecutors. As part of a $4.3 billion settlement with U.S. regulators, the German automaker agreed to sweeping reforms, new audits and oversight by an independent monitor for three years to resolve diesel emissions-cheating investigations. The United States has also charged seven current and former VW executives with wrongdoing. (Reporting by David Shepardson in Washington; Editing by Cynthia Osterman) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/volkswagen-emissions-idINKBN15T2LA'|'2017-02-15T02:14:00.000+02:00'
'f853ad49d83cc8b3c71fbc9c9d3bd63d23946b9b'|'U.S. stock fund investors turning away from ''America First'''|'NEW YORK U.S. investors are favoring international stocks over domestic ones, in a shift away from the trend that followed Donald Trump''s presidential victory, Investment Company Institute data released on Wednesday show.U.S.-based equity funds invested internationally attracted $4.7 billion during the latest week, the most in a year, while funds that buy shares of companies in the United States gathered just $814 million, according to the trade group''s data.Foreign stock funds have absorbed more cash than their domestic counterparts in seven of the last eight weeks, the data show."I think you''re seeing some better opportunities internationally," said Jim Jasinski, managing principal at Cape Ann Capital Inc, a wealth management company in Manchester, Massachusetts. "The U.S. markets have been on such an incredible run."During President Trump''s inauguration last month, he declared "from this day forward it''s going to be only America First," and stocks responded in kind. He has touted a stew of tax cuts, domestic infrastructure spending, regulation cuts and recasting trade deals to boost U.S. jobs and economic growth.Investors spent the five weeks after his election buying U.S.-based domestic stock funds. World stock funds lagged behind, taking in just $4.2 billion over that period, $50.2 billion less than their domestic counterparts, ICI said.MSCI''s benchmark global equity index, which includes the United States, hovered near record territory on Wednesday.That obscures the fact that U.S. stocks have done far better. The S&P 500 index, a measure of U.S. stocks, has gained 9.5 percent in terms of price since the election, while a comparable MSCI gauge of 45 other countries gained just 5.1 percent. That may mean the foreign stocks are a relative bargain."Whether people like the new administration or not there''s a prevailing feeling that it will be a pro-business administration," said Jasinski. "That''s tending to prop that market up a bit more and rich valuations might be getting even richer."The relative safety of bonds and gold also drew interest from investors during the week through Feb. 8. Commodity funds, including those invested in gold, attracted $1.1 billion, their most since July 2016.Bond funds gathered $11.6 billion during the week, the most in more than a year.(Reporting by Trevor Hunnicutt; Editing by Richard Chang)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-mutualfunds-ici-idUSKBN15U2KZ'|'2017-02-15T23:21:00.000+02:00'
'6a07831c0b5c0c74515d19e9aa17bc41861eba61'|'Despite many obstacles, the world is getting better - Global Development Professionals Network'|'I f someone had told you in 1990 that over the next 25 years world hunger would decline by 40%, child mortality would halve, and extreme poverty would fall by three quarters, you<6F>d have told them they were a naive fool.But the fools were right. This is truly what has happened. Even though all the millennium development goals (MDGs) were not met , the world has been a stunning development success over the last 25 years. The most important goal, to halve by 2015 the number living in extreme poverty in 1990, was met five years early . But when we discuss the UN<55>s new sustainable development goals (SDGs), there is widespread pessimism. International cooperation is not what it used to be, and some leading politicians are actively undermining it. After Brexit, the rise of nationalism in Europe and the election of Donald Trump in the US, suddenly China<6E>s Xi Jinping is not laughed off the Davos stage when he presents himself as the defender of globalisation and international cooperation. Deborah Doane is right to worry that rich countries will spend their energy on domestic affairs and squabbles rather than on the development agenda. The global goals need optimism. So how can we meet them in Trump''s world? - Deborah Doane Read more Even so, I am optimistic about world development, for the simple fact that we overestimate the need for big pushes to development. Howard Steven Friedman of Columbia University has tried to find out what effect the MDG project had by looking at what happened to MDG indicators before and after September 2000, when they were agreed upon. It turns out that most of the indicators did not experience an acceleration after 2000, they just continued the improvements seen between 1990 and 2000, so in most instances the adoption of the goals did not speed up progress. Where there was an acceleration after 2000, that had usually begun earlier. Food for thought for those who believe that development comes from the top and abroad. It is easier to understand this if you<6F>ve learned from history that economic growth and local reforms have more impact on development than international targets. The most successful countries were the ones that opened up to the global economy and spurred growth. Some countries that made the most progress, like China, did not receive development aid and never really cared about the MDGs. Development was homegrown.The goals focused minds on specific problems and created useful yardsticksThe MDGs did play a role. They gave a firm foundation to an already emerging consensus, and the goals focused minds on specific problems and created useful yardsticks. Some countries feared being shamed if they didn<64>t provide safe water or education after having agreed to it. But in the end, it was their own decisions that made the difference, and the results vary dramatically according to those decisions.For an example of the shortcomings of big plans, look at the Millennium Villages , the ambitious attempt to create model communities that would quickly reach the MDGs in several African countries. Instead of limited interventions, the idea was to invest on multiple fronts at once, from health and education to agriculture and infrastructure. The man behind the plan, development economist Jeffrey Sachs, believed that all these things would support each other. He wrote in a UN report that quick wins would ensure that <20>large-scale progress can begin immediately<6C> and we would see <20>major results in three or fewer years<72>.Facebook Twitter Pinterest Jeffrey Sachs visiting a Millennium Village in Uganda in 2007. Photograph: Stuart Price/AFP That did not happen. A recent study published by the UK department for international development concludes that the villages had <20>moderately positive impacts<74>, but had <20>little overall impact on poverty<74> and crucially <20>has not yet had a sizeable impact on the MDGs<47>. And unlike other villages, they are now dependent on aid money that will on
'2578399433290abffdcda1208fea36f73fe25fed'|'Hilton''s revenue rises 2.2 percent on higher bookings and prices'|'  5:00pm IST Hilton''s revenue rises 2.2 percent on higher bookings and prices FILE PHOTO - A view shows the Hilton hotel in central Kiev, Ukraine, April 4, 2016. REUTERS/Gleb Garanich/File Photo Hotel operator Hilton Worldwide Holdings Inc reported a 2.2 percent rise in quarterly revenue on Wednesday, as more people booked its rooms at higher prices. Net loss attributable to Hilton stockholders was $387 million, or $1.17 per share, in the fourth quarter ended Dec. 31. The company reported net income of $814 million, or $2.47 per share, in the year-ago period. Excluding items, the company earned 70 cents per share. During the quarter, Hilton incurred an aggregate tax charge of $513 million related to corporate restructuring. Revenue rose to $2.92 billion from $2.86 billion. (Reporting by Arunima Banerjee in Bengaluru; Editing by Martina D''Couto) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/hilton-worldwide-results-idINKBN15U1BZ'|'2017-02-15T18:30:00.000+02:00'
'3083d6f80a98e32e66a81183e505009d1bd0ca1d'|'European Parliament adopts draft reform of carbon market post-2020'|'Business News - Wed Feb 15, 2017 - 3:31pm GMT European Parliament adopts draft reform of carbon market post-2020 By Alissa de Carbonnel - BRUSSELS BRUSSELS The European Parliament on Wednesday adopted draft reforms of the EU''s carbon market post-2020 that aim to balance greater cuts in greenhouse gases with protection for energy-intensive industries. The European Union''s emission trading system (ETS), a cap-and-trade permit system to regulate industry pollution, has suffered from excess supply since the financial crisis, depressing its prices and heightening the need for reform. But politicians and EU nations are divided over how best to fix the complex system, with industry and environment groups lobbying hard on opposing sides. Reform efforts have also been overshadowed by Britain''s decision to quit the bloc, raising fears it would also leave the EU''s scheme, hammering prices. The draft, adopted by 379-263 votes, rejected a more environmentally ambitious proposal for the faster removal of surplus carbon permits from the ETS - sparking criticism from climate campaigners. Instead, it sticks with the EU executive''s proposal for the cap on emissions to fall by 2.2 percent per year - the so-called linear reduction factor - until at least 2024. The Climate Action Network said it "betrayed the spirit" of the Paris accord to slow global warming, while Dutch green lawmaker Bas Eickhout said provisions to protect industry showed "the lobbyists have won out in the end." But leading policymakers called it the best compromise possible in tough talks. EU lawmakers will now enter negotiations with representatives of the bloc''s 28 governments to hammer out the final legislation. The benchmark European carbon contract CFI2Zc1 fell by about 2 percent following the vote, hovering around 5 euros/tonne, but Thomson Reuters carbon analysts said the market reaction would be short-lived. "The Parliament position significantly tightens the market balance," said Hege Fjellheim, an analyst at Thomson Reuters. INDUSTRY PROTECTION FROM ''CARBON LEAKAGE'' The cap-and-trade system is the EU''s key tool to meet its goal of a 43 percent cut in greenhouse gases from industries and power plants covered by the market compared with 2005. It aims to send a policy signal to encourage their investment in renewables and low-carbon electricity production. In a bid to shore up prices, the Parliament''s proposal doubles the rate at which the scheme''s Market Stability Reserve (MSR) soaks up excess allowances to 24 percent per year from 2019. It also cancels 800 million carbon allowances from the MSR in 2021. To minimise the risk of industry moving abroad to escape climate regulation, the draft allows for the share of allowances auctioned to be reduced by up to five percent to cushion against the impact of a cap on overall allocations, known as the cross-sectoral correction factor. The cement industry, which some lawmakers had pushed to exclude from free allowances, will remain on the list of installations receiving handouts. The deal drew mixed reactions from other industries. The steel, metal and chemical sectors welcomed the step towards adopting the long-awaited reforms but said they hoped for more safeguards for their competitiveness in continuing talks. The shipping industry protested its inclusion under the scheme from 2023 in the draft proposal, which also calls for reforms to tighten emission controls on aviation. However, lawmakers leading the reform have said the two provisions are likely to be traded away in upcoming negotiations with member states. (Additional reporting by Susanna Twidale and Angela Maytaal in London; Editing by David Evans and Ken Ferris) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eu-carbon-idUKKBN15U1Z2'|'2017-02-15T22:31:00.000+02:00'
'5eec1983a1156ba5673496c4172816ff87b05c81'|'PRESS DIGEST - Wall Street Journal - Feb 14'|'Company  57am EST PRESS DIGEST - Wall Street Journal - Feb 14 Feb 14 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 $671 million settlement announced between DuPont Co and lawyers representing thousands of people in Ohio and West Virginia could bring a swift end to years of litigation, while fueling cases in other states where people have alleged health problems after a chemical used to make Teflon got into their drinking water. on.wsj.com/2lEJpoV - The White House is exploring a new tactic to discourage China from undervaluing its currency to boost exports. Under the plan, the commerce secretary would designate the practice of currency manipulation as an unfair subsidy when employed by any country, instead of singling out China. on.wsj.com/2lEIPr9 - National Security Adviser Mike Flynn resigned as he was under increasing fire over his conflicting statements about his contacts with Russian officials before the inauguration, the White House said. Flynn''s resignation was accepted by Trump after information about his Russia contacts continued to emerge while the president was "evaluating" whether to keep him in his post. on.wsj.com/2lECrQw - A federal judge in Virginia said late Monday that President Donald Trump''s executive order on immigration was likely unconstitutional and issued a preliminary injunction blocking part of the administration''s efforts to restrict entry to the United States. U.S. District Judge Leonie Brinkema said the government has provided "no evidence" to justify the order, which temporarily barred visitors and immigrants from seven majority-Muslim countries. on.wsj.com/2lEBoAm (Compiled by Sangameswaran S in Bengaluru) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/press-digest-wsj-idUSL4N1FZ2OA'|'2017-02-14T13:57:00.000+02:00'
'f4047933d56f736cad61a055a2ac1b567a9392e9'|'South Korea sues Nissan over mileage claims, probes BMW, Porsche'|'Japan   5:48am GMT South Korea sues Nissan over mileage claims, probes BMW, Porsche left right The logo of Nissan is seen through a window of a bus passing by its dealership in Seoul, South Korea, May 16, 2016. REUTERS/Kim Hong-Ji/File Photo 1/3 left right A frost covered logo of German luxury carmaker BMW is seen in Munich, Germany January 16, 2017. REUTERS/Michael Dalder 2/3 left right A view shows the logo of Porsche on a car in Moscow, Russia, July 6, 2016. REUTERS/Maxim Zmeyev/File Photo 3/3 By Hyunjoo Jin - SEOUL SEOUL South Korea has sued Nissan Motor''s ( 7201.T ) South Korean unit alleging that the Japanese car maker manipulated the fuel economy test results of its Infiniti Q50 sedan, a government official said on Tuesday. The ministry is also investigating BMW ( BMWG.DE ) and Porsche on a similar matter, the official, Koh Sung-woo, told Reuters. The Seoul Central District Prosecutors'' Office has launched a probe into Nissan after a criminal compliant was filed by the transport ministry, a spokesman at the office said. Makers of imported cars, which have surged in popularity in recent years in South Korea, have been facing growing scrutiny following Volkswagen''s ( VOWG_p.DE ) emissions-test cheating scandal. Last month, the environment ministry banned the sale of 10 models of Nissan, BMW and Porsche after the car makers were found to have fabricated documents on emissions and noise-level tests. The models banned include BMW''s X5M and Porsche''s Cayenne and Macan models. The transport ministry has been expanding the probe into whether the three car makers have falsified documents on fuel economy tests of the 10 models as well, Koh said. Koh said Nissan overstated the fuel economy of the Q50 so that it is 3.4 percent higher than the actual test result. "They manipulated the test results of the car to make the fuel economy look better," he said. Nissan Korea said it reported "some inappropriate problems" in certification documents to authorities last year, saying the errors were caused by the misconduct of a manager at the company. "We express sincere regret over those issues," a spokeswoman said. A BMW spokesman in Seoul said the company has not been notified of the probe, while a Porsche spokesman in Seoul did not have immediate comments. The complaint adds to the troubles in South Korea for Nissan, which is already accused of cheating on emissions of its Qashqai diesel model. Last week, a South Korean court sided with the government which had said the Japanese automaker used a so-called defeat device in its Qashqai sport utility vehicle to turn off its emissions reduction device during regular driving. (Reporting by Hyunjoo Jin; Editing by Muralikumar Anantharaman) Next In Japan'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-south-korea-autos-mileage-idUKKBN15T0GD'|'2017-02-14T12:45:00.000+02:00'
'ef8089351db2937ed93541caa296ff5f3fd84d51'|'Iceland confirms plan to sell Arion Bank stake in IPO'|'REYKJAVIK Iceland''s new center-right government has confirmed it plans to sell the state''s minority stake in Arion Bank, the domestic arm of the failed Kaupthing Bank, in an initial public offering of shares.The Finance Ministry said in a statement dated Feb. 10 accompanying a draft revised state ownership policy for banks that it aims to sell the government''s 13 percent stake in Arion as well as fully-owned Islandsbanki, the domestic arm of failed bank Glitnir, when conditions are favorable.Kaupthing, now a holding company that owns 87 percent of Arion Bank, has been working on plans for a stock market listing of Arion which could take place as early as April, people close to the matter have told Reuters.To promote the stability of the financial system, the government aims to keep a 34-40 percent stake long-term in Landsbankinn, the domestic arm of Landsbanki in which it currently owns 98.2 percent, the Finance Ministry said.Iceland''s main banks Kaupthing, Glitnir and Landsbanki collapsed and went into administration in the 2008 financial crisis.The domestic operations of Kaupthing, once a major international bank, were separated in 2009 into Arion Bank, which has insurance, asset management and retail banking assets.Sources close to the matter told Reuters in January that Kaupthing had mandated Swedish investment bank Carnegie to act as global coordinator for an IPO of Arion together with Citi and Morgan Stanley.The plans are seen as a sign that Kaupthing believes there is renewed investor appetite for Icelandic assets eight years after the country''s financial collapse, which forced it to take a $2.1 billion IMF loan in late 2008 and another $2.5 billion from its Scandinavian neighbors.An IPO, most likely a dual listing in Stockholm and Reykjavik, could value Arion Bank at about 1.5 billion euros ($1.59 billion), sources told Reuters in December.Iceland''s coalition government was formed in January following general elections in October.The country is preparing to lift remaining capital controls introduced as the banks collapsed and the wider economy crashed.(Reporting by Ragnhildur Sigurdardottir, additional reporting by Rebecka Roos in Stockholm, writing by Anna Ringstrom; Editing by Adrian Croft)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-iceland-banks-idINKBN15T1OA'|'2017-02-14T10:13:00.000+02:00'
'08f3cd33ea104a39fb90cb2ea3b09ddcf034e680'|'China''s pain, Italy''s gain - high costs push textile buyers west'|'Mon Feb 13, 2017 - 11:19pm GMT China''s pain, Italy''s gain: high costs push textile buyers west left right A worker jokes and beckons at her colleague as she rolls away carts of unused tools between rows of spinning machine at a factory owned by Hong Kong''s Novetex Textiles Limited in Zhuhai City, Guangdong Province, China December 13, 2016. REUTERS/Venus Wu 1/5 left right A worker disentangles wool yarn at a spinning machine at a factory owned by Hong Kong''s Novetex Textiles Limited in Zhuhai City, Guangdong Province, China December 13, 2016. REUTERS/Venus Wu 2/5 left right A worker loads wet dyed wool inside a tank to remove excess moisture at a factory owned by Hong Kong''s Novetex Textiles Limited in Zhuhai City, Guangdong Province, China December 13, 2016. REUTERS/Venus Wu 3/5 left right A worker checks a machine that arranges thick yarn at a factory owned by Hong Kong''s Novetex Textiles Limited in Zhuhai City, Guangdong Province, China December 13, 2016. REUTERS/Venus Wu 4/5 left right A worker disentangles wool yarn at a spinning machine at a factory owned by Hong Kong''s Novetex Textiles Limited in Zhuhai City, Guangdong Province, China December 13, 2016. REUTERS/Venus Wu 5/5 By Venus Wu and Giulia Segreti - HONG KONG/BIELLA, Italy HONG KONG/BIELLA, Italy International textiles buyers are increasingly switching away from China, and back to Western suppliers, as rising labor, raw material and energy costs make the world''s dominant producer more expensive. In Biella, a small town in the foothills of the Alps at the heart of northern Italy''s wool industry, factory owners say a narrowing price difference with China and demands for nimbler production nearer home are winning back higher-end customers. In the office of his family business, Alessandro Barberis Canonico recounts how one high-profile European client called him recently to say he was giving up on China because of rising costs there and the increased demand for quality - and would need help from Biella for a big collection. "He had tried his luck going abroad; things did not go well, so he''s now back," Barberis Canonico said. For sure, China remains a world leader in textiles: employing over 4.6 million people, contributing a tenth of GDP and with exports, including apparel, of $284 billion in 2015, according to data from China''s National Bureau of Statistics, the Ministry of Industry and Information Technology, and the China Chamber of Commerce for Import and Export of Textile and Apparel. But wages there have been rising at an annual compound growth rate of more than 12 percent, outpacing the economy, and are simply no longer cheap enough to compete just on price. At the same time, China''s textiles sector faces rising costs of inputs such as cotton and wool, hefty import taxes for basic manufacturing equipment, and costlier environmental rules. The government''s five-year plan for textiles, released in September, acknowledged that higher costs are weakening its international advantage, and it faces a ''double whammy'' from developed countries - like Italy - with better technology and developing countries with lower wages. "LESS ATTRACTIVE" The labor cost gap between Italian and Chinese yarn narrowed by around 30 percent between 2008 and 2016, to $0.57 per kg from $0.82/kg, according to International Textile Manufacturers Federation (ITMF) data. The hourly wage for a Chinese weaver last year was $3.52, according to the ITMF, up 25 percent since 2014, though still a fraction of the more than $27.25 paid in Italy, an increase of 9 percent over the same period. "When China''s wages are not that low, the process of shipping materials so far to China and then shipping products back to Europe becomes a lot less attractive," said Shiu Lo Mo-ching, Chairman of Hong Kong General Chamber of Textiles Ltd and CEO of textile manufacturer Wah Fung Group. "They''d rather take the production back to Europe. This trend has been very obvious." That proxi
'dfb11371114d1f8670ff15723e03321e6b4f1ca7'|'Top gold ETF gets Islamic finance certification to tap new markets'|' 24pm EST Top gold ETF gets Islamic finance certification to tap new markets Feb 15 The world''s largest physically-backed gold fund said on Wednesday it has been certified as sharia compliant, the latest effort aimed at spurring demand for bullion from investors across majority-Muslim countries. The SPDR Gold Trust, an exchange-traded fund which holds 836.7 tonnes of bullion worth $33 billion, now falls in line with rules from the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). World Gold Trust Services, a subsidiary of the World Gold Council (WGC), said in a statement to Reuters that the ETF had received the certification from Malaysia-based Islamic advisory firm Amanie Advisors. (Reporting by Bernardo Vizcaino; Editing by Richard Pullin)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/islamic-finance-gold-idUSL4N1G003J'|'2017-02-15T07:24:00.000+02:00'
'bbb9c0f1cee5e2449b3664be2cec5dc41c9d5f90'|'NBC buys stake in Euronews, names new president'|' 29pm GMT NBC buys stake in Euronews, names new president left right The NBC and Comcast logo are displayed on top of 30 Rockefeller Plaza, formerly known as the GE building, in midtown Manhattan in New York July 1,   McDermid/File Photo 1/2 left right FILE PHOTO: Writer Noah Oppenheim poses at a screening of ''JACKIE'' as a part of AFI Fest in Los Angeles, California, U.S. November 14, 2016. REUTERS/Danny Moloshok 2/2 NBCUniversal, the U.S. media conglomerate owned by Comcast Corp ( CMCSA.O ), has made an investment in European broadcaster Euronews and named Noah Oppenheim as the president of NBC News, according to an internal memo seen by Reuters on Tuesday. Financial details of the investment were not disclosed in the memo. However, Reuters, citing sources, reported in November that NBC would buy a stake of between 15 percent and 30 percent. The investment will allow NBC to reach out to 277 million new households in 13 languages across Europe, Africa and the Middle East. Euronews was created in the wake of the 1990 Gulf War as a "European CNN" and used to be owned by a consortium of state-owned European channels before Egyptian billionaire Naguib Sawiris took a 53 percent stake in the broadcaster. The memo said Oppenheim, the executive in charge of NBC''s morning show "Today", will replace Deborah Turness, president since 2013. Turness will be named as the first president of NBC News International. Both Oppenheim and Turness will report to NBC News Chairman Andy Lack. (Reporting by Laharee Chatterjee   Maju Samuel)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-euronews-comcast-nbcuniversal-idUKKBN15T2ZL'|'2017-02-15T05:29:00.000+02:00'
'fbc5c7e4c8037a1cec407ce14ef139a40371dc1e'|'TUI sells Travelopia to KKR in $407 mln deal'|'Company News   2:59pm EST TUI sells Travelopia to KKR in $407 mln deal FRANKFURT Feb 13 Travel group TUI said it had agreed to sell its specialist holiday arm Travelopia to KKR at an enterprise value of 325 million pounds ($407 million). It said late on Monday that it would invest proceeds from the deal into the transformation of its business, adding that the sale had no impact on its full-year profit guidance. TUI had put Travelopia, comprised of over 50 brands offering specialist luxury, adventure and education holidays, on the block in September. ($1 = 0.7984 pounds) (Reporting by Maria Sheahan; Editing by Georgina Prodhan) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/tui-divestiture-kkr-idUSASN0005CL'|'2017-02-14T02:59:00.000+02:00'
'e5ca2ba64b4b41fd400f929403b2e0f5eb2a5de8'|'Railway group FNM studying tie-up with Milan public transport firm'|'MILAN Italian regional railway group Ferrovie Nord Milano said on Tuesday it was studying a possible tie-up with Milan''s public transportation company ATM as consolidation heats up in the sector.The railway company said in a statement the plan was at a preliminary stage and would also involve its Trenord unit.Shares in Ferrovie Nord Milano were up 8.4 percent at 1230 GMT pushed by media reports which prompted the company to issue the statement.(Reporting by Francesca Landini, editing by Valentina Za)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-italy-m-a-transportation-idINKBN15T1L6'|'2017-02-14T09:43:00.000+02:00'
'23fc8cc2751a90211a76c7086ec55b86aea0b22f'|'China FX regulator surveying Shanghai firms about potential impact of higher U.S. tariffs - sources'|'Business   7:01am GMT China FX regulator surveying Shanghai firms about potential impact of higher U.S. tariffs - sources The building of State Administration of Foreign Exchange (SAFE) is pictured in Beijing, China, January 11, 2017. REUTERS/Jason Lee SHANGHAI China''s foreign exchange regulator began surveying firms in Shanghai in early February about the impact on cross-border trade of possible protectionist measures by the United States, two sources said on Tuesday. The State Administration of Foreign Exchange (SAFE) is asking firms with large trading operations and cross-border payments with the United States whether they have U.S. production facilities, their tolerance for higher tariffs, and how they would deal with the higher tariffs, said one of the sources. U.S. President Donald Trump has repeatedly threatened to slap higher tariffs on Chinese imports in retaliation for what he claims are unfair trade practices, though he has yet to follow through on the threats since taking office on Jan. 20. "It is still in the survey phase. Every foreign trade firm''s situation is different. If there really was a trade war, there will be pressure," said the above source. Reuters was not immediately able to reach SAFE''s Shanghai office for comment. SAFE is also looking at the operations of U.S.-invested firms in China, including their business models and whether those firms will move production to other countries or divest from China. (Reporting by Shanghai and Beijing newsrooms; Editing by Kim Coghill) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-trump-china-trade-idUKKBN15T0NH'|'2017-02-14T14:01:00.000+02:00'
'f8bbf8948251de5f80088cfcc59bdd96b5ac9eed'|'China January consumer inflation quickens to 2.5 percent, beating forecasts'|'  1:59am GMT China January consumer inflation quickens to 2.5 percent, beating forecasts A vendor arranges vegetables at a market in Beijing, China, January 10, 2017. REUTERS/Jason Lee BEIJING China''s consumer inflation rate quickened to 2.5 percent in January from a year earlier, the highest since May 2014 and beating market expectations. Analysts polled by Reuters had predicted the consumer price index (CPI) would rise 2.4 percent, the biggest gain in nearly three years, versus a 2.1 percent gain in December. The producer price inflation rate accelerated to 6.9 percent, the National Bureau of Statistics said on Tuesday, compared with the previous month''s rise of 5.5 percent. The producer price index (PPI) rose the fastest since August 2011. The market had expected producer prices to rise 6.3 percent on an annual basis. Inflation expectations have been rising in most major developed economies, except Japan, since mid-2016 in line with a global recovery in manufacturing, which has boosted prices of crude oil and other resources such as iron ore. That has sparked talk of tighter monetary policy, though consumer inflation in China is believed to be still well within the central bank''s comfort zone. (Reporting by Beijing Monitoring Desk; Editing by Kim Coghill) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-china-economy-inflation-idUKKBN15T075'|'2017-02-14T08:59:00.000+02:00'
'e75da58bf7ebfefea77bfb91e5221d25c9d6a29f'|'Exclusive: China''s Sinochem in early talks to buy stake in Noble Group - sources'|' 48pm IST Exclusive: China''s Sinochem in early talks to buy stake in Noble Group - sources A woman checks her phone at the headquarters of China National Chemical Corporation in Beijing, July 20, 2009. REUTERS/Stringer/File Photo By Anshuman Daga and Sumeet Chatterjee - SINGAPORE/HONG KONG SINGAPORE/HONG KONG China''s state-owned Sinochem is in early talks with Noble Group to buy an equity stake in the embattled trader, three sources   in a move that would help it gain access to the commodity trader''s global supply chain. Taking a stake in an internationally active trading house like Noble would help Sinochem, a big oil, gas and petrochemical company, in its ambitions to become a more globally active energy trader, and also develop China''s gas industry. The discussions are taking place as Noble looks to rejig its business units, cut debt and boost liquidity to fight a long-term downtrend in commodity prices. In November, Hong Kong-headquartered Noble said it had met its capital raising target of $2 billion as it sold assets, completed a rights issue and restructured its operations. The sources said the talks have not been completed and there is no assurance that a deal will be finalised. They said senior Noble executives visited China in recent months to hold talks with Sinochem''s management, and both sides also met at Noble''s U.S. regional hub in Stamford, Connecticut. The sources   as they were not authorised to speak to the media. Sinochem did not immediately return a request for comment, and an external spokeswoman for Noble declined comment. Noble already has the backing of Chinese sovereign wealth fund China Investment Corp. (CIC), which participated in the company''s rights issue last year. The capital raising followed a slump in investor confidence as Noble''s accounting practices were questioned by Iceberg Research. CIC has a 9.6 percent stake in Noble, while Noble Chairman Richard Elman holds a stake of about 18 percent. The size of the planned stake or the amount to be invested by Sinochem has not yet been finalised, and any deal could face scrutiny in China as authorities there try to control capital outflows, sources said. The appeal of Noble for Sinochem is likely to be access to its global supply chain. A Sinochem source said the company was still conducting due diligence on Noble, which typically takes six months to a year. He said the company was looking at Noble''s North America energy trading, which could complement Sinochem''s existing portfolio. Noble specialises in shipping and storage logistics, rather than owning large production assets or refineries, and is also a major player in gasoline blending in the United States. Noble is also targeting Asia''s emerging liquefied natural gas (LNG) market as a core growth area, while Sinochem is likely to play a key role in China''s plans to expand its natural gas sector to reduce the share of polluting coal in its energy mix. Access to Noble''s LNG trading network could help with the Chinese plans. (Reporting by Anshuman Daga in SINGAPORE and Sumeet Chatterjee in HONG KONG; Additional reporting by Henning Gloystein and Florence Tan in SINGAPORE and Hallie Gu in BEIJING; Editing by Will Waterman) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/noble-m-a-sinochem-idINKBN15S0VM'|'2017-02-13T16:18:00.000+02:00'
'e48f02b7a25c2f401b6489428e6af2cdf4cdf982'|'Days of low inflation are over with UK consumer finances to take a hit - Business'|'It was nice while it lasted, but the days of ultra-low inflation are over <20> at least for the time being.The year ahead is going to be marked by rising prices and squeezed living standards, but the pickup in the cost of living needs to be put in perspective; January<72>s increase was smaller than expected, and the result of prices falling less sharply than they did a year ago.Also, the UK was spoiled by a couple of years in which crashing oil prices flattered the inflation figures. Some bounceback was always likely in late 2017, and the upward trend has been exacerbated by the decision of the Opec Organisation to cut production.UK warned to expect higher inflation as CPI jumps to 1.8% - business live Read more Britain is not alone in seeing prices start to rise. Germany currently has slightly higher inflation (1.9%) than the UK (1.8%), suggesting that the upward move over the winter has more to do with commodity prices than the fall in the pound following the Brexit vote last June.That interpretation is supported by the Office for National Statistics data for core inflation, which strips out the impact of energy, food, tobacco and alcohol. This stood at 1.4% last June and is now at 1.6%. Over the same period headline inflation <20> which includes all the above items <20> has risen from 0.5% to 1.8%.There is some evidence that competition is helping to keep the lid on prices. Clothing and footwear retailers had a pretty tough January and reduced prices by more than they did in early 2016. Without those high street and online bargains, the annual inflation rate would have risen closer to the Bank of England <20>s 2% target.That said, it looks unlikely that retailers will be able to defer price rises for ever. The separate ONS figures for producer prices <20> which measures how much manufacturers are paying for their fuel and raw material on the one hand and the cost of goods as they leave factory gates on the other <20> show a pronounced rise in the second half of 2016 and early 2017. Input prices are up by more than 20% year on year <20> the sharpest rise since oil prices were rocketing in 2008 <20> while factory gate prices are going up by 3.5% a year <20> the fastest rate since 2012.The Brexit economy: falling pound and rising inflation fuel fears of slowdown Read more Some of this pressure, clearly, is the result of higher global energy prices. The 16% drop against the dollar is also making imports more expensive and this will have more of a bearing on inflation as 2017 wears on.Three conclusions can be drawn from all this. The first is that inflation is going to carry on climbing and will probably overtake the current rate of earnings growth within the next few months.The second is that the Bank of England will not respond with an increase in interest rates unless there is evidence that the higher cost of living has set off a price-wage spiral.But unless wages do start to rise, 2017 is going to be quite a tough year for consumers. The balance of the economy is likely to shift towards manufacturing and exporting, helped by the weak pound. That explains the third conclusion. Growth may not be that much weaker in 2017 than it was in 2016, but that is not the way it is going to feel to households.Inflation Economics Family finances Consumer affairs Economic policy Economic growth (GDP) 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'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/feb/14/low-inflation-over-uk-consumer-finances-take-a-hit'|'2017-02-14T22:12:00.000+02:00'
'582d8c5c90ba3d486b8e1ca27385450e29fd64e3'|'BRIEF-Cedar fair says on track to achieve long-term adjusted EBITDA target'|'Company News - Wed Feb 15, 2017 - 5:16am EST BRIEF-Cedar fair says on track to achieve long-term adjusted EBITDA target Feb 15 Cedar Fair Lp * Cedar fair reports record results for 2016 on strong attendance and guest spending growth * On track to achieve our long-term adjusted EBITDA target of $500 million by end of 2017 Source text for Eikon: Europe ready to embrace first copies of biotech cancer drugs LONDON, Feb 15 Treatment with two important cancer drugs is about to get much cheaper in Europe with a cut-price copy of Roche''s blood cancer drug Rituxan likely to hit the market imminently followed by a rival to its breast cancer medicine Herceptin. 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/idUSASB0B0C7'|'2017-02-15T17:16:00.000+02:00'
'a7578eb4f43d2b851ab71c57dbf02476ebd1c462'|'Calling the latest Greek deal a sticking plaster does disrespect to the Elastoplast - Business'|'T he European commission wants Greece off the political agenda before elections in the Netherlands next month: that much is clear at the end of a turbulent week of claim and counter-claim that appears to be ending in yet another messy compromise.Greek finance minister Euclid Tsakalotos dashed to Brussels last Friday to hear about a deal that appears to delay any punishment for Athens<6E>s lack of reforming zeal until next year, when the Dutch, French, German and possibly Italian elections will be out of the way. To call it a sticking plaster would be to do disrespect to the healing powers of the humble Elastoplast.Rather than demanding reforms upfront before handing over another wodge of cash, Brussels is prepared to wait and see how the leftist Syriza government handles the next stage. Only when it has failed to reduce public spending will EU officials apply another financial squeeze.Given the two sides<65> stated positions, it would seem impossible for a compromise to be reached. The Greek government has drawn a red line in front of its pension and welfare systems and said it would not make any more cuts.The Germans, who have called the shots during the five years of rolling Greek crises, with the Dutch for allies, have long argued that pension cuts must come before cash handouts .The International Monetary Fund, which has tagged along with the EU for all that time, has recently drawn away from the hardline EU commission. It said last week in unequivocal terms: <20> No more austerity for Greece .<2E>IMF economists estimate that the Greek economy will struggle this year , not achieving anything like the 2.7% GDP growth predicted by Brussels. In this case, they declared, without debt relief, Greece would be unable to pay the interest on its borrowing and would sink further into the mire.Berlin has always blocked any suggestion of debt relief, arguing that would be a surefire way to undermine the Greek reform programme. But all the players in this drama are in a deep hole. And a unity of purpose appears to be emerging as they realise they need to help each other, and quickly, if they<65>re to have any chance of survival themselves.Jeroen Dijsselbloem, the Dutch finance minister , is the chair of the Eurogroup of finance ministers put in charge of finding a solution. But he could be out of job soon if his Labour party suffers a second massive reversal in the coming general election.As German finance minister, Wolfgang Sch<63>uble has been calling the shots on Greece. But rumours are rife that Angela Merkel will ditch the high priest of austerity in favour of a more charming personality should she win the federal election in September.IMF leader Christine Lagarde got her forecasts of UK growth before the Brexit vote wrong. She wasn<73>t alone in predicting disaster, but it proved hugely embarrassing for the Washington-based organisation and prompted EU officials to ask why they should believe its forecasts for Greece when it was so mistaken about the UK. If Lagarde refuses to buckle, such is the frustration in Brussels, the IMF could be sidelined.Syriza and its leader Alexis Tsipras dominate the Greek parliament, but the party is riding low in the opinion polls and can<61>t afford a long fight with Brussels. A row could precipitate an election, and that would be courting disaster. The last time this happened the party only just survived a split and the loss of around 30 MPs. Most observers believe it would find it impossible to repeat this trick.And so they all embrace the sticking plaster. As before, it will keep the show on the road for a little while longer. But the problems won<6F>t go away.More than <20>170bn has made its way from Brussels to Athens in the past five years <20> a vast sum that will never be paid back. Most of the next handout will go to pay the interest on the first.When only crumbs are left for investment, the prognosis must be dire.Boards must get tough on executive pay too On the morning of an
'7184cdf4bad8125a3bd785797c03427adcc3669d'|'Sears, Kmart drop 31 Trump Home items from their online shops'|'Company News   1:24pm EST Sears, Kmart drop 31 Trump Home items from their online shops Feb 11 Major U.S. retailers Sears and Kmart this week removed 31 Trump Home items from their online product offerings to focus on more profitable items, a spokesman said on Saturday. The decision follows retailer Nordstrom Inc''s announcement this week it had decided to stop carrying Ivanka Trump''s apparel because of declining sales, prompting President Donald Trump to take to Twitter to defend his daughter. White House spokesman Sean Spicer characterized the Nordstrom move as a "direct attack" on the president''s policies. Neither Sears nor Kmart carried the Trump Home products in their retail stores, a Sears Holdings Corp spokesman said. Kmart is a wholly owned subsidiary of Sears Holdings. "As part of the company''s initiative to optimize its online product assortment, we constantly refine that assortment to focus on our most profitable items," spokesman Brian Hanover said in a statement. "Amid that streamlining effort, 31 Trump Home items were among the items removed online this week," he said, adding those items can be found through a third-party vendor, without providing additional information about the products. The Trump Home collection includes lines of furniture, lighting, bedding, mirrors and chandeliers, some from makers who supply the items to Trump hotels, according to the collection''s website. Nordstrom''s   line of clothing and shoes fell by nearly one-third in the past fiscal year, with sharp drops in sales weeks before her father was elected president on Nov. 8, the   on Saturday. (Reporting by Jon Herskovitz; editing by Grant McCool) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-trump-sears-idUSL1N1FW0D6'|'2017-02-12T01:24:00.000+02:00'
'c0ff1d68c1fc2cba878b00fa63ea60556f920344'|'Greece on track with programme but IMF too pessimistic - EU''s Dombrovskis'|'  1:09pm GMT Greece on track with programme but IMF too pessimistic - EU''s Dombrovskis European Commission Vice-President Valdis Dombrovskis addresses a news conference at the EU Commission headquarters in Brussels, Belgium, July 27, 2016. REUTERS/Francois Lenoir FRANKFURT Greece is on track with the economic adjustment needed to secure the next tranche of its bailout but the International Monetary Fund is failing raise its overly pessimistic forecasts, the vice president of the European Commission said on Monday. "The programme itself is on track," Valdis Dombrovskis said at an event in Frankfurt. "If we do a final push from all sides - from institutions, creditors, euro zone countries and Greece itself - we can actually conclude the second review." He added: "Our basic assumption is that it will be done in close co-operation with the IMF." "The problem is that the IMF is coming with very pessimistic growth and fiscal forecasts as regards Greece. Moreover it is not correcting those forecasts based on facts, based on the actual outcomes." (Reporting By Francesco Canepa; Editing by Toby Chopra)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-greece-bailout-eu-idUKKBN15S1FZ'|'2017-02-13T20:09:00.000+02:00'
'3dcb09f3dce7fd189f2672b8782d840e6c966581'|'Rolls-Royce loss lies heavy on FTSE 100'|' 12am GMT Rolls-Royce loss lies heavy on FTSE 100 People walk through the lobby of the London Stock Exchange in London, Britain August 25, 2015. REUTERS/Suzanne Plunkett/File photo - RTSS1J0 By Kit Rees - LONDON LONDON Britain''s top share index traded flat on Tuesday, pausing after a five-day winning streak as Rolls-Royce ( RR.L ) tumbled after reporting a record loss. The blue chip FTSE 100 .FTSE index was flat in percentage terms at 7,279.54 points by 0946 GMT in choppy trade, having hit its highest level since mid-January in the previous session. Shares in engineering firm Rolls-Royce ( RR.L ) dropped 4.9 percent after the company announced a 4.6 billion pound loss, hit by a fine to settle bribery charges and by losses on its currency hedges. The stock was the most actively traded on the FTSE 100, with more than 87 percent of its 30-day average volume traded in the first hour of the session. Fellow defence firm BAE Systems ( BAES.L ) also fell nearly 2 percent. Analysts cited concerns about Rolls-Royce''s outlook as putting pressure on the shares. "Some investors may also have a restive reaction to the rather dry and narrow outlook comments, projecting only ''modest performance improvements'' and similar free cash flow generation as in 2016," said Ken Odeluga, market analyst at City Index. Improved earnings, however, buoyed shares in travel firm TUI ( TUIT.L ), which jumped 4.8 percent and was on track for its best day since early July 2016. TUI reported a narrower loss for the first quarter of 66.7 million euros, a 17 percent improvement on last year, and said it aimed to start offering holidays to customers from countries such as China, India, Spain and Italy. Analysts cited the sale of its specialist holiday arm Travelopia to KKR ( KKR.N ) in a $407 million deal as a further boost to its shares. "While we have reservations about the outlook for source markets, we are attracted to the increased diversification and the steps TUI that has taken to drive growth elsewhere in the business," analysts at Berenberg said in a note. Among smaller companies, a solid set of results boosted shares in Acacia Mining ( ACAA.L ), which rallied 6.7 percent and was the biggest mid cap gainer .FTMC . The gold miner said that production in 2017 would rise 40 percent, and proposed more than doubling its dividend. (Reporting by Kit Rees; Editing by Mark Trevelyan)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-stocks-idUKKBN15T14L'|'2017-02-14T17:12:00.000+02:00'
'a2cb27ac721d421b4763aef574749a1f41eb29ef'|'Apple hits intraday record high for first time since 2015'|'Business News - Tue Feb 14, 2017 - 1:36pm EST Apple hits intraday record high for first time since 2015 An Apple logo hangs above the entrance to the Apple store on 5th Avenue in the Manhattan borough of New York City, July 21, 2015. REUTERS/Mike Segar/File Photo SAN FRANCISCO Apple Inc ( AAPL.O ) shares hit an intraday record high on Tuesday for the first time almost two years as investors raised bets that a 10th anniversary iPhone will boost lackluster sales. The stock was up 1.2 percent at $134.90 at midday, beating its previous intraday high of $134.54 set on April 28, 2015. The S&P 500''s .SPX largest component has climbed 50 percent from lows in the first half of last year and is up 16 percent so far in 2017, with many investors betting that Apple will mark the iPhone''s 10th anniversary with a dramatically improved model. Many on Wall Street also believe that strong sales of the iPhone 6S two years ago have left a larger-than-normal base of customers ready to upgrade. The Cupertino, California, company reported strong December-quarter results on Jan. 31. Although it gave a cautious outlook for the current quarter, Wall Street expects revenue to grow this year after sinking nearly 8 percent in fiscal 2016. Apple''s stock recently traded at 14.3 times expected earnings, the highest level since April 2015 and significantly higher than the average price-earnings ratio of 12 over the past five years, according to Thomson Reuters Datastream. (Reporting by Noel Randewich; Editing by Lisa Von Ahn) Next In Business News Exclusive: Yellen brushes off warning, says Fed has authority on global talks NEW YORK Federal Reserve Chair Janet Yellen, in response to a warning from a U.S. congressman to halt global regulatory talks in the early stages of Donald Trump''s presidency, said in a letter the Fed has the authority and responsibility to consult with its foreign counterparts and does so to benefit the United States.'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-markets-apple-idUSKBN15T2I2'|'2017-02-15T01:36:00.000+02:00'
'0ead28b2a368082cbdfd325bad88173ff2ccc3a7'|'GLOBAL MARKETS-Asian stocks and dollar firmer as Yellen hints at March rate hike'|'Big Story 12  29pm EST Asian stocks and dollar firmer as Yellen hints at March rate hike Investors look at an electronic board showing stock information at a brokerage house in Shanghai, China June 23, 2016. REUTERS/Aly Song By Shinichi Saoshiro - TOKYO TOKYO Asian stocks rose early on Wednesday as Wall Street set record highs overnight after Federal Reserve Chair Janet Yellen spoke in support of an interest rate hike next month, while the dollar hovered near three-week highs. Yellen said on Tuesday that the Fed will probably need to raise interest rates at an upcoming meeting in March, and that delaying rate increases could leave the Fed''s policymaking committee behind the curve. Yellen''s comments boosted U.S. bank stocks, helping push Wall Street indexes to record highs overnight. The rise in U.S. stocks nudged MSCI''s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS to a 19-month high. The index was up 0.3 percent early on Wednesday. "Fundamentally, the U.S. banks are simply being used as a vehicle to express reflation and ''Trumponomics''," wrote Chris Weston, chief market strategist at IG in Melbourne. "Although last night really belonged to Janet Yellen whose prepared comments that waiting too long to tighten would be ''unwise'' and a further review its policy stance will take place at its upcoming meetings." Japan''s Nikkei .N225 added 1 percent and Australian stocks rose 0.9 percent. In currencies, the dollar index against a basket of major currencies stood at 101.230 .DXY, near a three-week high of 101.380 scaled overnight as investors reassessed the possibility of the Fed hiking interest three times this year following Yellen''s comments. U.S. interest rate futures FFZ7 implied traders saw about a 41 percent chance of at least three rate increases in 2017, up from a 33 percent chance on Monday, CME Group''s FedWatch program showed. The greenback was a shade higher at 114.370 yen JPY= after gaining about 0.5 percent the previous day, when it rose to a two-week high of 114.500. The euro was steady at $1.0576 EUR= after slipping to a one-month trough of $1.0561 overnight. The dollar was supported as U.S. Treasury yields rose on the Fed Chair''s comments, with the benchmark 10-year note yield US10YT=RR climbing about four basis points to an 11-day high the previous day. The stronger dollar, which puts non-U.S. buyers of dollar-denominated commodities at a disadvantage, weighed on crude oil prices. U.S. crude CLc1 was down 0.3 percent at $53.07 a barrel. Crude already came under pressure the previous day on evidence of surging U.S. stockpiles. [O/R] Spot gold XAU= was little changed at $1,228.00 an ounce after paring its gains the previous day on a firmer dollar. (Reporting by Shinichi Saoshiro; Editng by Eric Meijer) Next In Big Story 12'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-global-markets-idUSKBN15U02D'|'2017-02-15T07:18:00.000+02:00'
'b6add5e60b2669a6b78ab4b810642b3743d0ced0'|'Democrats vow to keep pushing GOP to get tax returns'|'Kellyanne Conway walks back Trump tax claim Democrats on the House Ways and Means Committee promised Tuesday to keep pushing Republican Chairman Kevin Brady to get President Trump''s tax returns and examine them for potential conflicts of interest. "We''re not going away," said Rep. Bill Pascrell (D-NJ) at a committee hearing Tuesday. "This is going to come up over and over and over again." Brady on Monday made it very clear he was not going to seek Trump''s tax returns as Pascrell requested in a Feb. 1 letter. In that letter, Pascrell points to a rarely used provision in the Internal Revenue Code that lets the chairman of Ways and Means, Senate Finance or the Joint Committee on Taxation request anyone''s tax returns -- including the president''s -- from the Treasury secretary. The president himself has refused to voluntarily release his returns, promising to do so only when they''re no longer under audit. That breaks with a 40-year tradition of transparency observed by presidential nominees and sitting presidents of both parties. Related: House tax chief: I won''t ask for Trump''s tax returns Under the law, the chairman could share the returns with committee members in a closed session. And if one of the committees thinks releasing the returns to the House or Senate would further a legitimate committee purpose and be in the public interest, they can do that, too -- without Trump''s consent, said George Yin, a former chief of staff at the Joint Committee on Taxation and a professor of law at the University of Virginia. Democrats are requesting the president''s returns in part to clarify Trump''s potential conflicts of interests in office given his vast portfolio of investments and relationships domestically and abroad. In particular, they''re focused on whether any might violate the Emoluments Clause of the Constitution, which prohibits federal office holders from accepting any "present, emolument, office or title" from a foreign state. Related: How Congress could get Trump''s tax returns Some Democratic members at the hearing also argued that examining his returns is a matter of national security given both his international business affairs and the news of his National Security Adviser Michael Flynn, whom he asked to resign Monday night. The Justice Department warned the Trump administration last month that Flynn misled administration officials regarding his communications with the Russian ambassador to the United States and was potentially vulnerable to blackmail by the Russians. "It''s going to be very uncomfortable in this committee until ... the members of the majority recognize what is actually at stake: the safety and soundness of our nation is at stake at the highest level," said Rep. Joseph Crowley (D-NY). Brady remained steadfast in his rejection of Democrats'' arguments regarding the breadth of the committee''s authority under the Internal Revenue Code provision to which Pascrell referred. "This provision was granted only to enable this committee to carry out our responsibility to ensure the tax code is properly administered," Brady said. "I will not allow Washington to return to the bad old days when government officials used their power to intimidate, harass and destroy their political enemies. ... Civil liberties and privacy are still rights worth protecting." Following Brady''s statement, Republican committee members voted down an amendment from Rep. Lloyd Doggett (D-TX) to include a request for Trump''s tax returns as part of the panel''s oversight plan. -- CNN''s Deirdre Walsh contributed to this report   5:59 PM ET'|'cnn.com'|'http://rss.cnn.com/rss/money_news_economy.rss'|'http://money.cnn.com/2017/02/14/news/trump-tax-returns-democrats/index.html'|'2017-02-15T00:59:00.000+02:00'
'105beb35e646087cbae13ca2b8a56a7833a0ce4b'|'Asia shares notch 19-month highs, dollar firm'|'  12:38am GMT Asia shares notch 19-month highs, dollar firm A man looks at a stock quotation board outside a brokerage in Tokyo, Japan, April 18, 2016. REUTERS/Toru Hanai By Wayne Cole - SYDNEY SYDNEY Asian shares inched to 19-month highs on Tuesday as the potential for economic stimulus in the United States lifted the dollar, bond yields and Wall Street stocks. The dollar was also bolstered by speculation the head of the Federal Reserve would underline the prospects of more U.S. rate hikes when she testifies to Congress later on Tuesday. MSCI''s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS edged up 0.1 percent, trying for its fifth straight session of gains. Japan''s Nikkei .N225 also added 0.1 percent but is bumping up against stiff chart resistance that has held since mid-December. Wall Street indexes hit historic peaks on Monday, with the benchmark S&P 500''s market value topping $20 trillion as investors bet tax cuts promised by President Donald Trump would boost the economy. The Dow .DJI rose 0.7 percent, while the S&P 500 .SPX gained 0.52 percent and the Nasdaq .IXIC 0.52 percent. Apple ( AAPL.O ), a component of all three indexes, rose 0.9 percent to close at a record high for the first time since 2015. The dollar gained on a basket of currencies 100.950, near its strongest since Jan. 20, while the euro was down for the fourth session in a row at $1.0597 EUR= . The dollar scored a two-week top on the yen following reports that Trump did not discuss the currency or its strength during weekend talks with visiting Japanese Prime Minister Shinzo Abe. The dollar was last at 113.72 yen JPY= . All eyes are now on Fed Chair Janet Yellen''s semi annual testimony on policy due on Tuesday and Wednesday. Tom Porcelli, chief U.S. economist at RBC Capital Markets, believes Yellen will outline the case for at least three rate rises this year, rather than the two the market implies. One thing to be watched was how forceful Yellen was in keeping alive the risk of a hike in March, something the market has priced as a distant chance <0#FF:>. Dallas Fed President Robert Kaplan on Monday argued it should move soon to avoid falling behind the curve, especially as fiscal policy could drive faster growth and inflation. "Given the uncertainty of timing on the fiscal agenda and the relatively modest uptick in inflation thus far this year, we think it will be difficult for the committee to get enough members onboard for a hike in March," said Porcelli at RBC. "But Yellen could certainly move the ''perception'' needle on this." In commodity markets, metals were on a tear thanks to supply disruptions and strong Chinese demand. Copper CMCU3 hit its highest since May 2015 after shipments from the world''s two biggest copper mines were disrupted. [MET/l] Iron ore climbed to its since August 2014 amid reports China plans to cut steel capacity by at least half in 28 cities across five regions during the winter heating season. Oil, in contrast, was pressured by a stronger dollar and signs of rising U.S. crude output. U.S. West Texas crude CLc1 was up 12 cents at $53.05 a barrel, having shed 1.7 percent overnight. Brent futures LCOc1 had lost $1.11 on Monday to stand at $55.59 a barrel. (Editing by Sam Holmes) Exclusive: Retail CEOs head to Washington to try to kill U.S. border tax - sources WASHINGTON Chief executives of some of America''s largest retailers, including Target Corp and Best Buy Co Inc , are headed to Washington this week to make their case that a controversial tax on imports would raise consumer prices and hurt their businesses, according to people familiar with the plan.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-global-markets-idUKKBN15T025'|'2017-02-14T07:35:00.000+02:00'
'52c1e8f46d215d786a23d9ac133eed186c93bd4f'|'EU''s Moscovici to go to Athens on Wed to help conclude reform review'|' 41am GMT EU''s Moscovici to go to Athens on Wed to help conclude reform review European Economic and Financial Affairs Commissioner Pierre Moscovici meets with Greek Prime Minister Alexis Tsipras (not pictured) at the Maximos Mansion in Athens, Greece, November 28, 2016. REUTERS/Michalis Karagiannis BRUSSELS European Commissioner for Economic and Financial Affairs Pierre Moscovici said he would travel to Athens on Wednesday to help close a review of Greek reforms by euro zone lenders and in this way unblock further loans to the country. (Reporting By Jan Strupczewski)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eurozone-greece-moscovici-idUKKBN15S12N'|'2017-02-13T17:41:00.000+02:00'
'7be0b24f34692b35e3471cc5dabab22877091e75'|'Dubai''s DP World not concerned about Trump protectionist policies -chairman'|'Company News - Sun Feb 12, 2017 - 3:50am EST Dubai''s DP World not concerned about Trump protectionist policies -chairman DUBAI Feb 12 Dubai ports operator DP World is not concerned about U.S. President Donald Trump''s protectionist policies, DP World''s chairman Sultan bin Sulayem told reporters on Sunday. "Not at all. I think this is a phase. I think the sentiment that you see in America is ... in many parts of the world but this is something is going to pass," bin Sulayem said on the sidelines at a conference in Dubai. (Reporting by Alexander Cornwell, writing by Hadeel Al Sayegh; Editing by Toby Chopra) Next In Company News UPDATE 2-Defections by Sears, Kmart cap week of controversy for Trump brands Feb 11 Trump-branded consumer products have suffered new blows, with U.S. retailers Sears Holdings Corp and Kmart Corp discontinuing online sales of 31 Trump Home items, while new details emerged showing sales of Ivanka Trump''s brand fell in the weeks before Nordstrom Inc stopped carrying her products. UPDATE 2-Sales of Ivanka Trump apparel slumped at Nordstrom -WSJ report WASHINGTON, Feb 11 Nordstrom''s sales of Ivanka Trump''s line of clothing and shoes fell by nearly one-third in the past fiscal year, with sharp drops in sales in the weeks before her father Donald Trump was elected president, the Wall Street Journal reported on Saturday. Feb 11 Major U.S. retailers Sears and Kmart this week removed 31 Trump Home items from their online product offerings to focus on more profitable items, a spokesman 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/dp-world-trump-idUSD5N1F002K'|'2017-02-12T15:50:00.000+02:00'
'6493d94740ea93e89081d232c64742cb506cc41b'|'S.Korea prosecutor to summon Samsung''s Lee again on suspicion of bribery - Reuters'|'SEOUL South Korea''s special prosecutor said its investigation team would again summon Samsung Group scion Jay Y. Lee on Monday to question him on suspicion of bribery, as part of its investigation into a political corruption scandal.Lee Kyu-chul, spokesman for the special prosecutor, told a news briefing the office would decide later whether to seek another arrest warrant for Lee after his questioning on Monday. The special prosecution team would also question two other Samsung executives on Monday, the spokesman said.A South Korean court last month dismissed an arrest warrant against the head of Samsung Group, the country''s largest conglomerate, who is embroiled in the graft scandal that has led parliament to impeach President Park Geun-hye, a decision that must be upheld or overturned by a court.(Reporting by Ju-min Park; Editing by Clarence Fernandez)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/southkorea-politics-samsung-idINKBN15R08A'|'2017-02-12T03:22:00.000+02:00'
'c7f041d2d39ab72415ebfafbc23756566e837d5f'|'Field narrows in bidding for Italy''s TotalErg petrol stations-sources'|'By Giancarlo Navach , Pamela Barbaglia and Stephen Jewkes - MILAN/LONDON MILAN/LONDON Feb 14 The field of prospective bidders for the Italian petrol station network belonging to Total and Italian energy group Erg has narrowed, leaving only a handful of interested parties undertaking due diligence checks on the business, sources familiar with the matter said.A first round of bidding for the TotalErg joint venture company drew to a close at the end of January and binding bids for the network are now expected some time in early April, the sources said."It''s a tough sale and things are moving slowly," one of the sources said, adding that management presentations had yet to take place.API Anonima Petroli, the privately-owned oil refiner which owns 2,600 stations of its own, is one of the industrial players left in contention, along with Qatar Petroleum, the sources said.Rival operator Kuwait Petroleum International (Q8) has said it is not in the running. "We monitor the market for opportunities but in this phase we are not interested in the asset," a Q8 spokesman said.TotalErg declined to comment, while no one at API or Qatar Petroleum could immediately be reached for comment.TotalErg, which controls close to 2,600 service stations and has a market share of some 11 percent, appointed HSBC and Rothschild to sell the business that could be worth as much as 800 million euros ($845 million).But Italy has around 21,000 service stations across the country, almost twice the number in France and almost three times that of Britain, and the sources said a new owner of TotalErg might want to rationalise.Private equity firms Advent and Apollo have also been admitted to the final stages of bidding, the sources said, while Carlyle Group and KKR decided to pull out.Some of the sources said Advent and Apollo were considering teaming up with API to prepare a joint offer.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.Advent declined to comment while no one at Apollo was immediately available to comment. ($1 = 0.9463 euros) (Additional reporting by Clara Denina and Claudia Cristoferi; Editing by Greg Mahlich)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/totalerg-ma-italy-idINL8N1FZ7DB'|'2017-02-14T16:17:00.000+02:00'
'fcadde4c0569f44e0abd4bc0218de7dd894585c1'|'LPC-Bankers ready <20>2.6bn debt deal for potential Stada sale'|'By Claire Ruckin - LONDON LONDON Feb 14 Bankers are preparing a debt financing of around <20>2.6bn backing a potential private equity buyout of publicly listed German generic drugs and consumer care group Stada, banking sources said on Tuesday.Stada said on Monday that it had started talks with potential bidders Cinven Partners and Advent International, after the private equity firms showed interest.Banks are eager to underwrite a large and profitable debt deal, which would give lenders a welcome break from the low-earning task of repricing and refinancing existing loans.<2E>Every bank is looking at Stada. You don<6F>t get a jumbo trade very often so as soon as something hits the screen like this, you get on it,<2C> one source said.Around <20>2.6bn of debt financing would give a total leverage ratio of around 6x-6.5 times, based on Stada<64>s approximate Ebitda of <20>400m, sources said.The debt is likely to be denominated in euros and the large size of the financing means that it could be split between leveraged loans and high-yield bonds, they added.Europe<70>s leveraged loan market could have the upper hand, sources said, as public to private acquisitions can take a long time to close.Loans are more flexible and have less rigid accounting standards than bonds and can be arranged either as a bridge financing or syndicated to investors with a ticking fee.LIQUID MARKETWhile the liquid loan market has the capacity to bank a jumbo deal, several other large loans are also on the horizon, including the potential sale of German metering groups Techem and rival Ista.The two potential sales would require around <20>2bn of financing each and, if successful, could quickly reverse technical market factors that have seen demand outstrip supply for around a year.<2E>Europe<70>s leveraged loan market could go to feast from famine very quickly,<2C> the first source said.Stada said that Cinven was offering 56 euros per share, which values the company at almost <20>3.5bn. It did not disclose the price proposed by Advent.Other cash-rich buyout firms including Bain, BC Partners, CVC and Permira are also interested in Stada, sources said.Stada was not immediately available to comment. Bain, BC Partners, CVC and Permira declined to comment.Founded in 1895 in Dresden as a pharmacists'' cooperative, Stada is seeking to expand its non-prescription consumer care business.Its generic drug business is under price pressure as medical insurers in Germany, its largest market, seek bulk procurement deals at low prices.(Editing by Tessa Walsh)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/stada-loans-idINL8N1FZ4AX'|'2017-02-14T10:11:00.000+02:00'
'd7954c01a4c7a334a394d77c625f3ed7d3698b6a'|'Aetna, Humana walk away from $34 billion deal after court ruling'|'  1:46pm GMT Aetna, Humana walk away from $34 billion deal after court ruling A trader points up at a display on the floor of the New York Stock Exchange August 20, 2012. REUTERS/Brendan McDermid/File Photo By Caroline Humer Health insurers Aetna Inc ( AET.N ) and Humana Inc ( HUM.N ) walked away from their $34 billion (<28>27.2 billion) merger deal on Tuesday, after a U.S. judge ruled in January the combination would stifle competition in the private Medicare Advantage programme for retirees. After the Jan. 23 court ruling, Aetna and Humana had said they were weighing whether to appeal the decision and extend their agreement, which was set to expire on Feb. 15. Aetna and Humana announced the deal in July 2015, just a few weeks before Anthem Inc ( ANTM.N ) and Cigna Corp ( CI.N ) said they would also combine. A year later, the U.S. Justice Department sued to block both transactions and won in separate lawsuits, derailing what would have been a massive industry consolidation to three insurers from five. Aetna will pay Humana a $1 billion breakup fee, or $630 million after taxes, and terminated its plan to sell some Medicare Advantage assets to Molina Healthcare Inc ( MOH.N ), the companies said. Aetna had argued in court that even with the merger there would be ample competition for Medicare Advantage. The privately run programme covers health benefits for 18 million Americans and competes with traditional government-run Medicare, which covers the balance of the 55 million people 65 and older as well as the disabled. But it had offered to sell the assets to Molina to try to win Justice Department approval. "While we continue to believe that a combined company would create greater value for health care consumers through improved affordability and quality, the current environment makes it too challenging to continue pursuing the transaction,<2C> said Aetna Chief Executive Officer Mark Bertolini. Wall Street analysts said the move was expected and reiterated that they believed Humana could be a target for Cigna or Anthem once they walk away from their own deal. "We had viewed a successful appeal as highly unlikely given the decisiveness of the lower court<72>s opinion and a DOJ (Department of Justice) settlement as a longshot," Evercore ISI analyst Michael Newshel wrote in an research note. Humana plans to hold a conference call later Tuesday to provide its 2017 financial outlook. Anthem last week filed an appeal of the court''s ruling, but expectations for winning are seen as scant. The two companies have argued over the roles of the top executives and business strategy, according to court documents. Aetna, which had issued debt to acquire Humana, said it was redeeming the notes for cash. (Reporting by Caroline Humer in New York and Ankur Banerjee in Bengaluru; Editing by Lisa Von Ahn and Jeffrey Benkoe)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-humana-m-a-aetna-idUKKBN15T1HX'|'2017-02-14T20:46:00.000+02:00'
'6da0291f912fd9315183a2a7271315bc58cce312'|'Frankfurt Airport steps up low-cost drive with Wizz Air routes'|' 39am GMT Frankfurt Airport steps up low-cost drive with Wizz Air routes A Wizz Air Airbus 321 aircraft taxis at the Chopin International Airport in Warsaw, Poland May 17, 2016. REUTERS/Kacper Pempel BERLIN Eastern European low-cost carrier Wizz Air ( WIZZ.L ) on Tuesday said it would start flights from Frankfurt Airport this summer, becoming the latest budget airline to add routes from Germany''s largest airport. Wizz Air said it would fly to Sofia from May and Budapest from December, taking the number of German airports it flies from to 11. Low cost carriers have so far not taken major market share at Frankfurt, due to its high costs and long turnaround times. But airport operator Fraport ( FRAG.DE ), seeking to compensate for slower passenger number growth at main customer Lufthansa ( LHAG.DE ), last year signed up Ryanair ( RYA.I ), which had previously ruled out routes from Frankfurt. "The decision by Wizz Air also underscores the growing importance of Frankfurt for the low-cost market," Fraport sales executive Winfried Hartmann said in a statement. Lufthansa, which called for Fraport to lower fees after the Ryanair deal was announced, said this month it was looking at low-cost flying out of Frankfurt using its Eurowings budget brand. While other low-cost carriers expand in Germany, Transavia, a unit of Air France-KLM ( AIRF.PA ), said Monday it would no longer base aircraft at Munich after this summer, saying it was uncertain whether it could make a profit. Air France-KLM had wanted to grow Transavia into a pan-European carrier but after strikes by Air France pilots, it said in November that Transavia would focus on its home markets of the Netherlands and France. (Reporting by Victoria Bryan; Editing by Maria Sheahan) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-fraport-airport-wizz-air-hldgs-idUKKBN15T18I'|'2017-02-14T17:39:00.000+02:00'
'18c722bb71af4d31bc00395f1cb454977232533d'|'Italy busts crime ring that laundered 300,000 euros in gold per week'|'Business News - Tue Feb 14, 2017 - 5:04pm GMT Italy busts crime ring that laundered 300,000 euros in gold per week ROME Italy arrested 11 people for running an international gold laundering ring on Tuesday that melted down and sold some 300,000 euros (255,146.68 pounds) worth of the stolen metal each week, Italian finance police said. They were accused of buying and reselling stolen goods. Police in Italy, Hungary and Slovenia also searched about 60 homes and businesses. Police picked up one of the group''s leaders, who was not named, at the Italy-Slovenia border carrying 200,000 euros in cash obtained by selling stolen gold, finance police official Filippo Ivan Bixio told Reuters. The group, which was based in the northern industrial city of Turin, bought stolen objects from a network of contacts, paying them in cash at a discount of about 30 percent compared with market prices, Bixio said. A company set up in Budapest issued fake purchase receipts without ever taking possession of the gold. It then sold the precious metal to the countries'' largest jewellers at market prices. The Italian companies paid the Hungarian company by bank transfer, so each week one of the group''s leaders drove from Turin to Budapest to pick up 200,000 to 300,000 euros in cash to pay for more stolen gold. "They paid their suppliers in cash," Bixio said. "Then they melted it down into small bars and sold it to Italy''s three or four top buyers, who thought they were buying gold from Hungary, but in reality it was Italian." During the investigation, police documented the purchase of 750 kg (1,700 lb) and the laundering of some 25 million euros in stolen gold, police said. Eurojust, the European Union''s judicial cooperation agency, helped Italian authorities coordinate the operation with their counterparts in Hungary and Slovenia. (Reporting by Steve Scherer; Editing by Alison Williams) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-italy-crime-gold-idUKKBN15T2A1'|'2017-02-15T00:04:00.000+02:00'
'fc8c09274cee2bc1ee67cf8bed038b2fcd6fe6ab'|'Credit Suisse net loss 2.35 billion Swiss francs; to cut 5,500 jobs'|'Business News - Tue Feb 14, 2017 - 6:43am GMT Credit Suisse net loss 2.35 billion Swiss francs; to cut 5,500 jobs FILE PHOTO - A Swiss bank Credit Suisse sign is pictured in Geneva, Switzerland, March 11, 2016. REUTERS/Denis Balibouse/File Photo ZURICH Credit Suisse ( CSGN.S ) on Tuesday posted a 2.35 billion Swiss franc (1.87 billion pounds) net loss for the fourth quarter on the back of a U.S. legal settlement, and said it will cut its headcount further in 2017 by a net 5,500 jobs. The average estimate in a Reuters poll of seven analysts was for a net loss of 2.013 billion francs in the quarter. For 2016, Switzerland''s second-biggest bank posted a net loss of 2.44 billion francs following a 2.94 billion franc loss in 2015. Nevertheless, Credit Suisse proposed a dividend of 0.70 francs per share, in line with market expectations. ($1 = 1.0039 Swiss francs) (Reporting by Joshua Franklin; Editing by Michael Shields) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-credit-suisse-gp-results-idUKKBN15T0M7'|'2017-02-14T13:43:00.000+02:00'
'01dbd6c79057f4250217c76c60953dc6258a8109'|'Exclusive - Yellen responds to warning, says Fed has authority on global talks'|'Business News - Tue Feb 14, 2017 - 2:34pm GMT Exclusive - Yellen responds to warning, says Fed has authority on global talks Federal Reserve Chair Janet Yellen holds a news conference following day two of the Federal Open Market Committee (FOMC) meeting in Washington, U.S., December 14, 2016. REUTERS/Gary Cameron Federal Reserve Chair Janet Yellen, in response to a warning from a U.S. congressman to back off international negotiations in the early stages of Donald Trump''s presidency, said in a letter the Fed has the authority and responsibility to consult with its foreign counterparts and does so to benefit the United States. "We will continue to coordinate with the Treasury Department, which is itself a member of several international forums related to financial services, such as the Financial Stability Board and the International Association of Insurance Supervisors, as well as with the other U.S. supervisory agencies that participate in various international forums," Yellen wrote in a Feb. 10 letter to Republican Rep. Patrick McHenry. "In exercising our longstanding authorities and responsibilities for consulting with our foreign counterparts, we share the objective that the whole U.S. government must work constructively to ensure a strong, stable U.S. economy and financial system," she said in the letter seen by Reuters. (Reporting by Jonathan Spicer; Editing by Meredith Mazzilli) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-fed-yellen-g20-exclusive-idUKKBN15T1W9'|'2017-02-14T21:34:00.000+02:00'
'fff8cd8cca11a3e92c5681ab386ec145bf17f224'|'EU, Canada secure clearance to kick-start free trade deal'|' 32am GMT EU, Canada secure clearance to kick-start free trade deal left right FILE PHOTO: The European flag flies outside of the La Canada shopping centre in Marbella, Spain January 23, 2013. REUTERS/Jon Nazca/File Photo 1/3 left right FILE PHOTO: Canada''s Prime Minister Justin Trudeau attends a news conference after the signing of the Comprehensive Economic and Trade Agreement (CETA) at the European Council in Brussels, Belgium, October 30, 2016. REUTERS/Eric Vidal/File Photo 2/3 left right A sign against the Transatlantic Trade and Investment Partnership (TTIP) and Comprehensive Economic and Trade Agreement (CETA) is pictured on a bench outside the European Council in Brussels, after farmers sprayed powdered milk to protest against dairy market overcapacity, Belgium January 23, 2017. REUTERS/Francois Lenoir 3/3 By Philip Blenkinsop - STRASBOURG STRASBOURG The European Union and Canada secured clearance on Wednesday for their contentious free trade deal and the removal of import duties that supporters say will boost growth and jobs on both sides of the Atlantic. The two parties can claim a success for their open markets policy after months of protest and uncertainty and in the face of U.S. President Donald Trump, who has withdrawn from the Trans-Pacific Partnership (TPP) and wants to rework the North American Free Trade Agreement. European Parliament lawmakers backed the Comprehensive Economic and Trade Agreement (CETA) by 408-254, meaning large parts of the EU-Canada deal, notably tariff reduction, will finally enter into force some 8 years after negotiations began. CETA has been the focus of demonstrations in Europe led by trade unions and protest groups that say it will lead to a race to the bottom in labour and environmental standards and allow multinational corporations to dictate public policy. The chief point of contention is the deal''s system to protect foreign investors, which critics say can lead to cases such as Philip Morris''s ( PM.N ) challenge, albeit unsuccessful, of plain tobacco packaging in Australia. Supporters say the right to regulate is enshrined in the treaty and CETA has replaced closed arbitration panels with transparent and independent courts to settle disputes. Full implementation of CETA, including investment, will only ensue after clearance by more than three dozen national and regional parliaments, by no means a certainty. Opposition in the Belgian region of Wallonia threatened to kill the deal last year. One left-wing group in the parliament said CETA still faced defeat in national assemblies, referendums or at the European court. Backers say CETA will increase Canadian-EU trade by 20 percent and boost the EU economy by 12 billion euros (10 billion pounds) a year and Canada''s by C$12 billion ($9.18 billion). For Canada the deal is important to reduce its reliance on the neighbouring United States as an export market. For the EU, it is a first trade pact with a G7 country and a success at a time when the bloc''s credibility has taken a beating from Britain''s vote last June to leave the bloc. The EU recognises EU-U.S. trade talks are frozen, but wants CETA to be just one of a series of ambitious trade deals it plans with countries including Vietnam, Japan and Mexico. Canada had signed the 12-nation TPP, which Trump has rejected, but remains in trade talks with fellow signatory Japan as well as with India and Singapore. Canadian Prime Minister Justin Trudeau, who met Trump on Monday, is due to address the European Parliament on Thursday. (Reporting by Philip Blenkinsop)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eu-canada-trade-idUKKBN15U1BV'|'2017-02-15T18:32:00.000+02:00'
'6ba4299226dbe0a0ed4d525151396e9cecbf1c2f'|'Crisis, what crisis? Asia copper buyers shrug off major mine strikes'|'Business News - Wed Feb 15, 2017 - 9:21am GMT Crisis, what crisis? Asia copper buyers shrug off major mine strikes A company logo of Shanghai Futures Exchange is displayed at a booth during LME Week Asia in Hong Kong, China June 14, 2016. REUTERS/Bobby Yip By Melanie Burton - MELBOURNE MELBOURNE Even as strikes cripple output at the world''s two biggest copper mines, Asia''s copper industry is pretty relaxed, sitting atop metal stockpiles that have grown by nearly two-thirds since the end of January. Copper inventories tied to China''s Shanghai Futures Exchange have surged 61 percent since the week of Jan. 20 to 277,659 tonnes, the most since May 2016, the latest data shows. Stockpiles held in bonded warehouses in China have edged above 500,000 tonnes, from around 450,000 tonnes in November, according to consultants CRU Group. BHP Billiton ( BHP.AX ) ( BLT.L ) declared a force majeure last week on contracted copper shipments from its Escondida site in Chile, the world''s largest copper mine, and Freeport-McMoRan Inc ( FCX.N ) has sent home workers from its Grasberg facility, the world''s second-biggest mine, this week. But, because of the ample stockpiles, the outages have not worried the market as copper cathode premiums in China''s bonded zones, what buyers will pay above global prices to procure the metal, remain steady at $75 a tonne. China is the world''s biggest copper user. <0#BASEBW-SHMET> "In China''s bonded market there is still a lot of stock, so we are not that worried about the force majeure for now," said a BHP customer in Shanghai whose February shipments were delayed. BHP halted its Escondida operations because of a worker''s strike while Freeport closed Grasberg after filling up its on-site storage after a strike shuttered the smelter that is the only buyer of its copper output. In addition to the high refined metal stockpiles, copper ore and concentrates imports to China swelled in the months before the disruptions. November imports were a record 1.76 million tonnes, with December just below that at 1.67 million tonnes, according to customs data. [MTL/CHINA1] While Chinese premiums remain steady, copper prices have surged, with three-month copper CMCU3 on the London Metal Exchange rising to $6,204 a tonne on Monday, the highest since May 25. On the mine supply side, analysts estimate the disruptions will cut around 5,400 tonnes per day from the global supply of copper concentrate. If the Escondida strike lasts for 20 days, first-quarter global supply could drop 1.8 percent, according to Goldman Sachs. In theory this could wipe out a small surplus of 80,000 tonnes of refined copper this year, estimated by analysts polled by Reuters. COMMODITYPOLL01 Analysts at Standard Chartered said the loss of both Escondida and Grasberg is a "justified" bullish factor but they also note the high inventories. "If sustained beyond the end of February then it is possible that the cathode market could... start to tighten. For the time being, though, we remain in a clear phase of cathode surplus," said the analysts in a report referring to the typical type of refined copper. With the surge of concentrate imports, most Chinese smelters are in no rush for new supply. "For the next two to three months most of the smelters are well prepared, particularly the main smelters. They were restocking the concentrate before Chinese New Year, so they are comfortable," said a source at a trade house in Shanghai. Fees that smelters pay miners to process their concentrate, an indicator of the supply and demand balance, dipped to the mid$80''s a tonne last week from the high $80s in mid-January, according to CRU. JX Holdings Inc''s ( 5020.T ) metal unit, Japan<61>s biggest copper smelter, does not expect any impact from Escondida<64>s strike unless it dragged on for a few months, a spokesman said. But Escondida could have ripple effects amid labour talks at other mines such as Rio Tinto''s Kennecott mine in Utah. One trade house so
'3d8f219fda73d411e0c07292f0113f8576f8880c'|'Travel Trolley wanted <20>175 to correct a typo on my booking - Money'|'I booked flights from London to Sydney using the online agent Travel Trolley and, stupidly, put in a typo in my surname. I alerted it within five minutes and after a number of unhelpful phone calls (a rep told me to <20>Google it<69> when I asked how to complain about the service) it wanted <20>175 to amend my name on the booking. The official Air China policy on this is <20>80 and Travel Trolley is refusing to explain why it has added <20>95 on top of this when the tickets haven<65>t even been issued yet. When I asked to speak to a supervisor, I was told they were on leave for a week. This fee is a third of the price of the tickets and I will struggle to pay it. RM, LondonA couple of years ago a passenger changed his name by deed poll because it was cheaper than the fee to amend an error on his flight booking.While some airlines will make a change for free, others charge more than <20>200. A few insist you buy a new ticket and, as you<6F>ve found, if you use a third-party travel agent there<72>s yet another charge on top.Travel Trolley says the total is <20>110, not <20>175, and that <20>80 is levied by the airline and <20>30 to cover its own costs.And what are these costs? According to a spokesman, passengers who want to amend a name have to send a copy of their passport, which is verified and forwarded to the airline. The airline<6E>s trade support desk has to give permission for the change and has to establish the airline<6E>s charges.<2E>It may seem merely a name change, but the entire procedure consumes well over five minutes,<2C> he says.Five minutes? Money well earned.However, the fees are on the terms and conditions so it pays to make sure that you check and recheck all the information on a booking.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.'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/money/2017/feb/15/travel-trolley-charges-booking-error-typo'|'2017-02-15T02:00:00.000+02:00'
'cf18d7e31b9a5be7ca07e6d5af81e68230841542'|'Boeing workers in South Carolina vote on whether to unionize 15,'|'Boeing shoots a plane into the air like a rocket Nearly 3,000 Boeing workers at its new South Carolina plant are voting Wednesday in a closely watched effort by organize labor to establish an important foothold in the South. Manufacturers have been drawn to the South because the region is strongly anti-union. Less than 2% of South Carolina workers are union members, the lowest unionization rate in the nation. Boeing ( BA ) spent billions to open its North Charleston plant, arguing it needs to assure customers who buy the 787 Dreamliner, which is built there, that the plant wouldn''t go on strike. Related: Trump move on Iran could cost jobs at Boeing The Machinists union, which represents most Boeing factory workers throughout the U.S., is seeking to represent the workers in South Carolina. A win would give it even more leverage over Boeing in future labor talks. A union loss would further encourage other manufacturers to open union-free plants in the South. The vote is seen as an uphill battle for the union, which dropped plans for a vote last year. About 40% to 50% of organizing votes fail. A visit from President Donald Trump on Friday will draw even more attention to the plant. Boeing''s South Carolina assembly line, where workers are voting on whether or not to join a union. The plant will get additional attention this week as President Donald Trump plans to visit the plant Friday. Wages are a key issue in the vote. The union says South Carolina workers earn about $10 an hour less than union members at Boeing''s Washington state plants. For its part, Boeing says pay scales are driven by wages in the local market, and that the South Carolina plant already pays better than a union-represented Boeing plant in Alabama. Related: Boeing pitches China facility as Trump-friendly The battle between Boeing and the union won''t end with Wednesday''s vote. If it loses, the union could try for another vote in a year. If it wins, it would then start what are likely to be contentious negotiations for a contract with Boeing to cover the South Carolina workers. CNNMoney (New York)   15, 2017: 10:28 AM ET'|'cnn.com'|'http://rss.cnn.com/rss/money_news_companies.rss'|'http://money.cnn.com/2017/02/15/news/companies/boeing-union-vote/index.html'|'2017-02-15T17:28:00.000+02:00'
'074994f746950aac3799252b10ada62c6e9c2444'|'Delays, confusion as Toshiba reports $6 billion nuclear hit and slides to loss'|' 55am GMT Delays, confusion as Toshiba reports $6 billion nuclear hit and slides to loss left right Toshiba Corp CEO Satoshi Tsunakawa bows as the start of a news conference at the company''s headquarters in Tokyo, Japan February 14, 2017. REUTERS/Toru Hanai 1/3 left right Toshiba Corp incoming chairman Shigenori Shiga attends a news conference at the company headquarters in Tokyo, Japan May 6, 2016. REUTERS/Issei Kato/File Photo 2/3 left right The logo of Toshiba Corp. is seen at the company''s facility in Kawasaki, Japan February 13, 2017. Picture taken February 13, 2017. REUTERS/Issei Kato 3/3 By Makiko Yamazaki - TOKYO TOKYO After a day of delays and confusion, Japan''s Toshiba Corp said on Tuesday it expected to book a $6.3 billion (<28>5 billion) hit to its U.S. nuclear unit, a writedown that wipes out its shareholder equity and will drag the group to a full-year loss. Hours earlier on Tuesday, the battered conglomerate rattled investors by failing to release its earnings on schedule, saying initially it was ''not ready'' and then announcing later it needed more time to probe its Westinghouse nuclear business after internal reports uncovered potential problems. The figures eventually released were numbers that have yet to be approved by its auditor and Toshiba cautioned investors that a major revision was possible. Fully audited numbers are now not due till March 14 after the firm was granted a reprieve for its formal filing by Japanese regulators. Toshiba also said in a statement it could push harder to raise capital, including selling a majority stake in its memory chip arm. Previously, it had sought to sell just under 20 percent of its prize business. "Finally now people are starting to recognise that internal control problems, the accounting issues and governance issues are very real and no longer abstract," said Zuhair Khan, an analyst at Jefferies in Tokyo. "They impact the viability of the company." Shares in the group slid 8 percent, putting the company''s market value at 973 billion yen (<28>6.8 billion), less than half its value in mid-December. Just under a decade ago, the firm was worth almost 5 trillion yen. It also announced the first top-level departure since the nuclear problems were uncovered in December: chairman Shigenori Shiga, a former Westinghouse boss brought in to the top role last year after a $1.3 billion accounting scandal in 2015 shook up Toshiba''s upper ranks. Toshiba said it expected to book a 499.9 billion yen net loss for the nine months to December, and a 390 billion yen net loss for the full year. It also ended 2016 with negative shareholder equity due to the 712.5 billion yen nuclear writedown - a charge that was first flagged in December last year. Toshiba said it would withdraw from nuclear plant construction overseas. Reuters reported this month that Toshiba was seeking at least a partial exit from ventures in Britain and India, a blow to both countries'' nuclear plans. WESTINGHOUSE WOES In an earlier, separate statement, Toshiba outlined concerns at its Westinghouse business, the U.S. nuclear unit bought from the UK government a decade ago. Internal reports, Toshiba said, suggested controls at Westinghouse had been "insufficient" and it needed to look into whether senior managers at Westinghouse exerted "inappropriate pressure" during discussions over a U.S. deal to buy the company at the heart of its cost overruns, it said. "We judged that it would take about a month for external lawyers ... to conduct these further probes and for the independent auditors to review the results," Toshiba said. A source briefed on the matter said Toshiba had not been able to immediately secure the approval of its auditor, PricewaterhouseCoopers Aarata. The source asked not to be identified because he is not allowed to talk the media. PricewaterhouseCoopers Aarata declined to comment, citing client confidentiality. Toshiba declined to comment on the audit process. (Reporting b
'691cc4ea18c872ab5a9dbfe093ad4a5f9f9410e8'|'Budget plan unrealistic and hits households hardest, says economic thinktank - Business'|'The Turnbull government<6E>s approach to returning the budget to surplus is unrealistic, and the burden will be borne disproportionately by individuals paying a higher share of their income in tax, according to the Committee for Economic Development of Australia.John Edwards, a Ceda director and a former Reserve Bank board member, in a new overview released on Wednesday, says the projected decline of the deficit between now and 2020-21 arises only because tax receipts are expected to increase over that period by 1.6% of gross domestic product.<2E>Over half of that increase will be contributed by rising personal income tax. Over the four-year period beginning 2016<31>17, personal income tax is projected to increase by over $40bn, or a little more than one-fifth,<2C> Edwards says in the new paper.<2E>This is roughly four times faster than the projected rate of growth of employment over the period and more than twice as fast as the projected rate of growth of wages, implying that most individuals in 2019<31>20 will be paying a higher share of their incomes as tax than they do today.<2E>Edwards uses the new snapshot to renew previous calls by Ceda for the government to consider alternative approaches, like reducing concessions on superannuation and capital gains tax, and extending the indirect tax base.He says that policy switch would <20>take Australia to surplus earlier, more reliably and with less reliance on personal income tax increases than the government now projects<74>.Edwards says if tax receipts in 2019-20 increased to 23.9% of GDP instead of the projection in the mid year economic forecast of 23.2% of GDP, the government would be in surplus in 2019<31>20.The latest economic forecast has the budget returning to balance in 2020-21.Edwards says despite warnings from groups like Ceda that the government needs to adjust its budget strategy, cumulative deficits and debt remain high, <20>the reliance on projected increases in personal income tax on work incomes remains, and the projected resolution of the Australian government deficit is even further off<66>.Ceda<64>s chief executive, Stephen Martin, warned that decisions by the incoming Trump administration and the fallout from Brexit were generating economic headwinds with profound implications for Australia.<2E>Domestically, the lack of concrete policies to deal with the federal budget deficit problem, coupled with the rise of populist parties with slogans but no answers, will play a critical part in determining whether the Australian economy returns another year of modest growth or whether some genuine reform stimulates a much-needed uptick in productivity, employment and growth,<2C> Martin said in a statement issued ahead of the launch of Ceda<64>s economic and political overview for 2017.He said the outlook for economic growth looked more positive, which would hopefully result in a fall in the unemployment rate.On Tuesday, an annual survey of macroeconomic forecasts from Australian Business Economists suggested the economic contraction in the September quarter last year was likely to be a one-off, and the economy should keep growing for the rest of 2017.The new survey found that 17 members of the ABE<42>s 21-member executive committee believed the Australian economy would keep growing through 2017.Australia''s economy likely to keep growing in 2017, experts say Read more Martin said the growth outlook was more encouraging, but infrastructure spending remained a priority.<2E>While it is anticipated growth and new jobs are likely to come from resources, infrastructure and agriculture and exports of services and goods to Asia, there are no guarantees while the federal government is loath to use its fragile triple-A credit rating to borrow to support much-needed infrastructure throughout the nation,<2C> he said.Martin said the government<6E>s projected return to surplus <20>does not appear realistic<69> and the reliance on personal income tax increases to help reduce the budget deficit was an issue o
'cf22dca1f8466ae25e213793363d5911df5ec573'|'Tax avoidance: Coalition starts consultation over register for shell companies - Australia news'|'The Australian government is pushing ahead with plans to establish a public register revealing the identities of the beneficial owners of shell companies, in an attempt to crackdown on multinational tax avoidance and corporate corruption.Kelly O<>Dwyer, the minister for financial services, has released a consultation paper calling for expert advice on how to set up and maintain a register.She first announced her intention to set up a register in April last year , after public<69>s angry reaction to the Panama Papers scandal <20> and with the federal election looming.Three killer facts about corporate tax cuts you won''t hear from Scott Morrison - David Hetherington Read moreA register of beneficial ownership would expose legal structures, such as shell companies, to greater scrutiny by allowing tax authorities to know the owner of each part of a business.O<>Dwyer said on Monday: <20>Improving transparency around who owns, controls and benefits from companies will assist with preventing the misuse of companies for illicit activities including tax evasion, money laundering, bribery, corruption and terrorism financing.<2E>The government is seeking feedback on what information needs to be collected in order to achieve this objective and how it should be collected, stored and kept up to date,<2C> she said.The government has given no indication of when it plans to establish the register. A spokesman said it would be a complicated matter requiring several legislative changes.Andrew Leigh, the shadow assistant treasurer, has accused the Coalition of dragging its feet on the issue, saying he doubts its sincerity.<2E>The Turnbull government committed to implementing a beneficial ownership registry in April 2016, but almost immediately they started back-peddling faster than a staffer for Donald Trump,<2C> he told Guardian Australia.<2E>In May 2016, their commitment to implement a registry became a much weaker promise to consult the public on the implementation of a registry .<2E>In October 2016, the government committed to consult the public by the end of December . It is now half way through February, and the government has only just released the consultation paper,<2C> he said.<2E>The reluctance of the government to make good its promises on a beneficial ownership registry is because it is focussed on looking after the big end of town, rather than forcing multinationals to pay their fair share of tax.<2E>Parts of the corporate sector strongly opposed the government<6E>s plan to establish a register when it was announced in April last year. Mark Leibler, a partner from Melbourne law firm Arnold Bloch Leibler, called it a <20>gross over-reaction<6F> to concerns about tax avoidance.Leaked documents last year revealed the Panama<6D>based law firm Mossack Fonseca offered services to be a <20>registered agent<6E> for hundreds of thousands of individuals and corporate clients seeking to set up shell companies in low-tax jurisdictions.While it is not unlawful for Australians to set up and own offshore companies, it can be an offence to fail to disclose those assets to the Australian Taxation Office.Australia<69>s December G20 report on beneficial ownership transparency said Australia<69>s classified Organised Crime Threat Assessment (OCTA) had specifically warned about the exploitation of complex business structures.Company tax: big business already pays less than 30% rate, ATO data shows Read more<72>In 2013 and 2015, the exploitation of complex ownership and control structures to effectively hide the ultimate beneficial owner was specifically identified as a current, key enabler of organised crime in Australia,<2C> the G20 report said .Submissions for the government<6E>s consultation paper close on 13 March 2017 .But after the election, the Turnbull government reaffirmed its intention to establish a register, when it released its Open Government National Action Plan in October. The action plan said a consultation paper on a public register would be released by the 
'b6141d83b7c1bf9fe0e22cd9cf28b37a66b226d0'|'TCI Fund urges French market regulator to intervene on Zodiac-Safran tie-up'|'Business News - Tue Feb 14, 2017 - 7:46pm GMT TCI Fund urges French market regulator to intervene on Zodiac-Safran tie-up PARIS Hedge fund TCI Fund Management wrote to French market regulator AMF on Tuesday to protest against aero engine maker Safran''s ( SAF.PA ) agreed bid for seats manufacturer Zodiac Aerospace ( ZODC.PA ), saying it risks violating shareholders'' rights. The $9 billion Safran-Zodiac tie-up plan aims to create the world''s third-largest aerospace supplier as the industry bulks up to tackle record high output plans. "We believe that the AMF should intervene in order to ensure the protection of the rights of the shareholders of both Safran and Zodiac Aerospace," TCI head Christopher Hohn said in the letter published on the fund''s website. A spokeswoman for Safran declined to comment. A spokeswoman for the AMF could not immediately be reached. TCI Fund owns about 3.87 percent of Safran''s capital and, together with other clients of TCI, that reaches about 4.13 percent, he said, adding that TCI is also a shareholder of Zodiac. Hohn writes that he fears shareholders will only be consulted on the public tender offer after it has been initiated. "If this were to be the case, we believe that launching a public tender offer prior to a vote on the merger by Safran shareholders would be in violation of the rights of Safran shareholders and in violation of the principle of equal access to information for all Zodiac shareholders," Hohn wrote. "In order to preserve Safran shareholders'' voting rights, a vote of the extraordinary shareholders'' meeting of Safran on the merger must take place before the filing of the public tender offer." (Reporting by Ingrid Melander; Editing by Ruth Pitchford) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-zodiac-aero-m-a-safran-idUKKBN15T2N5'|'2017-02-15T02:46:00.000+02:00'
'54ab9cdacb11b9e9c8234e0efe5d3999ba365d31'|'BRIEF-Sonus Networks reports qtrly adj. earnings per share $0.09'|' 21am EST BRIEF-Sonus Networks reports qtrly adj. earnings per share $0.09 Feb 15 Sonus Networks Inc * Sonus Networks reports 2016 fourth quarter and full year results * Qtrly loss per share $0.05 * Qtrly adjusted earnings per share $0.09 * Qtrly total revenue $67.6 million versus $76.3 million * Q4 earnings per share view $0.05, revenue view $67.8 million -- Thomson Reuters I/B/E/S * Sonus Networks Inc - "looking forward to 2017, we see another year of flat to low single digit revenue growth" * Sonus Networks Inc - "expect our first half revenue to be approximately $105 million, with approximately $52 million in our q1" * Sonus Networks Inc - expect a GAAP loss per share of $0.35 and non-gaap diluted earnings per share of $0.26 for 2017 * FY 2017 earnings per share view $0.27, revenue view $261.5 million -- Thomson Reuters I/B/E/S  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSASB0B0DN'|'2017-02-15T19:21:00.000+02:00'
'307b0c60b1b713c0cc653994d860bec916070742'|'BRIEF-NGL Energy Partners says amends, extends revolving credit facility'|' 59am EST BRIEF-NGL Energy Partners LP announces amended and extended revolving credit facility Feb 15 NGL Energy Partners Lp - * Announces amended and extended revolving credit facility * Announces amended and extended revolving credit facility * Amended facility has an initial borrowing capacity of $1.765 billion * Amended facility has an initial borrowing capacity of $1.765 billion, and contains accordion feature of up to an additional $300 million * Amended facility is secured by substantially all of partnership''s assets subject to certain exclusions * Amended and extended its revolving credit facility extending term of facility to October 2021 * Amended facility includes a similar pricing and covenant package to previous facility * At December 31, 2016, partnership''s senior secured leverage ratio was approximately 1.76 to 1.0 * Amended facility consists of a $765 million facility for acquisitions among others    '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSASB0B0CW'|'2017-02-15T18:57:00.000+02:00'
'866d435febd14780cb870fb759cfe17a416d81c8'|'Icahn raises stakes in Herbalife, Hertz, cuts Freeport-McMoran in fourth quarter'|'NEW YORK Billionaire activist investor Carl Icahn increased his holdings in Herbalife Ltd ( HLF.N ) and Hertz Global Holdings Inc ( HTZ.N ) in the fourth quarter, and exited Voltari Corp ( VLTC.PK ).New York-based Icahn also reduced investments in PayPal Holdings Inc ( PYPL.O ), Nuance Communications Inc ( NUAN.O ) and Freeport-McMoRan Inc ( FCX.N ), according to a regulatory filing Tuesday. Other holdings remained unchanged as of Dec. 31.Icahn recently took on a role as special adviser to President Donald Trump, after publicly endorsing the real estate executive<76>s candidacy in September 2015.Icahn, who rose to fame in the 1980s as a corporate raider and has rebranded himself as an activist investor and outspoken shareholder advocate, has been increasing his stake in Herbalife in a public feud with hedge fund manager Bill Ackman, who has shorted the distributor of nutrition supplements.As of Dec. 31, Icahn increased his stock share stake in Herbalife by 14.7 percent to 22.5 million shares. Additionally, Icahn increased his stock share stake in Hertz Global by 126.2 percent to 29.3 million shares.Conversely, Icahn slashed his stock share stake in Freeport-McMoran by 12.3 percent to 91.2 million class B shares. Freeport''s share price rose 94.8 percent in 2016.Icahn<68>s publicly traded holding company Icahn Enterprises LP ( IEP.O ) agreed in December to sell its American Railcar Leasing to Sumitomo Mitsui Banking Corp.The quarterly disclosures of manager stock holdings, 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, coming out 45 days after the end of each quarter.Still, the records offer a glimpse into what hedge fund managers saw as opportunities to make money on the long side. The filings do not disclose short positions, bets that a stock will fall in price. There is little disclosure on bonds and other securities that do not trade on exchanges.(Reporting by Jennifer Ablan; Editing by Lisa Shumaker)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-investment-funds-icahn-idINKBN15U030'|'2017-02-14T21:39:00.000+02:00'
'83ffc55236949d0900255249f3682f299e991720'|'Barra''s move to sell Opel signals a deeper change at GM'|'Business News  18pm GMT Barra''s move to sell Opel signals a deeper change at GM left right General Motors Chairman and CEO Mary Barra announces that Chevrolet will begin testing a fleet of Bolt autonomous vehicles in Michigan during a news conference in Detroit, Michigan, U.S., December 15, 2016. REUTERS/Rebecca Cook 1/3 left right Mary Barra, Chairman and CEO of the General Motors Company attends the annual meeting of the World Economic Forum (WEF) in Davos, Switzerland, January 17, 2017. REUTERS/Ruben Sprich 2/3 left right A combination picture shows the logos of Opel and Peugeot car manufacturers at dealerships of the brands in Strasbourg, France, February 14, 2017. REUTERS/Vincent Kessler 3/3 By Joseph White General Motors Co ( GM.N ) Chief Executive Mary Barra<72>s decision to put the company<6E>s European operations on the block marks a turning point for the automaker that once prided itself on being the No. 1 vehicle maker in the world. If Barra succeeds in concluding a deal with French automaker Peugeot SA ( PEUP.PA ) <20> and people familiar with the discussions cautioned on Tuesday that many details are yet to be settled <20> she will have delivered in an unexpected way on her promise to have GM <20>disrupt ourselves<65> rather than wait to be jolted by outside forces. Selling Opel will mean GM no longer seeks to be a key player in all the major auto markets, but rather is focusing on cash flow and profitability instead of sales volume. There are risks to abandoning markets, especially one as large as Western Europe. GM faces a continuing fight to stop losing share in its core markets. At the same time, Barra faces pressure to do even more, with GM''s share price - even after Tuesday<61>s nearly 5 percent gain - below the $41 level it had just before she took over the company. <20>We believe (GM) investors are willing to accept more radical measures to optimize capital allocation,<2C> Morgan Stanley analyst Adam Jonas wrote in a note. Shedding GM Europe isn<73>t the technology-driven disruption Barra usually refers to in presentations to investors. But it is a major course change for the company. GM executives long argued that owning Germany''s Opel provided the company with the engineering know-how to develop small and medium sized cars it needed for U.S. and Asian markets. That''s one reason why GM in 2009 pulled the plug on a plan to sell its European business to supplier Magna. But small cars are now losing ground in the United States, China and elsewhere to sport utility vehicles. At the same time, tougher emissions and safety regulations are making European vehicles more expensive, and harder to sell in other markets, analysts said. What''s also changed since 2009 is GM''s relations with its Chinese partners, which give it an alternative to developing small cars in Europe. GM is engineering a new low-cost vehicle lineup for Asia and Latin America with its Chinese partner Shanghai Automotive Industry Corp, a sign of how far Chinese automakers have progressed. Bob Lutz, former GM Vice Chairman and head of product development, said on Tuesday GM could structure a deal with PSA that would still allow for joint product development, and could leave open the possibility of exporting certain Cadillac or Chevrolet models to Europe. <20>The proceeds from the sale (which would do wonders for the stock price) would permit acceleration of the business in North America and China; a far better use of resources,<2C> Lutz emailed, adding he had not been in contact with anyone at GM. Analysts cautioned on Tuesday the price of the deal could be low. The final price will depend on how GM and PSA would share <20> or not share <20> intellectual property, pension liabilities, debts and restructuring costs, analysts said. GM''S CULTURAL SHIFT Even after its traumatic 2009 bankruptcy, GM fought to remain a significant player in all the major world auto markets, and to be competitive with rivals Toyota Motor Corp and Volkswagen AG for the title of world<6C>s largest autom
'0c65510a93743e20aed415f05225847eee5bea86'|'UPDATE 1-UPM''s talks with Uruguay continuing on new pulp plant, says President Vazquez'|'(Adds background)HELSINKI Feb 13 Talks between Uruguay''s government and Finnish pulp and paper maker UPM on a new pulp plant project in the Latin American country are proceeding, Uruguay''s president Tabare Vazquez said on Monday.Uruguayan media reports said last month that UPM and the local authorities were close to reaching a deal on a project to construct what would be the company''s second pulp mill in the country, and which would cost in total $4 billion.UPM has confirmed initial talks but has denied that any quick deal is in sight, citing uncertainties regarding local infrastructure development.Vazquez, who had traveled to Finland to meet politicans as well as UPM''s management, said the talks had progressed."We are working intensively and we have high hopes that this investment will become a reality," he told a news conference.He said the talks were still at the first of three stages, adding that the parties were seeking to complete the initial negotiation stage by the end of March.Finnish pulp projects in Uruguay have faced difficulties in the past. UPM''s current mill in Fray Bentos, originally built by Metsa Group, caused a dispute between Uruguay and neighbouring Argentina, while Stora Enso''s $2 billion joint venture mill in Montes Del Plata was delayed by strikes and other labour issues before it finally opened in 2014. (Reporting by Jussi Rosendahl; Editing by Greg Mahlich)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/uruguay-pulp-upm-kymmene-oyj-idINL8N1FY2HA'|'2017-02-13T08:24:00.000+02:00'
'a01a7887e8fd016abeae49a9c57ed7a343fdfff1'|'UPDATE 1-Teva Pharma quarterly profit and revenue beat expectations'|' 51am EST UPDATE 1-Teva Pharma quarterly profit and revenue beat expectations * Q4 earnings per share excluding one-time items $1.38 * Had been forecast to earn $1.35 per share * Revenue up 33 percent to $6.5 bln vs f''cast $6.24 bln * Interim CEO says conducting thorough review of business * Says seeking additional opportunities to enhance value (Adds interim CEO quotes, details, background, share reaction) By Tova Cohen TEL AVIV, Feb 13 Teva Pharmaceutical Industries reported higher-than- expected fourth-quarter profit on Monday, after sales were boosted by its $40.5 billion acquisition of the Actavis generic drug business in August. Israel-based Teva was left without a permanent chief executive last week after Erez Vigodman suddenly stepped down, leaving new management to restore confidence in the world''s biggest generic drugmaker after a series of missteps. "While we continue to manage through a turbulent and constantly evolving industry, we are committed to execute against our strategy with more diversified revenue sources and profit streams," interim CEO Yitzhak Peterburg said in a statement. In 2017, Teva''s main focus will be extracting synergies from the Actavis deal, implementing efficiency measures, generating cash and paying down debt, Peterburg added. "With the entire Teva team, I am conducting a thorough review of the business to find additional opportunities to enhance value," Peterburg said without giving details. A string of costly acquisitions, along with delayed drug launches, have sent Teva shares plummeting and led to calls for management and structural changes, including a possible split into separate generic and branded medicine units. Investors say Teva, which faces pricing pressure in its core generics business and recently lost patent protection on its key branded drug Copaxone for multiple sclerosis, must choose a new CEO with extensive pharmaceutical experience. Its New York-listed shares, which had been trading around 10-year lows, were up 4.5 percent at $33.65 in pre-market trading. Teva earned $1.38 per share excluding one-time items in the quarter, up from $1.28. Revenue grew 33 percent to $6.5 billion, primarily due to the inclusion of $630 million from the Actavis acquisition. Teva had been forecast to earn $1.35 excluding one-off items on revenue of $6.24 billion, according to Thomson Reuters I/B/E/S. Global sales of Copaxone rose 6 percent in the quarter to $1.0 billion. Cash flow from operations in the quarter fell 12 percent to $1.4 billion. Teva reaffirmed its 2017 forecast of earnings per share of between $4.90 and $5.30, on revenue of between $23.8 billion and $24.5 billion. In 2016 it earned $5.14 a share on an adjusted basis on revenue of $21.9 billion. It will pay a quarterly dividend of 34 cents per ordinary share and $17.50 per mandatory convertible preferred share. (Editing by Steven Scheer and David Holmes)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/teva-pharm-ind-results-idUSL8N1FY39A'|'2017-02-13T19:51:00.000+02:00'
'5c09f1aa3e2734d55d452ab32935a12e4dea8944'|'Brazil''s Temer denies shielding minister from corruption case'|'BRASILIA Feb 13 Brazilian President Michel Temer said on Monday that he would not interfere in the country''s biggest corruption investigation and denied that he had made a close aide a cabinet minister to shield him against prosecution.Temer did not mention by name Wellington Moreira Franco, his point man for infrastructure investment who became a minister despite being named in plea bargain testimony by a defendant in the sweeping graft investigation, known as "Car Wash," which centers on state-run oil company Petroleo Brasileiro . (Reporting by Anthony Boadle Editing by W Simon)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/brazil-corruption-idUSE4N1BR01X'|'2017-02-13T17:38:00.000+02:00'
'1c0c7cbbb170730788c041c2b184d5a7f3dfb79a'|'PRESS DIGEST- British Business - Feb 13'|'Company   7:37pm EST PRESS DIGEST- British Business - Feb 13 Feb 13 - 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 Don''t invest in Britain, European firms urged Continental companies should avoid investing in Britain because of uncertainty surrounding withdrawal from the EU, Europe''s largest management consultancy has warned. bit.ly/2km7Sdv Made in Britain label threatened by trade deals, exporters fear The CBI is calling on the government to ensure that exporters can take full advantage of free trade deals after Brexit by maintaining their "Made in Britain" label. bit.ly/2km4vTV The Guardian UK offshore wind ''will lower energy bills'' more than nuclear Offshore windfarms could provide cheaper power than Britain''s new wave of nuclear power stations, Hugh McNeal, the chief executive of trade body RenewableUK has claimed. bit.ly/2kmaOqj Foreign billionaires in London choosing to rent to avoid stamp duty Foreign billionaires are renting rather than buying luxury homes in London following increases in tax bills on upmarket properties. Lettings that cost more than 3,000 stg ($3,746.10) a week - 156,000 stg ($194,797.20) a year - increased by 28% in the last three months of 2016, according to research by the property data service LonRes. bit.ly/2km76x8 The Telegraph RBS plays down claim it will cut 15,000 jobs Royal Bank of Scotland Group is preparing to cut more costs and chop more workers, but played down reports it will cut 15,000 staff in the next round of shrinking. bit.ly/2km1mDy Mattress retailer SIMBA Sleep raises 9 mln stg from raft of new City investors including husband of Heineken heir SIMBA Sleep, the online mattress retailer, has raised 9 million stg from a raft of new investors including fund manager Henderson, broker Numis and Citi banker Michel de Carvalho, whose wife Charlene is the sole heir to the Heineken family fortune. bit.ly/2km5Bie Sky News Barclays outlines plans to freeze Staley''s 8 mln stg-a-year pay deal Barclays Plc is proposing to freeze its chief executive''s maximum pay package for the next three years in a bid to avert a repetition of the remuneration rows which dogged one of Britain''s biggest lenders. bit.ly/2km1Idm M&S targets former Next star to spearhead clothing revival Marks & Spencer Group has approached the architect of Next Plc''s transformation into one of Britain''s top fashion retailers about a key role at the helm of its perennially struggling clothing division. bit.ly/2km2erK The Independent Brexit: Labour''s Lords leader pledges not to delay triggering of Article 50 Labour''s leader in the House of Lords has pledged not to hold up or "frustrate" the triggering of Article 50 - as the Government''s bill moves to the House of Lords for scrutiny. ind.pn/2klTUZa ($1 = 0.8008 pounds) (Compiled by Shalini Nagarajan in Bengaluru; Editing by Peter Cooney) Next In Company News GLOBAL MARKETS-Dollar gains after Trump-Abe meet, Asian shares firm TOKYO, Feb 13 The dollar rose against the yen on Monday on relief that U.S. President Donald Trump set aside tough campaign rhetoric over security and jobs in a smooth meeting with Japanese Prime Minister Shinzo Abe, with no mention of currency policy. Toshiba prepares to unveil nuclear hole, other perils threaten TOKYO, Feb 13 Toshiba Corp will on Tuesday detail a writedown of close to $6 billion after bruising cost overruns at its U.S. nuclear arm, turning investor attention to the Japanese group''s efforts to fix that and other balance sheet headaches. Australian banks narrow focus of Apple Pay collective bargaining request SYDNEY, Feb 13 Australian banks seeking permission from the country''s competition regulator to bargain collectively with Apple Inc over its mobile payment system said on Monday they will focus on gaining access to the U.S. tech company''s contactless payment function, removing the fees Apple charges as a bone of co
'e9be3ba7b6fef3de3d039f84903083bf6c555248'|'BRIEF-Valeant says Co, J. Michael Pearson, Pershing Square and William Ackman entered litigation management agreement'|' 24pm EST BRIEF-Valeant says Co, J. Michael Pearson, Pershing Square and William Ackman entered litigation management agreement Feb 13 Valeant Pharmaceuticals International Inc * Says co, j. Michael pearson and pershing square capital management and william ackman entered into a litigation management agreement * Valeant - pursuant to litigation management agreement, valeant parties and pershing square parties agreed to certain provisions with respect to management of a litigation * Valeant - litigation relates to the putative class action pending in the united states district court for the central district of california * Valeant - agreement will terminate on nov 1, 2017 if stipulation of settlement with regards to california action has not been executed by that date * Valeant - litigation agreement to terminate on nov 1, 2017 if stipulation of settlement related to california action has not been executed by that date * Valeant - in addition to agreements set out with respect to allergan litigation, litigation management agreement includes undertaking by pershing square parties * Valeant- first $10 million in legal fees, litigation expenses after date of litigation management deal for allergan litigation to be paid 50% by valeant, 50% by pershing square * Valeant - undertaking by pershing square parties to forbear from commencing action that arise out of, or relate to, claims alleged or facts asserted in allergan litigation * Valeant - pershing square capital management is the investment advisor to funds that beneficially owned 7.8% of common stock as of feb. 13, 2017 * Valeant - in connection with entrance into litigation management agreement, valeant parties and pershing square parties entered into mutual release of claims Source text ( bit.ly/2kDUaDC )  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1FY10O'|'2017-02-14T05:24:00.000+02:00'
'bb2f21583c991c48b3b4fc4515179c7765052454'|'BRIEF-Omega Advisors Inc cuts share stake in Facebook, Delta Air Lines - SEC filing'|'  10:56am EST BRIEF-Omega Advisors Inc cuts share stake in Facebook, Delta Air Lines - SEC filing Feb 14 Omega Advisors Inc : * Omega Advisors Inc dissolves share stake of 273,650 shares in Chesapeake Energy Corp - SEC Filing * Omega Advisors Inc cuts share stake in Facebook Inc to 68,800 class A shares from 278,100 class A shares * Omega Advisors Inc cuts share stake in Delta Air Lines Inc to 75,600 shares from 976,400 shares * Omega Advisors Inc - Change in holdings are as of Dec 31, 2016 and compared with the previous quarter ended as of Sept 30, 2016 Source text for quarter ended Dec 31, 2016: bit.ly/2lfYUm4 Source text for quarter ended Sept 30, 2016: bit.ly/2fNytzh Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1FZ0YR'|'2017-02-14T22:56:00.000+02:00'
'2e1479360f50520440f7c90fa56a372481ebdc3b'|'Energy Future begins bankruptcy exit hearing with key deal'|'Deals  51pm EST Energy Future begins bankruptcy exit hearing with key deal By Tom Hals - WILMINGTON, Del. WILMINGTON, Del. Energy Future Holdings Corp outlined on Tuesday a deal that resolved the biggest disputes hanging over the company as it opened a trial to confirm its plan to exit bankruptcy and be acquired by NextEra Energy Inc for about $18 billion. Dallas-based Energy Future indirectly owns Oncor, the largest distributor of power in Texas, and is using the sale to NextEra to finance its plan to repay creditors. A lawyer for Energy Future told the court at the start of Tuesday''s hearing that its noteholders had agreed to a discount of what they were owed to settle a dispute that erupted in the wake of a November ruling by a U.S. Appeals Court. The U.S. Third Circuit Court of Appeals in Philadelphia had ruled that the company owed noteholders hundreds of millions of dollars in unanticipated payments for the early redemption of their securities, upsetting a prior exit plan. Energy Future''s lawyer told the court the first-lien noteholders agreed to accept a 5 percent discount of the early redemption payment and second-lien noteholders agreed to a 12.5 percent discount. That freed up cash for junior creditors. "That drops away 90 percent of what we planned to address over next four days," said Energy Future''s lawyer Chad Husnick, of Kirkland & Ellis, during opening arguments. Energy Future still faces objections relating to asbestos personal injury lawsuits, and from the U.S. Trustee, a government bankruptcy watchdog, regarding the payment of fees. Energy Future will begin presenting evidence to confirm its plan on Wednesday. The company filed for bankruptcy in 2014 to cut its $42 billion in debt. It has already spun off its power generation business, known as Luminant, and its TXU retail utility to senior lenders who were owed $24 billion. Energy Future was created from the record $45 billion leveraged buyout of TXU Corp in 2007, a deal led by KKR & Co and TPG Capital. (Reporting by Tom Hals in Wilmington, Delaware; Editing by Alan Crosby) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-energy-future-hd-bankruptcy-idUSKBN15T2SR'|'2017-02-15T03:48:00.000+02:00'
'c9ad68c9a33ce5d34a96b9cf9f8182fbd9b9c404'|'EU-U.S. trade drops for first time since 2013 amid wider slowdown'|'  4:58pm IST EU-U.S. trade drops for first time since 2013 amid wider slowdown FILE PHOTO - Employees prepare items for shipping at the Newegg warehouse on Cyber Monday in City of Industry, California, U.S. November 28, 2016. REUTERS/Mario Anzuoni/File Photo BRUSSELS Trade between the European Union and the United States fell last year for the first time since 2013, estimates of the EU statistics agency showed on Wednesday, in line with a general drop in global trade. The data come as talks for an ambitious EU-U.S. trade deal have been frozen and calls for protectionist measures are growing louder, especially from the U.S. President Donald Trump. Eurostat said EU exports of goods to the U.S. dropped by 2 percent in 2016 compared to the previous year. Imports from the U.S. also fell by 1 percent. Although the United States remain by far the main trading partner of the EU, accounting for more than 20 percent of all EU exports and nearly 15 percent of EU imports, last year''s drop reversed the trend of expanding trade between the two blocs. Over the last decade, EU imports from the U.S. fell year-on-year only twice, in 2009 and in 2013, mostly as results of the 2007-09 global financial crisis and the 2010-2012 euro zone debt crisis. Similarly, EU exports to the U.S. fell in 2013 and between 2007 and 2009. The drop in 2016 is not linked to an economic crisis, as both blocs are growing steadily, but is part of a wider reduction of global trade. Last year, overall EU exports to the rest of the world went down 2 percent to 1,745 billion euros while EU imports fell by 1 percent to 1,706 billion euros. EU exports to China, the bloc''s second main trading partner, remained stable, but fell to all other top partners except Japan, where they grew, Eurostat data showed. Last year, the EU imported more goods from Switzerland, Japan, Turkey and Canada, among its top partners, while its imports from the U.S, China, Russia, Norway, South Korea and India decreased. (Reporting by Francesco Guarascio; Editing by Philip Blenkinsop and Tom Heneghan) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/eu-usa-tradefigures-idINKBN15U1BM'|'2017-02-15T18:28:00.000+02:00'
'63b0c03247724d30c995247a06e666b7fb1a2486'|'Toshiba asks for extension of waiver on loan covenant violation - sources'|'Technology  47am GMT Toshiba asks for extension of waiver on loan covenant violation: sources Reporters raise their hands for a question   by Toshiba Corp CEO Satoshi Tsunakawa and other senior sompany officials at the company''s headquarters in Tokyo, Japan February 14, 2017. REUTERS/Toru Hanai TOKYO Japan''s Toshiba Corp on Wednesday asked creditors for an extension of a waiver for a loan covenant violation until the end of March, financial sources who were briefed on the matter said. The request comes one day after the beleaguered conglomerate failed to deliver audited third-quarter earnings as scheduled, instead saying it needed more time to look at potential problems at its Westinghouse division. It also said it expected to book $6 billion writedown on its U.S. nuclear business that will wipe out shareholders'' equity and may sell a majority stake in its prized flash-memory chip unit. Toshiba made the request at the meeting with banks and life insurers, the sources said, declining to be identified as they were not authorized to speak to the media on the matter. Toshiba was granted a one-month waiver by its banks in January. Cuts to credit ratings after the TVs-to-nuclear conglomerate warned of a large writedown put it in violation of a loan covenant, which could prompt lenders to call in loans early. A Toshiba spokesman declined to comment. (Reporting by Taiga Uranaka; Editing by Edwina Gibbs) Next In Technology News Toshiba shares slide as bigger stake in chip unit likely up for sale TOKYO Shares in Toshiba Corp skidded on Wednesday after the conglomerate said it would book a $6.3 billion hit to its U.S. nuclear unit and may sell a majority stake in its prized flash-memory chip unit as it scrambles for cash to stay in business.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-toshiba-accounting-banks-idUKKBN15U0ON'|'2017-02-15T14:39:00.000+02:00'
'bb698656ba0bd9a03d5e612c991bfd1bc0f60503'|'TUI governance under fire from shareholder group'|' 09pm GMT TUI governance under fire from shareholder group 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 LONDON Travel group TUI ( TUIT.L ) has been criticised for its arrangements on governance and executive pay by a leading shareholder body, which said that the tour operator''s approach falls short of British standards. Ahead of TUI''s results and annual general meeting on Tuesday, Institutional Shareholder Services (ISS) criticised the tour operator for not giving its shareholders a vote on executive pay and for using transaction-related bonuses. Though incorporated in Germany, the group''s main listing has been on the London Stock Exchange since the 2014 merger of TUI Travel and TUI AG in 2014. "In general, we find that while TUI''s overall governance arrangements are consistent with German market practice, there are a number of areas where the company falls short of UK investor expectations," the ISS report said. "In addition, some elements of the company''s approach to executive pay fall short of expected UK practice." A TUI representative was not immediately available for comment. Last week rival Thomas Cook ( TCG.L ) encountered significant investor dissent at its AGM, with about a fifth of shareholders voting against its directors'' remuneration. (Reporting by Alistair Smout; Editing by David Goodman)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-tui-governance-idUKKBN15S216'|'2017-02-14T00:09:00.000+02:00'
'efd55a6d3dd9fa49ef68f438d46d9ece2a88d936'|'Stada to hold takeover talks with rival suitors Cinven and Advent'|'Deals - Mon Feb 13, 2017 - 1:36pm GMT Stada says invites rival suitors Advent, Cinven to takeover talks 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 FRANKFURT German generic drugmaker Stada ( STAGn.DE ) said it was holding talks about being taken over with rival suitors Advent International and Cinven Partners. Stada''s executive board has "started open-minded talks to allow the interested parties to explain their strategic concepts and evaluate further value-enhancing potential with regards to the potential offer price," it said in a statement on Monday. Stada earlier said it was weighing two takeover approaches, including one from private equity firm Cinven Partners which valued it at almost 3.5 billion euros ($3.7 billion). (Reporting by Ludwig Burger; Editing by Edward Taylor) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-stada-m-a-cinven-bid-idUKKBN15R10C'|'2017-02-13T23:03:00.000+02:00'
'da5e03131291fb8cf072bbc6f254388547d1e0b2'|'Trump says will be ''tweaking'' outstanding trade relationship with Canada'|' 12pm GMT Trump says will be ''tweaking'' outstanding trade relationship with Canada Canadian Prime Minister Justin Trudeau (L) and U.S.   participate in a joint news conference at the White House in Washington, U.S., February 13, 2017. REUTERS/Carlos Barria WASHINGTON   said on Monday the United States will be "tweaking" its trade relationship with Canada, unlike its trade ties with Mexico where it faces a more severe situation. "We have a very outstanding trade relationship with Canada. We''ll be tweaking it," Trump said at a joint news conference with Canadian Prime Minister Justin Trudeau at the White House. "It''s a much less severe situation than what''s taking place on the southern border. On the southern border, for many, many years the transaction was not fair to the United States." (Reporting by Andrea Hopkins; Writing by Washington Newsroom)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-trump-canada-trade-idUKKBN15S2C7'|'2017-02-14T03:12:00.000+02:00'
'31437aa81b1e5b01da611a1b0b7005977c911914'|'German discounter Lidl to open first U.S. stores this summer'|'BERLIN German discount supermarket group Lidl will open its first stores in the United States ahead of schedule this summer, it said on Wednesday, with plans for up to 100 stores within a year in a move that could shake up U.S. retailers.The group plans to open its first 20 stores in Virginia, North Carolina and South Carolina, it said in a statement.Lidl, which runs more than 10,000 stores in 27 countries in Europe, is in the midst of a recruitment drive in the United States and had not been expected to launch there until late 2017 or 2018.Wary of the impending arrival, U.S. retailers had already been taking action.Kroger, the second-biggest U.S. grocer after Wal-Mart, has been expanding its own discount format - Ruler Foods, while organic grocer Whole Foods last year launched a lower-price store concept named "365"."Retailers are preparing themselves for Lidl''s market entry. They are not falling asleep. They really take it seriously," said Milos Ryba from retail analysis firm IGD, speaking before the timing of the Lidl openings were announced.The German discount formula is not new in the United States - Aldi opened its first U.S. store in 1976 and now runs 1,600. Aldi U.S. is owned by Aldi South, while its German sister company Aldi North runs 460 Trader Joe''s stores in 41 states.Last week Aldi announced it would invest $1.6 billion in its U.S. stores, planning to remodel and expand more than 1,300 stores by 2020.However, Lidl is seen as potentially more of a threat as it has moved away from Aldi''s hard discount formula in recent years, introducing more brands, fresh produce and in-store bakeries, as well as sprucing up its stores and experimenting with ecommerce.That could make it more appealing in the United States, where customers tend to prefer branded goods to private labels.Lidl and Aldi have already shaken up the British supermarket sector in recent years, winning share from Britain''s traditional "big four" grocers, putting increased pressure on them to lower prices and raise their game.Based in Neckarsulm in southern Germany, Lidl had sales of 64.6 billion euros ($68 billion) in the year to end February 2016. The group is owned by Dieter Schwarz, who is Germany''s richest man according to several international rich lists, and is the son of Lidl''s founder Josef Schwarz.(Reporting by Victoria Bryan; Additional reporting by Emma Thomasson and Lisa Baertlein; Editing by Susan Fenton)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-lidl-usa-idUSKBN15U2EF'|'2017-02-15T23:13:00.000+02:00'
'473ff0a6432392df2527a1e9b9d7f2924b8d8664'|'China slows approvals for green energy car subsidies'|'Environment   4:14am GMT China slows approvals for green energy car subsidies left right The logo of Beijing Automotive Group (BAIC) is seen during the Auto China 2016 auto show in Beijing, China, April 29, 2016. REUTERS/Damir Sagolj/File Photo 1/3 left right A logo of BYD is painted inside an assembly line of the automobile maker in Shenzhen, China May 25, 2016. REUTERS/Bobby Yip 2/3 left right A worker walks past a lighted signage of the Shanghai Automotive Industry Corporation (SAIC) before the opening of the 15th Shanghai International Automobile Industry Exhibition in Shanghai in this April 19, 2013 file photo. REUTERS/Carlos Barria/File Photo 3/3 BEIJING China''s industry ministry released a second batch of green energy vehicles slated to be eligible for subsidies this year, although the pace of approvals has slowed amid increased oversight on the sector. The Ministry of Industry and Information Technology''s list, if approved after a public comment period ending Feb. 20, would bring the number of battery electric and plug-in hybrid vehicles eligible for subsidies this year to 392, compared with 713 in the first two months of 2016. Previous lists have been published without calling for public comment. China has aggressively promoted green energy vehicles to combat pollution and promote technological innovation, spending billions of dollars in subsidies, although it has stepped up oversight after penalizing dozens of companies last year for cheating the subsidy program. Sales of battery electric and plug-in hybrid vehicles plunged 74.4 percent in January under the new regime, which requires companies to reapply for subsidies for each vehicle model, China''s automakers association said on Monday. The list released on Tuesday includes models from BAIC Motor Corp, BYD Co Ltd, SAIC Motor Corp and others. (Reporting by Jake Spring; Editing by Richard Pullin) Next In Environment'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-china-autos-electric-idUKKBN15U0CV'|'2017-02-15T11:13:00.000+02:00'
'363bcc05ca7f4ca03dec9a1591935a174509a0f3'|'Trian''s P&G stake raises investor hopes of a break-up'|'By Michael Flaherty and Siddharth Cavale Procter & Gamble Co ( PG.N ), maker of Tide detergent and Gillette razors, will face ever greater pressure to slice costs and slow-growing divisions now that activist investor Trian Partners is a major shareholder.P&G''s shares hit a two-year high on Wednesday after Trian disclosed a stake in the consumer products behemoth, which is already trying to slim down by selling unprofitable brands. A person familiar with the matter told Reuters that Trian currently holds more than $3 billion of P&G''s stock.Trian has a track record of pressuring large consumer companies to break up, a history that investors and analysts are seizing on with the fund''s newest investment."While P&G has taken sensible steps to enhance shareholder value recently, the perceived value of a P&G break-up is likely to re-emerge," Jefferies analyst Kevin Grundy wrote in a note.Bernstein Research said in January 2016 that it conducted a survey of P&G''s institutional investors and found that two-thirds favored a break-up.A break-up could result in its beauty, grooming and healthcare division becoming one company, with P&G separating out everything else, such as its laundry and diaper units.Such a move would result in greater stock returns versus smaller divestitures, Bernstein analyst Ali Dibadj said in a note on Wednesday. Cost and revenue benefits from "scale" have been elusive for P&G, he said.Growth in its beauty division has slowed, while baby, feminine and & hygiene products such as Pampers has improved.Among the brands that investment bankers and analysts have said could be sold off are Braun and Clearblue. The company''s paper business may also come under the microscope, which includes Bounty paper towels and Charmin toilet paper, bankers and analysts told Reuters.P&G has been selling off unprofitable brands - including 41 beauty brands to Coty Inc ( COTY.N ) - and focusing on core brands such as Tide, Pampers and Gillette to revive sluggish sales.However, the efforts have failed to boost its stock much beyond where it traded two years ago.TRIAN STAKETrian, founded in 2005 by Nelson Peltz, Ed Garden and Peter May, focuses mainly on consumer brand companies, industrial firms, and financial companies. The firm has $14 billion in assets under management.Trian Fund Management LP disclosed in a filing on Tuesday that it held 6.4 million shares, worth $556.8 million as of Dec. 31 of last year. That position has grown to more than $3 billion as of Tuesday, the person familiar with the matter told Reuters.Trian declined to comment on Wednesday.P&G Spokesman Damon Jones declined to immediately comment on the break-up speculation on Wednesday. Jones said on Tuesday that P&G welcomes new investors and that the company will continue with its strategy.Some analysts were not convinced about the need for radical changes at P&G."We see Trian''s P&G stake as late in the company''s turnaround process," RBC Capital markets analyst Nik Modi wrote.P&G CEO David Taylor has been in place since 2015, making it unlikely that Trian will seek to unseat him given his relatively short time at the company.Modi said Taylor is appropriately managing the business and addressing the three major buckets that Trian could address: portfolio alignment, cost and revenues.P&G''s shares were up 3 percent at $90.52. The stock was the biggest boost to the Dow Jones Industrial Average .DJI .(Additional reporting by Sruthi Ramakrishnan in Bengaluru and Martinne Geller in London; Editing by Sriraj Kalluvila and Nick Zieminski)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-procter-gamble-stake-stocks-idINKBN15U1X9'|'2017-02-15T13:51:00.000+02:00'
'736ab22f2a39dcf95840ae520c91a2581833fb70'|'Homes on smallholdings <20> in pictures - Money'|'Homes on smallholdings <20> in pictures 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 Whether your interest lies in horses, livestock, B&B or growing a lot of veg, these properties across Britain and in Italy will get you down on the farmAnna Tims Wednesday 15 February 2017 07.00 GMT Home: South Lopham, Norfolk You could keep horses and graze a few sheep on these 4.7 acres, which include a stable block, menage (horse enclosure) and four paddocks. The kitchen garden, with a caged fruit area, will go some way to feeding the family. The paperwork can be kept in the home office in the garage block, leaving the 17th-century, five-bedroom farmhouse for leisure and pleasure. It<49>s a welcoming setting, with inglenook fireplaces, conservatory and large, light rooms. Guide price: <20>675,000. Bedfords , 01284 769 999 Facebook Twitter Pinterest Home: Barrhill, South Ayrshire There<72>s 7.7 acres of grazing land across the road from this Arts & Crafts house, plus menage, stabling and home office if you want to go down the equestrian route. Inside it<69>s larger than it looks, with three receptions, four bedrooms and a palatial conservatory overlooking large gardens. Offers over <20>345,000. CKD Galbraith , 01292 268181 Photograph: Shirley Finlay/Ross Bay PhotoFacebook Twitter Pinterest Home: Crossgate Moor, Durham If you did something about those windows, this could be an appealing base in which to raise a few veg and livestock. Two acres of grazing land and outbuildings lie beyond the garden. Inside are four bedrooms and three receptions, but the whole place needs an overhaul, including central heating, wiring and fittings. Price: <20>275,000. H&H , 0191 370 8530 Facebook Twitter Pinterest Home: Thongsbridge, near Holmfirth, West Yorkshire Among the 6.25 acres are a duck pond, a stream, woodland and paddock, and there are veg beds in the yard outside the kitchen. The attics, if converted, could add more bedrooms to the current five. Inside is space and grace, with stone fireplaces in many of the rooms, a full-height arched window up the stairwell and a ball-and-claw-foot tub in the bathroom. Guide price: <20>800,000. William H Brown , 01484 687 818 Photograph: Ashley J Wignall/www.ftmphotography.co.ukFacebook Twitter Pinterest Away: Montefiorino, Emilia-Romagna, Italy This four-bedroom house, which could also earn its keep as a B&B, is surrounded by 60 acres of mixed meadow, arable fields and woodland. While you are renovating the neglected interior, you could seek permission to expand into the adjoining barn. Rugged mountain views give the illusion of remoteness, but it<69>s only two miles from the nearest town, and 30 miles from Bologna and the nearest ski resort. Price: <20>235,000 (<28>200,000). Appennino Properties , 00 39 338 5040391 Facebook Twitter Pinterest'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/gallery/2017/feb/15/homes-on-smallholdings-in-pictures'|'2017-02-15T14:00:00.000+02:00'
'ac7b59cd9597cfda4b3528845ba730bb644fbab3'|'BRIEF-Univision Communications says will stream 46 Liga MX matches in 2017 via Facebook Live'|'Company  35pm EST BRIEF-Univision Communications says will stream 46 Liga MX matches in 2017 via Facebook Live Feb 13 Univision Communications * Univision Deportes will stream 46 Liga MX matches including playoff games in 2017 via Facebook Live * Will bring the live stream for select matches of Liga MX, directly to fans in English via Facebook Live this season * Further terms of the agreement were not disclosed Source: bit.ly/2kkcBRC Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSL8N1FY5VQ'|'2017-02-14T01:35:00.000+02:00'
'530b785ea57531a726004f65050eb50f0db485aa'|'TREASURIES-Yields rise as traders await Yellen testimony'|'(Adds Quote: , updates prices) * Yellen testifies to lawmakers on Tuesday and Wednesday * Stock market highs put pressure on bonds * Economic data this week includes inflation, retail sales By Karen Brettell NEW YORK, Feb 13 U.S. Treasury yields rose on Monday as investors looked ahead to testimony by Federal Reserve Chair Janet Yellen on Tuesday and Wednesday and as record high stock markets reduced demand for bonds. Investors will be watching for any new indications of when the U.S. central bank will next raise rates when Yellen gives her semiannual Humphrey Hawkins testimony before lawmakers in Washington. Investors reduced expectations of rate hike at the Fed''s March meeting after jobs data for January showed disappointing wage growth. However, "if she says something hawkish, there''s definitely a reason to believe they could go in March," said Justin Lederer, an interest rate strategist at Cantor Fitzgerald in New York. Benchmark 10-year notes fell 7/32 in price to yield 2.43 percent, up from 2.41 percent late on Friday. Futures traders are currently pricing in an 18-percent likelihood of a March rate hike, according to the CME Group''s FedWatch Tool. Fed Vice Chair Stanley Fischer said on Saturday that there was significant uncertainty about U.S. fiscal policy under the Trump administration, but the Fed would be strict in meeting targets of creating full employment and getting inflation to 2 percent. Record high stock markets and a weaker yen also pressured bonds on Monday. "The risk tone in general is driving rates, the markets have started the week deciding they like risk," said Gennadiy Goldberg, an interest rate strategist at TD Securities in New York. U.S. bonds are seen as safe-haven assets that benefit when investors are more risk averse. Treasuries are also trading based on technical levels as they hold within their recent range, said Goldberg. Economic releases including inflation, manufacturing and retail sales data are also in focus this week. (Editing by Nick Zieminski and Andrew Hay)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-bonds-idINL1N1FY197'|'2017-02-13T17:07:00.000+02:00'
'7c9e2213b9e5dc3b7e55f646265537631cdb88d5'|'China piles into Cuba as Venezuela fades and Trump looms'|'By Marc Frank - HAVANA HAVANA From buses and trucks to a $500 million golf resort, China is deepening its business footprint in Cuba, helping the fellow Communist-run state survive a crisis in oil-benefactor Venezuela and insulate against a possible rollback of U.S. detente.Cuban imports from China reached a record $1.9 billion in 2015, nearly 60 percent above the annual average of the previous decade, and were at $1.8 billion in 2016 as the flow of oil and cash slowed from Venezuela due to economic and political turmoil in the South American country.China''s growing presence gives its companies a head start over U.S. competitors in Cuba''s opening market. It could leave the island less exposed to the chance U.S. President Donald Trump will clamp down on travel to Cuba and tighten trade restrictions loosened by his predecessor Barack Obama.A deterioration in U.S.-China relations under Trump could also lead Beijing to dig in deeper in Cuba, some analysts say.<2E>If and when the Trump administration increases pressure on China ... China may decide to double down on its expanding footprint in the United States<65> neighborhood,<2C> said Ted Piccone, a Latin America analyst at the Brookings Institution think tank.China, the world''s second largest economy, sells goods to Cuba on soft credit terms. It is Cuba''s largest creditor and debt is regularly restructured, though amounts and terms are considered state secrets.While Cuba does not publish investment data, the state press has been abuzz with news of Chinese projects lately, covering infrastructure, telecoms, tourism and electronics.Yutong ( 600066.SS ) buses, Sinotruk ( 3808.HK ) trucks, YTO ( 600233.SS ) tractors, Geely ( 0175.HK ) cars, Haier ( 1169.HK ) domestic appliances and other products are prominent in Cuba, where the main U.S. products on display are cars dating back to the 1950s, thanks to the ongoing economic embargo.Cubans flock every day to hundreds of Huawei supplied Wi-Fi hot spots and the firm is now helping to wire the first homes."Business is really booming, more than we could have ever imagined,<2C> said the manager of a shipping company which brings in Chinese machinery and transport equipment and who asked not to be identified.The foreign ministry in Beijing described China and Cuba as "good comrades, brothers, and partners," and said the relations "were not influenced by any third party," when asked whether U.S. policy was encouraging China to deepen its presence."We are happy to see that recently countries around the world are all expanding cooperation with Cuba. I think this shows that all countries have consistent expectations about Cuba''s vast potential for development," Chinese Foreign Ministry spokesman Geng Shuang told reporters.The U.S. State Department and White House did not immediately respond to requests for comment.INCREASED INVESTMENTOver the past two decades, China has become a major player in Latin America and the Caribbean, second only to the United States in investment flows and diplomatic clout.But the Asian giant was reluctant to invest in Cuba because of the poor business climate and fear of losing opportunities in the United States, according to Asian diplomats in Havana.That began to change after Obama moved to normalize relations two years ago and Cuba sweetened investment rules, sparking new interest among U.S. businesses and competitors around the world.China was well placed because the local government preferred doing business with long-term friends offering ample credit to work with state-run firms.In return, Cuba has shared contacts and knowledge about the region, and taught hundreds of Chinese translators Spanish.A report on the government''s official Cubadebate media web site last month said the two countries agreed to strengthen cooperation in renewable energy and industry, with 18 Chinese firms taking part in a three-day meeting in Havana.Plans for several projects were signed, including a joint venture with Haier to establi
'2f8b222e97f3679ee3d37892ecdc2bbe83a22862'|'Secret aid worker: Men have as many issues as women, we just don<6F>t know what they are - Global Development Professionals Network'|'T he word gender has become meaningless in the humanitarian sector. And I say this as a gender adviser. I<>m one of the converted and I speak with experience when I say that the word has become a beast. After many years and thousands of toolkits on how to integrate gender into aid work, people still don<6F>t get it. And if they don<6F>t get it by now, there is a problem with the word and what<61>s behind it.When I tell people that I am a gender adviser, they ask what it means. My mum imagines me running across a war zone, scooping up women in my arms and dodging bombs while I carry them to safety. My brother thinks I advise people about gender reassignment. My friend thinks I work with <20>battered women<65>. Secret aid worker: development work broke a piece of me Read more Gender , to them, is about women <20> or transgender people <20> and it<69>s the same in the aid sector. Despite cries that gender is as much about men as it is about women, most project proposals or documents referring to gender will mention women, but little about men. If they do talk about men, they do so in terms of their relations with and respect for women.This focus on women is necessary when women are impacted more overtly by gender inequality than men. But the problem is that men also have serious challenges. They are different to women<65>s and in some contexts not so severe, but they are there. And the aid sector, as a result of this word gender, is ignoring them. And that<61>s why it is dangerous.Actually aid workers don<6F>t really understand what problems and capacities men have. We don<6F>t know much about sexual violence against men, labour exploitation, high rates of depression and suicide, or forced recruitment into armed groups. And let<65>s face it, we have limited time in which we are already expected to do so much. No wonder gender becomes about women because we know so much more about their issues and the whole system is geared towards their needs. It<49>s actually funny because if you mention men and boys in meetings you get big nods of approval and a chorus of <20>yes we must not forget about them<65>. But they promptly do get forgotten because we don<6F>t actually know what to do. I saw a funding proposal where the words women and children were interchangeable with vulnerable people, so the only people who were not vulnerable were men. So, gender is women.Of course gender is just one of many buzzwords in humanitarian speak. My personal favourite is the field which has become synonymous with any place outside of the US, Europe, Australia and Canada. Calling people who have been raped survivors and not victims is another example. By calling someone a survivor, we risk losing the fact that something criminal has happened and we reinforce ideas that rape is not on the same level as other types of crimes. We don<6F>t call people who have undergone robbery or human trafficking a survivor. Yes, I understand the huge emotional implications around rape but rape is still a crime, which has its victims as any other crime and for which persecutors should be prosecuted.Secret aid worker: ''the field'' is not a lab where you can experiment without consequence Read more Don<6F>t get me wrong, I love my job and I am passionate about what I do. But I can<61>t accept that we are doing a good job of addressing women<65>s and men<65>s needs. Instead, we are perpetuating stereotypes by refusing to acknowledge the issues men experience in any meaningful way.I propose new terminology. And let<65>s keep it simple. Humanitarian impact on women. Humanitarian impact on men. Within that will be different age ranges. It can include protection and participation but it will do what gender has been trying to do all this time, which is to address the actual different needs of women and men. It<49>s not catchy but we are not here to be catchy.Do you have a secret aid worker story you<6F>d like to tell? You can contact us confidentially at globaldevpros@theguard
'c04dfe651eae613280c736432ed015a82f344a1c'|'BRIEF-Pine Cliff Energy reports Q4 production was 21,525 BOE per day'|' 29pm EST BRIEF-Pine Cliff Energy reports Q4 production was 21,525 BOE per day Feb 13 Pine Cliff Energy Ltd : * Pine Cliff Energy Ltd announces 2017 guidance, 2016 bank debt reduction and year-end reserves * Board of directors has approved a capital budget of $18.5 million for 2017 * Is budgeting 2017 annual production volumes to range from 21,250 - 21,750 BOE per day * Pine Cliff''s Q4 2016 production was 21,525 BOE per day, weighted 93 pct to natural gas * Exited year with production of approximately 22,000 boe per day, weighted 94 pct to natural gas * Reduced its bank debt by $125 million from $155.9 million at December 31, 2015 to $30.9 million at December 31, 2016  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSASB0B01Z'|'2017-02-14T08:29:00.000+02:00'
'663fba2bb6785da2e59a2fbf5e09e2ddaf9af0f9'|'Morgan Stanley to pay $8 mln to settle U.S. SEC charges'|'Business News   12:03pm EST Morgan Stanley to pay $8 million to settle SEC charges The corporate logo of financial firm Morgan Stanley is pictured on the company''s world headquarters in the Manhattan borough of New York City, January 20, 2015. REUTERS/Mike Segar WASHINGTON Morgan Stanley has agreed to pay $8 million dollars to settle charges related to single inverse ETF investments that the firm had recommended to clients, U.S. financial regulators said on Tuesday. In a statement, the Securities and Exchange Commission said Morgan Stanley had admitted to wrongdoing, adding that the company had "recommended securities with unique risks and failed to follow its policies and procedures to ensure they were suitable for all clients." (Reporting by Susan Heavey) Exclusive: Yellen brushes off warning, says Fed has authority on global talks NEW YORK Federal Reserve Chair Janet Yellen, in response to a warning from a U.S. congressman to halt global regulatory talks in the early stages of Donald Trump''s presidency, said in a letter the Fed has the authority and responsibility to consult with its foreign counterparts and does so to benefit the United States.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-morgan-stanley-usa-sec-idUSKBN15T29Z'|'2017-02-14T23:58:00.000+02:00'
'5d2731d7c0194462ffaeb5c2303e1b501fbc3706'|'Canada''s Shopify reports bigger loss as expenses soar'|'Canadian e-commerce software maker Shopify Inc reported a bigger quarterly loss on Wednesday as operating expenses jumped 80 percent.The company''s net loss widened to $8.9 million, or 10 cents per share, in the fourth quarter ended Dec. 31, from $6.3 million, or 8 cents per share, a year earlier.Ottawa-based Shopify, which went public in May 2015, said revenue rose to $130.4 million from $70.2 million.(Reporting by Komal Khettry in Bengaluru; Editing by Shounak Dasgupta)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/shopify-results-idINKBN15U1FT'|'2017-02-15T09:07:00.000+02:00'
'af255d3d2f059ffd0500bdc9b6d9622ae3cf4d33'|'Allergan to buy Zeltiq Aesthetics for about $2.48 billion'|'  1:36pm GMT Allergan to buy Zeltiq Aesthetics for about $2.48 billion The Allergan logo is seen in this photo illustration November 23, 2015. REUTERS/Thomas White/Illustration/File Photo Allergan Plc ( AGN.N ) on Monday said it would buy Zeltiq Aesthetics Inc ( ZLTQ.O ) for about $2.48 billion (2 billion pounds) to gain access to its flagship body contouring technology. The Botox maker agreed to pay $56.50 per Zeltiq share, or a premium of 14.4 percent to the company''s Friday close. Dublin-based Allergan, led by its acquisitive Chief Executive Brent Saunders, has orchestrated a flurry of deals since its $160 billion merger with Pfizer Inc ( PFE.N ) collapsed in April. Zeltiq''s body contouring technology, the CoolSculpting System, is U.S. Food and Drug administration approved and works by cooling targeted fat cells to naturally induce their elimination, without affecting surrounding tissue. Allergan, which estimates body contouring is a $4 billion market opportunity, already markets Kybella, which is used to destroy fat under the chin, leaving surrounding tissue largely unaffected. Other injectables, such as Botox and other dermal fillers are typically used to smoothen areas of the face. Zeltiq''s shares were halted premarket on Monday. (Reporting by Natalie Grover in Bengaluru; Editing by Shounak Dasgupta)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-zeltiq-m-a-allergan-idUKKBN15S1G3'|'2017-02-13T20:36:00.000+02:00'
'cb0d044911f7fc32800f0e2a13f0472378b6f651'|'IMF can''t cut special deal for Greece but debt solution possible -Lagarde'|'  3:39pm GMT IMF can''t cut special deal for Greece but debt solution possible -Lagarde International Monetary Fund (IMF) Managing Director Christine Lagarde (R) participates in an onstage interview with Reuters Editor-at-Large Axel Threlfall (L) at the Atlantic Council in Washington, U.S., February 8, 2017. REUTERS/Jonathan Ernst By Andrew Torchia - DUBAI DUBAI The International Monetary Fund is doing the best it can to agree on bailout loans for Greece but cannot compromise its principles and cut a sweetheart deal for the country, IMF Managing Director Christine Lagarde said on Monday. She said, however, that a reduction in Greece''s debt load could occur without international lenders having to take write-downs of their loans - an issue of specific concern to European Union creditors. Greece, the IMF and official European creditors are locked in a review of the country''s bailout programme and need an agreement to permit new loan disbursements and save Athens from default. The three parties have had sharp disagreements, however, on what reforms Greece needs to make and its fiscal targets. The IMF has said it cannot participate in a programme which could keep Greece in a never-ending cycle of indebtedness. European Commission President Jean-Claude Juncker said at the weekend that the bailout was "on shaky ground" because the IMF had not decided what role it would play, while Greek Prime Minister Alexis Tsipras accused the IMF of being "cowardly" and making "new demands for Greece". In an interview with Reuters during a visit to Dubai, Lagarde responded to those criticisms by saying the IMF was actively trying to resolve the disputes but had limited room for manoeuvre. "We have been asked to help, but can only help at terms and conditions that are even-handed. In other words we cannot cut a special sweet deal for a particular country because it is that country," she said. She added: "We need to apply the principles that we apply to all countries because we are lending international community money." The IMF has been pushing for Greece to enact long-term reforms of its income tax and pension systems to avoid deficits. It has also suggested Greece''s official creditors may need to take "haircuts" - outright write-downs of their loans - an idea which has been opposed in European capitals such as Berlin. Lagarde said on Monday, however, that it might still be possible to make Greece''s debt sustainable without haircuts, though she did not give details of this strategy. "The Europeans have extended very long-term facilities at low interest rates. They have recently proposed a few measures to lower even further the burden of the debt," she said. "More needs to be done and we believe it can be captured within a mechanism that will not require actual haircuts, provided that the reforms that I just mentioned are actually delivered upon by Greece." (Reporting by Andrew Torchia Editing by Jeremy Gaunt)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eurozone-greece-lagarde-idUKKBN15S1TR'|'2017-02-13T22:39:00.000+02:00'
'46a0ace3b6074d81f6ad2b6292f12185eb540aec'|'Two top investors in Russia''s Lenta may sell some of their shares: sources'|'By Katya Golubkova and Olga Popova - MOSCOW MOSCOW Two of Russian food retailer Lenta''s top shareholders may sell some of their holdings in the near future, banking sources told Reuters on Tuesday, capitalizing on early signs of economic recovery in Russia and higher oil prices.Two sources said U.S. private equity fund TPG, which owns 34 percent of Lenta''s shares, was expected to sell a part of its stake. "TPG has indicated its intention to reduce its stake," one said, adding a final decision would be made after investor meetings due later this week.A third source did not rule out that the European Bank for Reconstruction and Development (EBRD) could also reduce its 7.37 percent stake in the company.The sources said the sale could be carried out in a public offering co-ordinated by Lenta.Lenta, EBRD and TPG declined to comment.Lenta listed its shares in London in 2014, weeks before Russia annexed Crimea from Ukraine, and has sold shares twice since then.It will hold an investor day in London on Feb. 16 after announcing its 2016 results earlier that day. It said in January its total sales grew 21 percent last year to 306.4 billion rubles ($5.4 billion).Investors, both international and domestic, are making a cautious return to the Russian market, encouraged by early signs of a recovery in the domestic economy and a rebound in the price of crude oil. And some companies have already been taking advantage of a thaw in market conditions.Owners of Russian toy seller Detsky Mir raised $355 million in an initial public offering last week, the highest-profile share sale by a Russian company since 2014, when Western sanctions over Moscow''s actions in Ukraine combined with a slump in oil prices to bring most deal-making to a standstill.Shareholders of fertilizer producer Phosagro and aluminum giant Rusal have also sold shares on the market this month, while other Russian companies are considering tapping the equity market.Lenta''s directors and management hold 1.1 percent of its shares with 57.7 percent being freely floated, according to Lenta''s website.(Additional reporting by Olga Sichkar and Maria Kiselyova; Editing by Jack Stubbs and David Holmes)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-russia-lenta-idINKBN15T1Z6'|'2017-02-14T14:05:00.000+02:00'
'2dd54aea5671320237264cf3f976e28e37e06dd0'|'Top Delaware court upholds sale of translation firm TransPerfect'|'By Tom Hals - WILMINGTON, Del. WILMINGTON, Del. A Delaware judge had the authority to order the sale of TransPerfect Global Inc, a leading translation business, over the opposition of a co-owner, the Delaware Supreme Court ruled on Monday in an unusually heated boardroom battle.Co-owners Elizabeth Elting and Philip Shawe built TransPerfect into one of the world''s largest language services firms, but their once-romantic relationship deteriorated after they formed the company in their college dorm in the 1990s.Corporate decision-making eventually ground to a halt and the warring co-owners turned to the courts to break the deadlock. In 2015, Chancellor Andre Bouchard of the Court of Chancery ordered the company sold, and Shawe appealed.Monday''s 4-1 ruling affirmed Bouchard''s decision. Most of the 68-page ruling and dissent focused on whether Delaware law grants a judge the authority to order a sale. The majority said it does and noted that it was a better outcome than a liquidation."Selling TPG (TransPerfect Global) as a going concern will protect TPG<50>s employees from the ruinous consequences of an asset sale and provide the maximum return to the stockholders," said the majority opinion, written by Collins Seitz.Shawe has argued the outcome amounted to an unconstitutional taking of property and he said in a statement that he would appeal to the U.S. Supreme Court."No proprietor of a Delaware incorporated business can sleep easy with the specter than the courts may just decide to take it, and give to another private citizen," he said.Elting''s lawyer, Phil Kaufman of Kramer Levin Naftalis & Frankel, said in a statement he was gratified by the ruling.The TransPerfect case has attracted more attention than most battles over private companies, partly because of the behavior of the co-owners, which Bouchard described as "bizarre" and "inexplicable."Bouchard had penalized Shawe for breaking into Elting''s office on New Year''s Eve to swipe from her computer emails to her lawyers, and for the loss of text messages on an iPhone. Shawe''s assistant discarded the phone, saying he feared it was contaminated by rat droppings.The Delaware Supreme Court upheld $7 million of sanctions against Shawe.TransPerfect employees launched Citizens for a Pro-Business Delaware to lobby lawmakers to change the law that permitted the company''s sale."This is a sad day for justice in Delaware," said Chris Coffey, the campaign''s manager. "Nothing will hurt employees more than losing their jobs, and that''s what this court order practically guarantees."(Reporting by Tom Hals in Wilmington, Delaware; Editing by Jonathan Oatis)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-transperfect-sale-ruling-idINKBN15S2KJ'|'2017-02-13T19:47:00.000+02:00'
'45b7d71c4b76dfda9e1495dd14b5415232d80057'|'Russian tycoon Prokhorov cuts Rusal stake in $240 million sale'|'By Anastasia Lyrchikova and Olga Popova - MOSCOW MOSCOW Russian tycoon Mikhail Prokhorov has offloaded some of his Rusal stake in the open market after talks to sell his holding in the Russian aluminum giant to fellow businessman Viktor Vekselberg stalled.Prokhorov''s Onexim Group, which manages his assets, sold 3.3 percent of Rusal via an accelerated book build for $240 million on Monday, Renaissance Capital told Reuters on Tuesday.The deal came a week after sources said that Prokhorov''s discussions to sell a 12-percent stake in the aluminum company to fellow Rusal shareholder Vekselberg, which had been going on since last year, had halted.Prokhorov, whose interests include the Brooklyn Nets basketball team in the United States, has said that he is not selling all his Russian assets.Vedomosti newspaper reported in July that the tycoon was looking for buyers, several months after Russian law enforcement officials searched his offices.Onexim, which owned 17 percent of Rusal before Monday''s sale, had initially planned to raise $200 million by selling 2.5 percent of the Russian company, banking sources have said.But demand for the shares allowed Onexim to sell a slightly larger portion of its holding, Dmitry Brodsky, head of Russia & CIS Equity Capital Markets at Renaissance Capital, told Reuters.Onexim and Rusal declined to comment, but Renaissance Capital, which was one of the deal''s organizers, said it valued a Hong-Kong listed Rusal share at HK$3.70.A significant part of demand for the deal has come from Russian investors, with European and British interest but "insignificant" Chinese buying, Brodsky said.Rusal shares fell 3.4 percent to HK$3.93 in Hong Kong on Tuesday, against a broadly flat benchmark index, although its market value is still up 20 percent so far this year, supported by growth in global aluminum prices.Russian tycoon Oleg Deripaska''s En+ Group owns 48.1 percent of Rusal, which competes with China''s Hongqiao for the rank of the world''s biggest aluminum producer.Another 15.8 percent is owned by Vekselberg and Leonard Blavatnik, Glencore holds 8.75 percent and Onexim''s sale increases Rusal''s official free-float to 13.3 percent.(Additional reporting by Kira Zavyalova, Katya Golubkova and Polina Devitt; Writing by Polina Devitt; Editing by Larry King and Alexander Smith)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-russia-rusal-spo-idINKBN15T1CI'|'2017-02-14T08:24:00.000+02:00'
'256b9221c9b480d70104c69315838a996f24f661'|'BRIEF-Toscafund Asset Management takes share stake in AerCap, Athene Holding, E*Trade'|'Feb 14 (Reuters) -* Toscafund Asset Management LLP takes share stake of 400,000 shares in AerCap holdings - SEC filing* Toscafund Asset Management LLP takes share stake of 400,000 shares in Athene Holding* Toscafund Asset Management takes share stake of 850,000 shares in E*Trade Financial* Toscafund Asset Management - Change in holdings are as of Dec 31, 2016 and compared with the previous quarter ended as of Sept 30, 2016Source text for quarter ended Dec 31, 2016: bit.ly/2ksShc3 Source text for quarter ended Sept 30, 2016: bit.ly/2lLJdAV'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/idINFWN1FZ0WG'|'2017-02-14T11:48:00.000+02:00'
'69f9ca949768739c21d810826263f997058554bf'|'BP says U.S. shale oil output to keep a check on spike in oil prices'|'  1:39pm GMT BP says U.S. shale oil output to keep a check on spike in oil prices Pumpjacks and other infrastructure for producing oil dot fields outside of Watford City, North Dakota, U.S. on January 21, 2016. REUTERS/Andrew Cullen/File Photo CAIRO BP''s ( BP.L ) CEO said on Tuesday that U.S. shale oil production will keep a check on any spikes in oil prices. Bob Dudley, speaking at an media conference, also said he sees about $55-60 per barrel as a healthy price for crude oil. Egypt has gone from exporting energy to being a net importer as domestic output has failed to keep pace with rising demand. (Reporting by Lin Noueihed and Eric Knecht; Editing by Louise Ireland)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-egypt-energy-idUKKBN15T1QU'|'2017-02-14T20:39:00.000+02:00'
'3430ccec6e3e51849160ad0f0b109c3df5928cb4'|'RPT-Wall St Week Ahead-Energy stocks look for catalyst out of doldrums'|'(Repeats Friday story with no changes)By Chuck MikolajczakNEW YORK Feb 10 Buoyant oil prices since Donald Trump''s election have provided no lasting halo effect for energy stocks as the sector''s profit rebound has lacked vigor, but that could change in the week ahead with a fresh crop of quarterly scorecards.Helped by OPEC output cuts, oil prices are up roughly 20 percent since Trump''s victory, and U.S. crude has held above $50 a barrel since mid-December. U.S. Commodity Futures Trading Commission positioning data shows hedge funds and other speculators hold near-record-high net long positions in U.S. crude futures and options.But the S&P energy index, one of the key drivers to the stock market rally in the early days following the Nov. 8 election, has not kept pace. It has slumped nearly 4 percent for the year."We are seeing a little bit of a difference of opinion between equity investors and commodity investors," said David Lefkowitz, senior equity strategist at UBS Wealth Management Americas in New York."Equity investors seem a little bit more worried about the outlook for the commodity and the actual commodity investors themselves don''t seem to be reflecting that."Should those opinions converge and energy stocks rebound, stocks could see more pronounced moves than have been seen in recent weeks, with the S&P 500 unable to register a move of more than 1 percent in either direction since Dec. 7.The relationship between the energy sector and U.S. crude has also tightened recently, with the 10-correlation at 0.61, its highest in three weeks.Part of the underperformance in the sector looks to be attributable to a disappointment in quarterly results. Energy companies were expected to benefit from easy comparisons with last year, when the price of oil sank below $30 a barrel, but so far they''ve under-delivered against those expectations.Thomson Reuters data through Friday morning shows energy sector earnings for the fourth quarter are on pace for a fractional decline. A month ago they were seen rising by nearly 5 percent.Moreover, the group has so far posted a beat rate of only 58 percent, as measured by the number of companies in the sector posting better-than-expected results, well below the 68 percent rate for the S&P as a whole."Understand when you think about the energy patch in general, you have to separate out what the fully integrated guys were doing," said Art Hogan, chief market strategist at Wunderlich Securities in New York."What drags the group down is when you lump in the majors, and they were spotty."That should put the focus on the next leg of earnings from energy companies next week, when names such as Marathon Oil , Devon Energy and a host of smallcap companies in the group report results.Devon is forecast to post a modest profit after a massive loss a year earlier, while Marathon is expected to cut its loss by nearly 90 percent, according to estimates compiled by Thomson Reuters StarMine. Both posted substantial upside earnings surprises in their previous reports for the third quarter, and shares of both have outperformed their peers since the election, with Devon up 8.3 percent and Marathon up 13.6 percent."Definitely we are going to need to see some proof in earnings to play catch-up here," said Jeff Zipper, managing director at the U.S. Bank Private Client Reserve in Palm Beach, Florida."Now we are going to see some clarity from when these companies report, at least in the sector, to see some follow through here." (Reporting by Chuck Mikolajczak; Editing by Dan Burns and James Dalgleish)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-stocks-weekahead-idINL1N1FV1WD'|'2017-02-12T15:00:00.000+02:00'
'b655cacd398f208cb864d1854004ee933ba7b562'|'US STOCKS SNAPSHOT-Wall St hits records, Fed comments boost bank stocks'|'Feb 14 Major U.S. stock indexes established record highs on Tuesday, led by bank stocks after Federal Reserve Chair Janet Yellen said it would be unwise to wait too long to raise interest rates.The Dow Jones Industrial Average rose 91.43 points, or 0.45 percent, to 20,503.59, the S&P 500 gained 9.21 points, or 0.40 percent, to 2,337.46 and the Nasdaq Composite added 18.62 points, or 0.32 percent, to 5,782.57. (Reporting By Sinead Carew; Editing by Nick Zieminski)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-stocks-idINZXN0RY52I'|'2017-02-14T18:02:00.000+02:00'
'7670807433b5f7b7f90a3da8f4c4f98ddf6c73fd'|'Facebook launches app for watching its videos on TV'|' 13pm GMT Facebook launches app for watching its videos on TV A picture illustration shows a Facebook logo reflected in a person''s eye, in Zenica, March 13, 2015. REUTERS/Dado Ruvic Facebook Inc is launching an app for smart TVs that will help the social network''s users enjoy its videos on a bigger screen. The app will roll out soon from app stores for Apple TV, Samsung Smart TV and Amazon Fire TV, the company said in a blogpost on Tuesday. ( bit.ly/2ldGXoD ) The blogpost also said users can scroll through their news feed and simultaneously watch videos on their timeline. Sound also fades in and out as one scrolls through videos in news feed now. Videos in news feed have previously played silently <20> one needed to tap on a video to hear its sound. The Wall Street Journal reported last month that Facebook was creating an app for TV set-top boxes that would bring the company closer to live video and video advertisements. Facebook Chief Executive Mark Zuckerberg during a post-earnings call said this month that the company expected a major ramp-up in hiring and other spending during 2017 as it invests in video and other priorities. The company last year expanded its live video product, Facebook Live - a potential threat to broadcast television. (Reporting by Laharee Chatterjee in Bengaluru; Editing by Maju Samuel)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-facebook-features-idUKKBN15T2PL'|'2017-02-15T03:13:00.000+02:00'
'07c6c0c91f459b8675885663c72fcda43201fc73'|'Energy Future begins bankruptcy exit hearing with key deal'|'By Tom Hals - WILMINGTON, Del. WILMINGTON, Del. Energy Future Holdings Corp outlined on Tuesday a deal that resolved the biggest disputes hanging over the company as it opened a trial to confirm its plan to exit bankruptcy and be acquired by NextEra Energy Inc for about $18 billion.Dallas-based Energy Future indirectly owns Oncor, the largest distributor of power in Texas, and is using the sale to NextEra to finance its plan to repay creditors.A lawyer for Energy Future told the court at the start of Tuesday''s hearing that its noteholders had agreed to a discount of what they were owed to settle a dispute that erupted in the wake of a November ruling by a U.S. Appeals Court.The U.S. Third Circuit Court of Appeals in Philadelphia had ruled that the company owed noteholders hundreds of millions of dollars in unanticipated payments for the early redemption of their securities, upsetting a prior exit plan.Energy Future''s lawyer told the court the first-lien noteholders agreed to accept a 5 percent discount of the early redemption payment and second-lien noteholders agreed to a 12.5 percent discount. That freed up cash for junior creditors."That drops away 90 percent of what we planned to address over next four days," said Energy Future''s lawyer Chad Husnick, of Kirkland & Ellis, during opening arguments.Energy Future still faces objections relating to asbestos personal injury lawsuits, and from the U.S. Trustee, a government bankruptcy watchdog, regarding the payment of fees.Energy Future will begin presenting evidence to confirm its plan on Wednesday.The company filed for bankruptcy in 2014 to cut its $42 billion in debt. It has already spun off its power generation business, known as Luminant, and its TXU retail utility to senior lenders who were owed $24 billion.Energy Future was created from the record $45 billion leveraged buyout of TXU Corp in 2007, a deal led by KKR & Co and TPG Capital.(Reporting by Tom Hals in Wilmington, Delaware; Editing by Alan Crosby)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-energy-future-hd-bankruptcy-idINKBN15T2SR'|'2017-02-14T17:51:00.000+02:00'
'a5867ce2a8780b07b3285efe3ed462e672b56a11'|'Stada receives 3.6 billion euro offer from private equity group Cinven - FT'|'Business News - Sun Feb 12, 2017 - 7:27pm GMT Stada receives 3.6 billion euro offer from private equity group Cinven - FT FILE PHOTO - 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 German generic drugmaker Stada ( STAGn.DE ) has received a 3.6 billion euro takeover offer from private equity group Cinven, the Financial Times reported. Cinven''s offer follows a year-long activist campaign to improve Stada''s profitability by Active Ownership Capital, one of its largest shareholders, and is believed to be pitched at close to 58 euros a share, the Financial Times reported, citing sources. on.ft.com/2klkdOM Cinven declined to comment. Stada was not immediately available to comment. Advent, Bain Capital, CVC and Permira are all assessing the bidding war closely and could make a bid, the FT sources said. In August last year, Stada''s CEO Matthias Wiedenfels promised a more modern, dynamic approach to running the company, saying it had to improve its transparency, flexibility, hierarchies and communication, although it had no need to change its strategy. AOC put forward four candidates for Stada''s supervisory board for election at the AGM, including former Novartis ( NOVN.S ) manager Eric Cornut for chairman, and said it also supported two of the four candidates proposed by Stada. Another activist investor, Guy Wyser-Pratte, who has a stake of just under 3 percent, said in July that buyout firm CVC Capital Partners was interested in buying the drugmaker and that would be a better plan than AOC''s suggested board overhaul. (Reporting by Shalini Nagarajan in Bengaluru; Editing by Andrea Ricci) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-stada-m-a-cinven-idUKKBN15R0XN'|'2017-02-13T02:27:00.000+02:00'
'd359f494afa1173e512b1211ce6eaf010c039cf6'|'Abbott Laboratories may see boost from St. Jude''s acquisition: Barron''s'|'Deals - Sun Feb 12, 2017 - 3:09pm EST Abbott Laboratories may see boost from St. Jude''s acquisition: Barron''s The ticker and trading information for St. Jude Medical is displayed where the stock is traded on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., April 28, 2016. REUTERS/Brendan McDermid/File Photo NEW YORK Abbott Laboratories ( ABT.N ) is likely to see its shares rise again after trading range-bound for nearly a year on the back of its $25 billion acquisition of medical device-maker St. Jude Medical, Barron''s said on Sunday. The global healthcare company, based in Abbott Park, Illinois, has seen its stock trade between $37 and $45 for a year, as investors remain concerned over currency headwinds given the company''s global business and its St. Jude acquisition. However, the uncertainty has also created an opportunity to buy inexpensive shares of a company with a "proven track record and a good shot at continuing its double-digit earnings growth," the report said, adding that a 20 percent return is credible over a year. The St. Jude deal, which closed last month, has weighed on the stock, with some investors questioning whether Abbott overpaid for a company that''s seen a history of delayed product launches. However, the acquisition pushes Abott''s profile more towards the U.S. market, which should ease concerns about the strength of the dollar. Also, a number of St. Jude legacy products are expected to win federal approval later this year following the green light on its Assurity MRI pacemaker earlier this month. (Reporting by Catherine Ngai; Editing by Sandra Maler) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-usa-abbott-barron-s-idUSKBN15R0YJ'|'2017-02-13T03:09:00.000+02:00'
'0308b4c431d7500b65d5c17c713708d60aea7049'|'Automakers seen investing $615 mln in South Africa this year - NAAMSA'|'JOHANNESBURG Feb 13 South Africa''s automotive sector capital expenditure is projected to rise to 8.2 billion rand ($615 million) this year from 6.4 billion rand in 2016, the auto industry body said in a document seen by Reuters.The National Association of Automobile Manufacturers of South Africa said in a memo dated Feb. 7 that the sector''s estimated capex was based on details supplied by seven major car makers and data from various sources relevant to Beijing Automotive International Corporation.Car manufacturers in South Africa include Ford, Volkswagen, Mercedes Benz SA, Nissan and Toyota, among others.The automotive sector, South Africa''s largest manufacturing industry, expects a slight increase in new vehicles sales this year as economic growth gains pace thanks to commodity price rises and a recovery in farming.($1 = 13.3433 rand) (Reporting by Olivia Kumwenda-Mtambo; Editing by James Macharia)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/safrica-autos-idINL8N1FY150'|'2017-02-13T04:34:00.000+02:00'
'de61a45f81bd15afdbd4b65fd80d49d0c13f71be'|'German firms to face major disruption after Brexit - industry group'|'  1:14pm GMT German firms to face major disruption after Brexit - industry group 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 BERLIN German companies with business in Britain will face major disruption starting in 2019, the year in which the country is expected to officially leave the European Union, Germany''s BDI industry group said on Tuesday. Uncertainty about the nature of ties Britain will have with the remaining 27 members of the bloc are a major concern for companies with operations on both sides of the English Channel. Their concerns include how to make their operations comply with two different jurisdictions after decades of operating under single rules. Britain will by the end of March trigger formal divorce talks with the EU that should be concluded within two years. "German companies with operations in the United Kingdom face massive challenges starting in 2019," BDI managing director Markus Kerber said. "Issues include customs duties, protectionist measures, diverging rules, lack of market access and tax dislocation." Trade in goods and services between Germany and Britain stood at 175 billion euros in 2015. More than 2,200 German companies operate in Britain, employing 370,000 people. Prime Minister Theresa May has promised to seek the greatest possible access to European markets and to establish free trade deals with countries far beyond Europe. She also wants to impose limits on immigration from the continent. The remaining 27 members of the EU have said Britain can not have access to the single market if it does not accept the principle of freedom of movement within the bloc. "Ideally, we would have a deep and comprehensive partnership agreement on investment and trade," Kerber said, which would be one way of containing the fallout. (Reporting by Rene Wagner; Writing by Joseph Nasr; Editing by Alison Williams)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-germany-business-idUKKBN15T1LI'|'2017-02-14T20:14:00.000+02:00'
'6d49d62f46398009dea563fe58ab4c894e193ce0'|'TREASURIES-Yields rise as Yellen warns about delaying rate hike'|'Company News   10:25am EST TREASURIES-Yields rise as Yellen warns about delaying rate hike (Recasts with Yellen testimony) * Yellen gives hawkish testimony before Senate * 10-year yields highest in more than a week By Karen Brettell NEW YORK, Feb 14 U.S. Treasury yields jumped on Tuesday after Federal Reserve Chair Janet Yellen said it would be unwise to wait too long to raise interest rates, striking a more hawkish tone than investors expected. The U.S. central bank will likely need to raise rates at an upcoming meeting, Fed Chair Janet Yellen said, although she flagged considerable uncertainty over economic policy under the Trump administration. Yellen said delaying rate increases could leave the Fed''s policymaking committee behind the curve and eventually lead it to hike rates quickly, which she said could cause a recession. "It was hawkish, but the market was expecting it to be hawkish," said Ian Lyngen, head of U.S. rates strategy at BMO Capital Markets in New York. "What we are seeing is a down trade on the headline that waiting too long to tighten monetary policy would be unwise. I think that''s the biggest headline that everyone reacted to." Benchmark 10-year notes dropped 15/32 in price to yield 2.49 percent, the highest since Feb. 3, up from 2.44 percent before the testimony. (Editing by Meredith Mazzilli) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-bonds-idUSL1N1FZ0WC'|'2017-02-14T22:25:00.000+02:00'
'975a14d3c8c853e0c09d696f7fc0fe6216e5be77'|'Electric car boom spurs investor scramble for cobalt'|'Commodities  33am EST Electric car boom spurs investor scramble for cobalt left right Excavators and drillers at work in an open pit at Tenke Fungurume, a copper and cobalt mine northwest of Lubumbashi, Democratic Republic of the Congo, January 29, 2013. REUTERS/Jonny Hogg/File Photo 1/2 left right An electric car charging sign is seen at a PTT Pcl''s commercial EV (Electric Vehicle) charging station in Bangkok, Thailand, August 15, 2016. REUTERS/Jorge Silva/File Photo 2/2 By Pratima Desai - LONDON LONDON Investors are buying up physical cobalt anticipating that shortages of the metal, a key component of lithium-ion batteries used in electrical cars, will spur prices to their highest levels since the 2008 financial crisis. Prices for cobalt metal have climbed nearly 50 percent since September to five-year peaks around $19 a lb as stricter emissions controls boost demand for electric vehicles, especially in China, struggling with ruinous pollution levels in some cities. (For a graphic on how Lithium-ion battery works click tmsnrt.rs/2kOUBNQ ) Consultants CRU Group say electric car and plug-in hybrid vehicle sales could hit 4.4 million in 2021 and more than six million by 2025, from 1.1 million last year. By 2020, 75 percent of lithium-ion batteries will contain cobalt, whose properties allow electric cars to extend their range between charges, according to eCobalt Solutions, which produces battery grade cobalt salts. Some 98 percent of cobalt is produced as a by-product of copper and nickel output, so for investors pure equity exposure to cobalt is tricky. "Cobalt isn''t going to massively impact share prices. The funds looked at LME (London Metal Exchange) cobalt contracts, but they aren''t liquid enough for the millions they want to invest," a Europe-based cobalt trader said. "So they are buying cobalt with the intention of sitting on it until prices rise, looking for $25 (a lb) or more." Swiss-based Pala Investments, a fund focused on the mining sector, and Shanghai Chaos Investment, one of China''s largest commodities funds, bought cobalt last year, industry sources familiar with the matter said, declining to specify amounts. Pala Investments declined to comment, while calls to Shanghai Chaos went unanswered. "Future demand for cobalt from the EV (electric vehicle) sector is looking tangible and is more positive than originally expected," one commodity-focused fund manager said. "China has some aggressive plans in terms of electric vehicles...It will be a major driver behind cobalt consumption growth." (For a graphic on cobalt prices vs light vehicle sales click bit.ly/2lfrkMW ) China''s State Reserves Bureau, in charge of building the country''s stocks of commodities from oil to rare earth minerals, bought 5,000 tonnes of cobalt metal last year and in 2015, traders said. It is expected to buy more this year. Highlighting the metal''s importance, the U.S.''s Defense Logistics Agency deemed lithium cobalt oxide and lithium nickel cobalt aluminum oxide compounds as strategic and has been stockpiling since 2014. Cobalt is also widely used for superalloys in turbines, space vehicles, rocket engines and power plants. HOARDING After seven years of surplus and overcapacity the market will move into a deficit this year, exacerbated by an insecure supply chain. Almost 60 percent of the world''s cobalt lies in politically risky Democratic Republic of Congo. At the same time, many traders are hoarding cobalt, most of it bought when the price was around $10 a lb in Dec. 2015 due to a market surplus of more than 2,000 tonnes. They are waiting for higher prices. On Monday, trader and miner Glencore tightened its grip on Congo''s copper and cobalt resources by buying the remaining stake in one mine and upping its share in another for $960 million. It said the complex had the potential to become the world''s largest cobalt producer. Other copper and cobalt producers include privately owned Eurasian Resources Group, Canada''s Sherritt I
'aea4e4d61a364dd2bf665bad1e1801b812880b2e'|'China''s Recon eyes $100 mln deal for U.S. movie producer'|'Deals -  07am EST China''s Recon eyes $100 million deal for U.S. movie producer SHANGHAI Chinese cable maker Recon Wenyuan Cable Co Ltd ( 002692.SZ ) is set to snap up a majority stake in a U.S. movie production company for up to $100 million, the company said in a statement on Wednesday, without naming the target. Bloomberg reported on Tuesday that Recon, controlled by the business mogul who bought British soccer club Aston Villa last year, was in talks to buy Millennium Film, the studio behind "The Expendables". Recon said the deal for a 51 percent stake in the U.S. studio would be carried out via wholly-owned Hong Kong subsidiary Sure Lead Holding Ltd, marking a further push by China to increase its presence in Hollywood. "The target company is a independent film production company set up in the United States focused on film production, movie making and investment," Recon said in a filing to the Shenzhen stock exchange. The firm''s shares, which have been suspended since late January, will restart trading on Thursday, it added. Two Chinese movie companies, Shanghai Film Group (SFG) and Huahua Media, said last month they would invest $1 billion in productions by Viacom Inc''s ( VIAB.O ) Paramount Pictures. Reuters could not immediately reach Millennium Films for comment outside regular U.S. business hours. (Reporting by Adam Jourdan; Editing by David Holmes) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-china-hollywood-recon-idUSKBN15U18T'|'2017-02-15T18:01:00.000+02:00'
'6db034aaa0d683fcdbf42c4f82fd31e92857b663'|'Fed''s Rosengren sees ''at least'' three rate hikes per year'|'Business News   1:16pm EST Fed''s Rosengren sees ''at least'' three rate hikes per year File Photo: The Federal Reserve Bank of Boston''s President and CEO Eric S. Rosengren speaks in New York, April 17, 2013. REUTERS/Keith Bedford/File Photo NEW YORK The Federal Reserve may need to raise interest rates a bit more aggressively than the thrice-per-year pace forecast by Fed policymakers if the U.S. economy picks up steam as expected, a pragmatic Fed official said on Wednesday. Boston Fed President Eric Rosengren, a long-time dove who last year switched tack and began pushing for tighter monetary policy, said he expects the U.S. central bank to raise rates "at least as quickly" as the median Fed forecast from December. That forecast, based on 17 Fed policymakers, predicted three hikes in each of the next three years as inflation edges up to a target and gross domestic product (GDP) growth remains around 2 percent. But Rosengren, who dissented once in 2016 but does not have a vote on policy this year, said in a speech he expects a bit stronger GDP growth over the next two years as unemployment, now 4.8 percent, keeps falling below that equilibrium level. "It will likely be appropriate to raise short-term interest rates at least as quickly as suggested by the Fed''s current ... median forecast, and possibly even a bit more rapidly," he said. "If GDP is growing faster than potential and we reach both elements of the dual mandate, the Federal Reserve risks overshooting" those employment and inflation mandates, he added. The Fed has tightened policy only twice in the last two years, bringing the key rate to a range of 0.5-0.75 percent. But expectations have grown for more hikes as investors anticipate that U.S. President Donald Trump and the Republican-controlled Congress will increase spending and cut taxes, and as low unemployment continues to boost wages. Rosengren said such so-called slack in the labor market is now "very limited," meaning inflation could rise more than expected. Yet he added that uncertainty around future fiscal policies as well as economic growth overseas stand out as "significant risks" to his relatively optimistic expectations. (Reporting by Jonathan Spicer; Editing by Meredith Mazzilli) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-fed-rosengren-idUSKBN15U2CX'|'2017-02-16T01:16:00.000+02:00'
'76a686d6ca5d772ef85ca75b311fda422ab12ff1'|'Oil dips over doubts that high OPEC compliance with announced cuts will last'|'  1:33am GMT Oil dips over doubts that high OPEC compliance with announced cuts will last FILE PHOTO - A drop of diesel is seen at the tip of a nozzle after a fuel station customer fills her car''s tank in Sint Pieters Leeuw December 5, 2014. REUTERS/Yves Herman By Henning Gloystein - SINGAPORE SINGAPORE Oil prices dipped on Wednesday over concerns that producer club OPEC would not be able to maintain its high compliance so far with output cuts aimed at reining in a global fuel supply overhang. Brent crude futures LCOc1 were trading at $55.80 per barrel at 0115 GMT, down 17 cents from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1, were down 20 cents at $53 per barrel. The Organization of the Petroleum Exporting Countries (OPEC) and other producers including Russia have agreed to cut output by almost 1.8 million barrels per day (bpd) during the first half of 2017. BMI Research said that, based on a calculated compliance of 92.8 percent by OPEC with its planned production cuts, production was down 1.08 million bpd from the agreed upon reference levels. But it warned that a much lower compliance rate of just 40 percent by Iraq, OPEC''s second biggest producer, "could prove problematic to group cohesion" as other members of the producer club will have to go beyond their targets in order to meet the overall target of 1.2 million bpd in the first half of 2017. Some traders said upcoming oil field maintenance across the Middle East might help the group achieve production cuts. Yet overall, analysts said that oil markets remain well supplied despite the OPEC-led cuts, thanks in part due to a 6.5 percent rise in U.S. oil production since mid-2016 to 8.98 million bpd. U.S. bank Citi said that it was lowering its 2Q 2018 and 4Q 2018 oil price forecasts by $1 a barrel. "Our ICE Brent forecasts for 2Q''18 will now be $63 per barrel and for 4Q''18 will be $58 per barrel to give a calendar average of $60 per barrel," it said. Outside physical oil markets, a rising correlation between crude futures and the U.S.-dollar .DXY has caught market attention. Oil prices and the dollar are typically in a so-called inverse correlation, since a strong greenback weighs on crude as it makes fuel purchases more expensive, potentially crimping demand. A weaker dollar supports oil as it makes fuel imports cheaper. Yet that inverse correlation has been upended, and the price link between Brent and the dollar is now at its highest since 2005, Thomson Reuters Eikon data shows. This has come as oil was lifted by the production cuts, while the dollar received support from rising interest rates. Should a strong dollar and rising oil prices persist, traders say that would be a driver for higher inflation. (Reporting by Henning Gloystein; Editing by Richard Pullin)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-global-oil-idUKKBN15U05T'|'2017-02-15T08:32:00.000+02:00'
'c7bea97c51bb5163e95dfd2b29c5b20f68762d1e'|'Big banks avoid hiring spree despite trading boom'|'Business News - Wed Feb 15, 2017 - 6:44am EST Big banks avoid hiring spree despite trading boom FILE PHOTO: The Canary Wharf business district is seen reflected in windows at dusk in London, Britain December 11, 2016. REUTERS/Toby Melville/File Photo By Jamie McGeever and Anjuli Davies - LONDON LONDON Market trading is booming at U.S. and European banks thanks to Donald Trump and Brexit, and yet the glory days of dealing rooms the size of football pitches remain as distant as ever. Scarred by the 2007-09 global financial crisis and a subsequent regulatory clampdown, cost-conscious banks aren''t taking on more traders, uncertain whether the revival will last. "There''s no hiring spree," Jason Kennedy, chief executive of recruitment firm Kennedy Group in London, told Reuters. "Management don''t know if the boom is real or not, if we''re in a bubble or not. The last thing they are doing is gear up, only to find there''s nothing behind it." Last year''s shocks of the British vote to leave the European Union and Trump''s U.S. presidential election victory fueled a surge in market volatility and banks'' trading activity, revenue and profit. But that won''t mean more traders, with banks avoiding any return to dealing rooms staffed by hundreds like before the crisis, instead investing more in automated trading. Europe''s largest bank HSBC ( HSBA.L ) began cutting around 100 senior jobs last month in its investment banking division worldwide, according to sources with direct knowledge of the matter, without saying how many were traders. Germany''s largest lender, the troubled Deutsche Bank, ( DBKGn.DE ) is set to scrap roughly one in five equity trading jobs under a scheme to cut costs across the globe, according to sources, and will slash pay and bonuses. Even Wall Street''s big beasts, which have profited most from the boom, are cautious about how long it will continue, with some offering existing staff juicier bonuses to prevent departures of talent rather than expanding the payroll. "We''d always rather do more with less," said one senior source at a major Wall Street trading firm. "We are not looking to ramp up hiring. New technology will help," the source told Reuters. "We are always looking at productivity gains. Sometime saying you''re hiring a bunch of people is a sign of great stupidity." The biggest trading gains have been in fixed income, currency and commodities (FICC). The top five U.S. banks made $10.5 billion in revenue from FICC trading in the fourth quarter, and $14.1 billion in the previous three month period. The $24.6 billion total for the second half of last year was up 37 percent from $17.9 billion from the same period in 2015. Only four of Europe''s biggest banks - Credit Suisse ( CSGN.S ), Deutsche Bank and France''s Societe Generale ( SOGN.PA ) and BNP Paribas ( BNPP.PA ) - have reported their fourth quarter earnings so far. They too said FICC trading revenue had increased, although not as strongly as at their Wall Street rivals, and their equity trading performance has been patchier. GRAPHIC: Big banks'' trading revenue reut.rs/2kp0D9g A LID ON COSTS In recent years, banks have hired heavily in two areas. One is regulatory compliance to handle a welter of new rules imposed by U.S. and European authorities, as well as to prevent a repeat of the pre-crisis misbehavior that earned some banks huge penalties. The other is technology to improve efficiency. Trading is a different story. According to Coalition, an industry analytics firm, the total number of FICC front office staff - covering sales, trading and research - at the top 12 global banks fell to 17,479 last year from 18,755 the year before. That''s down 7 percent on the year and marks a decline of nearly 25 percent from 2012. Within that lies a deeper retrenchment at European banks, where FICC staffing levels have been slashed by 30 percent since 2012. That''s nearly twice the rate at U.S. banks. George Kuznetsov, head of research and analytics at Coaliti
'9eb470598b2c9f31387f1931be0c7b2dd40ed41e'|'Sikorsky sets sights on $500 million Indian regional market'|'  8:10pm IST Sikorsky sets sights on $500 million Indian regional market BENGALURU, India, U.S. aircraft maker Sikorsky is in advanced talks with some Indian charter operators and other airlines for sales of its small passenger planes, one of its executives said on Wednesday. Sikorsky, which is part of Lockheed Martin, is offering the M-28 turboprop passenger airplane that can seat up to 19 people and costs $6 million to $7 million for what it estimates is a regional market worth some $500 million. India wants to boost regional aviation connectivity and reopen closed airports as part of its plans to improve passenger growth in one of the world''s most competitive aviation markets. Arvind Walia, Sikorsky''s regional executive for India and South Asia, said such connections would bring about 300 million people in India''s smaller cities into the air travel market. "We are in dialogue with potential operators for regional connectivity and it appears to us there is huge demand," Walia told Reuters on the sidelines of an air show in Bengaluru. "There are some with whom talks are in a very advanced stage and there are some who have sought additional clarification," he said. He estimated demand for smaller planes at 80 over the next two years. Meanwhile Dinesh Keskar, a senior vice president at Boeing said growth in India would come from the smaller airports and as more routes are added to the network this would drive demand for bigger jets. (Reporting by Sweta Singh and Rachit Vats; Editing by Sanjeev Miglani and Alexander Smith) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/airshow-india-sikorsky-idINKBN15U1U5'|'2017-02-15T21:40:00.000+02:00'
'0985f1f18169cc2acb2ca78220912b28e49090af'|'Pepsi CFO: We''re an American company but also a global one'|'The two ways companies are responding to Trump Pepsi said that there''s no evidence of people around the world boycotting its beverages due to issues international consumers may have with President Trump. The soft drink and snack giant reported earnings for the fourth quarter that topped forecasts on Wednesday morning. Sales of its beverages, which also includes Aquafina water and Gatorade as well as its namesake sodas, rose most notably in its core market of North America. Ditto for sales of potato chips, pretzels and other food that is part of its Frito-Lay division. The company is continuing to do well in many international markets too. During a conference call with analysts, CEO Indra Nooyi said that she didn''t believe "political actions impacts consumption of our products and we''re not seeing any deterioration in activity." Trump has had tough words for Mexico, China, Japan and other U.S. trading partners. But CFO Hugh Johnston added during the call that he was recently in Mexico and the business there looks "terrific." "We''ve seen no meaningful business impact from some of the things happening in the political arena at all," he said. Johnston said in an interview with CNNMoney after the earnings call that he expected the strong sales to continue. "We haven''t seen any evidence of politics influencing customer decisions," Johnston said. Even though Pepsi generates a majority of its sales and profits from the U.S., the company is hopeful that it can continue to grow internationally. To that end, Pepsi bought Wimm-Bill-Dann, a Moscow-based maker of milk, juice and other beverages in 2011. And the company has continued to stress that markets outside of the U.S. are key to its overall success. "We are a U.S. company. We''re a Mexican company. We''re a Chinese company. We''re an Indian company. We''re a Russian company," Johnston told CNNMoney. Related: Trump supporters call for Pepsi boycott -- over comments that CEO never made This international exposure does have risks though. The U.S. dollar has strengthened since Trump''s win. A strong dollar eats into the sales and profits of multinational firms like Pepsi as well as its archrival Coca-Cola ( KO ) , which has an even bigger presence overseas. The rise in the greenback is one reason why Pepsi issued a somewhat cautious outlook for the rest of the year. Johnston added in the interview with CNNMoney that the strong dollar could be an issue for Pepsi, but he stressed that Pepsi is doing everything it can to focus on what it can control. That includes buying raw materials from local producers in markets outside the U.S. when possible. And Johnston said that''s not likely to change -- regardless of any political pressure. Still, Johnston was quick to play the jobs trump card (so to speak), telling me that Pepsi has created "a lot of good paying jobs" in the U.S. -- with more than 100,000 employees working in America in supply chain and customer service roles. Pepsi, like many U.S. companies, may need to tread cautiously in the brave new Trump world. The company may also have to occasionally fight back against the proliferation of fake news and "alternative facts" that have become a problem since the election. Nooyi was the subject of a fake news story last year that claimed she said Pepsi doesn''t want Trump supporters buying its products. That was a total lie. Related: Pepsi gets aggressive on cutting sugar What she did say was that some Pepsi employees (as well as her own daughters) were concerned about Trump and his immigration policies. Nooyi was born in India, but she is an American citizen. "I think we should mourn for those of us who supported the other side, but we have to come together and life has to go on," she said at a New York Times conference a week after the election. It appears that both Nooyi and the president recognize that working together might make more sense. Nooyi is now one of the CEOs on Trump''s advisory council. Johnston said he expect
'fb8a4b61c340f0773c19c044a2412af7340339fc'|'Greek consumer prices rise in January, led by transport, housing costs'|' 06am GMT Greek consumer prices rise in January, led by transport, housing costs A woman makes her way at a main commercial street in the early morning before the shops were open in central Athens, Greece July 28, 2015. REUTERS/Ronen Zvulun ATHENS Greece''s annual EU-harmonised inflation rate picked up in January, statistics service data showed on Wednesday, with the reading coming in above market expectations, hitting almost a five-year high. The reading in January was 1.5 percent from 0.3 percent in December. Consumer prices were led higher by transport, housing, telecoms, alcoholic beverages and tobacco costs. Economists polled by Reuters were forecasting a 0.4 percent print in January. The data also showed the headline consumer price index rose to 1.2 percent year-on-year from zero percent in the previous month, emerging from a protracted deflation trend. For years an inflation outlier in the euro zone, Greece had been in a protracted deflation mode since March 2013 based on its headline index, as wage and pension cuts and a multi-year recession took a heavy toll on Greek household incomes. Deflation in Greece, which signed up to its first international bailout in 2010, hit its highest level in November 2013, when consumer prices registered a 2.9 percent year-on-year decline. Euro zone inflation jumped more than expected in January on a surge in energy prices as economic growth accelerated and unemployment fell to its lowest level in more than seven years. Inflation in the 19 countries sharing the euro accelerated to 1.8 percent year-on-year in January from 1.1 percent in December, reaching the European Central Bank''s medium-term target of below, but close to 2 percent. (Reporting by George Georgiopoulos)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eurozone-greece-inflation-idUKKBN15U18V'|'2017-02-15T18:06:00.000+02:00'
'907900dab24549f34109af1ea2020a34a221dbf1'|'Allergan agrees to buy Zeltiq for about $2.48 bln'|' 08am EST Allergan agrees to buy Zeltiq for about $2.48 bln Feb 13 Allergan Plc on Monday said it would buy Zeltiq Aesthetics Inc for about $2.48 billion to gain access to its flagship body contouring technology. The Botox maker agreed to pay $56.50 per Zeltiq share, or a premium of 14.4 percent to the company''s Friday close. (Reporting by Natalie Grover in Bengaluru; Editing by Shounak Dasgupta)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/zeltiq-ma-allergan-idUSL4N1FY3VD'|'2017-02-13T20:08:00.000+02:00'
'e4e48febb2ef55777b3080ceb7b2c17daeac7f6f'|'Hyundai Motor hires former GM researcher to lead self-driving car centre'|'Business  20pm EST Hyundai Motor hires former GM researcher to lead self-driving car center FILE PHOTO - The logo of Hyundai Motor is seen on a wheel of a car at a Hyundai dealership in Seoul February 1, 2012. REUTERS/Kim Hong-Ji/File Photo SEOUL Hyundai Motor Group ( 005380.KS ) has hired a former General Motors ( GM.N ) researcher to oversee its center to develop fully autonomous vehicles, joining other automakers and Silicon Valley giants in accelerating efforts on the fast-growing technology. Lee Jin-woo, 47, who has previously led autonomous driving technology development at General Motors (GM) for more than a decade, will head the newly established Intelligent Safety Technology Center - a combined research body for Hyundai Motor and its affiliate Kia Motors ( 000270.KS ) - starting on Monday. "The new centre will not only enhance existing Advanced Drive Assistance System technologies but also conduct research into artificial intelligence related self-driving car technologies with the aim of commercializing those technologies," Hyundai Motor said in a statement on Monday. Hyundai Motor and Kia, together the world''s fifth-largest automaker, aim to develop highly automated vehicles by 2020 and fully autonomous vehicles by 2030. However, experts say Hyundai needs to do more to catch up with rivals in the self-driving car race. Last week, Ford Motor Co ( F.N ) announced plans to invest $1 billion over the next five years in autonomous vehicle tech firm Argo AI, while GM made a billion-dollar bet a year ago with its acquisition of Silicon Valley self-driving startup Cruise Automation. "Bringing in one person is not enough. Hyundai should form alliances with other companies, which will help hedge financial risks related to developing self-driving cars at a time of falling profit," said Lee Hang-koo, a senior research fellow at Korea Institute for Industrial Economics & Trade. "But this requires commitment from the top management." Hyundai Motor, which has typically promoted executives from within, has hired a series of executives from overseas, mostly in the design and engineering field. Lee earned a post doctorate at Cornell University, after studying at South Korea''s KAIST and Seoul National University. (Reporting by Hyunjoo Jin; Editing by Himani Sarkar) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-hyundai-motor-gm-idUSKBN15S06B'|'2017-02-13T09:12:00.000+02:00'
'96f8db0a28ff7632acc592c9b6cbadf4c520f755'|'Fancy some sun, sea and sand? Brexit means it will cost you 15% more - Money'|'F ar from the political arguments raging through the House of Commons, some of the first real-life effects of the Brexit referendum will soon be found in a deli in New York or a bar on the Costa Brava. Holidaymakers this summer will see, for the first time, how the political turmoil, which overtook the world last year, will translate during their holidays. And, on most occasions, it won<6F>t be for the better.The crash in the price of sterling since the vote last June, coupled with the financial instability which continues following the election of Donald Trump, means the cost of foreign travel has been driven up for British tourists.It is estimated that going abroad on holidays to Europe or the US will cost 15% more than last year.But how can you avoid breaking the bank on your annual trip away?The problem The pound has plunged against the dollar since the 23 June referendum and there are fears it will drop even further given the uncertainty surrounding the Brexit deal and the negotiations which will start later this year.Sterling stands at about <20>1.18 against the euro <20> a drop of more than 10p in the past year.One way of illustrating this from the sun lounger is via the Post Office<63>s holiday cost barometer which tracks the prices of holiday extras such as alcohol, soft drinks and coffee, sun cream, insect repellent and a three-course meal for two.Compared with two years ago, these are 28% more in Orlando, Florida, averaging <20>81. In Nice, it is 41% more, or <20>91. In English Harbour, Antigua, the bill is almost <20>165, up 45%.All is not lost, however, and foreign holidays are far from unaffordable.Some light Because of hedging <20> a form of insurance against movements in the pound <20> this year<61>s prices will not reflect the full force of the pound<6E>s drop. <20>Many travel agents have hedged their currency risk against potential Brexit volatility, or may pass the extra costs on to their suppliers, the hotels, resorts or airlines,<2C> said Charles Purdy, chief executive of Smart Currency Exchange.Tough economic climates stretch across the eurozone and local prices have been forced down to offset the dip in the pound.<2E>Tourists and locals are watching their pennies and shops, restaurants, bars and hotels are responding to intense competition,<2C> said Andrew Brown of Post Office travel money.Going stateside The pound has suffered its sharpest falls against the all-conquering dollar, crashing more than 17% from $1.49 before the referendum, to around $1.24 today.This means that a plate of morning eggs in the local diner has gone up <20> as well the tax and tips which come as inevitable add-ons.Some respite can be found in the fact that the price of airfares and hotels at peak times appear to have dropped in the past two years due to competition between airlines and holiday firms.<2E>Flights to Fort Lauderdale and Boston have fallen by almost a third, and to San Francisco by more than a quarter,<2C> said Suzanne Perry, from travel site, Kayak.co.uk.Local prices in popular destinations such as Orlando, Las Vegas and Boston have fallen by up to 10% compared with last summer, she said. <20>You can get rooms for under <20>150 a night, which isn<73>t likely to price-out Brits.<2E>Florida remains relatively affordable and crowd free, but only if you can go in September, October and November (avoiding UK half term). A 10-day break starts from <20>475 a person, including flights. Otherwise, Norwegian Airlines is planning to offer flights to New York from the summer for as little as <20>60.Old favourites Although the cost of a trip to the south of France has rocketed, some old favourites remain affordable.Greece remains cheap as it battles to attract much-needed tourist business to offset the poor economic climate. TravelSupermarket.com points to 10-day self-catering packages in Corfu or Zante in early June from around <20>190. <20>You can self-cater in Rhodes in June from <20>190 a person for a week including flights or go all-inclusive from <20>246,<2C> says Emma Coulthurst
'c854fa57e6363dcbcdb38179f91dfde93a4dab86'|'Greek aims for bailout review deal on Feb, 20 with no more austerity'|'Business News - Tue Feb 14, 2017 - 2:47pm GMT Greek aims for bailout review deal on Feb, 20 with no more austerity Greek Prime Minister Alexis Tsipras delivers a speech at the ruling Syriza party central committee in Athens, Greece February 11, 2017. REUTERS/Michalis Karagiannis ATHENS Greece believes a crucial bailout review conclusion is very likely on Feb. 20 if all sides show a constructive stance with Athens aiming for a deal that will not include more austerity, the country''s government spokesman said on Tuesday. "The deal we are negotiating does not include even one euro of extra austerity," Dimitris Tzanakopoulos told reporters. (Reporting by Renee Malrtezou, writing by George Georgiopoulos) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-greece-bailout-talks-idUKKBN15T1HP'|'2017-02-14T21:47:00.000+02:00'
'8a006f2ba6b90ad07a085fc08708a45721fd6ebd'|'Morgan Stanley to pay $8 million to settle U.S. SEC charges'|'Business News - Tue Feb 14, 2017 - 5:43pm GMT Morgan Stanley to pay $8 million to settle U.S. SEC charges The logo of Morgan Stanley is seen at an office building in Zurich, Switzerland September 22, 2016. REUTERS/Arnd Wiegmann/File Photo Morgan Stanley ( MS.N ) has agreed to pay $8 million (6 million pounds) to settle charges related to single inverse exchange-traded fund investments that the firm had recommended to clients, U.S. financial regulators said on Tuesday. In a statement, the Securities and Exchange Commission said Morgan Stanley admitted to wrongdoing, adding that the company had from 2010 to 2015 "recommended securities with unique risks and failed to follow its policies and procedures to ensure they were suitable for all clients." Unlike a normal index fund, inverse ETFs aim to deliver the opposite of the return of a market benchmark on a given day, using futures contracts and other financial derivatives. For instance, an inverse fund could go up by 5 percent on a day the index it tracks declines by 5 percent. Over longer periods of time, the funds'' performances often differ dramatically from the indexes they track. "Morgan Stanley solicited clients to purchase single inverse ETFs in retirement and other accounts, the securities were held long-term, and many of the clients experienced losses," the SEC said. Morgan Stanley spokeswoman Bernadette Rhodes said the firm was pleased to have resolved the matter, but had no further comment. Regulators have previously penalized companies, including Morgan Stanley, for selling the funds without what it said were properly disclosing the risks or for not considering the appropriateness of the products for clients. (Reporting by Susan Heavey in Washington, Trevor Hunnicutt and Elizabeth Dilts in New York; Editing by Andrew Hay) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-morgan-stanley-usa-sec-idUKKBN15T2DD'|'2017-02-15T00:43:00.000+02:00'
'e514ce1cf416d275e619d8531dc75a56eaced259'|'Toshiba delays earnings after snag in audit process - source'|'Business News   6:35am GMT Toshiba delays earnings after snag in audit process - source The logo of Toshiba Corp. is seen at the company''s facility in Kawasaki, Japan February 13, 2017. Picture taken February 13, 2017. REUTERS/Issei Kato TOKYO Toshiba Corp ( 6502.T ) has delayed its earnings announcement, planned for Tuesday, after it was not able to immediately secure the approval of its auditor, a source briefed on the matter said. Two other separate sources familiar with the matter also said Toshiba was seeking an extension to submit its earnings, which were originally scheduled for release at noon (0300 GMT) on Tuesday. A spokeswoman for PricewaterhouseCoopers Aarata, Toshiba''s auditor, declined to comment, citing client confidentiality. A Toshiba spokeswoman also declined to comment. (Reporting by Taiga Uranaka, Taro Fuse, Yoshiyasu Shida, Thomas Wilson; Editing by Clara Ferreira Marques) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-toshiba-accounting-extension-idUKKBN15T0E2'|'2017-02-14T13:35:00.000+02:00'
'864da34bfa8bca7016a524546a98e15b7b426b33'|'Sensex little changed; Idea Cellular, Bank of Baroda biggest drags'|'By Tanvi Mehta Indian shares were little changed on Monday with losses in financials such as Bank of Baroda Ltd and telecom company Idea Cellular Ltd outweighing gains in IT stocks.However, investor sentiment was upbeat as Asian shares ticked up on renewed optimism over U.S. President Trump''s tax reform plans and his change of tack to agree to honour the "one China" policy.Trump plans to announce the most ambitious tax reform plan since the Reagan era in the next few weeks, the White House said last week, sending stock prices and the dollar higher on hopes for a cut in corporate tax rates."Markets have been fairly strong after the budget and mid-caps have been doing well... Global mood is also helping boost sentiment (in India)," said Jayant Manglik, president, retail distribution, Religare Securities.The Nifty was down 0.03 percent at8,791.60 as of 0531 GMT, while the benchmark Sensex was 0.02 percent down at 28,319.As of Friday''s close, the Nifty had gained 2.7 percent since the budget on Feb. 1, rising in seven sessions out of the eight so far this month.IT stocks were the biggest contributors to the gains with the Nifty IT index, which fell about 7 percent in 2016, trading 0.41 percent higher. Tata Consultancy Services Ltd was up 0.8 percent, while Infosys Ltd was 0.7 percent higher.Banks were the biggest drags with the Nifty PSU bank index shedding as much as 2.7 percent. Bank of Baroda Ltd slumped as much as 8.9 percent in its biggest percentage loss since Nov. 21, 2016 after reporting a lower-than-expected quarterly profit on Friday.Among other losers, Idea Cellular fell as much as 5.6 percent in its biggest percentage decline in a month, after the company posted its first quarterly loss as a new rival forced carriers to cut prices in the highly competitive domestic market.(Reporting by Tanvi Mehta in Bengaluru; Editing by Subhranshu Sahu)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/india-stocks-sensex-nifty-idINKBN15S0IL'|'2017-02-13T03:25:00.000+02:00'
'da03f13e148cb13e1421221c54ccc6596a134b9c'|'French Finance Minister says ECB never tries to manipulate euro rate'|'  7:10am GMT French   French Finance Minister Michel Sapin speaks during an interview with Reuters in his office at the Bercy Ministry in Paris, France, October 4, 2016. . REUTERS/Jacky Naegelen   "The euro is the currency of the entire euro zone. On the international level what counts is the surplus of the entire eurozone, not that of Germany," Sapin told the Handelsblatt newspaper. Sapin said Europe still needed to restore investments to levels seen before the global financial crisis, and said Germany could be more "ambitious" about its investment levels, for its own sake and that of Europe. He also said he hoped that U.S. President Donald Trump would understand quickly how advantageous and important ties with the European Union were for the well-being of the United States. (Reporting by Andrea Shalal; Editing by Paul Carrel)   Yen slips after Trump-Abe meet, Asian shares firm TOKYO The dollar rose against the yen on Monday on relief that U.S. President Donald Trump set aside tough campaign rhetoric over security and jobs in a smooth meeting with Japanese Prime Minister Shinzo Abe, with no mention of currency policy. U.S.  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-trump-eurozone-france-idUKKBN15S0M6'|'2017-02-13T14:10:00.000+02:00'
'57588bce8a4ceb051ff3b3a82e44fd9814c69a9f'|'Australian banks narrow focus of Apple Pay collective bargaining request'|'By Jamie Freed - SYDNEY SYDNEY Australian banks seeking permission from the country''s competition regulator to bargain collectively with Apple Inc ( AAPL.O ) over its mobile payment system said on Monday they will focus on gaining access to the U.S. tech company''s contactless payment function, removing the fees Apple charges as a bone of contention.Commonwealth Bank of Australia ( CBA.AX ), Westpac Banking Corp ( WBC.AX ), National Australia Bank Ltd ( NAB.AX ) and Bendigo & Adelaide Bank Ltd ( BEN.AX ) command two-thirds of Australia''s credit card market but have yet to allow use of their cards with Apple Pay which was introduced to the country last year.Under Australian law, bargaining cartels can be formed with the approval of authorities. A cartel would strengthen the banks in negotiating the ability to offer their own digital wallets for Apple''s iPhones - the first major challenge to Apple Pay of its kind globally.Apple Pay allows users to register credit cards on iPhones, and pay for goods and services by swiping the devices over contactless payment terminals.Apple charges card providers for transactions made using Apple Pay and does not allow companies to develop their own mobile wallets, which would allow banks to circumvent transaction fees and get customers to engage more frequently with their own apps.In the banks'' initial application lodged in July, they sought to negotiate with Apple over fees as well as access to the contactless payments function.In a draft decision issued in November, which it described as "finely balanced", the Australian Competition and Consumer Commission (ACCC) proposed to deny the collective bargaining application.At the time, ACCC Chairman Rod Sims told Reuters that if fees were at the heart of the banks'' application, then it would be difficult for them to win approval. But if the issue was more about access to Apple''s contactless payment technology, then the banks had a stronger case, he said.In a statement ahead of a final decision from the regulator, the banks on Monday said they had narrowed the application to focus on contactless payments and halved the collective bargaining authorization term to 18 months."It is about the consumer having the choice of multiple wallets," said Lance Blockley, a spokesman for the banks.In a submission to the competition regulator on Jan. 31, Apple said there were no public benefits to providing the banks access to its contactless payment system, and that doing so would give them a "free-ride" on Apple''s investment in technology.Among other banks, Australia and New Zealand Banking Group Ltd ( ANZ.AX ) has offered Apple Pay to customers since April, while Macquarie Group Ltd ( MQG.AX ) and ING Groep NV''s ( INGA.AS ) ING Direct on Friday said they would introduce Apple Pay this month.(Reporting by Jamie Freed; Editing by Bill Rigby)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-apple-australia-idINKBN15R11I'|'2017-02-12T19:59:00.000+02:00'
'9943bd406342bd56313843d705310ed6c54e5f9a'|'Fed''s Yellen defends ''stress test'' of Wall Street'|'Business News - Tue Feb 14, 2017 - 9:55pm GMT Fed''s Yellen defends ''stress test'' of Wall Street A Wall Street sign is pictured outside the New York Stock Exchange in New York, October 28, 2013. REUTERS/Carlo Allegri/File Photo WASHINGTON A yearly checkup on leading Wall Street banks helps regulators protect the U.S. financial system and the reviews should be preserved, the Federal Reserve chair said on Tuesday. The largest 44 banks in the United States must satisfy regulators that they could weather a serious economic downturn in the annual ''stress test'' administered by the Federal Reserve. "It''s been a cornerstone of our effort to improve supervision," Fed Chair Janet Yellen told lawmakers. "I think it''s a key part of our regulatory process." Senator Pat Toomey on Tuesday asked whether the Fed''s exam was needed. The exam, known as the Comprehensive Capital Analysis and Review (CCAR), is just one of two studies that the central bank conducts yearly. The CCAR exam is the more stringent since it examines both hard numbers and qualitative risks to the bank. Toomey, a Pennsylvania Republican, asked whether Yellen would eliminate CCAR. The Fed chair defended the test. "It is a very detailed and institution-specific and forward-looking assessment of the risks in a firm''s balance sheet," she said. The Fed performed its first stress test in the aftermath of the 2008 financial crisis to ensure that banks had enough capital to survive. If the Fed is not satisfied that a bank is strong enough to survive a crisis, regulators can halt dividend payments and take other steps to boost a bank''s capital. Banks have complained that the Fed sets arbitrary standards and that the stress test has no objective benchmarks. In November, an independent review agreed in part and suggested ways that the Fed could be more transparent. On Tuesday, Yellen again endorsed the report from the Government Accountability Office and said the central bank would be more open with the banks that it examines. The biggest banks subject to the full exam this year are JPMorgan Chase & Co ( JPM.N ), Bank of America Corp ( BAC.N ), Citigroup Inc ( C.N ), Wells Fargo & Co ( WFC.N ), Goldman Sachs Group Inc ( GS.N ), Morgan Stanley ( MS.N ), U.S. Bancorp ( USB.N ), Capital One Financial Corp ( COF.N ), PNC Financial Services Group Inc ( PNC.N ), Bank of New York Mellon ( BK.N ), State Street Corp ( STT.N ) and U.S. divisions of HSBC Holdings PLC ( HSBA.L ) and Toronto-Dominion Bank ( TD.TO ). (Reporting By Patrick Rucker; Editing by Andrea Ricci) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-fed-yellen-stress-idUKKBN15T2XQ'|'2017-02-15T04:55:00.000+02:00'
'd6b2083bef8acde13c31f5edf6f517fe5861edbd'|'BUZZ-India''s Tata Motors plunges to over 2-month low; JLR profit falls'|'** Tata Motors falls as much as 8.6 pct, lowest since Dec 7, 2016** Company on Tuesday reported worse-than-expected 96 pct fall in Dec-quarter profit, citing sharply lower earnings at its British luxury carmaker Jaguar Land Rover (JLR) and losses in its domestic business** Consolidated net profit fell to 1.12 bln rupees ($16.76 million), missing analysts estimate of 22.48 bln rupees, according to Thomson Reuters data** Company expects to see much better Q4, Chief Financial Officer C Ramakrishnan said in a news conference** While a weak Pound is a big boon for JLR, given hedging it has lead to high losses - Morgan Stanley analysts** Management commentary on JLR margins has weakened significantly with hedging losses likely to continue at high levels for longer and rising incentives due to demand pressures," CLSA analysts write($1 = 66.8100 Indian rupees)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/buzz-indias-tata-motors-plunges-to-over-idINL4N1G01QS'|'2017-02-15T00:53:00.000+02:00'
'89f96a28635ad70639011dbb3e54d0feae943b84'|'AIG posts bigger loss, adds $3.5 billion to buyback program'|' 22pm GMT AIG posts bigger loss, adds $3.5 billion to buyback program The AIG logo is seen at its building in New York''s financial district March 19,   McDermid American International Group Inc ( AIG.N ), the largest commercial insurer in the United States and Canada, reported a bigger quarterly loss, as company recorded a $5.6 billion (4.49 billion pounds) charge related to measures to reduce reserve additions. The company also raised its share buyback program by up to $3.5 billion on Tuesday. AIG''s net loss widened to $3.04 billion, or $2.96 per share, in the fourth quarter ended Dec. 31, from $1.84 billion, or $1.50 per share, a year earlier. The fourth quarter included a $5.6 billion, or $3.56 per share, impact from prior year adverse reserve development. AIG Chief Executive Peter Hancock said that the adverse reserve development cover reduces the risk of further reserve additions in some of the most volatile lines. "... we responded definitively to emerging severity trends that we believe are materially impacting the overall U.S. casualty market," he said in a statement. AIG agreed last month to pay about $10.2 billion to Warren Buffett''s Berkshire Hathaway Inc ( BRKa.N ) to take on many long-term risks on U.S. commercial insurance policies it has already written. The New York-based insurer had then said it would take a charge related to the deal in the fourth quarter. On an operating basis, the company reported a loss of $2.72 per share. Total general operating expenses fell 9.6 percent to $2.48 billion. The insurer is looking to cut its gross general operating expenses by $1.6 billion by the end of 2017. (Reporting by Nikhil Subba   Sriraj Kalluvila)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-aig-results-idUKKBN15T2Z1'|'2017-02-15T05:22:00.000+02:00'
'96969ad9c1ba7051baf3ea7e60bb66bb201a7a6b'|'On the frontline of China''s spending revolution: small loans, big data'|'  6:00pm EST On the frontline of China''s spending revolution: small loans, big data * Vast untapped market fuelling boom in small loans * Consumer credit information still underdeveloped * National licences for consumer finance firms started 2014 * Mobile phones, motor bikes, appliance loans drive industry By Matthew Miller TIANJIN, China, Feb 15 In a mobile phone shop in Tianjin, northeast China, Jiao Zhiwen sells about 220,000 yuan ($32,000) in small loans each month, one of hundreds of thousands of loans agents helping to fund the country''s unprecedented consumer spending spree. Though seven in 10 customers have never financed a purchase before, most loans are processed in 25 minutes, with a basic ID check and proof of a bank account. Jiao''s store on a busy commercial road, among furniture and enamel factories, is on the frontline of a consumer finance revolution in a country with a fast-growing borrowing culture, a government keen to boost spending, but still no provision for personal bankruptcy. "They are factory workers, construction labourers and shop assistants," Jiao says of her clients. "They need to feel they should only dig a little money out of their pockets each month and not too much at one time." Jiao works for Home Credit China, among the handful of small-loans firms to receive national licences over the last three years to offer modest, mostly high-interest, loans to bring China''s roughly 300 million under-banked adults into its $3.9 trillion consumer finance market. Beijing wants its high-saving population to have greater access to credit, so personal consumption can take over from industry and infrastructure spending as the key driver of growth. Zhang Xiao, 22, a student at Shanghai University, embodies the change in attitudes, taking a 500 yuan loan to buy clothes over the Lunar New Year holiday. "If, before, the price was quite high, I might just have chosen not to buy something. Now with this sort of loan I can buy first and only then have to think about paying the money back slowly." But in a country where credit records are scattered, most adults don''t have a borrowing history and collecting delinquent loans can be slow, the transition could usher in a wave of personal defaults. Mao Wanyuan, who helps supervise non-bank financial institutions at China''s banking regulator, told reporters in December that inclusive finance firms still lacked adequate experience to manage risk. For Home Credit and other nationally licensed consumer finance firms like Suning Consumer Finance Co, big data, as employed by Jiao on her tablet, is the answer - determining how much they can lend, to whom, and when. "The banks wouldn''t touch a lot of our clients," said Ondrej Frydrych, chief executive of Home Credit China, which is backed by Czech billionaire Petr Kellner''s investment firm PPF Group and has 145,000 point-of-sales (POS) operations in 312 cities. "Our choice is either we can play it safe, have low risk, and approve only people with a good record or people we think can repay - or be more inclusive." His bet is that as customers become wealthier, loans will become bigger and more profitable. For now, mobile phone loans are the industry''s big mover - Home Credit finances 8 percent of all Apple iPhones sold in China. MANAGING RISK Judging by developments in emerging markets like Brazil and India, there are big risks in small loans. John Chen, China managing director for credit rating services firm FICO, says lenders need to use "alternative data", from mobile phone charges to travel bookings, to compensate for the lack of credit bureau coverage. Home Credit uses a scoring engine based on items from the predictable disposable income and age of the borrower, to the shop''s own history of bad credit to determine risk levels. It also checks with the central bank''s own credit database to ensure applicants haven''t previously defaulted. Home Credit chases delinquent borrowers through three ca
'b7fda0030800c9744a2fdd184ca26856285d933e'|'Anthem sues Cigna to block deal termination'|'Business News - Wed Feb 15, 2017 - 11:28am GMT Anthem sues Cigna to block deal termination The office building of health insurer Anthem is seen in Los Angeles, California February 5, 2015. REUTERS/Gus Ruelas/File Photo Anthem Inc ( ANTM.N ) said on Wednesday it has filed a lawsuit seeking a temporary restraining order to enjoin Cigna Corp ( CI.N ) from terminating its $54 billion (43 billion pound) deal. Cigna said on Tuesday it had notified Anthem that it had terminated its merger and that Anthem was required to pay a $1.85 billion breakup fee. Cigna also filed a lawsuit in Delaware on Tuesday, asking a judge to declare its decision to terminate the deal as legal and to approve $13 billion in damages for shareholders who did not receive the takeover premium. Anthem said on Wednesday it believes that there is still sufficient time to complete the transaction. (Reporting by Ankur Banerjee in Bengaluru) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-cigna-m-a-anthem-lawsuit-idUKKBN15U1AV'|'2017-02-15T18:28:00.000+02:00'
'3f39bdfbe210e354eafdd77270e1617dff17c501'|'BRIEF-Redknee Solutions says CEO Lucas Skoczkowski has been removed'|' 24am EST BRIEF-Redknee Solutions says CEO Lucas Skoczkowski has been removed Feb 15 Redknee Solutions Inc * Danielle Royston has been appointed interim chief executive officer * Redknee Solutions Inc. Announces changes to board of directors and executive leadership * Royston replaces Lucas Skoczkowski, who has been removed by board from his role as chief executive officer * Intends to launch a thorough internal and external search to secure a permanent chief executive officer  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSASB0B0DK'|'2017-02-15T19:24:00.000+02:00'
'5abf57159178ff504d6d297713637c6734fb35c6'|'Nikkei rises as financials get boost from Yellen comment; Toshiba tumbles'|'* Toshiba nosedives after saying it may sell more of chip business* SoftBank buys Fortress for $3.3 blnBy Ayai TomisawaTOKYO, Feb 15 Japanese stocks rose on Wednesday morning as the dollar jumped after U.S. Federal Reserve Chair Janet Yellen hinted at an interest rate hike next month, with financial stocks outperforming on higher yields.The weak yen lifted exporters too and took the sting off a bruising slide in shares of Toshiba Corp after it booked a massive writedown.The Nikkei gained 1.2 percent to 19,459.62 in midmorning trade.Yellen told the U.S. Senate Banking Committee the central bank will likely need to raise interest rates at one of its upcoming meetings."The market takes heart from Yellen''s comment and such positive sentiment will likely last throughout the day," said Takuya Takahashi, a strategist at Daiwa Securities.Higher U.S. Treasury yields attracted buying in insurers and banks, whose sectors rose 5.1 percent and 2.2 percent, respectively. Dai-ichi Life Holdings jumped 5.1 percent, MS&AD Insurance surged 5.5 percent and Sompo Holdings soared 4.6 percent.Mitsubishi UFJ Financial Group rose 2.5 percent and Mizuho Financial Group rose 1.6 percent.Exporters also rallied, with Panasonic Corp rising 2.7 percent, Hitachi Ltd adding 1.8 percent and Honda Motor Co gaining 1.3 percent.The dollar was at 114.28 yen, not far from the two-week peak of 114.49 yen touched on Tuesday.Toshiba tumbled more than 10 percent after the conglomerate said it would book a $6.3 billion hit to its U.S. nuclear unit and may sell more of its prized flash-memory chip business than planned to urgently raise funds.Corporate activity was also a focus in the market, with SoftBank Group Corp agreeing to buy Fortress Investment Group LLC, a private-equity firm and asset manager, for about $3.3 billion in cash - a surprise move for a group that has to date focused on telecoms and technology.SoftBank shares were up 0.8 percent.The broader Topix added 1.1 percent to 1,555.84 and the JPX-Nikkei Index 400 advanced 1.2 percent to 13,962.83.(Editing by Shri Navaratnam)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/japan-stocks-midday-idINL4N1G01HU'|'2017-02-14T23:28:00.000+02:00'
'616c3e763ee6fc14e8fe07548d898d91f828dc9a'|'UPDATE 1-Voce nominates its founder, three others to Air Methods board'|'Company News  23am EST UPDATE 1-Voce nominates its founder, three others to Air Methods board (Adds details) Feb 15 Activist hedge fund Voce Capital Management LLC nominated on Wednesday four candidates, including its founder and managing partner, for election to Air Methods Corp''s board, as part of efforts to turnaround the medical helicopter company. Voce, which has held a stake since 2011 and has long advocated Air Methods sell itself, threatened on Jan. 30 to start a proxy war. It backed off a similar threat in March 2016, after Air Methods agreed to board changes and address stockholder concerns. Since then, Air Methods added one Voce nominee to its board. But the hedge fund in January accused Air Methods of not fulfilling its obligation to amend its bylaws, so all directors could be elected annually. On Wednesday, Voce nominated Robert Fish, Gregory Guckes, William Mathies and Voce founder Daniel Plants to Air Methods'' board. "The situation at Air Methods has unraveled since we entered the cooperation agreement with the board almost a year ago," Voce said, highlighting that Air Methods had not even acknowledged its Jan. 30 letter. The hedge fund has a 3.1 percent stake in Air Methods, according to Thomson Reuters data. Air Methods could not be immediately reached for comment. (Reporting by Natalie Grover in Bengaluru; Editing by Martina D''Couto) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/air-methods-voce-capital-idUSL4N1G04G5'|'2017-02-15T22:23:00.000+02:00'
'b991af709a3ff85e1304bf6a54838b7f4e202655'|'China''s NDRC vows to stabilise steel supply and prices'|' 11am GMT China''s NDRC vows to stabilise steel supply and prices An employee works at a steel factory in Dalian, Liaoning Province, China, July 4, 2016. China Daily/via REUTERS BEIJING China''s state planner said it will take steps to boost the supply of steel to stabilise physical and futures prices, the latest sign Beijing is concerned that efforts to curb pollution are roiling some of the country''s biggest industries. The National Development and Reform Commission (NDRC) reiterated its push for steel makers in the world''s top producer to boost output of high-quality steel used in the construction industry, the agency said in a document posted in the Shandong NDRC''s website. The NDRC also asked big steel mills to sell their metal at "reasonable" prices and serve as a benchmark for the market. The agency said it will crack down on illegal futures trading to stabilise market expectations and will vet illegal hoarding and the spreading of market rumours, it said. The most-active Shanghai rebar futures prices SRBcv1 tumbled 0.8 percent on Wednesday to close at 3,391 yuan (432 pounds) per tonne, after touching a two-month high earlier. Investors have piled into steel and iron ore futures betting on higher prices as Beijing tries to tackle pollution and cut excess steel supply by shutting capacity. The comments come after the government tried to curb activity by speculators in China''s commodities markets. Last November, the government warned that surges in everything from steel to rubber to eggs were driven by speculators and not justified by fundamentals. China''s three major exchange hiked fees and introduced trading limits, among other measures, to stymie the rallies. ($1 = 6.8685 Chinese yuan renminbi) (Reporting by Meng Meng and Josephine Mason; Editing by Christian Schmollinger) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-china-steel-idUKKBN15U18Z'|'2017-02-15T18:11:00.000+02:00'
'7423aae36dd4d99fb2ca621470ad97d09746b4a9'|'EU mergers and takeovers (Feb 13)'|'BRUSSELS Feb 13 The following are mergers under review by the European Commission and a brief guide to the EU merger process:APPROVALS AND WITHDRAWALSNoneNEW LISTINGS-- U.S. wireless carrier AT&T to acquire U.S. broadcaster and TV studio Time Warner (notified Feb. 10/deadline March 17/simplified)EXTENSIONS AND OTHER CHANGESNoneFIRST-STAGE REVIEWS BY DEADLINEFEB 15-- China''s Weichai Power Co raises its stake in German industrial vehicle and supply chain system maker Kion (notified Jan. 11/deadline Feb. 15/simplified)FEB 16-- Apollo Management to acquire Dutch lighting products maker Lumileds Holding (notified Jan. 12/deadline Feb. 16/simplified)FEB 21-- U.S. healthcare company Johnson & Johnson to acquire U.S. peer Abbot Laboratories'' eye-surgery unit (notified Jan. 17/deadline Feb. 21)-- Japanese electronics products maker Sharp, which is a unit of Taiwanese conglomerate Hon Hai, to acquire a majority stake in UMC from Skytec UMC (notified Jan. 17/deadline Feb. 21/simplified)FEB 22-- Investment fund EQT Fund Management to acquire joint control of Germany energy company Getec Energie Holding which is now solely controlled by GEH GmbH (notified Jan. 18/deadline Feb. 22/simplified)FEB 23-- U.S. technology products distributor Tech Data to acquire U.S. electrical components distributor Avnet''s IT business (notified Jan. 19/deadline Feb. 23)FEB 24-- Swedish hygiene products and forestry group SCA to acquire German bandage and plaster cast maker BSN from private equity firm EQT (notified Jan. 20/deadline Feb. 24/simplified)FEB 27-- German engineering company Siemens to acquire U.S. software company Mentor Graphics (notified Jan. 23/deadline Feb. 27)-- Japan''s NKT Cables to acquire Swiss power and automation company ABB''s high voltage cable business (notified Jan. 23/deadline Feb. 27)MARCH 2-- Private equity firm CVC Capital Partners to acquire Belgian aluminium products maker Corialis (notified Jan. 26/deadline March 2/simplified)-- Swiss-based chemicals group Ineos to acquire French chemical company Arkema''s Oxo-alcohols business (notified Jan. 26/deadline March 2)-- U.S. private equity firm KKR & Co LP to acquire Japanese conglomerate Hitachi''s power tools unit Hitachi Koki (notified Jan. 26/deadline March 2/simplified)-- Japanese brewer Asahi Group Holdings Ltd to acquire Anheuser-Busch InBev''s beer businesses in central and eastern Europe (notified Jan. 26/deadline March 2)MARCH 7-- Investment group KKCG and Taiwanese technology company Hon Hai Precision Industry Co, which is also known as Foxconn, to set up a private equity fund (notified Jan. 31/deadline March 7/simplified)-- South Korean conglomerate Samsung Electronics to acquire U.S. car and audio systems maker Harman International Industries (notified Jan. 31/deadline March 7/simplified)MARCH 8-- Canada Pension Plan Investment Board (CPPIB) to acquire minority stake and joint control along with Apax Partners over software development services provider GlobalLogic Holdings Ltd (notified Feb. 1/deadline March 8/simplified)-- UK tech company Micro Focus to acquire Hewlett-Packard Enterprise''s software business (notified Feb. 1/deadline March 8)MARCH 9-- Private equity firm Kohlberg Kravis Roberts (KKR) to acquire a stake in German market research firm GfK (notified Feb. 2/deadline March 9/simplified)-- U.S. aircraft component maker Rockwell Collins to acquire U.S. aircraft interior maker B/E Aerospace (notified Feb. 2/deadline March 9/simplified)MARCH 10-- Denmark''s Dong Energy, Australian investment bank Macquarie Group Ltd and Taiwanese chemicals company Swancor Ind Co Ltd to jointly acquire a Taiwanese offshore wind farm Formosa 1 Wind Power Co Ltd (notified Feb. 3/deadline March 10/simplified)-- Slovenian energy group Petrol to take majority stake in natural gas wholesaler Geoplin (notified Feb. 3/deadline March 10)-- Fairfax Financial HOldings Ltd to acquired certain Latin American and eastern European operations of American International Group (AIG). (notified Feb. 3/deadlin
'2274d265c4679345f2e4d811fccebd7c5595b44d'|'TREASURIES-Yields rise as traders await Yellen testimony'|'* Yellen testifies to lawmakers on Tuesday and Wednesday * Economic data this week includes inflation, retail sales * Weaker yen seen adding to pressure on bonds By Karen Brettell NEW YORK, Feb 13 U.S. Treasury yields rose on Monday as investors looked ahead to testimony by Federal Reserve Chair Janet Yellen on Tuesday and Wednesday and waited on a busy week of economic data. Investors will be watching for any new indications of when the U.S. central bank will next raise rates when Yellen gives her semiannual Humphrey Hawkins testimony before lawmakers in Washington. Investors reduced expectations of rate hike at the Fed''s March meeting after jobs data for January showed disappointing wage growth. However, "if she says something hawkish, there''s definitely a reason to believe they could go in March," said Justin Lederer, an interest rate strategist at Cantor Fitzgerald in New York. Benchmark 10-year notes were last down 9/32 in price to yield 2.44 percent, up from 2.41 percent late on Friday. Futures traders are currently pricing in an 18-percent likelihood of a March rate hike, according to the CME Group''s FedWatch Tool. Fed Vice Chair Stanley Fischer said on Saturday that there was significant uncertainty about U.S. fiscal policy under the Trump administration, but the Fed would be strict in meeting targets of creating full employment and getting inflation to 2 percent. A weaker yen was also seen as putting pressure on bonds on Monday. The yen weakened to a two-week low against the U.S. dollar after a two-day U.S.-Japan summit held over the weekend apparently ended smoothly without President Donald Trump talking tough on trade, currency or security issues. Rising stock markets also reduced demand for the yen and U.S. bonds, which are typically seen as safe-haven assets. "The yen is probably putting a little pressure on the market," said Lederer, "it''s been a highly correlated trade over the last few weeks." Economic releases including inflation, manufacturing and retail sales data are also in focus this week. (Editing by Nick Zieminski)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/usa-bonds-idUSL1N1FY0L0'|'2017-02-13T17:11:00.000+02:00'
'2d2ae6561107dbbfe9edaecbcd07a8d3f9e513e8'|'Top watchdog makes urgent call for EU bad bank'|'Business News - Mon Feb 13, 2017 - 6:37pm GMT Top watchdog makes urgent call for EU bad bank 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 FRANKFURT A pan-European "bad bank" is urgently needed, the head of Europe''s banking regulator said on Monday, after Germany last month dismissed his proposal to tackle soured loans. The ratio of non-performing loans to total loans in European banks is 5.4 percent, about three times higher than other major regions, European Banking Authority (EBA) Chairman Andrea Enria said in an interview with German newspaper Handelsblatt. "The good news is that the ratio is coming down, but the decrease is extremely slow. There is an urgent need for policy action," Enria was quoted as saying. The EBA said last month that the European Union should create a publicly-funded asset management company to take on some of the trillion euros of bad loans that have become a brake on economic growth. But a government official in Germany said that the bloc''s largest economy saw no benefit in such a move. Germany has long opposed plans to share bank risks, fearing its taxpayers would end up paying for bank rescues in other countries. Enria told Handelsblatt that under his plan each country would still be responsible for loans that have to be written off. "The whole structure is designed to avoid any form of mutualisation of losses or sharing of risks," he said. "Any state aid that might be necessary would be addressed exclusively at the national level." If no agreement is possible on a common authority, then the EU should at least have common rules for existing national authorities charged with winding down bad loans, Enria said. "At a minimum, it would be important to define common European blueprints for national asset management companies," he told the paper. (Reporting by Maria Sheahan; Editing by Alexander Smith) Next In Business News Oil down two percent as dollar firms, OPEC compliance rate shrugged off NEW YORK Oil on Monday declined by about 2 percent, the most since mid January, as a stronger dollar and signs of rising U.S. crude output pressured prices while an OPEC report showing high compliance with last year''s production-cut deal underwhelmed investors.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eu-banks-regulation-idUKKBN15S271'|'2017-02-14T01:37:00.000+02:00'
'c72f60a281927fd753c504ab11a87899907b7668'|'Burger King, Tim Hortons owner''s profit more than doubles'|'Business  55am EST Burger King, Tim Hortons owner''s profit more than doubles The logo of Burger King is seen outside a shop in Vienna in Vienna, Austria, October 1, 2016. REUTERS/Leonhard Foeger/File Photo Restaurant Brands International Inc ( QSR.TO ) ( QSR.N ), the owner of Burger King and Tim Hortons, reported a quarterly profit that more than doubled from a year ago, when it recorded a one-time charge related to the merger of the two brands. The company''s net profit attributable to shareholders rose to $118.4 million, or 50 cents per share, in the fourth quarter ended Dec. 31, from $51.7 million, or 25 cents per share, a year earlier. The year-ago quarter included a $37 million charge related to the merger of Burger King and Tim Hortons, which was first announced in 2014. Oakville, Ontario-based Restaurant Brand''s total revenue rose to $1.11 billion from $1.06 billion. (Reporting by Komal Khettry in Bengaluru; Editing by Shounak Dasgupta) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-rstrnt-brnd-results-idUSKBN15S19Q'|'2017-02-13T18:54:00.000+02:00'
'f2e953678ce755f3cf02d002b5212920dedb3dee'|'UK employers worry that EU workers will leave this year: survey'|'  7:06pm EST UK employers worry that EU workers will leave this year: survey Workers walk in the rain at the Canary Wharf business district in London November 11, 2013. REUTERS/Eddie Keogh LONDON More than a quarter of employers in Britain say staff members from other European Union countries have considered leaving their firms or the country in 2017 after last year''s Brexit vote, an industry group said on Monday. The proportion rose to 43 percent of employers in education and 49 percent in healthcare sector employers, according to a survey of more than 1,000 companies conducted by the Chartered Institute of Personnel and Development. The CIPD said Britain''s labor market remained strong, but the decision by voters to leave the European Union was likely to force companies to rethink their training strategies as they adjusted to having fewer EU workers in future. Prime Minister Theresa May has promised tighter control over immigration when Britain leaves the bloc, which is likely to be in 2019, even if it means the country losing its unfettered access to the EU''s single market. The CIPD said recent official data showed employers who rely heavily on EU migrant workers were struggling to fill some vacancies: firms in retail and wholesale, manufacturing, health and accommodation and food services accounted for 45 percent of vacancies in late 2016. Gerwyn Davies, the CIPD''s labor market adviser, said the official data also showed the number of non-UK EU nationals working in Britain grew more slowly in the three months to September than before the referendum. "This is creating significant recruitment challenges in sectors that have historically relied on non-UK labor to fill roles and who are particularly vulnerable to the prospect of future changes to EU immigration policy," he said. Signs of shortages of migrant workers appeared last year in Britain''s farm sector shortly after June''s referendum as the fall in the value of the pound made the country a less attractive destination. (Writing by William Schomberg; Editing by Alison Williams)  '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-britain-eu-workers-idUSKBN15S008'|'2017-02-13T07:06:00.000+02:00'
'67584edcc07d9ce4961fc072ed41c2872d76731f'|'Merkel says Europe can only be strong if Germany, France prosper'|'  3:30pm GMT Merkel says Europe can only be strong if Germany, France prosper left right German Chancellor Angela Merkel and French Prime Minister Bernard Cazeneuve address a news conference at the Chancellery in Berlin, Germany, February 13, 2017. REUTERS/Fabrizio Bensch 1/2 left right German Chancellor Angela Merkel and French Prime Minister Bernard Cazeneuve address a news conference at the Chancellery in Berlin, Germany, February 13, 2017. REUTERS/Fabrizio Bensch 2/2 BERLIN Chancellor Angela Merkel said on Monday that Europe can only be strong when both Germany and France are prosperous. She also said that Germany and France want to be the engine leading the European Union forward. "We will exchange ideas about economic policy as Germany and France are intertwined together through close trade relations," Merkel told a news conference in Berlin with French Prime Minister Bernhard Cazeneuve. "And Europe can only be strong when both countries are prosper economically." She also said that she planned to discuss transatlantic relations with Cazeneuve at their meeting after the news conference in Berlin. (Reporting by Joseph Nasr; writing by Erik Kirschbaum)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-germany-france-idUKKBN15S1ST'|'2017-02-13T22:30:00.000+02:00'
'9cad1dd9a99034bdaa2df2cc5996296b4a6341cd'|'MIDEAST STOCKS-Firm oil, global shares may support Gulf bourses'|'Company News - Sun Feb 12, 2017 - 12:52am EST MIDEAST STOCKS-Firm oil, global shares may support Gulf bourses DUBAI Feb 12 Gulf stock markets could move higher on Sunday, fuelled by a strong rebound in oil prices last week and sentiment on global exchanges that is generally positive. Global benchmark Brent crude settled at $56.70 a barrel on Friday, up 1.9 percent on the day; it touched a session high of $56.88. The MSCI''s world index, which tracks shares in 46 countries, rose after evidence of Chinese growth lifted shares in Asia and Europe. Saudi Arabia''s stock market has been lacking vigour over the last two weeks, with investors unwilling to make sizeable allocations in the absence of a catalyst, but any sustained oil price rise may encourage investors, who have been sitting on the sidelines, to mobilise their funds. Shares in Kingdom Holding are set to gain after it announced it had traded 90 percent of its shares in Euro Disney into Walt Disney Co stock, gaining a net profit of $61 million through the deal. Shares in Kuwait''s Jazeera Airways, which are often thinly traded, may fall after the firm reported a drop of 29.9 percent in 2016 full year net profit to 10.8 million dinars ($35.4 million) and the board recommended a cash dividend of 35 fils per share. Telecommunication operator Zain, however, may attract buyers after the company said it won a contract for 22 million dinars by the Ministry of Electricity and Water. Kuwait''s general index, which had jumped almost 20 percent last month, is now down 3.8 percent sine Feb. 1 and many analysts believe risks for a further drop are likely since the market is trading at a premium to its expected fair value. In Dubai, shares in Dubai Investment may be bid up after a subsidiary acquired a 153,000-square-foot (14,214-sq-m) neighbourhood shopping centre in Ventura, California. The value of the acquisition was not disclosed. The Dubai-listed shares of Bahrain''s GFH Financial Company , often traded by short-term investors, may also rise after the company said a subsidiary had raised $50 million in one of its funds and the financial impact is expected to be reflected in the first quarter results. (Reporting by Celine Aswad; Editing by Clarence Fernandez) Next In Company News UPDATE 2-Sales of Ivanka Trump apparel slumped at Nordstrom -WSJ report WASHINGTON, Feb 11 Nordstrom''s sales of Ivanka Trump''s line of clothing and shoes fell by nearly one-third in the past fiscal year, with sharp drops in sales in the weeks before her father Donald Trump was elected president, the Wall Street Journal reported on Saturday.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/mideast-stocks-idUSL8N1FX02L'|'2017-02-12T12:52:00.000+02:00'
'610220649e9aaad18e1e15b971fc4107d41d0b17'|'Heartland Financial USA Inc and Citywide Banks announce merger agreement'|'Feb 13 Heartland Financial Usa Inc* Heartland Financial USA Inc and Citywide Banks announce merger agreement* Heartland Financial USA Inc - deal for $203 million* Heartland Financial USA Inc - deal for $207.98 per Citywide common share* Heartland Financial USA Inc says resulting institution will operate under Citywide Banks brand name* Heartland Financial USA Inc says Heartland expects transaction to be accretive to its earnings per share within first full year of combined operations* Heartland Financial USA Inc - additionally, citywide''s preferred stock of approximately $5 million will be redeemed for cash before closing* Heartland Financial USA - with closing of deal, Citywide Banks will merge with Heartland''s colorado-based subsidiary, Centennial Bank And Trust* Heartland Financial - Citywide shareholders will receive 3.300 shares of heartland common stock, $57.00 in cash for each share of Citywide common stock* Heartland Financial USA Inc - definitive merger agreement has been unanimously approved by boards of directors of both companies* Heartland Financial - deal expected to qualify as a tax-free exchange with respect to stock consideration received by common shareholders of Citywide* Heartland Financial USA - Marty Schmitz, chairman of Citywide banks will continue as board member of combined entity and will join Heartland''s board '|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/idINASB0B01P'|'2017-02-13T20:48:00.000+02:00'
'ab08795e6f0637503d43b7da5b963044f329531f'|'EMERGING MARKETS-Emerging stocks at new 19-mth highs before Yellen'|'Company  31am EST EMERGING MARKETS-Emerging stocks at new 19-mth highs before Yellen By Sujata Rao - LONDON LONDON Feb 14 Emerging stocks inched to new 19-month highs on Tuesday and most currencies rose against the weaker dollar but the possibility of a March U.S. rate rise and Chinese inflation at multi-year highs kept gains in check. The rouble enjoyed its fifth straight day of gains on the back of stable oil prices and a central bank that has signalled its intention of keeping interest rates high, while the dollar easing off three-week highs after the resignation of a key U.S. presidential adviser supported most emerging assets. MSCI''s emerging equity index rose 0.2 percent, tracking world stocks higher, though markets remain wary before a testimony by U.S. Federal Reserve chair Janet Yellen later in the day, in case she makes a case for a rate rise in March. Gains were also capped by data showing Chinese consumer inflation quickening to the fastest pace since May 2014 while factory prices rose at the quickest rate since mid-2011. While this shows China is at no risk of a big slowdown, it will confirm Beijing''s recent shift to a tighter monetary policy stance. Chinese stocks were flat on the day, both on the mainland and in Hong Kong . "This (inflation data) is important in that it continues a trend we have seen and fits in with this global reflation theme. 2.5 percent is still short of the 3 percent target that the central bank has but if this trend continues, the central bank will have to consider tightening monetary policy," said Jakob Christensen, chief emerging markets analyst at Danske Bank. India''s wholesale prices also rose at the fastest pace in two-and-a-half years in January, reinforcing the central bank''s decision last week to move to a neutral policy stance as inflation risks grow. The weak dollar boosted the rouble more than half a percnt to a new 19-month high while earlier in the day Asian currencies surged, led by the Korean won, which jumped more than 1 percent. The rand jumped around 1 percent. The Turkish lira firmed 0.5 percent to a one-month high , helped also by data showing a smaller-than-forecast current account deficit in December. Christensen said however that some of the improvement was down to seasonal factors and there was reason to believe recent lira weakness would not translate into a significant improvement in the deficit, which is considered Turkey''s Achilles heel. "There are some structural factors we should keep in mind - one is the impact of the fear of terrorism on tourism, and trade with Russia is also slow to pick up," he added. In central Europe, stock markets fell and currencies were unchanged against the euro, with Warsaw stocks retreating from 17-month highs after Hungary and the Czech Republic reported lower-than-expected economic growth for the last quarter of 2016. Romania however posted above-forecast 4.7 percent growth. Hungary also showed a rise in the annual inflation to 2.3 percent in January, above a 2 percent forecast. The data came after Czech and Polish figures earlier this week also showed a pick up in inflation. The Serbian dinar was slightly firmer against the euro before a central bank meeting that is likely to keep interest rates steady. 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 936.61 +1.16 +0.12 +8.62 Czech Rep 968.56 -3.63 -0.37 +5.09 Poland 2167.26 -12.40 -0.57 +11.26 Hungary 33345.12 -11.07 -0.03 +4.19 Romania 7580.94 -59.95 -0.78 +7.00 Greece 623.68 -5.46 -0.87 -3.10 Russia 1169.69 -3.48 -0.30 +1.51 South Africa 45454.49 -487.32 -1.06 +3.54 Turkey 87846.47 -731.84 -0.83 +12.42 China 3218.38 +1.55 +0.05 +3.70 India 28343.8
'fcd5d1ed4d9a1e26bb08007ea0beb7a399cf9eb3'|'Toshiba to unveil nuclear writedown as it scrambles for cash'|'Tue Feb 14, 2017 - 12:47am GMT Toshiba to unveil nuclear writedown as it scrambles for cash left right The logo of Toshiba Corp. is seen at the company''s facility in Kawasaki, Japan February 13, 2017. REUTERS/Issei Kato 1/3 left right The logo of Toshiba Corp. is seen at the company''s facility in Kawasaki, Japan February 13, 2017. REUTERS/Issei Kato 2/3 left right The logo of Toshiba Corp. are seen at the company''s facility in Kawasaki, Japan February 13, 2017. REUTERS/Issei Kato 3/3 TOKYO Toshiba Corp ( 6502.T ) will on Tuesday uncover the scale of a multi-billion dollar writedown from cost overruns at its U.S. nuclear arm, along with its recovery plans as the Japanese industrial conglomerate scrambles for cash. Toshiba warned of a potential writedown in December, a year after a $1.3 billion accounting scandal. Sources familiar with the matter say the charge will be as high as 700 billion yen ($6.2 billion) - a sum that would wipe out the group''s shareholder equity. Japan''s Nikkei business daily reported on Tuesday that the TVs-to-construction conglomerate would warn alongside its quarterly earnings that its future is unclear. Toshiba may also sell an interest in British nuclear venture NuGeneration Ltd to Korea Electric Power Corp (Kepco) ( 015760.KS ), the newspaper said. Reuters reported earlier this month that Toshiba was seeking at least a partial exit from the venture. Asked about the Nikkei report, a Toshiba spokesman declined to comment. A Kepco spokesman declined to comment, as "Toshiba''s nuclear business plan has not been crystallized yet." Toshiba shares fell more than 4 percent in early trade on Tuesday, underperforming a roughly flat broader market in Tokyo. With 190,000 workers employed at some 500 units, Toshiba may be too big to fail immediately. But like other Japanese firms that have dodged financial collapse, such as Sharp Corp ( 6753.T ), Toshiba could face protracted pain. Chief Executive Satoshi Tsunakawa will on Tuesday outline the prospects for Toshiba''s nuclear arm and is expected to update on efforts to raise capital, including the sale of a stake in its memory chip business in Tokyo. Toshiba has offered a 19.9 percent stake in its chips business to investment funds and rivals including Bain Capital, SK Hynix ( 000660.KS ) and Micron Technology ( MU.O ), sources have said. (Reporting by Makiko Yamazaki in Tokyo, Jane Chung in Seoul and Rishika Sadam in Bengaluru; Writing by Tim Kelly; Editing by Clara Ferreira Marques and Stephen Coates) Up Next   U.S. equity indexes hit record highs on Monday, with the benchmark S&P 500''s market value topping $20 trillion as investors bet tax cuts promised by President Donald Trump would boost the economy.  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-toshiba-accounting-idUKKBN15T033'|'2017-02-14T07:40:00.000+02:00'
'45c781eaf85dac55bb9abc8341c3ca0a20eb893d'|'TUI Group says first-quarter losses narrow'|'Business News   6:14am GMT TUI Group says first-quarter losses narrow BERLIN European tour operator TUI ( TUIT.L ) reported a narrower loss for the first-quarter, although its German TUIFly unit was hit by costs of around 22 million euros ($23 million) due to staff calling in sick after a new strategy was announced in October. The results came the day after the London-listed group announced the sale of a portfolio of specialist travel brands, collectively known as Travelopia, to KKR ( KKR.N ) for an enterprise value of 325 million pounds ($408 million). TUI reported an underlying loss before interest, tax and amortisation for the first three months of its current financial year of 66.7 million euros, a 17 percent improvement on last year. Tourism companies typically make losses during the winter months. It maintained a forecast for core earnings to rise by at least 10 percent this year at constant currency levels. ($1 = 0.7972 pounds) (Reporting by Victoria Bryan; Editing by Ludwig Burger) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-tui-results-results-idUKKBN15T0JF'|'2017-02-14T13:14:00.000+02:00'
'2eef9c4e2fafd13f15a219fa579735c5cba42179'|'Australia''s Wesfarmers says half-year profit gains on home improvement'|' 28pm EST Australia''s Wesfarmers says half-year profit gains on home improvement SYDNEY Feb 15 Australian retail-to-mining conglomerate Wesfarmers Ltd posted its highest first-half profit in more than a decade on Wednesday, as higher sales in its home improvement unit offset declining earnings from the country''s No. 2 supermarket chain Coles. Net profit for Wesfarmers, Australia''s biggest company by sales, rose 13 percent to A$1.58 billion ($1.21 billion) for the six months to end December, better than the average forecast of of A$1.51 billion from three analysts polled by Thomson Reuters I/B/E/S. ($1 = 1.3063 Australian dollars) (Reporting by Byron Kaye; Editing by Edwina Gibbs and Andrew Roche)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/wesfarmers-results-idUSL4N1FY1J1'|'2017-02-15T04:28:00.000+02:00'
'954665a339fd26808e16b5945dadf34ca2a97ff0'|'Population trends deliver boost for Japan''s micro M&A boutiques'|'By Junko Fujita - TOKYO TOKYO Boutique advisers specialising in micro-M&A for mostly family-run firms are enjoying a boom in Japan, as an ageing, shrinking population brings in the boundaries on the country''s small business landscape.There are no industry-wide figures for deals between 500 million and 1 billion yen ($4.4-$8.8 million), but boutique advisers say they are benefiting as owners look to merge their businesses to cope with dwindling demand or as they reach retirement without a successor.Japan''s population, already the oldest among developed economies, is projected to shrink by a third by 2060.Nihon M&A Center Inc, the largest of the three publicly listed boutique advisors, said on Jan. 30 nine-month profit to end-December had risen 34 percent to a record 5.3 billion yen on sales of 15 billion yen."Japan''s population is shrinking ... Ultimately none of the small companies will be able survive by itself," said Yasuhiro Wakebayashi, chairman and founder of the company."They have to be part of larger firms to grow. That is going to be a trend in this country, so the M&A market will only become bigger."Nihon M&A brokered 406 deals in the first nine months of the financial year ending in March, comfortably on the way to beating the previous year''s 420 total.Smaller rivals Strike Co and M&A Capital Partners are also capitalising on the trend, brokering a combined 106 deals in the last financial year, up 23 percent on the previous year and 74 percent on the year before that.Reuters has previously reported that private equity firms in Japan have had a similar boost to business after a long period of torpor, based on the same demographic imperatives."We are in a niche overlooked by big institutions," said Kunihiko Arai, president of Strike.M&A activity among bigger businesses, arranged by financial heavyweights such as conducted has been Nomura Holdings, Daiwa Securities Group Inc and Mitsubishi UFJ Financial Group Inc, grew only 4.3 percent to 2,137 last year, while deal value fell 10 percent to 6.2 trillion yen, Thomson Reuters data show.SHARE GAINSInvestors in the advisors have also benefited.Shares in Nihon M&A Center gained 56 percent in the past year and M&A Capital Partners shares almost tripled, outperforming a 48 percent gain in the Tokyo Stock Exchange''s Topix Securities Index. Strike shares have more than doubled since listing in June.Nobuko Inui, 59, who owned four dispensing pharmacies in Osaka, western Japan, was among those helped by Nihon M&A.Last year Inui sold the business she set up in 1994 to Tokyo-based, privately held Kraft Inc, which operates 630 pharmacies nationwide. Inui found it hard to stay competitive as the government cut drug prices to reduce mounting healthcare costs."Drugs stores are under pressure to improve and diversify our services, but a small company like mine could not afford to hire more pharmacists, so I decided to sell my business," said Inui, who runs the pharmacies for their new owner.Strike says more consolidation is likely in the 7.8 trillion yen dispensing pharmacy market, where a big player like Ain Holdings Inc, with about 1,100 outlets, controls just 3 percent.Small firms are the backbone of Japan''s economy, accounting for 99.7 percent of its 3.8 million companies and employing about 70 percent of the workforce, according to government data, but many are closing their doors as owners age.Last year a record 29,583 companies closed, up 8.2 percent on the previous year, according to Tokyo Shoko Research Ltd.The boutiques largely get deals through referrals from regional banks and local accountants."There are cases where companies can keep their operations by conducting M&As. That means jobs are protected, which is good for revitalising local economies," said Tomoharu Sato, assistant manager in the corporate banking department for Toho Bank Ltd in Fukushima city."We rely on the small boutiques'' networks to respond to the needs of clients seeking merger part
'a4dec977db6a9e6c404dfcd6818180b5b530917d'|'Ex-Rabobank trader spared prison for cooperating in U.S. Libor probe'|'  3:13pm EST Ex-Rabobank trader spared prison for cooperating in U.S. Libor probe By Nate Raymond - NEW YORK NEW YORK Feb 14 A U.S. judge on Tuesday spared a former Rabobank trader from prison after he cooperated in a U.S. probe into how traders manipulated Libor, the leading benchmark for pricing financial transactions, to the bank''s advantage. U.S. District Judge Jed Rakoff in Manhattan imposed the no-prison sentence on Lee Stewart, 53, citing the British citizen''s decision to cooperate with the U.S. Justice Department. "I''d just like to apologize for my terrible behavior," said Stewart, known at the bank as the "Ambassador." He pleaded guilty in March 2015 to conspiracy to commit wire and bank fraud. Libor, or the London interbank offered rate, underpins trillions of dollars of financial products and is based on what banks believe they would pay if they borrowed from other banks. Various probes into whether banks manipulated Libor have led to roughly $9 billion in global settlements with financial institutions as well as U.S. and UK criminal cases against several people. Stewart and six other former Rabobank traders were charged by the Justice Department after the bank reached a $1 billion settlement in 2013 to resolve related U.S. and European probes. Prosecutors said they participated in a scheme with others to rig the U.S. dollar and yen Libor rates to benefit Rabobank''s trading positions, in which traders sought to influence the bank''s Libor submissions. Stewart, a former derivatives trader, testified for the prosecution against two other British ex-Rabobank traders, Anthony Allen, the Dutch bank''s former global head of liquidity and finance, and Anthony Conti, a former senior trader. A federal jury found Allen, 45, and Conti, 47, guilty in November 2015, and Rakoff sentenced them to two years and one year in prison, respectively, in March 2016. Both are appealing. (Editing by Jeffrey Benkoe)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/rabobank-libor-idUSL1N1FZ0RW'|'2017-02-15T03:13:00.000+02:00'
'619356398396263fa8a0beb1cc8e7fee54d56cbe'|'Engaged Capital pushes Rent-A-Center board to sell itself'|'Company News  04pm EST Engaged Capital pushes Rent-A-Center board to sell itself Feb 14 Activist investment fund Engaged Capital LLC sent a letter to the board of Rent-A-Center Inc asking them to start evaluating strategic alternatives, including a potential sale of the company. Rent-A-Center shares were up 2.8 percent at $8.69 in midday trading on Tuesday. The company''s shares have declined 75 percent over two years under the current board, Engaged Capital said. The fund said it was prepared to nominate independent directors at the company''s annual shareholder meeting. Engaged Capital has a 12.9 percent stake in Rent-A-Center, according to the letter. (Reporting by Jessica Kuruthukulangara in Bengaluru; Editing by Shounak Dasgupta) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/rent-a-center-engaged-capital-idUSL4N1FZ5D2'|'2017-02-15T00:04:00.000+02:00'
'386603c9c2af61249643cddd4eb6ca3508bd819b'|'MIDEAST STOCKS-Firm oil, global shares may support Gulf bourses - Reuters'|'DUBAI Feb 12 Gulf stock markets could move higher on Sunday, fuelled by a strong rebound in oil prices last week and sentiment on global exchanges that is generally positive.Global benchmark Brent crude settled at $56.70 a barrel on Friday, up 1.9 percent on the day; it touched a session high of $56.88. The MSCI''s world index, which tracks shares in 46 countries, rose after evidence of Chinese growth lifted shares in Asia and Europe.Saudi Arabia''s stock market has been lacking vigour over the last two weeks, with investors unwilling to make sizeable allocations in the absence of a catalyst, but any sustained oil price rise may encourage investors, who have been sitting on the sidelines, to mobilise their funds.Shares in Kingdom Holding are set to gain after it announced it had traded 90 percent of its shares in Euro Disney into Walt Disney Co stock, gaining a net profit of $61 million through the deal.Shares in Kuwait''s Jazeera Airways, which are often thinly traded, may fall after the firm reported a drop of 29.9 percent in 2016 full year net profit to 10.8 million dinars ($35.4 million) and the board recommended a cash dividend of 35 fils per share.Telecommunication operator Zain, however, may attract buyers after the company said it won a contract for 22 million dinars by the Ministry of Electricity and Water.Kuwait''s general index, which had jumped almost 20 percent last month, is now down 3.8 percent sine Feb. 1 and many analysts believe risks for a further drop are likely since the market is trading at a premium to its expected fair value.In Dubai, shares in Dubai Investment may be bid up after a subsidiary acquired a 153,000-square-foot (14,214-sq-m) neighbourhood shopping centre in Ventura, California. The value of the acquisition was not disclosed.The Dubai-listed shares of Bahrain''s GFH Financial Company , often traded by short-term investors, may also rise after the company said a subsidiary had raised $50 million in one of its funds and the financial impact is expected to be reflected in the first quarter results. (Reporting by Celine Aswad; Editing by Clarence Fernandez)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/mideast-stocks-idINL8N1FX02L'|'2017-02-12T02:52:00.000+02:00'
'3375853933071621425bb41055ea9bb5ff3a50c9'|'''Significant uncertainty'' about fiscal policy under Trump - Fed''s Fischer'|'Business News - Sun Feb 12, 2017 - 9:14am GMT ''Significant uncertainty'' about fiscal policy under Trump: Fed''s Fischer U.S. Federal Reserve Vice Chair Stanley Fischer addresses The Economic Club of New York in New York March 23, 2015. REUTERS/Brendan McDermid/File Photo By Helen Reid and Abhinav Ramnarayan - COVENTRY, England COVENTRY, England U.S. Federal Reserve Vice Chair Stanley Fischer said there was significant uncertainty about U.S. fiscal policy under the Trump administration, but the Fed would be strict in meeting targets of creating full employment and getting inflation to 2 percent. Speaking at the Warwick Economics Summit on Saturday, Fischer also said he thought Dodd-Frank financial regulation would not be repealed as a whole, and he hoped capital requirements for banks would not be significantly reduced. "There is quite significant uncertainty about what''s actually going to happen, I don''t think anyone quite knows. It''s a process which involves both the administration and the Congress in deciding fiscal policy," Fischer said, in response to a question. "At the moment we''re going strictly according to what we see as our responsibility according to the law, which is maintaining full employment and getting inflation to 2 percent." He also said he thought Dodd-Frank banking regulation legislation would not be repealed, though there may be some adjustments. "I don''t think Dodd-Frank as a whole is going to be repealed, but there may be some adjustments to it," he said. "Significantly reducing capital requirements would reduce the safety of the system. I certainly hope it''s not going to happen." Dodd-Frank financial regulation was passed in 2010 after the financial crisis of 2008-09, and included legislation requiring banks to maintain higher levels of capital. Fischer also mentioned adjustments to Dodd-Frank could include being less demanding of community banks. The comments came the day after the Federal Reserve Board''s top bank regulator, Daniel Tarullo, said he would resign, giving a boost to President Donald Trump''s plans to ease reforms put in place after the 2008-09 financial crisis. Trump last week ordered reviews of major banking rules that were put in place after the 2008 financial crisis, drawing fire from Democrats and sending banking stocks higher on expectations that looser banking regulation is coming. (Reporting by Helen Reid, Editing by Abhinav Ramnarayan/Jeremy Gaunt)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-usa-fed-fischer-idUKKBN15Q0G0'|'2017-02-11T20:38:00.000+02:00'
'31c1b83fc8da1ee462b30f79d94cc8cd6c6adfaa'|'China regulator warns insurers over investment risks'|'BEIJING China''s insurance firms face possible risks from "irrational" stock investments and large-scale overseas mergers and acquisitions, the state-run People''s Daily on Sunday Quote: d a top regulatory official as saying.In a shift away from low-yielding corporate bonds, Chinese insurers, led by privately owned Anbang Insurance Group and Ping An Insurance Group ( 601318.SS ), have snapped up real estate, bank and other insurance company stakes at home and overseas.Insurance firms will be encouraged to make long-term investments and better serve the real economy, the paper Quote: d Chen Wenhui, vice chairman of the China Insurance Regulatory Commission, as telling a meeting of officials."2017 may be a very difficult year for the use of insurance funds," Chen said, adding that authorities would tackle "hidden dangers" in the industry, while companies needed to "maintain a high degree of vigilance" over risks.Chen cited "regulatory arbitrage" activities as a problem, in addition to the "irrational" stake bidding and large-scale cross-border activities, the paper added.(Reporting by Kevin Yao and Hou Xiangming; Editing by Clarence Fernandez)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-china-insurance-investment-idUSKBN15R04Y'|'2017-02-12T06:45:00.000+02:00'
'09b9cfd5f96e21b661fe834b573037b15efd6ca7'|'Auto CEOs want Trump to order review of 2025 fuel rules'|'Business News - Sun Feb 12, 2017 - 11:53am EST Auto CEOs want Trump to order review of 2025 fuel rules left right FILE PHOTO - The GM logo is seen in Warren, Michigan, U.S. on October 26, 2015. REUTERS/Rebecca Cook/File Photo 1/3 left right A sign marks Clark Chrysler Jeep Dodge Ram dealership in Methuen, Massachusetts, U.S. January 25, 2017. REUTERS/Brian Snyder 2/3 left right FILE PHOTO: Snowflakes are seen on the badge of a Ford car in Warsaw, Poland, December 17, 2016. REUTERS/Kacper Pempel/File Photo 3/3 By David Shepardson - WASHINGTON WASHINGTON The chief executives of 18 major automakers and their U.S. units urged President Donald Trump to revisit a decision by the Obama administration to lock in vehicle fuel efficiency rules through 2025. In a letter sent late Friday and viewed by Reuters, the chief executives of General Motors Co ( GM.N ), Ford Motor Co, Fiat Chrysler Automobiles NV, along with the top North American executives at Toyota Motor Corp ( 7203.T ), Volkswagen AG ( VOWG_p.DE ), Honda Motor Co ( 7267.T ), Hyundai Motor Co ( 005380.KS ), Nissan Motor Co ( 7201.T ) and others urged Trump to reverse the decision, warning thousands of jobs could be at risk. On Jan. 13, the head of the U.S. Environmental Protection Agency finalized a determination that the landmark fuel efficiency rules instituted by then President Barack Obama should be locked in through 2025, a bid to maintain a key part of his administration''s climate legacy. As part of a 2012 regulation, EPA had to decide by April 2018 whether to modify the 2022-2025 model year vehicle emission rules requiring average fleet-wide efficiency of more than 50 miles per gallon through a "midterm review." The agency in November moved up the timetable for proposing automakers could meet the 2025 standards. The auto CEO letter asked Trump to reopen the midterm review "without prejudging the outcome" and praised Trump''s "personal focus on steps to strengthen the economy in the United States and your commitment to jobs in our sector." Days after Trump was elected, automakers quickly appealed to Trump to review the rules, saying they impose significant costs and are out of step with consumer preferences. Gloria Bergquist, a spokeswoman for the Alliance of Automobile Manufacturers, said Sunday, automakers are "seeking a restoration of the process -- that''s all. This is a reset." The chief executives of Ford, GM and Fiat Chrysler also raised the issue in a White House meeting with Trump last month. The letter warned the rules could "threaten future production levels, putting hundreds of thousands and perhaps as many as a million jobs at risk." Environmentalists say the rules are working, saving drivers thousands in fuel costs and shouldn''t be changed. Luke Tonachel of the Natural Resources Defense Council, said lowering the standards would "cost consumers more, increase our dependence on oil and put Americans at greater risk from a changing climate." Trump EPA nominee Scott Pruitt told a Senate panel he will review the Obama administration''s decision. In 2011, Obama announced an agreement with automakers to raise fuel efficiency standards to 54.5 miles per gallon. This, the administration said, would save motorists $1.7 trillion in fuel costs over the life of the vehicles, but cost the auto industry about $200 billion over 13 years. The EPA said in July that because Americans were buying fewer cars and more SUVs and trucks, it estimated the fleet will average 50.8 mpg to 52.6 mpg in 2025. (Reporting by David Shepardson; Editing by Andrea Ricci) Next In Business News Defections by Sears, Kmart cap week of controversy for Trump brands Trump-branded consumer products have suffered new blows, with U.S. retailers Sears Holdings Corp and Kmart Corp discontinuing online sales of 31 Trump Home items, while new details emerged showing sales of Ivanka Trump''s brand fell in the weeks before Nordstrom Inc stopped carrying her products.'|'reuters.com'|'http://feeds.reute
'34b9905814612cdd559dd91fd92e58f839531586'|'Dubai''s DP World not concerned about Trump protectionist policies -chairman'|'DUBAI Feb 12 Dubai ports operator DP World is not concerned about U.S. President Donald Trump''s protectionist policies, DP World''s chairman Sultan bin Sulayem told reporters on Sunday."Not at all. I think this is a phase. I think the sentiment that you see in America is ... in many parts of the world but this is something is going to pass," bin Sulayem said on the sidelines at a conference in Dubai. (Reporting by Alexander Cornwell, writing by Hadeel Al Sayegh; Editing by Toby Chopra)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/dp-world-trump-idIND5N1F002K'|'2017-02-12T05:50:00.000+02:00'
'2f4e00135521750ab73917a658132f3c8e6f44c6'|'''Luxury water'' for <20>80 a bottle? It''s ignorant, insensitive and irresponsible - Katherine Purvis - Global Development Professionals Network'|'W e<>ve reached peak bottled water. From today, for a sweet <20>80, Harrods will sell <20>luxury water<65> harvested from icebergs off the coast of Svalbard.Svalbar<61>i is the brainchild of Jamal Qureshi, a Norwegian-American Wall Street businessman who visited the archipelago in 2013, and returned with melted iceberg water as a gift for his wife. He then, it seems, decided to bring this water to more people.Astonishingly, the governor of Svalbard has approved Qureshi<68>s venture. He charters an icebreaker to make two expeditions a year, in the summer and the autumn when icebergs calve away from glaciers that run into the sea. One-tonne pieces of ice are carved from these floating bergs at a time. Using a crane and a net, they are lifted onto the boat and taken to Longyearbyen to be melted down into bottles of <20>polar iceberg water<65> which has has <20>the taste of snow in air<69>. On each expedition, Qureshi plans to harvest 15 tonnes of ice to produce 13,000 bottles.The environmental sustainability of the venture is the first concern of many people, Qureshi told the Guardian. <20>But we<77>re carbon neutral certified, and we<77>re supporting renewable energy projects in East Africa and China,<2C> he said. <20>We also only take icebergs that are already floating in the water and would usually melt in a few weeks, and that can<61>t be used for hunting [by polar bears].<2E>Some may argue that if you can afford to drink melted ice caps, who should stop you? Your money, your choice. Depleting 30 tonnes of iceberg a year is, arguably, not that much in the grand scheme of things. But Qureshi<68>s venture is not the first of its kind. Tibet has already approved licences for dozens of companies to tap Himalayan glaciers for <20>premium<75> bottled drinking water. Ten major rivers that flow into South Asia depend on the Qinghai-Tibet Plateau . Disrupting their source could have devastating impacts for water security across the region.And this is not the only problem. First, sea ice is already melting. The extent of Arctic sea ice shrank to its second lowest record last year and scientists have warned this could have devastating impacts across the rest of the world , such as shifts in snow distribution that warm the ocean and change climate patterns as far as Asia, as well as the collapse of key Arctic fisheries, which could impact other ocean ecosystems. Icebergs don<6F>t need yet more human interference <20> no matter how small the scale <20> to speed up the melting process.Second, the bottled water industry is already giving us enough of a headache. It is estimated that 3l of water are need to produce just one 1l plastic bottle of water, which is more likely to be discarded and end up in landfill than recycled. Beside the fact that our planet is slowly silting up with plastic, it also takes huge amounts of fossil fuels to make water bottles <20> plastic or glass <20> and transport them around the world. In the US, for example, 1.5 million barrels of oil are needed per year to meet the demand of the country<72>s water bottle manufacturing.But surely the most problematic aspect of this product is the sheer insensitivity of exploiting one of the world<6C>s last wildernesses, and charging such a high price for its product? This, while 663 million people currently live without safe water . Consider the extremes: one person pays <20>80 to drink water, never before touched by humans and preserved by micron filters and UV light, while another <20> one of 159 million <20> depends on surface water, vulnerable to contamination by faeces, parasites, pesticides and more. The emergence of luxury water is just another ugly indicator of our world<6C>s many inequalities.For so many of the things we buy, there is a flashier, pricier, more luxurious alternative for those who can afford it. Why travel in economy if you could travel first class? Why buy from the high-street when you could buy designer clothing ? Water, it seems, is just the next
'1b6547bdde60bac1bedb3d483b5ac125476a98a7'|'Harvard, MIT research team holds on to gene-editing patent rights'|'Health News - Wed Feb 15, 2017 - 1:15pm EST Harvard, MIT research team holds on to gene-editing patent rights A team of researchers affiliated with the Massachusetts Institute of Technology and Harvard University will keep valuable patents on a revolutionary gene-editing technology known as CRISPR, a U.S. patent agency has ruled. The U.S. Patent and Trademark Office''s Patent Trial and Appeal Board in Alexandria, Virginia on Wednesday dismissed a claim by a rival team, associated with the University of California at Berkeley and the University of Vienna in Austria, to have invented the technology first. (Reporting By Brendan Pierson in New York; Editing by Alan Crosby) Next In Health News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-technology-genes-idUSKBN15U2CP'|'2017-02-16T01:11:00.000+02:00'
'2737e82cf38cf1d71a63336d3a938c2e5e6d4c88'|'BRIEF-Voce Capital nominates four Air Methods directors'|'Company  40am EST BRIEF-Voce Capital nominates four Air Methods directors Feb 15 Voce Capital Management Llc: * Voce Capital nominates four Air Methods directors * Voce Capital says director nominations follow Voce''s letter to board of Air Methods last month * Voce Capital Management Llc says Voce''s nominees to Air Methods board are Robert Fish, Gregory Guckes, William Mathies, Daniel Plants Source text for Eikon: Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSL8N1G056U'|'2017-02-15T21:40:00.000+02:00'
'e268951b42b96f7f6585c2eb6fc3c6d9b9024385'|'China should prudently manage deleveraging process - central bank working paper'|'Business News - Wed Feb 15, 2017 - 8:23am GMT China should prudently manage deleveraging process - central bank working paper 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 BEIJING China should prudently manage the country''s debt deleveraging process and seek to avoid a liquidity crisis and asset bubbles, according to a central bank working paper published on Wednesday. While overall debt ratios in the world''s second-largest economy were still not high relative to many other countries, the pace of increase has been rapid in recent years, the paper said. China''s debt to GDP ratio rose to 277 percent at the end of 2016 from 254 percent the previous year, with an increasing share of new credit being used to pay debt servicing costs, UBS analysts said in a recent note. China''s top leaders have pledged to focus on addressing rising financial risks and asset bubbles this year. The People''s Bank of China (PBOC) has moved to a moderate tightening bias, raising some key primary money rates this year, which analysts said was part of a bid to control risks from rising leverage. The working paper said China should avoid the negative consequences of both increases in leverage and rapid deleveraging. China should let market forces play a decisive role in the deleveraging process, including allowing defaults, the paper published on the People''s Bank of China website said. (Reporting by Kevin Yao and Beijing Monitoring Desk; writing by Elias Glenn; Editing by Sam Holmes and Randy Fabi) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-china-economy-cenbank-idUKKBN15U0ND'|'2017-02-15T15:23:00.000+02:00'
'a70107bf1d1c93771b77e551a0ee2e5278fd8845'|'Swiss voters reject corporate tax overhaul'|'Swiss voters reject corporate tax overhaul by Alanna Petroff @AlannaPetroff February 13, 2017: 10:10 AM ET Why Trump''s tax plan could raise taxes for 8.7 million households Voters in Switzerland have shocked the political establishment by rejecting a reform plan that would have brought the country''s corporate tax system in line with international norms. The tax reforms, which were widely supported by the business community, would have removed a set of special low-tax privileges that had encouraged many multinational companies to set up shop in Switzerland. Experts say the future of Switzerland''s tax system is now unclear. The vote result could create headaches for firms that had been banking on their implementation, and deter companies who had been considering a move to the country. "They do not know what [tax] measures will be available... That is not a very solid basis for making investment decisions," Peter Uebelhart, head of tax at KPMG in Switzerland, said in a video statement. Switzerland has come under intense pressure from G20 and OECD nations in recent years to clean up its tax system. The country runs the risk of being "blacklisted" by other nations if it doesn''t change its tax system by 2019. Many voters rejected the tax reform package over fears it might reduce the amount of revenue collected by the government, according to Stefan Kuhn, head of corporate tax at KPMG in Switzerland. That might have lead to tax hikes on the middle class. The current tax system gives preferential treatment to some companies with large foreign operations. International tax authorities say the rules amount to unfair corporate subsidies. Martin Naville, head of the Swiss-American Chamber of Commerce, said it''s possible that voters didn''t understand the complexities of the reforms. The measures were rejected by 59% of voters. "I think it''s a very bad day for Switzerland," Naville said. "Clearly, the uncertainty and the credibility in the Swiss [system] has taken a massive hit." Related: How Europe''s elections could be hacked Swiss authorities say they will move quickly to create a modified tax reform proposal. Naville said he hopes new rules are devised within the next few months. "All stakeholders now have to take responsibility to develop an acceptable competitive tax system, and to regain credibility regarding the famed political stability which gave Switzerland such an advantageous position," he said in a statement. Naville hinted that potential tax reforms in the U.S. and U.K. could tempt Swiss-based companies to relocate, putting more pressure on Switzerland''s tax base. CNNMoney (London) First published February 13, 2017: 10:10 AM ET'|'cnn.com'|'http://rss.cnn.com/rss/edition_business.rss'|'http://money.cnn.com/2017/02/13/pf/taxes/switzerland-tax-referendum-vote/index.html'|'2017-02-13T22:10:00.000+02:00'
'4a72df471922563f1e9dfdc189cb23cac95f8bcb'|'BRIEF-FLOWERS FOODS REPORTS Q4 EARNINGS PER SHARE $0.06'|' 34pm EST BRIEF-FLOWERS FOODS REPORTS Q4 EARNINGS PER SHARE $0.06 Feb 13 Flowers Foods Inc * FLOWERS FOODS, INC. REPORTS FOURTH QUARTER AND YEAR-END 2016 RESULTS * Q4 EARNINGS PER SHARE $0.06 * Q4 EARNINGS PER SHARE VIEW $0.16 -- THOMSON REUTERS I/B/E/S * Q4 ADJUSTED EARNINGS PER SHARE $0.91 * QTRLY SALES INCREASED 1.2% TO $868.7 MILLION * FLOWERS FOODS INC - FOR 52-WEEK FISCAL 2017, COMPANY EXPECTS ADJUSTED DILUTED EPS IN RANGE OF $0.85 TO $0.95 * FLOWERS FOODS INC - "DURING FISCAL 2017, COMPANY WILL BE TRANSITIONING TO A MORE EFFECTIVE OPERATING MODEL" * FLOWERS FOODS INC - FLOWERS IS TARGETING AT LEAST 250 BASIS POINTS OF NET EBITDA MARGIN IMPROVEMENT BY FISCAL 2021 * Q4 REVENUE VIEW $874.2 MILLION -- THOMSON REUTERS I/B/E/S * FLOWERS FOODS -SEES FOR 52-WEEK FISCAL 2017 SALES IN RANGE OF $3.927 BILLION TO $4.006 BILLION, REPRESENTING GROWTH OF ABOUT 0.0% TO 2.0% * FLOWERS FOODS INC SEES COSTS ASSOCIATED WITH TRANSITION TO BE WEIGHTED TO H1 2017, WHILE MAJORITY OF SAVINGS EXPECTED TO BE REALIZED IN FISCAL 2018 * "EXPECTS TO ACHIEVE RUN RATE COST REDUCTIONS OF AT LEAST $45 MILLION BY FISCAL 2018" * FY2017 EARNINGS PER SHARE VIEW $0.95, REVENUE VIEW $3.98 BILLION -- THOMSON REUTERS I/B/E/S Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSASB0B01I'|'2017-02-14T05:34:00.000+02:00'
'a76c8f6f0b1da2a03c2d66bf11baa98a25bdaf89'|'Germany wants Greece in euro zone, EU Commission sends top official to Athens'|'  2:11pm GMT Germany wants Greece in euro zone, EU Commission sends top official to Athens left right FILE PHOTO:A Greek national flag flutters as the moon rises in Athens, Greece February 9, 2017. REUTERS/Alkis Konstantinidis/File Photo 1/2 left right Supporters of Communist-affiliated PAME trade union hold a banner and flags during a protest outside the headquarters of the Greek Lambrakis Press Group (DOL), who faces closure due to heavy debts, in Athens, Greece, February 13, 2017. REUTERS/Alkis Konstantinidis 2/2 By Jan Strupczewski and Joseph Nasr - BRUSSELS/BERLIN BRUSSELS/BERLIN Germany on Monday backed Greece to stay in the euro zone and Brussels dispatched a senior official to Athens to persuade reluctant Greeks to take on further reforms to salvage its bailout accord. It came as the European Commission forecast a large jump in economic growth for Greece of 2.7 percent and 3.1 percent, respectively, this year and next. In Athens, Yannis Stournaras, Greece''s central bank chief, said a swift agreement with international lenders was crucial to keeping the Greek economy on the mend and that down the road "it may be too late". The future of Greece''s multi-billion euro financial aid programme is contingent on Athens concluding a second review of progress in its economic reform obligations. But months of wrangling over changes to its labour and energy markets have been compounded by differences between the International Monetary Fund and Greece''s European lenders over fiscal targets for the crisis-hit country, now on its third international bailout. The IMF is not party to the country''s current bailout, and says it will not partake until it has assurances Greece will be able to extricate itself from a spiral of debt. European Commission Vice President Valdis Dombrovskis said the IMF was being too pessimistic. "The problem is that the IMF is coming with very pessimistic growth and fiscal forecasts as regards Greece. Moreover it is not correcting those forecasts based on facts, based on the actual outcomes," he said in Frankfurt. A mission of experts from the lenders was expected to return to Athens this week to give their latest state of play report, EU officials said. European Commissioner for Economic and Financial Affairs Pierre Moscovici said he would travel to Athens on Wednesday to help conclude the review. A deal would release another tranche of funds from this bailout, worth up to 86 billion euros, and facilitate Greece making a major 7.2 billion euro debt repayment this summer. But it is a process fraught with difficulty, prompting fears of a re-run of high drama in mid-2015 when Greece teetered on the verge of falling out of the euro zone. BERLIN SAYS WANTS EUROZONE ''WHOLE'' Greece almost fell out of the euro zone two years ago as it was wracked by its debt crisis and years of lender-imposed austerity that killed economic growth and put millions out of work. But Germany sought on Monday to say that nothing has changed in its desire to keep the euro zone intact with Greece in it. "For years, euro zone member states, including Germany, have shown active solidarity with Greece with the goal to bring this country to a path of sustainable finances and economic growth," Steffen Seibert told a regular government news conference. "It is a mission that has dragged on for many years and we are holding on to it," he added. Foreign Ministry spokesman Martin Schaefer added: "We want to keep the euro zone whole, including Greece, and we will support everything that helps Greece. That''s why we want the aid programme to continue to be successful." The size of next year''s Greek primary surplus, which is the budget balance before debt-servicing costs, is a bone of contention between euro zone governments and the IMF. The IMF believes it will be only 1.5 percent, while the EU Commission projected on Monday it will be 3.7 percent. The higher the surplus and the longer it is kept the less is the need f
'c860e861c479f80fd9a54c21218de89873f96761'|'UK Stocks-Factors to watch on Feb 13'|'Feb 13 Britain''s FTSE 100 index is seen opening up 17 points at 7,275 on Monday, according to financial bookmakers. * The commodity-heavy UK blue-chip FTSE 100 index ended 0.4 percent higher at 7,258.75 points on Friday, after hitting an intra-day peak of 7,274.80, the highest since Jan. 17 as a rally in metals prices on soothing Chinese data and supply concerns boosted shares in basic resources companies. * RBS: A group of senior businessmen are among investors seeking to join a lawsuit against Royal Bank of Scotland saying they were misled over its massive rights issue in 2008, according to sources and court documents. * BHP: More than 300 people wearing hoods vandalized property at the world''s biggest copper mine, BHP Billiton''s Escondida in Chile, and forced contract workers to stop work during an ongoing strike, management said on Sunday. * GOLD: Gold slipped on Monday as the dollar strengthened against the yen, with the greenback buoyed by a smooth meeting between U.S. President Donald Trump and Japanese Prime Minister Shinzo Abe that saw no mention of currency policy. * COPPER: London copper extended gains to hit its highest in 20 months in heavy trade on Monday, driven up by supply worries after shipments were shut off from the world''s two biggest copper mines. * OIL: Oil prices dipped on Monday on signs that global fuel markets remained bloated despite OPEC-led crude production cuts that have been more successful than most initially expected. * OIL RIGS: U.S. energy companies added oil rigs for a 14th week in the last 15, extending a nine-month recovery as drillers take advantage of crude prices that have held mostly over $50 a barrel since OPEC agreed to cut supplies in late November. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets * UK CORPORATE DIARY: Fidessa Group Plc Full Year 2016 Earnings 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 Sanjeeban Sarkar in Bengaluru; Editing by Sherry Jacob-Phillips)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/britain-stocks-factors-idINL4N1FY26K'|'2017-02-13T03:30:00.000+02:00'
'851b1a6fb51636e2a5ebffd51636c51075fddc5e'|'From setback to success: entrepreneurs who are fortified by failure - Guardian Small Business Network'|'In 1984, John Stapleton was 19 and, in his own words, a <20>nifty triple jumper<65>, training with the Irish national team and hoping to represent his country in the Los Angeles Olympics. But injury struck and Stapleton never made it. His coach told him that he had two options <20> waste time feeling sorry for himself, or start training for the next season. Stapleton, who was speaking at the Guardian<61>s Confessions of a Small Business seminar , went on to found the New Covent Garden soup company , which pioneered the idea of fresh, chilled ready-made soups, and Little Dish , which offers healthy ready meals for children. His favourite quote, he said, is from former American football player Lou Holtz: <20>Show me someone who has done something worthwhile, and I<>ll show you someone who has overcome adversity.<2E> But Stapleton has his own spin: <20>If you don<6F>t experience adversity, you<6F>re not putting yourself out there enough.<2E>There comes a point where you think everything is against you, but then something comes along to give you hopeJoanna Montgomery The event was an opportunity for small business owners to share what they had learned from setbacks along the way. For Stapleton, a strong belief in your product was key to its success: food industry experts had told him that chilled soup was unworkable and might kill someone <20> soups had to be sterilised. Ignorance of the scale of the challenge can sometimes be bliss, he added: <20>You can be halfway up the mountain before you realise what the challenges are.<2E>Stapleton<6F>s keynote speech was followed by a panel discussion by the owners of three very different businesses: Joanna Montgomery, who founded Little Riot , which makes Pillow Talk wristbands; Nick Edwards, founder of software company Papaya Resources ; and Arpana Gandhi, who founded Disarmco , a company that has developed a safe way of disposing of landmines and other unexploded ordnance (explosive weapons). Each had faced setbacks that could have ended their business.For Edwards, whose company makes software for the food industry, the setback came in the form of human tragedy. In 2012, on the verge of signing an important legal agreement, his key developer was killed in a hit-and-run accident. Edwards, who knew little about how the product worked, decided to start again and formed a partnership with a large food manufacturer to make sure the platform met the needs of users. He learned not to rely on a single developer <20> he now has four. Terrible though the tragedy was, it gave him focus: <20>It really did shape where I wanted to take the business and now we supply quite a number of the food manufacturers in the UK.<2E>Gandhi<68>s journey to bring her Dragon Torch product to market has been a long, uphill struggle. Her business partner John Reid, who invented the product, died in 2014. <20>The whole process almost had to start again,<2C> said Gandhi. <20>We had to find another innovator, who would believe [in it], to pick up the pieces and go along with the business.<2E> But investors weren<65>t interested in taking a risk on a product that might, in their view, not work. The proposition wasn<73>t helped by the case of businessman Gary Bolton, who was jailed in 2013 for selling fake bomb detectors. Gandhi<68>s decision to put <20>150,000 of her own money into the business did nothing to give investors confidence, so she went to crowdfunding company CrowdCube to raise a further <20>150,000. Facebook Twitter Pinterest There were opportunities for the audience to ask questions and share their own stories. Photograph: Anna Gordon She was encouraged by the messages of support she received. <20>There comes a point in business life where you just think everything is against you,<2C> she said. <20>But then something comes along to give you a little bit more hope and that<61>s exactly what you hang on to, and you want to fight another day.<2E> Joanna Montgomery<72>s experience with crowdfunding was less successful. After five years of research and develop
'2c534dd7c56aeeb94762376128ba861262b36a5d'|'Fund manager Hermes wants better governance for private infrastructure'|'LONDON Feb 13 British fund manager Hermes Investment Management on Monday called for improvements to the corporate governance code for private infrastructure assets, to ensure better outcomes for investors and other stakeholders.Among the suggestions made by Hermes, which manages 28.6 billion pounds ($35.81 billion) across a range of assets, were for periodic board ''effectiveness reviews'', as well as an independent chairman and a minimum number of independent directors.Hermes also suggested a range of solutions aimed at ensuring the long-term interests of all stakeholders are protected, including the creation of a stakeholder committee.Pay should also be more closely aligned to ''non-financial'' issues such as health and safety, it said, adding it backed better transparency and disclosure of such information to help boost accountability and best-practice."Few asset classes are as necessary, or significant, to the daily lives of individuals as infrastructure," said Peter Hofbauer, head of infrastructure, Hermes Investment Management.However as more of the assets are transferred from the public to the private sector, some of the principles of the corporate governance code for listed companies may not be appropriate or accepted in a private market environment."The result, therefore, may not always be a consistent, or optimal, outcome for investors, employees and other stakeholders," Hofbauer said. ($1 = 0.7987 pounds) (Reporting by Simon Jessop, Editing by Lawrence White)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/hermes-governance-idINL8N1FY22L'|'2017-02-13T07:14:00.000+02:00'
'11a495636b3fb067df797d9e66d8647b3c543ccc'|'Britain''s Co-operative bank puts itself up for sale'|'LONDON Britain''s Co-operative Bank ( 42RQ.L ), rescued from the brink of collapse by a group of hedge funds in 2013, has put itself up for sale as it seeks to build up its capital to meet regulatory requirements.The bank said on Monday that it had made considerable progress implementing its turnaround plan, cutting its cost base by a fifth since 2014.But it still expects to make a "significant loss" for last year and said that building up capital has proved difficult given low interest rates."As a result, and having concluded its annual planning review, the board is today commencing a sale process, inviting offers for all of the issued ordinary share capital in the bank," the bank said.The Bank of England''s Prudential Regulation Authority, which regulates Co-operative Bank, said it welcomed the measures announced on Monday."We will continue to assess the bank<6E>s progress in building greater financial resilience over the coming months," the PRA said in a statement.The Co-operative Bank, which has four million customers, said it was also considering ways to raise equity capital from existing and new capital providers, and a potential "liability management exercise" of its outstanding public debt.Last month, the bank said it expected its core capital ratio to fall below 10 percent, falling short of regulatory requirements.The bank''s immediate issue is the repayment of 400 million pounds worth of bonds that mature in September.Co-op Bank nearly folded in 2013 with a 1.5 billion pound hole in its capital after losses from problem real estate loans.The bank was rescued by bondholders, including hedge funds, mainly from the United States, who bet that rising interest rates and a cost-cutting turnaround plan would improve the bank''s fortunes and make them a return on their investment.(Reporting by Huw Jones,; Editing by Rachel Armstrong and Jane Merriman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-cooperative-bank-sale-idINKBN15S0MQ'|'2017-02-13T04:53:00.000+02:00'
'061ba1190c5ad9fa90e68efc69bef769ccdd3615'|'VW talks with union break down, leaving costs deal in limbo'|' 43pm GMT VW talks with union break down, leaving costs deal in limbo 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 Andreas Cremer - BERLIN BERLIN Volkswagen''s ( VOWG_p.DE ) talks with unions over the implementation of its turnaround plan were broken off on Monday, both sides said, leaving in limbo a deal on cost-cutting following the carmaker''s damaging diesel emissions scandal. Labour bosses at Volkswagen (VW) halted cooperation with management on issues including overtime work, efficiency gains and apprenticeships last week, saying executives were trying to squeeze greater savings than agreed in November. And on Monday VW''s works council indicated that tensions between its head Bernd Osterloh and VW brand chief Herbert Diess, who have clashed over how to achieve greater savings, had not eased and called for VW group Chief Executive Matthias Mueller to play a greater role in resolving the dispute. Unions say Diess, who established a reputation for cutting costs at BMW, wants to cut temporary workers more quickly and deeply than agreed. VW has said it cannot keep a large number of temporary staff on its books because of shrinking demand for models such as the Golf hatchback and Passat saloon. "We would welcome if the group''s management would more strongly deal with the implementation of the future pact and the compliance with agreements," a works council spokesman said in an emailed statement. A spokesman for the VW brand confirmed that talks have been postponed, but declined further comment. But Mueller, in a letter to staff on Monday which was seen by Reuters, indicated he may get more directly involved. "We as group management and I personally will continue to do everything, so that conflicts are resolved in a constructive manner and VW will be protected from harm," he said. The so-called future pact will lead to 3.7 billion euros (3 billion pounds) in annual savings by 2020 and foresees 30,000 job cuts at the VW brand without forcing layoffs until 2025. This plan is seen by analysts as critical to raising profitability at VW''s core division, which is lagging rivals including Renault, Peugeot and Toyota. Apart from VW, Volkswagen also owns the Audi, Skoda, SEAT, and Porsche marques. Europe''s largest automaker is having to make cuts to its high-cost operations in Germany to fund a strategic shift and shed costs following the diesel emissions affair, which is costing it billions of dollars in settlements. (Editing by Harro ten Wolde and Alexander Smith)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-volkswagen-emissions-costs-idUKKBN15S1AL'|'2017-02-13T19:43:00.000+02:00'
'0d27cfe304c9a8a345aa6e3ce1099728982c5378'|'UPDATE 1-NRG names two directors in deal with Elliott and Bluescape'|' 26am EST UPDATE 1-NRG names two directors in deal with Elliott and Bluescape (Adds details, background) By Michael Flaherty Feb 13 NRG Energy Inc, the largest U.S. independent power producer, said it would appoint two directors in a deal with activist investor Elliott Management and private equity firm Bluescape Energy Partners. John Wilder, Bluescape Energy''s executive chairman, and Barry Smitherman, former chair of the Public Utility Commission of Texas, have been appointed to the board, NRG said in a statement on Monday. Directors Howard Cosgrove and Edward Muller will step down. As part of the agreement, NRG said it would set up a five-member committee to look into cost-cutting, asset sales, capital allocation and broader strategic initiatives. That committee will be chaired by Wilder, the former chief executive officer of utility TXU Corp. NRG''s struggling GenOn Energy affiliate and its solar-power division are among the units the committee is expected to assess. "The Committee plans to expeditiously conduct its review and make any relevant recommendations to the Board," the company said in a statement. Elliott and Bluescape are also targeting significant cost cuts at NRG. Shares of the company, whose market value is around $5.3 billion, have risen more than 10 percent since Elliott and Bluescape announced their joint investment on Jan. 17. Their combined holdings are around 10 percent of NRG. (Additional reporting by Komal Khettry in Bengaluru; Editing by Lisa Von Ahn)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/nrg-energy-elliott-idUSL4N1FY3Z8'|'2017-02-13T21:26:00.000+02:00'
'8767300dd7d49727828aa849d81f00bc5b91aa39'|'TUI sells Travelopia to KKR in $407 million deal'|'Business News - Mon Feb 13, 2017 - 8:27pm GMT TUI sells Travelopia to KKR in $407 million deal 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 FRANKFURT Travel group TUI ( TUIT.L ) said it had agreed to sell its specialist holiday arm Travelopia to KKR ( KKR.N ) at an enterprise value of 325 million pounds ($407 million). TUI had put Travelopia, comprised of over 50 brands offering specialist luxury, adventure and education holidays, on the block in September as part of a push to sell non-core assets. It said late on Monday that it would invest proceeds from the sale, which valued Travelopia at 14.4 times Travelopia''s 2015/16 operating profit (EBITA), into the transformation of its business, without being more specific. The sale will result in a non-cash charge of around 133 million euros but will have no impact on TUI''s full-year guidance for underlying earnings before interest, tax and amortization (EBITA) to grow by at least 10 percent at constant currencies this year. TUI said it would provide further details on its guidance when it publishes fiscal first-quarter results on Tuesday. Citi and Barclays advised TUI on the transaction, with Citi taking the lead. (Reporting by Maria Sheahan; Editing by Georgina Prodhan) Next In Business News Oil down two percent as dollar firms, OPEC compliance rate shrugged off NEW YORK Oil on Monday declined by about 2 percent, the most since mid January, as a stronger dollar and signs of rising U.S. crude output pressured prices while an OPEC report showing high compliance with last year''s production-cut deal underwhelmed investors.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-tui-divestiture-kkr-idUKKBN15S2D9'|'2017-02-14T03:27:00.000+02:00'
'a872106358ef5b75cdcb28d10a97f52d9e582da1'|'''Overpaid'' CEOs a risk for investors, study finds'|'Business News - Mon Feb 13, 2017 - 7:26pm GMT ''Overpaid'' CEOs a risk for investors, study finds By Ross Kerber - BOSTON BOSTON Executive pay that is disproportionate to a company''s past performance may also signal that poor returns are coming, according to a study set for release on Monday by shareholder activist group As You Sow. The Oakland, California non-profit found the average returns for the 100 S&P 500 .SPX companies it had previously identified as having the most questionable pay went on to underperform the index by 2.9 percentage points over a roughly two-year period ended on Jan. 31. As You Sow flagged as "overpaid" a number of chief executive officers known for high compensation despite the mixed performance of their companies'' shares over the period. For example, Discovery Communications Inc ( DISCA.O ) CEO David Zaslav received $32.4 million in 2015, according to the company''s most recent proxy filing. During the study period, Discovery shares fell 12 percent. Discovery representatives did not respond to requests for comment. Study lead author Rosanna Landis Weaver said investors could have used the findings of a similar report from 2015 to short the shares of companies giving their CEOs outsized rewards. "If you have a CEO whose primary interest is increasing his own wealth, that''s not going to be good for shareholders," she said in an interview. High executive pay has been controversial at a time of rising inequality. But investors routinely approve compensation at most large U.S. companies, with boards often saying they have linked it to performance metrics. As You Sow used two broad measures to judge if S&P 500 CEOs are overpaid. First, the group looked at factors that raised questions about how a board set compensation, such as whether pay exceeded that of peers, or whether it accounted for a relatively high share of total revenue. Second, As You Sow made a financial prediction of what each CEO might have been paid based on shareholder returns. Companies with the most red flags and biggest gaps between their actual and predicted compensation were judged the most overpaid. (Reporting by Ross Kerber in Boston; Editing by Lisa Von Ahn) Next In Business News Oil down two percent as dollar firms, OPEC compliance rate shrugged off NEW YORK Oil on Monday declined by about 2 percent, the most since mid January, as a stronger dollar and signs of rising U.S. crude output pressured prices while an OPEC report showing high compliance with last year''s production-cut deal underwhelmed investors.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-ceopay-investors-idUKKBN15S29C'|'2017-02-14T02:26:00.000+02:00'
'b7bb0cc435bfeb4d396925b77f43adf77b3fd3d9'|'Hologic buys Cynosure to expand into medical aesthetics'|'By Divya Grover and Natalie Grover Hologic Inc said on Tuesday it would acquire medical aesthetics company Cynosure Inc for $1.65 billion as it looks to capitalize on an increase in medical procedures that are not traditionally reimbursed.The medical aesthetics market is growing at a rapid pace as the American population ages and analysts expect the sector to see more deals.Botox maker Allergan Plc agreed to buy Cynosure''s rival Zeltiq Aesthetics Inc for about $2.48 billion on Monday.Much of aesthetics is not subject to reimbursement risks, making it less cyclical, William Blair analyst Margaret Kaczor told Reuters."Larger acquirers can access a fast growing, profitable market that is just in the first quarter of the game."The medical aesthetics market exceeds $2 billion globally and is expected to grow at a low-double-digit rate over the next several years, Hologic said.Shares of Cynosure were up about 28 percent at $65.88 in morning trading, slightly below Hologic''s offer of $66 per share. Hologic''s shares were down about 3.6 percent at $38.57.Cynosure makes products used in non-invasive body contouring, hair removal, skin revitalization and women''s health and generated 2016 revenue of $433.5 million.The transaction has an enterprise value of $1.44 billion and will be fully funded with cash on hand, Hologic said.Hologic - a maker of diagnostic products, medical imaging systems and surgical products - said the deal will immediately add about 3 cents-5 cents per share to its adjusted earnings for the balance of fiscal 2017.Morgan Stanley & Co LLC is Hologic''s financial adviser, while Wachtell, Lipton, Rosen & Katz is its legal adviser.Leerink Partners LLC is financial adviser to Cynosure, while Wilmer Cutler Pickering Hale and Dorr LLP is its legal adviser.Shares of rival aesthetics company Syneron Medical Ltd, which also offers products for body contouring, hair and tattoo removal as well as facial treatments, were up 3 percent.(Reporting by Natalie Grover and Divya Grover in Bengaluru; Editing by Anil D''Silva)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-cynosure-m-a-hologic-idINKBN15T1OI'|'2017-02-14T12:10:00.000+02:00'
'e0d9a81f5ed510db87d4213b3febdab93218ab68'|'UPDATE 2-Brazil''s BTG Pactual to keep high capital ratios to fan growth'|'(Adds share performance, comments throughout)By Guillermo Parra-BernalSAO PAULO Feb 15 Grupo BTG Pactual SA will keep high capital ratios in coming quarters to prepare Latin America''s No. 1 independent investment bank to grow in core activities, following a dramatic balance sheet downsizing last year, Chief Executive Officer Roberto Sallouti said on Thursday.The regulatory capital ratio at BTG Pactual''s core banking unit rose to 21.5 percent in the fourth quarter, the highest among Brazil''s top banks. Such a level is key to promote expansion in investment banking and money management without straining costs, Sallouti said on a conference call to discuss quarterly results.Sallouti, who became CEO late last year after a broad management reshuffle, reiterated a long-term target for annualized return on equity above 20 percent. He expects organic growth to help triple assets under management and double the bank''s loan book over the coming years.His remarks highlighted how BTG Pactual is trying to reassure investor confidence after the November 2015 arrest of former CEO and billionaire founder Andr<64> Esteves in a corruption probe in Brazil. The scandal sent the lender''s shares and bonds into a tailspin, forcing it to dismantle trading positions and sell assets to cope with massive client fund withdrawals."Little by little, our strategy has taken shape, and we can now say that we''re ready to undertake growth in each of our main business franchises without triggering expenses," Sallouti said.Fourth-quarter profit fell as revenue in most core activities declined following the year-long balance sheet downsizing triggered by the arrest. Net income totaled 652 million reais ($211 million) in the quarter, down 1 percent from the prior three months and 47 percent from the same quarter of 2015.Revenue fell 35 percent, touching a five-year low, after both income from trading and fees from wealth management sank 90 percent. While Sallouti managed to cut expenses sharply, the spin-off of a commodities unit and the sale of Swiss private bank BSI Ltd hurt BTG Pactual''s ability to generate revenue.Analysts had warned that fourth-quarter results would make it clear whether BTG Pactual was on track to return to healthy recurring operational numbers."Despite the miss, results provided a clearer picture of the what should be the forward path of earnings for BTG Pactual," said Carlos Macedo, an analyst with Goldman Sachs Group Inc.Return on equity rose slightly to 12.7 percent in the fourth quarter, after a large interest-on-equity payment and the spin-off of the commodities unit led to a 17 percent reduction in shareholder equity.SEGREGATIONBTG Pactual''s capital ratio could at some point return to historical levels around 15 percent, Sallouti said, without specifying a timetable.Units, a blend of common and preferred shares in BTG Pactual''s investment banking and private equity divisions, shed 0.7 percent to 17.62 reais.The stock is up 29 percent this year, in light of an expected segregation of shares of the two divisions, Banco BTG Pactual SA and BTG Pactual Participations Ltd.Late on Tuesday BTG Pactual laid out the basics for a segregation of stock trading of its two main business divisions in order to enhance transparency and regain investor trust.Under the plan, units of Banco BTG Pactual and BTG Pactual Participations would be offered to holders of Grupo BTG Pactual''s units. Investors can opt for the split or keep their current Grupo BTG Pactual units.The plan underscores Grupo BTG Pactual''s steps to reignite growth and boost trading of its stock, Sallouti said.For years, many investors criticized Grupo BTG Pactual''s structure, saying it encouraged Esteves and his partners to take on excessive risk in sectors highly exposed to Brazil''s struggling economy.Some questioned whether the investment bank and the private equity divisions incurred conflicts of interest with clients that they advised or with which the
'4817f0bf92b563ddf5f091d39398c5ebbc31b533'|'BRIEF-Discover Financial Services - credit card delinquency rate 1.66 pct at Jan. end versus 1.60 pct at Dec. end'|'United States  21am EST BRIEF-Discover Financial Services - credit card delinquency rate 1.66 pct at Jan. end versus 1.60 pct at Dec. end Feb 15 Discover Financial Services * Discover Financial Services says credit card delinquency rate 1.66 percent at January end versus 1.60 percent at December end - sec filing * Discover financial services Says credit card charge-off rate 2.02 percent at January end versus 1.92 percent at December end Source text - bit.ly/2lh4mpa  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1G00KQ'|'2017-02-15T20:21:00.000+02:00'
'652fdac05f58a7447308e78fe0c5ffddd64462d0'|'PepsiCo revenue rises 5 pct on demand for healthy drinks, snacks'|'Business  33am EST PepsiCo revenue rises 5 percent on demand for healthy drinks, snacks FILE PHOTO - A bottle of Pepsi is seen in this file photo illustration February 10, 2015. REUTERS/Jim Young/Illustration/Files PepsiCo Inc ( PEP.N ) reported a 5 percent rise in quarterly revenue on Wednesday, as the company benefited from higher demand for its healthier beverages and snacks in North America. However, net income attributable to PepsiCo fell to $1.40 billion, or 97 cents per share, in the fourth quarter ended Dec. 31, from $1.72 billion, or $1.17 per share, a year earlier. The fall in net income was due to pension-related settlements and a debt redemption charge in the latest quarter and a tax benefit in the year-ago period. The company''s net revenue rose to $19.52 billion from $18.59 billion. PepsiCo and other processed-food companies are investing heavily to develop products to meet the changing tastes of consumers, who are increasingly seeking healthier options. PepsiCo has said it now gets about 45 percent of its net revenue from "guilt-free" products - beverages that have fewer than 70 calories per 12 ounces and snacks that have lower amounts of salt and saturated fat. (Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by Sriraj Kalluvila) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-pepsico-results-idUSKBN15U1C9'|'2017-02-15T18:31:00.000+02:00'
'85a27945790f1282710bb2e2d1d9cc365c18553c'|'BRIEF-Targa Resources Q4 revenue $2.01 billion'|' 22am EST BRIEF-Targa Resources Q4 revenue $2.01 billion Feb 15 Targa Resources Corp * Targa Resources Corp. Reports fourth quarter and full year 2016 financial results and provides 2017 operational and financial guidance * Targa Resources Corp -estimates that 2017 field gathering and processing natural gas inlet volumes will average at least 10% higher than 2016 * Targa Resources Corp says in Permian Basin, co see average g&p natural gas inlet volumes will increase by approximately 20% in 2017 compared to 2016 * Targa Resources Corp says expects that 2017 net growth capital expenditures will be at least $700 million * Targa Resources Corp - estimates 2017 average natural gas inlet volumes will be higher than average 2016 volumes * Targa Resources Corp - Targa also expects for 2017 higher average crude volumes in badlands year over year * Qtrly total revenues $2.01 billion versus $1.65 billion * Q4 revenue view $1.94 billion -- Thomson Reuters I/B/E/S  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSASB0B0DI'|'2017-02-15T19:22:00.000+02:00'
'3bac8235ec4fd1ceae1af9c908b7fd58e523ac82'|'Oil prices dip as markets remain bloated despite OPEC-led cuts'|'Business News - Mon Feb 13, 2017 - 12:51am GMT Oil prices dip as markets remain bloated despite OPEC-led cuts 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/File Photo By Henning Gloystein - SINGAPORE SINGAPORE Oil prices dipped on Monday on signs that global fuel markets remained bloated despite OPEC-led crude production cuts that have been more successful than most initially expected. Brent crude futures were trading at $56.55 per barrel at 0035 GMT, down 15 cents from their previous close. West Texas Intermediate (WTI) crude futures were down 12 cents at $53.74 a barrel. The Organization of the Petroleum Exporting Countries (OPEC) and other producers including Russia have agreed to cut output by almost 1.8 million barrels per day (bpd) during the first half of 2017 in a bid to rein in a global fuel supply overhang. There was widespread scepticism that all producers would actually make the promised cuts, but compliance with the announced reductions is now estimated to be around 90 percent. "Traders will be keenly awaiting the release today of OPEC''s monthly report. If production cuts are coming through as suggested, we should see oil prices push higher," ANZ bank said on Monday. While traders said that crude was well supported in the lower to mid-$50s per barrel due to the curbs, they pointed to a host of reasons that were preventing prices from rising further unless production is cut deeper or for a longer period. In the United States, rising drilling activity is pushing up production and undermining OPEC''s efforts to reduce output. Drillers added eight oil rigs in the week to Feb. 10, bringing the total U.S. count to 591, the most since October 2015, Baker Hughes said on Friday. During the same week last year, when prices were around $30 per barrel, there were just 439 active oil rigs. In Russia, which is participating in the cuts, there are signs that output may be falling but that exports remain high, as its producers shield their core export markets at the cost of lower domestic supplies or by cutting into inventories. Given these trends, analysts say that OPEC might have to extend its cuts for a longer period than the currently planned first half of 2017. But since global oil demand is expected to rise be between 1.3 million bpd and 1.5 million bpd in 2017, OPEC''s conundrum is that the longer and deeper it cuts, the more it cedes market share to competitors, as seen in the two world''s biggest oil consuming markets. In the United States, OPEC is facing the rising flood of shale driven production. In China, OPEC''s de-facto leader Saudi Arabia has already been overtaken by Russia as the biggest oil supplier. (Reporting by Henning Gloystein; Editing by Joseph Radford) Next In Business News Japan''s economy gets trade boost in fourth quarter, Trump poses risks TOKYO Japan''s economy grew for a fourth straight quarter in the final three months of last year thanks to strong exports, though weak private consumption and rising protectionism in the United States suggested a sustainable recovery could be some way off. ''Significant uncertainty'' about fiscal policy under Trump: Fed''s Fischer COVENTRY, England U.S. Federal Reserve Vice Chair Stanley Fischer said there was significant uncertainty about U.S. fiscal policy under the Trump administration, but the Fed would be strict in meeting targets of creating full employment and getting inflation to 2 percent. TOKYO Toshiba Corp will on Tuesday detail a writedown of close to $6 billion after bruising cost overruns at its U.S. nuclear arm, turning investor attention to the Japanese group''s efforts to fix that and other balance sheet headaches. 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-global-oil-idUKKBN15S02M'|'2017-02-13T07:49:
'05567ed91e7a8caf99025a925e994ceccbde0be0'|'EBRD discussing co-investments with Gulf sovereign funds'|' 36am GMT EBRD discussing co-investments with Gulf sovereign funds By Andrew Torchia - DUBAI DUBAI The European Bank for Reconstruction and Development is in talks with Gulf sovereign wealth funds to invest jointly, and hopes to complete a round of fund-raising for such investments by the end of this year, the bank''s president said on Monday. The multilateral bank, owned by 65 countries, aids economies by lending to companies and projects and taking equity stakes in them. In recent years it has expanded its activities beyond eastern Europe and after the Arab uprisings of 2011, began operating in Egypt, Jordan, Morocco and Tunisia. Suma Chakrabarti said he was arguing to the Gulf sovereign funds that EBRD projects offered good commercial returns, and also that such investments made sense because of the Gulf''s growing commercial and political ties with EBRD member states as far afield as eastern Europe and Georgia. "We are talking to a range of sovereign funds in the Gulf region," Chakrabarti said. "We are having extremely positive discussions." He declined to name the funds, but said they were at the stage of doing due diligence on the EBRD''s business model. Several Gulf sovereign funds are among the world''s largest, with assets in the hundreds of billions of dollars. As low oil prices strain Gulf governments'' finances, reducing flows of new petrodollars into the funds, they are looking at ways to boost returns. Some are already co-investing indirectly in projects with other multilateral institutions. Last month, Bahrain''s Asma Capital agreed to buy a stake in the water business of United Arab Emirates utility company Utico in a deal worth $147 million; Asma''s owners include Saudi Arabia''s Public Investment Fund and the Islamic Development Bank. Chakrabarti said the EBRD was asking Gulf sovereign funds to invest in its Equity Participation Fund, which gives long-term institutional investors exposure to EBRD equity investments above 10 million euros ($10.6 million). The fund was launched last year with an initial size of 350 million euros and China<6E>s State Administration of Foreign Exchange and the State Oil Fund of Azerbaijan as cornerstone investors. The EBRD hopes to complete a second closing of the fund later this year, Chakrabarti said, adding that sovereign funds might also choose to invest directly in projects alongside the EBRD. The bank has now invested 5 billion euros in Egypt, Jordan, Morocco and Tunisia. Chakrabarti said it had plenty of spare capital and felt it was still only scratching the surface of commercial opportunities in those countries, so he expected growth to continue at a similar speed. "I''d be very surprised if it doesn''t double in the next five years," he said. Business conditions in Egypt are improving in the wake of Cairo''s $12 billion loan deal with the International Monetary Fund in November - "businesses are complaining less to us about the foreign exchange shortage" - although the economy is still hampered by cumbersome, top-down decision-making in the government, Chakrabarti said. The EBRD intends to expand its activities to Lebanon once the Lebanese parliament has given final approval to that country''s membership. Chakrabarti said he expected this to happen soon and that projects in Lebanon had been identified for investment. (Reporting by Andrew Torchia; Editing by Dominic Evans)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-mideast-ebrd-idUKKBN15S0X8'|'2017-02-13T16:36:00.000+02:00'
'7cc67a8a541ad20871199e3936a8a4c4d2a4ac2e'|'UPDATE 1-Devon Energy beats profit estimates as cost cuts pay off'|'(Adds details, background)Feb 14 Devon Energy Corp reported a bigger-than-expected quarterly profit, as the U.S. oil producer benefited from its cost-cutting initiatives.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.The company said on Tuesday total operating expenses fell 67.4 percent to $2.71 billion in the fourth quarter ended Dec. 31.Total cost savings exceeded $1 billion in 2016, the company said.Devon has also sold its non-core assets, completing a $3.2 billion divestiture program in October.The shift to higher-margin production helped make oil the largest component of the company''s product mix in the fourth quarter.The company said it expected 2017 production at between 539,000-561,000 barrels of oil equivalent per day (boe/d).Total production was 611,000 boe/d in 2016.Devon said it expected to spend $2.3 billion-$2.7 billion this year. The company spent $3.11 billion in 2016.Net earnings attributable to Devon was $331 million, or 63 cents per share, for the three months ended Dec. 31, compared with a loss of $4.53 billion, or $11.12 per share, a year earlier.The year-ago quarter included a non-cash, asset impairment charge of $5.34 billion.On an adjusted basis, the Oklahoma-based company earned 25 cents per share, while analysts on average had expected 21 cents, according to Thomson Reuters I/B/E/S.Total revenue rose 16 percent to $3.35 billion.Total production, net of royalties, fell 21 percent to 537,000 boe/d in the quarter.Up to Tuesday''s close, shares had more than doubled in the past 12 months. (Reporting by Ahmed Farhatha in Bengaluru; Editing by Sriraj Kalluvila)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/devon-energy-results-idINL4N1FZ5YR'|'2017-02-14T19:43:00.000+02:00'
'd27e406fe1e858b4c008693455b0407d85cb1857'|'Allergan to buy Zeltiq Aesthetics for about $2.48 billion'|'Allergan Plc ( AGN.N ) on Monday said it would buy Zeltiq Aesthetics Inc ( ZLTQ.O ) for about $2.48 billion to gain access to its flagship body contouring technology.The Botox maker agreed to pay $56.50 per Zeltiq share, or a premium of 14.4 percent to the company''s Friday close.Dublin-based Allergan, led by its acquisitive Chief Executive Brent Saunders, has orchestrated a flurry of deals since its $160 billion merger with Pfizer Inc ( PFE.N ) collapsed in April.Zeltiq''s body contouring technology, the CoolSculpting System, is U.S. Food and Drug administration approved and works by cooling targeted fat cells to naturally induce their elimination, without affecting surrounding tissue.Allergan, which estimates body contouring is a $4 billion market opportunity, already markets Kybella, which is used to destroy fat under the chin, leaving surrounding tissue largely unaffected.Other injectables, such as Botox and other dermal fillers are typically used to smoothen areas of the face.Zeltiq''s shares were halted premarket on Monday.(Reporting by Natalie Grover in Bengaluru; Editing by Shounak Dasgupta)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-zeltiq-m-a-allergan-idINKBN15S1G1'|'2017-02-13T10:31:00.000+02:00'
'09aaf091c665dc38e40dfef2d2dd0cc17202e6d8'|'Tesla targets Middle East drive with Dubai debut - Reuters'|'By Shane McGinley and Alexander Cornwell - DUBAI DUBAI Tesla Inc has started selling its luxury electric cars in Dubai, marking its first foray into the Middle East.Sales of luxury cars in the Gulf states are among the highest in the world per capita, although some brands have suffered as lower oil prices have dampened consumer demand.California-based Tesla is accepting online orders from customers in the United Arab Emirates, a pop-up store in the Dubai Mall and a Tesla service centre being built on Dubai<61>s Sheikh Zayed Road, which is due to open in July.Founder Elon Musk said on Monday that Tesla will open a store and service centre in Abu Dhabi in 2018 and plans to expand to Bahrain, Oman and Saudi Arabia.Musk declined to elaborate on his wider plans or timeline for expansion outside the UAE at a press conference in Dubai.Telsa''s prices start from 275,000 dirhams ($74,884) for its Model S, which has a range of 632 km from a single charge and 344,000 dirhams for the Model X, which can travel up to 565 km.Customers who take delivery of the cars, which will begin in July of this year, will be able to charge their vehicles at home or at 28 locations across the UAE, which Tesla hopes to increase to 50 by the end of the year.Outside the U.S., Tesla''s website says it is in Mexico, Canada, Europe, Australia, China, Hong Kong, Japan and Taiwan.($1 = 3.6723 UAE dirham)(Editing by Tom Arnold and Alexander Smith)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/tesla-growth-idINKBN15S1US'|'2017-02-13T12:44:00.000+02:00'
'fb3d88733192008202e4c5520107963305e8a5a2'|'Fidessa says global revenue spread provides stability'|'Business News  48am GMT Fidessa says global revenue spread provides stability British trading software provider Fidessa Group Plc ( FDSA.L ) said its international revenue spread provided stability amid uncertainty following Britain''s vote to leave the European Union and the U.S. election. Fidessa, which provides trading and investment technology, reported a 25 percent rise in it full-year profit to 48.8 million pounds ($61.0 million) for the year ended Dec. 31. [nRSM6662Wa] The company said 64 percent of its total revenue was generated outside Europe, while 73 percent of the revenue was denominated in foreign currencies, with the majority being the U.S. dollar. ($1 = 0.7995 pounds) (Reporting by Sanjeeban Sarkar in Bengaluru; Editing by Amrutha Gayathri) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-fidessa-group-results-idUKKBN15S0OP'|'2017-02-13T14:48:00.000+02:00'
'e14d6f7d3a8f67c71860adea12fca905d3130ccb'|'Oil stable as OPEC''s cuts bite, although bloated market still weighs'|'Global Energy  14am GMT Oil stable as OPEC''s cuts bite, although bloated market still weighs Pump jacks are seen at the Lukoil-owned Imilorskoye oil field, as the sun sets, outside the west Siberian city of Kogalym, Russia, in this January 25, 2016 file photo. REUTERS/Sergei Karpukhin/Files By Henning Gloystein - SINGAPORE SINGAPORE Oil prices were stable on Monday on signs that OPEC-led production cuts were reducing global overproduction, although bloated inventories and rising output elsewhere were weighing on markets. Brent crude futures LCOc1 were trading at $56.72 per barrel at 0752 GMT, up 2 cents from their previous close. West Texas Intermediate (WTI) crude futures CLc1 were down 2 cents at $53.84 a barrel. The Organization of the Petroleum Exporting Countries (OPEC) and other producers including Russia have agreed to cut output by almost 1.8 million barrels per day (bpd) during the first half of 2017 in order to rein in a global glut. There was initial scepticism that producers would make the promised cuts, but compliance with the announced reductions is now estimated 80 to 90 percent. Kuwaiti Oil Minister Essam al-Marzouq said on Monday that the OPEC compliance was 92 percent while that of non-OPEC producers was 50 percent. "Traders will be keenly awaiting the release today of OPEC''s monthly report. If production cuts are coming through as suggested, we should see oil prices push higher," ANZ bank said. While traders said that crude was well supported in the lower to mid-$50s per barrel due to the curbs, they pointed to a host of reasons that prevented prices from rising further. In the United States, oil drilling is pushing up production and undermining OPEC''s efforts to reduce output. Drillers added eight oil rigs in the week to Feb. 10, bringing the total U.S. count to 591, the most since October 2015, Baker Hughes ( BHI.N ) said on Friday. RIG-OL-USA-BHI During the same week last year, when prices were around $30 per barrel, there were just 439 active rigs. Underscoring a fuel glut, traders are preparing to export gasoline from the U.S. East Coast after months of heavy importing and local production swamped the region. In Russia, there are signs that output may be falling but that exports remain high, as its producers shield their core export markets at the cost of lower domestic supplies or by cutting into inventories. Given these trends, analysts say that OPEC might have to extend its cuts for a longer period than the currently planned first half of 2017. But since global oil demand is expected to rise by between 1.3 million bpd and 1.5 million bpd in 2017, OPEC''s conundrum is that the longer and deeper it cuts, the more it cedes market share to competitors, as seen in the two world''s biggest oil consuming markets. In the United States, OPEC is facing the rising flood of shale driven production. In China, OPEC''s de-facto leader Saudi Arabia has already been overtaken by Russia as the biggest oil supplier. (Reporting by Henning Gloystein; Editing by Joseph Radford and Biju Dwarakanath) Next In Global Energy News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-global-oil-idUKKBN15S02K'|'2017-02-13T15:14:00.000+02:00'
'51801ff275f9b1fd3c061cac6dba2f5b1d8a2bba'|'Verizon reintroduces unlimited data plan as competition rises'|'Internet   11:37pm GMT Verizon reintroduces unlimited data plan as competition rises The Verizon logo is seen on one of their retail stores in San Diego, California, U.S. April 21, 2016. REUTERS/Mike Blake/File Photo NEW YORK Verizon Communications Inc will introduce an unlimited data plan on Monday, its first in more than five years, in its latest effort to lure customers as competition rises between network carriers. The introductory plan, announced on Sunday, will give unlimited data to customers on smartphones and tablets on its 4G LTE network. It comes days after competitor Sprint Corp introduced a new unlimited data plan of its own. The unlimited option appears to be a change in direction for Verizon after one of the company''s top executives said last month it was not looking at unlimited products when asked by analysts whether Verizon needed to be more aggressive in the market. "We constantly look at... what''s out there. Unlimited is one of the things that some of our competition has at this point in time. That''s not something we feel the need to do," Matthew Ellis, Verizon''s chief financial officer, told analysts during an earnings call on Jan. 24. "But as I say, we continually monitor the market and we will see where we head in the future," he added. Verizon''s unlimited plan is $80 per month for unlimited data, talk and text for the first line and an additional $45 per line up to four lines. The company stopped offering unlimited data plans for most customers in 2011. (Reporting by Catherine Ngai and Anjali Athavaley in New York; Editing by Bill Rigby) Next In Internet News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-verizon-data-idUKKBN15R12Q'|'2017-02-13T06:36:00.000+02:00'
'8da272a23b77bf44c1a14734e17eb49eda157e33'|'Germany committed to Greece bailout programme - Merkel spokesman'|' 18am GMT Germany committed to Greece bailout programme - Merkel spokesman German Chancellor Angela Merkel in Berlin, Germany February 10, 2017. REUTERS/Hannibal Hanschke BERLIN Germany is committed to making a success of Greece''s bailout programme, a spokesman for Chancellor Angela Merkel said on Monday, when asked if Greece leaving the euro zone was an option. "For years, euro zone member states, including Germany, have shown active solidarity with Greece with the goal to bring this country to a path of sustainable finances and economic growth," Steffen Seibert told a regular government news conference. "It is a mission that has dragged on for many years and we are holding on to it," he added. Foreign Ministry spokesman Martin Schaefer added: "We want to keep the euro zone whole, including Greece, and we will support everything that helps Greece. That''s why we want the aid programme to continue to be successful." (Reporting by Gernot Heller; 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-idUKKBN15S15R'|'2017-02-13T18:18:00.000+02:00'
'd40f7fecf804e8aefcf9448d5e66bc3fe184a769'|'Monsieur Brexit: EU''s Barnier braces for baffling Brits'|'By Alastair Macdonald - BRUSSELS BRUSSELS Michel Barnier has a dealmaker''s flair for gauging what the other side can accept but as Theresa May prepares to launch Brexit negotiations some EU officials wonder if Brussels'' man can really figure out what she wants.That is a nagging question for European Union leaders who need the veteran French minister and EU commissioner to best the British premier in a grand bargain that will usher Britain out, keep the other 27 member states in and limit the economic harm."He''s very good at working out what people want, where the landing zones are to get them to agreement," said one of several people who have worked with Barnier and spoke to Reuters about the EU''s chief Brexit negotiator. "He reads a room very well."Yet some EU officials wonder if he might be "too French" or "too European" to get inside the opposition''s head: "I wonder if he really understands the Brits?" said one fellow negotiator.As agriculture minister, he revamped budgets yet kept France''s famously restive farmers onside; in Brussels, he tightened control of vast regional grants. His low-key, backroom style won fewer admirers, though, when he lasted just a year in the grander public role of French foreign minister.On his Brexit qualifications, he cites his experience getting Britain to accept extensive EU financial regulations in his last job, as services commissioner in Brussels until 2014.Years of argument ended with London agreeing all but two of dozens of measures. Colleagues praised how Barnier sensed, long before others, where the toughest problems would lie, such as an EU cap on bankers'' bonuses, and how they might be resolved - in the case of bonuses, however, only when Britain failed in court."DANGEROUS FRENCHMAN"That history saw his appointment branded an "act of war" by one British paper. City of London insiders say they fear Barnier has "mercantilist" instincts, a yen to rein in markets rooted in French history and a Gaullist conservatism that is at odds with freewheeling "laissez faire" culture in Britain.But some of his old British sparring partners disagree."There are lots of people who are jumping up and down saying ''Oh, we''ve got this dangerous Frenchman in here that''s going to undermine London''," said Syed Kamall, pro-Brexit leader of May''s Conservatives in the European Parliament. "It''s not like that."He''s going to be a reasonable negotiator," he said. "That doesn''t mean we''re going to agree at the end of the day."But I can think of few other people that I would want on the other side of the negotiating table."Barnier knows Brexit Secretary David Davis from their time as Europe ministers in the 1990s - part of a vast contact list of people from many walks of life that Barnier has built in four decades since he was elected to parliament aged just 27.Not all who know Barnier share Kamall''s assurance he can keep talks civil. One City executive said Barnier won "grudging respect" from British negotiators for coming to understand their issues and improving his English. But he also came over as aloof and "patrician", brusque with his staff and juniors, and "vain".The tall, athletic form and chiselled jawline may justify a touch of vanity. But some detect, for example in his frequent references to organising the 1992 Winter Olympics in his beloved native Savoy Alps, a touch of insecurity over a career he began at business school, not Paris''s elite civil service college ENA."KEEP CALM"A self-styled outsider, Barnier became "more European than French" in Brussels, making a virtue of wide reading, hard graft and the stolid pragmatism of his remote, modest Alpine roots: "He''s very aware of his limitations," said one person who has known him well for many years. "Underestimate him and you lose."Focusing on Britain, Barnier shows flashes of often self-deprecating wit that may appeal. "Keep calm and negotiate," he urged May, a reference only Britons would get to a stoical World War Two poste
'd48e3726545ce980d7430c544aed693b4368951a'|'Fund manager Hermes wants better governance for private infrastructure'|'Business News - Mon Feb 13, 2017 - 11:00am GMT Fund manager Hermes wants better governance for private infrastructure LONDON British fund manager Hermes Investment Management on Monday called for improvements to the corporate governance code for private infrastructure assets, to ensure better outcomes for investors and other stakeholders. Among the suggestions made by Hermes, which manages 28.6 billion pounds across a range of assets, were for periodic board ''effectiveness reviews'', as well as an independent chairman and a minimum number of independent directors. Hermes also suggested a range of solutions aimed at ensuring the long-term interests of all stakeholders are protected, including the creation of a stakeholder committee. Pay should also be more closely aligned to ''non-financial'' issues such as health and safety, it said, adding it backed better transparency and disclosure of such information to help boost accountability and best-practice. "Few asset classes are as necessary, or significant, to the daily lives of individuals as infrastructure," said Peter Hofbauer, head of infrastructure, Hermes Investment Management. However as more of the assets are transferred from the public to the private sector, some of the principles of the corporate governance code for listed companies may not be appropriate or accepted in a private market environment. "The result, therefore, may not always be a consistent, or optimal, outcome for investors, employees and other stakeholders," Hofbauer said. (Reporting by Simon Jessop, Editing by Lawrence White) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-hermes-governance-idUKKBN15S142'|'2017-02-13T18:00:00.000+02:00'
'd5cde967f29a07f212be25c36008b9139aa8174c'|'Ukraine negotiations heading in right direction - Lagarde'|'  4:08pm GMT Ukraine negotiations heading in right direction - Lagarde left right International Monetary Fund (IMF) Managing Director Christine Lagarde attends the World Government Summit in Dubai, United Arab Emirates, February 12, 2017. REUTERS/Stringer 1/3 left right International Monetary Fund (IMF) Managing Director Christine Lagarde gestures during the World Government Summit in Dubai, United Arab Emirates, February 12, 2017. REUTERS/Stringer 2/3 left right International Monetary Fund (IMF) Managing Director Christine Lagarde gestures during the World Government Summit in Dubai, United Arab Emirates, February 12, 2017. REUTERS/Stringer 3/3 DUBAI Negotiations between the International Monetary Fund and Ukraine to allow the release of the next tranche of aid for the country are heading in the right direction, IMF Managing Director Christine Lagarde said on Monday. Ukrainian Prime Minister Volodymyr Groysman told Reuters on Friday that Kiev expected to reach a deal with the IMF by the end of this month on the latest series of loans under Ukraine''s $17.5 billion (14 billion pound), four-year bailout. Lagarde, in an interview with Reuters while visiting Dubai, avoided giving a time frame but said the fact that the bailout had progressed so far was a good sign. "I am confident that the negotiations are heading in the right direction, that some of the key issues have been resolved," she said. "There are still a few outstanding matters that need to be ironed out and negotiated between the team and the Ukrainian authorities." Lagarde did not elaborate on the remaining issues. Groysman said on Friday that the IMF needed to have "realistic" expectations for what Ukraine could achieve in terms of judicial reforms, which were holding up talks. (Reporting by Andrew Torchia Editing by Jeremy  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ukraine-crisis-lagarde-idUKKBN15S1WL'|'2017-02-13T23:08:00.000+02:00'
'5ef40b6e0677d2b2a64f223eac37ecdd9b33b121'|'Danish telecoms group 3 gets ''blackmail'' threat over data breach'|'Business  19am GMT Danish telecoms group 3 gets ''blackmail'' threat over data breach COPENHAGEN Danish telecoms company 3 said on Monday one or more hackers had stolen data from around 3,600 of its customers and attempted to get the company, owned by CK Hutchison Holdings Ltd and Investor AB, to pay "millions" to not publish it. The company, which has around 1.2 million customers in total, said it would not "negotiate with criminals" and has handed over the case to the police. "After dialogue with the police, our assessment is that the blackmail threat is real and that the perpetrators actually are in possession of the data," 3 said in a statement. The stolen data consists of names, addresses and civil registration numbers but not bank information or pin codes, the company said. 3 said it was not immediately clear how the breach had happened. The company was not immediately available for further comment. (Reporting by Stine Jacobsen. Editing by Jane Merriman) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-telecoms-cybercrime-denmark-idUKKBN15S0QZ'|'2017-02-13T15:19:00.000+02:00'
'b1a6a26496940a09fe5bec9c2e95b5a027e5bc9e'|'Teva Pharma quarterly profit and revenue beat expectations'|' 54pm GMT Teva Pharma quarterly profit and revenue beat expectations 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 - RTX304IX By Tova Cohen - TEL AVIV TEL AVIV Teva Pharmaceutical Industries ( TEVA.TA ) reported higher-than- expected fourth-quarter profit on Monday, after sales were boosted by its $40.5 billion (32 billion pound) acquisition of the Actavis generic drug business in August. Israel-based Teva was left without a permanent chief executive last week after Erez Vigodman suddenly stepped down, leaving new management to restore confidence in the world''s biggest generic drugmaker after a series of missteps. "While we continue to manage through a turbulent and constantly evolving industry, we are committed to execute against our strategy with more diversified revenue sources and profit streams," interim CEO Yitzhak Peterburg said in a statement. In 2017, Teva''s main focus will be extracting synergies from the Actavis deal, implementing efficiency measures, generating cash and paying down debt, Peterburg added. "With the entire Teva team, I am conducting a thorough review of the business to find additional opportunities to enhance value," Peterburg said without giving details. A string of costly acquisitions, along with delayed drug launches, have sent Teva shares plummeting and led to calls for management and structural changes, including a possible split into separate generic and branded medicine units. Investors say Teva, which faces pricing pressure in its core generics business and recently lost patent protection on its key branded drug Copaxone for multiple sclerosis, must choose a new CEO with extensive pharmaceutical experience. Its New York-listed shares, which had been trading around 10-year lows, were up 4.5 percent at $33.65 in pre-market trading. Teva earned $1.38 per share excluding one-time items in the quarter, up from $1.28. Revenue grew 33 percent to $6.5 billion, primarily due to the inclusion of $630 million from the Actavis acquisition. Teva ( TEVA.N ) had been forecast to earn $1.35 excluding one-off items on revenue of $6.24 billion, according to Thomson Reuters I/B/E/S. Global sales of Copaxone rose 6 percent in the quarter to $1.0 billion. Cash flow from operations in the quarter fell 12 percent to $1.4 billion.Teva reaffirmed its 2017 forecast of earnings per share of between $4.90 and $5.30, on revenue of between $23.8 billion and $24.5 billion. In 2016 it earned $5.14 a share on an adjusted basis on revenue of $21.9 billion. It will pay a quarterly dividend of 34 cents per ordinary share and $17.50 per mandatory convertible preferred share. (Editing by Steven Scheer and David Holmes)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-teva-pharm-ind-results-idUKKBN15S1AR'|'2017-02-13T19:54:00.000+02:00'
'b0fe44e971b904d285588f131b0a23d58e374a70'|'DuPont settles lawsuits over Teflon-making chemical leak'|'Business  47am EST DuPont settles lawsuits over Teflon-making chemical leak FILE PHOTO -- The Dupont logo is displayed on a board above the floor of the New York Stock Exchange shortly after the opening bell in New York, U.S. on December 22, 2015. REUTERS/Lucas Jackson/File Photo DuPont said on Monday it agreed to pay $670.7 million in cash to settle several lawsuits related to a chemical leak from a plant in West Virginia. The company said it settled about 3,550 personal injury claims arising from the leak of perfluorooctanoic acid, also known as PFOA or C-8, from DuPont''s Parkersburg, West Virginia, plant. The leak allegedly contaminated local water supplies and has been linked to six diseases, including testicular and kidney cancers. DuPont has used C-8 at the West Virginia plant since the early 1950s. The chemical is used to make Teflon. Titanium dioxide maker Chemours Co,which was spun off from DuPont, said it will pay half of the settlement. Both companies denied any wrongdoing. (Reporting by Arathy S Nair in Bengaluru; Editing by Martina D''Couto) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-du-pont-lawsuit-west-virginia-idUSKBN15S18U'|'2017-02-13T18:41:00.000+02:00'
'22865fa6890aa1e61eb8870cb1e81b9f9d71048f'|'Higher energy prices boost U.S. producer inflation'|'  2:17pm GMT Higher energy prices boost U.S. producer inflation Shopping carts are seen outside a Costco Wholesale warehouse club in Westbury, New York, U.S., May 23, 2016. REUTERS/Shannon Stapleton By Lucia Mutikani - WASHINGTON WASHINGTON U.S. producer prices rose more than expected in January, recording their largest gain in more than four years amid increases in the cost of energy products and some services, but a strong dollar continued to keep underlying inflation tame. The Labor Department said on Tuesday its producer price index for final demand jumped 0.6 percent last month. That was the largest increase since September 2012 and followed a 0.2 percent rise in December. Despite the surge, the PPI only increased 1.6 percent in the 12 months through January. That followed a similar gain in the 12 months through December. Economists polled by Reuters had forecast the PPI rising 0.3 percent last month and the year-on-year increase moderating to 1.5 percent. The U.S. dollar .DXY pared losses against a basket of currencies after the data. Prices of U.S. Treasuries were mixed while U.S. stock index futures were largely flat. The rise in producer prices comes as manufacturers report paying more for raw materials. The Institute for Supply Management''s (ISM) prices index surged in January to its highest level since May 2011. The ISM index, which is closely correlated to the PPI, has increased for 11 straight months. The gains in PPI last month largely reflected increases in the prices of commodities such as crude oil, which are being boosted by a steadily growing global economy. Oil prices have risen above $50 per barrel. But with the dollar strengthening further against the currencies of the United States'' main trading partners and wage growth still sluggish, the spillover to consumer inflation from rising commodity prices is likely to be limited. A government report on Friday showed import prices excluding fuels fell in January for a third straight month. Data on Wednesday is expected to show the consumer price index increased 0.3 percent in January after a similar gain in December, according to a Reuters survey of economists. Last month, prices for final demand goods increased 1.0 percent, the largest rise since May 2015. The gain accounted for more than 60 percent of the increase in the PPI. Prices for final demand goods advanced 0.6 percent in December. Wholesale food prices were unchanged last month after climbing 0.5 percent in December. Healthcare costs rose 0.2 percent. Those costs feed into the Fed''s preferred inflation measure, the core personal consumption expenditures (PCE) index. The volatile trade services component, which measures changes in margins received by wholesalers and retailers, shot up 0.9 percent in January after being unchanged in the prior month. A key gauge of underlying producer price pressures that excludes food, energy and trade services rose 0.2 percent. That followed a 0.1 percent gain in December. The so-called core PPI increased 1.6 percent in the 12 months through January, slowing from December''s 1.7 percent gain. (Reporting by Lucia Mutikani; Editing by Paul Simao) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-economy-idUKKBN15T1U6'|'2017-02-14T21:17:00.000+02:00'
'bd36b371a9b7f06742fdb2292327f2e83cc1ea35'|'Boeing expects 787 MAX-9 to fly in April; on course for 2018 delivery'|'Company   1:00pm EST Boeing expects 787 MAX-9 to fly in April; on course for 2018 delivery SEATTLE Feb 14 Boeing Co said on Tuesday it plans to fly its new 737 MAX-9 aircraft for the first time in April, a further sign the company will start delivering the large version of the workhorse plane in 2018. Delivery of the single-aisle 737 MAX models, which replace the current 737 "NG" introduced in 1997, is crucial for Boeing to hit the financial targets it has promised investors and to offset slowing output of some of its largest jets such as the 777 and 747. Airlines want the MAX because it burns significantly less fuel than current models. (Reporting by Alwyn Scott; Editing by Matthew Lewis) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/boeing-idUSL1N1FZ01P'|'2017-02-15T01:00:00.000+02:00'
'3e5c82f201d277a7b8d849ba6d9e740debf176bc'|'BRIEF-CME Group''s board amended and restated company''s bylaws primarily to implement "proxy access"'|' 20pm EST BRIEF-CME Group''s board amended and restated company''s bylaws primarily to implement "proxy access" Feb 13 CME Group Inc * CME Group Inc - On Feb 8, 2017, board of directors of cme group inc amended and restated company''s bylaws primarily to implement "proxy access" * CME Group Inc - Bylaws amended to permit shareholders, owning 3 percent or more of co''s common stock for at least 3 years, to nominate director candidates Source text: [ bit.ly/2l1yl1F ]  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1FY111'|'2017-02-14T05:20:00.000+02:00'
'4e016579f01a04215cac77f2b1c90717f62e20fe'|'Daimler chief Zetsche''s pay drops 21 percent in 2016'|'FRANKFURT Daimler Chief Executive Dieter Zetsche''s total pay including bonuses dropped 21 percent to 7.6 million euros ($8 million) last year, when the group reported a slight decline in annual operating profit, the company''s annual report showed on Tuesday.Zetsche, who has for years been one of Germany''s best-paid CEOs, pocketed a total of 13.8 million euros in 2016 once share awards are included, but this was also down on the year before''s total of 14.4 million euros, the report showed.($1 = 0.9416 euros)\(Reporting by Maria Sheahan and Patricia Uhlig; Editing by Adrian Croft and David Holmes)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/daimler-chief-idINKBN15T1MC'|'2017-02-14T09:59:00.000+02:00'
'5053f12abd2f4c95b913704ecaad910977230249'|'Exclusive: Retail CEOs head to Washington to try to kill U.S. border tax - sources'|'Business News - Mon Feb 13, 2017 - 8:33pm EST Exclusive: Retail CEOs head to Washington to try to kill U.S. border tax - sources left right FILE PHOTO - Cranes and containers are seen at the Ports of Los Angeles and Long Beach, California February 6, 2015 in this aerial image. REUTERS/Bob Riha Jr 1/3 left right FILE PHOTO - Target Corp. CEO, Brian Cornell speaks during an interview on the floor of the New York Stock Exchange November 28, 2014. REUTERS/Brendan McDermid 2/3 left right Hubert Joly, Chairman and CEO of Best Buy, participates in a panel at the 2015 Fortune Global Forum in San Francisco, California November 2, 2015. REUTERS/Elijah Nouvelage 3/3 By Ginger Gibson - WASHINGTON WASHINGTON Chief executives of some of America''s largest retailers, including Target Corp ( TGT.N ) and Best Buy Co Inc ( BBY.N ), are headed to Washington this week to make their case that a controversial tax on imports would raise consumer prices and hurt their businesses, according to people familiar with the plan. The group of eight retail bosses, that also includes chief executives of Gap Inc ( GPS.N ) and Autozone Inc ( AZO.N ), will meet on Wednesday with Kevin Brady, chairman of the tax-writing House Ways and Means Committee, and with members of the Senate, four people said in recent days. Reuters could not confirm the full list of participants. This is the first time well-known retail CEOs will descend on Washington as a group to try to make the case to kill the import tax proposal. Their input has more urgency as U.S. President Donald Trump is finalizing his own tax plan that he plans to unveil in the coming weeks. It is not known if the group, including Target CEO Brian Cornell, Best Buy CEO Hubert Joly, GAP CEO Art Peck and Autozone CEO William Rhodes, will meet with Trump at the White House while in town, according to people familiar with ongoing discussions. Brady and Speaker Paul Ryan are leading a House Republican push that would cut corporate income tax to 20 percent from 35 percent, exclude export revenue from taxable income and impose a 20 percent tax on imports. Companies that rely heavily on imports, such as retailers, automakers and refiners say a border tax will outweigh the benefit of a lower headline corporate tax. Asked for confirmation of the meeting, Brian Dodge, a spokesman for the Retail Industry Leaders Association, told Reuters there was going to be a meeting this week but declined to provide further details. The trade group is leading the industry''s effort to oppose House Republicans'' proposal for a border adjustability tax, running a coalition of more than 120 companies and trade organizations including Wal-Mart Stores Inc ( WMT.N ) and Walgreens Boots Alliance Inc ( WBA.O ). Representatives for Target, Best Buy, Gap and AutoZone did not respond to requests for comment. Trump has voiced some concern about the House tax proposal calling it "too complicated." But the White House also said previously that a border tax on goods from Mexico is one option under review to pay for a wall along the nation''s southern border. The prospect of a big import tax is also pitting some of the largest U.S. companies against one another. A group of major exporters including Boeing Co ( BA.N ), General Electrics Co ( GE.N ) and Pfizer Inc ( PFE.N ) have formed their own coalition to support the import tax. Retailers have become the most vocal opponents to the proposal, saying a 20 percent tax on imported goods would cause prices to increase for consumers and erase any profits the companies currently make. Nearly all of the nation''s clothing, shoes and electronics are imported into the United States, as well as foods that cannot be grown domestically, like coffee and palm oil. The largest U.S. electronics retailer, Best Buy, for example, has circulated a flyer to lawmakers, which cites an analyst forecast that a 20 percent tax would wipe out the company''s projected annual net income of $1 billio
'6041770295b09b2370fa271cadf24af040169f4f'|'French carmaker PSA discusses deal to buy GM''s Opel'|'By Pamela Barbaglia and Edward Taylor - LONDON/FRANKFURT LONDON/FRANKFURT PSA Group is holding talks with General Motors about buying its European Opel division, the French carmaker said on Tuesday, a deal which would increase competition for market leader Volkswagen.The maker of Peugeot, Citroen and DS cars is "exploring a number of strategic initiatives with GM with the aim of increasing its profitability and operating efficiency, including a potential acquisition of Opel," a spokesman said.GM and PSA already share production of SUVs and commercial vans, a relic of their last attempt to forge a broader alliance, which was unwound in 2013 with the sale of the U.S. carmaker''s stake in PSA.Together, PSA and Opel would command a 16.3 percent share of the European car market compared with Volkswagen''s 24.1 percent, based on 2016 data. They would overtake Renault as the closest rival to the German carmaker.For GM, selling Opel and Vauxhall, which added almost 1 million cars to its sales, could mean giving up on the global volume race in which it is currently ranked third behind Volkswagen and Toyota, with just over 10 million vehicles delivered last year.The Detroit-based group may keep a stake in the combined entity, one of the sources told Reuters.The confirmation of talks came after sources told Reuters earlier on Tuesday that the two companies were in advanced discussions to combine PSA with the U.S. carmaker''s Opel business.In a statement, PSA warned that there could be "no certainty over the conclusion of an agreement".OPEL''S PROBLEMSPSA shares traded 3.7 percent higher by 1305 GMT, having earlier been as much as six percent higher. Milan-listed shares in Fiat Chrysler also gained on renewed prospects for consolidation in the industry.Spokespeople for Opel and the French government, which owns 14 percent of PSA, had no immediate comment. A spokesman for the Peugeot family, which holds a matching stake in the carmaker, was not immediately available.Under Chief Executive Carlos Tavares, PSA has rebounded from a 2013-14 brush with bankruptcy to reach record levels of earnings, posting a 6.8 percent automotive operating margin in the first half of last year.The carmaker sold 3.15 million vehicles last year. Tavares has signalled openness to a tie-up that would increase PSA''s scale and ability to meet growing investment demands in vehicle electrification, driving technology and connected services.GM has consistently struggled to make a profit at its Opel division, which includes Britain''s Vauxhall brand. It had previously discussed a sale to Canadian parts maker Magna in the aftermath of the financial crisis, before pulling the plug on the tentative deal in 2009.The company missed last year''s target of reaching breakeven in Europe, despite buoyant demand, and warned it would struggle to restore regional profitability before 2018..(Additional reporting by Gilles Guillaume and Laurence Frost; Writing by Laurence Frost; Editing by Keith Weir)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/opel-m-a-psa-idINKBN15T1TM'|'2017-02-14T11:06:00.000+02:00'
'6560ab6f5674b93e11b1f39d3a00b3999a46f9a4'|'German Finance Minister says will try to dissuade U.S. from financial market deregulation'|' 39pm GMT German Finance Minister says will try to dissuade U.S. from financial market deregulation German Finance Minister Wolfgang Schaeuble in Berlin, Germany February 10, 2017. REUTERS/Hannibal Hanschke BERLIN German Finance Minister Wolfgang Schaeuble said on Tuesday he would try to dissuade new U.S. Treasury Secretary Steven Mnuchin from deregulating financial markets. U.S. President Donald Trump has ordered reviews of major banking rules that were put in place after the 2008 financial crisis. "Every liberal order fails without rules and limits," Schaeuble said in Berlin. (Reporting by Matthias Sobolewski; Writing by Paul Carrel; Editing by Michael Nienaber)   Exclusive: Yellen brushes off warning, says Fed has authority on global talks NEW YORK Federal Reserve Chair Janet Yellen, in response to a warning from a U.S. congressman to halt global regulatory talks in the early stages of Donald Trump''s presidency, said in a letter the Fed has the authority and responsibility to consult with its foreign counterparts and does so to benefit the United States. Markets underestimating pace of Fed rate hikes: Lacker NEWARK, Del. The Federal Reserve will likely have to raise interest rates more rapidly than financial markets currently expect given that any new policies by the Trump administration, while uncertain, will force the Fed''s hand, a hawkish central banker said on Tuesday. 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-usa-germany-financial-idUKKBN15T2D3'|'2017-02-15T00:33:00.000+02:00'
'06d6afc1dd62d3f56dec5bb0806cbd6b150f48e2'|'Daimler invests in smartphone-based vehicle finance app AutoGravity'|'FRANKFURT Daimler ( DAIGn.DE ) said on Tuesday it was investing a double-digit million euro amount into AutoGravity, a smartphone-based vehicle leasing and financing app as part of a broader push by the carmaker to build a digital platform for financial services.Car buyers in the United States can use AutoGravity to find tailored buying and leasing offers.AutoGravity features multiple vehicle brands and models, and enables various financial services providers and automotive manufacturers the opportunity to offer vehicle financing and leasing via smartphone.(Reporting by Ilona Wissenbach; Writing by Edward Taylor; Editing by Maria Sheahan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-daimler-investment-autogravity-idINKBN15T0KH'|'2017-02-14T03:22:00.000+02:00'
'eaa58d085a78fb5e18d5fcf8c501bb42d5198d20'|'Gilead challenges GSK with strong HIV drug data'|'Business News - Tue Feb 14, 2017 - 8:52am GMT Gilead challenges GSK with strong HIV drug data LONDON Gilead Sciences ( GILD.O ) has thrown down a challenge to GlaxoSmithKline ( GSK.L ) with good clinical trial results for an experimental HIV drug that works in the same way as the British group''s successful dolutegravir. Gilead''s bictegravir, another so-called integrase inhibitor drug, delivered 97 percent virus suppression, making it just as effective as GSK''s product, data presented at a medical meeting in Seattle late on Monday showed. Importantly, there were no cases of resistance emerging to the new medicine in the 98-patient Phase II study and no patients discontinued treatment due to kidney problems, which can be an issue with HIV treatments. Potential drug resistance is a key consideration for the new drug because dolutegravir is valued by doctors for its excellent resistance profile. Berenberg analyst Laura Sutcliffe said the results were good news for Gilead but the data was not yet conclusive, since findings from larger Phase III tests are due later in the year. Gilead is pinning its hopes on bictegravir to stay competitive with GSK and the U.S. company has been testing the new medicine alongside two older drugs. GSK, meanwhile, is working on a dolutegravir-based two-drug treatment regimen for controlling the virus behind AIDS, a development that marks a departure from conventional triple drug cocktails. Detailed findings from two Phase III trials testing the new two-drug combination were presented at the Conference on Retroviruses and Opportunistic Infections in Seattle. GSK already said in December that these studies were successful. GSK sells its HIV drugs through its majority-owned ViiV Healthcare unit, in which Pfizer ( PFE.N ) and Japan''s Shionogi ( 4507.T ) hold minority stakes. GSK shares were 0.6 percent lower by 0830 GMT. (Reporting by Ben Hirschler; Editing by Keith Weir) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-health-hiv-gilead-gsk-idUKKBN15T0X6'|'2017-02-14T15:52:00.000+02:00'
'762c5e9337727064f43da94a16127a7d96311046'|'Fed on course to raise interest rates at an upcoming meeting: Yellen'|'Business News - Tue Feb 14, 2017 - 10:03am EST Fed on course to raise interest rates at an upcoming meeting: Yellen U.S. Federal Reserve Chair Janet Yellen holds a news conference following day two of the Federal Open Market Committee (FOMC) meeting in Washington, U.S., December 14, 2016. REUTERS/Gary Cameron/File Photo By Jason Lange and David Lawder - WASHINGTON WASHINGTON The Federal Reserve will likely need to raise interest rates at an upcoming meeting, Fed Chair Janet Yellen said on Tuesday, although she flagged considerable uncertainty over economic policy under the Trump administration. Yellen said delaying rate increases could leave the Fed''s policymaking committee behind the curve and eventually lead it to hike rates quickly, which she said could cause a recession. "Waiting too long to remove accommodation would be unwise," Yellen said in prepared remarks before the U.S. Senate Banking Committee, citing the central bank''s expectations the job market will tighten further and that inflation would rise to 2 percent. "At our upcoming meetings, the committee will evaluate whether employment and inflation are continuing to evolve in line with these expectations, in which case a further adjustment of the federal funds rate would likely be appropriate." Yellen did not say if Fed policymakers expected the economy would warrant three interest rate increases this year, as they last signaled in December. Nor did she give indications whether the first rate hike of the year might come at its next meeting in March or at the subsequent June meeting, which is when most analysts expect a rate increase. Yellen was appearing in Congress for the first time since Republicans took control of the White House and both houses of the legislature and she nodded to the uncertainties over the direction of U.S. economic policy. "Changes in fiscal policy or other economic policies could potentially affect the economic outlook," she said. "It is too early to know what policy changes will be put in place or how their economic effects will unfold." President Donald Trump has announced a rollback of financial regulation with few details and there is no clarity on the size and scope of the tax cuts he has promised, while possible new taxes on imports and increased infrastructure spending could boost inflation. Inflation has remained persistently below the Fed''s 2 percent target for several years and Yellen said it was "reassuring" that market-based measures of inflation compensation had recently risen, though she noted they remain low. Yellen said she did not want to weigh in on specific tax and spending proposals, but she urged policymakers to consider the importance of making U.S. businesses more efficient, which economists believe is essential to raising living standards over the long term. "I would also hope that fiscal policy changes will be consistent with putting U.S. fiscal accounts on a sustainable trajectory," she said. (Reporting by Jason Lange and David Lawder; Editing by Andrea Ricci) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-fed-yellen-testimony-idUSKBN15T1ZY'|'2017-02-14T22:03:00.000+02:00'
'e29b6fb6697171b1e43efe31664e97b9f2b34e93'|'Australian banks narrow focus of Apple Pay collective bargaining request'|'Technology   11:33pm GMT Australian banks narrow focus of Apple Pay collective bargaining request left right FILE PHOTO : An employee uses an Apple Watch 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 1/3 left right FILE PHOTO: A man uses an Apple Watch to demonstrate the mobile payment service Apple Pay at a cafe in Moscow, Russia, October 3, 2016. Picture taken October 3, 2016. REUTERS/Maxim Zmeyev/File Photo 2/3 left right An Apple iPhone 6 with Apple Pay is shown in this photo illustration in Encinitas, California, U.S. June 3, 2015. REUTERS/Mike Blake/File Photo 3/3 By Jamie Freed - SYDNEY SYDNEY Australian banks seeking permission from the country''s competition regulator to bargain collectively with Apple Inc ( AAPL.O ) over its mobile payment system said on Monday they will focus on gaining access to the U.S. tech company''s contactless payment function, removing the fees Apple charges as a bone of contention. Commonwealth Bank of Australia ( CBA.AX ), Westpac Banking Corp ( WBC.AX ), National Australia Bank Ltd ( NAB.AX ) and Bendigo & Adelaide Bank Ltd ( BEN.AX ) command two-thirds of Australia''s credit card market but have yet to allow use of their cards with Apple Pay which was introduced to the country last year. Under Australian law, bargaining cartels can be formed with the approval of authorities. A cartel would strengthen the banks in negotiating the ability to offer their own digital wallets for Apple''s iPhones - the first major challenge to Apple Pay of its kind globally. Apple Pay allows users to register credit cards on iPhones, and pay for goods and services by swiping the devices over contactless payment terminals. Apple charges card providers for transactions made using Apple Pay and does not allow companies to develop their own mobile wallets, which would allow banks to circumvent transaction fees and get customers to engage more frequently with their own apps. In the banks'' initial application lodged in July, they sought to negotiate with Apple over fees as well as access to the contactless payments function. In a draft decision issued in November, which it described as "finely balanced", the Australian Competition and Consumer Commission (ACCC) proposed to deny the collective bargaining application. At the time, ACCC Chairman Rod Sims told Reuters that if fees were at the heart of the banks'' application, then it would be difficult for them to win approval. But if the issue was more about access to Apple''s contactless payment technology, then the banks had a stronger case, he said. In a statement ahead of a final decision from the regulator, the banks on Monday said they had narrowed the application to focus on contactless payments and halved the collective bargaining authorization term to 18 months. "It is about the consumer having the choice of multiple wallets," said Lance Blockley, a spokesman for the banks. In a submission to the competition regulator on Jan. 31, Apple said there were no public benefits to providing the banks access to its contactless payment system, and that doing so would give them a "free-ride" on Apple''s investment in technology. Among other banks, Australia and New Zealand Banking Group Ltd ( ANZ.AX ) has offered Apple Pay to customers since April, while Macquarie Group Ltd ( MQG.AX ) and ING Groep NV''s ( INGA.AS ) ING Direct on Friday said they would introduce Apple Pay this month. (Reporting by Jamie Freed; Editing by Bill Rigby) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-apple-australia-idUKKBN15R11I'|'2017-02-13T06:01:00.000+02:00'
'3834662b84616973782288d6d3fb135e1a9d2383'|'Sadbhav Engineering profit rises about 82 pct'|'Feb 13 Sadbhav Engineering Ltd* Dec quarter net profit 524.2 million rupees* Dec quarter total income from operations 8.65 billion rupees* Sadbhav engineering ltd consensus forecast for dec quarter net profit was 372.9 million rupees* Net profit in Dec 287.4 million rupees as per Ind-AS; total income from operations was 7.53 ( bit.ly/2lGRciL '|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/idINFWN1FY01S'|'2017-02-13T04:04:00.000+02:00'
'c4f670ce8b9b67ca498018b9f031fba671926577'|'Auto CEOs want Trump to order review of 2025 fuel rules'|'Business News - Sun Feb 12, 2017 - 4:45pm GMT Auto CEOs want Trump to order review of 2025 fuel rules left right The General Motors CAMI car assembly plant sits behind rows of new GMC Terrain and Chevrolet Equinox, in Ingersoll, Ontario, Canada, January 27, 2017. REUTERS/Geoff Robins 1/2 left right A billboard welcoming Ford Motor Co is seen at an industrial park in San Luis Potosi, Mexico, January 4, 2017. Picture taken January 4, 2017. REUTERS/Christine Murray 2/2 By David Shepardson - WASHINGTON WASHINGTON The chief executives of 18 major automakers and their U.S. units urged President Donald Trump to revisit a decision by the Obama administration to lock in vehicle fuel efficiency rules through 2025. In a letter sent late Friday and viewed by Reuters, the chief executives of General Motors Co ( GM.N ), Ford Motor Co, Fiat Chrysler Automobiles NV, along with the top North American executives at Toyota Motor Corp ( 7203.T ), Volkswagen AG ( VOWG_p.DE ), Honda Motor Co ( 7267.T ), Hyundai Motor Co ( 005380.KS ), Nissan Motor Co ( 7201.T ) and others urged Trump to reverse the decision, warning thousands of jobs could be at risk. On Jan. 13, the head of the U.S. Environmental Protection Agency finalised a determination that the landmark fuel efficiency rules instituted by then President Barack Obama should be locked in through 2025, a bid to maintain a key part of his administration''s climate legacy. As part of a 2012 regulation, EPA had to decide by April 2018 whether to modify the 2022-2025 model year vehicle emission rules requiring average fleet-wide efficiency of more than 50 miles per gallon through a "midterm review." The agency in November moved up the timetable for proposing automakers could meet the 2025 standards. The auto CEO letter asked Trump to reopen the midterm review "without prejudging the outcome" and praised Trump''s "personal focus on steps to strengthen the economy in the United States and your commitment to jobs in our sector." Days after Trump was elected, automakers quickly appealed to Trump to review the rules, saying they impose significant costs and are out of step with consumer preferences. Gloria Bergquist, a spokeswoman for the Alliance of Automobile Manufacturers, said Sunday, automakers are "seeking a restoration of the process -- that''s all. This is a reset." The chief executives of Ford, GM and Fiat Chrysler also raised the issue in a White House meeting with Trump last month. The letter warned the rules could "threaten future production levels, putting hundreds of thousands and perhaps as many as a million jobs at risk." Environmentalists say the rules are working, saving drivers thousands in fuel costs and shouldn''t be changed. Luke Tonachel of the Natural Resources Defense Council, said lowering the standards would "cost consumers more, increase our dependence on oil and put Americans at greater risk from a changing climate." Trump EPA nominee Scott Pruitt told a Senate panel he will review the Obama administration''s decision. In 2011, Obama announced an agreement with automakers to raise fuel efficiency standards to 54.5 miles per gallon. This, the administration said, would save motorists $1.7 trillion (<28>1.36 trillion) in fuel costs over the life of the vehicles, but cost the auto industry about $200 billion over 13 years. The EPA said in July that because Americans were buying fewer cars and more SUVs and trucks, it estimated the fleet will average 50.8 mpg to 52.6 mpg in 2025. (Reporting by David Shepardson; Editing by Andrea Ricci)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-usa-vehicles-idUKKBN15R0TR'|'2017-02-12T23:45:00.000+02:00'
'f61dba8afdfcbb0aabad23f9ae8fb3ce231ee042'|'E.ON Heat no help after we moved into a new apartment without heating or hot water - Money'|'I purchased an apartment from London & Quadrant as part of the Elephant Park development in London and moved in in mid-December. But, as an early buyer in the scheme, I<>ve experienced terrible problems with the heating and hot water supply. To make the new development more sustainable, the site benefits from a central hot water and heat supply provided by E.ON Heat. My neighbours in the other four flats and myself are now in the eighth day of having no hot water or heating, at the height of the freezing January weather. E.ON has been incredibly slow to react, waiting for four days before sending someone to the site. As E.ON has a monopoly on the heat and hot water supply, we have been prevented from seeking a resolution elsewhere. It has done little to keep us updated on the progress of the fault and it resolution. Please help before we freeze! RF , London SE17 Early buyers and those who take up residence first are unfortunately often the guinea pigs on new developments (as we have written about many times here, whether it<69>s about snagging or service issues), which is a great shame. You have subsequently spoken to E.ON, which has admitted a number of failures <20> not having capacity to arrange an engineer<65>s visit within 24 hours contrary to its agreement, failing to recognise it as a site-wide problem early enough, and then not keeping you and the other residents updated. It then confirmed a number of other issues including (not very impressively) engineers actually visiting the wrong plant rooms.When we got in touch, E.ON told us: <20>We<57>re very sorry for any inconvenience caused to RF as a result of the heating and hot water issues at his property. A loss of supply occurred and, due to an error in our processes causing RF<52>s account to be set up incorrectly, we did not respond quickly enough.<2E>Our service fell below the standard that we expect and we<77>re working hard to improve our processes to help ensure that this does not occur again in the future. We have spoken with RF directly to apologise for this error and have offered him a compensation payment for the inconvenience.<2E>With monopoly supplies like this happening more and more on new developments, major providers like E.ON really should get things right from day one.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'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/blog/2017/feb/12/new-apartment-without-heating-hot-water'|'2017-02-12T13:59:00.000+02:00'
'38bf574ec7519e425e1c64f6a1a448afaad02d8c'|'Britain''s struggling Co-operative Bank puts itself up for sale'|'  11:02am GMT Britain''s struggling Co-operative Bank puts itself up for sale People walk past a branch of the Co-Operative Bank in central London, Britain August 20, 2015. Britain''s Co-Operative Bank warned it wouldn''t make a profit until at least 2017 after its pretax loss nearly trebled in the first half, making a stock market listing unlikely in... REUTERS/Paul Hackett By Huw Jones - LONDON LONDON Britain''s Co-operative Bank, rescued from the brink of collapse by a group of hedge funds in 2013, has put itself up for sale after struggling to meet regulatory capital requirements. The bank said on Monday that it had made considerable progress implementing a turnaround plan, cutting its cost base by a fifth since 2014, but it still expects to make a "significant loss" for last year. It has not made a profit since 2011 and building up capital has proved difficult given low interest rates, it said. "As a result, and having concluded its annual planning review, the board is today commencing a sale process, inviting offers for all of the issued ordinary share capital in the bank," the lender said. The bank''s privately owned shares are rarely traded, making valuation difficult, but disclosure in September by Co-operative Group , the British supermarkets to funeral services group which owns a fifth of the bank, offered a window into its declining fortunes. Co-operative Group wrote down the value of its stake in the bank from 185 million pounds to 140 million, implying a total value for the lender of 700 million pounds. The Bank of England''s Prudential Regulation Authority (PRA), which regulates Co-operative Bank, said it welcomed the measures announced on Monday. "We will continue to assess the bank<6E>s progress in building greater financial resilience over the coming months," the PRA said in a statement. The Co-operative Bank, which has four million customers, said it was also considering ways to raise equity capital from existing and new capital providers, and a potential "liability management exercise" of its outstanding public debt. TROUBLE AGAIN It is the second time that Co-op bank has sought outside help, after it nearly folded in 2013 with a 1.5 billion pound hole in its capital after losses from problem real estate loans. Former chief executive Barry Tootell was banned for life by the Bank of England last year from holding senior jobs in the sector for his role in prioritising profit at the expense of stability at the lender when it came close to collapse, the first time British regulators have barred a former bank CEO. Former chairman Paul Flowers was dubbed the "Crystal Methodist" after pleading guilty to drug charges when running the bank. The bank was rescued in 2013 by bondholders, mainly U.S. hedge funds, who bet that rising interest rates and a cost-cutting turnaround plan would improve the bank''s fortunes and make them a return on their investment. Its bonds fell to historic lows last month after a warning on Jan. 26 that it would not meet capital requirements by 2020. The bank''s immediate issue is the repayment of 400 million pounds'' worth of bonds that mature in September. While the bank has enough cash to repay the debt, it would likely have to pay very high interest rates to issue new bonds to replenish its funds, investors told Reuters. The bank has hired Bank of America Merrill Lynch and UBS to run the sale process. (Reporting by Huw Jones, additional reporting by Maiya Keidan and Lawrence White; Editing by Rachel Armstrong, Jane Merriman and Susan Fenton)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-cooperative-bank-sale-idUKKBN15S0O5'|'2017-02-13T18:02:00.000+02:00'
'71a4829b76c2fa2f4e5a01eb34ab075e4498a9a4'|'Hundreds of Uber drivers in Qatar go on strike after price cuts'|'Business News - Mon Feb 13, 2017 - 11:58am GMT Hundreds of Uber drivers in Qatar go on strike after price cuts A man arrives at the Uber offices in Queens, New York, U.S., February 2, 2017. REUTERS/Brendan McDermid - DOHA Hundreds of drivers with ride-hailing service Uber [UBER.UL] in Qatar went on strike on Monday for the second time in a year to protest against fare cuts. The U.S.-based company, which started operations in Doha in 2014, has in recent months cut fares by 15-20 percent for passengers amid growing competition from local firms. Uber drivers in Doha stayed home on Monday to protest the cuts and an "upfront" service launched by Uber in November that allows passengers to view the total fare before their journey. "The upfront [service] isn''t fair. If you get stuck in traffic or the passenger makes extra stops during the journey, we receive nothing for that," said John, an Ethiopian driver who declined to give his second name. "If they [Uber] don''t raise fares and treat drivers better we have many other platforms we can go to. I have a family to support," he said. Uber has tried to drive down taxi fares to win customers from local rivals in Qatar like Careem which has a larger market share than Uber in most of the 32 cities in the Middle East, North Africa and Pakistan region in which it operates. An Uber spokesman in Dubai said the company was "committed to dialogue with partner drivers" and had made improving their experience a priority. "We are very proud of the high quality service they [drivers] offer to riders who want to get around Doha with a safe, efficient and affordable ride," said the spokesman in a statement. Thousands of Ethiopians, Indians and Nepalis work as Uber drivers in wealthy Qatar where unions and labour protests are banned and authorities penalise dissent with jail terms or immediate deportation. Some drivers say they have struggled since an oil slump in mid-2014 that has squeezed state finances and last year saw Doha raise the domestic price of gasoline by 30 percent.. (Reporting by Tom Finn; Additional reporting by Celine Aswad in Dubai; Editing by Janet Lawrence) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-uber-qatar-strike-idUKKBN15S19W'|'2017-02-13T18:58:00.000+02:00'
'22e636b6d2d6d5c58d03b4c2e8ba6a6d9ac0df7e'|'Oi CEO says Brazil telecom reform not affecting reorganization plan'|'SAO PAULO Feb 14 Changes in Brazil''s telecom law currently under debate in the Senate are not being taken into account by debt-laden carrier Oi SA as it devises its in-court reorganization plan, Oi''s Chief Executive Marcos Schroeder said on Tuesday.Speaking at an industry event in Bras<61>lia, Schroeder said that the imminent reforms will have "no economic effect" on the company''s efforts to restructure about 65.4 billion reais ($21.1 billion) of bank debt, bonds and regulatory liabilities.($1 = 3.095 reais) (Reporting by Ana Mano)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brazil-telecoms-idINE6N1DF021'|'2017-02-14T10:16:00.000+02:00'
'74de2fc93d0a6cc8299bde918c99a1da9e191674'|'Exclusive : Wal-Mart to tear down walls between store, online buying operations - sources'|'  11:38pm GMT Exclusive: Wal-Mart to tear down walls between store, online buying operations - sources left right Walmart signage is displayed outside a company''s store in Chicago, Illinois, U.S. November 23, 2016. REUTERS/Kamil Krzaczynski 1/2 left right A customer pushes a shopping cart at a Walmart store in Chicago, Illinois, U.S. November 23, 2016. REUTERS/Kamil Krzaczynski 2/2 By Nandita Bose - CHICAGO CHICAGO Wal-Mart Stores Inc ( WMT.N ) for the first time will combine its own buying for products sold at its stores with purchases it makes for its website, sources said, a significant move to stamp out duplicate efforts as it consolidates buying operations to better fight Amazon.com Inc ( AMZN.O ). Vendors contacted by Wal-Mart about the change told Reuters the store and online buying teams of the world''s largest retailer currently operate independently. Wal-Mart has told some vendors it is seeking to make the buying process more efficient for itself and vendors, and improve coordination between its buying teams. It also wants to apply its bricks-and-mortar expertise in securing the lowest possible prices to its e-commerce business, according to the vendors, who spoke over the last few days. They declined to be identified for fear of disrupting business relations with Wal-Mart. The move is part of a broader push by Chief Executive Doug McMillon and new e-commerce chief Marc Lore to narrow the gap with Amazon and boost Wal-Mart''s competitive standing in U.S. e-commerce. Lore, who joined Wal-Mart when it purchased the company he founded, Jet.com, last year, has been charged with revitalizing Wal-Mart''s online business and has introduced changes such as free-two day shipping. The company has told vendors it plans to disclose the change at a meeting with suppliers later this week, the vendor sources said. Wal-Mart spokesman Lorenzo Lopez on Monday would say only that the company wants to create "a more efficient process that accelerates how we bring the full assortment of products in stores to Walmart.com." He did not elaborate. The company expects Walmart.com''s buying team to focus on expanding the online assortment, Lopez said. Going forward, Wal-Mart''s store buying team based at Bentonville, Arkansas, headquarters will place combined store and Web orders with suppliers who sell on both platforms. Under the new system, an item available for sale in the store will also be approved for sale online, the sources added. "The way it operated until now was extremely inefficient for us and them," a large consumer goods supplier told Reuters. "For example, they would buy 5 million cases a year for stores and 500 cases (for) online and then make us go through a different buyer for online. It was a nuisance." Wal-Mart''s buying team in San Bruno, California, will still deal with suppliers that make products that sell only on Walmart.com, the vendors said. Store suppliers who have items they sell exclusively online will also have to go through San Bruno, they added. The strategy is designed to leverage Wal-Mart''s powerful Bentonville purchasing operation, where dozens of vendors have set up offices solely to facilitate sales to Wal-Mart. The move will also help Wal-Mart make items at its nearly 4,600 U.S. stores available online. Many store suppliers still do not sell online because of low sales volumes, the sources said. Wal-Mart has been trying to expand its online assortment. It grew from 8 million items at the start of 2016 to more than 20 million items at the end of last year. This compares with more than 300 million items available on Amazon. The joint buying operation is also designed to address the dichotomy in which suppliers who focused on demands from Wal-Mart''s traditional store buyers paid less attention to their online counterparts. "It is hard to make their online buyers a priority. I would get to them when I had a chance," another large consumer products supplier said. (R
'7e0c1cfd1a8a0e41c2b7f060ad6d24387811c50c'|'BRIEF-FICO, EC Wise announce cybersecurity risk assessment partnership'|' 47am EST BRIEF-FICO, EC Wise announce cybersecurity risk assessment partnership Feb 14 Fair Isaac Corp * FICO and EC Wise announce partnership for streamlining cybersecurity risk assessment and mitigation * Fair Isaac Corp- through partnership, EC Wise will incorporate FICO enterprise security score into its ec:secure portfolio of products and services  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1FZ0U9'|'2017-02-14T20:47:00.000+02:00'
'207dceb139558cda20f074cb1fd7a911df401569'|'BRIEF-Tile Shop reports Q4 EPS $0.01'|' 49am EST BRIEF-Tile Shop reports Q4 EPS $0.01 Feb 14 Tile Shop Holdings Inc - * Reports fourth quarter and full year 2016 results * Q4 non-gaap earnings per share $0.07 * Q4 sales $76.6 million versus I/B/E/S view $78.6 million * Q4 earnings per share view $0.09 -- Thomson Reuters I/B/E/S * Q4 earnings per share $0.01 * Sees fy 2017 net sales between $350 million - $370 million * Sees fy 2017 non-gaap earnings per share $0.50 - $0.57 * Sees fy 2017 earnings per share (gaap) $0.49 - $0.56 * Says 3.1 pct comparable store sales growth in Q4 * Sees 2017 capital expenditures $30 million to $35 million  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSASB0B04R'|'2017-02-14T20:49:00.000+02:00'
'1eb1266ababdde8bce8171ddc26e6c8c754eb3ee'|'Top Delaware court upholds sale of translation firm TransPerfect'|'WILMINGTON, Del. A Delaware judge had the authority to order the sale of TransPerfect Global Inc, a leading translation business, over the opposition of a co-owner, the Delaware Supreme Court ruled on Monday in an unusually heated boardroom battle.Co-owners Elizabeth Elting and Philip Shawe built TransPerfect into one of the world''s largest language services firms, but their once-romantic relationship deteriorated after they formed the company in their college dorm in the 1990s.Corporate decision-making eventually ground to a halt and the warring co-owners turned to the courts to break the deadlock. In 2015, Chancellor Andre Bouchard of the Court of Chancery ordered the company sold, and Shawe appealed.Monday''s 4-1 ruling affirmed Bouchard''s decision. Most of the 68-page ruling and dissent focused on whether Delaware law grants a judge the authority to order a sale. The majority said it does and noted that it was a better outcome than a liquidation."Selling TPG (TransPerfect Global) as a going concern will protect TPG<50>s employees from the ruinous consequences of an asset sale and provide the maximum return to the stockholders," said the majority opinion, written by Collins Seitz.Shawe has argued the outcome amounted to an unconstitutional taking of property and he said in a statement that he would appeal to the U.S. Supreme Court."No proprietor of a Delaware incorporated business can sleep easy with the specter than the courts may just decide to take it, and give to another private citizen," he said.Elting''s lawyer, Phil Kaufman of Kramer Levin Naftalis & Frankel, said in a statement he was gratified by the ruling.The TransPerfect case has attracted more attention than most battles over private companies, partly because of the behavior of the co-owners, which Bouchard described as "bizarre" and "inexplicable."Bouchard had penalized Shawe for breaking into Elting''s office on New Year''s Eve to swipe from her computer emails to her lawyers, and for the loss of text messages on an iPhone. Shawe''s assistant discarded the phone, saying he feared it was contaminated by rat droppings.The Delaware Supreme Court upheld $7 million of sanctions against Shawe.TransPerfect employees launched Citizens for a Pro-Business Delaware to lobby lawmakers to change the law that permitted the company''s sale."This is a sad day for justice in Delaware," said Chris Coffey, the campaign''s manager. "Nothing will hurt employees more than losing their jobs, and that''s what this court order practically guarantees."(Reporting by Tom Hals in Wilmington, Delaware; Editing by Jonathan Oatis)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-transperfect-sale-ruling-idUSKBN15S2KJ'|'2017-02-14T01:47:00.000+02:00'
'6eceb9d564160a6e11fb8a1e067a1b7f23e600ed'|'BRIEF-Terex names John Sheehan, Chief Financial Officer'|' 34pm EST BRIEF-Terex names John Sheehan, Chief Financial Officer Feb 13 Terex Corp : * Terex names John D. Sheehan, Chief Financial Officer * Sheehan will assume his duties as Chief Financial Officer of Terex on February 27, 2017 * Sheehan most recently served as Executive Vice President and Chief Financial Officer of Mylan, Inc * Bradley will then continue with company until mid-March to assist with transition after which time he will be leaving company * Kevin Bradley will remain in his current role until Sheehan assumes duties of Chief Financial Officer * Kevin Bradley to resign as Chief Financial Officer Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSASB0AZYM'|'2017-02-14T00:34:00.000+02:00'
'61bcf0f01992bdb7ddfafde2902d89e7bfe5da58'|'Trump says will be ''tweaking'' outstanding trade relationship with Canada'|' 57pm EST Trump says will be ''tweaking'' outstanding trade relationship with Canada Canadian Prime Minister Justin Trudeau (L) and U.S. President Donald Trump participate in a joint news conference at the White House in Washington, U.S., February 13, 2017. REUTERS/Carlos Barria WASHINGTON President Donald Trump said on Monday the United States will be "tweaking" its trade relationship with Canada, unlike its trade ties with Mexico where it faces a more severe situation. "We have a very outstanding trade relationship with Canada. We''ll be tweaking it," Trump said at a joint news conference with Canadian Prime Minister Justin Trudeau at the White House. "It''s a much less severe situation than what''s taking place on the southern border. On the southern border, for many, many years the transaction was not fair to the United States." (Reporting by Andrea Hopkins; Writing by Washington Newsroom)  '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-trump-canada-trade-idUSKBN15S2AJ'|'2017-02-14T02:54:00.000+02:00'
'007480ab8998d3cd1cc54e8617353d9078329257'|'U.S. Senate expected to confirm Mnuchin as Treasury secretary'|'  6:05am GMT U.S. Senate expected to confirm Mnuchin as Treasury secretary FILE PHOTO: Steven Mnuchin testifies before a Senate Finance Committee confirmation hearing on his nomination to be Treasury secretary in Washington, U.S., January 19, 2017. REUTERS/Joshua Roberts/File Photo By David Lawder - WASHINGTON WASHINGTON The U.S. Senate is expected to confirm former Goldman Sachs banker and Hollywood financier Steven Mnuchin as Treasury secretary on Monday, returning a Wall Street veteran to the top U.S. economic and financial job for the first time in eight years. Mnuchin''s appointment to Treasury signals the Trump administration''s trust in bankers and other senior business executives after Democrat Barack Obama launched his presidency with career regulator Timothy Geithner running Treasury and a mandate to rein in Wall Street for its role in the 2007-2009 financial crisis. Democrats, who boycotted Mnuchin''s approval by the Senate Finance Committee, are expected to vote against Mnuchin. But no Republicans have declared opposition, setting the stage for a party-line 52-48 vote. The vote is set for around 7 p.m. EST (0000 GMT). Mnuchin''s focus will shift from defending his foreclosure record in the aftermath of the financial crisis to tackling major issues such as tax reform, financial services deregulation and international economic diplomacy as major trading partners fret over President Donald Trump''s "America First" strategy. Mnuchin, 54, will need to build a team of officials quickly to handle a Group of 20 finance ministers meeting in March and make decisions on how far to roll back the Dodd-Frank Wall Street reform law enacted during the Obama administration with the aim of preventing a repeat of the financial crisis. Treasury and White House representatives did not respond to requests for comment late on Sunday on a Bloomberg report that Trump would soon nominate David Malpass, a former economist at failed Wall Street bank Bear Stearns, as Treasury undersecretary for international affairs. Malpass, a Trump campaign adviser who had been leading Treasury transition efforts, was seen as a leading candidate for the job, with experience from international economic posts in the Ronald Reagan and George H.W. Bush administrations. His role at Bear Stearns could set off a new round of protests from Democrats over his forecasts in 2007 dismissing the hazards building in credit markets that fueled the U.S. housing collapse. Bear Stearns was the first major financial failure of the financial crisis in 2008. FORECLOSURE RECORD UNDER FIRE Mnuchin, who left Goldman Sachs in 2002, has come under fire over his investor group''s 2009 acquisition of another failed lender, IndyMac Bank, a deal in which the Federal Deposit Insurance Corp agreed to absorb most of the losses on IndyMac foreclosures. The bank, rebranded as OneWest, subsequently foreclosed on more than 36,000 homeowners, drawing charges from housing advocates that it was a "foreclosure machine." Mnuchin grew OneWest into Southern California''s largest lender and sold it for $3.4 billion in 2015. He has also helped finance Hollywood blockbusters such as "Avatar," "American Sniper" and this past weekend''s box office champion, "The Lego Batman Movie," which took in $55.6 million. In a last-ditch effort to derail Mnuchin''s nomination, Democratic Senator Elizabeth Warren charged on Friday that Mnuchin "flat-out lied" to senators about OneWest''s use of so-called robo-signings, a practice in which signings of court documents are automated without adequate review by bank officials. But Mnuchin, who joined Trump''s campaign as finance chairman in May 2016, has been well-received by Republicans because of his extensive finance experience. "Objectively speaking, I don<6F>t believe anyone can reasonably argue that Mr. Mnuchin is unqualified for the position," Republican Senate Finance Committee Chairman Orrin Hatch said at Mnuchin''s confirmation hearing in January. (Repor
'6a3a3d7a6d5b0f462fb48533bb79890805bfccea'|'Toshiba prepares to unveil nuclear hole, other perils threaten'|'Business   11:03pm GMT Toshiba prepares to unveil nuclear hole, other perils threaten FILE PHOTO - The logo of Toshiba Corp is pictured at its headquarters in Tokyo, Japan, August 31, 2015. REUTERS/Yuya Shino/File Photo By Makiko Yamazaki and Taro Fuse - TOKYO TOKYO Toshiba Corp will on Tuesday detail a writedown of close to $6 billion after bruising cost overruns at its U.S. nuclear arm, turning investor attention to the Japanese group''s efforts to fix that and other balance sheet headaches. The TVs-to-construction conglomerate warned of a potential multi-billion dollar nuclear writedown in December, a year after a $1.3 billion accounting scandal. Sources familiar with the matter say the final charge, to be detailed alongside quarterly earnings, will be as high as 700 billion yen ($6.2 billion), a sum which alone would wipe out the company''s shareholder equity. Toshiba, which has seen its market value almost halve since the prospect of a writedown emerged in December, is also expected to outline the prospects for its nuclear arm and update investors on efforts to raise capital, including through the sale of a stake in its flagship memory chips business. "The question for Toshiba is how is it going to move forward," said Masahiko Ishino, analyst at Tokai Tokyo Research Center. He added Toshiba would need to show how it could stay competitive in the cash-generating but capital-intensive memory chip industry, given its battered balance sheet. Toshiba has offered a 19.9 percent of its prize chips business to investment funds and rivals including Bain Capital, SK Hynix and Micron Technology. PILLAR OF BUSINESS On Thursday, a source said that Toshiba had received bids of between 200 billion yen to 400 billion yen for the flash memory stake, a range that could cover the 300 billion yen the company wants to raise. It prefers multiple investors. Toshiba is a pillar of Japan''s business establishment. Born in the tumult of Japan''s emergence from centuries of isolation, it made Japan''s first light bulb and was a pioneer in laptop computers. Toshiba''s 190,000 workers, employed at some 500 units, likely will make it too big to fail. But as with other established Japanese firms that have dodged financial collapse, such as liquid crystal display inventor Sharp Corp, Toshiba could face protracted pain. Financial sources last week pointed to problem businesses within Toshiba beyond nuclear, including Landis+Gyr AG. Toshiba agreed to buy that unlisted meter maker for $2.3 billion in 2011 to tap smart grid demand that at the time was expected to grow six-fold to around $70 billion in 10 years. At the end of September, the goodwill value of Landis+Gyr was 143.2 billion yen ($1.3 billion). Other stumbling blocks for Toshiba include a $7.4 billion commitment four years ago to buy U.S. liquefied natural gas believing that would help sell power plant turbines. ACCOUNTING SCANDAL A fall in Asian gas prices, now at about half the level they were, has cast doubt on that strategy. Toshiba, on a stock exchange watchlist barring it from issuing new shares, must also contend with fallout from the 2015 accounting scandal. Mitsubishi UFJ Trust and Banking Corp last month said it will seek 1 billion yen in damages, while sources say Sumitomo Mitsui Trust Bank Ltd and Mizuho Trust & Banking Co are preparing similar suits.[nL4N1FK07I} With its latest financial crisis unresolved, investors appear most nervous about Toshiba''s short-term prospects. The cost of insuring against a credit default has soared over the past two months. Five-year insurance, or credit default swaps, was quoted at 315/355 basis points on Friday, compared with 75 basis points in mid-December. That quote, below late December highs, suggests it would cost $315,000-$355,000 per year for five years to insure $10 million in bonds. The CDS curve <0#TOSBJPACMPBMK=> is inverted, suggesting short-term cover is most expensive. ($1 = 113.1900 yen) (Reporting by Makiko Yamazaki and 
'2744be593450c4f3f00018d56085ae19e94e014a'|'South Africa''s Sibanye secures $2.65 billion finance for Stillwater deal'|'JOHANNESBURG Sibanye Gold Ltd ( SGLJ.J ) has secured a loan of $2.65 billion to support the acquisition of Stillwater Mining Company, the only U.S. miner of platinum and palladium, the South African company said on Monday.The diversified mining company closed the syndication of the bridging loan underwritten by Citi and HSBC who will also act as mandated lead arrangers and book runners.The loan facilities were oversubscribed by more than $1 billion and divided into three tranches.The first tranche was a $750 million bridge-to-equity component which will be repaid following a planned rights issue.The other parts are a $300 million bridge-to-cash element and a $1.6 billion bridge to debt capital markets component.Sibanye said in December it would pay $2.2 billion for Stillwater, which operates in Montana, extending its push into platinum mining.The syndication attracted interest from banks acting as mandated lead arrangers including Barclays Bank PLC, Credit Suisse International and J.P. Morgan."It is pleasing to note the strong support for the transaction from a significant number of leading banks. This is a clear vote of confidence on the merits of the Transaction, following detailed due diligence by the syndicate banks," said Sibanye chief executive officer Neal Froneman.The deal will make Sibanye the world''s third largest palladium producer and fourth largest platinum group metals miner.(Reporting by Tanisha Heiberg; Editing by Keith Weir)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-stillwater-minng-m-a-sibanye-gold-idINKBN15S0SM'|'2017-02-13T05:43:00.000+02:00'
'1d5551030c146a6a854aa335b912b6b03a49b6c3'|'BUZZ-India''s Idea Cellular falls on Dec-qtr loss'|'** Idea Cellular''s shares fall as much as 5.6 pct in their biggest decline in a month; stock among top pct losers on the NSE index** Telecommunications operator posts its first quarterly loss after a new rival forced carriers to cut prices in the highly competitive market** Co reports consolidated Dec-qtr loss of 3.8 bln rupees ($57.35 mln), compared with profit of 6.6 bln rupees last year** Indian mobile industry saw unprecedented disruption in Oct-Dec qtr, mainly due to free voice and mobile data promotions by a new entrant, Idea said on Saturday** "Despite the short-term revenue pressure, it needs to remain aggressive on the 3G/4G rollout to maintain its competitive position," Deutsche Bank analysts say ($1 = 66.9600 Indian rupees)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/idINL4N1FY1RM'|'2017-02-13T01:07:00.000+02:00'
'6f6b369453277307882c168b4b6b4c877d1d69b3'|'Acacia Mining sees 40 percent boost from mine extension'|' 29am GMT Acacia Mining sees 40 percent boost from mine extension LONDON Tanzanian gold producer Acacia Mining ( ACAA.L ) said 2017 production would be lifted 40 percent by a mine life extension at Buzwagi following a strong 2016 when EBITDA (earnings before interest, tax, depreciation and amortisation) more than doubled. "2016 was another successful year for Acacia as we delivered record production, reduced our all-in sustaining costs by 14 percent and more than doubled our net cash position," Brad Gordon, chief executive of Acacia Mining, said. For the coming year, the company said in a statement, a six-month extension of mining at Buzwagi will lead to a 40 percent output increase versus 2016. (Reporting by Barbara Lewis; Editing by Susan Fenton)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-acacia-mining-results-idUKKBN15T0QV'|'2017-02-14T14:29:00.000+02:00'
'4903136ac59c36649f4ec93a3f3ed6048183a5bf'|'Rolls-Royce to post record loss on bribery fine, weak pound'|' 31pm GMT Rolls-Royce to post record loss on bribery fine, weak pound FILE PHOTO - Warren East, CEO of Rolls-Royce, poses for a portrait at the company''s aerospace engineering and development site in Bristol, Britain, December 17, 2015. REUTERS/Toby Melville/File Photo LONDON British aero-engine maker Rolls-Royce ( RR.L ) is set to report a full-year loss of around 4 billion pounds on Tuesday, the biggest in its history, reflecting a fine for bribery and the collapse in the pound. Rolls-Royce has faced challenges across its business in recent years, weighing on its revenue and profit. That has prompting Chief Executive Warren East, who took the job in 2015, to restructure the company to respond to changes in civil aviation and other sectors. Pretax profit at the closely watched underlying level, which excludes adjustments in its currency hedging position, is expected to halve to 687 million pounds, according to a company-supplied consensus. The group has been hit by a slowdown in high-margin aircraft engine servicing, in part caused by reduced use of older aircraft, and lower sales of its Trent 700 engine that powers the Airbus A330, which is being superseded by the A330neo. A need to replace turbine blades on some of its Trent 1000 engines has also increased costs, and it is battling tough markets for its shipping and energy customers. While the wider pressures on the business will be laid bare by the drop in underlying profit, the toll taken by a fine for bribery and by the slump in the value of the pound will result in the record total loss. Rolls-Royce agreed last month to pay 671 million pounds to settle lengthy bribery investigations in Britain, the United States and Brazil. The sum is payable over five years, but Rolls-Royce will book all of the charge on Tuesday. The other major impact on the business will come from the fall in the pound since Britain voted to leave the European Union, with its reported results reflecting a mark-to-market adjustment in its $35 billion hedge book. The hedge book is used to manage the impact of changes in exchange rates on future foreign currency income. The depreciation in the pound against the dollar resulted in a 2.2 billion pound adjustment at the half year, and based on a further falls, the impact at the full year is expected to be 3.5-4.0 billion pounds. The announcement of the fine last month, however, was accompanied by a glimmer of good news for investors when the company said a strong finish to the year would result in profit and cash flow coming in ahead of forecasts. (Reporting by Paul Sandle; Editing by Keith Weir)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-rolls-royce-results-idUKKBN15S1N6'|'2017-02-13T21:31:00.000+02:00'
'573377dc39d98a9ad2fc955ff4d37865355211dd'|'BMW workers threaten strike over plan to shut pension scheme - Business'|'More than 7,000 BMW workers are threatening to walk out over the German carmaker<65>s plans to shut the final salary pension scheme .A warning that <20>serious industrial action will occur<75> if the company presses ahead with the closure plans is carried in a letter sent by Len McCluskey, leader of the Unite union. He is due to hold talks with senior management at the car giant<6E>s Mini plant in Cowley, Oxfordshire, next Monday.BMW, which made record pre-tax profits of <20>9bn (<28>7.6bn) in 2015 , intends to close two defined-benefit pension schemes to future contributions from June 2017, and shift workers over to its less generous defined-contribution pension scheme. The changes affect workers at all the company<6E>s British bases, including Cowley, Swindon, the Rolls-Royce plant at Goodwood near Chichester in West Sussex, Hams Hall near Birmingham, and Farnborough in Hampshire.Unite said it had put forward <20>affordable proposals<6C> that would have enabled the schemes to remain open but said BMW has indicated they will still close as originally planned.The Unite general secretary said there was growing anger among BMW<4D>s British staff, with 96% indicating a willingness to take industrial action in a consultative ballot. <20>It is evident that, if we do not resolve the differences that exist, then the likelihood of serious industrial action will occur,<2C> he added.<2E>At a recent meeting of senior Unite shop stewards from all plants, I was able to gauge the concern, frustration and anger of our members,<2C> McCluskey said.BMW said the pension consultation process, which started in September 2016, had now closed, but added: <20>Negotiations with employee representatives are ongoing and the company will continue to consider all employee feedback and any counter proposals it may receive before proceeding to a final decision.<2E>'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/feb/13/bmw-workers-threaten-strike-over-plan-to-shut-pension-scheme'|'2017-02-13T14:01:00.000+02:00'
'760da7f7e919d7ef612cd8c6e2def68bf4309b50'|'CSX calls for special meeting of shareholders'|'Feb 14 U.S. rail operator CSX Corp said its board has called for a special meeting of its shareholders to discuss requests made by hedge fund Mantle Ridge LP, which is trying to install Hunter Harrison, outgoing chief executive of Canadian Pacific Railway Ltd as the company''s chief executive.CSX said it will allow shareholders to vote on Harrison''s proposed pay package, which is estimated to exceed $300 million. Shareholders will also be allowed to vote on Mantle Ridge''s proposal for substantial representation on the company''s board.Mantle Ridge LP, run by ex-Pershing Square Partner Paul Hilal, became a CSX shareholder recently owning less than 5 percent of the company''s stock.News of the Hilal-Harrison partnership broke on Jan. 18, when Canadian Pacific announced Harrison was leaving his CEO post early. (Reporting by Abinaya Vijayaraghavan in Bengaluru; Editing by Bill Rigby and Sandra Maler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/csx-mantle-idINL4N1G000S'|'2017-02-14T22:13:00.000+02:00'
'2a023420852afb35c97c694a6645dce76e2298d8'|'American pilots denounce CEO, citing missed White House meeting'|'U.S.  24pm EST American pilots denounce CEO, citing missed White House meeting FILE PHOTO -- U.S. Airways CEO Doug Parker announces the planned merger of AMR Corp, the parent of American Airlines, with U.S. Airways during a news conference at Dallas-Ft Worth International Airport February 14, 2013. REUTERS/Mike Stone/File Photo NEW YORK Pilots at American Airlines Group Inc denounced the carrier''s chief executive officer, Doug Parker, on Tuesday, citing his decision last week to skip a meeting with U.S. President Donald Trump. The pilots'' union, the Allied Pilots Association (APA), issued a symbolic vote of "no-confidence" in Parker''s leadership abilities. It also cited lagging pay increases compared to pilots at other carriers and "questionable economic and strategic decisions." American Airlines spokesman Matt Miller said in a statement that the union and the airline share the same goal and that they "have a solid foundation in place upon which to build." "Therefore, further public dialogue serves no purpose," Miller said. American had said at the time of the White House meeting that Parker''s decision not to meet with Trump and other airline executives was due to a previously scheduled leadership conference. At a picture-taking session on Thursday just ahead of the meeting, Trump called the U.S. air traffic control system out of date and criticized its cost. After the meeting, Airports Council International-North America President and CEO Kevin Burke said airport officials had urged Trump to lift the cap on airport passenger fees to address airport infrastructure needs. [nL1N1FU1D6] "We''ve watched Mr. Parker and his team being out-managed by our competitors'' executives and have lost trust in their ability to lead and protect the interests of American Airlines employees and shareholders," the APA said in a statement. "His decision to disrespectfully not accept an invitation to meet with the President of the United States has left the APA leadership and many of our pilots amazed at the lack of judgment and leadership exhibited," APA President Dan Carey said in the statement. The APA represents some 15,000 pilots at American, the world''s largest airline, according to the group''s website. While employees at Delta Air Lines, Inc and United Continental Holdings, Inc have seen significant pay raises in recent months, management at American has declined to enter pay negotiations with its pilots and other labor groups, straining an already tense relationship between unions and the company''s top brass, APA spokesman Dennis Tajer said. "We want a change. If it''s Doug Parker changing the way he''s (running) the airline and operating it, so be it," Tajer said in a telephone interview. "The end state has to be an airline that is running better, that is providing better service to our customers and better service to our employees." (Reporting by Alana Wise; Editing by Leslie Adler) Next In U.S. Friend to plead guilty to aiding San Bernardino gunman: prosecutors LOS ANGELES A California man accused of buying assault-style rifles used by a married couple to massacre 14 people at a government office in San Bernardino in 2015 has agreed to plead guilty to providing material support to terrorists, prosecutors said on Tuesday.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-american-airline-pilots-idUSKBN15U01S'|'2017-02-15T07:14:00.000+02:00'
'01ce466176fa1bfc119a49eead3bbe6521f0e5e4'|'On the frontline of China''s spending revolution - small loans, big data'|'Business News  16pm GMT On the frontline of China''s spending revolution - small loans, big data left right Jiao Zhiwen, a sales agent, displays the platform of Home Credit Consumer Finance with an electronic device at a store in Tianjin, China, January 20, 2017. REUTERS/Matthew Miller 1/2 left right Ondrej Frydrych, chief executive officer of Home Credit China, poses during an interview in Tianjin, China, January 20, 2017. REUTERS/Matthew Miller 2/2 By Matthew Miller - TIANJIN, China TIANJIN, China In a mobile phone shop in Tianjin, northeast China, Jiao Zhiwen sells about 220,000 yuan ($32,000) in small loans each month, one of hundreds of thousands of loans agents helping to fund the country''s unprecedented consumer spending spree. Though seven in 10 customers have never financed a purchase before, most loans are processed in 25 minutes, with a basic ID check and proof of a bank account. Jiao''s store on a busy commercial road, among furniture and enamel factories, is on the frontline of a consumer finance revolution in a country with a fast-growing borrowing culture, a government keen to boost spending, but still no provision for personal bankruptcy. "They are factory workers, construction labourers and shop assistants," Jiao says of her clients. "They need to feel they should only dig a little money out of their pockets each month and not too much at one time." Jiao works for Home Credit China, among the handful of small-loans firms to receive national licenses over the last three years to offer modest, mostly high-interest, loans to bring China''s roughly 300 million under-banked adults into its $3.9 trillion consumer finance market. Beijing wants its high-saving population to have greater access to credit, so personal consumption can take over from industry and infrastructure spending as the key driver of growth. Zhang Xiao, 22, a student at Shanghai University, embodies the change in attitudes, taking a 500 yuan loan to buy clothes over the Lunar New Year holiday. "If, before, the price was quite high, I might just have chosen not to buy something. Now with this sort of loan I can buy first and only then have to think about paying the money back slowly." But in a country where credit records are scattered, most adults don''t have a borrowing history and collecting delinquent loans can be slow, the transition could usher in a wave of personal defaults. Mao Wanyuan, who helps supervise non-bank financial institutions at China''s banking regulator, told reporters in December that inclusive finance firms still lacked adequate experience to manage risk. For Home Credit and other nationally licensed consumer finance firms like Suning Consumer Finance Co, big data, as employed by Jiao on her tablet, is the answer - determining how much they can lend, to whom, and when. "The banks wouldn''t touch a lot of our clients," said Ondrej Frydrych, chief executive of Home Credit China, which is backed by Czech billionaire Petr Kellner''s investment firm PPF Group PPFGP.UL and has 145,000 point-of-sales (POS) operations in 312 cities. "Our choice is either we can play it safe, have low risk, and approve only people with a good record or people we think can repay - or be more inclusive." His bet is that as customers become wealthier, loans will become bigger and more profitable. For now, mobile phone loans are the industry''s big mover <20> Home Credit finances 8 percent of all Apple iPhones sold in China. MANAGING RISK Judging by developments in emerging markets like Brazil and India, there are big risks in small loans. John Chen, China managing director for credit rating services firm FICO, says lenders need to use "alternative data", from mobile phone charges to travel bookings, to compensate for the lack of credit bureau coverage. Home Credit uses a scoring engine based on items from the predictable disposable income and age of the borrower, to the shop''s own history of bad credit to determine risk levels. It 
'38d8c46eed3c0d182b2097e2f4e45084f01b0782'|'Greek bailout review talks converging, more steps needed - EU''s Moscovici'|'Business  39am GMT Greek bailout review talks converging, more steps needed: EU''s Moscovici European Economic and Financial Affairs Commissioner Pierre Moscovici presents the EU executive''s economic forecasts   at the EU Commission headquarters in Brussels, Belgium, February 13, 2017. REUTERS/Francois Lenoir ATHENS European Commissioner for Economic and Financial Affairs Pierre Moscovici said on Wednesday Greece''s talks with its official lenders on concluding a bailout review have made progress but more steps are needed to wrap it up. Moscovici is in Athens to help close a review of Greek reforms which has dragged on for months. "There is convergence at certain points so that we can conclude the review and move ahead," he told reporters before a meeting with Greek Finance Minister Euclid Tsakalotos. "Some more small steps remain." (Reporting by George Georgiopoulos and Angeliki Koutantou) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-eurozone-greece-moscovici-idUKKBN15U0O5'|'2017-02-15T14:36:00.000+02:00'
'691262e3d14fab34f7c235b8a38f21e8848a3dae'|'UPDATE 1-Israel''s Wix.com beats estimates, sees strong 2017'|'Company News  51am EST UPDATE 1-Israel''s Wix.com beats estimates, sees strong 2017 * Q4 profit 6 cents a share ex one-time items vs f''cast 3 cents * Revenue $84.2 million vs f''cast $81.65 million (Adds comments from president, details) TEL AVIV Feb 15 Wix.com, an Israel-based company which helps small businesses build and operate websites, forecast higher-than-expected revenue in 2017 after fourth-quarter revenue and earnings topped estimates. The company said on Wednesday it had swung to a quarterly profit of 6 cents a share excluding one-time items, its first ever profit, from a 13 cent loss a year earlier. Revenue grew 48 percent to $84.2 million as the number of paid subscribers jumped 39 percent. It had been forecast to earn 3 cents a share excluding items on revenue of $81.65 million, according to Thomson Reuters I/B/E/S. 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 million registered users for a total of 97 million. Of that, it added 171,000 paid subscribers to reach 2.5 million. The number of registered users surpassed 100 million this month, Wix said. "As we improve our product and add functionality, there are more chances that a wider distribution of people will be able to finish a website," Wix President Nir Zohar told Reuters. In June the company launched technology called Artificial Design Intelligence to make its product easier to use. Zohar also attributed the jump in paid subscribers to Wix''s focus on products for specific users, such as photographers, musicians and event planners. Wix, whose customers have also created over 22 million mobile sites, projected 2017 revenue of between $409 million and $411 million, up between 41 and 42 percent from 2016. Analysts had on average forecast revenue of $383 million. The company expects to spend about $180 million on marketing this year, including its Super Bowl campaign, Chief Financial Officer Lior Shemesh said. Wix''s web traffic and name recognition have grown substantially since its first Super Bowl marketing campaign three years ago, Zohar said. Half the company''s income is generated outside the United States and Shemesh said Wix hopes to penetrate further into the Asia-Pacific market. For the first quarter its sees revenue of between $89 million and $90 million, up 45 to 46 percent. (Reporting by Yuval Ben-David and Tova Cohen; Editing by Steven Scheer and David Holmes) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/wixcom-results-idUSL8N1G02U1'|'2017-02-15T17:51:00.000+02:00'
'8eda597654cd74ce29a3d00e59a56931fe8f0dfe'|'Mining boom clean-up could cost taxpayers billions, says Australia Institute'|'A scarcity of information about disused mine sites is leaving the public in the dark on the clean-up costs from New South Wales<65> mining boom, a new report has found. The report, released by the Australia Institute on Wednesday, attempted to analyse what was happening to operating, suspended, closed, rehabilitated, or abandoned mine sites across the state. But it found that there were few reliable statistics available, despite the clean-up from NSW<53>s mining boom potentially costing taxpayers billions. Adani threatens to sue activist group if supporters infiltrate coal project Read more The NSW auditor general examined the risk posed by disused mine sites in 2011. The auditor-general<61>s final report warned that the government<6E>s derelict mine program <20>may represent the largest category of contamination liability for the New South Wales government<6E>.Despite this, the Australia Institute said the NSW<53>s division of resources and energy was only able to show one example of a mine site being successfully rehabilitated, and one site that was potentially in the final stages of closure. The report<72>s author, Roderick Campbell, said the paucity of information had shocked him. He warned that, as the mining boom wound down, big players such as Rio Tinto, who tended to be relatively transparent and responsible, were leaving mine sites in the hands of less reputable, smaller operators, who may be unable to successfully rehabilitate the sites.<2E>That<61>s the risk and, in the case of NSW, what the department says is that they<65>ve assessed the rehabilitation costs and they<65>ve got a bond for 100% of that amount, so they<65>re saying taxpayers are at zero per cent chance of paying,<2C> Campbell said.<2E>But the problem is, what if they<65>re wrong, or what if community standards change, what if the Hunter decides actually we don<6F>t want 45 large, very saline holes in the ground now?<3F>We really are on the hook for some pretty big liabilities.<2E>The institute<74>s report, titled Dark Side of the Boom, identified between 112 and 410 abandoned mine sites across the state, while between 85 and 109 mines remained active and 123 in suspended operations. Coalition to change native title laws to protect mining and agriculture deals Read more There was no example of an open-cut mine being successfully rehabilitated, the report said, despite the likelihood of at least 45 open-cut voids across NSW. Campbell said the lack of any concrete example of open-cut rehabilitation cast doubt on the effectiveness of future clean-ups. <20>I mean it sends a terrible message, because what the industry says is <20>well, none of our big open-cut mines are ready to close, so there<72>s no example of it happening because we<77>ve just kept expanding and expanding them<65>,<2C> he said.<2E>But I don<6F>t think you can simultaneously claim that we<77>ve got this excellent record of rehabilitation, when they<65>ve actually never done before what they say they<65>re going to do 45 times.<2E>The report was largely compiled through correspondence with the NSW division of resources and energy over six months. It is one of a series of reports focussing on disused mine sites in various states and territories. Scott Morrison brings coal to question time: what fresh idiocy is this? - Katharine Murphy Read more A national report, released to the ABC , suggested there were 60,000 abandoned mine sites across the country. Campbell said the department had largely been well-meaning, and that he did not suspect there was an active campaign not to release such data. But he said he did not believe there was any incentive for government or industry to make such information public.'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/feb/15/mining-boom-clean-up-could-cost-taxpayers-billions-says-australia-institute'|'2017-02-15T15:47:00.000+02:00'
'd7d2921d1492be9328e1607d098dfbc857051c68'|'Trian takes $3.5 billion stake in Procter & Gamble'|'Business News - Tue Feb 14, 2017 - 11:59pm GMT Trian takes $3.5 billion stake in Procter & Gamble FILE PHOTO - The logo of Dow Jones Industrial Average stock market index listed company Procter & Gamble (PG) is seen on a tube of toothpaste in Los Angeles, California, United States, April 25, 2016. REUTERS/Lucy Nicholson By Michael Flaherty Trian Fund Management LP disclosed a $3.5 billion (2.81 billion pounds) stake in Procter & Gamble Co ( PG.N ) on Tuesday, taking aim at the maker of Pampers diapers as it moves to boost sales and shed unprofitable brands. Trian''s stake is the activist investor''s largest ever position in a company and comes at a time when P&G''s efforts to slim down has struggled to boost its stock much beyond where it traded two years ago. Moving to focus more on core products, including Tide detergent and Gillette razors, the company sold 41 of its brands last year, including Clairol and COVERGIRL, to Coty Inc ( COTY.N ) for $12.5 billion. ( reut.rs/2jfL6nV ) But with a market value of $225 billion, Cincinnati''s P&G remains an industry behemoth that Trian will likely want to shrink even further. "(Trian)could argue that the brand sales ... did not go far enough to create a faster growing company," said CLSA analyst Caroline Levy, adding that P&G''s beauty business could perform better as a standalone company. "Continued share losses in many categories, especially skin care, point to a need for faster change." P&G Spokesman Damon Jones said Trian''s filing was the first knowledge the company had of the investor''s position. "P&G welcomes investment in our company. We will continue to do what we always do," Jones told Reuters. Trian''s stake makes it the second activist in five years to target the company. Pershing Square Capital Management invested in P&G in 2012, calling for the ouster of its then CEO, Robert McDonald. McDonald was replaced a year later, and in May 2014, Pershing exited the position. P&G''s stock closed at $87.86 on Tuesday, a few dollars above where it traded this time two years ago. BIG MOVE Trian, founded in 2005 by Nelson Peltz, Ed Garden and Peter May, focuses mainly on consumer brand companies, industrial firms, and financial companies. The New York-based firm is known for making large investments in a small amount of companies where it pushes for board representation and strategic moves that will increase revenues while reducing expenses. Peltz, whose firm did not disclose a single new investment last year, hinted in December that Trian was building a new position. The tip set off wide speculation on where Trian was aiming - a guessing game among bankers and investors that was put to rest on Tuesday. P&G''s deadline for nominating directors to the company''s board is June 13, according to its proxy. Should Trian pursue board representation, the two sides have four months to work out an agreement before the activist would need to launch its own director slate. But it is unclear what Trian''s intentions are at the moment. P&G usually holds its annual meeting in October. The company reported better-than-expected quarterly sales last month, with its health care unit, which sells Oral-B and Vicks, being its best performing business. It warned that it would reduce overall sales growth in 2017 by 2 to 3 percentage points. The health care and beauty business, which houses brands like Head & Shoulders and Olay, together accounted for about 30 percent of P&G''s total sales. (Additional reporting by Subrat Patnaik in Bengaluru; Editing by Bernard Orr and Andrew Hay) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-procter-gamble-stake-trian-fund-idUKKBN15T35G'|'2017-02-15T06:59:00.000+02:00'
'59071506c46c99d1478e9d2438a0b03a0d387890'|'BRIEF-KPMG and Microsoft announce new "Blockchain Nodes"'|'Europe ready to embrace first copies of biotech cancer drugs LONDON, Feb 15 Treatment with two important cancer drugs is about to get much cheaper in Europe with a cut-price copy of Roche''s blood cancer drug Rituxan likely to hit the market imminently followed by a rival to its breast cancer medicine Herceptin. 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/idUSFWN1G00BN'|'2017-02-15T17:18:00.000+02:00'
'0dd20fa95b544ccf62b4bdd2985b408f16f412e9'|'TCI Fund urges French market regulator to intervene on Zodiac-Safran tie-up'|'PARIS Hedge fund TCI Fund Management wrote to French market regulator AMF on Tuesday to protest against aero engine maker Safran''s ( SAF.PA ) agreed bid for seats manufacturer Zodiac Aerospace ( ZODC.PA ), saying it risks violating shareholders'' rights.The $9 billion Safran-Zodiac tie-up plan aims to create the world''s third-largest aerospace supplier as the industry bulks up to tackle record high output plans."We believe that the AMF should intervene in order to ensure the protection of the rights of the shareholders of both Safran and Zodiac Aerospace," TCI head Christopher Hohn said in the letter published on the fund''s website.A spokeswoman for Safran declined to comment. A spokeswoman for the AMF could not immediately be reached.TCI Fund owns about 3.87 percent of Safran''s capital and, together with other clients of TCI, that reaches about 4.13 percent, he said, adding that TCI is also a shareholder of Zodiac.Hohn writes that he fears shareholders will only be consulted on the public tender offer after it has been initiated."If this were to be the case, we believe that launching a public tender offer prior to a vote on the merger by Safran shareholders would be in violation of the rights of Safran shareholders and in violation of the principle of equal access to information for all Zodiac shareholders," Hohn wrote."In order to preserve Safran shareholders'' voting rights, a vote of the extraordinary shareholders'' meeting of Safran on the merger must take place before the filing of the public tender offer."(Reporting by Ingrid Melander; Editing by Ruth Pitchford)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-zodiac-aero-m-a-safran-idUSKBN15T2N0'|'2017-02-14T22:46:00.000+02:00'
'9031663bbb4b330456e8d2cc5c98ba6de46d0128'|'Wall Street set to extend record run as Trump trade rekindles'|'By Yashaswini Swamynathan U.S. stocks looked set to open higher on Monday as the so-called "Trump trade", which sent Wall Street to record highs last week, looked set to pick up speed after a brief lull.The three main U.S. stock indexes closed at record highs on Thursday and Friday as optimism about the economy rose after President Donald Trump vowed to make a major tax announcement in the next few weeks.The S&P 500 has surged 8.3 percent since Trump''s Nov. 8 election, fueled by expectations he will lower corporate taxes, reduce regulations and increase infrastructure spending.The rally had stalled amid concerns over Trump''s protectionist stance and lack of clarity on policy reforms.Investors are now closely watching as the businessman-turned-politician lays out the finer details of his agenda to boost economic growth.Investors were also comforted by the two-day U.S.-Japan summit held over the weekend apparently having ended smoothly without Trump talking tough on trade, currency and security issues.The Japanese yen, the demand for which rises when risk appetite falls, was the biggest underperformer among major currencies. World stocks rose, with Asian shares rallying to a 1-1/2-year high.Global markets are following the leader (U.S. stocks) after the resurgence of the "Trump trade", Peter Cardillo, chief market economist at First Standard Financial wrote in a note.Cardillo said he expects a "mixed to steady positive session" as investors brace for Federal Reserve Chair Janet Yellen''s monetary testimony on Tuesday.The three futures indexes hit record highs. Dow e-minis were up 59 points, or 0.29 percent, with 23,248 contracts changing hands.S&P 500 e-minis were up 5.5 points, or 0.24 percent, with 108,718 contracts traded. Nasdaq 100 e-minis were up 9.5 points, or 0.18 percent, on volume of 19,334 contracts.Oil prices, which helped the markets break records last week, were down about 0.7 percent. [O/R]Macy''s rose 2.2 percent after Barron''s said on Sunday that the department store chain operator could see its shares rise by 50 percent in a potential sale.Dow component Verizon slipped 1.5 percent after the network carrier said it would reintroduce its unlimited data plan.AT&T was down 0.97 percent, T-Mobile dropped 1.6 percent and Sprint fell 2.6 percent.Hain Celestial dropped 11 percent after the packaged foods maker disclosed on Friday that the SEC issued a subpoena seeking certain documents.(Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Savio D''Souza)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/usa-stocks-idINKBN15S1IQ'|'2017-02-13T10:44:00.000+02:00'
'21776e89a79552edc98de59942a3ea777e35d8c0'|'Delta Air Lines raises offer to buy Aeromexico stake'|'Delta Air Lines Inc ( DAL.N ) raised its offer to buy up to 32 percent of Grupo Aeromexico SAB de CV ( AEROMEX.MX ) by more than a fifth on Monday, valuing the deal at about $590 million.Delta, which already has a 4.2 percent stake in Aeromexico, had said in November 2015 it intended to buy the additional stake for 43.59 Mexican pesos ($2.15) per share.The 53 Mexican pesos per share deal represents a premium of 34.4 percent to Aeromexico''s Friday close.Aeromexico had about 707.8 million shares outstanding as of Jan. 25, according to Thomson Reuters data.The Mexican airline''s shares rose as much as 21.5 percent to 47.90 Mexican pesos in morning trading.The increase in the purchase price was the result of interim exchange rate movements and other factors, Delta said.If Delta exercises the share purchase options it holds, the stake could go up to 49 percent, the company said.($1 = 20.3150 Mexican pesos)(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-aeromexico-stake-delta-airlines-idINKBN15S1X2'|'2017-02-13T13:11:00.000+02:00'
'1e4582573e3c552291e4088f9d9c0de746052ab6'|'Peugeot sees Trump''s Iran stance boosting market lead'|'Business News  10pm EST Peugeot sees Trump''s Iran stance boosting market lead A Peugeot car logo is seen on media day at the Paris auto show, in Paris, France, September 29, 2016. REUTERS/Benoit Tessier PARIS France''s PSA Group ( PEUP.PA ) is pushing ahead with an Iranian plant investment and production ramp-up in the face of a hardened U.S. stance against Tehran under President Donald Trump that could play to the carmaker''s advantage, a senior executive said. The group''s Peugeot brand is about to begin production with local partner Iran Khodro, while PSA is also preparing to invest more than 100 million euros ($106 million) in a new Citroen plant with partner SAIPA, PSA Middle East chief Jean-Christophe Quemard told a press call on Monday. Peugeot returned to Iran last year after an international deal to lift sanctions in return for curbs on Tehran''s nuclear activities, and has reclaimed its place as the country''s top-selling car brand with a 32 percent market share last year, according to IHS Automotive data. The carmaker inked a 400 million euro ($424 million) Peugeot production agreement last June and a 300 million deal for Citroen four months later. The renewed pressure from Washington will probably extend PSA''s lead as rivals hold back from re-entering Iran, Quemard told the press call from a Tehran automotive conference. "This is our opportunity to accelerate," he said. "It will become even harder for American companies to operate, that''s for sure. We''ve opened up a lead and we plan to hold on to it." Within two weeks of his inauguration, Trump responded to an Iranian missile test with fresh U.S. sanctions, warning that Tehran was "playing with fire". General Motors ( GM.N ) and other American-owned brands last had a significant Iranian presence before the country''s 1979 Islamic Revolution. Other western and Japanese carmakers that had avoided Iran under recent sanctions are now eyeing its potential. IHS expects the market to grow 8 percent to 1.35 million vehicles this year and to 1.8 million by 2024. German brands may be treading carefully because - unlike French rivals - Volkswagen ( VOWG_p.DE ), Daimler ( DAIGn.DE ) and BMW ( BMWG.DE ) have extensive U.S. sales and production. Daimler and VW''s Scania have unveiled Iranian deals in trucks and buses but have been slower to commit to new car production investments. Mansour Moazami, Iran''s deputy industry minister, told the Tehran conference that VW may soon finalize a production deal with an Iranian company. VW had no immediate comment when contacted by Reuters. Renault ( RENA.PA ), PSA''s larger domestic rival, is also adding production and new models with Iranian partners and may overtake Peugeot''s sales by 2019 thanks to its low-cost vehicle architectures, IHS predicts. ($1 = 0.9433 euros) (Reporting by Laurence Frost and Gilles Guillaume; Additional reporting by Andreas Cremer in Berlin and Bozorgmehr Sharafedin in Beirut; Editing by David Holmes) Next In Business News Dollar index hits three-week high on hopes of U.S. tax cuts NEW YORK The dollar rose to a near three-week high against a basket of currencies on Monday, lifted by hopes of U.S. tax cuts to stoke corporate profits and investments as well as bets on whether the Federal Reserve might raise interest rates more quickly.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-peugeot-iran-idUSKBN15S215'|'2017-02-14T00:06:00.000+02:00'
'b3dbeea281d169562f76e6ba4ddb7b3d9941eb47'|'Shares in Aeromexico jump more than 16 pct after Delta offer'|'MEXICO CITY Feb 13 Shares in airline Grupo Aeromexico jumped more than 16 percent on Monday after Delta said it intended to acquire up to an additional 32 percent of the Mexican carrier''s shares.Aeromexico''s share price rose 16.31 percent to 45.86 pesos in early morning trade.(Reporting by Christine Murray Editing by W Simon)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/gpo-aeromex-stocks-delta-air-idINL1N1FY0MX'|'2017-02-13T11:52:00.000+02:00'
'5d0dc1d6b22de90d9306df74a73e8ecf89ba8935'|'The price of post-truth pounds in our pockets - Business'|'This year marks the 50th anniversary of Harold Wilson<6F>s memorable broadcast following his government<6E>s devaluation of the pound.<2E>It does not mean, of course, that the pound here in Britain, in your pocket or purse or in your bank, has been devalued,<2C> he said. This, depending on your preference for modern or traditional language, is either a) an alternative fact or b) a brazen fib.Even economists weren<65>t dozy enough to miss that the fact that the same pound paid for Britain<69>s imports, meaning that after devaluation it bought fewer goods, and therefore domestic prices would go up. So unless wages rose by as much, the pound in your pocket was worth less.It is similar today, where it is not just increases in the price of Marmite that bean counters want to justify by pointing to weaker sterling <20> as we will be reminded this week.On Tuesday, we will get the latest inflation data for January when, after a long run of near-zero inflation last year, it is expected to hit a new two-and-a-half-year high of 1.9%. So what does it all mean for the pound in our pockets?Well, pay (data also updated this week) is still thought to be outstripping living costs <20> at least for now. However, there are fears that wage growth will slow, just as inflation is picking up, and as Wilson quickly discovered, folk tend to notice that.Shire tries not to frighten the horses A big week for fans of major British companies caught bribing folk overseas.There are numbers from engine maker Rolls-Royce, plus full-year results from Shire Pharmaceuticals, which last month agreed to a $350m settlement over US claims that it used <20>kickbacks and other unlawful methods<64> to induce doctors to prescribe one of its drugs.The US Department of Justice says Shire staff unlawfully <20>induced clinics and physicians with lavish dinners, drinks, entertainment and travel<65> as well as <20>unwarranted payments<74> for speaking engagements and cash credits and rebates to boost sales.Anyway, if there is a good time to get caught paying bungs, this wasn<73>t it, what with US president Donald Trump already hinting that he may have pharmaceuticals companies in his sights over drug pricing.All of which means that the company will try to talk about financials this week, with the City expecting a big boost to sales this year due to currency movements but also as a result of the integration of recent acquisitions.Has Britain got the Brexit talent?Time to polish up your curriculum vitae to take advantage of the new opportunities Brexit presents.First up are exciting vacancies being advertised for chief trade negotiation advisers where (depending on your point of view) you can either prepare the UK for a new era of dynamic international trade, or attempt to save the country from itself.The successful candidates can earn <20>160,000 a year, assuming they can demonstrate <20>extensive experience of overseeing and leading complex and large-scale trade negotiations on an international basis<69> <20> which could be a stretch, given that the EU has been doing all that, leaving few Brits with that experience (unless they served under Ted Heath). Still, no matter. No one is likely to kick up a fuss if the talent is imported.Meanwhile, public sector headhunters will also be out in force, searching for a new member of the Bank of England<6E>s monetary policy committee, following last week<65>s announcement of Kristin Forbes<65>s decision to turn down a second term and return to her native US.City gossips suggest that the Bank will prefer that another woman to replace Forbes, in an effort to make sure the committee isn<73>t viewed as even less diverse.'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/feb/12/harold-wilson-pound-in-your-pocket-sterling-inflation'|'2017-02-12T13:59:00.000+02:00'
'275478b1a30e603236e48476f2eff3a175662fd0'|'BRIEF-Home Capital gets enforcement notice from Ontario Securities Commission'|' 54pm EST BRIEF-Home Capital gets enforcement notice from Ontario Securities Commission Feb 10 Home Capital Group Inc : * Home Capital Group Inc - received an enforcement notice from staff of Ontario Securities Commission after close of business on February 9, 2017 * Home Capital - notice indicates it is preliminary conclusion of OSC staff that co failed to meet continuous disclosure obligations during that period * Home Capital Group - notice relating to co''s disclosure in 2014, 2015 regarding impact of findings that some income information had been falsified Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1FV1BF'|'2017-02-11T04:54:00.000+02:00'
'959591bac9eee330d88929e08aab5d98ec5ff6db'|'Explosion at EDF''s Flamanville plant, no nuclear risk -report'|' 32am EST Explosion at EDF''s Flamanville plant, no nuclear risk -report PARIS Feb 9 An explosion occurred at French utility EDF''s Flamanville nuclear plant on Thursday in which there may have been some injuries but from which there was no nuclear risk, French newspaper Ouest France reported on its web site, citing local police. Officials at EDF''s Paris headquarters had no immediate comment and local officials at the plant in western France could not be immediately reached for comment. (Reporting by Andrew Callus; Editing by Sudip Kar-Gupta) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/france-nuclear-flamanville-idUSL9N1F101L'|'2017-02-09T17:32:00.000+02:00'
'78c75676aa6c5664f2cb905229f697b122a9e8dc'|'UPDATE 1-Fund firm Henderson sees outflows even as assets rise'|'  3:02am EST UPDATE 1-Fund firm Henderson sees outflows even as assets rise * Total assets at end-December 101 bln stg * Net outflows of 4 bln stg, led by retail investors * Says Janus tie-up on course to complete end-May (Adds detail from statement, CEO quote, bullet points) By Simon Jessop LONDON, Feb 9 Fund manager Henderson Group''s total assets rose 10 percent to 101 billion pounds ($126 billion) in 2016 after market gains more than offset the impact of retail customers withdrawing money, it said on Thursday. Henderson said the weakening demand was the result of a broad pullback from European assets, and was exacerbated by a weak performance in some of its equity funds, although it did see improved demand from institutional investors. "Market conditions proved challenging for our investment management teams," Chief Executive Andrew Formica said in a statement, with just half of the group''s assets outperforming over one year and amid a particularly weak performance from its European and Global equities strategies. Net outflows for the year were 4 billion pounds, it said, compared with net inflows of 8.5 billion pounds the year earlier, and performance fees fell 59 percent to 40.4 million pounds, dragging on profits. Underlying profit before tax was 212.7 million pounds, down from 220 million a year earlier. Henderson said its planned $6 billion purchase of rival U.S. asset manager Janus Capital was on track to complete by the end of May, and it planned to pay a final dividend of 7.30 pence a share. That would give a total dividend of 10.5 pence, up from 10.3 pence the year before. ($1 = 0.7991 pounds) (Reporting by Simon Jessop; Editing by Mark Potter) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/henderson-results-idUSL5N1FU1SN'|'2017-02-09T15:02:00.000+02:00'
'93fea55575a4cc8e8072d2aa16d6e1d3d2472202'|'Greece to exceed its primary surplus target in 2018 - Commission'|' 13am GMT Greece to exceed its primary surplus target in 2018 - Commission The moon rises next to a fluttering Greek national flag in Athens, Greece February 9, 2017. REUTERS/Alkis Konstantinidis BRUSSELS Greece will have a primary surplus in the budget of 3.7 percent of gross domestic product next year, exceeding the target of 3.5 percent agreed with its euro zone creditors, the European Commission forecast on Monday. The size of next year''s Greek primary surplus, which is the budget balance before debt-servicing costs, is a bone of contention between euro zone governments and the International Monetary Fund, which believes it will be only 1.5 percent. A further disagreement between the two lenders to Greece is what surplus Athens will be able to maintain in the years after 2018. The higher the surplus and the longer it is kept the less is the need for any further debt relief to Greece. The IMF insists Greek debt, which the Commission forecast on Monday would fall to 177.2 percent of GDP this year from 179.7 percent in 2016 and then decline again to 170.6 percent in 2018, is unsustainably high and that Greece must get debt relief. Germany and several other euro zone countries say that, if Greece does all the agreed reforms, then debt relief will not be necessary. The Commission forecast that Greek investment would triple to 12 percent of GDP this year and rise further to 14.2 percent of GDP next year as the economy expands 2.7 percent in 2017 and 3.1 percent in 2018 after years of recession. It also forecast Greek unemployment would fall to 22 percent of the workforce this year from 23.4 percent last year and decline further to 20.3 percent in 2018. (Reporting By Jan Strupczewski; editing by Philip Blenkinsop) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eurozone-greece-surplus-idUKKBN15S0ZS'|'2017-02-13T17:13:00.000+02:00'
'545db5cf908abaf4ad5ed13154ebfd11c395ccf9'|'MOVES-AllianceBernstein, Standard Chartered, UBS'|' 24am EST MOVES-AllianceBernstein, Standard Chartered, UBS Feb 13 The following financial services industry appointments were announced on Monday. To inform us of other job changes, email moves@thomsonreuters.com. ALLIANCEBERNSTEIN HOLDING LP The global asset manager appointed Lynn Mah senior vice president and head of EMEA marketing. STANDARD CHARTERED Roberto Hoornweg, the newly appointed head of financial markets at Standard Chartered, has announced a number of changes to his management team, a person familiar with the matter told IFR. UBS GROUP AG The Swiss financial services company has hired Daniel Murphy as Asia Pacific head of equities sales and trading in Hong Kong, a person familiar with the matter has told IFR. FAWAZ ABDULAZIZ ALHOKAIR CO The Saudi Arabian retailer said it has appointed Atul Singh as its new chief executive, effective April 1. NATIONAL AUSTRALIA BANK LTD The Australian bank has appointed Mark Siebert chief risk officer for Asia in Hong Kong. NEON The insurer, which operates in the specialist Lloyd''s market, said it appointed Nick Pritchard as head of property reinsurance, effective immediately. (Compiled by Nikhil Subba in Bengaluru)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/financial-moves-idUSL4N1FY3X2'|'2017-02-13T20:24:00.000+02:00'
'4d20f0bd72e0a75610566d893b2165b57a2e3643'|'M''bishi Materials targets March restart to Indonesia copper smelter'|'Company News  31am EST M''bishi Materials targets March restart to Indonesia copper smelter TOKYO/JAKARTA Feb 13 Japan''s Mitsubishi Materials Corp aims to replace workers and resume operations at Indonesia''s main copper smelter in early March after a labor strike forced it to halt operations except for the refining process on Jan. 19, a spokesman said. The Gresik smelter, owned by PT Smelting, produced about 190,000 tonnes of copper cathode in the year to March 2016 and had planned to produce 260,000 tonnes this financial year through March 31, without taking into account the impact from the strike, Mitsubishi Materials spokesman Hiroshi Shimizu told Reuters. PT Smelting is 60.5 percent owned by Mitsubishi Materials, while Freeport-McMoRan Inc''s Indonesian unit holds 25 percent. The Gresik smelter on Java island takes up to 40 percent of Freeport''s output of copper concentrate from its Grasberg mine in Papua province, the world''s second-largest copper mine. "PT Smelting has sent notice of dismissal to its about 300 workers late last month and is now hiring new workers with an aim to resume operations as early as March," the spokesman said. Indonesia introduced new rules on Jan 12 that require miners including Freeport to develop additional smelting capacity and halt their exports until they obtain new permits. As a result of the rules, Freeport warned it could be forced to slash output by around 70 million pounds of copper per month and lay off workers at Grasberg, PT Smelting''s main source of copper concentrate. As of Monday, Freeport had not resolved the permit issues, a Jakarta-based spokesman told Reuters. He declined to comment on Grasberg''s production status. "Exports are still banned as a result of the regulations that were issued in January," Freeport Indonesia spokesman Riza Pratama said. "There has been no agreement." The Mitsubishi Materials spokesman said PT Smelting has also stopped exporting anode slime, a byproduct of copper concentrate processing that includes other metals such as gold and silver, due to the new rules. Previously, Mitsubishi had sent anode slime to its Naoshima plant in western Japan to extract gold and silver, providing the company with additional revenues from the operation. "We have applied for an export permit with Indonesian government and we hope to resume exports of slime when PT Smelting restarts operations in March," the spokesman said. (Reporting by Yuka Obayashi in TOKYO and Fergus Jensen in JAKARTA; Editing by Gopakumar Warrier) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/mitsubishi-ma-indonesia-idUSL4N1FY27I'|'2017-02-13T15:31:00.000+02:00'
'770dc9e681b57fb4227d82bbacf41c9fae9160ef'|'TUI sells Travelopia to KKR in $407 mln deal'|'FRANKFURT Feb 13 Travel group TUI said it had agreed to sell its specialist holiday arm Travelopia to KKR at an enterprise value of 325 million pounds ($407 million).It said late on Monday that it would invest proceeds from the deal into the transformation of its business, adding that the sale had no impact on its full-year profit guidance.TUI had put Travelopia, comprised of over 50 brands offering specialist luxury, adventure and education holidays, on the block in September.($1 = 0.7984 pounds) (Reporting by Maria Sheahan; Editing by Georgina Prodhan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/tui-divestiture-kkr-idINASN0005CL'|'2017-02-13T16:59:00.000+02:00'
'9f79545225f6f632621ac0b796e628c60af5b269'|'Russia''s MTS says to buy back shares worth 4.65 bln roubles from Sistema'|'Company News  35am EST Russia''s MTS says to buy back shares worth 4.65 bln roubles from Sistema MOSCOW Feb 15 Russia''s biggest mobile phone operator MTS said on Wednesday it would repurchase 16 million of its shares from its parent company Sistema for 4.65 billion roubles ($81 million). MTS will also buy the same number of shares for the same price from its minority shareholders, it added in a statement. ($1 = 57.4737 roubles) (Reporting by Polina Devitt; writing by Alessandra Prentice; editing by Polina Devitt) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/russia-mts-buyback-idUSR4N1FZ00E'|'2017-02-15T19:35:00.000+02:00'
'032beff06940395ce09657dc664a89f6d146bcd4'|'BRIEF-Lithia Motors reports Q4 earnings per share $2.03'|' 21am EST BRIEF-Lithia Motors reports Q4 earnings per share $2.03 Feb 15 Lithia Motors Inc * Lithia reports record fourth quarter and full year 2016 results * Sees FY 2017 earnings per share $8.00 to $8.30 * Q4 earnings per share $2.03 * Q4 revenue $2.3 billion versus I/B/E/S view $2.22 billion * Q4 earnings per share view $1.87 -- Thomson Reuters I/B/E/S * Q4 adjusted earnings per share $1.86 * Qtrly total same store sales increased 5% * Qtrly new vehicle same store sales increased 4% * Qtrly used vehicle retail same store sales increased 11% * Project 2017 full year new vehicle same store sales increasing 1.5% * Sees 2017 total revenue of $9.2 billion to $9.4 billion * Project 2017 full year used vehicle same store sales increasing 5.5% * Has approved a dividend of $0.25 per share related to q4 2016 financial results * Fy2017 earnings per share view $8.32, revenue view $9.54 billion -- Thomson Reuters I/B/E/S  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSASB0B0DA'|'2017-02-15T19:21:00.000+02:00'
'dff0c5ec19d208ad08d1c538a957f24d7cf05e30'|'Chuck E. Cheese hires banks to run sale process, IPO: sources'|'By Lauren Hirsch and Greg Roumeliotis The buyout firm that owns Chuck E. Cheese has hired investment banks to help it prepare for either a sale or initial public offering (IPO), people familiar with the matter said on Tuesday.Irving, Texas-based Chuck E. Cheese''s private equity owner, Apollo Global Management LLC ( APO.N ), has hired Deutsche Bank AG ( DBKGn.DE ) and Credit Suisse Group AG ( CSGN.S ) to solicit acquisition bids for the company, the sources said this week.Apollo has also asked Jefferies LLC and Morgan Stanley ( MS.N ) to prepare Chuck E. Cheese for an IPO, should the acquisition offers it receives come in at less than the $2 billion that it hopes the company will fetch, the people added.A decision on whether Chuck E. Cheese will be sold or go public is still several months away, according to the sources.The sources asked not to be named because the process is confidential. Spokespeople for Deutsche Bank, Credit Suisse, Jefferies, Morgan Stanley, Apollo and CEC Entertainment Inc [CEII.UL], the company that owns Chuck E. Cheese, declined to comment.Sitdown casual restaurants have struggled as consumers opt to eat at home and increasingly avoid the mall, where such restaurants are often located. The threat of a rising minimum wage has put further pressure on the sector.Still, "interactive" restaurants such as Chuck E. Cheese, which offers video games, bumper cars and play areas in addition to food, promise a distinctive dining experience.Its closest competitor, Dave & Buster''s Entertainment Inc ( PLAY.O ), saw comparable store sales increase nearly 6 percent in the third quarter of 2016 over the prior year, a slower rate of growth than the 8.8 percent achieved in 2015.Chuck E. Cheese was taken private by Apollo in 2014 for $1.3 billion, including debt. It has since sought to broaden its appeal beyond children and teenagers, expanding its alcohol offerings for adults.Chuck E. Cheese was founded in 1977 by Nolan Bushnell, the founder of video game company Atari and one of the first bosses of Apple Inc ( AAPL.O ) founder Steve Jobs.The company and its franchisees now operate a system of 603 Chuck E. Cheese and 144 Peter Piper Pizza stores, with locations in 47 U.S. states and 11 other countries.(Reporting by Lauren Hirsch and Greg Roumeliotis in New York, editing by G Crosse)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-cec-entertainmnt-m-a-idINKBN15T354'|'2017-02-14T20:59:00.000+02:00'
'f965c09ebc8216a35671513e34a52a8ff64e9954'|'Arconic sells 60 percent of its stake in Alcoa for $890 million'|'Arconic Inc ( ARNC.N ) said on Wednesday it had sold more than 60 percent of its stake in Alcoa Corp ( AA.N ) about $890 million.Alcoa Inc split into two companies in November, spinning off Alcoa Corp, which houses the parent company''s traditional smelting and refining businesses.Arconic, the renamed Alcoa Inc, focuses on engineering products for aerospace and automotive segments.Arconic said its sold 23.4 million of the 36.3 million shares it had retained in Alcoa after the split.Arconic''s previous stake of nearly 20 percent in Alcoa had made it the company''s biggest shareholder as of Feb. 3, according to Thomson Reuters data.(Reporting by Ankit Ajmera in Bengaluru; Editing by Savio D''Souza)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-alcoa-corp-equity-arconic-idINKBN15U1OY'|'2017-02-15T10:50:00.000+02:00'
'bbba00d2fe1e1680d3c2fdb40befed926fc09950'|'PRESS DIGEST- Financial Times - Feb 13'|'Company   7:37pm EST PRESS DIGEST- Financial Times - Feb 13 Feb 13 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/2l9j6pC ) Overview German drugmaker Stada Arzneimittel AG has received two takeover proposals including a 3.5 billion euro bid from private equity group Cinven, kicking off a bidding war for the company. ArcelorMittal SA''s Chief Executive Lakshmi Mittal asked Brussels to look at increasing the cost of goods imported to Europe from countries without a carbon price. German music-streaming service SoundCloud has lost two of its top executives, and is urgently seeking funds, after warning in January that it may run out of cash this year. Italian insurer Banca Generali SpA is planning to raise its cost-cutting target to defend itself against a potential bid from Intesa Sanpaolo SpA, the country''s largest bank by market value. (Compiled by Abinaya Vijayaraghavan in Bengaluru; Editing by Sandra Maler) Next In Company News GLOBAL MARKETS-Dollar gains after Trump-Abe meet, Asian shares firm TOKYO, Feb 13 The dollar rose against the yen on Monday on relief that U.S. President Donald Trump set aside tough campaign rhetoric over security and jobs in a smooth meeting with Japanese Prime Minister Shinzo Abe, with no mention of currency policy. Toshiba prepares to unveil nuclear hole, other perils threaten TOKYO, Feb 13 Toshiba Corp will on Tuesday detail a writedown of close to $6 billion after bruising cost overruns at its U.S. nuclear arm, turning investor attention to the Japanese group''s efforts to fix that and other balance sheet headaches. Australian banks narrow focus of Apple Pay collective bargaining request SYDNEY, Feb 13 Australian banks seeking permission from the country''s competition regulator to bargain collectively with Apple Inc over its mobile payment system said on Monday they will focus on gaining access to the U.S. tech company''s contactless payment function, removing the fees Apple charges as a bone of contention. 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-press-ft-idUSL4N1FY04M'|'2017-02-13T07:37:00.000+02:00'
'e14c62031b8f7bdf17051542de326bcd70abe348'|'Missing worker believed dead in Phillips 66 pipeline blast'|'HOUSTON Feb 11 A worker missing since a Thursday night explosion at a Phillips 66 natural gas liquids pipeline station in Louisiana is believed dead, the company said on Saturday.The on-going fire at the onshore Paradis, Louisiana, pipeline station has forced a gas pipeline and two production facilities to curtail or shut production in the Gulf of Mexico.The body of the missing worker, identified as Josh Helms, of Thibodaux, Louisiana, is thought to be near the site of the fire, which continued to burn on Saturday, Phillips 66 said in a statement. The blaze, though reduced in size, still prevented searchers from reaching the site on Saturday.Helms joined Phillips 66 when the company acquired the River Parish pipeline system in November. Helms has worked on pipelines for eight years.A contract worker also injured in the blast remains in a local hospital, but is expected to make a full recovery, the company said.The explosion caused the evacuation of 60 homes in Paradis, a community of 1,200 located 30 minutes west of New Orleans. Residents were allowed to return to their homes on Friday. (Reporting by Erwin Seba; Editing by Leslie Adler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/pipeline-natgas-phillips66-fatality-idINL1N1FX01W'|'2017-02-11T22:46:00.000+02:00'
'285b4dded3bd8472ba3063f297c9de532256a27f'|'BRIEF-Molson Coors reports Q4 underlying net income per share $0.46'|' 48am EST BRIEF-Molson Coors reports Q4 underlying net income per share $0.46 Feb 14 Molson Coors Brewing Co * Molson Coors reports 2016 fourth quarter and full year results * Molson Coors Brewing Co - qtrly worldwide beer volume: 22.1 million hectoliters, increased 1.2% * Q4 underlying net income per share $0.46 * Molson Coors Brewing Co - qtrly net sales: $2.468 billion, decreased 4.2% on a reported basis, and decreased 2.2% in constant currency * Molson Coors Brewing Co - Q4 GAAP loss per share $2.83 * Q4 earnings per share view $0.86, revenue view $2.57 billion -- Thomson Reuters I/B/E/S * Molson Coors Brewing Co - on a pro forma U.S. GAAP basis, Millercoors income from continuing operations before income tax was $207.8 million for Q4 * Molson Coors Brewing - consolidated pro forma underlying pretax income for q4 includes negative effect of foreign currency movements totaling $7.3 million * Molson Coors Brewing - During Q4, recorded net non-core charges of $12.6 million incurred primarily in connection with post-acquisition integration costs * Molson Coors - During Q4, co recognized net special charge of $521.1 million, driven by $495.2 million of impairment charges recorded for molson brands in canada  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSASB0B05F'|'2017-02-14T20:48:00.000+02:00'
'569951b4b43477f26eef7618998ca90222c42d23'|'Japan''s JERA to invest $200 mln in India''s ReNew Power'|' 16pm IST Japan''s JERA to invest $200 mln in India''s ReNew Power The world''s top buyer of liquefied natural gas JERA Co said on Tuesday it has agreed to invest about $200 million to take a stake in Indian renewable power producer ReNew Power Ventures Private Ltd. JERA, a fuel joint venture between Tokyo Electric Power and Chubu Electric Power, said it would acquire a 10 percent stake through a third-party share allocation. The move marks the largest investment in renewable business overseas, it added. ReNew Power, a solar and wind power producer that owns about 1.5 gigawatt worth of installed operating capacity, is currently building another 1.8 GW worth of capacity, Jera said. (Reporting by Osamu Tsukimori; Editing by Vyas   Delays, confusion as Toshiba reports $6 billion nuclear hit and slides to loss TOKYO After a day of delays and confusion, Japan''s Toshiba Corp said on Tuesday it expected to book a $6.3 billion hit to its U.S. nuclear unit, a writedown that wipes out its shareholder equity and will drag the group to a full-year loss.'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/japan-india-lng-idINKBN15T17Z'|'2017-02-14T17:46:00.000+02:00'
'65561c0e721b93f15fc6ea9571035e077f79a7a5'|'UPDATE 1-Michelin expects boost to profits from mining sector recovery'|'(Adds comments, details, background)By Laurence FrostPARIS Feb 14 Michelin said an upturn in mining sector demand for its outsize earthmover tyres will help to increase earnings this year, as the French tyre maker posted a 4.5 percent gain in operating profit for 2016.The company recorded 2.69 billion euros ($2.86 billion) in recurring operating income, lifting the full-year operating margin to 12.9 percent from 12.2 percent.Chief Executive Jean-Dominique Senard said 2017 would be "another year of growth in line with the group''s 2020 objectives".Under increasing competitive pressure, Michelin is pursuing cost cuts to defend profitability without losing ground to low-cost rivals. The group said it met a 1.2 billion-euro savings goal for 2012-2016 and is on track to do the same again by 2020.Global demand for truck and so-called specialty tyres - for mining and agriculture - will pick up in 2017, the company forecast. Car tyre markets will approach last year''s 3 percent expansion, with South American sales back in positive growth.High-margin earthmover tyres are rebounding after a third straight year of decline, Michelin said. "The trend turned upward in the fourth quarter," the company added.Weaker pricing reduced last year''s earnings by 438 million euros, almost absorbing a 545 million-euro gain from lower raw material costs. Michelin is now raising prices to cover an upturn in the costs of steel and rubber, natural and synthetic.Revenue fell 1.4 percent to 20.91 billion euros on weaker pricing, despite a 2.1 percent increase in sales volumes. Net income jumped 43.5 percent to 1.68 billion euros.The 2016 results narrowly beat expectations of 20.83 billion euros in revenue and 2.67 billion in operating income, based on the median of 12 analyst estimates in an Inquiry Financial poll.Earlier this month, Michelin''s rival Goodyear posted lower-than-expected quarterly sales and lowered its 2017 forecast for a key measure of its operating income.Michelin targeted full-year sales volume growth in line with global markets, combined with an increase in recurring operating income, before currency effects expected to be positive.Structural free cash flow came to 961 million euros in 2016 and will exceed 900 million this year, Michelin said, reiterating its 1.4 billion goal for 2020.($1 = 0.9419 euros) (Additional reporting by Gilles Guillaume; Editing by Sudip Kar-Gupta)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/michelin-results-idUSL8N1FZ0O8'|'2017-02-14T10:14:00.000+02:00'
'cffe73f9ca103f405530790712cfb95eecf4028a'|'Fed has limited view on Trump economic policies as Yellen heads to Congress'|'Business News   6:21am GMT Fed has limited view on Trump economic policies as Yellen heads to Congress left right Federal Reserve Chair Janet Yellen holds a news conference following day two of the Federal Open Market Committee (FOMC) meeting in Washington, U.S., December 14, 2016. REUTERS/Gary Cameron 1/2 left right U.S. President Donald Trump departs after a joint news conference with Canadian Prime Minister Justin Trudeau at the White House in Washington, U.S., February 13, 2017. REUTERS/Kevin Lamarque 2/2 By Jason Lange - WASHINGTON WASHINGTON Federal Reserve Chair Janet Yellen goes to Congress on Tuesday for the first time since Republicans took control of the White House and both houses of the legislature with less clarity on the direction of U.S. economic policy than at any time of her three-year tenure. The details of President Donald Trump''s economic policies remain largely unknown. He has announced a rollback of financial regulation with few details and there is no clarity on the size, scope and timing of the tax cuts he has promised. Possible new taxes on imports and increased infrastructure spending could boost inflation and send the dollar soaring, uncertainties that make it unusually difficult for the Fed to chart a course for interest rate policy. "There is quite significant uncertainty about what''s actually going to happen, I don''t think anyone quite knows," Fed Vice Chair Stanley Fischer said on Saturday. Even at the best of times, the Fed''s ability to see shifts in the economy is limited. In 2012 it said that interest rates would start to rise in 2014 but policymakers waited until December 2015 for their first rate hike. A forecast of four interest rate rises in 2016 turned out to be one. Yellen is due to give semi-annual testimony before the Senate Banking Committee on Tuesday at 10 a.m. EST. She will address the House Financial Services Committee on Wednesday. The American economy is now, by many estimates, around what the Fed considers to be "full employment," inflation has ticked up to 1.6 percent and the economy grew 1.6 percent last year. Based on the Fed''s economic projections for this year, it could raise interest rates three times in 25 basis-point steps. Little was changed in the central bank''s Feb. 1 policy statement, a reflection of how little insight Fed officials have into Trump''s policies. "There are just a lot of ways this could go wrong, like spinning off toward a trade war," said Jon Faust, a Johns Hopkins University economics professor and former special adviser to the Fed''s Board of Governors. Some Trump advisers, including National Trade Council Director Peter Navarro, have criticized the trade policies of China and Germany, fueling concerns Washington might disrupt global commerce. At the same time, the new president''s Treasury Secretary, Steve Mnuchin, has stressed Washington will continue to participate in global economic forums. CALL FOR FED RULES On Tuesday, Yellen will likely face renewed pressure from lawmakers to set rate policy with a publicly disclosed mathematical formula. The head of the financial services committee in the House of Representatives has said he will resubmit a proposal to make the Fed adopt a policy rule. Yellen has publicly opposed the proposal, saying it would damage the Fed''s ability to respond to crises, but it could win traction in the central bank as Trump has a raft of appointments to make. Trump can name members to the central bank''s Washington-based Board of Governors. There are currently two empty seats on the seven-member body, and Fed Governor Daniel Tarullo said on Friday he would resign around early April. The president may also appoint a new chair as Yellen''s 4-year term as chair comes up in January 2018, while Fischer''s term as vice chairman ends in June of that year. (Reporting by Jason Lange; Additional reporting by Ann Saphir in San Diego, Howard Schneider in St. Louis and Jonathan Spicer in Chicago; Edi
'5649f4d737af79ba48ce30bbe50a5962a68a09ef'|'LME failed to report suspicious trade orders to FCA for three months - sources'|'Business News - Wed Feb 15, 2017 - 1:47pm GMT LME failed to report suspicious trade orders to FCA for three months - sources Men walk past the London Metal Exchange (LME) in London, July 22, 2011. REUTERS/Paul Hackett/File Photo By Pratima Desai - LONDON LONDON Following the introduction of new market abuse regulation last year, the London Metal Exchange did not submit any suspicious transaction order reports (STORs) for three months, setting off alarm bells at the UK regulator, metal industry sources said. Suspicion of a failure to ensure adequate surveillance processes caused the Financial Conduct Authority (FCA) to investigate and issue an informal warning, they added. The Market Abuse Regulation became effective across the European Union on July 3. Firms and trading venues in Britain can submit STORs through the FCA''s website. "The LME didn''t submit any STORs after the new regulation came in until after September," a source close to the matter said. The LME and FCA declined to comment. Some sources said the LME having to vacate its Finsbury Square offices between July 18 and Sept. 1 due to structural issues may have exacerbated the problem, but that the main issue was surveillance. There was also internal discord over the push to attract high-volume funds, brokers said. That, they said, was a concern for Charles Li, chief executive of parent Hong Kong Exchanges & Clearing ( 0388.HK ), which bought the 140-year old exchange in 2012 for $2.2 billion. An average 31 percent fee increase at the start of 2015 prompted consumers and producers to abandon the exchange in favour of over-the-counter (OTC) trade, hitting LME volumes. The downtrend was reinforced last year by economic and demand slowdown in China, the world''s top consumer of industrial metals, which subdued prices and activity, triggering an exodus of funds to other markets with higher return potential. LME volumes overall in 2016 slid 7.7 percent after a fall of 4.3 percent in 2015. However a 5.6 percent drop in copper trading compared with a 26.7 percent surge in trade on the U.S. rival CME Group''s ( CME.O ) exchange, which sources say is easier and cheaper to use for funds. (Reporting by Pratima Desai; Editing by David Evans) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-lme-stors-fca-idUKKBN15U1OL'|'2017-02-15T20:47:00.000+02:00'
'fc535b4c9a1e4a19829e2c0227ba0286040ccd07'|'South Africa watchdog seeks penalty against banks for FX rigging'|'Company  36am EST South Africa watchdog seeks penalty against banks for FX rigging JOHANNESBURG Feb 15 South Africa''s competition watchdog has recommended a fine equal to 10 percent of annual turnover for several banks, including Citigroup, Nomura and Standard Bank, for rigging the rand currency, it said on Wednesday. The Competition Commission said it had concluded an investigation into whether banks colluded by using an instant messaging chat room called "ZAR Domination", to coordinate their trading activities when giving quotes to customers who buy or sell currencies. ZAR is the code for the South African rand used in financial markets. The Commission said it has now referred the case to tribunal for prosecution. (Reporting by Tiisetso Motsoeneng; Editing by Susan Fenton) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/safrica-currencyrigging-idUSL8N1G053Q'|'2017-02-15T21:36:00.000+02:00'
'430bec165453d8dc3fb36581a7b92ea65389d562'|'China completes $1.15 trillion investment in major projects by end-2016 -state planner'|'  2:29am GMT China completes $1.15 trillion investment in major projects by end-2016 -state planner FILE PHOTO - 100 Yuan notes are seen in this illustration picture in Beijing November 5, 2013. REUTERS/Jason Lee/File Photo BEIJING China completed 7.92 trillion yuan (923.40 billion pounds) worth of investment in major projects by end of 2016, the state planner said on Wednesday. The National Development and Reform Commission (NDRC) released the figure in a handout before a regular news briefing in Beijing. About 30 percent of the total investment - 2.39 trillion yuan - went into major infrastructure projects in the information, power grid and oil and gas sectors, the NDRC said. China also dedicated about 22 percent of the total investment into major projects in transportation, including the construction of railways, highways and airports. The nation''s investment in clean energy came in at 1.18 trillion yuan, making up about 15 percent of total investment. Another 679.9 billion yuan has been spent in targeting pollution issues, such as air pollution prevention projects. In comparison, China has only spent 30.4 billion yuan in major projects aimed at upgrading its manufacturing sector and increasing the sector''s "core competitiveness", according to the NDRC handout. ($1 = 6.8708 Chinese yuan) (Reporting by Elias Glenn and Yawen Chen; Editing by Sam Holmes)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-china-economy-investment-idUKKBN15U085'|'2017-02-15T09:29:00.000+02:00'
'15e0795413bcff22b8c6a6f961e96254202f042d'|'UPDATE 1-Acacia Mining sees 40 percent boost from mine extension'|' 45am EST UPDATE 2-Acacia Mining sees output boost, doubles dividend * Plans announcement on Kenyan project in Q1 * Analysts say results very positive * Share price rises more than 6 percent (Adds share price, details) LONDON, Feb 14 Tanzanian-focused gold producer Acacia Mining said a mine life extension at Buzwagi would boost production in 2017 after record output last year and proposed more than doubling its dividend, reflecting a jump in net cash. Shares in the miner, which is majority owned by Barrick Gold , rose more than 6.5 percent by 0820 GMT, while the wider sector was flat. After a rough 2105, the entire mining sector recovered strongly last year, driven by a rebound in commodity prices. Gold has been lifted as investors sought shelter from political shocks after Britain voted to leave the European Union and Donald Trump unexpectedly became U.S. president, although a stronger dollar has eroded some of the gains. "2016 was another successful year for Acacia as we delivered record production, reduced our all-in sustaining costs by 14 percent and more than doubled our net cash position," Acacia''s Chief Executive Brad Gordon said. For the coming year, a six-month extension of mining at Buzwagi will lead to a 40 percent output increase versus 2016, the company said in a statement. It said it had proposed a full year dividend of 10.4 cents, which is at the top end of its policy and more than twice the total dividend announced for 2015 (4.2 cents). Analysts said the company''s results easily beat expectations. Investec analyst Hunter Hillcoat, which rates Acacia a "buy", said they should be "seen very positively". Acacia, which delivered output of 829,705 ounces in 2016, almost 100,000 ounces ahead of 2015, invested when other miners focused almost exclusively on cutting costs. It said it expected to make an announcement on its West Kenya mining project in the first quarter. Gordon said Acacia believed the resource was "the first step in delineating a multi-million ounce high grade resource in the Liranda Corridor in Kenya". (Reporting by Barbara Lewis in London and Sanjeeban Sarkar in Bengaluru; Editing by Jon Boyle and Susan Fenton)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/acacia-mining-results-idUSL8N1FZ1EO'|'2017-02-14T15:01:00.000+02:00'
'452cb2844a4d9cc98b5dfe41e409b557e5687304'|'China''s credit growth poses challenge, but tightening seen gradual'|'Tue Feb 14, 2017 - 12:08pm GMT China''s credit growth poses challenge, but tightening seen gradual 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 By Elias Glenn - BEIJING BEIJING Chinese banks kept up a strong pace of lending at the start of the year, even with signs of tightening by the central bank, highlighting the challenge Beijing faces as it tries to deflate asset bubbles without risking a blow to economic activity. January''s new yuan loans were the second-highest on record as banks stepped up lending, indicating policymakers'' efforts to rein in risks have not reduced bank credit being extended to China''s highly-indebted corporate sector. A spike in off-balance sheet lending also showed demand for credit remained strong, while inflation picked up to multi-year highs, though analysts expect any tightening to be gradual as China''s economic recovery is fragile. "This is not across the board or broad tightening that we normally see...we think the recovery momentum is driven by the recovery in prices, especially PPI, rather than any real return of real demand," said Betty Wang, senior China economist at ANZ in Hong Kong. "We do not think the economy is solid enough to counter broad-based or aggressive tightening." Much of the increase in consumer prices in January was due to a seasonal rise in food and travel costs ahead of the Lunar New Year holiday, while producer price gains slowed by half on-month. Analysts say the People''s Bank of China (PBOC) is raising rates on some primary money rates to signal to markets that it is keeping an eye on financial risks, but will keep liquidity ample, which includes continued expansion of credit. Chinese banks added a net 2.03 trillion yuan ($295.74 billion) in new loans in January, while credit growth including non-bank lending rose 3.74 trillion yuan. The expansion in broad M2 money supply was stable while growth in outstanding credit was also on trend at 12.8 percent, supporting views the central bank will keep monetary conditions basically stable, with some marginal tightening targeting specific sectors such as property. Indeed, to help cool the heated housing market, banks in some big Chinese cities have already started to lower discounts on lending rates for first-time home buyers, the China Securities Journal reported earlier this month. Chinese banks usually "front load" loans early in the year after the government renews their credit quotas, so data over the next few months will provide a better picture for credit growth trends this year. Higher rates and increased volatility in debt markets have curtailed corporate bond issues, with net issues negative for a second month in a row in January, pushing more firms into non-traditional lending such as trust loans, which spiked. The rapid rise in off-balance sheet lending could prompt more tightening measures, ANZ economists said in a research note, with the bank expecting the PBOC to raise the 7-day repo rate by another 15 basis points by the end of June. SUPPORT FOR YUAN Analysts say the PBOC has tightened policy partly to support the yuan, which faces depreciation pressure against the dollar as the U.S. Federal Reserve is expected to continue to raise interest rates. "They want to reign in some potential risks...as well as try to stabilize the RMB exchange rate expectation," said Nomura economist Yang Zhao. But in recognition of the caution towards further tightening, Zhao does not expect the PBOC to raise interbank rates again for the first half of this year. ($1 = 6.8625 Chinese yuan)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-china-economy-loans-idUKKBN15T1HF'|'2017-02-14T19:05:00.000+02:00'
'5e40c389a52dcc087e0edebe9051370b391f4c0f'|'German economy grew by 0.4 percent in final quarter of 2016'|' 31am GMT German economy grew by 0.4 percent in final quarter of 2016 FILE PHOTO:An employee of German car manufacturer Mercedes Benz takes the brand''s charateristic star to assemble onto a GLA model at their production line at the factory in Rastatt, Germany, January 22, 2016. REUTERS/Kai Pfaffenbach/File Photo BERLIN The German economy grew by 0.4 percent in the final quarter of 2016, the Federal Statistics Office said on Tuesday, with increased state spending, higher private consumption and construction more than offsetting a drag from foreign trade. The GDP growth figure for the final three months of 2016 was slightly weaker than the consensus forecast in a Reuters poll of 0.5 percent. The overall growth rate for 2016 was confirmed at 1.9 percent, which was the strongest rate in half a decade. Unadjusted data showed the economy grew by 1.2 percent on the year in the fourth quarter, falling short of the consensus forecast for 1.7 percent growth. The quarterly growth rate for the third quarter was revised down to 0.1 percent from 0.2 percent and the rate for the second quarter was revised up to 0.5 percent from 0.4 percent. (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-idUKKBN15T0R4'|'2017-02-14T14:31:00.000+02:00'
'd28c65b9f6b5b3ef141c64f1ebfe00c497385412'|'BRIEF-First Global Data Ltd says was recently served with an application by Fountain Asset Corp'|' 31pm EST BRIEF-First Global Data Ltd says was recently served with an application by Fountain Asset Corp Feb 13 First Global Data Ltd : * First Global Data Ltd says was recently served with an application by fountain asset corp * First Global -in application, fountain is seeking an order co deliver to fountain options to subscribe for and purchase 3.4 million common shares at $0.10/share * First Global Data Ltd says "is in process of investigating fountain''s allegations"  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1FY11E'|'2017-02-14T08:31:00.000+02:00'
'f03b94125ffd7ccd777b5b47f93e1221e4501911'|'China forex regulator surveying Shanghai firms about potential impact of higher U.S. tariffs: sources'|'Business   2:00am EST China forex regulator surveying Shanghai firms about potential impact of higher U.S. tariffs: sources A woman leaves the building of State Administration of Foreign Exchange (SAFE) in Beijing, China, January 11, 2017. REUTERS/Jason Lee SHANGHAI China''s foreign exchange regulator began surveying firms in Shanghai in early February about the impact on cross-border trade of possible protectionist measures by the United States, two sources said on Tuesday. The State Administration of Foreign Exchange (SAFE) is asking firms with large trading operations and cross-border payments with the United States whether they have U.S. production facilities, their tolerance for higher tariffs, and how they would deal with the higher tariffs, said one of the sources. U.S. President Donald Trump has repeatedly threatened to slap higher tariffs on Chinese imports in retaliation for what he claims are unfair trade practices, though he has yet to follow through on the threats since taking office on Jan. 20. "It is still in the survey phase. Every foreign trade firm''s situation is different. If there really was a trade war, there will be pressure," said the above source. Reuters was not immediately able to reach SAFE''s Shanghai office for comment. SAFE is also looking at the operations of U.S.-invested firms in China, including their business models and whether those firms will move production to other countries or divest from China. (Reporting by Shanghai and Beijing newsrooms; Editing by Kim Coghill) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-trump-china-trade-idUSKBN15T0NB'|'2017-02-14T14:00:00.000+02:00'
'd1155a493523f8106a9c9dc8eb3d95da76af1682'|'BRIEF-Jana Partners takes sole share stake in Bristol-Myers, Cognizant'|'Company News  51pm EST BRIEF-Jana Partners takes sole share stake in Bristol-Myers, Cognizant Feb 14 Jana Partners LLC * Jana Partners LLC takes sole share stake of 3.9 million shares in Bristol-Myers - SEC filing * Jana Partners LLC takes sole share stake in Cognizant Technology Solutions * Jana Partners LLC takes sole share stake of 3.2 million shares in Salesforce.com Inc * Jana Partners LLC dissolves sole share stake in US Foods Holding Corp * Jana Partners LLC dissolves sole share stake in Graphic Packaging Holding Co * Jana Partners LLC - Change in holdings are as of Dec 31, 2016 and compared with the previous quarter ended as of Sept 30, 2016 Source text for quarter ended Dec 31, 2016: ( bit.ly/2kudAdq ) Source text for quarter ended Sept 30, 2016: ( bit.ly/2fMRPEO ) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1FZ16W'|'2017-02-15T03:51:00.000+02:00'
'952d6aa85a41dc3d3a71c07a357b66b473fe58f5'|'Shareholder democracy is ailing'|'DEMOCRACY is in decline around the world, according to Freedom House, a think-tank. Only 45% of countries are considered free today, and their number is slipping. Liberty is in retreat in the world of business, too. The idea that firms should be controlled by diverse shareholders who exercise one vote per share is increasingly viewed as redundant or even dangerous.Consider the initial public offering (IPO) of Silicon Valley<65>s latest social-media star, Snap. It plans to raise $3-4bn and secure a valuation of $20bn-25bn. The securities being sold have no voting rights, so all the power will stay with Evan Spiegel and Bobby Murphy, its co-founders. Snap<61>s IPO has echoes of that of Alibaba, a Chinese internet giant. It listed itself in New York in 2014, in the world<6C>s largest-ever IPO, raising $25bn. It is worth $252bn today and is controlled by an opaque partnership using legal vehicles in the Cayman Islands. Its ordinary shareholders are supine.In this section Internet firms<6D> legal immunity is under threat Ralph Lauren and Macy<63>s tell a similar tale of woe Snow-making companies in a warming world Grab battles Uber in South-East Asia Tata<74>s governance is still faulty Shareholder democracy is ailing Stockmarkets IPOs China United States SamsungOptimists may dismiss the two IPOs as isolated events, but there is a deeper trend towards autocracy. Eight of the world<6C>s 20 most valuable firms are not controlled by outside shareholders. They include Samsung, Berkshire Hathaway, ICBC (a Chinese bank) and Google. Available figures show that about 30% of the aggregate value of the world<6C>s stockmarkets is governed undemocratically, because voting rights are curtailed, because core shareholders have de facto control, or because the shares belong to passively managed funds that have little incentive to vote.Cheerleaders for corporate governance, particularly in America, often paint a rosy picture. They point out that fewer bosses are keeping control through legal skulduggery, such as poison pills that prevent takeovers. Unfortunately, these gains have been overwhelmed by three bigger trends. The first is that technology firms can dictate terms to infatuated investors. Young and with a limited need for outside capital, many have come of age when growth is scarce. Google floated in 2004 with a dual voting structure expressly designed to ensure that outside investors would have <20>little ability to influence its strategic decisions<6E>. Facebook listed in 2012 with a similar structure and in 2016 said that it would issue new non-voting shares. Alibaba listed in New York after Hong Kong<6E>s stock exchange refused to countenance its peculiar arrangements. Undaunted, American investors piled in.At the same time there has been a drift away from the model of dispersed ownership in emerging economies, with 60% of the typical bourse being closely held by families or governments, up from 50% before the global financial crisis, according to the IMF. One reason has been lots of IPOs of state-backed firms in which the relevant government retains a controlling stake. Hank Paulson, a former boss of Goldman Sachs, helped design many of China<6E>s privatisations in the early 2000s. <20>The Chinese could not surrender control,<2C> his memoirs recall. Mr Paulson hoped that the government would eventually take a back seat, but that has not happened. Other emerging economies, including Brazil and Russia, copied the Chinese strategy of partial privatisation. And across the emerging world, tightly held family firms, such as Tata in India and Samsung in South Korea, are bigger than ever.Voter apathy is the third trend, owing to the rise of low-cost index funds that track the market. Passive funds offer a good deal for savers, but their lean overheads mean that they don<6F>t have the skills or resources to involve themselves in lots of firms<6D> affairs. Such funds now own 13% of America<63>s stockmarket, up from 9% in 2013, and are growing fast. A slug of the shareholder register of most listed firms is now c
'29e1c1283a6e2b3f2f7ab7e7fab2aa849e76d7c0'|'EMERGING MARKETS-Brazil real strengthens to 7-month high as cenbank acts'|'Company News - Tue Feb 14, 2017 - 9:57am EST EMERGING MARKETS-Brazil real strengthens to 7-month high as cenbank acts SAO PAULO, Feb 14 The Brazilian real strengthened to a seven-month peak on Tuesday after the central bank resumed currency intervention following a two-week pause. The real firmed as much as 0.6 percent to 3.1095 to the dollar before paring back gains to around 0.3 percent in early afternoon trading. Gains were limited as the central bank indicated it could allow around $4.3 billion worth of currency swaps, which function like future dollar sales, to expire next month. The bank sold $300 million in currency swaps on Tuesday morning to roll over March maturities. Should it maintain that pace until the end of the month, it will roll over $2.7 billion of the roughly $7 billion due next month. Some had speculated the bank could allow all of those contracts to expire after it refrained from conducting any auctions in recent weeks. The central bank currently holds $26.5 billion worth of currency swaps on its balance sheet, down from more than $100 billion two years ago. Other Latin American currencies were mostly flat ahead of testimony by U.S. Federal Reserve Chair Janet Yellen that will be scrutinized for clues on the timing of the next interest rate hike. Earlier on Tuesday, emerging market stocks inched up to set 19-month highs, but trading volumes were thin as investors avoided big bets before Yellen''s speech. Key Latin American stock indexes and currencies at 1440 GMT: Stock indexes daily % YTD % Latest change change MSCI Emerging Markets 937.38 0.21 8.49 MSCI LatAm 2621.38 0.08 11.9 Brazil Bovespa 66771.84 -0.29 10.87 Mexico IPC 47557.52 -0.22 4.19 Chile IPSA 4339.39 -0.44 4.53 Chile IGPA 21649.25 -0.4 4.41 Argentina MerVal 19533.91 0.13 15.46 Colombia IGBC 10041.21 -0.36 -0.86 Venezuela IBC 32848.87 0.47 3.61 Currencies daily % YTD % change change Latest Brazil real 3.1012 0.27 4.77 Mexico peso 20.2700 0.06 2.34 Chile peso 642.2 -0.02 4.44 Colombia peso 2859.5 0.30 4.97 Peru sol 3.258 0.06 4.79 Argentina peso (interbank) 15.4100 0.52 3.02 Argentina peso (parallel) 16.4 0.18 2.56 (Reporting by Bruno Federowski; Editing by Lisa Von Ahn) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/emerging-markets-latam-idUSL1N1FZ0S1'|'2017-02-14T21:57:00.000+02:00'
'4b268983670c2756aab4b0b203abed9feaab0c04'|'MIDEAST STOCKS - Factors to watch - Feb 13'|'DUBAI Feb 13 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-Yen slips after Trump-Abe meet, Asian shares firm* MIDEAST STOCKS-Firm oil boosts Saudi, Kuwait rebounds but Egypt slips* Oil prices dip as markets remain bloated despite OPEC-led cuts* PRECIOUS-Gold slips as dollar strengthens against yen* UN chief affirms full support for Yemen peace envoy* Hezbollah supports Syria ceasefire and political talks* Netanyahu pledges to promote "responsible policies" at Trump meeting* UAE says expects higher compliance with OPEC, non-OPEC deal* Turkey to hold referendum on stronger presidency on April 16* Saudi govt approves 92 bln riyals support for agriculture, water, environment* Iraqi policeman killed in clashes with pro-Sadr protesters* Iran allowing Syria-bound Russian planes to use airspace-report* U.S. expresses objection to Palestinian as U.N. envoy to Libya* Inter-Shi''ite tension mounts in Baghdad after clashes* Syrian opposition picks delegation to Geneva talks* Helicopter bombs vehicle amid power struggle in Yemen''s Aden* Erdogan says Turkish operation in Syria will continue to Raqqa* ANALYSIS-Trump''s hostility to help keep Iran''s Rouhani in office, but make his life harder* INTERVIEW-Six Gulf nations aiming for simultaneous VAT adoption in January -UAE officialEGYPT* Foreigners support rally on Egyptian treasuries, pushing yields lower* Egypt''s GASC says seeking at least 30,000 tonnes soyoil in tender* Egypt''s Al Nouran sugar to start operations in May* Yields drop on Egypt''s three, nine-month T-bills in weekly auctionSAUDI ARABIA* BUZZ-Shares in Kingdom Holding surge on Disney share swap* Saudi govt approves 92 bln riyals support for agriculture, water, environmentUNITED ARAB EMIRATES* Dubai''s troubled Arabtec working with boutique investment bank Moelis -sources* Dubai''s DP World not concerned about Trump protectionist policies* INTERVIEW-Dubai''s Al Khaleej Sugar operating at full capacity* UAE says expects higher compliance with OPEC, non-OPEC dealQATAR* BRIEF-Qatar Islamic Insurance FY profit falls* TABLE-Qatar January inflation falls to 1.2 pct on food pricesKUWAIT* TABLE-Kuwait December bank loan growth slowest since January 2012* BRIEF-Kuwait''s Zain says Ministry of Electricity and Water awards contract worth 22 mln dinarsOMAN* TABLE-Oman January inflation rises to 1.8 pct on transport, housingBAHRAIN* Bahrain''s sugar refinery stopped production in October - source(Reporting by Dubai Newsroom)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/mideast-factors-idINL8N1FY07K'|'2017-02-13T00:55:00.000+02:00'
'a5b8f6e95d505b910bc61973333ff8dc4c587f82'|'South Korea says will act swiftly, firmly if markets roiled by North Korea'|' 05am GMT South Korea says will act swiftly, firmly if markets roiled by North Korea A currency dealer works at a dealing room of a bank in Seoul, South Korea, August 25, 2015. REUTERS/Kim Hong-Ji SEOUL South Korea''s finance ministry said on Monday it will act "swiftly and firmly" in case financial markets show unusual signs or a spike in volatility in the wake of a North Korea missile launch on Sunday. "We cannot rule out the possibility that North Korea''s actions may play out differently compared to the past as this is the first provocation since U.S. President Donald Trump took office," said the finance ministry in a statement after a meeting to discuss market reactions to the missile test. North Korea said on Monday it had successfully test-fired a new type of medium- to long-range missile on Sunday, claiming further advancement in a weapons program it is pursuing in violation of United Nations resolutions. (Reporting by Christine Kim; Editing by Lincoln Feast) Next In Business News VW says has no plans to retain large number of temporary staff BERLIN Volkswagen said it has no plans to keep a large number of temporary workers on its books following a media report saying management at the carmaker''s VW brand would retain about 2,000 of them as labour leaders and executives wrestle over the company''s turnaround plan.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-southkorea-economy-northkorea-idUKKBN15S00A'|'2017-02-13T07:05:00.000+02:00'
'5dac0d004eae99c3ad6cc00c282cff23db61a20e'|'Argentina approves 135 new airline routes for Avianca, others'|'Company News   2:58pm EST Argentina approves 135 new airline routes for Avianca, others BUENOS AIRES Feb 13 Argentina''s civil aviation authority approved on Monday 135 new routes for five airlines looking to start operating in Latin America''s No. 3 economy at more competitive prices. President Mauricio Macri''s government estimates airlines such as Colombia''s Avianca will invest $1.7 billion in Argentina in the next four years, giving Argentines more travel options. The companies approved, pending a green light from the transportation ministry, are FB L<>neas A<>reas, Andes L<>neas A<>reas, American Jet, Alas del Sur and Avian L<>neas A<>reas, the local unit of Avianca Holdings SA. The companies have three months to prove their technical capacity before they can start flying the routes, according to documents from the aviation authority, Anac. The government''s embrace of more competition in Argentina''s skies, particularly of budget airlines, has generated protests by airline employees who fear the competition will undercut benefits enjoyed by employees of state-run Aerolineas Argentinas and LAN Argentina, a unit of LATAM Airlines Group. Low cost airlines such as Norwegian Air Shuttle ASA are also expected to request routes in Argentina in coming months. (Reporting by Maximiliano Rizzi; Writing by Caroline Stauffer; editing by Grant McCool) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/argentina-airlines-idUSL1N1FY15M'|'2017-02-14T02:58:00.000+02:00'
'318f7d4bc116cf1280a4c8e7230b5af919560488'|'Markets await UK unemployment and earnings report <20> business live - Business'|'Office workers at Canary Wharf in London. Photograph: Victoria Jones/PA 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 Wednesday 15 February 2017 08.33 GMT First published on Wednesday 15 February 2017 08.22 GMT Key events Show 8.18am GMT 08:18 The agenda: UK unemployment report Live feed Show 8.33am GMT 08:33 Today<61>s average earnings figures are particularly important, argues Connor Campbell of SpreadEx : With inflation on the rise the most talked about figure this Wednesday will likely be the wage growth reading, which is set to remain unchanged at 2.8% [including bonuses]That<61>s all well and good for now, but given that UK inflation could hit 3% at some point in the second half of 2017 growth needs to pick up to avoid severely pinched pockets across the country. Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 8.18am GMT 08:18 The agenda: UK unemployment report Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business. Britain<69>s jobs market is in the spotlight today, with the publication of new unemployment figures at 9.30am GMT.The figures will be scrutinised for signs that the labour force is starting to suffer from last year<61>s Brexit vote. They<65>ll also show whether people<6C>s pay is keeping up with inflation, which rose to 1.8% from 1.6% last month.Economists expect a fairly solid set of figures, with the headline unemployment rate likely to remain unchanged at 4.8%, an 11-year low.But the claimant count is tipped to rise by around 800 people in January, after dropping by 23,000 the previous month. Average earnings, excluding bonuses, are expected to remain unchanged at 2.7% -- or 2.8% if you include bonuses.Michael Hewson of CMC Markets explains why this matters:With inflationary pressures starting to catch alight it is especially important that wages data keeps up, having been running ahead of inflation since mid-2014.Kit Juckes of French bank Societe Generale suspects that the unemployment total may inch higher too.... A 5k increase in unemployment, and steady ex-bonus wage growth at 2.7% unlikely to move sterling, but soggy enough to keep a mildly bearish bias.Also on today<61>s agenda... Federal Reserve chair Janet Yellen will be heading back to Congress for a second day of testimony to US lawmakers, from 3pm GMT.Yesterday she indicated that rate rises are coming, as it would be <20>unwise<73> to wait too long.Janet Yellen says Fed on course to raise US rates, UK inflation jumps to 1.8% - as it happened Read more European commissioner Pierre Moscovic i is in Athens today, hoping to narrow the gap between Greece and her creditors over the long-stalled bailout review.On the economic front, we get new US inflation figures at 1.30pm GMT. Economists predict that the CPI rose by 2.4% year-on-year in January, up from 2.1% in December - part of a wider trend of rising inflation.Plus, beer group Heineken , dairy chain Danone and French bank Credit Agricole are all reporting results today.Updated at 8.32am GMT Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/live/2017/feb/15/uk-unemployment-wages-brexit-greece-janet-yellen-business-live'|'2017-02-15T15:33:00.000+02:00'
'09271528445a17e5a776c722cc6610a951450317'|'Defections by Sears, Kmart cap week of controversy for Trump brands'|'  1:40am GMT Defections by Sears, Kmart cap week of controversy for Trump brands Trump-branded consumer products have suffered new blows, with U.S. retailers Sears Holdings Corp ( SHLD.O ) and Kmart Corp discontinuing online sales of 31 Trump Home items, while new details emerged showing sales of Ivanka Trump''s brand fell in the weeks before Nordstrom Inc ( JWN.N ) stopped carrying her products. Sears and its wholly owned subsidiary, Kmart, disclosed their decision on Saturday, saying it was part of a push to focus their online business on the most profitable items. Separately, the Wall Street Journal reported on Saturday that Nordstrom sales of Ivanka Trump''s brand had dropped sharply before the retailer discontinued sales this week. Citing internal Nordstrom data, the Journal reported sales of Ivanka Trump-branded clothing and shoes had dropped more than 70 percent in the second, third and fourth week of October compared with the same weeks the previous year. The election was held on Nov. 8. The developments were the latest in a week of controversy swirling around commercial activity connected to the Trump name. And the moves may be a rare sign of companies taking calculated risks in making business decisions that might invite criticism from President Donald Trump''s Twitter account. Neil Stern, a retail consultant for McMillan Doolittle, said Nordstrom may have felt insulated given its stores tend to be located in cities and affluent suburbs, which tend to tack Democratic. <20>If there is a political blowback they will survive it given where there stores are,<2C> he said. For Sears, which last month announced plans to close 150 stores, any publicity that draws attention away from the retailer''s financial struggles is welcome, Stern added. On Friday, three athletes sponsored by Under Armour Inc ( UAA.N ) took to social media to distance themselves from comments by the company''s chief executive, Kevin Plank, in support of President Trump. Earlier in the week, a congressional committee said it was seeking a review into whether senior White House adviser Kellyanne Conway had violated ethics rules by using her position to promote Ivanka Trump''s product lines. Prior to Conway''s comments, Donald Trump used Twitter to defend his daughter in the wake of Nordstrom''s decision to discontinue her product line. White House spokesman Sean Spicer characterized the Nordstrom move as a "direct attack" on the president''s policies. Neither Sears nor Kmart carried the Trump Home products in their retail stores, a Sears Holdings Corp spokesman said. "As part of the company<6E>s initiative to optimise its online product assortment, we constantly refine that assortment to focus on our most profitable items," spokesman Brian Hanover said in a statement. "Amid that streamlining effort, 31 Trump Home items were among the items removed online this week," he said, adding those items can be found through a third-party vendor, without providing additional information about the products. The Trump Home collection includes lines of furniture, bedding and lighting, often from makers that supply Trump hotels, according to the collection''s website. Nordstrom, in announcing the discontinuation of Ivanka Trump''s line last week, said sales had "steadily declined to the point where it didn<64>t make good business sense" to continue selling the products. (Reporting by Jon Herskovitz in Austin, Texas; Additional reporting by Joel Schectman in Washington; Writing by David Greising; Editing by Grant McCool and Matthew Lewis) A Kmart department store is seen in Killeen, Texas, U.S., January 5, 2017. REUTERS/Mohammad Khursheed  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-trump-sears-idUKKBN15Q0Q6'|'2017-02-12T08:40:00.000+02:00'
'cb0482a05c4033621769b51d41250371e5627dc1'|'EU mergers and takeovers (Feb 15)'|'Company  08pm EST EU mergers and takeovers (Feb 15) BRUSSELS Feb 15 The following are mergers under review by the European Commission and a brief guide to the EU merger process: APPROVALS AND WITHDRAWALS -- China''s Weichai Power Co to raise its stake in German industrial vehicle and supply chain system maker Kion (approved Feb. 15) NEW LISTINGS -- Private equity firms Advent International Corp and Bain Capital to jointly acquire German payment group Concardis (notified Feb. 13/deadline March 20/simplified) EXTENSIONS AND OTHER CHANGES -- German cement producers Heidelbergcement and Schwenk to jointly acquire Mexican peer Cemex''s Croatian unit (notified Sept. 5/deadline extended to April 18 from March 23) FIRST-STAGE REVIEWS BY DEADLINE -- Apollo Management to acquire Dutch lighting products maker Lumileds Holding (notified Jan. 12/deadline Feb. 16/simplified) FEB 21 -- U.S. healthcare company Johnson & Johnson to acquire U.S. peer Abbot Laboratories'' eye-surgery unit (notified Jan. 17/deadline Feb. 21) -- Japanese electronics products maker Sharp, which is a unit of Taiwanese conglomerate Hon Hai, to acquire a majority stake in UMC from Skytec UMC (notified Jan. 17/deadline Feb. 21/simplified) FEB 23 -- U.S. technology products distributor Tech Data to acquire U.S. electrical components distributor Avnet''s IT business (notified Jan. 19/deadline Feb. 23) FEB 27 -- German engineering company Siemens to acquire U.S. software company Mentor Graphics (notified Jan. 23/deadline Feb. 27) -- Japan''s NKT Cables to acquire Swiss power and automation company ABB''s high voltage cable business (notified Jan. 23/deadline Feb. 27) MARCH 2 -- Private equity firm CVC Capital Partners to acquire Belgian aluminium products maker Corialis (notified Jan. 26/deadline March 2/simplified) -- Swiss-based chemicals group Ineos to acquire French chemical company Arkema''s Oxo-alcohols business (notified Jan. 26/deadline March 2) -- U.S. private equity firm KKR & Co LP to acquire Japanese conglomerate Hitachi''s power tools unit Hitachi Koki (notified Jan. 26/deadline March 2/simplified) -- Japanese brewer Asahi Group Holdings Ltd to acquire Anheuser-Busch InBev''s beer businesses in central and eastern Europe (notified Jan. 26/deadline March 2) MARCH 7 -- Investment group KKCG and Taiwanese technology company Hon Hai Precision Industry Co, which is also known as Foxconn, to set up a private equity fund (notified Jan. 31/deadline March 7/simplified) -- South Korean conglomerate Samsung Electronics to acquire U.S. car and audio systems maker Harman International Industries (notified Jan. 31/deadline March 7/simplified) MARCH 8 -- Canada Pension Plan Investment Board (CPPIB) to acquire minority stake and joint control along with Apax Partners over software development services provider GlobalLogic Holdings Ltd (notified Feb. 1/deadline March 8/simplified) -- UK tech company Micro Focus to acquire Hewlett-Packard Enterprise''s software business (notified Feb. 1/deadline March 8) MARCH 9 -- Private equity firm Kohlberg Kravis Roberts (KKR) to acquire a stake in German market research firm GfK (notified Feb. 2/deadline March 9/simplified) -- U.S. aircraft component maker Rockwell Collins to acquire U.S. aircraft interior maker B/E Aerospace (notified Feb. 2/deadline March 9/simplified) MARCH 10 -- Denmark''s Dong Energy, Australian investment bank Macquarie Group Ltd and Taiwanese chemicals company Swancor Ind Co Ltd to jointly acquire a Taiwanese offshore wind farm Formosa 1 Wind Power Co Ltd (notified Feb. 3/deadline March 10/simplified) -- Slovenian energy group Petrol to take majority stake in natural gas wholesaler Geoplin (notified Feb. 3/deadline March 10) -- Fairfax Financial HOldings Ltd to acquired certain Latin American and eastern European operations of American International Group (AIG). (notified Feb. 3/deadline March 10/simplified) MARCH 13 -- Canada''s Public Sector Pension Investment Board (PSPIB) and Teachers Insurance and Annuity Association of Amer
'64a7862ada23165024c37df78da1afba15892960'|'Mexico''s Jose Cuervo prices IPO at 34 pesos per share'|'MEXICO CITY The initial public offering for tequila maker Jose Cuervo priced at the top of an expected range at 34 pesos per share, the company said on Thursday, kicking off the first Mexican IPO since Donald Trump won the U.S. presidency in November.The share price confirmed a report by sources familiar with the matter consulted by Reuters on Wednesday, who said there was strong investor demand for the offering.The company, officially known as Becle, put its IPO on hold twice last year, as Trump''s march to the White House gathered strength, sending the peso currency to a string of record lows.(Reporting by Dave Graham)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-mexico-josecuervo-idINKBN15O1NL'|'2017-02-09T10:41:00.000+02:00'
'7c459a5a15b5b8169b586b3207fafe5fdc385ac9'|'Thyssenkrupp says must give Tata time to work out UK pensions'|'FRANKFURT Tata Steel must be given time to work on a solution for its British steel pension liabilities in preparation for a possible merger with Thyssenkrupp''s European steel business, Thyssenkrupp''s finance chief said on Thursday."You see substantial progress... There is something afoot and one must give Tata time to work it out," Guido Kerkhoff told journalists on a conference call after the German industrial group reported first-quarter results.UK steelworkers'' unions have given their backing to a plan to close the 15 billion-pound ($19 billion) pension fund to future accruals, but Germany''s Thyssenkrupp wants the fund separated from the operational business before merger talks can progress."This is a necessary but not a sufficient step," Kerkhoff said on the call.($1 = 0.7965 pounds)(Reporting by Georgina Prodhan; Editing by Maria Sheahan)'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/thyssenkrupp-results-tata-steel-idINKBN15O0VE'|'2017-02-09T05:45:00.000+02:00'
'45345d39d66317698157739863692d91c5fc2a2e'|'Asian stocks tread water on U.S. cues, Europe concerns'|'Business News  12pm EST Asian stocks tread water on U.S. cues, Europe concerns A man looks at a stock quotation board outside a brokerage in Tokyo, Japan, April 18, 2016. REUTERS/Toru Hanai HONG KONG Asian stocks looked set to consolidate around four-month highs on Thursday as a cautious Wall Street close and growing political risks in Europe force investors to the sidelines. MSCI''s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS was broadly flat, with early Asian markets such as Australia hemmed in tight ranges. New Zealand stocks .NZ50 edged higher after the central bank signaled that a further cut in interest rates was no longer likely, but also that any tightening in policy might be two years or more away. Political concerns, including a strong showing by far-right candidate Marine Le Pen in France''s presidential race, have pushed up premiums demanded by investors to buy French debt over comparable bonds and pushed the yen and U.S. Treasuries higher. "The market is clearly pricing in a degree of uncertainty around the French elections, although that''s not to say that the market is pricing in some type of shock political outcome," James Woods, global investment analyst at Rivkin Securities in Sydney, wrote in a note. The S&P 500 ended slightly higher on Wednesday as investors digested mixed earnings reports, while the Dow Jones Industrial Average slipped as bank stocks weighed. Cautious stock markets translated into another day of gains for bonds with 10-year U.S. benchmark bond yields US10YT=RR declining for a third consecutive day to 2.34 percent, the lowest level in three weeks. Falling yields on U.S. debt had little impact on the greenback which showed further signs of extending gains after plateauing last week. Against a broad trade-weighted basket of its rivals =USD, the dollar was trading at 100.20 compared to a level of 99.30 last week. The Japanese yen JPY= also held its ground thanks to a broad rush to safety. In commodities, copper prices CMCU3 rose after the world''s top two mines said strikes and permit delays would force them to cut output. Helping sentiment was a recent pickup in China''s production price index to its highest levels since September 2011. Oil prices held firm after investors covered short positions on Wednesday. Brent crude futures LCOc1 settled at $55.16 per barrel, up 0.2 percent. (Reporting by Saikat Chatterjee; Editing by Richard Pullin) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-global-markets-idUSKBN15O00Z'|'2017-02-09T07:12:00.000+02:00'
'3a48803ca43b62ce696256c1b6b666b78c1ec196'|'Puma upbeat for 2017 after strong quarter in Europe'|'  9:06am GMT Puma upbeat for 2017 after strong quarter in Europe Boards with Puma store logo are seen on a shopping center at the outlet village Belaya Dacha outside Moscow, Russia, April 23, 2016. REUTERS/Grigory Dukor/File Photo HERZOGENAURACH, Germany German sportswear firm Puma ( PUMG.DE ) reported strong sales growth in the fourth quarter, particularly in Europe, and gave a confident forecast for 2017 as it benefits from a trend for retro sneakers and partnerships with stars like Usain Bolt. Chief Executive Bjorn Gulden has led a gradual turnaround of a brand that had fallen far behind market leaders Nike ( NKE.N ) and Adidas ( ADSGn.DE ), sparking renewed speculation that majority owner Kering ( PRTP.PA ) might consider a sale. Puma reported on Thursday a quarterly net loss of 4.6 million euros ($4.9 million), with sales up 9 percent to 958 million. That was slightly ahead of average analyst forecasts for a 5 million net loss on sales of 947 million, according to a Reuters poll. Puma expects currency-adjusted net sales to increase at a high single-digit percentage rate in 2017 after a rise of 10 percent in 2016, while earnings before interest and tax (EBIT) should come in between 170 million and 190 million euros, up from 128 million in 2016. ($1 = 0.9346 euros) (Reporting by Emma Thomasson; Editing by Maria Sheahan)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-puma-de-results-idUKKBN15O0X2'|'2017-02-09T16:06:00.000+02:00'
'b286ce89f5f30baf059d5762cfad1146982e49ab'|'Vedanta seeks urgent technical fix for Zambian copper mine'|'  5:37pm IST Vedanta seeks urgent technical fix for Zambian copper mine By Barbara Lewis - CAPE TOWN CAPE TOWN Indian mining company Vedanta Resources is urgently trying to overcome technical issues at its Zambian copper operations that it says have the potential to produce the metal for another 50 years. The mining industry as a whole has been frustrated by a lack of available high-quality copper assets at time demand for the metal is predicted to rise and Vedanta is wrestling with the need to remove large amounts of water, amongst other issues. "We''re all here working with an element of urgency to find a solution. We''re committed to Zambia. We want to invest," Vedanta Chief Executive Tom Albanese told Reuters at an annual mining conference in Cape Town. "I continue to believe there''s a 50-year vision for our Zambian copper operations. We have invested billions of dollars," Albanese said. The Vedanta chief said he had used the Cape Town event to meet Zambian officials and the industry''s best engineers because a lack of alternative copper assets made it imperative to exploit the company''s existing deposits. Vedanta has a majority stake in Konkola Copper Mines (KCM), which Albanese said was "one of the largest copper deposits still to be mined at one of the highest grades". Vedanta has also faced legal and regulatory issues in the southern African country. Last year, the Zambian government proposed an import duty on copper concentrate imports to be smelted in Zambia, but decided against it. "It was recognised it was a proposal that would only be at the expense of the copper producers in Zambia and ultimately refined copper exports from Zambia," Albanese said. Vedanta has three smelters in Zambia, Africa''s second biggest copper producer, and the import duty was expected to disrupt the supply of copper concentrate from neighbouring Democratic Republic of Congo. A $100 million payment to the Zambian government ordered by an English court over outstanding payments from a 2013 agreement had also been dealt with, he said. Konkola Copper Mines paid $20 million in January, will pay $22 million in February and the balance in instalments over the next 24 months. A legal battle over whether an English court has jurisdiction to decide a claim on behalf of Zambian villagers seeking compensation for what they say is damage to their health and land by KCM is unresolved. Vedanta has appealed, saying Zambia is the appropriate jurisdiction, and expects to know the outcome this year. Albanese said he had no news on the case. Vedanta is also expanding in the two other African countries. In South Africa, it is developing the Gamsberg zinc mine, which it began last year with a capital investment of $400 million and the aim of producing the first ore in mid 2018. It is also seeking to extend its Skorpion zinc mine in Namibia via an underground development as the existing reserve is expected to be exhausted by 2020. (Editing by David Clarke)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/africa-mining-vedanta-idINKBN15O1EN'|'2017-02-09T19:07:00.000+02:00'
'ce59f6951eaee0dc1c32fea914c8683df7747c73'|'Ex-VW chairman refuses to testify in German emissions probe'|'  2:32pm GMT Ex-VW chairman refuses to testify in German emissions probe Ferdinand Piech, chairman of the supervisory board of German carmaker Volkswagen, arrives at the annual shareholders meeting in Hanover in this April 25, 2013 file photo. REUTERS/Fabian Bimmer/Files HAMBURG/BERLIN Ex-Volkswagen ( VOWG_p.DE ) Chairman Ferdinand Piech, who resigned after a showdown with former chief executive Martin Winterkorn, has refused to testify to German lawmakers investigating a possible government''s role in the VW emissions scandal, according to his lawyer. Piech, also VW''s former CEO who spearheaded the carmaker''s global expansion, gave testimony to lawyers of U.S. law firm Jones Day last April and to German prosecutors in Braunschweig near VW''s Wolfsburg headquarters in December, his lawyer said. "These comments were solely directed at the inquirers of Jones Day and the prosecutors respectively. They were not directed at the public media," Piech''s Hamburg-based lawyer, Gerhard Strate, said in an emailed statement. He said Piech has no intention "to comment in public on what is being circulated as the alleged content of the questioning". A German media report earlier this week said Piech had informed top directors at VW about potential cheating with diesel emissions tests in the United States six months before the scandal became public in September 2015. Piech has not commented on the report by Bild am Sonntag. The unsourced report said Piech raised the issue with Winterkorn and subsequently informed members of the supervisory board''s steering committee in March 2015 - a month before Piech was ousted as chairman. A person familiar with the matter told Reuters on Sunday that Piech had raised the issue of excess diesel emissions of VW cars in the United States with Winterkorn in March 2015. The former CEO then replied to Piech that a recall of affected vehicles was already underway and that the problem would be resolved, the person said, adding that Winterkorn last year had given the same account to Jones Day. Winterkorn''s lawyer has said his client would not be commenting until he had been granted access to files held by Braunschweig prosecutors. VW has said it might take legal action against Piech over his reported assertions. The supervisory board''s labour representatives have since denied the reported allegations, as did Stephan Weil, a member of the steering committee and prime minister of Lower Saxony state, VW''s No. 2 stakeholder. Left Party lawmaker Herbert Behrens, who chairs the German parliamentary committee tasked with investigating the emissions irregularities, said earlier this week that the latest escalation required a Piech testimony. Behrens didn''t return calls seeking comment while fellow committee member Oliver Krischer, a Green Party lawmaker, criticised the refusal to testify. "This of course damages the (VW) brand and the entire German auto industry if those involved, even if they no longer belong to the company, do not manage to draw a line and clear the air," Krischer told broadcasting network Deutschlandfunk. The eight-member cross-party committee will question Weil and Transport Minister Alexander Dobrindt over the scandal on Thursday. The panel was set up last April to clarify whether Germany''s federal government and regulators were involved in VW''s emissions manipulations or failed to contribute towards their disclosure. Last month it questioned Winterkorn, who denied early knowledge of the cheating. (Reporting by Jan Schwartz and Andreas Cremer; editing by Mark Heinrich and David Evans)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-volkswagen-emissions-piech-idUKKBN15Q0LL'|'2017-02-12T21:32:00.000+02:00'
'7c36cb48e64611a5ea2ebf2e4f779071bbbc415b'|'Macy''s could have 50 percent upside in a sale: Barron''s'|'NEW YORK Macy''s Inc ( M.N ) could see its shares rise by 50 percent in a potential sale, as the struggling retailer looks to turn around its business by downsizing its physical-store operations and reinvesting in its online presence, Barron''s said on Sunday.The Cincinnati-based company, which in recent years has become the sixth-largest online retailer, is a bargain for investors despite Wall Street''s gloomy outlook with management''s plans to close 100 underperforming stores, which could increase its stock by 20 to 30 percent.It also plans to cut up to 10,000 jobs out of a total 157,900. That could reduce costs by $550 million annually, freeing up funds to invest in the company''s growing online business.Earlier this month, Hudson''s Bay Co ( HBC.TO ) made a takeover approach for the retailer in an effort to further push into the U.S. market, according to people familiar with the matter.A potential sale, particularly one with a spinoff of the company''s real estate assets, could boost Macy''s stock to $45 to $50, the report added. On Friday, its stock closed at $31.99.Macy''s property portfolio is estimated to be worth as much as $21 billion. It has around 900 stores in the United States, which includes its Bloomingdale''s outlets and its flagship store in New York City''s Herald Square.(Reporting by Catherine Ngai; Editing by Sandra Maler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-usa-macys-barron-s-idINKBN15R0XB'|'2017-02-12T16:15:00.000+02:00'
'ce620d59d9947c197777725a08e48349f462f19e'|'Russia to decide in April-May if global oil deal should be extended - TASS'|'Money News - Sat Feb 11, 2017 - 10:34pm IST Russia to decide in April-May if global oil deal should be extended - TASS 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 MOSCOW Russia will decided in April or May whether an agreement on global oil output cuts between OPEC and non-OPEC producers, set to end on June 31, should be extended, TASS news agency quoted Russian Energy Minister Alexander Novak as saying on Saturday. Novak also said that he planned to meet his Saudi Arabia counterpart Khalid al-Falih during the CERAWeek energy conference in Houston in March. (Reporting by Polina Devitt; Editing by Louise Ireland) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/russia-opec-idINKBN15Q0M8'|'2017-02-12T00:04:00.000+02:00'
'45b8f09da91b24093e3aa9526601b1afee47e027'|'Workers extend strike at CNR''s Ivory Coast oil and gas fields'|'ABIDJAN Feb 11 Workers have extended a strike indefinitely at Canadian Natural Resources'' (CNR) Baobab and Espoir oil and gas fields in Ivory Coast, the SISPOO oil workers union said on Saturday.A 72-hour strike was called early on Wednesday over the firing of workers and was extended on Friday after the parties failed to reach an agreement."As no solution is in sight, we hereby announce the extension of the strike until the conflict is resolved," SISPOO said in a letter to CNR on Friday.The union told Reuters on Wednesday that no gas was coming from any of CNR''s platforms, and that output from those sites represented about 30 percent of Ivorian oil and gas production.CNR could not be immediately reached for comment on Saturday.The company produces about 70 million cubic feet of natural gas per day in Ivory Coast, which is critical for supplying the West African nation''s gas-fired power plants.It also pumps between 40,000 and 45,000 barrels of crude oil per day, mainly for export. (Reporting by Joe Bavier; Writing by Edward McAllister; Editing by Louise Ireland)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/ivorycoast-oil-strike-idINL5N1FW06T'|'2017-02-11T07:46:00.000+02:00'
'9f8bca9d200e9c0e26843fca7055c7ea736636f8'|'Exclusive: Vale resumes search for Cubat<61>o fertilizer assets buyer - sources'|'By Tatiana Bautzer - SAO PAULO SAO PAULO After Norway''s Yara pulled out as a potential bidder, Vale SA ( VALE5.SA ) has resumed searching for a buyer for four fertilizer plants that were not included in a $2.5 billion sale to Mosaic Co, according to three people with direct knowledge of the matter.A reworked sale process for plants located in the southeastern city of Cubat<61>o was launched in recent days, in the wake of Yara International ASA''s November decision to withdraw, the people said. Talks between Yara ( YAR.OL ) and Vale had taken place for several months, said the first person.The assets include four plants producing phosphate-based, ammonia and nitrogen byproducts, the people said. Rio de Janeiro-based Vale has put a series of non-core assets on the block over the last 18 months to meet a $10 billion debt-reduction goal set by Chief Executive Officer Murilo Ferreira.A spokeswoman for Vale''s fertilizers division said in an emailed statement to Reuters that the company "remains in talks to sell the Cubat<61>o assets." Norway''s Yara declined to comment.The people spoke under the condition of anonymity since the process remains under way.Vale preferred shares, its most widely traded class of stock, fell 3.4 percent on Tuesday to 33.23 reais, paring back their gain to 40 percent this year.IMPAIRMENTThe ammonia and nitrogen production facilities were carved out from the fertilizer assets that Vale sold to Mosaic ( MOS.N ) in December.The debt-reduction plan is aimed at helping insulate the world''s largest iron ore producer from declining commodity prices. Still, as iron prices recovered late last year, Vale has had room to rethink the pace of an asset sale plan.News of Yara''s retreat comes in the wake of Vale''s Feb. 6 announcement that it would book a $1.2 billion impairment related to the fertilizer unit sale to Mosaic. The company did not specify the reasons for the impairment in the announcement.Analysts at Ita<74> BBA estimated in December that the fertilizer assets in the Cubat<61>o complex could be valued from $400 million to $600 million.The Cubat<61>o compound was built in the 1970s and acquired by Vale in 2010. The ammonia plant caught fire and was forced to halt production earlier this year.(Editing by Guillermo Parra-Bernal and Cynthia Osterman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-vale-sa-m-a-yara-intl-fertilizers-idINKBN15U09Z'|'2017-02-15T00:02:00.000+02:00'
'f951296d0ca8c8055189fcfa8ac315f593fbaa60'|'GVK wins bid to develop second Mumbai airport'|'MUMBAI India''s GVK, which operates the airport in financial capital Mumbai, has won a bid to develop a new airport outside the city to ease congestion and cater to surging demand.GVK outbid GMR Infrastructure Ltd - the operator of the airport in national capital New Delhi - to develop the 160 billion-rupee ($2.4 billion) Navi Mumbai airport, Mohan Ninawe, a spokesman for City and Industrial Development Corp. of Maharashtra (CIDCO), which had called the bids, told Reuters.The new airport, first proposed in 1997 and approved by the government in 2007 is expected to be operational in 2019.($1 = 67.0200 rupees)(Reporting by Rajendra Jadhav; Editing by Biju Dwarakanath)'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/gvk-airport-dev-mumbai-airport-idINKBN15S13W'|'2017-02-13T07:58:00.000+02:00'
'914ca27b347ac7045e5d95cf41138384f0865d5f'|'Expert views: Retail inflation cools to five-year low of 3.17 percent in January'|'MUMBAI India''s annual consumer price inflation eased to 3.17 percent in January, its lowest level in at least five years, helped by a sharp cooling in food prices, government data showed on Monday.Economists polled by Reuters expected last month''s annual retail inflation to come in at 3.22 percent, compared with 3.41 percent in December.Food inflation was 0.53 percent last month, lower than a revised 1.37 percent in December.India began measuring consumer inflation at the start of 2012.ANJALI VERMA, ECONOMIST, PHILLIPCAPITAL INDIACore CPI is 5.10 percent, which is of course on the higher side. So, that justifies the argument that RBI has been making that core inflation is sticky. Therefore, there is no scope for rate cuts.Inflation in the coming months is expected to be much below RBI''s trajectory. Until the first half of FY18, I''m expecting all-in-all inflation to be at least a percent and more below RBI''s trajectory.SUVODEEP RAKSHIT, SENIOR ECONOMIST, KOTAK INSTITUTIONAL EQUITIES, MUMBAII don''t think the central bank is going to cut rates anytime soon. They have already factored in inflation rates and they will apply a wait and watch policy to check core inflation trends.I expect a core inflation rate of 4.9 percentGoing forward, key risks are commodity prices and food inflation over the next six months given the the monsoon patterns.TIRTHANKAR PATNAIK, INDIA STRATEGIST, MIZUHO BANK, MUMBAIInflation rate is lower than market expectations. Based on this data, we do not expect RBI to cut rates in the near term. Going forward, RBI''s focus will definitely be on inflation as the central bank is quite comfortable in meeting their growth targets.VARUN KHANDELWAL, MANAGING DIRECTOR, BULLERO CAPITAL:RBI will continue to hold, RBI is seeing upside risks to inflation and one data point is not going to change their view dramatically. They''re looking at possible food and fuel inflation and inflation related to commodity prices.Interest rates will remain on hold in the near term.Key risk to inflation going forward is international commodity prices, primarly the price of oil... Oil has been consistently in mid 50s for some time. If oil were to go further up, we could see more inflation.(Reporting by Bengaluru and Mumbai newsrooms; Editing by Biju Dwarakanath)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/india-economy-inflation-views-idINKBN15S1CG'|'2017-02-13T09:28:00.000+02:00'
'ff474588b2c8624c0bdcb38a29db1154123130ed'|'Vietnam posts $1.15 billion trade surplus in January'|' 32am GMT Vietnam posts $1.15 billion trade surplus in January Labourers work at a garment factory in Hung Yen province, outside Hanoi January 5, 2017. REUTERS/Kham HANOI Vietnam posted a trade surplus of $1.15 billion (921.03 million pounds) in January, the government said on Sunday, down from a $881 million surplus in the same month a year earlier. Exports rose 5.7 percent to $14.34 billion compared with the same period last year, while imports edged up 3.9 percent to $13.19 billion, the government website cited data from customs department as showing. China, South Korea and the United States are Vietnam''s biggest trading partners so far this year. Vietnam, the world''s top robusta producer, exported 140,300 tonnes (2.3 million 60-kg bags) of coffee in January, down 20.5 percent from a year earlier. But the value of coffee exports rose 3.5 percent annually to $316.8 million, customs data showed. The country saw a trade surplus of $2.52 billion and exported 1.78 million tonnes of coffee in 2016. (Reporting by My Pham; Editing by Kim Coghill)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-vietnam-economy-trade-idUKKBN15S07E'|'2017-02-13T09:32:00.000+02:00'
'edd79370f0b92219ae90e8c4b403690fc5272c47'|'Chipmaker TowerJazz Q4 profit jumps, tops estimates'|'Company News   4:39am EST Chipmaker TowerJazz Q4 profit jumps, tops estimates JERUSALEM Feb 13 Israeli chipmaker TowerJazz reported a doubling of quarterly net profit that beat estimates, boosted by robust demand from existing and new customers. TowerJazz said on Monday it earned 52 cents per diluted share excluding one-time items in the fourth quarter, up from 27 cents a share a year earlier. Revenue grew 34 percent to a record $340 million. The company was forecast to earn 48 cents a share ex-items on revenue of $339.9 million, according to Thomson Reuters I/B/E/S. It projects first-quarter 2017 revenue of $330 million, plus or minus 5 percent, for a 19 percent annual gain. (Reporting by Steven Scheer; Editing by Tova Cohen) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/towerjazz-results-idUSL8N1FY1XL'|'2017-02-13T16:39:00.000+02:00'
'b06030fec420b68aeff9f01f4991860df9dec996'|'Saudi Aramco inks first ever crude oil contract with China''s Huajin - sources'|'Business News - Mon Feb 13, 2017 - 4:32am GMT Saudi Aramco inks first ever crude oil contract with China''s Huajin - sources FILE PHOTO - An oil tank is seen at the Saudi Aramco headquarters during a media tour at Damam city November 11, 2007. REUTERS/ Ali Jarekji/File Photo SINGAPORE State oil giant Saudi Aramco IPO-ARMO.SE has signed a contract with Chinese refiner North Huajin Chemical Industries Group Corp (NORINCO) to supply crude in 2017, two sources with knowledge of the matter said on Monday. The contract, the first between Aramco and Huajin, comes after Russia overtook Saudi Arabia as the top crude supplier to China, the world''s second largest oil consumer. [O/CHINA1] Saudi Aramco will supply Arab Extra Light crude to Huajin, providing a steady oil supply that will enable the Chinese state-controlled refiner to produce more naphtha for its petrochemical production, one of the sources said. (Reporting by Florence Tan; Editing by Himani Sarkar) Next In Business News Yen slips after Trump-Abe meet, Asian shares firm TOKYO The dollar rose against the yen on Monday on relief that U.S. President Donald Trump set aside tough campaign rhetoric over security and jobs in a smooth meeting with Japanese Prime Minister Shinzo Abe, with no mention of currency policy.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-saudi-oil-china-saudi-aramco-idUKKBN15S0CO'|'2017-02-13T11:32:00.000+02:00'
'8a25eda18ebc84259da9e2f8c47799aa50721ea5'|'Trade stops in yuan-Singapore dollar after daily fixing mix-up - traders'|'Business News - Mon Feb 13, 2017 - 5:14am GMT Trade stops in yuan-Singapore dollar after daily fixing mix-up - traders Singapore currency notes are seen through a magnifying glass among other currencies in this photo illustration taken in Singapore April 12, 2013. REUTERS/Edgar Su SHANGHAI Currency dealers refrained from trading the Chinese yuan against the Singapore dollar on Monday morning due to an incorrect midpoint fix SGDCNY=PBOC before the market opened. The People''s Bank of China later adjusted the midpoint, but as of midday there had been no trades in the two currencies on China''s interbank market. The yuan''s midpoint was initially set at 4.9929 per Singapore dollar, far weaker than Friday''s closing rate of 4.8418. The PBOC later amended the daily midpoint on the official foreign exchange trading platform website, re-setting it at 4.8391. The PBOC fixes a midpoint based on levels rates submitted by some banks, but suspicions arose at Monday''s fixing that some banks submitted incorrect rates. Under China''s currency regime the exchange rate is permitted to deviate two percent either side of the daily mid-point. China Foreign Exchange Trade System (CFETS) did not immediately comment on the issue when contacted by Reuters. The Singapore dollar accounts for 3.21 percent in the CFETS trade weighted basket for the yuan. (Reporting by Hong Kong Newsroom; Editing by Simon Cameron-Moore) Next In Business News Yen slips after Trump-Abe meet, Asian shares firm TOKYO The dollar rose against the yen on Monday on relief that U.S. President Donald Trump set aside tough campaign rhetoric over security and jobs in a smooth meeting with Japanese Prime Minister Shinzo Abe, with no mention of currency policy.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-china-singapore-yuan-idUKKBN15S0DC'|'2017-02-13T12:14:00.000+02:00'
'02395a8de9f4f27b824f9b1dc2d53c85cc2cd850'|'Data suggests Swiss National Bank intervention to trim rising franc'|' 40pm GMT Data suggests Swiss National Bank intervention to trim rising franc The building of the Swiss National Bank (SNB) in Zurich, Switzerland October 26, 2016. REUTERS/Arnd Wiegmann By Monday , the franc had weakened to 1.067 per euro. ZURICH Rising sight deposits suggest the Swiss National Bank (SNB)intervened in currency markets last week to temper the rising Swiss franc and keep the safe-haven currency from further taking a bite out of the country''s export-dependent economy. Total sight deposits including cash domestic banks hold with the SNB rose to 539 billion Swiss francs (430 billion pounds) from 535.194 billion francs the previous week, data showed on Monday. The SNB had impetus to intervene last week as the franc slipped to 1.0629 francs per euro, the strongest it has been relative to the common currency since the market turbulence surrounding Britain''s vote in June to exit the bloc. By Monday, the franc had weakened to 1.067 per euro. The SNB declined to comment on its activities, but economists said the numbers demonstrate that the central bank likely stepped in to mitigate the franc''s rise. "The rising sight deposits signal that the SNB intervened in currency markets," said Gero Jung, chief economist at Mirabaud Asset Management, who reckons the franc will remain strong despite the central bank''s efforts to drive it lower. According to the private bank''s baseline scenario, the franc will end the year at about 1.06 francs per euro, roughly the current level. Switzerland''s central bankers including Chairman Thomas Jordan have stuck steadfastly to currency intervention and a policy of negative interest rates as they seek to keep a lid on the value of the franc since scrapping a cap against the euro in January 2015. Jordan has repeatedly emphasized that the franc is "significantly overvalued." A vote over the weekend in which Swiss citizens rejected a corporate tax overhaul sent shockwaves through Bern''s political circles and prompted concern from the EU, but monetary experts said that result was unlikely to have dramatic bearing on the value of the franc. "The SNB will likely stick to its current policy and remain active in currency markets," Credit Suisse analysts wrote in a note on Monday. "Even so, we expect that the intervention will likely be less active than it was in the past year." (Reporting by Angelika Gruber; writing by John Miller; Editing by Janet Lawrence)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-swiss-snb-idUKKBN15S1NU'|'2017-02-13T21:40:00.000+02:00'
'1f90d4af151bc580585670aa6438a7edba9ee353'|'UPDATE 1-TUI sells Travelopia to KKR in $407 mln deal'|'Deals  24pm EST TUI sells Travelopia to KKR in $407 million deal 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 FRANKFURT Travel group TUI ( TUIT.L ) said it had agreed to sell its specialist holiday arm Travelopia to KKR ( KKR.N ) at an enterprise value of 325 million pounds ($407 million). TUI had put Travelopia, comprised of over 50 brands offering specialist luxury, adventure and education holidays, on the block in September as part of a push to sell non-core assets. It said late on Monday that it would invest proceeds from the sale, which valued Travelopia at 14.4 times Travelopia''s 2015/16 operating profit (EBITA), into the transformation of its business, without being more specific. The sale will result in a non-cash charge of around 133 million euros but will have no impact on TUI''s full-year guidance for underlying earnings before interest, tax and amortization (EBITA) to grow by at least 10 percent at constant currencies this year. TUI said it would provide further details on its guidance when it publishes fiscal first-quarter results on Tuesday. Citi and Barclays advised TUI on the transaction, with Citi taking the lead. (Reporting by Maria Sheahan; Editing by Georgina Prodhan) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-tui-divestiture-kkr-idUSKBN15S2CW'|'2017-02-14T03:22:00.000+02:00'
'32c0276ace5cac0508a5231ee3b913d52c4f00a1'|'CEE MARKETS-Warsaw leads stocks rise but zloty eases'|'* Higher copper price, company earnings help Polish shares * Currencies and bonds ease By Sandor Peto BUDAPEST, Feb 13 Central European stocks were mostly firmer on Monday, led by Warsaw''s bluechip index which set a 17-month high on the back of higher copper prices and strong company earnings. The regional trend was in line with a global rise in shares due to expectations of economic stimulus in the United States. Prague''s main index was at its highest since late 2015. Budapest shares also touched a new record, helped by a rise in OTP Bank shares through the 9,000 forint ($31.06) mark to hit their highest point since 2007. Warsaw''s index rose 1.3 percent by 1105 GMT, with copper producer KGHM firming 2.4 percent, after the metal reached 20-month highs in London trade. Power group PGE rose 3.8 percent after reporting strong 2016 earnings. The Polish move extended a rally last week that was driven by banks, due to better than expected earnings and comments from the ruling party''s head, Jaroslaw Kaczynski. He said on Friday that mortgage-holders who had borrowed in Swiss francs should turn to the courts to seek redress for the pain of increased repayments rather than expect the government to impose a settlement on banks. The recovery in stocks has also helped the zloty strengthen in recent months, but it has become stuck this month around 4.3 to the euro. "Without any substantial long dollar risk to be unwound, EM (emerging markets) will need an improvement in the narrative around growth and profitability for capital flows to recover and for FX to meaningfully strengthen over the medium term," said Societe Generale analyst Jason Daw in a note. The zloty eased 0.25 percent on Monday. The forint and the leu also eased a shade. They have also been rangebound for weeks, except for a dip by the leu due to political jitters. The Romanian unit visited 7-month lows early this month amid huge street protests against a government decree to decriminalize some graft offences. The decree has since been withdrawn. On Sunday at least 50,000 people demonstrated against the government in Bucharest, but that was a much smaller crowd than the earlier rallies. Bucharest stocks eased 0.4 percent, giving up some ground after reaching a 19-month high last week. Government bonds eased slightly across the region, with Poland''s 10-year yield rising 3 basis points to 3.85 percent, tracking a rise in yields across Europe. International sentiment was unhelpful to bonds, with concerns over Greek debt and upcoming elections in France, one Budapest-based fixed income trader said. CEE SNAPS AT 1205 MARKETS HOT CET CURRENCIES Lates Previ Daily Chang t ous e bid close chang in e 2017 Czech crown 27.02 27.02 +0.0 -0.05 10 50 1% % Hungary 308.2 308.2 -0.01 0.18% forint 800 350 % Polish 4.318 4.307 -0.25 1.99% zloty 0 2 % Romanian 4.502 4.499 -0.06 0.73% leu 0 5 % Croatian 7.445 7.455 +0.1 1.48% kuna 0 5 4% Serbian 123.9 123.8 -0.09 -0.51 dinar 800 700 % % 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 965.0 964.3 +0.0 +4.7 4 1 8% 1% Budapest 33238 33156 +0.2 +3.8 .42 .09 5% 6% Warsaw 2182. 2154. +1.2 +12. 31 79 8% 03% Bucharest 7638. 7668. -0.40 +7.8 22 55 % 1% Ljubljana 758.2 755.4 +0.3 +5.6 8 9 7% 7% Zagreb 2149. 2163. -0.65 +7.7 01 03 % 3% Belgrade <.BELEX15 703.2 702.5 +0.1 -1.97 > 5 8 0% % Sofia 604.5 604.4 +0.0 +3.0 6 7 1% 9% BONDS Yield Yield Sprea Daily d (bid) chang vs chang e Bund e in Czech sprea Republic d 2-year <CZ2YT=RR -0.56 -0.00 +023 +0bp > 5 9 bps s 5-year <CZ5YT=RR 0.107 -0.03 +054 -3bps > 1 bps 10-year <CZ10YT=R 0.506 -0.01 +018 -3bps R> 6 bps Poland 2-year <PL2YT=RR 2.248 0.037 +304 +4bp > bps s 5-year <PL5YT=RR 3.188 0.035 +363 +3bp > bps s 10-year <PL10YT=R 3.854 0.021 +353 +1bp R> bps s FORWARD RATE AGREEMENT 3x6 6x9 9x12 3M inter bank Czech Rep < 0.26 0.26 0.3 0 PRIBOR=> Hungary < 0.36 0.5 0.63 0.24 BUBOR=> Poland < 1.76 1.81 1.9 1.73 WIBOR=> Note
'ecb4ffa9c4f18631acf6433f0846d0548e9d6c52'|'BRIEF-Amicus Therapeutics presents preclinical data for Pompe program at WORLDSymposium 2017'|' 20am EST BRIEF-Amicus Therapeutics presents preclinical data for Pompe program at WORLDSymposium 2017 Feb 15 Amicus Therapeutics Inc - * Preclinical studies showed ATB200/AT2221 reversed cellular dysfunction, increased muscle strength over 5 month period in GAA knock-out mice Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1G00KK'|'2017-02-15T20:20:00.000+02:00'
'9de023b0936ce8caca2eb1cc9a9788f1420f8a30'|'More work needed to conclude Greek bailout review talks - EU''s Moscovici'|'Business News - Wed Feb 15, 2017 - 4:30pm GMT More work needed to conclude Greek bailout review talks - EU''s Moscovici Greek Prime Minister Alexis Tsipras (L) welcomes European Economic and Financial Affairs Commissioner Pierre Moscovici at the Maximos Mansion in Athens, Greece February 15, 2017. REUTERS/Alkis Konstantinidis By Renee Maltezou and Joseph Nasr - ATHENS/BERLIN ATHENS/BERLIN Greece''s talks with its official lenders on concluding a crucial bailout review have made progress, but more steps are needed to wrap it up, European Commissioner for Economic and Financial Affairs Pierre Moscovici said on Wednesday. Moscovici visited Athens to help bridge differences between Greece, Berlin and the International Monetary Fund over the country''s fiscal targets, the possibility of further debt relief and reforms as part of the review that has dragged on for months, rekindling fears of a new financial crisis in Europe. "There is convergence at certain points so that we can conclude the review and move ahead," Moscovici told reporters before a meeting with Greek Finance Minister Euclid Tsakalotos. "Some more small steps remain." Athens hopes for a "political" deal by Feb. 20, when the Eurogroup, the euro zone''s finance ministers, will discuss the Greek issue in Brussels. Moscovici told Greek Prime Minister Alexis Tsipras that the Eurogroup meeting "could set the parameters of an agreement to conclude the review but effort was "required from all sides". An initial agreement would allow the lenders'' mission chiefs to return to Athens and agree the reforms which Greece needs to adopt before its lenders sign off on the review. The delays have revived memories of a standoff between Tsipras and the lenders in 2015 that almost forced Greece out of the euro zone. After months of tense talks, Tsipras signed up in July 2015 to a new bailout in return for austerity measures. "We are going to discuss on and on until Monday ... to bring everybody on board, so that everybody feels comfortable with the parameters of what could be a compromise," said Moscovici adding that any agreement would need to include the IMF. [A8N1EA010] Greece, aiming to return to bond markets this year, wants to be included in the European Central Bank''s bond-buying programme by March. But Greek Energy Minister George Stathakis said on Wednesday that plan "would be postponed for a while". ACCUSATIONS The EU says Athens can out-perform its target of a primary surplus - which excludes debt servicing costs - of 3.5 percent of gross domestic product in 2018, when its bailout expires. The IMF, which has yet to decide if it will fund the Greek programme, says the mix of measures in the bailout can only yield a surplus of 1.5 percent of GDP in 2018 unless Athens adopts more austerity and is granted significant debt relief. The higher the surplus and the longer it is maintained, the less the need for any further debt relief for Greece. EU officials have called IMF projections "pessimistic". Germany, Europe''s paymaster, says Greece does not need further debt relief but does need more reforms to improve its competitiveness. Berlin wants the IMF to join the programme, as it gears for national elections. It believes the fund can add credibility to the Greek bailout, the country''s third rescue plan since 2010. But Poul Thomsen, director of the IMF''s European department, told German newspaper Handelsblatt that the IMF''s view on the Greek economy had not changed. "Accusations that we have outdated models and that we are permanently too pessimistic, goes against the fact that the Greek program has missed targets for years now," Thomsen said. With national elections looming across Europe, time is shrinking for Athens and its lenders to cobble together a deal that will stave off a Greek default on loan repayments in July. Tsakalotos, who met with EU and IMF officials last week in an effort to break the impasse, urged the IMF to make a decision on its par
'01b004e5a353469ca3a74f0abbcd7447c7f86ee0'|'Primary funding: the social enterprise turning profit into pencils for schoolchildren - Guardian Sustainable Business'|'R estocking the stationery cupboard is right up there on the list of dull office tasks but the social enterprise Yoobi promises to increase the feel-good factor by matching each item bought with a donation to an underprivileged schoolchild.Indeed one of the features of social enterprise <20> businesses that exist for a social purpose <20> is that they create funding and resources to help to make the world a better place. The Thankyou group funds aid projects around the world by selling bottled water to people who were going to buy bottled water anyway. Property Initiatives in Melbourne manages apartments for investors and directs the profits into housing for women and children in need.Customers get the products and services they want but the profits from the exchange are not enriching shareholders, they are going towards those who need it more.Yoobi was founded in the US two years ago by two Australian entrepreneurs, with the idea of selling stationery to the public through retail and using the profits to help underprivileged children.It takes a village to raise a child, but tech giants could play a role in educating one Read moreUsing a one-for-one scheme, Yoobi provides school supplies to hospitals and schools, matching every sale (through Officeworks in Australia) with a donation to a school pack, which is distributed by the Smith Family .This is the kind of system used by the US eyewear company Warby Parker , which donates eye exams and glasses; Eat My Lunch , which gives away meals to children in New Zealand; and Toms Shoes , which donates footwear, safe water, birth kits and eye surgery.Consumers have responded well. In its first year, Yoobi earned more than $US25m ($33m). In Australia, the company<6E>s donation program has reached 24,000 children in the 12 months since it was launched here. That equates to giving away $400,000 worth of goods.The company is now in the process of launching its office supplies venture, called Yoobi for Business, and co-founder Lance Kalish says he hopes the new arm of the enterprise will help to increase that number to 100,000 children in three years.<2E>We can have the same competitive pricing as national brands <20> we are not asking people to pay a premium to give. They now have the choice to make an impact every single day when they are just doing simple things like procuring stationery.<2E>Launching a retail-based social enterprise in Australia presents different challenges to those in the US, mainly because of the smaller Australian population (23 million versus about 319 million).<2E>The advantages to being in America is that we have a retail partner [Target] that has far wider distribution,<2C> Kalish says. <20>Target has nearly 1,800 stores and each store has a footprint 20 to 30 times the size of an Officeworks store.<2E> Officeworks has 150 stores.<2E>Because Australia is a smaller market and you don<6F>t have the diversity of retailer options, it takes longer to get wider distribution.<2E>Another difference between the two markets is that Australian philanthropic groups are more concerned by the kind of model used in social enterprise.The founder of educational social enterprise 40K , Clary Castrission, recently met in the US with two of the world<6C>s biggest philanthropy organisations (the $40bn Gates Foundation and the $45bn Chan Zuckerberg Initiative) and says he noticed the difference in philosophy.Trash to treasure: the social enterprises transforming recycling Read more<72>In the US, they don<6F>t actually care what institutional model that you run,<2C> he says. <20>You could be a for-profit business, a non-profit, a hybrid, a social enterprise.<2E>The thing they are most interested in is what can have the biggest social impact and how they can leverage their global network and their funding to take good ideas to scale.<2E>They are very aggressive and bold, in terms of their visions. Chan Zuckerberg had said it wants to eliminate disease by 2100. The scope of th
'2e7dc596cdc334b8530fcf48905725b2a131d8e3'|'TMX posts quarterly profit helped by cost cuts'|'Feb 13 TMX Group Ltd posted a net profit for the fourth quarter, compared with a loss in the year-ago period, boosted by cost cuts.The owner of the Toronto Stock Exchange said the net profit attributable to shareholders was C$52.6 million ($40.2 million), or 95 Canadian cents per share, in the last three months of 2016, compared with a loss of C$159 million, or C$2.92 per share, a year earlier.Revenue rose 7 percent to C$189.4 million. ($1 = 1.3074 Canadian dollars) (Reporting by Vishal Sridhar in Bengaluru; Editing by Amrutha Gayathri)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/tmx-grp-results-idINL4N1FZ1GS'|'2017-02-13T23:16:00.000+02:00'
'06796a387b05a565e9601694342eeb6fbe95604c'|'European shares set to end winning streak'|'  8:40am GMT European shares set to end winning streak Traders work at their desks in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, February 8, 2017. REUTERS/Staff/Remote LONDON European shares were slightly weaker on Tuesday, poised to snap a five-day streak of gains, as corporate earnings season kicked into high gear across the region. The pan-European STOXX 600 index was down 0.2 percent. Financials, in particular insurers, were among the biggest drags on the index although Credit Suisse rose 2.5 percent following its earnings. German building materials company HeidelbergCement was among the worst performers, down 2.1 percent after it reported a 4 percent fall in fourth-quarter revenue, missing expectations due to bad weather in Germany and weak development in the Indonesian market. Frozen baked goods maker Aryzta was the top gainer in the index, soaring 17 percent before paring back to gain 12.6 percent, after the company announced a management shake-up and potential asset sales. Sweden''s online gaming firm Kindred Group was up 8.3 percent after its Q4 profit topped forecasts. Investors also cheered German industrial services group Bilfinger which reinstated a dividend and beat expectations for 2016 net profit, in results posted after the close on Monday. Rolls Royce, the British engine maker, was the top European faller after it posted a record loss of 4.6 billion pounds ($5.8 billion) as a fine to settle bribery charges and the collapse in the pound took their toll. Among national indexes, Italy''s FTSE MIB underperformed regional peers, down 0.5 percent, pulled lower by the Saipem and Fiat Chrysler. (Reporting by Helen Reid; Editing by Vikram Subhedar)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-europe-stocks-idUKKBN15T0WQ'|'2017-02-14T15:40:00.000+02:00'
'8650a221d10244085c5feec7d3cffce40bf1997b'|'Inflation rises to highest since June 2014 as fuel costs surge'|'Global Energy News - Tue Feb 14, 2017 - 9:38am GMT Inflation rises to highest since June 2014 as fuel costs surge FILE PHOTO: Shoppers cross the road in Oxford Street, in London, Britain August 14, 2016. REUTERS/Peter Nicholls/File Photo LONDON Feb 14 - British consumer prices rose last month at the fastest pace since June 2014, caused by higher global oil prices and the Brexit vote-fuelled fall in the value of sterling, official data showed on Tuesday. Consumer prices rose 1.8 percent compared with a year earlier, the Office for National Statistics said, slightly below expectations for a 1.9 percent annual rise in a Reuters poll of economists. The Bank of England forecast earlier this month that inflation will rise above 2.7 percent in around a year''s time as Britain''s vote to leave the European Union pushes up the cost of imports. Separate ONS data showed prices paid by factories for fuel and materials rose at an annual rate of 20.5 percent in January, the sharpest rise since September 2008. The cost of crude oil alone was more than 88 percent higher than a year earlier - the biggest increase since June 2000 - overwhelmingly driven by a global rebound in oil prices. "The latest rise in CPI was mainly due to rising petrol and diesel prices, along with a significant slowdown in the fall in food prices," ONS statistician Mike Prestwood said. The pound''s fall - it is down about 17 percent against the U.S. dollar and 11 percent against the euro since the June 2016 referendum - is starting to hit the spending power of consumers, who have helped the British economy to grow since the vote. Last week BoE rate-setter Kristin Forbes said she was beginning to become uncomfortable with the central bank''s commitment to a neutral policy stance, arguing instead that interest rates could need to rise soon if price pressures continue to build. Retail price inflation - tracked by British inflation-linked government bonds and many commercial contracts - also rose to its highest since June 2014 at 2.6 percent. Excluding oil prices and other volatile components such as food, core consumer price inflation held steady at 1.6 percent, confounding economists'' expectations for a rise to 1.8 percent. Data on factory gate prices underscored the inflationary pressures in the pipeline. Output prices rose 3.5 percent on the year, the biggest increase since January 2012, compared with forecasts of a 3.2 percent increase. The ONS also released figures for December house prices, which showed an 7.2 percent annual rise across the United Kingdom as a whole compared with a 6.1 percent increase in November. Prices in London alone rose 7.5 percent on the year. (Reporting by Andy Bruce and David Milliken) Next In Global Energy News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-inflation-idUKKBN15T119'|'2017-02-14T16:38:00.000+02:00'
'3f567f9b6859301de383183e8c67970ba71b203f'|'Daimler strikes electric vehicle agreement with workers at German plant'|'Internet News - Tue Feb 14, 2017 - 11:37am GMT Daimler strikes electric vehicle agreement with workers at German plant Journalists wait for the arrival of Daimler AG CEO Dieter Zetsche before the car maker''s annual news conference in Stuttgart, Germany, February 2, 2017. REUTERS/Michaela Rehle FRANKFURT Daimler has struck an agreement with workers at Mercedes-Benz''s biggest transmission factory in Germany, under which work on electric vehicles (EVs) will be based at the plant near the carmaker''s home town of Stuttgart. German carmakers are investing heavily in EVs but their engines require fewer workers to build than more complex combustion motors, and labor bosses have been pushing for Daimler to produce more EV parts itself to safeguard jobs. The Untertuerkheim transmission site, which employs 19,000 people, would be particularly hard hit by the shift to electric cars. Under the agreement announced on Tuesday, Mercedes will set up an e-technology center in Untertuerkheim, where prototypes for electric powertrains will be built, and the plant will start producing components for electric vehicles, Daimler said in a statement. Daimler said its agreement with workers also paved the way for a further capacity expansion of combustion engines in Untertuerkheim, for instance for a new generation of highly efficient. (Reporting by Maria Sheahan; Editing by David Holmes) Next In Internet News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-daimler-electric-idUKKBN15T1CY'|'2017-02-14T18:30:00.000+02:00'
'0f196bae3a7c5b991beb9b544454806bd9b02e8c'|'Japan should follow global rules if trade talks with U.S. start - Vice minister'|' 44am GMT Japan should follow global rules if trade talks with U.S. start - Vice minister Japanese Prime Minister Shinzo Abe is greeted by President Donald Trump ahead of their joint news conference at the White House, February 10, 2017. REUTERS/Joshua Roberts By Kaori Kaneko and Yoshifumi Takemoto - TOKYO TOKYO Japan should follow global rules if Tokyo starts bilateral trade talks with the United States, but it''s unlikely that they would be acrimonius like the 1990s auto trade talks, a vice minister said on Tuesday. Ken Saito, vice agriculture minister, experienced those contentious negotiations first-hand as a trade ministry bureaucrat a couple decades ago. "I don''t think there will be fierce trade talks again, but if that happens, it is important for Japan to follow global rules and principles" such as those laid out by the World Trade Organisation, Saito told Reuters in an interview. "For the government to instruct private companies what to do would be tantamount to denying capitalism and liberalism." Saito''s comments came after Prime Minister Shinzo Abe and U.S. President Donald Trump agreed over the weekend to establish a new framework for economic dialogue. But Japanese officials said Trump did not request a bilateral trade deal. If the countries do move in that direction, Saito said it is unlikely that the United States will press Japan to come up with numerical targets in the U.S. auto sector as it did decades ago. "I think there is a certain understanding in the U.S. that Japanese automakers have made efforts" by boosting production and creating jobs in the United States, Saito said. (Reporting by Kaori Kaneko; editing by Malcolm Foster)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-japan-economy-trade-idUKKBN15T120'|'2017-02-14T16:44:00.000+02:00'
'46d9339e6f203ee8ea63a16909c4e8e38efc5b85'|'Dubai''s troubled Arabtec working with boutique investment bank Moelis -sources'|'By Hadeel Al Sayegh and Tom Arnold - DUBAI DUBAI Feb 12 Loss-making Dubai construction firm Arabtec is working with boutique investment bank Moelis to study options for the company''s capital structure, sources familiar with the matter told Reuters on Sunday.A mandate for restructuring advisory firm AlixPartners to reduce overheads at Arabtec was completed at the end of last year, the sources said, declining to be named as the information is not public.The sources said that the study was in its early stages and that Arabtec''s board had not decided on specific action. One of the sources said Moelis was also expected to advise Arabtec on its balance sheet and liquidity ratio.Arabtec did not respond to requests for comment, while a spokesman for Moelis could not immediately be contacted.The Gulf construction sector is in a severe slowdown after the slump in oil prices forced governments to rein in spending, compounding internal problems at Arabtec, which has seen several senior management changes in the last few years. Arabtec''s board was to meet later on Sunday to discuss its fourth-quarter results.The company made a loss attributable to owners of the parent of 225.5 million dirhams ($61.4 million) in the third quarter, compared with a 944.8 million dirham loss a year earlier. (Editing by Andrew Torchia)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/arabtec-moelis-idINL8N1FX02G'|'2017-02-12T08:37:00.000+02:00'
'a739de60e47bcb7b1e15826fdb68f83d803bad27'|'GLOBAL MARKETS-Wall St hits record, dollar climbs after Yellen remarks'|'Company News - Tue Feb 14, 2017 - 4:16pm EST GLOBAL MARKETS-Wall St hits record, dollar climbs after Yellen remarks * Financials power Wall Street to record * Yellen warns about delaying rate hike * Dollar reverses course in wake of Yellen comments (Updates with U.S. markets close, oil settlement prices) By Chuck Mikolajczak NEW YORK, Feb 14 Financial stocks lifted the S&P 500 to a record closing high for a fourth consecutive session on Tuesday and the dollar strengthened as U.S. Federal Reserve Chair Janet Yellen struck a hawkish tone on the timing of an interest rate hike. Yellen told the U.S. Senate Banking Committee the central bank will likely need to raise interest rates at an upcoming meeting, although she expressed caution about the considerable economic policy uncertainty under the Trump administration. Financial stocks moved higher following her remarks and closed up 1.2 percent as the best performing sector of the S&P 500. Utilities and real estate, which tend to weaken in a rising rate environment, ended down 0.7 percent and 0.5 percent, respectively. The Fed signaled in December that it expected to raise rates three times in 2017. The dollar reversed course after Yellen''s comments and was up 0.3 percent after touching a three-week high of 101.38 against a basket of major currencies. "It''s actually a very wise move to try to get the rate hikes going sooner rather than later to cut off the potential for inflation, although I really don''t see inflation picking up all that much over the next year or so," said Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia. Thomson Reuters data shows traders see a 17.7 percent chance of a 25-basis-point hike in rates at the Fed''s March meeting. The greenback was initially under pressure following the resignation of President Donald Trump''s national security adviser, Michael Flynn, over revelations he had discussed U.S. sanctions against Moscow with the Russian ambassador to the United States before Trump took office. Yellen''s hawkish tone dovetailed with recent comments from other Fed officials. Dallas Fed President Robert Kaplan on Monday argued the Fed should move soon to avoid falling behind the curve, especially as fiscal policy could drive faster growth and inflation. Earlier on Tuesday, Richmond Fed President Jeffrey Lacker said the central bank will likely have to raise interest rates more rapidly than financial markets currently expect. The Dow Jones Industrial Average rose 92.25 points, or 0.45 percent, to 20,504.41, the S&P 500 gained 9.33 points, or 0.40 percent, to 2,337.58 and the Nasdaq Composite added 18.62 points, or 0.32 percent, to 5,782.57. Along with the S&P, the Dow notched its fourth straight record, while the Nasdaq closed at a high for a sixth consecutive day. MSCI''s all-country world index edged up 0.08 percent. Europe''s broad FTSEurofirst 300 index slipped 0.04 percent to snap a five-session winning streak. Yields on benchmark U.S. 10-year Treasury notes climbed to 2.4734 percent, down 11/32 in price, after hitting a high of 2.502 percent. Oil pared earlier gains, settling slightly higher as concerns about rising supply from U.S. shale output overshadowed an OPEC-led effort to cut global output, which has supported oil prices in a higher range. Brent crude settled up 0.7 percent at $55.97 and U.S. crude settled 0.5 percent higher at $53.20 a barrel. (Additional reporting by Lewis Krauskopf; Editing by Dan Grebler and Nick Zieminski) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/global-markets-idUSL1N1FZ20S'|'2017-02-15T04:16:00.000+02:00'
'23ec3b2fbe62e24f41e03f47356bafdeae130490'|'Inside London''s 77 Diamonds workshop <20> in pictures - Life and style'|'Inside London''s 77 Diamonds workshop <20> in pictures 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 Close77 Diamonds is a business set up to cater for the changing consumer habits of a generation whose love-life is decided by a swipe of their phone . The company, based in a workshop up a scruffy narrow staircase behind a restaurant in central London, has caused a bit of a stir in the UK<55>s diamond industry by undercutting bigger players and removing the need for personal consultations instoreFelix Clay for the GuardianTuesday 14 February 2017 09.15 GMTInside the workshop Facebook Twitter PinterestTools of the trade Facebook Twitter PinterestBuffing a white gold band Facebook Twitter Pinterest77 Diamonds was founded in 2005 Facebook Twitter PinterestAn employee shining up a ring Facebook Twitter PinterestA ring being resized Facebook Twitter PinterestThe price of diamonds in the UK has risen between 15% and 20% since the Brexit vote Facebook Twitter PinterestA newly cleaned white gold band is removed from a high-frequency water bath Facebook Twitter PinterestPhotograph: Felix Clay for the GuardianFacebook Twitter PinterestDiamond stone being set inside a ring Facebook Twitter PinterestSales are about <20>18m, and expected to rise to nearly <20>25m this year Facebook Twitter PinterestA Cad mock-up for a customer<65>s bespoke diamond design Facebook Twitter PinterestA <20>1m diamond stone Facebook Twitter PinterestCustomers<72> orders Facebook Twitter PinterestTobias Kormind, co-founder of 77 Diamonds Facebook Twitter PinterestCraft Luxury goods sector London'|'theguardian.com'|'https://www.theguardian.com/uk/business'|'https://www.theguardian.com/lifeandstyle/gallery/2017/feb/14/inside-londons-77-diamonds-workshop-in-pictures'|'2017-02-14T17:15:00.000+02:00'
'695c49c8423e0bd780aedf29700fbbb12fb753a7'|'Italy in talks over possible 5-billion euro state bailout for Veneto banks - sources'|'Business News - Tue Feb 14, 2017 - 6:05pm GMT Italy in talks over possible 5-billion euro state bailout for Veneto banks - sources ROME Italy is in talks with European authorities over a possible 5-billion euro (4.25 billion pounds) state bailout of two Veneto-based regional lenders, two sources close to the matter said on Tuesday. One of the sources said the discussions were at an embryonic stage and the final, combined capital shortfall of the two banks had not been decided yet. The sources said the scheme being discussed would be a precautionary recapitalisation of the two banks, which allows eurozone states to inject taxpayer money into lenders without violating state aid rules. The Rome government has already won approval from the European Commission to use the mechanism for an 8.8 billion euro bailout of Monte dei Paschi di Siena ( BMPS.MI ), the world''s oldest bank. The two Veneto banks are owned by privately backed bank bailout fund Atlante, which rescued them last year after their attempt to raise money on the market failed. The European Commission, the European Central Bank, Popolare di Vicenza and Veneto Banca declined to comment. ($1 = 0.9461 euros) (Reporting by Stefano Bernabei and Giuseppe Fonte, writing by Silvia Aloisi) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eurozone-banks-italy-veneto-idUKKBN15T2FJ'|'2017-02-15T01:05:00.000+02:00'
'acf5873171730ab757c9e039d92ac40586d42d99'|'METALS-Copper firmer after hefty overnight gains on supply woes'|'Company News - Tue Feb 14, 2017 - 2:23am EST METALS-Copper firmer after hefty overnight gains on supply woes * Copper builds on solid gains * Escondida, Freeport supply woes dominate * Currency-based buying ahead of Yellen speech supports (Updates prices) By James Regan SYDNEY, Feb 14 Copper built on hefty overnight gains on Tuesday amid supply concerns from two of the world''s biggest sources of the metal. Investors also shifted into copper ahead of testimony from U.S. Federal Reserve Chair Janet Yellen later in the day, with the market looking for hints on the Fed''s rate strategy. Should Yellen talk up the chances of a rate increase in March, the U.S. dollar is likely to push higher after tracking lower in Asia in response to U.S. national security adviser Michael Flynn quitting. "LME copper could get a little more expensive after Yellen," a commodities trader in Perth said. Three-month copper on the London Metal Exchange rose 1 percent to $6,168 a tonne by 0700 GMT. The contract hit its highest since May 2015 on Monday at $6,204. The most-traded copper contract on the Shanghai Futures Exchange rose 1.1 percent to 50,110 yuan ($7,292) a tonne. But the main driver in copper remained the strike at the giant Escondida copper in Chile and the suspension of exports of copper concentrate from Indonesia''s Grasberg mine. At Escondida, workers went on strike last Thursday after the collapse of wage talks with owner BHP Billiton . A day later, Freeport-McMoRan Inc said an export ban remained in place at the Grasberg mine over a permit dispute.. Freeport has also confirmed that copper concentrate production came to a halt on Friday. "The copper market saw further pressure on supply, after Freeport halted copper concentrate output after it failed to secure a new mining permit for its Grasberg operation in Indonesia," Australia and New Zealand Bank said in a note. Support was also coming from signs of strong demand for industrial commodities in China, the world''s top market for copper. China''s producer price inflation picked up more than expected in January to near six-year highs, adding to views that global manufacturing activity is building momentum. Elsewhere in metals, LME lead and zinc were slightly firmer at $2,434 and $2,941.50 a tonne respectively. Nickel turned positive after earlier losses, gaining 0.8 percent to 10,820. In Shanghai, zinc and lead each slipped by less than a half-percent, while aluminium gained 2.9 percent. PRICES'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/global-metals-idUSL4N1FZ193'|'2017-02-14T14:23:00.000+02:00'
'1d7e75b2bd0dbae9b9787e746ba63ebabd10ba0c'|'AIG posts bigger fourth-quarter loss, adds $3.5 billion to buyback program'|'By Nikhil Subba and Suzanne Barlyn American International Group Inc ( AIG.N ), the largest commercial insurer in the United States and Canada, reported a bigger-than-expected quarterly loss, largely due to a $5.6 billion reserve charge to cover possible future claims.Shares of the company, which also raised its share buyback program by up to $3.5 billion, were down 4.5 percent in after-hours trading on Tuesday.AIG''s net loss widened to $3.04 billion, or $2.96 per share, in the fourth quarter ended Dec. 31, from $1.84 billion, or $1.50 per share, a year earlier.Much of the loss was due to the reserve charge for long-term risks on U.S. commercial insurance policies it has already written. AIG agreed last month to pay about $10.2 billion to a unit of Warren Buffett''s Berkshire Hathaway Inc ( BRKa.N ) to take on the bulk of the risk associated with those policies.The deal with Berkshire follows a $3.6 billion increase to reserves chalked up by AIG in the last quarter of 2015 and chief executive Peter Hancock told CNBC the insurer was reducing its reliance on commercial insurance in the United States as claims, ranging from medical malpractice to workers'' compensation, rise."If you look at it over a ten-year horizon, ten years ago we were doing about $15 billion in revenue on this business," Hancock said on CNBC. "Today that''s down to about $3 billion."AIG''s fourth quarter marks a critical midpoint in an ambitious two-year strategic plan aimed at turning the company around.The plan, unveiled early last year, followed pressure from billionaire activist investors Carl Icahn and John Paulson in 2015 to split the company in three because of AIG''s poor performance that year.By slimming down, AIG could shed its designation as a non-bank systematically important financial institution (SIFI), Icahn has said.The insurer has donned the label since its near collapse in 2008 and the government bailout that followed, driving regulators to consider some non-bank companies as "too big to fail."TWO-YEAR PLANThe goals for AIG''s restructuring plan include returning $25 billion to shareholders and becoming a "leaner, more profitable and focused insurer" by trimming its property and casualty business and shedding unwanted assets, among other measures.The $3.5 billion buyback announced on Tuesday keeps AIG on track to meet that goal.On an operating basis, AIG reported a loss of $2.72 per share in the three months ended Dec. 31 while total general operating expenses fell 9.6 percent to $2.48 billion.The insurer is looking to cut its gross general operating expenses by $1.6 billion by year-end.AIG''s adjusted accident year loss ratio for its commercial insurance unit - its biggest - was 78.2 percent, up from 65.6 percent a year earlier. Adjusted accident year combined ratio for the unit rose to 108.3 percent from 95.8 percent.A ratio below 100 percent means an insurer earns more in premiums than it pays out in claims.Before Tuesday''s close at $66.89, AIG''s shares had risen about 12 percent since the U.S. presidential election in November.(Reporting by Nikhil Subba in Bengaluru; editing by Sriraj Kalluvila, G Crosse)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-aig-results-idINKBN15T2VB'|'2017-02-14T21:32:00.000+02:00'
'862378fa529e37b0376d912cbb69b3ec98584a5c'|'EMERGING MARKETS-Stocks hit 19-month high, rand and rouble roar'|'Company News - Wed Feb 15, 2017 - 5:16am EST EMERGING MARKETS-Stocks hit 19-month high, rand and rouble roar * Emerging markets climb for 9th day in 11 to 19-month high * Rand under 13 per dollar; rouble, real, peso, EGP strong * Average local currency gvt debt yields lowest since Nov. By Marc Jones LONDON, Feb 15 Emerging market stocks hit a 19-month high on Wednesday, with even hints of looming U.S. rate hikes and the dollar''s longest unbroken rise since 2012 unable to knock them off their stride. MSCI''s 26-country emerging market equity index hit its latest peak thanks to its ninth climb in the last 11 days, taking its gain since the end of December to almost 12 percent. Many of the big EM currencies and bond markets also continued to shine. South Africa''s rand rose 0.7 percent to go under 13 per dollar for the first time since October 2015, while Russia''s rouble was up, just about, for a tenth day in the last 11 and at its highest since July 2015. Aberdeen Asset Management''s Kevin Daly said the across-the-board strong performances were down to a "goldilocks" combination of factors, including broadly subdued global bond yields, inflation and improving growth. "If you add it up its a pretty strong backdrop for higher yielding EM assets," Daly said. "Markets maybe are also picking up on some of the more conciliatory comments from Trump on China on the one China policy and that he hasn''t followed through on the currency manipulation talk." Egypt''s pound has been roaring too as investors have swept back in following its devaluation late last year. It climbed 0.3 percent on the day taking its surge over the last couple of week to almost 17 percent. The upbeat sentiment also kept the cost of insuring exposure to South African and Turkish debt pinned near two-year and five-month lows respectively. Data from Markit showed that five-year credit default swaps (CDS) for South Africa were trading at 190 basis points (bps), close to the 188 bps level hit on Tuesday which was the lowest since early March 2015. South African headline inflation slowed to 6.6 percent in January, weaker than forecast, data there showed. Turkey''s Finance Minister Naci Agbal meanwhile said its budget spending in January was in line with targets. RAMPANT REAL, PERKY PESO William Jackson, a senior emerging markets economist with Capital Economics, pointed to the recent rebound in the Turkish lira which was barely budged on the day at 3.65 per dollar. "It might be that the sell-off we saw in January caused it to overshoot and it has recouped some of those losses." "The central bank did raise interest rates - it wasn''t a convincingly large rate hike but it still showed it was able to raise interest rates. That may have helped to ease some of the market''s fears." Nigeria''s recently sold bond continued to climb while in central and eastern Europe, Hungary''s stock market hit its latest record high, Czech shares continued their strong start to the year, though Poland''s took a breather. Overnight in Asia, there had been mild weakness for the region''s currencies such as the South Korean won, Thai baht and Philippine peso after the dollar got a boost from Federal Reserve Chair Janet Yellen who said another U.S. rate hike was likely in one of its upcoming meetings. In Latin American, though, the Brazilian real hit its strongest level in more than a year and a half, following a rise in capital inflows and after the central bank resumed currency intervention following a two-week pause. "The Mexican peso has also been doing very well," said Aberdeen''s Kevin Daly. "It looks like the diplomacy (with the U.S.) is improving a little." The peso is up almost 9 percent since Mid-January. 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 ) (Reporting by Marc
'dfca708f4c0989ad490e6516f95b22b64e8f2499'|'ECB can force hand of banks that fail to cut bad loans - Donnery'|' 50am GMT ECB can force hand of banks that fail to cut bad loans: Donnery FILE PHOTO: The European Central Bank (ECB) headquarters is pictured in Frankfurt, Germany, January 21, 2015. REUTERS/Kai Pfaffenbach/File Photo FRANKFURT The European Central Bank can set binding requirements if it thinks a bank is not cutting its pile of unpaid loans fast enough, the ECB official in charge of tackling non-performing loans (NPL) in the euro zone said on Wednesday. "If supervisory judgement supported by benchmarks concludes that certain NPL strategies are not sufficiently ambitious or are not appropriately implemented, we will consider additional measures on a case-by-case basis," said Sharon Donnery, chair of the ECB group setting new NPL guidelines. "We already have the legal tools available to us if necessary, for example expectations can be turned into binding requirements by implementing them as part of the Supervisory Review and Evaluation Process (SREP)." (Reporting By Francesco Canepa; editing by John Stonestreet)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-ecb-banks-loans-idUKKBN15U10F'|'2017-02-15T16:44:00.000+02:00'
'be911f7675543fb9588438c706955e085c1e2c26'|'Toyota to recall all 2,800 Mirai fuel cell cars on the road'|'  5:25am GMT Toyota to recall all 2,800 Mirai fuel cell cars on the road FILE PHOTO - Toyota Motor Corp''s logo is pictured on a car in Tokyo, Japan, November 8, 2016. REUTERS/Kim Kyung-Hoon/File Photo TOKYO Toyota Motor Corp ( 7203.T ) said on Wednesday it was recalling all of the roughly 2,800 zero-emission Mirai cars on the road due to problems with the output voltage generated by their fuel cell system. Toyota said that under unique driving conditions, such as if the accelerator pedal is depressed to the wide open throttle position after driving on a long descent while using cruise control, there was a possibility the output voltage generated by the fuel cell boost converter could exceed the maximum voltage. To date, Toyota has sold about 2,840 Mirai cars in Japan, the United States and some markets in Europe, as well as the United Arab Emirates. Toyota dealers will update the fuel cell system software at no cost to the customer, it said. The process will take about half an hour, it said. Toyota first began selling the hydrogen-fuelled Mirai in December 2014 in Japan, its home market, in a bid to lead the industry in the nascent technology. Toyota has promoted fuel cell vehicles as the most sensible next-generation option to hybrids, although a lack of hydrogen fuelling stations remains a major hurdle for mass consumption. (Reporting by Chang-Ran Kim)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-toyota-recall-fuelcells-idUKKBN15U0EZ'|'2017-02-15T12:25:00.000+02:00'
'de561a7f48607c8646ffcf61c2d8f1bd9729e6e8'|'Pump-maker Pfeiffer rejects Busch bid, forecasts strong demand'|' 20am GMT Pump-maker Pfeiffer rejects Busch bid, forecasts strong demand BERLIN Germany''s Pfeiffer Vacuum ( PV.DE ) publicly rejected a takeover bid from rival Busch on Wednesday, saying it lacked a control premium and did not reflect the growth potential for vacuum pumps. Busch had bid 96.20 euros per share, Pfeiffer said in a statement, adding that its management board was "reviewing other options" to ensure its shareholders could participate in the company''s long-term development. DZ Bank analyst Harald Schnitzer, who has a "buy" recommendation on Pfeiffer, said the offer was too low, with shares in Pfeiffer at 106.80 euros by 0837 GMT, up 2 percent from Tuesday''s close. Pfeiffer also reported fourth-quarter financial results on and said it expected strong business demand to continue at least through the first half of 2017. Pfeiffer makes pumps used by manufacturers including semiconductor firms and makers of analytical devices such as electron microscopes. Busch describes itself as one of the world''s largest makers of vacuum pumps, blowers and compressors supplying all industry sectors. Operating profit at Pfeiffer rose 12 percent to 68 million euros (57.71 million pounds) in 2016 and Chief Executive Manfred Bender said he was very satisfied with business in the first six weeks of 2017, helped by strong order intake at the end of last year. ($1 = 0.9469 euros) (Reporting by Andreas Cremer; Editing by Alexander Smith)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-pfeiffer-vacuum-m-a-busch-idUKKBN15U0XH'|'2017-02-15T16:20:00.000+02:00'
'014fbc5e503b5a29e3eda598cb8a460663382734'|'Wanda Group says not in touch with Deutsche Postbank on acquisition plans'|'Business  16am GMT Wanda Group says not in touch with Deutsche Postbank on acquisition plans FILE PHOTO: Wang Jianlin, chairman of the Wanda Group, speaks during an interview in Beijing, China, August 23, 2016. REUTERS/Thomas Peter/File Photo HONG KONG Dalian Wanda Group, owned by China''s richest man Wang Jianlin, denied on Monday that it was in touch with Germany''s Deutsche Postbank ( DEUPF.PK ) on acquisition plans. The Financial Times reported earlier in the day that Wanda now has set its sights on banks in Europe, including Germany''s Postbank, citing two people familiar with the matter, as it diversifies away from its core real estate business. The report added that the company''s hunt for financial assets was at an early stage, but they have not officially approached Postbank. Wanda later issued a statement saying the report about it acquiring Postbank is inaccurate, and "Wanda and Deutsche Postbank have not been in touch". Deutsche Bank, which bought Postbank in several steps from 2008 onwards for 6 billion euros ($6.5 billion), had earmarked the unit for sale in a bid to shrink its balance sheet. (Reporting by Clare Jim; Editing by Sherry Jacob-Phillips) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-wanda-postbank-idUKKBN15S0QM'|'2017-02-13T15:16:00.000+02:00'
'20f13c923fc91afec2cae5995c466063de120c14'|'CEE MARKETS-Warsaw leads stocks rise, bonds ease as inflation rises'|'* Higher copper price, company earnings help Polish shares * Bonds ease, Polish 10-year paper leads yield rise * Polish CPI above forecasts, central bankers say no worry (Adds Polish inflation figures, dealer and analyst comments) By Sandor Peto BUDAPEST, Feb 13 Central European stocks mostly firmed on Monday, led by Warsaw''s bluechip index which set a 17-month high on the back of higher copper prices and strong company earnings. The regional trend was in line with a global rise in shares due to expectations of economic stimulus in the United States. Prague''s main index was at its highest since late 2015. Budapest shares also touched a record high, helped by an 1.1 percent rise in OTP Bank shares, though the 9,000 forint ($31.06) mark, to hit the highest point since 2007. Warsaw''s index rose 0.9 percent by 1405 GMT, with copper producer KGHM firming 3.1 percent, after the metal reached 20-month highs in London trade. Power group PGE rose 3.6 percent after reporting strong 2016 earnings. The Polish move extended a rally last week that was driven by banks, due to better than expected bank earnings in the region and comments from the ruling party''s head, Jaroslaw Kaczynski. He said on Friday that mortgage-holders who had borrowed in Swiss francs should turn to the courts to seek redress for the pain of increased repayments rather than expect the government to impose a settlement on banks. Regional currencies were mixed and rangebound. "Without any substantial long dollar risk to be unwound, EM (emerging markets) will need an improvement in the narrative around growth and profitability for capital flows to recover and for FX to meaningfully strengthen over the medium term," said Societe Generale analyst Jason Daw in a note. Bucharest stocks eased a third of a percent, giving up some ground after reaching a 19-month high last week. Government bonds mostly eased, tracking other European markets. Poland''s 10-year bonds underperformed most European peers, with their yield rising 5 basis points to 3.87 percent. The yield rose a bit further after Poland reported 1.8 percent annual inflation for January, above analysts'' 1.6 percent forecasts. Low market liquidity caused the yield rise rather than the data, one Warsaw-based trader said. Central bank rate setters Jerzy Zyzynski and Jerzy Kropiwnicki said the inflation rise was not worrying. Citigroup analyst Eszter Gargyan was expecting a sharp rise in January CPI in Hungary as well, but said in a note the central bank would not "tighten monetary conditions as long the inflation remains within the 2-4 percent target range". Hungary will release inflation figures on Tuesday. Annual inflation picked up to 1.8 percent in December. CEE SNAPS AT 1505 MARKETS HOT CET CURRENCIES Lates Previ Daily Chang t ous e bid close chang in e 2017 Czech crown 27.02 27.02 +0.0 -0.05 00 50 2% % Hungary 308.3 308.2 -0.02 0.17% forint 000 350 % Polish 4.311 4.307 -0.09 2.15% zloty 0 2 % Romanian 4.502 4.499 -0.06 0.72% leu 4 5 % Croatian 7.449 7.455 +0.0 1.42% kuna 0 5 9% Serbian 123.9 123.8 -0.09 -0.51 dinar 800 700 % % 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 969.4 964.3 +0.5 +5.1 4 1 3% 9% Budapest 33327 33156 +0.5 +4.1 .13 .09 2% 4% Warsaw 2174. 2154. +0.9 +11. 68 79 2% 64% Bucharest 7642. 7668. -0.34 +7.8 41 55 % 7% Ljubljana 760.9 755.4 +0.7 +6.0 6 9 2% 4% Zagreb 2155. 2163. -0.35 +8.0 48 03 % 5% Belgrade <.BELEX15 703.5 702.5 +0.1 -1.93 > 2 8 3% % Sofia 605.1 604.4 +0.1 +3.1 5 7 1% 9% BONDS Yield Yield Sprea Daily d (bid) chang vs chang e Bund e in Czech sprea Republic d 2-year <CZ2YT=RR -0.56 -0.00 +022 -1bps > 5 9 bps 5-year <CZ5YT=RR 0.107 -0.03 +054 -4bps > 1 bps 10-year <CZ10YT=R 0.495 -0.02 +016 -4bps R> 8 bps Poland 2-year <PL2YT=RR 2.223 0.003 +301 +0bp > bps s 5-year <PL5YT=RR 3.197 0.031 +363 +2bp > bps s 10-year <PL10YT=R 3.889 0.063 +356 +5bp R> bps s FORWARD RATE AGREEMENT 3x6 
'a3896ddda716bc244d505fce00f837c41954c800'|'UPDATE 1-UK Stocks-Factors to watch on Feb 13'|'Company  45am EST UPDATE 2-UK Stocks-Factors to watch on Feb 13 (Adds company news items, updates futures) Feb 13 Britain''s FTSE 100 index is seen opening 17 points higher at 7,275 on Monday, according to financial bookmakers, with futures up 0.15 percent ahead of the cash market open. * The UK blue-chip FTSE 100 index ended 0.4 percent higher at 7,258.75 points on Friday, after hitting an intra-day peak of 7,274.80, the highest since Jan. 17 as a rally in metals prices on soothing Chinese data and supply concerns boosted shares in basic resources companies. * CO-OPERATIVE BANK: Britain''s Co-operative Bank, the lender rescued from the brink of collapse by a group of hedge funds in 2013, has put itself up for sale as it seeks to build up its capital buffer to meet regulatory requirements. * LAIRD GROUP: Laird Plc, the electronics component maker which counts Apple among its customers, is considering the sale of its precision metals business, one of its major units, as it explores options to aid its turnaround plans, the Telegraph reported. bit.ly/2l9mEsa * FIDESSA GROUP: British trading software provider Fidessa Group Plc said its international revenue spread provided stability amid uncertainty following Britain''s vote to leave the European Union and the U.S. election. * RBS: A group of senior businessmen are among investors seeking to join a lawsuit against Royal Bank of Scotland saying they were misled over its massive rights issue in 2008, according to sources and court documents. * BHP: More than 300 people wearing hoods vandalized property at the world''s biggest copper mine, BHP Billiton''s Escondida in Chile, and forced contract workers to stop work during an ongoing strike, management said on Sunday. * UK CONSUMERS: British households kept a tighter grip on their credit cards last month as spending grew at one of the slowest annual rates of the past three years, data from Visa showed on Monday, adding to signs that consumer spending is starting to lose momentum. * UK WORKERS: More than a quarter of employers in Britain say staff members from other European Union countries have considered leaving their firms or the country in 2017 after last year''s Brexit vote, an industry group said on Monday. * GOLD: Gold slipped on Monday as the dollar strengthened against the yen, with the greenback buoyed by a smooth meeting between U.S. President Donald Trump and Japanese Prime Minister Shinzo Abe that saw no mention of currency policy. * COPPER: London copper extended gains to hit its highest in 20 months in heavy trade on Monday, driven up by supply worries after shipments were shut off from the world''s two biggest copper mines. * OIL: Oil prices dipped on Monday on signs that global fuel markets remained bloated despite OPEC-led crude production cuts that have been more successful than most initially expected. * OIL RIGS: U.S. energy companies added oil rigs for a 14th week in the last 15, extending a nine-month recovery as drillers take advantage of crude prices that have held mostly over $50 a barrel since OPEC agreed to cut supplies in late November. * 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 Sanjeeban Sarkar in Bengaluru; Editing by Sherry Jacob-Phillips) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-stocks-factors-idUSL4N1FY2G9'|'2017-02-13T14:27:00.000+02:00'
'9a0adcccae413dddc8bd4e0b1b02443eb03878c9'|'Trump aide says endorsement of Ivanka''s brand was ''light-hearted'''|'(Adds comments from Cummings, background)By Julia HarteWASHINGTON Feb 12 A top aide to U.S. President Donald Trump on Sunday defended his colleague, Kellyanne Conway, after she was widely criticized for her public endorsement of the fashion line of Trump''s daughter, Ivanka.Speaking on ABC''s "This Week" program, White House aide Stephen Miller said Trump adviser Conway was making a "light-hearted, flippant" comment when she urged Americans to buy Ivanka Trump''s products.Conway''s comments prompted criticism from both Republican and Democratic lawmakers, as well as some legal experts who said she may have violated ethics rules that prohibit using a public office to endorse products or advance personal business gains.In comments to the Associated Press last week, Republican Jason Chaffetz, chairman of the House of Representatives Oversight committee, said Conway''s statement was "clearly over the line, unacceptable."Elijah Cummings, the top Democrat on the same committee, said on Sunday that Miller''s characterization of Conway''s remarks was incorrect. "This was a textbook case of a violation of the law," he said on "This Week."Cummings said he was troubled by the fact that Trump is the authority who will ultimately decide how to punish Conway, if at all, after the Office of Government Ethics issues its recommendation on the matter.Conway made the comments after retailer Nordstrom said it would stop selling Ivanka Trump''s clothing line, a move that had prompted a tweet from the president blasting Nordstrom.Nordstrom said it had made the decision to drop the brand because sales had steadily declined, especially in the last half of 2016, to where carrying the line "didn''t make good business sense."Nordstrom shares initially fell after the president''s criticism last Wednesday, but closed up 4 percent on the New York Stock Exchange that day.On Saturday, a spokesman for major U.S. retailers Sears and Kmart said they had removed 31 Trump Home items from their online product offerings in order to focus on more profitable merchandise. (Reporting by Julia Harte; Editing by Andrea Ricci)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-trump-nordstrom-idINL1N1FX0DQ'|'2017-02-12T15:37:00.000+02:00'
'743df47fa26c9744749095ab41b049fe4e0a8cbb'|'MIDEAST STOCKS - Factors to watch - Feb 15'|'Company News - Tue Feb 14, 2017 - 10:08pm EST MIDEAST STOCKS - Factors to watch - Feb 15 DUBAI Feb 15 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-Asian stocks and dollar firmer as Yellen hints at March rate hike * MIDEAST STOCKS-Company earnings, news support UAE; Saudi, Egypt underperform * Oil dips over doubts that high OPEC compliance with announced cuts will last * PRECIOUS-Gold edges lower after Yellen rate hike hint * Trump backs Middle East peace, even if not tied to two-state solution * Top gold ETF gets Islamic finance certification to tap new markets * Russian jets pound Syrian city of Deraa after rebel gains * Protesters attack Lebanese TV channel headquarters * Aoun, Hariri''s Hezbollah comments lay bare Lebanon''s political divide * Algeria issues tender to buy durum wheat and feed barley * Turkey detains 800 over alleged links to Kurdish militants * Turkey''s main opposition won''t challenge presidential referendum in court, party head says * Iran urges Gulf states to "seize the opportunity" of Rouhani visit * Syria''s al-Bab largely under control of Turkey-backed rebels, Turkish PM says * Turkish 10-year benchmark bond yields 10.86 percent in tap * Challenge to Trump travel ban moves forward in two courts EGYPT * Egypt taps new supply and agriculture ministers in reshuffle * Oil companies bullish on Egypt, eyeing more investment, discoveries * Egypt nearing deal with Iraq in search for crude oil imports * Egypt''s currency, debt in demand as FX reforms'' impact kicks in * Egypt to set schedule for repaying oil companies soon -minister UNITED ARAB EMIRATES * Dana Gas says court rules in its favour in Kurdistan dispute * Etisalat profit edges up on growing UAE revenues * ADIB''s falling profit rounds up mixed results season for Abu Dhabi banks * Dubai''s Emaar to reopen burned-out skyscraper hotel by end 2017 - chairman * Dubai transport authority agrees to buy 200 Tesla vehicles * Dubai''s Drake & Scull outlines turnaround plan as it stays in the red * Dubai telecoms firm du''s Q4 net profit slides 20 pct * UAE''s Aldar Properties expects lower 2017 sales after flat Q4 profit * Dubai''s DAMAC Properties posts 1.3 pct rise in Q4 net profit * UAE''s Union National Bank Q4 profit up 29 pct, misses forecasts KUWAIT * National Investments says Americana''s minority shareholders agree to sell 107.1 mln shares in co to Adeptio * Kuwait''s Real Estate Asset Management says no dividend for 2016 BAHRAIN * Man and wife injured by "terrorist explosion" in Bahrain (Reporting by Dubai Newsroom) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/mideast-factors-idUSL8N1G003G'|'2017-02-15T10:08:00.000+02:00'
'50e437e7e5151cee52498757ee46af451cf71176'|'Fed''s Rosengren sees ''at least'' three rate hikes per year'|'Business News - Wed Feb 15, 2017 - 11:46pm IST Fed''s Rosengren sees ''at least'' three rate hikes per year File Photo: The Federal Reserve Bank of Boston''s President and CEO Eric S. Rosengren speaks in New York, April 17, 2013. REUTERS/Keith Bedford/File Photo NEW YORK The Federal Reserve may need to raise interest rates a bit more aggressively than the thrice-per-year pace forecast by Fed policymakers if the U.S. economy picks up steam as expected, a pragmatic Fed official said on Wednesday. Boston Fed President Eric Rosengren, a long-time dove who last year switched tack and began pushing for tighter monetary policy, said he expects the U.S. central bank to raise rates "at least as quickly" as the median Fed forecast from December. That forecast, based on 17 Fed policymakers, predicted three hikes in each of the next three years as inflation edges up to a target and gross domestic product (GDP) growth remains around 2 percent. But Rosengren, who dissented once in 2016 but does not have a vote on policy this year, said in a speech he expects a bit stronger GDP growth over the next two years as unemployment, now 4.8 percent, keeps falling below that equilibrium level. "It will likely be appropriate to raise short-term interest rates at least as quickly as suggested by the Fed''s current ... median forecast, and possibly even a bit more rapidly," he said. "If GDP is growing faster than potential and we reach both elements of the dual mandate, the Federal Reserve risks overshooting" those employment and inflation mandates, he added. The Fed has tightened policy only twice in the last two years, bringing the key rate to a range of 0.5-0.75 percent. But expectations have grown for more hikes as investors anticipate that U.S. President Donald Trump and the Republican-controlled Congress will increase spending and cut taxes, and as low unemployment continues to boost wages. Rosengren said such so-called slack in the labor market is now "very limited," meaning inflation could rise more than expected. Yet he added that uncertainty around future fiscal policies as well as economic growth overseas stand out as "significant risks" to his relatively optimistic expectations. (Reporting by Jonathan Spicer; Editing by Meredith Mazzilli) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-usa-fed-rosengren-idINKBN15U2CX'|'2017-02-16T01:15:00.000+02:00'
'6debe5ab0a947b611ead13be04f6db07bc9b3539'|'Anglo American Platinum returns to profit, still no dividend'|' 06pm GMT Anglo American Platinum returns to profit, still no dividend Trucks leave an Anglo American Platinum (AMPLATS) processing plant near Rustenburg, South Africa October 12, 2012. REUTERS/Mike Hutchings/File Photo By Ed Stoddard - JOHANNESBURG JOHANNESBURG Anglo American Platinum ( AMSJ.J ), the world''s top producer of the precious metal, announced a swing back into profit on Wednesday, along with the sale of another mine, but said it was still not ready to resume dividend payments. Amplats, which has not paid a dividend since 2011, has turned its focus on mechanised mining while shedding labour-intensive operations such as its Rustenburg mine, a flashpoint of union violence which it sold last year to Sibanye Gold ( SGLJ.J ). On Wednesday Amplats, which is majority-owned by Anglo American ( AAL.L ), announced it was also selling its Union mine to unlisted black-majority resources group Siyanda Resources for an initial purchase price of 400 million rand (24 million pounds). Further payments depend on the level of cash flow from the operation. Cash generated from the sale will go towards bringing down the company''s debt, which it reduced to 7.3 billion rand in 2016 from 12.8 billion rand, partly from the proceeds of disposals and customer pre-payment deals. "Owing to the net debt position of the company and uncertain macroeconomic environment, the board has decided not to declare a dividend in 2016," the company said. Amplats'' share price was down over 3 percent, in line with falls across the sector, with a resumption of dividend payments not widely expected. In contrast shares in sister company Kumba Iron Ore ( KIOJ.J ) fell sharply on Tuesday after Kumba said it was not paying a dividend. "We are marginally disappointed. However, we believe that the company<6E>s stated strategy is correct," said Abdul Davids, portfolio manager at Kagiso Asset Management, which holds Amplats'' shares. "We support the focus on debt reduction and believe this will support the resumption of the dividend in the 2017 or 2018 financial years," Davids added. Resuming dividend payouts was a priority, Amplats Chief Executive Chris Griffith told Reuters. "When we think about capital, we think about reintroducing the dividend. And we are getting into a position where we can talk about a dividend," he said. "Getting debt down is one metric but the board will concentrate on more than these big once-off events. You want to be certain your underlying cash flow is sustainable." The company said it wanted to get its debt in 2017 below 5 billion rand. The company reported headline earnings of 1.9 billion rand in 2016, which compared with a restated loss of 126 million rand in 2015. "This reflected favourable foreign exchange movements, operating and overhead cost reduction, lower restructuring costs and the impact of impairments in the comparative period," it said in a results statement. (Editing by Greg Mahlich)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-anglo-platinum-results-idUKKBN15U1QG'|'2017-02-15T21:06:00.000+02:00'
'c72dd13d4f572b7e0c63e782af621684fb597d86'|'BB Seguridade sees premium growth topping Brazil average this year'|'Company News  32am EST BB Seguridade sees premium growth topping Brazil average this year SAO PAULO Feb 13 Insurance premium underwriting at BB Seguridade Participa<70><61>es SA could grow this year at a faster pace than that of rivals, reflecting efforts by the Brazilian state-controlled insurer to stem the impact of a harsh recession. The faster increase in premium underwriting could be accompanied by a decline in auto insurance claims, Chief Executive Jos<6F> Mauricio Coelho told reporters at an event to discuss fourth-quarter results. (Reporting by Alu<6C>sio Alves; Writing by Guillermo Parra-Bernal) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/bb-seguridade-results-outlook-idUSE6N18202L'|'2017-02-13T20:32:00.000+02:00'
'1035d2274f667205d9af9b36bf38c56618c60360'|'UPDATE 1-Key Vale partners want to keep CEO to stem political pressure -Valor'|' 18am EST UPDATE 1-Key Vale partners want to keep CEO to stem political pressure -Valor (Recasts, adds details and share performance) SAO PAULO Feb 13 Vale SA''s top non-government shareholders want Chief Executive Officer Murilo Ferreira in the job for another two years to stem pressure from Brazilian politicians to appoint an ally at the helm of the world''s No. 1 iron ore producer, newspaper Valor Econ<6F>mico said on Monday. Valor, which cited unnamed people familiar with the matter, said some members of Vale''s controlling bloc were considering voting for the renewal of Ferreira''s term when it expires next quarter. Bradespar SA and Japan''s Mitsui & Co are the private-sector members of the bloc. Valor said members of President Michel Temer''s PMDB party and Senator Aecio Neves of the PSDB party from the mineral-rich Minas Gerais state, where Vale is based, were vying to influence the selection of the new CEO. Such disputes have gone on for months, Valor said. In January, Reuters reported that shareholders led by Bradespar and pension fund Previ Caixa de Previd<69>ncia could propose Ferreira stay on for at least another year as part of discussions over a new shareholder accord. His term expires midway through the second quarter. Vale''s media representatives declined to comment on the Valor report. Representatives for Neves, Andrade and Temer did not immediately respond to requests for comment. Preferred shares, the company''s most widely traded class of stock, rallied 4.6 percent to 32.65 reais, on top of Friday''s 6.6 percent jump, as iron ore prices soared and on optimism that shareholders will seek to block a political appointee as CEO. The stock is up 40 percent this year. The reported tension over the Vale job is the latest sign of strain between the two biggest parties in Temer''s coalition. The PSDB and some in Temer''s PMDB have butted heads over a string of ministry posts and may run rival candidates in the 2018 presidential election. Vale was partly privatized in 1997, although the government continues to wield influence over it through the investment holding company of state development bank BNDES and state-controlled pension funds. Bradespar, the funds, Mitsui and BNDESPar are all members of Valepar SA, which has control of the company. (Writing by Brad Haynes; Editing by Guillermo Parra-Bernal and Lisa Von Ahn)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/vale-sa-ceo-idUSL1N1FY0GR'|'2017-02-13T20:18:00.000+02:00'
'49e2f5bb725bec8ff458bbd72d0a4024e3efcc38'|'EU Commission says very disappointed in Swiss vote result'|' 26am GMT EU Commission says very disappointed in Swiss vote result European Commissioner for Economic and Financial Affairs Pierre Moscovici in Lisbon, Portugal November 18, 2016. REUTERS/Rafael Marchante BRUSSELS The European Commission is very disappointed in the Swiss rejection of an overhaul of the corporate tax system and will consult with European Union governments on how to proceed, the EU Commissioner for taxation said on Monday. Swiss voters on Sunday clearly rejected plans to overhaul the corporate tax system, sending the government back to the drawing board as it tries to abolish ultra-low tax rates for thousands of multinational companies without triggering a mass exodus. Most Swiss recognised the country needs reform to avoid being blacklisted as a low-tax pariah. But new measures proposed to help companies offset the loss of their special status breaks had created deep divisions. "The Commission is very disappointed by the results of a referendum in Switzerland," European Commissioner for Economic and Financial Affairs Pierre Moscovici told a news conference. "The rejection of the reform and referendum means we need to redouble our efforts when it comes to taxation. The Commission plans to consult the member states so we can decide together how to proceed," he said. (Reporting By Jan Strupczewski and Waverly Colville; editing by Philip Blenkinsop)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-swiss-tax-eu-idUKKBN15S16D'|'2017-02-13T18:26:00.000+02:00'
'077b9a054ef14761f5ac12935f6d86824da90105'|'IMF''s Lagarde says worried about European elections - Reuters'|'By Alexander Cornwell - DUBAI DUBAI International Monetary Fund Managing Director Christine Lagarde said on Sunday that she was worried about the result of looming elections in Europe, though she insisted the euro zone was making progress in resolving its economic problems."I am worried, as we all are, about some of these elections," Lagarde told an international conference of economic policy makers and academics in Dubai, when asked about this year''s votes in France, the Netherlands and Germany.She did not elaborate.Marine Le Pen, who has promised to take France out of the euro zone, is attracting support before presidential elections, while far-right politician Geert Wilders is riding high in Dutch opinion polls and Chancellor Angela Merkel''s conservatives face a tough challenge in German elections.Asked whether governments'' continued wrangling over how to resolve the euro zone debt crisis showed the European Union was failing to deal with big issues, Lagarde defended the EU, saying Ireland, Portugal and Cyprus had all recovered from crises.But she added, "More to be done. More to be done. No question about that."Lagarde also said the IMF was watching very closely plans by the administration of U.S. President Donald Trump to re-evaluate the Dodd Frank financial reform law, which was put in place to reduce risk on Wall Street after the global financial crisis."When it comes to the financial stability, to the ability to supervise, to the strength of those institutions with due accountability - I think it''s critically important for the mission that the IMF has, which is financial stability around the world."Lagarde said there was reason to be optimistic about U.S. economic growth, which could be boosted by tax reforms and infrastructure spending planned by Trump.But she added: "The more worrying news if you will is that it will have consequences on the rest of the world."Faster U.S. growth and low unemployment could lead to more U.S. interest rate hikes, while inflation in the United States has begun to approach the threshold which would also trigger monetary tightening, she said.(Writing by Andrew Torchia; Editing by Hugh Lawson)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/imf-europe-idINKBN15R0FN'|'2017-02-12T08:03:00.000+02:00'
'b72ab0e33396bfff0b132185df63a6e616a7c26e'|'Financial broker NEX Group gets boost from Trump victory'|'Business News - Wed Feb 15, 2017 - 7:33am GMT Financial broker NEX Group gets boost from Trump victory UK-based financial broker NEX Group ( NXGN.L ) said Donald Trump''s victory in the U.S. presidential election had boosted trading activity, but it was too early to know whether this marked the end of a prolonged period of subdued market conditions. The company, which matches buyers and sellers of bonds, swaps and currencies, and was renamed NEX Group following the sale of a key business to TP ICAP ( TCAPI.L ), reported an 11 percent rise in revenue for the third quarter ended Dec. 31, 2016. It cited benefits from an increase in trading activity as customers considered the impact of potential policy changes following Trump''s surprise victory on bond and foreign exchange markets. However, NEX said volumes in January were generally more muted. "It is still too early to assume with any confidence that the previous and prolonged period of subdued market conditions has come to a permanent end," Chief Executive Michael Spencer said in a statement. (Reporting by Esha Vaish and Noor Zainab Hussain in Bengaluru; Editing by David Holmes) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-nexgroup-outlook-idUKKBN15U0NH'|'2017-02-15T14:33:00.000+02:00'
'cfe790a62c0cc611ddb2131823fae6025a2b5c74'|'Lufthansa accepts mediator''s proposal in pilot pay dispute'|'Business News - Wed Feb 15, 2017 - 12:04pm GMT Lufthansa accepts mediator''s proposal in pilot pay dispute A Lufthansa aircraft moves on the tarmac of Riga International Airport in Riga, Latvia, December 21, 2016. REUTERS/Ints Kalnins FRANKFURT Lufthansa ( LHAG.DE ) said it had accepted the recommendations made by a mediator in a long-running row over pay with pilots'' union Vereinigung Cockpit, which will add around 85 million euros (72 million pounds) to its annual costs. The German flagship carrier said the recommendations included pay increases for 5,400 pilots by an overall 8.7 percent in several steps as well as one-time payments worth a total 30 million euros. To make up for the added expenses, Lufthansa said 40 new aircraft due for delivery would be staffed not by crew on collective labour agreements at its core brand, but by crew from elsewhere within the group. Lufthansa is trying to cut costs but pilots have walked out 15 times since early 2014 over disputes with management on topics including pay and early retirement, costing the carrier hundreds of millions of euros in lost profits. Before the mediation process, the pilots had asked for an average annual pay increase of 3.7 percent over a five-year period back-dated to 2012, which is when their last collective bargaining contract with Lufthansa expired. The pilots had said altogether these increases would amount to a rise of nearly 20 percent on current pay. Lufthansa had proposed an increase of 4.4 percent in two instalments in 2016 and 2017, plus a one-off payment worth 1.8 months'' pay. Mediator Gunter Pleuger, a former diplomat, presented his proposal behind closed doors on Friday. The two sides had previously tried to negotiate a wide-ranging deal on a host of topics, including pay, early retirement, conditions and low-cost expansion, but last year decided to tackle each topic individually. Lufthansa said on Wednesday that talks on the outstanding issues would continue. (Reporting by Maria Sheahan; editing by Susan Thomas and Victoria Bryan) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-lufthansa-unions-idUKKBN15U1F6'|'2017-02-15T19:04:00.000+02:00'
'ade35d9411bc5deba6d8312402181122dd9a6267'|'Verizon reaches tentative agreement to lower price of Yahoo deal: Bloomberg'|'Technology News - Wed Feb 15, 2017 - 11:03am EST Verizon reaches tentative agreement to lower price of Yahoo deal: Bloomberg FILE PHOTO - A Verizon sign is seen at a retail store in San Diego, California, U.S. on April 21, 2016. REUTERS/Mike Blake/File Photo Verizon Communications Inc ( VZ.N ) has tentatively reached a revised deal that would lower by about $250 million the price to acquire Yahoo Inc''s ( YHOO.O ) core internet business, Bloomberg reported on Wednesday. Verizon''s deal to buy Yahoo''s assets, including its digital advertising, email and media assets, was worth $4.83 billion when it was first announced. Yahoo and Verizon did not immediately respond to requests for comment. (Reporting by Narottam Medhora in Bengaluru; Editing by Savio D''Souza) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-yahoo-m-a-verizon-idUSKBN15U21R'|'2017-02-15T23:03:00.000+02:00'
'd427c517de018741e1fa537668eb750ff562e483'|'AIRSHOW--Sikorsky sets sights on $500 mln Indian regional market'|'World  41am EST Sikorsky sets sights on $500 million Indian regional market BENGALURU, India, U.S. aircraft maker Sikorsky is in advanced talks with some Indian charter operators and other airlines for sales of its small passenger planes, one of its executives said on Wednesday. Sikorsky, which is part of Lockheed Martin, is offering the M-28 turboprop passenger airplane that can seat up to 19 people and costs $6 million to $7 million for what it estimates is a regional market worth some $500 million. India wants to boost regional aviation connectivity and reopen closed airports as part of its plans to improve passenger growth in one of the world''s most competitive aviation markets. Arvind Walia, Sikorsky''s regional executive for India and South Asia, said such connections would bring about 300 million people in India''s smaller cities into the air travel market. "We are in dialogue with potential operators for regional connectivity and it appears to us there is huge demand," Walia told Reuters on the sidelines of an air show in Bengaluru. "There are some with whom talks are in a very advanced stage and there are some who have sought additional clarification," he said. He estimated demand for smaller planes at 80 over the next two years. Meanwhile Dinesh Keskar, a senior vice president at Boeing said growth in India would come from the smaller airports and as more routes are added to the network this would drive demand for bigger jets. (Reporting by Sweta Singh and Rachit Vats; Editing by Sanjeev Miglani and Alexander Smith) Next In World News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-airshow-india-sikorsky-idUSKBN15U1UT'|'2017-02-15T21:35:00.000+02:00'
'c69385936b836865a5870625d27e4f3e8918a718'|'Pharma industry shuns Trump push for radical shift at FDA'|'Business News - Wed Feb 15, 2017 - 1:07am EST Pharma industry shuns Trump push for radical shift at FDA A view shows the U.S. Food and Drug Administration (FDA) headquarters in Silver Spring, Maryland August 14, 2012. REUTERS/Jason Reed/File Photo By Deena Beasley U.S. President Donald Trump''s vow to roll back government regulations at least 75 percent is causing anxiety for some pharmaceutical executives that a less robust Food and Drug Administration would make it harder to secure insurance coverage for pricey new medicines. The prospect of big change at the regulatory agency comes as drugmakers are under fire for high prices, including Marathon Pharmaceuticals LLC, which said Monday it was "pausing" the launch of its Duchenne muscular dystrophy drug after U.S. lawmakers questioned its $89,000 a year price. Industry trade group Biotechnology Innovation Organization told Reuters that during high-level discussions with Trump advisors, lobbyists urged the administration not to name a new commissioner of the Food and Drug Administration who would act rashly to speed up the agency<63>s approval of new medicines. That sentiment was echoed by executives at more than a dozen pharmaceutical and biotechnology firms, who told Reuters that the FDA is already adopting new drug development models and warned that a looser review process would put patients at risk. "People often argue that the FDA is too restrictive," said Roger Perlmutter, head of research and development at Merck & Co Inc ( MRK.N ). "We have the sense that the balance is pretty right ... you have to have a well-characterized risk/benefit profile." That stance underscores the unique position the drug industry finds itself in when it comes to regulating its products. While most sectors welcome less oversight, drugmakers say a robust review process is critical in convincing physicians and insurers that a pricey new medicine has value. Otherwise, the time and money it takes to get a new drug to market - estimates run as high as $2.6 billion - would be lost if insurers are not willing to pay for the product. "It is great that the administration is seeking deregulation ... to make sure the private sector can be more competitive," said John Maraganore, chief executive officer at Alnylam Pharmaceuticals Inc ( ALNY.O ) and co-chair of BIO''s regulatory committee. "But payers are looking for evidence of value." He said the FDA should speed the approval of lower cost generic versions of drugs that have lost patent protection, but warned that allowing novel products to be launched without extensive testing could be dangerous. "Any change at the FDA that allows drugs to be tried out on patients without clinical evidence is a damaging approach," said Jeremy Levin, chief executive officer at Ovid Therapeutics Inc., which is developing drugs for rare diseases. Health insurers are pushing back against high-priced drugs. Sales of expensive new cholesterol drugs from Amgen Inc ( AMGN.O ) and Regeneron Pharmaceuticals Inc ( REGN.O ) have stalled as insurers limit coverage until they see results of trials designed to prove that the drugs significantly lower the risk of heart attack and other cardiovascular crises. "It is one thing to get a drug approved, but you have got to get reimbursed," said Paul Perreault, CEO at biotech company CSL Ltd ( CSL.AX ), adding that won''t happen unless payers see proof that a new drug is better than what is already available. To be sure, some pharmaceutical executives have been vocal about the need for deregulation. Reducing regulation "will help with drug prices, because it will induce more competition," Pfizer Inc ( PFE.N ) CEO Ian Read said on a recent conference call. After top executives at Merck, Johnson & Johnson ( JNJ.N ) and others met at the White House last month with Trump, who pledged to <20>streamline<6E> the FDA, industry trade group Pharmaceutical Research and Manufacturers of America said the meeting found common ground such as tax reform, a
'43cc6bd4a8e05de2324e232d46caf0c7c4d59ccf'|'EMERGING MARKETS-Brazil real rises to over 1-1/2-year high as central bank acts'|'(Updates prices, adds Yellen comments)SAO PAULO Feb 14 The Brazilian real gained on Tuesday to its strongest level in more than a year and a half, following a rise in capital inflows and after the central bank resumed currency intervention following a two-week pause.The real firmed 0.45 percent to 3.096 real per dollar, its strongest showing since July 2015.Gains were limited, though, as the central bank indicated it could allow around $4.3 billion worth of currency swaps, which function like future dollar sales, to expire next month.The bank sold $300 million in currency swaps on Tuesday morning to roll over March maturities. Should it maintain that pace until the end of the month, it will roll over $2.7 billion of the roughly $7 billion due next month.Some had speculated the bank could allow all of those contracts to expire after it refrained from conducting any auctions in recent weeks.The central bank currently holds $26.5 billion worth of currency swaps on its balance sheet, down from more than $100 billion two years ago.On Tuesday, Fed Chair Janet Yellen said the Federal Reserve will likely need to raise interest rates at an upcoming meeting, although she flagged considerable uncertainty over economic policy under the Trump administration.Yellen said delaying rate increases could leave the Fed''s policymaking committee behind the curve and eventually lead it to hike rates quickly, which she said could cause a recession.The dollar strengthened briefly against the real after her comments, while the Mexican peso also lost ground against the greenback. However, the peso ended the day slightly higher, up 0.14 percent at 20.25 pesos per dollar.Investors said they were waiting to see U.S. inflation data due on Wednesday, that would help clarify the Fed''s decision-making on future rate hikes. (Reporting by Bruno Federowski; Editing by Lisa Von Ahn and Diane Craft)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/emerging-markets-latam-idINL1N1FZ2B4'|'2017-02-14T21:19:00.000+02:00'
'daf24e550b9628af1ccc523131c5fd5058abe08d'|'U.S. retail sales rise; inflation picking up'|' 22pm GMT U.S. retail sales rise; inflation picking up An empty shopping cart is seen in a shopping center parking lot in Westbury, New York November 27, 2015. REUTERS/Shannon Stapleton By Lucia Mutikani - WASHINGTON WASHINGTON U.S. retail sales rose more than expected in January as households bought electronics and a range of other goods, pointing to sustained domestic demand that should bolster economic growth in the first quarter. The economy''s improving prospects were also underscored by other data on Wednesday showing consumer prices last month recording their biggest increase in nearly four years. The upbeat reports came a day after Federal Reserve Chair Janet Yellen appeared to put an interest rate hike next month on the table. "The U.S. economy has quite a bit of momentum as the year began," said Jennifer Lee, a senior economist at BMO Capital Markets in Toronto. "This morning''s reports add a little more impetus for the Fed to move this quarter. Still not our call but it is becoming very interesting." The Commerce Department said retail sales increased 0.4 percent last month. December''s retail sales were revised up to show a 1.0 percent rise instead of the previously reported 0.6 percent advance. Last month''s fairly solid sales came despite motor vehicle purchases posting their biggest drop in 10 months. Compared to January last year retail sales were up 5.6 percent. Excluding automobiles, gasoline, building materials and foodservices, retail sales increased 0.4 percent after a similar gain in December. These so-called core retail sales correspond most closely with the consumer spending component of gross domestic product. Economists had forecast retail sales ticking up 0.1 percent and core sales gaining 0.3 percent last month. The dollar rose to a one-month high versus a basket of currencies on the data, while prices for U.S. government bonds fell. U.S. stock index futures slipped. January''s fairly strong retail sales supported views that economic growth will accelerate in the first quarter. The economy grew at a 1.9 percent annualised rate in the fourth quarter. The Atlanta Fed is currently forecasting the economy growing at a 2.7 percent annualised rate in this quarter. In a separate report, the Labor Department said its Consumer Price Index jumped 0.6 percent last month, the largest increase since February 2013, after gaining 0.3 percent in December. The surge in the CPI reflected increases in gasoline, apparel and motor vehicle prices among others. In the 12 months through January, the CPI increased 2.5 percent, the biggest year-on-year gain since March 2012. The CPI rose 2.1 percent in the year to December. Inflation is trending higher as prices for energy goods and other commodities rebound as global demand picks up. INFLATION CLIMBING The so-called core CPI, which strips out food and energy costs, rose 0.3 percent last month after increasing 0.2 percent in December. That lifted the year-on-year core CPI increase to 2.3 percent in January from December''s 2.2 percent increase. The Fed has a 2 percent inflation target and tracks an inflation measure which is currently at 1.7 percent. Strengthening domestic demand together with firming inflation and a tightening labour market could allow the Fed to raise interest rates at least twice this year. Yellen told lawmakers on Tuesday that "waiting too long to remove accommodation would be unwise." The U.S. central bank has forecast three rate increases this year. The Fed hiked its overnight interest rate last December by 25 basis points to a range of 0.50 percent to 0.75 percent. Retail sales last month were buoyed by a 1.6 percent jump in sales at electronics and appliances stores. That was the biggest rise since June 2015 and followed a 1.1 percent drop in December. Receipts at building material stores increased 0.3 percent. Sales at clothing stores jumped 1.0 percent, the largest rise in nearly a year. Department store sales climbed 1.2 percent, the biggest increase 
'1bbf70af7afea4426fb0ea771c9fd8fc87b076e4'|'FXCM''s January non-U.S. volume rises 18 pct'|'By Gertrude Chavez-Dreyfuss Feb 15 Currency broker FXCM Inc, which was banned last week from operating in the United States, said on Wednesday its non-U.S. monthly trading volume rose 18 percent to an estimated $253 billion in January from December.Volume, however, fell 17 percent from a year earlier.The company said in a statement it excluded U.S. trading from the estimate because it had agreed to sell its U.S. accounts to rival Gain Capital Holdings Inc and withdraw from the United States.FXCM was banned last week by the U.S. Commodity Futures Trading Commission from doing business in the United States for betting against its customers in trades. The commission ordered Forex Capital Markets, its parent FXCM Holdings LLC and founding partners Dror Niv and William Ahdout to pay $7 million to settle charges it had defrauded retail foreign exchange customers.At the end of 2016, FXCM''s U.S. retail forex accounts totaled nearly $179 million, according to the commission''s website. The United States accounts for 18 percent of FXCM''s revenue, the company''s website showed.January customer trading volume averaged $12 billion a day, up 18 percent from December.The commission said last week that FXCM had an interest in a market maker on its trading platform that consistently won the largest share of the company''s trading volume, and thus was taking positions in opposition to FXCM''s retail customers.As an agency broker registered with the commission, FXCM was to act merely as an intermediary between the buyer and seller in foreign exchange transactions.FXCM said on Monday the sale of its U.S. retail foreign exchange business was expected to reduce consolidated revenues by $38.8 million and increase net profit by $13.9 million for the nine months ended Sept. 30, 2016. (Reporting by Gertrude Chavez-Dreyfuss; Editing by Richard Chang)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/fxcm-forex-volume-idINL4N1G04FU'|'2017-02-15T16:24:00.000+02:00'
'ee86a0c35194bbb02015f3fb73e750514c12fca0'|'UPDATE 1-Morgan Stanley''s chief U.S. equity strategist to join hedge fund -source'|'Company News  48am EST UPDATE 1-Morgan Stanley''s chief U.S. equity strategist to join hedge fund -source (Adds background) By Olivia Oran NEW YORK Feb 15 Morgan Stanley''s chief U.S. equity strategist, Adam Parker, is leaving the company, according to an internal memo seen by Reuters on Wednesday. Parker is joining hedge fund Eminence Capital, according to a person familiar with the matter. This is the second major departure from Morgan Stanley for a hedge fund in as many days. Peter Santoro, who had been head of global equities trading, is leaving for Millennium Partners, Reuters reported on Tuesday.. Parker, who was also director of quantitative research at Morgan Stanley, will take on a similar role at Eminence, a long/short equity hedge fund run by Ricky Sandler. Mike Wilson, Morgan Stanley''s chief investment officer of wealth management, will assume Parker''s responsibilities as well as those of chief investment officer of institutional securities. A Morgan Stanley spokesman confirmed the contents of the memo. Parker could not immediately be reached for comment. Wilson joined Morgan Stanley in 1989 as an investment banker and held various positions, including head of content distribution. In 2012, he became chief investment officer of wealth management. (Editing by Jeffrey Benkoe and Lisa Von Ahn) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/morgan-stanley-investing-idUSL1N1G00WW'|'2017-02-15T23:48:00.000+02:00'
'3a97bbf805efee8ed01591eb3706324010b833bd'|'Ferrara Candy''s private equity owner takes company off block: sources'|'By Lauren Hirsch Private equity firm L Catterton has decided to not sell Ferrara Candy Co after running an auction for the maker of candy such as Fruit Stripe gum and Now & Later chews, people familiar with the situation said this week.L Catterton had put Ferrara up for sale about six months ago after receiving inquiries from other companies and private equity firms. Canadian buyout firm Onex Corp ( ONEX.TO ) had come close to buying Ferrara, Reuters reported last month, but the two parties could not agree on a price.L Catterton was hoping a deal would value Ferrara at more than $1.3 billion, including debt, according to the sources.Oakbrook Terrace, Illinois-based Ferrara had also filed for an initial public offering (IPO) under the Jobs Act, which allows companies with less than $1 billion in revenue to file confidentially with the U.S. Securities and Exchange Commission. Still, it has no immediate plans to go public, the sources said.The sources requested anonymity because the information is confidential. L Catterton and Ferrara declined to comment.Ferrara''s origins date back to 1908 when Salvatore Ferrara started selling Italian pastries and sugar-coated candy almonds. It was sold to private equity firm L Catterton in 2012, after the founder''s son, Nello Ferrara, died.Under L Catterton''s ownership, Ferrara merged with another of the buyout firm''s portfolio companies, Farley''s & Sathers Candy company. Farley''s & Sathers had been an acquirer of many candy brands from larger candy companies, including sugar-coated jelly brand Chuckles from Hershey Co ( HSY.N ).L Catterton also brought in new executive teams and focused on innovation, including new flavors and packaging designs. Cinnamon-flavored Red Hots, for example, now come in flavors such as Kick<63>n Mango Lime and Dark Chocolate Red Hots.Over the past four years, sales of Ferrara''s branded candy have grown more than 6 percent, and its major brands, such as Now & Later, have grown almost 12 percent. Since 2013, its earnings before interest, tax, and depreciation (EBITDA) have grown roughly 30 percent.(Reporting by Lauren Hirsch in New York; Editing by Carmel Crimmins, Lisa Von Ahn and Lisa Shumaker)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-ferrara-candy-m-a-idINKBN15U2IZ'|'2017-02-15T16:45:00.000+02:00'
'6b429f1b755587f031271c056e072c68f90e5dd9'|'PSA Opel deal would benefit both companies - GM CEO'|'FRANKFURT Feb 15 General Motors Chief Executive Mary Barra on Wednesday told employees that combining GM''s European Opel and Vauxhall business with Peugeot would be beneficial for both companies."While there can be no assurance of any agreement, any possible transaction would enable PSA Groupe and Opel Vauxhall to leverage their complementary strengths, enhancing their competitive positions for the future in a rapidly changing European market," Barra said in message to staff, according to extracts of the message seen by Reuters.Barra urged employees not to let speculation about Opel''s fate distract the carmaker from carrying out its business.Barra concluded by saying that no additional information could be provided at this point, "because we are simply not at that point in our discussions." (Reporting by Edward Taylor. Editing by Jane Merriman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/opel-ma-psa-barra-idINL8N1G05YN'|'2017-02-15T13:42:00.000+02:00'
'8d0ef55d28f5435069fcfb66cb28fbc9e3848047'|'Europe''s NATO spending rises, says Britain meets goal'|'  1:39pm GMT Europe''s NATO spending rises, says Britain meets goal NATO Secretary-General Jens Stoltenberg addresses a news conference ahead of a NATO defence ministers meeting at the Alliance headquarters in Brussels, Belgium, February 14, 2017. REUTERS/Francois Lenoir By Robin Emmott and Kylie MacLellan - BRUSSELS/LONDON BRUSSELS/LONDON NATO''s European allies and Canada increased defence spending by 3.8 percent last year, or $10 billion (8 billion pounds) more than 2015, the alliance said on Tuesday, and said Britain was keeping up with its target after a report said London missed its goal. Russia''s annexation of Crimea has given the alliance new momentum after years of cuts, but differences remain about the pace of investment. The International Institute for Strategic Studies, a security think tank, said only Greece and Estonia met a target to spend 2 percent of economic output on defence. A NATO official told Reuters that five allies, including Britain, met or exceeded NATO''s benchmark in 2016. NATO is expected to release its full 2016 figures next month. Europe''s low expenditure has long been a sore point for the United States, which puts up 70 percent of alliance funds, and U.S. President Donald Trump has made change a priority, saying allies have "been very unfair to us" for not spending more. NATO will tell new U.S. Defence Secretary Jim Mattis on Wednesday in Brussels that Europe is responding. "We are making a significant step forward but we have a long way to go ... it is not enough," Stoltenberg told a news conference, saying Trump raised the issue in the two phone calls the two men have held. However, Russia''s 2014 annexation in Ukraine and the rise of Islamist militancy - not U.S. pressure - led to last year''s increase in European spending, NATO diplomats and analysts said. Stoltenberg said the Baltic states of Latvia and Lithuania, who fear a repeat of Crimea, were on course to meet the 2 percent goal, while Romania was also heading towards that level. Germany is increasing spending by 2 billion euros ($2.13 billion) in this year''s budget. However, IISS''s study said Britain''s level fell slightly to 1.98 percent in 2016 as the economy grew faster than defence outlay. Poland also slipped, it said. Britain said the IISS figures were incorrect as the think tank presented its figures in U.S. dollars and so had been impacted by exchange rate fluctuations. "NATO''s own figures clearly show that the UK spends over 2 percent of its GDP on defence," a spokesman for the Ministry of Defence said in a statement. "Our defence budget is the biggest in Europe, the second largest in NATO, and it is growing each year as we invest 178 billion pounds ($221.88 billion) in new equipment." In 2015, only Greece, Estonia, Poland and Britain hit the 2 percent NATO target. British Prime Minister Theresa May, who discussed the issue with Trump last month, has warned EU leaders to raise their defence spending. Stoltenberg acknowledged difficulties. "The picture is still mixed, some allies are still really struggling," he said when asked about budget constraints in Italy, which is trying to reduce its budget deficit following the euro zone crisis. (Reporting by Robin Emmott; Editing by Janet Lawrence)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-nato-defence-idUKKBN15T1B8'|'2017-02-14T20:39:00.000+02:00'
'0e8dde88499e3a950d4045c5ff1406373ef64a6f'|'BRIEF-Omega Advisors cuts share stake in Alphabet, Microsoft; dissolves in Chesapeake Energy'|'  10:55am EST BRIEF-Omega Advisors cuts share stake in Alphabet, Microsoft; dissolves in Chesapeake Energy Feb 14 Omega Advisors Inc * Omega Advisors Inc takes share stake of 50,000 shares in Bluebird Bio Inc - SEC filing * Omega Advisors Inc dissolves share stake in Electronic Arts Inc * Omega Advisors Inc dissolves share stake in Chesapeake Energy Corp * Omega Advisors Inc ups share stake in Time Inc to 3.9 million shares from 903,500 shares * Omega Advisors Inc cuts share stake in Alphabet Inc by to 139,395 Class A shares from 161,156 Class A shares * Omega Advisors Inc cuts share stake in Microsoft Corp by 23.5 percent to 803,620 shares from 1.1 million shares Source text for quarter ended Dec 31, 2016: bit.ly/2lfYUm4 Source text for quarter ended Sept 30, 2016: bit.ly/2fNytzh Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1FZ0YQ'|'2017-02-14T22:55:00.000+02:00'
'1ce159c0c4c3fc72ed2063923739151b27a71191'|'U.S. investors brace for mounting political risks as they decode Trump'|'Company   1:04pm EST U.S. investors brace for mounting political risks as they decode Trump By David Randall and Jennifer Ablan - NEW YORK NEW YORK Feb 14 Barry James built up his $4 billion mutual fund largely by studying balance sheets, earnings and market share. In the last few weeks, however, he has realized that he must look at a new force in the market: U.S. President Donald Trump. Trump''s unpredictable governing style and stated desire to renegotiate trade agreements and punish companies that seek out lower-cost forms of labor are upending the classic notion of fundamental investing, said James, who manages the James Balanced Golden Rainbow fund. As a result, he said, his Xenia, Ohio firm is broadening the market research it follows. He is also moving more of his money into bonds and bracing for a significant decline in the U.S. stock market, just a few months after making a big bet on equities the day after the Nov. 8 presidential election. "We''re vulnerable to shocks," he said, "and we''ve got a shocker in the White House." With U.S. equities breaking record highs, other investors who have long shunned big-picture trends say they also are paying more attention to the effect of politics on asset prices, and that the high market valuation sets the scene for a steep sell-off. Fund managers are not just focusing on whatever company Trump mentions in his latest tweet. They say they are also worrying that he could increase global tensions and raise trade tariffs worldwide, hurting companies large and small. So far, Trump''s political proposals have largely helped the U.S. stock market. Markets are pricing in lower corporate taxes and an infrastructure spending bill, pushing the benchmark S&P 500 up about 9 percent since Election Day. The market trades at a trailing price-to-earnings ratio of 20.9, the high end of its historical range. Yet fund managers say they see markets as increasingly vulnerable to political risks as the new administration targets trade and immigration policies that could shift the balance of the global economy. At the same time, key elections scheduled for later this year in France and Germany could lead to further weakening of the European Union, a risk that fund managers say the global markets do not fully reflect. "We''re seeing fatigue in the market in reacting to political situations that would historically be very disruptive," said BMO Global Asset Management portfolio manager Lowell Yura. ONE SNEEZE Some fund managers are now calling in outside political risk experts whom they might have once ignored or expanding their networks of consultants to determine the effects of Trump''s policies on the U.S. market and abroad. Political risk firms are reporting a significant increase in business since Election Day. Consultant Business Environment Risk Intelligence said investor inquires were up more than 50 percent since November, and it has been telling clients not to be complacent despite the market rally. "It takes one sneeze from the Trump administration that can spread flu to these markets," said Chief Executive Officer Saruhan Hatipoglu. Ian Bremmer, president of New York-based political risk research firm Eurasia Group, said his business had increased significantly since Trump''s election as well as Britain''s vote to leave the European Union, emerging market scandals and the French presidential campaign. This has led him to increase hiring at his 150-person firm. "Clients are asking about all of the moving pieces," he said. "It''s suddenly: ''Are we going to be in a much more protectionist world? Is the global marketplace going to fragment?''" TRADING TRUMP Fund managers say they are trying to take advantage of an anticipated spike in volatility, even as the VIX, Wall Street''s main measure of equity market turbulence, remains near two-year lows. "Donald Trump clearly is showing that he wants to be a disrupter of the status quo, so political risk is probably the single big
'3d50b92935de7cecc39e8c9448a89495ebe0dbf2'|'Deutsche Bank fails to dismiss U.S. currency rigging lawsuit'|'Business   6:00pm GMT Deutsche Bank fails to dismiss U.S. currency rigging lawsuit The headquarters of Germany''s Deutsche Bank are seen early evening in Frankfurt, Germany January 31, 2017. REUTERS/Kai Pfaffenbach By Jonathan Stempel - NEW YORK NEW YORK A U.S. judge has rejected Deutsche Bank AG''s ( DBKGn.DE ) bid to dismiss a lawsuit claiming it delayed foreign exchange trades to get a "last look" at how prices were moving, enabling the German bank to extract more profit at customers'' expense. In a decision made public on Tuesday, U.S. District Judge Lorna Schofield in Manhattan said investors led by Axiom Investment Advisors LLC may pursue breach of contract claims over trades on Deutsche Bank''s "Autobahn" platform and on multi-dealer electronic communications networks, or ECNs. The decision came almost a year after Barclays Plc ( BARC.L ) agreed to pay $50 million (40.10 million pounds) to settle a similar lawsuit by Axiom over the British bank''s own trading platform. Both banks are among many that have been sued or accused by regulators of rigging prices within the roughly $5.3-trillion-a-day foreign exchange market. Deutsche Bank spokesman Troy Gravitt declined to comment. Axiom alleged that starting in 2003, Deutsche Bank arranged for algorithms used by Autobahn and other ECNs to delay trade processing by at least several tenths of a second. The New York-based firm said this enabled Deutsche Bank to reject trades whose terms it disliked, or to change the prices, costing investors millions of dollars. In her decision, Schofield said Autobahn''s terms of service were ambiguous as to whether a binding agreement to trade arose when a customer''s trade instruction was executed, permitting Deutsche Bank a last look, or received from the matching algorithm, not permitting a last look. She also said the service agreements for other ECNs could not be considered in deciding the motion to dismiss because they were made between Deutsche Bank and the ECN operators, and there was no evidence that Axiom agreed to their terms. The judge also said Axiom can pursue an unjust enrichment claim, but dismissed claims under New York consumer protection laws because currency trading was "not consumer-oriented conduct." George Zelcs, a lawyer for Axiom, in an email said the decision allows his client to keep pursuing "last look" claims on behalf of other investors, ahead of a possible trial. The case is Axiom Investment Advisors LLC v. Deutsche Bank AG, U.S. District Court, Southern District of New York, No. 15-09945. (Reporting by Jonathan Stempel in New York; Editing by Bernard Orr) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-deutschebank-lawsuit-currencyrigging-idUKKBN15T2EK'|'2017-02-15T00:59:00.000+02:00'
'10d5de1fb36fb6a426c26d29e6c5e02f7d48bb3d'|'Volkswagen says has no plans to retain large number of temp staff'|'Business News  28pm EST Volkswagen says has no plans to retain large number of temp staff A Volkswagen logo is pictured at the newly opened Volkswagen factory in Wrzesnia, Poland, September 9, 2016. REUTERS/Kacper Pempel/File Photo BERLIN Volkswagen ( VOWG_p.DE ) said it has no plans to keep a large number of temporary workers on its books following a media report saying management at the carmaker''s VW brand would retain about 2,000 of them as labor leaders and executives wrestle over the company''s turnaround plan. Labor leaders at VW last week halted cooperation with top managers on issues such as overtime work and apprenticeships after accusing executives of pushing for greater savings on the back of a cost-cutting plan agreed in November. Europe''s largest automaker is under pressure to make cuts at high-cost operations in Germany to fund a shift to electric cars and mobility services as it tries to move on from its emissions scandal, while still grappling with billions of euros in related costs. At the heart of the dispute are allegations by the works council that VW brand chief Herbert Diess is aiming to cut temporary jobs more quickly and deeply than agreed under the so-called "future pact" designed to lift profitability at VW''s core division. Business daily Handelsblatt, citing unnamed sources, said on Sunday VW has pledged to keep about 2,000 temporary workers on its books and may offer further concessions ahead of a meeting between both sides on Monday to try to de-escalate the row. A spokesman for the Wolfsburg-based carmaker on Sunday declined to comment on the report but referred to a letter by Diess distributed to staff this week. "We regret that we cannot keep on board temporary workers the way we used to: The company''s economic situation is giving us little room at present. Retaining temporary workers in a larger way would once again raise the pressure for cutbacks in the core workforce," Diess said in the letter dated Feb. 10. VW has said it stands by the future pact but predicts tension between management and the workforce regarding its implementation. (Reporting by Andreas Cremer, editing by David Evans) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-volkswagen-emissions-labour-idUSKBN15R0YN'|'2017-02-13T03:28:00.000+02:00'
'0a0c2b4882ea2de3baf0dfb78eda29461f110e26'|'Macy''s could have 50 percent upside in a sale - Barron''s'|'Business News - Sun Feb 12, 2017 - 7:24pm GMT Macy''s could have 50 percent upside in a sale - Barron''s One of the 68 Macy''s Inc stores the company plans to close is shown at the Mission Valley Center mall in San Diego, California, U.S. January 5, 2017. REUTERS/Mike Blake NEW YORK Macy''s Inc ( M.N ) could see its shares rise by 50 percent in a potential sale, as the struggling retailer looks to turn around its business by downsizing its physical-store operations and reinvesting in its online presence, Barron''s said on Sunday. The Cincinnati-based company, which in recent years has become the sixth-largest online retailer, is a bargain for investors despite Wall Street''s gloomy outlook with management''s plans to close 100 underperforming stores, which could increase its stock by 20 to 30 percent. It also plans to cut up to 10,000 jobs out of a total 157,900. That could reduce costs by $550 million annually, freeing up funds to invest in the company''s growing online business. Earlier this month, Hudson''s Bay Co ( HBC.TO ) made a takeover approach for the retailer in an effort to further push into the U.S. market, according to people familiar with the matter. A potential sale, particularly one with a spinoff of the company''s real estate assets, could boost Macy''s stock to $45 to $50, the report added. On Friday, its stock closed at $31.99. Macy''s property portfolio is estimated to be worth as much as $21 billion. It has around 900 stores in the United States, which includes its Bloomingdale''s outlets and its flagship store in New York City''s Herald Square. (Reporting by Catherine Ngai; Editing by Sandra Maler) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-macys-barron-s-idUKKBN15R0XJ'|'2017-02-13T02:24:00.000+02:00'
'467950d15d21ec2e78f74096b4e86f2aca603101'|'Britain raises concerns with GM over possible Vauxhall sale to France''s PSA'|' 34am GMT Britain raises concerns with GM over possible Vauxhall sale to France''s PSA A Vauxhall Astra Sports Tourer is parked outside the Vauxhall plant, before a news conference, in Ellesmere Port, northern England May 17, 2012. REUTERS/Phil Noble LONDON Britain has contacted the president of General Motors ( GM.N ) to express concerns after the American firm opened talks to sell its European operations, including the Vauxhall plants in England, to France''s PSA Group ( PEUP.PA ). Britain''s Department for Business said the government remained in close contact with GM and was monitoring the situation after the two companies said on Tuesday that they were in talks over a possible deal. The talks have raised fears from unions in Britain and Europe that a deal could lead to job cuts or plant closures within GM''s loss-making European business. Britain''s largely foreign-owned car industry has thrived in recent years, shipping more than half of its exports to the other 27 countries of the EU, but Britain''s vote to leave the European Union has put the industry in jeopardy. Prime Minister Theresa May''s government struck a deal last year to keep Nissan ( 7201.T ) investing in Britain after it promised to provide extra support to counter any loss of competitiveness caused by the Brexit vote. If the GM-PSA deal is successful, PSA, owner of the Peugeot, Citroen and DS brands, would acquire GM''s Opel and Vauxhall brands to give it a 16.3 percent share of the European passenger car market. The Unite workers'' union said the president of GM had given a private assurance last year that there would be no surprises in terms of its plants in Britain, and that these commitments had not been upheld. "To Peugeot I say, talk to us," Unite General Secretary Len McCluskey said in a statement. "Our members have helped to make the UK auto industry the most competitive and productive in Europe and will do so again with the right backing." McCluskey was due to meet Britain''s business minister Greg Clark on Wednesday morning to discuss the potential impact on the Vauxhall plants, which employ 4,500 staff near Liverpool and Luton, north of London. (Reporting by Kate Holton, editing by Estelle Shirbon)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-opel-m-a-psa-britain-idUKKBN15U0Z1'|'2017-02-15T16:34:00.000+02:00'
'f3b4f156da8d72e35fa1c53c89a2d1fcf4df40ea'|'Paul Singer''s hedge fund dissolves stake in Interpublic'|'U.S. hedge fund Elliott Management Corp has dissolved its stake in advertising company Interpublic Group of Companies Inc ( IPG.N ), a regulatory filing showed on Tuesday.In July 2014, the hedge fund run by Paul Singer said it had bought a 6.7 percent stake in Interpublic. reut.rs/2kR2D8YIPG was under pressure to sell itself since Elliott Management bought the stake in the company, but no deal was realized. reut.rs/2kQX4HDThe hedge fund has been reducing its holding in the company gradually since early last year.A 13-F fling with U.S. regulators on Nov. 14, 2016, showed Elliott held a stake in Interpublic. However, its latest filing on Tuesday did not show any shares held in the company.Interpublic, whose clients include Johnson & Johnson ( JNJ.N ), Microsoft ( MSFT.O ) and Coca-Cola ( KO.N ), posted a better-than-expected quarterly profit on Friday.(Reporting by Vishal Sridhar in Bengaluru; Editing by Gopakumar Warrier)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-interpublic-grp-elliott-management-idINKBN15U0BU'|'2017-02-15T00:46:00.000+02:00'
'0a0aca93a73c736738b780008361f5563575c8c4'|'Nike stars champion ''Equality'''|'LeBron, Serena and other Nike stars champion ''Equality'' by Jill Disis @jdisis February 12, 2017: 12:51 PM ET The best Nike ads ever Nike says it''s time to stand up for equality in a new ad campaign. The company on Sunday launched a star-studded short film titled "Equality" to mark Black History Month. The ad features Nike-sponsored athletes LeBron James , Serena Williams , Kevin Durant, Gabby Douglas, among others, "amplifying their voices in an effort to uplift, open eyes and bring the positive values that sport can represent into wider focus," the company said. Actor Michael B. Jordan voices the film, and singer Alicia Keys performs a rendition of Sam Cooke''s "A Change is Gonna Come." If we can be equals in sport, we can be equals everywhere. #EQUALITY pic.twitter.com/ki5NaJN12d <20> Nike (@Nike) February 12, 2017 "Is this the land history promised?" Jordan says. "Here, within these lines, on this concrete court, this patch of turf, here, you''re defined by your actions -- not your looks or beliefs." Nike will feature ads from the campaign on social media, billboards and posters throughout cities in the United States and Canada. It will also sell "Equality" branded T-shirts and shoes as part of its annual Black History Month collection. Apparel from the campaign will be worn by Nike athletes during NBA All-Star weekend. Nike said it is donating $5 million this year to organizations like MENTOR and PeacePlayers, which it says "advance equality in communities" across the country. Related: Pro-Trump boycott calls follow Super Bowl ads Nike''s new campaign comes one week after numerous companies launched ads about inclusion and acceptance during the Super Bowl. Budweiser, 84 Lumber, Coca-Cola ( COKE ) , Airbnb, Kia and Tiffany ( TIF ) were among the brands that features messages about immigration, equality and environmentalism. -- CNNMoney''s Ahiza Garcia contributed to this story. CNNMoney (New York) First published February 12, 2017: 12:51 PM ET'|'cnn.com'|'http://rss.cnn.com/rss/edition_business.rss'|'http://money.cnn.com/2017/02/12/news/companies/nike-equality-lebron-serena/index.html'|'2017-02-13T00:54:00.000+02:00'
'5bb16b6f42a21ea23fc795b6ea0885f7cb40c91d'|'UAE says expects higher compliance with OPEC, non-OPEC deal'|'Commodities - Sun Feb 12, 2017 - 2:52am EST UAE says expects higher compliance with OPEC, non-OPEC deal 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 Compliance with a global supply cut deal by OPEC and non-OPEC oil producers has been high in January and that level of commitment is expected to improve over the next months, the United Arab Emirates Energy Minister said on Sunday. "The first month I see the commitment around OPEC has been there from the various independent sources. The level of commitment is high and we are expecting to see more commitments in the months to come," Suhail bin Mohammed al-Mazroui told reporters. OPEC has delivered more than 90 percent of pledged oil output curbs in January, according to figures the exporter group uses to monitor its supply seen by Reuters, making a strong start to implementation of its first production cut in eight years. The Organization of the Petroleum Exporting Countries is cutting its crude output by about 1.2 million barrels per day (bpd) from Jan. 1 to prop up oil prices and reduce a supply glut. Russia and 10 other non-OPEC countries agreed to cut half as much. (Reporting by Alexander Cornwell; Writing by Rania El Gamal, Editing by William Maclean) Next In Commodities'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-opec-emirates-idUSKBN15R098'|'2017-02-12T14:52:00.000+02:00'
'de19e39984274b58377c8ac0ea4c9d60487072e7'|'RPT-INSIGHT-Murders, robberies of drivers in Brazil force Uber to rethink cash strategy'|'Company News - Tue Feb 14, 2017 - 7:00am EST RPT-INSIGHT-Murders, robberies of drivers in Brazil force Uber to rethink cash strategy (Repeats to widen distribution) By Stephen Eisenhammer and Brad Haynes SAO PAULO Feb 14 On a Thursday night last September, Uber driver Osvaldo Luis Modolo Filho accepted a ride request from a teenage couple on the eastern edge of Sao Paulo, to be paid in cash. A few blocks from their destination, the passengers - who hailed the ride on the Uber app with a false name - drew two blue-handled kitchen knives. They repeatedly stabbed the 52-year-old driver and drove away with his black SUV as he lay bleeding in the road. Two of his fatal wounds were so deep police would first mistake them for bullet holes. Police later found the car, arrested the couple and accused them of murder in the service of car theft. They are awaiting sentencing and lawyers for both have vowed to appeal. Uber said Modolo Filho was its first driver to be murdered in Brazil. He would not be the last. Police have confirmed six murders since his death, with local press reporting more than a dozen. A Reuters analysis of crime data obtained by public information request from Sao Paulo''s state security secretariat showed a spike in robberies involving Uber drivers since July, when the company started accepting cash payments in the city, raising questions inside the company as to why it did not act faster to address the problem. Traditionally, Uber has charged rides to credit cards registered by users, offering an easy way to verify passengers and track them down if needed. It changed that policy across Brazil last year, allowing customers to pay with cash to turbo-charge growth in a crucial new market. Demand took off, but so did crime. In Sao Paulo, robberies involving Uber drivers rose ten-fold, the data shows. Attacks rose from an average of 13 per month in the first seven months of 2016, reflecting some degree of danger even before the cash option took effect, to 141 per month in the rest of the year, the data shows. [ tmsnrt.rs/2lFkxZT ] Assaults involving regular taxi drivers in the city rose by just a third in the same period, according to crime data obtained by a separate freedom of information request filed with same security officials, as a deep economic downturn lifted all robberies in the city about six percent. The crime data obtained by Reuters covers Jan. 1 to Dec. 31 2016 and shows all incidents of robberies involving taxi and Uber drivers. It contains some margin for error as it potentially includes attacks on passengers. Police told Reuters the number of attacks on Uber drivers could be much higher given it is a new service and many incidents were likely registered in the system without mentioning the app by name. Drivers and police told Reuters the cash policy has provided easy targets for criminals, allowing them to open accounts under fake names, without credit cards to verify, and lure drivers into ambushes. Presented with the findings, Uber declined to give monthly details of ride growth in Sao Paulo but acknowledged it has seen an increase in "safety incidents" without saying by how much. Uber said it was not clear if rising crime was due to the cash policy or the surge in business, which was boosted by the cash option. Uber added its Sao Paulo operations grew by 15 times over the course of 2016. The company said it is now taking steps to make cash rides safer, such as verifying users with a commonly used social security number. Getting cash payments right in Brazil is a crucial test for Uber as it pushes beyond developed markets, seeking faster growth in poorer countries, where credit cards are less common and public safety more precarious. Drivers around the country have staged protests threatening to quit if Uber does not reduce the risk of crime, while taxi drivers and elected officials have pounced on isolated incidents as evidence of a need for more restrictive le
'810995d690eaf638f629f046e027119f66c43779'|'BP says U.S. shale oil output to keep check on spike in prices'|'CAIRO BP''s Chief Executive Bob Dudley said on Tuesday that U.S. shale oil production would likely check future spikes in oil prices and the company saw $55-$60 as a healthy price for crude."Having a price that moves to $55 or around $60 feels like the right one to help industry avoid dislocations in producing countries... a healthy price for the world feels like 55-60," Dudley told an oil conference in Cairo."The big question mark is shale: what happens to the U.S. shale production as oil prices go up, and that will keep a check on a spike in prices."The Organization of the Petroleum Exporting Countries and other exporters including Russia have agreed to cut output by almost 1.8 million barrels per day (bpd) during the first half of 2017, aiming to rein in a global fuel supply overhang.But undermining these efforts has been rising production in the United States, where increased drilling activity especially by shale oil producers has lifted overall output to 8.98 million bpd.Oil rose on Tuesday, with benchmark Brent crude up 80 cents to $56.39 a barrel at 1425 GMT, supported by the OPEC-led output cut while rising production elsewhere kept prices within the narrow ranges that have contained them so far this year. U.S. light crude was up 70 cents at $53.63.Claudio Descalzi, chief executive of ENI, told the conference that the Italian oil company was comfortable with prices."ENI can cover its capital expenditures at $50," he said.BP warned that while consuming countries prefer lower oil product prices these were not necessarily good for global balances."Everyone likes low product prices and it feels good in those (consuming) countries but this is actually really difficult on many producing parts of the world," Dudley said. "It creates world instability to have low prices."(Reporting by Lin Noueihed and Eric Knecht; Editing by Louise Ireland/Ruth Pitchford)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/egypt-energy-idINKBN15T2E1'|'2017-02-14T14:48:00.000+02:00'
'8a64a8239a6827e26a6f404d7553862e29ede0ae'|'BRIEF-Route One Investment Company LP reports 5.6 pct passive stake in Herbalife Ltd as of Dec 31, 2016'|'United States  33pm EST BRIEF-Route One Investment Company LP reports 5.6 pct passive stake in Herbalife Ltd as of Dec 31, 2016 Feb 14 Route One Investment Company LP: * Route one investment company lp reports 5.6   herbalife ltd as of december 31, 2016 - sec filing Source text ( bit.ly/2lHiOaF )  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1FZ160'|'2017-02-15T01:33:00.000+02:00'
'f536d104779005c89bc8ba13448978c3d3c0134b'|'EU executive says open to review of EU foreign investment rules'|'Company News -  34pm EST EU executive says open to review of EU foreign investment rules By Foo Yun Chee - BRUSSELS BRUSSELS Feb 15 A three-nation call for the European Union to tighten foreign investment rules is worth considering, the European Commission said on Wednesday, amid worries about European technologies ending up in foreign hands. Germany, France and Italy have sent the Commission a joint letter that urges the EU executive to re-examine the rules to allow them to block or impose strict conditions on deals involving public security and public order. The letter, seen by Reuters, said the EU executive could contribute its expertise. "Ideas like the ones set out in the letter by Germany, France and Italy are worth discussing," Commission spokesman Daniel Rosario told a daily briefing. He said the Commission shared their concerns on the limited access EU companies have to many foreign procurement contracts in contrast to the bloc''s open market for such deals. EU governments have to tackle the issue, he said, adding any measure must comply with the bloc''s rules and international commitments. Germany has been making protectionist noises since a spate of Chinese takeovers of German technology companies, among them Chinese technology home appliance maker Midea buying robot-maker and national champion Kuka which eventually secured EU approval after a preliminary review. Another high profile deal involving Fujian Grand Chip Investment Fund''s bid for German chipmaker Aixtron was scuppered by a U.S. and German veto on security grounds. Chinese investors racked up deals worth more than $10 billion in Germany last year, about 40 times as much as in 2015, according to Thomson Reuters data. A French economy ministry source said this joint initiative has been made possible by a change in Germany''s position on the matter, as the need for a level playing field for foreign investments in the EU has been long sought by France. "Germany''s position has changed a lot since a raft of Chinese takeovers of German high-tech companies. They have realised they did not have any tools to protect their interests in this situation," the source told Reuters. (Reporting by Foo Yun Chee; Additional reporting by Yann Le Guernigou in Paris; Editing by Tom Heneghan) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/eu-trade-idUSL8N1G061Y'|'2017-02-16T00:34:00.000+02:00'
'ea9e1f7d158581477f197bdb8e5147bda7038e0a'|'Icahn raises stakes in Herbalife, Hertz, cuts Freeport-McMoran in 4Q'|' 28pm EST Icahn raises stakes in Herbalife, Hertz, cuts Freeport-McMoran in 4Q NEW YORK Feb 14 Billionaire activist investor Carl Icahn increased his holdings in Herbalife Ltd and Hertz Global Holdings Inc in the fourth quarter, and exited Voltari Corp. New York-based Icahn also reduced investments in PayPal Holdings Inc, Nuance Communications Inc and Freeport-McMoRan Inc, according to a regulatory filing Tuesday. Other holdings remained unchanged as of Dec. 31. Icahn recently took on a role as special adviser to President Donald Trump, after publicly endorsing the real estate executive''s candidacy in September 2015. Icahn, who rose to fame in the 1980s as a corporate raider and has rebranded himself as an activist investor and outspoken shareholder advocate, has been increasing his stake in Herbalife in a public feud with hedge fund manager Bill Ackman, who has shorted the distributor of nutrition supplements. As of Dec. 31, Icahn increased his stock share stake in Herbalife by 14.7 percent to 22.5 million shares. Additionally, Icahn increased his stock share stake in Hertz Global by 126.2 percent to 29.3 million shares. Conversely, Icahn slashed his stock share stake in Freeport-McMoran by 12.3 percent to 91.2 million class B shares. Freeport''s share price rose 94.8 percent in 2016. Icahn''s publicly traded holding company Icahn Enterprises LP agreed in December to sell its American Railcar Leasing to Sumitomo Mitsui Banking Corp. The quarterly disclosures of manager stock holdings, 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, coming out 45 days after the end of each quarter. Still, the records offer a glimpse into what hedge fund managers saw as opportunities to make money on the long side. The filings do not disclose short positions, bets that a stock will fall in price. There is little disclosure on bonds and other securities that do not trade on exchanges. (Reporting by Jennifer Ablan; Editing by Lisa Shumaker)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/investment-funds-icahn-idUSL1N1G000H'|'2017-02-15T07:28:00.000+02:00'
'996c272b6768fc5a8a3fb027e59a4f5f5f0c3a10'|'PRESS DIGEST- Financial Times - Feb 15'|'Company News - Tue Feb 14, 2017 - 7:34pm EST PRESS DIGEST- Financial Times - Feb 15 Feb 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 on.ft.com/2kI3B59 Overview One of Europe''s largest activist hedge funds, The Children''s Investment Fund, has launched a campaign to block Safran SA''s 8.5 billion pound takeover for its rival Zodiac Aerospace SA. PSA Group, maker of Peugeot and Citro<72>n cars, is in talks to acquire General Motors Co''s European business in a deal that would transform the region''s automotive market. Rolls-Royce Holdings Plc reported a fall in underlying profits in every division in 2016, as it posted a 4.6 billion pound annual pre-tax loss, the largest in its history, due to a weaker pound and fines for bribery and corruption charges. Royal Bank of Scotland Group Plc is to offer business loans within hours as part of a move to digitise the bank and bolster relations with small companies following alleged wrongdoing in its restructuring unit. (Compiled by Abinaya Vijayaraghavan in Bengaluru; Editing by Sandra Maler) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-press-ft-idUSL4N1G004Q'|'2017-02-15T07:34:00.000+02:00'
'd8e8221bcda73389fc9b8faa17ead180445765f0'|'UPDATE 2-Euronext to pursue alternatives if LCH deal falls through'|'* Euronext says to focus on reinforcing clearing* Euronext eyes "suitable acquisition" in commodities* Exchange to launch pan-EU block trading platform (Recasts after media call, adds Quote: s)By Noor Zainab Hussain and Huw JonesFeb 15 Pan-European exchange Euronext may still buy a clearing house for derivatives if its planned purchase of LCH SA, which it uses, from London Stock Exchange falls through.Euronext has agreed to buy Paris-based LCH SA for 510 million euros ($538 million), but the deal can only go ahead if LSE Group succeeds in merging with Deutsche Boerse, a tie-up regulators will rule on by the end of June."If the merger ... is not completed for whatever reason, we will pursue alternatives to offer the best clearing services to our clients," Euronext Chairman and CEO Stephane Boujnah said on Wednesday after reporting stable full-year earnings.A clearing house ensures a stock, bond and derivatives trade is completed even if one side of the transaction goes bust.LCH SA is authorised to clear derivatives, an activity that is set to grow sharply, and Euronext''s contract expires in 2018.Other derivatives clearing houses in Europe include those operated by CME and ICE. Setting up a new derivatives house from scratch would be a lengthy undertaking.Euronext, which operates bourses in Paris, Amsterdam, Brussels, London and Lisbon, would be dwarfed by an Deutsche-Boerse-LSE tie-up and has opposed the combination.Asked if he still opposed the merger, Boujnah said that "whatever has to be said has been said", and it was now a question of getting the best for Euronext shareholders.Euronext said its full-year core earnings were stable, as reduced costs offset a drop in listing and trading volumes following Britain''s vote to leave the European Union.Total capital raised in primary activity fell to 3.73 billion euros ($3.95 billion) from 28 new listings, against 12.40 billion euros a year earlier from 52 listings, it said.Trading activity for the year was "marked by lower volumes" due to uncertainty after the Brexit vote and lower volatility.BLOCK TRADESEuronext said it would launch a pan-European platform in mid-2017 aimed at shielding trading of blocks of shares from so-called high frequency traders, who have been criticised by other market participants as having an unfair speed advantage.Rivals like the LSE have already set up similar platforms ahead of new EU rules in January 2018 that allow asset managers to trade blocks of shares off the public market.Euronext also announced a new electronic platform called Chequers to help customers back their commodity, bond and stock trades with collateral in case of default.It also plans to become a content provider of reference on agricultural products and other commodity markets by seeking a "suitable acquisition target".Euronext said earnings before interest, tax, depreciation and amortisation (EBITDA) were stable at 283.9 million euros for 2016, slightly ahead of analysts'' expectations.Operating expenses for the year fell 9.4 percent to 212.5 million euros from 234.7 million euros a year earlier. The company''s EBITDA margin rose to 57.2 percent, up from 54.7 percent a year ago. (Editing by Gopakumar Warrier/Sunil Nair/Alexander Smith)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/euronext-results-idINL4N1G02JA'|'2017-02-15T07:22:00.000+02:00'
'90e688ef6cca5d25b9314ec5c44f477b4d61cde6'|'JGBs edge down, taking cue from weaker Treasuries after Yellen remarks'|'TOKYO Feb 15 Japanese government bonds mostly edged down on Wednesday, taking their cue from weaker U.S. Treasuries after the U.S. Federal Reserve chair took a more hawkish tone than many investors had expected.The benchmark 10-year JGB yield rose 0.5 basis point (bp) to 0.095 percent, while 10-year JGB futures were flat at 149.86 at the end of morning trade.U.S. Treasury yields jumped on Tuesday after Fed Chair Janet Yellen said it would be unwise to wait too long to raise interest rates.The Bank of Japan offered on Wednesday to purchase 400 billion yen ($3.50 billion) of one- to three-year JGBs, 420 billion yen of three- to five-year JGBs, and 450 billion yen of five- to 10-year JGBs in its bond buying operations.Last week, the BOJ increased its buying in the superlong zone, for only the second time in that sector since September, in response to rising yields.The 20-year yield added 1 bp to 0.705 percent on Wednesday, while the 30-year JGB yield rose 1 bp to 0.900 percent, both below their respective one-year highs of 0.730 percent and 0.915 percent hit earlier this month."Market moves are very small today, and the market has returned to what has been normal in recent months," said a fixed-income fund manager at a European asset management firm in Tokyo.Investors had been pondering how far the BOJ would go to attain its stated aims since last September, when the central bank adopted its "yield curve control" policy under which it pledged to keep the 10-year yield around zero percent.The curve steepened slightly as the two-year yield fell 0.5 bp to minus 0.230 percent, while the five-year yield was flat at minus 0.095 percent. Shorter maturities have remained firm, thanks to steady demand from foreign investors and a scarcity of supply.On Tuesday, the BOJ lent a record amount of five-year JGBs at its regular operation, having induced a severe shortage that has crimped activity in the debt market.According to BOJ data, the central bank held about 60 percent of the current issues of five-year JGBs as of the end of January. ($1 = 114.3300 yen) (Reporting by Tokyo markets team; Editing by Eric Meijer)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/japan-bonds-idINL4N1G01N2'|'2017-02-15T00:07:00.000+02:00'
'2a213028cb1af41b510a8345373f1bb891519661'|'PRESS DIGEST- New York Times business news - Feb 15'|'Feb 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.- Chip giant Intel Corp is ending its support of the fairs and sponsoring newer events like homemade engineering contests. Critics say the traditional fairs are as vital as ever. nyti.ms/2lO1Iot- Humana Inc announced on Tuesday that it would no longer offer health insurance coverage in the state marketplaces created under the federal health care law, becoming the first major insurer to cast a no-confidence vote over selling individual plans on the public exchanges for 2018. nyti.ms/2lO66Uf- Toshiba, the embattled technology conglomerate, said it planned to write off more than $6 billion and withdraw from the business of building nuclear power plants as the impact of a disastrous bet on American nuclear energy continued to rock a mainstay of corporate Japan. nyti.ms/2lO4ji2- Senate Democrats on Tuesday enlisted Janet Yellen, the Federal Reserve chairwoman, as an expert witness against Republican plans to roll back postcrisis financial regulations. nyti.ms/2lObuXB- Credit Suisse said on Tuesday that it planned to eliminate more than 5,500 jobs by the end of this year as Tidjane Thiam, its chief executive, looks to further reduce costs and improve the lender''s prospects as it fell to its second consecutive annual loss. nyti.ms/2lO6v9q(Compiled by Vishal Sridhar in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/press-digest-nyt-idINL4N1G02EU'|'2017-02-15T03:25:00.000+02:00'
'4e454a9c33f84ded17a8831db0aa62d8f4d334dd'|'Credit Suisse still plans to list Swiss unit, open to alternatives'|'ZURICH Feb 14 Credit Suisse will push ahead with plans for an initial public offering of its Swiss business but is also open to alternative options to boost its balance sheet, Chief Executive Tidjane Thiam said on Tuesday."The IPO has provided an effective capital backstop during a period of big restructuring in ''16," Thiam said in a call with analysts after the bank reported full-year earnings."We want to preserve this optionality given the uncertain geopolitical environment in which we currently operate. So we will continue as planned our preparations for an IPO in the second half of ''17. That said, we will also continue to analyse the evolution of our regulatory environment which is key in this and as we always do continuously examine a broad range of options to determine if there are ways to reach a more attractive risk/reward outcome for our shareholders."(Reporting by Joshua Franklin and Oliver Hirt; Editing by Michael Shields)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/credit-suisse-gp-results-ipo-idINFWN1FZ04O'|'2017-02-14T04:59:00.000+02:00'
'87a50329f3015e3583eb280bce62d9f9d46cc2cd'|'Next chairman John Barton to retire in August'|' 22am GMT Next chairman John Barton to retire in August A woman walks under advertising outside a branch of clothing retailer Next in London, Britain September 30, 2014. REUTERS/Andrew Winning/File Photo LONDON British clothing retailer Next ( NXT.L ) said its chairman John Barton will retire in August and be succeeded by Michael Roney. Barton, 72, has been chairman since 2006. Roney, 62, will join the board as an independent non-executive director, as deputy chairman and chairman designate on Tuesday and take over from Barton as chairman on August 1. Roney is a former chief executive of Bunzl ( BNZL.L ) and is currently chairman of Grafton Group. (Reporting by James Davey; Editing by Susan Fenton)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-next-moves-idUKKBN15T0Q2'|'2017-02-14T14:22:00.000+02:00'
'bb4a2f37f0404c7f6ebcaa96f4b13dac24d44ba2'|'P&G hits two-year high as Trian stake sparks hopes of cost cuts, breakup'|'Deals   10:12am EST P&G hits two-year high as Trian stake sparks hopes of cost cuts, breakup Procter & Gamble''s Head & Shoulders is seen in a store in Manhattan, New York, U.S., August 1, 2016. REUTERS/Andrew Kelly Procter & Gamble Co''s ( PG.N ) shares hit a two-year high at open on Wednesday after activist investor Nelson Peltz-led hedge fund disclosed a big stake in the consumer goods giant, raising hopes of more cost cuts or a possible breakup of the company. Trian Fund Management LP disclosed on Tuesday a $3.5 billion stake in P&G, the fund''s largest ever position in a company. P&G has been selling off unprofitable brands - including 41 beauty brands to Coty Inc ( COTY.N ) - and focusing on core brands such as Tide, Pampers and Gillette to revive sluggish sales. However, the efforts have failed to boost its stock its stock much beyond where it traded two years ago. "While P&G has taken sensible steps to enhance shareholder value recently, the perceived value of a P&G break up is likely to re-emerge, and Mr. Peltz''s presence may lead to greater/faster realization of cost-savings and/or raise the execution bar at P&G," Jefferies analyst Kevin Grundy wrote in a note. Breaking up P&G might be the best option as larger breakups typically result in greater stock returns versus smaller divestitures, Bernstein Research analyst Ali Dibadj wrote in a note. Cost and revenue benefits from "scale" have been elusive for P&G, he said. However, some analysts were not convinced about the need for radical changes at P&G. "We see Trian''s P&G stake as late in the company''s turnaround process," RBC Capital markets analyst Nik Modi wrote. "We believe new CEO David Taylor is appropriately managing the business and addressing the three major buckets that Trian could address: portfolio alignment, cost and top line." P&G''s shares were up 3.7 percent at $91.10. The stock was the biggest boost to the Dow Jones Index .DJI . (Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by Sriraj Kalluvila) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-procter-gamble-stake-stocks-idUSKBN15U1X9'|'2017-02-15T22:12:00.000+02:00'
'dab97fd21b134a2688a632b4f27be6c08997328b'|'Native tribes seek judgment against Army Corps over Dakota Access'|'Feb 14 The Native American tribes looking to stop the Dakota Access pipeline asked a judge to find that the Army Corps violated federal regulations when it recently granted the last permit needed for the project to be finished, according to a Tuesday court filing.In a filing in U.S. District Court in Washington, Jan Hasselman, a lawyer with Earthjustice who represents the tribes, said the court should rule, in a partial summary judgment, that the U.S. Army Corps of Engineers violated the National Environmental Policy Act and Clean Water Act by issuing the final permit.That easement will allow the Dakota Access pipeline to be completed by tunneling under Lake Oahe, a reservoir that forms part of the Missouri River. It comes after Judge James Boasberg on Monday denied the request by the Standing Rock Sioux and Cheyenne River Sioux for a temporary restraining order stopping the last stretch of construction.Energy Transfer Partners is building the 1,170-mile (1,885 km) line, which will run from North Dakota to Patoka, Illinois. The last permit was denied in December and later subject to further environmental review, by the outgoing Obama administration.After taking office last month, President Donald Trump ordered that steps be taken to expedite the permit. The Army Corps then elected not to undergo the additional environmental review and issued the permit last week.The tribes'' legal options are narrowing, according to Dave Archambault II, chairman of the Standing Rock Sioux.The case is 1:16-cv-1534-JEB, U.S. District Court of Washington, D.C. (Reporting by David Gaffen; Editing by Leslie Adler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/north-dakota-pipeline-idINL1N1G001V'|'2017-02-14T22:14:00.000+02:00'
'252e3f733c68b9e5c7e5718aa5c55e24cd6c667a'|'SoftBank to buy Fortress Investment for $3.3 billion'|'Deals - Wed Feb 15, 2017 - 1:02am GMT SoftBank to buy Fortress Investment for $3.3 billion A man talks on the phone as he stand in front of an advertising poster of the SoftBank telecommunications company in Tokyo October 16, 2015. REUTERS/Thomas Peter TOKYO Japan''s SoftBank Group Corp ( 9984.T ) has agreed to buy Fortress Investment Group LLC ( FIG.N ), a private-equity firm and asset manager, for about $3.3 billion in cash - a surprise move for a group that has to date focused on telecoms and technology. Led by charismatic founder Masayashi Son, SoftBank has made unpredictable moves in the past, not least its decision last October to set up a $100 billion technology investment fund with Saudi Arabia. A New York-listed asset manager, Fortress''s investments span real estate, hedge funds and private equity. It had $70 billion in investments under management at the end of September 2016. In the wake of the global financial crisis, Fortress bought bad loans in Italy and has a track record in Japan, where it bought hotels held by Lehman Brothers after the bank collapsed in 2008. It is one of few global foreign investors with funds that are targeted at Japanese assets. SoftBank hired one of Fortress''s senior executives, Rajeev Misra, in 2014. Misra now runs SoftBank''s blockbuster fund - a fund the Fortress deal is designed to boost. The companies said Fortress principals would continue to lead the investment manager, which will operate within SoftBank as an independent business, based in New York. Senior fund managers would also remain with the group, it said. Fortress shareholders will receive $8.08 per share, a premium of 38.6 percent to the closing price on Feb. 13. Fortress plans to maintain its current base dividend of 9 cents per share for the fourth quarter of 2016, the company said in a statement. SoftBank shares ticked higher in early Tokyo trade on Wednesday, up 0.5 percent but slightly underperforming a broader market rise of 1 percent. (Reporting by Subrat Patnaik in Bengaluru and Clara Ferreira Marques in Singapore; Editing by Stephen Coates) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-fortress-inv-glo-m-a-softbank-group-idUKKBN15T333'|'2017-02-15T07:55:00.000+02:00'
'7bdd6a717c16c62053ad52efafccc0752f53cfb0'|'Toshiba shares slide 10 percent after $6.3 billion writedown'|' 19am GMT Toshiba shares slide 10 percent after $6.3 billion writedown FILE PHOTO - Pedestrians walk past a logo of Toshiba Corp outside an electronics retailer in Tokyo September 14, 2015. REUTERS/Toru Hanai/File Photo TOKYO Shares of Toshiba Corp ( 6502.T ) tumbled 10 percent on Wednesday morning after the electronics conglomerate said it would book a $6.3 billion hit to its U.S. nuclear unit, a writedown that wipes out its shareholder equity. Highlighting the scale of its financial concerns, Toshiba also ramped up plans to raise cash, announcing it would consider selling most, even all, of its stake in its prized flash-memory chips business. (Reporting by Taiga Uranaka; Editing by Edwina Gibbs) Up Next'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-toshiba-accounting-shares-idUKKBN15U01N'|'2017-02-15T07:17:00.000+02:00'
'96c2942706ed9c081f3ec31b58dcca36bd07b5c4'|'COLUMN-As banks surge, will shareholders get their cut?: James Saft'|'Money  57pm EST As banks surge, will shareholders get their cut?: James Saft A computer screen showing stock graphs is reflected on glasses in this illustration photo taken in Bordeaux, France, March 30, 2016. REUTERS/Regis Duvignau By James Saft That the Trump agenda is good for banks is self-evident; that shareholders will get their cut is a lot less likely. Friday<61>s news of the resignation of Daniel Tarullo, the Federal Reserve official who served as quarterback of the effort to tame systemic risk in the banking system, touched off another leg in a sustained and powerful rally of U.S. bank shares, which are up nearly 30 percent since shortly before the election. Coming just after Trump<6D>s order to review and likely gut Dodd-Frank Act legislation, Tarullo<6C>s exit, planned for April, cements the view that U.S. banks will be allowed to carry less capital. A move to delay implementation of the application of the Fiduciary Rule to retirement advisors is a good indicator that highly profitable but low-value (for clients) products will continue to generate revenues. To an investor from Mars more revenue spread across less equity would seem to be a sure thing. Those of us who<68>ve lived on Earth these past two decades should have our doubts. There is a reason banks, especially the largest and those which operate investment banks, trade at such low multiples of earnings, and it is not because they have a proud track record of rewarding shareholders. Since February 1993 the KBW index of bank shares has returned only about 60 percent as much as the S&P 500 and done so while treating investors to teeth-rattling sell-offs in 1998, 1999, 2001, 2002, 2007, 2008 and 2009. The winners? Well, bank employees of course, who<68>ve trousered serial fortunes at the expense of taxpayers and shareholders. A move to relax oversight or put the capital bar lower will set taxpayers up to fund a bailout once again, but probably not before we see a couple of explosive rallies and some just as explosive sell-offs in banking shares over the next three to five years. Complexity will come back into vogue, creating more opportunities for banks to sell clients, and bankers their banks, risks they don<6F>t understand. You can hardly blame them. Opportunities to take the upside when others own the risks are few and far between in this life. Expecting Trump and his appointees to govern otherwise ignores the lessons his own business career teaches. Expecting bankers to police themselves is just silly. SHORT TERM VS LONG TERM Two elements in the Trump agenda are fundamentally positive for banking profitability: deregulation and reflation. While the former leaves shareholders as likely fall guys for self-interested risk-taking by insiders, the second is legitimately positive. Fiscal stimulus and tax cuts pose a problem down the road but over the short term even their prospect has already driven interest rate expectations higher and increased the gap between short- and long-term interest rates. As the banking business model is predicated on borrowing short and lending long, a flat yield curve is bad news and negative interest rates, as seen in much of the world last year, are poison. A bit of inflation, even more than a bit, is just what banks need; it makes them more profitable and helps whet clients<74> appetite for debt. And don<6F>t expect the Fed to spoil the party. With Tarullo<6C>s exit Trump will be able to fill three of the seven governor positions at the Fed. If he does not offer Janet Yellen another term at chair next February he may get another. So why, if they will only get shafted in the end, do investors persist in backing the banking sector follies? An insight from Paul Woolley, of the London School of Economics, about how asset managers are punished and rewarded helps to explain. ( here ) Most fund managers are asked to beat a stock market index, or one which tracks other funds, without taking too many huge bets. Outperform, or at least stay close to
'4462148c61eff957389892f132bce0dbe397797a'|'UPDATE 1-HeidelbergCement targets price increases after weak Q4'|'* Bad weather, weak Indonesia blamed for Q4 sales slide* Q4 OIBD climbs 2 pct to 818 mln eur vs 847 mln Reuters poll avg* Italcementi synergies, cost inflation in focus in 2017 (Recasts with outlook, adds details on regions)FRANKFURT, Feb 14 Germany''s HeidelbergCement said it would focus this year on realising synergies from the acquisition of Italcementi and raising prices to combat cost inflation after a patchy fourth quarter that missed market expectations.The company, which reinforced its position among the world''s top three suppliers of cement, ready-mixed concrete and aggregates with the acquisition last year, blamed bad weather and a weak Indonesian market for a 4 percent slide in sales.Quarterly pro-forma revenue, including Italcementi contributions for the full years 2015 and 2016, fell to 4.24 billion euros ($4.5 billion), below the average estimate of 4.5 billion euros in a Reuters poll.Operating income before depreciation (OIBD) rose 2 percent on a like-for-like basis to 818 million euros, HeidelbergCement said on Tuesday, also below the poll average, which was 847 million euros.Western Europe, the group''s biggest revenue source, was the only region to show growth, thanks to a strong German economy, housing and infrastructure projects in Britain and a Dutch turnaround. North America was hit by an early winter start."In 2017, we will focus on the realisation of the synergies from the Italcementi acquisition and on measures in view of cost inflation. Price increases will play an important role in this context," Chief Executive Bernd Scheifele said in a statement."HeidelbergCement is very well equipped to follow up on the new strategic priorities - growth and increase in shareholder return - over the coming years."The company is due to present detailed financial results and a 2017 outlook on March 16. ($1 = 0.9415 euros) (Reporting by Georgina Prodhan; Editing by Ludwig Burger and Gopakumar Warrier)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/heidelbgcement-results-idINL8N1FZ0NN'|'2017-02-14T03:51:00.000+02:00'
'c5c8e7e4979553951b2d3fcccaea516b8a13de2a'|'Syngenta: U.S. regulators'' new request won''t delay ChemChina deal'|'ZURICH Syngenta ( SYNN.S ) has got another request for information from U.S. anti-trust regulators reviewing a proposed $43 billion takeover by ChemChina [CNNCC.UL] but still sees the deal being completed in the second quarter, it said on Tuesday."We have received a second request but do not expect this to cause a delay," a spokesperson for the Swiss pesticides and seeds group said in an email. "We expect to close the transaction in the second quarter."(Reporting by John Miller; Editing by Michael Shields)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-syngenta-ag-china-natl-chem-mergers-idINKBN15T0Z8'|'2017-02-14T06:12:00.000+02:00'
'6bb88a0250d82522806bdcc170ca1a6f4dbbefe4'|'BRIEF-Primoris Services announces Louisiana heavy civil award valued at over $124 mln'|' 23am EST BRIEF-Primoris Services announces Louisiana heavy civil award valued at over $124 mln Feb 15 Primoris Services Corp - * Announced a new heavy civil award valued at over $124 million * Contract was secured by heavy civil division of James Construction Group, part of east construction services segment Source text for Eikon:   UPDATE 2-Integra offers to buy J&J''s Codman business for $1.05 bln Feb 15 Medical device maker Integra LifeSciences Holdings Corp said on Wednesday it has offered to buy Johnson & Johnson''s Codman neurosurgery business for $1.05 billion in cash. * Discover Financial Services says credit card delinquency rate 1.66 percent at January end versus 1.60 percent at December end - sec filing 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/idUSFWN1G00G5'|'2017-02-15T20:23:00.000+02:00'
'862ae2246daacd0ccc11dfc84e31e8b14b8da48b'|'Samsung Electronics shares down as prosecution seeks arrest of Samsung chief'|'Business News - Wed Feb 15, 2017 - 5:52am IST Samsung Elec shares down as prosecution seeks arrest of Samsung chief The logo of Samsung Electronics is seen at its headquarters in Seoul, South Korea, July 4, 2016. REUTERS/Kim Hong-Ji/File Photo SEOUL Samsung Electronics ( 005930.KS ) shares fell for a fourth consecutive session on Wednesday, after South Korean special prosecutors said they would seek a warrant to arrest Samsung Group chief Jay Y. Lee as part of a corruption probe. Samsung Electronics shares declined by as much as 1.3 percent to 1.854 million won ($1,624.32) each in early trade on Wednesday, their lowest level since Jan. 23. (Reporting by Hyunjoo Jin; Editing by Richard Pullin) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-samsung-elec-stocks-idINKBN15U022'|'2017-02-15T07:20:00.000+02:00'
'16ddf958da822e396cad5d644a20a598905c1997'|'UK raises alarm over threat to Vauxhall from GM-Peugeot deal'|'By Kate Holton - LONDON LONDON Britain and its leading union expressed concerns on Wednesday at a plan by General Motors to sell its European operations to France''s PSA Group in a deal that could put GM''s Vauxhall operations in England at risk after Brexit.Britain''s largely foreign-owned car industry has thrived in recent years, but the vote to leave the European Union has cast doubt on future growth by raising the prospect of tariffs which would make UK plants less competitive.Prime Minister Theresa May''s government has already been forced to pull a deal together to persuade Nissan to keep investing in Britain, saying it would counter any loss of competitiveness caused by Brexit.On Tuesday the news that GM had entered into talks with France''s PSA over a deal to merge its loss-making Opel and Vauxhall brands with the French group''s Peugeot, Citroen and DS names raised fears that the British Vauxhall brand could look vulnerable if an enlarged group needs to cut costs."The government remains in close contact with GM as we closely monitor the situation," a spokesman for the British Department of Business said, adding that the minister Greg Clark had already raised his concerns with GM President Dan Ammann.Britain''s car industry, which ships more than half of its exports to the other 27 countries in the EU, had lobbied hard against Brexit.Since the vote last June, Prime Minister May has said that Britain will leave the EU single market, which guarantees unfettered trade on the continent, but suggested that certain industries may be able to retain elements of free trade.Vauxhall employs around 4,500 staff in two plants near Liverpool and Luton, north of London, and supports other jobs through supply chain and retail links.The Unite workers'' union said the president of GM had given a private assurance last year that there would be no surprises in terms of GM''s plants in Britain, and that these commitments had not been upheld."To Peugeot I say, talk to us," Unite General Secretary Len McCluskey said in a statement. "Our members have helped to make the UK auto industry the most competitive and productive in Europe and will do so again with the right backing."McCluskey met Business Minister Clark on Wednesday to discuss the potential impact on Vauxhall and said he had urged the government to give the same assurances it had given to Nissan to other carmakers."It cannot be that the future of UK car workers<72> jobs now lie in the hands of the French government and their backing for Peugeot," he said.(Additional reporting by Ritvik Carvalho, editing by Estelle Shirbon and Jason Neely)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/opel-m-a-psa-britain-idINKBN15U1R3'|'2017-02-15T11:11:00.000+02:00'
'dfb18e505c3ab20a179e200584639b40d56d11cb'|'BRIEF-Iridium announces target date for second launch of Iridium next'|' Iridium announces target date for second launch of Iridium next Feb 15 Iridium Communications Inc : * Iridium announces target date for second launch of iridium next * Has received a targeted launch date of mid-june for second mission of ten iridium next satellites * Originally anticipated for mid-April of 2017, date has shifted due to a backlog in SpaceX''s launch manifest * Second launch will deliver another ten iridium next satellites to low-earth-orbit (LEO) on a SpaceX Falcon 9 rocket * SpaceX is targeting six subsequent iridium next launches approximately every two months thereafter  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1G00KA'|'2017-02-15T19:50:00.000+02:00'
'00e58dd18054743f531e652d5879e47c05f929d7'|'''Lego Batman'' producer today. Treasury secretary tomorrow?'|'''Lego Batman'' producer today. Treasury secretary tomorrow? by Jill Disis @jdisis February 12, 2017: 5:39 PM ET CNN Review: ''The LEGO Batman Movie'' falls short of awesome Steven Mnuchin had a pretty good weekend. First the treasury secretary pick advanced a step closer toward confirmation on Friday. Then his latest movie claimed the top spot at the box office. Mnuchin is an executive producer on Warner Bros.'' "The Lego Batman Movie," which pulled in an estimated $55.6 million from U.S. audiences during its opening weekend. CNN, like Warner Bros., is owned by Time Warner. The kid-friendly spinoff of 2014''s "The Lego Movie" handily beat its raunchy competitor, Universal''s "Fifty Shades Darker." The sequel to 2015''s "Fifty Shades of Grey," based on a best-selling series of romance novels, debuted at $46.8 million in the United States. Mnuchin is listed as a producer or executive producer on 34 films in recent years, including last summer''s "Suicide Squad," which brought in $786 million worldwide. He also produced "The Lego Ninjago Movie," another Lego franchise spinoff that will hit screens this fall. Mnuchin is widely expected to be serving as Treasury secretary by then. Following a 53-46 vote last Friday to break a Democratic filibuster, Mnuchin is scheduled for a final vote before the full Senate at 7 p.m. Monday. --CNNMoney''s Frank Pallotta and CNN''s Ashley Killough contributed to this story. CNNMoney (New York) First published February 12, 2017: 5:39 PM ET'|'cnn.com'|'http://rss.cnn.com/rss/edition_business.rss'|'http://money.cnn.com/2017/02/12/media/lego-batman-movie-steven-mnuchin/index.html'|'2017-02-13T05:39:00.000+02:00'
'db8f69eca240815dee9d52eb4c349033e209dacd'|'BRIEF-Greenlight Capital dissolves share stake in United States Steel, Michael Kors'|'Feb 14 Greenlight Capital:* Greenlight Capital Inc dissolves share stake in United States Steel Corp - SEC filing* Greenlight Capital Inc dissolves share stake in Michael Kors Holdings Ltd* Greenlight Capital Inc cuts share stake in General Motors Co by 22.5 percent to 13.2 million shares - SEC filing* Greenlight Capital Inc - Change in holdings are as of Dec 31, 2016 and compared with the previous quarter ended as of Sept 30, 2016 Source text for quarter ended Dec. 31, 2016: bit.ly/2lNi3bUSource text for quarter ended Sept. 30, 2016: bit.ly/2lNi1Rk'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/idINFWN1FZ19B'|'2017-02-14T19:24:00.000+02:00'
'e8c740e61b5c31c658991bac0f357d9916b148ee'|'Aetna, Humana drop merger; Cigna wants to end Anthem deal'|'Deals  30pm GMT Aetna, Humana drop merger; Cigna wants to end Anthem deal left right A trader points up at a display on the floor of the New York Stock Exchange August 20, 2012. REUTERS/Brendan McDermid/File Photo 1/2 left right A sign at the office building of health insurer Anthem is seen in Los Angeles, California February 5, 2015. REUTERS/Gus Ruelas/File Photo 2/2 By Caroline Humer and Diane Bartz - NEW YORK/WASHINGTON NEW YORK/WASHINGTON Health insurers Aetna Inc and Humana Inc walked away from their $34 billion merger on Tuesday and Cigna Corp sought to end its deal with Anthem, shelving the industry consolidation they charted to address former President Barack Obama''s Affordable Care Act. Humana also said it would exit the Obamacare individual insurance market after this year, saying that early medical costs were running a bit high. Humana was one of several insurers that lost money in 2016 and then cut back offerings for this year, saying the program needs to be changed. President Donald Trump and Republicans have vowed to repeal and replace Obamacare, the national healthcare reform law that created new individual insurance and expanded Medicaid, adding 20 million people to the ranks of the insured. Trump on Tuesday tweeted about Humana''s decision to exit the market, promising he "Will repeal, replace & save healthcare for ALL Americans." The insurers, in seeking their mergers, had said the combinations would help them grow after the law changed everything from how doctors and hospitals are paid to the benefits insurers must provide. The Aetna-Humana and Cigna-Anthem deals were announced in July 2015 and the Justice Department filed antitrust lawsuits a year later seeking to block the deals. Two federal judges separately ruled against the deals in recent weeks. Government antitrust officials argued that both mergers would lead to less competition and higher prices for Americans, which Aetna and Anthem tried to disprove. The acquisitions would have reduced the number of national U.S. insurers from five to three. After the defeat in court on Jan. 23, Aetna and Humana said they were weighing an appeal. But they opted on Tuesday to scrap the merger. Aetna shares rose 3 percent to $125.81, while Humana fell 0.4 percent to $205.97. Aetna will pay Humana a $1 billion breakup fee, or $630 million after taxes, and terminated its plan to sell some Medicare Advantage assets to Molina Healthcare Inc, the companies said. Molina will receive a $75 million breakup fee. Humana said it will buy back at least $2 billion worth of shares in 2017 and earn a net profit of $16.65 to $16.85 per share, helped by the payment from Aetna, and raise its dividend. Humana is the first insurer to withdraw from the Obamacare exchanges for 2017, but Aetna and Anthem have both said they are considering doing so if changes are not made to the plan. Wall Street analysts and investors suggested that the Trump administration might be friendlier to deals, and that Humana could again be a target for Anthem or Cigna. Humana CEO Bruce Broussard said on a conference call that the company would consider any takeover offer, balancing "the probability and timing of completing a transaction," the current environment and the process it has just gone through. CIGNA GOES TO COURT Cigna said on Tuesday that it had notified Anthem that it had terminated its merger and that Anthem was required to pay a $1.85 billion breakup fee. It also filed a lawsuit in Delaware, asking a judge to declare legal its decision to terminate the deal and to approve $13 billion in damages for shareholders who did not receive the takeover premium. Anthem responded that the merger agreement was in place until April 30, 2017, and that Cigna could not back out. Anthem''s shares closed down less than 1 percent at $163.32 while Cigna rose less than 1 percent to $146.68. Several antitrust lawyers said the two companies - which have been at odds for the past year - likely will settle the l
'557ee67e78ab294cb43208e1f0db5a8490a135c5'|'BRIEF-Integra Lifesciences plans to acquire Codman neurosurgery business from Johnson & Johnson for $1.045 bln'|' 24am EST BRIEF-Integra Lifesciences plans to acquire Codman neurosurgery business from Johnson & Johnson for $1.045 bln Feb 15 Integra Lifesciences Holdings Corp * Integra Lifesciences plans to acquire the Codman neurosurgery business from Johnson & Johnson for $1.045 billion in cash * Deal for $1.045 billion in cash * Transaction expected to be accretive to integra''s adjusted earnings per diluted share by at least $0.22 in first fy * Says expects codman neurosurgery revenue to experience some initial disruption in first year of combination * Says expects codman neurosurgery revenue to grow 3% to 6% longer term * Says has obtained committed financing, subject to customary closing conditions, from BofA Merrill Lynch and JPMorgan * Deal expected to also accelerate path to achieving co''s aspirational targets of $2 billion in revenue, 30% adjusted ebitda margin  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSASB0B0DC'|'2017-02-15T19:24:00.000+02:00'
'0f391184664e312f7d79070c63e69951da4155ea'|'UPDATE 1-Bunge profit beats estimates on improved margins in Brazil'|'Company  25am EST UPDATE 1-Bunge profit beats estimates on improved margins in Brazil (Adds details, background) Feb 15 U.S. agricultural trader Bunge Ltd reported a better-than-expected quarterly profit, helped by higher sugar and ethanol prices and improved margins in Brazil. The company also said that it expects its biggest business - the agribusiness unit that buys, stores, processes and sells agricultural commodities - to start the year slow and progressively improve as volumes and margins pick up in South America. South American farmers are expected to harvest bumper crops of corn and soybeans this year, which should help Bunge in 2017. Brazil is expected to harvest at least 104 million tonnes of soybeans this year and nearly 90 million tonnes of corn, according to government and industry analysts. Last year''s weather-reduced corn and soybean harvests in Brazil prompted farmers there to hold back supplies. That weighed on processing margins and limited trading opportunities for big grain companies like Bunge. Bunge and rival agribusinesses ADM, Cargill and Louis Dreyfus are known as the ABCD companies that dominate global grain trading. They make money buying, selling, storing, processing and transporting crops around the world. White Plains, New York-based Bunge said net income available to shareholders rose to $262 million, or $1.82 per share, in the fourth quarter ended Dec. 31, from $188 million, or $1.30 per share, a year earlier. Excluding one-time items, the company earned $1.70 per share, beating the average analysts'' estimate of $1.57 per share, according to Thomson Reuters I/B/E/S. Net sales rose 8.6 percent to $12.06 billion, beating estimates of $11.41 billion. (Reporting by Karl Plume in Chicago and Arathy S Nair in Bengaluru; Editing by Shounak Dasgupta) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/bunge-results-idUSL4N1G03N5'|'2017-02-15T18:25:00.000+02:00'
'8d7d74c722f8b5fd03d6776d91c716c239157439'|'TUI ordered to compensate customers delayed by staff sickness action'|' 23am GMT TUI ordered to compensate customers delayed by staff sickness action 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 FRANKFURT Travel and tourism group TUI ( TUIT.L ) must pay passengers compensation over disruptions to German flights because of crew members calling in sick in October, a court in Hanover ruled on Wednesday. The court found in favour of two parties who had sued over delays and a cancellation, ordering TUI to pay them 800 euros (679 pounds) and 2,000 euros respectively, plus interest. The staff shortages in October followed TUI''s announcement of plans to put its German TUIfly airline into a new leisure airline joint venture with parts of Air Berlin ( AB1.DE ), sparking employee concern over potential job cuts and worsening working conditions. Many pilots and crew called in sick, forcing TUIfly to cancel dozens of flights during what was a school holiday period for some German federal states, including the one in which TUIfly is based. TUI''s staff returned to work when the company offered to keep pay and conditions unchanged for three years. The company has refunded the cost of holidays that were cancelled but more than 600 complaints have been filed at the Hanover court by customers seeking additional compensation under European Union rules. TUI has said that the circumstances were beyond its control so it shouldn''t have to pay the compensation. The court said on Wednesday that TUIfly did not present sufficient evidence to prove that its workers had staged a wildcat strike and did not show that it took all reasonable measures to avoid flight delays. The ruling does not have any binding effect on the outstanding complaints against TUI. TUI said on Tuesday that it had incurred costs of 22 million euros as a result of the disruption from workers'' sick leave. It also said it was still in talks with Air Berlin shareholder Etihad and the authorities over the proposed venture and that it would hopefully start in time for the winter flying season from October. (Reporting by Maria Sheahan; Editing by David Goodman) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-tui-court-idUKKBN15U14C'|'2017-02-15T17:23:00.000+02:00'
'05b8a65a506c76e456fad271cff2e5472db50158'|'CEE MARKETS-Banks drive stock indices to new highs on Fed comments'|'* Budapest stocks touch record high, Warsaw a 17-month high * Bank stocks lead the rise after Fed hints at rate hike * Romanian inflation rises, central bank may tighten policy By Sandor Peto BUDAPEST, Feb 15 Budapest stocks hit a record high on Tuesday as Central European equities mostly joined a global rise driven by the prospect of a possible Federal Reserve interest rate rise next month. Fed Chair Janet Yellen said on Tuesday the Fed would probably need to lift rates at an upcoming meeting, triggering a firming of the dollar and a rise of global stocks. Budapest''s stock index had risen 0.2 percent by 1017 GMT, touching a record high, mainly driven by gains of OTP , Hungary''s biggest lender, whose share price was the highest since 2007. It tested 9,300 forints ($31.85), after crossing a key technical level at 9,100 early this week. "It is driven by the general optimism (in stock markets) rather than expectations for its earnings," said Marton Medveczky, analyst of Equilor brokerage. "Looking at comments from the (Hungarian) central bank, that would be negative rather than positive." Deputy governor Marton Nagy was Quote: d on Wednesday as saying that the central bank would seek to reduce the cost of housing loans to borrowers. He said the loans offered by banks were still expensive and price competition was insufficient in the banking sector. The central bank is also unlikely to react any time soon to a rebound in inflation by lifting rates, which would help commercial banks increase revenues. In the latest evidence of regional inflation picking up pace, Romanian data showed the first rise in the annual rate to positive territory since mid-2015. Value-added tax cuts and changes in the inflation basket still keep the index relatively low but a further rise is likely, which could trigger policy tightening from the Romanian central bank, ING Bank analysts said in a note. "We look for a first step at the 3 July meeting, via a narrower standing facilities corridor," they said. Bucharest''s stock index rose 0.7 percent. Government bonds and currencies were rangebound in the region, including Romania. "(Short-term) yields have got so low that foreigners have not really been interested recently (in the forint market)," one Budapest-based currency dealer said. The rise in regional stock markets was mainly driven by banks. Prague''s stock index rose 0.4 percent and touched a 14-month high, with bank stocks rebounding after a fall on Tuesday as the ruling party revealed a plan to levy a special tax on banks if it wins upcoming elections. Warsaw''s bluechip index dropped 0.25 percent. It touched a 17-month high before retreating as KGHM shed 1.7 percent after the copper producer announced a big writedown on overseas assets. CEE SNAPS AT 1117 MARKETS HOT CET CURRENCIES Lates Previ Daily Chang t ous e bid close chang in e 2017 Czech crown 27.02 27.02 +0.0 -0.05 00 45 2% % Hungary 308.3 308.0 -0.09 0.15% forint 500 800 % Polish 4.302 4.303 +0.0 2.37% zloty 0 7 4% Romanian 4.507 4.504 -0.06 0.62% leu 0 5 % Croatian 7.460 7.453 -0.09 1.27% kuna 0 5 % Serbian 123.8 123.9 +0.0 -0.36 dinar 000 000 8% % 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 970.4 966.3 +0.4 +5.3 1 2 2% 0% Budapest 33799 33724 +0.2 +5.6 .06 .52 2% 1% Warsaw 2168. 2173. -0.25 +11. 31 76 % 31% Bucharest 7660. 7609. +0.6 +8.1 84 25 8% 3% Ljubljana 757.9 760.3 -0.32 +5.6 1 3 % 2% Zagreb 2167. 2168. -0.06 +8.6 57 85 % 6% Belgrade <.BELEX15 708.8 703.5 +0.7 -1.19 > 2 2 5% % Sofia 600.4 600.7 -0.06 +2.3 0 4 % 8% BONDS Yield Yield Sprea Daily d (bid) chang vs chang e Bund e in Czech sprea Republic d 2-year <CZ2YT=RR -0.58 0.022 +021 +2bp > 3 bps s 5-year <CZ5YT=RR 0.126 0.018 +054 +1bp > bps s 10-year <CZ10YT=R 0.548 0.016 +017 +1bp R> bps s Poland 2-year <PL2YT=RR 2.238 -0.00 +303 +0bp > 2 bps s 5-year <PL5YT=RR 3.189 -0.00 +360 -2bps > 4 bps 10-year <PL10YT=R 3.871 0.016 
'a8d428e1295d6200a94ad253abc9b895da185fb6'|'UPDATE 1-Fannie Mae to pay U.S. Treasury $5.5 billion in dividends'|'Company  40pm EST UPDATE 1-Fannie Mae to pay U.S. Treasury $5.5 billion in dividends (Adds background, updates with stock prices) Feb 17 U.S. mortgage finance agency Fannie Mae said on Friday it will pay the U.S. Treasury $5.5 billion in dividends in March, bringing its total payments to the federal government to $159.9 billion. The Treasury took Fannie Mae and its sibling Freddie Mac into conservatorship in September 2008 during the global credit crisis as the two government-sponsored enterprises suffered heavy losses from soured mortgage investments. Fannie and Freddie, which guarantee home loans and issue mortgage-backed securities, drew $116.1 billion and $71.3 billion in funds, respectively, from the Treasury to cover its losses. Under conservatorship, Treasury holds special senior preferred stocks in the GSEs which pay dividends to it quarterly. On Thursday, Freddie said it will pay $4.5 billion in dividends to the Treasury in March, bringing its cumulative payment to $105.9 billion. Fannie''s quarterly dividends stemmed from the $5.04 billion in net income produced in the fourth quarter, which lifted its annual income to $12.31 billion in 2016. The agency''s total 2015 net income was $10.95 billion. "Our strong 2016 results reflect a multi-year drive to improve Fannie Mae''s business model, strengthen the housing finance system, and deliver innovation and certainty to customers," Fannie Mae president and chief executive Timothy Mayopoulous said in a statement. In Friday afternoon trading, Fannie''s common stock was down 0.04 percent at $4.11 a share. (Reporting by Richard Leong; editing by Grant McCool) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/fanniemae-results-idUSL4N1G24AG'|'2017-02-18T01:40:00.000+02:00'
'ae179f53c3f1a4beb3b68045f5344be7d26946cb'|'Australia''s Boral posts revenue drop, but asset sales boost profit'|'  5:54pm EST Australia''s Boral posts revenue drop, but asset sales boost profit SYDNEY Feb 15 Boral Ltd, Australia''s largest supplier of building materials, said on Wednesday that half-year revenues fell in its key Australian and U.S. markets. But due to cost savings and asset sales, the company posted a 12.3 percent rise in net profit for the six months to Dec 31, and the company said it was well positioned to benefit from a strong Australian housing market and a recovery in the United States. Boral reported net profit of A$153.4 million ($117.4 million) for the half-year, compared to A$136.6 million the prior year, beating a Morgan Stanley forecast for A$141 million. The result was underpinned by the sale of Boral''s stake in brickmaking joint ventures in the United States and Australia, with the company booking A$47.9 million in profit from the divestments. Boral produces building products such as bricks, plasterboard, trimming and roofing, and the company''s performance is a key barometer for the housing market. In Australia, where Boral generates nearly four-fifths of its revenue, sales dropped 4 percent as strong housing starts on the east coast were offset by a decline in the west and the completion of the major office tower projects in Sydney. In the United States, expenses associated with setting up a new brick joint venture offset modest rises in other product categories. The company forecast earnings growth in both markets. In light of a better-than-expected second quarter, the company also said it expected earnings to be more evenly balanced throughout fiscal 2017 rather than its previous forecast of a stronger second half. Boral in November agreed to buy U.S. rival Headwaters Inc for $1.8 billion in cash. The combined entity would become the largest U.S. supplier of fly ash, a key ingredient in concrete at a time when President Donald Trump plans a huge jump in infrastructure spending. "We remain confident that completion of the Headwaters acquisition, which has now received Headwaters Inc shareholder approval, will take place by around mid-2017," Boral Chief Executive Officer Mike Kane said in a statement. Boral hiked its interim dividend to 12 Australian cents, from 11 cents a year ago. ($1 = 1.3063 Australian dollars) (Reporting by Tom Westbrook; Editing by Cynthia Osterman)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/boral-results-idUSL4N1FU360'|'2017-02-15T05:54:00.000+02:00'
'3de2fb2723a7c2b350c6d53724504876dc373d9b'|'FTSE boosted by banks and insurers'|'Business News - Wed Feb 15, 2017 - 10:16am GMT FTSE boosted by banks and insurers People walk through the lobby of the London Stock Exchange in London, Britain November 30, 2015. REUTERS/Suzanne Plunkett By Helen Reid - LONDON LONDON Britain''s major share index gained on Wednesday, as investors bet on banking stocks after Federal Reserve Chief Janet Yellen''s hawkish tone on Tuesday suggested U.S. interest rates would rise. RBS ( RBS.L ), Standard Chartered ( STAN.L ), Barclays ( BARC.L ) and Lloyds ( LLOY.L ) were among top gainers, up 1.5 to 2.2 percent, buoyed by Yellen saying the Fed would likely need to raise interest rates at its next meeting. The FTSE 350 banking index .FTNMX8350 was the top sectoral gainer, up 1.5 percent. Higher interest rates translate into higher margins for banks, which have been under pressure from a "lower for longer" interest-rate environment. "In focus today will likely be the second day of Fed Chair Janet Yellen<65>s testimony, day one having been digested as hawkish, sending the dollar to levels last seen on Jan. 20," said Michael van Dulken from Accendo Markets. "While the euro has since sold off, note sterling remains rather resilient holding the FTSE back from bettering Monday<61>s highs." Construction company Ashtead ( AHT.L ) was the top gainer, up 2.5 percent, and insurers Prudential ( PRU.L ) and Legal & General ( LGEN.L ) also gained along with miners BHP Billiton ( BLT.L ) and Anglo American ( AAL.L ). Tour operator TUI ( TUIT.L ) was the biggest loser on the index, down 5.7 percent after its results prompted exuberance on Tuesday. The stock erased its gains in the previous session. The mid-cap index .FTMC hit an all-time high of 18,847.76 points at the open, maintaining momentum from Tuesday''s session, and was last up 0.1 percent. Acacia Mining ( ACAA.L ) was among top gainers, up 4.2 percent after Credit Suisse raised its rating on the stock to "outperform". Gambling companies Ladbrokes ( LCL.L ) and William Hill ( WMH.L ) were under pressure, however, down 3.7 and 2.5 percent after HSBC cut its ratings on both stocks to "reduce" from "hold". NEX Group ( NXGN.L ), a brokerage which reported higher earnings on volatile markets after Donald Trump''s election as U.S. president, was also down 3.8 percent. (Reporting by Helen Reid, additional reporting by Kit Rees; Editing by Janet Lawrence) Next In Business News ECB can force hand of banks that fail to cut bad loans - Donnery FRANKFURT The European Central Bank can set binding requirements if it thinks a bank is not cutting its pile of unpaid loans fast enough, the ECB official in charge of tackling non-performing loans (NPL) in the euro zone said on Wednesday.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-stocks-idUKKBN15U13I'|'2017-02-15T17:16:00.000+02:00'
'464b3e2f96dfdaa886345895a3628c561e751a4e'|'Russian central bank concerned by regions'' debt to banks'|'Business News - Wed Feb 15, 2017 - 8:50am GMT Russian central bank concerned by regions'' debt to banks Russian central bank governor Elvira Nabiullina gestures during a news conference in Moscow, Russia, December 16, 2016. REUTERS/Maxim Shemetov MOSCOW The Russian central bank is concerned by regions'' debt to banks, central bank Governor Elvira Nabiullina told the upper house of parliament on Wednesday. She added that the central bank was in favour of replacing the regions'' debt to banks with loans from the state budget. (Reporting by Elena Fabrichnaya; writing by Katya Golubkova; editing by Alessandra Prentice) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-russia-cenbank-regions-idUKKBN15U0V4'|'2017-02-15T15:50:00.000+02:00'
'0faee0c4aa04ee7f17ef4dd09e32f9bd0a9d4ba1'|'Voce nominates four candidates for Air Methods board'|'Company  55am EST CORRECTED-Voce nominates four candidates for Air Methods board (Corrects paragraph 3 to say Air Methods, not Voce) Feb 15 Activist hedge fund Voce Capital Management LLC on Wednesday nominated four candidates for election to Air Methods Corp''s board, as it stepped up efforts to turnaround the medical helicopter company. Voce, which has long advocated that Air Methods sell itself, threatened in late January to start a proxy war, months after it backed off a similar threat after Air Methods agreed to board changes and address stockholder concerns. Air Methods could not be immediately reached for comment. (Reporting by Natalie Grover in Bengaluru; Editing by Martina D''Couto) Next In Company News UPDATE 2-Brazil''s BTG Pactual to keep high capital ratios to fan growth SAO PAULO, Feb 15 Grupo BTG Pactual SA will keep high capital ratios in coming quarters to prepare Latin America''s No. 1 independent investment bank to grow in core activities, following a dramatic balance sheet downsizing last year, Chief Executive Officer Roberto Sallouti said on Thursday.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/air-methods-voce-capital-idUSL4N1G04DJ'|'2017-02-15T21:47:00.000+02:00'
'64d82711dd3326b6597710e931d6845bd0fbfa45'|'AIRSHOW-India and Russia seek to revive stalled helicopter venture'|' 16am EST AIRSHOW-India and Russia seek to revive stalled helicopter venture By Sanjeev Miglani - BENGALURU BENGALURU India Feb 15 India and Russia are nearing a joint venture to make light helicopters in India, reviving a plan announced by Russian President Vladimir Putin in 2015. Delhi needs to replace hundreds of ageing utility helicopters deployed along its Himalayan border with China as well as in the disputed Kashmir region. This means an initial order of 200 Kamov-226 helicopters, of which 140 will be built in India as part of Prime Minister Narendra Modi''s drive to build a domestic defence industrial base and cut imports, is expected to be increased. And final documents relating to the $1 billion Kamov deal involving Russian Helicopters, Rosoboronexport and India''s state-run Hindustan Aeronautics (HAL) has been submitted to Putin, HAL''s chief T. Suvarna Raju, told reporters on Wednesday. While India has sealed deals with the United States for 22 Apache attack and 15 heavy lift Chinook helicopters at total cost of about $2.5 billion, plans to buy Russian helicopters and fifth generation fighter aircraft have been dogged by problems. "There are issues between parties, but these are being tackled," Sergey Goreslavsky, deputy director general of Rosoboronexport, said at India''s biggest air show in the southern city of Bengaluru. A team will assess the Indian manufacturing facilities over the next few months. "We are keeping our fingers crossed about launching production this year," an executive at Russian Helicopters said. The executive, who did not want to be named, said the joint venture will be modelled along the lines of Brahmos, the India-Russia entity producing supersonic missiles, which which military analysts say are among the deadliest in their class. Russia was long the main supplier of military equipment to India, but Delhi has turned to France, Israel and increasingly the United States for supply of hardware in recent years. U.S. aerospace and defence firms Lockheed Martin and Boeing have both offered to set up production lines in India to make combat planes. (Editing by Alexander Smith)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/airshow-india-russia-idUSL4N1G03MO'|'2017-02-15T20:16:00.000+02:00'
'9912e26915c67247d964453fee1de12859429d61'|'Hong Kong takes aim at middlemen in wake of Panama Papers scandal'|'Business News  35pm GMT Hong Kong takes aim at middlemen in wake of Panama Papers scandal left right FILE PHOTO: The company logo of Mossack Fonseca is seen inside the office of Mossack Fonseca & Co. (Asia) Limited in Hong Kong, China April 5, 2016. REUTERS/Bobby Yip 1/2 left right FILE PHOTO: A company name plate is displayed next to the entrance of Mossack Fonseca & Co. (Asia) Limited in Hong Kong, China April 5, 2016. REUTERS/Bobby Yip 2/2 By Michelle Price - HONG KONG HONG KONG Hong Kong is beefing up its anti-money laundering and corporate disclosure laws in a move that some financial crime specialists say could lead to the exodus of billions of dollars in assets from the territory as people seek to avoid increased scrutiny. The Chinese territory''s government has been rattled by last year''s Panama Papers scandal, which showed that Hong Kong was the most active centre in the world for the creation of shell companies. They have many legitimate purposes but can also be used to hide assets and evade taxes. Some of these entities were linked to powerful Chinese politicians, creating a potential embarrassment for Chinese President Xi Jinping, who has been conducting an anti-corruption crusade in the past few years. The Chinese central government<6E>s Hong Kong and Macao Affairs Office in Beijing did not respond to a request for comment. Through legislative proposals published without any fanfare last month, Hong Kong''s Financial Services and Treasury Bureau (FSTB) seeks to impose anti-money laundering laws on non-financial businesses and to require private companies to disclose who their true owners are. The new rules would introduce a direct licensing regime for agents that set up and manage the paperwork for thousands of trusts and "letter box" shell companies that have no real business operations. The FSTB says it is concerned that the system may be used by criminals to conceal and launder illicit proceeds. The trust and company agents, as well as lawyers, accountants, and real estate agents, will have a statutory obligation to perform a range of checks on clients and their source of funds under the proposals. They will have to report any suspicious transactions or face the threat of prosecution, and be required to keep records for six years. Hong Kong financial firms have been subject to strict anti-money laundering laws introduced in 2012 but the service sector has until now been operating under self-regulatory regimes without the force of law. CRIMINAL OFFENCE Private Hong Kong companies would be required for the first time to obtain and hold up-to-date information on their true owners and controlling parties, and provide this information to the authorities upon request. Failure to keep accurate records would be a criminal offence. The changes should be implemented "as a matter of priority" to meet requirements outlined by the Financial Action Task Force (FATF), the global body that sets standards for combating money laundering, ahead of its review of Hong Kong next year, the FSTB said in the proposals. They also come as China, the largest source of the money channelled into offshore centres, according to the Panama Papers documents leaked to the International Consortium of Investigative Journalists, battles to stem capital outflows. Nearly $1.4 trillion of illicit money, derived largely from corruption, tax evasion, and money laundering, flowed out of China between 2004 and 2013, according to think tank Global Financial Integrity. Much of that went through Hong Kong, say the financial crime experts. The nation''s central bank, the People''s Bank of China, which regulates money flows inside China and into and out of the country, did not respond to a request for comment. The leaked documents from Panama law firm Mossack Fonseca, which contained information on 214,000 offshore companies, showed that its Hong Kong offices were its busiest globally. It worked with more than 2,200 banks, accountants, law firms
'9df53c1e72ed3fc9e4517735afa067cf5c6d415b'|'EMERGING MARKETS-Brazil real rises to over 1-1/2-year high as central bank acts'|'Company News  19pm EST EMERGING MARKETS-Brazil real rises to over 1-1/2-year high as central bank acts (Updates prices, adds Yellen comments) SAO PAULO Feb 14 The Brazilian real gained on Tuesday to its strongest level in more than a year and a half, following a rise in capital inflows and after the central bank resumed currency intervention following a two-week pause. The real firmed 0.45 percent to 3.096 real per dollar, its strongest showing since July 2015. Gains were limited, though, as the central bank indicated it could allow around $4.3 billion worth of currency swaps, which function like future dollar sales, to expire next month. The bank sold $300 million in currency swaps on Tuesday morning to roll over March maturities. Should it maintain that pace until the end of the month, it will roll over $2.7 billion of the roughly $7 billion due next month. Some had speculated the bank could allow all of those contracts to expire after it refrained from conducting any auctions in recent weeks. The central bank currently holds $26.5 billion worth of currency swaps on its balance sheet, down from more than $100 billion two years ago. On Tuesday, Fed Chair Janet Yellen said the Federal Reserve will likely need to raise interest rates at an upcoming meeting, although she flagged considerable uncertainty over economic policy under the Trump administration. Yellen said delaying rate increases could leave the Fed''s policymaking committee behind the curve and eventually lead it to hike rates quickly, which she said could cause a recession. The dollar strengthened briefly against the real after her comments, while the Mexican peso also lost ground against the greenback. However, the peso ended the day slightly higher, up 0.14 percent at 20.25 pesos per dollar. Investors said they were waiting to see U.S. inflation data due on Wednesday, that would help clarify the Fed''s decision-making on future rate hikes. (Reporting by Bruno Federowski; Editing by Lisa Von Ahn and Diane Craft) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/emerging-markets-latam-idUSL1N1FZ2B4'|'2017-02-15T07:19:00.000+02:00'
'ac9f009e81a9fd0d6b2fcfe27e95e98deaf61df6'|'Samsung Electronics shares down as prosecution seeks arrest of Samsung chief'|' 22am GMT Samsung Elec shares down as prosecution seeks arrest of Samsung chief The logo of Samsung Electronics is seen at its headquarters in Seoul, South Korea, July 4, 2016. REUTERS/Kim Hong-Ji/File Photo SEOUL Samsung Electronics ( 005930.KS ) shares fell for a fourth consecutive session on Wednesday, after South Korean special prosecutors said they would seek a warrant to arrest Samsung Group chief Jay Y. Lee as part of a corruption probe. Samsung Electronics shares declined by as much as 1.3 percent to 1.854 million won ($1,624.32) each in early trade on Wednesday, their lowest level since Jan. 23. (Reporting by Hyunjoo Jin; Editing by Richard Pullin) Up Next'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-samsung-elec-stocks-idUKKBN15U022'|'2017-02-15T07:21:00.000+02:00'
'0a04ac0cb933707c6d34110ad7904a4a88140bbe'|'UPDATE 2-Danone to cut costs as dairy business faces pressures'|'Company News  37am EST UPDATE 2-Danone to cut costs as dairy business faces pressures * Sales growth slowed last year but met latest forecasts * Danone seeks 1 billion euros in savings by 2020 * Company cautious on prospects for this year (Adds CEO, CFO comments and details from call) By Dominique Vidalon PARIS, Feb 15 Food group Danone plans to cut costs by 1 billion euros ($1.1 billion) over the next three years, saying the turnaround of its European dairy business was taking longer than expected while tough conditions in China would endure in 2017. The world''s largest yoghurt maker was cautious about the current year, given deflationary consumer trends in Europe and rising milk prices. Danone said it would review its financial goals after closing its $10 billion acquisition of U.S. organic food group WhiteWave, which is expected in the first quarter and which should boost earnings. The owner of Evian water and Activia yoghurt is targeting earnings per share growth of above 5 percent in 2017, excluding WhiteWave. It achieved EPS growth of 9.3 percent in 2016. The new savings plan - called "Protein" by Danone - will aim to cut spending on marketing and general expenses such as corporate travel, and will be partly used to fund future growth. Chief Financial Officer Cecile Cabanis told analysts that Danone eyed "moderate" top line sales growth for 2017. Emmanuel Faber, chief executive since October 2014, has vowed to return Danone to "strong profitable and sustainable growth" by 2020. He is reviewing its business in China and is overhauling its dairy division, where it has cut costs and launched new products. SALES GROWTH SLOWS Danone''s like-for-like sales in 2016 rose 2.9 percent to 21.94 billion euros ($23.22 billion), a slowdown from 4.4 percent growth in 2015. Danone had warned in December that growth would be below its original target of 3-5 percent. The slowdown reflected 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, while pressures in the Chinese market weighed on baby food sales. The market for baby food products in China has been hit by earlier safety scandals, while China has also tightened regulations on the purchase of foreign goods over the Internet to favour domestic companies. British consumer goods company Reckitt Benckiser is expanding in the baby food formula market after agreeing to buy Mead Johnson Nutrition for $16.6 billion. Danone shares were up 0.1 percent in mid-session trading. "We are strongly encouraged that management is focused on driving sustainable profit growth as opposed to top-line growth at any cost," said Liberum analysts, who maintained a "Buy" rating on Danone shares. ($1 = 0.9451 euros) (Editing by Sudip Kar-Gupta/Keith Weir) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/danone-results-idUSL8N1G0174'|'2017-02-15T19:37:00.000+02:00'
'b17e47dee566ea28e6f51e1829ac0a98ed47feaa'|'Heineken retains margin growth target for volatile 2017'|'Business News - Wed Feb 15, 2017 - 6:37am GMT Heineken retains margin growth target for volatile 2017 FILE PHOTO - Packs of Heineken beer are displayed for sale in a Casino supermarket in Nice, France, January 16, 2017. REUTERS/Eric Gaillard/File Photo BRUSSELS Heineken ( HEIN.AS ), the world''s second largest brewer, slightly exceeded expectations with earnings in 2016 as Mexico and Vietnam and large European markets fared well and forecast volatile markets but margin expansion this year. The Dutch maker of Europe''s top-selling lager Heineken, Tiger and Sol sold 3 percent more beer last year, with sales of the Heineken brand growing even faster and the sharpest increase in Asia. Sales also grew in France, Italy, Poland, Spain and Mexico, but fell in Nigeria, one of its top four markets, as well as in the Democratic Republic of Congo and in Russia. The company forecast that it would meet its medium-term target for operating margin expansion of 40 basis points this year after a 54 point improvement in 2016. "Excluding major unforeseen macro economic and political developments as well as the impact of the proposed acquisitions in Brazil and in the UK, we expect continued margin expansion in 2017 in line with our previous guidance," Chief Executive Jean-Francois van Boxmeer said in a statement. Heineken said it had assumed a negative impact from currencies comparable with that of last year. Heineken''s operating profit excluding one-offs rose by 9.9 percent on a like-for-like basis excluding currency movements and one-offs to 3.54 billion euros ($3.74 billion) last year. That compared with the 3.51 billion euro average forecast in a Reuters poll. Heineken has now become the world''s number two brewer, although the gap between it global leader AB InBev ( ABI.BR ) has widened after the latter''s near $100 billion takeover of SABMiller late last year. Heineken has since committed some $1.4 billion to buy most of the pubs of Britain''s Punch Taverns ( PUB.L ) and the Brazilian business of Japan''s Kirin ( 2503.T ). ($1 = 0.9454 euros) (Reporting By Philip Blenkinsop; editing by Robert-Jan Bartunek) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-heineken-nl-results-idUKKBN15U0J5'|'2017-02-15T13:37:00.000+02:00'
'd840249fd40c94171f510a8aed43e91e7d666e61'|'U.S. rate hike prospects prop up German yields at one-week high'|'  4:54pm IST U.S. rate hike prospects prop up German yields at one-week high FILE PHOTO: The German Bundesbank presents the new 50 euro banknote at its headquarters in Frankfurt, Germany, July 13, 2016. REUTERS/Ralph Orlowski/File Photo By John Geddie - LONDON LONDON Europe''s benchmark German bond yield hit a one-week high on Wednesday ahead of U.S. inflation data that could further increase what is still seen as an outside chance of an interest rate rise in the world''s largest economy next month. Fed chair Janet Yellen said on Tuesday that despite considerable uncertainly over economic policy under U.S. President Donald Trump, the central bank is likely to raise interest rates at an upcoming meeting. Most analysts still think that hike is likely to come in June, but traders see around an 18 percent chance of a hike in March, up 13 percent from before Yellen''s statement, according to CME''s FedWatch tool. Yellen who said March remained a "live" meeting for a possible rate hike is due to give further testimony to Congress on Wednesday which will likely repeat that message. Yet of more importance will be to see if economic data backs up the case for monetary tightening. January''s inflation print due at 1330 GMT is the main event alongside retail sales data, with jobless claims later in the afternoon. Economists polled by Reuters expect consumer prices to have risen at an annualised 2.4 percent in January, up from 2.1 percent previously. "The key focus today remains on U.S. impetus," Commerzbank strategist Rainer Guntermann said. "While the run of U.S. activity data is more likely to slightly disappoint market expectations, bouncing inflation could still add to Yellen''s hawkish guidance." DIVISIONS Germany''s 10-year bond yield - the euro zone benchmark - climbed 1 basis point to nudge past Tuesday''s peak and hit a new one-week high of 0.381 percent. U.S. equivalents were perched just below an 11-day high hit Tuesday. Most other euro zone bonds were little changed, with Greek debt being the notable underperformer after Eurogroup head Jeroen Dijsselbloem ruled out a bailout deal by the next meeting of finance ministers on Feb. 20. Greek two-year bond yields climbed some 50 bps to 9.74 percent, while 10-year yields were 14 bps higher at 7.82 percent. Yellen''s remarks on Tuesday were swiftly followed by Dallas Fed President Robert Kaplan urging that it would be "prudent" for the U.S. central bank to raise rates sooner than later. But not all policymakers were so certain. Atlanta Fed President Dennis Lockhart said the U.S. central bank does not need to rush to raise rates as it evaluates how the new Trump administration''s policies may effect the economy. Lockhart, who retires from his position at the end of the month, said he was "not dogmatic" about whether the economy will likely warrant two or three rate increases this year, but that in either case "I don''t really see compelling reasons to move ahead in March." 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 Alison Williams)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/eurozone-bonds-idINKBN15U1B2'|'2017-02-15T18:24:00.000+02:00'
'3b660594ff34b162d166668ba811fac5ad8a3fe1'|'BRIEF-American Express card member loans stats for January'|' American Express card member loans stats for January Feb 15 American Express Co * American Express Co - USCS card member loans 30 days past due loans as a % of total 1.2 percent at Jan end versus 1.1 percent at Dec end * American Express Co - USCS card member loans net write-off rate - principal only 1.5 percent at Jan end versus 1.5 percent at Dec end * American Express Co - U.S. small business card member loans net write-off rate - principal only 1.4 percent at Jan end versus 1.6 percent at Dec end * American Express Co - U.S. small business card member loans 30 days past due loans as a % of total 1.2 percent at Jan end versus 1.1 percent at Dec end Source text: ( bit.ly/2ky95hQ )  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1G00V5'|'2017-02-16T00:11:00.000+02:00'
'd780392cd2e7ee01b3894b7ea7867ecaf91ea1c4'|'Ground staff at Berlin airports to strike again on Thursday over pay'|'Company News -  38pm EST Ground staff at Berlin airports to strike again on Thursday over pay BERLIN Feb 15 Ground staff will go on strike again at Berlin''s two airports on Thursday, union Verdi said on Wednesday, following walkouts last week over a pay dispute. The walkouts at Tegel and Schoenefeld will run from 1500 GMT to 2100 GMT and passengers should expect disruption and cancellations, the union said. A similar strike on Wednesday last week led to more than 130 flights being cancelled. Verdi wants pay for ground staff, whose roles include checking in passengers, loading and unloading planes and directing them on the tarmac, to be raised to 12 euros an hour from about 11 euros as part of a one-year collective agreement. The union described as "insufficient" management''s offer of a four-year deal, which foresees a rise of 1 percent each year, or about 10 cents an hour. The next round of pay talks is due to take place on Friday. Berlin''s airports are served by carriers including Air Berlin, Lufthansa, easyJet and Ryanair among others. (Reporting by Victoria Bryan; Editing by Louise Ireland) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/germany-airports-strike-idUSL8N1G069Y'|'2017-02-16T00:38:00.000+02:00'
'87f160a9548fa38e3a22315c052eb5d8fe24b950'|'China Fosun''s tourism unit eyes fundraising for overseas M&A-president'|'Deals - Asia  12pm GMT China Fosun''s tourism unit eyes fundraising for overseas M&A: president left right FILE PHOTO - Club Med banners blow in the wind beside the swimming pool at the Club Med Punta Cana vacation resort in the Dominican Republic, March 3, 2016. REUTERS/Charles Platiau/File Photo 1/3 left right FILE PHOTO: A performer juggles balls at the booth of French holiday group Club Med during the Fosun Fair in Hong Kong, China May 28, 2015. REUTERS/Bobby Yip/File Photo 2/3 left right FILE PHOTO: Performers are pictured at the booth of French holiday group Club Med during the Fosun Fair in Hong Kong, China May 28, 2015. REUTERS/Bobby Yip/File Photo 3/3 By Julie Zhu and Elzio Barreto - HONG KONG HONG KONG China''s Fosun is in talks with investors to raise funds for its tourism unit''s planned overseas acquisitions, looking to build up the business even as regulators closely scrutinize outbound transactions, the unit''s president said. Fosun Tourism & Culture Group, a key profit growth business for China''s largest private conglomerate, is in discussions with domestic and international investors for its first round of capital raising to boost overseas investments ahead of a public listing, said Qian Jiannong. The unit includes resort operator Club Med, a Chinese joint venture with tour operator Thomas Cook Group ( TCG.L ) and the ultra-luxury Atlantis Resort Hotel in the southern Chinese seaside city of Sanya. "We will increase (overseas) investment in the next few years and the area or regions that are most important for us are really not only where Chinese people have an interest in, but also the global regions where the tourism business is attractive," Qian told Reuters in an interview. "We have been in talks with many companies since 2010. Currently, we are also talking to a few companies, but I can''t comment on any potential deals and projects at this stage." After a record year for outbound mergers and acquisitions by Chinese companies in 2016, Beijing has placed curbs on capital outflows to reduce pressure on the yuan currency, which fell to eight-year lows in December. That won''t present a hurdle to Fosun''s growth ambitions, according to Qian. "Fosun, as a global enterprise, won''t be affected by such restrictions because we have enough offshore capital to conduct M&A deals overseas," he said. "If it''s an overseas target, we will definitely use our offshore platform to acquire it. We have units incorporated abroad and at home." Asked about a timeline for a listing, Qian said none had been set for Fosun Tourism. But Fosun ( 0656.HK ), controlled by billionaire co-founder Guo Guangchang, encourages its different units "to go public at an appropriate time", he said. Tourism is key to China''s shift toward a more consumer-driven economic growth, with companies including Fosun, Dalian Wanda Group Co and HNA Group increasing their bets on the sector. The domestic tourism industry raked in 3.9 trillion yuan ($567.3 billion) in 2016, which Beijing wants to rise to 7 trillion yuan by 2020, official news agency Xinhua has said. China will account for 14 percent of total global outbound travel by 2020 from 10 percent now, brokerage CLSA has forecast, with the number of Chinese overseas trips rising to 200 million a year at the end of the period from 125 million in 2015. For Fosun, the tourism unit is part of its "happiness" segment, which saw profits for the six months ended June 2016 soar 76 percent to 365.4 million yuan, surpassing the 25.5 percent increase in the conglomerate''s health segment and the 13.7 percent gain in the wealth management segment over the same period. Only the investment and property development segments, which saw profits double and rise more than 600 percent, respectively, experienced faster growth. Club Med, which Fosun bought in 2015, plans to open at least 20 new resorts in China over the next few years, Qian said without specifying the timeline for the buildup. The t
'96ac442445e8e6e64973373a0968eb5d997a2f0b'|'Some Platinum hedge fund clients get hopeful sign from receiver'|'By Lawrence Delevingne - NEW YORK NEW YORK A federal court-appointed receiver for troubled U.S. hedge fund manager Platinum Partners has hinted that some clients may yet recover much of their assets."Though we have just initiated our review, thus far we have not observed a major shift in overall portfolio value," Bart Schwartz, chairman of Guidepost Solutions, wrote in a message posted to platinumpartnersreceiver.com last week.Guidepost is working to liquidate Platinum''s investments in hard-to-sell private energy, mining and other companies after six top executives of the firm, including founder Mark Nordlicht and President Uri Landesman, were charged in December with running a $1 billion fraud. All six have pleaded not guilty.Platinum executives reported to Guidepost in September that two funds, Platinum Partners Credit Opportunities funds and the Platinum Partners Liquid Opportunity funds, had assets of $520 million and $16 million respectively, according to Schwartz''s note.The new message from Schwartz said that Guidepost continues to work with a valuation expert to assess those assets, a process that will continue for several months."We intend to purposefully and prudently liquidate the Funds<64> investments and generate cash whenever possible," Schwartz wrote. "However, we do not intend to engage in a fire sale and are not interested in impairing value for the sake of generating cash."A spokesman for Platinum declined to comment.Investors in Platinum''s credit and liquid strategies may fare better than those in the firm''s largest group of funds, Platinum Partners Value Arbitrage (PPVA). They are also being wound down under the supervision of a Cayman Islands-based liquidator per the mandate of a local court and received bankruptcy protection from a U.S. court to avoid an asset fire-sale.The PPVA funds were the focus of the U.S. government''s December charges. The Department of Justice and the Securities and Exchange Commission alleged that Platinum dramatically inflated the value of the companies in the PPVA portfolio and favored some investors over others who wanted to take their money out, among other issues.Reuters previously reported that clients of PPVA were not likely to recover the full value of their investments in the hedge funds that were once known for reported average annual returns of 17 percent.(Reporting by Lawrence Delevingne; Editing by Carmel Crimmins and Jonathan Oatis)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-hedgefunds-platinum-idINKBN15S2GD'|'2017-02-13T18:17:00.000+02:00'
'9fea030c9cd1ec90b66a58cf6fe18726ae496bd5'|'Analysis: China piles into Cuba as Venezuela fades and Trump looms'|'By Marc Frank - HAVANA HAVANA From buses and trucks to a $500 million golf resort, China is deepening its business footprint in Cuba, helping the fellow Communist-run state survive a crisis in oil-benefactor Venezuela and insulate against a possible rollback of U.S. detente.Cuban imports from China reached a record $1.9 billion in 2015, nearly 60 percent above the annual average of the previous decade, and were at $1.8 billion in 2016 as the flow of oil and cash slowed from Venezuela due to economic and political turmoil in the South American country.China''s growing presence gives its companies a head start over U.S. competitors in Cuba''s opening market. It could leave the island less exposed to the chance U.S. President Donald Trump will clamp down on travel to Cuba and tighten trade restrictions loosened by his predecessor Barack Obama.A deterioration in U.S.-China relations under Trump could also lead Beijing to dig in deeper in Cuba, some analysts say.<2E>If and when the Trump administration increases pressure on China ... China may decide to double down on its expanding footprint in the United States<65> neighbourhood,<2C> said Ted Piccone, a Latin America analyst at the Brookings Institution think tank.China, the world''s second largest economy, sells goods to Cuba on soft credit terms. It is Cuba''s largest creditor and debt is regularly restructured, though amounts and terms are considered state secrets.While Cuba does not publish investment data, the state press has been abuzz with news of Chinese projects lately, covering infrastructure, telecoms, tourism and electronics.Yutong ( 600066.SS ) buses, Sinotruk ( 3808.HK ) trucks, YTO ( 600233.SS ) tractors, Geely ( 0175.HK ) cars, Haier ( 1169.HK ) domestic appliances and other products are prominent in Cuba, where the main U.S. products on display are cars dating back to the 1950s, thanks to the ongoing economic embargo.Cubans flock every day to hundreds of Huawei supplied Wi-Fi hot spots and the firm is now helping to wire the first homes."Business is really booming, more than we could have ever imagined,<2C> said the manager of a shipping company which brings in Chinese machinery and transport equipment and who asked not to be identified.The foreign ministry in Beijing described China and Cuba as "good comrades, brothers, and partners," and said the relations "were not influenced by any third party," when asked whether U.S. policy was encouraging China to deepen its presence."We are happy to see that recently countries around the world are all expanding cooperation with Cuba. I think this shows that all countries have consistent expectations about Cuba''s vast potential for development," Chinese Foreign Ministry spokesman Geng Shuang told reporters.The U.S. State Department and White House did not immediately respond to requests for comment.INCREASED INVESTMENTOver the past two decades, China has become a major player in Latin America and the Caribbean, second only to the United States in investment flows and diplomatic clout.But the Asian giant was reluctant to invest in Cuba because of the poor business climate and fear of losing opportunities in the United States, according to Asian diplomats in Havana.That began to change after Obama moved to normalize relations two years ago and Cuba sweetened investment rules, sparking new interest among U.S. businesses and competitors around the world.China was well placed because the local government preferred doing business with long-term friends offering ample credit to work with state-run firms.In return, Cuba has shared contacts and knowledge about the region, and taught hundreds of Chinese translators Spanish.A report on the government''s official Cubadebate media web site last month said the two countries agreed to strengthen cooperation in renewable energy and industry, with 18 Chinese firms taking part in a three-day meeting in Havana.Plans for several projects were signed, including a joint venture with Haier
'7efa1733b3b3b01ec0e5d14f9c301f88acd38a78'|'ABN Amro authorized to subpoena more Transmar units in asset search'|'By Marcy Nicholson - NEW YORK NEW YORK Feb 14 ABN Amro Capital USA LLC has been granted authority to issue subpoenas to the U.S. and Ecuadorian units of cocoa trading house Transmar Group Ltd, a court filing showed on Tuesday, as the bank searches for more than $300 million in assets.The bank has widened its search on behalf of the company''s lenders for assets that they say disappeared from Transmar Commodity Group Ltd before it filed for bankruptcy on Dec. 31, 2016, a court document showed. The lenders say the assets could have helped cover Transmar''s debt.Transmar Commodity Group is a U.S. unit of Transmar Group, which is based in Morristown, New Jersey.ABN Amro Capital USA LLC, a unit of ABN Amro Group NV and agent for lenders to Transmar Commodity Group, was authorized to issue subpoenas to several companies, including Transmar Commodity Group, Transmar Holdings LLC, Transmar Ecuador S.A. and several directors, for documents and examination of witnesses, the court filing showed.ABN Amro was already authorized to issue subpoenas to ITC Cocoa House, Ltd, Itochu Corporation and Euromar Commodities GmbH, a Jan. 31 court document showed.Transmar Commodity Group sells cocoa products to major chocolate makers including Hershey Co and Nestle . Transmar Group''s European operations, Euromar Commodities GmbH in Germany, declared insolvency, citing "unfavorable" cocoa contracts and British pound fluctuations.Japanese trading house Itochu Corp, which bought a stake in a new joint venture with Transmar in early 2016, said earlier this month that it would exit the venture.In February 2016, ABN Amro entered into a $400 million credit facility with a group of lenders and Transmar Commodities Group, a Jan. 17 court document showed.ABN Amro is the most significant creditor in the Chapter 11 case, with total claims around $360 million in principal and $4.7 million in interest against Transmar, the bank''s attorneys stated in a Jan. 23 court document. (Editing by Simon Webb and Leslie Adler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/transmar-cocoa-idINL1N1FZ1UR'|'2017-02-14T17:53:00.000+02:00'
'8dfef1f3c5f139e323ff8167bcc4ee6bf4c560be'|'Opel agreements on product plans reach beyond 2020 - labour chiefs'|' 49pm GMT Opel agreements on product plans reach beyond 2020 - labour chiefs Opel workers on their way to join the unions meeting at the compnay headquarters in Ruesselsheim , Germany February 17, 2017. REUTERS/Ralph Orlowski FRANKFURT Agreements with workers at General Motors'' ( GM.N ) European arm Opel on project and product plans reach "far beyond 2020", the German and European works councils and trade union IG Metall said in a statement on Friday. They did not provide further details on the agreements. GM and Peugeot owner PSA Group ( PEUP.PA ) said this week they were in talks over a possible sale of Opel, known as Vauxhall in Britain, causing alarm in Berlin and London over possible job cuts and factory closures. The works councils and IG Metall said earlier on Friday that workers'' representatives at Opel were prepared to hold "constructive" talks with PSA as long as commitments to jobs and plant investments were upheld. (Reporting by Maria Sheahan; Editing by Harro ten Wolde)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-opel-m-a-psa-agreement-idUKKBN15W1ES'|'2017-02-17T20:51:00.000+02:00'
'28477ecc67e902630d02b0326c85c97956bfa401'|'Factbox: From cheese to maple syrup, what''s in EU-Canada trade deal?'|'Economic News - Wed Feb 15, 2017 - 5:03pm IST Factbox: From cheese to maple syrup, what''s in EU-Canada trade deal? left right Canada''s Prime Minister Justin Trudeau looks on during a news conference after the signing of the Comprehensive Economic and Trade Agreement (CETA) at the European Council in Brussels, Belgium, October 30, 2016. REUTERS/Eric Vidal/Files 1/2 left right European Council President Donald Tusk holds a news conference after signing the Comprehensive Economic and Trade Agreement (CETA) at the European Council in Brussels, Belgium, October 30, 2016. REUTERS/Eric Vidal/Files 2/2 STRASBOURG The European Union and Canada will kick-start a multi-billion dollar trade pact called the Comprehensive Economic and Trade Agreement (CETA) in the coming months after it secured approval from EU lawmakers on Wednesday. Parts of the deal, particularly concerning investment, will only come into force after clearance by more than 30 national parliaments and the assemblies of Belgium''s regions. This process can take several years and approval is far from certain. Here are some of the details of the 1,598-page treaty: ECONOMIC BOOST Canada is the EU''s 12th most important trading partner. The EU is number two for Canada, accounting for nearly 10 percent of its external trade in goods. A joint EU-Canada study forecast CETA would increase bilateral trade in goods and services by more than 20 percent. For the European Union, this could boost annual economic output by 12 billion euros ($12.7 billion) per year. Canada has put its economic gain at around C$12 billion ($9.18 billion). TARIFFS The European Union and Canada have agreed to eliminate tariffs on almost 99 percent of goods. The beneficiaries would include, for example, carmakers or the EU textile sector, for which Canadian duties can be up to 18 percent. AGRICULTURE Each party will reduce tariffs on just over 90 percent of agricultural products. So for example, an 8 percent EU duty on maple syrup will go. Tariffs will remain on poultry meat and eggs. For other items, quotas will apply. Canada will be able to increase its exports in stages to 80,000 tonnes of pork, 50,000 tonnes of beef and 100,000 tonnes of wheat free of duties to the European Union. EU dairy producers will be able to export more than double the amount of ''high quality'' cheeses to Canada. Canada will also grant access for most processed agricultural products, for the EU notably wine and spirits. REGIONAL FOOD PRODUCTS Canada will protect the special status of certain EU agricultural products. Under EU rules, "geographical indications" may only come from a specific country or region, such as Prosciutto di Parma ham from Italy and Camembert cheese from France. MEDICINE PATENTS The trade deal aims to create a more level playing field between Canada and the European Union, the latter having complained that pharmaceutical patents are not sufficiently protected in Canada. PUBLIC PROCUREMENT Federal, state and municipal government in Canada have committed to open their markets for procurement to European suppliers, a first for Canada in any trade deal, for example in urban transport. Federal government contracts are estimated to be worth some C$15-19 billion per year and those of Canadian municipalities at around C$112 billion. CARS The European Union will eliminate its tariffs of 10 percent on cars and up to 4.5 percent on auto parts from Canada, while Canada will recognise a list of EU car standards that will make it easier to export vehicles to Canada. SERVICES The European Union sees around half of the overall GDP gains coming from liberalising trade in services - notably financial, telecoms, energy and maritime transport. The two partners will also mutually recognise professional qualifications, such as for architects, accountants or engineers, making it easier for them to offer their services. INVESTMENT Canada is the fourth largest foreign investor in the EU and the value of goods pr
'3c9aedbe5791ec290ca8f06aa2083806d91a3092'|'GM CEO, President at Opel HQ for talks with management'|'FRANKFURT General Motors ( GM.N ) Chief Executive Mary Barra and President Dan Ammann are at Opel''s headquarters in Ruesselsheim, Germany, Opel said on Wednesday.PSA and GM on Tuesday said they were exploring a potential deepening of strategic initiatives, including a sale of Opel to the French company.German monthly Manager Magazin reported that Barra and Ammann were visiting Opel to brief top management there about the talks with PSA ( PEUP.PA ).Manager Magazin also said Opel CEO Karl-Thomas Neumann was in parallel working on a strategy to turn Opel into a pure electric car brand by 2030.(Reporting by Ilona Wissenbach and Edward Taylor; Editing by Maria Sheahan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-opel-m-a-psa-hq-idINKBN15U12T'|'2017-02-15T08:08:00.000+02:00'
'aa89d7e6b8f52eb4aec99cfb1dbad558d3a51800'|'Dollar gains after Trump-Abe meet, Asian shares firm'|'Business News - Sun Feb 12, 2017 - 6:54pm EST Dollar gains after Trump-Abe meet, Asian shares firm South Korean won, Chinese yuan and Japanese yen notes are seen on U.S. 100 dollar notes in this picture illustration taken in Seoul, South Korea, December 15, 2015. REUTERS/Kim Hong-Ji By Hideyuki Sano - TOKYO TOKYO The dollar rose against the yen on Monday on relief that U.S. President Donald Trump set aside tough campaign rhetoric over security and jobs in a smooth meeting with Japanese Prime Minister Shinzo Abe, with no mention of currency policy. Asian stocks ticked up, helped by renewed optimism over Trump''s tax reform plans, generally upbeat global economic data and Trump''s change of tack to agree to honor the "one China" policy. The dollar rose 0.6 percent against the yen to 113.90 yen, extending its rebound from 111.59 yen touched last Tuesday, which was its lowest level in 10 weeks. A senior Japanese government spokesman said Abe and Trump did not discuss currency issues and that Trump did not request a bilateral trade deal. The official told reporters that a U.S.-Japan economic dialogue will be led by Japanese Deputy Prime Minister Taro Aso and Vice President Mike Pence to address fiscal and monetary policies as well as infrastructure projects and trade. "We can expect a realistic approach as the dialogue will be led by Pence and Aso. It is reassuring that an unpredictable Trump is not in it," said Yasunobu Katsuki, senior primary analyst at Mizuho Securities. MSCI''s broadest index of Asia-Pacific shares outside Japan rose 0.1 percent in early trade with Australian shares up 0.4 percent. Japan''s Nikkei is likely to gain, with its futures in Chicago trading at 0.3 percent higher. The MSCI''s world index, which tracks shares in 46 countries, rose to its highest level since May 2015 on Friday, with Wall Street''s main stock indexes rising to fresh all-time closing highs. Comments from Trump on Thursday that he plans to announce the most ambitious tax reform plan since the Reagan era in the next few weeks rekindled hopes for big tax cuts. Tax cut hopes offered broad support for the dollar, with the euro slipping 0.1 percent to $1.0629, edging near Friday''s three-week low of $1.0608. The common currency has been dogged by fears about a strong showing for French far-right leader Marine Le Pen ahead of a presidential election. Oil prices held steady after strong gains on Friday on reports that OPEC members delivered more than 90 percent of the output cuts they pledged in a landmark deal that took effect in January. U.S. crude futures traded at $53.90 per barrel, little changed from Friday''s settlement. Copper also surged to its highest level since May 2015 on Friday on a strike at the world''s biggest copper mine in Chile. (Editing by Richard Pullin)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-global-markets-idUSKBN15R130'|'2017-02-13T06:54:00.000+02:00'
'c5956065c37035a6c39dfacf8874b9c51e38673a'|'US issuers rush to sell Formosa bonds before rule change'|'* US blue chips head for Taiwan to lock in flexible funding termsBy Daniel StantonSINGAPORE, Feb 13 (IFR) - Three US blue chips headed to Taiwan''s Formosa bond market last week in a rush to lock in flexible funding ahead of changes in local regulations and a potential shake-up in US tax rules.Verizon Communications issued a $1.475 billion 30-year non-call three bond at 4.95 percent, the largest Formosa issue of the year so far. Also last week, Apple was rumoured to be sounding investors for a potential $1 billion 30 non-call three, indicated at a yield in the 4.3 percent area, and Pfizer was heard to be eyeing the market, too.Global issuers are rushing to Taiwan before a local rule change in March that will effectively prevent them from offering securities with call dates of less than five years. However, US companies have an additional incentive to lock in the most flexible terms possible, with potential changes to the US tax code looming over the horizon."A lot of issuers are thinking they want to get ahead of this," said a foreign banker. "If something changes in the US tax rules, they can call back their bonds later."Many US multinationals keep large piles of cash offshore to limit corporate tax payments and sell bonds to fund dividend payments or share buybacks.However, proposals to cut the US corporate tax rate and remove the deductibility of interest payments against income are likely to spur them to repatriate their cash and potentially reduce bond issuance.Such proposals are unlikely to become law before the end of this year, if at all, but, in the meantime, yield-hungry Taiwanese investors remain an attractive alternative source of US dollar funding.The Formosa market relies heavily on local life insurers, and foreign issuance has rocketed since 2014, when Taiwan''s Financial Services Commission reclassified Formosa bonds as domestic debt. Taiwanese insurers, which cannot invest more than 45 percent of their assets in foreign bonds, were, therefore, freed up to buy more dollar bonds listed in Taiwan.CALLING TIME Insurance investors typically prefer long maturities and the most popular tenor in the Formosa market is 30 years, but most bonds have call options, most commonly at three years.Still, the structure of Formosa bonds is about to change. Last month, the FSC said it would prohibit Taiwanese insurance companies from buying bonds with call options earlier than five years.Since insurers are, by far, the largest buyers of Formosa bonds with about an 80 percent share of all outstanding issues, according to a November estimate by asset manager PIMCO, issuers are expected to stick to non-call five structures after the new rule takes effect on March 25.That means US corporate issuers, in particular, are trying to take advantage of the short-dated call options available in the Formosa market while they can.That may also mean the mix of issuers looking to court Taiwanese investors may change after March."I don''t think it will mean that we get fewer US corporates issuing into the Formosa market since the economics for them to issue dollars from an economic standpoint is still the most attractive," said Rick Chan, EVP and portfolio manager, interest rate derivatives, at PIMCO."There is a potential that it may be different names. We have seen a decrease in Formosa bond issuance from US financials with the slack being made up from Middle East issuers and other corporates. Pfizer, Apple and Vodafone are all working on potential deals this week, for example. The binding constraint will be more from the demand side."However, another mooted rule change is expected to encourage issues from lower-rated names.Currently, it is impractical for life insurers to buy Formosa rated below Single A, as there are restrictions on how much lower-rated paper they can purchase. However, it is expected that requirement will be eased and it will soon be practical for them to buy Formosa rated BBB+ and above.That could be good news for so
'7be6937ce372c7a1363f4ef8866117806c03cf3d'|'SoundCloud loses key executives amid fundraising drive'|'Technology  48pm EST SoundCloud loses key executives amid fundraising drive Berlin''s SoundCloud CEO Alexander Ljung attends the LeWeb technology conference December 4, 2012 in Aubervilliers, near Paris. REUTERS/Philippe Wojazer FRANKFURT Music-streaming service SoundCloud has lost two senior executives and is seeking to raise new funding, the company said on Sunday, but denied a Financial Times report that it was running low on cash. Marc Strigel, SoundCloud''s chief operating officer, and finance director Markus Harder left after five years with the company to pursue new opportunities, a spokeswoman for Berlin-based SoundCloud said, without giving details. "SoundCloud is currently fundraising, which is typical of most startups of our size and in our phase of growth," the spokeswoman said, denying an assertion by an anonymous source quoted by the FT as saying it was seeking financing in "desperation." The firm raised $100 million last June from a group of investors including Twitter, half the $193 million it has taken in since its founding in 2008, according to Crunchbase data. The FT''s source said SoundCloud was looking to raise funds while seeking to avoid accepting a lower valuation than the roughly $700 million when it last raised money. SoundCloud is popular among music artists, but has been less successful at striking licensing deals on favorable terms with major music labels than rivals Spotify and Apple Music. The SoundCloud spokeswoman reported business as usual, saying the executive departures were unrelated to its fundraising. The company said in a report filed early in January that it made a loss of 48.7 million euros ($51.8 million) after tax during the 2015 calendar year. The company''s auditors warned in the filing with UK Companies House that a material uncertainty exists that may cast doubt on the company''s ability to continue as a going concern. "This is unrelated to our ''normal course'' fundraising efforts, which are being led by our recently appointed Chief Financial Officer, Holly Lim," the SoundCloud spokeswoman said. Lim joined in September after working at Google. "SoundCloud remains in a position of strength and is confident in its long-term prospects as it continues to be the go to platform for the creative community," the spokeswoman said. (Reporting by Eric Auchard; Writing by Andreas Cremer; Editing by Peter Cooney.) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-soundcloud-management-idUSKBN15R11A'|'2017-02-13T05:45:00.000+02:00'
'ce2844a2f3c1df706bcc7cc7ba1c96f2e87ac338'|'BRIEF-CEL-SCI says met with FDA on Feb. 8'|' 51pm EST BRIEF-CEL-SCI says met with FDA on Feb. 8 Feb 14 CEL-SCI Corp : * CEL-SCI says met with FDA on February 8, 2017 * CEL-SCI - at the meeting with FDA, there was a discussion of steps that would be required to lift the partial clinical hold * CEL-SCI - has immediately begun working on the steps which may or may not result in the lifting of the partial clinical hold Source text - bit.ly/2ld0khk  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1FY0X7'|'2017-02-14T03:51:00.000+02:00'
'04ddd4e43455593c642101fbdb5af58d4b385b4d'|'VietJet to list on February 28 at $1.2 billion valuation: exchange'|'HANOI Vietnamese budget airline Vietjet Aviation VJC.HM will list on the domestic Ho Chi Minh Stock Exchange on February 28 at a starting price of 90,000 dong ($3.97) per share, the exchange said in a statement on Monday.The starting price, which Vietjet announced last Thursday, would put the capitalization of Vietnam''s biggest private airline at $1.19 billion.(Reporting by Mai Nguyen)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-vietjet-listing-idINKBN15S0W6'|'2017-02-13T06:27:00.000+02:00'
'aa1935247424f6634bb2323098cc43812655ddf8'|'MOVES-AllianceBernstein names new senior vice president'|'Company News - Mon Feb 13, 2017 - 8:05am EST MOVES-AllianceBernstein names new senior vice president Feb 13 Asset manager AllianceBernstein Holding LP appointed Lynn Mah senior vice president and head of EMEA marketing. Mah, who will be based in London, joins from GAM, an asset management firm, where she most recently was head of global sales marketing. (Reporting by Nikhil Subba in Bengaluru) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/alliancebernstein-moves-lynnmah-idUSL4N1FY3UA'|'2017-02-13T20:05:00.000+02:00'
'58c322efe9801342140e1bfd51c975e3489b41bd'|'CEE MARKETS-Stocks retreat, Czech, Hungarian GDP grew less than expected'|'* Hungarian, Czech Q4 GDP growth lower than expected * Polish stocks retreat ahead of GDP data due at 0900 GMT * Forint shrugs off jump in Hungarian CPI By Sandor Peto BUDAPEST, Feb 14 Central European stocks fell in early trade on Tuesday, with Warsaw retreating from 17-month highs after Hungary and the Czech Republic reported lower-than-expected economic growth figures for the last quarter of 2016. Poland is due to publish its own figures at 0900 GMT. Hungary''s annual growth slowed to 1.6 percent in the October-December period from 2.2 percent in the prevous quarter and the Czech growth rate dropped to 1.7 percent from 1.9 percent. The Warsaw stock exchange''s bluechip index led regional equities losses, dropping 0.6 percent by 0812 GMT, while Prague and Budapest shed 0.2 percent. Regional stocks have been helped this year by a rise in global stock markets due to hopes for economic stimulus in the United States. Warsaw shares have received additional support from recent better-than-expected economic data. Based on the monthly indicators released in the past months in the region, weak Hungarian and Czech fourth-quarter economic figures were not surprising. A slower inflow of European Union funds last year curbed growth and retail sales rose less than expected in late 2016 in Hungary and the Czech Republic. "ING expects a more favourable growth rate (in Hungary) this year, further driven by a rise in consumption and supported by growth in investments," said ING analyst Peter Virovacz in a note. Other Hungarian data released on Tuesday showed a rise in the annual inflation rate to 2.3 percent in January, above an analysts'' forecast of 2.0 percent. That was not a big surprise either as Czech and Polish figures reported earlier were also higher than expected and price indices often move in tandem in the region. The forint and other regional currencies changed little against the euro after the data, including the leu of Romania, which reported a robust 4.7 percent rise in economic output for the fourth quarter of last year. The zloty eased a shade to 4.311 versus the euro. CEE SNAPS AT 0912 MARKETS HOT CET CURRENCIES Lates Previ Daily Chang t ous e bid close chang in e 2017 Czech crown 27.02 27.02 +0.0 -0.05 00 45 2% % Hungary 308.3 308.4 +0.0 0.15% forint 500 450 3% Polish 4.311 4.312 +0.0 2.15% zloty 0 1 3% Romanian 4.502 4.500 -0.04 0.73% leu 0 0 % Croatian 7.448 7.449 +0.0 1.43% kuna 5 5 1% Serbian 123.8 123.9 +0.1 -0.40 dinar 400 600 0% % 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 970.6 972.1 -0.15 +5.3 9 9 % 3% Budapest 33284 33356 -0.21 +4.0 .92 .19 % 1% Warsaw 2166. 2179. -0.62 +11. 10 66 % 20% Bucharest 7647. 7640. +0.0 +7.9 51 89 9% 4% Ljubljana 0.00 760.9 +0.0 -100. 6 0% 00% Zagreb 0.00 2154. +0.0 -100. 48 0% 00% Belgrade <.BELEX15 0.00 703.5 +0.0 -100. > 2 0% 00% Sofia 604.6 606.1 -0.25 +3.1 1 4 % 0% BONDS Yield Yield Sprea Daily d (bid) chang vs chang e Bund e in Czech sprea Republic d 2-year <CZ2YT=RR -0.57 0 +022 +0bp > 4 bps s 5-year <CZ5YT=RR 0.105 0 +053 +0bp > bps s 10-year <CZ10YT=R 0.512 0 +018 +1bp R> bps s Poland 2-year <PL2YT=RR 2.231 -0.08 +302 -8bps > 5 bps 5-year <PL5YT=RR 3.184 0.002 +361 +0bp > bps s 10-year <PL10YT=R 3.875 -0.01 +354 +0bp R> 2 bps s FORWARD RATE AGREEMENT 3x6 6x9 9x12 3M inter bank Czech Rep < 0.26 0.26 0.31 0 PRIBOR=> Hungary < 0.36 0.51 0.65 0.24 BUBOR=> Poland < 1.78 1.82 1.91 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-idINL8N1FZ203'|'2017-02-14T05:41:00.000+02:00'
'0ce46e80ff5549d5cc4b0dfb69549690079961f8'|'UK Stocks-Factors to watch on Feb. 15'|'Company News - Wed Feb 15, 2017 - 1:34am EST UK Stocks-Factors to watch on Feb. 15 Feb 15 Britain''s FTSE 100 index is seen opening up 26 points at 7294 on Wednesday, according to financial bookmakers. * The blue chip FTSE 100 index ended slightly lower on Tuesday at 7,268.56, pausing after a five-day winning streak as Rolls-Royce tumbled after reporting a record loss. * IAG: British Airways cabin crew members working for the carrier''s mixed fleet are to strike for a further four days from Feb. 22, trade union Unite said on Tuesday. * DEUTSCHE BANK: U.S. judge has rejected Deutsche Bank AG''s bid to dismiss a lawsuit claiming it delayed foreign exchange trades to get a "last look" at how prices were moving, enabling the German bank to extract more profit at customers'' expense. * OIL: Oil prices dipped on Wednesday over concerns that producer club OPEC would not be able to maintain its high compliance so far with output cuts aimed at reining in a global fuel supply overhang. Brent crude futures were trading at $55.80 per barrel at 0115 GMT, down 17 cents from their last close. * METALS: London copper prices steadied on Wednesday to hold above the $6,000-mark, shrugging off a stronger dollar and finding support from supply disruptions at the world''s two biggest mines. Three-month copper on the London Metal Exchange had edged up 0.3 percent to $6,040 a tonne by 0109 GMT, following 1.4-percent losses the session before. * GOLD: Gold prices edged lower on Wednesday as the dollar ticked higher after U.S. Federal Reserve Chair Janet Yellen hinted at a hike in interest rates in an upcoming meeting of the central bank. Spot gold fell 0.14 percent, to $1,226.44 per ounce by 0257 GMT, while U.S. gold futures GCcv1 rose 0.17 percent to $1,227.50. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets * UK CORPORATE DIARY: NEX Group Plc Q3 earnings EuroNext NV Full Year results 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 Sanjeeban Sarkar in Bengaluru; Editing by Gopakumar Warrier) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-stocks-factors-idUSL4N1G02GA'|'2017-02-15T13:34:00.000+02:00'
'8a03120976d7475e9446f9043519b05b8997bfe8'|'Merck to halt study of mild to moderate Alzheimer''s drug'|'Health  07pm EST Merck to halt study of mild to moderate Alzheimer''s drug Merck & Co Inc said it would halt a late-stage trial of its drug in patients with mild to moderate Alzheimer''s disease after an external panel pointed to a lack of effectiveness. The company''s shares were down 2.4 percent at $64.06 in after-market trading on Tuesday. Merck said the external data monitoring committee, which assessed overall benefit or risk of verubecestat, determined that there was "virtually no chance of finding a positive clinical effect". Patients with mild to moderate Alzheimer''s disease exhibit detectable and worsening impairment of cognitive and functional abilities. The company''s announcement comes nearly three months after Eli Lilly and Co said its Alzheimer''s treatment failed to slow declines in mental capacity of patients with even mild symptoms. Merck said that another late-stage study for the treatment of people with prodromal Alzheimer''s disease would continue and results from the study are expected by February 2019. Patients with prodromal Alzheimer''s disease have objective memory problems but relatively normal functioning in activities of daily living. (Reporting by Akankshita Mukhopadhyay in Bengaluru; Editing by Maju Samuel) Next In Health News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-health-alzheimers-merck-co-idUSKBN15T31M'|'2017-02-15T06:04:00.000+02:00'
'44a2dc3813337a5a84523fbb57139535691e42d8'|'Bank of America CEO Moynihan awarded $20 million for 2016'|'Business  41pm EST Bank of America CEO Moynihan awarded $20 million for 2016 Brian Moynihan, Chairman of the Board and CEO of Bank of America Corporation attends the World Economic Forum (WEF) annual meeting in Davos, Switzerland January 20, 2017. REUTERS/Ruben Sprich NEW YORK Bank of America Corp ( BAC.N ) raised Chief Executive Officer and Chairman Brian Moynihan''s compensation by 25 percent in 2016 after the second-largest U.S. bank grew profits by 13 percent. Moynihan''s total compensation was $20 million, up from $16 million in 2015. As has been the case in prior years, his award includes a base salary of $1.5 million and no cash bonus. The remainder comes in units that can be converted into stock. Fifty percent of those units are subject to performance hurdles that must be met in later years. (Reporting by Dan Freed; Editing by Lisa Shumaker) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-bank-of-america-ceo-pay-idUSKBN15W2C9'|'2017-02-18T04:30:00.000+02:00'
'5e9bfd7bc7b9a08b72ff2fbe4bc074d8616498d5'|'Freeport declares force majeure on Grasberg contracts -Metal Bulletin'|'Commodities   10:11am EST Freeport declares force majeure on Grasberg contracts: Metal Bulletin TORONTO Freeport-McMoRan Inc has declared force majeure on "nearby deliveries" of copper concentrate from its suspended Grasberg mine in Indonesia, Metal Bulletin reported on Friday, citing unnamed sources. Freeport, the world''s biggest public-listed copper miner, did not immediately respond to requests for information. Smelters in Asia, with Grasberg shipments scheduled for delivery late in the first quarter and early in the second quarter, were told yesterday and today that Freeport cannot guarantee when it will next meet shipment schedules, the Metal Bulletin reported. Other customers, with deliveries later in the year, had not received notification, the report added, citing sources with direct involvement. A more than month-long export suspension brought production at the giant Grasberg mine in Papua, Indonesia, to a standstill last week. Separately on Friday, Indonesia''s mining ministry recommended that Freeport be granted a permit to export 1.1 million tonnes of copper concentrates until Feb. 16, 2018. The country introduced rules on Jan. 12 requiring Freeport and some other miners to shift from ''contracts of work'' to so-called ''special mining permits,'' before being allowed to resume exports of semi-processed ores and concentrates. Phoenix, Arizona-based Freeport has said it would only agree to a new mining permit with the same fiscal and legal protection in its current contract. (Reporting by Susan Taylor; Editing by Bernadette Baum) Next In Commodities'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-indonesia-freeport-mcmoran-mine-idUSKBN15W1O0'|'2017-02-17T22:09:00.000+02:00'
'2eb61fe5efaf39078e5a017bbd52a458e27a92c9'|'China''s Juneyao Airlines finalizes $1.32 billion order for five Boeing 787s'|'  8:41pm EST China''s Juneyao Airlines finalizes $1.32 billion order for five Boeing 787s FILE PHOTO - Invited guests for the world premiere of the Boeing 787 Dreamliner are reflected in the fuselage of the aircraft at the 787 assembly plant in Everett, Washington, July 8, 2007. REUTERS/Robert Sorbo/File Photo SHANGHAI China''s Juneyao Airlines ( 603885.SS ) has finalised a $1.32 billion order for five Boeing ( BA.N ) 787-9 dreamliners, part of a plan for new routes to North America, Europe and Australia over the next four years. The order represents the airline''s first Boeing order and its first for widebody aircraft, the companies said in a statement issued late on Thursday. Juneyao said last month was planning on five firm dreamliner orders with an option for five more. The Shanghai-based privately owned company, which first flew in 2006, is one of several Chinese carriers aiming to expand internationally as growth in the country''s outbound tourism market outpaces domestic tourism. Juneyao currently operates domestic routes or short-haul international flights to neighboring countries such as Japan, South Korea and Thailand. It agreed to join global airline alliance group Star Alliance as a "connecting partner" last October. (Reporting by Brenda Goh; Editing by Edwina Gibbs)  '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-boeing-juneyao-airlines-orders-idUSKBN15W04F'|'2017-02-17T08:41:00.000+02:00'
'790a46aaa64030c5bcdbcda5fb3fffd3cea2bd14'|'SoftBank to buy Fortress Investment for $3.3 billion'|'TOKYO Japan''s SoftBank Group Corp ( 9984.T ) has agreed to buy Fortress Investment Group LLC ( FIG.N ), a private-equity firm and asset manager, for about $3.3 billion in cash, a surprise move for a group that has to date focused on telecoms and technology.The companies said Fortress principals would continue to lead the fund, which will operate within SoftBank as an independent business, based in New York.Fortress shareholders will receive $8.08 per share, a premium of 38.6 percent to the closing price on Feb. 13.Fortress plans to maintain its current base dividend of 9 cents per share for the fourth quarter of 2016, the company said in a statement.SoftBank is driving large-scale investments through a $100 billion tech fund set up with Saudi Arabia in October. The fund is being run by Rajeev Misra, a former investment banker and, briefly, Fortress employee.(Reporting by Subrat Patnaik in Bengaluru and Clara Ferreira Marques in Singapore; Editing by Maju Samuel)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-fortress-inv-glo-m-a-softbank-group-idINKBN15T333'|'2017-02-14T21:10:00.000+02:00'
'1305a6fc21bccb06707b8cfe5b01557526703e38'|'Nelson Peltz''s Trian Fund takes $3.5 billion stake in P&G: CNBC'|'Nelson Peltz''s Trian Fund Management LP has bought a stake worth about $3.5 billion in Procter & Gamble Co ( PG.N ), CNBC reported, citing sources.Trian is expected to disclose that it owns a stake in Procter & Gamble Co as early as Tuesday, the Wall Street Journal reported, citing people familiar with the matter.(Reporting by Subrat Patnaik in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-procter-gamble-stake-trian-fund-idINKBN15T2WR'|'2017-02-14T18:49:00.000+02:00'
'71d03bea95c5b4644f240e4a4c76d9a1909087b2'|'Trump aide says endorsement of Ivanka''s brand was ''light-hearted'''|'Business News - Sun Feb 12, 2017 - 7:05pm GMT Trump aide says endorsement of Ivanka''s brand was ''light-hearted'' White House counselor Kellyanne Conway arrives for the joint news conference of Japanese Prime Minister Shinzo Abe and U.S. President Donald Trump at the White House in Washington, U.S., February 10, 2017. REUTERS/Joshua Roberts By Julia Harte - WASHINGTON WASHINGTON A top aide to U.S. President Donald Trump on Sunday defended his colleague, Kellyanne Conway, after she was widely criticized for her public endorsement of the fashion line of Trump''s daughter, Ivanka. Speaking on ABC''s "This Week" programme, White House aide Stephen Miller said Trump adviser Conway was making a "light-hearted, flippant" comment when she urged Americans to buy Ivanka Trump''s products. Conway''s comments prompted criticism from both Republican and Democratic lawmakers, as well as some legal experts who said she may have violated ethics rules that prohibit using a public office to endorse products or advance personal business gains. In comments to the Associated Press last week, Republican Jason Chaffetz, chairman of the House of Representatives Oversight committee, said Conway''s statement was "clearly over the line, unacceptable." Elijah Cummings, the top Democrat on the same committee, said on Sunday that Miller''s characterization of Conway''s remarks was incorrect. "This was a textbook case of a violation of the law," he said on "This Week." Cummings said he was troubled by the fact that Trump is the authority who will ultimately decide how to punish Conway, if at all, after the Office of Government Ethics issues its recommendation on the matter. Conway made the comments after retailer Nordstrom said it would stop selling Ivanka Trump''s clothing line, a move that had prompted a tweet from the president blasting Nordstrom. Nordstrom said it had made the decision to drop the brand because sales had steadily declined, especially in the last half of 2016, to where carrying the line "didn''t make good business sense." Nordstrom shares initially fell after the president''s criticism last Wednesday, but closed up 4 percent on the New York Stock Exchange that day. On Saturday, a spokesman for major U.S. retailers Sears and Kmart said they had removed 31 Trump Home items from their online product offerings in order to focus on more profitable merchandise. (Reporting by Julia Harte; Editing by Andrea Ricci) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-trump-nordstrom-idUKKBN15R0X7'|'2017-02-13T02:05:00.000+02:00'
'da50315f8911c39bb2fb055eb899f3982cfaeb8e'|'Enbridge buys stake in EnBW''s 1.8 billion euro Hohe See wind park'|'FRANKFURT Canadian energy infrastructure group Enbridge Inc ( ENB.TO ) has bought a 49.9 percent stake in EnBW''s ( EBKG.DE ) 1.8 billion euro ($1.9 billion) North Sea offshore park Hohe See, EnBW said on Friday.Enbridge said it was spending a total of around C$1.7 billion ($1.3 billion), which includes some financing and transaction costs. It said it had already funded its investment through financing moves in the fourth quarter of last year, primarily preferred share and hybrid instrument offerings.With a planned capacity of about 500 megawatts (MW), Hohe See is one of Europe''s largest offshore wind park projects and will be EnBW''s biggest park to date.Both partners will jointly finance the wind park from construction through to commissioning in 2019, shouldering roughly half the investment sum each.EnBW will be responsible for the operation and maintenance of the finished park based on a service and management contract, EnBW said.EnBW said Enbridge also had an option to participate in expansion project Albatros, for which an investment decision is expected early this year.A person familiar with the matter told Reuters in August that Enbridge had won the auction for a stake in Hohe See.Hohe See, which will be located in the North Sea around 100 kilometers (62 miles) west of the German island of Heligoland, will supply around 560,000 households with power and save 1.5 million tonnes of CO2. EnBW said it would make a substantial contribution to its group operating earnings after it is commissioned.Enbridge said its financial advisor for the Hohe See deal was JP Morgan, while its legal advisor was Dentons.($1 = 0.9398 euros)($1 = 1.3094 Canadian dollars)(Reporting by Maria Sheahan; Editing by Victoria Bryan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-enbw-energie-windfarm-enbridge-inc-idINKBN15W17B'|'2017-02-17T09:00:00.000+02:00'
'02900ca8fd5fc13a14993acf1fb642fab156bd97'|'Shanghai-London connect talks moving to ''second phase'' - London official'|'Business News - Fri Feb 17, 2017 - 6:50am GMT Shanghai-London connect talks moving to ''second phase'' - London official The Lord Mayor of the City of London, Andrew Parmley, holds up a guide for young Londoners during his speech at the London Government Dinner at the Mansion House in London, Britain, January 12, 2017. REUTERS/Peter Nicholls HONG KONG - Talks on a Shanghai-London stock connect scheme are moving to a "second phase", the City of London''s Lord Mayor Andrew Parmley said on Friday. Feasibility studies for a potential Shanghai-London stock connect have been under discussion for some time, but progress has been slow in the face of challenges including China''s stock market crash in 2015 and more recently, Britain''s unexpected decision to leave the European Union. A link between the two exchanges would allow investors on one bourse to invest in the other. (Reporting By Michelle Price; Editing by Anne Marie Roantree & Shri Navaratnam) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-hongkong-london-stockconnect-idUKKBN15W0HD'|'2017-02-17T13:50:00.000+02:00'
'bcdd24f30365f1e033d0dceeefefdbf4ff6cafea'|'GM CEO, President at Opel HQ for talks with management'|'Wed Feb 15, 2017 - 10:10am GMT GM CEO, President at Opel HQ for talks with management Dan Ammann (R), President of General Motors speaks during the Fortune Brainstorm Tech conference in Aspen, Colorado, U.S. in this handout photo released to Reuters July 11, 2016. Stuart Isett/Fortune Brainstorm TECH/Handout via Reuters FRANKFURT General Motors ( GM.N ) Chief Executive Mary Barra and President Dan Ammann are at Opel''s headquarters in Ruesselsheim, Germany, Opel said on Wednesday. PSA and GM on Tuesday said they were exploring a potential deepening of strategic initiatives, including a sale of Opel to the French company. German monthly Manager Magazin reported that Barra and Ammann were visiting Opel to brief top management there about the talks with PSA ( PEUP.PA ). Manager Magazin also said Opel CEO Karl-Thomas Neumann was in parallel working on a strategy to turn Opel into a pure electric car brand by 2030. (Reporting by Ilona Wissenbach and Edward Taylor; Editing by Maria Sheahan) Up Next Toshiba shares tumble as bigger stake in chip unit likely up for sale TOKYO Shares in Toshiba Corp skidded on Wednesday after the conglomerate said it would book a $6.3 billion hit to its U.S. nuclear unit and may sell a majority stake in its prized flash-memory chip unit as it scrambles for cash to stay in business. Pharma industry shuns Trump push for radical shift at FDA U.S. President Donald Trump''s vow to roll back government regulations at least 75 percent is causing anxiety for some pharmaceutical executives that a less robust Food and Drug Administration would make it harder to secure insurance coverage for pricey new medicines. SEOUL South Korea''s special prosecutor''s office said on Wednesday it had expanded charges against Samsung Group chief Jay Y. Lee to include hiding the proceeds of a criminal act before it decided to seek a warrant for his arrest. 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-opel-m-a-psa-hq-idUKKBN15U12T'|'2017-02-15T17:14:00.000+02:00'
'5ceda379bc5ea453be746da0ac1f9b4753e8c55d'|'ABN Amro authorized to subpoena more Transmar units in asset search'|'NEW YORK ABN Amro Capital USA LLC has been granted authority to issue subpoenas to the U.S. and Ecuadorian units of cocoa trading house Transmar Group Ltd, a court filing showed on Tuesday, as the bank searches for more than $300 million in assets.The bank has widened its search on behalf of the company''s lenders for assets that they say disappeared from Transmar Commodity Group Ltd before it filed for bankruptcy on Dec. 31, 2016, a court document showed. The lenders say the assets could have helped cover Transmar''s debt.Transmar Commodity Group is a U.S. unit of Transmar Group, which is based in Morristown, New Jersey.ABN Amro Capital USA LLC, a unit of ABN Amro Group NV and agent for lenders to Transmar Commodity Group, was authorized to issue subpoenas to several companies, including Transmar Commodity Group, Transmar Holdings LLC, Transmar Ecuador S.A. and several directors, for documents and examination of witnesses, the court filing showed.ABN Amro was already authorized to issue subpoenas to ITC Cocoa House, Ltd, Itochu Corporation and Euromar Commodities GmbH, a Jan. 31 court document showed.Transmar Commodity Group sells cocoa products to major chocolate makers including Hershey Co and Nestle. Transmar Group''s European operations, Euromar Commodities GmbH in Germany, declared insolvency, citing "unfavorable" cocoa contracts and British pound fluctuations.Japanese trading house Itochu Corp, which bought a stake in a new joint venture with Transmar in early 2016, said earlier this month that it would exit the venture.In February 2016, ABN Amro entered into a $400 million credit facility with a group of lenders and Transmar Commodities Group, a Jan. 17 court document showed.ABN Amro is the most significant creditor in the Chapter 11 case, with total claims around $360 million in principal and $4.7 million in interest against Transmar, the bank''s attorneys stated in a Jan. 23 court document.(Editing by Simon Webb and Leslie Adler)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-transmar-cocoa-idUSKBN15T2T6'|'2017-02-14T23:57:00.000+02:00'
'4df6c808cbd02208519032b5ed7e6baa8e6383ce'|'TREASURIES-Yields jump on surging consumer price inflation'|'(Adds details on data, Quote: s, updates prices) * Consumer prices post largest gain in 4 years * Chances of Fed rate increase in March seen increasing * Goldman, JPMorgan bring forward hike expectations By Karen Brettell NEW YORK, Feb 15 Benchmark U.S. Treasury yields rose to 2-1/2-week highs on Wednesday after data showing surging consumer price inflation in January bolstered expectations that the Federal Reserve is closer to raising interest rates. The Labor Department said its Consumer Price Index jumped 0.6 percent last month after gaining 0.3 percent in December. January''s increase in the CPI was the largest since February 2013. "CPI was much higher than expected, both the headline itself as well as the core number," said Mary Ann Hurley, vice president in fixed income trading at D.A. Davidson in Seattle. Data from the Commerce Department showed that retail sales rose 0.4 percent last month as households bought electronics and a range of other goods. Benchmark 10-year notes were last down 11/32 in price to yield 2.51 percent. Those yields earlier rose as high as 2.52 percent, the highest since Jan. 27. "The 10-year over 2.50 (percent) directed some buying and there were some unwinds of some cross-market trades that were going on," said Tom Tucci, head of Treasuries trading at CIBC in New York. Much of the inflation increase in the CPI data was attributable to a jump in gas prices, which may not prove sustainable, Tucci said. Wednesday''s data came after Fed Chair Janet Yellen adopted a more hawkish tone than expected during testimony to lawmakers in Washington on Tuesday, which raised expectations that the U.S. central bank will hike interest rates in the coming months. "She definitely seemed to indicate that there were rate hikes coming, and more than one coming," Hurley said. Traders are pricing in a 27 percent chance of a rate increase at the Fed''s March meeting, up from 13 percent on Monday, according to the CME Group''s FedWatch Tool. Goldman Sachs on Wednesday raised its expectations that the Fed will hike rates in the first half of 2017, and J.P. Morgan brought forward its forecast of the next rate increase to May. Wage growth data in February''s jobs report, which will be released a week and a half before the Fed''s March meeting, will likely be crucial in deciding whether the U.S. central bank can hikes rates that month. "The wage component of the jobs number will be highly scrutinized for the potential for the Fed to move," said Tucci. Treasury prices rallied earlier this month after January''s jobs report showed disappointing wage growth. (Editing by Meredith Mazzilli and Jeffrey Benkoe)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-bonds-idINL1N1G01PW'|'2017-02-15T16:54:00.000+02:00'
'6b59887c9ef19083d1e3a71c0e1a30b872f79041'|'Italy''s Mediaset, Sky in advanced talks over pay-TV unit sale: report'|'MILAN Talks between Italy''s Mediaset ( MS.MI ) and rival Sky ( SKYB.L ) for the sale of the Italian broadcaster''s pay-TV unit Premium are at an advanced stage, Italian daily il Sole 24 Ore reported on Friday, without citing sources."The negotiations are ongoing... and are now accelerating," reports the financial newspaper, saying the two groups got back to deal talks after the Milan-based TV group failed to reach an agreement with France''s Vivendi ( VIV.PA ) last year."There may be room to reach an agreement soon," added the report, without citing sources.Mediaset and Sky were not immediately available for comment.Reuters reported in November that two sources close to the matter said Mediaset and Sky''s Italian unit were in contact over a possible deal concerning Premium.(Reporting by Giulia Segreti; Editing by Sherry Jacob-Phillips)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-mediaset-vivendi-idUSKBN15W0IP'|'2017-02-17T10:05:00.000+02:00'
'32de038eeecb1006934b6f1b86ca60f2419c863e'|'Germany says IMF participation in Greek bailout indispensable'|'Business News - Fri Feb 17, 2017 - 11:26am GMT Germany says IMF participation in Greek bailout indispensable The moon rises next to a fluttering Greek national flag in Athens, Greece February 9, 2017. REUTERS/Alkis Konstantinidis BERLIN Germany insisted on Friday it was essential that the International Monetary Fund participate in Greece''s bailout programme after a German lawmaker in the European Parliament said IMF involvement was no longer crucial. "We have always said the participation of the IMF is indispensable," a Finance Ministry spokeswoman told a regular government news conference. "We are hearing about the good progress in the talks within the institutions and also progress in the talks with Greece," she added. "We have a convergence. But we are not so far technically that on Monday a final decision on the conclusion of the review can take place." (Writing by Paul Carrel; Editing by Michelle Martin) Next In Business News Britain, China pledge to promote free trade SHANGHAI China and Britain have pledged to promote free trade and cooperate on building a open world economy, fanning efforts to shore up what the two governments have called a "golden era" in their relationship, the Xinhua news agency reported on Friday.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eurozone-greece-germany-idUKKBN15W144'|'2017-02-17T18:26:00.000+02:00'
'1c3a9376b475262c568e703624241f0405a90a58'|'CANADA STOCKS-TSX pulls back from record high as winning streak ends'|'Company   5:54pm EST CANADA STOCKS-TSX pulls back from record high as winning streak ends (Adds portfolio manager quotes, background details; updates prices) * TSX ends down 25.54 points, or 0.16 percent, at 15,838.63 * Just four of the TSX''s 10 main groups end lower By Fergal Smith TORONTO, Feb 17 Canada''s benchmark stock index ended its winning streak on Friday, pulling back from the previous day''s record high, pressured by losses for the materials group as prices of base and precious metals fell. The Toronto Stock Exchange''s S&P/TSX composite index closed down 25.54 points, or 0.16 percent, at 15,838.63. It was the first daily decline since Feb. 6, but the index still ended up 0.7 percent for the week. "This is perfectly healthy," said Harrison Newlands, research associate at MacNicol & Associates Asset Management Inc. He sees the pullback as part of a broader market rally, but said the energy sector needs to participate in further gains for the index to relieve some of the burden from the heavyweight financials group. Energy has fallen more than 6 percent year-to-date, while financials have climbed more than 6 percent and materials nearly 14 percent. The materials group, which includes precious and base metals miners and fertilizer companies, pulled back 1.4 percent, with First Quantum Minerals slumping 5.5 percent to C$15.00 and Yamana Gold Inc plunging 10.0 percent to C$4.04 after both reported fourth-quarter results on Thursday. Gold futures fell 0.4 percent to $1,234.8 an ounce and copper prices declined 0.7 percent to $5,959.85 a tonne. Air Canada reported a bigger quarterly loss and said it expected its margins to halve in the current quarter from a year ago, as fuel costs inch up with the rise in oil prices. Its shares tumbled 8.5 percent to C$13.18. Fairfax Financial Holdings Ltd fell more than 2 percent to C$618.00. On Thursday, the company reported a 27.5 percent slump in revenue, weighed down by losses from cuts to equity hedges following the U.S. presidential election. The overall financials group was little changed, while the energy group was down 0.3 percent after paring losses as oil turned higher. U.S. crude prices settled up 4 cents at $53.40 a barrel. Shares of Enbridge Inc fell 0.8 percent to C$54.97. Canada''s largest pipeline company reported a smaller-than-expected quarterly profit as expenses jumped. Just four of the index''s 10 main groups ended higher. Among those groups that gained, telecoms rose 0.6 percent, while consumer discretionary advanced 0.4 percent, helped by a 1.9 percent gain for Canadian Tire Corporation Ltd to C$157.49. Some analysts raised their target price on Canadian Tire''s stock after the company reported strong fourth-quarter and full-year results on Thursday. (Reporting by Fergal Smith; Editing by David Gregorio and Leslie Adler) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-idUSL1N1G21RL'|'2017-02-18T05:54:00.000+02:00'
'2b9ccfc4dd95c94f2605d756ffc9a4efc5c778a3'|'BRIEF-Momenta Pharmaceuticals announces FDA warning letter to contracted Glatopa'|' 02pm EST BRIEF-Momenta Pharmaceuticals announces FDA warning letter to contracted Glatopa Feb 17 Momenta Pharmaceuticals Inc: * Momenta Pharmaceuticals announces FDA warning letter to contracted glatopa (glatiramer acetate injection) fill/finish manufacturer * Momenta Pharmaceuticals Inc - approval of glatopa 40 mg ANDA will be dependent on resolution of Pfizer facility compliance issues * Momenta Pharmaceuticals Inc - warning letter does not restrict production or shipment of glatopa 20 mg * Momenta Pharmaceuticals Inc - company believes application review could be completed at any time * Momenta Pharmaceuticals Inc - Momenta expects that an approval in Q1 of 2017 is unlikely * Momenta - working with collaboration partner Sandoz to resolve this matter in order to allow for an ANDA approval as soon as possible * Momenta Pharmaceuticals - Pfizer indicated warning letter does not restrict production, shipment of glatopa 20 mg product currently marketed by Sandoz in U.S.  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-momenta-pharmaceuticals-announces-idUSFWN1G210R'|'2017-02-18T07:02:00.000+02:00'
'95252b4670c46a918c04bc68f26e9af3db1dcdc6'|'Facebook CEO warns against reversal of global thinking'|'Technology News - Thu Feb 16, 2017 - 9:17pm EST Facebook CEO warns against reversal of global thinking Facebook founder Mark Zuckerberg waves to the audience during a meeting of the APEC (Asia-Pacific Economic Cooperation) Ceo Summit in Lima, Peru, November 19, 2016. REUTERS/Mariana Bazo By David Ingram - SAN FRANCISCO SAN FRANCISCO Facebook Inc Chief Executive Mark Zuckerberg laid out a vision on Thursday of his company serving as a bulwark against rising isolationism, writing in a letter to users that the company''s platform could be the "social infrastructure" for the globe. In a 5,700-word manifesto, Zuckerberg, founder of the world''s largest social network, quoted Abraham Lincoln, the U.S. president during the country''s 19th century Civil War known for his eloquence, and offered a philosophical sweep that was unusual for a business magnate. Zuckerberg''s comments come at a time when many people and nations around the world are taking an increasingly inward view. U.S. President Donald Trump pledged to put "America first" in his inaugural address in January. That followed Britain''s decision last June to exit the European Union. "Across the world there are people left behind by globalization, and movements for withdrawing from global connection," Zuckerberg wrote, without naming specific movements. The question, the 32-year-old executive said, was whether "the path ahead is to connect more or reverse course," adding that he stands for bringing people together. Quoting from a letter Lincoln wrote to Congress in the depths of the Civil War, he wrote to Facebook''s 1.9 billion users: "The dogmas of the quiet past, are inadequate to the stormy present." Zuckerberg said that Facebook could move far beyond its roots as a network for friends and families to communicate, suggesting that it can play a role in five areas, all of which he referred to as "communities," ranging from strengthening traditional institutions, to providing help during and after crises, to boosting civic engagement. In comments on Facebook, some users praised Zuckerberg''s note for staying positive, while others declared "globalism" dead. Facebook has been under pressure to more closely police hoaxes, fake news and other controversial content, although the concerns have had little impact on its finances. The company reported 2016 revenue of $27.6 billion, up 54 percent from a year earlier. One area where Zuckerberg wrote that Facebook would do better would be suggesting "meaningful communities." Some 100 million users are members of groups that are "very meaningful" to them, he wrote, representing only about 5 percent of users. Facebook is also using artificial intelligence more to flag photos and videos that need human review, Zuckerberg wrote. One-third of all reports to Facebook''s review team are generated by artificial intelligence, he wrote. Zuckerberg''s letter was "a bit more ambitious and a bit more of the 30,000-foot view than I see from most tech company CEOs," Peter Micek, global policy and legal counsel at Access Now, an international digital rights group, said in a phone interview. But Zuckerberg stayed away from certain subjects on which Facebook could be vulnerable to criticism, mentioning the word "privacy" only once, Micek said. (Reporting by David Ingram; Editing by Leslie Adler) Next In Technology News Facebook says Irish challenge to U.S. data transfers ''deeply flawed'' DUBLIN Facebook said on Thursday a legal challenge against the way it transfers EU user data to the United States was "deeply flawed" and should not be referred to the EU''s top court because ample privacy protections were already in place.'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-facebook-zuckerberg-idUSKBN15W05B'|'2017-02-17T09:12:00.000+02:00'
'67d42425fa743c5d011de877d21579ffa0697a7e'|'PRESS DIGEST- New York Times business news - Feb 17'|'  12:53am EST PRESS DIGEST- New York Times business news - Feb 17 Feb 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. - UnitedHealth Group is accused in a scheme that allowed its subsidiaries and other insurers to improperly overcharge Medicare by "hundreds of millions <20> and likely billions <20> of dollars" according to a lawsuit made public on Thursday at the Justice Department''s request. nyti.ms/2lRKd9W - In a 5,800-word letter posted publicly, Facebook CEO Zuckerberg expressed alarm that what was once considered normal <20> seeking global connection <20> was now seen by people and governments around the world as something undesirable. nyti.ms/2lRL2zz - Jeffrey A. Zucker, the president of CNN, has been at the center of a media firestorm since President Trump started singling out the cable network as the country''s leading distributor of that favorite Trump phrase "fake news" nyti.ms/2lRN7vp - The de facto leader of Samsung, Lee Jae-yong, was arrested Friday on bribery charges, a dramatic turn in South Korea''s decades-old struggle to end collusive ties between the government and powerful family-controlled conglomerates. nyti.ms/2lRIGAy - Moving quickly after his first choice for labor secretary withdrew his nomination amid controversy, President Trump made a seemingly safe selection on Thursday in Alexander Acosta, a Florida law school dean and former assistant attorney general. nyti.ms/2lRyCaW - Snap Inc disclosed on Thursday that it expected to be valued at as much as $22.2 billion in the sale. At the midpoint of the offering''s range of $14 to $16 per share, Snap would be worth nearly $20.9 billion. nyti.ms/2lRIguf (Compiled by Vishal Sridhar in Bengaluru) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/press-digest-nyt-idUSL4N1G224W'|'2017-02-17T12:53:00.000+02:00'
'b56f72c1f8c9e60f1f97b10031fc58f40cd97460'|'U.S. bank trade group picks online lending partner'|'Internet News  32am EST U.S. bank trade group picks online lending partner By Anna Irrera - NEW YORK NEW YORK The American Bankers Association, a trade group for U.S. banks, has endorsed Chicago-based startup Akouba as a technology provider to enable its members offer small business lending online. Reuters had reported in January that the ABA was running a formal bidding process to secure an online lending partner, as a growing number of banks launch digital lending services or partner with startups in the sector. Akouba, which provides a loan origination and underwriting platform that integrates with a bank''s own credit policies, was chosen because of a number of factors, including its ability to assess and manage risk, the ABA said on Monday. It is part of a growing cohort of young tech-savvy companies that automate much of the lending process, making it faster and cheaper than traditional brick-and-mortar operations. While the online lending sector was initially largely left to the new entrants, such LendingClub Corp, Prosper Marketplace and On Deck Capital, big banks have started fighting back. For instance, Banco Santander partnered with Kabbage last year to offer small business loans, while JPMorgan Chase & Co sealed a partnership with marketplace lender On Deck Capital Inc in 2015. Goldman Sachs Group Inc launched its own online consumer lending service this year. Smaller banks have instead relied on ABA, which represents institutions with less than $250 million, to source vendors for technology and other services. Member banks typically receive discounted pricing from partner vendors. "The small business loan application process is very time-sensitive and costly for banks, and there is a need to simplify and accelerate the process," Bryan Luke, chairman of ABA''s Endorsed Solutions Banker Advisory Council, said in a statement. Partnerships allow fintech startups to tap into a larger network of customers, while allowing banks to improve digital offerings quickly without having to bear costs of developing new services. (Reporting by Anna Irrera; Editing by Sandra Maler) Next In Internet News Defections by Sears, Kmart cap week of controversy for Trump brands Trump-branded consumer products have suffered new blows, with U.S. retailers Sears Holdings Corp and Kmart Corp discontinuing online sales of 31 Trump Home items, while new details emerged showing sales of Ivanka Trump''s brand fell in the weeks before Nordstrom Inc stopped carrying her products.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-banks-online-lending-akouba-idUSKBN15S1HX'|'2017-02-13T20:30:00.000+02:00'
'7fe43d4f43b683e6309bfe3506c3863379fe4ee1'|'India''s L&T, Europe''s MBDA to form Indian missile venture'|' 44am GMT India''s L&T, Europe''s MBDA to form Indian missile venture European Defense Group MBDA''s company logo is pictured in Schrobenhausen near Ingolstadt, Germany, June 25, 2015. REUTERS/Michaela Rehle MUMBAI Indian engineering conglomerate Larsen & Toubro Ltd (L&T) ( LART.NS ) and European missile maker MBDA on Monday said they have agreed to form a joint venture to build and supply missile systems for the India army. The venture will be established in the first half of 2017 and will bid for new contracts under rules for indigenous defence firms, the pair said in a joint statement, calling the venture a milestone in their long-term relationship. "L&T and MBDA have collaborated and partnered on co-development and production of major subsystems involving complex technologies and sophisticated weapon systems," they said. The government plans to spend $250 billion (200 billion pounds) over the next decade modernising its military, in which it wants a greater role for domestic defence firms. Foreign companies seeking to bid for contracts must establish joint ventures with Indian firms, majority-owned by the latter. L&T and MBDA said their venture will look to develop and supply fifth generation anti-tank guided missiles, missiles for coastal batteries and high-speed target drones. (Reporting by Promit Mukherjee; Editing by Christopher Cushing)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-l-t-mbda-idUKKBN15S0XG'|'2017-02-13T16:44:00.000+02:00'
'ee824a9d993f14ab5afd9b46fde9e7f2a22eb6e5'|'BRIEF-Canada Pension Plan Investment Board signs agreement to acquire 24.5% interest in houston office portfolio'|'Feb 17 Canada pension plan investment board :* Canada pension plan investment board signs agreement to acquire 24.5% interest in houston office portfolio* Transaction values 100% of property at us$1.045 billion* To acquire an interest in greenway plaza and phoenix from parkway for an equity investment of us$141 million* Parkway will continue to operate greenway portfolio, will provide property management and leasing services for JV Source text for Eikon:'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brief-canada-pension-plan-investment-boa-idINASB0B131'|'2017-02-17T20:32:00.000+02:00'
'68fd02a3e58d64580aea1f7df0ea51f4364f131c'|'Britain says PSA bosses wish to build on Vauxhall''s success'|'LONDON Bosses at the Peugeot-maker PSA Group ( PEUP.PA ) have told the British government they would seek to build on the strengths of the Vauxhall car business if they succeed in buying its parent company, Opel.Britain''s Business minister Greg Clark went to Paris on Thursday evening to meet French politicians and PSA executives to discuss their plan to buy the European operations of General Motors ( GM.N ), Opel, which include the Vauxhall plants in Britain.The talks have set political alarm bells ringing in Britain and Germany, where there are fears that a sale could lead to heavy job losses at the two businesses.In a short statement Clark said the PSA executives had "stressed that they valued highly the enduring strength of the Vauxhall brand, underpinned by its committed workforce.""While discussions are still on-going, they made clear to me that in any deal these were strengths they would wish to build on," he said. Clark had previously contacted GM President Dan Ammann to express concern over the future of Opel''s UK plants.Clark said on Thursday he had been reassured by General Motors that the firm did not intend to "rationalize" its Vauxhall operations in Britain.Germany expects the proposed acquisition to go ahead, a German minister said on Thursday.(Reporting by Kate Holton; Editing by Adrian Croft)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-opel-m-a-psa-britain-idUSKBN15W0OO'|'2017-02-17T11:10:00.000+02:00'
'e19b53b7c0402b1e74948ebddae5d941df03d4b8'|'China''s private placement boom on borrowed time'|'Company News  00pm EST China''s private placement boom on borrowed time * Private placements jump fivefold from 2013 to 2016 * Raised 1.2 trln yuan in 2016, versus 148 bln yuan IPOs * CSRC regulator tightens approval process since end-2016 * Market expects swing back to IPOs this year By Samuel Shen and John Ruwitch SHANGHAI, Feb 17 A three-year boom in private share placements in China, a handy way around tighter control of public share issuance, is running on fumes as Beijing turns its sights on the speculative excesses and dubious value the boom has engendered. Regulators have tightly restricted new public share sales since mid-2015, blaming them for draining cash from the rest of the share market while the country''s main bourses nosedived, but that pushed more firms into more loosely regulated private placements to raise funds. The private placement market jumped fivefold from 2013 to 1.18 trillion yuan ($172 billion) in 2016, dwarfing the market for initial public offerings (IPO), which raised just 147.6 billion yuan last year. But since the end of last year, the China Securities Regulatory Commission (CSRC) has been tightening its approval process for private placements, challenging the deal prices and the purposes of the cash being raised. Wu Kan, head of equity trading at Shanshan Finance, said the private placement market had become a "black box" for speculative acquisitions, money misuse and even criminality as some investors colluded with listed companies to inflate share valuations. Market participants think a change in rules is imminent and the pendulum will swing back towards initial public offerings (IPOs) and other public fundraising. "Fundraising via private placement will likely shrink quite drastically this year due to tighter regulation, but the number of IPOs will increase," said Wu, whose firm has invested in privately placed shares. Such deals have been popular with issuers and investors, with long lock-up periods in exchange for big discounts, but on Jan. 20, the CSRC expressed its discomfort with companies using the funds for backdoor listings, to invest in unrelated industries or contrive restructurings of no obvious commercial benefit. "The biggest problem is that some listed companies raise funds excessively. Their funding structure is irrational, and they use the proceeds too much at will, and in an inefficient manner," CSRC spokesman Zhang Xiaojun said. The deals have on occasion masked market manipulation. Last month Chinese hedge fund manager Xu Xiang was jailed for 5-1/2 years for colluding with 13 listed companies in driving up their share prices, and profiting from non-public information, having taken part in private placements made by several of the named companies. TIDE TURNING The CSRC has admitted that the decade-old rules for private placements are ripe for revision and wants to encourage alternative capital raising routes. "CSRC will develop the market for convertible bonds and preferred shares, to curb excessive fundraising by listed firms," Zhang said. One of its concerns is that companies are channelling cash into high-yielding wealth management products via the shadow-banking industry, an opaque avenue for risky lending that is difficult for regulators to monitor and assess. Last year, 767 listed companies spent a combined 726.8 billion yuan buying wealth management products, the official Securities Times reported. The private placement tide already appears to be going out. In the first nine months of 2016, it took typically a month or two to get the CSRC''s go-ahead for a private placement, but that had stretched to more than four months in some cases by the last quarter of 2016, according to investment bankers. In late October, property developer Shanghai Shimao Co said its 6.7 billion private placement plan to fund acquisitions had been rejected by CSRC. And some companies have pulled back after regulatory pushback; in August Wanda Cinema Line Co. scrapped a plan to raise up to 
'b82ae6fa166ec242b807a9535821604630c96a09'|'Germany urges fair business environment for its carmakers in China'|'Business News - Fri Feb 17, 2017 - 3:12am GMT Germany urges fair business environment for its carmakers in China A man walks past a Volkswagen Touran along a busy street in downtown Shanghai March 20, 2013. REUTERS/Carlos Barria BONN, Germany Germany wants China to create a fairer business environment for foreign companies, especially German carmakers seeking to tap into Beijing''s drive for greener cars, Foreign Minister Sigmar Gabriel told his Chinese counterpart Wang Yi on Thursday. German companies have long complained of obstacles to investment and acquiring local firms in China, where the government plays a more interventionist role. Their concerns have acquired greater urgency with the advent of a more protectionist administration in the United States and Britain''s plans to exit the European Union, both issues that could harm German and wider EU commercial interests. "China has again promised that it wants to proceed on the path of market liberalisation and reforms," Gabriel said after talks with Wang in Bonn, where foreign ministers from the G20 top economies are meeting. "I have as such urged minister Wang that China reinforce that, with clear signals of equal treatment for foreign companies in China, for example in the field of electric mobility," Gabriel said. China surpassed the United States last year to become the largest maker of pure electric cars thanks to a raft of government incentives to promote the switch from petrol to electricity as the country battles heavy pollution. Sales of battery electric and plug-in hybrids increased 60 percent in January-November, to 402,000 vehicles. By 2020, China wants 5 million plug-in cars on its roads. In September, Volkswagen AG ( VOWG_p.DE ) signed a deal with China''s Anhui Jianghuai Automobile (JAC Motor) ( 600418.SS ) to explore making electric vehicles in a new joint venture. China has its own concerns about what it sees as European protectionism, particularly the EU''s refusal to grant China "market economy status", which Beijing says is its right 15 years after it joined the World Trade Organization. China''s Foreign Ministry in a statement issued late Thursday cited Wang as telling Gabriel that China hopes Germany can play a "proactive role" in pushing the EU to grant this. Despite disagreements with China over obstacles to foreign investment, its massive steel exports and other issues, the European Union increasingly sees Beijing as a crucial ally on global free trade in the face of protectionist pressures from U.S. President Donald Trump''s administration. On Wednesday, Reuters exclusively reported that the EU, in which Germany is the largest economy, was preparing an early summit with China in April or May in Brussels to promote free trade and international cooperation. (Reporting by Sabine Siebold and Andrea Shalal; Additional reporting by Ben Blanchard in Beijing; writing by Joseph Nasr; Editing by Gareth Jones by Sam Holmes) Next In Business News Facebook CEO warns against reversal of global thinking SAN FRANCISCO Facebook Inc Chief Executive Mark Zuckerberg laid out a vision on Thursday of his company serving as a bulwark against rising isolationism, writing in a letter to users that the company''s platform could be the "social infrastructure" for the globe.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-g20-germany-china-idUKKBN15W07I'|'2017-02-17T10:12:00.000+02:00'
'2c9107a8284cb56f804f144fac90addf1ba6655b'|'Mantle Ridge responds to CSX call for special shareholder meeting'|'Business News  38pm EST Mantle Ridge responds to CSX call for special shareholder meeting A CSX coal train (R) moves past an idling CSX engine at the switchyard in Brunswick, Maryland October 16, 2012. REUTERS/Gary Cameron Activist investor Paul Hilal''s Mantle Ridge LP has sent a letter to CSX Corp ( CSX.O ) after the U.S. railroad operator called for a special meeting of its shareholders to discuss requests by the hedge fund. Mantle Ridge, which owns about 4.9 percent of the company''s stock, is trying to install Hunter Harrison, outgoing chief executive officer of Canadian Pacific Railway Ltd ( CP.TO ), as CSX''s chief executive. On Tuesday, CSX said the hedge fund was seeking six seats on its board, with Hilal as chairman and Harrison as CEO. In a letter to the company''s board on Thursday, Hilal said Mantle Ridge has been seeking to add only one representative, and that neither Harrison nor the other board seats discussed represented the fund in any way. CSX said in statement that its board would review Mantle Ridge''s letter. News of the Hilal-Harrison partnership broke on Jan. 18, when Canadian Pacific announced Harrison was leaving his CEO post early. (Reporting by Abinaya Vijayaraghavan in Bengaluru; Editing by Leslie Adler) Next In Business News Auto union courts Tesla workers, amplifies ''buy American'' message DETROIT United Auto Workers President Dennis Williams said on Thursday the union is contacting workers at Silicon Valley electric car maker Tesla Inc , and plans to boost efforts to convince U.S. consumers not to buy vehicles built in other countries, including those sold by the Detroit automakers.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-csx-mantle-idUSKBN15W026'|'2017-02-17T07:31:00.000+02:00'
'2a65cdd1899aada31c45f6406f2fc5f05d45ce88'|'UPDATE 1-Father, son in Gerova stock scam get six years prison'|'Company  20pm EST UPDATE 1-Father, son in Gerova stock scam get six years prison (Adds comment from Derek Galanis'' lawyer, NEW YORK dateline) By Jonathan Stempel NEW YORK Feb 16 Two members of a family conspiracy to manipulate the stock of reinsurer Gerova Financial Group Ltd were sentenced to six years in prison on Thursday, a day after the scheme''s main architect received a more than 11-year term, prosecutors said. John Galanis, 73, and his son Derek, 44, were also ordered by U.S. District Judge Kevin Castel in Manhattan to forfeit $19.04 million and serve three years of supervised release. Both defendants pleaded guilty last summer to securities fraud and conspiracy charges. The sentencings came after Jason Galanis, a former Los Angeles investment banker once dubbed "Porn''s New King," was sentenced to 135 months in prison by Castel on Wednesday. Jason is John''s son and an older brother of Derek. David Touger, a lawyer for John Galanis, said: "The court came to a very just and well thought out sentence." Anthony Brass, a lawyer for Derek Galanis, said he was pleased his client received less time than his brother, but disappointed he got as much as father "because his involvement was much less. As Judge Castel pointed out, Derek was much more of an employee in the scheme than a manager." Prosecutors said the scheme ran from 2009 to 2011, involving a plan to quietly take control of nearly half of Gerova''s public float, and cash out profitably after bribing investment advisers to buy shares for their own clients, driving up the stock price. The scheme was aided by Gerova''s then-chairman Gary Hirst, and led to nearly $20 million of illegal profits, prosecutors said. Charges were announced in September 2015. "John and Derek Galanis conspired to have more than $70 million worth of stock issued, hiding Jason Galanis'' control of those shares, so that they could cash out at the expense of unwitting victim investors," U.S. Attorney Preet Bharara   Hirst was convicted on fraud and conspiracy charges, and faces a March 17 sentencing. Jared Galanis, a brother of Jason and Derek, was sentenced last month to 150 days in prison for his role. Another defendant, Ymer Shahini, is at large. Jason Galanis was nicknamed "Porn''s New King" by Forbes magazine in 2004 after he bought the largest U.S. processor of credit card payments for internet pornography. In a separate criminal case, he has pleaded guilty, but not yet been sentenced, over what prosecutors called a roughly $60 million scam to steal proceeds of a bond issue by an affiliate of South Dakota''s Oglala Sioux Nation. The Gerova case is U.S. v. Galanis et al, U.S. District Court, Southern District of New York, No. 15-cr-00643. (Reporting by Jonathan Stempel in New York; Editing by Tom Brown) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/gerova-financial-fraud-idUSL1N1G12DR'|'2017-02-17T07:20:00.000+02:00'
'f48593bbdebbf595e5d36320b2704b603a658130'|'Virgin Australia defers Boeing deliveries after profits drop'|'Business News - Fri Feb 17, 2017 - 2:54am GMT Virgin Australia defers Boeing deliveries after profits drop By Jamie Freed - SYDNEY SYDNEY Virgin Australia Holdings Ltd ( VAH.AX ) on Friday said it would defer the delivery of new Boeing Co ( BA.N ) 737 MAX aircraft for at least a year as it continues to battle against tough demand conditions in the domestic aviation market. Virgin Chief Executive John Borghetti said the capital cost of buying the new aircraft for Australia''s second-largest airline "far outweighs" savings on offer from operating more fuel-efficient planes given the oil price was relatively low. "The fuel business case isn''t as good as it was," he told Reuters in a phone interview after the airline reported a 48 percent fall in first-half underlying pre-tax earnings to A$42.3 million ($32.56 million). "On balance we can push these back." Borghetti declined to say how many 737 MAX deliveries would be affected, but a person with knowledge of the situation told Reuters it was between five and 10 aircraft. Borghetti did not rule out a further deferral, depending on market conditions. Virgin is the latest customer of the U.S. based aircraft manufacturer to defer deliveries at a time when orders for Boeing and rival Airbus Group SE ( AIR.PA ) have slowed globally due to weakening economies and relatively low oil prices. Australia''s domestic aviation market, dominated by Virgin and its larger rival Qantas Airways Ltd ( QAN.AX ), has been subdued for the past year due to weak demand for flying from corporate customers, including mining companies, as well as government travelers. Virgin said domestic yields, a proxy for average fare prices, had fallen by 5.6 percent in the first half of the financial year, although Borghetti said booking trends had improved in the last few weeks in a positive sign. "I would like to think it would improve in the second half of this calendar year but who knows?" Borghetti said of the outlook. "At some point you have got to believe the market has got to come back." Virgin on Friday separately said it planned to launch flights between Australia and Hong Kong in the middle of this year as part of a proposed alliance with shareholder HNA Aviation and affiliated carriers Hong Kong Airlines and Hong Kong Express. Borghetti declined to disclose the departure city for the flight, which could compete against non-stop flights to Hong Kong flown by Qantas and Cathay Pacific Airways Ltd ( 0293.HK ). He said Virgin also planned to fly to Beijing and Shanghai in the future, but that would depend on the availability of airport slots. (Reporting by Jamie Freed; Editing by Louise Ireland and Lisa Shumaker) Next In Business News Facebook CEO warns against reversal of global thinking SAN FRANCISCO Facebook Inc Chief Executive Mark Zuckerberg laid out a vision on Thursday of his company serving as a bulwark against rising isolationism, writing in a letter to users that the company''s platform could be the "social infrastructure" for the globe.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-virgin-au-hldgs-results-idUKKBN15W06W'|'2017-02-17T09:54:00.000+02:00'
'6465c6d226151d211a679ea756510d56ce9f8519'|'UPDATE 1-UK Stocks-Factors to watch on Feb 17'|' 55am EST UPDATE 1-UK Stocks-Factors to watch on Feb 17 (Adds futures, company news items) Feb 17 Britain''s FTSE 100 index is seen opening flat at 7278 points on Friday, according to financial bookmakers , with futures up 0.02 percent ahead of the cash market open. * The blue-chip FTSE 100 index ended the day down 0.3 percent at 7,277.92 points on Thursday, in line with a broader decline among European indexes. The FTSE dropped 28.46 points, of which 27.64 were due to ex-divs, according to Reuters calculations. * ESSENTRA: Essentra Plc, a supplier of speciality plastic and packaging components, said full-year profit fell 26 percent on flagging sales at its health and personal care packaging unit, due to integration issues from an acquisition completed in 2015. * ANGLO AMERICAN: Anglo American is struggling to win approval from regulators for its plan to redesign its El Soldado copper mine in Chile, two sources with knowledge of the situation said on Thursday, which could possibly lead to the suspension of operations at the mine. * BREXIT: Britain should be prepared to scrap all tariffs on imports unilaterally when it leaves the European Union to give consumers and the broader economy a boost, even if it hurts some businesses, economists who favour Brexit said on Thursday. * OIL: Oil prices edged up on Friday, lifted by a report that producer club OPEC could extend an output cut aimed at reining in a global fuel supply overhang. Brent crude futures were trading at $55.76 per barrel at 0311 GMT, up 11 cents from their last close. * COPPER: Copper prices climbed on Friday following overnight losses, supported above the key $6,000-mark by major supply restrictions at the world''s two biggest mines in Chile and Indonesia. Three-month copper on the London Metal Exchange was up around 0.8 percent at $6,005 at 0245 GMT, after earlier climbing as far $6,038. It fell over 1 percent the session before. * GOLD: Gold prices held firm on Friday as the dollar hovered near one-week lows, keeping the metal on track for a third week of gains amid political uncertainties in the United States and Europe. Spot gold was steady at $1,238.16 per ounce at 0321 GMT. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets * UK CORPORATE DIARY: Temple Bar Investment Trust Plc Full Year 2016 Earnings Millennium & Copthorne Hotels Plc Full Year 2016 Earnings SEGRO Plc Full Year 2016 Earnings Essentra Plc Full Year 2016 Earnings 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 Sanjeeban Sarkar in Bengaluru; Editing by Sherry Jacob-Phillips)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-stocks-factors-idUSL4N1G22JM'|'2017-02-17T14:55:00.000+02:00'
'4a3a7c17cd677918f5463c46374f7efa62248b65'|'UPDATE 1-Freeport Indonesia mine grinds to complete halt -union'|'Commodities - Thu Feb 16, 2017 - 3:11am EST Freeport Indonesia mine grinds to complete halt: union FILE PHOTO: Trucks operate in the open-pit mine of PT Freeport''s Grasberg copper and gold mine complex near Timika, in the eastern region of Papua, Indonesia on September 19, 2015 in this photo taken by Antara Foto. REUTERS/Muhammad Adimaja/Antara Foto/File Photo By Fergus Jensen - JAKARTA JAKARTA All work has stopped at Freeport-McMoRan Inc''s giant copper mine in Indonesia, a worker union said on Thursday, just over a month after the country halted exports of copper concentrate to boost domestic industries. Freeport had said the suspension would require the Grasberg copper mine to slash output by 60 percent to approximately 70 million pounds of metal per month if it did not get an export permit by mid-February, due to limited storage. But a strike at Freeport''s sole domestic offtaker of copper concentrate, PT Smelting, expected to last at least until March, has limited Freeport''s output options, and Grasberg''s storage sites are now full. "Everything has stopped completely. It''s just maintenance now," Freeport Indonesia worker union chief Virgo Solossa told Reuters, stopping short of saying how many of an estimated 33,000 workers had been sent home. A spokesman for Freeport Indonesia could not immediately be reached for comment on the matter. Freeport estimated in January that sales of copper from Grasberg, the world''s second-biggest copper mine, would reach 1.3 billion pounds in 2017, up from 1.05 billion pounds in 2016, assuming operations were normal. Thousands of workers planned to stage a demonstration on Friday in Papua, the province where the mine is located, to demand that the government "make a wise decision" regarding their situation, Solossa said. "If they aren''t careful, this has and will impact (Freeport operations), both for workers as immediate beneficiaries and the broader community as recipients of benefits from Freeport''s presence." Solossa added that further action would be considered following the demonstration on Friday. Indonesia introduced rules earlier this year requiring Freeport and some other miners to shift from their current ''contracts of work'' to so-called ''special mining permits'', before being allowed to resume exports of semi-processed ores and concentrates. Phoenix, Arizona-based Freeport has said it would only agree to a new mining permit with the same fiscal and legal protection in its current contract. Mining ministry officials did not immediately respond to requests for comment on the matter. (Reporting by Fergus Jensen; Editing by Joseph Radford) Next In Commodities'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-indonesia-freeport-output-idUSKBN15V0RO'|'2017-02-16T14:48:00.000+02:00'
'2f2612a17f491cbd11df55599364398993069e4b'|'Banco do Brasil misses estimates as provisions climb'|'Company News - Thu Feb 16, 2017 - 4:40am EST Banco do Brasil misses estimates as provisions climb SAO PAULO Feb 16 Banco do Brasil SA, the country''s largest bank by assets, missed fourth-quarter profit estimates on Thursday as a bigger-than-expected jump in loan-loss provisions offset resilient interest and fee income. The Brasilia-based, state-controlled lender earned 1.747 billion reais ($572 million) in recurring net income, below the average consensus estimates of 1.927 billion reais compiled by Thomson Reuters. The measure of profit before one-time items dropped 25 percent from the third quarter. Recurring return on equity slumped to 7.2 percent, the lowest in at least seven years. It came in at below the 8.2 percent consensus estimate for ROE in the fourth quarter. ($1 = 3.0565 reais) (Reporting by Guillermo Parra-Bernal; editing by John Stonestreet) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/banco-do-brasil-results-idUSE6N18202O'|'2017-02-16T16:40:00.000+02:00'
'dfd1d94adf03d60794149ad2a173cf0310611d83'|'India still keen to buy Westinghouse reactors despite Toshiba meltdown'|'Global Energy   5:34am GMT India still keen to buy Westinghouse reactors despite Toshiba meltdown FILE PHOTO - The logo of Toshiba Corp. is seen at the company''s facility in Kawasaki, Japan February 13, 2017. REUTERS/Issei Kato/File Photo By Douglas Busvine - NEW DELHI NEW DELHI India does not expect fallout from the financial meltdown at Toshiba Corp ( 6502.T ) to halt plans to buy six nuclear reactors from the Japanese company''s U.S. nuclear unit Westinghouse, a senior government official told Reuters on Friday. Toshiba this week booked a $6.3 billion charge related to huge cost overruns at Westinghouse, forcing it to put its flash-memory chip business up for sale to stay solvent and pull out of nuclear power plant construction overseas. India has been in talks to locate half a dozen Westinghouse AP1000 reactors in the southern state of Andhra Pradesh under its drive to expand nuclear generation and wean the economy off polluting fuels like coal. Prime Minister Narendra Modi and former U.S. President Barack Obama made nuclear cooperation a cornerstone of their friendship, announcing at a summit last year that a Westinghouse deal should be finalised this June. "As for the technical execution of the project, I do not see many problems," Sekhar Basu, secretary of the Department of Atomic Energy that reports directly to Modi, told Reuters in a short telephone interview. Negotiations on the technical and commercial terms of the reactor deal have reached an advanced stage and India is dealing with Westinghouse - and not Toshiba - so that process is not directly affected by the Japanese company''s pullback, he said. Industry experts said that, if the project is still at all viable, the main logistical challenge would be to reallocate civil engineering work to other contractors while Westinghouse would only provide the reactors. India has not yet signed a contract with Westinghouse, nor has cash changed hands. That means it does not face financial losses, but a delay or cancellation would make it harder to hit its already ambitious target of tripling its nuclear generating capacity by 2024. Basu said that talks on financing had not yet begun in earnest and the state-owned Nuclear Power Corporation of India (NPCIL) had yet to be updated by Westinghouse on recent developments. "The financial dialogue has yet to open over the new situation," Basu said, adding, "I don''t see much of a problem" if Westinghouse can offer a solution that ensures unit costs for power are comparable to other sources of energy. It was not immediately clear when Westinghouse would send a team to brief the Indian side after Toshiba said on Tuesday it would send nuclear boss Daniel Roderick back to the U.S. firm, where he was previously chief executive, to tackle the crisis there. Westinghouse and NPCIL did not respond to requests for comment. (Reporting by Douglas Busvine; Editing by Christopher Cushing) Next In Global Energy News TransCanada files Keystone XL route application in Nebraska TransCanada Corp filed an application with Nebraska authorities on Thursday to route its Keystone XL pipeline through the state, saying it expected a decision this year for this crucial leg of the $8 billion project that had been stymied by environmental groups and other opponents.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-toshiba-accounting-india-idUKKBN15W0BZ'|'2017-02-17T12:34:00.000+02:00'
'424d4017f4e13cfe59988051fe3e60d75c9c6ef9'|'Stock futures dip as Wall Street rally loses momentum'|'Business News - Fri Feb 17, 2017 - 7:44am EST Stock futures dip as Wall Street rally loses momentum Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., February 7, 2017. REUTERS/Brendan McDermid By Yashaswini Swamynathan U.S. stock index futures fell for the second straight day on Friday, after a record-setting few days on Wall Street, as investors await clarity on economic policy and ahead of a long weekend. The S&P 500 has rise about 5 percent so far in 2017, with the Dow Jones Industrial Average up 4 percent, mainly on signs of an improving economy and promises by President Donald Trump to cut corporate taxes and reduce financial regulations. Now, with a strong fourth-quarter earnings season mostly complete, many investors say they need concrete signs of progress from Trump to justify more gains. Trump used his first solo news conference on Thursday to lash out at reporters on what he viewed as unfair coverage of his first few weeks in office. The Dow Jones Industrial Average managed to close at a record high for the sixth straight session on Thursday, but losses in energy shares caused the S&P to snap a seven-day winning streak. The lack of key economic data and a long weekend due to the Presidents Day holiday on Monday is also likely to keep investors from taking new positions. Banks stocks, which have outperformed other sectors in the so-called "Trump trade", dropped in premarket trading as investors booked profits. Morgan Stanley ( MS.N ), Wells Fargo ( WFC.N ) and Citigroup ( C.N ) were the biggest losers, falling more than 1 percent. Dow component UnitedHealth ( UNH.N ) slipped 3.1 percent to $158.50 after the Justice Department joined a whistleblower lawsuit against the health insurer. Kraft ( KHC.O ) jumped 4.4 percent after it offered to buy Unilever ( ULVR.L ). Despite rejecting the offer, Unilever''s U.S.-listed shares ( UL.N ) jumped 11 percent. Mondelez ( MDLZ.O ), rumored to be a Kraft acquisition target, dropped more than 6 percent. Futures snapshot at 7:06 a.m. ET: Dow e-minis 1YMc1 were down 40 points, or 0.19 percent, with 23,975 contracts changing hands. S&P 500 e-minis ESc1 were down 4.5 points, or 0.19 percent, with 116,905 contracts traded. Nasdaq 100 e-minis NQc1 were down 6.25 points, or 0.12 percent, on volume of 21,148 contracts. (Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Savio D''Souza) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-usa-stocks-idUSKBN15W1AV'|'2017-02-17T19:44:00.000+02:00'
'2667a214c55067294ac56a3ac733a993eb07b745'|'U.S. antitrust obstacles seen for T-Mobile, Sprint deal'|' 14pm EST U.S. antitrust obstacles seen for T-Mobile, Sprint deal By Anjali Athavaley and Diane Bartz - NEW YORK NEW YORK Feb 17 Japan''s SoftBank Corp Group may have renewed interest in combining its Sprint Corp with Deutsche Telekom AG''s T-Mobile US Inc , but a deal between the No. 3 and No. 4 U.S. wireless carriers may not make it past U.S. regulators, antitrust experts and industry watchers said. SoftBank is prepared to give up control of Sprint to T-Mobile, people familiar with the matter told Reuters on Friday. The companies are expected to begin negotiations in April after the Federal Communications Commission''s auction of airwaves concludes. But two and a half years ago, SoftBank abandoned talks to acquire T-Mobile for Sprint amid opposition from U.S. antitrust regulators. It is hard to know how the new administration will view such a deal since President Donald Trump''s comments on antitrust have so far been populist, in contrast to the less skeptical view that past Republican administrations have taken of mergers, legal experts said. <20>I am of the camp that that will not happen even in a Trump administration,<2C> Christopher Marangi, co-chief investment officer at GAMCO Investors Inc, said on the prospect of a deal. <20>That kind of merger means lots of job cuts in the U.S.<2E> Job creation is a key platform for Trump. He has also been sharply critical of companies that have moved manufacturing operations to Mexico and elsewhere. In February, SoftBank Chief Executive Officer Masayoshi Son, who last year pledged a $50 billion investment and 50,000 new U.S. jobs, said the Japanese firm should benefit from Trump''s promised deregulation of the American economy and that he is keeping his options open about Sprint. "President Trump has promised to ease various regulations and that should make it easier to do business," Son said at the time. He did not specify what deregulation would benefit his business. The Trump team has yet to make antitrust appointments at the U.S. Department of Justice that could be used to gauge how deals will be viewed. Making things more difficult to predict is the president''s seemingly ad hoc stances on deals, said Herbert Hovenkamp, who teaches antitrust at the University of Iowa College of Law. "Trump has this view that there is no law of mergers and there''s just deals that you negotiate," he said. It is also unclear how a deal would be viewed by the FCC. In 2014, Chairman Tom Wheeler told Sprint and T-Mobile officials in a meeting that he was highly skeptical of Sprint<6E>s bid for T-Mobile. But the agency<63>s new chairman Ajit Pai is viewed as more business-friendly by the industry. David Balto, a veteran of the Federal Trade Commission now in private practice, said that Sprint and T-Mobile would likely try to sell their merger to skeptical regulators by arguing that a bigger No. 3 would be able to take advantage of economies of scale and bring innovations to market quicker. <20>This is a case that''s going to make efficiency arguments front and center," he said. (Reporting by Anjali Athavaley in New York and Diane Bartz in Washington; editing by Anna Driver, Bernard Orr)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/sprint-corp-softbank-group-antitrust-idUSL1N1G21AK'|'2017-02-18T04:14:00.000+02:00'
'6d473e688318bc2161697bf0273cb84d600777ba'|'Merkel says there is a problem with the value of the euro'|'Business News - Sat Feb 18, 2017 - 9:14am GMT Merkel says there is a problem with the value of the euro German Chancellor Angela Merkel reacts after delivering her speech during the 53rd Munich Security Conference in Munich, Germany, February 18, 2017. REUTERS/Michaela Rehle MUNICH German Chancellor Angela Merkel said on Friday that there was a "problem" with the value of the euro because the European Central Bank was tailoring its policies to weaker members of the euro zone and not strictly to Germany. "We have at the moment in the euro zone of course a problem with the value of the euro," Merkel told the Munich Security Conference in an unusual foray into currency policy. "The ECB has a monetary policy that is not geared to Germany, rather it is tailored (to countries) from Portugal to Slovenia or Slovakia. If we still had the (German) D-Mark it would surely have a different value than the euro does at the moment. But this is an independent monetary policy over which I have no influence as German chancellor." The remarks, made as U.S. Vice President Mike Pence watched on in the audience, came after a trade adviser to U.S. President Donald Trump accused Germany of profiting from a "grossly undervalued" euro. (Reporting by Noah Barkin and Andrea Shalal) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-germany-security-merkel-euro-idUKKBN15X07E'|'2017-02-18T16:14:00.000+02:00'
'f391c221bd36953c5c891479dc232b02520e2df6'|'Big bets on oil remain stalwart, despite bearish signals'|'Business News - Fri Feb 17, 2017 - 12:30am GMT Big bets on oil remain stalwart, despite bearish signals FILE PHOTO - The word oil is pictured on an oil bank at a recycling yard in London March 2, 2011. REUTERS/Stefan Wermuth By Jessica Resnick-Ault - NEW YORK NEW YORK Oil traders for the last two weeks have shrugged off reports that U.S. stockpiles are brimming at their largest levels ever recorded, as the market continues to bet that crude prices will climb higher. Oil has maintained its buoyancy because the market is betting that cuts by the Organization of the Petroleum Exporting Countries (OPEC) will largely rebalance the oil market, despite continued production increases from shale formations in the United States. A second consecutive massive build in U.S. crude stockpiles on Wednesday left the market relatively unimpressed, as it was little changed during the session, as the market awaited further evidence that OPEC cuts were in effect. As of last week, noncommercial traders had a net long position of 477,000 U.S. crude contracts, just short of the previous week''s level that represented a record long position in oil futures, according to data from the U.S. Commodity Futures Trading Commission. That speculation has helped crude prices remain supported in recent weeks whenever the market has threatened to slip to lower levels, traders said. The two highest-volume trading days of 2017 occurred when U.S. crude rebounded from lows around $51 a barrel as buyers came into the market. U.S. oil has not dropped below $50 a barrel since early December. While speculation by hedge funds and other money managers is contributing to this net long position, it may also be driven in part by the start of institutional investors'' return to oil markets after an absence during the crude oil rout. "It seems that a significant amount of the ''net length'' likely belongs to passive institutional investors, which are taking a keener look at commodities and energy once again after several years of absence," Energy Aspects wrote in a research note. So far in February there has been about $90 million invested in energy-commodities ETPs after outflows in January, per Lipper data. This compares with $455 million in November 2016 and $1.1 billion in January 2016. The United States Oil Fund exchange-traded fund and ProShares Ultra Bloomberg Crude Oil both had inflows last week, after three weeks of outflows, according to data from Morningstar. Another large exchange-traded product, VelocityShares 3x Long Crude Oil ETN, continues to have outflows. Year-to-date, USO has had outflows, said fund manager John Love. Since the Nov. 30 OPEC cut announcement, USO''s holdings have fallen from 74,501 contracts to 53,840 on Feb. 15, the last date for which data is available. The fund started the year with about $3.2 billion under management and is now down to $2.8 billion, he said. The pullback indicates that the fund has a smaller percentage of open interest than previously. USO holds about 2 percent of open interest in all NYMEX WTI contracts, but the share is smaller if ICE contracts are also included. (Additional reporting by Catherine Ngai in New York; Editing by Matthew Lewis)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-oil-markets-long-idUKKBN15V30E'|'2017-02-17T06:49:00.000+02:00'
'0477b4817fc491a7e9263bdb088cb0e03214975d'|'China''s HNA takes 3 percent stake in Deutsche Bank'|'Business News - Fri Feb 17, 2017 - 4:21pm GMT China''s HNA takes 3 percent stake in Deutsche Bank The head quarters of Germany''s Deutsche Bank are photographed early evening in Frankfurt, Germany, January 31, 2017. REUTERS/Kai Pfaffenbach FRANKFURT China''s HNA Group ( 0521.HK ) has taken a stake of just over 3 percent in Deutsche Bank ( DBKGn.DE ) and said on Friday it could buy further shares in the German lender. "We have the fullest confidence in Deutsche Bank''s management and will keep a close watch on its future steps and lend support as a shareholder where appropriate," a spokesman for HNA said. The Chinese aviation and shipping company intends to keep its holding below 10 percent, he said. HNA''s stake of 3.04 percent, worth around 750 million euros (<28>643 million) at current share prices, makes it the bank''s biggest shareholder after Qatar, which has close to 10 percent of stock via two sovereign wealth funds, and BlackRock ( BLK.N ), which owns 6.1 percent. Deutsche Bank said it welcomed in principle any investor with a long-term view. (Reporting by Maria Sheahan and Alexander Huebner; editing by Harro ten Wolde and Jason Neely) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-deutsche-bank-shareholders-hna-idUKKBN15W1TZ'|'2017-02-17T23:21:00.000+02:00'
'a0d1f737876aa4d7827d09081fe23b8a09c03466'|'Energy Future bankruptcy plan approved, clearing way for NextEra'|' 21pm EST Energy Future bankruptcy plan approved, clearing way for NextEra By Tom Hals - WILMINGTON, Del. WILMINGTON, Del. Feb 17 Energy Future Holdings Corp, which owns the largest power network in Texas, received court approval on Friday to confirm its plan to exit bankruptcy and be acquired by NextEra Energy Inc in a deal valued at around $18 billion. Approval from the Public Utility Commission of Texas is required for the purchase of Energy Future''s power distribution business, known as Oncor. A decision is expected in the coming months. The commission last year scuttled a proposed acquisition of Oncor by Hunt Consolidated Inc of Texas. Energy Future said on Tuesday it had resolved the last main disputes to its plan of reorganization, when its noteholders reached an agreement to modify what they were owed. Friday''s order confirming the plan by U.S. Bankruptcy Judge Christopher Sontchi ended one of the country''s largest and most expensive bankruptcy cases. The company was created from the record $45 billion leveraged buyout of TXU Corp in 2007, a deal led by KKR & Co and TPG Capital. Energy Future was undermined by a steep decline in natural gas prices that in turn led to depressed power prices and rendered the company''s debt unsustainable. The company filed for bankruptcy in 2014 to cut its $42 billion in debt. It has already spun off its power generation business, known as Luminant, and its TXU retail utility to senior lenders who were owed $24 billion. (Reporting by Tom Hals in Wilmington, Delaware; Editing by Richard Chang)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/energy-future-hd-bankruptcy-idUSL1N1G21JA'|'2017-02-18T04:21:00.000+02:00'
'397f1ee35147ff927962acca64ba85390a81fafb'|'German govt has spoken to PSA and GM over Opel - econ ministry'|'Company News - Fri Feb 17, 2017 - 6:29am EST German govt has spoken to PSA and GM over Opel - econ ministry BERLIN Feb 17 German government representatives have met with bosses at General Motors and Peugeot regarding talks between the two carmakers on the French group buying GM''s European arm Opel, a spokeswoman for the German economy ministry said on Friday. "I can confirm that there have been talks with GM and Peugeot", the spokeswoman said at a regular government press briefing, declining to give further details. She added that the talks between GM and Peugeot were at an advanced stage. When asked about job guarantees for workers in Germany, she said it was up to management and labour representatives to discuss that. Earlier on Friday, workers'' representative at Opel said they were willing to hold constructive talks. (Reporting by Victoria Bryan and Michelle Martin) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/opel-ma-psa-germany-idUSB4N1DJ02M'|'2017-02-17T18:29:00.000+02:00'
'732bccfc953c06fb4851d396c95a454410626364'|'Ex-Wall Street banker gets 3 years prison for insider trading'|'U.S.   3:28pm EST Ex-Wall Street banker gets three years prison for insider trading NEW YORK A former Wall Street investment banker was sentenced to three years in prison on Friday after he was convicted of engaging in insider trading by repeatedly tipping his father off to unannounced healthcare mergers. Sean Stewart, who previously worked at Perella Weinberg Partners and JPMorgan Chase & Co, was sentenced by U.S. District Judge Laura Taylor Swain in Manhattan. Prosecutors had sought up to 6-1/2 years in prison for Stewart, a Yale University graduate they said engaged in a brazen, multi-year scheme to help his father, Robert Stewart, profitably trade ahead of deals being worked on at the investment banks. (Reporting by Nate Raymond in New York; Editing by Bernard Orr) Next In U.S.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-insidertrading-idUSKBN15W29E'|'2017-02-18T03:23:00.000+02:00'
'd42630238c7da064680de8232d56bf3ad810b0a8'|'Laura Ashley sees full-year pretax net profit below expectations'|'Business News - Thu Feb 16, 2017 - 7:46am GMT Laura Ashley sees full-year pretax net profit below expectations People walk past a Laura Ashley store in Kiev, Ukraine, March 30, 2016. REUTERS/Gleb Garanich British fashion and homeware retailer Laura Ashley Holdings Plc ( ALY.L ) said pretax net profit for the year ending in June 2017 would fall below market expectations due to tough trading conditions. Total group sales fell 2.5 percent to 146 million pounds, for the 26 weeks to Dec. 31, while like-for-like retail sales fell 3.5 percent in the period. The company said it continued to face challenges such as failure to meet sales and margin targets, maintain and raise its market share and to optimise its store portfolio. (Reporting by Rahul.B and Sanjeeban Sarkar in Bengaluru; Editing by Amrutha Gayathri) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-laura-ashley-outlook-idUKKBN15V0PE'|'2017-02-16T14:46:00.000+02:00'
'4f2019f8555305a9bb3b1977945c1004ba7859c0'|'Toshiba shares drop after S&P warns of downgrade risk - Reuters'|'TOKYO Shares in Japan''s Toshiba sank 10 percent in morning trade on Friday, after rating agency S&P Global said it could slash the conglomerate''s rating if financial support from lenders includes any form of debt restructuring.The rating agency said in a note that such a move would be seen as "selective default".Toshiba, rated CCC+ by S&P, is already on credit watch with negative implications, after downgrades in December and January."Given Toshiba''s already very fragile financial standing, whether the company can receive continuous financial support from its creditor banks, including liquidity support, is a key factor in our credit analysis," S&P said in a statement issued on Friday."Even in the event banks continue to provide financial support for the company, if it includes any form of debt restructuring we define as selective default, we will lower the ratings by multiple notches."At around 0315 GMT, Toshiba shares were down 9.9 percent, underperforming a broader market down 0.5 percent.The TVs-to-nuclear conglomerate is scrambling for cash tostay in business after a multibillion dollar hit to the value of its nuclear business.(Reporting by Junko Fujita; Editing by Clara Ferreira Marques)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/toshiba-accounting-idINKBN15W08C'|'2017-02-17T00:34:00.000+02:00'
'8e950eb40008ad931c56ba27aabd05870e2be8db'|'Saudi Arabia debating shape of Aramco ahead of IPO - sources'|' 36pm GMT Saudi Arabia debating shape of Aramco ahead of IPO - sources A Saudi Aramco employee sits in the area of its 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 By Rania El Gamal - RIYADH RIYADH Saudi Arabia is considering two options for the shape of Saudi Aramco when it sells shares in the national oil giant next year: a global industrial conglomerate, and a specialised international oil company, industry and banking sources said. The listing of Aramco IPO-ARMO.SE, expected to be the world''s biggest initial public offer and raise tens of billions of dollars, is a centrepiece of the government''s ambitious plan - known as Vision 2030 - to diversify the economy beyond oil. When the plan was publicly released in June last year, it pledged to "transform Aramco from an oil-producing company into a global industrial conglomerate". But now Saudi officials and their advisers are debating whether to make Aramco "a Korean chaebol", as one source said, referring to sprawling South Korean conglomerates, or a specialised company focused purely on oil and gas. A specialised company might be easier to value because of its simplicity and, since the risks in its business would be clearer, achieve a higher price for its shares. "There are two options being studied now. Either to make Aramco a pure oil and gas company, or a conglomerate and expand its role in petrochemicals and other sectors," said a Saudi industry source, declining to be identified because the debate is being conducted in private. An Aramco spokesperson said: "Saudi Aramco does not comment on rumour or speculation." Other than its core oil and gas production, exploration and refining businesses, Aramco - which employs more than 55,000 people - has plans to build solar and wind power facilities. As the kingdom''s biggest company and one of its most efficient, it is being pressed into service to jump-start industrial projects that are too big or daunting for the private sector. It is developing a $5 billion (<28>4 billion) ship repair and building complex on the east coast, and working with General Electric ( GE.N ) on a $400 million forging and casting venture. It has also often been tasked with executing government projects that have social goals, such as building industrial cities, stadiums and cultural centres. It was involved in creating the King Abdullah University of Science and Technology. As the IPO approaches, officials are asking themselves whether the domestic and international investors who will be asked to buy Aramco shares really want exposure to such a complicated array of assets. A banking source familiar with the IPO preparations said the government was studying a "clean-up exercise" to make Aramco''s structure neater. One option under study is moving all businesses not related to oil to a separate entity before the IPO, although this would be a complex process, the sources said. "It is going to be a legal nightmare for them. And the more they dig, the more they find out issues they need to sort out," an industry source said. COMPLEXITIES The plan to sell up to 5 percent of Aramco, championed by Deputy Crown Prince Mohammed bin Salman, who oversees the country''s energy and economic policies, is also running into other complexities that have not yet been resolved. Last year, Prince Mohammed said he expected the IPO would value Aramco at a minimum of $2 trillion, and that the figure might end up being higher. But this will depend partly on the tax regime which Aramco faces. The company currently pays a 20 percent royalty and 85 percent tax to the government, Saudi officials have said. These could lower its value in an IPO, and sources said talks were under way to move the tax rate as low as 50 percent. But this could hurt state revenues at a time when Riyadh is running a big budget deficit due to low oil prices. T
'4536e3c09d1410d454d7a7ef6e0eaff0e392a102'|'Exclusive: Kinder Morgan starts talks with investors for $5.2 billion Canada pipeline project - sources'|'Commodities   12:57pm EST Exclusive: Kinder Morgan starts talks with investors for $5.2 billion Canada pipeline project - sources FILE PHOTO - The entrance for the Kinder Morgan Tank Farm is pictured in Burnaby, British Columbia, October 6, 2014. REUTERS/Ben Nelms By John Tilak and David French - TORONTO/NEW YORK TORONTO/NEW YORK Kinder Morgan Inc ( KMI.N ) has begun talks with institutional investors including major Canadian pension funds and private equity firms to raise capital for the C$6.8 billion ($5.2 billion) expansion of its Trans Mountain pipeline project, according to people familiar with the process. Kinder Morgan has held discussions with Canada Pension Plan Investment Board, the Caisse de depot et placement du Quebec and Ontario Teachers'' Pension Plan Board, three of the biggest Canadian pension funds, the people added. It was unclear whether talks with the three pension funds were still ongoing. The biggest U.S. pipeline company, which has said its goals for 2017 include a joint venture or initial public offering of Trans Mountain, is stepping up its financing efforts for the massive project despite facing significant opposition from various environmental and aboriginal groups. It won Canadian government approval late last year, and expects to start the expansion later in 2017 and complete it by 2019. Kinder Morgan has hired Toronto Dominion Bank ( TD.TO ) as an adviser to help arrange financing for the project and the bank is expected to run a so-called "dual-track" process. Apart from a potential IPO, Kinder Morgan is also considering a sale of a 50 percent stake in Trans Mountain by creating a joint venture. The formal process to attract joint venture partners is getting underway, the people said. "We''re confident in the interest from the investment community and we''re continuing to move forward with all aspects of planning in order to begin construction in September 2017," said Ali Hounsell, spokeswoman for Kinder Morgan''s Trans Mountain Expansion Project. CPPIB declined to comment. TD, the Caisse and Ontario Teachers did not immediately respond to requests for comment. Sources declined to be identified as the discussions are private. Kinder Morgan has owned the pipeline since 2005 when it bought Terasen Inc. The expansion project will make Trans Mountain one of the biggest pipelines in North America. For the company, it would almost triple the pipeline''s capacity, allowing it to transport 890,000 barrels of oil per day. Trans Mountain has been operating since 1953. Most of the crude, which is produced in Alberta, is shipped to British Columbia<69>s Pacific Coast, with some volumes diverted south of the border to Washington State. (Reporting by John Tilak in Toronto, David French in New York; additional reporting by Nia Williams in Calgary; Editing by Denny Thomas and David Gregorio) Next In Commodities'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-kinder-morgan-de-canada-financing-exc-idUSKBN15W20W'|'2017-02-18T00:57:00.000+02:00'
'c84c63827a144e18bac678444d89d6a0e28abaf6'|'South32 half-year profit vaults higher on strong commodity prices'|'  11:14pm GMT South32 half-year profit vaults higher on strong commodity prices A sign adorns the building where Australian miner South32 has their office in Perth, Western Australia, November 19, 2015. REUTERS/David Gray SYDNEY Stronger coal and manganese prices lifted half-year underlying earnings from continuing operations at Australia''s South32 ( S32.AX ) 18-fold to $479 million (384.37 million pounds) from a year earlier, beating market expectations. The miner, built around a group of unwanted assets spun-off by BHP Billiton ( BLT.L ) ( BHP.AX ), also declared its first interim dividend of 3.6 U.S. cents a share. "The disciplined application of our strategy and stronger commodity prices underpinned a significant improvement in financial performance," Chief Executive Graham Kerr said in a statement. South32''s share price has more than doubled over the past year, aided by the timely acquisition of a metallurgical coal mine in Australia from Peabody Energy ( BTUUQ.PK ). The miner also enjoyed surging manganese and metallurgical coal prices - up 300 percent and 200 percent respectively in 2016 - but prices are now in decline. So far this year, manganese is down 41 percent from its 2016 peak, while metallurgical coal is off 47 percent. (Reporting by James Regan; Editing by Richard Pullin)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-south32-results-idUKKBN15U2W7'|'2017-02-16T06:14:00.000+02:00'
'6a217dd51f114c867cec464580bf8c4ee7466c7a'|'UPDATE 1-GM says will not rationalise Vauxhall plants - UK minister'|'(Adds background)LONDON Feb 16 British business minister Greg Clark said he had been reassured by General Motors that the firm did not intend to "rationalise" its Vauxhall operations in the UK, after meeting with GM''s president Dan Ammann to discuss GM''s plan to sell its European subsidiary to France''s PSA.Plans for GM to sell the Opel and Vauxhall business to the maker of Peugeot and Citroen cars, have set political alarm bells ringing in Britain and Germany, where there are fears that a sale could lead to heavy job losses at Vauxhall and Opel.But, Clark said he had held constructive talks with GM on Thursday."There is some way to go in discussions between GM and PSA but I was reassured by GM''s intention, communicated to me, to build on the success of these operations rather than rationalise them," Clark said in a statement. "We will continue to be in close contact with GM and PSA in the days and weeks ahead."PSA and GM both mobilised their chief executives on Wednesday to defend the planned acquisition against a wave of criticism from trade unions, fearing the deal could be derailed even before its terms are finalised.PSA and GM have declined to say what cuts they would make to jobs, plants, production capacity or research and development under the deal being discussed. Of GM Europe''s roughly 38,000 staff, about 19,000 are in Germany and 4,500 in Britain. (Reporting by William James and Kate Holton; editing by William Schomberg, Greg Mahlich)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/opel-ma-psa-britain-idINL8N1G15JH'|'2017-02-16T11:51:00.000+02:00'
'b1836a2f9168b5716de204ea9b76f3388f686580'|'Actelion says J&J''s $280 per share offer to start March 3'|' 22am EST Actelion says J&J''s $280 per share offer to start March 3 ZURICH Feb 16 Actelion said on Thursday that Johnson & Johnson''s agreed tender offer for the Swiss biotechnology company''s shares is expected to start on March 3 and to run to March 30. The price is $280 per share, valuing Actelion at $30 billion. Shares of the new research and development company being spun out of Actelion for a Swiss listing will be distributed to Actelion shareholders as a stock dividend prior to settlement of tender offer, it said. (Reporting by John Miller; Editing by Michael Shields)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/actelion-results-idUSASM0009HQ'|'2017-02-16T13:22:00.000+02:00'
'8eb2f717f6d508e49a8eb00960f016c502408198'|'Siemens to separate Mechanical Drives business'|'FRANKFURT Siemens ( SIEGn.DE ) is splitting off its $2 billion Mechanical Drives unit, classified in past years as an underperforming business, as a standalone company better able to serve its customer base of small businesses.The unit - which makes gearboxes and couplings for wind turbines, ships and heavy machinery and employs 6,000 people - will continue to operate under the Siemens umbrella, the Munich-based industrial group said in a statement on Thursday.Mechanical Drives follows a well-worn path of Siemens activities that have been given operational independence, usually as a precursor to a legal separation followed by a sale or spin-off.Former semiconductor unit Infineon ( IFXGn.DE ) and lighting unit Osram ( OSRn.DE ) are early examples. The latest is Healthineers, which is expected to become one of Germany''s biggest public listings."MD''s market, which is dominated by medium-sized companies, is currently characterized by weak growth, increasing competition from the Asian region and overcapacities, with correspondingly high price pressure," Siemens said.Mechanical Drives is part of Siemens'' Process Industries and Drives division, its least profitable business with a margin of 6.4 percent last quarter. It made just under 20 percent of the division''s sales of 9.04 billion euros ($9.63 billion) last year.A Siemens spokesman said the business had improved strongly in the past couple of years and was now competitive.It was not immediately clear whether it was still classified as one of the group''s underperforming businesses, which account for about 14.5 billion euros in revenue, and have an average profit margin of 4.5 percent.Siemens said it planned to invest in Mechanical Drives'' locations worldwide and its product portfolio.($1 = 0.9388 euros)(Reporting by Maria Sheahan and Georgina Prodhan; Editing by Christoph Steitz and Susan Thomas)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-siemens-restructuring-idUSKBN15V1NT'|'2017-02-16T17:57:00.000+02:00'
'6c26ff154dd9675a833f701dbfc9cfe6c86a81b6'|'Toshiba to purchase IHI''s stake in Westinghouse'|' 51am EST Toshiba to purchase IHI''s stake in Westinghouse TOKYO Feb 17 Toshiba Corp on Friday said it would buy 3 percent of U.S. nuclear power subsidiary Westinghouse Electric Co LLC from Japanese infrastructure firm IHI Corp for $157 million. Toshiba said it had received notice from IHI that it would exercise an option to sell its Westinghouse stake to Toshiba. Toshiba is trying to sell part or all of its stake in its memory chip business as it seeks funds to offset an multi-billion dollar writedown at Westinghouse. (Reporting by Junko Fujita; Editing by Christopher Cushing)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/toshiba-accounting-idUST9N1FM03A'|'2017-02-17T14:51:00.000+02:00'
'b2b32eb1fecc6334ceab3e1d307ab4a089ca0300'|'LPC - Bankers ready <20>2.6 billion debt deal for potential Stada sale'|' 02am GMT LPC - Bankers ready <20>2.6 billion debt deal for potential Stada sale 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 Claire Ruckin - LONDON LONDON Bankers are preparing a debt financing of around <20>2.6bn (<28>2 billion) backing a potential private equity buyout of publicly listed German generic drugs and consumer care group Stada ( STAGn.DE ), banking sources said on Tuesday. Stada said on Monday that it had started talks with potential bidders Cinven Partners and Advent International, after the private equity firms showed interest. Banks are eager to underwrite a large and profitable debt deal, which would give lenders a welcome break from the low-earning task of repricing and refinancing existing loans. <20>Every bank is looking at Stada. You don<6F>t get a jumbo trade very often so as soon as something hits the screen like this, you get on it,<2C> one source said. Around <20>2.6bn of debt financing would give a total leverage ratio of around 6x-6.5 times, based on Stada<64>s approximate Ebitda of <20>400m, sources said. The debt is likely to be denominated in euros and the large size of the financing means that it could be split between leveraged loans and high-yield bonds, they added. Europe<70>s leveraged loan market could have the upper hand, sources said, as public to private acquisitions can take a long time to close. Loans are more flexible and have less rigid accounting standards than bonds and can be arranged either as a bridge financing or syndicated to investors with a ticking fee. LIQUID MARKET While the liquid loan market has the capacity to bank a jumbo deal, several other large loans are also on the horizon, including the potential sale of German metering groups Techem and rival Ista. The two potential sales would require around <20>2bn of financing each and, if successful, could quickly reverse technical market factors that have seen demand outstrip supply for around a year. <20>Europe<70>s leveraged loan market could go to feast from famine very quickly,<2C> the first source said. Stada said that Cinven was offering 56 euros per share, which values the company at almost <20>3.5bn. It did not disclose the price proposed by Advent. Other cash-rich buyout firms including Bain, BC Partners, CVC and Permira are also interested in Stada, sources said. Stada was not immediately available to comment. Bain, BC Partners, CVC and Permira declined to comment. Founded in 1895 in Dresden as a pharmacists'' cooperative, Stada is seeking to expand its non-prescription consumer care business. Its generic drug business is under price pressure as medical insurers in Germany, its largest market, seek bulk procurement deals at low prices. (Editing by Tessa Walsh) Britain, China pledge to promote free trade SHANGHAI China and Britain have pledged to promote free trade and cooperate on building a open world economy, fanning efforts to shore up what the two governments have called a "golden era" in their relationship, the Xinhua news agency reported on Friday.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-stada-loans-idUKKBN15W118'|'2017-02-17T18:02:00.000+02:00'
'516c2d7b6facd2ca5ddb88a32d2bcc5f2393f577'|'Mattel partners with parenting website to expand China presence'|'Technology  34pm EST Mattel partners with parenting website to expand China presence A worker carries Barbie dolls to put them on the shelves at a toy store in Caracas November 14, 2014. REUTERS/Carlos Garcia Rawlins/File Photo Barbie maker Mattel Inc ( MAT.O ) said it would partner with Chinese parenting website Babytree to create an online learning platform for early childhood development, the latest in the No. 1 U.S. toymaker''s push into China. The partnership with Babytree announced on Thursday comes two days after Mattel said it would sell its products on Chinese e-commerce giant Alibaba Group Holding Ltd''s ( BABA.N ) online marketplace Tmall. Mattel said it would also work with Alibaba''s A.I. Lab to create products for child development through interactive learning as part of the deal. Mattel and Babytree will provide child development assessment tools and customized parenting content and development curriculum, based on Mattel''s early childhood development brand, Fisher-Price, the company said. Babytree, founded in 2006, provides families in China a platform to learn and exchange ideas on early education, child development tracking and nutrition. Mattel posted holiday-quarter sales well below analysts'' estimates last month, as the toymaker battles weak demand in North America and rising competition. (Reporting by Jessica Kuruthukulangara in Bengaluru) Next In Technology News Facebook says Irish challenge to U.S. data transfers ''deeply flawed'' DUBLIN Facebook said on Thursday a legal challenge against the way it transfers EU user data to the United States was "deeply flawed" and should not be referred to the EU''s top court because ample privacy protections were already in place.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-mattel-babytree-idUSKBN15V308'|'2017-02-17T06:29:00.000+02:00'
'599ddb9fc7eb4bac2d7c007ac355e85760159fa4'|'Swiss banks face withdrawals due to tax clampdown'|'  3:57pm GMT Swiss banks face withdrawals due to tax clampdown The logo of Swiss bank UBS is seen at a branch office in Zurich, Switzerland January 27, 2017. REUTERS/Arnd Wiegmann By Joshua Franklin - ZURICH ZURICH Wealthy clients in 2016 pulled out almost $30 billion (<28>24 billion) of untaxed assets from three of the world''s biggest private banks, UBS ( UBSG.S ), Credit Suisse ( CSGN.S ) and Julius Baer ( BAER.S ), taking advantage of government programmes letting them pay tax on undeclared money. Graphic - Withdrawals in 2016 at Switzerland''s three-biggest banks: here With tax amnesty programmes in countries like Argentina, Brazil and Indonesia, these so-called regularisation outflows come from clients taking money out of their accounts to pay taxes and penalties. Those who decline to participate in amnesty programmes often have to move their accounts. Swiss banks are still recovering from European and U.S. clients withdrawing tens of billions of dollars following a post-financial crisis clampdown on tax dodging The tax clampdown has eroded Switzerland''s bank secrecy rules, which for decades pulled in money from the world''s super-rich. UBS and Credit Suisse flagged further withdrawals in 2017 due to these amnesty programmes as well as the introduction of the OECD''s Automatic Exchange Of Information, a financial data sharing initiative. "We expect Wealth Management''s net new money growth rate to remain around the lower end of our 3 percent to 5 percent target range for 2017," UBS Chief Financial Officer Kirt Gardner said last month. Credit Suisse CFO David Mathers said on Tuesday the bank expected gross outflows of around 9 billion Swiss francs (<28>7 billion) in 2017, though part of this will also come from a pruning of relationships with external asset managers at its Swiss business. These outflows at Julius Baer should tail off in 2018, the bank''s Chief Executive Boris Collardi said earlier this month. (Editing by Jane Merriman)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-swiss-banks-tax-idUKKBN15V254'|'2017-02-16T22:57:00.000+02:00'
'dc254bf2fb2605801e3fe6db830c159f7d0e58cd'|'Wells Fargo sees ''relatively stable'' retail trends in January'|' 18am EST Wells Fargo sees ''relatively stable'' retail trends in January Feb 17 Wells Fargo & Co saw "relatively stable" trends in branch banking in January, the executive in charge of the unit stated Friday in a company press release. Branch interactions fell 12 percent from December and four percent from January 2016, but other metrics showed growth versus a year ago. (Reporting by Dan Freed in New York)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/wells-fargo-banks-idUSFWN1G20XV'|'2017-02-17T23:18:00.000+02:00'
'200e2affd55bcaecedd4f6b54d3cf5f10d5a0b5c'|'UK pensions body backs rules to toughen up corporate pay votes'|'  11:56am GMT UK pensions body backs rules to toughen up corporate pay votes LONDON Britain''s Pensions and Lifetime Savings Association (PLSA) on Friday called for new rules to ensure a ''super majority'' of investors were needed to sign of on a company''s pay plans, as part of a government consultation. The PLSA joins other investors, including Fidelity International, in looking to toughen up the rules on pay votes after several high-profile rebellions in recent years, including at BP and WPP. The group also said it backed the release of data showing the pay ratios between the CEO and UK workers, and also supported the creation of a separate panel or committee to monitor the company''s impact on its various stakeholders. (Reporting by Simon Jessop, editing by Maiya Keidan) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-companies-governance-plsa-idUKKBN15W16V'|'2017-02-17T18:56:00.000+02:00'
'0030a5820a00fd49768567025788d4dfd3e47893'|'MPLX files with U.S. to expand Ozark pipeline expansion project'|'Commodities  44am EST MPLX files with U.S. to expand Ozark pipeline expansion project MPLX LP filed a petition with the Federal Energy Regulatory Commission on Wednesday seeking permission to expand Ozark Pipeline, which carries crude oil from Cushing, Oklahoma to Wood River, Illinois. MPLX expects the commission to act by May 10, and the additional capacity could be available in the second quarter of 2018. On Monday, an MPLX subsidiary agreed to purchase Ozark pipeline, currently owned by Enbridge Inc, for about $220 million. (Reporting by Eileen Soreng in Bengaluru; Editing by Jeffrey Benkoe) Next In Commodities'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-mplx-ozark-ferc-idUSKBN15V1XO'|'2017-02-16T21:41:00.000+02:00'
'b05fdb19968c575cd2cccae89f836a712ded4c0d'|'Anglo to suspend copper mining at El Soldado in Chile'|'Business News - Fri Feb 17, 2017 - 10:40pm GMT Anglo to suspend copper mining at El Soldado in Chile The Anglo American logo is seen in Rusternburg October 5, 2015. REUTERS/Siphiwe Sibeko/File Photo SANTIAGO Anglo American PLC ( AAL.L ) will temporarily suspend operations at its El Soldado copper mine in Chile after failing to receive regulatory approval for a redesign that would have helped keep output flowing, the company said on Friday. Chilean mining regulator Sernageomin has rejected the permit request for the redesign, Anglo said, confirming a Reuters story from Thursday. "The company has as a result decided to immediately and temporarily suspend mine operations, while it analyses in detail the report issued by the institution and decides on the next steps in respect of the future of said operation," Anglo said in a statement. Options could include appealing or coming up with a new plan, it added. The mine''s output - it produced around 36,000 tonnes of copper in 2015 - is small by the standards of Chile, the world''s top copper producer. But the stoppage could impact the market at a time when the two biggest copper mines, Escondida in Chile and Grasberg in Indonesia, have both declared force majeure after production ground to a halt. El Soldado is part of the Anglo American Sur complex, in which state-run Codelco [COBRE.UL] and Japan''s Mitsui ( 8031.T ) and Mitsubishi ( 8058.T ) also hold stakes. It has lost money in recent years and has been following an aggressive savings plan against a backdrop of falling copper prices. It said last year that the mine''s long-term viability was at risk under current market conditions and laid off 10 percent of the workforce. Sernageomin did not immediately respond to requests for comment. (Reporting by Luc Cohen and Rosalba O''Brien; Editing by Jonathan Oatis and Leslie Adler) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-anglo-american-chile-mine-idUKKBN15W2EX'|'2017-02-18T05:40:00.000+02:00'
'e66f992cfdf847e03d8c46cc57284cfc20189ca6'|'BRIEF-MuleSoft Inc files for IPO of its Class A common stock of up to $100 mln'|'Feb 17 (Reuters) -* Mulesoft Inc files for IPO of its Class A common stock of up to $100 million - SEC filing* Mulesoft Inc - Intend to apply to list its IPO on NYSE under the symbol "MULE"* Mulesoft Inc - Goldman Sachs, JP Morgan, and BofA Merrill Lynch are among underwriters to IPO Source text: bit.ly/2l3gvwW'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brief-mulesoft-inc-files-for-ipo-of-its-idINFWN1G20TT'|'2017-02-17T19:35:00.000+02:00'
'fa3323fcbb04a85e30829ad78af0f612d5097332'|'BRIEF-Citigroup CEO Corbat''s 2016 annual compensation was $15.5 mln, down 6 pct from 2015'|'  5:08pm EST BRIEF-Citigroup CEO Corbat''s 2016 annual compensation was $15.5 mln, down 6 pct from 2015 Feb 17 Citigroup Inc: * Committee determined that Corbat''s annual compensation for 2016 is $15.5 million * Corbat''s annual compensation for 2016 is a 6 percent reduction from his 2015 total compensation of $16.5 million Source text - ( bit.ly/2lTFgNF )   UPDATE 3-Enbridge CEO says Canada only needs two more export pipelines CALGARY, Alberta, Feb 17 Two new crude oil export pipelines will provide enough capacity to ship Canadian production to market until at least the mid 2020s, Enbridge Inc Chief Executive Al Monaco said on Friday, making clear his company''s Line 3 should be one of them. * Reached a confidential agreement to settle the proceedings filed by the minority shareholders in court 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-citigroup-ceo-corbats-2016-annual-idUSFWN1G210G'|'2017-02-18T05:08:00.000+02:00'
'7053f1258ea154bb55f5e3820d88377fa9aaed81'|'Freeport Indonesia CEO resigns after force majeure on copper exports'|'Company   4:32am EST Freeport Indonesia CEO resigns after force majeure on copper exports JAKARTA Feb 18 Chappy Hakim, the chief executive of Freeport-McMoran Inc''s Indonesian unit, has resigned, the firm said in a statement on Saturday, after its parent company declared force majeure on copper concentrate shipments from its giant Grasberg mine in Papua. Hakim, a former air force chief, had only been in the job for a few months. He was appointed to use his connections to guide Freeport Indonesia through regulatory uncertainty. "I have decided it is in the best interests of PTFI (Freeport Indonesia) and my family to step down from my duties as president director while continuing to support the company in an advisory role," Hakim was cited as saying in the statement. Freeport, which has been negotiating with the Indonesian government after halting exports following the introduction of new mining rules, said on Friday it could not meet contractual obligations for copper concentrate shipments from Grasberg following a five-week export ban. (Reporting by Agustinus Beo Da Costa; Writing by Gayatri Suroyo) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/indonesia-freeport-mcmoran-ceo-idUSL4N1G3040'|'2017-02-18T16:32:00.000+02:00'
'0c7577d1dc27a0f0d08d1d19607e930fcc4ac658'|'RPT-3G Capital''s austere empire-building weighs on Kraft''s Unilever bid'|'Company News - Sat Feb 18, 2017 - 7:00am EST RPT-3G Capital''s austere empire-building weighs on Kraft''s Unilever bid (Repeats story published Friday to widen distribution) By Michael Flaherty and Lauren Hirsch Feb 18 Buyout firm 3G Capital managed to build a consumer empire with a market value of over $140 billion in just seven years. Yet its ruthless approach to costs may end up hampering 3G-backed Kraft Heinz Co''s $143 billion bid for Unilever Plc. 3G made its name in corporate America by orchestrating large debt-laden acquisitions and then slashing costs dramatically to juice profits. Using a strategy called zero-based budgeting, its managers must justify all expenses, from pencils to forklifts. Its investment approach has attracted backers ranging from billionaire investor Warren Buffett, who has helped bankroll all four major 3G deals, to celebrities such as supermodel Gisele Bundchen and tennis champion Roger Federer, who invested in 3G''s latest approximately $10 billion fund. This relentless focus on costs, however, may end up making Kraft''s pursuit of Unilever more difficult. In rebuffing Kraft''s bid publicly on Friday, Unilever cited "strategic" in addition to financial reasons. While sources told Reuters that Kraft believes that investing in innovation would be an important part of the combined company, analysts have begun to question whether 3G''s operational approach hinders Kraft''s ability to grow over the long term. "We can understand how some investors could wonder if Kraft''s efficiency-centric model is as sustainable as many have believed," Barclays analysts said earlier this month. Kraft''s sales were down 3.8 percent to $6.86 billion in the fourth quarter of 2016. Kraft has attributed the decline in sales to a pruning of its portfolio, as it weeds out non-profitable products. It sees tight operational management as perfectly compatible with sales growth. Unilever, the London and Rotterdam-based owner of Dove soap and Hellmann''s mayonnaise brands, defines itself as a business "making sustainable living commonplace." This means putting money with an eye beyond the immediate bottom line, such as products with low environmental impact and resources toward bringing safe water to under-served regions. "(The rebuff of Kraft) makes us also wonder if Unilever''s focus on sustainability might make it very resistant to any further approach from Kraft," said Royal Bank of Canada analyst David Palmer. Adding to Kraft''s challenges, the U.S. consumer food company will need to either integrate or find other options for Unilever''s household and personal care (HPC) business, which makes products such as toothpaste, soaps and detergents. "It seems plausible that the HPC piece of (Unilever) then becomes a merger partner for something 3G might do on its own in HP. In other words, this could be part one of a huge two-step process," said Don Bilson, head of research at event-driven research firm Gordon Haskett. Kraft, Unilever and 3G Capital declined to comment. MANAGEMENT PHILOSOPHY BREWED AT ANHEUSER BUSCH Co-founded by Brazilian billionaire financier Jorge Paulo Lemann, 3G combined Kraft and H.J. Heinz Co in 2015 to create a company that now has a $112 billion market capitalization, and combined Burger King and Tim Hortons in 2014 in a $11 billion deal. The 3G management philosophy was developed by Lemann and Brazilian investment bankers Marcel Herrmann Telles and Carlos Alberto Sicupira, and pioneered at Budweiser brewer Anheuser Busch InBev, the world''s biggest brewer, which they helped create through a series of big mergers. Lemann, Telles and Alberto Sicupira made their mark at Banco Garantia, the investment bank they founded in Brazil in the 1970s. After selling it to Credit Suisse Group AG in 1998, they formed private equity firm 3G to invest in U.S. consumer names. After 3G teamed up with billionaire Buffett to buy Heinz in 2013, they closed six factories and cut 7,000 jobs in 18 month
'b4ec33e1fc19fe793a0c2e95cca3cc26667a7d29'|'BRIEF-Parkway agrees to sell 49pct interest in Houston Greenway Portfolio'|' 03pm EST BRIEF-Parkway agrees to sell 49pct interest in Houston Greenway Portfolio Feb 17 Parkway Inc: * Parkway agrees to sell 49pct interest in Houston Greenway Portfolio * Parkway Inc - deal for $512.1 million, or an implied $210 per square foot * Parkway Inc - expects to record an impairment loss of approximately $25.0 million in q1 of 2017 related to joint venture transaction * Parkway-Proceeds to Parkway are expected to be about $315.8 million, which includes new debt placement,assumed payoff of Co''s $350.0 million existing term loan * Parkway - at closing, co intends to terminate existing revolver, term loan credit facility, prepay $350.0 million outstanding balance using proceeds from JV  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-parkway-agrees-to-sell-49pct-inter-idUSASB0B130'|'2017-02-18T07:03:00.000+02:00'
'4cb88e066155850ed8e066279d7731581730fb26'|'Ocwen in settlement with California regulator over loan servicing'|'Business News - Fri Feb 17, 2017 - 9:25pm EST Ocwen in settlement with California regulator over loan servicing Ocwen Financial Corp ( OCN.N ) said on Friday its loan servicing unit agreed to pay $25 million and provide another $198 million in debt forgiveness under a settlement with a California regulator over allegations that Ocwen violated federal and state laws related to borrowers'' rights. Ocwen said it did not admit any wrongdoing under the settlement with the state''s Department of Business Oversight. The company, which previously reserved for the $25 million settlement amount, said the debt forgiveness will be provided via loan modifications to existing California borrowers over a three-year period. The state regulator will terminate the consent order that has been in place since January 2015 and terminate the engagement of the independent auditor in place under that order, Ocwen said. The Department of Business Oversight has also lifted its restriction on Ocwen''s ability to acquire mortgage servicing rights on properties in California. "Ocwen is pleased to have reached a comprehensive settlement with the DBO related to matters the agency raised, and we will quickly move forward to implement all terms associated with this agreement," Ocwen''s chief executive, Ron Faris, said in a statement. "The terms will hold Ocwen accountable for widespread violations of laws that harmed borrowers in our state," state Commissioner Jan Lynn Owen said in a separate statement. ( bit.ly/2lt6Gtf ) According to the Department of Business Oversight, Ocwen engaged in practices that in some cases jeopardized borrowers'' ability to obtain loan modifications, provided inaccurate information on notices of default, failed to reduce interest rates in a timely manner for California active-duty personnel, and failed to submit correct information to credit-reporting agencies on borrowers after having previously providing erroneous information. The Department of Business Oversight said Ocwen must make the $25 million cash payment, which includes $20 million in borrower restitution and $5 million in penalties and fees, before it can acquire new servicing rights. (Reporting by Laharee Chatterjee in Bengaluru; Editing by Leslie Adler) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-ocwen-financial-settlement-dbo-idUSKBN15X01P'|'2017-02-18T09:00:00.000+02:00'
'aff51de94dd34ffb36e287571f0189942c50c365'|'China to face pressure to ensure enough jobs this year - vice premier'|' 23pm GMT China to face pressure to ensure enough jobs this year - vice premier Chinese Vice Premier Ma Kai at Diaoyutai State Guesthouse in Beijing, China, September 28, 2015. REUTERS/Kim Kyung-Hoon BEIJING China will face pressure to ensure sufficient job creation this year, vice premier Ma Kai said on Friday, even after authorities beat targets and created more than 13 million jobs last year. The government should increase coordination between employment and economic policies and encourage job creation through innovation, Ma said at a State Council meeting on employment on Friday. The registered urban unemployment rate was 4.02 percent at the end of 2016. China targeted 10 million new urban jobs in 2016, and said on Monday it hoped to create 50 million new jobs over the five years to 2020 and keep unemployment below 5 percent. (Reporting by Elias Glenn; Editing by Robert Birsel)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-china-economy-employment-idUKKBN15W18X'|'2017-02-17T19:23:00.000+02:00'
'31cb4ad328c561592e686c6896a1e9729d91975e'|'Markets edgy ahead of UK retail sales figures <20> business live - Business'|'Canary Wharf and the City of 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 Friday 17 February 2017 08.02 GMT Key events Show 7.44am GMT 07:44 The agenda: UK retail sales in focus Live feed Show 7.44am GMT 07:44 The agenda: UK retail sales in focus Good morning, and welcome to our rolling coverage of the world economy, the financia, markets, the eurozone and business. Has the rally fizzled out? After hitting record highs on Thursday, the world<6C>s stock markets are looking edgier today.Investors are digesting Donald Trump<6D>s remarkable press conference, in which he blasted the press and defended his administration<6F>s early progress - but didn<64>t flesh out his promises of tax reforms and fiscal spending.''Fine-tuned machine'': Trump gives extraordinary press conference Read more That has pushed some Asian indices into the red, with Japan<61>s Nikkei closing down 0.6% and China and Hong Kong also losing ground.Bloomberg (@business) - Asia stocks fall- Treasuries drop- Dollar steady- U.S. rate talk- Oil above $53 https://t.co/11Wx3Uvflz pic.twitter.com/tBXxfw7g5c February 17, 2017 It<49>s left us looking at a very quiet start to trading in London.IGSquawk (@IGSquawk) Our European opening calls: $FTSE 7278 down 0$DAX 11760 up 2$CAC 4897 down 2 $IBEX 9565 up 10 $MIB 19108 up 20February 17, 2017 But that could change at 9.30am GMT, when the latest UK retail sales figures are released. Economists are expecting to see that retail spending recovered in January, up around 1% in the month (including petrol), after falling unexpectedly by 1.9% in December. A weaker reading might indicate that consumers are now feeling the pinch from higher inflation, which has forced real wage growth down to a two-year low.RBC Capital Markets believe rising prices will cause a slowdown in the aisles.If consumers are having to pay increased prices, volume growth will be harder to come by than when there was deflation in the sector. Volume growth has already slipped from over 7% y/y in October to 4.3% y/y in December, with the consensus estimate for January data today looking for a dip below 4% y/y.Also coming up today... The Greek government and its creditors will continue talks over its bailout today. However, there<72>s no real hope of a breakthrough in time for next Monday<61>s meeting of eurozone finance ministers.Jennifer Rankin (@JenniferMerode) EU official on Greece eurogroup 20 Feb downplays expectations: ''the agenda is short and momentous decisions will presumably not be taken''February 16, 2017 This uncertainty could weaken the euro, warns analyst Tony Cross of TopTradr :We<57>ve been here many times before and a compromise will more than likely be found, but tensions are going to be heightened in Germany with the elections looming and continued distributions to other parts of the Eurozone continuing to annoy the electorate <20> even if they have by all accounts done very well out of the imbalance in recent years.EU officials are now suggesting that a deal could come in March...Christophe Barraud (@C_Barraud) #GREECE - #EU OFFICIAL SAYS POSSIBLE TO REACH A GREEK DEAL IN MARCH - BBGFebruary 16, 2017 ....the omens from the football field aren<65>t encouraging for Greece<63>s finance minister, Euclid Tsakalotos, though.Nick Malkoutzis (@NickMalkoutzis) In search of Greek victory, FinMin Tsakalotos went to see his team PAOK take on Schalke in the Europa League last night. The Germans won 3-0February 17, 2017 Otherwise, it could be a quiet end to a lively week.... Updated at 8.02am GMT Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/live/2017/feb/17/markets-edgy-uk-retail-sales-ftse-greece-business-live'|'2017-02-17T15:02:00.000+02:00'
'08569fa429a3b1e1c9e04a06ca82d1a685aece64'|'Iraq plans to acquire ''large fleet'' of oil tankers'|'Business  55am GMT Iraq plans to acquire ''large fleet'' of oil tankers Iraq''s Oil Minister Jabar Ali al-Luaibi talks to journalists during a meeting of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria, November 30, 2016. REUTERS/Heinz-Peter Bader - BAGHDAD Iraq plans to acquire a "large fleet" of oil tankers to transport the OPEC nation''s crude to global markets, Oil Minister Jabar al-Luaibi said in a statement on Friday. The nation''s tanker fleet was largely destroyed during the U.S.-led offensive to dislodge Iraq from Kuwait in 1991, according to the state-run Iraqi Oil Tankers Company''s website. The company owned as many as 24 tankers in the 1980s. "The ministry is keen to restructure the company and develop its operations by building and buying a large fleet of tankers," Luaibi told the company''s management, according to the statement. Iraq is OPEC''s second-largest producer, after Saudi Arabia. (Reporting by Maher Chmaytelli; Editing by Adrian Croft) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-mideast-crisis-iraq-shipping-oil-idUKKBN15W11M'|'2017-02-17T17:55:00.000+02:00'
'1d16029c5c69a0fb5225239acdcd2699c2ea916b'|'Governor, Army Corps block deadline extension for Dakota pipeline protesters'|'Company News - Thu Feb 16, 2017 - 9:56pm EST Governor, Army Corps block deadline extension for Dakota pipeline protesters By Terray Sylvester Feb 16 Federal officials and North Dakota''s governor on Thursday refused to extend next week''s evacuation deadline for activists living in camps that have been a base for months for demonstrations against the multibillion-dollar Dakota Access oil pipeline. Opponents of the 1,170-mile (1.882-km) line met with officials from the U.S. Army Corps of Engineers, Republican Governor Doug Burgum and the state Department of Transportation on Thursday morning, asking to be given more time to remove their belongings and waste from the camps. In a statement on Thursday evening, Burgum and the Army Corps refused to extend next Wednesday''s deadline. Army Corps spokesman Ryan Hignight said contractors working for the agency would enter the camp as soon as they could. "We''re not going to necessarily wait for the 22nd," Hignight said. Pipeline opponents say they fear fresh conflicts with law enforcement if Army Crops crews, including waste-removal personnel, are accompanied by police. "It''s completely impossible to remove everything down there in that short of a time frame," said Chase Iron Eyes, a member of the Standing Rock Sioux Tribe. "The people aren''t opposed to the help of the Army Corps, but it''s got to be without the presence of militarized law enforcement." The exchange came a day after Burgum ordered pipeline opponents to move off of land owned by the Army Corps, citing safety and environmental pollution concerns posed by spring snowmelt and rising water levels in the nearby Cannonball River. Hignight warned that anyone still occupying Army Corps land after the deadline could face fines as high as $5,000 and six-month jail terms. About 700 pipeline opponents have been arrested since August 2016. Environmentalists and Native Americans who have opposed the pipeline, saying it threatens water resources and sacred sites, have faced a series of setbacks since Republican President Donald Trump took office in January. A federal judge on Monday denied a request by Native American tribes seeking to halt construction of the final link of the $3.8 billion pipeline after the Corps of Engineers granted a final easement to Energy Transfer Partners LP last week. (Reporting by Terray Sylvester in Hood River, Ore.; Editing by Curtis Skinner and Peter Cooney) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/north-dakota-pipeline-idUSL1N1G203O'|'2017-02-17T09:56:00.000+02:00'
'2161998c9a8f3276bf61fa6660c25755da88f7d4'|'Mattel partners with parenting website to expand China presence - Reuters'|'Barbie maker Mattel Inc ( MAT.O ) said it would partner with Chinese parenting website Babytree to create an online learning platform for early childhood development, the latest in the No. 1 U.S. toymaker''s push into China.The partnership with Babytree announced on Thursday comes two days after Mattel said it would sell its products on Chinese e-commerce giant Alibaba Group Holding Ltd''s ( BABA.N ) online marketplace Tmall.Mattel said it would also work with Alibaba''s A.I. Lab to create products for child development through interactive learning as part of the deal.Mattel and Babytree will provide child development assessment tools and customized parenting content and development curriculum, based on Mattel''s early childhood development brand, Fisher-Price, the company said.Babytree, founded in 2006, provides families in China a platform to learn and exchange ideas on early education, child development tracking and nutrition.Mattel posted holiday-quarter sales well below analysts'' estimates last month, as the toymaker battles weak demand in North America and rising competition.(Reporting by Jessica Kuruthukulangara in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/us-mattel-babytree-idINKBN15V308'|'2017-02-16T21:07:00.000+02:00'
'ae66c403602bafe33e2674b26bd2fc181e4f34f4'|'CANADA STOCKS-TSX retreats from record high as commodity prices fall'|'Company News  28am EST CANADA STOCKS-TSX retreats from record high as commodity prices fall (New throughout, updates prices and market activity, adds details on stocks and sectors) * TSX falls 27.11 points, or 0.17 percent, to 15,837.06 * Six of the TSX''s 10 main groups retreat TORONTO, Feb 17 Canada''s main stock index fell on Friday, heading for its first decline in nine days as it pulled back from the previous day''s record high, pressured by losses for resource shares as oil and copper prices fell. Losses for the Toronto Stock Exchange''s S&P/TSX composite index came as concerns over the French election and weak data in Britain weighed on global stocks, while investors looked for clarity on U.S. President Donald Trump''s policies on tax and trade. Fairfax Financial Holdings Ltd fell more than 3 percent to C$611.00. On Thursday, the company reported a 27.5 percent slump in revenue, weighed down by losses from cuts to equity hedges following the U.S. presidential election. Shares of Enbridge Inc fell nearly 1 percent to C$54.90. Canada''s largest pipeline company, reported a smaller-than-expected quarterly profit as expenses jumped and the company said its deal to buy Spectra Energy Corp was on track to close this quarter. The overall financials group dipped 0.1 percent as bond yields fell and the energy group lost 0.4 percent, pressured by lower oil prices. U.S. crude prices were down 0.8 percent to $52.94 a barrel as investor concerns about growing global stocks weighed. At 10:59 a.m. ET (1559 GMT), the TSX fell 27.11 points, or 0.17 percent, to 15,837.06. For the week, the index was on track to gain 0.7 percent. The materials group, which includes precious and base metals miners and fertilizer companies, lost 0.8 percent, with First Quantum Minerals slumping nearly 7 percent to C$14.78 after reporting fourth quarter results on Thursday. Copper prices declined 0.6 percent to $5,967 a tonne and gold futures rose 0.1 percent to $1,240.9 an ounce. Air Canada reported a bigger quarterly loss and said it expected its margins to halve in the current quarter from a year ago, as fuel costs inch up with the rise in oil prices. Its shares fell 6.7 percent to C$13.44. Six of the index''s 10 main groups were lower. Among those groups that gained, telecoms rose 0.3 percent, while consumer discretionary advanced 0.6 percent, helped by a 2.4 percent gain for Canadian Tire Corporation Ltd to C$158.21. Some analysts raised their target price on Canadian Tire''s stock after the company reported strong fourth quarter and full year results on Thursday. (Reporting by Fergal Smith; Editing by David Gregorio) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-idUSL1N1G20XW'|'2017-02-17T23:28:00.000+02:00'
'ad11cc84d95f7e4e0bcbd21b0672e9d8de9e7df1'|'Bombing halts pumping on Colombia''s Cano-Limon oil pipeline'|'Company News   10:11am EST Bombing halts pumping on Colombia''s Cano-Limon oil pipeline BOGOTA Feb 17 Pumping operations along Colombia''s second most important oil pipeline, the Cano-Limon Covenas, was halted due to a bomb attack by rebels from the Marxist ELN group, a high-ranking military official said on Friday. The attack occurred on Thursday in a rural area of northern El Carmen in Norte de Santander province, close to the border with Venezuela, General Alberto Jose Mejia, the army''s commander, told reporters in Bogota. "There were terrorist activities by the ELN, a kidnapping and a bombing of the pipeline," he said, referring to the National Liberation Army insurgent group. Production and export from the Cano Limon fields were not interrupted. The 485-mile (780 km) pipeline, a joint venture of state-owned Ecopetrol and U.S.-based Occidental Petroleum Occidental, has the capacity to transport up to 210,000 barrels of crude daily from oil fields operated by Occidental to the Caribbean port of Covenas. Ecopetrol said it would send personnel to the area to repair the damage. Mejia said the rebels had mined the area, slowing repairs. There were 43 attacks on the pipeline last year, Ecopetrol said. Attacks on oil installations by the ELN, a group of about 1,500 combatants, have been a frequent occurrence during a conflict that has killed more than 220,000 people and displaced millions in the past 52 years. The attack will anger President Juan Manuel Santos Peace, whose government has started peace talks with the rebels in Ecuador. The Revolutionary Armed Forces of Colombia (FARC), the biggest rebel group in the South American country, agreed to a revised peace accord with the government late last year. (Reporting by Luis Jaime Acosta; Writing by Helen Murphy; Editing by Bill Trott) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/colombia-oil-idUSL1N1G20PV'|'2017-02-17T22:11:00.000+02:00'
'931288563ea6b24060c15d3ef1c23cbca9617b54'|'Santander U.S. mortgage data shows racial, economic discrimination -group'|'U.S.  07pm EST Santander U.S. mortgage data shows racial, economic discrimination: group The logo of Santander bank is seen on the wall of a branch in Monterrey, Mexico November 24, 2016. REUTERS/Daniel Becerril By Lisa Lambert - WASHINGTON WASHINGTON Outlets of Santander Bank, already under fire for lending practices, denied mortgages to women, minorities and low-income borrowers in the U.S. Northeast more frequently than nearby banks, according to an analysis by an industry reform group on Thursday. The Committee for Better Banks, a coalition of bank workers, consumer advocacy groups and unions, dug into government data on home loans in the U.S. Northeast, including nearly 10,000 Santander home-purchase applications, and found "a disturbing pattern of racial and economic discrimination." Santander denied more than 26 percent of borrowers of color a mortgage in 2014, when other banks in the same locations only turned down 17 percent in aggregate, according to the analysis. It also refused loans to 30 percent of low-income applicants, compared to the aggregate rate of 18 percent, and 20 percent of women, compared to the aggregate rate of 13.6 percent. Meanwhile, in 2015, Santander rejected more than three people of color for every white borrower it turned down. A Santander spokesperson said the bank has "serious questions about its accuracy." Santander''s Ann Davis said the main data source, disclosures that lenders file under the Home Mortgage Disclosure Act, "does not reflect many important factors that all financial institutions consider when reviewing loan applications, including the borrower<65>s amount of debt and credit history." The HMDA was passed in 1975 to shine a light on qualified borrowers who could not get loans because of where they lived. The analysis found some of the greatest discrimination in four metropolitan areas: Pennsylvania''s Philadelphia, Massachusetts'' Worcester, Connecticut''s Hartford and New Jersey''s Camden. In Philadelphia''s low-income neighborhoods, Santander''s mortgage denial rate was 36.6 percent in 2015, more than twice the aggregate rate in that market. That year in Hartford, Santander denied at least four Latino borrowers for every white one. In 2014 Santander settled a lawsuit with Providence, Rhode Island, over alleged "redlining," a practice in which a bank limits lending in minority neighborhoods while increasing it in predominantly white ones. The Office of the Comptroller of the Currency will soon fail Santander on a community lending test for doing too little to reach poor neighborhoods, according to sources familiar with the situation. The bank, which is owned by the euro zone''s second-largest bank by market value, Banco Santander, also recently flunked an annual stress test meant to ensure it can withstand a financial crisis without taxpayer help. (Reporting by Lisa Lambert; Editing by Cynthia Osterman) Next In U.S. Trump dismisses Russia controversy as ''scam'' by hostile media WASHINGTON President Donald Trump dismissed a growing controversy about ties between his aides and Russia on Thursday as a "ruse" and "scam" perpetrated by a hostile news media, and denied any of his associates had contacts with Moscow before last year''s election.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-santanderbank-mortgages-idUSKBN15W03A'|'2017-02-17T08:03:00.000+02:00'
'd8763f125b6f65fe75f1e8cb2a01ad4dafd4c8e1'|'Apple to start India manufacturing in coming months with iPhone SE - source'|'Technology  24am GMT Apple to start India manufacturing in coming months with iPhone SE: source A man speaks on his mobile phone as he walks past an Apple iPhone SE advertisement billboard in a street in New Delhi, India, April 25, 2016. REUTERS/Anindito Mukherjee By Sankalp Phartiyal - MUMBAI MUMBAI Apple Inc will in the coming months start assembling its lower-priced iPhone SE models at a contract manufacturer''s plant in the southern Indian technology hub of Bengaluru, an industry source with direct knowledge of the matter said on Friday. Apple''s Taiwanese manufacturing partner Wistron Corp is setting up a plant in Bengaluru to focus solely on assembling iPhones, a separate source told Reuters earlier this month. Apple''s move comes as it seeks to boost its share in the world''s fastest growing major mobile market, where handsets far cheaper than Apple''s iPhones dominate. It also comes as smartphone sales growth is slowing in Asia''s other massive market, China. To lower prices, Apple has been seeking to set up local production and has been in talks with the Indian federal government regarding issues such as tax concessions. The industry source told Reuters the initial manufacturing of the iPhone SE model was not contingent on those concessions. Apple did not immediately respond to a request for comment. The Economic Times newspaper earlier on Friday reported Apple planned to initially assemble 300,000 to 400,000 iPhone SE handsets in India. The industry source told Reuters the numbers would be substantially lower to begin with. The source also said it was too early to say what other phone models Apple would assemble at the Bengaluru plant. Apple shipped 2.5 million iPhones to India last year, with a third coming in the December quarter, according to market researcher Counterpoint, which estimates that three-quarters of smartphones sold in India were made locally. In the fourth quarter, Apple ranked 10th in India''s smartphone market but led the premium segment with a 62 percent market share, Counterpoint said. Samsung Electronics Co Ltd and a host of Chinese players including Xiaomi and Vivo dominate India''s smartphone market where the vast majority of phones sold are priced below 15,000 rupees ($225). In comparison, the entry level iPhone SE model sells on Amazon.com''s India site for 28,433 rupees ($424). (Writing by Devidutta Tripathy; Editing by Euan Rocha and Christopher Cushing) Next In Technology News Facebook CEO warns against reversal of global thinking SAN FRANCISCO Facebook Inc Chief Executive Mark Zuckerberg laid out a vision on Thursday of his company serving as a bulwark against rising isolationism, writing in a letter to users that the company''s platform could be the "social infrastructure" for the globe.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-apple-india-manufacturing-idUKKBN15W0FH'|'2017-02-17T13:22:00.000+02:00'
'83817c6d32e9abf538bba3139673a27b70e116a0'|'Hedge funds on the money in long call for Kraft Heinz'|' 09pm EST Hedge funds on the money in long call for Kraft Heinz * 23 hedge funds made $70 million on Friday from Kraft holdings * Millennium, Citadel and Balyasny among winners * Event-driven hedge funds started building positions By Maiya Keidan LONDON, Feb 17 Hedge funds holding long positions in Kraft Heinz Co made a 5 percent return on the day on Friday, Reuters data suggests, after it said it was trying to take over British rival Unilever to create a giant consumer goods company. About 23 hedge funds held a combined 1.2 percent in Kraft on Wednesday before the bid was announced on Friday. The 5.3 percent rise took the stock to an all-time high. Multi-manager firms Millennium Management, Citadel and Balyasny Asset Management were among those holding the stock, Reuters Eikon data shows. It is not known when they entered their positions or what type of investment strategy they were pursuing. However, investors piled into Kraft the day before the announcement with 10.6 million shares changing hands on Thursday compared with 2.4 million on average the previous week. "On the event-driven side, (hedge funds) are now building long exposures on Unilever and ... short Kraft the acquirer," said Philippe Ferreira, senior cross asset strategist at Lyxor Asset Management. Volumes traded in Unilever rose from 2.4 million shares on Thursday to 21.3 million on Friday. Event-driven hedge funds, which aim to profit from company mergers and acquisitions, made gains of 16.7 percent in 2016, according to data from industry tracker Hedge Fund Research. The average hedge fund made just 6 percent over the same period. "You''re starting to see managers launching pure mergers and acquisitions hedge funds," said Hilmi Unver, partner at Swiss hedge fund investor Notz Stucki Group, Boston-based Adage Capital Management, $1.4 billion Weiss Multi-Strategy Advisers and LMR Partners, also held positions in Kraft Heinz before the announcement. Funds contacted by Reuters declined to comment or did not respond to requests for comment. (Reporting by Maiya Keidan; Editing by Ruth Pitchford)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/unilever-ma-kraft-hedgefunds-idUSL8N1G252K'|'2017-02-18T02:09:00.000+02:00'
'2c60a34c933a1d34aa87abb40056de42ec0fd551'|'BRIEF-LMI Aerospace sees FY net sales $345.7 mln - $346.7 mln'|'Company News - Fri Feb 17, 2017 - 12:11am EST BRIEF-LMI Aerospace sees FY net sales $345.7 mln - $346.7 mln Feb 17 Lmi Aerospace Inc * LMI Aerospace, Inc. announces expectations for full-year 2016 results * Sees FY net sales $345.7 million - $346.7 million * Says expected results for 2016 were negatively impacted by lower sales primarily due to customer delays * Says expected results for 2016 were negatively impacted by unanticipated engineering changes on a design-build contract * Says expected results for 2016 were negatively impacted by higher-than-expected medical costs Source text for Eikon:'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-lmi-aerospace-sees-fy-net-sales-idUSASB0B0Z1'|'2017-02-17T12:11:00.000+02:00'
'6c02e02ef5a969cce20534243834643663e8e89a'|'Tax reform: How would the GOP handle a $1.2 trillion loss if it can''t sell a border adjustment tax - Feb. 17, 2017'|'Does the U.S. have the highest corporate tax rate? The average person doesn''t get it. President Trump doesn''t love it. Businesses are divided over it. Many lawmakers are dubious about it or just flat out opposed. So it''s looking less likely that a border adjustment tax -- which would fundamentally change how imports and exports are taxed -- will be included in the tax code overhaul that Republicans keep promising. If it''s not, that will make offsetting the cost of tax reform that much more difficult, since the BAT -- as outlined by House Republicans -- would raise an estimated $1.2 trillion over the first decade and another $1.7 trillion in the second, according to the Tax Policy Center . As it is, the two tax reform proposals put out so far already would push debt much higher. The House Republican blueprint would cost $3 trillion in the first decade, the TPC estimates -- and that''s after accounting for the revenue raised by the BAT. Trump has promised to put out another tax reform proposal in the next few weeks, so it''s not clear if he''ll include a BAT. But his previous proposal didn''t and was estimated by TPC to cost up to $7 trillion. So if a BAT doesn''t fly politically, Republicans will have a hard time pushing through their big tax cuts for businesses without a way to pay for them. "It''ll be very hard to find that $1.2 trillion elsewhere. It would have to come from a bunch of things," said Kyle Pomerleau, director of federal projects at the Tax Foundation. Just take the House plan. Here''s what could change: Less dramatic rate cuts: The BAT would go a long way in offsetting the estimated $1.8 trillion revenue loss from the House plan that comes from cutting the corporate rate to 20% from 35% and repealing the corporate Alternative Minimum Tax. So conceivably Republicans might decide to cut rates less dramatically. To compensate for the loss of BAT revenue solely by adjusting the rate, they might only be able to cut the corporate rate to 28%, Pomerleau said. But if they made other modifications as well, "a corporate tax rate of 25% might be possible," said Alec Phillips, a political economist at Goldman Sachs, in a research note. Less generous tax breaks: While the House plan repeals several business tax breaks, it also introduces some new allowances. For instance, the plan calls for U.S. multinationals to pay a tax on their accumulated overseas profits, but at a much lower rate than the 20% corporate rate. To bring in more money, lawmakers may make the so-called repatriation rate somewhat higher. House Republicans also want to switch to a territorial system, whereby U.S. companies would not have to pay U.S. tax on their overseas profits going forward. But a territorial system without a BAT would increase the incentive for companies to move operations and keep profits offshore. "So they may want to impose some type of minimum tax," said TPC codirector Eric Toder. Ignore the problem and let the red ink flow: Republicans have made quite a fuss for years over having to offset any new spending to keep deficits in check. But they tend to view tax cuts as a magic elixir for the economy and therefore more likely to pay for themselves, despite much evidence to the contrary. So they just may decide not to offset the cost of the entire tax reform package. If that''s what they choose, however, they''ll probably have to sunset some or all of their tax cuts in 10 years. That''s because they''d like to pass their tax bill under a process known as reconciliation, which lets them push something through with a simple majority vote in the Senate. But the quid pro quo is this: The package can''t increase deficits after 10 years. CNNMoney (New York) First published February 17, 2017: 11:14 AM ET'|'cnn.com'|'http://rss.cnn.com/rss/money_news_economy.rss'|'http://money.cnn.com/2017/02/17/news/economy/tax-reform-border-adjustment-tax/index.html'|'2017-02-17T18:14:00.000
'24e250bc5d4682d8959f134b2cb07ba658305174'|'Italy''s Stefanel in talks to cede majority stake to Oxy, Attestor'|'MILAN Feb 17 Struggling Italian clothing company Stefanel said on Friday it was in talks with private equity funds Oxy Capital and Attestor Capital over a deal that would hand them majority ownership of the group.In a statement, the company said that its creditor banks had raised no objections so far to a possible deal, although an agreement had not been finalised yet. The banks would also become shareholders in the company through a debt-to-equity swap, it said.The fashion group accumulated over 170 million euros 181 million) in losses over the last decade while attempting to reach out to mid-range clients while surviving competition from high-street brands like H&M and ITX.MC.Stefanel said the accord would only go through if the Italian market watchdog would lift Oxy Capital and Attestor Capital from having to launch a full takeover bid on the Treviso-based company. ($1 = 0.9397 euros) (Reporting by Giulia Segreti, editing by Silvia Aloisi)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/italy-stefanel-investors-idUSI6N1FU000'|'2017-02-17T14:51:00.000+02:00'
'b4b0735a5290a7bb2fda36d1c77ca56e59593e8a'|'Banks drawn in as Cigna and Anthem square off'|'Company News  36am EST Banks drawn in as Cigna and Anthem square off By Philip Scipio NEW YORK, Feb 17 (IFR) - Banks advising healthcare insurance companies Anthem and Cigna on their mega-merger could be in for a longer than expected assignment as the two health insurance companies square off in court, suing and counter-suing each other over the proposed combination. After a US federal court blocked the US$54bn tie-up on antitrust grounds, Cigna quickly attempted to pull the plug on the merger and demand its US$1.85bn in break-up fees and US$13bn in damages to cover "the amount of premium that Cigna shareholders did not realise as a result of the failed merger process." One adverse ruling, however, is not sufficient to call off a multi-billion merger months in the making. At least that is Anthem''s view. Anthem blocked Cigna from cancelling the deal, winning a decision in a Delaware Chancery court that forced Cigna to stay engaged until April 30, the end of the latest deal extension to which the company agreed. That could conceivably give Anthem some time to pursue an expedited appeal. Anthem said it believes that there is still sufficient time and a viable path forward potentially to complete the transaction. At the same time the company argued that Cigna, which attempted to sabotage the merger and the appeal, is not entitled to break-up fees or damages. Markets were surprisingly upbeat about the latest upheaval in the sector. Bankers and lawyers away from the transaction say the appeal is now just an element in the brawl between the two companies, but the deal itself is dead. "There is so much bad blood between these two companies now that any deal is unlikely even if Anthem wins on appeal," said one M&A attorney. "Once companies start suing each other for billions, there''s never going to be a consensual merger agreement." And that puts the banks advising them in the middle. UBS and Credit Suisse are advising Anthem. UBS is expected to receive fees of US$30m, of which US$24m is contingent on the deal closing. Credit Suisse is set to receive US$15m, with US$9m of that contingent on closing. Morgan Stanley, which is advising Cigna, is expecting US$81m in fees, US$60m of which vanishes if the deal falls apart. Banks advising selling companies (in this case Cigna) frequently take a percentage of the breakup fee, however. At the end of the day the banks are trying to stay out of the fray to ensure that if another deal is in the pipeline they still have a client, said an M&A banker. It''s possible, though, that bankers from either side could be called on to testify during ongoing litigation. As the two insurers square off, attorneys say the banks are relatively safe. The engagement letters for most transactions typically indemnify financial advisers for basically everything except gross negligence or their own wilful misconduct. SUCKED IN If the financial advisers do get sucked into lawsuits <20> and it remains possible that one or both companies will seek to blame their bankers for the debacle <20> it will probably mean a longer involvement than they were expecting, but no real danger. Unless there were some egregious facts showing that the advisers did something wrong, they are likely to be fully indemnified, said another attorney. As the healthcare industry moves to consolidate, it may be hard to argue that the banks, not the companies, drove the merger despite antitrust concerns. Banks can also take comfort from the fact that the deal fell apart on antitrust grounds. There is typically a distinct line separating bankers and lawyers in M&A deals, and antitrust vetting falls on the lawyer''s side of the line. The banks were probably not deeply involved with the antitrust work and subsequently may not be very involved in the litigation. (Reporting by Philip Scipio; editing by Matthew Davies) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/ma-insurance-cigna-idUSL1N1G20Z4'
'4fc8c700ea36c4e7c806de982ac514362f3d772c'|'For world''s top gold miners, growth no longer a dirty word'|'By Susan Taylor and Nicole Mordant - TORONTO/VANCOUVER TORONTO/VANCOUVER After five years of painful world''s biggest gold miners are starting to cautiously loosen their purse strings and spend more money to find new deposits and build mines.Several miners said this week that they have hiked budgets for exploration, construction and expansion projects. The plans, detailed in financial reports and conference calls, come as top producers face a "production cliff", with some analysts forecasting a sharp drop in their output in just four years due to under-investment.If the gold industry fails to reverse the decline in production and reserves, it risks irrelevance, warned David Garofalo, chief executive officer of Goldcorp Inc ( G.TO ), the world''s third biggest gold miner.Many top miners said they have made it through the worst of a draining effort to slash costs and bloated debt loads. The austerity measures came as the industry''s high-priced acquisition spree was followed by a slide in bullion prices in the four years through 2015."They have excess cash flow to spend that''s not going to be solely dedicated to interest expense and paying down debt, and so they''re using that on growing and sustaining the business now," said Chris Mancini, a Gabelli Gold Fund research analyst."We''re in a much different position today than we were 18 months ago, or a year ago," he said.For the first time in at least four years, Barrick Gold Corp ( ABX.TO ) lifted its exploration budget, saying it will spend $185-$225 million this year, a sizeable jump from $132 million in 2016.The world''s biggest gold miner will also expand its hunt beyond trusted core districts, to so-called ''greenfield'', or uncharted, areas."2014-15-and-16 were heavy lifting years," Barrick President Kelvin Dushnisky told Reuters. "We''re really enthusiastic about 2017 ... there''s a high degree of motivation and enthusiasm for taking the company to the next level."Barrick will stick to its disciplined approach to spending, he said, and the goal of any growth is bigger profit margins and increased free cash flow."PRODUCTION CLIFF" LOOMSBig miners that do not invest in growth now will hit a "production cliff" in 2021, said National Bank Financial analyst Steve Parsons, because it typically takes about four years to engineer and build a mine.Between 2021 and 2025, National Bank estimates output for the 17 gold miners it tracks will plunge by 34 percent.Some analysts say mergers and acquisitions are the only solution for miners facing sharp output declines and lacking sizeable in-house development projects. But appealing target companies are scarce."People talk about heading into an M&A environment. There is the desire for M&A, there''s just nothing to buy," Parsons said.Agnico Eagle Mines ( AEM.TO ) approved spending of more than $1.2 billion to build a new gold mine in Canada''s Arctic and expand another operation there. That could boost its production into the big leagues, at 2 million ounces by 2020.The Toronto-based miner, which increased its dividend last year, will focus investment on expanding its Nunavut operations for "the next few years", rather than its dividend, Chief Executive Sean Boyd told Reuters.Companies with a strong pipeline of in-house development projects are ideal investment targets, said Darren Lekkerkerker, portfolio manager at Fidelity Investments."I want to own the miners that, over time, can grow their net asset value per share and, typically, they will do that through growing their reserves and production," he said.Goldcorp unveiled an ambitious growth plan last month to boost output and reserves by 20 percent over the next five years."Growth is not as dirty a word as it was a couple of years ago," CEO Garofalo said at the time.(Reporting by Susan Taylor in Toronto and Nicole Mordant in Vancouver; Editing by Denny Thomas and David Gregorio)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/mining-go
'bc1441c70a55ef18f793465bbe3d54029e207921'|'Domestic banks lose ground in France''s AFT debt agency rankings'|'By Maya Nikolaeva PARIS, Feb 17 French banks lost ground in the 2016 ranking of the most active financial institutions on primary and secondary government debt markets, according to public debt management agency Agence France Tresor (AFT). Banks in Europe have retreated from primary dealing in government bonds, saying regulatory constraints are adding to the costs involved. BNP Paribas held on to top place in 2016 but lost ground to HSBC and JP Morgan in the primary and secondary markets rankings published on Friday. Societe Generale and Credit Agricole also slipped -- the first time since 2013 that France''s three biggest banks had not occupied the top three places in the AFT''s overall, general rankings. Primary dealers are appointed by national authorities to buy bonds in auctions and distribute them to investors in the secondary market. The reward for banks that participate in auctions is a mandate for a syndicated deal where they will earn fees. Below is the ranking, published on www.aft.gouv.fr General ranking 2016 2015 1. BNP Paribas 1. BNP Paribas 2. HSBC 2. Societe Generale 3. Societe Generale 3. Credit Agricole 4. JP Morgan 4. Barclays 5. Credit Agricole 5. JP Morgan 6. Barclays 5. ex HSBC 7. Morgan Stanley 7. Morgan Stanley 8. Citigroup 8. Natixis 9. Natixis 9. Nomura 10. NatWest Markets 10. Royal Bank of Scotland 10. Ex Citigroup Primary market 2015 1. HSBC 1. BNP Paribas 2. BNP Paribas 2. Morgan Stanley 3. Morgan Stanley 3. Credit Agricole 4. Societe Generale 4. Societe Generale 5. JP Morgan 5. HSBC 6. Barclays 6. Barclays 7. Citigroup 7. Natixis 8. Credit Agricole 8. JP Morgan 9. Natixis 9. Royal Bank of Scotland 10. NatWest Markets 10. Citigroup Secondary market 2015 1. JP Morgan 1. BNP Paribas 2. BNP Paribas 2. Societe Generale 3. Societe Generale 3. JP Morgan 4. Credit Agricole 4. Credit Agricole 5. HSBC 5. Barclays 6. Barclays 6. Nomura 7. Nomura 7. HSBC 8. Citigroup 8. Morgan Stanley 9. NatWest Markets 9. Citigroup 10. Morgan Stanley 10. Royal Bank of Scotland Quality of services 2015 1. Societe Generale 1. Societe Generale 2. BNP Paribas 2. BNP Paribas 3. Credit Agricole 3. Barclays 4. Barclays 4. Credit Agricole 5. HSBC 5. Natixis 6. Natixis 6. HSBC 7. JP Morgan 7. JP Morgan 8. Morgan Stanley 7. Ex Morgan Stanley 9. Goldman Sachs 9 Goldman Sachs 10. Citigroup 10 Royal Bank of Scotland 10.ex Citigroup (Reporting by Maya Nikolaeva; Editing by Ruth Pitchford)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/france-aft-banks-idUSL8N1G23N9'|'2017-02-17T17:21:00.000+02:00'
'a1344a5bf621c97e03b9598328ffd1b34fda1619'|'BT hit weighs on hedge fund Lansdowne''s January returns - letter'|'Money  02pm IST BT hit weighs on hedge fund Lansdowne''s January returns - letter A branded sign is displayed outside of a BT building in London, Britain January 27, 2017. REUTERS/Neil Hall/Files By Maiya Keidan - LONDON LONDON After ending last year down heavily, the value of London-based Lansdowne Partners'' main fund slid again in January after shares in crisis-hit BT Group plunged, a letter to investors seen by Reuters showed. Lansdowne, one of Britain''s oldest hedge funds, struggled last year, losing 15 percent in its main vehicle, the $9.3 billion Developed Markets Fund, according to a report by HSBC. The same fund fell a further 2.9 percent in January, the letter showed. The biggest drag in the opening weeks of the year was BT, which lost the fund 1.3 percent when it shed a fifth of its value on Jan. 24 after it made deeper provisions for an accounting scandal in Italy and warned on profit. The continued poor performance comes after a tough period for many hedge funds, which prompted Lansdowne Chairman Stuart Roden to tell the industry it needed to stop making excuses for poor performance. Among other holdings to weigh on January''s performance was British satellite telecoms company Inmarsat, which cost the fund 0.9 percent. Helping offset some of those losses, the firm made gains from a number of ''long'' positions, a bet the share price will rise, in firms including Comcast Corp, Amazon.com and Facebook Inc, the letter showed. Other winnng investments included International Consolidated Airlines and Booker Group Plc. A spokesman for Lansdowne declined to comment. (Reporting by Maiya Keidan; Editing by Keith Weir) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/hedgefunds-lansdowne-performance-idINKBN15W1K0'|'2017-02-17T21:32:00.000+02:00'
'a61f4b2a0e668f809f327ff5cd60991522122b46'|'GLOBAL MARKETS-World stocks edge lower; Wall Street at record'|' 19pm EST GLOBAL MARKETS-World stocks edge lower; Wall Street at record * Global stocks retreat from record highs * Major Wall Street indexes hit fresh record * Investors await substantive policy update from Trump (Updates with close of U.S. markets, oil settlement prices) By Chuck Mikolajczak NEW YORK, Feb 17 Stocks on major world markets slipped on Friday in the wake of back-to-back sessions of record highs, as investors awaited clarity on U.S. President Donald Trump''s tax and trade policies. Despite the decline, the MSCI All-Country World index was higher for a fourth straight week, its longest winning streak in a nearly a year, after rising to a record high on Thursday on positive signs of global economic growth. Wall Street managed a slight gain to push each of the major indexes to a fresh record. A jump in consumer staples, up 0.7 percent, offset declines in financial stocks, down 0.03 percent, and the energy sector, off 0.5 percent. Banks had provided a boost earlier in the week when U.S. Federal Reserve Chair Janet Yellen gave testimony that appeared to open the door for a rate hike in March. "Financials particularly are going higher than people think, so I would not be a seller of these types of stocks just because they rallied," said Andrew Slimmon, portfolio manager at Morgan Stanley Investment Management in Chicago. Markets have also been supported by expectations of concrete fiscal plans from the Trump administration, which vowed last week to announce a tax reform plan in the coming weeks. The S&P 500 has not registered a decline of 1 percent or more since October 11. The Dow Jones Industrial Average rose 4.28 points, or 0.02 percent, to 20,624.05, the S&P 500 gained 3.94 points, or 0.17 percent, to 2,351.16 and the Nasdaq Composite added 23.68 points, or 0.41 percent, to 5,838.58. For the week, the Dow rose 1.7 percent, the S&P 500 climbed 1.5 percent and the Nasdaq advanced 1.8 percent. U.S. markets will be closed on Monday for the Presidents Day holiday. European stocks finished slightly higher as a surge in Unilever shares offset a decline in banking and mining stocks. MSCI''s benchmark global equity index lost 0.13 percent to 443.93 points, retreating from a record high of 444.94 on Thursday. Europe''s index of leading 300 stocks closed 0.04 percent higher. The dollar, up 0.5 percent, improved versus most peers with the exception of the yen, leaving it little changed on the week following Yellen''s mildly hawkish view and surprisingly strong U.S. data on retail sales and consumer prices. The yen rose against major currencies. Concerns about the upcoming French elections and a lack of movement in fiscal changes in the United States stoked safe-haven demand for the Japanese currency. U.S. Treasury prices gained as concerns over the French election and weak data in Britain added to risk aversion, hurting stock markets and boosting demand for safe-haven U.S. debt. "We have French elections, which could kind of throw things for a loop here. That is starting to poke up in the market talking circles," said David Schiegoleit managing director at U.S. Bank Private Client Reserve in Los Angeles. Benchmark 10-year notes were last up 8/32 in price to yield 2.4218 percent, down from 2.45 percent late on Thursday, after touching a one-week low of 2.4. Oil edged higher on the session but was lower for the week, as rising U.S. drilling and record stockpiles faced efforts by major producers to cut output to reduce a global glut. Brent crude settled up 0.3 percent to $55.81 while U.S. crude edged up 0.07 percent to settle at $53.40 a barrel. (Reporting by Chuck Mikolajczak; Editing by Chris Reese and Nick Zieminski)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/global-markets-idUSL1N1G21KS'|'2017-02-18T04:19:00.000+02:00'
'31a988b5e23e1ea98c3f137bb0aea35a7f703f10'|'BRIEF-First Bancorp receives regulatory approval for acquisition of Carolina Bank Holdings'|' 44pm EST BRIEF-First Bancorp receives regulatory approval for acquisition of Carolina Bank Holdings Feb 17 First Bancorp: * First Bancorp receives regulatory approval for acquisition of Carolina Bank Holdings, Inc. * First Bancorp - all regulatory approvals have now been received, and holding company merger date is expected to be March 3, 2017 * First Bancorp - has received notification from Federal Reserve Bank of Richmond that co''s application to acquire Carolina Bank Holdings has been approved Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-first-bancorp-receives-regulatory-idUSASB0B12M'|'2017-02-18T04:44:00.000+02:00'
'608ce067d177ce1c3901bb3b27464240d3256ec8'|'China''s HNA takes three percent stake in Deutsche Bank'|'FRANKFURT China''s HNA Group ( 0521.HK ) has taken a stake of just over 3 percent in Deutsche Bank ( DBKGn.DE ) and said on Friday it could buy further shares in the German lender."We have the fullest confidence in Deutsche Bank''s management and will keep a close watch on its future steps and lend support as a shareholder where appropriate," a spokesman for HNA said.The Chinese aviation and shipping company intends to keep its holding below 10 percent, he said.HNA''s stake of 3.04 percent, worth around 750 million euros ($799 million) at current share prices, makes it the bank''s biggest shareholder after Qatar, which has close to 10 percent of stock via two sovereign wealth funds, and BlackRock ( BLK.N ), which owns 6.1 percent.Deutsche Bank said it welcomed in principle any investor with a long-term view.($1 = 0.9389 euros)(Reporting by Maria Sheahan and Alexander Huebner; editing by Harro ten Wolde and Jason Neely)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-deutsche-bank-shareholders-hna-idINKBN15W18G'|'2017-02-17T09:59:00.000+02:00'
'355aa1c60c4b43d5beee51bdefafbe233b4291c8'|'Italy''s Mediaset, Sky in advanced talks over pay-TV unit sale: report'|'MILAN Talks between Italy''s Mediaset ( MS.MI ) and rival Sky ( SKYB.L ) for the sale of the Italian broadcaster''s pay-TV unit Premium are at an advanced stage, Italian daily il Sole 24 Ore reported on Friday, without citing sources."The negotiations are ongoing... and are now accelerating," reports the financial newspaper, saying the two groups got back to deal talks after the Milan-based TV group failed to reach an agreement with France''s Vivendi ( VIV.PA ) last year."There may be room to reach an agreement soon," added the report, without citing sources.Mediaset and Sky were not immediately available for comment.Reuters reported in November that two sources close to the matter said Mediaset and Sky''s Italian unit were in contact over a possible deal concerning Premium.(Reporting by Giulia Segreti; Editing by Sherry Jacob-Phillips)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-mediaset-vivendi-idINKBN15W0IP'|'2017-02-17T04:05:00.000+02:00'
'b15337fc7e82a62a682a17dd2dbd330594b4ed31'|'Kraft Heinz to pursue merger despite Unilever rejection'|'By Martinne Geller - LONDON LONDON U.S. food company Kraft Heinz Co ( KHC.O ) has proposed a merger with $125 billion Unilever ( ULVR.L ) ( UNc.AS ) in what would be one of the biggest deals ever, but the Anglo-Dutch consumer goods company has declined, Kraft said on Friday.A deal with Unilever, which had a market value of $125 billion before its shares spiked, would add Hellmann''s mayonnaise, Ben & Jerry''s ice cream and Knorr soups to a portfolio that includes Heinz ketchup and Kraft Macaroni and Cheese."Kraft confirms that it has made a comprehensive proposal to Unilever about combining the two groups to create a leading consumer goods company with a mission of long-term growth and sustainable living," Kraft said in a statement."While Unilever has declined the proposal, we look forward to working to reach agreement on the terms of a transaction."Unilever spokeswomen did not immediately reply to requests for comment.Kraft said a further statement would be made as appropriate.Unilever shares jumped as much as 14 percent to a record high. They were up 11 percent at 37.37 pounds at 1220 GMT.This is below the 40 pound-per-share price mentioned by the FT Alphaville blog, which first reported rumours of the approach.Kraft Heinz, controlled by private equity firm 3G Capital, has been widely expected to do a deal this year, given earlier reports that 3G''s Brazilian principals were raising a new fund.($1 = 0.8051 pounds)(Reporting by Martinne Geller; editing by Keith Weir/Ruth Pitchford)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-unilever-m-a-kraft-idINKBN15W18Y'|'2017-02-17T09:58:00.000+02:00'
'b353b5a9fd98fefe4fc979a69b927262978e3356'|'UPDATE 1-Canada''s Enbridge misses profit estimate as expenses rise'|'Company News - Fri Feb 17, 2017 - 7:55am EST UPDATE 1-Canada''s Enbridge misses profit estimate as expenses rise (Adds details, background) Feb 17 Enbridge Inc , Canada''s largest pipeline company, reported a smaller-than-expected quarterly profit on Friday as expenses jumped and the company said its deal to buy Spectra Energy Corp was on track to close this quarter. Earnings attributable to the company''s shareholders fell 3.4 percent to C$365 million ($279 million), or 39 Canadian cents per share, in the fourth quarter, hurt by charges, including for asset impairment and restructuring. Excluding items, Encana earned 56 Canadian cents per share, missing analysts'' average estimate of 58 Canadian cents per share, according to Thomson Reuters I/B/E/S. Enbridge said its expenses jumped 11 percent to about C$9 billion in the three months ended Dec. 31. Revenue rose nearly 5 percent to C$9.34 billion, edging past analysts'' estimate of C$9.31 billion. Enbridge announced its deal to Spectra Energy for about $28 billion in September, and on Thursday got U.S. antitrust approval for the transaction that will create the largest North American energy infrastructure company. Enbridge''s pipelines mainly send Canadian crude from oil sands to refiners on the U.S. Gulf Coast, while Spectra''s network ships natural gas to the U.S. East Coast. ($1 = C$1.31) (Reporting by Arathy S Nair in Bengaluru; Editing by Savio D''Souza) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/enbridge-inc-results-idUSL4N1G23MU'|'2017-02-17T19:55:00.000+02:00'
'9a93242a0c1f7229b8a459b9d39247a32480ae63'|'Oil firms as OPEC floats extended output cut; markets still bloated'|'Commodities - Thu Feb 16, 2017 - 10:29pm EST Oil firms as OPEC floats extended output cut; markets still bloated 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 Henning Gloystein - SINGAPORE SINGAPORE Oil prices edged up on Friday, lifted by a report that producer club OPEC could extend an output cut aimed at reining in a global fuel supply overhang. Brent crude futures were trading at $55.76 per barrel at 0311 GMT (10:21 p.m. ET on Thursday), up 11 cents from their last close. U.S. West Texas Intermediate (WTI) crude futures, were up 10 cents at $53.46 per barrel. The Organization of the Petroleum Exporting Countries (OPEC) and other producers including Russia plan to cut output by almost 1.8 million barrels per day (bpd) during the first half of 2017, and estimates suggest compliance by OPEC is around 90 percent. The cuts are aimed at curbing oversupply that has dogged markets since 2014. To help rebalance the market, OPEC sources told Reuters that the supply reduction pact could be extended if all major producers showed "effective cooperation". For now, inventories remain bloated and supplies high, especially in the United States. Recent price movements reflect this, with Brent and WTI trading within a $5 per barrel price range this year, in what has become the longest and most range-bound period since a price slump began in mid-2014. "Despite the headlines, the massive inventory glut in both oil and gasoline continues to thwart any upward momentum," said Stephen Innes, senior trader at OANDA in Singapore. In the United States, rising output has helped push up crude and fuel stocks to record highs. In Asia, oil flows into the region remain as high as they were before the production cuts, data in Thomson Reuters Eikon shows, as exporters shield their big customers in a fight for market share. This comes amid signs of stuttering demand growth in core markets, China and India. In India, fuel demand growth fell in January, while in China sagging car sales and soaring gasoline and diesel exports also point to a slowdown in growth. That leaves Europe, where OPEC has significantly cut supplies. However, Eikon data shows rising North Sea oil exports to Asia, indicating there is no real supply shortage there either. Despite the ongoing glut, analysts expect oil markets to tighten in the longer term. "In the fourth quarter of 2018, global oil demand will most likely surpass 100 million barrels per day," AB Bernstein said on Friday in a note to clients. "If oil prices stay around $60 per barrel and GDP growth over 3 percent per annum, then oil demand growth will be stronger over the next 5 years, than the previous decade. What we are witnessing is a rather surprising renaissance of oil consumption," it added. (Reporting by Henning Gloystein; Editing by Richard Pullin) Next In Commodities'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-global-oil-idUSKBN15W088'|'2017-02-17T10:29:00.000+02:00'
'd28512d1d8ed6da5defa687570cac235bea3dc6f'|'CEE MARKETS-Warsaw stocks retreat, though refiner shares extend gains'|'* Warsaw stocks off 18-month high on profit taking * Bank stocks lead retreat, Polish refiners rise further * Zloty also retreats though good output figure expected * Czech central banker sees moderate price growth By Sandor Peto and Bartosz Chmielewski BUDAPEST/WARSAW, Feb 17 Polish stocks retreated on Friday, while other Central European markets trod water, as investors took profits after a rally in equity markets across the region and world. Warsaw''s bluechip stock index had fallen 0.6 percent by 1021 GMT, driven mainly by bank stocks including PKO BP, which had fuelled the rally of the past few weeks. The index hit an 18-month high in the previous session when other indices in the region were already retreating from their highest levels since 2015, or from a record high in the case of Budapest. Thursday''s Polish rally was mainly driven by PKN Orlen and Lotos, after Treasury Minister Henryk Kowalczyk floated the idea of merging the two partly state-owned refiners. Late on Thursday, Polish news agency PAP Quote: d an energy ministry statement as saying it was not analysing the potential consolidation of refiners. Lotos shares still rose another 1.9 percent on Friday, while PKN gained 1 percent. Vestor DM analyst Beata Szparaga said a merger could still be an option for the government even if the energy ministry was not working on a plan. "It seems that the market already tries to capitalize from potential synergies between Lotos and PKN Orlen," she added. Poland''s zloty also retreated, reversing an early rise, while other regional currencies were mixed and rangebound. The zloty eased 0.3 percent to 4.328 against the euro even though analysts expect Poland to report at 1300 GMT a jump in annual industrial output growth to 7.8 percent. A series of better than expected economic data has helped to buoy Polish stocks and the currency in recent weeks, pushing the zloty past 4.3 several times, but it has not been able to stay beyond that psychological line. "We would now expect to see a rebound towards 4.35-4.40 in the near-term," Raiffeisen analyst Wolfgang Ernst said in a note. "Nevertheless, it has to be stated that supportive economic data should prevent a more significant depreciation in the zloty for the time being," he added. The Czech crown stuck to 27.02 against the euro, just off the central bank''s cap on its value at 27. Its implied rate in forwards deals was also steady. Czech central bank governor Jiri Rusnok said late on Thursday that moderate price growth in the Czech economy was likely to continue and a suitable time would come for the central bank to exit safely from its weak crown policy. CEE SNAPS AT 1121 MARKETS HOT CET CURRENCIES Lates Previ Daily Chang t ous e bid close chang in e 2017 Czech crown 27.02 27.02 +0.0 -0.05 00 45 2% % Hungary 307.9 307.6 -0.08 0.30% forint 000 500 % Polish 4.328 4.315 -0.30 1.75% zloty 0 1 % Romanian 4.519 4.522 +0.0 0.35% leu 0 5 8% Croatian 7.447 7.442 -0.07 1.44% kuna 5 5 % Serbian 123.8 123.9 +0.0 -0.42 dinar 700 000 2% % 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 969.8 971.0 -0.13 +5.2 2 8 % 3% Budapest 33709 33745 -0.10 +5.3 .96 .02 % 3% Warsaw 2201. 2215. -0.62 +13. 58 36 % 02% Bucharest 7708. 7711. -0.05 +8.7 13 84 % 9% Ljubljana 763.5 762.8 +0.0 +6.4 4 9 9% 0% Zagreb 2177. 2180. -0.16 +9.1 14 57 % 4% Belgrade <.BELEX15 711.7 708.8 +0.4 -0.79 > 2 2 1% % Sofia 596.9 594.1 +0.4 +1.8 6 8 7% 0% BONDS Yield Yield Sprea Daily d (bid) chang vs chang e Bund e in Czech sprea Republic d 2-year <CZ2YT=RR -0.40 -0.00 +040 +2bp > 1 9 bps s 5-year <CZ5YT=RR 0.241 -0.01 +070 +3bp > 4 bps s 10-year <CZ10YT=R 0.666 -0.03 +036 +1bp R> 4 bps s Poland 2-year <PL2YT=RR 2.23 0.008 +303 +4bp > bps s 5-year <PL5YT=RR 3.163 0.002 +362 +4bp > bps s 10-year <PL10YT=R 3.826 -0.01 +352 +4bp R> 3 bps s FORWARD RATE AGREEMENT 3x6 6x9 9x12 3M inter bank Czech Rep < 0.27 0.29 0.34 0 PRIBOR=> 
'f451017e6b94de4e4895ffee3086731d905a6f26'|'Allianz tones down takeover ambitions after signing away M&A budget'|'  8:44am GMT Allianz tones down takeover ambitions after signing away M&A budget The company logo of German insurer Allianz SE is pictured before an annual news conference in Munich, Germany, February 19, 2016. REUTERS/Michaela Rehle/File Photo By Brenna Hughes Neghaiwi - ZURICH ZURICH Insurer Allianz ( ALVG.DE ) toned down its deal ambitions on Friday after failing to pin down suitable deals to use cash it had set aside, announcing a bigger-than-expected share buyback and more generous 2016 dividend. "I think we can deliver all our targets internally," Chief Financial Officer Dieter Wemmer told CNBC after the Munich-based group said it would return its unused acquisition budget of up to 3 billion euros ($3.2 billion) to shareholders. "If an acquisition fits our business and our future strategy, and we can add it, certainly we are looking at it. But it is not a must for us, it is a ''can''," Wemmer said. Allianz shares jumped 3 percent in early trade. Allianz reached its end-2016 deadline to either spend cash accrued under its capital management policy or return any unused M&A budget to shareholders. Allianz had on Thursday said it would be adjusting that policy by axing a three-year cycle that had pressured management to seal a deal by Friday. Deal talk has heated up in the insurance sector since the start of the year, led by Italian retail bank Intesa Sanpaolo ( ISP.MI ) confirming it was considering a possible bid for insurer Generali ( GASI.MI ). While some analysts, and insurers like Zurich Insurance ( ZURN.S ), have said chatter around industry consolidation is overblown, Allianz has been outspoken about its interest in larger deals. Chief Executive Oliver Baete in November said the insurer would be willing to pay a large premium for a deal able to close a gap in Allianz''s global footprint. Sources told Reuters in late January Allianz had roughly half a dozen companies on its radar as possible takeover targets, with sources citing Australian insurer QBE QBE.AC or certain Generali units as potentially interesting. The company on Thursday posted a forecast-beating 23 percent rise in fourth-quarter net profit. For the full year, a 9.3 percent rise in health and life insurance profits counteracted a 4.2 fall in operating profit in the insurer''s main property-casualty business. Hopes to manage a turnaround at U.S. asset manager Pimco in 2016 also began to take hold in the last half of the year, as the U.S. asset manager - which has experienced several years of cash withdrawals in a number of main funds - saw further net inflows in the fourth quarter. Wemmer in an interview with Bloomberg TV said inflows in January were close to fourth-quarter inflows of 5.9 billion euros. ($1 = 0.9374 euros)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-allianz-results-outlook-idUKKBN15W0RL'|'2017-02-17T15:44:00.000+02:00'
'6c9438236799ecdbf86132f39d0359a07fce9fbf'|'BRIEF-U.S. President Trump says "going to Charleston, South Carolina, in order to spend time with Boeing and talk job"- Tweet'|'CORRECTED-UPDATE 1-UnitedHealth sued by U.S. government over Medicare charges Feb 16 The U.S. Justice Department has joined a whistleblower lawsuit against UnitedHealth Group Inc that claims the country''s largest health insurer and its units and affiliates overcharged Medicare hundreds of millions of dollars, a law firm representing the whistleblower said on Thursday. 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-us-president-trump-says-going-to-c-idUSFWN1G20DJ'|'2017-02-17T18:43:00.000+02:00'
'e101475cc28e64300c081473fce4962565f009b1'|'Barclays, Citi gave South Africa watchdog info for FX probe - sources'|'  12:00pm GMT Barclays, Citi gave South Africa watchdog info for FX probe - sources A Barclays bank office is seen at Canary Wharf in London, Britain May 19, 2015. REUTERS/Suzanne Plunkett/File Photo By Tiisetso Motsoeneng - JOHANNESBURG JOHANNESBURG Barclays Plc ( BARC.L ) and Citigroup ( C.N ) approached South African antitrust investigators with information relating to alleged rigging of the rand, two sources told Reuters on Friday. South Africa''s Competition Commission said on Wednesday it had found more than a dozen local and foreign banks colluded to coordinate trading in the South African and U.S. currencies. Its inquiry centred on an instant messaging chat room called "ZAR Domination", which the Commission alleged was used by the banks to coordinate trading activities when giving quotes to customers who buy or sell currencies. The Commission launched the probe in April 2015, joining a global clampdown that has led to dozens of traders being fired and big banks fined a total of around $10 billion (8 billion pounds) for rigging interest rate and foreign exchange benchmarks. In the case of the alleged rigging of the rand, the Competition Commission said it had recommended fines amounting to 10 percent of the banks'' South African annual revenues to the country''s Competition Tribunal, which adjudicates on the watchdog''s findings. "Barclays and Citigroup offered to co-operate with the investigation," one source said, adding that if the information they provided led to a successful prosecution of other members of the alleged cartel they could be exempted from any fine. Barclays reiterated on Friday a statement made earlier in the week in which it said it was cooperating with regulators, while Citigroup, which has also said it is working with regulators, was not immediately available for comment. Barclays and Citigroup were not included in the list of banks that the Commission recommended should be fined, but it did name them as members of the alleged rigging group. The Commission was not seeking any penalty against Citigroup, Barclays and Barclays Africa because of the information they supplied was enough to refer the matter to Tribunal for prosecution, another source said. The information the banks provided, which the sources did not detail, would be examined by the Competition Tribunal. The other banks and brokerages named in the case were, Nomura ( 8604.T ), Standard Bank ( SBKJ.J ), Investec ( INLJ.J ), JP Morgan ( JPM.N ), BNP Paribas ( BNPP.PA ), Credit Suisse Group ( CSGN.S ), Commerzbank AG ( CBKG.DE ), Standard New York Securities Inc, Macquarie Bank ( MQG.AX ), Bank of America Merrill Lynch (BAML) ( BAC.N ), ANZ Banking Group Ltd ( ANZ.AX ) and Standard Chartered Plc ( STAN.L ). Investec and Barclays both have said they would cooperate with the probe, while Standard Bank, BAML, Commerzbank, BNP Paribas Nomura, Credit Suisse, ANZ, Standard Chartered and Macquarie declined comment. The others have not commented. (Editing by Alexander Smith)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-safrica-rand-rigging-idUKKBN15W16T'|'2017-02-17T19:00:00.000+02:00'
'4c808148e4b99a1e7531505f9e78e65915e01035'|'Cree ends Wolfspeed deal with Infineon over U.S. security concerns'|'Feb 16 U.S. LED lighting maker Cree Inc said it would terminate a deal to sell its Wolfspeed Power and RF division to German chipmaker Infineon Technologies AG , citing security concerns raised by the U.S. government.Cree and Infineon have not been able to identify alternatives to address the security concerns, Cree said on Thursday.The Wolfspeed division makes devices using gallium nitride, a sensitive powdery compound with military applications whose use by other companies has led the United States to block deals.Infineon, which agreed to buy Wolfspeed in July last year for $850 million, said earlier in the day that it did not expect to be able to salvage the purchase.Infineon will pay a termination fee of $12.5 million, Cree said. (Reporting by Rishika Sadam in Bengaluru; Editing by Sriraj Kalluvila)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/wolfspeed-ma-infineon-technol-idINL4N1G15FJ'|'2017-02-16T18:54:00.000+02:00'
'c689db1b38d0c3d0a2a91b8a5f7ef2861c7b0109'|'BRIEF-Yamana Gold reports 2017-2019 outlook'|' 04pm EST BRIEF-Yamana Gold reports 2017-2019 outlook Feb 16 Yamana Gold Inc : * Yamana Gold provides 2017-2019 outlook * Yamana Gold Inc says foresees a hiatus in significant expansionary capital spending after completion of Cerro Moro and Barnat Extension at Canadian malartic in 2018 * Yamana Gold Inc says company is not expecting to begin development of any major projects in next five years * Yamana Gold Inc sees total silver production 4.7 million oz for 2017 * Yamana Gold Inc sees 2017 total gold production 920,000 oz * Yamana Gold Inc sees total copper production (chapada) for 2017 120 million lbs * Yamana Gold Inc sees 2018 total gold production 1.03 million oz ; sees 2019 total gold production 1.10 million oz  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSASB0B0XZ'|'2017-02-17T06:04:00.000+02:00'
'bc72faf878003c1d9548ac676fed40f90ce7eb69'|'Peru ombudsman calls for Odebrecht''s partners to be investigated'|'World  29pm EST Peru ombudsman calls for Odebrecht''s partners to be investigated LIMA An ombudsman on Thursday called for prosecutors to investigate Peruvian builder Grana y Montero and other partners of Brazil''s construction conglomerate Odebrecht in a corruption probe that has already sunk Grana''s shares. Grana, Peru''s biggest engineering conglomerate and Odebrecht''s most important partner in Peru, has repeatedly denied having known about $29 million in bribes that Odebrecht has said it distributed in Peru from 2005 to 2014. But ombudsman Walter Gutierrez, whose office defends the interests of the public, said Grana cannot be taken at its word. "If I''m your partner, I know about the financial status and relevant actions of the business...how could I not know, or at least have a suspicion" if bribes were paid? Gutierrez said at a press conference with foreign media. "They should be investigated." The comments added to growing calls from lawmakers for Grana to be included in an investigation into Odebrecht''s past kickback schemes after Odebrecht promised to provide prosecutors with relevant testimony and documents. Grana said it was not under investigation but would cooperate fully if needed to help prosecutors with their work or to clear up doubts. "We''ve instructed our lawyers to study this case deeply and determine next steps. We''ve asked that whatever we do that our willingness to collaborate with the state...be respected," Grana   The value of Grana''s shares have dropped about 37 percent since Odebrecht signed a settlement with U.S. prosecutors that made public bribes that Odebrecht admitted to distributing across Latin America. Grana was Odebrecht''s junior partner on several projects that are now under investigation: two highway contracts awarded in 2005, a metro line it still operates and a natural gas pipeline contract that the government revoked last month after financing got snagged on corruption concerns. Prosecutors have accused former president Alejandro Toledo of taking $20 million in bribes to help Odebrecht win the highway contracts. Toledo has not been convicted of any crimes and has denied wrongdoing. He is being sought by authorities. Grana owns a minority stake in Odebrecht''s stalled irrigation project Chavimochic III, which the government wants Odebrecht to exit.. Odebrecht has said it was willing to sell off its remaining contracts with Peru amid calls from the government to leave. (Reporting By Mitra Taj; editing by Grant McCool) Next In World News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-peru-corruption-grana-y-montero-idUSKBN15W01S'|'2017-02-17T07:19:00.000+02:00'
'a7524572156268bfb6bbf2d694fa772c81fa5062'|'Brazil''s PDG may surrender guaranteed assets ahead of reorganization, sources say'|'Company   Brazil''s PDG may surrender guaranteed assets ahead of reorganization, sources say By Tatiana Bautzer - SAO PAULO SAO PAULO Feb 17 PDG Realty SA, the Brazilian homebuilder struggling with a cash crunch, is considering surrendering buildings and land given as collateral to creditors ahead of a potential in-court reorganization, two people directly involved in the plan said. S<>o Paulo-based PDG hired restructuring advisory firm RK Partners in November to come up with a rescue plan. Terms of the plan contemplate giving creditors control of some assets guaranteeing debt issued by about 700 special purpose vehicles created to fund projects, the people said. The sources asked for anonymity because the plan remains under discussion. Representatives for both PDG and RK declined to comment. Allowing creditors to foreclose on the collateralized assets will hinge on the status of each project and other terms, the sources said. Management and board members at PDG, once Brazil''s largest homebuilder by revenue, believe an in-court reorganization is inevitable at this point, they said. The situation underscores how mounting litigation stemming from years of delayed project deliveries and high debt have led more Brazilian real estate companies into restructurings. Hobbled by a myriad of client lawsuits, Viver Incorporadora SA filed late last year for bankruptcy protection, the first ever by a local homebuilder. Reuters reported last week that Urbplan Desenvolvimento Urbano SA, a Brazilian land developer controlled by Carlyle Group LP, is considering filing for creditor protection as it struggles with mounting client and creditor lawsuits. Press representatives for PDG did not have an immediate comment, nor did advisor RK Partners. The people asked for anonymity because the plan remains under discussion. NEGOTIATED SOLUTION According to one of the sources, contractual terms of a significant part of PDG''s debt give creditors the right to foreclose on collateralized assets in the event of non-payment, keeping projects and land aside in an in-court reorganization. Hopes of a negotiated solution with creditors, coupled with recent government measures aimed at reducing the stock of unsold home units, have led to a 180 percent surge in shares of PDG this year. The government is seeking to mitigate the impact of sales cancellations on builders through new rules that would let them keep a defined share of the home value in the event of a sales cancellation. PDG failed to honor two scheduled debt payments in January, leading Moody''s Investors Service to cut credit ratings, citing an "unsustainable capital structure." Gross debt at PDG reached 8 billion reais ($2.6 billion) at the end of the third quarter, with the company keeping about 235 million reais in cash and equivalents. The stock gained 0.3 percent to 3.34 reais in early Friday afternoon trading in S<>o Paulo. ($1 = 3.1015 reais) (Editing by Guillermo Parra-Bernal and Clive McKeef) Next In Company News Banks drawn in as Cigna and Anthem square off NEW YORK, Feb 17 (IFR) - Banks advising healthcare insurance companies Anthem and Cigna on their mega-merger could be in for a longer than expected assignment as the two health insurance companies square off in court, suing and counter-suing each other over the proposed combination.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/pdg-realty-sa-restructuring-idUSL1N1G20ZN'|'2017-02-17T23:39:00.000+02:00'
'053bae0b04fbe7d23e7c0e0a39dbafa40d0cb1ff'|'EMERGING MARKETS-Mexican peso, Brazilian real weaken; LatAm stocks mixed'|'Company News - Thu Feb 16, 2017 - 7:03pm EST EMERGING MARKETS-Mexican peso, Brazilian real weaken; LatAm stocks mixed (Updates text, table) By Bruno Federowski SAO PAULO, Feb 16 The Brazilian real and the Mexican peso fell on Thursday as investors awaited additional details of U.S. President Donald Trump''s fiscal policies. The real weakened 0.58 percent, pulling back from a more than 1-1/2 year high, to close at 3.0830 per dollar, while the peso fell 0.44 percent to 20.3750. The Brazilian real had opened on Thursday at its strongest level in a year and a half after lawmakers voted to reopen an amnesty program for undeclared assets held abroad. The lower house of Congress approved late on Wednesday the bill, which is expected to yield 13.2 billion reais ($4.27 billion) in additional revenues. It will now return to the Senate for a final vote. In Mexico, the country''s benchmark IPC stock index rose 0.3 percent after falling for three consecutive days. Shares of Alpek rose 2.8 percent after touching their lowest level in over a year one day prior, when the company said it expected EBITDA to drop 25 percent in 2017. Key Latin American stock indexes and currencies at 2100 GMT: Stock indexes daily % YTD % Latest change change MSCI Emerging 944.62 0.3 9.22 Markets MSCI LatAm 2646.18 -0.62 13.76 Brazil Bovespa 67814.24 -0.24 12.60 Mexico IPC 47293.85 0.28 3.62 Chile IPSA 4363.72 0.21 5.11 Chile IGPA 21752.57 0.14 4.91 Argentina MerVal 19563.21 -0.47 15.64 Colombia IGBC 10042.27 0.74 -0.85 Venezuela IBC 34931.69 1.88 10.18 Currencies daily % YTD % change change Latest Brazil real 3.0830 -0.58 5.39 Mexico peso 20.3750 -0.44 1.81 Chile peso 638.5 0.09 5.04 Colombia peso 2871 -0.07 4.55 Peru sol 3.248 -0.09 5.11 ($1 = 3.0889 reais) (Reporting by Bruno Federowski; Editing by Nick Zieminski and Diane Craft) Next In Company News U.S. Justice Dept joins whistleblower lawsuit against UnitedHealth -law firm Feb 16 The U.S. Justice Department has joined a whistleblower lawsuit against UnitedHealth Group Inc that claims the country''s largest health insurer and its units and affiliates overcharged Medicare hundreds of millions of dollars, a law firm representing the whistleblower said on Thursday.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/emerging-markets-latam-idUSL1N1G121H'|'2017-02-17T07:03:00.000+02:00'
'88fc4d066c9198b6ff4ef51228d19d375379cb7c'|'Rheinmetall, Raytheon to cooperate in defence technology'|'Business News - Fri Feb 17, 2017 - 9:26am GMT Rheinmetall, Raytheon to cooperate in defence technology FRANKFURT German and U.S. defence groups Rheinmetall ( RHMG.DE ) and Raytheon ( RTN.N ) have signed a memorandum of understanding to cooperate globally on defence technology, they said in a joint statement on Friday. The partnership should bring together Raytheon''s market-leading position in air-defence systems and guided missiles with Rheinmetall''s expertise in combat and defence systems, army weapons and munitions, they said. (Reporting by Georgina Prodhan; Editing by Maria Sheahan) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-rheinmetall-raytheon-cooperation-idUKKBN15W0UT'|'2017-02-17T16:26:00.000+02:00'
'0bb96fc997a159d319ee89d09e058aaafa429fae'|'RPT-GRAPHIC-Swiss banks face withdrawals due to tax clampdown'|'  1:00am EST RPT-GRAPHIC-Swiss banks face withdrawals due to tax clampdown (Repeats story from Thursday) By Joshua Franklin ZURICH Feb 16 Wealthy clients in 2016 pulled out almost $30 billion of untaxed assets from three of the world''s biggest private banks, UBS, Credit Suisse and Julius Baer, taking advantage of government programmes letting them pay tax on undeclared money. With tax amnesty programmes in countries like Argentina, Brazil and Indonesia, these so-called regularisation outflows come from clients taking money out of their accounts to pay taxes and penalties. Those who decline to participate in amnesty programmes often have to move their accounts. Swiss banks are still recovering from European and U.S. clients withdrawing tens of billions of dollars following a post-financial crisis clampdown on tax dodging The tax clampdown has eroded Switzerland''s bank secrecy rules, which for decades pulled in money from the world''s super-rich. UBS and Credit Suisse flagged further withdrawals in 2017 due to these amnesty programmes as well as the introduction of the OECD''s Automatic Exchange Of Information, a financial data sharing initiative. "We expect Wealth Management''s net new money growth rate to remain around the lower end of our 3 percent to 5 percent target range for 2017," UBS Chief Financial Officer Kirt Gardner said last month. Credit Suisse CFO David Mathers said on Tuesday the bank expected gross outflows of around 9 billion Swiss francs ($9.01 billion) in 2017, though part of this will also come from a pruning of relationships with external asset managers at its Swiss business. These outflows at Julius Baer should tail off in 2018, the bank''s Chief Executive Boris Collardi said earlier this month. ($1 = 0.9987 Swiss francs) (Editing by Jane Merriman)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/swiss-banks-tax-idUSL8N1G16BC'|'2017-02-17T13:00:00.000+02:00'
'ff84b677301b9e4ad8062ffd3900aeee11e8e1bb'|'UPDATE 1-Freeport Indonesia CEO resigns after force majeure on copper exports - Reuters'|'(Adds background, context)By Agustinus Beo Da CostaJAKARTA Feb 18 Chappy Hakim, the chief executive of miner Freeport-McMoran Inc''s Indonesian unit, has resigned, the company said on Saturday, after the parent firm declared force majeure on copper concentrate shipments from its Grasberg mine in Papua.Freeport, which has been negotiating with the Indonesian government after halting exports due to new mining rules, said on Friday it could not meet contractual obligations for copper concentrate shipments from the giant mine following a five-week export stoppage.All work has stopped at the mine, the world''s second largest for copper, a union leader said.Hakim, a former air force chief, had only been in the job for a few months. Freeport Indonesia hoped he would be able to use his political connections to help the firm navigate its way through a period of regulatory uncertainty."I have decided it is in the best interests of PTFI (Freeport Indonesia) and my family to step down from my duties as president director while continuing to support the company in an advisory role," Hakim said in a company statement.A Freeport Indonesia''s spokesman said he could not confirm who Hakim''s successor would be.Freeport was the second big copper producer in a week to declare force majeure, after BHP Billiton did so on Feb. 10 for Escondida in Chile, where a strike had grounded the world''s largest mine.Grasberg was expected to produce 800,000 tonnes of copper in 2017, about 3.5 percent of global supply, said Jefferies analyst Chris LaFemina. Coupled with Escondida, the mines represent some 10 percent of global supply, he said.Under new mining rules that Indonesia introduced in January, Freeport had to switch from the contract of work it had operated under since 1967 to a special mining permit before applying for export permits.The new permit requires Freeport to pay taxes and royalties it was previously exempt from and divest up to 51 percent of its Indonesian unit, an increase from a previously set 30 percent. To date, it has divested 9.36 percent.Indonesia''s mining ministry recommended on Feb. 17 that Freeport be allowed to export 1.1 million tonnes of copper concentrates until Feb. 16, 2018.But that was conditional on Freeport accepting the special mining permit, said the parent company''s spokesman Eric Kinneberg, repeating that the Phoenix, Arizona-based miner would only agree to a permit that provided the same fiscal and legal protection as currently.At least 1,000 of Freeport Indonesia''s approximately 33,000 workers staged a demonstration on Friday morning in Timika, Papua, the province where the mine is located, to demand that the government make "a wise decision" regarding Freeport. (Reporting by Agustinus Beo Da Costa; Writing by Gayatri Suroyo and Susan Taylor; Editing by Ed Davies and John Stonestreet)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/indonesia-freeport-mcmoran-ceo-idINL4N1G306L'|'2017-02-18T08:36:00.000+02:00'
'8015901c58ec98cd212b18a5a1c3399e57511977'|'BRIEF-Seair announces change in board of directors'|' 11pm EST BRIEF-Seair announces change in board of directors Feb 17 Seair Inc: * Seair announces change in board of directors * John goetz, Paul Casey, Lowy Gunnewiek and Samrat Karnik has resigned from board of directors of company effective immediately * Brad Meadows and Christopher Morris have agreed to join seair''s board of directors effective immediately  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-seair-announces-change-in-board-of-idUSASB0B132'|'2017-02-18T07:11:00.000+02:00'
'f5ff5697ffa9da80618a0290f5d71c0b1bde8972'|'BRIEF-Xilinx Inc files for potential mixed shelf offering, size undisclosed - SEC filing'|'  5:01pm EST BRIEF-Xilinx Inc files for potential mixed shelf offering, size undisclosed - SEC filing Feb 17 Xilinx Inc * Xilinx Inc files for potential mixed shelf offering, size undisclosed - SEC filing Source text for Eikon: ( bit.ly/2lTH5ug )   UPDATE 3-Enbridge CEO says Canada only needs two more export pipelines CALGARY, Alberta, Feb 17 Two new crude oil export pipelines will provide enough capacity to ship Canadian production to market until at least the mid 2020s, Enbridge Inc Chief Executive Al Monaco said on Friday, making clear his company''s Line 3 should be one of them. * Reached a confidential agreement to settle the proceedings filed by the minority shareholders in court 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-xilinx-inc-files-for-potential-mix-idUSFWN1G2108'|'2017-02-18T05:01:00.000+02:00'
'15974d247ab0efda4868b701c0bfec41f05d50c0'|'Iran finds 2 billion barrels shale oil reserves in western province: agency'|' 26am EST Iran finds 2 billion barrels shale oil reserves in western province: agency FILE PHOTO - 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 has found shale oil reserves of 2 billion barrels of light crude in its western Lorestan province, a senior official at the state-run National Iranian Oil Company (NIOC) was quoted as saying on Saturday. "Based on studies, it is estimated that the shale oil reserves in Ghali Koh in Lorestan amount to 2 billion barrels of oil in place,<2C> Bahman Soleimani, NIOC<4F>s deputy director for exploration, told the semi-official news agency Tasnim. "The oil is light." Soleimani said exploration was also being carried out for shale gas reserves in the area, and the studies were expected to be completed by October, 2017. Iran''s proven oil reserves of about 160 billion barrels, almost 10 percent of the world''s total, rank it fourth among petroleum-rich countries. (Reporting by Dubai newsroom,; editing by Sami Aboudi and Ed Osmond)  '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-iran-oil-shale-idUSKBN15X0FO'|'2017-02-18T21:26:00.000+02:00'
'26baf5b3d07a5659993a664d2b048bd3c7eb375c'|'BT hit weighs on hedge fund Lansdowne''s January returns - letter'|' 26am EST BT hit weighs on hedge fund Lansdowne''s January returns - letter * Developed Markets Fund down 2.9 pct in January * Takes 1.3 pct hit from slide in BT''s share price * Comcast, Amazon, Facebook all help to offset losses By Maiya Keidan LONDON, Feb 17 After ending last year down heavily, the value of London-based Lansdowne Partners'' main fund slid again in January after shares in crisis-hit BT Group plunged, a letter to investors seen by Reuters showed. Lansdowne, one of Britain''s oldest hedge funds, struggled last year, losing 15 percent in its main vehicle, the $9.3 billion Developed Markets Fund, according to a report by HSBC. The same fund fell a further 2.9 percent in January, the letter showed. The biggest drag in the opening weeks of the year was BT, which lost the fund 1.3 percent when it shed a fifth of its value on Jan. 24 after it made deeper provisions for an accounting scandal in Italy and warned on profit. The continued poor performance comes after a tough period for many hedge funds, which prompted Lansdowne Chairman Stuart Roden to tell the industry it needed to stop making excuses for poor performance. Among other holdings to weigh on January''s performance was British satellite telecoms company Inmarsat, which cost the fund 0.9 percent. Helping offset some of those losses, the firm made gains from a number of ''long'' positions, a bet the share price will rise, in firms including Comcast Corp, Amazon.com and Facebook Inc, the letter showed. Other winnng investments included International Consolidated Airlines and Booker Group Plc. A spokesman for Lansdowne declined to comment. (Reporting by Maiya Keidan; Editing by Keith Weir)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/hedgefunds-lansdowne-performance-idUSL8N1G22TE'|'2017-02-17T21:26:00.000+02:00'
'039c88e2eb3da9ce46c19e6634bd5f15df3e646e'|'Opel labor chiefs say prepared for constructive talks with PSA'|'Deals   6:27am EST Opel labor chiefs say prepared for constructive talks with PSA The logo of German car manufacturer Opel is pictured at the compnay headquarters in Ruesselsheim , Germany February 15, 2017. REUTERS/Ralph Orlowski FRANKFURT Workers'' representatives of General Motors'' ( GM.N ) European arm Opel are prepared to hold "constructive" talks with prospective new owner PSA Group ( PEUP.PA ) if the French group buys Opel, known as Vauxhall in Britain, they said on Friday. "The fundamental basis for these talks... must be the unequivocal recognition and implementation of existing agreements for all Opel/Vauxhall sites," the German and European works councils and the IG Metall trade union said in a joint statement. (Reporting by Georgina Prodhan; Editing by Maria Sheahan) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-opel-m-a-psa-idUSKBN15W148'|'2017-02-17T18:27:00.000+02:00'
'a9a4769dfb29a72f808249a14acf3495e04f4895'|'European parliament calls for robot law, rejects robot tax'|'Business   1:31am GMT European parliament calls for robot law, rejects robot tax A worker makes technical measurements with robots on the carbon chassis at the serial production BMW i3 electric car in the BMW factory in Leipzig on September 18, 2013. REUTERS/Fabrizio Bensch FRANKFURT European lawmakers called on Thursday for EU-wide legislation to regulate the rise of robots, including an ethical framework for their development and deployment and the establishment of liability for the actions of robots including self-driving cars. But they rejected a proposal to impose a so-called robot tax on owners to fund support for or retraining of workers put out of a job by robots. The resolution is a recommendation to the bloc''s executive, the European Commission, which the Commission is not obliged to follow but must give reasons if it chooses not to. "The EU needs to take the lead on setting these standards, so as not to be forced to follow those set by third countries," the parliament said in a statement. The decision to reject the robot tax was hailed by the robotics industry, which says it would stunt innovation. "The IFR believes that the idea to introduce a robot tax would have had a very negative impact on competitiveness and employment," said the Frankfurt-based International Federation of Robotics. The IFR and others argue that automation and the use of robots create new jobs by increasing productivity, and point to a correlation between robot density and employment in advanced industrial nations, for example in the German car industry. Global shipments of industrial robots rose 15 percent in 2015, according to the latest statistics from the IFR, and were worth a total of about $46 billion. Demand for service robots for medical, domestic and personal use is also on the rise. The parliamentary resolution on the amended report was passed by 396 votes to 123, with 85 abstentions. The report''s author, MEP Mady Delvaux, said she was disappointed that lawmakers "refused to take account of possible negative consequences on the job market". "They rejected an open-minded and forward-looking debate and thus disregarded the concerns of our citizens," she said. (Reporting by Georgina Prodhan; Editing by Alison Williams) Next In Business News Facebook CEO warns against reversal of global thinking SAN FRANCISCO Facebook Inc Chief Executive Mark Zuckerberg laid out a vision on Thursday of his company serving as a bulwark against rising isolationism, writing in a letter to users that the company''s platform could be the "social infrastructure" for the globe.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-europe-robots-lawmaking-idUKKBN15V2KA'|'2017-02-17T08:31:00.000+02:00'
'ee24f729329ae4bc2fef98011b6458cfbb48cc54'|'A castle on the river Wye <20> in pictures - Money'|'A castle on the river Wye <20> in pictures 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 With two of three towers already restored, this Herefordshire pile even comes with the chance to buy the title of lordJill Papworth Friday 17 February 2017 07.00 GMT You would be hard pushed to come up with any period not incorporated into this 12th-century Norman castle <20>with later additions<6E>. Set in two acres outside Ross-on-Wye in Herefordshire, Wilton Castle is a scheduled ancient monument with features from the Norman, Tudor, Elizabethan, Georgian and Victorian eras. Facebook Twitter Pinterest First built as a wooden motte-and-bailey castle to defend England<6E>s border at the Wye river crossing against the Welsh, it was gradually rebuilt in stone with a wet moat and, for 300 years, housed a garrison. In 1731 Guys Hospital bought the castle, which included a manor house created from its walls to farm the area. Nowadays, the privately owned property is surrounded by landscaped gardens, a curtain wall and a dry moat. Facebook Twitter Pinterest Over the past 10 years it has been restored into a fabulous five-bedroom residence. Facebook Twitter Pinterest There are two reception rooms, a dining room, two kitchens, a galleried former chapel area and a walk-in pantry. Facebook Twitter Pinterest Of the castle<6C>s five original towers, three remain, of which two have been restored. The castle<6C>s new owners will have the opportunity to develop the Great Tower into more living accommodation, involving three en suite bedrooms, a new glass entrance and a drawbridge. Facebook Twitter Pinterest And if owning this pile isn<73>t aspirational enough for you, the property also comes with the chance to buy the grand title of lord of Wilton Castle. The property is on the market for <20>1.5m. Jackson-Stops & Staff , 01285 653334. All photographs by Pete Sadler Images. Facebook Twitter Pinterest'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/gallery/2017/feb/17/castle-on-river-wye-in-pictures'|'2017-02-17T14:00:00.000+02:00'
'8527905ab5e11a18b646a86665afb0c2493290a5'|'BT hit weighs on hedge fund Lansdowne''s January returns - letter'|' 49pm GMT BT hit weighs on hedge fund Lansdowne''s January returns - letter By Maiya Keidan - LONDON LONDON After ending last year down heavily, the value of London-based Lansdowne Partners'' main fund slid again in January after shares in crisis-hit BT Group ( BT.L ) plunged, a letter to investors seen by Reuters showed. Lansdowne, one of Britain''s oldest hedge funds, struggled last year, losing 15 percent in its main vehicle, the $9.3 billion (7 billion) Developed Markets Fund, according to a report by HSBC. The same fund fell a further 2.9 percent in January, the letter showed. The biggest drag in the opening weeks of the year was BT, which lost the fund 1.3 percent when it shed a fifth of its value on Jan. 24 after it made deeper provisions for an accounting scandal in Italy and warned on profit. The continued poor performance comes after a tough period for many hedge funds, which prompted Lansdowne Chairman Stuart Roden to tell the industry it needed to stop making excuses for poor performance. Among other holdings to weigh on January''s performance was British satellite telecoms company Inmarsat ( ISA.L ), which cost the fund 0.9 percent. Helping offset some of those losses, the firm made gains from a number of ''long'' positions, a bet the share price will rise, in firms including Comcast Corp ( CMCSA.O ), Amazon.com ( AMZN.O ) and Facebook Inc ( FB.O ), the letter showed. Other winning investments included International Consolidated Airlines ( ICAG.L ) and Booker Group Plc ( BOK.L ). A spokesman for Lansdowne declined to comment. (Reporting by Maiya Keidan; Editing by Keith Weir)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-hedgefunds-lansdowne-performance-idUKKBN15W1L0'|'2017-02-17T21:49:00.000+02:00'
'3993c7cc55992e9fca8b89da50604882d325f94f'|'BlackRock''s largest mutual fund sours on Google'|'Business   10:56pm GMT BlackRock''s largest mutual fund sours on Google left right The BlackRock logo is seen outside of its offices in New York City, U.S., October 17, 2016. REUTERS/Brendan McDermid 1/2 left right A Google search page is seen through a magnifying glass in this photo illustration taken in Berlin, August 11, 2015. REUTERS/Pawel Kopczynski/File Photo 2/2 By Trevor Hunnicutt - NEW YORK NEW YORK Managers of BlackRock Inc''s largest mutual fund, fearing Trump administration policies could hurt technology companies with hefty foreign revenue streams, have reshuffled their top holdings, and it appears one of the first casualties is Google. Alphabet Inc has dropped out of the fund''s top-10 holdings list after the $41 billion BlackRock Global Allocation Fund pared back its near-half-billion-dollar stake in the parent of the leading search engine in January. Last year, Alphabet C-class shares worth about 1 percent of the fund''s total assets were on its top-10 list. The Global Allocation Fund holds hundreds of stocks and also invests in bonds. The C-class shares have no voting rights. Alphabet''s A-class shares were not a top-10 holding of the fund. As of Jan. 31, the list still included other tech innovators, such as Apple Inc, Amazon.com Inc, Uber Technologies Inc [UBER.UL] and Facebook Inc, according to BlackRock''s website. Global Allocation held about $443 million in Alphabet C-class shares, as of Oct. 31, down from $550 million the prior quarter, according to regulatory filings. The fund has held the stock since October 2015, according to Morningstar Inc. The latest disclosures do not make clear how much of the Alphabet stake has been sold. The 10th-largest Global Allocation holding, Pfizer Inc, accounted for about 0.58 percent of the fund, which would work out to $237 million, suggesting the Google stake had fallen at least to that level. Alphabet did not respond to requests for comment. BlackRock, the world''s largest asset manager,   "Our enthusiasm for U.S. stocks is tempered by elevated valuations, a lack of fiscal policy specifics, and uncertainty regarding future U.S. trade policy," the fund''s managers wrote in a summary covering their January trades. "We reduced the fund''s exposure to select technology stocks, including U.S.-based companies that generate a significant portion of revenues from non-U.S. dollar sources." Alphabet earned 53 percent of its revenue outside of the United States last year, according to its earnings statements. The value was reduced by the U.S. dollar''s strength against the British pound, euro and other currencies. U.S. President Donald Trump has touted a series of trade and tax reforms to boost domestic growth, some of which could also push up the U.S. dollar. A Republican proposal to reform taxes that would levy a 20 percent tax on imports and exclude export revenue from taxable income has been circulating. Trump has said he would announce his own tax plan in coming weeks. (Reporting by Trevor Hunnicutt; Editing by Richard Chang) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-blackrock-funds-alphabet-idUKKBN15W2G7'|'2017-02-18T05:56:00.000+02:00'
'352729385ba0d0112f3cc9100b9395d52f23a23c'|'UK offers Peugeot assurances on post-Brexit auto industry - FT'|'LONDON Feb 18 Britain has offered Peugeot manufacturer PSA Group assurances on post-Brexit trade and supply chains in an attempt to protect Vauxhall car plants after a possible takeover, the Financial Times reported on Saturday.Business minister Greg Clark met French politicians and PSA executives in Paris on Thursday to discuss their plan to buy General Motors'' European unit, Opel, which include Vauxhall plants in Britain.The talks have set political alarm bells ringing in Britain and Germany, where there are fears that a sale to the French company could lead to heavy job losses.Clark said on Friday, after the meeting, that PSA executives had "stressed that they valued highly the enduring strength of the Vauxhall brand, underpinned by its committed workforce".The FT reported on Saturday, citing a person with knowledge of the meeting, that Clark had also made commitments similar to those he gave Nissan last year before it announced it would build two new models in Britain.Clark promised Nissan that he would ensure more car part suppliers were based in Britain, support training and research into electric and low-emission vehicles, and push for "free and unencumbered" access to European Union markets for carmakers after Britain leaves the EU.The government has declined to give exact details of its promises to Nissan, citing commercial confidentiality, though government auditors who saw the letter said it did not make the government liable for Brexit-related costs incurred by Nissan.Britain''s business ministry declined to comment on Saturday on whether Clark had made similar commitments to PSA.The FT Quote: d Clark as saying that he and PSA executives had "talked generally about our commitments and enthusiasm for research in electric vehicles and batteries", but added that the minister did not give further detail. (Reporting by David Milliken; Editing by Helen Popper)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/opel-ma-psa-britain-idINL8N1G308W'|'2017-02-18T09:48:00.000+02:00'
'0a29a1171f0fdc40211cf4f323070d9f203c816b'|'Deals of the day-Mergers and acquisitions'|'Company News  22am EST Deals of the day-Mergers and acquisitions Feb 17 The following bids, mergers, acquisitions and disposals were reported by 1115 GMT on Friday: ** Insurer Allianz toned down its appetite for deals after failing so far to pin down suitable deals to use cash it set aside, while announcing a bigger-than-expected share buyback and more generous 2016 dividend. ** German generic drugs company Stada said on Thursday it had received its third takeover approach, and at 58 euros ($61.89) per share, the latest offer was 2 euros higher than rival suitor Cinven Partners'' offer. ** Talks between Italy''s Mediaset and rival Sky for the sale of the Italian broadcaster''s pay-TV unit Premium are at an advanced stage, Italian daily il Sole 24 Ore reported, without citing sources. ** German and U.S. defence groups Rheinmetall and Raytheon have signed a memorandum of understanding to cooperate globally on defence technology, they said in a joint statement. ** Toshiba Corp said it would buy 3 percent of U.S. nuclear power subsidiary Westinghouse Electric Co LLC from Japanese infrastructure firm IHI Corp for $157 million. ** Bosses at the Peugeot-maker PSA Group have told the British government they would seek to build on the strengths of the Vauxhall car business if they succeed in buying its parent company, Opel. ** General Motors Chief Executive Mary Barra made assurances at Opel''s headquarters in Germany that the carmaker is to remain an independent company in any deal with France''s PSA Group, German monthly Manager Magazin reported, citing sources close to negotiations between GM and PSA. ** French industry minister Christophe Sirugue said he would meet Italy''s Fincantieri in a week''s time to discuss its bid for STX France, but added France was still against Fincantieri gaining dominance in the governance of STX France. ** Australian jobs website Seek Ltd said it is in talks to buy billionaire casino boss James Packer''s stake in a Chinese subsidiary, in a deal which would further reduce Packer''s investment exposure to China. ** EnBW, Germany''s third-largest utility group, said it had teamed up with Canada''s Enbridge Inc for its offshore park Hohe See in the North Sea, which has an investment volume of around 1.8 billion euros ($1.92 billion). ** Dongfeng Motor Corp and China FAW Group Corp said they would build a joint innovation centre, a move that brings China''s two oldest automakers together after they swapped top executives in 2015. ** Clariant''s Chief Executive Hariolf Kottmann has doused speculation the Swiss speciality chemical maker could soon unload its plastics and coatings business and use the proceeds to buy a big, faster-growing target. ** U.S. LED lighting maker Cree Inc said it would terminate a deal to sell its Wolfspeed Power and RF division to German chipmaker Infineon Technologies AG, citing security concerns raised by the U.S. government. ** A proposed joint venture between state-owned Steel Authority of India Ltd and ArcelorMittal SA to build an $897 million automotive steel plant in India has hit an impasse, with the two disagreeing on key terms, officials said. ** Creditors of Abengoa Bioenergy US Holding, a unit of Spanish renewable energy company Abengoa SA, have reached an agreement over the distribution of asset sale proceeds, removing a key hurdle for the company to exit bankruptcy. ** Handbag and accessories maker Kate Spade & Co said on Thursday it would explore strategic alternatives, bowing to pressure from U.S. hedge fund Caerus Investors. (Compiled by Nikhil Subba in Bengaluru) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/deals-day-idUSL4N1G23CA'|'2017-02-17T18:22:00.000+02:00'
'701bcca1c782e317f518d8356f171ee261f5d581'|'Motor racing-Brawn to meet teams, says there''s no quick fix for F1'|'Company  13am EST Motor racing-Brawn to meet teams, says there''s no quick fix for F1 By Alan Baldwin - LONDON LONDON Feb 17 Liberty Media wants to steer Formula One towards a "better place" but there are no quick fixes for the sport''s evident problems, newly-appointed motorsport head Ross Brawn has said ahead of talks with teams. "There are some straightforward issues that we recognise, but the solutions are going to take some time," the former Honda, Brawn GP and Mercedes team principal, who was Ferrari technical director before that, told BBC radio. The 62-year-old Briton, appointed as managing director for motorsport after Liberty''s Formula One takeover last month, said the teams, governing FIA and commercial rights holder all had their own priorities. "The commercial rights holder...is going to also focus on making the show as good as it can be and the entertainment and the sport as good as it can be," said Brawn, who will attend the first pre-season test in Barcelona at the end of the month. "Every decision that''s going to be made in the future...all have to tick some boxes and those boxes will be ''does it make the sport better? Does it make it more entertaining? Does it make it more economic?''." Brawn said he was confident the sport would be steered in the right direction ultimately. Liberty Media says it wants better marketing and digital growth identified as clear priorities along with expansion in the Americas. The 10 teams, FIA and commercial rights holders are locked into contractual agreements that govern the distribution of revenues, and grant special payments to some of the biggest teams like Ferrari and Mercedes, until 2020. Liberty wants a more level playing field, with a more competitive grid that would give smaller teams a chance. "I think the message is that we are fighting the corner to make the sport as entertaining and as viable and as economic as we can for the future," said Brawn. "I hope with the continued pressure that we can apply, we can steer the sport into a better place." Brawn said he would continue talks with teams at the Circuit de Catalunya from Feb. 27. "The teams I have spoken to have been very positive about the changes, and very optimistic about the future," he said. "So it''s encouraging." Formula One has already revamped the rules for 2017, with bigger tyres and changed aerodynamics that should make the cars more aggressive, harder to handle and quicker through the corners. (Reporting by Alan Baldwin, editing by Jon Boyle) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/motor-f1-brawn-idUSL4N1G23F6'|'2017-02-17T19:13:00.000+02:00'
'9862d946388fb0e879c31655321129109675a226'|'Fairfax Financial''s revenue slumps as cuts in U.S. hedges weigh'|'Company News  02pm EST Fairfax Financial''s revenue slumps as cuts in U.S. hedges weigh Feb 16 Canada''s Fairfax Financial Holdings Ltd on Thursday reported a 27.5 percent slump in revenue, weighed down by losses from the company cutting back on equity hedges following the U.S. presidential election. Net loss attributable to shareholders of Fairfax was $701.5 million, or $30.77 per share, in the fourth quarter ended Dec. 31, compared with a profit of $133.1 million, or $4.10 per share, a year earlier. Analysts on average had expected a loss of $22.04 per share, according to Thomson Reuters I/B/E/S. The company, headed by high-profile investor Prem Watsa, realized losses on equity hedges and short equity exposures of $2.68 billion in the quarter. This widened net losses on investments to $1.07 billion. Total revenue fell to $1.77 billion from $2.44 billion. Analysts had expected revenue of $2.67 billion. Fairfax said in November, that after considering the effect of the U.S. election and the potential for changes that might dramatically impact the U.S. economy and U.S. equity markets, it now deemed it prudent to cut back its hedging. The Toronto-based financial services holding company said net premiums rose marginally to $1.95 billion in the quarter, from $1.91 billion a year earlier. Up to Wednesday''s close of C$625, the company''s shares had fallen 18 percent in the past 12 months on the Toronto Stock Exchange. (Reporting by Ahmed Farhatha in Bengaluru; Editing by Sriraj Kalluvila) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/fairfax-fin-results-idUSL4N1G14PF'|'2017-02-17T06:02:00.000+02:00'
'b961c42cd262fae88c60133dcb3347bbe79d4d0c'|'Struggling European banks see light at end of low-rates tunnel'|'By John O''Donnell and Maya Nikolaeva - FRANKFURT/PARIS FRANKFURT/PARIS Rock-bottom interest rates hurt more big European banks in 2016 than in the previous year, but the worst could soon be over with the prospect of rising borrowing costs rippling from the United States to Europe.Low rates, money printing and a penalty charge for hoarding cash have been at the heart of attempts to reinvigorate the 19-country euro zone economy in the wake of the 2008-09 debt crisis.But the policy has been politically divisive, prompting fierce criticism from famously thrifty Germans as the returns on savings in Europe''s biggest economy dwindled to nothing.It also imposed a heavy cost on still fragile banks, turning deposits into a hot potato that many would rather avoid so as not to pay charges to their central bank for storing them.Last year marked a low ebb, according to a survey by Reuters of 20 large European banks conducted in mid-February.While seven in that group saw net interest income fall during 2015, that number increased to 12 in 2016, with the average dip more than 7 percent. That was steeper than the roughly 5 percent slip on average in 2015.Such income is the difference between interest charged on, say, a loan, and the cost of holding a deposit. It is a bellwether of earning power, closely watched by investors, and its decline bodes ill for the sector.TRUMP''S PROMISED STIMULUS BUOYS HOPESMany executives are now pinning their hopes on a change in direction for central banks given that rate hikes appear to be on the cards in the United States this year - and ultimately a paring back of easy-money policies in Europe."It''s usually the U.S. that leads the pack," said Charles Goodhart of the London School of Economics, a former member of the Bank of England''s Monetary Policy Committee."If (U.S. President Donald) Trump does manage to get an expansionary fiscal policy, there will be increases in interest rates," he said, adding that the effect would also be felt in Europe.Trump has pledged to stimulate growth in the world''s largest and most influential economy through a combination of heavy infrastructure investment and deep corporate tax cuts.In December, the U.S. Federal Reserve raised interest rates and signalled a faster pace of increases in 2017.For European banks, the shift in rates cannot happen soon enough.Lars Machenil, chief financial officer of France''s BNP Paribas, one of Europe''s biggest lenders, said the difference could be hundreds of millions of euros of extra income."The lowering of interest rates has had a negative effect on the top line. If that would be reversed, we would see something similar back ... but it will take time," he said. Low rates cost BNP 1 billion euros of lost revenue between 2013 and 2016.In 2016, Switzerland''s Credit Suisse saw interest income dip by about 19 percent, while at Germany''s Commerzbank and Deutsche Bank, it fell by about 13 and 8 percent respectively, the Reuters survey found.UniCredit''s interest income dipped by about 6 percent. Spain''s Bankia saw a drop of about one fifth.While successful in helping a brittle euro zone economy gradually revive from the debt crunch in the short term, zero or negative rates have, in the eyes of critics, struck at a central tenet of banking - lending on the back of deposits - and turned the principle of saving for retirement on its head.There are signs that the struggle of frustrated lenders is being noticed in Frankfurt, seat of the European Central Bank.Yves Mersch, a member of the ECB''s executive board, the nucleus of euro zone policy-setting, recently said it needed to take interest rate cuts off the table, which would mark a retreat from its policy of cheap money."How much longer can we continue to talk about ''even lower rates'' as being a monetary policy option?" Mersch said.PENALTY DEPOSITSPenalising banks for storing money makes holding deposits, traditionally the bedrock of any lender, more expensive, and this prompts
'abaa5b21389711c6a3e8343e0f7b4b86befab7a8'|'S.Korea court declares Hanjin Shipping bankrupt'|'SEOUL Feb 17 A South Korean court declared Hanjin Shipping Co Ltd bankrupt on Friday, after ruling earlier this month that the firm''s liquidation value would be worth more than its value as a going concern.Hanjin Shipping, which had been the world''s seventh-largest container shipper, applied for court receivership in late August after its creditor banks halted further support.The Seoul Central District Court said in a statement it has chosen a bankruptcy administrator, and claims by creditors are due by May 1, 2017. The first meeting of creditors will be held on June 1, 2017."The court will, through the bankruptcy process, make efforts so the maximum of debt repayment will be conducted in a way that is fair and balanced to the creditors," it said.The court on Feb. 2 said it had decided to end the receivership process in favour of a bankruptcy. (Reporting by Joyce Lee; Editing by Muralikumar Anantharaman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/hanjin-shipping-bankruptcy-idINL4N1G21HM'|'2017-02-17T00:11:00.000+02:00'
'5f2a85c84b96056e0791064560c677da985580ea'|'Apple to start India manufacturing in coming months with iPhone SE -source'|'Technology News - Fri Feb 17, 2017 - 1:24am EST Apple to start India manufacturing in coming months with iPhone SE: source A man speaks on his mobile phone as he walks past an Apple iPhone SE advertisement billboard in a street in New Delhi, India, April 25, 2016. REUTERS/Anindito Mukherjee By Sankalp Phartiyal - MUMBAI MUMBAI Apple Inc will in the coming months start assembling its lower-priced iPhone SE models at a contract manufacturer''s plant in the southern Indian technology hub of Bengaluru, an industry source with direct knowledge of the matter said on Friday. Apple''s Taiwanese manufacturing partner Wistron Corp is setting up a plant in Bengaluru to focus solely on assembling iPhones, a separate source told Reuters earlier this month. Apple''s move comes as it seeks to boost its share in the world''s fastest growing major mobile market, where handsets far cheaper than Apple''s iPhones dominate. It also comes as smartphone sales growth is slowing in Asia''s other massive market, China. To lower prices, Apple has been seeking to set up local production and has been in talks with the Indian federal government regarding issues such as tax concessions. The industry source told Reuters the initial manufacturing of the iPhone SE model was not contingent on those concessions. Apple did not immediately respond to a request for comment. The Economic Times newspaper earlier on Friday reported Apple planned to initially assemble 300,000 to 400,000 iPhone SE handsets in India. The industry source told Reuters the numbers would be substantially lower to begin with. The source also said it was too early to say what other phone models Apple would assemble at the Bengaluru plant. Apple shipped 2.5 million iPhones to India last year, with a third coming in the December quarter, according to market researcher Counterpoint, which estimates that three-quarters of smartphones sold in India were made locally. In the fourth quarter, Apple ranked 10th in India''s smartphone market but led the premium segment with a 62 percent market share, Counterpoint said. Samsung Electronics Co Ltd and a host of Chinese players including Xiaomi and Vivo dominate India''s smartphone market where the vast majority of phones sold are priced below 15,000 rupees ($225). In comparison, the entry level iPhone SE model sells on Amazon.com''s India site for 28,433 rupees ($424). (Writing by Devidutta Tripathy; Editing by Euan Rocha and Christopher Cushing) Next In Technology News Facebook CEO warns against reversal of global thinking SAN FRANCISCO Facebook Inc Chief Executive Mark Zuckerberg laid out a vision on Thursday of his company serving as a bulwark against rising isolationism, writing in a letter to users that the company''s platform could be the "social infrastructure" for the globe.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-apple-india-manufacturing-idUSKBN15W0FH'|'2017-02-17T13:14:00.000+02:00'
'420c8eb140600181967ad620de0f86051a2ce328'|'With Samsung chief in jail, one-time mentor seen taking charge'|'* Group strategy head Choi seen taking caretaker role-insiders* Longer-term strategy, investment plans likely hampered* Crown jewel Samsung Elec under control of "Mr Chip"By Se Young Lee and Miyoung KimSEOUL, Feb 17 The arrest of Samsung Group scion Jay Y. Lee on bribery charges could hamper decisions on strategic investments and acquisitions at the sprawling conglomerate, insiders and former executives say, even with a strong leadership bench at its many businesses.Although business at flagship Samsung Electronics is humming along, big calls will need to be made and the man most likely to be called upon to make them is Choi Gee-sung, the No.2 lieutenant at Samsung Group and a mentor to Lee."Choi is very experienced and has done a good job. He is the one best placed to manage group-level affairs in Lee''s absence," said one Samsung insider.While Samsung Electronics is still smarting from the debacle of its exploding Galaxy Note 7 smartphone batteries, its semiconductor business is in rude health. Its share price is up around 60 percent in the past year.But the wide-ranging probe, part of a corruption scandal that led parliament to impeach South Korean President Park Geun-hye, has been a major distraction for the country''s largest conglomerate, or chaebol."Everything has virtually stopped," said a second executive at Samsung Group''s powerful strategy office that Choi heads. "We''re mainly focusing on the prosecutor''s investigation (into Lee and Samsung)... We''ll be running an emergency plan and everything will be under Choi''s control for now."But some others say even Choi''s role could be limited and Samsung may have to rely more on each affiliate''s top management, with Choi also under investigation by special prosecutors."Since we''ve decided to dismantle group strategy office, Choi''s role is likely to gradually decrease, although we can''t say for how much and when," another Samsung executive said.A fourth group insider said: "We have a system in place with professional management teams, so in terms of the day-to-day operations things should be fine."None of the Samsung individuals wanted to be identified due to the sensitivity of the matter."It''s not like Samsung businesses will grind to a halt. There are many smart people at the company," said Kim Yong-serk, a former Samsung Electronics executive who is now a professor at Sungkyunkwan University.But arrest of Lee, 48, will have an impact on longer-term investment decisions at the sprawling conglomerate."Samsung presidents are evaluated on an annual basis, so they can''t make bold bets about the future. They need a chairman for that," Kim said.Samsung declined to comment on its management plans or Choi''s role.BEATING APPLEWhen Samsung Electronics still trailed Nokia in mobile phones - just five years ago - Choi, then CEO, set his sights on a different rival."Competition is coming from elsewhere. There''s a company more profitable than us and we should change our target," he told Reuters in January 2012, referring to Apple Inc.That year, Samsung ended Nokia''s 14-year domination of the mobile market, ultimately also overtaking Apple as the world''s biggest smartphone maker.In a Samsung career spanning more than three decades, Choi has worked in all the main businesses, from semiconductors and home appliances to TVs and telecoms, before taking over as chief executive.As head of strategy, 66-year-old Choi has acted as Jay Y. Lee''s mentor and been closely involved in preparing the path for him to take over from his father, who was incapacitated by a heart attack in 2014.Under Choi''s guidance, Lee has moved closer to succeeding his father in a well-choreographed long-term plan, including a restructuring of the conglomerate to cement the Lee family''s control.However, that plan included a controversial $8 billion merger of two Samsung units that has been central to prosecutors'' case against the group, and Lee.Prosecutors accuse Samsung of paying bribes to
'f03b145ca5ee077891d0698aa64c7cbd7e7a0d9c'|'BRIEF-Restaurant Brands International says 2 units entered into a second amendment to credit agreement'|' 31pm EST BRIEF-Restaurant Brands International says 2 units entered into a second amendment to credit agreement Feb 17 Restaurant Brands International Inc : * Restaurant Brands International - on February 17, 2017, two indirect subsidiaries entered into a second amendment to credit agreement * Restaurant Brands International - second amendment amends credit agreement to, among other things, reduce interest rate applicable to term loan facility * Restaurant Brands - borrowers repaid $146.1 million of outstanding principal, reducing outstanding under term loan facility to $4,900.0 million Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-restaurant-brands-international-sa-idUSFWN1G210K'|'2017-02-18T05:31:00.000+02:00'
'39250972c431534cca0f30fbf3cdb917ca884fb7'|'Canada''s Trudeau calls for wider social benefit from economy - Reuters'|'HAMBURG Canadian Prime Minister Justin Trudeau said on Friday that international economic policymakers should place more focus on creating economic growth which benefits a wider range of global society.Economic policy should be more concentrated on helping the middle classes and those striving to join it, he said in a speech in the German port city of Hamburg during a dinner for civic and business leaders.Trudeau gave an indirect warning that economic policy focussed on small parts of society creates inequality leading to anger, which could fuel extremism."Whether you<6F>re a business or a government, it<69>s time to realise that this anger and anxiety we see washing over the world is coming from a very real place," Trudeau said. "And it<69>s not going away."Increasingly inequality has made people distrust their governments and distrust their employers, he said. Many people around the world are anxious about the future."It''s time to get real about the challenges facing the middle class, and those working hard to join it," he said. "Whether your goal is to build a successful company, or lead a respected and effective government, it<69>s time to realise that the old approaches don<6F>t work anymore.""We have to address the root cause of their worries, and get real about how the changing economy is impacting peoples<65> lives," Trudeau said."When companies post record profits on the backs of workers consistently refused full-time work - and the job security that comes with it - people get defeated. And when governments serve special interests instead of the citizens interests who elected them <20> people lose faith."Companies must give workers avenues to update and modernize their skills for a changing world, he said."You must be part of the communities where you operate, realising that these towns and cities support you, and you must, in turn, support them," he said.Workplaces, and especially corporate boardrooms, should reflect the full diversity of society, he said.Trudeau was speaking at the end of a European tour which included a speech at the European parliament after it backed the CETA free trade deal between Canada and the EU and talks with German Chancellor Angela Merkel.(Reporting by Michael Hogan; Editing by Jonathan Oatis)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/canada-eu-trudeau-idINKBN15W2D7'|'2017-02-17T19:02:00.000+02:00'
'6a38745f5ec98674e0d30504b65564fb149aa229'|'UPDATE 1-Freeport Indonesia CEO resigns after force majeure on copper exports'|'Company News - Sat Feb 18, 2017 - 6:36am EST UPDATE 1-Freeport Indonesia CEO resigns after force majeure on copper exports (Adds background, context) By Agustinus Beo Da Costa JAKARTA Feb 18 Chappy Hakim, the chief executive of miner Freeport-McMoran Inc''s Indonesian unit, has resigned, the company said on Saturday, after the parent firm declared force majeure on copper concentrate shipments from its Grasberg mine in Papua. Freeport, which has been negotiating with the Indonesian government after halting exports due to new mining rules, said on Friday it could not meet contractual obligations for copper concentrate shipments from the giant mine following a five-week export stoppage. All work has stopped at the mine, the world''s second largest for copper, a union leader said. Hakim, a former air force chief, had only been in the job for a few months. Freeport Indonesia hoped he would be able to use his political connections to help the firm navigate its way through a period of regulatory uncertainty. "I have decided it is in the best interests of PTFI (Freeport Indonesia) and my family to step down from my duties as president director while continuing to support the company in an advisory role," Hakim said in a company statement. A Freeport Indonesia''s spokesman said he could not confirm who Hakim''s successor would be. Freeport was the second big copper producer in a week to declare force majeure, after BHP Billiton did so on Feb. 10 for Escondida in Chile, where a strike had grounded the world''s largest mine. Grasberg was expected to produce 800,000 tonnes of copper in 2017, about 3.5 percent of global supply, said Jefferies analyst Chris LaFemina. Coupled with Escondida, the mines represent some 10 percent of global supply, he said. Under new mining rules that Indonesia introduced in January, Freeport had to switch from the contract of work it had operated under since 1967 to a special mining permit before applying for export permits. The new permit requires Freeport to pay taxes and royalties it was previously exempt from and divest up to 51 percent of its Indonesian unit, an increase from a previously set 30 percent. To date, it has divested 9.36 percent. Indonesia''s mining ministry recommended on Feb. 17 that Freeport be allowed to export 1.1 million tonnes of copper concentrates until Feb. 16, 2018. But that was conditional on Freeport accepting the special mining permit, said the parent company''s spokesman Eric Kinneberg, repeating that the Phoenix, Arizona-based miner would only agree to a permit that provided the same fiscal and legal protection as currently. At least 1,000 of Freeport Indonesia''s approximately 33,000 workers staged a demonstration on Friday morning in Timika, Papua, the province where the mine is located, to demand that the government make "a wise decision" regarding Freeport. (Reporting by Agustinus Beo Da Costa; Writing by Gayatri Suroyo and Susan Taylor; Editing by Ed Davies and John Stonestreet) Next In Company News Freeport Indonesia CEO resigns after force majeure on copper exports JAKARTA, Feb 18 Chappy Hakim, the chief executive of Freeport-McMoran Inc''s Indonesian unit, has resigned, the firm said in a statement on Saturday, after its parent company declared force majeure on copper concentrate shipments from its giant Grasberg mine in Papua.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/indonesia-freeport-mcmoran-ceo-idUSL4N1G306L'|'2017-02-18T18:36:00.000+02:00'
'4cec9b4ecace4d1e736eb3425af9d3fb7e72534b'|'Exclusive: Paramount CEO Grey to depart as soon as next week - sources'|'Business News - Fri Feb 17, 2017 - 4:52pm EST Exclusive: Paramount CEO Grey to depart as soon as next week - sources FILE PHOTO -- The water tower at Paramount Pictures Studios, a division of Viacom, Inc. is pictured in Los Angeles, California July 29, 2008. REUTERS/Fred Prouser/File Photo By Jessica Toonkel Brad Grey, the chairman and chief executive officer of Viacom Inc''s ( VIAB.O ) Paramount Pictures film studio is expected to leave with an announcement coming as early as next week, according to two sources familiar with the situation. Grey''s departure from the studio, which he has headed for 12 years, comes after years of underperformance, producing box office bombs such as "Teenage Mutant Ninja Turtles: Out of the Shadows" and "Ben-Hur." Viacom Chief Executive Bob Bakish will work with an interim management team at Paramount, according to one of the sources. A spokeswoman for Viacom declined to comment. A spokesman for Grey declined to comment. Paramount was at the center of a bruising power struggle between Viacom''s controlling shareholder, Sumner Redstone, and his daughter, Shari, and Viacom''s former chief executive, Philippe Dauman. The battle began when Dauman, who resigned in August, proposed selling a stake in Paramount against Redstone''s wishes. Last month, Grey helped to arrange a deal for two Chinese film companies, Shanghai Film Group (SFG) and Huahua Media, to invest $1 billion in Paramount, giving the studio much-needed cash and support as it attempts to grow. As part of the agreement, SFG and Huahua Media will finance a combined 25 percent of all of Paramount''s films for the next three years, with the option to extend to a fourth year. The Chinese studios will share in the economic returns of the films, but details were not provided. During his tenure at Paramount, Grey was responsible for a seven-year marketing distribution deal with Marvel and the 2008 acquisition of DreamWorks SKG for $1.6 billion, from which Paramount got the Transformers franchise. However in recent years, the studio has struggled. Viacom''s Bakish is making Paramount a focal point in his strategy to turn around the New York-based media company''s declining ad revenue and ratings. In Viacom''s earnings call last week, Bakish outlined a strategy to focus on six of its brands: Paramount, BET, Comedy Central, MTV, Nickelodeon and Nick Jr channels. As part of the strategy, the networks will start making films with Paramount. Grey is the latest executive to leave Viacom since Bakish took over. In December, Denise Denson, the head of distribution for Viacom, left. In January, Longtime Viacom Inc (VIAB.O) executive Doug Herzog, a 25-year veteran who oversaw Comedy Central and MTV, left. And last month, Michael Fricklas, general counsel, announced his departure. (Editing by Anna Driver and Jeffrey Benkoe) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-viacom-paramount-exclusive-idUSKBN15W2CN'|'2017-02-18T04:52:00.000+02:00'
'017994c8dfad9ad6a750acdcad7d887a183f45a3'|'BRIEF-Petrus Resources announces increase to previously announced private placement'|' 13pm EST BRIEF-Petrus Resources announces increase to previously announced private placement Feb 17 Petrus Resources Ltd: * Petrus resources announces increase to previously announced private placement * Petrus Resources - increased size of non-brokered private placement to up to 4.35 million shares at a purchase price of $2.53 per common share  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-petrus-resources-announces-increas-idUSASB0B135'|'2017-02-18T07:13:00.000+02:00'
'7766630cfa179151d4a4d8ea2aff20845bc02de4'|'BRIEF-Sito Mobile CEO Jerry Hug resigned, effective Feb 17'|' 31pm EST BRIEF-Sito Mobile CEO Jerry Hug resigned, effective Feb 17 Feb 17 Sito Mobile Ltd * Effective February 17, 2017, Jerry Hug resigned as CEO and a director of Sito Mobile, Ltd. * Sito Mobile Ltd- Also effective February 17, 2017, Richard O Connell, Jr. was appointed to serve as interim CEO- SEC Filing Source text: [ bit.ly/2kSmBOi ]  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-sito-mobile-ceo-jerry-hug-resigned-idUSFWN1G210M'|'2017-02-18T05:31:00.000+02:00'
'e6f8d94126f17e7f389e6826ef1ef228cce9d26c'|'PSA chief executive to meet UK''s May about Vauxhall takeover'|'By Laurence Frost and David Milliken - PARIS/LONDON PARIS/LONDON The chief executive of Peugeot manufacturer PSA Group ( PEUP.PA ) will meet British Prime Minister Theresa May to discuss his firm''s planned acquisition of General Motors'' ( GM.N ) Opel and Vauxhall operations, a government spokesman said on Saturday.Both Britain and Germany fear PSA will cut jobs if the takeover goes ahead, and British politicians are particularly concerned that the country''s looming departure from the European Union does not damage its resurgent auto industry.Earlier on Saturday the Financial Times reported that British business minister Greg Clark had offered PSA similar guarantees on EU access and supply chains to those he gave to Japan''s Nissan ( 7201.T ) last year.But PSA subsequently said it now wanted to hold talks at the highest level of British government, after German Chancellor Angela Merkel said on Friday that she would do all she could to keep jobs in Germany."(PSA Group CEO) Carlos Tavares has asked to meet Theresa May," the spokesman told Reuters. "It''s the same approach that we''ve taken with the German authorities."A spokesman for May later confirmed that a meeting would go ahead, although a date had not been set.PSA, Europe''s second-biggest carmaker and owner of the Peugeot, Citroen and DS brands, also plans to have direct talks with union representatives in Germany and Britain on the deal, the group''s spokesman said.Talks on a sale of GM''s European arm to PSA were confirmed by both companies on Tuesday. Germany accounts for half of GM Europe''s 38,000 staff, while there are 4,500 in Britain where the company operates under the Vauxhall brand.Two sources close to PSA said on Thursday that job and plant cuts were part of the tie-up talks, with the two Vauxhall sites in Britain in the front line.Clark went to Paris on Thursday evening to meet PSA, who he said had "stressed that they valued highly the enduring strength of the Vauxhall brand, underpinned by its committed workforce.""While discussions are still on-going, they made clear to me that in any deal these were strengths they would wish to build on," he added in a short statement on Friday.The FT reported on Saturday, citing a person with knowledge of the meeting, that Clark had also made commitments similar to those he gave Nissan ( 7201.T ) last year before it announced it would build two new models in Britain.Clark promised Nissan that he would ensure more car part suppliers were based in Britain, support training and research into electric and low-emission vehicles, and push for "free and unencumbered" access to European Union markets for carmakers after Britain leaves the EU.Britain''s business ministry declined to comment on whether Clark had made similar commitments to PSA.(Additional reporting by Mathieu Rosemain, editing by John Stonestreet and Adrian Croft)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-opel-m-a-psa-britain-takeover-idINKBN15X0F6'|'2017-02-18T12:39:00.000+02:00'
'ea0f2acac6f73fdbd5c4b332d4aee3b0542099be'|'Snap IPO expected to price March 1 after market closes'|'Business News - Fri Feb 17, 2017 - 6:11pm GMT Snap IPO expected to price March 1 after market closes A Snapchat sign hangs on the facade of the New York Stock Exchange (NYSE) in New York City, U.S., January 23, 2017. REUTERS/Brendan McDermid The initial public offering of Snap Inc, owner of the popular messaging app Snapchat, is expected to price March 1 after the market closes, Fidelity Investments told brokerage clients on Friday. The expected size of the IPO is 200 million shares priced between $14 a share and $16 a share, according to an alert from Fidelity. (Reporting By Tim McLaughlin, Editing by Franklin Paul) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-snap-ipo-pricing-idUKKBN15W21T'|'2017-02-18T01:11:00.000+02:00'
'968e3d7af6321ba16b2a39f73be09cc9ff0d5eb0'|'Citigroup cuts CEO Corbat''s pay after missing financial targets'|'Money News - Sat Feb 18, 2017 - 5:44am IST Citigroup cuts CEO Corbat''s pay after missing financial targets File Photo: Michael L. Corbat, president of the Citigroup, arrives at the Planalto Palace before a meeting with Brazil''s President Dilma Rousseff in Brasilia April 9, 2013. REUTERS/Ueslei Marcelino By David Henry Citigroup Inc''s ( C.N ) board of directors cut Chief Executive Officer Michael Corbat''s compensation by 6 percent last year after the bank missed financial targets and one-third of its voting shareholders disapproved of his prior pay package. Corbat received $15.5 million in total compensation, including a base salary of $1.5 million, a $4.2 million cash award and $9.8 million of stock-related incentives, according to a securities filing on Friday. Directors said they considered some of the 56-year-old CEO''s successes when setting his pay. Last year, Citigroup''s capital plan won approval from the Federal Reserve, and it received positive feedback from regulators on its resolution plan. Corbat also continued to wind down troubled assets left from the financial crisis. However, directors said Corbat''s compensation should reflect performance against financial targets. Citigroup, the fourth-largest U.S. bank, fell short of goals Corbat set in 2013, shortly after taking the helm, for return on assets, return on tangible common equity and operating efficiency. Overall, the bank''s profit fell 13 percent last year. Its shares rose 15 percent amid a broader rally in financial stocks following the U.S. elections that sent competitors'' stock soaring much higher. At Citigroup''s annual meeting last April, 36 percent of shareholders who cast votes disapproved of what top executives were paid, partly because of changes the board had made to incentive structures. Directors promised to rework the formula again. Last month, Corbat asked investors for patience in improving results, arguing Citigroup had fallen short because of unexpectedly high capital requirements and unexpectedly low interest rates. Other Wall Street CEOs got raises for their work last year, and were paid more in dollar terms. JPMorgan Chase & Co ( JPM.N ) awarded CEO Jamie Dimon $28 million for his work last year, up 3.7 percent. Morgan Stanley ( MS.N ) CEO James Gorman received $22.5 million, a 7 percent raise, while Bank of America Corp ( BAC.N ) CEO Brian Moynihan got $20 million, a 25 percent bump. Citigroup made additional disclosures on Friday indicating other senior executives received approximately these amounts of compensation for 2016: James Forese, Citigroup president and chief executive of Citi''s Institutional Clients Group: $15.3 million, a 4 percent decline. John Gerspach, chief financial officer, $9 million, the same as in 2015. Stephen Bird, chief executive of global consumer banking, $9 million, up 6 percent. Don Callahan, head of operations and technology, $7.3 million, the same as in 2015. (Reporting by David Henry in New York; Editing by Lauren Tara LaCapra and Andrew Hay) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/citigroup-compensation-ceo-idINKBN15X001'|'2017-02-18T07:14:00.000+02:00'
'6fc6b75c52e268614bf3c8ba211f00c2a3284c82'|'Father, son in Gerova stock scam get six years prison'|'U.S.  04pm EST Father, son in Gerova stock scam get six years prison By Jonathan Stempel Two members of a family conspiracy to manipulate the stock of reinsurer Gerova Financial Group Ltd were sentenced to six years in prison on Thursday, a day after the scheme''s main architect received a more than 11-year term, prosecutors said. John Galanis, 73, and his son Derek, 44, were also ordered by U.S. District Judge Kevin Castel in Manhattan to forfeit $19.04 million, after pleading guilty last summer to securities fraud and conspiracy charges. The Galanises were also sentenced to three years of supervised release. Both sentencings came after Jason Galanis, a former Los Angeles investment banker once dubbed "Porn''s New King," was sentenced to 135 months in prison by Castel on Wednesday. Jason is also John''s son and one of Derek''s brothers. David Touger, a lawyer for John Galanis, said: "The court came to a very just and well thought out sentence." A lawyer for Derek Galanis could not immediately be reached for comment. Prosecutors accused the defendants of involvement in a scheme from 2009 to 2011 to quietly take control of nearly half of Gerova''s public float, and cash out at a profit after bribing investment advisers to buy shares for their own clients, driving up the stock price. The scheme was aided by Gerova''s then-chairman Gary Hirst, and led to nearly $20 million of illegal profits, according to prosecutors, who made the charges public in September 2015. "John and Derek Galanis conspired to have more than $70 million worth of stock issued, hiding Jason Galanis'' control of those shares, so that they could cash out at the expense of unwitting victim investors," U.S. Attorney Preet Bharara said in a statement. Hirst was convicted at trial on fraud and conspiracy charges, and faces a March 17 sentencing. Jared Galanis, a brother of Jason and Derek, was sentenced last month to 150 days in prison for his role, prosecutors said. Another defendant, Ymer Shahini, is at large. Jason Galanis was nicknamed "Porn''s New King" by Forbes magazine in 2004 after he bought the largest U.S. processor of credit card payments for internet pornography. He has pleaded guilty in a separate case involving what prosecutors called a roughly $60 million scam to steal proceeds of a bond issue by an affiliate of South Dakota''s Oklala Sioux Nation. Jason Galanis has yet to be sentenced in that case. The case is U.S. v. Galanis et al, U.S. District Court, Southern District of New York, No. 15-cr-00643. (Reporting by Jonathan Stempel in New York; Editing by Tom Brown) Next In U.S.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-gerova-financial-fraud-idUSKBN15V2YV'|'2017-02-17T06:03:00.000+02:00'
'6b6b56b3481cc1b00be282338750c89c661f6005'|'Swiss stocks - Factors to watch on Feb 16'|'Company News - Thu Feb 16, 2017 - 12:47am EST Swiss stocks - Factors to watch on Feb 16 ZURICH Feb 16 The following are some of the main factors expected to affect Swiss stocks on Thursday. NESTLE The world''s biggest maker of food releases full year 2016 results. It is expected to say 2016 net profit rose 6 percent to 9.59 billion Swiss francs ($9.56 billion), according to analysts in a Reuters poll. For more click The Swiss speciality chemical maker releases FY 2016 results. For more click COMPANY STATEMENTS * Straumann said it expects its operating margin to improve in 2017 on revenue growth and operational leverage. For 2016, the Swiss dental implant maker''s sales rose 15 percent to 918 million Swiss francs. * Banque Cantonale Vaudoise proposed an ordinary dividend of 23 Swiss francs per share and a special distribution of 10 francs per share out of paid-in reserves. Its 2016 net profit fell 8 percent to 310 million Swiss francs, with the bank saying 2017 results would be in line with previous years. * Roche said it signed a deal with Medtronic over Bluetooth-equipped blood sugar monitors. ECONOMY ($1 = 1.0032 Swiss francs) (Reporting by Zurich newsroom) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/markets-swiss-stocks-idUSL8N1G061L'|'2017-02-16T12:47:00.000+02:00'
'fd87f970c75de7335503a03430666819d07594fb'|'Results will reveal the good, the bad and the ugly of UK banks - Business'|'Britain<69>s major banks will be in the spotlight this week as they unveil their full year figures, with Royal Bank of Scotland forecast to make losses of more than <20>6bn and HSBC expected to face questions about a boardroom overhaul. The controversy over bankers<72> pay is likely to be reignited as they disclose the size of their bonus pools and how much their bosses have received during a year when the vote for Brexit has helped turn the government<6E>s attention on public anger over rising executive pay.RBS will continue to remain a major focus as its loss for 2016 will mean it will have spent nine years in the red since its taxpayer rescue in 2008. The loss is likely tobe <20>55bn <20> more than the <20>45bn that was pumped in by the Treasury to stop the Edinburgh-based bank collapsing . In contrast, Lloyds Banking Group <20> bailed out at same time and is almost free from taxpayer support. Barclays and Standard Chartered also report the first full year results since the cut in interest rates after Brexit , which puts pressure on banks<6B> profitability.<2E>Bank results look like they will be a mix of the good, the bad and the ugly this time around. Litigation still looms large, particularly for RBS which has a plateful of problems to digest, while low interest rates continue to present a challenge for the core business of banking,<2C> said Laith Khalaf, senior analyst at Hargreaves Lansdown. The Treasury will also face scrutiny of its plan announced on Friday to free RBS of its obligation to Brussels to spin off 300 branches. Instead of meeting state aid rules by selling the network <20> which was dubbed Williams & Glyn <20> the Treasury has proposed that RBS adopt other measures to inject competition into the small banking market at a cost of <20>750m.If approved, the deal with Brussels over small business banking will remove one of the key uncertainties which have been depressing the bank<6E>s share price. The shares closed at 242p on Friday <20> less than half the 502p average price that taxpayers paid for a 79% stake and before the deal over W&G was announced.Clarity over the state aid obligation would resolve one of the hurdles chancellor Philip Hammond cited last year when he abandoned any hope of selling off any more shares in RBS <20> in which the stake is now 73% after parcel of shares was sold in 2015 . Among other issues raised by the chancellor is the uncertainty over a settlement with the US over a toxic bond mis-selling scandal and last month the bank took a <20>3.1bn hit in preparation for this.Gareth Thomas, the MP who chairs the Co-operative Party, said it would have been better to convert W&G into a mutual. <20>Whilst there have been many reforms the lack of competition in British banking is worse now than in 2008 and the re-privatisation of RBS will only make that worse,<2C> said Thomas.Among the ideas the Treasury has proposed to Brussels is a fund for so-called challenger banks to the big four of RBS, Lloyds Banking Group , Barclays and HSBC as well as dowries to help them encourage small businesses to switch from RBS.OakNorth Bank, one of the challengers, pointed out that 80% of small businesses bank with the big four. Rishi Khosla, chief executive of OakNorth, said: <20>It<49>s important that this fund doesn<73>t just focus on current accounts, but that it is used to increase challenger banks<6B> capabilities to deliver a range of products and services, including short and long-term business loans<6E>.HSBC kicks off the reporting season on Tuesday after a 55% rise in its share price since the referendum, fuelled by the fall in sterling as it makes most of its profits abroad.Also on the agenda is the boardroom changes HSBC promised a year ago when chairman Douglas Flint said the bank hoped to nominate his successor in 2017 who in turn could start the planning for a new chief executive.Gary Greenwood, banks analyst at Shore Capital said there may be questions for <20>more clarity<74> on succession planning at HSBC. One investor said that as it was one of
'8d7ae74076ba1ac00965e31713c7784a77a2acfd'|'Kraft withdraws offer to merge with Unilever'|'Company   12:59pm EST Kraft withdraws offer to merge with Unilever Feb 19 Kraft Heinz Co has agreed to withdraw its proposal for a $143 billion merger with larger rival Unilever Plc, the companies said on Sunday. U.S.-based Kraft had made a surprise offer for Unilever in a bid to build a global consumer goods behemoth, although it was flatly rejected on Friday by Unilever, the maker of Lipton tea and Dove soap. (Reporting by Ismail Shakil in Bengaluru; Editing by Jeffrey Benkoe) Next In Company News UPDATE 3-SpaceX launches rocket from historic NASA pad in Florida CAPE CANAVERAL, Fla., Feb 19 A SpaceX Falcon rocket blasted off on Sunday from a Florida launch pad once used to send NASA astronauts to the moon, a step forward for billionaire entrepreneur Elon Musk and his company''s goal of ferrying astronauts to the International Space Station. The 229-foot tall (70-meter) Falcon 9 soared off a seaside launchpad at the Kennedy Space Center at 9:39 a.m. ET (1439 GMT) carrying a Dragon cargo ship bound for the station.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/unilever-nv-ma-kraft-heinz-idUSFWN1G211H'|'2017-02-20T00:59:00.000+02:00'
'49f90d5d932445a31269814009a634d5d4aaf74a'|'Markets upbeat on M&A turmoil'|'NEW YORK (IFR) - While bankers were lamenting the collapse of US$88bn in healthcare mergers this week, markets were surprisingly upbeat about the latest upheaval in the sector.Insurance giant Aetna finally threw in the towel on Tuesday when it terminated its US$34bn merger attempt with rival Humana after US courts ruled against the deal earlier this year.Cigna also announced the same day that it was seeking to end Anthem''s US$54bn bid for the company, unleashing a bitter court battle between the two sides <20> and potentially dragging advisers into the scrap.Aetna <20> which unlike Anthem pre-funded its acquisition in the bond market <20> can use debt proceeds to cover the cost of cancelling its merger.Anthem, on the other hand, may still prefer to tap the bond market to pay for its US$1.85bn termination fee rather than stop share repurchases or dividend payments, said Josh Esterov, a senior analyst at research firm CreditSights.Special mandatory redemption clauses (or SMRs) oblige Aetna to buy back US$10.2bn of bonds at a cash price of 101.All six securities were part of a US$13bn eight-part bond sale in early June to finance the Humana acquisition.It also owes Humana US$1bn in termination fees, as well as close to US$90m in accrued interest, according to CreditSights.The debt buyback and the termination fees are expected to be funded through proceeds garnered during June''s bond sale.LAST LEGSThe buyside, however, cheered the outcome, pushing spreads on Aetna bonds tighter over last week amid expectations that the deal was on its last legs."They will call a substantial portion of the US$13bn they issued in June, and will not assume Humana''s outstanding debt," said Esterov. "That part is credit-positive."Esterov calculates that Aetna''s debt-to-Ebit ratio over the past 12 months should drop to around 2.3 times from 4.5 times.Aetna''s latest bonds also rarely traded far above the 101 redemption price, leaving accounts with fewer losses than other failed M&A bonds whose secondary levels peaked several points higher than where they were ultimately called."In other deals [involving a merger break-up] this could have been a major issue, but investors knew in advance that the deal faced anti-trust issues," said Esterov."Aetna bonds didn''t go too far ahead of 101, and when you take into account coupon payments, they stayed in a rational price area."Not only did long-held doubts about the Aetna/Humana tie-up keep prices at or below the redemption price, but a US Treasury sell-off after Donald Trump''s electoral victory in November also pressured corporate bond prices lower."Last year [when Aetna priced the bond] you had to ask if the deal didn''t go through would we be taken out at 101," said a buyside trader."All that went into reverse after Trump won and rates sky-rocketed and those Aetna bonds hung around par. That benefited investors."RENEWED FOCUSStill, this week''s break-ups <20> the first major ones in 2017 <20> have renewed the focus on how best to structure and time M&A-driven bond sales amid expectations that political and regulatory scrutiny will put more jumbo tie-ups at risk."This will only reinforce the fact that borrowers probably need to align their financings to when it is more probable that transactions will close," said a senior banker.Investors are asking to be better compensated for such risks or at least want to limit potential losses in the event that the courts or regulators strike down proposed tie-ups."These pose new risks that are not always easy to assess when you are trying to figure out what the Department of Justice or the courts might do," said Chris Gootkind, director of credit research at Loomis Sayles.Market participants continue to debate whether the SMRs should be higher than 101, or indeed whether redemptions should be linked just to price.Some are advocating a structure more akin to a make-whole call that is tied to a US Treasury spread, though some bankers think getting borrowers on board will be tough."You are asking the bo
'cd5dcbff5de3038428c2f0e868c4996e8711a512'|'RBS proposes abandoning sale of Williams & Glyn unit'|'Business News - Fri Feb 17, 2017 - 7:49pm GMT RBS proposes abandoning sale of Williams & Glyn unit A man walks past a branch of The Royal Bank of Scotland (RBS) in central London, Britain August 27, 2014. REUTERS/Toby Melville/File Photo Royal Bank of Scotland Group Plc has proposed abandoning the planned sale of its Williams & Glyn unit after a seven-year struggle to sell the small business lender to meet European Union state aid demands. The taxpayer-backed bank has proposed an alternative series of measures to help so-called challenger banks and boost competition among lenders. If the plan is accepted it would end one of the bank''s biggest headaches after it was ordered to sell Williams & Glyn as a condition of its state-backed rescue at the height of the financial crisis. (Reporting by Ismail Shakil in Bengaluru and Andrew MacAskill in London, editing by David Evans) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-royal-bank-scot-divestiture-williams-idUKKBN15W27L'|'2017-02-18T02:49:00.000+02:00'
'a0a3b85cebe12c706fbd1d415c8d539a29612f47'|'Paramount CEO Grey to depart as soon as next week - sources'|'Fri Feb 17, 2017 - 9:52pm GMT Exclusive: Paramount CEO Grey to depart as soon as next week - sources FILE PHOTO -- The water tower at Paramount Pictures Studios, a division of Viacom, Inc. is pictured in Los Angeles, California July 29, 2008. REUTERS/Fred Prouser/File Photo By Jessica Toonkel Brad Grey, the chairman and chief executive officer of Viacom Inc''s ( VIAB.O ) Paramount Pictures film studio is expected to leave with an announcement coming as early as next week, according to two sources familiar with the situation. Grey''s departure from the studio, which he has headed for 12 years, comes after years of underperformance, producing box office bombs such as "Teenage Mutant Ninja Turtles: Out of the Shadows" and "Ben-Hur." Viacom Chief Executive Bob Bakish will work with an interim management team at Paramount, according to one of the sources. A spokeswoman for Viacom declined to comment. A spokesman for Grey declined to comment. Paramount was at the center of a bruising power struggle between Viacom''s controlling shareholder, Sumner Redstone, and his daughter, Shari, and Viacom''s former chief executive, Philippe Dauman. The battle began when Dauman, who resigned in August, proposed selling a stake in Paramount against Redstone''s wishes. Last month, Grey helped to arrange a deal for two Chinese film companies, Shanghai Film Group (SFG) and Huahua Media, to invest $1 billion in Paramount, giving the studio much-needed cash and support as it attempts to grow. As part of the agreement, SFG and Huahua Media will finance a combined 25 percent of all of Paramount''s films for the next three years, with the option to extend to a fourth year. The Chinese studios will share in the economic returns of the films, but details were not provided. During his tenure at Paramount, Grey was responsible for a seven-year marketing distribution deal with Marvel and the 2008 acquisition of DreamWorks SKG for $1.6 billion, from which Paramount got the Transformers franchise. However in recent years, the studio has struggled. Viacom''s Bakish is making Paramount a focal point in his strategy to turn around the New York-based media company''s declining ad revenue and ratings. In Viacom''s earnings call last week, Bakish outlined a strategy to focus on six of its brands: Paramount, BET, Comedy Central, MTV, Nickelodeon and Nick Jr channels. As part of the strategy, the networks will start making films with Paramount. Grey is the latest executive to leave Viacom since Bakish took over. In December, Denise Denson, the head of distribution for Viacom, left. In January, Longtime Viacom Inc (VIAB.O) executive Doug Herzog, a 25-year veteran who oversaw Comedy Central and MTV, left. And last month, Michael Fricklas, general counsel, announced his departure. (Editing by Anna Driver and Jeffrey Benkoe) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-viacom-paramount-exclusive-idUKKBN15W2CN'|'2017-02-18T04:51:00.000+02:00'
'07018c6c07d55eaa1b73f4553695d014592baf4a'|'Saudi oil pipeline leak causes one death, three injuries - newspaper'|'Business News - Sat Feb 18, 2017 - 6:49pm GMT Saudi oil pipeline leak causes one death, three injuries - newspaper DUBAI An oil leak in a Saudi Aramco pipeline in eastern Saudi Arabia caused one death and three injuries, a Saudi newspaper said on Saturday. The Arabic-language daily al-Watan said on its Twitter account that the oil leak happened near the city of Abqaiq, where the oil giant has major oil facilities. It published photos of a crater filled with oil it said was from the leak but gave no details on what caused the leak. Saudi Aramco had no immediate comment on the report. (Reporting by Reem Shamseddine, writing by Sami Aboudi; Editing by Adrian Croft) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-saudi-aramco-leak-idUKKBN15X0PJ'|'2017-02-19T01:49:00.000+02:00'
'9015e617fcf182a72b3aa8ee2468a46aab9ce30f'|'How do you say deja vu in Greek?'|'Business News - Fri Feb 17, 2017 - 12:59pm GMT How do you say deja vu in Greek? left right FILE PHOTO:A Greek flag flutters in front of the ancient Parthenon temple atop the Acropolis hill archaeological site in Athens, Greece, June 26, 2015. REUTERS/Marko Djurica/File Photo 1/3 left right FILE PHOTO:Greece''s Prime Minister Alexis Tsipras leaves the European Council building during a European Union leaders summit in Brussels, Belgium, February 19, 2016. REUTERS/Francois Lenoir/File Photo 2/3 left right FILE PHOTO:Greece''s Prime Minister Alexis Tsipras arrives at a European Union leaders extraordinary summit on the migrant crisis, in Brussels, Belgium September 23, 2015. REUTERS/Francois Lenoir/File Photo 3/3 By Jeremy Gaunt - LONDON LONDON It seem as if we have been here before: the euro zone fretting that a crisis with Greece will balloon out of all proportion while the government in Athens says it will not impose one euro more in cuts on its austerity-battered public. Cue a euro zone finance ministers meeting in Brussels. (Graphic - Euro zone primary surplus/deficits: here ) There are differences this time from two years ago when a battery of "last chance" meetings over a new bailout brought Greece to the brink of bankruptcy and default - and threatened the euro zone with its first dropout. When the ministers have their regular meeting on Monday there will be little brinkmanship or fear of failure. For one thing, a bailout is already in place - the argument this time is about compliance and future targets in order to get another tranche of money. Indeed, some euro zone officials have been briefing privately that Greece has enough money to see it through for now, even if it fails to get the next tranche of bailout funds by the July deadline for paying back as much as 7.5 billion euros of debt falling due. But it would not be trite to say that another festering row with Greece is the last thing the euro zone needs when faced with a protectionist U.S. president, Britain leaving the European Union, and anti-euro politicians vying for power or presence in French, Dutch and German elections. So EU officials have been urging speed in finding agreement and calmly warning of instability ahead if none is found. "There is a common understanding that time lost in reaching an agreement will have a cost for everyone," the European commissioner responsible for the euro, Valdis Dombrovskis, told Greek news portal Euro2day. The issue, however, is multi-layered and thus particularly complex. Part of it is about what kind of primary surplus - what is left in a surplus budget before debt obligations - Greece must reach and run for some time. The bailout, signed by Greece and euro zone lenders, says 3.5 percent of gross domestic product (which would be by far the highest in the euro zone). The International Monetary Fund, the other major lender, says that is undoable without further Greek belt-tightening. It says 1.5 percent of GDP and some form of debt relaxation - for example, over what is paid when - would be more realistic and sustainable. The IMF, furthermore, says it won''t participate in any bailout that it does not believe to be viable. Germany and others say that the IMF must be a part of the bailout or there is no deal. Both lenders have told Greece they want about 3.6 billion euros (<28>3 billion)in additional savings, including a reduction in the tax- free income threshold, now at about 8,600 euros per person per year, a number the IMF maintains lets some 56 percent of wage-earning Greeks escape paying income tax. Greece says no. Its economy contracted again in the fourth quarter of 2016, nearly one in four Greeks is unemployed and its pensioners have already seen 11 cuts to income. So plenty of scope for crisis - if not quite yet. GROWTH MODE This old-but-new pressure comes as the euro zone''s overall economy is beginning to pick up. How sustainable it is, however, may be seen on Tuesday when research firm Markit releases its flash - or preliminary 
'52f2256824b6717d46e3f4d17acc8698e4d98be1'|'Bain joins bidding for Germany''s Stada with higher offer - sources'|' 34pm GMT Bain joins bidding for Germany''s Stada with higher offer: 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 Ludwig Burger - FRANKFURT FRANKFURT German generic drugs company Stada ( STAGn.DE ) has received a new takeover approach which values it at 3.6 billion euros ($3.8 billion), raising the stakes in a three-way bidding war and pushing its shares to a new record. Two people familiar with the matter identified the new bidder on Friday as buyout group Bain Capital. That followed Stada''s statement late on Thursday which disclosed a proposed price of 58 euros per share from an unnamed suitor. Bain and Stada declined to comment. A meeting of the Stada supervisory board has been arranged for Friday at short notice, a source close to the board said, with the bidding process expected to be on the agenda. The company said earlier this week that buyout group Cinven had offered 56 euros per share, valuing it at about 100 million euros less than the latest approach. Private equity firm Advent International had emerged as the second prospective bidder though a price has not been disclosed. Advent is expected to submit a bid next week, two sources in the financial industry said. Advent declined comment. Stada shares gained 1.9 percent to 57.29 euros at 1250 GMT, poised to close at a fresh record high, having advanced 15 percent so far this week. Seeking investments in stable healthcare businesses, cash-rich buyout firms -- also including Permira and CVC -- have been working on offers for months and approached Stada about a deal, people familiar with the situation have told Reuters. The tussle vindicates the strategy of activist investor Active Ownership Capital (AOC), which built a stake of about 7 percent in shares and options before May last year when the shares were trading at around 30 euros apiece. AOC at the time pushed for a management shakeup, calling for non-executive directors with more international experience. In the wake of the investor''s campaign, Chief Executive Hartmut Retzlaff stepped down for health reasons last year after more than two decades at the helm, and long-serving Chairman Martin Abend was replaced by Carl Ferdinand Oetker, member of the family behind the unlisted German food group. Founded in 1895 in Dresden as a pharmacists'' cooperative, Stada is seeking to expand its non-prescription consumer care business. Its generic drug business is under price pressure as medical insurers in Germany, its largest market, are seeking bulk procurement deals at low prices. It has also suffered from a weak Russian rouble and British pound, two markets where it has considerable operations. Monthly Manager Magazin earlier named Bain as the third suitor. ($1 = 0.9371 euros)   Patricia Weiss and Arno Schuetze. Writing by Ludwig Burger and Andreas Cremer; Editing by Keith Weir)   Election risks, retail sales hurt pound and euro LONDON Falls for the euro and the pound dominated trade in the major global currencies on Friday, hit by a combination of nerves over upcoming French elections and signs British consumers are beginning to struggle in the face of the Brexit effect.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-stada-m-a-idUKKBN15V2ZH'|'2017-02-17T20:26:00.000+02:00'
'660e71a092a02102e6d00a3f1085207e43ad5efc'|'EMERGING MARKETS-Emerging stocks at 19-month high, currencies ease'|'Company News - Thu Feb 16, 2017 - 5:28am EST EMERGING MARKETS-Emerging stocks at 19-month high, currencies ease By Claire Milhench - LONDON LONDON Feb 16 Emerging equities rose to a 19-month high on Thursday, tracking gains in developed markets, while the Russian rouble held at 1 1/2-year highs, but other currencies eased after recent solid gains. The benchmark emerging stocks index climbed 0.3 percent and is up almost 10 percent so far this year. Asian outperformers included Hong Kong, up 0.5 percent to a five-month high, Chinese mainland shares which rose 0.5 percent, and Philippines stocks which jumped 1.5 percent. Gains extended to some European markets, with Turkish shares up 0.5 percent and Bucharest stocks up 0.2 percent to touch their highest since July 2015, after recent underperformance. An outlier was South Africa''s banking index, which fell as much as 1 percent, a day after the country''s competition watchdog recommended heavy fines against lenders it accused of colluding to rig trading in the rand. Per Hammarlund, chief emerging markets strategist at SEB, said emerging stocks were being pulled up by developed markets to some extent, as they looked better value. "There''s a risk appetite component to it as well. Portfolio flows to emerging markets have stayed strong," Hammarlund said. "Given the momentum in the market, it seems the rally has some legs." World stocks hit a record high on Thursday after the latest signs of strength in the U.S. economy, with retail sales rising more than expected in January and gains in manufacturing output. Hammarlund said the fact that U.S. Federal Reserve Chair Janet Yellen had signalled no major changes in monetary policy in testimony to lawmakers this week was also providing support. "The Fed is still signalling a very gradual increase in interest rates, and emerging markets can handle a gradual and predictable tightening of U.S. monetary policy," he said. The Russian rouble held steady near a 1 1/2-year high, supported by oil prices near $56 a barrel and monthly tax payments, which prompt export-focused Russian companies to convert dollars into roubles. Russian Finance Minister Anton Siluanov said on Wednesday the rouble would be strengthening even faster if foreign currency purchases were not being carried out with the aim of stabilising the market. Other emerging currencies were mostly a touch weaker after strong performance in recent days. The South African rand slipped 0.8 percent against the dollar, easing off a 17-month high, while the Turkish lira slipped 0.6 percent from a five-week high. The Indonesian rupiah was steady ahead of a central bank meeting at which it is expected to keep rates on hold at 4.75 percent. Indonesian exports rose at the fastest pace in more than five years in January, giving the economy a solid start to the year after a sluggish 2016. Malaysia also posted 4.5 percent growth in fourth quarter GDP, but this failed to lift the ringgit, which weakened 0.2 percent against the dollar. Tim Condon, an analyst at ING, said increased political uncertainty had made the ringgit an underperformer. Other Asian currencies did better, with the Taiwan dollar climbing to a 20-month high. The Egyptian pound was 0.5 percent firmer ahead of a central bank meeting expected to keep rates on hold at 14.75 percent, although inflation skyrocketed to 30.86 percent in January. 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 944.97 +3.19 +0.34 +9.59 Czech Rep 967.55 -5.28 -0.54 +4.98 Poland 2195.38 +11.05 +0.51 +12.70 Hungary 33727.36 -254.14 -0.75 +5.39 Romania 7681.31 +5.30 +0.07 +8.42 Greece 623.97 -2.32 -0.37 -3.06 Russia 1173.69 +1.10 +0.09 +1.
'9630e47f395a3e43cef647cb0208c7be8849c462'|'Homes that generate income <20> in pictures - Money'|'Homes that generate income <20> in pictures 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 CloseYou<6F>ll be in business in no time if you choose one of these properties, from the Scottish Borders to CornwallAnna TimsFriday 17 February 2017 23.45 GMTChurch Square, Duns, Scottish BordersThe property is let as a gift shop and cafe on the market square and has previously been a B&B. There<72>s a three-bedroom flat and a studio above, which are reached via the rear courtyard. The category B listing to preserve its Georgian integrity may limit your ambitions. Offers over <20>240,000. CKD Galbraith , 01573 224244 Facebook Twitter PinterestThe Marshes, Southminster, EssexYou could turn the stabling, paddocks and all-weather menage into an equestrian business with direct access to hacking trails. A detached former alehouse and three attic rooms could be converted. The four-bedroom house is down a gated private road that you and the neighbours must maintain. Offers in excess of <20>700,000. Fenn Wright , 01245 292100 Facebook Twitter PinterestSt Breock, near Wadebridge, CornwallThe owners turn over <20>75,000 a year from the cattery, established B&B and static caravan used as a holiday let. A stream tumbles in waterfalls through the large gardens. If you continue to use the two en suite bedrooms for paying guests you<6F>ll only be left with two on the same floor for family. Cost: <20>850,000. Country & Waterside, 01872 830 217 Facebook Twitter Pinterest'|'theguardian.com'|'https://www.theguardian.com/uk/business'|'https://www.theguardian.com/money/gallery/2017/feb/17/homes-that-generate-income-in-pictures'|'2017-02-18T07:45:00.000+02:00'
'eb645df3258ea09966ff45b7f44f7f2f28504e63'|'Canada''s MacDonald Dettwiler to buy DigitalGlobe: Dow Jones'|'Canadian satellite company MacDonald Dettwiler and Associates Ltd ( MDA.TO ) is in talks to buy U.S.-based DigitalGlobe Inc ( DGI.N ) for about $2 billion to $3 billion, Dow Jones reported, citing sources.Financial conditions of the deal couldn''t be learned and it is also possible that talks might fall apart before a decision is reached, the Dow Jones report said.Shares of satellite imagery provider DigitalGlobe were up 20 percent at a near three-year high of $35.90. The company has a market value of about $1.84 billion.DigitalGlobe''s services are used by companies such Facebook Inc ( FB.O ), Uber Technologies Inc [UBER.UL] and U.S. defense contractor Harris Corp ( HRS.N ).MacDonald Dettwiler''s shares were down 1.5 percent at C$72.31 on the Toronto Stock Exchange.(Reporting by Laharee Chatterjee in Bengaluru; Editing by Maju Samuel)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-digitalglobe-m-a-macdonald-dettwiler-idUSKBN15W2AJ'|'2017-02-18T00:02:00.000+02:00'
'26bd3f826b449b4e9e66d154ca945f3d45bb11d3'|'Japan''s heavyweight LNG buyers wrestle more flexible deals from suppliers'|'Global Energy News - Fri Feb 17, 2017 - 7:15am GMT Japan''s heavyweight LNG buyers wrestle more flexible deals from suppliers A membrane-type liquefied natural gas (LNG) tanker is moored at a thermal power station in Futtsu, east of Tokyo, Japan February 8, 2017. Picture taken February 8, 2017. REUTERS/Issei Kato By Aaron Sheldrick and Osamu Tsukimori - TOKYO TOKYO Japan''s liquefied natural gas (LNG) buyers are upending the traditional practices of the market, using their leverage as the world''s biggest buyers of the fuel to wrestle concessions for more flexible terms. Japan''s electric utilities have won provisions that will allow them to divert contracted LNG cargoes if they restart their nuclear reactors, most of which have been shut since the 2011 Fukushima disaster, three sources have told Reuters. This could set a precedent as more contracts start coming up for renewal. A shrinking population and greater use of alternative fuels has lowered Japan''s LNG demand. Because of that, utilities have pushed to gain allowances to resell imported cargoes and reduce their dependence on long-term contracts. A persistent supply glut and low spot prices LNG-AS have given Japan''s utilities the upper hand in their negotiations with sellers. About 32 million metric tonnes of annual LNG capacity will come online in 2017, according to a forecast from Reuters Supply Chain and Commodities Research, equal to about 12 percent of 2016''s global imports. "With competition to place LNG heating up, price is not the only (contract) term under pressure. LNG suppliers will offer more innovative deals to secure sales," said Kerry Anne Shanks, head of LNG research for Asia at Wood Mackenzie. "Japan''s power utilities are highly prized as customers." Japan has traditionally used so-called take-or-pay contracts for LNG purchases that oblige them to pay for a fixed volume of imports, and they are restricted from reselling cargoes if demand drops. Now, LNG buyers are being offered the restart provisions to entice them to sign up for new contracts, said an executive at one of Japan''s gas importers. "This option was offered to us in a recent sales pitch." These offers come as data from the International Group of Liquefied Natural Gas Importers (GIIGNL) shows that several long-term contracts between Japanese utilities, including Chubu Electric ( 9502.T ), Tohoku Electric ( 9506.T ), Shizuoka Gas ( 9543.T ), and producers including Malaysia''s Petronas and Australia''s Woodside Petroleum ( WPL.AX ) started to expire last year and more will expire in 2017 and 2018. Many more of the contracts will be coming up for renewal in the coming five years, the GIIGNL data shows. Neither, the Japanese utilities nor Petronas were available for comment on the ongoing contractual negotiations. Woodside did not comment on the talks. Even as Asian spot LNG prices have dropped 65 percent from their 2014 peak, Japan''s electric utilities still want to restart their nuclear reactors since they are a lower-cost power generation source. REACTORS REMAIN SHUT All but two of Japan''s reactors remain shut since the 2011 Fukushima nuclear disaster, and many are going through a relicensing process that is taking longer than expected. At most, six reactors could restart this year, said Takeo Kikkawa, professor at the Tokyo University of Science, who advised the government on its most recent energy policy, adding the outlook was cloudy for further restarts past that. The utilities are likely taking advantage of downward quantity tolerances (DQT), standard provisions in gas contracts that stipulate the minimum amount of gas that must be paid for whether the buyer needs it or not, said a Japanese energy executive with more than 20 years of working in the gas business. Typically, DQTs are set at around 10 percent, meaning if a buyer signs up for 1 million tonnes of gas, it must take at least 90 percent of that on a guaranteed payment basis. "They are pushing for 
'32202c6439067ebdaff13a6d2f70f8d1f2d5722b'|'Essilor sees stronger growth, profits in second-half'|'Business News - Fri Feb 17, 2017 - 6:55am GMT Essilor sees stronger growth, profits in second-half Lens producers Essilor'' s logo is seen in an optician shop in Paris, France, March 15, 2016. REUTERS/Philippe Wojazer PARIS Essilor ( ESSI.PA ), the world''s largest maker of ophthalmic lenses, forecast 2017 revenue growth of between 3 and 5 percent at constant exchange rates and predicted a higher level of growth and profitability in the second half of the year. The Paris-based company said the planned launch of products under brands of corrective lenses such as Varilux, Crizal and Transitions would support performance along with the development of its sunwear activities and online sales. Essilor and Italy''s Luxottica ( LUX.MI ) unveiled earlier this year a 46 billion euros ($48.88 billion) merger to create a global eyewear powerhouse with annual revenue of more than 15 billion euros. Essilor, which published its 2016 results on Friday, said the transaction was still subject to the approval of its shareholders and clearance from various regulators. It gave no other details. The group said fourth-quarter revenue rose 3 percent at constant exchange rates to 1.809 billion euros. Analysts polled by Reuters in partnership with Inquiry Financial had on average been expecting sales of 1.787 billion euros. Contribution from operations, a revenue figure that strips cost of sales and operating expenses, stood at 18.6 percent of total sales for the full year compared with 18.8 percent in 2015. Essilor said this indicator was expected at around 18.5 percent in 2017. "The group expects a higher level of growth and profitability in the second half of the year versus the first half," Essilor said in a statement. The board will propose a dividend of 1.5 euros per share, up 35.1 percent. ($1 = 0.9411 euros) (Reporting by Matthias Blamont; Editing by Maya Nikolaeva and Biju Dwarakanath) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-essilor-results-idUKKBN15W0HT'|'2017-02-17T13:55:00.000+02:00'
'97037b68690dd550232aafc8a37d677b31cb99a3'|'UK Stocks-Factors to watch on Feb 17'|' 37am EST UK Stocks-Factors to watch on Feb 17 Feb 17 Britain''s FTSE 100 index is seen opening flat at 7278 points on Friday, according to financial bookmakers. * The blue-chip FTSE 100 index ended the day down 0.3 percent at 7,277.92 points on Thursday, in line with a broader decline among European indexes. The FTSE dropped 28.46 points, of which 27.64 were due to ex-divs, according to Reuters calculations. * Anglo American: Anglo American is struggling to win approval from regulators for its plan to redesign its El Soldado copper mine in Chile, two sources with knowledge of the situation said on Thursday, which could possibly lead to the suspension of operations at the mine. * BREXIT: Britain should be prepared to scrap all tariffs on imports unilaterally when it leaves the European Union to give consumers and the broader economy a boost, even if it hurts some businesses, economists who favour Brexit said on Thursday. * OIL: Oil prices edged up on Friday, lifted by a report that producer club OPEC could extend an output cut aimed at reining in a global fuel supply overhang. Brent crude futures were trading at $55.76 per barrel at 0311 GMT, up 11 cents from their last close. * COPPER: Copper prices climbed on Friday following overnight losses, supported above the key $6,000-mark by major supply restrictions at the world''s two biggest mines in Chile and Indonesia. Three-month copper on the London Metal Exchange was up around 0.8 percent at $6,005 at 0245 GMT, after earlier climbing as far $6,038. It fell over 1 percent the session before. * GOLD: Gold prices held firm on Friday as the dollar hovered near one-week lows, keeping the metal on track for a third week of gains amid political uncertainties in the United States and Europe. Spot gold was steady at $1,238.16 per ounce at 0321 GMT. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets * UK CORPORATE DIARY: Temple Bar Investment Trust Plc Full Year 2016 Earnings Millennium & Copthorne Hotels Plc Full Year 2016 Earnings SEGRO Plc Full Year 2016 Earnings Essentra Plc Full Year 2016 Earnings 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 Sanjeeban Sarkar in Bengaluru; Editing by Sherry Jacob-Phillips)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-stocks-factors-idUSL4N1G22BT'|'2017-02-17T13:37:00.000+02:00'
'434b8438a8657cd5b7b3591aa697a676cc7f91b8'|'Global Economy: How do you say deja vu in Greek?'|'By Jeremy Gaunt - LONDON LONDON It seem as if we have been here before: the euro zone fretting that a crisis with Greece will balloon out of all proportion while the government in Athens says it will not impose one euro more in cuts on its austerity-battered public.Cue a euro zone finance ministers meeting in Brussels.There are differences this time from two years ago when a battery of "last chance" meetings over a new bailout brought Greece to the brink of bankruptcy and default - and threatened the euro zone with its first dropout.When the ministers have their regular meeting on Monday there will be little brinkmanship or fear of failure. For one thing, a bailout is already in place - the argument this time is about compliance and future targets in order to get another tranche of money.Indeed, some euro zone officials have been briefing privately that Greece has enough money to see it through for now, even if it fails to get the next tranche of bailout funds by the July deadline for paying back as much as 7.5 billion euros of debt falling due.But it would not be trite to say that another festering row with Greece is the last thing the euro zone needs when faced with a protectionist U.S. president, Britain leaving the European Union, and anti-euro politicians vying for power or presence in French, Dutch and German elections.So EU officials have been urging speed in finding agreement and calmly warning of instability ahead if none is found."There is a common understanding that time lost in reaching an agreement will have a cost for everyone," the European commissioner responsible for the euro, Valdis Dombrovskis, told Greek news portal Euro2day.The issue, however, is multi-layered and thus particularly complex. Part of it is about what kind of primary surplus - what is left in a surplus budget before debt obligations - Greece must reach and run for some time.The bailout, signed by Greece and euro zone lenders, says 3.5 percent of gross domestic product (which would be by far the highest in the euro zone). The International Monetary Fund, the other major lender, says that is undoable without further Greek belt-tightening.It says 1.5 percent of GDP and some form of debt relaxation - for example, over what is paid when - would be more realistic and sustainable.The IMF, furthermore, says it won''t participate in any bailout that it does not believe to be viable. Germany and others say that the IMF must be a part of the bailout or there is no deal.Both lenders have told Greece they want about 3.6 billion euros in additional savings, including a reduction in the tax- free income threshold, now at about 8,600 euros per person per year, a number the IMF maintains lets some 56 percent of wage-earning Greeks escape paying income tax.Greece says no. Its economy contracted again in the fourth quarter of 2016, nearly one in four Greeks is unemployed and its pensioners have already seen 11 cuts to income.So plenty of scope for crisis - if not quite yet.GROWTH MODEThis old-but-new pressure comes as the euro zone''s overall economy is beginning to pick up. How sustainable it is, however, may be seen on Tuesday when research firm Markit releases its flash - or preliminary - purchasing manager indexes for the euro zone, France, and Germany, as well as for the United States.Reuters polls suggest that the composite indexes - which test the views of manufacturing and services businesses and correlate closely with economic growth - will be down for Germany and France, if still in growth mode.The euro zone index is expected to be flat, held up presumably by member countries where there is no flash report, such as Spain.The U.S. manufacturing index, in the meantime, is expected to dip slightly.This all points to an easing off of growth - but not one that necessarily presages trouble ahead.EU-quitter Britain, meanwhile, is not be so blessed. It is doing well, but has just had the first signs of Brexit economic trouble. Consumers in January were hit by
'961cc58eda1a08ae5906e7e1f962721427f3523e'|'Ontario Teachers to sell minority stakes in two British airports - source'|'Business News   3:45pm GMT Ontario Teachers to sell minority stakes in two British airports - source LONDON Canada''s Ontario Teachers'' Pension Plan (OTPP) is looking to sell minority stakes in Britain''s Bristol and Birmingham airports, a source familiar with the matter said on Friday. OTPP, which manages around $130 billion (<28> 105 billion) and is a big investor in British infrastructure projects, currently owns 100 percent of Bristol Airport and around 50 percent of Birmingham Airport, the source said. While keen to remain invested in the assets, the group is looking to take advantage of strong demand from pension funds and other long-term investors for the often-attractive returns on offer from high-quality infrastructure, the source said. OTPP would retain its share in London''s 2 billion pound City Airport, which it bought in February 2016 in partnership with two other Canadian pension funds and the Kuwait Investment Authority. No further details were immediately available. The news was reported earlier by Dow Jones Newswires. (Reporting by Simon Jessop, editing by Rachel Armstrong and David Evans) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-funds-britain-airports-canada-idUKKBN15W1PC'|'2017-02-17T22:45:00.000+02:00'
'3271403a4e9b752f0b81d89c08f852e6087cebfc'|'FEATURE-Brazil races against time to save drought-hit city, dying crops'|'Company News - Fri Feb 17, 2017 - 9:00am EST FEATURE-Brazil races against time to save drought-hit city, dying crops By Anthony Boadle - CAMPINA GRANDE, Brazil CAMPINA GRANDE, Brazil Feb 17 The shrunken carcasses of cows lie in scorched fields outside the city of Campina Grande in northeast Brazil, and hungry goats search for food on the cracked-earth floor of the Boqueirao reservoir that serves the desperate town. After five years of drought, farmer Edivaldo Brito says he cannot remember when the Boqueir<69>o reservoir was last full. But he has never seen it this empty. "We''ve lost everything: bananas, beans, potatoes," Brito said. "We have to walk 3 kilometers just to wash clothes." Brazil''s arid northeast is weathering its worst drought on record and Campina Grande, which has 400,000 residents that depend on the reservoir, is running out of water. After two years of rationing, residents complain that water from the reservoir is dirty, smelly and undrinkable. Those who can afford to do so buy bottled water to cook, wash their teeth with, and even to give their pets. The reservoir is down to 4 percent of capacity and rainfall is expected to be sparse this year. "If it does not fill up, the city''s water system will collapse by mid-year," says Janiro Costa R<>go, an expert on water resources and hydraulics professor at Campina Grande''s federal university. "It would be a holocaust. You would have to evacuate the city." Brazil''s government says help is on the way. REROUTING THE RIVER After decades of promises and years of delays, the government says the rerouting of Brazil''s longest river, the S<>o Francisco, will soon relieve Campina Grande and desperate farmers in four parched northeastern states. Water will be pumped over hills and through 400 kilometers of canals into dry river basins in Cear<61>, Rio Grande do Norte, Pernambuco, and Para<72>ba, the small state of which Campina Grande is the second-biggest city. Begun in 2005 by leftist president Luiz Inacio Lula da Silva, the project has been delayed by political squabbles, corruption and cost-overruns of billions of dollars. Brazil''s ongoing recession, which economists calculate has shrunk the economy of the impoverished northeast by over four percent during each of the past two years, made things even worse. Now, President Michel Temer is speeding up completion of the project, perhaps his best opportunity to boost support for his unpopular government in a region long-dominated by native-son Lula and his leftist Workers Party. In early March, Temer plans to open a canal that will feed Campina Grande''s reservoir at the town of Monteiro. The water will still take weeks to flow down the dry bed of the Para<72>ba river to Boqueir<69>o. With the quality of water in Campina Grande dropping by the day, it is a race against time. Professor Costa R<>go says the reservoir water will become untreatable by March and could harm residents who cannot afford bottled water. Helder Barbalho, Temer''s minister in charge of the project, says the government is confident the water will arrive on schedule. "We have to deliver the water by April at all costs," he said. CLIMATE CHANGE Climate change has worsened the droughts in Brazil''s northeast over the last 30 years, according to Eduardo Martins, head of Funceme, Cear<61> state''s meteorological agency. Rainfall has decreased and temperatures have risen, increasing demand for agricultural irrigation just as water supplies fell and evaporation accelerated. Costa R<>go blames lack of planning by Brazil''s governments for persistent and repeated water crises, shocking for a country that boasts the biggest fresh water reserves on the planet. The reservoir supplying S<>o Paulo, Brazil''s largest city and a metropolitan region of 20 million people, nearly dried up in 2015. The capital, Brasilia, resorted to rationing this year. In Fortaleza, capital of Cear<61> and the northeast''s second largest city, the vital Castanh<6E>o reservoir is down to 5 
'ad195581f942d2f5a79a5c7284b296f28e9e22c1'|'Spotify-backed Soundtrack Your Brand raises $22 million for expansion'|'  9:04am GMT Spotify-backed Soundtrack Your Brand raises $22 million for expansion STOCKHOLM Soundtrack Your Brand (SYB), which provides a background music streaming service for businesses, said on Friday it had raised $22 million (18 million pounds) in a funding round led by Nordic venture capital fund Industrifonden and UK''s Balderton Capital. The company was co-founded by Spotify in 2013 and provides tailor-made music playlists for customers such as McDonald''s ( MCD.N ) and Swiss watch brand TAG Heuer. It said the funding would help with its plans to expand globally. Telia ( TELIA.ST ), Northzone, Creandum and H&M''s ( HMb.ST ) family vehicle HMP, which have already invested in SYB, also participated in the latest financing round. Spotify, the largest external owner with around 15 percent of the share capital, did not. An SYB spokesman declined to comment on the amount of shares issued, or on the valuation of the company. The Swedish tech start-up''s sales are currently growing by between 300 and 400 percent a year, from the 10 million crowns($1.1 mln) achieved in 2015, CEO and co-founder Ola Sars said. He also said the firm''s market share in the Nordic countries was around 30 percent. "Outside of there we''re not even on the map since we just started, but our plan is for global market leadership within five years," he told Reuters. SYB said its main competitive advantage was much lower distribution costs than competitors due to its product being digital, which makes it possible to target more customers. SYB says most background music is distributed via CDs, satellite feeds and USB sticks. The firm estimates the global market for background music, which is very fragmented, at around $2-4 billion annually in terms of sales, with Texas-based Mood Media ( MM.TO ) the current market leader. SYB competes directly with Mood Media and several local players in its markets . It also competes indirectly with consumer music streaming services like Apple Music ( AAPL.O ) and Spotify. It targets small businesses and large chains with the pitch that music can keep customers in-store longer and boost sales. It has received around $40 million in funding to date. SYB backer Spotify has made big losses since it was created a decade ago, but a board member told Reuters in December it could start to become profitable as early as this year. Based on a funding round in 2015, Spotify - widely seen as a prime candidate to go public on the Nasdaq - had a value of over $8 billion. It reported an operating loss of 184.5 million euros ($196.1 mln) in 2015, up from 165.1 million in 2014. (Reporting by Helena Soderpalm. Editing by Jane Merriman) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-soundtrack-your-brand-funding-idUKKBN15W0SR'|'2017-02-17T16:04:00.000+02:00'
'50e362cf11cb9a9eac17bbd1491524442bff2bcb'|'Struggling European banks see light at end of low-rates tunnel'|'  2:15am EST Struggling European banks see light at end of low-rates tunnel FILE PHOTO: Offices in the financial district of Canary Wharf in London, Britain, January 19, 2017. REUTERS/Kevin Coombs/File Photo By John O''Donnell and Maya Nikolaeva - FRANKFURT/PARIS FRANKFURT/PARIS Rock-bottom interest rates hurt more big European banks in 2016 than in the previous year, but the worst could soon be over with the prospect of rising borrowing costs rippling from the United State to Europe. Low rates, money printing and a penalty charge for hoarding cash have been at the heart of attempts to reinvigorate the 19-country euro zone economy in the wake of the 2008-09 debt crisis. But the policy has been politically divisive, prompting fierce criticism from famously thrifty Germans as the returns on savings in Europe''s biggest economy dwindled to nothing. It also imposed a heavy cost on still fragile banks, turning deposits into a hot potato that many would rather avoid so as not to pay charges to their central bank for storing them. Last year marked a low ebb, according to a survey by Reuters of 20 large European banks conducted in mid-February. While seven in that group saw net interest income fall during 2015, that number increased to 12 in 2016, with the average dip more than 7 percent. That was steeper than the roughly 5 percent slip on average in 2015. Such income is the difference between interest charged on, say, a loan, and the cost of holding a deposit. It is a bellwether of earning power, closely watched by investors, and its decline bodes ill for the sector. TRUMP''S PROMISED STIMULUS BUOYS HOPES Many executives are now pinning their hopes on a change in direction for central banks given that rate hikes appear to be on the cards in the United States this year - and ultimately a paring back of easy-money policies in Europe. "It''s usually the U.S. that leads the pack," said Charles Goodhart of the London School of Economics, a former member of the Bank of England''s Monetary Policy Committee. "If (U.S. President Donald) Trump does manage to get an expansionary fiscal policy, there will be increases in interest rates," he said, adding that the effect would also be felt in Europe. Trump has pledged to stimulate growth in the world''s largest and most influential economy through a combination of heavy infrastructure investment and deep corporate tax cuts. In December, the U.S. Federal Reserve raised interest rates and signaled a faster pace of increases in 2017. For European banks, the shift in rates cannot happen soon enough. Lars Machenil, chief financial officer of France''s BNP Paribas ( BNPP.PA ), one of Europe''s biggest lenders, said the difference could be hundreds of millions of euros of extra income. "The lowering of interest rates has had a negative effect on the top line. If that would be reversed, we would see something similar back ... but it will take time," he said. Low rates cost BNP 1 billion euros of lost revenue between 2013 and 2016. In 2016, Switzerland''s Credit Suisse ( CSGN.S ) saw interest income dip by about 19 percent, while at Germany''s Commerzbank ( CBKG.DE ) and Deutsche Bank ( DBKGn.DE ), it fell by about 13 and 8 percent respectively, the Reuters survey found. UniCredit''s ( CRDI.MI ) interest income dipped by about 6 percent. Spain''s Bankia ( BKIA.MC ) saw a drop of about one fifth. While successful in helping a brittle euro zone economy gradually revive from the debt crunch in the short term, zero or negative rates have, in the eyes of critics, struck at a central tenet of banking - lending on the back of deposits - and turned the principle of saving for retirement on its head. There are signs that the struggle of frustrated lenders is being noticed in Frankfurt, seat of the European Central Bank. Yves Mersch, a member of the ECB''s executive board, the nucleus of euro zone policy-setting, recently said it needed to take interest rate cuts off the table, which would mark a retre
'1c7dac2b755b648741e6a4ff2b934e1edd21149b'|'UK offers Peugeot assurances on post-Brexit auto industry - FT'|'Business News - Sat Feb 18, 2017 - 1:01pm GMT UK offers Peugeot assurances on post-Brexit auto industry - FT A Peugeot car is seen parked outside the Opel headquarters in Ruesselsheim, Germany February 14, 2017. REUTERS/Ralph Orlowski LONDON Britain has offered Peugeot manufacturer PSA Group ( PEUP.PA ) assurances on post-Brexit trade and supply chains in an attempt to protect Vauxhall car plants after a possible takeover, the Financial Times reported on Saturday. Business minister Greg Clark met French politicians and PSA executives in Paris on Thursday to discuss their plan to buy General Motors'' ( GM.N ) European unit, Opel, which include Vauxhall plants in Britain. The talks have set political alarm bells ringing in Britain and Germany, where there are fears that a sale to the French company could lead to heavy job losses. Clark said on Friday, after the meeting, that PSA executives had "stressed that they valued highly the enduring strength of the Vauxhall brand, underpinned by its committed workforce". The FT reported on Saturday, citing a person with knowledge of the meeting, that Clark had also made commitments similar to those he gave Nissan ( 7201.T ) last year before it announced it would build two new models in Britain. Clark promised Nissan that he would ensure more car part suppliers were based in Britain, support training and research into electric and low-emission vehicles, and push for "free and unencumbered" access to European Union markets for carmakers after Britain leaves the EU. The government has declined to give exact details of its promises to Nissan, citing commercial confidentiality, though government auditors who saw the letter said it did not make the government liable for Brexit-related costs incurred by Nissan. Britain''s business ministry declined to comment on Saturday on whether Clark had made similar commitments to PSA. The FT quoted Clark as saying that he and PSA executives had "talked generally about our commitments and enthusiasm for research in electric vehicles and batteries", but added that the minister did not give further detail. (Reporting by David Milliken; Editing by Helen Popper) Next In Business News Kraft Heinz bids $143 billion for Unilever in global brand grab LONDON U.S. food company Kraft Heinz Co made a surprise $143 billion (115 billion pounds) offer for Unilever Plc in a bid to build a global consumer goods giant, although it was flatly rejected on Friday by the maker of Lipton tea and Dove soap.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-opel-m-a-psa-britain-idUKKBN15X0EE'|'2017-02-18T20:01:00.000+02:00'
'bac0378950633fecbabb8fb5a8ad44b9f2d796c7'|'Lenovo third quarter net profit falls 67 percent, blames weak macroeconomic environment'|'  4:20am GMT Lenovo third-quarter net profit falls 67 percent, misses estimates Products of Lenovo are displayed during a news conference on the company''s annual results in Hong Kong May 26, 2016. REUTERS/Bobby Yip By Sijia Jiang - HONG KONG HONG KONG Lenovo Group Ltd ( 0992.HK ), the world''s largest personal computer (PC) maker, on Thursday posted a 67 percent slide in third-quarter net profit, lagging analyst estimates, as supply constraints and a weak macroeconomic environment weighed. Profit fell to $98 million (79 million pounds) over the three months through December, from $300 million in the same period a year earlier. That compared with the $159.53 million average of 14 analyst estimates in a Thomson Reuters poll. Revenue fell 6 percent to $12.2 billion. Component supply constraints across the industries in which Lenovo operates impacted performance, in addition to a challenging macro environment and global markets, the company said in a filing. (Reporting by Sijia Jiang; Editing by Christopher Cushing) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-lenovo-results-idUKKBN15V0C1'|'2017-02-16T12:00:00.000+02:00'
'a2385be24f70873ee187d8ce175846d1ec0dd73f'|'Mattel partners with parenting website to expand China presence'|'Business News - Thu Feb 16, 2017 - 11:38pm GMT Mattel partners with parenting website to expand China presence A worker carries Barbie dolls to put them on the shelves at a toy store in Caracas November 14, 2014. REUTERS/Carlos Garcia Rawlins/File Photo Barbie maker Mattel Inc ( MAT.O ) said it would partner with Chinese parenting website Babytree to create an online learning platform for early childhood development, the latest in the No. 1 U.S. toymaker''s push into China. The partnership with Babytree announced on Thursday comes two days after Mattel said it would sell its products on Chinese e-commerce giant Alibaba Group Holding Ltd''s ( BABA.N ) online marketplace Tmall. Mattel said it would also work with Alibaba''s A.I. Lab to create products for child development through interactive learning as part of the deal. Mattel and Babytree will provide child development assessment tools and customised parenting content and development curriculum, based on Mattel''s early childhood development brand, Fisher-Price, the company said. Babytree, founded in 2006, provides families in China a platform to learn and exchange ideas on early education, child development tracking and nutrition. Mattel posted holiday-quarter sales well below analysts'' estimates last month, as the toymaker battles weak demand in North America and rising competition. (Reporting by Jessica Kuruthukulangara in Bengaluru) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-mattel-babytree-idUKKBN15V30H'|'2017-02-17T06:38:00.000+02:00'
'ab28fa4dbbda10d3a3f6db2489152e9edd364e8b'|'Wells Fargo sees ''relatively stable'' retail trends in January'|'Feb 17 Wells Fargo & Co saw "relatively stable" trends in branch banking in January, the executive in charge of the unit stated Friday in a company press release.Branch interactions fell 12 percent from December and four percent from January 2016, but other metrics showed growth versus a year ago. (Reporting by Dan Freed in New York)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/wells-fargo-banks-idINFWN1G20XV'|'2017-02-17T13:18:00.000+02:00'
'debade7eb6786c438868fa9458feda0365b0e49e'|'Toshiba shares drop after S&P warns of downgrade risk'|'Business News - Fri Feb 17, 2017 - 4:55am GMT Toshiba shares drop after S&P warns of downgrade risk left right The logo of Toshiba Corp is seen behind a traffic signal at its headquarters in Tokyo, Japan January 27, 2017. REUTERS/Toru Hanai 1/2 left right 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 2/2 TOKYO Shares in Japan''s Toshiba ( 6502.T ) sank 10 percent on Friday, after credit rating firm S&P Global said it could slash the conglomerate''s rating several notches if financial support from lenders includes any form of debt restructuring. The rating firm said in a note that such a move would be seen as "selective default". Toshiba, rated CCC+ by S&P - a junk rating defined as posing substantial risks - is already on credit watch with negative implications, after downgrades in December and January. The comments from S&P may persuade bankers to tread more carefully when considering ways they can help shore up the struggling conglomerate''s finances as it scrambles for cash to stay in business after a multi-billion dollar writedown at its nuclear operations. "Given Toshiba''s already very fragile financial standing, whether the company can receive continuous financial support from its creditor banks, including liquidity support, is a key factor in our credit analysis," S&P said in a statement issued on Friday. "Even in the event banks continue to provide financial support for the company, if it includes any form of debt restructuring we define as selective default, we will lower the ratings by multiple notches." Sumitomo Mitsui Banking Corp (SMBC) [SUMFGI.UL] on Thursday said it will provide as much support as possible to the troubled Japanese firm. The unit of Sumitomo Mitsui Financial Group Inc ( 8316.T ) together with Mizuho Financial Group Inc ( 8411.T ) are the company''s main lenders. Toshiba, which had been planning a quick sale of less than 20 percent of its NAND flash memory unit, is consider selling most, or even all, of its stake in the prized business some time after March 31, a person familiar with the plan said earlier, highlighting the scale of its financial woes. At a meeting with its creditors on Wednesday, Toshiba executives asked for an extension of a waiver for a loan covenant violation until the end of next month, other financial sources said. At around 0445 GMT (11:45 p.m. ET on Thursday), Toshiba shares were down 10 percent, underperforming a broader market .N225 that was down 0.6 percent. (Reporting by Junko Fujita and Tim Kelly; Editing by Clara Ferreira Marques and Christopher Cushing) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-toshiba-accounting-idUKKBN15W0B7'|'2017-02-17T11:55:00.000+02:00'
'ccd0c82093603fed80809689957d68d10c6b731a'|'EMERGING MARKETS-LatAm stocks, currencies down on global profit-taking'|'  EMERGING MARKETS-LatAm stocks, currencies down on global profit-taking By Bruno Federowski SAO PAULO, Feb 17 Latin American stocks and currencies fell on Friday as profit-taking in global equities following a recent rally triggered risk aversion in wider markets. Signs of strength in the U.S. economy and bets on lower corporate taxes under President Donald Trump have lifted U.S. stocks to new all-time highs in recent weeks. Traders booked from that rally on Friday ahead of the U.S. Presidents'' Day holiday on Monday, dampening demand for higher-risk assets. Currencies from oil-heavy economies, such as Colombia''s and Mexico''s pesos, led the losses as crude futures slipped on concerns over global oversupply. Brazil''s benchmark Bovespa stock index fell 0.6 percent amid a mixed batch of corporate updates. Shares in Rumo Log<6F>stica Operadora Multimodal SA, Brazil''s largest rail operator, were among the biggest declines after a larger-than-expected decline in operating profit. Airline Gol Linhas A<>reas Inteligentes SA, which are not part of the index, rose to a two-year high as a stronger currency and lower borrowing costs helped it post a smaller-than-expected fourth-quarter loss. Key Latin American stock indexes and currencies at 1510 GMT: Stock indexes daily % YTD % Latest change change MSCI Emerging Markets 937.88 -0.82 9.67 MSCI LatAm 2615.66 -1.75 13.74 Brazil Bovespa 67437.66 -0.56 11.97 Mexico IPC 47121.86 -0.36 3.24 Chile IPSA 4359.27 -0.1 5.01 Chile IGPA 21742.50 -0.05 4.86 Argentina MerVal 19428.84 -0.68 14.84 Colombia IGBC 9999.53 -0.43 -1.27 Venezuela IBC 35231.80 0.86 11.12 Currencies daily % YTD % change change Latest Brazil real 3.1045 -0.69 4.66 Mexico peso 20.4800 -0.51 1.29 Chile peso 644.1 -0.87 4.13 Colombia peso 2902.8 -1.10 3.40 Peru sol 3.259 -0.34 4.76 Argentina peso (interbank) 15.5250 -0.58 2.25 Argentina peso (parallel) 16.28 0.00 3.32 (Reporting by Bruno Federowski; Editing by Nick Zieminski) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/emerging-markets-latam-idUSL1N1G20TK'|'2017-02-17T22:16:00.000+02:00'
'aef9c1cd53e6e80818a8617e3be8b601f931e286'|'RPT-3G Capital''s austere empire-building weighs on Kraft''s Unilever bid'|'(Repeats to widen distribution)By Michael Flaherty and Lauren HirschFeb 17 Buyout firm 3G Capital managed to build a consumer empire with a market value of over $140 billion in just seven years. Yet its ruthless approach to costs may end up hampering 3G-backed Kraft Heinz Co''s $143 billion bid for Unilever Plc.3G made its name in corporate America by orchestrating large debt-laden acquisitions and then slashing costs dramatically to juice profits. Using a strategy called zero-based budgeting, its managers must justify all expenses, from pencils to forklifts.Its investment approach has attracted backers ranging from billionaire investor Warren Buffett, who has helped bankroll all four major 3G deals, to celebrities such as supermodel Gisele Bundchen and tennis champion Roger Federer, who invested in 3G''s latest approximately $10 billion fund.This relentless focus on costs, however, may end up making Kraft''s pursuit of Unilever more difficult. In rebuffing Kraft''s bid publicly on Friday, Unilever cited "strategic" in addition to financial reasons. While sources told Reuters that Kraft believes that investing in innovation would be an important part of the combined company, analysts have begun to question whether 3G''s operational approach hinders Kraft''s ability to grow over the long term."We can understand how some investors could wonder if Kraft''s efficiency-centric model is as sustainable as many have believed," Barclays analysts said earlier this month.Kraft''s sales were down 3.8 percent to $6.86 billion in the fourth quarter of 2016. Kraft has attributed the decline in sales to a pruning of its portfolio, as it weeds out non-profitable products. It sees tight operational management as perfectly compatible with sales growth.Unilever, the London and Rotterdam-based owner of Dove soap and Hellmann''s mayonnaise brands, defines itself as a business "making sustainable living commonplace." This means putting money with an eye beyond the immediate bottom line, such as products with low environmental impact and resources toward bringing safe water to under-served regions."(The rebuff of Kraft) makes us also wonder if Unilever''s focus on sustainability might make it very resistant to any further approach from Kraft," said Royal Bank of Canada analyst David Palmer.Adding to Kraft''s challenges, the U.S. consumer food company will need to either integrate or find other options for Unilever''s household and personal care (HPC) business, which makes products such as toothpaste, soaps and detergents."It seems plausible that the HPC piece of (Unilever) then becomes a merger partner for something 3G might do on its own in HP. In other words, this could be part one of a huge two-step process," said Don Bilson, head of research at event-driven research firm Gordon Haskett.Kraft, Unilever and 3G Capital declined to comment.MANAGEMENT PHILOSOPHY BREWED AT ANHEUSER BUSCHCo-founded by Brazilian billionaire financier Jorge Paulo Lemann, 3G combined Kraft and H.J. Heinz Co in 2015 to create a company that now has a $112 billion market capitalization, and combined Burger King and Tim Hortons in 2014 in a $11 billion deal.The 3G management philosophy was developed by Lemann and Brazilian investment bankers Marcel Herrmann Telles and Carlos Alberto Sicupira, and pioneered at Budweiser brewer Anheuser Busch InBev, the world''s biggest brewer, which they helped create through a series of big mergers.Lemann, Telles and Alberto Sicupira made their mark at Banco Garantia, the investment bank they founded in Brazil in the 1970s. After selling it to Credit Suisse Group AG in 1998, they formed private equity firm 3G to invest in U.S. consumer names.After 3G teamed up with billionaire Buffett to buy Heinz in 2013, they closed six factories and cut 7,000 jobs in 18 months. Operating margins jumped from 18 percent to 26 percent.Lemann, Brazil''s richest man and a former tennis pro, once served on the board of Gillette, where he
'0ed7d7b702ea039401a2d49f533f51329ddebc26'|'Milan mayor sees EU picking new home for drugs agency by June'|'  2:18pm GMT Milan mayor sees EU picking new home for drugs agency by June By Mark Bendeich - MILAN MILAN The European Union is likely to select a new home for the bloc''s London-based medicines regulator by June, according to the mayor of Milan, one of several cities vying to host the organisation after Brexit. The European Medicines Agency (EMA), which employs 890 staff, acts as a one-stop-shop for drug approvals across the EU, but its future location is unclear after Britain''s decision to leave the bloc. "There is a sort of urgency. It will depend on the final resolution with the UK (on Brexit) but according to our information, probably in April they will decide to define that. In a couple of months they will choose the final destination," Mayor Giuseppe Sala told a news conference in Milan. He said it would then be a couple of years before the agency actually moved. The EMA is the largest EU body in Britain and is a prize for rival cities seeking to attract high-skilled jobs. Other countries vying to host the agency include Denmark, Sweden, Spain, France, Ireland and Poland. As well as creating jobs, the EMA has the potential to act as a hub for pharmaceuticals, one of Europe''s most important industries. Sala was flanked at the briefing by Economy Minister Pier Carlo Padoan who, along with Italy<6C>s prime minister and president, are lobbying to persuade the EMA and also the European Banking Authority to relocate to Milan from London. Italy has also formed a task force to attract EU institutions and banks looking to leave London as a result of Brexit, and recently enacted personal tax incentives for professional managers and wealthy non-residents coming to Italy. These include a halving of personal income tax or, for the super rich, a flat annual income tax of 100,000 euros. Asked if Milan had already received positive signals over the EMA, Sala said: "We know that many cities in Europe are competing. It<49>s difficult to say now ... It<49>s clear to everybody that it<69>s a political issue." A spokeswoman for the EMA in London declined to comment on the timing of any move, noting the location of the agency after Brexit would be determined by EU member states by common agreement. The uncertainty surrounding Europe''s equivalent of the U.S. Food and Drug Administration is a concern for drugmakers, who worry that Europe''s drug approval system might face disruption and potential delays. There is particular anxiety about relations between the EMA and a future separate British drugs regulator. Drug company executives are braced for Britain to quit the pan-European medicines regulator as part of Brexit, but they want the country to continue to work closely with the EMA by agreeing reciprocal rules for drug approvals. (Additional reporting by Ben Hirschler in London; Editing by Susan Fenton and Adrian Croft)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-pharmaceuticals-ema-idUKKBN15V1U1'|'2017-02-16T21:18:00.000+02:00'
'f28cd7dc583093ae4295141218f88e97a016bcae'|'CEE MARKETS-Warsaw stocks surge, regional bond auctions well-bid'|'* Polish minister floats idea of merging refiners * Warsaw''s equities index reaches 18-month high * Demand is healthy at region''s debt auctions at higher yields * Hungary sells more 10-year bonds than planned on robust demand (Recasts with jump of Polish stocks, debt auctions in region) By Sandor Peto and Jason Hovet BUDAPEST/PRAGUE, Feb 16 Polish stocks climbed to an 18-month high on Thursday as the government floated the idea of merging two refiners and the gas company PGNiG unexpectedly forecast strong profits for the fourth quarter. Polish Treasury Minister Henryk Kowalczyk was Quote: d as saying late on Wednesday that merging PKN Orlen and Lotos, both part-owned by the state, could help the government increase its influence. The Warsaw stock market''s blue-chip index rose 1.3 percent by 1333 GMT as PKN shares surged 4.5 percent and Lotos gained 7.2 percent. State-run PGNiG gained 7.8 percent after it said that it would post a big profit in the fourth quarter . Central European stocks have gained during a global rally in recent weeks. In Poland, encouraging economic data has also helped. Thursday''s January employment and business wages figures also showed better-than-expected growth. Budapest''s stock index retreated from record highs and Prague from 14-month highs. Bucharest touched a 19-month high and got near a nine-year high. Transgaz stocks surged 5.5 percent after the Romanian gas pipeline operator reported a jump in profits. Government debt auctions in the region drew higher-than-expected demand. Bonds had weakened earlier on expectations the Federal Reserve would raise U.S. interest rates in March. Hungarian bonds regained almost all the ground lost in early trade after the government sold more debt than planned at its auctions, which saw robust demand, mainly for 10-year bonds. The 10-year bond was sold at an average yield of 3.57 percent, up from 3.43 percent at an auction four weeks ago but down from early secondary market levels at 3.62 percent. Poland and Romania also sold all the bonds they had planned. Poland''s 10-year bond yield dropped 4 basis points to 3.84 percent by 1355 GMT. The government said it had already financed 43 percent of its borrowing need for 2017. The Czech Republic sold three-month Treasury bills at an average yield of -0.8 percent, 40 basis points higher than two weeks ago. The yield on two-year Czech bonds jumped 19 basis points on Thursday to -0.361 percent, a five-month high and 90 basis points above levels five weeks ago. Early this year, investors bought Czech assets on expectations the central bank would remove its cap on the value of the crown. Since then, Czech central bankers have curbed speculation the currency would surge, saying it had been significantly overbought. CEE SNAPS AT 1433 MARKETS HOT CET CURRENCIES Lates Previ Daily Chang t ous e bid close chang in e 2017 Czech crown 27.02 27.02 +0.0 -0.06 20 90 3% % Hungary 308.2 308.2 -0.01 0.18% forint 700 350 % Polish 4.321 4.311 -0.21 1.92% zloty 0 9 % Romanian 4.522 4.519 -0.07 0.28% leu 5 5 % Croatian 7.447 7.455 +0.1 1.44% kuna 5 5 1% Serbian 123.9 123.9 -0.04 -0.48 dinar 500 000 % % 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 968.8 972.8 -0.41 +5.1 9 3 % 3% Budapest 33743 33981 -0.70 +5.4 .71 .50 % 4% Warsaw 2213. 2184. +1.3 +13. 56 33 4% 64% Bucharest 7684. 7676. +0.1 +8.4 14 01 1% 6% Ljubljana 762.8 762.4 +0.0 +6.3 7 4 6% 1% Zagreb 2174. 2166. +0.3 +9.0 47 44 7% 0% Belgrade <.BELEX15 708.8 703.5 +0.7 -1.19 > 2 2 5% % Sofia 594.2 593.5 +0.1 +1.3 6 6 2% 4% BONDS Yield Yield Sprea Daily d (bid) chang vs chang e Bund e in Czech sprea Republic d 2-year <CZ2YT=RR -0.36 0.191 +042 +18b > 1 bps ps 5-year <CZ5YT=RR 0.255 0.014 +067 +1bp > bps s 10-year <CZ10YT=R 0.689 0.021 +031 +3bp R> bps s Poland 2-year <PL2YT=RR 2.227 -0.02 +300 -3bps > 1 bps 5-year <PL5YT=RR 3.173 -0.04 +358 -4bps > bps 10-year <PL10YT=R 3.856 -0.03 
'c4b9e7ce6d92484bd51d04055b331b449b35c36c'|'Restoring jobs at Canadian GM plant key to new contract -union'|'Company News   1:06pm EST Restoring jobs at Canadian GM plant key to new contract -union By Allison Lampert - TORONTO TORONTO Feb 17 General Motors Co must restore hundreds of jobs being cut at a profitable southern Ontario assembly plant or risk failing to reach a new contract with the factory''s workers this fall, the president of Canada''s largest auto workers union said on Friday. In an unexpected decision, General Motors is cutting 625 jobs at its CAMI auto assembly plant in Ingersoll, Ontario, by the end of July as it phases out production of two current generation vehicles and moves some work to Mexico. The move to shift some jobs to Mexico comes at a time when U.S. President Donald Trump has urged auto executives to build more American plants and invest less in Mexico. Securing jobs will be key to a collective agreement to replace the one expiring in September between GM and its 2,800 CAMI workers, said Unifor president Jerry Dias by phone. While Dias expects Ingersoll negotiations to begin in late summer, Unifor is already raising pressure on GM to restore the jobs at the plant, which built 310,000 vehicles last year. "We''re going to have to find a solution," said Dias. "And we''re going to have to find a solution now, as opposed to waiting for September." Dias has blamed the North American Free Trade Agreement (NAFTA) and Mexico''s lower labor costs for the job losses, which it called unjustified given strong sales of the Chevrolet Equinox crossover and GMC Terrain sport utility vehicle assembled at the plant. The next-generation Equinox will be built at CAMI, while the new Terrain will be manufactured in Mexico. CAMI is the plant which produces the most Equinoxes, GM''s top-selling crossover, said Joe McCabe, president of AutoForecast Solutions LLC. "If they strike there and the majority of Equinoxes come out of CAMI, that gives Unifor some power," he said. Ingersoll was not part of a four-year labor deal the union negotiated with GM Canada last September, which secured C$554 million ($422.6 million) of investments for other plants. Steve Carlisle, managing director of General Motors of Canada, said Ingersoll jobs would be discussed with Unifor in the runup to bargaining. "Obviously, any time there are job losses, there are concerns about that and how we might offset those," he said. "We expect to have conversations about those things when the time comes." ($1 = 1.3110 Canadian dollars) (Reporting by Allison Lampert; Editing by Denny Thomas and and Jonathan Oatis) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/gm-canada-mexico-idUSL1N1G128O'|'2017-02-18T01:06:00.000+02:00'
'd8e3b9cbb8ba69f2591d345ab8a59aa10e266570'|'Uber''s former strategist fined $90,000 for violating lobbying law'|'Company News  08pm EST Uber''s former strategist fined $90,000 for violating lobbying law By Subrat Patnaik Feb 16 Chicago''s ethics board voted unanimously to fine Uber Technologies Inc''s former strategist, David Plouffe, $90,000 for illegally lobbying in the city. The ethics board said that Plouffe, who helped Uber combat onerous regulations and opposition from the taxi industry, violated the Governmental Ethics Ordinance by lobbying city officials and failing to register as a lobbyist. Plouffe, who served as campaign manager and White House adviser to President Barack Obama, joined Uber in August 2014 and served as its senior vice president of policy and strategy. The San Francisco-based company sent a letter to the ethics board objecting to the size of the fine, Chicago officials said in a statement on Thursday after the board''s Feb. 15 decision was made public. Uber argued that Plouffe should be fined a maximum of $1,000 for the violation, the statement said. However, the ethics board said that Plouffe lobbied Chicago city officials on Nov 20, 2015 on behalf of the company without registering until April 13, 2016, culminating in the $90,000 fine. The ethics board also fined the ride-hailing service $2,000 for the violation. Plouffe and Uber officials were not immediately available to comment outside US. business hours. Plouffe now works for Mark Zuckerberg''s philanthropy organization, the Chan Zuckerberg Initiative. (Reporting by Subrat Patnaik in Bengaluru and Heather Somerville in San Fransisco; Editing by Andrew Hay) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/uber-fine-chicago-idUSL4N1G207K'|'2017-02-17T08:08:00.000+02:00'
'33162a161e3c9af54cbd95c49f6d7bfa65525a5b'|'Kenya''s Safaricom airs worry over fake mobile monitoring plan'|' 41pm GMT Kenya''s Safaricom airs worry over fake mobile monitoring plan Chief Executive of Kenya''s telecom operator Safaricom Robert Collymore speaks during a Reuters interview at their headquarters in Nairobi, Kenya, January 27, 2017. REUTERS/Thomas Mukoya NAIROBI Kenya''s biggest telecoms operator, Safaricom ( SCOM.NR ), voiced "strong reservations" on Friday over the regulator''s plan to monitor mobile phones on networks to detect counterfeits. The Communications Authority of Kenya wants to install equipment in the networks of the country''s three mobile operators, to improve its monitoring of counterfeit mobiles, in line with its consumer protection mandate. Poorly made counterfeit phones, imported mainly from Asia, are prevalent in many African nations and regulators say they are widely used by criminals because they are difficult to track. Safaricom, which is 40 percent owned by Britain''s Vodafone ( VOD.L ), is concerned the monitoring devices will give the regulator access to other customer data including calls, messages and financial transactions. "We have registered our strong reservations about this and especially the need to have this system subjected to the relevant public debate as it touches on confidential communications belonging to our customers," Stephen Chege, Safaricom''s corporate affairs director, told Reuters. The regulator has switched off counterfeit mobiles in the past, but it says consumers are still exposed to such devices, hence the need for a better monitoring system. (Reporting by Duncan Miriri; Editing by Clement Uwiringiyimana and Alexander Smith)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-kenya-safaricom-idUKKBN15W1FS'|'2017-02-17T20:41:00.000+02:00'
'8196cad9c8aceec2d71b96ec406799f6f114d305'|'France pledges daily contacts with UK, Germany on PSA-Opel'|' 37am EST France pledges daily contacts with UK, Germany on PSA-Opel PARIS Feb 17 France will evaluate the proposed sale of General Motors'' Opel division to Peugeot maker PSA Group in close daily consultation with the German and British governments, Industry Minister Christophe Sirugue said on Friday. "We are in discussion primarily to share information because we too learned of this announcement in the press," Sirugue told Reuters after a news conference at the finance ministry. Following conversations with his British and German counterparts, Sirugue said the ministers would speak daily as they "assess what is at stake for each of our countries" in plans for Paris-based PSA to buy GM''s European division. The talks were confirmed by the companies this week. Government discussions on the proposed tie-up would seek to establish "whether it is an opportunity - which we don''t rule out - or whether on the other hand it carries risks that we need to evaluate," Sirugue said. (Reporting by Jean-Baptiste Vey; writing by Laurence Frost; editing by Jason Neely)   South   SEOUL/SINGAPORE,  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/opel-ma-psa-france-idUSL8N1G2271'|'2017-02-17T17:37:00.000+02:00'
'05f5604b2fdd27f35578c2c2a08db0926a4c7e42'|'India may soon allow institutions to trade commodity futures - SEBI chief'|'Money News - Fri Feb 17, 2017 - 4:39pm IST India may soon allow institutions to trade commodity futures - SEBI chief left right Securities and Exchange Board of India (SEBI) chairman U. K. Sinha speaks during the Association of Investment Bankers of India (AIBI) summit in Mumbai, India, December 15, 2016 REUTERS/Shailesh Andrade/Files 1/2 left right Birds rest on the logo of the Securities and Exchange Board of India (SEBI), India''s market regulator, installed on the facade of its head office building in Mumbai, India, July 13, 2015. REUTERS/Shailesh Andrade/Files 2/2 By Abhirup Roy and Rajendra Jadhav - MUMBAI MUMBAI India could start allowing institutional investors to trade in its annual $1 trillion commodity futures market as soon as in a month, the head of the country''s capital markets regulator said on Friday, as the government targets deepening of the market. Asia''s third biggest economy has allowed futures trading in commodities since 2003 but has so far kept out foreign investors, banks, mutual funds and other institutions. The move to open up to institutional investors will give large companies hedging opportunities and help in integrating the spot and futures markets. "Without the active participation of institutional investors this market cannot grow," U. K. Sinha, chairman of the Securities and Exchange Board of India (SEBI), told reporters on the sidelines of a conference. Mutual funds are likely to be the first to get access to the commodity futures market, may be in a month, Sinha said. Banks have huge exposure to commodities through their lending programmes and they need to hedge the risk, he said. SEBI is in early discussions with the Reserve Bank of India (RBI) to allow banks to participate in the commodity futures market, he added. While SEBI has been pushing to allow institutional investors into commodity futures, it needs to consult with the central bank to allow entry for banks and foreign investors. Market participants welcomed SEBI''s plan as in the last few years commodity futures markets have stopped growing. Indian commodity futures volumes have fallen to 67 trillion rupees ($998.96 billion) in 2015/16 from 170 trillion rupees in 2012/13. Institutional players'' participation will boost commodities trade and restore confidence of retail investors, said Harish Galipelli, head of commodities and currencies at Inditrade Derivatives & Commodities. Confidence in India''s commodity markets suffered a blow in July 2013 when National Spot Exchange Ltd (NSEL) abruptly suspended trading in most of its contracts. Investigations by the Forward Markets Commission (FMC) subsequently showed a fraud of 55 billion rupees. "For better price realization you have to have a mix of all the participators in the market apart from speculators," Galipelli said. Goldman Sachs Investments (Mauritius), Blackstone GPV Capital, Matthews Asia Growth Fund and InterContinental Exchange (ICE) are among foreign investors that hold stakes in Indian commodity exchanges. "Thin liquidity forces many large companies to hedge on overseas exchanges. With the entry of institutional investors liquidity will rise and we may see them hedging on local platforms," said a Mumbai-based broker with a global trading firm. SEBI is also planning to allow options trading in commodities. A decision on amending the existing Securities Contract Regulation Act is to be taken very soon, paving the way for the launch of commodities options, Sinha said. ($1 = 67.0700 Indian rupees) (Reporting by Abhirup Roy and Rajendra Jadhav; Editing by Muralikumar Anantharaman) Next In Money News Full start of Reliance petchem plant will halt heavy naphtha exports, sources say SINGAPORE/NEW DELHI Reliance Industries , owner of the world''s biggest refining complex, will halt heavy naphtha exports in 2017/18 after the full-scale start-up of its 2.2 million tonnes per year (tpy) paraxylene plant by end-March, four people with knowledge of the matter
'148a16034133a1f86814cda9df38082194c18b81'|'Pimlico Plumbers founder on Brexit and the future of business - Guardian Small Business Network'|'In 2015 you published a book, Bog Standard Business: How I took the plunge and became the millionaire plumber. What first attracted you to plumbing? I come from Camden Town, north London, from a working-class family. I used to bunk off school and help a local plumber. He was the only person in the area that had a motorbike and a car, nice clothes, loads of money and a nice home. He said to me: <20>If you do an apprenticeship in plumbing, you<6F>ll earn loads of money and never be out of work.<2E> They<65>re the words I pass on to others now.How was Pimlico Plumbers born? I was working for a place called Pimlico Estate Agents doing the plumbing for the flats they were buying, selling or refurbishing. I never really went out of Pimlico, so people started calling me the Pimlico plumber. The estate agent offered me a room in his basement as an office, and it grew. Soon, I took the whole basement over. We<57>ve now got about 40,000 square foot. We employ 350 people, and we<77>re turning over <20>30m annually.We then brought all the trades into the business (roofing, carpentry, electrics, tiling, painting) and now have the largest trades service centre in London.Levi Roots: ''Being in the public eye is a double-edged sword'' Read more What setbacks have you faced? Things were ticking along, but then the 1990 recession came and we nearly went under. I<>d just bought premises in Lambeth, borrowing at 17% interest annually from the bank and all of a sudden there was no equity in the premises. The bank was putting a lot of pressure on us. I nearly lost my house.I went to see two liquidators. One liquidator said, <20>Look, you can just chuck it all in and we<77>ll have you up and running for <20>3,000 within about a week with a similar name.<2E> Another one said: <20>You<6F>re going to lose your house, so maybe you should just fight for it.<2E>We decided to fight for it. A lot of people jumped ship anyway, but I became a lot stronger as a boss afterwards <20> I made sure everyone started pulling their weight.What other lessons did you learn from that? At that time we had customers owing us <20>80,000 and I learned that most businesses fail because people owe them money. We changed our terms to payment on completion so we got paid immediately when we finished a job. That has meant cashflow is good. I also learned to be [more exacting] with how people represented the company. I enforced set uniforms and tidy vans. There<72>s been two recessions since then and we<77>ve pretty much sailed through them.How did you find yourself in the public eye? We took a PR company on around 14 years ago and, all of a sudden, we<77>d become spokesmen in the plumbing industry. We even had Max Clifford Associates representing us for three or four years.The most important thing you can get in business is recognition. I don<6F>t know how a big business [like Pimlico Plumbers] can succeed without PR.You made headlines recently due to a court case regarding one of your former plumbers, Gary Smith. He succeeded in a claim that he was in fact a worker, rather than self-employed. What happened? Gary approached us 12 years ago to join the company as a self-employed plumber and signed a contract accordingly. He had a heart attack. We managed to reduce him to a four-day week and tried to put him on lighter duties but it wasn<73>t practical. He wanted to do the same amount of work over fewer days but customers don<6F>t want you in the house after certain hours, and sometimes a job takes five days <20> we can<61>t just stop the job halfway through until he<68>d be back at work again. He decided to leave <20> we didn<64>t sack him, you can<61>t sack someone who is self-employed.There<72>s been a string of high-profile cases involving the courts adjudicating around the <20>gig economy<6D>, many of which have been lost by the major company. Why did you decide to go to court? We know we<77>re in the right. He tried to argue he was an employee but the courts didn<64>t [agree with]. But they did say he has worker<65>s rights. It<49>s 
'b545547787f04a4cc74ba3d0f7e36e00b8a57fa7'|'Infineon says U.S. has not suggested remedies for Wolfspeed deal'|'Technology News  54am EST Infineon says U.S. has not suggested remedies for Wolfspeed deal MUNICH U.S. government security panel CFIUS has not suggested any measures that could address its concerns over plans by Infineon Technologies to buy Wolfspeed Power, according to a prepared speech by the German chipmaker''s chief executive. "Due to that we see a very significant risk that we will not be able to complete the takeover as planned or possibly even at all," Reinhard Ploss was due to say at Infineon''s AGM, according to the prepared speech seen by Reuters. Infineon and Wolfspeed''s owner Cree had warned this month that the agreed $850 million sale to Infineon might not go ahead, citing U.S. government security concerns. (Reporting by Irene Preisinger; Writing by Maria Sheahan; Editing by David Goodman) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-wolfspeed-m-a-infineon-technol-idUSKBN15V12L'|'2017-02-16T16:50:00.000+02:00'
'aa882bcb3f4fdc853f39352e5f3f2cfa8a60bcfa'|'Norway still risks becoming too dependent on oil money -central bank'|' 00pm EST Norway still risks becoming too dependent on oil money -central bank OSLO Feb 16 Norway runs the risk of becoming too dependent on money from its $900 billion sovereign wealth fund even though the government on Thursday recommended a tightening of spending, the central bank governor said. Prime Minister Erna Solberg and Finance Minister Siv Jensen said spending in a normal year should be limited to three percent of the fund, down from the current four-percent rule, to take into account lower expected future returns. Central bank governor Oeystein Olsen said changing the fiscal rule made sense, but argued in a speech that Norway should not allow spending to increase from the current eight percent of non-oil gross domestic product. "A further escalation of spending from today''s levels would be a daring move, even if the fund itself were to grow," Olsen said. "Fiscal policy must be decoupled from financial assets subject to considerable volatility ... The period of rising government spending of petroleum revenues should now be over." Asked if this would mean scrapping the percentage-based spending rule, Olsen said "yes". "That''s a reasonable interpretation. The rule is no longer as appropriate as it once was in guiding long-term policy," he told Reuters. (Reporting by Camilla Knudsen, writing by Terje Solsvik, editing by Gwladys Fouche)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/norway-swf-cenbank-idUSO9N1EM02R'|'2017-02-17T00:00:00.000+02:00'
'54548e2d2255af89de8ff8cec846fab3463ae06f'|'Rheinmetall, Raytheon to cooperate in defense technology'|'Technology News  25am EST Rheinmetall, Raytheon to cooperate in defense technology A sign marks the Raytheon offices in Woburn, Massachusetts, U.S. January 25, 2017. REUTERS/Brian Snyder FRANKFURT German and U.S. defense groups Rheinmetall ( RHMG.DE ) and Raytheon ( RTN.N ) have signed a memorandum of understanding to cooperate globally on defense technology, they said in a joint statement on Friday. The partnership should bring together Raytheon''s market-leading position in air-defense systems and guided missiles with Rheinmetall''s expertise in combat and defense systems, army weapons and munitions, they said. (Reporting by Georgina Prodhan; Editing by Maria Sheahan) Next In Technology News Facebook CEO warns against reversal of global thinking SAN FRANCISCO Facebook Inc Chief Executive Mark Zuckerberg laid out a vision on Thursday of his company serving as a bulwark against rising isolationism, writing in a letter to users that the company''s platform could be the "social infrastructure" for the globe. MUMBAI Apple Inc will in the coming months start assembling its lower-priced iPhone SE models at a contract manufacturer''s plant in the southern Indian technology hub of Bengaluru, an industry source with direct knowledge of the matter said on Friday. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-rheinmetall-raytheon-cooperation-idUSKBN15W0UH'|'2017-02-17T16:25:00.000+02:00'
'b27e8c6adc4d151a99072b21e53f83b6c22e9f88'|'CEE MARKETS-Warsaw stocks retreat after rally despite upbeat economic figures'|'  CEE MARKETS-Warsaw stocks retreat after rally despite upbeat economic figures * Warsaw stocks off 18-month high on profit taking * Zloty also retreats despite surge in output, retail sales * Czech central banker sees moderate price growth (Adds Polish economic data, analyst comments) By Sandor Peto and Bartosz Chmielewski BUDAPEST/WARSAW, Feb 17 Polish stocks retreated on Friday and other Central European markets trod water as investors took profits after a rally in equity markets across the region and the world. Warsaw''s bluechip stock index had fallen 1.4 percent by 1435 GMT, led by PKO BP bank, which retreated from 21-month highs and fell 1.6 percent. The index hit an 18-month high in the previous session when other indices in the region were already retreating from their highest levels since 2015, or from a record high in the case of Budapest. Thursday''s Polish rally was mainly driven by PKN Orlen and Lotos after Treasury Minister Henryk Kowalczyk floated the idea of merging the two partly state-owned refiners. Late on Thursday, Polish news agency PAP quoted an energy ministry statement as saying it was not analysing the potential consolidation of refiners. Vestor DM analyst Beata Szparaga said a merger could still be an option for the government even if the energy ministry was not working on a plan. PKN and Lotos, after initial further gains on Friday, joined the decline, falling 1.1 percent and 2.5 percent respectively. The zloty also reversed an early firming and shed 0.3 percent, leading the forint and the leu lower, despite robust January Polish industrial output and retail sales growth figures released during afternoon trade. Output growth jumped to 9 percent in annual terms and retail sales surged 11.4 percent, while the producer price index picked up to 4.1 percent from 3 percent in December. Erste group retains its forecast that the Polish central bank is unlikely to start to lift its record low 1.5 percent policy rate soon, analyst Katarzyna Rzentarzewska said in a note. "However, further improvement of growth outlook and continuous upward revision of inflation and growth path can make the MPC (Monetary Policy Council) members to reconsider its stance in the middle of the year," she added. One Budapest-based dealer said the forint was also weakened by expectations that the central bank will provide markets with additional forint liquidity at an FX swap tender on Monday The Czech crown stuck to 27.02 against the euro, just off the central bank''s cap on its value at 27. Its implied rate in forwards deals was also steady. Czech central bank governor Jiri Rusnok said late on Thursday that moderate price growth in the Czech economy was likely to continue and a suitable time would come for the central bank to exit safely from its weak crown policy. CEE SNAPSHOT AT 1535 CET MARKETS CURRENCIES Latest Previous Daily Change bid close change in 2017 Czech crown 27.0200 27.0245 +0.02% -0.05% Hungary 308.4500 307.6500 -0.26% 0.12% forint Polish 4.3285 4.3151 -0.31% 1.74% zloty Romanian 4.5250 4.5225 -0.06% 0.22% leu Croatian 7.4400 7.4425 +0.03% 1.55% kuna Serbian 123.8100 123.9000 +0.07% -0.37% dinar Note: daily calculate previous close at 1800 change d from CET STOCKS Latest Previous Daily Change close change in 2017 Prague 967.61 971.08 -0.36% +4.99% Budapest 33733.30 33745.02 -0.03% +5.41% Warsaw 2183.46 2215.36 -1.44% +12.09% Bucharest 7716.88 7711.84 +0.07% +8.92% Ljubljana 762.63 762.89 -0.03% +6.28% Zagreb 2191.10 2180.57 +0.48% +9.84% Belgrade <.BELEX15 709.89 708.82 +0.15% -1.04% > Sofia 600.38 594.18 +1.04% +2.38% BONDS Yield Yield Spread Daily (bid) change vs Bund change in Czech spread Republic 2-year <CZ2YT=RR -0.401 -0.009 +041bp +3bps > s 5-year <CZ5YT=RR 0.203 -0.051 +066bp -2bps > s 10-year <CZ10YT=R 0.646 -0.054 +033bp -2bps R> s Poland 2-year <PL2YT=RR 2.24 0.033 +305bp +7bps > s 5-year <PL5YT=RR 3.178 0.022 +363bp +6bps > s 10-year <PL10YT=R 3.83 -0.004 +352bp +3bps R> s 
'7fba9845905a1083f7fa08474d8770d11ddf6cf2'|'Europe''s refiners cash in despite OPEC oil cuts'|'Business News - Fri Feb 17, 2017 - 1:03pm GMT Europe''s refiners cash in despite OPEC oil cuts A soldier patrols in front of the headquarters of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria, November 29, 2016. REUTERS/Heinz-Peter Bader By Libby George and Ahmad Ghaddar - LONDON LONDON A global deal to cut oil production has had the unintended consequence of aiding Europe''s older refineries by bolstering supplies of light crude while curbing shipments of the heavier grades favoured by more advanced plants in other continents. These European units, long thought doomed by competition from state-of-the-art refineries in the Middle East, Asia and the United States, are in the right place at the right time - enjoying good demand and oil availability that is, for them, growing. "European refiners are well positioned versus the OPEC cuts," said David Wech, managing director of consultancy JBC Energy. "The supply that is taken out of the market hits primarily the Asian market." A deal between the Organization of the Petroleum Exporting Countries and non-member producers to cut output by 1.8 million barrels per day (bpd) has held oil prices roughly 20 percent above the low just before they sealed the pact late last year. Pricier crude often saps refiners'' earnings. But refinery margins, a measure of profit, stood near $7 per barrel for a simple plant processing Brent crude in Rotterdam, Reuters data showed, 50 percent above the first-quarter average last year. Part of the benefit is that most of the oil cut by OPEC was heavy crude preferred by the more complex refineries, which by and large are not in Europe. European refineries are in general older and less complex than the newest units, such as the giant Jamnagar plant in India. Simpler refineries often prefer easier-to-process light oil, which is in abundance in Europe''s backyard as OPEC producers Libya and Nigeria were exempt from the cuts. Crude from Kazakhstan''s Kashagan field is also pumping away. Meanwhile, while Russia has cut overall production, exports of its Urals crude are pushing higher in the first half of this year. As a result, the likes of Italy''s Saras ( SRS.MI ), Greece''s Hellenic Petroleum ( HEPr.AT ) and majors that run refineries in Europe such as BP ( BP.L ), Royal Dutch Shell ( RDSa.L ) and ENI ( ENI.MI ) have access to a range of crude cargoes. "In general, the more locally grown crudes ... were not included as part of the (supply-cut) agreement," said Steve Sawyer, head of refining at FGE Energy. The forecast for margins is so good that some refineries, such as Turkey''s Tupras ( TUPRS.IS ), have postponed maintenance shutdowns that were scheduled for the spring, industry sources told Reuters. SWING PRODUCERS Still-strong demand for fuels, and refinery woes elsewhere, are also helping. The International Energy Agency raised its 2017 forecast for growth in global oil demand to 1.4 million bpd. But at the same time, refineries in Latin American oil producers Venezuela, Mexico and Brazil have grappled with fires, unplanned shutdowns and lower production - leaving little surplus refining capacity. "Europe''s refineries are the world''s marginal refineries. They are the swing capacity," Sawyer said. Lower Latin American production has also slashed the availability of sulphur-rich fuel oil, making it more profitable. Although fuel oil usually costs refineries money to sell, simple plants that lack desulphurisation capacity - such as those in the Mediterranean - have no choice but to crank out what is normally seen as a byproduct. All these factors are likely to keep refining margins "robust and healthy" for at least the first half of the year, Gunvor''s chief economist David Fyfe said at a recent conference in Antwerp. "It''s a confluence of factors. It''s crude availabilities and it''s strong (fuel oil)," Fyfe said. (Reporting by Libby George; Editing by Dale Hudson) Next In Business News'|'reuters.com'|'http://feeds.reuters
'42262004f6bf90ee626e2a1fd5be330b43e1a8ff'|'Italy court seeks $4.4 bln over derivatives contracts between Treasury, Morgan Stanley'|' 42am EST Italy court seeks $4.4 bln over derivatives contracts between Treasury, Morgan Stanley ROME Feb 17 An Italian audit court prosecutor said on Friday she is seeking total damages of 4.1 billion euros ($4.36 billion) over derivatives transactions between Italy''s Treasury and U.S. bank Morgan Stanley. The claim relates to contracts originated between 1995 and 2005 and terminated in December 2011 and January 2012. Donata Cabras, a prosecutor for the court in the Lazio region, argues that the transactions were too risky and speculative for a state to take on, and were not suited to reducing Italy''s hefty public debt. "The total damages being asked for amount to 4.11 billion euros," Cabras said at an event in Rome. She did not specify who she wanted to pay, or how the amount should be divided. Morgan Stanley said in a securities filing last year the prosecutor had proposed it pay 2.9 billion euros to settle the transactions. A spokesman for the bank said the claim was groundless. ($1 = 0.9398 euros) (Reporting by Giuseppe Fonte, writing by Isla Binnie)   South   SEOUL/SINGAPORE,  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/morgan-stanley-italy-treasuey-idUSL8N1G21XJ'|'2017-02-17T17:42:00.000+02:00'
'7f74539561592e94f4317471375e6b8d0fa6c22a'|'BRIEF-HP says CEO Weisler''s 2016 compensation was $28.7 mln versus $18.7 mln in 2015'|' 30pm EST BRIEF-HP says CEO Weisler''s 2016 compensation was $28.7 mln versus $18.7 mln in 2015 Feb 17 HP Inc: * HP Inc - CEO Dion J. Weisler''s 2016 total compensation was $28.7 million versus $18.7 million in 2015 -sec filing * HP - cfo Catherine Lesjak''s 2016 total compensation was $12.7 million versus $7.4 million in 2015 Source text- bit.ly/2lWx2RR  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-hp-says-ceo-weislers-2016-compensa-idUSFWN1G210J'|'2017-02-18T05:30:00.000+02:00'
'c6a45dc4fb7e56d55304e3ad2733756bdac46999'|'Three men sentenced in New Jersey for hacking, spamming scheme'|'U.S.  53pm EST Three men sentenced in New Jersey for hacking, spamming scheme Three men have been sentenced for their roles in a wide-ranging hacking and spamming scheme that targeted personal information of 60 million people, including Comcast Corp customers, prosecutors said on Thursday. Timothy Livingston, 31, was sentenced by U.S. District Judge William Martini in Newark, New Jersey, on Tuesday to four years in prison after pleading guilty to charges stemming from his role in a scheme that prosecutors said generated $1.3 million. Tomasz Chmielarz, 34, and Devin McArthur, 28, were each sentenced on Thursday to two years of probation and ordered to pay restitution of $64,529, $7,070, respectively. Chmielarz must also pay a $3,000 fine, prosecutors said. Their sentences were announced by the office of U.S. Attorney Paul Fishman in New Jersey. Their lawyers did not immediately respond to requests for comment. Prosecutors said Florida resident Livingston owned a spam company called A Whole Lot of Nothing LLC and hired Chmielarz of New Jersey to write computer programs that send spam in a manner that conceals their origin and bypasses spam filters. Prosecutors said Chmielarz and Livingston hacked into email accounts and seized control of corporate mail servers to further their spam campaigns, and created software that exploited vulnerabilities in a several corporate websites. Livingston, Chmielarz and McArthur, a Maryland resident, also worked together to steal databases containing the personal information of millions of Americans for use in spam campaigns, prosecutors said. Prosecutors said McArthur admitted that he also gave Livingston unauthorized access to a remote administration tool on a computer connected to the network of a Pennsylvania-based telecommunications company where he worked. That enabled Livingston and Chmielarz to steal the personal information of customers of the company for use in spam campaigns, prosecutors said. The company was not named in court papers, but Comcast has previously confirmed it was the firm involved. Other companies targeted included a New York telecommunications company, a New York technology and consulting company and a Texas credit monitoring firm, the indictment said. (Reporting by Nate Raymond in New York; Editing by Tom Brown) Next In U.S.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-cyber-spam-idUSKBN15V2OE'|'2017-02-17T02:48:00.000+02:00'
'89349833a4449dddb344147efaa45f872a446a54'|'Snap sets valuation below expectations'|'  1:13pm GMT Snap sets valuation below expectations FILE PHOTO -- A billboard displays the logo of Snapchat above Times Square in New York March 12, 2015. REUTERS/Lucas Jackson/File Photo Snap Inc ( SNAP.N ), the owner of the popular messaging app Snapchat, set a valuation of between $16.20 billion and $18.52 billion (<28>12.9 billion and <20>14.8 billion) in its initial public offering, significantly below expectations. Snap, which filed for its IPO in early February, was widely expected to be valued at between $20 billion and $25 billion, giving the company the richest valuation in a U.S. technology IPO since Facebook Inc ( FB.O ). The company said in a filing on Thursday that it expects to raise as much as $3.2 billion in the IPO. Snap said it expected the 200 million Class A share offering to be priced within a range of $14-$16 per share. Selling shareholders will sell 55 million shares and the remaining will be sold by the company. Snap said it expects to use proceeds of about $2.1 billion for general corporate purposes and to acquire businesses, among other things. Snap, which launched itself in 2012 with an app that sends disappearing messages, rebranded itself last year as a camera company and started selling $130 video camera glasses. The company generates the majority of its revenue from advertising, seeking to challenge the dominance of existing internet giants. (Reporting by Sruthi Shankar in Bengaluru; Editing by Saumyadeb Chakrabarty) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-snap-ipo-valuation-idUKKBN15V0JN'|'2017-02-16T19:48:00.000+02:00'
'12d77752ea08c1792b47491f54b18ad88f6ddc00'|'GM says will not ''rationalise'' UK operations - Business Secretary'|'  2:13pm GMT GM says will not ''rationalise'' UK operations - Business Secretary Britain''s Business Secretary Greg Clark speaks at the Conservative Party conference in Birmingham, Britain October 3, 2016. REUTERS/Toby Melville/File Photo LONDON Business Secretary Greg Clark said he had been reassured by General Motors ( GM.N ) that the firm did not intend to "rationalise" its Vauxhall operations in the UK, after a meeting held to discuss GM''s merger talks with France''s PSA ( PEUP.PA ). "There is some way to go in discussions between GM and PSA but I was reassured by GM''s intention, communicated to me, to build on the success of these operations rather than rationalise them," Clark said in a statement. "We will continue to be in close contact with GM and PSA in the days and weeks ahead." (Reporting by William James and Kate Holton; editing by William Schomberg)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-opel-m-a-psa-britain-idUKKBN15V1S0'|'2017-02-16T21:13:00.000+02:00'
'9f6346675f89f5d0da2d3fce6913e6d984fe4374'|'UPDATE 1-Actelion says J&J''s $280 per share offer to start March 3'|'(Adds details from prospectus)ZURICH Feb 16 Actelion said on Thursday that Johnson & Johnson''s agreed tender offer for the Swiss biotechnology company''s shares is expected to start on March 3 and run until March 30.The price is $280 per share, valuing Actelion at $30 billion. Shares of the new research and development company being spun out of Actelion for a Swiss listing will be distributed to Actelion shareholders as a stock dividend prior to settlement of the tender offer, it said.A prospectus for the deal published on Thursday added these points:* Actelion will pay the bidder a $500 million break fee if the offer is not successful or does not become unconditional in certain circumstances* The minimum acceptance rate is 67 percent* J&J has agreed to make a 10-year convertible loan worth 580 million Swiss francs to the R&D pipeline company being spun off; the loan will be convertible, in two tranches, into up to 32 percent of the shares of R&D NewCo.* R&D NewCo will be financed by the convertible loan, cash on hand of CHF 420 million provided by Actelion, and a credit facility of the CHF equivalent of $250 million to be provided by the bidder* Shares of R&D NewCo are expected to be admitted to listing on the SIX Swiss Exchange on the same day as the Actelion deal settlement* J&J intends to delist Actelion and plans a squeeze-out if needed* J&J executives Paul Stoffels and Joaquin Duato approached Actelion CEO Jean-Paul Clozel at a conference in January 2016 and suggested they explore a potential strategic transaction* In August 2016 J&J Chairman and Chief Executive Alex Gorsky informed Actelion''s chairman that J&J was not interested in a collaboration on cardiovascular products, but rather in acquiring Actelion* After considering a rival approach in early December from a company identified only as "company A", Actelion''s board authorised re-engaging with J&J because "this path was more likely to result in a transaction that would maximise value for Actelion and its shareholders" (Reporting by John Miller; editing by Michael Shields and Jason Neely)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/actelion-results-idINL8N1G11BG'|'2017-02-16T05:01:00.000+02:00'
'c1631c45a764fdcc45e5edeb06c89ffecc891979'|'Decline of UK''s Rough storage site to raise gas import costs'|'Business News - Thu Feb 16, 2017 - 1:37pm GMT Decline of UK''s Rough storage site to raise gas import costs By Nina Chestney - LONDON LONDON The decline of Britain''s biggest gas storage site and the lack of new-build to replace it will increase dependency on imports over the next few years, boosting wholesale market volatility and consumer gas prices. Seasonal gas storage provides security and flexibility of supply. At times of low demand and therefore low gas prices in the summer, gas is injected into storage to be kept for when demand rises in the winter. Rough, the country''s only seasonal gas storage site, can usually meet around 10 percent of Britain''s peak daily gas demand but is currently capable only of handling 5 percent. At over 30 years old, the depleted gas field off England''s east coast has undergone prolonged outages over the past year due to problems with well pressure; six wells have permanently closed and there are plans to reduce storage capacity. On Thursday, operator Centrica ( CNA.L ) said injection operations would not be available before July 1 due to well testing and the age and condition of the assets. "It is an ageing site - therefore, you would expect increased maintenance. But perhaps not to this extent," said Nick Campbell, risk manager at consultancy Inspired Energy. "Centrica will need to be 100 percent certain that the wells can return safely, otherwise there would be huge liability if accidents/issues happened at a later date," he added. Due to run until the early 2020s, Rough''s deterioration is a sign it could be retired sooner, some experts say. "Brexit is coming at a time when UK North Sea gas production is in terminal decline and the main UK storage facility is facing technical issues that will reduce its capacity with a possible extreme outcome, namely total decommissioning," said Thierry Bros at the Oxford Institute for Energy Studies. Without Rough, Britain would be more vulnerable to winter price shocks. Wholesale prices would have to rise to attract more gas from Norway, Europe or liquefied natural gas (LNG) suppliers, which would have a knock-on effect on consumer prices. The effects could be compounded by potential changes to energy supply terms with EU countries if Britain leaves the internal energy market when it quits the European Union. If EU storage sites can be used, winter prices would also be higher due to the cost of transporting gas through the InterconnectorUK pipeline, Bros said. SIGNS OF AGEING In a review last year by Britain''s Competition and Markets Authority (CMA), Centrica said Rough had outlasted its original design life of 25 years and its reliability would worsen. "Given the huge sunken costs and the increased winter (price) volatility then one would imagine that Centrica will want to eke out every pound from the facility, therefore one would expect them to push it into the 2020s in some form," Campbell said. "The elephant in the room is how much capacity will be available," he added. The level of gas in Rough is around 525 million cubic metres, which would not even cover two days of peak winter demand. Due to an outage stopping injections, that is well below last February''s 1.4 billion cubic metres (bcm), Thomson Reuters data shows. The CMA review said gas imported through interconnectors was not flexible enough to be a good substitute. "We consider it probable that Rough remains the most flexible source of gas for meeting peak demand and we have not found or received evidence that is not the case," it said. Britain has seven other gas storage sites but they offer shorter injection and withdrawal times and less stock. Other storage operators are also struggling to cover their capital costs due to unfavourable market returns. In 2015, utility SSE ( SSE.L ) decided to mothball a third of the withdrawal capacity at its Hornsea site. Even with more pipeline supplies and LNG, Rough still matters in case there are flow disruptions. In 2013, the BBL 
'f4715befb21e7078043b64663c7e97f109fcb126'|'Treasury Secretary Mnuchin, Japan finmin Aso hold phone talks'|'Business News - Wed Feb 15, 2017 - 9:02pm EST Treasury Secretary Mnuchin, Japan finmin Aso hold phone talks left right Treasury Secretary Steven Mnuchin speaks at a press briefing at the White House in Washington, U.S., February 14, 2017. REUTERS/Kevin Lamarque 1/2 left right Japanese Finance Minister Taro Aso takes questions from reporters at the annual meetings of the IMF and World Bank Group in Washington October 7, 2016. REUTERS/James Lawler Duggan 2/2 By Takashi Umekawa - TOKYO TOKYO Japanese Finance Minister Taro Aso spoke by phone with newly sworn-in U.S. Treasury Secretary Steven Mnuchin on Thursday but they did not discuss currencies, a Japanese finance ministry official said. The U.S. Senate on Monday voted to confirm the former Goldman Sachs banker as Treasury secretary, installing the Trump administration''s point-man on tax reform, financial deregulation and economic diplomacy efforts. No other details of the call were immediately available, but economists and traders will be closely watching U.S.-Japan relations for any signs of friction over currency and trade policy. U.S. President Donald Trump refrained from criticizing Japan''s currency policy or its trade surplus with the U.S. when he met Japanese Prime Minister Shinzo Abe last week in Washington and Florida. This gave many Japanese officials hope that Japan can maintain good economic relations with the U.S., but some economists worry the U.S. government could still adopt a protectionist stance on trade. Before meeting Abe, Trump shocked Japanese policymakers by saying the Bank of Japan''s quantitative easing amounts to competitive currency devaluation. Trump has also expressed concern about the low number of U.S. auto exports to Japan, which some saw as a sign he wants to reduce the U.S. trade deficit with Japan. In reply, Japanese officials said monetary policy is aimed at ending deflation and pointed out that Japan poses no tariffs on U.S. auto imports. (Reporting by Takashi Umekawa; Writing by Stanley White; Editing by Chris Gallagher and Sam Holmes) Next In Business News Trump ''not wrong on everything'': Berkshire''s Munger LOS ANGELES/NEW YORK Charlie Munger, the billionaire vice chairman of Warren Buffett''s Berkshire Hathaway Inc , said some of U.S. President Donald Trump''s ideas may prove constructive for the country, tempering comments a year ago suggesting that his fellow Republican was not morally qualified for the White House.'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-usa-trump-japan-mnuchin-idUSKBN15V068'|'2017-02-16T09:02:00.000+02:00'
'4caf25acfdffdc03e43329cda5505ef4f372f1a4'|'BRIEF-Caravan Health enters into agreement with Humana in Kansas, Missouri, Arkansas And Oklahoma'|'Company News  52pm EST BRIEF-Caravan Health enters into agreement with Humana in Kansas, Missouri, Arkansas And Oklahoma Feb 16 (Reuters) - * Caravan Health - enters into agreement with Humana in Kansas, Missouri, arkansas and oklahoma Source text for Eikon: Next In Company News New York state cyber security regulation to take effect March 1 NEW YORK/BOSTON, Feb 16 New York state on Thursday announced final regulations requiring banks and insurers to meet minimum cyber-security standards and report breaches to regulators as part of an effort to combat a surge in cyber crime and limit damages to consumers.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1G10RI'|'2017-02-17T02:52:00.000+02:00'
'841ffb22cffb1abeaaab5840ec266f161d9464f9'|'Trump economic plans may benefit New York real estate -Vornado'|'Business News -  57pm EST Trump economic plans may benefit New York real estate: Vornado The rising sun lights One World Trade as it stands over the Manhattan borough of New York, U.S., November 2, 2016. REUTERS/Lucas Jackson By Herbert Lash   U.S. President Donald Trump''s plans to cut financial services regulation, repatriate overseas corporate profits and increase infrastructure spending bode well for New York commercial real estate, a leading owner of city office space said on Tuesday. Business sentiment has risen since Trump''s election in November, but it may take time to be seen in financial services employment, traditionally the biggest driver of office jobs in New York City, executives of Vornado Realty Trust( VNO.N ) said. The city is the largest magnet for foreign investment in U.S. commercial real estate and regarded as the most solid long-term holding in the sector New York City office sector employment grew by 5,000 jobs in 2016 to a record 1.37 million, said Dave Greenbaum, president of the New York division of Vornado, a real estate investment trust. However, the rate is below the blistering pace of 35,000 that were added annually in recent years, he said, speaking during a conference call to discuss the company''s results. Jobs growth in Manhattan until last year surpassed the U.S. average. Employment in media and tech companies has driven the city''s employment so far this decade, while the number of jobs in financial services has barely surpassed the previous peek prior to the financial crisis. While Trump-related jobs growth may take time to be seen, "there is reason to believe that we may once again see increases in financial services employment here in New York with important implications for the real estate market," Greenbaum said. "All of this has been validated by the capital markets, with New York the absolute No. 1 market where investors want to put capital," he said. The New York office market posted a healthy 2016 with leasing activity exceeding 35 million square feet, on par with a 10-year average, according to Vornado. Ultimately, it will be the strength of "animal spirits" at play in the market that will drive New York commercial real estate, said Steven Roth, founder and chief execute of Vornado. "Financial services companies are innovating and growing, there is an enormous amount of liquidity in the world that needs to be invested, and so we believe that New York is at the epicenter of all this activity in many different industries," he said. (Reporting by Herbert Lash) U.S. investors brace for mounting political risks as they decode Trump NEW YORK Barry James built up his $4 billion mutual fund largely by studying balance sheets, earnings and market share. In the last few weeks, however, he has realized that he must look at a new force in the market: U.S. President Donald Trump. Exclusive: Yellen brushes off warning, says Fed has authority on global talks NEW YORK Federal Reserve Chair Janet Yellen, in response to a warning from a U.S. congressman to halt global regulatory talks in the early stages of Donald Trump''s presidency, said in a letter the Fed has the authority and responsibility to consult with its foreign counterparts and does so to benefit the United States. Despite Trump talk of ''tweaking'' NAFTA, Canada could still be hurt OTTAWA Although U.S. President Donald Trump says he only wants to tweak trade ties with Canada, his pledge to renegotiate NAFTA to focus on Mexico is almost impossible and Canada will not emerge unscathed, Canadian officials and trade experts said on Tuesday. 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-property-vornado-new-york-idUSKBN15T2NY'|'2017-02-15T02:48:00.000+02:00'
'5ce950dcdf8808b738a91053c8233c6c3fe77603'|'Singapore''s OCBC fourth-quarter profit slumps to three-yr low on bad debt charges'|'By Anshuman Daga - SINGAPORE SINGAPORE Oversea-Chinese Banking Corp ( OCBC.SI ), Singapore''s second-biggest lender, reported a bigger-than-expected 18 percent drop in quarterly net profit to the lowest level in three years, dragged down by a 57 percent jump in bad debt charges.Singapore banks'' exposure to the stressed oil services sector and slowing loan growth due to slack regional trade are clouding prospects for the country''s lenders.OCBC CEO Samuel Tsien said the bank''s overall portfolio quality remained sound, but there "continued to be stresses ... particularly within the oil and gas support services sector which drove increases in non-performing loans and allowances."Kicking off the sector''s reporting season, OCBC''s net profit came in at S$789 million ($571 million) in the three months ending December, versus S$960 million a year earlier and an average forecast of S$856 million from six analysts polled by Reuters. Full-year net profit fell 11 percent.OCBC''s net allowances for loans and other assets rose to S$305 million in the fourth quarter from a year earlier.Singapore''s biggest bank, DBS Group Holdings ( DBSM.SI ), and No. 3 lender, United Overseas Bank ( UOBH.SI ), report results later this week.($1 = 1.4237 Singapore dollars)(Reporting by Anshuman Daga; Editing by Stephen Coates)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/ocbc-results-idINKBN15T03J'|'2017-02-13T21:53:00.000+02:00'
'6c2439175760a1a47632fe1b965a568d0b82584c'|'Massachusetts pension fund pulled money out of hedge fund Brevan Howard'|'Money  03pm EST Massachusetts pension fund pulled money out of hedge fund Brevan Howard BOSTON The Massachusetts state pension fund, which invests roughly $5 billion in hedge funds, has pulled money out of Brevan Howard, one of the industry''s most prominent firms, a spokesman for the pension fund confirmed on Tuesday. The $62.7 billion pension fund has been invested with Brevan Howard since November 2011. The spokesman declined to say how much the pension fund had invested with Brevan Howard or when it first asked to get its money back. (Reporting by Svea Herbst-Bayliss; Editing by Phil Berlowitz) Next In Money Deutsche Bank fails to dismiss U.S. currency rigging lawsuit NEW YORK A U.S. judge has rejected Deutsche Bank AG''s bid to dismiss a lawsuit claiming it delayed foreign exchange trades to get a "last look" at how prices were moving, enabling the German bank to extract more profit at customers'' expense. Money market funds calm since rule on floating values began: government WASHINGTON Money market funds have kept an even keel since a new U.S. rule on their net asset values went into effect last October, according to federal research released on Tuesday, indicating that it may help create stability in a market that experienced large runs in the 2007-09 financial crisis. That the Trump agenda is good for banks is self-evident; that shareholders will get their cut is a lot less likely.  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-hedgefunds-massachusetts-brevanhoward-idUSKBN15T2TS'|'2017-02-15T04:02:00.000+02:00'
'63ecc99a3fbc5ac5579a8ed3473559ffcf556622'|'Italy''s Mediaset, Sky in advanced talks over pay-TV unit sale: report'|'Business News - Fri Feb 17, 2017 - 7:13am GMT Italy''s Mediaset, Sky in advanced talks over pay-TV unit sale: report The Mediaset tower is seen at the headquarter in Cologno Monzese, near Milan, Italy, April 8, 2016. REUTERS/Stefano Rellandini MILAN Talks between Italy''s Mediaset ( MS.MI ) and rival Sky ( SKYB.L ) for the sale of the Italian broadcaster''s pay-TV unit Premium are at an advanced stage, Italian daily il Sole 24 Ore reported on Friday, without citing sources. "The negotiations are ongoing... and are now accelerating," reports the financial newspaper, saying the two groups got back to deal talks after the Milan-based TV group failed to reach an agreement with France''s Vivendi ( VIV.PA ) last year. "There may be room to reach an agreement soon," added the report, without citing sources. Mediaset and Sky were not immediately available for comment. Reuters reported in November that two sources close to the matter said Mediaset and Sky''s Italian unit were in contact over a possible deal concerning Premium. (Reporting by Giulia Segreti; Editing by Sherry Jacob-Phillips) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-mediaset-vivendi-idUKKBN15W0JL'|'2017-02-17T14:13:00.000+02:00'
'181d17b5425abb45fbdd63d81d02777468b3e80f'|'French carmaker PSA discusses deal to buy GM''s Opel'|'By Pamela Barbaglia and Edward Taylor - LONDON/FRANKFURT LONDON/FRANKFURT PSA Group ( PEUP.PA ) is holding talks with General Motors ( GM.N ) about buying its European Opel division, the French carmaker said on Tuesday, a deal which would increase competition for market leader Volkswagen ( VOWG_p.DE ).The maker of Peugeot, Citroen and DS cars is "exploring a number of strategic initiatives with GM with the aim of increasing its profitability and operating efficiency, including a potential acquisition of Opel," a spokesman said.The confirmation came after sources told Reuters earlier on Tuesday that the two companies were in advanced discussions to combine PSA with the U.S. carmaker''s Opel business.A deal may be announced within days, the sources said.GM and PSA already share production of SUVs and commercial vans, a relic of their last attempt to forge a broader alliance, which was unwound in 2013 with the sale of the U.S. carmaker''s stake in PSA.Together, PSA and Opel would command a 16.3 percent share of the European car market share compared with Volkswagen''s 24.1 percent, based on 2016 data.For GM, offloading Opel could mean giving up on the global sales volume race in which it is currently ranked third behind Volkswagen and Toyota ( 7203.T ), with just over 10 million vehicles delivered last year.The Detroit-based group would be likely to keep a stake in the combined entity, one of the sources told Reuters.Spokespeople for Opel and the French government, which owns 14 percent of PSA, had no immediate comment. A spokesman for the Peugeot family, which holds a matching stake in the carmaker, was not immediately available.Under Chief Executive Carlos Tavares, PSA has rebounded from a 2013-14 brush with bankruptcy to reach record levels of earnings, posting a 6.8 percent automotive operating margin in the first half of last year.The carmaker sold 3.15 million vehicles last year. Tavares has signaled openness to a tie-up that would increase PSA''s scale and ability to meet growing investment demands in vehicle electrification, driving technology and connected services.GM has consistently struggled to make a profit at its Opel division, which includes Britain''s Vauxhall brand. It had previously discussed a sale to Canadian parts maker Magna in the aftermath of the financial crisis, before pulling the plug on the tentative deal in 2009.The company missed last year''s target of reaching breakeven in Europe, despite buoyant demand, and warned it would struggle to restore regional profitability before 2018..(Additional reporting by Gilles Guillaume and Laurence Frost; Writing by Laurence Frost; Editing by Keith Weir)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-opel-m-a-psa-confirm-idINKBN15T1G0'|'2017-02-14T09:43:00.000+02:00'
'60d024449cc398ad61e213c7e798572b0c8be390'|'One in four UK retirees burdened by unpaid mortgage or other debts - Money'|'One in four people planning to retire this year will still have a mortgage or other debts to pay off and will typically owe about <20>24,000, according to an insurer<65>s report.The Prudential insurance company found the proportion of people who expected to retire in debt this year to be at its highest level for seven years, and that the level had risen to 44% in London.The research follows a study by the Financial Conduct Authority which found that 2017-18 would be the first of three <20>peak periods<64> when large numbers of interest-only mortgages would mature.Facebook Twitter Pinterest The Financial Conduct Authority says 1.3 million homeowners may not be able to pay off maturing property loans. Photograph: David Levene for the Guardian The FCA has warned that almost half of all people with interest-only home loans (about 1.3m homeowners) might not have enough money to pay off their home loans when they mature, fuelling fears that some might need to keep making monthly mortgage payments into their old age.The Prudential said its findings showed that retiring with outstanding debts was once again a growing problem. The finding was that 25% of those retiring in 2017 would owe money <20> up from 20% last year.The Bank of England recently warned about the high level of household debts. The bank<6E>s governor, Mark Carney, said the bank was watching the growth in debt levels; unsecured debt, which included credit cards and overdrafts, was rising at its fastest pace for 11 years.The Prudential<61>s annual research into the financial aims of people planning to retire in the year ahead showed that this year<61>s retirees with outstanding debts owed on average <20>24,300 <20> up from <20>18,800 in 2016. It was the first growth in retiree debt since 2012, when the figure peaked at <20>38,200.Halifax raises mortgage borrowing age limit to 80 Read more Mortgages have become a bigger source of debt for the <20>class of 2017<31> compared with previous years. Nearly four in 10 (38%) of those expecting to retire this year with debts owe money on property. Credit cards are also a big debt issue, with 51% of people with debt owing money on plastic at retirement.The Prudential said that those planning to retire in 2017 with debts but expecting to clear them, would need nearly three-and-a-half years on average to pay off the sums owed. The repayments will swallow up an average of <20>230 a month. However, more than one in six expected to take seven years or more to pay off their debts, and one in every 14 feared they would never clear the money they owed.Vince Smith-Hughes, a retirement income expert at the company, said: <20>For most people the move from work into retirement will see them having to cope with a drop in their income. So having to use precious retirement income to pay off debts could make life even more tricky for the newly retired.<2E>Some commentators have claimed that mortgage and debt issues are set to raise the number of older people raiding equity locked in their homes for cash to pay off a home loan or other borrowings. Sales of equity release plans are expected to rise this year.'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/2017/feb/17/one-in-four-uk-retirees-burdened-by-unpaid-mortgage-or-other-debts'|'2017-02-17T13:49:00.000+02:00'
'bba057b0597790666c592e5665a52da215368980'|'CANADA STOCKS-TSX rises for 7th straight day, sets record high'|'Company  44am EST CANADA STOCKS-TSX rises for 7th straight day, sets record high TORONTO Feb 15 Canada''s main stock index rose for the seventh straight day on Wednesday to set a fresh record high, led by gains for its financial services group after strong economic data from both Canada and the United States. The Toronto Stock Exchange''s S&P/TSX composite index was up 15.03 points, or 0.10 percent, at 15,801.06. Six of the index''s 10 main groups rose. (Reporting by Fergal Smith, Editing by W Simon) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-open-idUSL1N1G00T0'|'2017-02-15T21:44:00.000+02:00'
'4eb4e5cf4a967b0089647c18b68d74d085401381'|'Protectionism, political risk threaten euro zone economy revival - Reuters poll'|'Business News - Wed Feb 15, 2017 - 12:13pm GMT Protectionism, political risk threaten euro zone economy revival - Reuters poll left right FILE PHOTO:Cranes are seen at a construction site in north Madrid, Spain January 23, 2017. REUTERS/Juan Medina/File Photo 1/3 left right FILE PHOTO:A one Euro coin made of chocolate is displayed in this photo illustration taken in Ljubljana September 11, 2012. REUTERS/Srdjan Zivulovic/File Photo 2/3 left right FILE PHOTO:Marine Le Pen, French National Front (FN) political party leader and candidate for the French 2017 presidential election, attends the 2-day FN political rally to launch the presidential campaign in Lyon, France February 5, 2017. REUTERS/Robert Pratta/File Photo 3/3 Potential anti-establishment upsets in national elections in France, the Netherlands and Germany, alongside a global rise in protectionism pose the biggest threats to the euro zone economy, according to a majority of economists polled by Reuters. Euro zone economy graphic - here These risks come ahead of the threat of impending divorce negotiations between the European Union and Britain becoming fractious, which was the number one concern for Britain in a similar Reuters poll published this week. The findings, released on Wednesday, contrast with financial markets around the globe, particularly stock markets, being priced for a lot of positive news. "With populist parties still gaining support and opinion polls consistently proving unreliable, there are plenty of events that could unsettle markets," Simon Wells, chief European economist at HSBC, said. The euro zone economy is forecast to grow 0.4 percent in coming quarters, a respectable pace by recent historical standards, the latest survey taken Feb 9-15 showed. Few economists strayed far from the median view, and those decent-yet-uninspiring growth predictions have barely budged over the last two years in Reuters polls. Still, most economists who answered an additional question said the recent revival in the euro zone economy is sustainable. But with the European Central Bank already purchasing tens of billions of euros a month in bonds and its key interest rates at zero or negative, there is little more it can feasibly do to revive the economy should it stumble. That leaves the pace of economic growth, much like that of the United States and Britain, vulnerable to political forces at a time when global trade is at risk. Inflation expectations remain well below the ECB''s target of just under 2 percent until at least 2019. Inflation is predicted to average 1.5 percent this year and 1.4 percent next, similar to a poll in January. "With growth set to maintain a slow but steady pace, underlying price pressures are likely to stay muted. Although headline inflation is set to rise due to the drag from lower energy prices ending, core inflation remains stubbornly low," noted HSBC''s Wells. The recent optimism on the region''s economic outlook has coincided with a weak euro, making the currency bloc''s exports relatively cheap on world markets. The euro EUR= is predicted to weaken 3 percent against the dollar over the coming year, a separate Reuters poll of FX analysts showed. [EUR/POLL] POLITICAL RISK RISING In recent weeks, the euro has come under pressure in the run up to the French presidential election. The latest opinion polls show far-right National Front leader Marine Le Pen winning the first round of the election, but the losing heavily to independent candidate Emmanuel Macron or slightly less heavily to conservative Francois Fillon in the second round. Despite this, few are discounting an upset give the failure of polls in recent British and U.S. votes. "A victory for Ms Le Pen is well within the bounds of possibility," said Florian Baier, senior economist at Fathom. "Latest polls show that Ms. Le Pen will make it to the second round, which she will then lose...(but) polls have got it wrong before. Mr Trump won, and Brexit happe
'a5e1c25454a7fc64979d968c0a928e97dbf20124'|'Banks fight for $40 million fee pot in advising on Vodafone India merger'|'Business News - Wed Feb 15, 2017 - 7:20am GMT Banks fight for $40 million fee pot in advising on Vodafone India merger FILE PHOTO: A man casts silhouette onto an electronic screen displaying logo of Vodafone India after a news conference to announce the half year results in Mumbai, India, November 10, 2015. REUTERS/Shailesh Andrade/File Photo By Sumeet Chatterjee and Devidutta Tripathy - HONG KONG/MUMBAI HONG KONG/MUMBAI BofA Merrill Lynch, UBS and Standard Chartered are among banks scrambling to win advisory roles in a potential merger involving Vodafone in India, sources said, as they chase a rare big deals-related payday in the country. Britain''s Vodafone Group said last month it was in talks to merge its Indian subsidiary with Idea Cellular in an all-share deal. The merger will create India''s largest mobile operator with about $12 billion (9.6 billion pounds) in sales. The banks picked to advise on the deal could end up sharing as much as $40 million, according to Freeman Consulting. That is about 10 percent of the total investment banking fee pool last year in India, where advisory fees are among the lowest when compared to other major global markets. Vodafone is in talks with Merrill Lynch, UBS and M&A boutique firm Rothschild for advisory roles, three sources with direct knowledge of the development, told Reuters. Merrill and UBS had earlier been hired by Vodafone on a planned Indian listing. Morgan Stanley has already been picked for the advisory role in the proposed merger, the sources added. Idea Cellular, part of India''s metals to financial services Aditya Birla conglomerate, is likely to rope in StanChart and some Indian boutiques to work on the transaction, said the sources. They said the talks for hiring the advisers have not been completed and the list could change. Morgan Stanley, StanChart, UBS and Rothschild declined to comment, while BofA Merrill Lynch, Vodafone and Idea did not respond to a request for comment. The sources declined to be named as procedures related to the merger talks are not public. In India, total fee earned from investment banking services, including M&A, equity and bonds, fell to $462.6 million in 2016, from $491 million a year ago, according to Thomson Reuters data, as equity capital market volume nearly halved. The $40 million estimated fee pot in the potential Vodafone India deal is small when compared to the payouts from multi-billion M&A deals in advanced markets. But it is big by standards in India, where M&A advisory fees tend to be 25-50 percent lower compared to the United States, Hong Kong and Singapore, as per industry estimates. Foreign bankers in India privately grumble about the lack of a substantial number of M&A and equity underwriting deals worth more than $1 billion, making it harder for them to justify costs to their headquarters. As a result, all large private investment banking deals see tough competition for winning advisory mandates, with global investment banks also vying with a host of local and well-connected boutique banks. About half a dozen foreign banks had been roped in last year to manage Vodafone''s highly-anticipated IPO in India, which was set to raise as much as $3 billion. But with the Vodafone unit now in merger talks with listed Idea, that IPO plan is now off the table, and so is the rare opportunity to earn as much as $60 million in underwriting fees, the sources told Reuters. (Reporting by Sumeet Chatterjee and Devidutta Tripathy; Editing by Muralikumar Anantharaman) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-india-vodafone-banks-idUKKBN15U0LV'|'2017-02-15T14:20:00.000+02:00'
'6db238eb6001d7886a49cdad01592ee3e8cbff9e'|'BRIEF-Rush Enterprises Inc Q4 earnings per share $0.31'|'  5:00pm EST BRIEF-Rush Enterprises Inc Q4 earnings per share $0.31 Feb 15 Rush Enterprises Inc * Rush Enterprises Inc Reports fourth quarter and year-end 2016 results * Q4 earnings per share $0.31 * Q4 revenue $4.2 billion * Q4 revenue view $1.04 billion -- Thomson Reuters I/B/E/S * Q4 earnings per share view $0.31 -- Thomson Reuters I/B/E/S Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSASB0B0JP'|'2017-02-16T05:00:00.000+02:00'
'6ae3357ce60134a248972bb75ca22602989bb452'|'Oman considers taking early payments for oil to avoid new debt -sources'|'By Davide Barbuscia - DUBAI DUBAI Feb 16 The government of Oman is considering financing structures that let it get advance payments from oil traders, reducing the government''s need to borrow more money from banks, sources familiar with the matter said.Under the proposed structures, Oman''s national oil company might get paid as much as two years before oil was delivered, in exchange for price discounts on the oil, the banking sources said, declining to be named because the matter is not public.The government, which is running a large budget deficit because of low oil prices, is considering such a step because it wants to limit its new borrowing. One reason for this is that it feels any rapid increase in government debt could in the long term hurt Oman''s credit ratings, the sources said.Oman Oil Co, the finance ministry and the central bank did not respond to emails seeking comment. Advance payment deals have been made by other oil producers, including Russia''s Rosneft.The sources said the Omani government had made no decision on whether to use such a structure. Sources at several oil trading companies which deal with the region said they had not been approached by Omani officials to discuss the matter.State-owned Oman Oil Co originally considered raising debt via a pre-export financing (PXF) loan for its upstream unit, Oman Oil Company Exploration & Production, banking sources told Reuters last October.The loan would have had a structure similar to a $4 billion syndicated loan raised last June by Petroleum Development Oman, another Omani state-linked firm. In PXF loans, which are often used by commodity producers, the borrower obtains money based on confirmed orders for its production.But as oil prices have crept up over the past several months, with Brent crude rising to around $55 a barrel from last year''s average of $45, "the tone of the discussions has changed slightly, from ''we need money'' to ''let''s find other avenues''," one of the sources said.The finances of all six wealthy oil exporting countries in the Gulf have been hurt by the plunge of oil prices since mid-2014. But Oman, which lacks the huge oil and financial reserves of its neighbours, has been hit particularly hard.The government posted a budget deficit of 4.94 billion rials ($12.8 billion) in the first 11 months of 2016 compared with a deficit of 4.07 billion rials a year earlier, Finance Ministry data shows.In November, Standard & Poor''s cut its outlook for Oman''s BBB- sovereign credit rating to negative from stable, saying Oman''s efforts to stabilise its finances might take longer than expected and the economy''s external debt could exceed its liquid external assets by more than anticipated.For 2017, the government has projected a budget deficit of 3 billion rials, which it plans to finance partly with 400 million rials of domestic borrowing and 2.1 billion rials of international borrowing.Oman has appointed banks for a new U.S. dollar-denominated bond issue, which is likely to take place in March, bankers said.Last month, an Oman-based source and a Qatari official told Reuters that Oman was negotiating with other Gulf Arab states to secure a multi-billion dollar deposit in its central bank that would increase its foreign exchange reserves. Oman''s finance ministry denied the report. (Editing by Andrew Torchia, Larry King)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/oman-debt-oil-idINL8N1G05LQ'|'2017-02-16T07:25:00.000+02:00'
'e6ef56aa4ce470a56d581926accead2c66770051'|'EMERGING MARKETS-Stocks, currencies cool off after balmy week'|'Company News - Fri Feb 17, 2017 - 5:28am EST EMERGING MARKETS-Stocks, currencies cool off after balmy week By Marc Jones - LONDON LONDON Feb 17 Emerging market stocks took a breather on Friday, easing back after what was set to be a seventh week of gains in the last eight and also a bumper one for many of the major EM currencies. Developing markets have surged since the start of the year as improving global economic strength and a subdued dollar and debt costs have given investors encouragement. MSCI''s 23-country emerging market index dipped 0.5 percent on the day but was up a solid 1.1 percent for the week following gains from Turkey to Poland, to China, India and Brazil. It was a similar pattern for currencies. Most were lower for the day as the dollar rebounded from a 1-week low. But for the week, South Africa''s rand was up 2.7 percent, its best since September. Brazil<69>s real was set for its eighth weekly gain on the trot, while a third one for Russia''s rouble means it is now up 40 percent in the last year. link.reuters.com/map94w "Inflation is rising across EM... and the Fed (U.S. central bank) is not signalling a March rate hike so this is conducive for emerging market currencies," said ING''s Chief EMEA FX and IR strategist, Petr Krpata. "The high yielders, the Russian rouble, the South African rand and Turkish lira are all doing pretty well." EM bond markets have been rallying hard too. The premium investors demand to buy the debt of countries such as Brazil , Russia or Pakistan''s rather that ultra-safe U.S. Treasuries has been sliding fast. Dovetailing with that, the cost of insuring against a default has plunged. South African 5-year CDS price levels hit 182.7 bps on Thursday, which was the lowest since Dec 2014. Turkey, which was in the market''s firing line earlier this year, said on Friday it was studying the foreign currency debts of its private sector and will introduce new regulatory measures in March. Deputy Prime Minister Mehmet Simsek said the measures will include not allowing new forex positions and said that Turkey was technically not in recession despite its recent subdued performance. Nerves surrounding the world''s largest emerging market, China, have also been easing. Its central bank said on Friday it had sold the least amount of foreign exchange in five months in January, reinforcing views that capital outflows have eased as policymakers have tightened controls and as the yuan steadies. Net foreign exchange sales by the People''s Bank of China (PBOC) amounted to 208.8 billion yuan ($30.42 billion), according to Reuters calculations. That compared with 317.8 billion yuan in December and 644.54 billion yuan last January. The Chinese yuan eased 0.2 percent after companies stocked up on the dollar on Friday, though it was on course for its best week in more than a month." "Companies suddenly started purchasing dollars. And traders had to follow the trend and shored up long dollar positions," said one currency dealer in Singapore. The South Korean won also dipped in Asia after Samsung''s chief was arrested over his alleged role in a corruption scandal, while the Singapore dollar struggled to gain traction despite an upward revision to fourth-quarter growth. 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) (Additional reporting by Claire Milhench; Editing by Toby Chopra) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/emerging-markets-idUSL8N1G21YT'|'2017-02-17T17:28:00.000+02:00'
'513e6a713b1f0844b5f8650139504a9a5ac4b670'|'Exclusive: OPEC could extend or deepen supply cut if oil glut persists - sources'|'By Rania El Gamal - RIYADH RIYADH OPEC could extend its oil supply-reduction pact with non-members or even apply deeper cuts from July if global crude inventories fail to drop to a targeted level, OPEC sources said.The group, together with Russia and other non-OPEC oil producers, agreed late last year to cut output by 1.8 million barrels per day (bpd) to reduce a price-sapping glut. The deal took effect on Jan. 1 and lasts six months.For global petroleum inventories to fall by some 300 million barrels to the five-year average, producing countries must comply 100 percent with the supply accord and growth in demand for crude will have to stay healthy, the sources said."If we have full commitment by everybody, inventories will go down. By sometime in the middle of this year, maybe they will go near the five-year average. But that''s if you have 100 percent compliance," one OPEC source said."The question is, by how much will they fall? For that, you have to wait and see."The Organization of the Petroleum Exporting Countries meets next on May 25 to decide on supply policy, with non-members possibly also invited to attend.OPEC producers in January achieved 93 percent compliance with the pledged reductions, of which the group''s de facto leader, Saudi Arabia, contributed the biggest chunk.Officials in the 13-member OPEC, including Saudi Energy Minister Khalid al-Falih, have said oil stocks need to fall near to their five-year average for the group to say markets are becoming balanced.Simple arithmetic shows that a cut of 1.8 million bpd for six months would reduce crude supply by around 300 million barrels over the period of the agreement, industry and OPEC sources say.But because of the time needed to obtain accurate inventory data, the extent of the drawdown will not yet be clear when OPEC meets in May."If countries adhere then that would certainly be encouraging," another OPEC source said, adding that the supply pact could be extended by May if all major producers showed "effective cooperation".CRUDE OR PRODUCTS?Global petroleum inventories at the end of December had edged down to below 3 billion barrels, but were 286 million barrels above the five-year average, the International Energy Agency said last week.Of those 286 million barrels, stocks were split about evenly between crude and natural gas liquids on one side, and products on the other. The biggest build-up occurred in the United States."As an oil producer you need to moderate the crude first. The products will go down later," a third OPEC source said.OPEC''s cuts so far have mostly focused on medium and heavy crudes, while U.S. crude production is mainly light and sweet.As a result of growing abundance, the United States could ramp up exports of light crude, leading to a drop in domestic stocks of both crude and refined products.But that should take longer than six months, especially as the U.S. refinery maintenance season in the first quarter of this year is likely to result in higher crude inventories."Even if things are heading in the right direction, compliance has been good, there<72>s a good chance and high odds that the group (OPEC) decides that they want to continue this process," Energy Aspects analyst Richard Mallinson said.(Additional reporting by Ahmad Ghaddar in London; Editing by Dale Hudson)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/opec-oil-inventories-idINKBN15W0OK'|'2017-02-17T05:06:00.000+02:00'
'94b3c050803fbcd57c9088857fb27e163ef82cf3'|'Hotelier M&C rooms revenue hit as militant attacks, competition bite'|'Business News  30am GMT Hotelier M&C rooms revenue hit as militant attacks, competition bite Millennium & Copthorne Hotels ( MLC.L ) said on Friday rooms revenue fell in 2016 as militant attacks across Europe hurt tourism, while more rooms in major cities and increased competition from non-traditional services hit business elsewhere. Hoteliers are facing rising competition from online holiday rental startups such as Airbnb, just as there has been an increase in supply of rooms in major cities. Additionally, attacks in Europe have hurt travel demand. The operator of the Millennium, Grand Millennium, Copthorne and Kingsgate hotels said revenue per available room (RevPar), a key industry measure, fell 2.3 percent in constant currency terms in the year ended Dec. 31. M&C said the London business was impacted by the Paris attacks of November 2015 and reduced corporate business travel in the second half of the year. The hotelier said its New York business was hit by refurbishment to a hotel tower, while corporate business at its Singapore unit was dampened by shorter average length of customer stay and a rate strategy that was not well suited to market conditions. RevPar, however, increased by 6.6 percent on a reported basis, boosted by a fall in the value of sterling GBP= against major currencies following the June 23 Brexit vote. Full-year revenue grew 9.3 percent to 926 million pounds ($1.16 billion), it said, while pretax profit fell marginally to 108 million pounds. M&C also said Tan Kian Seng, who joined as interim president of Asia in October, would take charge as interim group chief executive officer from March 1 following current head Aloysius Lee''s retirement at the end of this month. M&C, majority-owned by Singaporean businessman Kwek Leng Beng''s property company, has focused on expanding into "gateway cities" such as London, Singapore and New York. ($1 = 0.8008 pounds) (Reporting by Esha Vaish in Bengaluru; Editing by Biju Dwarakanath) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-mill-cop-hotels-results-idUKKBN15W0QO'|'2017-02-17T15:30:00.000+02:00'
'709b49c4cda88cf3672c579172f67a225df2d26c'|'Essentra full-year profit falls 26 percent on integration woes at biggest unit'|'Business News  34am GMT Essentra full-year profit falls 26 percent on integration woes at biggest unit Essentra Plc ( ESNT.L ), a supplier of speciality plastic and packaging components, said full-year profit fell 26 percent on flagging sales at its health and personal care packaging unit, due to integration issues from an acquisition completed in 2015. This reiterates the challenges the company has been facing, prompting it to issue profit warnings three times in the past 12 months. Essentra shares opened 3.9 percent lower at 405 pence at 0805 GMT on Friday on the London Stock Exchange. The health and personal care packaging unit, which bought the specialist packaging division of the Clondalkin Group, is the company''s biggest business, accounting for about 40 percent of total revenue. Operating profit at the unit fell 44 percent. Milton Keynes, Buckinghamshire-based Essentra had indicated on Jan. 23 that sales at the business were more challenging than previously expected after the consolidation of assets bought from the Clondalkin Group. The company had said in January that its new chief executive had initiated a strategic review of the company and that the health and personal care unit would be receiving "specific short-term focus and remedial attention" from him. [nL4N1FD2T9] Essentra does not expect an improvement in the unit''s performance in the near term, the company said on Friday, adding that the challenges faced at the business would hurt its like-for-like sales and adjusted operating profit in 2017. Essentra completed its $455 million acquisition of the Clondalkin Group assets from an affiliate of Warburg Pincus in February 2015. ( reut.rs/2kZhIp2 ) "In particular, the integration issues primarily relating to the Clondalkin acquisition in Health & Personal Care Packaging... not only resulted in additional cost but also in an accelerating decline in the underlying trading position at the impacted sites," the company said in a statement. The company, which was formed after being demerged from Bunzl Plc ( BNZL.L ) in June 2005, said full-year pretax profit fell to 119 million pounds ($148.62 million) from 161 million pounds a year earlier. [nRSQ1628Xa] Like-for-like revenue, excluding its Porous Technologies business that is set to be divested, fell 9.1 percent to 999 million pounds at constant currency rates. ($1 = 0.8007 pounds) (Reporting by Vidya L Nathan in Bengaluru; Editing by Sunil Nair and Subhranshu Sahu) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-essentra-results-idUKKBN15W0QW'|'2017-02-17T15:34:00.000+02:00'
'd48276ba6fdeef4db34a78c5beb2582c2546edee'|'Cree ends Wolfspeed deal with Infineon over U.S. security concerns'|'Deals  59pm EST Cree ends Wolfspeed deal with Infineon over U.S. security concerns U.S. LED lighting maker Cree Inc ( CREE.O ) said it would terminate a deal to sell its Wolfspeed Power and RF division to German chipmaker Infineon Technologies AG ( IFXGn.DE ), citing security concerns raised by the U.S. government. Cree and Infineon have not been able to identify alternatives to address the security concerns, Cree said on Thursday. The Wolfspeed division makes devices using gallium nitride, a sensitive powdery compound with military applications whose use by other companies has led the United States to block deals. Infineon, which agreed to buy Wolfspeed in July last year for $850 million, said earlier in the day that it did not expect to be able to salvage the purchase. Infineon will pay a termination fee of $12.5 million, Cree said. (Reporting by Rishika Sadam in Bengaluru; Editing by Sriraj Kalluvila) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-wolfspeed-m-a-infineon-technol-idUSKBN15V2UY'|'2017-02-17T04:54:00.000+02:00'
'98457664ac987398edcbbeaeb6773475be4e20f0'|'PRESS DIGEST- New York Times business news - Feb 17'|'Feb 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.- UnitedHealth Group is accused in a scheme that allowed its subsidiaries and other insurers to improperly overcharge Medicare by "hundreds of millions <20> and likely billions <20> of dollars" according to a lawsuit made public on Thursday at the Justice Department''s request. nyti.ms/2lRKd9W- In a 5,800-word letter posted publicly, Facebook CEO Zuckerberg expressed alarm that what was once considered normal <20> seeking global connection <20> was now seen by people and governments around the world as something undesirable. nyti.ms/2lRL2zz- Jeffrey A. Zucker, the president of CNN, has been at the center of a media firestorm since President Trump started singling out the cable network as the country''s leading distributor of that favorite Trump phrase "fake news" nyti.ms/2lRN7vp- The de facto leader of Samsung, Lee Jae-yong, was arrested Friday on bribery charges, a dramatic turn in South Korea''s decades-old struggle to end collusive ties between the government and powerful family-controlled conglomerates. nyti.ms/2lRIGAy- Moving quickly after his first choice for labor secretary withdrew his nomination amid controversy, President Trump made a seemingly safe selection on Thursday in Alexander Acosta, a Florida law school dean and former assistant attorney general. nyti.ms/2lRyCaW- Snap Inc disclosed on Thursday that it expected to be valued at as much as $22.2 billion in the sale. At the midpoint of the offering''s range of $14 to $16 per share, Snap would be worth nearly $20.9 billion. nyti.ms/2lRIguf(Compiled by Vishal Sridhar in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/press-digest-nyt-idINL4N1G224W'|'2017-02-17T02:53:00.000+02:00'
'70fb19e2d3a74a3b7154ac54513c234c86925f58'|'Lockheed F-35 jet could cost as little as $80 mln in future - Pentagon official'|'Business  29am EST Lockheed F-35 jet could cost as little as $80 million in future: Pentagon official A Lockheed Martin F-35 Lightning II fighter jet is seen in its hanger at Patuxent River Naval Air Station in Maryland October 28, 2015. REUTERS/Gary Cameron The cost of Lockheed Martin Corp''s ( LMT.N ) stealthy F-35 fighter jet could shrink to $80 million in future purchases according to the Department of Defense''s head of the program. The jet, which most recently cost about $94.5 million for the F-35 "A" model, is the most expensive Department of Defense program. Lieutenant General Chris Bogdan, Program Executive Officer, F-35 Joint Program Office was speaking to the U.S House of Representatives at a Capitol Hill hearing on military services'' 5th generation tactical aircraft challenges and F-35 joint strike fighter program. (Reporting by Mike Stone; Editing by Chizu Nomiyama) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-lockheed-f-idUSKBN15V225'|'2017-02-16T22:26:00.000+02:00'
'5ae96ca24177fbc94cc54a99313a7265d7c91983'|'UPDATE 1-European shares retreat after 7 sessions of gains, Cobham plunges'|' 08pm EST UPDATE 1-European shares retreat after 7 sessions of gains, Cobham plunges * STOXX Europe 600 index down 0.4 pct * Cobham plunges 20 pct after profit miss * Miners track weaker copper prices * Air France rallies after strong update (Adds details, closing prices) By Atul Prakash LONDON, Feb 16 European equities fell on Thursday after seven straight sessions of gains, with weaker metal prices weighing on miners and a poor update battering shares in engineering group Cobham. Companies like NN Group and Drax also dragged the market lower after their disappointing updates. The pan-European STOXX 600 fell 0.4 percent after recent gains to a two-month high on Wednesday. Cobham led the STOXX 600 lower after slumping 15.3 to its lowest level since August 2005. The sharp sell-off came after the company missed a profit target that had already been repeatedly lowered and took a charge on a troubled contract with Boeing, capping "an incredibly turbulent and disappointing year" for the defence and aerospace group. The company said 2017 could be even worse as it struggles to fix operational problems in difficult markets. Its shares have already more than halved in the last 12 months. "Investors are ditching the stock as it looks like the problems at Cobham go further than anyone realised when all this started. There is every reason to think that management''s review of the business may throw up further concerns and more write-downs," said Neil Wilson, an analyst at ETX Capital. Miners put pressure on the broader market. The STOXX Europe 600 Basic Resources index fell 0.9 percent, the biggest sectoral decliner, as copper prices fell after China''s overseas investment weakened and sentiment waned over demand in the world''s top copper user. Shares in Anglo American, Antofagasta and Rio Tinto fell 0.2 to 2 percent. Elsewhere, Dutch insurance company NN Group dropped 7.6 percent after its fourth quarter core profit missed expectations, while power producer Drax fell 5.3 percent after saying it was reviewing its dividend policy. However, broader market losses were partly offset by stronger airlines. Air France-KLM jumped 12.6 percent after reporting better-than-expected operating profit for 2016 and said it had made a "resilient" start to 2017. Shares in International Consolidates Airlines Group and Lufthansa rose 0.6 percent and 2.2 percent respectively. Shares in German fashion house Hugo Boss rose 6.6 percent, the biggest gainer in the STOXX 600, after a report that the holding company of Belgium''s richest man, Albert Frere, has taken a stake of nearly 3 percent and wants to increase it further. Mobile telecom equipment maker Ericsson advanced 4.4 percent on a media report saying that Cisco was open to larger acquisitions, while IT services group Capgemini added 3 percent after saying that it was targeting higher 2017 earnings. (Additional reporting by Danilo Masoni; Editing by Gareth Jones)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/europe-stocks-idUSL8N1G16JM'|'2017-02-17T00:08:00.000+02:00'
'000c43c0ef75413b4a3186ec625177a49e538170'|'PRESS DIGEST- The New York Times business news - Feb 16'|'Feb 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.- Union organizers fell far short on Wednesday in a bid to enlist workers at Boeing''s South Carolina facilities in what was widely viewed as an early test of labor''s strength in the Trump era. nyti.ms/2kV0SYp- The fast-food executive Andrew Puzder withdrew his nomination to be labor secretary on Wednesday as Republican senators turned sharply against him, the latest defeat for a White House besieged by infighting and struggling for traction even with a Republican-controlled Congress. nyti.ms/2kV7shy- Soon after Yahoo disclosed the first of two enormous data breaches that threatened to upend a $4.8 billion deal it had reached with Verizon Communications, the embattled company began to confront an unpleasant potential future. nyti.ms/2kV4KsD- Janet Yellen, the Federal Reserve chairwoman, sparred with House Republicans on Wednesday about the value of financial regulation and the effectiveness of monetary policy in a testy session that showed the gulf between the central bank and the conservatives who control Capitol Hill. nyti.ms/2kV7EgM (Compiled by Vishal Sridhar in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/press-digest-nyt-idINL4N1G12C7'|'2017-02-16T03:26:00.000+02:00'
'48712f793de7683f46ae9005b399448d513e48b1'|'BRIEF-Fred''s Pharmacy declares quarterly dividend of $0.06/shr'|' 56am EST BRIEF-Fred''s Pharmacy declares quarterly dividend of $0.06/shr Feb 16 Fred''s Inc * Fred''s Pharmacy declares quarterly cash dividend of $0.06 per share     BRIEF-Ferrari to launch "extreme performance" model at Geneva car show * will present the Ferrari 812 Superfast model at the Geneva auto show in March'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1G10JY'|'2017-02-16T19:56:00.000+02:00'
'1bfdb806b02451484dccae3b602de8de02f6529f'|'Austria to sue Airbus over suspected Eurofighter fraud - APA'|'Thu Feb 16, 2017 - 5:51am GMT Austria to sue Airbus over suspected Eurofighter fraud: APA The logo of Airbus group is pictured in Colomiers near Toulouse, France, January 11, 2017. REUTERS/Regis Duvignau VIENNA Austria''s defense ministry is set to file a lawsuit against Airbus ( AIR.PA ) accusing the group of wilful deception and fraud linked to a 2 billion euro ($2.1 billion) order of Eurofighter jets in 2003, APA news agency said on Thursday. A recently completed ministry investigation, to be released on Thursday, found that Airbus and Eurofighter misled Austria with fraudulent intent about the purchase price, according to APA, which did not cite any sources. (Reporting By Kirsti Knolle, Alexandra Schwarz-Goerlich, writing by Shadia Nasralla; Editing by Michael Shields) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-austria-airbus-group-idUKKBN15V0EX'|'2017-02-16T12:43:00.000+02:00'
'50b24b84acbd6332ce86351a80f1c12c0cd024b4'|'MIDEAST STOCKS - Factors to watch - Feb 16'|'Company News - Wed Feb 15, 2017 - 10:15pm EST MIDEAST STOCKS - Factors to watch - Feb 16 DUBAI Feb 16 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 stocks at 1-1/2 year highs on robust Wall St; dollar retreats * MIDEAST STOCKS-Gulf mostly firm, Egypt slips after breaking technical support * Oil prices steady on OPEC cuts, but record U.S. fuel stocks weigh * PRECIOUS-Gold prices rise as dollar gives up gains * Middle East Crude-Oman softens as Russian Urals heads to China * Egypt brokers Libya peace roadmap, but key figures fail to meet * Meeting Israel''s Netanyahu, Trump backs away from commitment to Palestinian state * Pentagon may recommend U.S. deploy combat troops in Syria -CNN * Palestinians tell Trump they are still committed to two-state solution * Iran aims for annual steel exports of 20-25 million tonnes by 2025 * U.S. commander expects tough battle in western Mosul * IranAir finalises deal to buy 20 ATR planes -report * U.N. chief says two-state Mideast solution is the only way * Syria talks in Kazakh capital delayed, delegations downgraded * Syrian Kurdish groups expect U.S. support, will fight any Turkish advance * Syrian government rejects report on Aleppo chemical weapons use * Ayatollah Khamenei criticises Iran''s president on economy ahead of vote * Libya''s oil output should rise to 1.2 mln bpd by August- NOC board member * Iran berates Total for delaying gas field development deal * Iran president eyes better ties with Gulf Arabs during trip * Turkish unemployment hits six-year high of 12.1 pct in Oct-Dec * State-owned Jordan Silos re-issues tenders to buy 25,000 T wheat EGYPT * USDA Attache Report: Egypt''s local wheat procurement policy increase farmers profits * As pound strengthens, Egypt adjusts customs exchange rate to 16 per dlr * Egypt''s GASC cancels vegoil purchase tender - trade * Al Baraka Bank Egypt recieves $25 mln deposit from Misr Insurance * Egypt hopes to reach gas market balance in 2018, to export by 2020 SAUDI ARABIA * Saudi''s SAFCO says will pay 1 riyal cash dividend for H2 UNITED ARAB EMIRATES * Talks by UAE fund seeking $6.5 bln from 1MDB deadlocked -sources * Dubai''s Majid Al Futtaim mandates banks for dollar bond -sources * Abu Dhabi in no rush to issue bond after Asian non-deal roadshow -sources * UAE says ambassador to Afghanistan dies of bomb attack wounds * Abu Dhabi bourse suspends trading in TAQA, Qatar''s Ooredoo QATAR * Hundreds of Uber drivers in Qatar go on strike after price cuts KUWAIT * Dubai bourse suspends trading in shares of Kuwait''s Agility BAHRAIN * Fitch Affirms Bahrain at ''BB+''; Outlook Stable (Reporting by Dubai Newsroom) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/mideast-factors-idUSL8N1G1058'|'2017-02-16T10:15:00.000+02:00'
'9358faadeaa704411e7dbac423ccb28e9c130dad'|'Aston Martin CEO expects return to profitability in 2018'|'By Allison Lampert - TORONTO TORONTO Feb 15 Aston Martin Holdings Ltd expects a return to profitability in 2018, as the now money-losing luxury automaker plans to boost revenues with renewed versions of its sports cars, chief executive Andy Palmer said on Wednesday.The British automaker, whose sports cars were popularized by James Bond films, is investing heavily to update existing models and develop several new vehicles through the end of 2019, including its first SUV, and the 2 million pound ($2.5 million) to 3 million pound ($3.7 million) Formula 1-inspired AM-RB 001, the most expensive new car ever built by Aston Martin."You''ve got a complete renewal during the course of 2018 of the sports cars," Palmer told Reuters on the sidelines of the Canadian International Auto Show in Toronto.Unlike other luxury sports car brands, which are part of mass-volume auto groups and can benefit from economies of scale, Aston Martin remains independent, Palmer said."We have to amortize the R&D (costs) on a small volume," he said. "That''s what justifies the car being expensive."The carbon fiber AM-RB 001, which is being developed with Red Bull Advanced Technologies for expected delivery in 2019, is using Canadian composite specialist Multimatic as a supplier, Palmer said. All 150 cars have been sold, with another 25 to be manufactured as a separate variant for the track.Palmer said one of Aston Martin''s highest volume models will be its DBX SUV, which when delivered in late 2019 would compete with the Bentayga produced by Bentley Motors Ltd, a division of the Volkswagen Auto Group.Pickups and SUVs accounted for 59.5 percent of U.S. auto sales in 2016, up from 55.8 percent in 2015, and North American appetite has prompted luxury makers such as Rolls Royce and Lamborghini to come out with new SUV models.Palmer said Aston Martin expects to build between 4,000 to 5,000 SUVs a year."We don''t want to go to big volume," he said. "It''s basically high price, low volume, exclusivity."Aston Martin, which is to publish its 2016 financial figures at the end of February, is held by Kuwait''s Tejara and Italy''s Investindustrial. The private equity firms hold an equal voting stake, he said.Daimler has a 5 percent stake in Aston Martin in return for access to certain technologies for connected and autonomous cars. ($1 = 0.8026 pounds) (Reporting by Allison Lampert; Editing by Denny Thomas and James Dalgleish)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/astonmartin-ceo-idINL1N1FZ2AV'|'2017-02-15T20:17:00.000+02:00'
'2fcd8cb924aa75d9a7134fa11e08cedc117af44b'|'ECB''s Weidmann says rolling back financial market regulation would be a mistake'|'Business News   9:52pm GMT ECB''s Weidmann says rolling back financial market regulation would be a mistake Jens Weidmann, President of German Bundesbank attends the Generation Euro Students'' Award ceremony at the European Central Bank (ECB) headquarters in Frankfurt June 20, 2012. REUTERS/Alex Domanski/File Photo BERLIN Bad loans triggered the global financial crisis a decade ago and it would be a mistake to roll back international regulation which has forced banks to build bigger buffers, ECB policymaker Jens Weidmann said in comments published on Wednesday. "An important lesson from (the financial crisis) was that the banks are now subject to stricter supervision and that they must have bigger capital buffers," Weidmann told Bild newspaper. "We must absolutely avoid a competition of deregulation," Weidmann said. U.S. President Donald Trump has ordered reviews of major banking rules that were put in place after the financial crisis. German Finance Minister Wolfgang Schaeuble said on Tuesday he would try to dissuade his U.S. counterpart Steven Mnuchin from deregulating the financial markets. (Reporting by Michael Nienaber)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ecb-weidmann-regulations-idUKKBN15U2R6'|'2017-02-16T04:52:00.000+02:00'
'bad38cae37fbfa64a5ae65bde606a250fb9cfcae'|'Actelion says J&J''s $280 per share offer to start March 3'|'ZURICH Feb 16 Actelion said on Thursday that Johnson & Johnson''s agreed tender offer for the Swiss biotechnology company''s shares is expected to start on March 3 and to run to March 30.The price is $280 per share, valuing Actelion at $30 billion. Shares of the new research and development company being spun out of Actelion for a Swiss listing will be distributed to Actelion shareholders as a stock dividend prior to settlement of tender offer, it said. (Reporting by John Miller; Editing by Michael Shields)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/actelion-results-idINASM0009HQ'|'2017-02-16T03:22:00.000+02:00'
'ef66eaff1f1a49aa14604e9d44ea9475a026c65a'|'RPT-Trump administration drafts plan to raise asylum bar, speed deportations'|'Company   7:00am EST RPT-Trump administration drafts plan to raise asylum bar, speed deportations (No changes to text) By Julia Edwards Ainsley WASHINGTON, Feb 18 The Department of Homeland Security has prepared new guidance for immigration agents aimed at speeding up deportations by denying asylum claims earlier in the process. The new guidelines, contained in a draft memo dated February 17 but not yet sent to field offices, directs agents to only pass applicants who have a good chance of ultimately getting asylum, but does not give specific criteria for establishing credible fear of persecution if sent home. The guidance instructs asylum officers to "elicit all relevant information" in determining whether an applicant has <20>credible fear<61> of persecution if returned home, the first obstacle faced by migrants on the U.S.-Mexico border requesting asylum. (Graphic: tmsnrt.rs/2m4aPAs ) Three sources familiar with the drafting of the guidance said the goal of the new instructions is to raise the bar on initial screening. The administration''s plan is to leave wide discretion to asylum officers by allowing them to determine which applications have a "significant possibility" of being approved by an immigration court, the sources said. The guidance was first reported and posted on the internet by McClatchy news organization. In 2015, just 18 percent of asylum applicants whose cases were ruled on by immigration judges were granted asylum, according to the Justice Department. Applicants from countries with a high rate of political persecution have a higher chance of winning their asylum cases. A tougher approach to asylum seekers would be an element of President Donald Trump''s promise to crackdown on immigration and tighten border security, a cornerstone of his election campaign and a top priority of his first month in office. The DHS declined to comment for this story, referring questions to the White House, which did not respond to a request for comment. WHAT IS "CREDIBLE FEAR"? Under the Immigration and Nationality Act, an applicant must generally demonstrate "a well-founded fear of persecution on account of race, religion, nationality, membership in a particular social group, or political opinion." Immigration lawyers say any applicants who appear to meet that criteria in their initial interviews should be allowed to make their cases in court. They oppose encouraging asylum officers to take a stricter stance on questioning claims and rejecting applications. Interviews to assess credible fear are conducted almost immediately after an asylum request is made, often at the border or in detention facilities by immigration agents or asylum officers, and most applicants easily clear that hurdle. Between July and September of 2016, U.S. asylum officers accepted nearly 88 percent of the claims of credible fear, according to U.S. Citizenship and Immigration Services data. Asylum seekers who fail the credible fear test can be quickly deported unless they file an appeal. Currently, those who pass the test are eventually released and allowed to remain in the United States awaiting hearings, which are often scheduled years into the future because of a backlog of more than 500,000 cases in immigration courts. Between October 2015 and April 2016, nearly 50,000 migrants claimed credible fear, 78 percent of whom were from Honduras, El Salvador, Guatemala or Mexico, according to statistics from USCIS. The number of migrants from those three countries who passed credible fear and went to court to make their case for asylum rose sharply between 2011 and 2015, from 13,970 claims to 34,125, according to data from the Justice Department. Former border patrol chief Mike Fisher credits that trend to advice from immigration lawyers who know "asylum officers are going to err on the side of caution and refer most cases to a judge." The new guidance on asylum seekers is for border personnel implementing Trump''s Jan. 25 executive or
'560dcd1c9e0da0285b7cf90e9ae4379a75a97f8b'|'Retailer Perfumania explores strategic alternatives: sources'|'By Jessica DiNapoli Perfumania Holdings Inc ( PERF.O ), a U.S. retailer with exclusive distribution rights to several Trump-branded colognes, has hired advisers to explore strategic alternatives, including a debt restructuring, people familiar with the matter said.The move comes as Perfumania, a major U.S. fragrance retailer, looks to address its debt pile amid declining traffic at malls.The Bellport, New York-based company is working with legal and financial advisers to explore options, including addressing its capital structure, according to the sources.The sources asked not to be identified because the negotiations are confidential. Perfumania did not respond to a request for comment.Perfumania recorded debt of approximately $164 million at Oct. 29 and $2.1 million in cash and cash equivalents.The company also plans to negotiate with landlords to exit some of its 313 standalone Perfumania shops in the United States, the sources said.Perfumania''s wholesale businesses, Parlux, holds the exclusive distribution rights to U.S. President Donald Trump''s fragrances Empire and Success, as well as daughter Ivanka Trump''s fragrance. The company''s portfolio also includes fragrances from celebrities such as Rihanna, Jessica Simpson and Jay Z.The Parlux fragrances are sold through regional and national department store chains, including Belk, Bon-Ton ( BONT.O ) and Macy''s ( M.N ). Other Perfumania fragrances are sold at offprice retailers including Kmart, Burlington Coat Factory [BCF.UL] and Wal-Mart ( WMT.N ).Perfumania''s financial struggles reflect the woes facing the rest of the retail industry. This month, Eastern Outfitters LLC, the holding company for sporting goods chain Eastern Mountain Sports and Bob''s Stores filed for bankruptcy, as did teen retailer Wet Seal. Healthier retailers such as Macy''s have announced plans to close hundreds of stores.Perfumania traced its declining sales to heavy discounting by retailers and falling traffic at its retail locations in lower-quality malls and tourist-dependent areas such as Puerto Rico and Florida.Perfumania''s sales shrunk by nearly 12 percent to $125 million in the quarter ended Oct. 29, driven by declines in its retail shop division.The company has been trying to turn around its business by promoting e-commerce sales and boosting its technology.(Reporting by Jessica DiNapoli in New York; Editing by Jeffrey Benkoe)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-perfumania-hol-debt-idINKBN15W1Z0'|'2017-02-17T14:28:00.000+02:00'
'13bd19008253dccdba7276663573034a044e1f87'|'CEE MARKETS-Warsaw stocks retreat after rally despite upbeat economic figures'|'* Warsaw stocks off 18-month high on profit taking * Zloty also retreats despite surge in output, retail sales * Czech central banker sees moderate price growth (Adds Polish economic data, analyst comments) By Sandor Peto and Bartosz Chmielewski BUDAPEST/WARSAW, Feb 17 Polish stocks retreated on Friday and other Central European markets trod water as investors took profits after a rally in equity markets across the region and the world. Warsaw''s bluechip stock index had fallen 1.4 percent by 1435 GMT, led by PKO BP bank, which retreated from 21-month highs and fell 1.6 percent. The index hit an 18-month high in the previous session when other indices in the region were already retreating from their highest levels since 2015, or from a record high in the case of Budapest. Thursday''s Polish rally was mainly driven by PKN Orlen and Lotos after Treasury Minister Henryk Kowalczyk floated the idea of merging the two partly state-owned refiners. Late on Thursday, Polish news agency PAP Quote: d an energy ministry statement as saying it was not analysing the potential consolidation of refiners. Vestor DM analyst Beata Szparaga said a merger could still be an option for the government even if the energy ministry was not working on a plan. PKN and Lotos, after initial further gains on Friday, joined the decline, falling 1.1 percent and 2.5 percent respectively. The zloty also reversed an early firming and shed 0.3 percent, leading the forint and the leu lower, despite robust January Polish industrial output and retail sales growth figures released during afternoon trade. Output growth jumped to 9 percent in annual terms and retail sales surged 11.4 percent, while the producer price index picked up to 4.1 percent from 3 percent in December. Erste group retains its forecast that the Polish central bank is unlikely to start to lift its record low 1.5 percent policy rate soon, analyst Katarzyna Rzentarzewska said in a note. "However, further improvement of growth outlook and continuous upward revision of inflation and growth path can make the MPC (Monetary Policy Council) members to reconsider its stance in the middle of the year," she added. One Budapest-based dealer said the forint was also weakened by expectations that the central bank will provide markets with additional forint liquidity at an FX swap tender on Monday The Czech crown stuck to 27.02 against the euro, just off the central bank''s cap on its value at 27. Its implied rate in forwards deals was also steady. Czech central bank governor Jiri Rusnok said late on Thursday that moderate price growth in the Czech economy was likely to continue and a suitable time would come for the central bank to exit safely from its weak crown policy. CEE SNAPSHOT AT 1535 CET MARKETS CURRENCIES Latest Previous Daily Change bid close change in 2017 Czech crown 27.0200 27.0245 +0.02% -0.05% Hungary 308.4500 307.6500 -0.26% 0.12% forint Polish 4.3285 4.3151 -0.31% 1.74% zloty Romanian 4.5250 4.5225 -0.06% 0.22% leu Croatian 7.4400 7.4425 +0.03% 1.55% kuna Serbian 123.8100 123.9000 +0.07% -0.37% dinar Note: daily calculate previous close at 1800 change d from CET STOCKS Latest Previous Daily Change close change in 2017 Prague 967.61 971.08 -0.36% +4.99% Budapest 33733.30 33745.02 -0.03% +5.41% Warsaw 2183.46 2215.36 -1.44% +12.09% Bucharest 7716.88 7711.84 +0.07% +8.92% Ljubljana 762.63 762.89 -0.03% +6.28% Zagreb 2191.10 2180.57 +0.48% +9.84% Belgrade <.BELEX15 709.89 708.82 +0.15% -1.04% > Sofia 600.38 594.18 +1.04% +2.38% BONDS Yield Yield Spread Daily (bid) change vs Bund change in Czech spread Republic 2-year <CZ2YT=RR -0.401 -0.009 +041bp +3bps > s 5-year <CZ5YT=RR 0.203 -0.051 +066bp -2bps > s 10-year <CZ10YT=R 0.646 -0.054 +033bp -2bps R> s Poland 2-year <PL2YT=RR 2.24 0.033 +305bp +7bps > s 5-year <PL5YT=RR 3.178 0.022 +363bp +6bps > s 10-year <PL10YT=R 3.83 -0.004 +352bp +3bps R> s FORWARD RATE AGREEMENT 3x6 6x9 9x12 3M interban k Czech Rep < 0.26 0.29 0.34 0
'd54ce254b004c18096fc30ec2997b55d2b7ead8d'|'IMF likely to contribute up to 5 billion euros to Greek bailout -Spiegel'|'Business News   2:51pm GMT IMF likely to contribute up to 5 billion euros to Greek bailout -Spiegel A Greek national flag flutters as the moon rises in Athens, Greece February 9, 2017. REUTERS/Alkis Konstantinidis - BERLIN The International Monetary Fund is likely to contribute up to 5 billion euros (<28>4 billion) to the third bailout package for Greece, German magazine Der Spiegel said in an unsourced report published on Friday. It said European lenders were now expecting a sum of this size after originally having hoped for 16 billion euros. The Fund''s involvement in the programme has been uncertain. Earlier on Friday, a German Finance Ministry spokeswoman said Berlin considered it essential that the IMF participate. The Spiegel report said the IMF now shared the view of European lenders that Greece should post a primary budget surplus of 3.5 percent of gross domestic product in order to get fresh aid. (Reporting by Michael Nienaber, editing by John Stonestreet) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eurozone-greece-imf-germany-idUKKBN15W1KM'|'2017-02-17T21:51:00.000+02:00'
'ac298521ee2d31bbcbdf7c79d68cb47b53fc5790'|'Mondelez International to close NZ Cadbury factory'|'Business News - Thu Feb 16, 2017 - 12:06am GMT Mondelez International to close NZ Cadbury factory FILE PHOTO - The logo of Mondelez International is pictured at the company''s building in Zurich November 14, 2012. REUTERS/Michael Buholzer/File Photo WELLINGTON International food giant Mondelez International Inc ( MDLZ.O ) said on Thursday it plans to shut its Dunedin Cadbury factory and shift production to neighbouring Australia, which takes most of New Zealand''s chocolate output. Staff were being consulted about plans to cut 250 jobs in the South Island town this year and another 100 in 2018, the company said in a statement. It was cheaper to use existing capacity in Australian factories to produce chocolate, given about 70 percent of the Dunedin factory''s output was shipped to Australia anyway. "We''re focused on becoming globally cost-competitive through increased production and investment in larger sites, while reducing costs," said Amanda Banfield, Mondelez vice-president for Australia, New Zealand and Japan. About 130 New Zealand office staff in Cadbury''s commercial and finance operations would be unaffected. The eighty-year-old factory site would continue to host chocolate-themed tourist centre "Cadbury World". Mondelez, a spin-off from Kraft Foods, in January announced it was selling iconic Australian spread Vegemite to Bega Cheese ( BGA.AX ) to focus on brands like Cadbury Dairy Milk, Oreo Biscuits and Philadelphia cream cheese. (Reporting by Charlotte Greenfield; Editing by Stephen Coates)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-mondelez-intl-newzealand-idUKKBN15V00E'|'2017-02-16T07:06:00.000+02:00'
'7c084063fcf0039576371ade5870a051882d1466'|'UPDATE 1-Slovenia''s Krsko nuclear plant halted'|'Company News  51am EST UPDATE 1-Slovenia''s Krsko nuclear plant halted (Updates with background) LJUBLJANA Feb 16 Slovenia''s sole nuclear power plant Krsko (NEK) automatically halted operations on Thursday after detecting an as yet undiagnosed irregularity, NEK spokeswoman Ida Novak Jerele told Reuters. The plant is stable and all security systems operated well, she said. The plant, which was built in cooperation with U.S. firm Westinghouse, now part of Japan''s Toshiba Corp, started operating in 1982 and is jointly owned by Slovenia and its neighbour Croatia. Last year the two countries prolonged its lifespan by 20 years to 2043. Regular maintenance of the plant, which takes place every 18 months, was completed in November. (Reporting by Marja Novak; editing by David Goodman and Jason Neely) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/slovenia-nuclear-idUSL8N1G12SF'|'2017-02-16T16:51:00.000+02:00'
'cc502d9aee9c449e8423a644408c824d9cefe525'|'UPDATE 1-MPLX files with U.S. agency to expand Ozark pipeline'|'(Adds information on pipeline, background)Feb 16 MPLX LP filed a petition with the Federal Energy Regulatory Commission on Wednesday seeking permission to expand the 230,000 barrel per day (bpd) Ozark crude pipeline.MPLX expects the commission to act by May 10, so that the additional capacity on the Cushing, Oklahoma to Wood River, Illinois, pipeline could be in service in the second quarter of 2018.The expansion will increase the total capacity by 115,000 bpd to 345,000 bpd, the filing said. In 2016, there were 19 active shippers on the pipeline.On Monday, an MPLX subsidiary agreed to purchase the Ozark pipeline, currently owned by Enbridge Inc, for about $220 million.MPLX is a master limited partnership formed in 2012 by Marathon Petroleum Corporation, according to its website. In 2015, it bought MarkWest Energy Partners, a deal that made it the fourth-largest MLP by market value in the United States. (Reporting by Eileen Soreng in Bengaluru and Catherine Ngai in New York; Editing by Jeffrey Benkoe and W Simon)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/mplx-ozark-ferc-idINL1N1G10XS'|'2017-02-16T12:23:00.000+02:00'
'2a2922b3f9caa14989d2fafe7a833df0b48acf94'|'Hedge fund TCI says has support in battle against Safran-Zodiac deal'|'By Matthieu Protard - PARIS PARIS Hedge fund operator TCI Fund Management said on Thursday it had the support of several other investment firms in its protest against aero engines maker Safran''s agreed bid for seats manufacturer Zodiac Aerospace."We have received support from several American and European funds. But we are not looking to act in concert with them," said TCI partner Jonathan Amouyal, speaking to Reuters by telephone."We are in contact with a lot of shareholders. There aren''t that many who disagree with us," added Amouyal, who declined to name the other investment firms that backed TCI''s position.Earlier this week, TCI wrote to France''s AMF market regulator to protest against the $9 billion Safran-Zodiac deal, which has been agreed upon by the two companies and has the backing of several major investors in both groups.TCI says that Safran is paying too much for Zodiac, and says minority shareholders should have more information on the deal and more room to express their views on it.A Safran spokeswoman said the company had no comment to make regarding TCI''s position.Zodiac is controlled by various French families, including those of its chairman and the Peugeot carmaking dynasty.The French government has also backed the deal, with France owning around 14 percent of Safran.Safran management and other employees hold around 12 percent of Safran''s share capital, while the French state and Safran employees together account for around 40 percent of the voting rights of Safran shareholders.TCI Fund owns about 3.87 percent of Safran''s capital.Shares in Safran were down 1.9 percent at 64.80 euros at 1424 GMT, when shares in Zodiac were down 1.1 percent.Analysts at Bernstein downgraded their rating on Safran shares to "market-perform" from "outperform", saying they saw limited scope for Safran''s share price to outperform until the deal with Zodiac was closed.(Additional reporting by Sudip Kar-Gupta; Editing by Greg Mahlich)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-zodiac-aero-m-a-safran-idINKBN15V1WS'|'2017-02-16T11:42:00.000+02:00'
'b5967be641cb6b189ddfc3968bdbe249669557c3'|'UPDATE 2-Dean Foods profit forecast misses on weak milk demand'|'Thu Feb 16, 2017 - 9:22am EST Dean Foods quarterly profit misses on low milk demand Dean Foods Co ( DF.N ) forecast first-quarter earnings well below analysts'' estimates due to weak demand for milk and higher investments in a recently announced joint venture to expand its organic milk business. Shares of the largest U.S. dairy processor were down 7 percent in premarket trading on Thursday. Dean Foods formed a joint venture with America''s largest cooperative of organic dairy farmers, CROPP, in November to process and supply organic milk. However, the company said earnings from the joint venture are expected to be minimal in 2017. Milk consumption has been falling in the United States, in part due to years of high prices amid a drought-induced supply deficit and shifting consumer preferences towards lower fat alternatives such as juices and vitamin water. Milk volume sales fell 0.8 percent in the fourth quarter ended Dec. 31, while raw milk prices dropped 2 percent, the owner of DairyPure and Meadow Gold milk said. The company forecast adjusted profit of 12-20 cents per share for the first quarter. Analysts on average expected earnings of 40 cents, according to Thomson Reuters I/B/E/S. Net income rose to $32.83 million, or 36 cents per share, in the latest quarter from $18.48 million, or 20 cents per share, a year earlier. Excluding items, the company earned 38 cents per share, missing the analysts'' average estimate of 41 cents. Net sales were little changed at $2.02 billion, marking eight quarters of no revenue growth. (Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by Savio D''Souza and Anil D''Silva) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-dean-foods-results-idUSKBN15V1NF'|'2017-02-16T22:43:00.000+02:00'
'bfc9c2d8bc12c298d9d63d31de7479e80fbd5fc1'|'Alexion Pharma''s revenue rises 18.5 pct'|' 38am EST Alexion Pharma''s revenue rises 18.5 percent Alexion Pharmaceuticals Inc ( ALXN.O ) reported an 18.5 percent rise in fourth-quarter revenue, helped by demand for its costly rare blood disorder drug Soliris. The biotechnology company, which announced the resignations of its chief executive and chief financial officer in December, said total revenue rose to $831 million from $701 million, a year ago. The company''s net income rose to $93 million, or 41 cents per share, in the quarter ended Dec. 31, from $67 million, or 29 cents per share, a year earlier. (Reporting by Natalie Grover in Bengaluru; Editing by Saumyadeb Chakrabarty) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-alexion-pharms-results-idUSKBN15V1CY'|'2017-02-16T18:37:00.000+02:00'
'7684a5571b2cc7bda94acde0e0532f28c132e127'|'BRIEF-Barrick Gold Corp files for mixed shelf of up to $4 bln'|'Company  33pm EST BRIEF-Barrick Gold Corp files for mixed shelf of up to $4 bln Feb 16 (Reuters) - * Barrick Gold Corp files for mixed shelf of up to $4 billion - SEC filing Source text: ( bit.ly/2kO39C5 ) Next In Company News UPDATE 1-U.S. mortgage rates fall in latest week -Freddie Mac (Recasts first paragraph; adds background, table, graphics) NEW YORK, Feb 16 U.S. mortgage rates fell in the latest week even as bond yields rose on upbeat U.S. economic data and Federal Reserve Chair Janet Yellen''s hint of a possible faster pace of interest rate increases, according to mortgage finance agency Freddie Mac on Thursday. The borrowing cost on 30-year mortgages, the most widely held type of U.S. home loan, averaged 4.15 percent in the week ended Feb. 16, down 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/idUSFWN1G10VI'|'2017-02-17T00:33:00.000+02:00'
'bf1c895c04d0edb85a1dae9b182f36fec8527c79'|'Victoria to spend $5m in Australia''s first social enterprise strategy - Guardian Sustainable Business'|'The Victorian government is committing $5m to help develop the social enterprise sector <20> which is made up of businesses that exist to fund social projects. Victoria is a centre of social enterprise, home to a quarter of the country<72>s 20,000 social enterprises, such as the Thankyou Group (bottled water and other grocery items), STREAT (homelessness and unemployment) and Green Collect (recycling).Social enterprises act as an alternative to using government funding or charities to deal with social problems. Instead, they provide goods or services with the intention of being profit-making businesses.Those profits are then directed towards issues such as unemployment, the environment, disability, poverty, homelessness, integration of new immigrants and other areas of disadvantage.Primary funding: the social enterprise turning profit into pencils for schoolchildren Read more The minister for industry and employment, Wade Noonan, says a key part of the new strategy is to use the state government<6E>s purchasing power to benefit the sector. A new social procurement framework will allow government contracts to buy from social enterprises. This already happens to some extent but in a piecemeal way: the Level Crossing Removal Authority , for example, requests that all tenders include a <20>social procurement plan<61>.As such, the project to remove two level crossings at Bayswater has sourced its 90,000 plants for landscaping from Yarra View Nursery, which employs 100 people (a high proportion of whom have a disability).<2E>In many respects, that will act as a model for further work that we can do as a government,<2C> Noonan says.As a result of Yarra View Nursery<72>s work at Bayswater, other level-crossing removal projects and the $5.5bn Western Distributor river crossing project will have social procurement plans. The Victorian government allocated $2.4bn in its 2015-16 budget to remove at least 20 dangerous level crossings by 2018.<2E>Beyond that, part of the [new] strategy is to develop a whole-of-government social procurement framework in relation to government projects,<2C> Noonan says. <20>We want to embed this as part of our procurement activities.<2E>The state government will spend its $5m allocation (from the $53m Jobs Victoria Employment Network) on eight key initiatives including: establishing a new social enterprise network across Victoria to better connect the sector; building an online market to connect buyers with social enterprises; and offering training opportunities and support for more than 100 social enterprises to expand their business.Noonan says government assistance will help raise the profile of social businesses, which are generally small in size, employing fewer than 200 people each. <20>They are not large and they don<6F>t have a depth of resources that other businesses might have.<2E><>[Social enterprises] are quite happy to compete on price but where they would look for government to provide a level of support is assisting in the networking, in building capacity and providing training.<2E>Noonan says while the federal government and other states and territories have had grants and funds to encourage social enterprises, Victoria is the first to offer a comprehensive strategy. <20>[Before this] there has been no whole-of-government social enterprise strategy <20> which is quite surprising since available research suggests there are about 20,000 social enterprises in Australia,<2C> he says.The sector is also fast-growing: more than 50% of social enterprises were established in the past five years. Sparking change: social enterprise serves up feminism with beer and fashion Read more One of the driving forces in Victoria is Social Traders, a not-for-profit company set up in 2008 to support and develop the sector with seed funding from the Victorian government and the philanthropic organisation the Dara Foundation. The managing director of Social Traders, David Brookes, has said he is excited about the way the 
'd950e8e5d0eed2fb179be3584f8b39aa6bfb0dc5'|'Freeport Indonesia mine operations "stopped completely" -union chief'|'Company News - Thu Feb 16, 2017 - 1:43am EST Freeport Indonesia mine operations "stopped completely" -union chief JAKARTA Feb 16 All work has stopped at the giant Grasberg copper mine in Indonesia, operated by the local unit of Freeport McMoRan Inc, a worker union said on Thursday, just over one month after the country halted exports of copper concentrate. "Everything has stopped completely. It''s just maintenance now," Freeport Indonesia worker union chief Virgo Solossa told Reuters, stopping short of saying how many of an estimated 33,000 workers were still on the job. Thousands of workers planned to stage a demonstration in Papua, the province where the mine is located, on Friday to demand that the government "make a wise decision" regarding their situation, Solossa said. (Reporting by Fergus Jensen)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/indonesia-freeport-output-idUSJ9N1EZ02Q'|'2017-02-16T13:43:00.000+02:00'
'c61311cc18c223dcabb5aa60bcafde68e74b0fa3'|'BRIEF-Exelixis announces phase 1 trial results for cabozantinib in combination with nivolumab with or without ipilimumab'|'  5:07pm EST BRIEF-Exelixis announces phase 1 trial results for cabozantinib in combination with nivolumab with or without ipilimumab Feb 17 Exelixis Inc * Exelixis announces phase 1 trial results for cabozantinib in combination with nivolumab with or without ipilimumab in refractory metastatic urothelial carcinoma and other genitourinary tumors * Exelixis Inc - Recommended doses for ongoing expansion cohorts and future potential trials identified for doublet and triplet combinations * Exelixis - Data from Part II also demonstrate that using cabozantinib with two immunotherapy agents is well-tolerated with promising early activity Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-exelixis-announces-phase-1-trial-r-idUSASB0B12O'|'2017-02-18T05:07:00.000+02:00'
'8a26ccf98609cb5628db6a860134a98f55db891b'|'ECB''s Lautenschlaeger - if inflation rise persists, rate hike should come this year'|'Business News - Sat Feb 18, 2017 - 5:37pm GMT ECB''s Lautenschlaeger: if inflation rise persists, rate hike should come this year European Central Bank (ECB) executive board member Sabine Lautenschlaeger attends at a news conference at the ECB in Frankfurt October 26, 2014. REUTERS/Ralph Orlowski BERLIN European Central Bank board member Sabine Lautenschlaeger has said the ECB should raise interest rates before the end of the year if euro zone inflation establishes itself at the ECB''s target level. In an interview with German Deutschlandfunk radio to be aired on Sunday, Lautenschlaeger urged patience to see if inflation remained at the ECB''s target of just under 2 percent. Euro zone consumer prices were up by an annual 1.8 percent in January, the highest rate since February 2013, according to a Eurostat estimate, after 1.1 percent in December. "Has inflation returned just because we''ve had one month of that kind of inflation?" Lautenschlaeger said. "I''m very pleased to say, quite honestly, that we''re close to our target of just under 2 percent. But what''s important for me is that it''s not a temporary, ephemeral outlier on the upside. "For January, we don''t yet know for sure. For December, it was largely due to energy prices and the so-called basis effect ... and, hold onto your hats, due to holidays booked by German tourists. "So it''s really important to ascertain that there is a trend, that the inflation has really returned," she added. "So let''s wait a few months so that we can be sure ... "If inflation rates continue as they were in January, then I would not want to wait until next year." Other data this week showed prices rising in Germany, France and Spain, three of the bloc''s four biggest economies. But euro zone core inflation, the ECB''s focus, which excludes volatile prices of energy and unprocessed food, was unchanged in January at 0.9 percent. Lautenschlaeger also said that she was hoping the ECB could "return as quickly as possible to a normalization from the very expansive monetary policies". A premature increase in interest rates would be counterproductive and could force the ECB to respond with even stronger measures, she said. (Reporting by Erik Kirschbaum; Editing by Kevin Liffey) Next In Business News China says policies unaffected by Trump plan to bring factories back to U.S. SHANGHAI China is closely following U.S. President Donald Trump''s plans to create more domestic jobs by encouraging U.S. companies to bring home or "reshore" their overseas production, but the government will not change its overall strategy, Industry Minister Miao Wei said on Friday.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-ecb-policy-lautenschlaeger-idUKKBN15X0N3'|'2017-02-19T00:34:00.000+02:00'
'732c6994ece6712acf84637e9dc4f8954a5f65c9'|'Brazil''s Usiminas reports Q4 net loss of 195 mln reais'|'Company  11am EST Brazil''s Usiminas reports Q4 net loss of 195 mln reais BRASILIA Feb 17 Brazilian steelmaker Usiminas on Friday reported a fourth-quarter net loss of 195 million reais ($63.13 million) versus a net loss of 1.6 billion a year earlier. The company reported adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of 234 million reais. ($1 = 3.0889 reais) (Reporting by Stephen Eisenhammer; editing by Jason Neely) Next In Company News GLOBAL MARKETS-World stocks lose momentum after record-breaking week LONDON, Feb 17 Global equity markets were set to end the week on a softer footing on Friday, after setting record highs in the previous two sessions, as investors looked for clarity on U.S. President Donald Trump''s policies on tax and trade.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usiminas-results-idUSE5N19901N'|'2017-02-17T17:11:00.000+02:00'
'031c40f5d215e528644c775e9c66aa99a6d684f1'|'HNA Group takes just over 3 percent stake in Deutsche bank'|'Money   5:53pm IST HNA Group takes just over 3 percent stake in Deutsche bank The head quarters of Germany''s Deutsche Bank are photographed early evening in Frankfurt, Germany, January 31, 2017. REUTERS/Kai Pfaffenbach/Files FRANKFURT HNA Group has taken a stake of just over 3 percent in German flagship lender Deutsche Bank, a regulatory filing showed on Friday. HNA held 3.04 percent in Deutsche Bank via vehicle Hainan Jiaoguan Holding Co as of Feb. 15, according to the filing. (Reporting by Maria Sheahan; Editing by Harro ten Wolde) Next In Money News India may soon allow institutions to trade commodity futures - SEBI chief MUMBAI India could start allowing institutional investors to trade in its annual $1 trillion commodity futures market as soon as in a month, the head of the country''s capital markets regulator said on Friday, as the government targets deepening of the market. Full start of Reliance petchem will halt heavy exports NEW DELHI/SINGAPORE India''s Reliance Industries, owner of the world''s biggest refining complex, will halt heavy naphtha exports in 2017/18 after the full-scale start-up of its 2.2 million tonnes per year (tpy) paraxylene plant, four people with   said. MUMBAI The RBI governor said it needs to look beyond recent muted headline inflation figures and focus on trends in core inflation, which excludes more volatile food and fuel prices. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/deutsche-bank-shareholders-hna-idINKBN15W18S'|'2017-02-17T19:23:00.000+02:00'
'6bfe1064b4d133c63005cb30ed22c39d5c80b6ee'|'BRIEF-Dr Pepper Snapple Group reports Q4 and full year 2016 results'|' 52am EST BRIEF-Dr Pepper Snapple Group reports Q4 and full year 2016 results Feb 14 Dr Pepper Snapple Group Inc - * Q4 net sales $ 1,578 million versus $1,546 million a year ago * Sees fy organic volume growth of approximately 1 pct * Reports fourth quarter and full year 2016 results * Q4 core earnings per share $1.04 * Q4 earnings per share $0.90 * Q4 earnings per share view $1.06 -- Thomson Reuters I/B/E/S * Sees expects capital spending to be approximately 3 percent of net sales for 2017 * Sees net sales growth of about 4.5 pct for 2017 * Repurchases of its common stock of $450 million to $500 million for 2017 * Foreign currency translation and transaction are expected to reduce core eps by $0.11 in 2017 * Company expects "strong" free cash flow, capable of funding both 9.4 pct dividend increase and repurchases of common stock * Recent events affecting mexico have created uncertain economic and consumer environment leading co to reduce 2017 core EPS expectation * Non-cash purchase price accounting adjustments related to BAI deal expected make acquisition $0.10 dilutive to core EPS for year  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSASB0B04T'|'2017-02-14T20:52:00.000+02:00'
'5651b41b092edcf4f27f985569384af23248bfeb'|'Exclusive - GM''s Opel and PSA Group in merger talks: sources'|'Business News - Tue Feb 14, 2017 - 11:02am GMT Exclusive - GM''s Opel and PSA Group in merger talks: sources left right Cars are lined up on a parking lot of French car maker PSA Peugeot-Citroen, Europe''s No. 2 automaker by volume, in Markolsheim, near Colmar, eastern France, September 7, 2012. REUTERS/Vincent Kessler 1/2 left right The GM logo is seen in Warren, Michigan, U.S. on October 26, 2015. REUTERS/Rebecca Cook/File Photo - 2/2 By Pamela Barbaglia and Edward Taylor - LONDON/FRANKFURT LONDON/FRANKFURT General Motors ( GM.N ) and PSA Group ( PEUP.PA ) are in advanced discussions to combine the French carmaker with GM''s European Opel business, two sources with knowledge of the matter told Reuters on Tuesday. If concluded successfully, the talks could lead to a merger of German-based Opel with PSA, the sources said. A deal may be announced within days, the sources said. GM and PSA, the maker of Peugeot, Citroen and DS cars, already share production of SUVs and minivans, a relic of a previous attempt to forge a broader alliance that was unwound in 2013 with the sale of GM''s stake in the French carmaker. A PSA spokesman confirmed that the company was in talks with the U.S. carmaker to deepen their partnership. "We are in discussions with Opel to expand upon our existing projects," Bertrand Blaise said. He declined further comment. Spokespeople for Opel and the French government, which holds 14 percent of PSA, had no immediate comment. A spokesman for the Peugeot family, which holds a matching stake in the comment, was not immediately available. (Additional reporting by Gilles Guillaume and Laurence Frost; Writing by Laurence Frost; Editing by Keith Weir) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-opel-m-a-psa-exclusive-idUKKBN15T1AJ'|'2017-02-14T18:02:00.000+02:00'
'5f0a27521963c294ae1c7d0708850981f0684f63'|'Sun Pharma Q3 profit falls nearly 5 percent; below estimates'|'MUMBAI India''s largest drugmaker Sun Pharmaceutical Industries Ltd''s third-quarter profit fell below analysts'' estimates due to slower sales in the United States, its largest market.Sun''s net profit for the October-December period fell to 14.72 billion rupees ($219.87 million) from 15.45 billion rupees a year earlier. Analysts on average expected a profit of 17.83 billion rupees, according to Thomson Reuters I/B/E/S.Sun said quarterly U.S. sales rose 4 percent over the year earlier. The company''s U.S. subsidiary Taro Pharmaceutical Industries Ltd last week reported third-quarter sales down 15 percent over the last year.($1 = 66.9500 rupees)(Reporting by Zeba Siddiqui in Mumbai; Editing by Himani Sarkar and Vyas Mohan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/sun-pharma-results-idINKBN15T18Q'|'2017-02-14T07:43:00.000+02:00'
'0d58668956e16dcb1731e2e822b29040f4c70cbc'|'PRESS DIGEST- Financial Times - Feb 14'|'Company News - Mon Feb 13, 2017 - 7:55pm EST PRESS DIGEST- Financial Times - Feb 14 Feb 14 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/2lJVw0D Overview GlaxoSmithKline Plc said its new HIV treatment would be "less harmful" than current therapies, as it unveiled clinical trial results for a two-drug cocktail designed to reduce the amount of medicine that patients must take each day. Glencore Plc announced a $960 million deal to buy Israeli billionaire Dan Gertler out of two of the mining-cum-trading company''s copper and cobalt operations in the Democratic Republic of Congo. BAE Systems Plc is set to confirm that Ian King will be succeeded as chief executive this year by Charles Woodburn, the former oil services executive hired by the defence company in 2016 as chief operating officer. The United States said Venezuelan Vice President Tareck El Aissami was an international drug trafficker who had facilitated multiple one-ton narcotics shipments to Mexico and the United States, and it froze millions of dollars worth of his U.S.-based wealth. (Compiled by Abinaya Vijayaraghavan in Bengaluru; Editing by Sandra Maler) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-press-ft-idUSL4N1FZ05M'|'2017-02-14T07:55:00.000+02:00'
'dfa835390cf977918fc09c073b9fadb9418a96ad'|'UPDATE 1-Actelion, being bought by J&J, says FY core net income rose 27 pct'|'(Adds core net income figures, comment from CEO)ZURICH Feb 14 Swiss drugmaker Actelion''s 2016 core net income rose 27 percent on accelerating sales of its newer medicines to treat deadly pulmonary arterial hypertension (PAH), it said on Tuesday.Core net income rose to 881 million Swiss francs ($877.8 million) from 693 million francs in the previous year, the company said in a statement.Sales rose 18 percent to 2.42 billion francs, in line with the 2.41 billion francs expected in a Reuters poll.Actelion reported that sales of its new drug Opsumit for PAH rose 57 percent to 831 million francs, while Uptravi booked 245 million francs in its first year after launch, more than making up for slumping sales of its once-mainstay Tracleer after patent expiration.Europe''s biggest biotech sold itself for $30 billion to U.S. healthcare giant Johnson & Johnson this year, in a deal that will also create a new research and development company to be overseen by Actelion Chief Executive Jean-Paul Clozel."Our current PAH portfolio and our late-stage pipeline will have expanded potential as part of Johnson & Johnson," Clozel said. "With the creation of a new R&D company we also have the opportunity to realize the value potential we have created with our discovery engine and early-stage pipeline."($1 = 1.0037 Swiss francs) (Reporting by John Miller; Editing by Michael Shields)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/actelion-results-idINL8N1FZ0W4'|'2017-02-14T03:48:00.000+02:00'
'71c719a28110745e2b5623cd605d4075440736f2'|'South Korea prosecution to decide on Samsung chief arrest warrant by Wednesday'|'Business News   6:44am GMT South Korea prosecution to decide on Samsung chief warrant by Wednesday FILE PHOTO - Samsung Group chief, Jay Y. Lee, leaves after attending a court hearing to review a detention warrant request against him at the Seoul Central District Court in Seoul, South Korea, January 18, 2017. REUTERS/Kim Hong-Ji/File Photo By Se Young Lee and Ju-min Park - SEOUL SEOUL South Korean special prosecutor''s office will decide no later than Wednesday whether to request an arrest warrant for Samsung Group [SAGR.UL] chief Jay Y. Lee, a suspect in a graft investigation that may topple President Park Geun-hye. Lee, third-generation leader of the country''s top conglomerate, was questioned for more than 15 hours after being summoned by the special prosecution on Monday. He is accused of pledging payments to a company and organisations backed by Park''s confidant, Choi Soon-sil, to win support for a 2015 merger of two Samsung affiliates. [L4N1FY068] "There will be a decision on whether to make another arrest warrant request for him between today and tomorrow," special prosecutor''s office spokesman Lee Kyu-chul told reporters on Tuesday in a briefing. The office will decide at the same time on whether to seek arrest warrants for four other Samsung Group executives identified as suspects in its investigation. A Samsung Group spokeswoman declined to comment. Park was impeached by parliament in December after accusations that she colluded with her long-time friend, Choi, to pressure big businesses to donate to two foundations set up to back the president<6E>s policy initiatives. Both women deny wrongdoing. Park, 65, and the daughter of a former military ruler, remains in office but has been stripped of her powers while the Constitutional Court decides whether to uphold the impeachment. If the court rules to uphold the impeachment vote, Park would be South Korea''s first elected leader to be forced from office and a presidential election would be held. The special prosecutor has focussed on Samsung Group''s relationship with Park, accusing Lee in his capacity as Samsung chief of pledging 43 billion won to win support for the 2015 merger of Samsung C&T Corp and Cheil Industries Inc. Lee, 48, has denied wrongdoing. Last month, a court rejected the prosecution''s first request for an arrest warrant for the Samsung chief. The office on Tuesday declined to comment on whether it had any new evidence against him or other Samsung executives. Proving illicit dealings between Park, or those linked to her, and the Samsung Group is critical for the special prosecutor''s case that ultimately targets Park, analysts have said. Prosecution spokesman Lee said the office had told parliament it needed to extend the investigation period. The office can seek a 30-day extension to its current deadline of Feb. 28. The office of acting president Hwang Kyo-ahn, who must sign off on any such extension, could not be immediately reached for comment. (Reporting by Se Young Lee and Ju-min Park; Editing by Simon Cameron-Moore, Robert Birsel) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-southkorea-politics-samsung-group-idUKKBN15T0HZ'|'2017-02-14T13:05:00.000+02:00'
'ef4f07c01bce6b2eee14f126498d854fd9ca54ac'|'Greek economy contracts 0.4 percent in fourth quarter'|' 20am GMT Greek economy contracts 0.4 percent in fourth quarter The moon rises next to a fluttering Greek national flag in Athens, Greece February 9, 2017. REUTERS/Alkis Konstantinidis - RTX30BVX ATHENS Greece''s economy shrank by 0.4 percent in October-to-December compared to the third quarter when gross domestic product grew by an upwardly revised 0.9 percent, the country''s statistics service (ELSTAT) said on Tuesday. The seasonally adjusted data showed the economy grew at an annual 0.3 percent pace in the fourth quarter, at a much slower clip than in the third quarter, when it expanded by an upwardly revised 2.2 percent. (Reporting by George Georgiopoulos and Angeliki Koutantou)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eurozone-greece-gdp-idUKKBN15T153'|'2017-02-14T17:20:00.000+02:00'
'56ea780bb4ccf8423e34ca7e0fbb079fec38d8de'|'Unions Are Losing Their Decades-Long <20>Right-to-Work<72> Fight'|'Last year the total share of U.S. workers who belong to a union fell to 10.7 percent, a record low. That number could go a lot lower in the next few years. Following decades of declining membership, unions face an existential crisis as right-to-work laws being pushed at state and federal levels would ban their ability to collect mandatory fees from the workers they represent, a key source of revenue for organized labor.Once largely confined to the conservative South, right-to-work is encroaching on unions<6E> longtime strongholds in the North and Midwest and, pending a U.S. Supreme Court ruling, could soon cover a majority of the unionized workforce in the U.S. Following a 47-year lull, six states in five years have passed right-to-work laws. <20>The South is clearly winning this particular civil war,<2C> says University of California at Santa Barbara historian Nelson Lichtenstein.Data: National Right to Work Committee In their first weeks in office, the new Republican governors of Kentucky and Missouri have already signed right-to-work laws, making them the 27th and 28th states, respectively, to ban mandatory union fees. By Feb. 16, New Hampshire<72>s House of Representatives will vote on a proposal, endorsed by the state<74>s Republican governor and already approved by its Senate, to become the first right-to-work state in the Northeast. In Iowa, where right-to-work is already the law, Republicans are looking to further curb unions<6E> power with a bill restricting public employees<65> collective bargaining rights.Data: National Right to Work Committee <20>Organized labor<6F>it<69>s really the man behind the curtain in The Wizard of Oz ,<2C> says Matt Patterson, who directs Americans for Tax Reform<72>s Center for Worker Freedom, an anti-union nonprofit. <20>People aren<65>t scared of them the way they used to be.<2E> Right-to-work is now the law in almost every state where Republicans control the governorship and the state legislature. The only exception other than New Hampshire is Ohio, where a sweeping anti-union law was successfully overturned by a referendum in 2011.The most expansive change is likely to come from the Supreme Court, whose 5-4 conservative majority will be restored if the Senate confirms Neil Gorsuch to fill Justice Antonin Scalia<69>s seat. Before Scalia<69>s death last year, unions were bracing for a likely defeat in Friedrichs v. California Teachers Association , a case brought by teachers and conservative groups who argued that mandatory union fees violate government employees<65> constitutional rights. Without Scalia, that case deadlocked at 4-4, but several similar suits are pending in lower courts.Labor leaders expect the issue could reach the Supreme Court in time for a ruling this year, making right-to-work the law of the land for the entire public sector, which employs about half the 14.6 million U.S. union members. <20>There<72>s not a doubt in my mind that the clock is ticking on that one,<2C> says Greg Junemann, president of the International Federation of Professional & Technical Engineers. Service Employees International Union President Mary Kay Henry, who before Scalia<69>s death said her union was preemptively <20>preparing to become a voluntary organization,<2C> sent staff a memo after Donald Trump<6D>s election win announcing that the union would plan for a 30 percent cut in its budget, almost all of which comes from dues and fees.Unions have been trying to get ahead of the challenge. Since 2013 staff members and activists from the 1.6 million-strong American Federation of State, County, and Municipal Employees have conducted 600,000 one-on-one conversations with workers covered by AFSCME contracts. AFSCME officials say they reached a sobering conclusion in 2015 about how the workers it represents might behave under right-to-work: While roughly 35 percent would likely pay dues no matter what, about half could be <20>on the fence.<2E> The remaining 15 percent or so would likely not pay dues under right-to-work. <20>We<57>ve found that at times we were treating a
'ca43ec0bb0e8b92ece444a673e1a0d6cab64f157'|'EMERGING MARKETS-Latam currencies slip on global profit-taking'|' 15pm EST EMERGING MARKETS-Latam currencies slip on global profit-taking (Updates prices) By Bruno Federowski SAO PAULO, Feb 17 Latin American stocks and currencies fell on Friday as profit-taking in global equities following a recent rally triggered risk aversion. Signs of strength in the U.S. economy and bets on lower corporate taxes under President Donald Trump have lifted U.S. stocks to all-time highs in recent weeks. Traders booked profits from that rally on Friday ahead of the U.S. Presidents Day holiday on Monday, dampening demand for higher-risk assets. Currencies from oil-heavy economies, Colombia and Mexico, slipped as crude futures declined on concerns over global oversupply. The Brazilian real slid for a second day in a row after hitting its highest in more than 1-1/2 years. Brazil''s benchmark Bovespa stock index dipped slightly after hitting its highest in five years this week. Shares in Rumo Log<6F>stica Operadora Multimodal SA, Brazil''s largest rail operator, sank after a larger-than-expected decline in operating profit. Airline Gol Linhas A<>reas Inteligentes SA, which is part of the index, rose to a two-year high as a stronger currency and lower borrowing costs helped it post a smaller-than-expected fourth-quarter loss. Key Latin American stock indexes and currencies at 2045 GMT: Stock indexes Latest Daily YTD pct pct change change MSCI Emerging Markets 937.75 -0.83 9.67 MSCI LatAm 2,627.56 -1.31 13.74 Brazil Bovespa 67,748.42 -0.1 12.49 Mexico IPC 47,179.21 -0.24 3.37 Chile IPSA 4,349.97 -0.31 4.78 Chile IGPA 21,709.15 -0.2 4.70 Argentina MerVal 19,681.34 0.6 16.33 Colombia IGBC 10,005.37 -0.37 -1.21 Venezuela IBC 35,035.80 0.3 140.16 Currencies Latest Daily YTD pct pct change change Brazil real 3.1019 -0.32 27.24 Mexico peso 20.4360 -0.30 -15.69 Chile peso 644.4 -0.92 10.13 Colombia peso 2,889.5 -0.64 9.68 Peru sol 3.263 -0.46 4.63 Argentina peso (interbank) 15.6700 -1.50 -17.15 Argentina peso (parallel) 16.43 -0.91 -13.15 (Reporting by Bruno Federowski; Editing by Tom Brown)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/emerging-markets-latam-idUSL1N1G21FE'|'2017-02-18T04:15:00.000+02:00'
'00fb377e6c8be1f30260f074de8918897296c3fa'|'Rheinmetall, Raytheon to cooperate in defense technology'|'FRANKFURT German and U.S. defense groups Rheinmetall ( RHMG.DE ) and Raytheon ( RTN.N ) have signed a memorandum of understanding to cooperate globally on defense technology, they said in a joint statement on Friday.The partnership should bring together Raytheon''s market-leading position in air-defense systems and guided missiles with Rheinmetall''s expertise in combat and defense systems, army weapons and munitions, they said.(Reporting by Georgina Prodhan; Editing by Maria Sheahan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-rheinmetall-raytheon-cooperation-idINKBN15W0UH'|'2017-02-17T06:25:00.000+02:00'
'6b384173ac7e6d7f9b6ac980bb5d598a85d52ce2'|'Pearson''s turbulent markets to put Fallon''s homework to the test'|'Business News   3:49pm GMT Pearson''s turbulent markets to put Fallon''s homework to the test By Kate Holton - LONDON LONDON John Fallon needs to show he has a plan to navigate Pearson ( PSON.L ) through the sinking sands of its main markets when the world''s biggest education company reports full-year results. Shareholders, still reeling from Pearson''s latest profit warning, are already calling on the board to review both Fallon''s role as chief executive and its overall structure. A warning in January, sparked by U.S. students opting to rent textbooks at lower prices rather than buy them, sent shares in the 173-year-old British firm down 30 percent in a day. Fallon''s fifth such warning during his four-year tenure will mean a dividend cut for the first time in more than two decades and has damaged his credibility with analysts and investors, who are awaiting Pearson''s full year results on Feb. 24. But while some question Fallon''s ability to see the scale of the challenge ahead and are now urging action, there is little consensus on what Pearson, which sold the Financial Times and a stake in the Economist magazine in 2015, should do next. "When you''ve given up on something like 22 years of dividend growth, you need to get on and do something drastic," one top 30 shareholder told Reuters, on the condition of anonymity. Employing 35,000 people, Pearson provides everything from textbooks to school testing, college courses and online degrees, with Britain, the U.S., South Africa, Brazil and China its most important markets. "It''s not about cost control any more, it''s about are these markets structurally changing. Do we have the right people? What could we be, what could we do? There are no sacred cows," the shareholder said. Pearson has focused on the once stable business of education and grown strongly since the turn of the century, but has been hit by the same digital shift that shook-up music and newspapers and has now caught up with the classroom. ACHIEVABLE AND REALISTIC Fallon, a 20-year company veteran, has said he accepts responsibility for failing to predict the changes in the market but that his job now is to prepare Pearson for the rapid move to digital. The group has said it will move more aggressively into ebooks by slashing prices and will launch a print rental programme, which analysts note will dent its finances. "This is going to become a materially smaller industry," said analyst Sarah Simon at Berenberg Bank. Pearson shares have risen 19 percent since the January warning on hopes of a further cost cutting drive to prop up earnings but, having already cut nearly 8,000 jobs in recent years, it will have to avoid damaging its sales capability. Analysts at Barclays also warn that previous cost cutting drives have merely worked to counter falling revenue and higher investment needs, and have not driven meaningful growth. With so many challenges, the top 30 shareholder and some analysts question the conglomerate model and whether value could be found in selling off some the group''s assets. "We''re finding out that education is fragmented, some positions are strong, some are less strong. I would put a real question mark against that and say it''s something they should review," the shareholder said. Pearson has already said it will seek to sell its 47 percent stake in the Penguin Random House book joint venture, but any further break up could be complicated by integration between different assets. For now, yield-hungry investors want more guidance on how low a rebasing of Pearson''s dividend could go. "What you''ve got here is no sign of stabilisation," Neil Campling, head of Global TMT Research for Northern Trust Capital Markets, said. "If they come out and rebase with a clear and strategic plan that is achievable and realistic, then, even if that means short term pain, the valuation rebases and you can rebuild from that." (Editing by Alexander Smith)'|'reuters.com'|'http://feeds.reuters.com/r
'97bc8e43f61c7d5a85caabd29a3698c71050cb18'|'BRIEF-Cancer Genetics says hereditary cancer panel selected by a global pharmaceutical company'|' 23am EST BRIEF-Cancer Genetics says hereditary cancer panel selected by a global pharmaceutical company Feb 16 Cancer Genetics Inc * Cancer Genetics - its hereditary cancer panel, for breast, ovarian cancer, has been selected by global pharmaceutical co for 1,000+ patient clinical study * Cancer Genetics Inc says revenue from study will begin immediately, and company expects it to continue through 2018  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1G10KD'|'2017-02-16T20:23:00.000+02:00'
'd49037af567b07e929ca5838d1da5da3f5487894'|'Disney plans midnight ''Star Wars'' event to unveil ''Last Jedi'' toys'|'Lifestyle - Thu Feb 16, 2017 - 6:04am EST Disney plans midnight ''Star Wars'' event to unveil ''Last Jedi'' toys Characters of Star Wars take part in an event held for the release of the film ''''Star Wars: The Force Awakens'''' in Disneyland Paris in Marne-la-Vallee, France, December 17, 2015. REUTERS/Benoit Tessier By Lisa Richwine - LOS ANGELES LOS ANGELES Walt Disney Co and major retailers will release the galaxy''s newest "Star Wars" toys at a Sept. 1 midnight event ahead of the holiday debut of the next film in the saga, "The Last Jedi," company executives told Reuters. The marketing push called "Force Friday II" is a sequel to an event Disney used to build buzz for merchandise tied to the 2015 movie "The Force Awakens." Star Wars products were a big contributor to the financial success of the series reboot. BB-8 droids, lightsabers and other playthings made "Star Wars" the U.S. toy industry''s top-selling property for 2015 and 2016, with $1.5 billion in sales over the two years, research firm NPD said. Hasbro Inc cited "Star Wars" sales when it reported its biggest quarterly revenue rise in nearly five years for the December 2015 quarter. Mattel Inc also posted a surprise rise in sales for the same period with help from "Star Wars"-based Hot Wheels toys. And at Disney, licensing income from "Force Awakens" merchandise drove record quarterly operating income in the consumer products unit. Force Friday II will begin just after midnight on Sept 1. Lego, Hasbro and others will release the first toys, apparel, books and other products tied to "The Last Jedi," both online and in stores at retailers including Wal-Mart Stores Inc, Target, Toys R Us, Kohl''s, Amazon.com Inc and Disney Stores. Disney will incorporate new technology to its "Last Jedi" products like it did with the popular BB-8 droid, said James Pitaro, chairman of Disney Consumer Products and Interactive Media. New products will feature returning characters such as Rey and Finn, plus new ones, and will span a broad range of categories for male and female fans, he said. "One of our top priorities is to expand the audience," Pitaro said. "The Last Jedi," the eighth installment in the "Star Wars" movie saga that began in 1977, debuts in theaters Dec. 15. Toys typically hit shelves closer to a movie''s release, around four to six weeks in advance. At the 2015 Force Friday, fans dressed as Stormtroopers and Jedi waited in line for hours ahead of the midnight store openings. "There was a certain mania that took over," said Marty Brochstein, a senior vice president at the International Licensing Industry Merchandisers'' Association. The excitement around "Star Wars" in 2015 was unique because it had been so long since the last film, Brochstein said. "It would be unfair to expect the same kind of volume generated this time around by consumer products," he said, adding it was too early to assess demand. Pitaro said Disney continues to see "very, very healthy sales" of "Star Wars" merchandise. "We have a lot of confidence we will continue in that direction," he said. Disney bought "Star Wars" producer Lucasfilm in 2012 for $4 billion and reintroduced the franchise with "Force Awakens." That movie became the third-highest grossing ever, selling $2 billion worth of tickets worldwide. Disney also released "Star Wars" spinoff "Rogue One" in 2016. (Reporting by Lisa Richwine,; Editing by Peter Henderson & Shri Navaratnam) Next In Lifestyle'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-disney-starwars-idUSKBN15V198'|'2017-02-16T18:00:00.000+02:00'
'd391c038ba73813d9c72f298fd7a699272c4c6ca'|'German steel federation sees Chinese overcapacity persisting'|'Business News - Thu Feb 16, 2017 - 9:40am GMT German steel federation sees Chinese overcapacity persisting An employee works at a steel factory in Dalian, Liaoning Province, China, June 27, 2016. Picture taken June 27, 2016. REUTERS/Stringer DUESSELDORF, Germany The German steel federation expects Chinese overcapacity for steel production, which puts pressure on global prices, to persist in the coming years, its president said on Thursday. China''s overcapacity was 360 million tonnes last year and is likely to remain well above 300 million tonnes in 2020, Hans Juergen Kerkhoff told the Handelsblatt steel conference. Actual crude steel production in China last year was 808 million tonnes, accounting for half of global production, according to Worldsteel. Expectations of a pickup in construction activity and steel supply tightening in China, the world''s largest producer, have helped steel prices rally this year. Kerkhoff added that he did not rule out an increase in steel output from the United States, the world''s fourth-biggest producer, which kept production flat last year. He reiterated the German federation''s forecast for crude steel output to rise 1 percent in Germany this year, compared with a fall of 1 percent last year. (Reporting by Tom Kaeckenhoff; Writing by Georgina Prodhan; Editing by Maria Sheahan) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-germany-steel-idUKKBN15V10Y'|'2017-02-16T16:40:00.000+02:00'
'76edec8a69f0f6864668be129298e4f80fdafd5a'|'New Nestle CEO ditches sales target after latest miss'|'Business News  03am GMT New Nestle CEO ditches sales target after latest miss left right Nestle Nestle CEO Ulf Mark Schneider(L) and Chief Financial Officer Francois-Xavier Roger(r) before a news conference at the company headquarters in Vevey, Switzerland, February 16, 2017. REUTERS/Pierre Albouy 1/3 left right Nestle CEO Ulf Mark Schneider speaks during a news conference at the company headquarters in Vevey, Switzerland, February 16, 2017. REUTERS/Pierre Albouy 2/3 left right A bird flies past the logo at the headquarters of world food giant Nestle in Vevey October 16, 2014. REUTERS/Denis Balibouse 3/3 By Silke Koltrowitz - VEVEY, Switzerland VEVEY, Switzerland Nestle''s ( NESN.S ) new chief executive scrapped the food company''s long-standing sales target as it reported disappointing annual results on Thursday, adopting a more cautious tone in an uncertain environment. The maker of Kitkat chocolate bars and Nescafe coffee is aiming for 2 to 4 percent underlying sales growth this year, below analysts'' estimates and the "Nestle Model" for growth of 5 to 6 percent. In his first public appearance since becoming CEO at the start of the year, food industry newcomer Ulf Mark Schneider said the lower target reflected economic uncertainty. "This is a volatile and still somewhat deflationary environment," Schneider told reporters at the company''s Vevey headquarters. "We felt this was wise and prudent." The earnings from Nestle are the latest in a series of tepid results from consumer goods groups which have blamed weakness in the emerging markets that had previously fueled their growth. Unilever ( UNc.AS ) ( ULVR.L ) cited problems in Brazil and demonetization in India, while Danone ( DANO.PA ) pointed the finger at tough conditions in China. In 2016, Nestle''s net profit fell and sales rose less than expected, hit by slowing emerging markets and deflation. The company''s shares were down 1.1 percent at 72.35 Swiss francs at 0845 GMT (2:45 a.m. ET). Schneider replaced the "Nestle Model," which the Swiss company has missed for four straight years, with the slightly vaguer goal of "mid-single-digit organic growth and significant structural cost savings by 2020". He said he expects pricing to improve this year and plans to use a combination of cost-cutting and portfolio management to help hit his mid-term targets. The company, which also makes Gerber baby food and Perrier water, forecast a "stable" trading operating profit margin in 2017, due to expectations for increased restructuring costs of around 500 million Swiss francs ($498 million). WEAKER THAN EXPECTED Nestle, the world''s largest packaged food group, reported 2016 sales of 89.5 billion Swiss francs ($89.3 billion), up 3.2 percent on an organic basis. That was below the 4.2 percent growth seen in 2015 and marks the fourth time Nestle has missed its model for 5-6 percent growth. Analysts on average were expecting 2016 growth of 3.4 percent, according to a Reuters poll. Net profit fell to 8.5 billion francs, well short of the average estimate for 9.59 billion francs in the poll, hit by a one-off non-cash adjustment to deferred taxes and an inventory level adjustment at Nestle Skin Health. Nestle proposed to increase its dividend to 2.30 francs per share, after 2.25 francs last year. Growth in emerging markets slowed to 5.3 percent from 7.0 percent a year ago, hit by continuing problems at the Yinlu drinks business in China. ($1 = 1.0038 Swiss francs) (Additional reporting by Angelika Gruber; Editing by Michael Shields/Keith Weir) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-nestle-results-idUKKBN15V0XG'|'2017-02-16T16:03:00.000+02:00'
'1a9ed59440f266af982eae49d0cb499652ee89f3'|'"It would be huge": U.S. border town confronts possible import tax'|'U.S.  12am EST "It would be huge": U.S. border town confronts possible import tax left right A man in Nogales, Sonora, Mexico looks through the U.S. border fence into Nogales, Arizona, U.S., January 31, 2017. REUTERS/Lucy Nicholson 1/10 left right A U.S. border patrol agent patrols the U.S. border with Mexico in Nogales, Arizona, U.S., January 31, 2017. REUTERS/Lucy Nicholson 2/10 left right The U.S. border with Mexico is seen in Nogales, Arizona, U.S., January 31, 2017. REUTERS/Lucy Nicholson 3/10 left right The U.S. border with Mexico is seen in Nogales, Arizona, U.S., January 31, 2017. REUTERS/Lucy Nicholson 4/10 left right A doll is seen propped against the U.S. border fence with Mexico in Nogales, Arizona, U.S., January 31, 2017. REUTERS/Lucy Nicholson 5/10 left right U.S. border patrol agents patrol the U.S. border with Mexico in Nogales, Arizona, U.S., January 31, 2017. REUTERS/Lucy Nicholson 6/10 left right Trucks cross the border from Mexico into the U.S. in Nogales, Arizona, U.S., January 31, 2017. REUTERS/Lucy Nicholson 7/10 left right The U.S. border with Mexico is seen in Nogales, Arizona, U.S., January 31, 2017. REUTERS/Lucy Nicholson 8/10 left right U.S. Border Patrol Agent David Ruiz patrols the U.S. border with Mexico in Nogales, Arizona, U.S., January 31, 2017. REUTERS/Lucy Nicholson 9/10 left right A school playground in Nogales, Mexico is seen through the U.S. border fence from Nogales, Arizona, U.S., January 31, 2017. REUTERS/Lucy Nicholson 10/10 By Lisa Baertlein and Paul Ingram - NOGALES, Arizona NOGALES, Arizona For up to 16 hours a day, tomatoes, peppers, cucumbers and mangoes grown in Mexico flow north through a border checkpoint into Nogales, Arizona, helping to ensure a year-round supply of fresh produce across the United States. This is a city built on cross-border trade. Each year, some 330,000 trucks and 75,000 train cars carrying $17 billion worth of goods move through Nogales, according to U.S. Customs and Border Protection. Economists estimate trade supports nearly one in three jobs here, ranging from workers who inspect the goods to forklift operators who unload them in distribution centers. In many ways, Nogales represents the flip side of free trade deals that have battered industrial cities in the Midwest, where jobs have been outsourced and manufacturing plants shut down. The cities where Donald Trump''s promise to throttle what he calls unfair competition resonated most profoundly during the presidential campaign. It also represents potential risks that new trade barriers could pose for businesses and residents along the border. Only a tall, rusted fence separates Nogales, Arizona, from Nogales, Mexico; the cities are so intertwined that locals call them by a single name, <20>Ambos Nogales<65> or <20>Both Nogales.<2E> Now in office, Trump is considering a 20 percent tax on imports from Mexico, one of several ideas under review in Washington, and is promising to renegotiate the North American Free Trade Agreement. More than a dozen city officials, employers and workers interviewed here said a border tax, if enacted, could choke the flow of imports from Mexico. They described a chain of events that would harm the economy, threaten local jobs and lead to higher prices for U.S. consumers. <20>President Trump should take a good look at the effects of whatever he does, because he<68>s going to end up with a real problem,<2C> said Nogales Mayor John Doyle, who joined other lawmakers from Arizona, New Mexico and Texas in denouncing the import tax plan in letters to U.S. lawmakers. Food, autos and electronics go both ways across the border checkpoint, sometimes more than once. Mexican mangoes and melons come north while California almonds and apples from Washington state go south. U.S. car parts sent to Mexican factories are imported back as finished vehicles. "There are hundreds of products that come back and forth through the port of entry in Nogales,<2C> Doyle said. The Trump administration told Reu
'3ab83842ef3f3d65b65c545966f4f308b12c0f51'|'LPC: Institutional demand for yield benefits middle market issuers'|'  LPC: Institutional demand for yield benefits middle market issuers By Leela Parker Deo - NEW YORK NEW YORK Feb 17 Institutional leveraged loan buyers are looking to higher priced middle market loans as an offset to the repricing blitz pushing yields in the large corporate market to lows not seen since 2004. This quarter, the average yield on a large corporate institutional term loan is 4.46%, compared to 5.88% for middle market term loans, Thomson Reuters LPC data show. The roughly 142bp middle market yield premium is attracting demand from institutional investors, such as Collateralized Loan Obligations (CLOs), as they search for opportunities to generate additional yield. <20>To the extent they can, they will,<2C> said one middle market lender of the CLO bid for middle market loans. <20>If it<69>s a rated execution, it will get some sort of CLO participation.<2E> In another measure of institutional demand, middle market loans are being bid up in the secondary market, suggesting loan buyers are looking for value there. The middle market cohort, which includes loans with overall deal size between US$100m-$300m, increased to the 96.9 context from 95.81 at the beginning of the year, putting it just two points below the SMi100, which tracks the 100 most widely held US loans. Middle market loans are typically less liquid and bank groups comprise a handful of lenders, appealing more to a buy-and-hold investor base in contrast to the broadly syndicated loan market where loans change hands easily and often. This makes the middle market more immune to the type of wholesale repricing wave currently sweeping the leveraged loan market. Characteristically, the middle market segment has held fairly steady in terms of the number and pace of issuers seeking to cut borrowing costs or refinance existing debt at more favorable terms. Beyond repricings, middle market lenders in general are holding the line on pricing compared to the broadly syndicated market where more often than not spreads are slashed even further during syndication. The middle market recorded only four downward flexes in the first half of the first quarter, while in the same period there were 54 in the large corporate market, 38 of them in January. DOWNWARD PRESSURE Nevertheless, the surplus of demand is spilling over into the middle market, putting downward pressure on spreads and creating opportunities for mid-sized borrowers to nab issuer-friendly terms. Industrial manufacturer SeaStar Solutions is repricing its US$272m term loan to a range of 350bp-375bp with a 1% Libor floor, down from 425bp. The company had previously tried to reprice its term loan to the same range in August 2014 but shelved the proposed transaction due to market conditions. Demand is not only affecting spreads on existing debt, but also forcing down pricing on new deals. Middle market spreads are now in the 450bp-475bp over Libor range, said one lender. <20>For any new transaction, I<>m seeing more spreads in the 400s than in the 500s,<2C> he said. Middle market covenant-lite loan issuance is also notably high at US$1.45bn through February 8. Already 52.7% of middle market institutional issuance is cov-lite, compared to just 15.6% in 4Q16 and 8.6% for the whole of 1Q16. The less restrictive covenant-lite structure favors the borrower and is hard to come by from traditional middle market lenders, especially for borrowers with less than US$50m in Ebitda. The strength of institutional demand and the borrower-friendly environment is contributing to the increase in middle market covenant-lite volume, sources said. Earlier this month enterprise software company Mediware sealed a US$320m covenant-lite term loan that backs its leveraged buyout by private equity firm TPG Capital. The final spread was 375bp over Libor, narrowed from guidance of 400bp-425bp. (Reporting by Leela Parker Deo; Editing By Michelle Sierra and Chris Mangham) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNew
'd489b850a154b4441c4ebf666aafd6c2b6ba7cdf'|'Crowdfunding carnage <20> Confessions of a Small Business - Guardian Small Business Network'|'Photograph: Paul Cockcroft Subscribe via iTunes Download MP3 Podcast feed URL 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 Rowan Slaney and Coco Khan Thursday 16 February 2017 12.18 GMT Last modified on Thursday 16 February 2017 12.27 GMT Subscribe & Review on iTunes , Soundcloud & Mixcloud and join the discussion on Facebook and Twitter Joanna Montgomery, founder of Little Riot , appeared on the panel at the Guardian Small Business Network<72>s Confessions of a Small Business event on 6 February. Inspired by the way we interact with technology, Montgomery developed the concept for her product Pillow Talk while at university in 2010. The device picks up the wearer<65>s heartbeat and sends it in real time to a loved one via a small speaker. She won <20>25,000 from Innovate UK to develop the idea but it has been a long, complicated and expensive road to get the product to market. Her initial seed investors tried to pull their money out on Christmas Eve, and later a Kickstarter glitch put the business in real jeopardy.Here, Montgomery shares her stories of overcoming adversity, the importance of being honest about facing challenges, and how she<68>ll never ignore her gut instinct again. Reuse this content'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/small-business-network/audio/2017/feb/16/crowdfunding-carnage-confessions-small-business-podcast-pillow-talk-joanna-montgomery'|'2017-02-16T19:18:00.000+02:00'
'fae43782f39d22b27ecf484c73ede8796ab1d42e'|'Fed accommodative and moving on right path, Fischer says: Bloomberg'|'Business News - Thu Feb 16, 2017 - 7:08am EST Fed accommodative and moving on right path, Fischer says: Bloomberg FILE PHOTO:U.S. Federal Reserve Vice Chair Stanley Fischer addresses The Economic Club of New York in New York March 23, 2015. REUTERS/Brendan McDermid/File Photo The Federal Reserve expected the current improvement in U.S. inflation and employment and, while monetary policy remains accommodative, it is headed on the right path in removing that stimulus, Fed Vice Chair Stanley Fischer said on Thursday. The Fed expected "to be moving closer to the 2-percent inflation rate and that the labor market would continue to strengthen. If those two things happen we''ll be on the (policy) path that we more or less expected," he said on Bloomberg radio. Monetary policy is "in the land of accommodative," Fischer said, adding: "If (inflation) is significantly above (target) you begin to worry and you begin to act." (Reporting by Jonathan Spicer; Editing by Toby Chopra) Next In Business News Exclusive: Big U.S. banks to push for easing of money laundering rules WASHINGTON/NEW YORK America''s largest banks are to propose a complete overhaul of how financial institutions investigate and report potential criminal activity, arguing that rules imposed in the years after the Sept. 11, 2001 attacks and strengthened during the Obama administration are onerous and ineffective, sources said. The Clearing House, a trade association representing the largest U.S. banks including Goldman Sachs , JPMorgan Chase & Co and Bank of Am After day in South Korea court, Samsung chief awaits arrest decision SEOUL Samsung Group leader Jay Y. Lee left a Seoul court after more than eight hours on Thursday to await a decision on whether he will be arrested over his alleged role in a corruption scandal that has engulfed President Park Geun-hye. NEW YORK The Trump administration''s combative view of traditional news media as the "opposition party" and "fake news" is turning out to be the best hope in 2017 for newspapers struggling to attract more digital readers and advertisers. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-usa-fed-fischer-idUSKBN15V1FS'|'2017-02-16T19:08:00.000+02:00'
'088dde3060066f7c46e23ed847bcc8b13a620568'|'Asia stocks seen looking overvalued at 19-month highs, Aussie dollar shines'|'  3:36am GMT Asia stocks seen looking overvalued at 19-month highs, Aussie dollar shines 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 Saikat Chatterjee - HONG KONG HONG KONG Asian stocks edged to new 19-month highs on Thursday with gains underpinned by an ongoing rally on Wall Street while the dollar came in for a bout of profit-taking after its recent bounce. MSCI''s broadest index of Asia-Pacific shares outside Japan rose 0.2 percent to its highest since July 2015. It is up by a tenth this year thanks to more optimistic earnings expectations and an unwinding of bearish emerging market bets. Wall Street pushed relentlessly into record-high territory on Wednesday, with the S&P 500 notching a seven-session winning streak. Some investors said markets were looking slightly overvalued from a technical perspective after the bounce in recent weeks. For example, on a relative strength index (RSI), the MSCI Asia-ex Japan index was at its most overbought levels since 2015. "We are seeing some profit-taking at these levels and unless there is a big correction, the broader uptrend in the Hong Kong market seems broadly intact," said Alex Wong, Hong Kong-based director of Ample Finance Group. Though latest regional exports data confirmed an upswing in economic activity in Asia was gathering pace, political uncertainty and anti-globalization rhetoric from the U.S. made investors cautious of adding big positions. "In light of these risks, we remain cautiously optimistic on Asian equities, having set a 12-month target for the MSCI Asia ex-Japan of 550 <20> a 7 percent increase from current levels," said Tuan Huynh, Asia CIO for Deutsche Bank wealth management which manages 312 billion euros globally. Australian stocks gave up early gains and turned lower on the day after new full-time jobs fell sharply in January, a setback after a recent run of positive data. CAUTION Caution was also evident in the currency markets with the dollar''s recent bounce running out of steam as investors took profits -- even as fresh data showed a pick up in inflationary pressures. "Retail sales seemed to have been boosted by higher prices rather than an increase in the real consumption," said Shin Kadota, senior forex strategist at Barclays. "Investors also took profit as the dollar was trading high this week." Fed Chair Janet Yellen, in her second day of economic testimony before Congress, offered no additional insight on the timing of the central bank''s next rate hike after her comments a day earlier had hinted at a fairly hawkish policy stance. Traders may also be leaning towards the Fed delaying a rate increase beyond its March meeting, with the probability of three to four rate hikes by the end of year diminishing slightly, according to the CME FedWatch tool. The dollar index, which measures the currency against a trade-weighted basket of six major peers, slipped to 100.92. It rallied to a one-month high of 101.76 on Wednesday. The Australian dollar was the sole bright spot in Asian trade with the currency powering to multi-year peaks against the yen, Swiss franc and euro -- despite a mixed jobs report. It stood tall versus its U.S. counterpart at $0.7708, having broken key resistance at 77 cents. It briefly popped to a three-month high of $0.7732 after data showed a surprise dip in Australia''s unemployment rate. In commodity markets, oil prices softened as record high U.S. crude and gasoline inventories fed concerns about a global glut. U.S. crude was down 0.1 percent at $53.07 a barrel and Brent was flat at $55.75 a barrel. (Additional reporting by Yuzuka Oka in TOKYO; Editing by Shri Navaratnam and Eric Meijer) Next In Business News Fed aims to hike rates, based on more growth and fiscal stimulus: Dudley NEW YORK The Federal Reserve aims to raise
'474631c4989f077b42396bd38a456a6899000c94'|'GM''s Opel, Peugeot lagging rivals in strong European market - ACEA'|'Thu Feb 16, 2017 - 7:13am GMT GM''s Opel, Peugeot lagging rivals in strong European market: ACEA left right General Motors CEO Mary Barra presents the new Opel Astra during the media day at the Frankfurt Motor Show (IAA) in Frankfurt, Germany September 15, 2015. REUTERS/Kai Pfaffenbach 1/2 left right The logo of Peugeot is seen at a dealership of the brand in Strasbourg, France, February 14, 2017. REUTERS/Vincent Kessler 2/2 BERLIN General Motors ( GM.N ) and PSA Group ( PEUP.PA ) posted weaker European sales in January than any other major carmaker as they discuss a possible purchase of GM''s European auto operations by PSA. A combination between GM and PSA would create a manufacturer with about 16 percent of the European passenger car market, ahead of French rival Renault ( RENA.PA ) and behind Germany''s Volkswagen ( VOWG_p.DE ). New passenger car registrations at PSA, including the Peugeot, Citroen and DS brands in the European Union and the European Free Trade Association rose 6.5 percent in January, compared with 5.3 percent for GM''s Opel and Vauxhall brands, the Association of European Carmakers (ACEA) said on Thursday. Conversely, Volkswagen (VW) group, nearly a year and a half after its emissions scandal came to light, racked up 10 percent growth last month, as did Renault, according to Brussels-based ACEA. Fiat Chrysler Automobiles NV ( FCHA.MI ) even recorded a 15 percent rate of expansion while Ford ( F.N ) came in at 9.5 percent. Overall registrations in the region jumped 10 percent on extra selling days to 1.204 million vehicles from 1.094 million a year earlier, ACEA said. Britain''s largely foreign-owned car industry has thrived in recent years, but the vote to leave the European Union (EU) has cast doubt on future growth by raising the prospect of tariffs which would make UK plants less competitive. Britain posted the lowest rate of growth among the seven largest EU markets in January at 2.9 percent, compared with around 10 percent expansion each in Germany, Italy, France and Spain. In the high-margin segment, Germany''s leading luxury nameplates Mercedes-Benz ( DAIGn.DE ) and BMW ( BMWG.DE ) posted 16 percent and 11 percent growth respectively, faring better than VW''s Audi brand at 3.1 percent, according to ACEA. (Reporting by Andreas Cremer; Editing by Maria Sheahan) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-europe-autos-idUKKBN15V0MA'|'2017-02-16T14:06:00.000+02:00'
'62fa7daf3eb060d4fe3b3cab82ecc7c274847f82'|'BRIEF-Google is partnering with Telenor to launch of RCS messaging to subscribers in Europe and Asia- blog'|' 41am EST BRIEF-Google is partnering with Telenor to launch of RCS messaging to subscribers in Europe and Asia- blog Feb 16 (Reuters) - * Google says that it is partnering with Telenor to enable launch of RCS messaging to their 214 million subscribers across Europe and Asia- blog * Google says that features like group chat, high-resolution photo sharing, read receipts will come standard on android- blog Source text : bit.ly/2lUlHkx  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1G105T'|'2017-02-16T15:41:00.000+02:00'
'ba37ca3b8c5e561c926a23cc45cda931a468ae2e'|'Banco do Brasil misses estimates as provisions climb'|'SAO PAULO Feb 16 Banco do Brasil SA, the country''s largest bank by assets, missed fourth-quarter profit estimates on Thursday as a bigger-than-expected jump in loan-loss provisions offset resilient interest and fee income.The Brasilia-based, state-controlled lender earned 1.747 billion reais ($572 million) in recurring net income, below the average consensus estimates of 1.927 billion reais compiled by Thomson Reuters. The measure of profit before one-time items dropped 25 percent from the third quarter.Recurring return on equity slumped to 7.2 percent, the lowest in at least seven years. It came in at below the 8.2 percent consensus estimate for ROE in the fourth quarter.($1 = 3.0565 reais) (Reporting by Guillermo Parra-Bernal; editing by John Stonestreet)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/banco-do-brasil-results-idINE6N18202O'|'2017-02-16T06:40:00.000+02:00'
'6d8a4e5cd7649b646ebf4de08733f16690301742'|'Food group Danone unveils new cost cuts amid pressures at dairy arm and China'|' 01am GMT Food group Danone unveils new cost cuts amid pressures at dairy arm and China Yoghurt by French foods group Danone are seen in this photo illustration shot in Strasbourg, April 15, 2015. REUTERS/Vincent Kessler/File Photo PARIS French food group Danone ( DANO.PA ) unveiled a new 1 billion euros (848.62 million pounds) cost cutting plan, saying the turnaround of its dairy division in Europe was taking longer than expected while tough conditions in China would also endure in 2017. The world''s largest yoghurt maker did not provide provide sales or operating profit margin growth targets for the current year, saying it would review its financial goals for 2017 after closing its acquisition of U.S. organic food group WhiteWave, which is slated for the first quarter. Danone, which makes Activia yoghurt, Evian water and Bledina babyfood, said like-for-like sales in 2016 rose 2.9 percent to 21.94 billion euros ($23.22 billion), in line with analysts'' expectations of 2.9 percent growth for 2016, which was a slowdown from 4.4 percent growth in 2015. The slowdown reflected 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, while pressures in the Chinese market weighed on baby food sales. Danone had flagged the European dairy problem in December, warning its 2016 sales growth would come below its original target of 3-5 percent. Its operating margin rose by 70 basis points to 13.77 percent, in line with analysts'' expectations of 13.71 percent. ($1 = 0.9451 euros) (Reporting by Dominique Vidalon; Editing by Sudip Kar-Gupta)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-danone-results-idUKKBN15U0KN'|'2017-02-15T14:01:00.000+02:00'
'b8e9359db5cf4434a3ef78a31aa6449641a0ee39'|'PSA boss to meet top German officials over Opel plans'|' 22am EST PSA boss to meet top German officials over Opel plans PARIS Feb 15 The chief executive of Peugeot maker PSA Group, Carlos Tavares, plans to meet senior German officials in the near future to discuss the possible acquisition of General Motors'' European Opel division, the French carmaker said on Wednesday. "Carlos Tavares intends to meet with Opel''s stakeholders in Germany," a PSA spokesman said, without giving any timetable for the talks. Tavares may meet German Chancellor Angela Merkel as part of those discussions, he said. (Reporting by Laurence Frost; editing by Jason Neely) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/psa-opel-ma-germany-idUSL8N1G02UV'|'2017-02-15T17:22:00.000+02:00'
'e6bac6f2625b5f1853d2b3a91579c1f1588c0d36'|'EU privacy watchdogs seek assurances on U.S. data transfer pact'|'Company News - Thu Feb 16, 2017 - 1:07pm EST EU privacy watchdogs seek assurances on U.S. data transfer pact * EU, United States agreed data transfer pact last year * Trump executive order stoked concerns in Europe * Brussels, Washington say data pact not affected By Julia Fioretti BRUSSELS, Feb 16 European Union data privacy watchdogs will seek assurances from U.S. authorities that a move by U.S. President Donald Trump to crack down on illegal immigration will not undermine a transatlantic pact protecting the privacy of Europeans'' data. European concerns have been raised by an executive order signed by Trump on Jan. 25 aiming to toughen enforcement of U.S. immigration law. The order directs U.S. agencies to "exclude persons who are not United States citizens or lawful permanent residents from the protections of the Privacy Act regarding personally identifiable information." The exemption of foreigners from the U.S. law governing how federal agencies collect and use information about people has stoked worries across the Atlantic about the new administration''s approach to privacy and its impact on cross-border data flows. Officials responsible for protecting the privacy of data in the 28 European Union countries are particularly concerned about any impact Trump''s order may have on a framework hammered out last year to enable companies to seamlessly transfer Europeans'' data across the Atlantic. The EU''s data protection authorities said they would write to U.S. authorities "pointing out concerns and asking for clarifications on the possible impact of the Executive Order" on that framework, known as the Privacy Shield, as well as on another agreement protecting law enforcement data shared between the United States and the EU. The EU-U.S. Privacy Shield is used by almost 2,000 companies including Google, Facebook and Microsoft to store data about EU citizens on U.S. servers and makes possible about $260 billion of trade in digital services. It replaced a previous system thrown out by the top EU court on the grounds it allowed U.S. spies unfettered access to data stored on U.S. servers. The European Commission - which negotiated the Privacy Shield on behalf of the EU - played down concerns over any threat to the privacy of Europeans'' data, saying the U.S. Privacy Act had never protected Europeans'' data and so any changes to it would not affect EU-U.S. data transfer agreements. The U.S. side also sought to quell anxieties. "The executive order also does not affect Privacy Shield because Privacy Shield protections are not dependent on the Privacy Act," said the U.S. Mission to the EU. However the concerns reflect a broader fear about how the Trump administration will deal with privacy issues. Aaron Tantleff, a partner at law firm Foley & Lardner LLP, said that while Trump''s executive order should have no direct impact on the Privacy Shield, it would increase unease among companies. "It doesn''t mean that everything goes back to normal, it means that there''s a new wrinkle that has been brought out." (Reporting by Julia Fioretti; Editing by Adrian Croft) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/eu-dataprotection-usa-idUSL8N1G165H'|'2017-02-17T01:07:00.000+02:00'
'3f8be322b6f6d7fc1c8510ae78e8633ece48ebcf'|'Businesses close as immigrants stay home to protest Trump'|'  9:54pm IST Businesses close as immigrants stay home to protest Trump U.S. President Donald Trump speaks during a listening session with the Retail Industry Leaders Association and member company CEOs in the Rosevelt Room of the White House in Washington, U.S., February 15, 2017. REUTERS/Joshua Roberts By Joseph Ax - NEW YORK NEW YORK Dozens of restaurants, bars and other businesses in cities around the United States shut their doors on Thursday to show support for "A Day Without Immigrants," a walkout aimed at protesting President Donald Trump''s policies. Activists called on immigrants to stay home from work, avoid shopping and eating out and skip classes in an effort to highlight the vital role they play in U.S. society. The protest was prompted by Trump''s vows to crack down on illegal immigration and his executive order, which was put on hold by federal courts, that temporarily banned travel to the United States from seven Muslim-majority countries. Immigrant rights'' groups expressed alarm after federal raids last week in which more than 680 people illegally in the country were arrested. Many Restaurants, which often depend heavily on immigrant staff, closed for the day in cities including Washington, D.C., New York and Chicago. Celebrity chefs such as Jose Andres in Washington and Rick Bayless in Chicago shuttered several restaurants in solidarity with protesters. A number of restaurateurs whose eateries were remaining open said they would donate part of the day''s proceeds to pro-immigrant groups. "People that never missed one day of work are telling you they don''t want to work on Thursday," the Spanish-born Andres said in an interview at his restaurant Oyamel, which was closed on Thursday. "They want to say, ''Here we are,'' by not showing up. The least I could do was to say, ''OK, we stand by you.''" In New York, the owners of the popular Blue Ribbon restaurants said they would close several eateries despite the economic impact. "It''s really a show of support for our staff and as a team and a family as a whole," said co-owner Eric Bromberg. The nature of the action made it difficult to ascertain how many immigrants were participating, although there were rallies scheduled later on Thursday in Chicago, Houston and Raleigh, North Carolina. The protest is the   collective actions since Trump took office from women''s groups, immigrant groups and other activists. (Reporting by Gina Cherelus in New York, Timothy McLaughlin in Chicago and Liza Feria and Ian Simpson in Washington; Writing by Joseph Ax; Editing by Scott Malone and Bill Trott) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/usa-immigration-protest-idINKBN15V26L'|'2017-02-16T23:24:00.000+02:00'
'6e96165624735f5ff0f5f0f8bc0569302a855695'|'Pharma group Shire produces top-of-the-range earnings'|'Global Energy   3:37pm GMT Pharma group Shire produces top-of-the-range earnings By Paul Sandle - LONDON LONDON Pharmaceuticals group Shire ( SHP.L ) on Thursday said it was extremely optimistic about long-term growth after reporting a 12 percent rise in earnings for the past year in which it made its largest ever acquisition. Chief Executive Flemming Ornskov said Shire had delivered record product sales and earnings in a year when it bought haemophilia drugs company Baxalta for $32 billion (<28>26 billion) and launched a new medicine for dry eye disease. He said sales in two of its biggest franchises - rare diseases and hyperactivity - rose by 14 percent in 2016, and he was confident the company would generate strong top and bottom line growth in 2017. Total product sales would rise to $14.5-14.8 billion this year, up from $10.9 billion, Shire said, and earnings per share would rise to $14.60-$15.20. The London-listed company posted non-GAAP diluted earnings per share of $13.10, right at the top of its guidance, on revenue up 78 percent to $11.4 billion. Its shares, which have drifted 15 percent down from 12-month highs in September on worries about drugs pricing pressure, rose as much as 6 percent on Friday, in response to the company''s positive outlook. They were trading up 5.6 percent at 48.44 pounds at 1434 GMT on Thursday, topping the FTSE 100 index .FTSE . Analysts at Liberum, who have a "buy" rating on Shire, said its guidance would be taken well, and a recent under performance of the shares should reverse. The company produced a stronger result in haematology in the final quarter after sales disappointed in the third, which the company said was down to the timing of orders. Ornskov said he was "very optimistic" about the haematology franchise, although he said it "may take a little bit of time" to accelerate growth to the level he wanted. Pharmaceutical shares have been hit by political pressure on drugs pricing, highlighted by U.S. President Donald Trump''s comment last month the pharmaceutical industry had been "getting away with murder." Ornskov said Shire was used to demonstrating the clear value of its drugs in terms of the impact they brought to patients. "Do we have to continue to highly justify our prices to outcomes? Yes," he said. "But I feel very good about the products we have in our portfolio and our pipeline that we will be able to continue to do that." (Editing by David Goodman and Jane Merriman) Next In Global Energy News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-shire-results-idUKKBN15V1H4'|'2017-02-16T22:37:00.000+02:00'
'f0f6295fb7d72581c2f2b0fb4aeb3b6e61e96f7c'|'AccorHotels signs deals to open three hotels in Ethiopia'|'ADDIS ABABA Europe''s largest hotel group AccorHotels ( ACCP.PA ), will open three hotels in Ethiopia by 2021, becoming the latest international chain to tap into the growing business and tourism sectors in the country.Looking to counter subdued growth in Europe, AccorHotels and others have been expanding in emerging markets such as Ethiopia, where visitor numbers have been rising by more than 10 percent a year for the past decade, albeit from a very low base.The Horn of Africa country is the continent''s second most populous nation and has one of its fastest-growing economies, propelled by huge spending on infrastructure, though it is still one of the poorest.The new AccorHotels properties will offer more than 520 rooms in the capital, Addis Ababa, the company said in a statement released on Wednesday night.Sheraton ( SHPF.BO ), Hilton ( HLT.N ), Radisson, Marriott ( MAR.O ) and Golden Tulip are among a handful of hotel chains that operate in Ethiopia.AccorHotels has been active in Africa for 40 years and is the continent''s leading hotelier by number of rooms. The group operates in 21 African countries, employing more than 10,000 people at 94 hotels.(Reporting by Aaron Maasho; Editing by Katharine Houreld and David Goodman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-ethiopia-accorhotels-idINKBN15V0WQ'|'2017-02-16T05:59:00.000+02:00'
'845f78188a06b1d08deea43ebc75644cd4da49f0'|'BRIEF-Snap Inc''s initial valuation at $19.5 bln to $22.2 bln- CNBC, citing DJ'|'Company News - Thu Feb 16, 2017 - 12:11am EST BRIEF-Snap Inc''s initial valuation at $19.5 bln to $22.2 bln- CNBC, citing DJ Feb 16 (Reuters) - * Snap Inc sets initial valuation at $19.5 billion to $22.2 billion, or $14 to $16 per share, near low end of its targeted range - CNBC, citing Dow Jones Next In Company News Morning News Call - India, February 16 To access the newsletter, click on the link: http://share.thomsonreuters.com/assets/newsletters/Indiamorning/MNC_IN_02162017.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 CII event in New Delhi. LIVECHAT: COMMODITIES OUTLOOK Oil markets remain under pressure as crude supplies remain bloated despite th 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/idUSFWN1G01AF'|'2017-02-16T12:11:00.000+02:00'
'424bd2f6de8ccd17ad1d3e84297ed2f94de12f02'|'Coca-Cola HBC lifts full-year profit on lower revenue'|'Thu Feb 16, 2017 - 7:34am GMT Coca-Cola HBC lifts full-year profit on lower revenue LONDON Soft drinks bottler Coca-Cola HBC ( CCH.L ) reported higher full-year profit on Thursday, helped by price increases and cost cuts, though revenue was pulled lower by currency fluctuations and weakness in Russia. The company, which bottles, sells and distributes Coca-Cola ( KO.N ) drinks in 28 countries, mostly in Europe, said net sales revenue for 2016 fell 2 percent to 6.2 billion euros ($6.6 billion), while comparable earnings per share rose 12.5 percent to 0.97 euros. Excluding the impact of currency fluctuations, revenue was up 3 percent, helped by price increases, mainly in emerging markets. The company only sold 0.1 percent more of its drinks, due to declines in Russia and weak performance in Italy and Austria. "In 2017, we expect slightly better economic conditions to support volume growth," said Chief Executive Dimity''s Lois in a statement. "We are confident that 2017 will be a year of currency-neutral revenue growth and margin expansion." The company is seen as a possible buyer for the 57 percent stake in Coca-Cola Beverages Africa that Coke is putting up for sale following the takeover of its partner SABMiller by Anheuser-Busch InBev. (Reporting by Martinne Geller; Editing by David Goodman and David Holmes) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-cocacola-hbc-results-idUKKBN15V0O6'|'2017-02-16T14:33:00.000+02:00'
'02b67f4bd42c470a846d4483311dd2548c8c25fd'|'GRAPHIC-Swiss banks face withdrawals due to tax clampdown'|' 51am EST GRAPHIC-  By Joshua Franklin - ZURICH ZURICH   With tax amnesty programmes in countries like Argentina, Brazil and Indonesia, these so-called regularisation outflows come from clients taking money out of their accounts to pay taxes and penalties. Those who decline to participate in amnesty programmes often have to move their accounts. Swiss banks are still recovering from European and U.S. clients withdrawing tens of billions of dollars following a post-financial crisis clampdown on tax dodging The tax clampdown has eroded Switzerland''s bank secrecy rules, which for decades pulled in money from the world''s super-rich. UBS and Credit Suisse flagged further withdrawals in 2017 due to these amnesty programmes as well as the introduction of the OECD''s Automatic Exchange Of Information, a financial data sharing initiative. "We expect Wealth Management''s net new money growth rate to remain around the lower end of our 3 percent to 5 percent target range for 2017," UBS Chief Financial Officer Kirt Gardner said last month. Credit Suisse CFO David Mathers said on Tuesday the bank expected gross outflows of around 9 billion Swiss francs ($9.01 billion) in 2017, though part of this will also come from a pruning of relationships with external asset managers at its Swiss business. These outflows at Julius Baer should tail off in 2018, the bank''s Chief Executive Boris Collardi said earlier this month. ($1 = 0.9987 Swiss francs) (Editing by Jane Merriman)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/swiss-banks-tax-idUSL8N1G01YG'|'2017-02-16T22:51:00.000+02:00'
'5e4d16777ac04f57f6fe2926d925530a29ce9c81'|'Toshiba shares slide 10 percent after $6.3 billion writedown'|'Technology Photos - Wed Feb 15, 2017 - 5:49am IST Toshiba shares slide 10 percent after $6.3 billion writedown FILE PHOTO - Pedestrians walk past a logo of Toshiba Corp outside an electronics retailer in Tokyo September 14, 2015. REUTERS/Toru Hanai/File Photo TOKYO Shares of Toshiba Corp ( 6502.T ) tumbled 10 percent on Wednesday morning after the electronics conglomerate said it would book a $6.3 billion hit to its U.S. nuclear unit, a writedown that wipes out its shareholder equity. Highlighting the scale of its financial concerns, Toshiba also ramped up plans to raise cash, announcing it would consider selling most, even all, of its stake in its prized flash-memory chips business. (Reporting by Taiga Uranaka; Editing by Edwina Gibbs) Next In Technology Photos'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-toshiba-accounting-shares-idINKBN15U01N'|'2017-02-15T07:17:00.000+02:00'
'fc09c78958fc4f9e65fc8dc16919e99bd69497ed'|'Teck Resources posts quarterly profit after year-ago loss'|'Feb 15 Teck Resources Ltd, North America''s largest producer of steel-making coal, reported a profit, compared to a year-ago loss, when it recorded one-time charges of C$536 million.Net profit attributable to Teck shareholders was C$697 million or C$1.21 per share, for the fourth quarter ended Dec. 31, compared with a loss of C$459 million, or 80 Canadian cents per share a year ago.Revenue rose 67 percent to C$3.56 million, from C$2.14 billion. (Reporting by Vishaka George and Vishal Sridhar in Bengaluru; Editing by Sunil Nair)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/teck-res-results-idINL4N1G031J'|'2017-02-15T05:36:00.000+02:00'
'8d5a5bac938655064b70ed03bde76914d6dec959'|'How do you say deja vu in Greek?'|'Business News - Fri Feb 17, 2017 - 9:29pm GMT How do you say deja vu in Greek? By Jeremy Gaunt - LONDON LONDON It seem as if we have been here before: the euro zone fretting that a crisis with Greece will balloon out of all proportion while the government in Athens says it will not impose one euro more in cuts on its austerity-battered public. Cue a euro zone finance ministers meeting in Brussels. There are differences this time from two years ago when a battery of "last chance" meetings over a new bailout brought Greece to the brink of bankruptcy and default - and threatened the euro zone with its first dropout. When the ministers have their regular meeting on Monday there will be little brinkmanship or fear of failure. For one thing, a bailout is already in place - the argument this time is about compliance and future targets in order to get another tranche of money. Indeed, some euro zone officials have been briefing privately that Greece has enough money to see it through for now, even if it fails to get the next tranche of bailout funds by the July deadline for paying back as much as 7.5 billion euros of debt falling due. But it would not be trite to say that another festering row with Greece is the last thing the euro zone needs when faced with a protectionist U.S. president, Britain leaving the European Union, and anti-euro politicians vying for power or presence in French, Dutch and German elections. So EU officials have been urging speed in finding agreement and calmly warning of instability ahead if none is found. "There is a common understanding that time lost in reaching an agreement will have a cost for everyone," the European commissioner responsible for the euro, Valdis Dombrovskis, told Greek news portal Euro2day. The issue, however, is multi-layered and thus particularly complex. Part of it is about what kind of primary surplus - what is left in a surplus budget before debt obligations - Greece must reach and run for some time. The bailout, signed by Greece and euro zone lenders, says 3.5 percent of gross domestic product (which would be by far the highest in the euro zone). The International Monetary Fund, the other major lender, says that is undoable without further Greek belt-tightening. It says 1.5 percent of GDP and some form of debt relaxation - for example, over what is paid when - would be more realistic and sustainable. The IMF, furthermore, says it won''t participate in any bailout that it does not believe to be viable. Germany and others say that the IMF must be a part of the bailout or there is no deal. Both lenders have told Greece they want about 3.6 billion euros in additional savings, including a reduction in the tax- free income threshold, now at about 8,600 euros per person per year, a number the IMF maintains lets some 56 percent of wage-earning Greeks escape paying income tax. Greece says no. Its economy contracted again in the fourth quarter of 2016, nearly one in four Greeks is unemployed and its pensioners have already seen 11 cuts to income. So plenty of scope for crisis - if not quite yet. GROWTH MODE This old-but-new pressure comes as the euro zone''s overall economy is beginning to pick up. How sustainable it is, however, may be seen on Tuesday when research firm Markit releases its flash - or preliminary - purchasing manager indexes for the euro zone, France, and Germany, as well as for the United States. Reuters polls suggest that the composite indexes - which test the views of manufacturing and services businesses and correlate closely with economic growth - will be down for Germany and France, if still in growth mode. The euro zone index is expected to be flat, held up presumably by member countries where there is no flash report, such as Spain. The U.S. manufacturing index, in the meantime, is expected to dip slightly. This all points to an easing off of growth - but not one that necessarily presages trouble ahead. EU-quitter Britain, meanwhile, is not be so blessed. It is doing well, but has j
'5be749c55e8572e2e18212669d8a2e5ced271ac1'|'UK offers Peugeot assurances on post-Brexit auto industry: FT'|'LONDON Britain has offered Peugeot manufacturer PSA Group ( PEUP.PA ) assurances on post-Brexit trade and supply chains in an attempt to protect Vauxhall car plants after a possible takeover, the Financial Times reported on Saturday.Business minister Greg Clark met French politicians and PSA executives in Paris on Thursday to discuss their plan to buy General Motors'' ( GM.N ) European unit, Opel, which include Vauxhall plants in Britain.The talks have set political alarm bells ringing in Britain and Germany, where there are fears that a sale to the French company could lead to heavy job losses.Clark said on Friday, after the meeting, that PSA executives had "stressed that they valued highly the enduring strength of the Vauxhall brand, underpinned by its committed workforce".The FT reported on Saturday, citing a person with knowledge of the meeting, that Clark had also made commitments similar to those he gave Nissan ( 7201.T ) last year before it announced it would build two new models in Britain.Clark promised Nissan that he would ensure more car part suppliers were based in Britain, support training and research into electric and low-emission vehicles, and push for "free and unencumbered" access to European Union markets for carmakers after Britain leaves the EU.The government has declined to give exact details of its promises to Nissan, citing commercial confidentiality, though government auditors who saw the letter said it did not make the government liable for Brexit-related costs incurred by Nissan.Britain''s business ministry declined to comment on Saturday on whether Clark had made similar commitments to PSA.The FT Quote: d Clark as saying that he and PSA executives had "talked generally about our commitments and enthusiasm for research in electric vehicles and batteries", but added that the minister did not give further detail.(Reporting by David Milliken; Editing by Helen Popper)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-opel-m-a-psa-britain-idINKBN15X0EB'|'2017-02-18T10:39:00.000+02:00'
'bb4199c820c16aa79578e0e8030ce2b0852b498f'|'Big retreat from trade could hurt U.S. growth - Fed official'|'  10:36pm IST Big retreat from trade could hurt U.S. growth - Fed official Federal Reserve Bank of Richmond President Jeffrey Lacker testifies before the House Financial Services Committee hearing on ''''Examining How the Dodd-Frank Act Could Result in More Taxpayer-Funded Bailouts'''' on Capitol Hill in Washington June 26, 2013. REUTERS/Yuri Gripas/File Photo NEWARK, Del. A big U.S. retreat by Donald Trump''s White House from low international trade barriers could significantly hurt U.S. economic growth, Jeffrey Lacker, president of the Federal Reserve Bank of Richmond, said on Tuesday. "A quantitatively significant retreat from lower trade tariffs and barriers has the potential to be a significant impediment to growth," Lacker, who will retire from the U.S. central bank in September, told reporters. (Reporting by Jonathan Spicer; Editing by Meredith Mazzilli) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/usa-fed-lacker-trade-idINKBN15T2A5'|'2017-02-15T00:06:00.000+02:00'
'c2bf62aae6083ca3ee2e4e654a70a99277b42441'|'UPDATE 2-Enbridge reports quarterly profit, North Sea windfarm stake'|'Company   12:00pm EST UPDATE 2-Enbridge reports quarterly profit, North Sea windfarm stake (New throughout to add comments from earnings call) By Nia Williams CALGARY, Alberta Feb 17 Enbridge Inc, Canada''s largest pipeline company, reported a smaller than expected quarterly profit on Friday, and also announced a C$1.7 billion ($1.3 billion) investment in a North Sea windfarm. The 50 percent ownership in EnBW''s Hohe See strengthens Enbridge''s footprint in Europe''s booming offshore wind power industry. Chief executive Al Monaco said there could be more to come given the push towards renewable energy in a number of European countries. "The opportunity is generally pretty large and we have got a team in Europe looking at these opportunities, scouring through them, and so hopefully there will be more coming along," Monaco told investors on a quarterly earnings call. Closer to home, Calgary-based Enbridge said a deal to buy Spectra Energy Corp is on track to close this quarter after it obtained U.S. antitrust approval for the transaction that will create North America''s largest energy infrastructure company. In an update on crude oil pipelines, Monaco said the controversial Dakota Access conduit, which has been delayed by fierce environmental and tribal opposition, could be in service by the second quarter. Enbridge has a minority stake in the project. Last November, the Canadian government approved Enbridge''s Line 3 replacement project, which will add 375,000 barrels per day of capacity on the Mainline system, which ships the bulk of Canadian crude exports to the United States. Monaco said Enbridge had another 400,000 bpd of potential capacity expansion opportunities but the company would be guided by the amount of supply coming out of western Canada. A number of new export pipelines have been proposed including Kinder Morgan''s Trans Mountain line and TransCanada Corp''s Keystone XL. Enbridge reported a smaller-than-expected fourth quarter profit on Friday and recorded a C$373 million before-tax impairment charge related to its Northern Gateway pipeline, which the Canadian government blocked last year. Earnings attributable to the company''s shareholders were C$365 million ($279 million), or 39 Canadian cents per share, in the fourth quarter, hurt by charges, including for asset impairment and restructuring. Excluding items, Enbridge earned 56 Canadian cents per share, missing analysts'' average estimate of 58 Canadian cents per share, according to Thomson Reuters I/B/E/S. Enbridge said its expenses jumped 11 percent to about C$9 billion in the three months ended Dec. 31. Enbridge shares were last down 0.6 percent on the Toronto Stock Exchange at C$55.10. ($1 = 1.3110 Canadian dollars) (Additional reporting by Arathy S Nair in Bengaluru; Editing by Savio D''Souza and Grant McCool) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/enbridge-inc-results-idUSL4N1G243S'|'2017-02-18T00:00:00.000+02:00'
'c2a690383b2277a1c9dcff00a4ea5e1dc5872088'|'CANADA STOCKS-TSX little changed as energy rises, Bombardier down'|'Company News  42am EST CANADA STOCKS-TSX little changed as energy rises, Bombardier down OTTAWA Feb 16 Canada''s main stock index was little changed shortly after the open on Thursday as firmer oil prices and quarterly profit from Cenovus boosted the energy sector, but that was offset by a drop in Bombardier, which reported lower-than-expected revenue. The Toronto Stock Exchange''s S&P/TSX composite index rose 17.08 points, or 0.11 percent, to 15,862.03. (Reporting by Leah Schnurr) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-open-idUSL1N1G10X2'|'2017-02-16T21:42:00.000+02:00'
'c008b26c0b28db00a2c4a8090cfbd853ef7cb126'|'Deutsche Boerse CEO says insider trading allegations will prove unfounded'|'Business News  06am GMT Deutsche Boerse CEO says insider trading allegations will prove unfounded FILE PHOTO: Traders work at their desks in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, January 17, 2017. REUTERS/Staff/Remote/File Photo FRANKFURT Deutsche Boerse ( DB1Gn.DE ) Chief Executive Carsten Kengeter said insider trading allegations against him would prove unfounded, given he had no role in determining the timing of his share purchases ahead of the announcement of merger plans with the London Stock Exchange ( LSE.L ). "We, Deutsche Boerse and myself, are fully cooperating with the public prosecutor. I am certain that, following detailed investigation, the allegations will turn out to be unfounded," Kengeter said at a news conference to discuss the exchange operator''s annual results. "When I purchased the shares using my own funds, I did not do so at a time of my own choosing. I did so between 1 and 21 December 2015 within a time-frame fixed by the Supervisory board," Kengeter said, adding that the shares were subject to a holding period until the end of 2019. Kengeter said the company was pursuing its merger with LSE and that he was engaged in a "constructive dialogue" with policymakers in Hesse, the German state where Deutsche Boerse is headquartered. (Reporting by Edward Taylor; Editing by Maria Sheahan) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-deutsche-boerse-lse-kengeter-idUKKBN15V0Y0'|'2017-02-16T16:06:00.000+02:00'
'7959e946df82e044031b7a08f998519a38f0c839'|'Pro-Brexit economists urge UK to unilaterally scrap tariffs'|'Business News - Thu Feb 16, 2017 - 6:10pm GMT Pro-Brexit economists urge UK to unilaterally scrap tariffs left right A container ship is unloaded at Peel Ports Liverpool container terminal in Liverpool, Britain December 9, 2016. REUTERS/Phil Noble 1/2 left right Britain''s Chancellor of the Exchequer Philip Hammond leaves 11 Downing Street, London, January 31, 2017. REUTERS/Peter Nicholls 2/2 By David Milliken - LONDON LONDON Britain should be prepared to scrap all tariffs on imports unilaterally when it leaves the European Union to give consumers and the broader economy a boost, even if it hurts some businesses, economists who favour Brexit said on Thursday. Britain''s government has said it wants to reach a free-trade agreement with the EU when it leaves the bloc, which is likely to happen in just over two years'' time, and finance minister Philip Hammond has rejected any unilateral action by Britain. Britain currently enjoys tariff-free access to EU markets. But if it failed to reach a deal with the bloc, both sides would probably adopt the standard tariffs which the EU imposes on countries that are part of the World Trade Organisation. Before Britain voted to leave the EU in June, the country''s finance ministry estimated this outcome would lead to the economy growing 7.5 percent less than otherwise over 15 years, although its forecasts for a short-term hit have proven wrong. Economists for Free Trade, a group of academics and business economists that called itself Economists for Brexit before the referendum, reiterated its view that tariffs were self-defeating. Even if Britain could not retain tariff-free access for exports to the EU, it would not benefit from imposing "tit for tat" tariffs on EU imports, said Patrick Minford, professor of economics at Cardiff University and the group''s chair. "It sounds counter-intuitive, but it''s like you get into a fight in the streets, and someone says ''I''m going to do you!'' Do you say ''I''m going to do you'' ...? I would suggest you walk away," Minford said at a briefing for reporters. Minford - who was an early supporter of Prime Minister Margaret Thatcher''s free market policies in the 1980s - said Britain should use leaving the EU as an opportunity to scrap all import tariffs it is currently obliged to impose on goods from outside the bloc. This would lower prices for consumers by 8 percent and boost the size of the economy by 4 percent, he estimated. Before the referendum, Economists for Brexit said the option of resorting to WTO tariffs would be positive for Britain''s economy and Thursday''s study took the argument further by contemplating Britain having no tariffs at all. Most academic economists largely see negative consequences for Britain''s economy from Brexit, arguing it is much easier to trade with neighbouring countries than further afield. Finance minister Hammond said in December he opposed unilaterally scrapping tariffs, as it would hurt Britain''s bargaining position in trade talks and would be too big a shock to business and to staff employed by less competitive firms. Britain''s large car industry would be vulnerable to a decision to scrap import tariffs if the EU did not do likewise because the bloc imposes a 10 percent duty on cars. Minford dismissed Hammond as "economically illiterate" and said Britain was flexible enough to cope if some exporters could not compete on world markets and went out of business. (Reporting by David Milliken; Editing by William Schomberg and Alison Williams) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-economy-idUKKBN15V2FW'|'2017-02-17T01:10:00.000+02:00'
'0a7639ae4ee04c02474c084c61b44e123b801c4a'|'BRIEF-Lenovo Group qtrly profit attributable $98 mln'|' 15pm EST BRIEF-Lenovo Group qtrly profit attributable $98 mln Feb 16 Lenovo Group Ltd : * Qtrly profit attributable $98 mln versus $300 mln * Qtrly gross profit margin 13.1 pct versus 14.6 pct * Qtrly group revenue of $12.17 bln versus $12.91 bln * "For mobile business, group will extend its foothold in smartphone market outside China" Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1G016P'|'2017-02-16T11:15:00.000+02:00'
'a50f1bb3605cdc3f46bea75d8eb3128bc2b8dc39'|'Automated holidays: how AI is affecting the travel industry - Guardian Sustainable Business'|'First you could book a flight online. Then came online travel agents. And now you might check in for your hotel via mobile, a computer could set the price, while a chatbot answers your queries.Some travel experts expect the first autonomous cargo flights to start within several years, while big data analysis is on the rise at internet-based firms like Expedia , Lastminute.com and Skyscanner. <20>We have to reinvent the place of the man in the system,<2C> says Fabrice Ota<74>o, chief data officer at AccorHotels group. <20>Artificial intelligence can replace some existing jobs, and managers have to take care of what the next step for people is, that is relevant in the data world. We have to evolve our revenue managers into more data jobs, balancing old jobs with new school jobs in business analytics.<2E>So far, at least, that has not meant a decline in jobs. According to the most recent EU statistics , although overall employment declined from 2008 to 2014, it rose in tourist accommodation and selected tourism industries: now tourism employs just over 12 million people within the EU.Companies like IBM , whose Watson tool is helping the travel company Thomson trial a smart chatbot for its customers<72> holiday searches, pledge to <20>augment, not replace, human intelligence<63>. Solar-powered trains are closer to reality than we might think Read more This is also the view at Skyscanner. The airfare comparison site acquired by Chinese firm Ctrip International for <20>1.4bn, may have a dedicated <20>Bots<74> squad, but it doesn<73>t believe computing power will replace human roles or travel reviews.<2E>We see AI [artificial intelligence] as an evolutionary part of travel,<2C> says a Skyscanner spokeswoman. <20>We<57>ve always believed that people would go from click-type-tap style searching to a conversational format. Interestingly, those using our bots treat them in a very <20>human<61> way <20> ask for the bot<6F>s name, send an emoji or sticker of appreciation.<2E>More investment in AI is a business necessity for hotels, according to Tim Gunstone, managing director of EyeforTravel, who recently spoke [pdf] on the issue at an industry conference. <20>The cost of search marketing [paid by hotels to online travel agents for sales made] has gone up,<2C> he says. <20>This is what is driving hoteliers. The industry needs to cut costs and focus on loyalty.<2E> Gunstone believes AI can boost loyalty by helping hoteliers know more about their customers, in order to better meet their needs and win repeat business.We will see <20>technological unemployment<6E>, says Professor Ryan Abbott, professor of law and health sciences at the University of Surrey, but if a chatbot gives hotel recommendations based on reviews and your preferences, rather than plugging a relative<76>s place, maybe that<61>s for the best,<2C>People who have been rendered obsolete by technology have always gone on to find new and better jobs,<2C> he adds. <20>When machines outperform people in every way, that<61>s another problem <20> but that<61>s a long way in the future.<2E>Facebook Twitter Pinterest Not everyone is predicting the demise of travel agents, and ABTA says many roles in the industry remain unaffected by technological advances. Photograph: Matt Cardy/Getty Images At the bottom of the travel market, computing is about automation and saving money, but at the top end, AI is being used to personalise experiences <20> delivered by people. A waiter at a luxury hotel, for instance, could use information on you to predict what kind of drinks you like and recommend something from the menu. Or reception staff, with data on your spa use, might propose a particular service. Age of automation: what if more work is the problem, not the solution? Read more But not everyone is predicting the demise of travel agents. A spokesperson for ABTA, which represents UK travel agents and tour operators, says almost a fifth of Brits still booked a holiday in a travel store last year and that although artificial intelligence can help with targeted ma
'407416c19d58a899cccb8f6bf501c455420aa91b'|'FTSE set for week of modest gains, pharmas lead'|' 09am GMT FTSE set for week of modest gains, pharmas lead A red London bus passes the Stock Exchange in London, Britain, February 9, 2011. REUTERS/Luke MacGregor/File Photo By Helen Reid - LONDON LONDON Britain''s main share index was flat on Friday as gains by pharmaceuticals were offset by banks and mining companies, and a drop in retail sales indicated rising prices were biting into consumers'' purchasing enthusiasm. The blue-chip FTSE 100 .FTSE index was flat in percentage terms by 1046GMT, recouping earlier losses. The pound''s weakness following an unexpected drop in retail sales for January helped support the index, though not enough to draw it convincingly into positive territory. The oil & gas .FTNMX0530 and mining stocks .FTNMX1770 were the biggest weights on the index, while pharmaceuticals .FTNMX4570 outperformed, headed for their best day in a month. Standard Chartered Bank ( STAN.L ) was the worst-performing on the index, down 2.6 percent, with Royal Bank of Scotland ( RBS.L ) not far behind, down 1.5 percent. Shares in both banks remained near recent highs, though. Retail sales data surprised to the downside, falling 0.3 percent in January against expectations. Economists in a Reuters poll expected sales to rise 0.9 percent, and no forecaster expected a fall. The figures implied consumers'' appetite was slowing as inflation picked up. The pound GBP= fell on the data, supporting the FTSE to pare back its losses, although retailer Marks & Spencer''s ( MKS.L ) fell on the news, last down 1.2 percent. Shares in Coca Cola HBC ( CCH.L ), the soft drinks bottler, were up 1.8 percent, extended gains after hitting their highest levels since September 2013, maintaining Thursday''s momentum after well-received results and helped by broker Jefferies raising its price target on the stock. Pharmaceuticals companies Shire ( SHP.L ) and AstraZeneca ( AZN.L ) were top gainers. Analysts cited AstraZeneca''s announcement it would expand the patient base of Lynparza, a drug used to treat breast cancer. "The AstraZeneca turnaround story largely hinges on what happens to its oncology portfolio, and progress with Lynparza is an important element of that turnaround," Berenberg analysts said in a note. Shire ( SHP.L ) was enjoying the glow from its better-than-expected results on Thursday. Anglo American ( AAL.L ), Rio Tinto ( RIO.L ) and BHP Billiton ( BLT.L ) were among top fallers as the price of copper pared back from its highs on profit-taking, while supply concerns remained at mines in Chile and Indonesia. [MET/L] A tick-up in gold prices, meanwhile, supported precious metals miners Fresnillo ( FRES.L ) and Randgold Resources ( RRS.L ), top gainers and last up 1.2 to 1.3 percent. Miners have supported the FTSE higher recently. The index was set for its third week of gains. The mid-cap index .FTMC , which is more domestically weighted, was down 0.2 percent. Telecom company Inmarsat ( ISA.L ) was the top faller on the mid-cap index, down 5.1 percent after a series of broker downgrades. UBS downgraded the stock to "sell", saying it forecast earnings for the Maritime segment, which accounts for half the company''s revenue, down 4 to 9 percent below the market. (Reporting by Helen Reid; Editing by Angus MacSwan) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-stocks-idUKKBN15W12R'|'2017-02-17T18:09:00.000+02:00'
'f47b4b97e545a8c47b308a27483068689a14d875'|'As U.S. shale oil activity surges, sand could be in short supply'|'Global Energy  32am GMT As U.S. shale oil activity surges, sand could be in short supply Pumpjacks taken out of production temporarily stand idle at a Hess site while new wells are fracked near Williston, North Dakota November 12, 2014. REUTERS/Andrew Cullen/File Photo By Jarrett Renshaw - NEW YORK NEW YORK Demand for frac sand has surged in recent weeks as U.S. producers rush back to the oil patch, stoking concern that supplies of the key component of drilling may not be able to keep up with demand later this year, industry professionals said. The growing appetite for frac sand comes as oil producers have added hundreds of rigs in U.S. oil fields from Texas to North Dakota. Last week, the U.S. rig count hit 591, the highest since October 2015 and nearly double the figure seen seven months ago. Raymond James predicts the number of rigs could approach 1,000 by the end of 2018. <20>The worm has turned,<2C> said Chris Keene, CEO of Rangeland Energy LLC, a privately held logistics company in Sugar Land, Texas. U.S. producers pump frac sand and other materials into wells to break up shale rock and produce oil. Wells are getting longer and wider, requiring larger amounts of sand. The frac sand industry was among the hardest hit during the oil rout of the past two years, as producers slashed capital budgets and looked to shed <20> or renegotiate <20> long-term supply contracts with sand companies that had been made during the boom years. Several of the major frac sand companies saw shares plummet amid investor skepticism. But frac sand producers like Fairmount Santrol Holdings ( FMSA.N ) and U.S. Silica Holdings ( SLCA.N ) are regaining their price leverage and producers are once again looking to lock in long-term supply contracts amid widespread optimism that global oil production cuts will provide stable, higher prices. Raymond James, in a January investor note, estimated frac sand demand would hit record levels this year at roughly 55 million tons and exceed 80 million tons by next year, 60 percent above 2014 levels, due in large part to producers requiring more sand per well. Tudor, Pickering, Holt & Co ran a U.S. demand model early last year that significantly underestimated demand for 2017 and 2018, forcing the bank to revise its forecast in December to predict record demand for 2018. Tudor says tightening supplies and logistical challenges could send frac sand prices to 2014 levels, when there were 1,500 rigs in U.S. oil patches. Rangeland operates a frac sand terminal in New Mexico that delivers roughly 2 million tons of sand annually to producers in the Delaware Basin, an oil patch that stretches from West Texas into New Mexico. Rangeland CEO Keene said January frac sand deliveries out of the company''s terminal reached record levels. OIL PRODUCERS ''SCRAMBLING'' Taylor Robinson, president of PLG Consulting, which helps companies solve transportation issues, said frac sand demand has <20>significantly<6C> picked up in the past six weeks, and demand is expected to skyrocket over the next seven months. <20>I think people are looking at the potential demand numbers, and, for the first time, people are scared that there will not be enough sand to meet the demand,<2C> Robinson said. <20>Oil producers are scrambling to lock in long-term contracts to avoid being caught short. People are really gearing up for the next wave.<2E> The increased demand will push sand prices up by 60 percent, hitting the $40 per ton range over the next 18 months, Raymond James said. Sand costs are about $25 per ton today and reached $70 per ton prior to the downturn and when supplies were short. Keene said the real concern is the logistical challenges that come with moving high volumes of sand. Some producers are using a unit train - roughly 75 or more rail cars in a line - on each well, Keene says. He said that presents some significant logistical challenges that could hamper production. "People are going to have to build large, unit-train scale facilities at these v
'b0a5d6a7eb9d273737692a20d77acbbff933108b'|'Opel labor chiefs say prepared for constructive talks with PSA'|'FRANKFURT Workers'' representatives of General Motors'' ( GM.N ) European arm Opel are prepared to hold "constructive" talks with prospective new owner PSA Group ( PEUP.PA ) if the French group buys Opel, known as Vauxhall in Britain, they said on Friday."The fundamental basis for these talks... must be the unequivocal recognition and implementation of existing agreements for all Opel/Vauxhall sites," the German and European works councils and the IG Metall trade union said in a joint statement.(Reporting by Georgina Prodhan; Editing by Maria Sheahan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-opel-m-a-psa-idINKBN15W148'|'2017-02-17T08:27:00.000+02:00'
'ed71dbe95f78d32ff9df7881f57bd8c067f4e66a'|'Facebook CEO warns against reversal of global thinking'|'Business   2:25am GMT Facebook CEO warns against reversal of global thinking By David Ingram - SAN FRANCISCO SAN FRANCISCO Facebook Inc ( FB.O ) Chief Executive Mark Zuckerberg laid out a vision on Thursday of his company serving as a bulwark against rising isolationism, writing in a letter to users that the company''s platform could be the "social infrastructure" for the globe. In a 5,700-word manifesto, Zuckerberg, founder of the world''s largest social network, quoted Abraham Lincoln, the U.S. president during the country''s 19th century Civil War known for his eloquence, and offered a philosophical sweep that was unusual for a business magnate. Zuckerberg''s comments come at a time when many people and nations around the world are taking an increasingly inward view. U.S. President Donald Trump pledged to put "America first" in his inaugural address in January. That followed Britain''s decision last June to exit the European Union. "Across the world there are people left behind by globalisation, and movements for withdrawing from global connection," Zuckerberg wrote, without naming specific movements. The question, the 32-year-old executive said, was whether "the path ahead is to connect more or reverse course," adding that he stands for bringing people together. Quoting from a letter Lincoln wrote to Congress in the depths of the Civil War, he wrote to Facebook''s 1.9 billion users: "The dogmas of the quiet past, are inadequate to the stormy present." Zuckerberg said that Facebook could move far beyond its roots as a network for friends and families to communicate, suggesting that it can play a role in five areas, all of which he referred to as "communities," ranging from strengthening traditional institutions, to providing help during and after crises, to boosting civic engagement. In comments on Facebook, some users praised Zuckerberg''s note for staying positive, while others declared "globalism" dead. Facebook has been under pressure to more closely police hoaxes, fake news and other controversial content, although the concerns have had little impact on its finances. The company reported 2016 revenue of $27.6 billion, up 54 percent from a year earlier. One area where Zuckerberg wrote that Facebook would do better would be suggesting "meaningful communities." Some 100 million users are members of groups that are "very meaningful" to them, he wrote, representing only about 5 percent of users. Facebook is also using artificial intelligence more to flag photos and videos that need human review, Zuckerberg wrote. One-third of all reports to Facebook''s review team are generated by artificial intelligence, he wrote. Zuckerberg''s letter was "a bit more ambitious and a bit more of the 30,000-foot view than I see from most tech company CEOs," Peter Micek, global policy and legal counsel at Access Now, an international digital rights group, said in a phone interview. But Zuckerberg stayed away from certain subjects on which Facebook could be vulnerable to criticism, mentioning the word "privacy" only once, Micek said. (Reporting by David Ingram; Editing by Leslie Adler) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-facebook-zuckerberg-idUKKBN15W05D'|'2017-02-17T09:25:00.000+02:00'
'82a3bb552dc9a43bbca006cb6226995fb05e1565'|'Italy''s Stefanel in talks to cede majority stake to Oxy, Attestor'|'MILAN Feb 17 Struggling Italian clothing company Stefanel said on Friday it was in talks with private equity funds Oxy Capital and Attestor Capital over a deal that would hand them majority ownership of the group.In a statement, the company said that its creditor banks had raised no objections so far to a possible deal, although an agreement had not been finalised yet. The banks would also become shareholders in the company through a debt-to-equity swap, it said.The fashion group accumulated over 170 million euros 181 million) in losses over the last decade while attempting to reach out to mid-range clients while surviving competition from high-street brands like H&M and ITX.MC.Stefanel said the accord would only go through if the Italian market watchdog would lift Oxy Capital and Attestor Capital from having to launch a full takeover bid on the Treviso-based company. ($1 = 0.9397 euros) (Reporting by Giulia Segreti, editing by Silvia Aloisi)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/italy-stefanel-investors-idINI6N1FU000'|'2017-02-17T08:51:00.000+02:00'
'8dd7100485c63affd80c07d5cf5def214e4dbf55'|'Nikkei rises, insurers lead gains on higher bond yields'|'Company News - Wed Feb 15, 2017 - 1:44am EST Nikkei rises, insurers lead gains on higher bond yields TOKYO Feb 15 Japan''s Nikkei share average rose near six-week highs touched earlier in the week on Wednesday, as shares of insurers soared after comments from U.S. Federal Reserve Chair Janet Yellen boosted U.S. and global bond yields. The Nikkei gained 1 percent to 19,437.98, near Monday''s intraday high of 19,519.44. The broader Topix rose 1.0 percent to 1,553.69. The insurers subindex gained 4.2 percent, its biggest gain in three months, with T&D Holdings rising 5.3 percent on the announcement of a share buyback. Toshiba Corp, the most heavily traded stock on the main board, tanked 8.8 percent after it booked a massive writedown and said it may sell its prized flash-memory chip unit. (Reporting by Tokyo Markets Team; Editing by Jacqueline Wong) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/japan-stocks-close-idUSL4N1G02H5'|'2017-02-15T13:44:00.000+02:00'
'3513e4231d8a60d38de8094f02e89b869d435fc2'|'Morrissons to ''hedge bets'' and recruit more UK-based suppliers - Business'|'Morrisons is aiming to recruit 200 more British suppliers after a report commissioned by the supermarket found that only just over half the food eaten in the UK comes from local sources.The report, by Professor Tim Benton of the University of Leeds , highlights the growing risks associated with a global food supply chain. Benton warns that increased frequency in severe weather events caused by climate change, combined with political changes, such as Brexit and the election of Donald Trump, may affect global trading relationships and compromise the food supply. Trump<6D>s protectionist agenda may lead to countries hoarding the crops they specialise in, for example.UK food prices will rise without EU workers, say trade groups Read more The effect of restricted food supplies has been highlighted by recent shortages of fresh produce due to poor weather in southern Spain , where more than 80% of the UK<55>s leafy vegetables come from during winter.<2E>The future of the UK food system that we advocate is a response to the risks and uncertainties of the future. It is not to disengage from reliance on global trade, but to hedge our bets by increasing local production for local consumption,<2C> Benton argues in the report.The chairman of Morrisons, Andy Higginson, said: <20>Morrisons is already British farming<6E>s biggest single customer, and the publication of the report today from Prof Benton makes us more determined to produce more of our food and source more from local British suppliers <20> We want small UK food suppliers to become bigger ones and we also want to give our customers the option of more food that meets their local food tastes.<2E>Benton points out that UK production of high-value crops shot up between 1997 and 2006 <20> strawberry output, for example, rose by 125%. But he suggests there is an opportunity to expand in other areas as production of most of the 20 indigenous fruits and vegetables grown here has slid. Production of French beans and runner beans fell 49% over the period, while orchards now account for 25,100 hectares (61,997 acres) compared with 113,000 hectares 50 years ago.British strawberries could be wiped out by Brexit, farming leaders warn Read more But the potential for self-sufficiency varies with the type of food. More than 80% of the eggs, meat and dairy and 62% of the cereals we eat are from the UK, but only 23% of fruit and vegetables consumed are grown here.The UK exports <20>18bn of food and imports <20>39bn , but even if all the UK-grown produce was consumed domestically, it would still fall below two-thirds of British demand.Benton advocates supporting a broad range of local producers, including small-scale operations, and close collaboration between retailers, food processors and farmers to cut down food waste so that more of the produce grown in the UK reaches the dining table. But he also points out that local production of some foods would require significant investment.'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/feb/17/morrissons-to-hedge-bets-and-recruit-more-uk-based-suppliers'|'2017-02-17T14:01:00.000+02:00'
'72b3ffad47c311778ffe8543b8cd335451c44a19'|'Fidelity''s operating profit surged nearly 20 pct in 2016'|' 39am EST Fidelity''s operating profit surged nearly 20 pct in 2016 BOSTON Feb 16 Fidelity Investments said on Thursday its financial services operating profit rose 19.5 percent to $3.5 billion in 2016, despite massive withdrawals of investor money from its actively managed stock funds. Boston-based Fidelity, which is controlled by the family of Chairman Abigail Johnson, said 2016 revenue was $15.9 billion, an increase of 3.4 percent over 2015. Fidelity''s actively managed equity mutual funds saw $57.7 billion in net outflows during the year. These outflows were offset by $19.1 billion of flows into managed account products, $22.6 billion of flows into money market funds, and $16.1 billion of flows into Fidelity index funds. (Reporting By Tim McLaughlin; Editing by Chizu Nomiyama)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/funds-fidelity-results-idUSL1N1G117Z'|'2017-02-16T23:39:00.000+02:00'
'00a0beb700850355997037b973c60394f337a267'|'Factbox - BOJ''s new policy framework, battle with deflation'|' 51am IST Factbox - BOJ''s new policy framework, battle with deflation A Japanese flag flutters atop the Bank of Japan building in Tokyo, Japan, September 21, 2016. REUTERS/Toru Hanai/File Photo TOKYO The Bank of Japan ovehauled its monetary policy framework in September, switching to targeting interest rates and the shape of the government bond yield curve from its previous policy of targeting base money. The BOJ''s new policy has created problems for the central bank in its daily dealings with financial markets, as rising global yields muddle its efforts to manage local rates. The following is a look at key elements of the policy and the BOJ''s past battles with deflation: YIELD CURVE CONTROL The centrepiece of the BOJ''s monetary policy is controlling the shape of the yield curve, which is formed by plotting yields on government debt with durations from one month out to 40 years. The BOJ uses the negative 0.1 percent interest rate it charges on a small portion of commercial bank reserves to keep yields low at the short end of the curve. The BOJ introduced a new target for 10-year government bond yields of around zero percent and will buy government bonds to prevent yields from rising too far above that target. The BOJ says this is beneficial because it can focus on lowering yields that have the most immediate impact on the economy. The new policy allows yields on 20-year, 30-year and 40 year debt to rise, which benefits banks and insurers who use a widening spread between short-term and long-yields to generate profits. Commercial banks had become critical of the BOJ''s monetary policy after a decline in long-term yields caused the curve to flatten so much that their profits started to shrink. The BOJ does not specify how steep it wants the yield curve to be, only saying that it will aim to guide it to an "desirable shape" reflecting economic fundamentals. NEW MARKET OPERATION To better control the yield curve, the BOJ introduced a new government debt buying operation. Aside from its regular auctions to buy bonds, it has a new scheme to purchase unlimited amounts of bonds at a set price. This is a last-resort tool in case bond yields spike abruptly. The BOJ no longer targets the pace of money printing. But it kept intact as a loose goal its previous commitment to buy government debt so the balance of its holdings increase at an annual pace of 80 trillion yen ($700 billion). BOJ Governor Haruhiko Kuroda has said the central bank could raise or lower the annual rate of purchases in the future depending on the shape of the yield curve. Some economists said Kuroda had effectively established an easy way to lower debt purchases in the future. FUTURE POLICY LEVERS If the BOJ needs to ease policy in the future, the first tools it will use are changes to the negative 0.1 percent interest rate and the target for 10-year government bond yields. Changes to risk-asset purchases and the annual pace of government bond buying remain options, but Kuroda made it clear the priority had shifted to interest rates. BOJ officials say the bank would raise its yield targets only when inflation is clearly accelerating toward 2 percent reflecting solid and sustained improvements in the economy. COMMITMENT TO ALLOW INFLATION TO OVERSHOOT The BOJ introduced a new commitment to continue expanding the monetary base until core consumer prices rise above its 2 percent inflation target in a stable manner. Its previous commitment was that it would continue with its stimulus programme until inflation was expected to remain around 2 percent in a stable manner. Kuroda has said the commitment to overshooting the 2 percent target was intended to dispel speculation that the BOJ had given up on its price target. However, this commitment may have little impact since many economists have long said 2 percent inflation was overly ambitious goal. PAST STEPS TO BATTLE DEFLATION The BOJ became the first major central bank to adopt zero interest rates in 1999 t
'828b31f1c51e47173bb4975064dfebee9a1ea757'|'UPDATE 2-Boeing wins union vote at South Carolina plant'|'(Adds details on vote campaign)NORTH CHARLESTON, S.C. Feb 15 Boeing Co defeated a union drive by workers at the company''s aircraft factory in South Carolina on Wednesday, as workers voted to reject union representation.The secret ballot vote, conducted by the National Labor Relations Board (NLRB) at polling locations throughout the North Charleston plant, was the first for Boeing and a high-profile test for organized labor in the nation''s most strongly anti-union state."We''re disappointed the workers at Boeing South Carolina will not yet have the opportunity to see all the benefits that come with union representation" said International Association of Machinists and Aerospace Workers (IAM) lead organizer Mike Evans, in a statement.Boeing had no immediate comment.The results come just before U.S. President Donald Trump is due to visit Boeing in South Carolina on Friday, as the company rolls out the first completed 787-10, the largest version of its Dreamliner.The world''s largest planemaker ran a hardball campaign against the IAM, which has been trying to organize about 3,000 workers at one of two plants where Boeing makes 787 Dreamliners. The other, in Washington state, has long been unionized by the IAM.Opposition is strong in South Carolina, which is one of 28 states that bar unions from requiring workers to join up as a condition of employment, and has the lowest proportion of union workers, at 1.6 percent, according to the Bureau of Labor Statistics. New York is highest with 23.6 percent.The IAM canceled a vote at the Boeing plant in April 2015, claiming political interference from state officials. Former Governor Nikki Haley, who is now U.S. ambassador to the United Nations, was among those who voiced strong opposition to the union in 2015.Boeing says the union is not needed because it is a divisive force that picks fights with management, makes promises it cannot keep and leads workers out on costly strikes.The Chicago-based company produced videos that aired heavily on local TV stations and were also shown in break rooms at the plant, mechanic Elliott Slater, 57, who supports the union, told Reuters in an interview.Boeing invested $750 million to build the South Carolina factory after a costly machinists strike in 2008 that shut down production in Washington. It spent $1 billion more to expand aircraft engine casing and interiors production. Its employment in the state peaked at 8,400 in 2014 and has since fallen by 10 percent.The South Carolina plant helps build the 787-8 and larger 787-9, and exclusively builds the 787-10 "stretch" version. (Reporting by Harriet McLeod and Alwyn Scott; Editing by Bill Rigby)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/boeing-machinists-idINL1N1G102Q'|'2017-02-15T22:43:00.000+02:00'
'879aa18924168de706f89b1750ed8f924ba977c9'|'How Sanofi lost out to J&J in $30 billion battle for Actelion'|'By John Miller and Ludwig Burger - ZURICH ZURICH Swiss biotech company Actelion ( ATLN.S ), days before agreeing to a $30 billion bid by Johnson & Johnson ( JNJ.N ), found a rival offer to be as attractive but went with J&J because its offer provided more certainty, a filing showed on Thursday.Relations had already soured with the rival bidder, identified previously by sources familiar with the situation as French drugmaker Sanofi ( SASY.PA ), after it went back on an initially higher bid, according to the J&J filing formally setting out details of the offer.J&J''s agreement on Jan. 26 to buy Actelion in an all-cash deal marked the biggest European drugs takeover in 13 years.Although people close to the talks had told Reuters that Sanofi had gained a seat at the negotiating table, the French group has consistently declined to comment. Some investors have expressed frustration at Sanofi''s failure to land a big deal.J&J''s prospectus for its tender offer revealed the rival bidder, identified only as "Company A", had made a written proposal on Dec. 12 for a takeover price in cash that outbid J&J''s and which resulted in the U.S. healthcare group quitting talks.But just a week later, the rival bidder became unwilling to proceed with talks unless Actelion considered a lower price."Company A indicated that it would only be willing to proceed with a transaction on the basis of a price lower than its previously communicated offer price and on different terms," the prospectus said.On Jan. 23, Actelion''s board discussed the merits of the competing offers and decided the financial terms of the two proposals would deliver approximately equivalent value to shareholders.GREATER CERTAINTYHowever, the filing said the board concluded: "J&J''s proposal offered significantly greater transaction certainty because the transaction documentation was nearly final and because J&J had already completed the required due diligence".The filing said the tender offer for the Swiss biotech company''s shares would run from March 3 to March 30.Shares of the new research and development company being spun out of Actelion for a Swiss listing will be distributed to Actelion shareholders as a stock dividend prior to settlement of the tender offer, it said.The prospectus also set out these details on the deal:Actelion will pay the bidder a $500 million break fee if the offer is not successful or does not become unconditional in certain circumstancesThe minimum acceptance rate is 67 percent.J&J has agreed to make a 10-year convertible loan worth 580 million Swiss francs to the R&D pipeline company being spun off; the loan will be convertible, in two tranches, into up to 32 percent of the shares of R&D NewCo.R&D NewCo will be financed by the convertible loan, cash on hand of 420 million Swiss francs provided by Actelion, and a credit facility of the franc equivalent of $250 million to be provided by the bidder.Shares of R&D NewCo are expected to be admitted to listing on the SIX Swiss Exchange on the same day as the Actelion deal settlement.J&J intends to delist Actelion and plans a squeeze-out if needed.(Additional reporting by Ben Hirschler; Editing by Jason Neely and David Holmes)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-actelion-results-idINKBN15V0KB'|'2017-02-16T06:53:00.000+02:00'
'94d618232b1bb7d25e3ab4a68b8c830586128870'|'Con Edison reaches $153 mln settlement over deadly 2014 Harlem blast'|'World News - Thu Feb 16, 2017 - 3:31pm EST Con Edison reaches $153 million settlement over deadly 2014 Harlem blast NEW YORK Con Edison Inc has reached a $153.3 million settlement with New York State stemming from a fatal 2014 natural gas explosion in the East Harlem section of Manhattan, New York Governor Andrew Cuomo said on Thursday. Cuomo said the settlement includes a more than $25 million fund to benefit gas customers, and an agreement by Con Ed not to seek reimbursement from customers for more than the $125.5 million it has spent on gas leak response activities since the March 12, 2014 blast, which killed eight people. The accord is the largest gas safety-related settlement in New York history, Cuomo said. (Reporting by Jonathan Stempel in New York, editing by G Crosse) Next In World News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-new-york-conedison-idUSKBN15V2Q8'|'2017-02-17T03:28:00.000+02:00'
'8b4a2548082d7d6281b05022ecb3e489f585931c'|'Gem Diamonds mothballs mine in Botswana due to weak diamond market'|'Business News - Thu Feb 16, 2017 - 8:48am GMT Gem Diamonds mothballs mine in Botswana due to weak diamond market Gem Diamonds Ltd ( GEMD.L ) said it would place its Ghaghoo mine in Botswana under care and maintenance with immediate effect due to a fall in diamond prices. The company, which mines diamonds from the Letseng mine in Lesotho and the Ghaghoo mine, said the move would result in an annualised care and maintenance cost of $3 million, post settlement expenses. (Reporting by Sanjeeban Sarkar in Bengaluru; Editing by Amrutha Gayathri) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-gem-diamonds-outlook-idUKKBN15V0VX'|'2017-02-16T15:48:00.000+02:00'
'498a4597c9b8efb7fb77ec80e798b8be9727235e'|'Consultancy files complaints with Chinese government over McDonald''s China sale'|'Deals  11am GMT Consultancy files complaints with Chinese government over McDonald''s China sale Customers eat dinner at a McDonald''s store in Beijing, China January 9, 2017. REUTERS/Jason Lee By Michelle Price and Julie Zhu - HONG KONG HONG KONG A Chinese consultancy that has previously helped to win antitrust battles against Coca-Cola and Apple has taken aim at McDonald''s Corp, arguing in a complaint to regulators that the American fast food giant''s China sale may hurt workers and consumers. McDonald''s said last month it had agreed to sell the bulk of its China and Hong Kong business to state-backed conglomerate CITIC Ltd and U.S. private equity firm Carlyle Group LP for up to $2.1 billion, in a deal that will see the consortium act as the master franchisee for a 20-year period. The complaint, which follows allegations from a U.S. labor union that the transaction will likely lead to poorer pay and conditions for McDonald''s 120,000 workers in China, could delay regulatory approval for the deal. Beijing-based Hejun Vanguard Group, a Chinese management consultancy that has a track-record of representing domestic companies against foreign firms, filed two separate complaints against McDonald''s with the Ministry of Commerce''s (MOFCOM) antimonopoly bureau and its franchise office, Hejun Vanguard told Reuters. MOFCOM did not immediately respond to a request for comment. CITIC, CITIC Capital and Carlyle declined to comment. "The deal will put enormous downward pressure on McDonald''s master franchisees, existing franchisees that operate individual stores, and the workers and customers of those stores," said Li Su, CEO of Hejun Vanguard Group in a statement. "Regulators should investigate the transaction and impose restrictions to prevent McDonald<6C>s from abusing its dominant market position." CITIC and CITIC Capital, an affiliate company that manages private equity funds, will hold 52 percent following the deal. Carlyle will control 28 percent of the business, while McDonald''s will retain a 20 percent stake. McDonald''s currently owns and operates most of its outlets on the mainland but the deal will see the fast-foot giant move to a franchise model that should allow it to continue to profit from sales while cutting costs. (Reporting by Michelle Price; Edited by Martin Howell) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-china-mcdonalds-antitrust-idUKKBN15V0Y6'|'2017-02-16T16:08:00.000+02:00'
'9f49f643f5e5cac585246308b9ec37bdff548f57'|'New York state cyber security regulation to take effect March 1'|'U.S.  52pm EST New York state cyber security regulation to take effect March 1 By Karen Freifeld and Jim Finkle - NEW YORK/BOSTON NEW YORK/BOSTON New York state on Thursday announced final regulations requiring banks and insurers to meet minimum cyber-security standards and report breaches to regulators as part of an effort to combat a surge in cyber crime and limit damages to consumers. The rules, in the works since 2014, followed a series of high-profile data breaches that resulted in losses of hundreds of millions of dollars to U.S. companies, including Target Corp, Home Depot Inc and Anthem Inc. They lay out unprecedented requirements on steps financial firms must take to protect their networks and customer data from hackers and disclose cyber events to state regulators. "These strong, first-in-the-nation protections will help ensure this industry has the necessary safeguards in place" to protect businesses and clients "from the serious economic harm caused by these devastating cyber-crimes," Governor Andrew Cuomo said in a statement. The state in December delayed implementation of the rules by two months and loosened some requirements after financial firms complained they were onerous and said they would need more time to comply. The new rules call for banks and insurers to scrutinize security at third-party vendors that provide them goods and services. In 2005, the New York Department of Financial Services found that a third of 40 banks polled did not require outside vendors to notify them of breaches that could compromise data. The revised rule requires firms to perform risk assessments in order to design a program particular to them, and gives them at least a year-and-a-half to comply with the requirements. The final rule took into account the burden on smaller companies, a spokeswoman for the agency said. Covered entities must annually certify compliance. Institutions subject to the regulation include state-chartered banks, as well as foreign banks licensed to operate in the state, along with any insurer that does business in New York. A task force of U.S. state insurance regulators is also developing a model cyber security law, which individual state legislatures could ultimately choose to adopt. (Reporting by Karen Freifeld and Jim Finkle; Editing by Dan Grebler) Next In U.S.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-cyber-new-york-idUSKBN15V2OA'|'2017-02-17T02:50:00.000+02:00'
'cecf39b188b77d278189ae15fa40ed371a4cdf8a'|'UPDATE 1-Encana boosts capital spending by 50 pct amid oil recovery'|'Company News -  48am EST UPDATE 1-Encana boosts capital spending by 50 pct amid oil recovery (Adds details and estimates) Feb 16 Canadian oil and natural gas producer Encana Corp reported a quarterly operating profit that topped analysts'' estimates and boosted its 2017 capital expenditure target by 50 percent from a year earlier. Crude prices are recovering from a two-year slump, prompting oil producers to raise their capital expenditure targets for the year and ramp up drilling and well completions. The company said its capital expenditure for the year would range between $1.6 billion and $1.8 billion. The Calgary-based company has also narrowed operations to focus on four core North American plays: the Montney and Duvernay in Western Canada, and the Eagle Ford and Permian in the United States. Encana''s oil and natural gas liquids production fell nearly 25 percent to average 108,900 barrels per day in the fourth quarter, while natural gas output fell 19 percent to 1.28 billion cubic feet per day. However, the company''s operating expenses nearly halved to $876 million in the quarter, helping it beat analysts'' profit estimates for the third straight quarter. Encana''s operating profit, which excludes one-time items, was 9 cents per share, well above 3 cents per share estimated by analysts, according to Thomson Reuters I/B/E/S. The company''s net loss narrowed to $281 million for the three months ended Dec. 31 from $612 million a year earlier, when it took an impairment charge of $805 million. (Reporting by Komal Khettry in Bengaluru; Editing by Anil D''Silva) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/encana-results-idUSL4N1G13L7'|'2017-02-16T18:48:00.000+02:00'
'ec8033ad1499047f231d27a0730dcedf198e700c'|'BRIEF-Baldwin & Lyons Q4 earnings per share $0.32'|' 23am EST BRIEF-Baldwin & Lyons Q4 earnings per share $0.32 Feb 16 Baldwin & Lyons Inc : * Baldwin & Lyons announces results for the quarter and twelve months of 2016 * Q4 earnings per share $0.32 * Baldwin & Lyons Inc- gross premiums written during Q4 of 2016 totaled a record $104.9 million, 7.2% higher than Q4 of 2015 * Qtrly total revenue $80.6 million versus $69.75 million * Baldwin & Lyons Inc- book value per share on December 31, 2016 of $26.81  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSASB0B0QR'|'2017-02-16T20:23:00.000+02:00'
'94cdf0139efd493bba127f94fdaf34f5eadaf328'|'BRIEF-Windtree Therapeutics says aerosolized KL4 surfactant reduces lung inflammation and improves survival in high-pathogen avian influenza preclinical study'|'United States  55am EST BRIEF-Windtree Therapeutics says aerosolized KL4 surfactant reduces lung inflammation and improves survival in high-pathogen avian influenza preclinical study Feb 16 Windtree Therapeutics Inc * Windtree Therapeutics - aerosolized KL4 surfactant reduces lung inflammation and improves survival in high-pathogen avian influenza preclinical study    '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1G10GZ'|'2017-02-16T19:55:00.000+02:00'
'cba5553b9a61ba3b2255aaf7fcf51af951f19598'|'CORRECTED-German economy minister says expects PSA/Opel deal to go through'|' 09pm EST CORRECTED-German economy minister says expects PSA/Opel deal to go through (Changes headline to "economy minister" from "state minister") BERLIN Feb 16 German Economy Minister Brigitte Zypries said on Thursday she expected a deal between France''s PSA Group and the Opel unit of General Motors, and that German officials had held talks with senior managers in the two companies. "I expect it to take place," she told reporters on the sidelines of an energy association event in Berlin, adding she called it a "merger" rather than a takeover. "We are doing everything we can to ensure that the site remains, and above all so that research remains in Germany. That is our top goal," she said. Handelsblatt business daily reported the economy minister of the German state of Rhineland Palatinate, Volker Wissing, as saying "there are opportunities if PSA gets on board." The state is home to an Opel plant in Kaiserslautern. (Reporting by Gernot Heller; Writing by Madeline Chambers; Editing by Paul Carrel)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/opel-ma-psa-idUSB4N1DI00P'|'2017-02-17T00:09:00.000+02:00'
'8dc16022952c24806569d4b998fbe8e2f60fea10'|'BRIEF-Curtiss-Wright Q4 sales $566 million'|'  4:54pm EST BRIEF-Curtiss-Wright Q4 sales $566 million Feb 15 Curtiss-Wright Corp * Curtiss-Wright reports fourth quarter and full-year 2016 financial results and issues 2017 guidance * Curtiss-Wright Corp - new orders of $497 million in Q4 decreased 47% as prior year period * Q4 earnings per share $1.58 * Q4 sales $566 million versus I/B/E/S view $598.9 million * Q4 earnings per share view $1.49 -- Thomson Reuters I/B/E/S * Curtiss-Wright Corp sees FY total sales including TTC $2.17 - $2.21 billion * Curtiss-Wright Corp sees FY free cash flow $260 - $280 million * Curtiss-Wright corp sees FY diluted earnings per share $4.30 - $4.40 * Curtiss-Wright Corp says backlog of $2.0 billion increased 1% from December 31, 2015, primarily due to growth in naval defense businesses * FY2017 earnings per share view $4.51, revenue view $2.20 billion -- Thomson Reuters I/B/E/S Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSASB0B0IR'|'2017-02-16T04:54:00.000+02:00'
'7aa722d831fbe3202fd7e153ca17b28d2a5099de'|'European shares retreat after 7 sessions of gains, Cobham plunges'|'Company  13am EST European shares retreat after 7 sessions of gains, Cobham plunges (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) * STOXX Europe 600 index down 0.3 pct * Cobham plunges 20 pct after results * Miners track weaker metals prices By Atul Prakash LONDON, Feb 16 European equities fell on Thursday after seven straight sessions of gains, with weaker metal prices weighing on miners and a poor update battering shares in engineering group Cobham. Companies like NN Group and Drax also dragged the market lower after their disappointing updates. The pan-European STOXX 600 fell 0.3 percent by 0957 GMT after recent gains to a two-month high on Wednesday. Britain''s commodity-heavy FTSE 100 index was down 0.4 percent, while Germany''s DAX dropped 0.2 percent. Cobham led the STOXX 600 lower after slumping nearly 20 percent to its lowest level in about 13 years and heading for its biggest-ever daily fall. The sharp sell-off came after the company missed a profit target that had already been repeatedly lowered and took a charge on a troubled contract with Boeing, capping "an incredibly turbulent and disappointing year" for the defence and aerospace group. The company said 2017 could be even worse as it struggles to fix operational problems in difficult markets. Its shares have already more than halved in the last 12 months. "Investors are ditching the stock as it looks like the problems at Cobham go further than anyone realised when all this started. There is every reason to think that management''s review of the business may throw up further concerns and more write-downs," said Neil Wilson, an analyst at ETX Capital. Miners put pressure on the broader market. The STOXX Europe 600 Basic Resources index fell 0.9 percent, the biggest sectoral decliner, as copper prices fell after China''s overseas investment weakened and sentiment waned over demand in the world''s top copper user. Shares in Anglo American, Antofagasta and Rio Tinto fell 0.5 to 2.4 percent. Elsewhere, Dutch insurance company NN Group dropped 8 percent after its fourth quarter core profit missed expectations, while power producer Drax fell 7 percent after saying it was reviewing its dividend policy. However, broader market losses were partly offset by stronger airlines. Air France-KLM jumped 6 percent after reporting better-than-expected operating profit for 2016 and said it had made a "resilient" start to 2017. Shares in International Consolidates Airlines Group and Lufthansa rose 1.9 percent and 2.8 percent respectively. Mobile telecom equipment maker Ericsson advanced 3.4 percent, the biggest gainer in the STOXX 600, on a media report saying that Cisco was open to larger acquisitions, while IT services group Capgemini was up 2.7 percent after saying that it was targeting higher 2017 earnings. (Editing by Gareth Jones) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/europe-stocks-idUSL8N1G12GR'|'2017-02-16T17:13:00.000+02:00'
'dad52f95a10cc741a11676a61a923d91e4ee7455'|'UPDATE 1-FTC approves Enbridge deal to buy Spectra with conditions'|'Company News - Thu Feb 16, 2017 - 1:57pm EST UPDATE 1-FTC approves Enbridge deal to buy Spectra with conditions (Adds details on deal, agreement with FTC) WASHINGTON Feb 16 Canada''s Enbridge Inc and Spectra Energy Corp have won U.S. antitrust approval for a $28 billion merger that will create the largest North American energy infrastructure company. The Federal Trade Commission said on Thursday that it would approve the deal. The merger was announced in September 2016. Enbridge''s pipelines mainly send Canadian crude from oil sands to refiners on the U.S. Gulf Coast, while Spectra''s network ships natural gas to the U.S. East Coast. Share prices of both Enbridge and Spectra were down slightly on Thursday. Enbridge was trading at $55.31, down 1.09 percent, while Spectra was at $41.55, down less than 1 percent. The FTC''s conditions were aimed at preventing a reduction of competition among natural gas pipeline providers in the Gulf of Mexico off Louisiana''s coast. Enbridge owns the Walker Ridge Pipeline while Spectra has an indirect stake in the competing Discovery Pipeline through its interest in DCP Midstream. Once the deal is concluded, the merger would give Enbridge ownership interests in the two closest pipelines in parts of the Gulf of Mexico, the FTC said in a legal filing. To resolve this, Enbridge agreed to establish firewalls that prevent it from accessing non-public information about the Discovery Pipeline, among other steps. Enbridge must also notify the FTC before increasing its DCP stake or acquiring other pipelines in the region. The condition is to remain in place for 20 years, the FTC said in a statement. The companies also announced that the FTC had approved the deal. "The final regulatory requirement for closing is clearance under the Canadian Competition Act. The companies continue to expect the transaction to close in the first quarter of this year," they said in a statement. (Reporting by Diane Bartz; Editing by Chizu Nomiyama and Cynthia Osterman) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/spectra-energy-ma-enbridge-inc-idUSL1N1G11DK'|'2017-02-17T01:57:00.000+02:00'
'6dfd830a3acfcedf0fc882d956616fa7112bda32'|'US STOCKS-Wall St record rally wobbles as banks, energy stocks weigh'|' 53pm EST US STOCKS-Wall St record rally wobbles as banks, energy stocks weigh * Cisco top stock on S&P, Nasdaq indexes after results * Banks stocks drop for first time in six days * Wells Fargo biggest drag on S&P after rating cut * Indexes down: Dow 0.09 pct, S&P 0.22 pct, Nasdaq 0.22 pct (Updates to early afternoon) By Yashaswini Swamynathan Feb 16 Wall Street dipped on Thursday, weighed down by energy stocks as oil prices dropped and as banks shares fell for the first time in six days. The three main indexes had inched up enough at the open to notch record intraday highs for the sixth straight session. The rally was sparked by President Donald Trump''s vow last week of tax cuts, and fueled by optimism that his plans for corporate deregulation will expand the economy. However, worries have started to surface that Trump so far has provided no substantial details on his plans. "Some of these policies are game changers to certain sectors, and the market is being somewhat rational in terms of taking a bit of a breather before we have more facts as opposed to plans or intention," said Tracy Maeter, global investment specialist at J.P. Morgan Private Bank in Philadelphia. "I would expect that we are going to be in this mode in terms of taking two steps forward and one step back." At 12:30 p.m. ET (1730 GMT), the Dow Jones Industrial Average was down 18.05 points, or 0.09 percent, at 20,593.81, and the Nasdaq Composite was down 12.63 points, or 0.22 percent, at 5,806.81. The S&P 500 was down 5.17 points, or 0.22 percent, at 2,344.08. The index ended higher for the seventh session in a row on Wednesday, its first such streak since September 2013. Seven of the 11 major S&P sectors were lower. The biggest drags were the financials, which fell 0.41 percent, and energy, which dropped 0.83. The technology index edged up 0.16 percent, buoyed by Cisco''s 2.9 percent gain after its results. The stock was the top boost to the S&P and the Nasdaq. Wells Fargo was the biggest drag on the S&P, slipping 1.2 percent after Credit Suisse downgraded its stock to "neutral" from "outperform". TripAdvisor sank 9.3 percent and was the biggest percentage loser on the S&P and Nasdaq 100 after posting   revenue and profit. NetEase jumped 12 percent to $293.06 following the Chinese online game developer''s revenue beat. Declining issues outnumbered advancers on the NYSE by 1,829 to 1,033. On the Nasdaq, 1,781 issues fell and 988 advanced. The S&P 500 index showed 50 new 52-week highs and no new lows, while the Nasdaq recorded 117 new highs and 21 new lows. (Reporting by Yashaswini Swamynathan   Savio D''Souza)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-stocks-idUSL4N1G14NX'|'2017-02-17T00:53:00.000+02:00'
'd17a94cfc2ee97b11728296cb605b850db26f299'|'Blackstone acquires London-based cloud computing firm Cloudreach'|' 26am GMT Blackstone acquires London-based cloud computing firm Cloudreach LONDON Blackstone has acquired a majority stake in cloud computing business Cloudreach for an undisclosed sum, the buyout fund said on Thursday. Cloud computing uses a network of remote servers hosted on the Internet to store, manage and process data, instead of a local server or a personal computer. London-based Cloudreach has operations in seven countries, with clients including travel booking sites Sky Scanner and Trainline and publisher Time Inc. (Reporting by Dasha Afanasieva; Editing by David Goodman) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-cloudreach-m-a-blackstone-group-idUKKBN15V162'|'2017-02-16T17:26:00.000+02:00'
'ed8cbef7abb88f724d19b604512e1749c6c9efdc'|'Kraft Heinz proposes merger deal which Unilever rejects'|'Business News - Fri Feb 17, 2017 - 12:21pm GMT Kraft Heinz proposes merger deal which Unilever rejects The logo of the Unilever group is seen at the Miko factory in Saint-Dizier, France, May 4, 2016. REUTERS/Philippe Wojazer LONDON U.S. food company Kraft Heinz Co ( KHC.O ) has proposed a merger with Unilever ( ULVR.L ) ( UNc.AS ), but the Anglo-Dutch company has declined, Kraft said on Friday. Kraft Heinz said it looks forward to working to reach a deal. (Reporting by Martinne Geller; editing by Jason Neely) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-unilever-m-a-kraft-idUKKBN15W196'|'2017-02-17T19:21:00.000+02:00'
'58ec2eb67fa5abcbab598c90f454312c1c42d025'|'Euro zone investment inflows surge in December - ECB'|'  9:05am GMT Euro zone investment inflows surge in December - ECB A rainbow is seen behind European flags during a euro zone EU leaders emergency summit on the situation in Greece at the European Council headquarters in Brussels, Belgium, July 7, 2015. REUTERS/Eric Vidal FRANKFURT Investment flows into the euro zone surged in December while the 19-country bloc''s adjusted current account surplus narrowed slightly, the European Central Bank said on Friday. Combined direct and portfolio investments rose to 121.9 billion euros (104 billion pounds) in the month, a big shit from an outflow of 13.8 billion a month earlier as direct investments nearly doubled and portfolio flows more than reversed the previous month''s outflow. The currency union''s seasonally and working-day adjusted current account surplus meanwhile narrowed to 31 billion euros from 36.4 billion euros in November, hovering near the same level since June. For the latest 12 months, the current account surplus widened to 3.4 percent of the bloc''s GDP from 3.1 percent a year earlier. ($1 = 0.9393 euros) (Reporting by Balazs Koranyi; Editing by Francesco Canepa) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eurozone-currentaccount-idUKKBN15W0T3'|'2017-02-17T16:05:00.000+02:00'
'562031c1331d567981e3e38e52dba1379f2339e5'|'Opel CEO says sale to PSA would start new chapter-Bild am Sonntag'|'FRANKFURT Feb 17 A takeover of Opel, General Motors'' European arm, by France''s PSA Group would make sense from an industrial point of view, the Bild am Sonntag paper reported, citing comments by Opel CEO Karl-Thomas Neumann in a letter to employees."This is a chance to forge a European champion and start a new and successful chapter in our history after having been part of GM for 88 years," Neumann was Quote: d as saying in the letter.Talks on a sale of GM''s European arm to PSA were confirmed by both companies on Feb. 14."All parties involved understand the industrial logic behind the planned transaction: this would create the second-largest European carmaker - with a market share of nearly 17 percent," Neumann was Quote: d as saying.He also said talks on Wednesday with GM CEO Marry Barra and Opel supervisory board Chairman Dan Ammann had been "very constructive", adding the works council and union IG Metall would be closely involved in the detailed assessment of the potential deal. (Reporting by Christoph Steitz; Editing by Michael Shields)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/opel-ma-psa-talks-idINFWN1G20S6'|'2017-02-17T12:59:00.000+02:00'
'a9b436fa67b08238d938620a46338398820fc41e'|'Drax earnings fall on weak power prices, loss of green scheme revenue'|'Business News - Thu Feb 16, 2017 - 7:32am GMT Drax earnings fall on weak power prices, loss of green scheme revenue A generator is seen inside Drax power station in Drax, northern England, February 16, 2011. REUTERS/Nigel Roddis LONDON British power producer Drax ( DRX.L ) reported a 17 percent fall in core annual earnings to 140 million pounds ($175 million), slightly below analysts'' estimates, citing weak power prices and the loss of revenue from a green energy scheme. Full-year earnings before interest, tax, depreciation and amortisation (EBITDA) were 140 million pounds, against 169 million pounds in 2015 and consensus analysts'' forecast of 143 million pounds, the company said on Thursday. The power producer, which is converting its huge Yorkshire coal-fired power station to run on biomass, made three times more revenue from providing back-up power supply services than the previous year, with revenue of 47 million pounds. ($1 = 0.8019 pounds) (Reporting by Karolin Schaps; Editing by David Goodman) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-drax-group-results-idUKKBN15V0O8'|'2017-02-16T14:32:00.000+02:00'
'66dd83273a21cba4ac016f63356894726c0f53b0'|'Lloyd''s of London set to nominate Carnegie-Brown as chairman - source'|'Business News  17am GMT Lloyd''s of London set to nominate Carnegie-Brown as chairman - source LONDON Bruce Carnegie-Brown is set to be nominated as the next chairman of Lloyd''s of London, the world''s biggest insurance market, a source familiar with the matter said. Carnegie-Brown is the former chief executive of Marsh Europe, a subsidiary of Marsh & McLennan Companies ( MMC.N ), a global professional services firm. The decision, which needs to be confirmed by the Lloyd''s Council and could yet be overturned, comes with Lloyd''s at the vanguard of efforts to minimise the impact on London from Britain''s vote to leave the European Union. As part of that, Lloyd''s is currently considering where in the region to set up a subsidiary to ensure members can sell their products freely after Britain leaves the EU, with Paris, Dublin and Luxembourg all possible destinations. Other short-listed candidates to replace outgoing chairman John Nelson included insurance executives Stephen Catlin, executive deputy chairman of insurer XL ( XL.N ), and Steve McGill, former group president of insurance broker Aon ( AON.N ). Nelson, who has been chairman of the world''s leading specialty insurance market since 2011, and who had been a vocal supporter of Britain remaining in the European single market, is due to stand down in mid-2017. Lloyd''s is facing increasing competition from emerging markets such as Singapore, with a 2014 report showing the London insurance market losing market share. The market, which started life in Edward Lloyd''s coffee house in 1688, still operates on a face-to-face basis in its City of London building and is seen needing to modernise and upgrade its technology. The news was first reported by Insurance Insider on Thursday. (Reporting by Carolyn Cohn and Simon Jessop; editing by Jason Neely) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-lloyd-s-of-london-chairman-shortlist-idUKKBN15W0P8'|'2017-02-17T15:17:00.000+02:00'
'4fbe26fded1ba078cf3edf94382ffcbbb184205a'|'Hong Kong police struggle to stop brokerage hacking spree'|'  2:56am GMT Hong Kong police struggle to stop brokerage hacking spree FILE PHOTO: An electric display chart showing the afternoon trading trend of the blue chip Hang Seng Index is seen through a camera at a brokerage in Hong Kong, China July 8, 2015. REUTERS/Tyrone Siu/File Photo By Michelle Price - HONG KONG HONG KONG Hong Kong police are struggling to deal with digital pump-and-dump schemes targeting brokerages - a little-known type of computer-generated fraud that surged in the Chinese territory last year. Although the money involved was small - only about $20 million worth of shares - there were 81 such incidents reported in 2016, more than triple the number in 2015, according to police. In the scheme, criminals invest in thinly traded penny stocks and then manipulate their share prices by ordering trades from hacked brokerage accounts. They earn profits by selling before the fraudulent trades are reported. After last year''s cyber-heist of $81 million at Bangladesh''s central bank and a series of hacks of ATM''s around the world, authorities fear such pump-and-dump schemes could be increasingly used for electronic theft. Hong Kong is a favoured place for such attacks because of the number of thinly-traded penny stocks in the territory and because its securities industry has fallen behind other financial centres in defending against cyber fraud. At least seven brokers and eight banks have been targeted in Hong Kong, including HSBC Holdings Plc and Bank of China International (BOCI) Securities, according to regulators and people familiar with confidential investigations. A spokesman for HSBC declined to comment. A spokeswoman for BOCI Securities said he could not comment on its case but the brokerage would continue to invest in IT security. "If you ask regulators in the industry what is the number one threat, not surprisingly it<69>s all about cyber attacks," Ashley Alder, CEO of the Hong Kong Securities and Futures Commission (SFC) and chairman of the International Organization of Securities Commissions, said in a speech to the local legislature last week. "We''ve seen that happen not only in banking but also at brokers in Hong Kong, in particular recent attacks to do with basically hijacking share trading accounts." Such schemes surfaced more than a decade ago in the United States. Charles Schwab Corp, E*Trade Financial Corp and JP Morgan Chase & Co. were identified as victims of these schemes in a 2006 complaint filed by the Securities and Exchange Commission. The pace of attacks reported in the United States has slowed in recent years after big brokerages implemented a variety of strategies to thwart the hacks, said John Reed Stark, a former chief of the Securities and Exchange Commission''s (SEC) Office of Internet Enforcement. Some use algorithms to identify and halt unusual trading activity, others scrutinise Internet traffic for orders coming from suspicious servers and one stopped permitting customers to use its online trading platform from buying penny stocks, said Stark, who now runs cyber-security consulting firm John Reed Stark Consulting LLC. But such protections are rare in Hong Kong, where the government has only recently started suggesting security improvements to banks and brokerages which have traditionally considered stock trading to be low-risk. TWO-FACTOR AUTHENTICATION The Hong Kong SFC last year told firms to increase surveillance of client transactions and data protection. Authorities believe that hackers accessed brokerage accounts using stolen or guessed passwords, according to investigators. This might have been thwarted if they were protected with two-factor authentication, the Hong Kong Monetary Authority has said. Two-factor authentication typically includes a password and a piece of information only the user has, for instance an electronic token with changing numbers. "Hong Kong is being targeted because they have not instituted the same cyber protections that we see in the U.S. and ce
'e858538c777e599e997906fc51e7835e6aa7decb'|'LPC-Hotelbeds funds Tourico buy with an extra <20>170m of loans'|'By Claire Ruckin - LONDON LONDON Feb 16 Spanish hotel room specialist Hotelbeds Group is set to raise around an extra <20>170m of leveraged loans to back its acquisition of US-based travel distribution company Tourico Holidays, banking sources said on Thursday.Hotelbeds announced plans to merge Tourico with its business unit Bedbank on February 7.HSBC, Morgan Stanley, Bank of Ireland, Deutsche Bank and UniCredit are leading the leveraged loan financing, which is due to launch for syndication to institutional investors imminently, the sources said.The loan will add to Hotelbeds<64> existing <20>490m term loan, which was raised in June 2016 to back its <20>1.165bn acquisition by Cinven and Canada Pension Plan Investment Board, from Tui Group.That term loan pays 625bp over Euribor, with a 0% floor. It allocated with a 97.5 OID but has since traded up on Europe<70>s secondary loan market to above par.It was Quote: d at 100.4 on February 15, according to Thomson Reuters LPC data.An interest margin of 625bp over Euribor is far higher than what a majority of companies are paying for European term loans.It is possible Hotelbeds will seek to reprice its existing term loan on more attractive terms, becoming the latest borrower to take advantage of the deep liquidity available in the market, the source said."The company is performing well and so more things are doable," one of the sources said.Headquartered in Palma de Mallorca, Hotelbeds was established in 2001 and offers hotel rooms to the travel industry from its inventory of around 73,000 hotels in over 180 countries.(Editing by Christopher Mangham)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/hotelbeds-loans-idINL8N1G141N'|'2017-02-16T09:05:00.000+02:00'
'a9e8bde0ad0f1c749d0013b3dd637f8bb1bc702b'|'Fed aims to hike rates, based on more growth and fiscal stimulus - Dudley'|'Business News - Thu Feb 16, 2017 - 1:40am GMT Fed aims to hike rates, based on more growth and fiscal stimulus - Dudley 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 NEW YORK The Federal Reserve aims to raise U.S. interest rates in the months ahead if the economy continues to grow a bit above its trend and if, as expected, fiscal policies provide stimulus, an influential Fed policymaker said on Wednesday. "We expect to gradually remove further monetary policy accommodation and snug up interest rates a little bit further in the months ahead" if the pace of U.S. economic growth runs just above 2 percent and inflation continues to rise, New York Fed President William Dudley said. Little detail on which policies President Donald Trump and Congress will pursue make it "really hard to factor into your forecast," he said. But "we''re probably going to get some fiscal stimulus at some point, so that is just another factor that tilts the risks to the economy a little to the upside," Dudley added. (Reporting by Jonathan Spicer; Editing by Leslie Adler) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-usa-fed-dudley-idUKKBN15V052'|'2017-02-16T08:40:00.000+02:00'
'd827465626f8ffedb554f74fe5292bbce50288bf'|'Germany''s Schaeuble, U.S. Treasury Sec. Mnuchin agree to cooperate'|'BERLIN Feb 16 German Finance Minister Wolfgang Schaeuble and his new U.S. counterpart Steven Mnuchin spoke on the phone on Wednesday and agreed to work together closely, a spokeswoman in Berlin said on Thursday."In the conversation, both ministers reaffirmed their keen interest in constructive cooperation," the Finance Ministry spokeswoman said.Schaeuble invited Mnuchin to the G20 meeting of finance ministers and central bank governors in Baden-Baden in March and Mnuchin confirmed his intention to participate, she added.Schaeuble said on Tuesday he would try to dissuade Mnuchin from deregulating the financial markets after U.S. President Donald Trump had ordered reviews of major banking rules that were put in place after the financial crisis.ECB policymaker Jens Weidmann on Thursday also warned against rolling back jointly agreed rules which force banks to build bigger buffers against future crises. (Reporting by Gernot Heller; Writing by Michael Nienaber; Editing by Paul Carrel)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/germany-g20-finance-ministers-idUSB4N1CG029'|'2017-02-16T10:45:00.000+02:00'
'399b25a99cc5cad7efcbbf1602eb331494d06dda'|'Consultancy files complaints with Chinese government over McDonald''s China sale'|'By Michelle Price and Julie Zhu - HONG KONG HONG KONG A Chinese consultancy that has previously helped to win antitrust battles against Coca-Cola and Apple has taken aim at McDonald''s Corp, arguing in a complaint to regulators that the American fast food giant''s China sale may hurt workers and consumers.McDonald''s said last month it had agreed to sell the bulk of its China and Hong Kong business to state-backed conglomerate CITIC Ltd and U.S. private equity firm Carlyle Group LP for up to $2.1 billion, in a deal that will see the consortium act as the master franchisee for a 20-year period.The complaint, which follows allegations from a U.S. labor union that the transaction will likely lead to poorer pay and conditions for McDonald''s 120,000 workers in China, could delay regulatory approval for the deal.Beijing-based Hejun Vanguard Group, a Chinese management consultancy that has a track-record of representing domestic companies against foreign firms, filed two separate complaints against McDonald''s with the Ministry of Commerce''s (MOFCOM) antimonopoly bureau and its franchise office, Hejun Vanguard told Reuters.MOFCOM did not immediately respond to a request for comment. CITIC, CITIC Capital and Carlyle declined to comment."The deal will put enormous downward pressure on McDonald''s master franchisees, existing franchisees that operate individual stores, and the workers and customers of those stores," said Li Su, CEO of Hejun Vanguard Group in a statement."Regulators should investigate the transaction and impose restrictions to prevent McDonald<6C>s from abusing its dominant market position."CITIC and CITIC Capital, an affiliate company that manages private equity funds, will hold 52 percent following the deal. Carlyle will control 28 percent of the business, while McDonald''s will retain a 20 percent stake.McDonald''s currently owns and operates most of its outlets on the mainland but the deal will see the fast-foot giant move to a franchise model that should allow it to continue to profit from sales while cutting costs.(Reporting by Michelle Price; Edited by Martin Howell)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-china-mcdonalds-antitrust-idINKBN15V0Y6'|'2017-02-16T06:11:00.000+02:00'
'ea003d9acb7aa7f6b823bdbaa0490d19077afde7'|'Tata Steel says has work to do to progress Thyssenkrupp merger'|' 25pm GMT Tata Steel says has work to do to progress Thyssenkrupp merger A company logo is seen outside the Tata steelworks near Rotherham in Britain, in this March 30, 2016 file photo. REUTERS/Phil Noble/File Photo DUESSELDORF, Germany Tata Steel ( TISC.NS ) still has work to do before it can make progress on European steel merger talks with Thyssenkrupp ( TKAG.DE ), its Europe chief said on Thursday. "I can''t say how far the talks with Thyssen have got," Hans Fischer told a Handelsblatt steel conference in Duesseldorf. "When the pensions issue in Britain is resolved, we will take further steps." Tata Steel and Thyssenkrupp want to merge their UK, Dutch and German steel businesses but separating Tata''s huge UK pension deficit from the operating business is a precondition for Thyssenkrupp. The two steelmakers argue that a merger would allow them to take excess capacity out of the market, supporting prices. (Reporting by Matthias Inverardi; Writing by Georgina Prodhan; Editing by Christoph Steitz)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-tata-steel-m-a-thyssenkrupp-idUKKBN15V27P'|'2017-02-16T23:25:00.000+02:00'
'ec3021cf4917c1b02086a664c7c1f720ca482265'|'BRIEF-Support.com Q4 non-gaap loss per share $0.13 from cont ops'|' 23am EST BRIEF-Support.com Q4 non-gaap loss per share $0.13 from cont ops Feb 16 Support.Com Inc : * Support.com reports fourth quarter and 2016 financial results * Q4 non-gaap loss per share $0.13 from continuing operations * Q4 gaap loss per share $0.19 from continuing operations * Q4 revenue $14.6 million versus $15.7 million * Qtrly non-gaap loss from continuing operations $0.13 per share  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSASB0B0QM'|'2017-02-16T20:23:00.000+02:00'
'add1d1662df2678d34027349ec8382699a22e20a'|'Deutsche Boerse CEO says insider trading allegations will prove unfounded'|'Business News  02am EST Deutsche Boerse CEO says insider trading allegations will prove unfounded Carsten Kengeter, CEO of Deutsche Boerse talks to the media during the presentation of FinTec start-up facilities provided by Deutsche Boerse in Frankfurt, Germany, February 24, 2016. REUTERS/Kai Pfaffenbach FRANKFURT Deutsche Boerse ( DB1Gn.DE ) Chief Executive Carsten Kengeter said insider trading allegations against him would prove unfounded, given he had no role in determining the timing of his share purchases ahead of the announcement of merger plans with the London Stock Exchange ( LSE.L ). "We, Deutsche Boerse and myself, are fully cooperating with the public prosecutor. I am certain that, following detailed investigation, the allegations will turn out to be unfounded," Kengeter said at a news conference to discuss the exchange operator''s annual results. "When I purchased the shares using my own funds, I did not do so at a time of my own choosing. I did so between 1 and 21 December 2015 within a time-frame fixed by the Supervisory board," Kengeter said, adding that the shares were subject to a holding period until the end of 2019. Kengeter said the company was pursuing its merger with LSE and that he was engaged in a "constructive dialogue" with policymakers in Hesse, the German state where Deutsche Boerse is headquartered. (Reporting by Edward Taylor; Editing by Maria Sheahan) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-deutsche-boerse-lse-kengeter-idUSKBN15V0X4'|'2017-02-16T16:02:00.000+02:00'
'a8e668352254e8befbf5091753986432564703ac'|'EMERGING MARKETS-Brazil''s real strengthens as central bank resumes intervention'|'Company News  27pm EST EMERGING MARKETS-Brazil''s real strengthens as central bank resumes intervention (Updates chart, first paragraph) By Bruno Federowski SAO PAULO, Feb 15 The Brazilian real firmed to its strongest in more than a year and a half against the dollar on Wednesday, while the Mexican peso weakened after U.S. consumer prices notched their largest gain in nearly four years. The real extended gains for a second day following a central bank decision to resume currency intervention, closing up 0.95 percent at 3.065 per dollar, its strongest since June 18, 2015. Brazil''s benchmark Bovespa stock index rose 1.9 percent. The MSCI EM emerging market stocks index earlier hit a 19-month high. Mexico''s currency slipped 0.16 percent to close at 20.28 per greenback after the U.S. Labor Department said its Consumer Price Index jumped 0.6 percent last month, surpassing analyst expectations of a 0.3 percent increase. The figures fueled expectations the Federal Reserve will raise U.S. interest rates as soon as next month, despite uncertainty over President Donald Trump''s policies. Mexico''s benchmark IPC stock index closed down 0.5 percent. Key Latin American stock indexes and currencies at 2230 GMT: Stock indexes daily % YTD % Latest change change MSCI Emerging 941.78 0.82 9.22 Markets MSCI LatAm 2662.69 2.44 13.76 Brazil Bovespa 67975.58 1.89 12.87 Mexico IPC 47161.74 -0.48 3.33 Chile IPSA 4354.65 0.27 4.90 Chile IGPA 21721.96 0.22 4.76 Argentina MerVal 19657.07 0.25 16.19 Colombia IGBC 9968.88 0.87 -1.57 Venezuela IBC 34288.49 1.74 8.15 Currencies daily % YTD % change change Latest Brazil real 3.0650 0.95 6.01 Mexico peso 20.2850 -0.16 2.26 Chile peso 639.08 0.38 4.95 Colombia peso 2869.1 0.00 4.61 Peru sol 3.245 0.401 5.21 (Reporting by Bruno Federowski; Editing by Nick Zieminski and James Dalgleish) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/emerging-markets-latam-idUSL1N1G0264'|'2017-02-16T06:27:00.000+02:00'
'6bdbbc10418d72fcd9bdb398b172bb7075ccfa55'|'After night in cell, Samsung scion taken for questioning'|'Technology News - Sat Feb 18, 2017 - 1:25am EST After night in cell, Samsung scion taken for questioning left right Samsung Group chief, Jay Y. Lee arrives at the office of the independent counsel team in Seoul, South Korea, February 18, 2017. REUTERS/Kim Hong-Ji 1/5 left right Samsung Group chief, Jay Y. Lee arrives at the office of the independent counsel team in Seoul, South Korea, February 18, 2017. REUTERS/Kim Hong-Ji 2/5 left right Samsung Group chief, Jay Y. Lee arrives at the office of the independent counsel team in Seoul, South Korea, February 18, 2017. REUTERS/Kim Hong-Ji 3/5 left right South Korean policemen block a protester (L) as Samsung Group chief, Jay Y. Lee arrives at the office of the independent counsel team in Seoul, South Korea, February 18, 2017. REUTERS/Kim Hong-Ji 4/5 left right Samsung Group chief, Jay Y. Lee arrives at the office of the independent counsel team in Seoul, South Korea, February 18, 2017. REUTERS/Kim Hong-Ji 5/5 SEOUL Handcuffed and tied with white rope, the scion of one of the world''s biggest conglomerates, Samsung Group, was taken on Saturday for questioning by South Korean authorities after spending a night in a small detention cell. Samsung Group chief Jay Y. Lee was arrested on Friday for his alleged role in a corruption scandal that has led to the impeachment of President Park Geun-hye. The 48-year-old Lee, who has a net worth of $6.2 billion, heads the technology giant that is the world''s biggest manufacturer of smartphones, flat-screen televisions and memory chips. Lee arrived at the special prosecutor''s office at about 2:20 pm (0520 GMT) clean-shaven and expressionless. He was wearing a dark suit, white shirt and no tie as he was escorted by officials from a justice ministry van. The special prosecutor''s office accuses Lee of bribing a close friend of the president to gain government favors related to leadership succession at the conglomerate. It said on Friday it will indict him on charges including bribery, embezzlement, hiding assets overseas and perjury. He spent the night at the Seoul Detention Centre on the outskirts of the capital in a small single cell with a toilet in the corner behind a partition. Special prosecution spokesman Lee Kyu-chul said on Friday that officials were working to supplement inadequacies in their investigation into Lee, without elaborating. While Lee''s detention is not expected to hamper day-to-day operations at Samsung firms, which are run by professional managers, experts said it could hinder strategic decision-making at South Korea''s biggest conglomerate, or chaebol. Samsung is going through a restructuring to clear a succession path for Lee to assume control after his father was incapacitated by a heart attack in 2014. Decisions that could be complicated by Lee''s arrest include deliberations over whether to reorganize the group under a holding company structure, as well as its plan to abandon its future strategy office, a central decision-making body that came in for criticism during the scandal. (Reporting by Joyce Lee; Editing by Raju Gopalakrishnan and Michael Perry) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-southkorea-politics-samsung-group-idUSKBN15X04E'|'2017-02-18T13:25:00.000+02:00'
'6ca4d5f964a5a6218f9f88f888f02e05ff6215de'|'UPDATE 1-Venezuela pulls Spanish-language CNN from air for ''distorting truth'''|'Company News - Wed Feb 15, 2017 - 6:50pm EST UPDATE 1-Venezuela pulls Spanish-language CNN from air for ''distorting truth'' (Adds response from CNN) By Girish Gupta CARACAS Feb 15 President Nicolas Maduro''s government ordered the suspension of CNN''s Spanish-language service from Venezuela''s airwaves on Wednesday, accusing it of distorting the truth in coverage. U.S.-based ''CNN en Espanol'' became unavailable on some cable providers minutes after a statement by telecommunications regulator Conatel announcing the suspension. The network had irked the socialist government with various reports, including one alleging that Venezuelan passports and visas were being sold illegally at the embassy in Iraq. Maduro at the weekend had told CNN to "get out" of Venezuela after accusing it of manipulating comments by a student who had told him on live TV of problems at a school, including students fainting from hunger. "They defame and distort the truth ...inciting aggression against the sovereignty of Venezuela and its institutions," regulator Conatel said in its statement. ( goo.gl/oXQSxV ) "Conatel ordered as a precautionary measure the suspension ... of all CNN en Espanol transmissions in the national territory." Foreign minister Delcy Rodriguez also lambasted CNN on Wednesday, saying the whistleblower in the passports'' story was an opposition-linked Venezuelan working for "imperialist" intelligence agencies. "Today the government of Venezuela pulled our television signal, denying Venezuelans news and information from our television network, which they have relied upon for 20 years," said a CNN statement, adding that its signal would be available for free on YouTube. The spat with the network has come at a delicate time in U.S.-Venezuelan ties after Washington this week blacklisted Maduro''s Vice President Tareck El Aissami on drug charges in the first bilateral flare-up under new U.S. President Donald Trump. Venezuelan officials have reacted furiously to that, though they appear to be trying to avoid provoking Trump. "I don''t want problems with Trump," Maduro said on TV on Wednesday, adding that CNN had become "an instrument of war." In various calls with Latin American leaders, Trump has been expressing concern over the Maduro government, though it remains unclear how much of a foreign policy priority Venezuela is. OPEC member Venezuela is immersed in a deep economic crisis, with inflation in triple digits, shortages of basic goods, and many people going hungry. Maduro, whose popularity has plunged during the crisis, blames the problems on an "economic war" waged by the United States and local opponents with the complicity of foreign media. Opponents say he has become a dictator, jailing opponents, sidelining the opposition-led congress and delaying local elections. Government officials say opponents are seeking a coup. Foreign journalists are finding it increasingly hard to obtain visas to operate in Venezuela, and two Brazilian reporters said they were expelled at the weekend while trying to investigate unfinished works by construction giant Odebrecht. (Editing by Andrew Cawthorne, Andrew Hay and Lisa Shumaker) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/venezuela-media-idUSL1N1G02CB'|'2017-02-16T06:50:00.000+02:00'
'b721875b63efed8831413ac94d9cab602117cb29'|'French winter sports groups head to China for ski resort deals'|'By Alan Charlish Two French ski companies announced deals on Thursday with Chinese firms to help to develop ski resorts in China, where winter sports are becoming popular ahead of the 2022 Winter Olympics in Beijing.Ski-resort equipment maker Montagne et Neige Developpement (MND Group) ( MNDG.PA ) agreed a joint venture deal with state-owned China Coal Zhangjiakou Coal Mining Machinery ("CCZMM") to make equipment for the Chinese and Asian markets.The joint venture, MND Zhangjiakou Mountain Development, has a 110 million euro ($117.03 million) contract to design equipment for the Snowland ski resort north-west of Beijing. The partnership also has a contract from the Wanlong resort near Beijing. Shares in MND Group rose by over 90 percent.Compagnie des Alpes ( CDAF.PA ) (CDA) has expanded its partnership with China''s Thaiwoo Ski Resort, under which the French leisure company''s staff will help to run the operation on an almost permanent basis."They (Chinese companies) want to benefit from the know-how which doesn''t exist in China. They don''t know the holiday industry very well. So they want to learn what hobbies you can offer the clients, how you manage resorts," Societe Generale analyst Marie-Line Fort said.CDA estimated China has between five and six million skiers. This is expected to grow rapidly ahead of the 2022 Winter Olympics, providing an opportunity for European ski operators looking to expand."It''s a new source of growth because the market<65>s pretty mature in Europe. China doesn''t have expertise in the field. So that''s a way for them to leverage their know-how in other countries which are really big markets," Fort said.Chinese groups also have investments in French tourism operators.Club Med, which was acquired by Chinese conglomerate Fosun ( 0656.HK ) in 2015, has two ski resorts in China. CDA has also been in discussions regarding the sale of a stake to Fosun.Pierre et Vacances ( PVAC.PA ) has formed a joint venture with HNA Tourism Group to launch its Center Parcs brand in China. HNA Tourism picked up a 10 percent stake in Pierre et Vacances in November 2015.(Reporting by Alan Charlish. Editing by Jane Merriman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-france-china-ski-resorts-idINKBN15V2FI'|'2017-02-16T15:01:00.000+02:00'
'74a3ff900750132c6c8a82423f6587b774d2ca74'|'Sky rejects Spark request to hold off on Vodafone NZ takeover'|'Business News   8:55pm GMT Sky rejects Spark request to hold off on Vodafone NZ takeover Branding for Vodafone is seen on the exterior of a shop in London, Britain, September 10, 2015. REUTERS/Toby Melville WELLINGTON Sky Network Television ( SKT.NZ ) said if it gets regulatory clearance to buy Vodafone''s ( VOD.L ) New Zealand unit it will not hold off on the deal to give rival Spark NZ ( SPK.NZ ) time to challenge the regulator''s decision in court, as requested. Sky, in a statement to the stock exchange on Thursday, said a number of parties including Spark and Trustpower TPW.NZ had sent it a letter asking it to hold off on the transaction if the Commerce Commission ruled in its favour so that they could initiate court proceedings. The Commerce Commission is due to rule on the proposed NZ$1.3 billion ($938 million) takeover on Feb. 23 and has previously cited concern the deal would dampen competition from rival broadband and mobile providers. Spark has been vocal in its opposition to the deal, saying that Sky''s monopoly on premium sports content rights in New Zealand is a key concern. Spark had said in the letter to Sky that it would seek an interim stay from the courts if Sky did not provide assurances that it would hold off on the deal. "Sky does not consider that there is any proper basis for seeking an interim stay from the court," Sky said in its statement, adding that it would oppose any interim stay application and request damages. (Reporting by Charlotte Greenfield; Editing by Susan Fenton) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-skynetworktv-vodafone-group-idUKKBN15U2LT'|'2017-02-16T03:55:00.000+02:00'
'67c7a84a3b243e4eabc115fc2b8e87abd9a602cb'|'Time Inc''s quarterly revenue, profit miss estimates'|'Time Inc, publisher of Sports Illustrated and People magazines, reported lower-than-expected quarterly profit and revenue on Thursday, hurt by a stronger dollar.The company said print ad revenue, which accounts for more than two-thirds of its total ad sales, fell 10.2 percent in the fourth quarter ended Dec. 31 from a year earlier.However, digital advertising revenue rose about 63 percent.Time Inc''s revenue fell to $867 million from $877 million, missing the average analyst estimate of $872.7 million, according to Thomson Reuters I/B/E/S.The company said exchange rate fluctuations between the U.S. dollar and the British pound had a $22 million adverse impact on quarterly revenue.For both the three and nine months ended Sept. 30, revenue from the United Kingdom accounted for 10 percent of total revenue.The company has been the subject of buyout rumors as the poor performance of print media continues to affect the publishing industry and companies increasingly use digital media for advertising.Time Inc''s net profit rose to $56 million, or 56 cents per share, in the quarter, from $17 million, or 15 cents per share, a year earlier.Excluding items, the company earned 75 cents per share, missing analysts'' average estimate of 78 cents per share.(Reporting by Aishwarya Venugopal in Bengaluru; Editing by Martina D''Couto)'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/time-inc-results-idINKBN15V1JT'|'2017-02-16T09:43:00.000+02:00'
'68fb655562a057ee00f161316d918f75e014123f'|'INVESTMENT FOCUS-Sovereign funds increasingly do their own private equity deals'|'Money   2:33am EST Sovereign funds increasingly do their own private equity deals By Claire Milhench - LONDON LONDON Some of the world''s biggest sovereign wealth funds are increasingly striking their own private equity deals rather than relying on external fund managers, in a drive to cut costs and gain more control. With some $6.5 trillion in assets, sovereign investors already account for 19 percent of capital committed to private equity, according to data from research firm Preqin. But mega-funds such as the Abu Dhabi Investment Authority (ADIA), Saudi Arabia''s Public Investment Fund (PIF) and Singapore''s GIC, are hiring specialists to find or vet deals - enabling them to negotiate with private equity firms from a position of strength or to go it alone. In 2012 sovereign investors participated in just 77 direct private equity deals. By 2016, that had risen to 137, Thomson Reuters data shows. Deal value more than trebled to $45.2 billion from $14.8 billion. For target companies it could mean longer-term investors with deeper pockets. Private equity funds typically look to sell within three to five years, but sovereign funds often an take investment view stretching over decades. The trend is driven partly by a need to work assets harder as returns shrink, and partly by a conviction that only through originating or structuring deals themselves can sovereign funds get what they want. "It''s a natural evolution. If you do it yourself, you not only reduce the fees, you get greater control over the pricing of the deal," said Babak Nikravesh, a San Francisco-based partner at law firm Hogan Lovells, who represents sovereign investors. This allows funds to better protect their interests when markets go south. One sovereign investor who spoke on condition of anonymity said that during the global financial crisis, some external funds behaved irrationally. "They had different liability streams than us, so they were under pressure to sell at a time when they should have been investing more," the source said. "Going more direct means you don''t have to worry about whether your interests are aligned with other investors''." Some funds still rely on private equity funds to find deals and commit capital on their behalf, but not many can take the amount of capital the sovereign investors want to commit. There is also growing disenchantment with the industry''s traditional 2 percent management fee and 20 percent performance fee model. A Preqin survey found 39 percent of institutional investors polled in December 2016 cited fees as one of the key challenges facing the industry, up from 19 percent in 2015. "The fees are very high and swallow a large chunk of the returns, so there is a big desire to look at how can they do this more efficiently," said Elliot Hentov, head of policy and research in the official institutions group at State Street Global Advisors. For the oil-backed funds, low oil prices mean the days of plenty are over, while lackluster returns from publicly listed assets mean more funds are missing targets. As a result, sovereign funds may be under pressure to manage their portfolios more actively. HIRING TALENT To this end, Saudi''s PIF signaled a switch to a higher- risk, more-active strategy when it purchased a $3.5 billion stake in Uber last year. It recruited Kevin O''Donnell from Kaiser Permanente as head of global private equity and is the lead investment partner in a technology fund jointly established with Japan''s Softbank Group. ADIA, estimated by the SWF Institute to have some $792 billion in assets, has added people with direct transaction experience and hired regional and sector specialists in its private equity department. This now has around 40 investment professionals headed by ex-GE executive Sherwood Dodge. The aim is to participate earlier in originating, valuing and structuring deals alongside private equity firms. Together with TDR Capital, ADIA was one of the largest investor
'157accd89429c9b510ddb7a10cb9fef4ee7039eb'|'BRIEF-Mandalay Resources Q4 consolidated loss per share $0.06'|' 08pm EST BRIEF-Mandalay Resources Q4 consolidated loss per share $0.06 Feb 16 Mandalay Resources Corp * Mandalay Resources Corporation announces fourth quarter and full-year 2016 financial results, quarterly dividend, and updated guidance for 2017 * Consolidated net loss before special items of $10.8 million, or $0.02 loss per share before special items, for Q4 * Says cutting workforce by about 10 percent * Qtrly revenue $32.4 million versus $43.6 million * Qtrly consolidated loss per share $0.06 Source text for Eikon:'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-mandalay-resources-q4-consolidated-idUSASB0B0YX'|'2017-02-17T10:08:00.000+02:00'
'36200716c57590f1abe98dacb49eee736c16490c'|'BRIEF-Ford Motor Credit Company files for euro medium-term notes offering of up to 5.25 billion euros'|' 49pm EST BRIEF-Ford Motor Credit Company files for euro medium-term notes offering of up to 5.25 billion euros Feb 17 Ford Motor Credit Company Llc: * Ford Motor Credit Co files for euro medium-term notes offering of up to 5.25 billion euros ($5.57 billion)- sec filing Source text- bit.ly/2kHfI1y  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-ford-motor-credit-company-files-fo-idUSFWN1G20TQ'|'2017-02-18T04:49:00.000+02:00'
'8564e3a7139dfdba15b2babd6e5db515f707d708'|'U.S. drillers add oil rigs for fifth straight week -Baker Hughes'|'Company News   1:04pm EST U.S. drillers add oil rigs for fifth straight week -Baker Hughes Feb 17 U.S. energy companies added oil rigs for a fifth straight week, extending a nine-month recovery as drillers take advantage of crude prices that have held mostly over $50 a barrel since OPEC agreed to cut supplies in late November. Drillers added six oil rigs in the week to Feb. 17, bringing the total count up to 597, the most rigs since October 2015, energy services firm Baker Hughes Inc said on Friday. RIG-OL-USA-BHI During the same week a year ago, there were 413 active oil rigs. Since crude prices first topped $50 a barrel in May after recovering from 13-year lows last February, drillers have added a total of 281 oil rigs in 34 of the past 38 weeks, the biggest recovery in rigs since a global oil glut crushed the market over two years starting in mid 2014. Baker Hughes oil rig count plunged from a record 1,609 in October 2014 to a six-year low of 316 in May as U.S. crude collapsed from over $107 a barrel in June 2014 to near $26 in February 2016. U.S. crude futures traded around $53 a barrel on Friday, putting the contract on track to fall for the first week in five, as record high U.S. crude stocks and rising production undermine efforts by the Organization of the Petroleum Exporting Countries (OPEC) and other producers to drain a global oil glut. U.S. shale oil production for March is expected to rise by nearly 79,000 barrels per day - the most in five months - to 4.87 million bpd, its highest rate since May last year, government data showed on Monday. Analysts said they expect U.S. energy firms to boost spending on drilling and pump more oil and natural gas from shale fields in coming years now that energy prices are projected to keep climbing. Futures for the balance of 2017 were trading around $54 a barrel, while calendar 2018 was fetching less than $54.50. BofA Merrill said this week U.S. shale oil production could grow by 3.5 million bpd to 2022, delivering more than 80 percent of incremental non-OPEC barrels. Shale producers, however, are facing their first production cost hike in five years as industry activity picks up and energy service providers hike fees to take a bigger share of the profits generated by higher oil prices. The break-even production costs will rise an average of $1.60 to $36.50 per barrel this year, according to data from Rystad Energy, which surveys producers. Analysts at U.S. financial services firm Cowen & Co said in a note this week that its capital expenditure tracking showed 37 exploration and production (E&P) companies planned to increase spending by an average of 45 percent in 2017 over 2016. That 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 Marguerita Choy) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-rigs-baker-hughes-idUSL1N1FZ0W5'|'2017-02-18T01:04:00.000+02:00'
'7fb68542a76db8c3b20e0e8ced81d3c2c894a923'|'Opel labour chiefs prepared to talk to PSA'|' 35pm GMT Opel labour chiefs prepared to talk to PSA left right Opel workers return from the unions meeting at the compnay headquarters in Ruesselsheim, Germany February 17, 2017. REUTERS/Ralph Orlowski 1/3 left right Opel workers return from the unions meeting at the compnay headquarters in Ruesselsheim, Germany February 17, 2017. REUTERS/Ralph Orlowski 2/3 left right Opel workers on their way to join the unions meeting at the compnay headquarters in Ruesselsheim , Germany February 17, 2017. REUTERS/Ralph Orlowski 3/3 RUESSELSHEIM Workers'' representatives of General Motors'' ( GM.N ) European arm Opel are prepared to hold "constructive" talks with prospective new owner PSA Group ( PEUP.PA ) as long as commitments to jobs and plant investments are upheld, they said on Friday. General Motors (GM) and Peugeot owner PSA said this week they were in talks over a possible sale of Opel, known as Vauxhall in Britain, causing alarm in Berlin and London over possible job cuts and factory closures. "The fundamental basis for these talks ... must be the unequivocal recognition and implementation of existing agreements for all Opel/Vauxhall sites," the German and European works councils and trade union IG Metall said in a statement. "Our objective must be to seize the existing opportunities to safeguard employment and sites to create a successful Opel/Vauxhall," said Wolfgang Schaefer-Klug, chairman of the European works council. German government officials have met with bosses of PSA and GM regarding the talks, which are at an advanced stage, a government spokeswoman said. She said any job guarantees were a matter for company managers and labour representatives. Opel Chief Executive Karl-Thomas Neumann tweeted: "A combination with PSA makes fundamental sense. I have great understanding for our staff and customers'' many questions." At Opel''s headquarters in Ruesselsheim near Frankfurt, where Schaefer-Klug briefed staff for about 45 minutes on Friday, workers took the latest twist in Opel''s fate in their stride. "Comment allez-vous?" one grinning worker greeted another following the meeting. (Reporting by Edward Taylor; Writing by Georgina Prodhan; Editing by Maria Sheahan and Mark Potter)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-opel-m-a-psa-idUKKBN15W14E'|'2017-02-17T19:35:00.000+02:00'
'68f4a27570f768630fb7b31a6864f835357a2a3b'|'Merkel says will do what she can to secure Opel jobs, plants in Germany'|'Company News   8:03am EST Merkel says will do what she can to secure Opel jobs, plants in Germany BERLIN Feb 17 Chancellor Angela Merkel said on Friday her government would do all it can politically to secure Opel jobs and plants in Germany after PSA Group''s proposed acquisition of General Motors'' European arm. "With Opel, the talks are underway. The government has a coordination process underway," Merkel told reporters after meeting Canadian Prime Minister Justin Trudeau in Berlin. "We will do everything we can politically to secure jobs and sites in Germany," she added. (Writing by Paul Carrel; Editing by Michelle Martin) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/opel-ma-psa-merkel-idUSB4N1DJ02Q'|'2017-02-17T20:03:00.000+02:00'
'3c10fc82a99844a71504e1295d533fc84e1b9fd9'|'Austria to sue Airbus over suspected Eurofighter fraud: APA'|'Business News - Thu Feb 16, 2017 - 12:57am EST Austria to sue Airbus over suspected Eurofighter fraud: APA The logo of Airbus group is pictured in Colomiers near Toulouse, France, January 11, 2017. REUTERS/Regis Duvignau VIENNA Austria''s defense ministry is set to file a lawsuit against Airbus ( AIR.PA ) accusing the group of wilful deception and fraud linked to a 2 billion euro ($2.1 billion) order of Eurofighter jets in 2003, APA news agency said on Thursday. A recently completed ministry investigation, to be released on Thursday, found that Airbus and Eurofighter misled Austria with fraudulent intent about the purchase price, according to APA, which did not cite any sources. Airbus was not immediately available for comment. Austria initially ordered 18 of the Eurofighter jets but reduced it to 15 in 2007. It then ordered a review of the purchase four years ago following bribery allegations. The deal was controversial from the outset. Allegations surfaced almost immediately after the announcement in 2003 that money was pocketed by politicians, civil servants and others via brokers for side deals accompanying the purchase. The Eurofighter is built by a consortium comprising Europe''s largest aerospace group Airbus, British defense giant BAE Systems ( BAES.L ) and Italian group Leonardo ( LDOF.MI ). While offset deals were part of the agreement to generate additional business for Austrian companies, the costs for those deals should have been reported separately. Austrian and German prosecutors have been investigating the case for years. Munich prosecutors expect to close preliminary proceedings by mid-year. Europe''s largest aerospace group has said it is co-operating with the German probe into the fighter sale to Austria as well as three other criminal probes into suspected irregularities in defense or security markets, including a British investigation into a $3.3 billion communications deal with Saudi Arabia. On Wednesday, people familiar with the matter said Airbus was shaking up its international marketing arm amid a separate probe by Britain''s Serious Fraud Office into suspected bribery and corruption in the sale of commercial aircraft. (Reporting By Kirsti Knolle, Alexandra Schwarz-Goerlich, additional reporting by Tim Hepher in Paris, writing by Shadia Nasralla; Editing by Michael Shields) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-austria-airbus-group-idUSKBN15V0EX'|'2017-02-16T12:57:00.000+02:00'
'a07d2cc2047017a1c765f0c07fe3a9dadcda8f12'|'BRIEF-Evoke Pharma announces proposed public offering of common stock'|'  4:59pm EST BRIEF-Evoke Pharma announces proposed public offering of common stock Feb 15 Evoke Pharma Inc * Evoke Pharma announces proposed public offering of common stock * Evoke Pharma Inc says intends to offer and sell shares of its common stock in a "firm commitment" underwritten public offering * Evoke Pharma - Intends to use net proceeds from offering to fund clinical development, pre-approval and pre-commercialization activities for Gimoti Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSASB0B0JJ'|'2017-02-16T04:59:00.000+02:00'
'c691dab01e298e5317e34051db65867bcd4c8209'|'Brazil''s Vale produced record 349 mln tonnes of iron ore in 2016'|'  Brazil''s Vale produced record 349 mln tonnes of iron ore in 2016 BRASILIA Feb 16 Brazilian miner Vale SA said on Thursday it produced a record 349 million tonnes of iron ore in 2016, above its own guidance, helped by the successful ramping up of its new S11D mine in the Amazon. The world''s largest producer of iron ore had guided that output would be at the lower end of a range of 340-350 million tonnes. Vale said it produced 92.4 million tonnes in the fourth quarter of 2016. (Reporting by Stephen Eisenhammer; editing by Jason Neely)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/vale-sa-output-idUSE5N19901L'|'2017-02-16T17:40:00.000+02:00'
'43bb46c00b5260bf63f3045e8b6523833e702806'|'Avon Products quarterly revenue slips 2.4 pct'|'Thu Feb 16, 2017 - 7:00am EST Avon Products quarterly revenue slips 2.4 percent FILE PHOTO - The Avon Products headquarters is seen in midtown Manhattan area of New York, June 21, 2013. REUTERS/Brendan McDermid/File Photo Cosmetics maker Avon Products Inc ( AVP.N ) reported a 2.4 percent decline in fourth-quarter revenue on Thursday, as demand slipped in all but one of its markets. Net loss attributable to the company narrowed to $10.7 million, or 4 cents per share, in the quarter ended Dec. 31, from $333.4 million, or 76 cents per share, a year earlier. Total revenue for the company, whose brands include Skin-So-Soft, Avon Naturals and the Outspoken by Fergie fragrance line, fell to $1.57 billion from $1.61 billion. Analysts on average had expected revenue of $1.61 billion, according to Thomson Reuters I/B/E/S. (Reporting by Richa Naidu in Bengaluru; Editing by Martina D''Couto) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-avonproducts-results-idUSKBN15V1EV'|'2017-02-16T18:59:00.000+02:00'
'a12a307d270782eac7b6179b9363a0b01f3b5f53'|'European parliament calls for robot law, rejects robot tax'|'Technology   6:59pm GMT European parliament calls for robot law, rejects robot tax left right A man shakes hands with a humanoid robot during the International Conference on Humanoid Robots in Madrid November 19, 2014. REUTERS/Andrea Comas 1/2 left right A visitor looks at a self-driving car by Google at the Viva Technology event in Paris, France, June 30, 2016. REUTERS/Benoit Tessier 2/2 FRANKFURT European lawmakers called on Thursday for EU-wide legislation to regulate the rise of robots, including an ethical framework for their development and deployment and the establishment of liability for the actions of robots including self-driving cars. But they rejected a proposal to impose a so-called robot tax on owners to fund support for or retraining of workers put out of a job by robots. The resolution is a recommendation to the bloc''s executive, the European Commission, which the Commission is not obliged to follow but must give reasons if it chooses not to. "The EU needs to take the lead on setting these standards, so as not to be forced to follow those set by third countries," the parliament said in a statement. The decision to reject the robot tax was hailed by the robotics industry, which says it would stunt innovation. "The IFR believes that the idea to introduce a robot tax would have had a very negative impact on competitiveness and employment," said the Frankfurt-based International Federation of Robotics. The IFR and others argue that automation and the use of robots create new jobs by increasing productivity, and point to a correlation between robot density and employment in advanced industrial nations, for example in the German car industry. Global shipments of industrial robots rose 15 percent in 2015, according to the latest statistics from the IFR, and were worth a total of about $46 billion. Demand for service robots for medical, domestic and personal use is also on the rise. The parliamentary resolution on the amended report was passed by 396 votes to 123, with 85 abstentions. The report''s author, MEP Mady Delvaux, said she was disappointed that lawmakers "refused to take account of possible negative consequences on the job market". "They rejected an open-minded and forward-looking debate and thus disregarded the concerns of our citizens," she said. (Reporting by Georgina Prodhan; Editing by Alison Williams) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-europe-robots-lawmaking-idUKKBN15V2KM'|'2017-02-17T01:54:00.000+02:00'
'2dd0c01917e999d4a9d93e928d22280be9633d5b'|'Markets upbeat on M&A turmoil'|'By Paul Kilby NEW YORK (IFR) - While bankers were lamenting the collapse of US$88bn in healthcare mergers this week, markets were surprisingly upbeat about the latest upheaval in the sector.Insurance giant Aetna finally threw in the towel on Tuesday when it terminated its US$34bn merger attempt with rival Humana after US courts ruled against the deal earlier this year.Cigna also announced the same day that it was seeking to end Anthem''s US$54bn bid for the company, unleashing a bitter court battle between the two sides <20> and potentially dragging advisers into the scrap.Aetna <20> which unlike Anthem pre-funded its acquisition in the bond market <20> can use debt proceeds to cover the cost of cancelling its merger.Anthem, on the other hand, may still prefer to tap the bond market to pay for its US$1.85bn termination fee rather than stop share repurchases or dividend payments, said Josh Esterov, a senior analyst at research firm CreditSights.Special mandatory redemption clauses (or SMRs) oblige Aetna to buy back US$10.2bn of bonds at a cash price of 101.All six securities were part of a US$13bn eight-part bond sale in early June to finance the Humana acquisition.It also owes Humana US$1bn in termination fees, as well as close to US$90m in accrued interest, according to CreditSights.The debt buyback and the termination fees are expected to be funded through proceeds garnered during June''s bond sale.LAST LEGSThe buyside, however, cheered the outcome, pushing spreads on Aetna bonds tighter over last week amid expectations that the deal was on its last legs."They will call a substantial portion of the US$13bn they issued in June, and will not assume Humana''s outstanding debt," said Esterov. "That part is credit-positive."Esterov calculates that Aetna''s debt-to-Ebit ratio over the past 12 months should drop to around 2.3 times from 4.5 times.Aetna''s latest bonds also rarely traded far above the 101 redemption price, leaving accounts with fewer losses than other failed M&A bonds whose secondary levels peaked several points higher than where they were ultimately called."In other deals [involving a merger break-up] this could have been a major issue, but investors knew in advance that the deal faced anti-trust issues," said Esterov."Aetna bonds didn''t go too far ahead of 101, and when you take into account coupon payments, they stayed in a rational price area."Not only did long-held doubts about the Aetna/Humana tie-up keep prices at or below the redemption price, but a US Treasury sell-off after Donald Trump''s electoral victory in November also pressured corporate bond prices lower."Last year [when Aetna priced the bond] you had to ask if the deal didn''t go through would we be taken out at 101," said a buyside trader."All that went into reverse after Trump won and rates sky-rocketed and those Aetna bonds hung around par. That benefited investors."RENEWED FOCUSStill, this week''s break-ups <20> the first major ones in 2017 <20> have renewed the focus on how best to structure and time M&A-driven bond sales amid expectations that political and regulatory scrutiny will put more jumbo tie-ups at risk."This will only reinforce the fact that borrowers probably need to align their financings to when it is more probable that transactions will close," said a senior banker.Investors are asking to be better compensated for such risks or at least want to limit potential losses in the event that the courts or regulators strike down proposed tie-ups."These pose new risks that are not always easy to assess when you are trying to figure out what the Department of Justice or the courts might do," said Chris Gootkind, director of credit research at Loomis Sayles.Market participants continue to debate whether the SMRs should be higher than 101, or indeed whether redemptions should be linked just to price.Some are advocating a structure more akin to a make-whole call that is tied to a US Treasury spread, though some bankers think getting borrowers on board will be tough."You are
'c1c322e69eff524c610668655f6fa2dd26cd78b4'|'GLOBAL MARKETS-World stocks retreat from record; dollar strengthens'|' 19pm EST GLOBAL MARKETS-World stocks retreat from record; dollar strengthens * Global stocks retreat from record highs * Bank, energy stocks weigh on Wall Street * Investors await substantive policy update from Trump (Updates with close of European markets) By Chuck Mikolajczak NEW YORK, Feb 17 Stocks on major world markets retreated on Friday in the wake of consecutive sessions of record highs, as investors awaited clarity on U.S. President Donald Trump''s tax and trade policies. Despite the decline, the MSCI All-Country World index remained on track for its fourth straight week of gains, its longest winning streak in a nearly a year, after rising to a record high on Thursday on positive signs of global economic growth. Wall Street was lower for a second straight day as financial stocks, down 0.3 percent, and the energy sector, off 0.8 percent, weighed on equities. Banks had provided a boost earlier in the week when U.S. Federal Reserve Chair Janet Yellen gave testimony that appeared to open the door for a rate hike in March. Markets have also been supported by expectations of concrete fiscal plans from the Trump administration, which vowed last week to announce a tax reform plan in the coming weeks. The S&P 500 has not registered a decline of 1 percent or more since October 11. "Expectations were pretty high for the stimulus package and the tax cut package," said David Schiegoleit managing director at U.S. Bank Private Client Reserve in Los Angeles. "When expectation meets reality, that is when the market adjusts." The Dow Jones Industrial Average fell 63.6 points, or 0.31 percent, to 20,556.17, the S&P 500 lost 3.55 points, or 0.15 percent, to 2,343.67 and the Nasdaq Composite added 7.08 points, or 0.12 percent, to 5,821.98. U.S. markets will be closed on Monday for the Presidents Day holiday. European stocks edged higher as a surge in Unilever shares offset a decline in banking and mining stocks. MSCI''s benchmark global equity index lost 0.29 percent to 443.22 points, retreating from a record high of 444.94 on Thursday. Europe''s index of leading 300 stocks closed 0.04 percent higher. The dollar, up 0.5 percent, improved versus most peers with the exception of the yen, leaving it little changed on the week following Yellen''s mildly hawkish view and surprisingly strong U.S. data on retail sales and consumer prices. The yen rose against major currencies. Concerns about the upcoming French elections and a lack of movement in fiscal changes in the United States stoked safe-haven demand for the Japanese currency. U.S. Treasury prices gained as concerns over the French election and weak data in Britain added to risk aversion, hurting stock markets and boosting demand for safe-haven U.S. debt. "We have French elections, which could kind of throw things for a loop here. That is starting to poke up in the market talking circles," said Schiegoleit. Benchmark 10-year notes were last up 9/32 in price to yield 2.42 percent, down from 2.45 percent late on Thursday, after touching a one-week low of 2.4. Oil slipped, pressured by oversupply concerns and the stronger dollar, while expectations that an oil output cut by producers might eventually balance the market helped to underpin prices. Brent crude lost 0.2 percent to $55.55 while U.S. crude declined 0.4 percent to $53.17 a barrel. (Reporting by Chuck Mikolajczak; Editing by Chris Reese and Nick Zieminski)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/global-markets-idUSL1N1G21AN'|'2017-02-18T02:19:00.000+02:00'
'c4c9322b37854306a03ed506a882336a6c86aa3c'|'Sovereign funds increasingly do their own private equity deals'|'Business News - Fri Feb 17, 2017 - 7:42am GMT Sovereign funds increasingly do their own private equity deals By Claire Milhench - LONDON LONDON Some of the world''s biggest sovereign wealth funds are increasingly striking their own private equity deals rather than relying on external fund managers, in a drive to cut costs and gain more control. With some $6.5 trillion in assets, sovereign investors already account for 19 percent of capital committed to private equity, according to data from research firm Preqin. But mega-funds such as the Abu Dhabi Investment Authority (ADIA), Saudi Arabia''s Public Investment Fund (PIF) and Singapore''s GIC, are hiring specialists to find or vet deals - enabling them to negotiate with private equity firms from a position of strength or to go it alone. In 2012 sovereign investors participated in just 77 direct private equity deals. By 2016, that had risen to 137, Thomson Reuters data shows. Deal value more than trebled to $45.2 billion from $14.8 billion. For target companies it could mean longer-term investors with deeper pockets. Private equity funds typically look to sell within three to five years, but sovereign funds often an take investment view stretching over decades. The trend is driven partly by a need to work assets harder as returns shrink, and partly by a conviction that only through originating or structuring deals themselves can sovereign funds get what they want. "It''s a natural evolution. If you do it yourself, you not only reduce the fees, you get greater control over the pricing of the deal," said Babak Nikravesh, a San Francisco-based partner at law firm Hogan Lovells, who represents sovereign investors. This allows funds to better protect their interests when markets go south. One sovereign investor who spoke on condition of anonymity said that during the global financial crisis, some external funds behaved irrationally. "They had different liability streams than us, so they were under pressure to sell at a time when they should have been investing more," the source said. "Going more direct means you don''t have to worry about whether your interests are aligned with other investors''." Some funds still rely on private equity funds to find deals and commit capital on their behalf, but not many can take the amount of capital the sovereign investors want to commit. There is also growing disenchantment with the industry''s traditional 2 percent management fee and 20 percent performance fee model. A Preqin survey found 39 percent of institutional investors polled in December 2016 cited fees as one of the key challenges facing the industry, up from 19 percent in 2015. "The fees are very high and swallow a large chunk of the returns, so there is a big desire to look at how can they do this more efficiently," said Elliot Hentov, head of policy and research in the official institutions group at State Street Global Advisors. For the oil-backed funds, low oil prices mean the days of plenty are over, while lacklustre returns from publicly listed assets mean more funds are missing targets. As a result, sovereign funds may be under pressure to manage their portfolios more actively. HIRING TALENT To this end, Saudi''s PIF signalled a switch to a higher- risk, more-active strategy when it purchased a $3.5 billion stake in Uber last year. It recruited Kevin O''Donnell from Kaiser Permanente as head of global private equity and is the lead investment partner in a technology fund jointly established with Japan''s Softbank Group ( 9984.T ). ADIA, estimated by the SWF Institute to have some $792 billion in assets, has added people with direct transaction experience and hired regional and sector specialists in its private equity department. This now has around 40 investment professionals headed by ex-GE executive Sherwood Dodge. The aim is to participate earlier in originating, valuing and structuring deals alongside private equity firms. Together with TDR Capital, ADIA was one o
'8f528f7189fc588c6642285de7a96eb356cc48b9'|'Appliance retailer hhgregg to explore strategic alternatives'|'Deals  22pm EST Appliance retailer hhgregg to explore strategic alternatives Appliance retailer hhgregg Inc ( HGG.N ) said it had hired Stifel Financial Corp ( SF.N ) to advise it on strategic and financial transactions, as the company struggles with sales declines. Stifel Financial''s subsidiaries, Stifel Nicolaus & Co and Miller Buckfire & Co, have been engaged as hhgregg''s financial adviser and investment banker. Hhgregg''s shares surged 21 percent to 52 cents in extended trading. The stock had lost 77.4 percent of its value in the last 12 months. The company, which has a market value of about $12 million, last month reported a 23.8 percent fall in sales for the third quarter. "We are committed to improving our results through our business strategy, including investments made to shift our focus to appliances and furniture, and additional expected cost reductions," Chief Executive Robert Riesbeck said in a statement on Wednesday. (Reporting by Ahmed Farhatha in Bengaluru; Editing by Maju Samuel) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-hhgregg-restructuring-idUSKBN15U2WT'|'2017-02-16T06:19:00.000+02:00'
'2996fa24c89c70e7e178c3eb11a2c652ca035582'|'Fidelity puts British boardroom paymasters on notice'|'Company News - Thu Feb 16, 2017 - 11:08am EST Fidelity puts British boardroom paymasters on notice LONDON Feb 16 Fidelity International, one of the biggest investors in British companies, has proposed making powerful remuneration committee heads more accountable to shareholders. Such a move would ratchet up pressure on company boards to rein in excessive pay after rebellions at a number of firms'' shareholder meetings in recent years, including BP and WPP, and comes ahead of the bulk of this year''s votes. Fidelity has recommended the chair of the committee which sets company directors'' pay be replaced if more than a quarter of shareholders oppose its plans. The suggestion forms part of a response to a British government review of governance and executive pay, seen by Reuters on Thursday and earlier reported by Sky News, ahead of a deadline for responses to the consultation on Feb. 17. Trelawny Williams, who heads up governance at Fidelity, said he supported keeping the annual vote on a company''s remuneration report as advisory only, but wanted investors to have a binding vote on a firm''s pay policy every year instead of every three. If less than 75 percent of votes cast backed either the report or policy, the chairman "should step down from that role and be replaced by another director as we believe this will make individuals more accountable", he wrote. Fidelity holds shares in Britain''s FTSE 350 companies worth more than $15 billion, Reuters data showed. (Reporting by Simon Jessop; Editing by Alexander Smith) Next In Company News GRAPHIC-Swiss banks face withdrawals due to tax clampdown ZURICH, Feb 16 Wealthy clients in 2016 pulled out almost $30 billion of untaxed assets from three of the world''s biggest private banks, UBS, Credit Suisse and Julius Baer, taking advantage of government programmes letting them pay tax on undeclared money.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/funds-governance-companies-fidelity-idUSL8N1G1647'|'2017-02-16T23:08:00.000+02:00'
'c8170aabfa9b656c7df64211c51955b26053d90e'|'Enbridge, Spectra Energy to settle charges merger would harm competition: FTC'|'WASHINGTON Energy infrastructure firms Enbridge Inc ( ENB.TO ) and Spectra Energy Corp ( SE.N ) have agreed to settle charges their merger would hurt competition in the market for gas pipeline transportation in three areas off the Louisiana coast, the Federal Trade Commission said on Thursday.The FTC said the firms agreed to resolve the charges by adopting a consent decree that would require Enbridge to notify the panel before acquiring an ownership interest in any natural gas pipeline operating in the Grand Canyon, Walker Ridge and Keathley Canyon areas off Louisiana.The decree also would require Enbridge to notify the FTC before increasing Spectra''s ownership interest in certain pipelines in the area and would require Enbridge to establish firewalls to limit its access to non-public information about Discovery Pipeline. Spectra affiliated firms have a 40 percent interest in Discovery, the FTC said.(Reporting by David Alexander; Editing by Chizu Nomiyama)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-enbridge-spectra-energy-merger-idINKBN15V2EG'|'2017-02-16T14:54:00.000+02:00'
'901c03d03c7340fde8ede136c8e173d12cbb0e15'|'REFILE-Top AstraZeneca shareholder Woodford adds to stake, bullish on outlook'|'Business  37pm EST Top AstraZeneca shareholder Woodford adds to stake, bullish on outlook FILE PHOTO: The logo of AstraZeneca is seen on a medication package at a pharmacy in London April 28, 2014. To match Insight CHINA-CANCER/BLACK MARKET REUTERS/Stefan Wermuth/File Photo LONDON Top AstraZeneca ( AZN.L ) shareholder Woodford Investment Management said on Wednesday it had added to its stake in the pharmaceutical firm and was confident in its growth outlook. Woodford, in an update on its website, said shares in AstraZeneca had been unfairly hit since analysts raised concern about the prospects for its key cancer drug trial, Mystic, after rival Bristol-Myers Squibb ( BMY.N ) scaled back its plans in a similar area. "Whilst this is understandable to an extent, we think the reaction is wrong. Indeed, Bristol-Myers Squibb<62>s problems in this setting may well turn out to be positive for AstraZeneca," Mitchell Fraser-Jones said in a note to investors. Fraser-Jones said Woodford believed AstraZeneca was on a path to return to growth regardless of the outcome of Mystic, although it was nevertheless optimistic that Mystic would be successful when results are released later this year. (Adds dropped word "trial" in second paragraph) (Reporting by Simon Jessop; Editing by Susan Fenton) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-astrazeneca-shareholder-woodford-idUSKBN15V26D'|'2017-02-17T00:36:00.000+02:00'
'2cdd43b3d20968e37b09f6a2f07ca99395b972c4'|'GM says will not rationalise UK operations - British minister'|'LONDON Feb 16 British business minister Greg Clark said he had been reassured by General Motors that the firm did not intend to "rationalise" its Vauxhall operations in the UK, after a meeting held to discuss GM''s merger talks with France''s PSA."There is some way to go in discussions between GM and PSA but I was reassured by GM''s intention, communicated to me, to build on the success of these operations rather than rationalise them," Clark said in a statement. "We will continue to be in close contact with GM and PSA in the days and weeks ahead." (Reporting by William James and Kate Holton; editing by William Schomberg)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/opel-ma-psa-britain-idINL9N1FK00D'|'2017-02-16T10:55:00.000+02:00'
'ee419be1735c4b6dcad5460ca3548afcab87d488'|'BRIEF-Ferrari to launch "extreme performance" model at Geneva car show'|' 58am EST BRIEF-Ferrari to launch "extreme performance" model at Geneva car show Italian luxury carmaker Ferrari says: * will present the Ferrari 812 Superfast model at the Geneva auto show in March * the 12-cylinder "berlinetta" is the fastest and most powerful sportscar in the brand''s 70-year history * the new model is powered by a new 6.5-litre V12 engine, with maximum power output of 800 CV * it''s the first Ferrari to use electric power steering * car is being launched in a special new colour, Rosso Settanta, which marks Ferrari''s 70th anniversary (Reporting by Milan newsroom)   BRIEF-Fred''s Pharmacy declares quarterly dividend of $0.06/shr * Fred''s Pharmacy declares quarterly cash dividend of $0.06 per share  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSL8N1G14Q9'|'2017-02-16T19:58:00.000+02:00'
'85c8894db6d9147175991d3395f9292183f065f5'|'Blackstone acquires London-based cloud computing firm Cloudreach'|'LONDON Blackstone, which has $100 billion in private equity assets under management, has acquired a majority stake in cloud computing business Cloudreach for an undisclosed sum, the investment firm said on Thursday.Cloud computing uses a network of remote servers hosted on the Internet to store, manage and process data, instead of a local server or a personal computer.London-based Cloudreach was founded in 2009 and has operations in seven countries, with clients including travel booking sites Sky Scanner and Trainline and publisher Time Inc. Research group Fast Track said in its 2015 report that Cloudreach was among the 20 fastest-growing British technology companies.Pontus Noren, a co-founder of Cloudreach, will be CEO of the business and Dave Johnson, a senior adviser to Blackstone, will become chairman.The cloud services market is expected to grow into a $236 billion industry by 2020, research firm Forrester estimates."We are entering into this industry at a key inflection point and will seek to make additional investments to accelerate and expand Cloudreach<63>s capabilities,<2C> Johnson said.Arma Partners advised Cloudreach on the transaction.(Reporting by Dasha Afanasieva; Editing by David Goodman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-cloudreach-m-a-blackstone-group-idINKBN15V164'|'2017-02-16T07:59:00.000+02:00'
'e2057b88e7043f7d60c99d1492444c2fbbe39ec1'|'UPDATE 1-Cenovus Energy posts surprise profit as costs fall, output rises'|' 50am EST Cenovus Energy posts surprise profit as costs fall, output rises Canadian oil and gas producer Cenovus Energy Inc ( CVE.TO ) ( CVE.N ) reported a surprise quarterly profit as production rose and costs fell. Oil and gas companies, battered by a two-year slump in oil prices, have sharply cut costs and are also benefiting from a sharp drop in prices for oilfield services. Cenovus Energy, which has laid off nearly a third of its workforce since 2014-end, said its oil sands operating costs fell 12 percent in 2016, while operating costs for its conventional oil assets fell 10 percent. The Calgary, Alberta-based company''s total crude oil production rose about 10 percent to 219,551 barrels per day in the fourth quarter. The company said expansions at its Christina Lake and Foster Creek projects in northern Alberta increased its total oil sands production capacity by 26 percent to an average of 390,000 barrels per day in the quarter. Cenovus also said the chairman of its board, Michael Grandin, would retire after the company''s annual meeting on April 26. Grandin will be succeeded by Patrick Daniel. The company reported net earnings of C$91 million ($69.73 million), or 11 Canadian cents per share, in the three months ended Dec. 31, compared with a loss of C$641 million, or 77 Canadian cents per share, a year earlier. Up to Wednesday''s close of C$17.97, the company''s shares had risen 23.9 percent over the past 12 months on the Toronto Stock Exchange. ($1 = 1.3050 Canadian dollars) (Reporting by Muvija M in Bengaluru; Editing by Shounak Dasgupta) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-cenovus-energy-results-idUSKBN15V1E0'|'2017-02-16T18:50:00.000+02:00'
'106c95c04466653094cb87879c6cc24885d29ebe'|'US STOCKS-Futures dip as Wall St navigates unchartered territory'|'Business News - Thu Feb 16, 2017 - 7:28am EST Futures dip as Wall Street navigates unchartered territory Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., February 6, 2017. REUTERS/Lucas Jackson By Yashaswini Swamynathan U.S. stock index futures dipped slightly on Thursday, as investors looked for fresh catalysts to keep up Wall Street''s record-setting run as the outlook for the economy brightened. The rally was sparked by President Donald Trump''s vow last Thursday of a ''phenomenal'' tax announcement. Robust economic data has also been a boost, while bank stocks have risen on prospects of an upcoming interest rate hike. The S&P 500 on Wednesday closed up for the seventh session in a row, its first such streak since September 2013. The S&P, Dow Jones Industrial Average and the Nasdaq have hit record intraday highs and closing highs for five straight sessions. Trump tweeted: "Stock market hits new high with longest winning streak in decades. Great level of confidence and optimism - even before tax plan rollout!" Federal Reserve Chair Janet Yellen said rates may need to be raised at an upcoming meeting, putting a possible move in March on the table. The odds of a hike next month stand at 26 percent, compared with 13 percent earlier, according to Thomson Reuters data. Economic data on tap includes two reports at 8:30 a.m. ET. One is expected to show jobless claims rose slightly last week, while Commerce Department data is expected to show housing starts were little changed in January. Among stocks, Dow component Cisco ( CSCO.O ) rose 1.46 percent to $33.30 premarket after the network equipment maker reported better-than-expected quarterly revenue and profit. NetEase ( NTES.O ) rose 5.6 percent to $276.55 following the Chinese online game developer''s revenue beat. Molina Healthcare ( MOH.N ) dropped 16.5 percent to $50 after the health insurer reported a fourth-quarter loss and forecast 2017 profit far below estimates. Valeant ( VRX.N ) was up 2.6 percent at $17.30 after the FDA approved its drug to treat plaque psoriasis. Futures snapshot at 6:45 a.m. ET: Dow e-minis 1YMc1 were down 35 points, or 0.17 percent at 8:57 a.m. ET, with 17,850 contracts changing hands. S&P 500 e-minis ESc1 were down 4.25 points, or 0.18 percent, with 102,628 contracts traded. Nasdaq 100 e-minis NQc1 were down 2.75 points, or 0.05 percent, on volume of 16,685 contracts. (Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Savio D''Souza) Next In Business News After day in South Korea court, Samsung chief awaits arrest decision SEOUL Samsung Group leader Jay Y. Lee left a Seoul court after more than eight hours on Thursday to await a decision on whether he will be arrested over his alleged role in a corruption scandal that has engulfed President Park Geun-hye.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-stocks-idUSKBN15V1I0'|'2017-02-16T19:26:00.000+02:00'
'72cf1e37bc0f210233694cdfc258b0a8703dc0a5'|'Exclusive - OPEC could extend or deepen supply cut if oil glut persists: sources'|'Business  25am GMT Exclusive - OPEC could extend or deepen supply cut if oil glut persists: sources 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 - RIYADH RIYADH OPEC could extend its oil supply-reduction pact with non-members or even apply deeper cuts from July if global crude inventories fail to drop to a targeted level, OPEC sources said. The group, together with Russia and other non-OPEC oil producers, agreed late last year to cut output by 1.8 million barrels per day (bpd) to reduce a price-sapping glut. The deal took effect on Jan. 1 and lasts six months. For global petroleum inventories to fall by some 300 million barrels to the five-year average, producing countries must comply 100 percent with the supply accord and growth in demand for crude will have to stay healthy, the sources said. "If we have full commitment by everybody, inventories will go down. By sometime in the middle of this year, maybe they will go near the five-year average. But that''s if you have 100 percent compliance," one OPEC source said. "The question is, by how much will they fall? For that, you have to wait and see." The Organization of the Petroleum Exporting Countries meets next on May 25 to decide on supply policy, with non-members possibly also invited to attend. OPEC producers in January achieved 93 percent compliance with the pledged reductions, of which the group''s de facto leader, Saudi Arabia, contributed the biggest chunk. Officials in the 13-member OPEC, including Saudi Energy Minister Khalid al-Falih, have said oil stocks need to fall near to their five-year average for the group to say markets are becoming balanced. Simple arithmetic shows that a cut of 1.8 million bpd for six months would reduce crude supply by around 300 million barrels over the period of the agreement, industry and OPEC sources say. But because of the time needed to obtain accurate inventory data, the extent of the drawdown will not yet be clear when OPEC meets in May. "If countries adhere then that would certainly be encouraging," another OPEC source said, adding that the supply pact could be extended by May if all major producers showed "effective cooperation". CRUDE OR PRODUCTS? Global petroleum inventories at the end of December had edged down to below 3 billion barrels, but were 286 million barrels above the five-year average, the International Energy Agency said last week. Of those 286 million barrels, stocks were split about evenly between crude and natural gas liquids on one side, and products on the other. The biggest build-up occurred in the United States. "As an oil producer you need to moderate the crude first. The products will go down later," a third OPEC source said. OPEC''s cuts so far have mostly focused on medium and heavy crudes, while U.S. crude production is mainly light and sweet. As a result of growing abundance, the United States could ramp up exports of light crude, leading to a drop in domestic stocks of both crude and refined products. But that should take longer than six months, especially as the U.S. refinery maintenance season in the first quarter of this year is likely to result in higher crude inventories. "Even if things are heading in the right direction, compliance has been good, there<72>s a good chance and high odds that the group (OPEC) decides that they want to continue this process," Energy Aspects analyst Richard Mallinson said.   Ahmad Ghaddar in London; Editing by Dale Hudson) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-opec-oil-inventories-exclusive-idUKKBN15V1BI'|'2017-02-16T18:23:00.000+02:00'
'da23ce4138fb8b203a6fa61868ac8c586171ed5e'|'Saudi Arabia debating shape of Aramco ahead of IPO: sources'|'By Rania El Gamal - RIYADH RIYADH Saudi Arabia is considering two options for the shape of Saudi Aramco when it sells shares in the national oil giant next year: a global industrial conglomerate, and a specialized international oil company, industry and banking sources said.The listing of Aramco, expected to be the world''s biggest initial public offer and raise tens of billions of dollars, is a centerpiece of the government''s ambitious plan - known as Vision 2030 - to diversify the economy beyond oil.When the plan was publicly released in June last year, it pledged to "transform Aramco from an oil-producing company into a global industrial conglomerate".But now Saudi officials and their advisers are debating whether to make Aramco "a Korean chaebol", as one source said, referring to sprawling South Korean conglomerates, or a specialized company focused purely on oil and gas.A specialized company might be easier to value because of its simplicity and, since the risks in its business would be clearer, achieve a higher price for its shares."There are two options being studied now. Either to make Aramco a pure oil and gas company, or a conglomerate and expand its role in petrochemicals and other sectors," said a Saudi industry source, declining to be identified because the debate is being conducted in private.An Aramco spokesperson said: "Saudi Aramco does not comment on rumor or speculation."Other than its core oil and gas production, exploration and refining businesses, Aramco - which employs more than 55,000 people - has plans to build solar and wind power facilities.As the kingdom''s biggest company and one of its most efficient, it is being pressed into service to jump-start industrial projects that are too big or daunting for the private sector. It is developing a $5 billion ship repair and building complex on the east coast, and working with General Electric on a $400 million forging and casting venture.It has also often been tasked with executing government projects that have social goals, such as building industrial cities, stadiums and cultural centers. It was involved in creating the King Abdullah University of Science and Technology.As the IPO approaches, officials are asking themselves whether the domestic and international investors who will be asked to buy Aramco shares really want exposure to such a complicated array of assets.A banking source familiar with the IPO preparations said the government was studying a "clean-up exercise" to make Aramco''s structure neater.One option under study is moving all businesses not related to oil to a separate entity before the IPO, although this would be a complex process, the sources said."It is going to be a legal nightmare for them. And the more they dig, the more they find out issues they need to sort out," an industry source said.COMPLEXITIESThe plan to sell up to 5 percent of Aramco, championed by Deputy Crown Prince Mohammed bin Salman, who oversees the country''s energy and economic policies, is also running into other complexities that have not yet been resolved.Last year, Prince Mohammed said he expected the IPO would value Aramco at a minimum of $2 trillion, and that the figure might end up being higher. But this will depend partly on the tax regime which Aramco faces.The company currently pays a 20 percent royalty and 85 percent tax to the government, Saudi officials have said. These could lower its value in an IPO, and sources said talks were under way to move the tax rate as low as 50 percent. But this could hurt state revenues at a time when Riyadh is running a big budget deficit due to low oil prices.The upstream and downstream oil businesses of Aramco will remain part of the company when it is offered to the public, the sources said, but how to value Saudi Arabia''s oil reserves, over which Aramco has exclusive rights, is still being finalised.Aramco has declared proven crude oil reserves of 265 billion barrels, more than 15 percent of global deposi
'6aaca0d50e25869d88c104d1f04d6c132c7512dd'|'BRIEF-Corelogic''s board granted President and CEO Anand Nallathambi a temporary medical leave of absence - SEC Filing'|'  4:54pm EST BRIEF-Corelogic''s board granted President and CEO Anand Nallathambi a temporary medical leave of absence - SEC Filing Feb 15 Corelogic Inc * Corelogic - On Feb 13, co''s board granted president and chief executive officer Anand Nallathambi a temporary medical leave of absence - SEC Filing * Corelogic - During Nallathambi''s absence, board appointed Chief Operating Officer Frank D. Martell to serve as Interim President, Chief Executive Officer Source text: [ bit.ly/2lkZOhk ]  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1G012F'|'2017-02-16T04:54:00.000+02:00'
'832a2eed7e2000ff35893b018038cd792fac004d'|'BRIEF-CommerceHub posts Q4 earnings per share $0.13'|'  4:54pm EST BRIEF-CommerceHub posts Q4 earnings per share $0.13 Feb 15 CommerceHub Inc * CommerceHub announces fourth quarter and full year 2016 financial results * Q4 earnings per share $0.13 * Q4 revenue $32.9 million versus I/B/E/S view $33.7 million * Q4 earnings per share view $0.17 -- Thomson Reuters I/B/E/S * Total customer count at December 31, 2016 was 10,094, up from 9,562 at December 31, 2015 Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSASB0B0HI'|'2017-02-16T04:54:00.000+02:00'
'd780978e8aac939f2c9d2e021a5a47db45d92c2d'|'Dutch government proposes law to block telecom takeovers'|'Business  51am GMT Dutch government proposes law to block telecom takeovers Postnl employee Jaap Bouwmans rides his bicycle to work in his hometown Veghel May 20, 2011. REUTERS/ Jerry Lampen AMSTERDAM The Dutch government on Thursday proposed legislation that would give it power to block or undo mergers in the telecommunications sector. In a statement, the Economic Affairs ministry said that telecommunications, including data hosting centers and other Internet infrastructure, is vital to national security and the law was permissible under European rules. It said it was seeking further powers over the national mail company, including insuring it was headquartered in the Netherlands and was making sufficient infrastructure investments. Last month PostNL ( PTNL.AS ) rejected a takeover offer from Belgian rival Bpost ( BPOST.BR ) under pressure from the Dutch government. (Reporting by Toby Sterling; Editing by Michael Perry) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-netherlands-telecoms-idUKKBN15V0K1'|'2017-02-16T13:51:00.000+02:00'
'821cdd575ad995b4f92367b22ef8eb38440cf773'|'Kinross Gold reports Q4 adjusted loss per share $0.04'|'Feb 15 Kinross Gold Corp* Q4 adjusted loss per share $0.04* Q4 loss per share $0.09* Q4 revenue $902.8 million versus $706.2 million in Q4 2015* Q4 production of 746,291 gold equivalent ounces compared with 623,716 gold equivalent ounces last year* Q4 all-in sustaining costs $1,012 per gold equivalent ounce sold compared with $991 last year * For 2017, expects to produce 2.5 - 2.7 million gold equivalent ounces at production cost of sales per gold equivalent ounce of $660 - $720* Sees 2017 capital budget of about $900 million (plus/minus 5 percent)* Sees 2017 all-in sustaining cost per gold equivalent ounce of $925 - $1,025* Says production in second half of 2017 is expected to be higher compared with first half of the year Source text for Eikon: '|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/idINB8N1FF00E'|'2017-02-15T19:13:00.000+02:00'
'ce6f9e72efc0be2ec94892e0851362b4def59bbb'|'CANADA STOCKS-TSX little changed as Barrick helps it touch record'|' 49am EST CANADA STOCKS-TSX little changed as Barrick helps it touch record * TSX up 14.35 points, or 0.09 pct, to 15,859.30 * Six of the TSX''s 10 main groups were higher OTTAWA Feb 16 Canada''s main stock index was little changed on Thursday after touching a record high as Barrick Gold Corp jumped on the company''s better-than-expected profits, but that was offset by a drop in Sun Life, which reported a decline in earnings. Bay Street also got some help from the energy sector, which was boosted by firmer oil prices and a 2.3 percent gain in Cenovus Energy Inc . The oil and gas producer reported an unexpected quarterly profit and the stock was up at C$18.38. The overall energy sector climbed 0.1 percent as oil prices were up 0.2 percent at $53.21 a barrel after sources said OPEC could extend its supply reduction deal with non-members. Barrick was the biggest lift on the index, jumping 6 percent to C$26.79, the day after the miner announced stronger-than-anticipated profit and a debt reduction plan. Goldcorp Inc also drove the market higher as lower costs at its gold mines in the Americas helped its quarterly profit beat expectations. Its stock was up 4.1 percent at C$22.72. The gold subindex climbed 1.4 percent. At midmorning, the Toronto Stock Exchange''s S&P/TSX composite index was up 14.35 points, or 0.09 percent, to 15,859.30. Of the index''s 10 main groups, six were in positive territory. The stock index touched a record high at 15,863.28, making for the fifth session in a row that equities have notched a new record. But a drop in shares of Sun Life Financial Inc kept overall market gains in check after the insurer reported a drop in quarterly underlying profit. Sun Life was down 3 percent at C$51.05. Bombardier fell 3.1 percent to C$2.50 after it posted lower-than-expected revenue on weak demand in its rail and business aircraft divisions. Bombardier has struggled in recent years as it brings its new CSeries jet program to the market. The Canadian government agreed last week to provide aid to the company. (Reporting by Leah Schnurr; Editing by Jeffrey Benkoe) Next In Company News GRAPHIC-  ZURICH,  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-idUSL1N1G111H'|'2017-02-16T22:49:00.000+02:00'
'93e2556c75457ad64ab57be7dd9ea111dd703115'|'JPMorgan, DRW, others back fintech company OpenFin'|'  3:16pm GMT JPMorgan, DRW, others back fintech company OpenFin By Anna Irrera - NEW YORK NEW YORK Financial services software developer OpenFin has raised $15 million (<28>12 million) in a funding round that included JPMorgan Chase & Co ( JPM.N ) and the venture capital arms of high-speed trading firm DRW Trading Group and interdealer broker NEX Group Plc ( NXGN.L ), the company said on Thursday. Other investors include venture capital firms Bain Capital Ventures, Nyca Partners and a group of financial industry executives, OpenFin said in a statement. NEX and DRW invested through their respective venture capital arms Euclid Opportunities and DRW Venture Capital. OpenFin''s software helps financial institutions create and upgrade trading applications using programming language HTML5 as quickly and frequently as technology companies update apps on smartphones. It currently takes between six to 18 months for new applications or even updates to existing programs to reach a trader''s computer at major banks, OpenFin said. HTML5 has become popular on Wall Street because it allows software to run on different devices. It is also popular with fresh computer science graduates, who banks are finding harder to attract away from technology firms. OpenFin''s software also allows different applications, such as those for real-time market data, news and research, to interact. Firms can also use it to redesign more complex applications in phases, as it allows newer parts of the applications to work with the components that have yet to be redesigned. OpenFin, whose clients include Tullett Prebon Group Holdings Plc [TLPRH.UL], Citadel LLC, NEX and JPMorgan, said it planned to use the new funding to expand its New York and London teams to a total of 50 people over the year. The latest funding round brings the total raised by the seven-year-old company to $22 million. (Reporting by Anna Irrera; Editing by Lisa Shumaker)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-openfin-investment-idUKKBN15V213'|'2017-02-16T22:16:00.000+02:00'
'f149b915971fc101b6ebe52c36c11039eb6926f8'|'Insurer Lancashire reports lower full-year profit'|'Business News - Thu Feb 16, 2017 - 7:35am GMT Insurer Lancashire reports lower full-year profit Insurer Lancashire Holdings ( LRE.L ) forecast another challenging year ahead after posting a 12-percent fall in full-year profit, hurt by continuing pricing pressure and a slight fall in gross written premiums in its LLoyd''s and marine businesses. The property and casualty insurer, which writes policies for heavy-duty assets such as oil rigs, ships and aircraft, said pretax profit fell to $150.4 million in the year ended Dec. 31, 2016, from $171.7 million a year earlier. Lancashire''s gross written premiums fell about 1.1 percent to $633.9 million in the period, while its combined ratio improved to 76.5 percent from 72.1 percent in 2015. "Whilst we expect market conditions to remain difficult for the foreseeable future, which requires discipline and patience to navigate, our strategy has the ability to respond across the insurance cycle," CEO Alex Maloney said in a statement. The company said it was carrying a "bit more" capital buffer on Jan. 1 than it typically would, which would allow it to take advantage of any opportunities up ahead. (Reporting by Esha Vaish and Noor Zainab Hussain in Bengaluru) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-lancashire-results-idUKKBN15V0OQ'|'2017-02-16T14:35:00.000+02:00'
'c38bb3c079355587ea948e041a957762dd1a8602'|'Allianz proposes share buyback up to three billion euros after fourth quarter profit jump'|'  6:27pm GMT Allianz proposes share buyback up to three billion euros after fourth quarter profit jump The logo of Europe''s biggest insurer Allianz SE is seen on the company tower at La Defense business and financial district in Courbevoie near Paris, France, March 2, 2016. REUTERS/Jacky Naegelen ZURICH Europe''s largest insurer Allianz ( ALVG.DE ) on Thursday proposed a share buyback of up to 3 billion euros (2.56 billion pounds) after the Munich-based firm failed so far to pin down suitable deals to use cash it has set aside. Allianz said it was proposing a dividend of 7.60 euros per share for 2016 after posting a 23 percent rise in fourth quarter net profit. The 4.1 percent rise from the previous year''s dividend exceeded expectations for 7.44 euros in a Reuters poll. At 10.8 billlion euros, full year net profit beat forecasts. (Reporting by Andreas Cremer and Brenna Hughes Neghaiwi)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-allianz-results-idUKKBN15V2I4'|'2017-02-17T01:27:00.000+02:00'
'7f35a504f21c2a01cc19ddaa6d84cd449b51b918'|'UPDATE 1-South Africa''s ANC attacks banks over forex rigging charges'|'Company News -  35am EST UPDATE 1-South Africa''s ANC attacks banks over forex rigging charges (Recasts with ANC statement, adds quotes, details, background) By Joe Brock JOHANNESBURG Feb 16 South Africa''s ruling ANC party called on Thursday for the toughest possible sanctions against more than a dozen local and foreign banks accused of rigging the rand currency, piling political pressure on lenders that have become a target for public anger. The Competition Commission said on Wednesday it had found the banks, including U.S., European, Japanese and Australian lenders, had colluded to coordinate their trading activities when dealing in the rand and U.S. dollar. South Africa''s banking index fell 1 percent on Thursday after the Commission, which has been conducting an investigation since April 2015, recommended heavy fines be imposed on the lenders. The ANC attacked the banks, which many South Africans view as a symbol of the stark racial inequality that persists 23 years after the fall of apartheid. "The African National Congress takes an extremely dim view of the activities of the listed banks. These acts of corruption have crudely exposed the ethical crisis in the South African banking sector," the party said in a statement. "It is further an indication of how the markets are and can be manipulated by dominant oligopolies to cripple its functioning to suit their nefarious agendas." Financial regulators are clamping down worldwide, with dozens of traders fired and big banks fined around $10 billion in total in separate cases for rigging the level of the Libor interest rates and other market benchmarks. The opposition Democratic Alliance accused the ANC of politicising the issue, saying ministers want "to do battle with the banks, regardless of the economic fallout". Michael Cardo, who speaks on economic development for the right-leaning party, said President Jacob Zuma''s State of the Nation Address last week had made clear "he intends using the competition authorities as a tool of his populist and destructive agenda of ''radical economic transformation''". Last year the ANC suffered its worst ever local election performance as the left-wing Economic Freedom Fighters (EFF) won over many poor black South Africans with promises of radical redistribution of wealth. The EFF and sections of the ANC often criticise banks for keeping the wealth of the country in the hands of the white elite. This has turned up the heat on the banks, where a majority of executives are white despite black people making up 80 percent of the population. The investigation found that from at least 2007, banks had an agreement to collude on prices for bids, offers and bid-offer spreads for spot trades involving the rand - whose international market code is ZAR - and the U.S. dollar, the Commission said. Its inquiry centred on an instant messaging chat room called "ZAR Domination", which the Commission said was used to coordinate trading activities when giving quotes to customers who buy or sell currencies. Fines should amount to 10 percent of the banks'' annual revenues, the Commission recommended, without saying whether this should relate to global revenues or just their South African business. The banks and brokerages named in the case were Citigroup , Nomura, Standard Bank, Investec , JP Morgan, BNP Paribas, Credit Suisse Group, Commerzbank AG, Standard New York Securities Inc, Macquarie Bank, Bank of America Merrill Lynch (BAML), ANZ Banking Group Ltd, Standard Chartered Plc and Barclays Africa (Absa) , part of the Barclays Plc. Investec and Barclays both said they would cooperate with the probe while Standard Bank, BAML, Nomura, Credit Suisse, ANZ and Standard Chartered declined comment. The others have yet to comment. (Addition reporting by Ed Cropley and Ed Stoddard; Editing by David Goodman and David Stamp) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/safrica
'e99400cfeda1f078ff9fe4948a84097edd553e7c'|'Siemens to separate out Mechanical Drives business'|'FRANKFURT Germany''s Siemens AG ( SIEGn.DE ) said it was splitting its Mechanical Drives business into a separate entity under the industrial group''s umbrella to allow it to operate more efficiently and flexibly.It said on Thursday it would invest in the business''s locations worldwide and its product portfolio to ensure its continued market and technology leadership.Mechanical Drives, part of Siemens''s Process Industries and Drives Division, has around 6,000 employees worldwide. According to Siemens, it is a leading global supplier of components for mechanical drives systems, with offerings ranging from an extensive portfolio of drives and couplings to services.It serves industries such as wind power, cement production, marine, conveyor and crane technology.(Reporting by Maria Sheahan; Editing by Christoph Steitz)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-siemens-restructuring-idINKBN15V1NT'|'2017-02-16T10:17:00.000+02:00'
'e3211e5962b5a251073f60b7f33690100aee8399'|'Norway still risks becoming too dependent on oil money -central bank'|'OSLO Feb 16 Norway runs the risk of becoming too dependent on money from its $900 billion sovereign wealth fund even though the government on Thursday recommended a tightening of spending, the central bank governor said.Prime Minister Erna Solberg and Finance Minister Siv Jensen said spending in a normal year should be limited to three percent of the fund, down from the current four-percent rule, to take into account lower expected future returns.Central bank governor Oeystein Olsen said changing the fiscal rule made sense, but argued in a speech that Norway should not allow spending to increase from the current eight percent of non-oil gross domestic product."A further escalation of spending from today''s levels would be a daring move, even if the fund itself were to grow," Olsen said."Fiscal policy must be decoupled from financial assets subject to considerable volatility ... The period of rising government spending of petroleum revenues should now be over."Asked if this would mean scrapping the percentage-based spending rule, Olsen said "yes"."That''s a reasonable interpretation. The rule is no longer as appropriate as it once was in guiding long-term policy," he told Reuters. (Reporting by Camilla Knudsen, writing by Terje Solsvik, editing by Gwladys Fouche)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/norway-swf-cenbank-idINO9N1EM02R'|'2017-02-16T14:00:00.000+02:00'
'901148b2ffea6b6de00cc81279805165c28bcafe'|'BRIEF-Andersons posts Q4 eanings $0.36 per share'|'  4:53pm EST BRIEF-Andersons posts Q4 eanings $0.36 per share Feb 15 Andersons Inc * The Andersons Inc reports fourth-quarter and full year results * Andersons Inc - reported Q4 2016 net income attributable to andersons of $10.1 million, or $0.36 per diluted share * Andersons Inc says has begun to see signs of improvement in fertilizer orders and price stability in early weeks of 2017 * Andersons Inc - qtrly sales and merchandising revenues $1.11 billion versus $1.18 billion * Andersons Inc - company has begun to see signs of improvement in fertilizer orders and price stability in early weeks of 2017 * Q4 earnings per share view $0.63, revenue view $1.23 billion -- Thomson Reuters I/B/E/S Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSASB0B0JE'|'2017-02-16T04:53:00.000+02:00'
'17a51090348bf561011cd021adc440ce8640a302'|'UPDATE 1-Banco do Brasil sees profit surging, in sign turnaround bearing fruit'|'Company News -  30am EST UPDATE 1-Banco do Brasil sees profit surging, in sign turnaround bearing fruit (Recasts to add details, guidance for this year throughout) By Guillermo Parra-Bernal SAO PAULO Feb 16 Banco do Brasil SA expects profit to surge this year, a sign the nation''s largest state-controlled bank is reaping the benefits of Chief Executive Officer Paulo Rog<6F>rio Caffarelli''s steps to reprice older credits and toughen loan risk standards. The Brasilia-based lender unveiled operational targets for this year on Thursday that included two new indicators - forecasts for recurring net income and net loan-loss provisions. The move underpins Caffarelli''s vow to set guidance for Banco do Brasil compatible with that of private-sector peers. Recurring profit is seen between 9.5 billion reais and 12.5 billion reais ($3.11 billion and $4.09 billion) this year, an increase of up to 74 percent based on some adjusted numbers. Provisions are expected between 20.5 billion reais and 23.5 billion reais, down as much as 24 percent from 2016''s result. Goals for this year present a brighter picture of Banco do Brasil, which has struggled with the impact of Brazil''s harshest recession ever and the legacy of excessive state meddling on strategy in recent years. Shares have almost doubled since May, when Caffarelli was tasked with revamping the overstretched lender. Caffarelli''s plan to bring Banco do Brasil''s return on equity above fundraising costs has already led an increase in the number of analyst "buy" recommendations to 11 from nine. Still, fourth-quarter profit missed estimates after a bigger-than-expected jump in loan-loss provisions helped offset resilient interest and fee income and lower taxes. Profit before one-time items came in at 1.747 billion reais ($572 million) last quarter, below analysts'' average estimate for recurring profit of 1.927 billion reais compiled by Thomson Reuters. The indicator dropped 25 percent from the third quarter. Likewise, recurring return on equity slumped to 7.2 percent, the lowest in at least seven years. It came in at below the 8.2 percent consensus estimate for ROE in the fourth quarter. Caffarelli and his team are scheduled to discuss results later in the day. ($1 = 3.0565 reais) (Reporting by Guillermo Parra-Bernal; Editing by John Stonestreet and Mark Potter) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/banco-do-brasil-results-idUSL1N1G10CG'|'2017-02-16T18:30:00.000+02:00'
'3e20f634d6bdf9bbd4876c834c1870265dd49902'|'BRIEF-MGM Growth Properties Llc Q4 FFO per share $0.47'|' 53am EST BRIEF-MGM Growth Properties Llc Q4 FFO per share $0.47 Feb 16 MGM Growth Properties Llc * MGM Growth Properties Llc reports fourth quarter and full year financial results * Q4 adjusted FFO per share $0.49 * Q4 FFO per share $0.47 * Q4 FFO per share view $0.49 -- Thomson Reuters I/B/E/S * MGM Growth Properties -on Dec 6, 2016, operating partnership entered interest rate swap agreements that mature in nov 2021 total $500 million notional amount * MGM Growth Properties Llc - on january 26, 2017, operating partnership entered into additional interest rate swap agreements * MGM Growth Properties -additional interest rate swap agreements mature in Nov 2021 with a total $700 million notional amount to pay a fixed rate of 1.964%    '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSASB0B0QB'|'2017-02-16T19:53:00.000+02:00'
'8094735e20d5954c16c6184e57ae48698449e9ca'|'Atomico closes $765 million tech venture fund, Europe''s biggest'|'By Eric Auchard - FRANKFURT FRANKFURT Atomico, which has spent the past decade proving startups can prosper outside Silicon Valley, said on Thursday it had closed Europe''s largest standalone tech venture fund, a $765 million war chest that reflects the region''s growing financing firepower.The London-based venture firm started by Skype co-founder Niklas Zennstrom has invested in around 60 firms since it was established in 2006. It was an early backer of two of the world''s hit mobile gaming companies - Supercell and Angry Birds maker Rovio Entertainment, both of Finland.Such bigger venture funds promise to help fill a widely recognized funding gap that leads most European start-ups to be acquired rather than holding out for stock market flotations of their own in order to build powerful global tech franchises."We are seeing an inflection point for investment in the region, both in the maturity of entrepreneurs and business models," Mattias Ljungman, an Atomico partner, said in an interview with Reuters."We are focused on Europe, but will invest in other regions too," he said in reference to the United States and Asia.Some of Atomico''s recent investments included Scandit, a Zurich-based barcode-scanning software supplier, and Lilium Aviation, based near Munich, which is developing an electric jet with vertical takeoff capacity that could be used as a flying car.Current investment themes for Atomico include potentially disruptive new firms in financial and property technology, online marketplaces as well as so-called deep tech areas, such as machine learning and artificial intelligence, Ljungman said.The $765 million fund, Atomico''s fourth, gives it the capacity to invest in early financing rounds while also allowing it to continue to join later rounds of financing for its most successful start-up bets.The new fund, which has been in the works for a year, is 60 percent larger than the previous investment pool set up in 2013.Atomico is the latest in a succession of European-centered venture firms raising record amounts of venture capital. The trend reflects the growing size of individual funding rounds for the hottest start-up firms and the entry of new sources of capital from outside the world of start-up financing to compete for those deals.Global VC firm Accel Partners last year raised a new $500 million European fund, while Index announced two joint U.S. and European funds - a $550 million fund for early-stage seed investments and a $700 million fund for later stage companies.Previously, Balderton Capital raised $305 million in its latest European fund in 2014, while Lakestar raised a 350 million euro ($371 million) fund in 2015.Rocket Internet last year announced a $1 billion Rocket Internet Co-Investment Fund in conjunction with a range of outside funders that is largely designed to take bigger stakes in its previous investments.(Reporting by Eric Auchard, editing by G Crosse)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-atomico-funding-idINKBN15V0FW'|'2017-02-16T03:04:00.000+02:00'
'a5e139aeb189c87a59a4ff0ae18321180585dc16'|'Germany''s Stada says has received third takeover bid'|'BERLIN Germany''s Stada ( STAGn.DE ) said it has received a third takeover approach but cannot yet foresee whether one or more of the three potential bidders'' offers will succeed.The generic drugs and consumer care group said on Thursday the third offer was based on a price of 58 euros ($61.85) per share. It is still weighing up its options on how to react, Stada said.Earlier this week, the firm said it had invited rival suitors Cinven Partners and Advent International to the negotiating table, after months of courtship.(Reporting by Andreas Cremer; Editing by Madeline Chambers)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/stada-m-a-idINKBN15V2N1'|'2017-02-16T16:27:00.000+02:00'
'c12150f00bb9924bf2529744dff976ce793031a7'|'Top AstraZeneca shareholder Woodford adds to stake, bullish on outlook'|' 28pm GMT Top AstraZeneca shareholder Woodford adds to stake, bullish on outlook A sign is seen at an AstraZeneca site in Macclesfield, central England May 19, 2014. REUTERS/Phil Noble/File Photo LONDON Top AstraZeneca ( AZN.L ) shareholder Woodford Investment Management said on Wednesday it had added to its stake in the pharmaceutical firm and was confident in its growth outlook. Woodford, in an update on its website, said shares in AstraZeneca had been unfairly hit since analysts raised concern about the prospects for its key cancer drug, Mystic, after rival Bristol-Myers Squibb scaled back its plans in a similar area. "Whilst this is understandable to an extent, we think the reaction is wrong. Indeed, Bristol-Myers Squibb<62>s problems in this setting may well turn out to be positive for AstraZeneca," Mitchell Fraser-Jones said in a note to investors. Fraser-Jones said Woodford believed AstraZeneca was on a path to return to growth regardless of the outcome of Mystic, although it was nevertheless optimistic that Mystic would be successful when results of trials are released later this year. (Reporting by Simon Jessop; Editing by Susan Fenton)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-astrazeneca-shareholder-woodford-idUKKBN15V286'|'2017-02-16T23:28:00.000+02:00'
'd761fa0ac3f2d49f356509da964c62a8da39ffc0'|'UPDATE 2-Campbell Soup''s quarterly sales miss estimates'|'(Adds details, shares)Feb 17 Campbell Soup Co, the world''s largest soupmaker, reported lower-than-expected quarterly sales on Friday, hurt by weak demand for its V8 beverages, broth and condensed soups.The company said revenue fell 1 percent in the Americas simple meals and beverages unit, Campbell''s largest segment, which includes its namesake soup brand and Prego pasta sauces.Sales from Campbell''s fresh foods business, which accounted for about 12 percent of total revenue in the second quarter, fell 8 percent, as the company''s effort to recover from a recall of certain protein drinks and a disappointing carrot harvest last year is taking longer-than-anticipated.However, the company''s sales of soup in the United States rose 1 percent in the quarter ended Jan. 29, helped by strong demand for its ready-to-serve soup brands, such as Chunky and the new Well Yes!, but was offset by declines in broth and condensed soups.The company, which also sells Pepperidge Farm snacks, reported a 1.4 percent fall in net sales to $2.17 billion. Analysts on average had expected $2.22 billion, according to Thomson Reuters I/B/E/S.Net income attributable to Campbell fell to $101 million, or 33 cents per share, in the quarter, from $265 million, or 85 cents per share, a year earlier.The company took a non-cash charge of $147 million to reduce the value of assets in its Bolthouse Farms'' carrot business and a non-cash charge of $65 million in its fresh foods unit.Excluding certain items, the company earned 91 cents per share, beating analysts'' average estimate of 88 cents per share.Campbell''s shares were down 2.5 percent at $61.00 in premarket trading on Friday.(Reporting by Gayathree Ganesan in Bengaluru; Editing by Martina D''Couto)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/campbell-soup-results-idINL4N1G23UE'|'2017-02-17T11:03:00.000+02:00'
'918b2c835d2debfc8e5297224b93b3617dee18c9'|'Italy court seeks $1.4 bln from Treasury execs over Morgan Stanley derivatives'|'Business  09am EST Italy court seeks $1.4 billion from Treasury executives over Morgan Stanley derivatives FILE PHOTO - The corporate logo of financial firm Morgan Stanley is pictured on the company''s world headquarters in New York, New York January 20, 2015. REUTERS/Mike Segar/File Photo ROME An Italian audit court prosecutor said on Friday that Treasury officials should pay around 1.3 billion euros ($1.38 billion) in damages over derivatives contracts with U.S. bank Morgan Stanley ( MS.N ). The claim relates to contracts originated between 1995 and 2005 and terminated in December 2011 and January 2012, which the Lazio regional court''s prosecutor says were unfairly weighted in the bank''s favor. Deputy prosecutor Massimiliano Minerva said 70 percent of a total 4.1 billion euros in damages should be paid by the bank, and the rest by Italian Treasury officials. He did not say which officials he wanted the payment from. Morgan Stanley said in a securities filing last year the prosecutor had proposed it pay 2.9 billion euros to settle the transactions. A spokesman for the bank said the claim was groundless. ($1 = 0.9397 euros) (Reporting by Giuseppe Fonte, writing by Isla Binnie) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-morgan-stanley-italy-treasury-damages-idUSKBN15W183'|'2017-02-17T19:06:00.000+02:00'
'4b9adfd532146dd75d05f0c0541ca9f2c0430e68'|'Kraft Heinz bids $143 billion for Unilever in global brand grab'|'  6:29pm GMT Kraft Heinz bids $143 billion for Unilever in global brand grab By Martinne Geller and Pamela Barbaglia - LONDON LONDON U.S. food company Kraft Heinz Co ( KHC.O ) made a surprise $143 billion offer for Unilever ( ULVR.L ) in a bid to build a global consumer goods giant, although it was flatly rejected on Friday by the maker of Lipton tea and Dove soap. A combination would be the third-biggest takeover in history and the largest acquisition of a UK-based company, according to Thomson Reuters data, triggering British fears over jobs. It would bring together some of the world''s best known brands, from toothpaste to ice creams, and combine Kraft''s strength in the U.S. with Unilever''s in Europe and Asia. The global packaged food industry is grappling with slowing growth, new competition from upstart brands, deflation in developed markets and more health-conscious consumers. Although Kraft, which is controlled by U.S. billionaire Warren Buffett and private equity firm 3G Capital, said it looked forward to talking terms, Unilever said it saw no reason to discuss a deal without financial or strategic merit. Kraft has until March 17 to make a final bid for Unilever under UK takeover rules. Unilever shares rose to a record following news of the offer, which analysts at Jefferies called a "seismic shock", and closed 15 percent higher, short of Kraft''s $50 per share offer price, with the news lifting shares across the sector. Unilever said Kraft''s proposal included $30.23 per share in cash, payable in U.S. dollars, and 0.222 of a share in a new enlarged entity per Unilever share and represented an 18 percent premium to its share price on Thursday. "We believe Kraft will likely need to raise its offer substantially if it hopes to change the outcome," RBC Capital Markets analyst David Palmer said in a research note. Kraft''s move could flush out other bidders for Unilever, but of the potential rivals, U.S consumer giant Procter & Gamble Co ( PG.N ) may face anti-trust hurdles, while pharmaceutical and consumer packaged goods company Johnson and Johnson ( JNJ.N ) would likely not be interested in household products. Unilever has a larger presence than some peers in emerging markets, which were once the big driver of industry growth, but which have slowed in recent years. It is also feeling the after-effects of Britain''s decision to leave the European Union, with a fall in the pound currency raising the cost of producing consumer goods in the UK and straining relations between the country''s retailers and suppliers. "Unilever has struggled to achieve top line revenue growth for years and has achieved profit growth through improving the product mix and cutting costs. A tie up with Kraft Heinz would enable it to continue to improve profits in the same way," Jonathan Bell, Chief Investment Officer at Stanhope Capital, said in an email. 3G READY TO DEAL Although Kraft is smaller than Unilever, with a market value of $106 billion as of Thursday, it is 50.9 percent owned by Buffett''s Berkshire Hathaway ( BRKa.N ) and 3G Capital, which also controls Anheuser-Busch InBev ( ABI.BR ). 3G, known for driving profits through aggressive cost cutting, has orchestrated a string of big deals rocking the food and drink industry, including Anheuser-Busch InBev''s takeover of SABMiller and the combination of Kraft and Heinz. A deal would offer opportunities to combine marketing, manufacturing and distribution in addition to cutting costs, but some industry analysts said Kraft might not want Unilever''s household and personal goods brands and could spin them off. "This is cheap money meeting industrial logic," said Steve Clayton, manager of the HL Select UK Shares fund at Hargreaves Lansdown, which owns Unilever shares. "Kraft Heinz are attempting a massive push on the Fast Forward button...to acquire the sheer scale of brands that Unilever represents through one-off acquisitions could take decades," Clayton added. Britain''s la
'7a26c9105d87b656091549219e960b93aaff2caf'|'LPC-Banks get set to launch <20>1.1bn Cerba buyout financing'|'By Claire Ruckin - LONDON LONDON Feb 16 Banks are preparing to syndicate a <20>1.1bn leveraged loan and high-yield bond financing backing a buyout of European medical laboratory services operator Cerba, banking sources said on Thursday.Partners Group and PSP Investments agreed to acquire European medical laboratory services operator Cerba from PAI Partners, the companies announced in January, following an auction process.JP Morgan, Natixis, Credit Suisse, Deutsche Bank and BNP Paribas are leading the debt financing, which has been much anticipated by Europe<70>s cash-rich investor base, eager to put new money to work.The financing is due to launch for syndication in the next couple of weeks, the sources said.The financing is expected to comprise around <20>550m of senior leveraged loans; around <20>250m of senior secured bonds and some <20>180m of subordinated bonds. There is also around <20>175m of revolving credit, some of which is likely to be sold to other banks.Some <20>1.1bn of debt financing equates to around 6.0-6.5 times Cerba''s approximate <20>170m Ebitda, the sources said.Europe<70>s leveraged loan market is on fire, with enough cash to fund a number of jumbo buyouts. Tapping both loans and bonds could create competitive tension between the two markets, enabling the borrower to achieve tighter pricing.If there is strong enough demand for Cerba<62>s loans, the bond portion of the debt financing could be dropped altogether and replaced with an all- loan financing.Germany-based building materials maker Xella raised a <20>1.45bn covenant-lite term loan B earlier this month, which was increased twice during syndication from an initial target of <20>1.15bn, after ditching plans to raise a high yield bond.<2E>It is suspected that Cerba will lose the bonds if they can raise enough loans, like Xella. Loans are generally more flexible as you can prepay them and reprice them,<2C> one of the sources said.A second source added: <20>Why have public exposure and more onerous regulation, call protection and less flexibility. There is no reason to do a bond other than it used to be a bond issuer and has a following, so you can build on that to create competitive tension and achieve lower pricing on a loan.<2E>Partners Group declined to comment. Cerba and PSP Investments were not immediately available to comment.Cerba employs almost 4,300 people, including 350 biologists and generated revenues of approximately <20>630m in 2016. (Editing by Christopher Mangham)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/cerba-loans-idINL8N1G15A5'|'2017-02-16T10:47:00.000+02:00'
'b44e7b360befe6896c3b0e8cbdb7ef77456ccc98'|'AccorHotels signs deals to open three hotels in Ethiopia'|'Deals - Thu Feb 16, 2017 - 3:59am EST AccorHotels signs deals to open three hotels in Ethiopia 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 ADDIS ABABA Europe''s largest hotel group AccorHotels ( ACCP.PA ), will open three hotels in Ethiopia by 2021, becoming the latest international chain to tap into the growing business and tourism sectors in the country. Looking to counter subdued growth in Europe, AccorHotels and others have been expanding in emerging markets such as Ethiopia, where visitor numbers have been rising by more than 10 percent a year for the past decade, albeit from a very low base. The Horn of Africa country is the continent''s second most populous nation and has one of its fastest-growing economies, propelled by huge spending on infrastructure, though it is still one of the poorest. The new AccorHotels properties will offer more than 520 rooms in the capital, Addis Ababa, the company said in a statement released on Wednesday night. Sheraton ( SHPF.BO ), Hilton ( HLT.N ), Radisson, Marriott ( MAR.O ) and Golden Tulip are among a handful of hotel chains that operate in Ethiopia. AccorHotels has been active in Africa for 40 years and is the continent''s leading hotelier by number of rooms. The group operates in 21 African countries, employing more than 10,000 people at 94 hotels. (Reporting by Aaron Maasho; Editing by Katharine Houreld and David Goodman) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-ethiopia-accorhotels-idUSKBN15V0WQ'|'2017-02-16T15:54:00.000+02:00'
'd7db11b98bd3553205d63a52d200dfc01238ae9e'|'Opel to remain independent firm in possible PSA deal: Manager Magazin'|'Deals  23am EST Opel to remain independent firm in possible PSA deal: Manager Magazin The logo of German car manufacturer Opel is pictured at the compnay headquarters in Ruesselsheim , Germany February 15, 2017. REUTERS/Ralph Orlowski FRANKFURT General Motors ( GM.N ) Chief Executive Mary Barra made assurances at Opel''s headquarters in Germany that the carmaker is to remain an independent company in any deal with France''s PSA Group ( PEUP.PA ), German monthly Manager Magazin reported, citing sources close to negotiations between GM and PSA. It also said that, according to Barra, PSA chief Carlos Tavares planned to leave Opel''s management, including CEO Karl-Thomas Neumann, in office following a possible acquisition. GM and PSA said on Tuesday they were in talks that could result in PSA buying GM''s European auto operations, a move that could shake up the global auto industry. (Reporting by Maria Sheahan; Editing by Balazs Koranyi) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-opel-m-a-psa-idUSKBN15W0U5'|'2017-02-17T16:23:00.000+02:00'
'32f76c017d99f240b4e258c08b40045a88a8dc63'|'Santos sees Caldita-Barossa gas investment decision in late 2018'|'Company News  01pm EST Santos sees Caldita-Barossa gas investment decision in late 2018 MELBOURNE Feb 17 Santos Ltd said partners in the Caldita-Barossa gas fields off northern Australia aim to make a final investment decision in the next two years on whether to develop the project. The partners, led by ConocoPhillips, plan to start initial engineering and design work in late 2017 and to reach a final investment decision in late 2018 or early 2019, Santos Managing Director Kevin Gallagher told analysts at a results briefing. ConocoPhillips, Santos and an affiliate of South Korea''s SK Holdings Co own Caldita-Barossa, which would supply the Darwin liquefied natural gas plant. (Reporting by Sonali Paul; Editing by Joseph Radford) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/santos-results-lng-idUSL4N1G2089'|'2017-02-17T08:01:00.000+02:00'
'9bfd3f3a56a01baa939ee9b784b995e0e072819d'|'Lloyd''s of London set to nominate Carnegie-Brown as chairman -source'|'LONDON Feb 17 Bruce Carnegie-Brown is set to be nominated as the next chairman of Lloyd''s of London, the world''s biggest insurance market, a source familiar with the matter said.Carnegie-Brown is the former chief executive of Marsh Europe, a subsidiary of Marsh & McLennan Companies, a global professional services firm.The decision, which needs to be confirmed by the Lloyd''s Council and could yet be overturned, comes with Lloyd''s at the vanguard of efforts to minimise the impact on London from Britain''s vote to leave the European Union.As part of that, Lloyd''s is currently considering where in the region to set up a subsidiary to ensure members can sell their products freely after Britain leaves the EU, with Paris, Dublin and Luxembourg all possible destinations.Other short-listed candidates to replace outgoing chairman John Nelson included insurance executives Stephen Catlin, executive deputy chairman of insurer XL, and Steve McGill, former group president of insurance broker Aon.Nelson, who has been chairman of the world''s leading specialty insurance market since 2011, and who had been a vocal supporter of Britain remaining in the European single market, is due to stand down in mid-2017.Lloyd''s is facing increasing competition from emerging markets such as Singapore, with a 2014 report showing the London insurance market losing market share.The market, which started life in Edward Lloyd''s coffee house in 1688, still operates on a face-to-face basis in its City of London building and is seen needing to modernise and upgrade its technology.The news was first reported by Insurance Insider on Thursday. (Reporting by Carolyn Cohn and Simon Jessop; editing by Jason Neely)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/lloyds-of-london-chairman-shortlist-idINL5N1FW0H5'|'2017-02-17T05:07:00.000+02:00'
'9195d34824441631716c1b09ec9447483698dca2'|'Struggling European banks see light at end of low-rates tunnel'|'Fri Feb 17, 2017 - 7:15am GMT Struggling European banks see light at end of low-rates tunnel FILE PHOTO: Offices in the financial district of Canary Wharf in London, Britain, January 19, 2017. REUTERS/Kevin Coombs/File Photo By John O''Donnell and Maya Nikolaeva - FRANKFURT/PARIS FRANKFURT/PARIS Rock-bottom interest rates hurt more big European banks in 2016 than in the previous year, but the worst could soon be over with the prospect of rising borrowing costs rippling from the United State to Europe. Low rates, money printing and a penalty charge for hoarding cash have been at the heart of attempts to reinvigorate the 19-country euro zone economy in the wake of the 2008-09 debt crisis. But the policy has been politically divisive, prompting fierce criticism from famously thrifty Germans as the returns on savings in Europe''s biggest economy dwindled to nothing. It also imposed a heavy cost on still fragile banks, turning deposits into a hot potato that many would rather avoid so as not to pay charges to their central bank for storing them. Last year marked a low ebb, according to a survey by Reuters of 20 large European banks conducted in mid-February. While seven in that group saw net interest income fall during 2015, that number increased to 12 in 2016, with the average dip more than 7 percent. That was steeper than the roughly 5 percent slip on average in 2015. Such income is the difference between interest charged on, say, a loan, and the cost of holding a deposit. It is a bellwether of earning power, closely watched by investors, and its decline bodes ill for the sector. TRUMP''S PROMISED STIMULUS BUOYS HOPES Many executives are now pinning their hopes on a change in direction for central banks given that rate hikes appear to be on the cards in the United States this year - and ultimately a paring back of easy-money policies in Europe. "It''s usually the U.S. that leads the pack," said Charles Goodhart of the London School of Economics, a former member of the Bank of England''s Monetary Policy Committee. "If (U.S. President Donald) Trump does manage to get an expansionary fiscal policy, there will be increases in interest rates," he said, adding that the effect would also be felt in Europe. Trump has pledged to stimulate growth in the world''s largest and most influential economy through a combination of heavy infrastructure investment and deep corporate tax cuts. In December, the U.S. Federal Reserve raised interest rates and signaled a faster pace of increases in 2017. For European banks, the shift in rates cannot happen soon enough. Lars Machenil, chief financial officer of France''s BNP Paribas ( BNPP.PA ), one of Europe''s biggest lenders, said the difference could be hundreds of millions of euros of extra income. "The lowering of interest rates has had a negative effect on the top line. If that would be reversed, we would see something similar back ... but it will take time," he said. Low rates cost BNP 1 billion euros of lost revenue between 2013 and 2016. In 2016, Switzerland''s Credit Suisse ( CSGN.S ) saw interest income dip by about 19 percent, while at Germany''s Commerzbank ( CBKG.DE ) and Deutsche Bank ( DBKGn.DE ), it fell by about 13 and 8 percent respectively, the Reuters survey found. UniCredit''s ( CRDI.MI ) interest income dipped by about 6 percent. Spain''s Bankia ( BKIA.MC ) saw a drop of about one fifth. While successful in helping a brittle euro zone economy gradually revive from the debt crunch in the short term, zero or negative rates have, in the eyes of critics, struck at a central tenet of banking - lending on the back of deposits - and turned the principle of saving for retirement on its head. There are signs that the struggle of frustrated lenders is being noticed in Frankfurt, seat of the European Central Bank. Yves Mersch, a member of the ECB''s executive board, the nucleus of euro zone policy-setting, recently said it needed to take interest rate cuts off the table, which w
'3aaed7f83349aa8807ea3916032ce95c7054f786'|'Asia Graphics-Taiwan, Singapore stocks offer top dividends in Asia'|'Feb 17 Taiwan stocks have the highest forward dividend yield in Asia, offering another reason for foreigners to invest in the island''s equity market, according to Thomson Reuters StarMine data.Taiwan''s forward 12-month dividend yield stood at 4.1, the highest in Asia, the data showed.On expectations of strong electronics exports and demand from Apple, Taiwan stocks are up 5.5 percent this year, slightly above Asian stocks'' average of 4.8 percent. This made foreigners to invest about $2.4 billion in Taiwan''s equity markets so far this year, the highest in the region.Singapore and Hong Kong occupy the second and third slots respectively in dividend yield. India and Vietnam were at the bottom of the list.For a graphic: tmsnrt.rs/2kwjcsqContext:Taiwan raised its 2017 economic growth target to a three-year high on Wednesday.Taiwan dollar has appreciated by more than 5 percent against the dollar this year - the biggest rise for an Asian currency versus the dollar. (Reporting By Patturaja Murugaboopathy and Gaurav Dogra; Editing by Gopakumar Warrier)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/asia-graphics-taiwan-singapore-stocks-of-idINL4N1G221P'|'2017-02-17T03:46:00.000+02:00'
'c80f1e11a157823cd5a1ac8074a76a77a8def90f'|'China<6E>s private placement boom on borrowed time'|'Business News - Thu Feb 16, 2017 - 11:17pm GMT China<6E>s private placement boom on borrowed time By Samuel Shen and John Ruwitch - SHANGHAI SHANGHAI A three-year boom in private share placements in China, a handy way around tighter control of public share issuance, is running on fumes as Beijing turns its sights on the speculative excesses and dubious value the boom has engendered. Regulators have tightly restricted new public share sales since mid-2015, blaming them for draining cash from the rest of the share market while the country''s main bourses nosedived, but that pushed more firms into more loosely regulated private placements to raise funds. The private placement market jumped fivefold from 2013 to 1.18 trillion yuan ($172 billion) in 2016, dwarfing the market for initial public offerings (IPO), which raised just 147.6 billion yuan last year. But since the end of last year, the China Securities Regulatory Commission (CSRC) has been tightening its approval process for private placements, challenging the deal prices and the purposes of the cash being raised. Wu Kan, head of equity trading at Shanshan Finance, said the private placement market had become a "black box" for speculative acquisitions, money misuse and even criminality as some investors colluded with listed companies to inflate share valuations. Market participants think a change in rules is imminent and the pendulum will swing back towards initial public offerings (IPOs) and other public fundraising. "Fundraising via private placement will likely shrink quite drastically this year due to tighter regulation, but the number of IPOs will increase," said Wu, whose firm has invested in privately placed shares. Such deals have been popular with issuers and investors, with long lock-up periods in exchange for big discounts, but on Jan. 20, the CSRC expressed its discomfort with companies using the funds for backdoor listings, to invest in unrelated industries or contrive restructurings of no obvious commercial benefit. <20>The biggest problem is that some listed companies raise funds excessively. Their funding structure is irrational, and they use the proceeds too much at will, and in an inefficient manner," CSRC spokesman Zhang Xiaojun said. The deals have on occasion masked market manipulation. Last month Chinese hedge fund manager Xu Xiang was jailed for 5-1/2 years for colluding with 13 listed companies in driving up their share prices, and profiting from non-public information, having taken part in private placements made by several of the named companies. TIDE TURNING The CSRC has admitted that the decade-old rules for private placements are ripe for revision and wants to encourage alternative capital raising routes. "CSRC will develop the market for convertible bonds and preferred shares, to curb excessive fundraising by listed firms," Zhang said. One of its concerns is that companies are channelling cash into high-yielding wealth management products via the shadow-banking industry, an opaque avenue for risky lending that is difficult for regulators to monitor and assess. Last year, 767 listed companies spent a combined 726.8 billion yuan buying wealth management products, the official Securities Times reported. The private placement tide already appears to be going out. In the first nine months of 2016, it took typically a month or two to get the CSRC''s go-ahead for a private placement, but that had stretched to more than four months in some cases by the last quarter of 2016, according to investment bankers. In late October, property developer Shanghai Shimao Co ( 600823.SS ) said its 6.7 billion private placement plan to fund acquisitions had been rejected by CSRC. And some companies have pulled back after regulatory pushback; in August Wanda Cinema Line Co. ( 002739.SZ ) scrapped a plan to raise up to 8 billion yuan to buy an affiliate when the Shenzhen Stock Exchange queried the target''s lofty valuation and asked what measures it had taken against a possible
'ab78cb554308a30c0b3ae6106476dd801a4b1d5c'|'Auto union courts Tesla workers, amplifies ''buy American'' message'|'Business News - Thu Feb 16, 2017 - 7:12pm GMT Auto union courts Tesla workers, amplifies ''buy American'' message United Auto Workers President Dennis Williams at a press briefing in Detroit, Michigan, May 19, 2016. REUTERS/Joseph White By Joseph White - DETROIT DETROIT United Auto Workers President Dennis Williams said on Thursday the union is contacting workers at Silicon Valley electric car maker Tesla Inc ( TSLA.O ), and plans to boost efforts to convince U.S. consumers not to buy vehicles built in other countries, including those sold by the Detroit automakers. The UAW leader also used a meeting with reporters to praise President Donald Trump for calling on companies to produce more products in the United States, and promising to rework the North American Free Trade Agreement. But Williams said he disagreed with Trump''s order temporarily barring travel to the United States from seven Muslim-majority countries. "It''s very dangerous to single out individual groups based on religion," Williams said. "It''s un-American." Some UAW members were stranded overseas by the ban before it was stayed by a federal appeals court, Williams said. Williams'' comments highlight the political challenges facing U.S. labour leaders as they confront a Republican president who shares their sceptical views on free trade and values U.S. manufacturing, but whose policies on other issues are contrary to union principles. "I''m interested in some of the things he''s doing," Williams said. "I''m very concerned about some of the things he''s doing." Williams said he has not met with Trump, though other union leaders have. The UAW leader endorsed Trump''s moves to pressure Detroit automakers to stop shipping vehicles into the United States from Mexico, and said the UAW is working on a new advertising campaign to encourage consumers not to buy foreign-made vehicles. "If it''s not made in America, don''t buy it," Williams told reporters at a briefing at the union''s Detroit headquarters, responding to a question about General Motors Co''s ( GM.N ) Chevrolet Cruze hatchback, made in Mexico, and the Buick Envision sport utility, which GM imports from China. "Boycotts may be coming back," he said, adding he would prefer consumers buy a vehicle made by UAW workers, or a vehicle made in the United States by a foreign manufacturer. Regarding Tesla, Williams reiterated the union''s denial last week that the union had paid a worker at the automaker''s Fremont, California, factory who went public with complaints about safety, pay and overtime. UAW organizers are in contact with workers at Tesla, Williams said, but any formal effort by the union to organise workers will "be determined by the interest of employees." Tesla Chief Executive Elon Musk, in comments to the Gizmodo website, charged the UAW had paid the worker, and blamed the union for the failure of the GM-Toyota Motor Corp ( 7203.T ) joint venture that once operated at the factory, located on the east side of San Francisco Bay. Tesla shares slid both before and after Williams'' comments on Thursday, and were down 3.9 percent at $268.90 in afternoon trading. (Editing by Matthew Lewis)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-autos-uaw-idUKKBN15V2M0'|'2017-02-17T02:12:00.000+02:00'
'a85e354a3cdd05161907225a1dfa31f04bf41d9b'|'Italian parliament approves government bank rescue fund'|'  1:02pm GMT Italian parliament approves government bank rescue fund A man walks on a logo of the Monte Dei Paschi Di Siena bank in Rome, Italy September 24, 2013. REUTERS/Alessandro Bianchi/File Photo ROME Italy''s parliament approved on Thursday a government plan to create a 20 billion euro (17 billion pound) fund to support the country''s troubled banks, including Monte dei Paschi di Siena ( BMPS.MI ). The government unveiled the project in December and the parliamentary approval means that funds can now be released to a sector weighed down by 350 billion euros of bad loans -- a third of the euro zone''s total. The first bank likely to benefit will be Monte dei Paschi, the world''s oldest bank, which last year failed to win investor backing for a desperately needed capital increase. The government readied the fund in December on the understanding that the struggling lender had a capital shortfall of 5 billion euros, but the European Central Bank has since estimated the gap at 8.8 billion euros. Despite this jump, ministers have repeatedly asserted that their 20 billion euro fund will be large enough to sort out problems across the country''s banking sector. The CEO of Popolare di Vicenza told Il Sole 24 Ore newspaper on Thursday that besides Monte dei Paschi, the state was also expected to step in to help both his own lender and the neighbouring Veneto Banca. The two Veneto-based regional banks, rescued by bailout fund Atlante last year after an attempt to raise money on the market failed, are planning to merge. "The size of the (state) intervention is not known yet and will depend on talks with the ECB and talks between the Treasury and Atlante," CEO Fabrizio Viola told the financial daily. (Reporting by Crispian Balmer)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eurozone-banks-italy-parliament-idUKKBN15V1M6'|'2017-02-16T20:02:00.000+02:00'
'541bf713a8b405ebbf309bdc8ebca0ea52246e2b'|'Hugo Boss shares jump on report of activist investor taking stake'|'FRANKFURT Shares in German fashion house Hugo Boss ( BOSSn.DE ) jumped more than 8 percent on Thursday after a report that the holding company of Belgium''s richest man, Albert Frere, has taken a stake of nearly 3 percent and wants to increase it further.Frere''s Groupe Bruxelles Lambert (GBL) declined to comment on the report in Germany''s Manager Magazin, which cited unidentified company insiders. A Boss spokeswoman said no regulatory filing had been made, declining further comment.Frere has a reputation for helping to shake up the companies in which he invests.After he and other activist investors took stakes in Adidas ( ADSGn.DE ) in 2015, the German company appointed a new chief executive and announced plans to sell its golf business. Shares in Adidas, in which GBL still has a 5 percent stake and a representative on the supervisory board, have more than doubled since Frere invested.Hugo Boss shares initially jumped more than 8 percent before retreating slightly. The shares were up 6.2 percent up at 63.98 euros at 1320 GMT, their highest in a year and the biggest gainer on the STOXX 600 .Manager Magazin said that GBL has a good relationship with Boss''s biggest shareholder, Italy''s Marzotto family, which owns a 10 percent stake. The publicaion noted that GBL and Marzotto this month sold Italian sneaker maker Golden Goose to private equity firm Carlyle.Hugo Boss promoted finance chief Mark Langer to chief executive last year after the departure of Claus-Dietrich Lahrs following a series of profit warnings.Langer has announced plans to try to revive the struggling company by cutting brands, closing stores and putting the focus back on its core menswear business.(Reporting by Christoph Steitz, Anneli Palmen, Emma Thomasson and Robert-Jan Bartunek; Editing by David Goodman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-gbl-hugo-boss-idINKBN15V1RK'|'2017-02-16T10:53:00.000+02:00'
'5180a9172c9772b3975d65092aff4332a9f6197f'|'U.S. housing starts fall; permits rise to one-year high'|'Business  38am EST U.S. housing starts fall; permits rise to one-year high A house under construction has a sold sign out front in the Candelas development in the northwest Denver suburb of Arvada, Colorado August 18, 2015. REUTERS/Rick Wilking WASHINGTON - U.S. homebuilding fell in January as the construction of multi-family housing projects dropped, but upward revisions to the prior month''s data and a jump in permits to a one-year high suggested the housing recovery remained on track. Housing starts declined 2.6 percent to a seasonally adjusted annual rate of 1.25 million units, the Commerce Department said on Thursday. December''s starts were revised up to a rate of 1.28 million units from the previously reported 1.23 million pace. Homebuilding was up 10.5 percent compared to January 2016. Permits for future construction jumped 4.6 percent in January to a rate of 1.29 million units, the highest level since November 2015. Economists polled by Reuters had forecast groundbreaking activity slipping to a rate of 1.22 million units last month and building permits rising to a 1.23 million pace. The housing market recovery is being driven by a strong labor market, which is boosting employment opportunities for young people and supporting household formation. Higher mortgage rates could, however, slow demand for housing. A survey on Wednesday showed homebuilders'' confidence slipped in February but remained at levels consistent with a growing housing market. Builders anticipated a slowdown in buyer traffic and continued to grapple with shortages of developed lots and skilled labor. Homebuilding last month surged 55.4 percent in the Northeast. It jumped 20.0 percent in the South to the highest level since August 2007. Starts fell in the West and Midwest. Last month, single-family homebuilding, which accounts for the largest share of the residential housing market, climbed 1.9 percent to a pace of 823,000 units. Starts for the volatile multi-family housing segment tumbled 10.2 percent to a rate of 423,000 units. Single-family permits slipped 2.7 percent last month after increasing for five consecutive months. Building permits for multi-family units soared 19.8 percent. (Reporting by Lucia Mutikani; Editing by Paul Simao) ((Lucia.Mutikani@thomsonreuters.com; 1 202 898 8315; Reuters Messaging: lucia.mutikani.thomsonreuters.com@reuters.net))'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-economy-housingstarts-idUSKBN15V1PX'|'2017-02-16T20:38:00.000+02:00'
'cf08c0bd78ccc1b1a2f420e04428172340609eb2'|'Atomico closes $765 million tech venture fund, Europe''s biggest'|'Technology News - Thu Feb 16, 2017 - 6:04am GMT Atomico closes $765 million tech venture fund, Europe''s biggest Atomico CEO Niklas Zennstrom attends the eG8 forum in Paris May 25, 2011. The eG8 forum gathers ''''leaders of the Internet'''' to consider and discuss the future of the Internet and society. REUTERS/Gonzalo Fuentes By Eric Auchard - FRANKFURT FRANKFURT Atomico, which has spent the past decade proving startups can prosper outside Silicon Valley, said on Thursday it had closed Europe''s largest standalone tech venture fund, a $765 million war chest that reflects the region''s growing financing firepower. The London-based venture firm started by Skype co-founder Niklas Zennstrom has invested in around 60 firms since it was established in 2006. It was an early backer of two of the world''s hit mobile gaming companies - Supercell and Angry Birds maker Rovio Entertainment, both of Finland. Such bigger venture funds promise to help fill a widely recognized funding gap that leads most European start-ups to be acquired rather than holding out for stock market flotations of their own in order to build powerful global tech franchises. "We are seeing an inflection point for investment in the region, both in the maturity of entrepreneurs and business models," Mattias Ljungman, an Atomico partner, said in an interview with Reuters. "We are focused on Europe, but will invest in other regions too," he said in reference to the United States and Asia. Some of Atomico''s recent investments included Scandit, a Zurich-based barcode-scanning software supplier, and Lilium Aviation, based near Munich, which is developing an electric jet with vertical takeoff capacity that could be used as a flying car. Current investment themes for Atomico include potentially disruptive new firms in financial and property technology, online marketplaces as well as so-called deep tech areas, such as machine learning and artificial intelligence, Ljungman said. The $765 million fund, Atomico''s fourth, gives it the capacity to invest in early financing rounds while also allowing it to continue to join later rounds of financing for its most successful start-up bets. The new fund, which has been in the works for a year, is 60 percent larger than the previous investment pool set up in 2013. Atomico is the latest in a succession of European-centered venture firms raising record amounts of venture capital. The trend reflects the growing size of individual funding rounds for the hottest start-up firms and the entry of new sources of capital from outside the world of start-up financing to compete for those deals. Global VC firm Accel Partners last year raised a new $500 million European fund, while Index announced two joint U.S. and European funds - a $550 million fund for early-stage seed investments and a $700 million fund for later stage companies. Previously, Balderton Capital raised $305 million in its latest European fund in 2014, while Lakestar raised a 350 million euro ($371 million) fund in 2015. Rocket Internet last year announced a $1 billion Rocket Internet Co-Investment Fund in conjunction with a range of outside funders that is largely designed to take bigger stakes in its previous investments. (Reporting by Eric Auchard, editing by G Crosse) Next In Technology News Former U.S. Justice Department official warns Europe on election hacking SAN FRANCISCO A former Justice Department official who served in the Obama administration said European countries must be willing to respond forcefully to efforts by Russia or others to use cyber attacks to meddle in their elections, saying the U.S. response fell short.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-atomico-funding-idUKKBN15V0FW'|'2017-02-16T13:03:00.000+02:00'
'637c7647905ea846ae3767796504b25248eb3803'|'UPDATE 1-Germany''s Stada says has received a third, higher takeover offer'|' 43pm EST UPDATE 1-Germany''s Stada says has received a third, higher takeover offer (Adds details and background) BERLIN Feb 16 German generic drugs company Stada said on Thursday it had received another takeover approach, the third so far and at 58 euros per share, two euros up on rival suitor Cinven Partners'' offer. The company said earlier this week that the private equity investment firm had offered 56 euros per share, but it has not disclosed the price proposed by the second prospective private equity bidder, Advent International, and did not name the new, third suitor. Advent is expected to submit a bid next week, sources in the financial industry have said. Founded in 1895 in Dresden as a pharmacists'' cooperative, Stada is seeking to expand its non-prescription consumer care business. Its generic drug business is under price pressure as medical insurers in Germany, its largest market, are seeking bulk procurement deals at low prices. Earlier this week, the firm said it had invited Cinven and Advent to the negotiating table, after months of courtship. ($1 = 0.9375 euros) (Reporting by Andreas Cremer; Editing by Greg Mahlich)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/stada-ma-idUSL8N1G17C1'|'2017-02-17T03:43:00.000+02:00'
'51acbab067e2f03d903945071d538f222f37657e'|'JGBs dip on tepid liquidity-enhancing auction'|'TOKYO Feb 16 Japanese government bond prices dipped on Thursday as a subdued liquidity-enhancing auction dented investor sentiment, with the market also continuing to feel pressure from the recent retreat by U.S. Treasuries.Yields rose as an auction by the finance ministry to sell 400 billion yen ($3.51 billion) of off-the-run JGBs, intended to enhance market liquidity, drew tepid demand.The benchmark 10-year JGB yield rose 1 basis point to 0.095 percent and the 30-year yield climbed 1.5 basis points to 0.905 percent.The 30-year yield was within the reach of a one-year high of 0.915 percent hit earlier this month.Longer-dated yields have edged up recently as investors have been pondering how far the BOJ would go to attain its stated aims since last September, when the central bank adopted its "yield curve control" policy, under which it pledged to keep the 10-year yield around zero percent.($1 = 113.8700 yen) (Reporting by the Tokyo markets team; Editing by Sherry Jacob-Phillips)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/japan-bonds-idINL4N1G123P'|'2017-02-16T02:18:00.000+02:00'
'fae0369d89e609ebce05a2b431e8894d33e48228'|'UPDATE 2-Norway proposes new mix and spending cap for $900 billion oil fund'|'Company News - Thu Feb 16, 2017 - 10:38am EST UPDATE 2-Norway proposes new mix and spending cap for $900 billion oil fund (Recasts with confirmation, adds economist, background) By Ole Petter Skonnord and Camilla Knudsen OSLO Feb 16 Norway''s $900-billion sovereign wealth fund, the world''s largest, should shift more of its investments into equities and away from bonds to counter the effects of ultra-low interest rates, the government said on Thursday. And in a major shift in policy, Norway''s minority right-wing government recommended cutting the amount of money it is allowed to spend each year from the fund to three from four percent. Norwegians have built up the fund from oil revenues and it is regarded as an insurance policy for when oil and gas reserves run out. Its value is the equivalent of $171,000 for every Norwegian man, woman and child. In recent years, the fund has diversified its investments away from Europe, and into the United States and Asia, and begun investing in real estate, raising its risk appetite in an attempt to increase long-term returns. Changing the country''s fiscal spending rule, in place since 2001, is a major policy departure. Until very recently, any suggestions of changing the rule have been rejected by successive prime ministers. But in October last year Prime Minister Erna Solberg raised the possibility that the guideline should be changed, due to the lower expected return of the fund. Finance Minister Siv Jensen told Reuters on Thursday she had consulted with parties outside government on the question ahead of the announcement. "We have been in a dialogue with other parties about this," she said in an interview, declining to say whether she believed she had a majority in parliament for the proposals. "My impression is that there is broad agreement for setting a good framework for the management of the fund," she said. ACCEPTABLE RISK Although any reallocation is expected to take several years, if the proposed change from 60 percent to 70 percent in equities was made today, the fund would move about $90 billion away from government bonds, which are dragging on its performance. At present the fund''s overseas investments are limited to 60 percent stocks, 35 percent bonds and five percent real estate. Under existing rules, governments can spend an average four percent of the wealth fund per year, but ultra-low global interest rates and other market conditions make it unlikely that the fund can earn returns of this magnitude, economists say. "All in all, the government considers an equity share of 70 per cent to carry acceptable risk. The downwards revision of the return estimate underpins the long investment horizon of the fund, a prerequisite for holding a high share of equities," Jensen said in a statement. The change to three percent from four percent will constrain the current and future governments'' ability to increase annual spending, and would be a tightening compared to forecasts made by the central bank, Nordea Markets economist Erik Bruce said. "In other words it opens the room for more expansionary monetary policy," he wrote in a research note, while adding that in the current situation the central bank was still likely to keep rates on hold. Solberg''s right-wing minority coalition government plans a record 2017 deficit of 225 billion Norwegian crowns ($27.03 billion) to be covered by the fund, corresponding to exactly three percent of the fund. (Additional reporting by Gwladys Fouche and Terje Solsvik; Writing by Gwladys Fouche; Editing by Alexander Smith) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/norway-swf-idUSL8N1G15K2'|'2017-02-16T22:38:00.000+02:00'
'edd380ecf1977bb1b352858c7d553c268e7a77b1'|'How Samsung dominates South Korea''s economy 17,'|'Samsung''s deep reach into daily life Samsung is known around the world for its smartphones. But in its home market of South Korea, the huge company is a whole lot more than just a tech brand. Its businesses reach deep into many parts of people''s lives, from the cradle to the grave. South Koreans can be born in a Samsung-owned medical center, grow up learning to read and write with the help of Samsung tablets and go on to attend the Samsung-affiliated Sungkyunkwan University. It doesn''t end there. They may then live in a Samsung-built apartment complex, fitted out with the company''s appliances and electronics. South Koreans can even end up at a Samsung funeral parlor when they die. Related: Samsung heir arrested in corruption scandal Samsung is one of South Korea''s chaebols -- large, family-controlled conglomerates that have dominated the country''s economy for decades. However, the powerful corporations'' close ties to the South Korean political elite are now facing unprecedented scrutiny. Samsung''s de facto chief, Lee Jae-yong, was arrested Friday over allegations of bribery and other charges. Lee and Samsung deny the accusations, which have thrust the company into the heart of a massive political scandal that has rocked the South Korean establishment. Related: South Korea''s long history of light sentences for business leaders Samsung plays an outsize role in the country''s economic life. Its various affiliated companies account for more than 20% of the entire market value of the Korean Stock Exchange -- most of that coming from the crown jewel, Samsung Electronics ( SSNLF ) . The conglomerate''s businesses are estimated to account for around 15% of South Korea''s entire economy. Samsung''s success at home and abroad -- it''s the world''s largest maker of smartphones -- has made it a key symbol of South Korea''s economic transformation. The country went from one of the world''s poorest countries after World War II to one of the richest in recent years. Related: Samsung blames batteries for Galaxy Note 7 fires Steve Chung, a Korea expert at the Chinese University of Hong Kong, says many South Koreans still have a lot of respect for the economic model that "helped their nation build up throughout the last 40 years." But that''s now being tested by the huge political corruption scandal that has engulfed Samsung and other chaebols. The far-reaching scandal has driven hundreds of thousands of South Korean protesters into the streets and prompted lawmakers to vote to impeach President Park Geun-hye. Other top South Korean companies are also under investigation. Samsung''s links to the corruption investigation have done further damage to the company''s image after the humiliating fiasco over its fire-prone Galaxy Note 7 smartphone last year. CNNMoney (Hong Kong)   17, 2017: 4:52 AM ET'|'cnn.com'|'http://rss.cnn.com/rss/money_technology.rss'|'http://money.cnn.com/2017/02/17/technology/samsung-south-korea-daily-life/index.html'|'2017-02-17T12:20:00.000+02:00'
'eae7cac9d92f04366010dd12c56e6430cfb03c73'|'Europe''s steel industry adds Iranian imports to list of threats'|' 47pm EST Europe''s steel industry adds Iranian imports to list of threats * EU investigating anti-dumping charge * EU steel industry vulnerable even after price rise By Barbara Lewis LONDON, Feb 16 Iranian steel imports have become the latest threat to European steelmakers, their trade group said on Thursday, after imports from Iran rose by nearly eight times between 2013 and 2016. Steel lobby group Eurofer said on Thursday that Iranian exports to Europe had leapt to just over 1 million tonnes annually, putting the country just behind India at 1.9 million tonnes, while China shipped 5.7 million tonnes in 2016. "The threat from Iran is new and it''s going to be one of the top three issues: China, India, Iran," Karl Tachelet, external relations and trade director at Eurofer, told Reuters. Iran has sought to boost its steel sector, with help from foreign partners, as it targeted economic expansion following the 2015 deal to curb Iran''s nuclear programme in return for an easing of sanctions. But Tehran has said it is considering export duties on iron ore, as India has done, which would increase the availability of cheap raw materials for its own steelmakers. Eurofer, which represents an industry that has to import its iron ore, says that amounts to protectionism. Iranian officials contacted by Reuters for comment did not immediately respond. On Wednesday, after a two-day conference on steel in Tehran, Iran said it aims to export between 20 and 25 million tonnes annually by 2025 and to increase total output to 55 million tonnes from an estimated 16 million tonnes now. That compares with a global market of 1.6 billion tonnes. China, the world''s top producer and consumer of steel, is a dominant player in Iran, where other countries have struggled with the complexity of political and logistical hurdles. And while cutting its own capacity, China has been building steel operations elsewhere, including on the edge of the European Union in Serbia. The EU is investigating alleged dumping of hot-rolled steel by producers in Serbia and Iran as well as Brazil, Russia and Ukraine. It has already imposed penalties on China, prompting an angry response and a WTO complaint from Beijing. Eurofer says EU measures against nations such as China have helped to revive an industry that was deeply in crisis in late 2015 and early 2016 when steel prices were very low. Prices have since recovered, but industry officials say the market remains fragile and cannot cope with capacity increases, while politicians in Europe balk at capacity reductions. "A European commodity steel business won''t be sustainable in the long term unless the external parameters (such as anti-dumping duties or capacity reductions) change," Wolfgang Eder, CEO of Voestalpine, told Reuters on Wednesday. (Additional reporting by Georgina Prodhan in Frankfurt; Editing by Alexander Smith)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/europe-steel-iran-idUSL8N1G16H1'|'2017-02-17T00:47:00.000+02:00'
'0acc2cc687ce13596854efb14da9ae8119b0cdbb'|'BRIEF-INV Metals increases bought deal offering'|' 23am EST BRIEF-INV Metals increases bought deal offering Feb 16 INV Metals Inc - * INV Metals Inc announces an increase to the previously announced bought deal offering * To increase size its announced public offering to 24 million common shares at a purchase price of c$1.00 per share * Intends to use net proceeds of offering to advance development of Loma Larga project  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSASB0B0RB'|'2017-02-16T20:23:00.000+02:00'
'c5b01164fbe2eccbf748faf4297b85277c403884'|'BRIEF-Canada Goose Holdings files for U.S. IPO of up to $100 mln'|'Feb 15 (Reuters) -* Canada Goose Holdings Inc files for U.S. IPO of up to $100 mln - SEC filing* Canada Goose Holdings says it has applied for listing of its subordinate voting shares on NYSE and on Toronto Stock Exchange under the symbol "GOOS"* Canada Goose Holdings - CIBC Capital Markets, Credit Suisse, Goldman, Sachs & Co, RBC Capital Markets among underwriters to IPO* Canada Goose Holdings - Underwriters to IPO also include BofA Merrill Lynch, Morgan Stanley, Barclays, and BMO Source text: ( bit.ly/2kzdtwW )'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/idUSFWN1G011Z'|'2017-02-16T00:24:00.000+02:00'
'59546a3d7fa334e36d357616227ed4c99b5aee18'|'SMBC head says will give Toshiba as much support as possible'|'Technology News - Thu Feb 16, 2017 - 3:17am EST SMBC head says will give Toshiba as much support as possible 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 TOKYO Sumitomo Mitsui Banking Corp, one of the main lenders to Toshiba Corp ( 6502.T ), will provide as much support as possible to the troubled electronics conglomerate, the bank''s chief executive said on Thursday. Takeshi Kunibe was speaking at a news conference as chairman of the Japanese Bankers Association. SMBC is a unit of Sumitomo Mitsui Financial Group ( 8316.T ). (Reporting by Taiga Uranaka; Editing by Chris Gallagher) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-toshiba-banks-idUSKBN15V0SK'|'2017-02-16T15:17:00.000+02:00'
'30d98c2d6268152d1b28e894fbe3992c1b406474'|'Europe''s steel industry adds Iranian imports to list of threats'|'Business News   5:56pm GMT Europe''s steel industry adds Iranian imports to list of threats A view of the steel facility in Ahvaz, Khuzestan province, 882 km (548 miles) southwest of Tehran September 28, 2011. REUTERS/Raheb Homavandi By Barbara Lewis - LONDON LONDON Iranian steel imports have become the latest threat to European steelmakers, their trade group said on Thursday, after imports from Iran rose by nearly eight times between 2013 and 2016. Steel lobby group Eurofer said on Thursday that Iranian exports to Europe had leapt to just over 1 million tonnes annually, putting the country just behind India at 1.9 million tonnes, while China shipped 5.7 million tonnes in 2016. "The threat from Iran is new and it''s going to be one of the top three issues: China, India, Iran," Karl Tachelet, external relations and trade director at Eurofer, told Reuters. Iran has sought to boost its steel sector, with help from foreign partners, as it targeted economic expansion following the 2015 deal to curb Iran''s nuclear programme in return for an easing of sanctions. But Tehran has said it is considering export duties on iron ore, as India has done, which would increase the availability of cheap raw materials for its own steelmakers. Eurofer, which represents an industry that has to import its iron ore, says that amounts to protectionism. Iranian officials contacted by Reuters for comment did not immediately respond. On Wednesday, after a two-day conference on steel in Tehran, Iran said it aims to export between 20 and 25 million tonnes annually by 2025 and to increase total output to 55 million tonnes from an estimated 16 million tonnes now. That compares with a global market of 1.6 billion tonnes. China, the world''s top producer and consumer of steel, is a dominant player in Iran, where other countries have struggled with the complexity of political and logistical hurdles. And while cutting its own capacity, China has been building steel operations elsewhere, including on the edge of the European Union in Serbia. The EU is investigating alleged dumping of hot-rolled steel by producers in Serbia and Iran as well as Brazil, Russia and Ukraine. It has already imposed penalties on China, prompting an angry response and a WTO complaint from Beijing. Eurofer says EU measures against nations such as China have helped to revive an industry that was deeply in crisis in late 2015 and early 2016 when steel prices were very low. Prices have since recovered, but industry officials say the market remains fragile and cannot cope with capacity increases, while politicians in Europe balk at capacity reductions. "A European commodity steel business won''t be sustainable in the long term unless the external parameters (such as anti-dumping duties or capacity reductions) change," Wolfgang Eder, CEO of Voestalpine, ( VOES.VI ) told Reuters on Wednesday. (Additional reporting by Georgina Prodhan in Frankfurt; Editing by Alexander Smith) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-europe-steel-iran-idUKKBN15V2EY'|'2017-02-17T00:56:00.000+02:00'
'2924ff3107b35d79d5b39c869e610b966825d946'|'BRIEF-Independence Realty Trust Q4 loss per share $0.61'|' 52am EST BRIEF-Independence Realty Trust Q4 loss per share $0.61 Feb 16 Independence Realty Trust Inc - * Independence Realty Trust announces fourth quarter and fiscal 2016 financial results * Q4 core FFO per share $0.17 * Q4 loss per share $0.61 * Q4 earnings per share view $-0.31 -- Thomson Reuters I/B/E/S * IRT is reaffirming prior 2017 full year EPS and CFFO guidance    '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSASB0B0PU'|'2017-02-16T19:52:00.000+02:00'
'7246febb401a0b9bd85f00091b914c5245d78150'|'Wendy''s same-restaurant sales rise 0.8 pct, beat estimates'|'Thu Feb 16, 2017 - 6:21am EST Wendy''s same-restaurant sales rise 0.8 pct, beat estimates The logo of Wendy''s is on display in Tbilisi, Georgia, July 13, 2016. REUTERS/David Mdzinarishvili/File Photo U.S. burger chain Wendy''s Co ( WEN.O ) reported higher-than-expected quarterly sales at established restaurants as it attracted more diners with its value meals. However, the company''s net income fell to $28.9 million, or 11 cents per share, for the fourth quarter ended Jan. 1 from $85.9 million, or 31 cents per share, a year earlier. Revenue fell 33 percent to $309.9 million, mainly due to fewer company-owned restaurants in the quarter. Analysts on average had expected an adjusted profit of 8 cents per share and revenue of $308.5 million, according to Thomson Reuters I/B/E/S. Same-store sales rose 0.8 percent, beating the 0.6 percent rise analysts polled by Consensus Metrix had expected. (Reporting by Abhijith Ganapavaram in Bengaluru; Editing by Anil D''Silva) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-wendys-results-idUSKBN15V1BD'|'2017-02-16T18:19:00.000+02:00'
'7cd22948d419979c9db58df00f1a8b54936e0340'|'UPDATE 1-Brazil''s Vale produced record 349 mln tonnes of iron ore in 2016'|'Company News -  31am EST UPDATE 1-Brazil''s Vale produced record 349 mln tonnes of iron ore in 2016 (Adds production detail) BRASILIA Feb 16 Brazilian miner Vale SA said on Thursday it produced a record 349 million tonnes of iron ore in 2016, above its own guidance, helped by strong performance at mines in northern Brazil and the successful start of its new S11D mine. The world''s largest producer of iron ore had forecast that output would be at the lower end of a range of 340-350 million tonnes. Vale said it produced 92.4 million tonnes in the fourth quarter, up 4.5 percent on the same period in 2015. Full-year production rose 1 percent on the previous year. The company said it had continued to halt or reduce higher cost tonnes from its mines in the southeastern state of Minas Gerais, offsetting them with cheaper production from northern Brazil where its costs are lower and quality higher. The S11D mine is Vale''s largest ever iron ore project and is located in the Amazon, neighboring the company''s other mines in the northern Brazilian state of Para. Guidance for 2017 remained at 360-380 million tonnes, Vale said, adding that by the end of 2018 it expected to reach an annual production rate of 400 million tonnes. Vale reported nickel production of 311,000 tonnes in 2016, 7 percent higher than in 2015 and a company record, after stronger performance at plants in Canada and New Caledonia. (Reporting by Stephen Eisenhammer; editing by Jason Neely and Jane Merriman) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/vale-sa-output-idUSL1N1G10FG'|'2017-02-16T18:31:00.000+02:00'
'ea82787e782265d8a8255babfcbb23f0060460f6'|'Auto union president: Organizing at Tesla depends on workers'|'Technology  56am EST Auto union president: Organizing at Tesla depends on workers A Tesla Model S charges at a Tesla Supercharger station in Cabazon, California, U.S. May 18, 2016. REUTERS/Sam Mircovich By Joseph White The president of the United Auto Workers union said on Thursday UAW organizers are in contact with workers at Silicon Valley electric car maker Tesla Inc ( TSLA.O ), but said any formal effort to organize workers will "be determined by the interest of employees." UAW President Dennis Williams said the UAW is not paying a worker who went public with concerns about working conditions at Tesla''s Fremont, California factory, as Tesla Chief Executive Elon Musk charged last week. "It''s uncharacteristic of Elon to attack his employees without knowing the facts," Williams told reporters in Detroit. (Reporting By Joe White; Editing by Chizu Nomiyama) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-tesla-workers-idUSKBN15V2A0'|'2017-02-16T23:52:00.000+02:00'
'7fc2586693d15d9b9748ad2034588a646467b848'|'BRIEF-NGL Energy announces upsizing and pricing of offering'|'Company  24am EST BRIEF-NGL Energy announces upsizing and pricing of offering Feb 16 Ngl Energy Partners Lp * NGL Energy Partners LP announces upsizing and pricing of common unit offering * Upsized and priced underwritten public offering of 8.8 million common units representing limited partner interests * Gross proceeds of offering will be approximately $197.6 million Source text for Eikon:'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSASB0B0NC'|'2017-02-16T17:24:00.000+02:00'
'87fbe8df987dd2eb5ae1c4a8caa036dd27e44cf9'|'Oil prices steady on OPEC cuts, but record U.S. fuel stocks weigh'|' 25am GMT Oil prices steady on OPEC cuts, but record U.S. fuel stocks weigh An employee pumps petrol into a car at a petrol station in Hanoi, Vietnam December 20, 2106. REUTERS/Kham By Henning Gloystein - SINGAPORE SINGAPORE Oil prices held steady on Thursday, supported by ongoing supply cuts led by producer group OPEC, although rising fuel inventories and crude production in the United States weighed on sentiment. Brent crude futures were trading at $55.73 per barrel at 0209 GMT (9:09 p.m. ET on Wednesday), down just 2 cents from their last close. U.S. West Texas Intermediate (WTI) crude futures, were down 4 cents at $53.07 per barrel. The Organization of the Petroleum Exporting Countries (OPEC) and other producers including Russia have agreed to cut output by almost 1.8 million barrels per day (bpd) during the first half of 2017, and estimates suggest compliance by OPEC is around 90 percent. The production cuts are aimed at reining in a global fuel supply overhang that has dogged markets for over two years. Yet despite action so far, inventories remain bloated and supplies high, especially in the United States. U.S. crude oil and gasoline inventories soared to record highs last week as refineries cut output and gasoline demand softened, the Energy Information Administration said on Wednesday. Crude inventories rose 9.5 million barrels in the week ended Feb. 10, nearly three times more than analysts'' expectations, boosting commercial stocks to an all-time record at 518 million barrels. Gasoline stocks rose 2.8 million barrels, compared with analysts'' expectations in a Reuters poll for a 752,000-barrel drop. That pushed inventories of the fuel to a record at 259 million barrels. The bloated stocks come as U.S. crude oil production has risen 6.5 percent since mid-2016 to 8.98 million bpd. Because of the conflicting price drivers of OPEC''s cuts and rising U.S. inventories and production, analysts said that prices were largely moving sideways. "Brent oil looks neutral in a range of $55.38-$56.44 per barrel," said Reuters technical commodities analyst Wang Tao. Both Brent and WTI crude futures have traded within a $5 per barrel price range since the start of the year. (Reporting by Henning Gloystein; Editing by Richard Pullin) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-global-oil-idUKKBN15V076'|'2017-02-16T09:24:00.000+02:00'
'44d9d5c93f007950e6585900de71ef559c074eed'|'Telenor to roll out Google''s new messaging service in Asia, Europe'|' 51pm IST Telenor to roll out Google''s new messaging service in Asia, Europe left right A Google search page is reflected in sunglasses in this photo illustration taken in Brussels May 30, 2014. REUTERS/Francois Lenoir/File Photo 1/2 left right FILE PHOTO - The Telenor logo hangs outside one of their stores in Stockholm October 26, 2007. REUTERS/Bob Strong/File Photo 2/2 Alphabet Inc''s Google said on Thursday it partnered with Telenor ASA to roll out Rich Communications Services (RCS), an upgraded messaging service, to the Norwegian telecoms company''s subscribers in Asia and Europe. The messaging service includes features such as group chats, photo sharing and read receipts among other things, Google said in its official blog. ( bit.ly/2lOa96s ) Google said these features would come as standard on its Android operating system. Telenor subscribers, who already have Google''s Messenger app on their phones, would gain access to RCS services automatically through an app update, Google said. The internet giant said it plans to roll out RCS in more countries in the coming months. Telenor said it has had a long-term strategic partnership with Google and has supported RCS being rolled out as widely as possible. "Partnering with Google for RCS at a group level is another step in this direction as it enables us to launch RCS in our respective markets," a spokeswoman said. (Reporting by Sangameswaran S in Bengaluru and Gwladys Fouche in Oslo; Editing by Anil D''Silva  '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/telenor-telecoms-alphabet-idINKBN15V1UD'|'2017-02-16T21:21:00.000+02:00'
'ff06eb6f1927e14310e68dcf6768d02206d87e6b'|'SpaceX Falcon rocket poised for flight from historic NASA launchpad'|'Science   6:08am EST SpaceX Falcon rocket poised for flight from historic NASA launchpad left right A SpaceX Falcon 9 rocket, in a horizontal position, is readied for launch on a supply mission to the International Space Station on historic launch pad 39A at the Kennedy Space Center at Cape Canaveral, Florida, U.S., February 17, 2017. REUTERS/Joe Skipper 1/5 left right A SpaceX Falcon 9 rocket, in a horizontal position, is readied for launch on a supply mission to the International Space Station on historic launch pad 39A at the Kennedy Space Center at Cape Canaveral, Florida, U.S., February 17, 2017. REUTERS/Joe Skipper 2/5 left right A SpaceX Falcon 9 rocket (in center, in a horizontal position), is readied for launch on a supply mission to the International Space Station on historic launch pad 39A at the Kennedy Space Center in Cape Canaveral, Florida, U.S., February 17, 2017. REUTERS/Joe Skipper 3/5 left right A SpaceX Falcon 9 rocket (in center, in a horizontal position), is readied for launch on a supply mission to the International Space Station on historic launch pad 39A at the Kennedy Space Center in Cape Canaveral, Florida, U.S., February 17, 2017. REUTERS/Joe Skipper 4/5 left right A SpaceX Falcon 9 rocket (in lower center, in a horizontal position), is readied for launch on a supply mission to the International Space Station on historic launch pad 39A at the Kennedy Space Center in Cape Canaveral, Florida, U.S., February 17, 2017. REUTERS/Joe Skipper 5/5 By Irene Klotz - CAPE CANAVERAL, Fla. CAPE CANAVERAL, Fla. A SpaceX Falcon 9 rocket was poised for a debut flight on Saturday from a NASA launchpad idled since the end of the space shuttle program nearly six years ago. Liftoff was scheduled for 10:01 a.m. (1501 GMT) from the Kennedy Space Center in Florida, pending good weather and the resolution of what the company described as a minor technical issue with the rocket''s second-stage motor. Space Exploration Technologies Corp, owned and operated by billionaire entrepreneur Elon Musk, has not flown from Florida in six months. Flights were suspended after a rocket exploded as it was being fueled for a routine, prelaunch test at Cape Canaveral Air Force Station. The accident destroyed the rocket and its cargo and heavily damaged the launchpad. SpaceX resumed flying last month from a second launch site in California while it hustled to finish work on the shuttle''s old launchpad. Originally built for the 1960s-era Apollo moon program, the Florida pad was refurbished for the space shuttles, which flew from 1981 to 2011. SpaceX signed a 20-year lease for the pad in 2014. "My heart is pounding to come out here today. Not because you guys make me nervous, but because I''ve got a vehicle on this extraordinary pad behind me," SpaceX President Gwynne Shotwell told reporters at the launchpad on Friday. Perched on top of the rocket is a Dragon capsule loaded with about 5,500 pounds (2,500 kg) of supplies and science experiments for the International Space Station, a $100 billion research laboratory that flies about 250 miles (400 km) above Earth. NASA hired privately owned SpaceX and Orbital ATK ( OA.N ) to resupply the station after the shuttles were retired. The U.S. space agency last year added a third company, privately owned Sierra Nevada Corp, for station cargo runs beginning in 2019. By then, SpaceX intends to also be launching NASA astronauts, breaking Russia''s monopoly on flying crew to the space station. Shotwell on Friday dismissed a Government Accountability Office report this week that said SpaceX and Boeing ( BA.N ), which also is developing a space taxi for NASA, have too many technical hurdles ahead to make their 2018 deadlines for station crew ferry flights. "The response to that report ... is, ''The hell we won''t fly before 2019!''" Shotwell said. A backup opportunity for Saturday''s launch is for 9:38 a.m. local time (1438 GMT) on Sunday. (Reporting by Irene Klotz in Cape Canaveral, Flori
'81bcbe50833a6736c5b831b17e65fdcb751bad8f'|'UPDATE 1-Citigroup cuts CEO Corbat''s compensation 6 pct to $15.5 mln'|'(Adds reasons for pay cited by directors)By David HenryFeb 17 Citigroup Inc cut Chief Executive Officer Michael Corbat''s compensation by 6 percent to $15.5 million in 2016, a year in which the bank fell short of profitability and efficiency goals and saw one-third of voting shareholders disapprove of the company''s prior executive compensation. Corbat got a base salary of $1.5 million, a $4.2 million cash incentive and $9.8 million of deferred stock and instruments tied to stock prices, according to a filing by the company on Friday.Directors said in the filing that they considered Corbat''s success in winning Federal Reserve approval for the company''s capital plan, as well as positive feedback from its resolution plan, and the continued wind down of troubled assets left from the financial crisis.However, they also said Corbat''s compensation should reflect company performance against its financial targets.They also said they had made changes since last year in their formula for determining executive pay, putting more emphasis on return on equity and earnings per share.The cut in Corbat''s pay compares with raises for some other Wall Street executives who received more compensation. Bank of America Corp CEO Brian Moynihan got a 25 percent increase in compensation in 2016 to $20 million, the company disclosed on Friday. Profits at Moynihan''s bank increased 13 percent during the year.JPMorgan Chase & Co CEO Jamie Dimon''s compensation went up 3.7 percent to $28 million and Morgan Stanley CEO James Gorman''s compensation rose 7 percent to $22.5 million.(Reporting by David Henry in New York; Editing by Chris Reese and Lisa Shumaker)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/citigroup-compensation-ceo-idINL1N1G21QB'|'2017-02-17T19:46:00.000+02:00'
'a946d8df1114229f8978389b8f29e67e073997d9'|'UPDATE 1-Fire hits California refinery targeted by protest'|'(Adds company statement, background)Feb 18 A fire broke out after an explosion on Saturday at a California oil refinery that local residents had planned to protest against later in the day due to concerns over pollution and past accidents.Firefighters in the city of Torrance, near Los Angeles, extinguished the blaze and there were no injuries, according to the plant owner and local police.The 151,300 barrel-per-day (bpd) refinery is operated by PBF Energy and supplies around 10 percent of California''s gasoline. Two years ago, when the refinery was owned by Exxon Mobil Corp, a major blast halted gasoline production for more than a year.A group of local residents organized as "South Bay Flare" had planned a march at the refinery on Saturday morning to mark the anniversary of that earlier mishap, according to the group''s Facebook page.The 2015 explosion was found to have nearly released hydrofluoric acid into the atmosphere.Last week, six contract workers and one employee at Phillips 66''s Ferndale, Washington, refinery were hospitalized after a hydrofluoric acid leak at the facility. The workers were exposed while the 101,000 bpd refinery had units shut down for an overhaul.PBF said on Saturday that one unit at the Torrance refinery was disrupted by the predawn explosion. The company told state regulators that it was forced to flare fuel on an emergency basis after the blast.The Torrance refinery had at least two outages in 2016 after a power outage at a local utility knocked the facility offline. In October, PBF received a violation notice from the California''s air regulator for excessive flaring following one of the outages.The refinery receives crude oil via pipeline and ocean deliveries from the nearby port of Long Beach, according to the refinery website.PBF Energy bought the Torrance facility from Exxon Mobil Corp in September 2015. (Reporting By Frank McGurty in New York and Patrick Rucker in Washington; Editing by Meredith Mazzilli)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/california-fire-idINL1N1G30AF'|'2017-02-18T16:46:00.000+02:00'
'7cf186e038a124ddef423abdbcd79c0f1640d67b'|'Vauxhall''s future in UK secure, says business secretary'|'The UK business secretary has said he has been given reassurance about the future of General Motors<72> Vauxhall production operations in Britain, following a meeting with the US carmaker<65>s chairman.Greg Clark sought an urgent meeting with senior GM management after the US car company announced earlier this week that it was in talks to sell its European Opel business , including the Vauxhall operations in the UK, to France<63>s PSA Group, which owns Peugeot and Citro<72>n. <20>There is some way to go in discussions between GM and PSA but I was reassured by GM<47>s intention, communicated to me, to build on the success of these operations rather than rationalise them,<2C> Clark said in a statement. <20>We will continue to be in close contact with GM and PSA in the days and weeks ahead.<2E>Clark, speaking after a meeting with GM chairman Dan Ammann in London on Thursday, said he had been reassured by the company<6E>s intention to build on the success of its Vauxhall assets. GM said in a statement: <20>While we have no definitive news to report at this time, we can affirm that our objective in exploring opportunities with PSA Group is to build on the success of Opel Vauxhall and to put the business and the operations in the strongest possible position for the future. We look forward to engaging with our stakeholders as part of these ongoing discussions.<2E>The Vauxhall factories in Luton in Bedfordshire and Ellesmere Port in Cheshire employ 4,500 staff. Thousands more jobs rely on its UK supply chain.Ammann headed to London after he and GM<47>s chief executive Mary Barra flew to Germany on Wednesday for talks at Opel<65>s headquarters in R<>sselsheim am Main, near Frankfurt.He is also meeting with Len McCluskey, general secretary of Unite, Britain<69>s largest union, as well as holding talks with Vauxhall executives in London, before returning to the US. McCluskey has publicly appealed to Theresa May<61>s government to protect British jobs, and told Clark in a meeting on Wednesday that the union would not accept any job losses or factory closures. Opel employs about 35,600 people across Europe, including 18,250 in Germany. Berlin has vowed to intervene to protect German jobs if the deal goes ahead.Clark is also seeking urgent meetings with PSA. Its chief executive, Carlos Tavares, has built a reputation as a cost cutter at the French company.In a letter to Vauxhall staff sent on Tuesday, Barra wrote: <20>Our companies are currently exploring numerous strategic initiatives aimed at improving the profitability and operational efficiency of GM and PSA Groupe, including a potential acquisition of Opel Vauxhall by PSA Groupe. Such discussions are ongoing.<2E>While there can be no assurance of any agreement, any possible transaction would enable PSA Groupe and Opel Vauxhall to leverage their complementary strengths, enhancing their competitive positions for the future in a rapidly changing European market. GM and PSA Groupe would each be able to capitalise fully on their respective strategic priorities. We would seek to ensure any transaction would serve the best interests of all our respective important stakeholders.<2E>Barra urged workers not to let the talks become a <20>distraction to the important work you are doing<6E>.'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/feb/16/gm-has-reassured-of-vauxhall-uk-future-says-business-secretary'|'2017-02-16T21:40:00.000+02:00'
'99d6219bd41dd828c7c2d2b4b337b220923c0132'|'UPDATE 1-Wendy''s same-restaurant sales increase beats estimates'|'Company News -  47am EST UPDATE 1-Wendy''s same-restaurant sales increase beats estimates (Adds details, background) Feb 16 U.S. burger chain Wendy''s Co reported higher-than-expected quarterly sales at established restaurants as it attracted more diners with its value meals. The company also set a new $150 million share repurchase program and raised its quarterly dividend to 7 cents per share from 6.5 cents. The U.S. casual dining industry has benefited from falling prices of produce, poultry, beef and veal, but higher minimum wages for employees have pushed up menu prices, which has kept diners away. Supermarkets have been passing lower food costs on to shoppers, making it cheaper to dine at home than eat out. Wendy''s likely benefited from demand for its ''4 for $4'' value meal and for offerings such as the new Grilled Chicken Sandwich. The company said same-restaurant sales rose 0.8 percent in the fourth quarter ended Jan. 1. Analysts polled by research firm Consensus Metrix had expected a 0.6 percent rise. However, Wendy''s net income fell to $28.9 million, or 11 cents per share, from $85.9 million, or 31 cents per share, a year earlier, due to a sharp decline in net investment income. Excluding items, the company earned 8 cents per share, 1 cent lower than analysts'' average estimate, according to Thomson Reuters I/B/E/S. Revenue fell 33 percent to $309.9 million, mainly due to fewer company-owned restaurants in the quarter. But that edged past analysts'' average estimate of $308.5 million. (Reporting by Abhijith Ganapavaram in Bengaluru; Editing by Anil D''Silva and Savio D''Souza) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/wendys-results-idUSL4N1G13LY'|'2017-02-16T18:47:00.000+02:00'
'f7456ffbc25ca6dd7c8784e88240dc0747a1edfd'|'PRESS DIGEST - Wall Street Journal - Feb 16'|'Feb 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.- Snap Inc set a valuation for itself between $19.5 billion and $22.2 billion. The valuation range is near the low end of the $20 billion to $25 billion range Snapchat''s parent company had earlier targeted. on.wsj.com/2lNFhTi- Digital music company Spotify USA is expanding and relocating its Manhattan office from Chelsea to the World Trade Center, expecting to add 1,000 jobs. Spotify will set up its U.S. headquarters in about 400,000 square feet of space in 4 World Trade Center. on.wsj.com/2lNL6A6- In a legal case involving one of the most important new gene-editing tools, U.S. patent authorities said patents issued to the Broad Institute giving it the rights to use the technology to edit genes in humans can stand. The ruling is the first outcome in a legal battle pitting the Broad Institute against the University of California, Berkeley; the University of Vienna and the scientist Emmanuelle Charpentier over a technology scientists hope will allow for the altering of genes to treat medical conditions such as hemophilia and cystic fibrosis. on.wsj.com/2lNyqtg- Restaurants, bakeries and other businesses in the United States will close Thursday as thousands of foreign-born workers participate in a one-day strike to protest President Donald Trump''s immigration policies. Dubbed a "Day Without Immigrants," the nationwide effort orchestrated by immigrant-advocacy groups calls on foreign-born workers to stay home, avoid shopping and shutter their businesses to demonstrate their impact on the economy. on.wsj.com/2lNJmHj- The Commerce Department on Wednesday reported stronger-than-expected growth in retail sales in January, and the Fed reported factory output increased last month. The Labor Department said a closely watched gauge of U.S. inflation rose to its highest annual level in nearly five years, the latest sign that years of sluggish price growth could be coming to an end. on.wsj.com/2lNIxyk (Compiled by Sangameswaran S in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/press-digest-wsj-idINL4N1G12L5'|'2017-02-16T04:09:00.000+02:00'
'c7fb25cfb8773bbfb9a41be6fe1dc253305c7981'|'Tesco tests waters in Pakistan with Alpha Supermarkets tie-up'|'ISLAMABAD Britain''s biggest retailer Tesco ( TSCO.L ) will stock its products at a Pakistani supermarket chain, a Tesco official said on Thursday, dipping its toes in a country of nearly 200 million with rising consumer spending and a growing middle class.Tesco has been expanding rapidly in emerging markets to bolster sluggish growth in western Europe and is among a growing band of companies attracted by Pakistan''s fast-growing consumer market, encouraged by the highest economic growth since 2008 and improved security."We have agreed on a wholesale partnership with Alpha Supermarkets in Pakistan, under which Tesco products will be stocked at two of its stores," Jared Lebel, head of new market development at Tesco, told Reuters.He said that Limestone Private Limited, which owns the Alpha Superstores chain, planned to open 50 smaller express stores and four Alpha stores stocking Tesco products within the next three years."We are excited about Pakistan as a market," Lebel said. "A big factor in coming to Pakistan is rising consumer spending."A spokesman for Tesco in London said: "We''re looking forward to seeing how customers respond."Fauzia Khuhro, head of business development at Limestone, told Reuters that Tesco products would hit its shelves in about 10 days."Alpha Supermarkets will be the only retailer in Pakistan that stocks Tesco private-label products," Khuhro said. "We will offer a complete range of Tesco product categories, from food and non-food items to frozen and fresh foods."Tesco''s partnership with Alpha Supermarkets was announced by British High Commissioner Thomas Drew and Limestone at a press briefing in Karachi on Tuesday.(Additional reporting by Alistair Smout in London; Editing by David Goodman)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-pakistan-tesco-idUSKBN15V1DI'|'2017-02-16T14:45:00.000+02:00'
'42fd98b20ab0cf2588921cd188782b758f73108e'|'TLF loans due Thursday at some Chinese banks won''t be rolled over - sources'|'Business News - Thu Feb 16, 2017 - 3:32am GMT TLF loans due Thursday at some Chinese banks won''t be rolled over - sources SHANGHAI Temporary liquidity facility (TLF) loans maturing on Thursday at some major Chinese commercial banks will not be rolled over, two banking sources with direct knowledge of the matter said. One of the sources, who requested anonymity, said the absence of the rollover would not impact market liquidity, as funds injected by the central bank through other channels, including reverse repurchase agreements, were sufficient. The People''s Bank of China (PBOC) introduced the TLF loans in mid- January to help several major commercial banks flush with funds ahead of Lunar New Year holiday. It was not immediately clear if other TLF loans maturing on Thursday and on Friday would be treated the same way. Investors and companies are watching the central bank''s liquidity operations even more intently than usual after the PBOC surprised traders on Feb. 3 by raising short-term interest rates, in a further sign of policy tightening as the economy shows signs of steadying. (Reporting by Shanghai Newsroom; Editing by Kim Coghill) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-china-economy-tlf-idUKKBN15V0AA'|'2017-02-16T10:32:00.000+02:00'
'1fc3f080ae330d0c143cb307f572d869c9d9b349'|'FDA approves Valeant''s drug to treat plaque psoriasis'|'Health News  36pm EST FDA approves Valeant''s drug to treat plaque psoriasis A view shows the U.S. Food and Drug Administration (FDA) headquarters in Silver Spring, Maryland August 14, 2012. REUTERS/Jason Reed/File Photo The U.S. Food and Drug Administration on Wednesday approved Valeant Pharmaceuticals International Inc''s Siliq to treat adults with moderate-to-severe plaque psoriasis. Psoriasis is an autoimmune disorder that occurs more commonly in patients with a family history of the disease, and most often begins in people between the ages of 15 and 35. Plaque psoriasis, in which patients develop thick, red skin with flaky, silver-white scales, is the most common form of the disease. ( bit.ly/2l9Da9c ) The approval for Siliq injection includes a labeling with boxed warning to mitigate the risk of suicide. Patients treated with Siliq during clinical trials had shown suicidal behavior, the FDA noted. (Reporting by Akankshita Mukhopadhyay in Bengaluru) Next In Health News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-fda-valeant-pharm-in-idUSKBN15U2XN'|'2017-02-16T06:34:00.000+02:00'
'612cac1657b5d4a45bc707e7ea83d508f9e064b6'|'Fuel sales in Brazil fell 4.5 pct in 2016 -oil agency'|'Company News -  47am EST Fuel sales in Brazil fell 4.5 pct in 2016 -oil agency RIO DE JANEIRO Feb 16 Brazilian fuel sales fell to 135 billion liters in 2016, down 4.5 percent compared to the previous year, led by a sharp drop in sales of hydrate ethanol, national oil agency ANP said on Thursday. Sales of C-Blend gasoline, which is mixed with ethanol, rose 4.6 percent. Sales of diesel and hydrate ethanol fell 5.1 percent and 18.3 percent, respectively. (Reporting by Marta Nogueira; editing by Jason Neely) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brazil-fuel-sales-idUSE5N19901M'|'2017-02-16T18:47:00.000+02:00'
'7ad32996fbfcfe2a7ada7ae52517fe808482fb69'|'S.African banks should be punished if currency rigging charges true - Treasury'|' 01pm EST S.African banks should be punished if currency rigging charges true - Treasury JOHANNESBURG Feb 16 South African banks accused of rigging rand currency dealing should be punished if a report by the competition watchdog is true, the National Treasury said on Thursday. "We view this matter in a very serious light and welcome any steps taken against wrong-doing by any financial institutions," the treasury said in a statement. The Competition Commission said on Wednesday it had found the banks, including U.S., European, Japanese and Australian lenders, had colluded to coordinate their trading activities when dealing in the South African and U.S. currencies. (Reporting by Mfuneko Toyana)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/safrica-currencyrigging-treasury-idUSJ8N1F9029'|'2017-02-17T00:01:00.000+02:00'
'4e627cf0f6e5e9fc61037eeb06e709718954183c'|'Appliance retailer hhgregg to explore strategic alternatives'|'Appliance retailer hhgregg Inc ( HGG.N ) said it had hired Stifel Financial Corp ( SF.N ) to advise it on strategic and financial transactions, as the company struggles with sales declines.Stifel Financial''s subsidiaries, Stifel Nicolaus & Co and Miller Buckfire & Co, have been engaged as hhgregg''s financial adviser and investment banker.Hhgregg''s shares surged 21 percent to 52 cents in extended trading. The stock had lost 77.4 percent of its value in the last 12 months.The company, which has a market value of about $12 million, last month reported a 23.8 percent fall in sales for the third quarter."We are committed to improving our results through our business strategy, including investments made to shift our focus to appliances and furniture, and additional expected cost reductions," Chief Executive Robert Riesbeck said in a statement on Wednesday.(Reporting by Ahmed Farhatha in Bengaluru; Editing by Maju Samuel)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-hhgregg-restructuring-idINKBN15U2WT'|'2017-02-15T20:22:00.000+02:00'
'a6d6e91dda6693661ff092f25a0726801a2256ec'|'Toshiba may delay chip auction after widening sale to majority stake - source'|'Business News - Wed Feb 15, 2017 - 11:42pm GMT Toshiba may delay chip auction after widening sale to majority stake - source 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 By Makiko Yamazaki and Taiga Uranaka - TOKYO TOKYO Toshiba Corp ( 6502.T ) may delay the sale of its prized flash-memory chip unit after the conglomerate said it would consider selling most, even all, of the marquee business, a person with direct knowledge of the matter said. "It''s moving in that direction (of a delay)," the source said late on Wednesday, on condition of anonymity as the discussions weren''t public. As Toshiba''s plans for the sale have changed, "the bidders are having various thoughts." The TVs-to-nuclear conglomerate is scrambling for cash to stay in business as a multi-billion-dollar hole has emerged in recent months in its nuclear business. Toshiba shares sank 9 percent on Wednesday after the company said it would book a $6.3 billion hit to its U.S. nuclear unit and would consider selling more than the originally planned stake of less than 20 percent of the flash-memory chip business. Changing the rules of the chip auction, which sources have said has generated bids of 200-400 billion yen (1.41 billion pounds to 2.81 billion pounds), could push the sale beyond Toshiba''s planned deadline of the March 31 end of the business year, the source said. Loosening the deadline would ease concerns about trying to hurry any antitrust reviews, increasing the number of potential buyers and potentially improving the offers, he said. Toshiba has accepted that it may remain in negative net worth through the end of the business year, the source said, which could see its shares demoted to the second section of the Tokyo Stock Exchange. As a result, the source said, it would have to convince its lenders to keep the funds coming. The result could also be a rethink of the whole auction as some bidders may now want management rights or have other responses to Toshiba throwing open the bidding to include a majority stake, he said. The change of direction by Toshiba - facing a March 27 deadline to avoid a delisting - has prompted investors to question whether the company would have a long-term future without control of the unit and could well shake up the bevy of suitors interested in a piece of the world''s biggest NAND chip producer after Samsung Electronics Co Ltd ( 005930.KS ). "Usually in a corporate turnaround plan, the company would keep its most competitive business after selling non-performing businesses," said Masayuki Kubota, chief strategist at Rakuten Securities. "This turnaround plan gives no hope for Toshiba''s future," he said. Taiwan''s Foxconn ( 2317.TW ), formally known as Hon Hai Precision Industry Co Ltd, is among the companies and funds that were bidding for the smaller stake, a source with direct knowledge of the offer said, declining to be identified because he is not authorised to talk to the media. Foxconn officials were not immediately available to comment. Other bidders include SK Hynix Inc ( 000660.KS ), Micron Technology Inc ( MU.O ) and private equity firm Bain Capital, sources have said previously. Foxconn, which last year bought a controlling stake in Japanese panel maker Sharp Corp ( 6753.T ), may find it easier than other corporate bidders to buy a large stake as it is not a major memory chip maker and could avoid any lengthy anti-trust review. WAIVER FAVOUR Toshiba''s new openness towards selling more of its chips business comes as the beleaguered conglomerate failed to deliver audited third-quarter earnings as scheduled on Tuesday, saying it needed more time to look at potential problems at its Westinghouse division. The expected $6 billion writedown will also wipe out shareholders'' equity. It has been granted an extension until March 14 to submit audited figures but would face a delisting if it stil
'dbdea8464dc3d51991fe3bc474d031925a85a020'|'Opel to remain independent firm in possible PSA deal: Manager Magazin'|'FRANKFURT General Motors ( GM.N ) Chief Executive Mary Barra made assurances at Opel''s headquarters in Germany that the carmaker is to remain an independent company in any deal with France''s PSA Group ( PEUP.PA ), German monthly Manager Magazin reported, citing sources close to negotiations between GM and PSA.It also said that, according to Barra, PSA chief Carlos Tavares planned to leave Opel''s management, including CEO Karl-Thomas Neumann, in office following a possible acquisition.GM and PSA said on Tuesday they were in talks that could result in PSA buying GM''s European auto operations, a move that could shake up the global auto industry.(Reporting by Maria Sheahan; Editing by Balazs Koranyi)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-opel-m-a-psa-idINKBN15W0U5'|'2017-02-17T06:23:00.000+02:00'
'c94bc5585d23017e12fd17aa636e6b358ba5fe8d'|'Big bets on oil remain stalwart, despite bearish signals'|'Business News - Thu Feb 16, 2017 - 6:40pm EST Big bets on oil remain stalwart, despite bearish signals By Jessica Resnick-Ault - NEW YORK NEW YORK Oil traders for the last two weeks have shrugged off reports that U.S. stockpiles are brimming at their largest levels ever recorded, as the market continues to bet that crude prices will climb higher. Oil has maintained its buoyancy because the market is betting that cuts by the Organization of the Petroleum Exporting Countries (OPEC) will largely rebalance the oil market, despite continued production increases from shale formations in the United States. A second consecutive massive build in U.S. crude stockpiles on Wednesday left the market relatively unimpressed, as it was little changed during the session, as the market awaited further evidence that OPEC cuts were in effect. As of last week, noncommercial traders had a net long position of 477,000 U.S. crude contracts, just short of the previous week''s level that represented a record long position in oil futures, according to data from the U.S. Commodity Futures Trading Commission. That speculation has helped crude prices remain supported in recent weeks whenever the market has threatened to slip to lower levels, traders said. The two highest-volume trading days of 2017 occurred when U.S. crude CLc1 rebounded from lows around $51 a barrel as buyers came into the market. U.S. oil has not dropped below $50 a barrel since early December. While speculation by hedge funds and other money managers is contributing to this net long position, it may also be driven in part by the start of institutional investors'' return to oil markets after an absence during the crude oil rout. "It seems that a significant amount of the ''net length'' likely belongs to passive institutional investors, which are taking a keener look at commodities and energy once again after several years of absence," Energy Aspects wrote in a research note. So far in February there has been about $90 million invested in energy-commodities ETPs after outflows in January, per Lipper data. This compares with $455 million in November 2016 and $1.1 billion in January 2016. The United States Oil Fund exchange-traded fund ( USO.P ) and ProShares Ultra Bloomberg Crude Oil ( UCO.P ) both had inflows last week, after three weeks of outflows, according to data from Morningstar. Another large exchange-traded product, VelocityShares 3x Long Crude Oil ETN, continues to have outflows. Year-to-date, USO has had outflows, said fund manager John Love. Since the Nov. 30 OPEC cut announcement, USO''s holdings have fallen from 74,501 contracts to 53,840 on Feb. 15, the last date for which data is available. The fund started the year with about $3.2 billion under management and is now down to $2.8 billion, he said. The pullback indicates that the fund has a smaller percentage of open interest than previously. USO holds about 2 percent of open interest in all NYMEX WTI contracts, but the share is smaller if ICE contracts are also included. (Additional reporting by Catherine Ngai in New York; Editing by Matthew Lewis) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-oil-markets-long-idUSKBN15V30E'|'2017-02-17T06:36:00.000+02:00'
'cc121270b02ab9094c874e3fc7f6933d98c3a4ae'|'Andersons Inc sees total U.S. ethanol exports as high as 1.2 bln gallons in 2017'|' 37am EST Andersons Inc sees total U.S. ethanol exports as high as 1.2 bln gallons in 2017 NEW YORK Feb 16 The Andersons Inc expects strong U.S. ethanol industry exports to continue this year, ranging from 1 to 1.2 billion gallons, an executive said on Thursday. The group said it expects the strong ethanol exports seen last year to continue in 2017, the company said on a conference call. (Reporting by Chris Prentice)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/andersons-ethanol-idUSL1N1G117P'|'2017-02-16T23:37:00.000+02:00'
'800ad24426d77904c457b854062eeab86919401e'|'Souring relations with market puts BOJ''s bold experiment to test'|'Business News   10:12pm GMT Souring relations with market puts Bank of Japan''s bold experiment to test Businessmen walk past the Bank of Japan (BOJ) headquarters in Tokyo, Japan, February 15, 2016. REUTERS/Thomas Peter By Leika Kihara - TOKYO TOKYO Japan''s attempts to revive anemic consumer spending through unconventional monetary policy have created new problems for the central bank in its daily dealings with financial markets, as rising global yields muddle its efforts to manage local rates. Introduced in September last year, the Bank of Japan''s (BOJ) Yield Curve Control (YCC) program - the latest in a long series of controversial central bank moves - was designed to keep shorter-dated bond yields lower while allowing longer-dated yields to rise, in theory, making lending more profitable for banks. The BOJ has put the job of controlling yields in the hands of a small group of relatively junior bureaucrats, who have no say on monetary policy but execute the board''s orders through daily transactions in the interest rate markets. However, the sometimes contradictory market operations directives are sowing confusion over the BOJ''s intentions, creating tensions between the central bank and the market and underscoring the challenges of its unprecedented policy. "What''s clear is that market players don''t hold trust in the BOJ," said Mari Iwashita, chief market economist at SMBC Friend Securities. "If there was trust, things wouldn''t be this messy." Bond prices whipsawed this year after the BOJ made several abrupt changes in its market operations as it struggled to keep global yield rises, driven by hopes for U.S. President Donald Trump''s economic growth policies, from pushing Japanese long-term rates up too steeply. "It''s true, controlling long-term rates is an unprecedented policy," BOJ Deputy Governor Hiroshi Nakaso told reporters last week, acknowledging that the bank was still learning how best to communicate its intentions to markets. However, he believes the BOJ has the necessary "skill and tools" to control yields. Market players aren''t convinced, complaining about the lack of clarity on how the BOJ wants to guide long-term rates. "So many things are unclear, such as at what level the BOJ will step in to curb yield rises," said a money market trader in Tokyo. A domestic bond market investor said "a lot of market players got burnt" from the volatility caused by the BOJ, which could discourage investors and dealers from trading actively. Both market players spoke on condition of anonymity as they were not authorized to speak to the media. CONFLICTING GOALS Japan has failed to pull the economy sustainably out of deflation despite flooding markets with cash for two decades under an ultra-loose monetary policy. BOJ Governor Haruhiko Kuroda deployed a radical stimulus program in 2013 in the hope of breaking the deadlock, but with little success. Under the YCC framework, the BOJ seeks to control the yield curve by targeting short-term rates at minus 0.1 percent and the 10-year yield around zero. The task of capping long-term rates, a feat never tested by a major central bank, is entrusted to a team of around 40 staff running the BOJ''s market operations. A handful of junior-ranking bureaucrats in the team, mostly in their 40s, decides when, how and to what degree the BOJ offers to buy bonds. Guidance from the board is vague and kept at a minimum to allow the team to respond flexibly to daily market moves. However, market participants say this ambiguity causes confusion as the bureaucrats, mandated to meet the board''s orders, do not focus much on the impact of their moves on the broader economy. The BOJ''s task is also made difficult by the conflicting goals embedded in the new framework. While targeting rates, the BOJ maintains a loose pledge to buy bonds at a set pace to appease advocates of aggressive asset purchases in the board. The BOJ has caught markets off-guard several times. Yields spiked when 
'af30ef0c7acd94122a5e07598daeee7373d0b1af'|'Auto union weighing "Buy American" campaign'|'Company News - Thu Feb 16, 2017 - 12:20pm EST Auto union weighing "Buy American" campaign DETROIT - Feb 16 United Auto Workers President Dennis Williams said on Thursday the union plans to step up its efforts to convince U.S. consumers not to buy vehicles built in other countries, including those sold by the Detroit automakers. "If it''s not made in America, don''t buy it," Williams said during a briefing for reporters at the union''s Detroit headquarters, responding to a question about General Motors Co''s Chevrolet Cruze hatchback, made in Mexico, and the Buick Envision sport utility, which GM imports from China. The UAW is working on an advertising campaign promote the buy America message, Williams said. "Boycotts may be coming back," he said. (Reporting By Joe White)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/autos-uaw-idUSL1N1G11A6'|'2017-02-17T00:20:00.000+02:00'
'e86de5b092a7a91ec393d69cb1f070852add91fb'|'German air force blames hydraulic leak for Airbus A400M breakdown'|'  4:01pm GMT German air force blames hydraulic leak for Airbus A400M breakdown By Andrea Shalal - BONN, Germany BONN, Germany An oil leak that grounded an Airbus ( AIR.PA ) A400M during German Defence Minister Ursula von der Leyen''s first business trip with the military transport plane stemmed from a hydraulic connector for a propeller blade in one of its engines, the air force said. Last week''s leak had not affected the engine''s core and was easily fixed, an air force spokesman said, adding it was "a classic issue, not a big deal". The breakdown during von der Leyen''s trip to Lithuania marked a further embarrassment for a programme that is years behind schedule. Her visit was meant to showcase the new plane''s capabilities as Airbus seeks to win back confidence from its largest purchasing nation. The military aircraft, which was delivered to the German air force in December, should be repaired later on Thursday at Germany''s A400M air base in the north of the country to be ready for service again soon, the spokesman said. That will mean that two of Germany''s 8 A400M aircraft are ready for use, up from just one at the moment. The spokesman said one of the connectors for eight propeller blades in the engine - one of four that power the A400 transport - had come loose, allowing hydraulic fluid to leak out. This confirmed what German military officials had suspected - that the leak was linked to the hydraulic system used to adjust propeller blades in one of the four A400M engines. The findings are likely to ease concerns about fresh delays in the 20 billion euro (<28>17 billion) project, which is already years behind schedule and heavily over budget. However, the breakdown represents a public relations blow for Airbus, which is still grappling with previous problems that led to writeoffs amounting to more than 5 billion euros. Problems with the engines, including software and an Italian-built gear component, contributed to years of delays and cost overruns in Europe''s largest multinational defence project. The propellers are made by France''s Ratier-Figeac on behalf of Airbus, which supplies the nacelle. The main part of the engine is supplied by a four-nation consortium led by Britain''s Rolls-Royce ( RR.L ) and France''s Safran ( SAF.PA ). (Additional reporting by Tim Hepher; Editing by Alexander Smith) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-airbus-germany-idUKKBN15V252'|'2017-02-16T23:01:00.000+02:00'
'd16464e0a56ab2ee32507c84489e4ecd2d0b3df1'|'BRIEF-Ecobalt announces C$13 million bought deal financing'|'Company  21am EST BRIEF-Ecobalt announces C$13 million bought deal financing Feb 16 Ecobalt Solutions Inc * Ecobalt announces C$13 million bought deal financing * Entered into an agreement with a syndicate of underwriters led by Canaccord Genuity Corp. * Underwriters agreed to purchase, on a bought deal basis, 13 million units of company at a price of C$1.00 per unit Source text for Eikon:'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSASB0B0NI'|'2017-02-16T17:21:00.000+02:00'
'eaa6fc1cffa5bb1689af234e65f66cc23d1ba441'|'BOJ''s Kuroda warns low rates may sow seeds of new financial crisis'|' 22am GMT BOJ''s Kuroda warns low rates may sow seeds of new financial crisis Bank of Japan (BOJ) Governor Haruhiko Kuroda attends a news conference at the BOJ headquarters in Tokyo, Japan January 31, 2017. REUTERS/Toru Hanai By Leika Kihara - TOKYO TOKYO Bank of Japan Governor Haruhiko Kuroda said low profitability at financial institutions could sow the seeds of a new financial crisis, offering his strongest warning to date of the demerits of aggressive monetary easing pursued by major central banks. Mergers and consolidation may be among options for financial institutions to boost profitability, Kuroda said in an unusually frank call for bolder steps to deal with Japan''s over-crowded regional banking sector. Faced with low inflation and tepid economic growth, many central banks like the BOJ, the Federal Reserve and the European Central Bank, have adopted unconventional monetary easing steps since the global financial crisis in 2008. While the measures themselves were necessary to revive growth, the resulting plunge in interest rates have hurt profits at financial institutions by narrowing their margins, Kuroda said. "A new challenge has emerged in the form of low profitability at financial institutions," Kuroda said, adding that rapid growth in shadow banking and new financial technology were bringing big changes to the global banking environment. "These developments suggest that a different kind of financial crisis could happen in the future," he told an international conference on deposit insurers on Thursday, without elaborating. The remarks contrast with Kuroda''s previous comments emphasising that the benefits of massive stimulus on the economy make up for potential negatives such as the hit to banks. Kuroda said the problem of low interest rates hurting bank profitability was a global one, pointing to bad loans piling up at some European banks and headwinds plaguing Japanese banks, for instance, from sluggish lending driven by an ageing population. "For the financial system to ensure future stability, it is becoming more and more important in the long term to think about possible responses to low profitability at financial institutions," he said. Four years of aggressive money printing by the BOJ have failed to pull Japan sustainably out of stagnation, forcing the central bank to revamp its policy framework to one better suited for a long-term battle with deflation. But the attempts to revive Japan''s anemic consumer spending through unconventional monetary policy have created new problems for the central bank in its dealings with markets and financial institutions. [nL4N1FY5MG] (Editing by Shri Navaratnam)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-japan-economy-boj-kuroda-idUKKBN15V06S'|'2017-02-16T09:22:00.000+02:00'
'970913ffc14133b0885f37a92cd0043b7343c3a8'|'How Sanofi lost out to J&J in $30 billion battle for Actelion'|'Global Energy  10am GMT How Sanofi lost out to J&J in $30 billion battle for Actelion Swiss biotech company Actelion''s logo is seen on a dummy package of medication displayed at the company''s headquarters in Allschwil, Switzerland January 26, 2017. REUTERS/Arnd Wiegmann - RTSXGYJ By John Miller and Ludwig Burger - ZURICH ZURICH Swiss biotech company Actelion ( ATLN.S ), days before agreeing to a $30 billion (24 billion pound) bid by Johnson & Johnson ( JNJ.N ), found a rival offer to be as attractive but went with J&J because its offer provided more certainty, a filing showed on Thursday. Relations had already soured with the rival bidder, identified previously by sources familiar with the situation as French drugmaker Sanofi ( SASY.PA ), after it went back on an initially higher bid, according to the J&J filing formally setting out details of the offer. J&J''s agreement on Jan. 26 to buy Actelion in an all-cash deal marked the biggest European drugs takeover in 13 years. Although people close to the talks had told Reuters that Sanofi had gained a seat at the negotiating table, the French group has consistently declined to comment. Some investors have expressed frustration at Sanofi''s failure to land a big deal. J&J''s prospectus for its tender offer revealed the rival bidder, identified only as "Company A", had made a written proposal on Dec. 12 for a takeover price in cash that outbid J&J''s and which resulted in the U.S. healthcare group quitting talks. But just a week later, the rival bidder became unwilling to proceed with talks unless Actelion considered a lower price. "Company A indicated that it would only be willing to proceed with a transaction on the basis of a price lower than its previously communicated offer price and on different terms," the prospectus said. On Jan. 23, Actelion''s board discussed the merits of the competing offers and decided the financial terms of the two proposals would deliver approximately equivalent value to shareholders. GREATER CERTAINTY However, the filing said the board concluded: "J&J''s proposal offered significantly greater transaction certainty because the transaction documentation was nearly final and because J&J had already completed the required due diligence". The filing said the tender offer for the Swiss biotech company''s shares would run from March 3 to March 30. Shares of the new research and development company being spun out of Actelion for a Swiss listing will be distributed to Actelion shareholders as a stock dividend prior to settlement of the tender offer, it said. The prospectus also set out these details on the deal: * Actelion will pay the bidder a $500 million break fee if the offer is not successful or does not become unconditional in certain circumstances * The minimum acceptance rate is 67 percent * J&J has agreed to make a 10-year convertible loan worth 580 million Swiss francs to the R&D pipeline company being spun off; the loan will be convertible, in two tranches, into up to 32 percent of the shares of R&D NewCo. * R&D NewCo will be financed by the convertible loan, cash on hand of 420 million Swiss francs provided by Actelion, and a credit facility of the franc equivalent of $250 million to be provided by the bidder * Shares of R&D NewCo are expected to be admitted to listing on the SIX Swiss Exchange on the same day as the Actelion deal settlement * J&J intends to delist Actelion and plans a squeeze-out if needed   Ben Hirschler; Editing by Jason Neely and David Holmes) Next In Global Energy News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-actelion-results-idUKKBN15V1A4'|'2017-02-16T18:10:00.000+02:00'
'65584bc24d3dd1fa7e8c9f9cf82484e46d5bee98'|'Pope appears to back native tribes in Dakota Pipeline conflict'|'World  57am EST Pope appears to back native tribes in Dakota Pipeline conflict left right Pope Francis poses during a meeting with indigenous people to mark the 40th governing council of the the International Fund for Agricultural Development (IFAD) at the Vatican February 15, 2017. Osservatore Romano/Handout via REUTERS 1/4 left right Pope Francis speaks during a meeting with indigenous people to mark the 40th governing council of the the International Fund for Agricultural Development (IFAD) at the Vatican February 15, 2017. Osservatore Romano/Handout via REUTERS 2/4 left right Pope Francis is greeted during a meeting with indigenous people to mark the 40th governing council of the the International Fund for Agricultural Development (IFAD) at the Vatican February 15, 2017. Osservatore Romano/Handout via REUTERS 3/4 left right Pope Francis talks during a meeting with indigenous people to mark the 40th governing council of the the International Fund for Agricultural Development (IFAD) at the Vatican February 15, 2017. Osservatore Romano/Handout via REUTERS 4/4 By Philip Pullella - VATICAN CITY VATICAN CITY Pope Francis appeared on Wednesday to back Native Americans seeking to halt part of the Dakota Access Pipeline, saying indigenous cultures have a right to defend "their ancestral relationship to the earth". The Latin American pope, who has often strongly defended indigenous rights since his election in 2013, made his comments on protection of native lands to representative of tribes attending the Indigenous Peoples Forum in Rome. While he did not name the pipeline, he used strong and clear language applicable to the conflict, saying development had to be reconciled with "the protection of the particular characteristics of indigenous peoples and their territories". Francis spoke two days after a U.S. federal judge denied a request by tribes to halt construction of the final link of the project that sparked months of protests by activists aimed at stopping the 1,170-mile line. Speaking in Spanish, Francis said the need to protect native territories was "especially clear when planning economic activities which may interfere with indigenous cultures and their ancestral relationship to the earth". The Standing Rock Sioux and Cheyenne River Sioux tribes have argued the project would prevent them from practicing religious ceremonies at a lake they say is surrounded by sacred ground. "In this regard, the right to prior and informed consent (of native peoples) should always prevail," the pope said, citing the 1997 U.N. Declaration on the Rights of Indigenous Peoples. Thousands of tribe members, environmentalists and others set up camps last year on Army Corps land in the North Dakota plains as protests intensified. In December, the administration of former U.S. President Barack Obama denied the last permit needed by Energy Transfer Partners, which is building the $3.8 billion pipeline. But last week, the U.S. Army Corps of Engineers granted a final easement, after President Donald Trump issued an order to advance the project days after he took office in January. The pope made an indirect criticism last week of another Trump project, a wall along the border with Mexico, saying society should not create "walls but bridges" and ask others to pay for them. Francis, who wrote a major encyclical letter in 2015 on climate change and the environment, told the group that new technologies could be legitimate but had to respect the earth. "Do not allow those which destroy the earth, which destroy the environment and the ecological balance, and which end up destroying the wisdom of peoples," he said. (Reporting by Philip Pullella; Editing by Tom Heneghan) Next In World News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-north-dakota-pipeline-pope-idUSKBN15U1VA'|'2017-02-15T21:46:00.000+02:00'
'46a0cfaf09205194ca2ed79ccf176ae03d710198'|'BRIEF-Colliers International Group Q4 adjusted EPS $1.22'|' 23am EST BRIEF-Colliers International Group Q4 adjusted EPS $1.22 Feb 15 Colliers International Group Inc * Colliers International reports record quarterly and year-end results * Qtrly adjusted eps $1.22, gaap eps from continuing operations $1.14 * Colliers International Group Inc - for quarter ended december 31, 2016, revenues were $576.0 million, a 4% increase * Q4 earnings per share view $1.05, revenue view $606.8 million -- Thomson Reuters I/B/E/S  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSASB0B0DD'|'2017-02-15T19:23:00.000+02:00'
'c58770e811dbdae0642b5e28d4169ad0b62bde1f'|'Barra''s move to sell Opel signals a deeper change at GM'|'Business  17pm EST Barra''s move to sell Opel signals a deeper change at GM left right General Motors Chairman and CEO Mary Barra announces that Chevrolet will begin testing a fleet of Bolt autonomous vehicles in Michigan during a news conference in Detroit, Michigan, U.S., December 15, 2016. REUTERS/Rebecca Cook 1/3 left right Mary Barra, Chairman and CEO of the General Motors Company attends the annual meeting of the World Economic Forum (WEF) in Davos, Switzerland, January 17, 2017. REUTERS/Ruben Sprich 2/3 left right A combination picture shows the logos of Opel and Peugeot car manufacturers at dealerships of the brands in Strasbourg, France, February 14, 2017. REUTERS/Vincent Kessler 3/3 By Joseph White General Motors Co ( GM.N ) Chief Executive Mary Barra<72>s decision to put the company<6E>s European operations on the block marks a turning point for the automaker that once prided itself on being the No. 1 vehicle maker in the world. If Barra succeeds in concluding a deal with French automaker Peugeot SA ( PEUP.PA ) <20> and people familiar with the discussions cautioned on Tuesday that many details are yet to be settled <20> she will have delivered in an unexpected way on her promise to have GM <20>disrupt ourselves<65> rather than wait to be jolted by outside forces. Selling Opel will mean GM no longer seeks to be a key player in all the major auto markets, but rather is focusing on cash flow and profitability instead of sales volume. There are risks to abandoning markets, especially one as large as Western Europe. GM faces a continuing fight to stop losing share in its core markets. At the same time, Barra faces pressure to do even more, with GM''s share price - even after Tuesday<61>s nearly 5 percent gain - below the $41 level it had just before she took over the company. <20>We believe (GM) investors are willing to accept more radical measures to optimize capital allocation,<2C> Morgan Stanley analyst Adam Jonas wrote in a note. Shedding GM Europe isn<73>t the technology-driven disruption Barra usually refers to in presentations to investors. But it is a major course change for the company. GM executives long argued that owning Germany''s Opel provided the company with the engineering know-how to develop small and medium sized cars it needed for U.S. and Asian markets. That''s one reason why GM in 2009 pulled the plug on a plan to sell its European business to supplier Magna. But small cars are now losing ground in the United States, China and elsewhere to sport utility vehicles. At the same time, tougher emissions and safety regulations are making European vehicles more expensive, and harder to sell in other markets, analysts said. What''s also changed since 2009 is GM''s relations with its Chinese partners, which give it an alternative to developing small cars in Europe. GM is engineering a new low-cost vehicle lineup for Asia and Latin America with its Chinese partner Shanghai Automotive Industry Corp, a sign of how far Chinese automakers have progressed. Bob Lutz, former GM Vice Chairman and head of product development, said on Tuesday GM could structure a deal with PSA that would still allow for joint product development, and could leave open the possibility of exporting certain Cadillac or Chevrolet models to Europe. <20>The proceeds from the sale (which would do wonders for the stock price) would permit acceleration of the business in North America and China; a far better use of resources,<2C> Lutz emailed, adding he had not been in contact with anyone at GM. Analysts cautioned on Tuesday the price of the deal could be low. The final price will depend on how GM and PSA would share <20> or not share <20> intellectual property, pension liabilities, debts and restructuring costs, analysts said. GM''S CULTURAL SHIFT Even after its traumatic 2009 bankruptcy, GM fought to remain a significant player in all the major world auto markets, and to be competitive with rivals Toyota Motor Corp and Volkswagen AG for the title of world<6C>s largest automaker 
'da4e41db4a57fa5028d3b1a362cc3a546b802e1e'|'Elbit Systems wins $102 mln U.S. Army mortar fire systems deal'|'Big Story 10   Elbit Systems wins $102 million U.S. Army mortar fire systems deal TEL AVIV Israeli defense electronics firm Elbit Systems said on Thursday its American subsidiary, Elbit Systems of America, won a deal worth as much as $102 million from the United States Army to provide and maintain mortar fire control systems. The indefinite delivery/indefinite quantity contract, if fully ordered, will be carried out over five years. Elbit said the shipment of mortar fire control systems <20> both mounted and dismounted <20> along with a lightweight handheld mortar ballistic computer, will improve the accuracy of mortars. In November, Elbit won a five-year contract worth as much as $103 million for the production of mortar weapons systems for the U.S. Army. (Reporting by Yuval Ben-David; Editing by Steven Scheer) Next In Big Story 10'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-elbit-systems-contract-idUSKBN15V0YM'|'2017-02-16T16:06:00.000+02:00'
'ee16ea37b3059ac704e1c22592bb1265e979129e'|'BRIEF-CYS Investments Q4 GAAP loss per share $1.23'|'  4:56pm EST BRIEF-CYS Investments Q4 GAAP loss per share $1.23 Feb 15 CYS Investments Inc * CYS Investments Inc announces fourth quarter and year ended 2016 financial results * Q4 GAAP loss per share $1.23 * Q4 earnings per share view $0.24 -- Thomson Reuters I/B/E/S * CYS Investments Inc says book value per common share on December 31, 2016 was $8.33, compared to $9.79 at September 30, 2016 * CYS Investments Inc says qtrly net interest income $48.4 million versus $52.2 million in Q3 Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSASB0B0IV'|'2017-02-16T04:56:00.000+02:00'
'77705359ab600fde624a4012c93093ef4601109b'|'BRIEF-New York says Con Ed reaches $153.3 mln settlement over fatal Harlem blast'|'  3:13pm EST BRIEF-New York says Con Ed reaches $153.3 mln settlement over fatal Harlem blast Feb 16 (Reuters) - * New York Governor Andrew Cuomo announces $153.3 million settlement with Con Edison arising from 2014 gas explosion in East Harlem * Cuomo says Con Edison agreed not to seek reimbursement from customers for over $125.5 million spent on gas leak response activity since the fatal blast * Cuomo says settlement also includes a more than $25 million fund to benefit gas customers * Cuomo says that under settlement, Con Ed shareholders will pay for various gas pipe inspections, repairs * Cuomo calls the accord the largest gas safety-related settlement in New York''s history   (Editing by Alan Crosby)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1G00QY'|'2017-02-17T03:13:00.000+02:00'
'13ed2829928308bcb49fc0e985ea30de1cc17be0'|'Facebook says Irish challenge to U.S. data transfers ''deeply flawed'''|'By Conor Humphries - DUBLIN DUBLIN Facebook ( FB.O ) said on Thursday a legal challenge against the way it transfers EU user data to the United States was "deeply flawed" and should not be referred to the EU''s top court because ample privacy protections were already in place.The challenge by the Irish data regulator is the latest to question whether methods used by large tech firms such as Google ( GOOGL.O ) and Apple ( AAPL.O ) to transfer data gives EU consumers sufficient protection from U.S. surveillance.The issue of data privacy came to the fore after revelations in 2013 from former U.S. intelligence contractor Edward Snowden of mass U.S. surveillance caused political outrage in EuropeFacebook says the case could lead to a breakdown in transatlantic data transfers that could knock EU economic output by up to 1.3 percent.Ireland''s Data Protection Commissioner, which regulates Facebook as its European headquarters are in Dublin, found in May that a complaint about privacy protections in mechanisms Facebook uses to transfer data were "well-founded."It is asking the Irish High Court to refer the case to the Court of Justice of the European Union (CJEU), which would then decide whether to ban the use of "model contracts" - common legal arrangements used by thousands of firms to transfer personal data outside the 28-nation bloc.A lawyer representing Facebook told the High Court that the case by the Irish regulator was flawed because it did not take into account the EU-U.S. Privacy Shield agreement that came into force last August to address earlier concerns about U.S. surveillance.Under the agreement, the replacement for the Safe Harbour agreement struck down by the CJEU in 2015, the United States agreed to limit the collection of and access to Europeans'' data stored on U.S. servers."How could you have a well founded concern about the protections that are available without having looked at it (privacy shield)," Paul Gallagher, representing Facebook, told the High Court."There should be no reference because the (Data Protection Commisioner''s) decision has been overtaken by events," he said. "The decision is deeply flawed."Gallagher said that the level of transparency and the variety of protections in the United states "match anything in Europe" and said the court had not heard expert arguments on the quality of U.S. privacy protections.The Irish commissioner''s office initially became involved after Austrian law student and privacy activist Max Schrems made a complaint in Dublin about Facebook''s handling of his data in the United States.Schrems and other privacy campaigners contend that alternative arrangements such as model clauses don''t offer Europeans any means of redress either.A lawyer representing Schrems, James Doherty, told the court that a referral to the European Court was "unnecessary or at least premature" as the Irish regulator had not fully investigated the complaint and had not used all tools in its power to restrict data flows where consumers'' rights were threatened.(Reporting by Conor Humphries; Editing by Dominic Evans)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/eu-privacy-facebook-idINKBN15V2NV'|'2017-02-16T16:42:00.000+02:00'
'af48eedfa76006a39196b763a6e65f7f3e829f88'|'Time Inc''s quarterly revenue falls slightly'|'Feb 16 Time Inc, publisher of Sports Illustrated, People and Time magazines, reported a 1.1 percent fall in quarterly revenue on Thursday due to a stronger dollar.The company''s net loss widened to $56 million, or 56 cents per share, in the fourth quarter ended Dec. 31, from $17 million, or 17 cents per share, a year earlier.The company''s revenue fell to $867 million from $877 million.Time Inc has been the subject of buyout rumors as the poor performance of print media continues to affect the publishing industry and companies increasingly use digital media for advertising. (Reporting by Aishwarya Venugopal in Bengaluru; Editing by Martina D''Couto)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/time-inc-results-idINL4N1G13K3'|'2017-02-16T08:08:00.000+02:00'
'6dd71ba6eb0aa930512c75971c98e1996bf4bde1'|'China''s overseas investment, property purchases slump as capital controls bite'|'  4:56am GMT China''s overseas investment, property purchases slump as capital controls bite 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 By Yawen Chen and Elias Glenn - BEIJING BEIJING China''s non-financial outbound direct investment (ODI) slumped in January and its offshore property purchases plunged after authorities tightened restrictions on capital outflows to support the ailing yuan currency and ease pressure on the country''s foreign exchange reserves. China''s non-financial ODI slid 35.7 percent in January to 53.27 billion yuan ($7.77 billion) -- the weakest in 16 months -- compared with the same period a year earlier, the Ministry of Commerce said on Thursday. Chinese investment in offshore property - which has helped fuel sharp and often contentious home price rises from Vancouver to London - fell by an even sharper 84.3 percent. Data earlier this month showed China''s foreign exchange reserves unexpectedly fell below the closely watched $3 trillion level in January for the first time in nearly six years. But the drop was less than expected, suggesting tighter regulatory controls are making some progress in slowing capital flight. Following China''s moves to close loopholes on money leaving the country and step up checks on the types of overseas investment, ODI in December fell to $8.41 billion, down 39.4 percent on-year and the lowest monthly tally for 2016. "Risk warnings from regulators and short-term controls have achieved results. Based on their own situation, domestic firms have been more orderly and rational in undertaking overseas direct investment," China''s State Administration of Foreign Exchange (SAFE) said in a statement to Reuters last week. Regulators have warned they will pay close attention to "irrational" overseas investment in property, entertainment, sports and other sectors. "Although ODI dropped in January, the overall structure is improving," said ministry of commerce spokesman Sun Jiwen. In addition to the decline in property, investment in culture, sports, and entertainment industries fell 93.3 percent in January. Showing authorities were indeed being more selective, investment in overseas manufacturing and information technology sectors bucked the trend, rising 79.4 percent and 33.1 percent, respectively. No absolute value figures were released by sector. The government says it supports legitimate overseas investment, and that policies to support outbound investment will not change, though some officials have expressed concern about the rapid increase in overseas investment last year. "(Regulators are also paying close attention to) hidden risks in overseas investments. . . Related firms should be prudent," the SAFE statement said. At least three regulators in the last month have strengthened oversight of outbound investment or warned against reckless foreign investment. Large companies such as Fosun, China''s largest private conglomerate, say that new restrictions will not impact their investment plans because they already have sufficient funds overseas. But several overseas deals by Chinese firms have been canceled or delayed in recent months after being unable to get approval from Chinese regulators. A Chinese investment group''s deal to purchase Italian soccer club AC Milan has been postponed to March 3 after struggling to get approval and funding, and copper-processing firm Anhui Xinke New Materials in December withdrew its bid to buy a controlling stake in a Hollywood studio. Outbound investment rose to $170.1 billion in 2016, up 44.1 percent from 2015, and a commerce industry spokesman said in December that it was likely to increase again in 2017. Economists expect more forceful policing of existing regulatory controls after the latest slide in FX reserves, though China''s financial system is notoriously
'48ba988eaca510bbe10416cdca21490e6d32d5ea'|'Lenovo sees mobile unit turnaround by 2nd half of next fiscal year'|'Company News - Thu Feb 16, 2017 - 1:53am EST Lenovo sees mobile unit turnaround by 2nd half of next fiscal year HONG KONG Feb 16 Lenovo Group Ltd Chairman Yang Yuanqing on Thursday said the company was on track to turn around its mobile phone business in the October-December quarter of 2017, or by the end of the business year through March 2018 at the latest. Yang, speaking to Reuters after the company posted a 67 percent drop in third-quarter profit, also said he was not considering spinning off the mobile unit or privatising the group. (Reporting by Sijia Jiang; Editing by Anne Marie Roantree) Next In Company News Freeport Indonesia mine operations "stopped completely" -union chief JAKARTA, Feb 16 All work has stopped at the giant Grasberg copper mine in Indonesia, operated by the local unit of Freeport McMoRan Inc, a worker union said on Thursday, just over one month after the country halted exports of copper concentrate. UK Stocks-Factors to watch on Feb. 16 Feb 16 Britain''s FTSE 100 index is seen opening down 7 points to 7295 on Thursday, according to financial bookmakers. * The blue-chip FTSE 100 index closed 0.5 percent higher at 7302.41 after setting its highest level since mid-January on Wednesday as investors bet on financial stocks following U.S. Federal Reserve chief Janet Yellen''s hawkish tone suggested U.S. interest rates would rise. A rally in mining shares also lent some support to the broader stock market. * T 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/lenovo-results-chairman-idUSH9N1EP005'|'2017-02-16T13:53:00.000+02:00'
'72a0bffa66a3fa5d160106f31c45a8167eaffad7'|'German minister backs Peugeot-Opel deal after GM assurances'|'By Pamela Barbaglia and Ilona Wissenbach - LONDON/FRANKFURT LONDON/FRANKFURT Germany expects PSA Group''s ( PEUP.PA ) proposed acquisition of General Motors'' ( GM.N ) Opel business to go ahead, a minister said on Thursday, after the U.S. carmaker sought to allay fears of large-scale plant closures."I expect it to take place," Economy Minister Brigitte Zypries told reporters after discussions with senior executives from General Motors and PSA, maker of Peugeot and Citroen cars.The German government is "doing everything we can" to preserve Opel''s domestic plants, Zypries said.Talks on a sale of GM''s European arm to PSA were confirmed by both companies on Feb. 14, causing alarm in London and Berlin over possible job cuts. Germany accounts for half of GM Europe''s 38,000 staff, with 4,500 in Britain where the company operates under the Vauxhall brand.Two sources close to PSA said on Thursday that job and plant cuts were part of the tie-up talks, with the two Vauxhall sites in Britain in the front line.However British business minister Greg Clark said he had been told by GM President Dan Ammann that there was no plan to scrap the Vauxhall plants in the UK."I was reassured by GM''s intention, communicated to me, to build on the success of these operations rather than rationalise them," Clark said in a statement, vowing to maintain "close contact" with both carmakers as talks progress.Little is known about the terms of the proposed PSA-Opel deal, or whether GM would even keep a stake in the combined entity. PSA declined to comment on the talks or the prospect of restructuring.''NO ASSURANCES''However, Britain''s Unite trade union, which met with Ammann and Clark, said it had not received the guarantees it sought."There<72>s no assurances at the moment," Unite leader Len McCluskey told Sky News. "My immediate priority now is to understand where Peugeot is now in this process."Unite is seeking urgent discussions with PSA Chief Executive Carlos Tavares, McCluskey said.Both carmakers are privately making the case that Opel would face sharper cutbacks under GM''s continued ownership than under PSA''s, sources close to the matter have said. GM had pledged "renewed actions" to restore its European business to profitability before news of the talks broke.PSA is also pledging to "maintain Opel as a German company in full compliance with German labour law", according to a person briefed on its contacts with political and union leaders.UK JOBSAnother source with knowledge of the PSA-Opel talks said on Thursday that Britain''s June referendum vote to leave the European Union was a factor weighing against UK plants."It''s much easier to cut jobs in Britain than Germany," the person said. "Restructuring is very likely to happen at the Vauxhall plants."The German minister''s latest comments contrasted sharply with her initial reaction two days earlier, when she said the companies'' failure to involve labour or local government representatives in the deal talks was "totally unacceptable".The government of Germany''s Rhineland-Palatinate region, home to Opel''s Kaiserslautern plant, also welcomed the potential creation of a "European champion" on Thursday and indicated it had received assurances from GM."There are signals that ... no plants in Germany will be closed," regional Minister-President Malu Dreyer said in a statement.Analysts nonetheless believe the rationale behind a deal lies in its potential cost savings as well as increased scale.Ratings agency Moody''s said on Thursday acquiring Opel should help PSA''s credit rating - if the French carmaker pulls off the kind of turnaround that has eluded GM for years.That would require "substantial restructuring expenses weighing on future cash flow generation", analyst Falk Frey said. "The largest obstacle (to) this transaction is the ability of PSA to achieve a turnaround within a reasonable time frame."(Additional reporting by William James, Kate Holton, Gernot Heller and Laurence Frost;
'd705dd0087ceb22b01b92b6fc6f4dac644e54b12'|'Cobham takes charge on troubled Boeing tanker programme, cuts guidance'|' 54am GMT Cobham takes charge on troubled Boeing tanker programme, cuts guidance Boeing''s KC-46 aerial refueling tanker conducts receiver compatibility tests with a U.S. Air Force C-17 Globemaster III from Joint Base Lewis-McChord, in Seattle, Washington, U.S., July 12, 2016. Christopher Okula/ U.S. Air Force/Handout via REUTERS/File Photo LONDON British engineering group Cobham ( COB.L ) said it would take a 150 million pound charge on its work on Boeing''s ( BA.N ) troubled KC-46 tanker program and downgraded its likely 2016 trading profit again. The company said on Thursday its trading profit for 2016 was expected to be 225 million pounds, after deducting 20 million pounds of year-end adjustments from the forecast given last month. Chairman Mike Wareing said: "Whilst the charge to finish the development phase is hugely disappointing, it is essential and does bound all historic liabilities, as well as appropriately funding the remaining work." Cobham said "undoubted" uncertainties in the market meant its ability to forecast its performance was not as strong as it should be, and it was difficult to predict the year ahead. The board added that delivery of a similar performance to that of 2016 in 2017 "may be challenging". ($1 = 0.8019 pounds) (Reporting by Paul Sandle; editing by Kate Holton)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-cobham-outlook-idUKKBN15V0Q0'|'2017-02-16T14:54:00.000+02:00'
'9ee281e21b4609f81a559e178e2c46adf55085fd'|'Tesco tests waters in Pakistan with Alpha Supermarkets tie-up'|' 55am GMT Tesco tests waters in Pakistan with Alpha Supermarkets tie-up Grey clouds hang over a Tesco Extra store in New Malden in southwest London, Britain June 4, 2014. REUTERS/Luke MacGregor/File Photo By Mehreen Zahra-Malik - ISLAMABAD ISLAMABAD Britain''s biggest retailer Tesco ( TSCO.L ) will stock its products at a Pakistani supermarket chain, a Tesco official said on Thursday, dipping its toes in a country of nearly 200 million with rising consumer spending and a growing middle class. Tesco has been expanding rapidly in emerging markets to bolster sluggish growth in western Europe and is among a growing band of companies attracted by Pakistan''s fast-growing consumer market, encouraged by the highest economic growth since 2008 and improved security. "We have agreed on a wholesale partnership with Alpha Supermarkets in Pakistan, under which Tesco products will be stocked at two of its stores," Jared Lebel, head of new market development at Tesco, told Reuters. He said that Limestone Private Limited, which owns the Alpha Superstores chain, planned to open 50 smaller express stores and four Alpha stores stocking Tesco products within the next three years. "We are excited about Pakistan as a market," Lebel said. "A big factor in coming to Pakistan is rising consumer spending." A spokesman for Tesco in London said: "We''re looking forward to seeing how customers respond." Fauzia Khuhro, head of business development at Limestone, told Reuters that Tesco products would hit its shelves in about 10 days. "Alpha Supermarkets will be the only retailer in Pakistan that stocks Tesco private-label products," Khuhro said. "We will offer a complete range of Tesco product categories, from food and non-food items to frozen and fresh foods." Tesco''s partnership with Alpha Supermarkets was announced by British High Commissioner Thomas Drew and Limestone at a press briefing in Karachi on Tuesday. (Additional reporting by Alistair Smout in London; Editing by David Goodman) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-pakistan-tesco-idUKKBN15V1DM'|'2017-02-16T18:55:00.000+02:00'
'23362ba33158aba01cbf7ea2213d757e9ed9652d'|'Bombardier reports smaller quarterly loss'|'Thu Feb 16, 2017 - 6:04am EST Bombardier reports smaller quarterly loss A plane flies over a Bombardier plant in Montreal, Quebec, Canada on January 21, 2014. REUTERS/Christinne Muschi/File Photo Canadian plane and train maker Bombardier Inc ( BBDb.TO ) reported a smaller quarterly loss compared to a year earlier, when the company recorded impairment charges. Net loss attributable to Bombardier shareholders narrowed to $251 million, or 12 cents per share, in the fourth quarter ended Dec. 31, from $679 million, or 31 cents per share, a year earlier. The company took charges of $30 million in the quarter compared to $673 million a year earlier. Montreal-headquartered Bombardier, which is in the middle of a 5-year turnaround plan to improve results, reported a 12.7 percent fall in revenue to $4.38 billion. (Reporting By Allison Lampert and Arathy S Nair in Bengaluru; Editing by Shounak Dasgupta) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-bombardier-results-idUSKBN15V19G'|'2017-02-16T18:00:00.000+02:00'
'1366ae8aa4b252e0590cf7b8ab8f7811f31feb7a'|'BHP Billiton, Escondida workers far apart one week into strike'|'Business News - Thu Feb 16, 2017 - 8:17pm GMT BHP Billiton, Escondida workers far apart one week into strike left right A promotional sign adorns a stage at a BHP Billiton function in central Sydney, Australia August 20, 2013. REUTERS/David Gray/File Photo 1/2 left right Workers gather during a ceremony at Escondida copper mine near Antofagasta, Chile, April 7, 2016. REUTERS/Fabian Cambero 2/2 By Gram Slattery and Fabian Cambero - SANTIAGO/ANTOFAGASTA SANTIAGO/ANTOFAGASTA The positions of BHP Billiton ( BHP.AX ) ( BLT.L ) and the striking union at its Escondida copper mine in Chile, the world''s largest, remain distant even as the two parties agreed this week to return to the table. Escondida''s 2,500-member union officially walked off the job on Feb. 9 after contract talks with the company ended in failure. Copper prices CMCU3 then spiked to 20-month highs on supply concerns. The rally cooled on news Tuesday that the parties had agreed to meet to see if talks could be restarted. But the proposals of the company remain far from those of the workers, union spokesman Carlos Allendes told reporters in Santiago on Thursday, after meeting with Chile''s labour minister. BHP   union spokesman''s remarks. Allendes said the union had three non-negotiable demands and were prepared for a long fight should those demands not be met. "These three points are basic for us, they''re very, very fundamental," he said. First, workers demand that every miner be offered the same benefits package. The union has said that BHP is offering new employees benefits that are less generous than those already at Escondida, which workers see as a ploy to undermine a new labour code going into effect in Chile in April. Second, the two sides are in disagreement as to whether shift patterns should be changed. Third, workers are demanding that the company not reduce any benefits, such as vacation and healthcare, which are in the previous contract signed four years ago. And the two sides will also need to address the thorny issue of the one-time bonus typically given to miners when labour contracts are renegotiated in Chile. In 2013, when copper prices were significantly higher, the company paid out a bonus of $49,000 per miner, the highest ever in Chilean mining. In current talks, the workers have been asking for $38,000 - more than in 2013, in local currency terms. But the company is offering just $12,000. The union, however, says the size of the bonus remains a relatively distant issue. "We haven''t even negotiated that," Allendes told reporters. "We haven''t even come close to considering it." BHP has repeatedly said that its offer maintains the current salary structure and benefits for workers with existing contracts, and includes some new benefits. Escondida, majority-controlled by BHP with minority participations by Rio Tinto ( RIO.L ) ( RIO.AX ) and Japanese companies including Mitsubishi Corp ( 8058.T ), produced about 5 percent of the world''s copper last year. (Reporting by Fabian Cambero and Gram Slattery, Editing by Rosalba O''Brien and Grant McCool) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-chile-copper-escondida-idUKKBN15V2PD'|'2017-02-17T03:17:00.000+02:00'
'e7a4cb657e5c6c32080fd44ac2762ca27c89f391'|'CANADA STOCKS-TSX edges up on Barrick Gold, materials shares'|'Company  08pm EST CANADA STOCKS-TSX edges up on Barrick Gold, materials shares OTTAWA Feb 16 Canada''s main stock index ended slightly higher on Thursday as Barrick Gold Corp jumped on the company''s better-than-expected profits, though that was offset by a drop in Sun Life, which reported a decline in earnings. The Toronto Stock Exchange''s S&P/TSX composite index unofficially closed up 19.22 points, or 0.12 percent, at 15,864.17. (Reporting by Leah Schnurr; Editing by Chris Reese) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-close-idUSL1N1G1211'|'2017-02-17T04:08:00.000+02:00'
'36d09160b145d5a4af331fb522f22d07da2e44a7'|'UPDATE 2-Norway proposes new mix and spending cap for $900 billion oil fund'|'(Recasts with confirmation, adds economist, background)By Ole Petter Skonnord and Camilla KnudsenOSLO Feb 16 Norway''s $900-billion sovereign wealth fund, the world''s largest, should shift more of its investments into equities and away from bonds to counter the effects of ultra-low interest rates, the government said on Thursday.And in a major shift in policy, Norway''s minority right-wing government recommended cutting the amount of money it is allowed to spend each year from the fund to three from four percent.Norwegians have built up the fund from oil revenues and it is regarded as an insurance policy for when oil and gas reserves run out. Its value is the equivalent of $171,000 for every Norwegian man, woman and child.In recent years, the fund has diversified its investments away from Europe, and into the United States and Asia, and begun investing in real estate, raising its risk appetite in an attempt to increase long-term returns.Changing the country''s fiscal spending rule, in place since 2001, is a major policy departure. Until very recently, any suggestions of changing the rule have been rejected by successive prime ministers.But in October last year Prime Minister Erna Solberg raised the possibility that the guideline should be changed, due to the lower expected return of the fund.Finance Minister Siv Jensen told Reuters on Thursday she had consulted with parties outside government on the question ahead of the announcement."We have been in a dialogue with other parties about this," she said in an interview, declining to say whether she believed she had a majority in parliament for the proposals."My impression is that there is broad agreement for setting a good framework for the management of the fund," she said.ACCEPTABLE RISKAlthough any reallocation is expected to take several years, if the proposed change from 60 percent to 70 percent in equities was made today, the fund would move about $90 billion away from government bonds, which are dragging on its performance.At present the fund''s overseas investments are limited to 60 percent stocks, 35 percent bonds and five percent real estate.Under existing rules, governments can spend an average four percent of the wealth fund per year, but ultra-low global interest rates and other market conditions make it unlikely that the fund can earn returns of this magnitude, economists say."All in all, the government considers an equity share of 70 per cent to carry acceptable risk. The downwards revision of the return estimate underpins the long investment horizon of the fund, a prerequisite for holding a high share of equities," Jensen said in a statement.The change to three percent from four percent will constrain the current and future governments'' ability to increase annual spending, and would be a tightening compared to forecasts made by the central bank, Nordea Markets economist Erik Bruce said."In other words it opens the room for more expansionary monetary policy," he wrote in a research note, while adding that in the current situation the central bank was still likely to keep rates on hold.Solberg''s right-wing minority coalition government plans a record 2017 deficit of 225 billion Norwegian crowns ($27.03 billion) to be covered by the fund, corresponding to exactly three percent of the fund. (Additional reporting by Gwladys Fouche and Terje Solsvik; Writing by Gwladys Fouche; Editing by Alexander Smith)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/norway-swf-idINL8N1G15K2'|'2017-02-16T12:38:00.000+02:00'
'a5c1625be719ea5a3a5e0e770a4ec3b269f454be'|'BRIEF-International Flavors & Fragrances posts qtrly earnings $1.00/shr'|'  4:59pm EST BRIEF-International Flavors & Fragrances posts qtrly earnings $1.00/shr Feb 15 International Flavors & Fragrances Inc * IFF reports fourth quarter & full year 2016 results * International Flavors & Fragrances Inc - expects growth rates in 2017 to accelerate versus prior year * International Flavors & Fragrances Inc - announces multi-year productivity program to selectively invest & deliver long-term targets in 2018 * International Flavors & Fragrances sees savings from productivity program to reach an annual run-rate of between $40 million and $45 million by end of 2019 * International Flavors & Fragrances Inc - qtrly earnings per share $1.00 * Sees FY 2017 sales up between 7.5 pct - 8.5 pct * Q4 earnings per share view $1.18 -- Thomson Reuters I/B/E/S * International Flavors & Fragrances - productivity program expected to result in cumulative, pre-tax charge of $35 million - $40 million in 2017 and 2018 * Sees fy 2017 earnings per share up between 6.5 pct - 7.5 pct * International Flavors & Fragrances Inc - expect to take approximately $10 million of the pre-tax charge in Q1 of 2017 * Qtrly net sales $762.6 million versus $715.7 million * Q4 revenue view $751.7 million -- Thomson Reuters I/B/E/S * Sees FY 2017 adjusted earnings per share up between 4.0 pct - 5.0 pct * Fy2017 earnings per share view $5.86, revenue view $3.31 billion -- Thomson Reuters I/B/E/S Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSASB0B0JO'|'2017-02-16T04:59:00.000+02:00'
'54aa6cd43da430188f36834426495712cf145b69'|'No deal on global bank capital rules expected in early March'|'  12:51pm GMT No deal on global bank capital rules expected in early March By Huw Jones - LONDON LONDON Global banking regulators meeting in early March are not expected to reach agreement on capital requirements rules to keep lenders stable in a crisis, two people close to the talks said. Approving any deal would be difficult until U.S. President Donald Trump''s Administration appoints a new top financial supervisor at the Federal Reserve, the people said. "There will be appointments in the United States and we have to be a little bit patient. There is a sequence for these things," one of the people said. "Will there be an agreement in the foreseeable future? Then, yes." The Basel Committee of banking regulators from nearly 30 countries meets on March 1-2. Last November it was unable to reach a deal on reforms to inject more consistency into how banks assess risks from loans to determine the size of their capital buffers. The reforms supplement a global "Basel III" accord already in place, forcing banks to hold more capital after lenders had to be rescued in the 2007-09 financial crisis. Basel''s oversight body, the Group of Central Bank Governors and Heads of Supervision (GHOS), had to postpone a January meeting aimed at brokering a deal because of splits over finer details. The Basel Committee has largely done what it can and now it is up to GHOS, a body whose members includes the Fed. The committee had no comment on Thursday. Regulators are anxious to see who Trump will name as Fed banks supervision chief after he signed an executive order to review regulation to help banks lend more. It triggered concern in Europe that a global approach to banking rules would be fragmented. Some European regulators expect the United States to focus more on easing rules that are specific to U.S. banks and not ditch global standards altogether. "What''s important is that U.S. regulators remain committed to coming back to the Basel table. We are patient," one of the people said. On Wednesday Fed Chair Janet Yellen was asked by a lawmaker to avoid agreeing new Basel rules until Trump had named the central bank''s top financial supervisor. "Nothing going on in these international discussions binds us to carry out things in our rulemaking process," Yellen replied. (Reporting by Huw Jones; editing by Susan Thomas) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-basel-banks-regulations-idUKKBN15V1KP'|'2017-02-16T19:51:00.000+02:00'
'211daf7724bf0fbc3c5166b6ad792e9caccaf05a'|'EU''s Moscovici wants euro zone budget, finance minister, treasury'|'  3:13pm GMT EU''s Moscovici wants euro zone budget, finance minister, treasury left right European Economic and Financial Affairs Commissioner Pierre Moscovici delivers a keynote speech ahead of an Austrian National Bank panel discussion in Vienna, Austria, February 16, 2017. REUTERS/Heinz-Peter Bader 1/8 left right European Economic and Financial Affairs Commissioner Pierre Moscovici delivers a keynote speech ahead of an Austrian National Bank panel discussion in Vienna, Austria, February 16, 2017. REUTERS/Heinz-Peter Bader 2/8 left right European Economic and Financial Affairs Commissioner Pierre Moscovici delivers a keynote speech ahead of an Austrian National Bank panel discussion in Vienna, Austria, February 16, 2017. REUTERS/Heinz-Peter Bader 3/8 left right European Economic and Financial Affairs Commissioner Pierre Moscovici delivers a keynote speech ahead of an Austrian National Bank panel discussion in Vienna, Austria, February 16, 2017. REUTERS/Heinz-Peter Bader 4/8 left right European Central Bank Governing Council member Ewald Nowotny (R) talks with European Economic and Financial Affairs Commissioner Pierre Moscovici ahead of an Austrian National Bank panel discussion in Vienna, Austria, February 16, 2017. REUTERS/Heinz-Peter Bader 5/8 left right European Central Bank Governing Council member Ewald Nowotny (L) talks with European Economic and Financial Affairs Commissioner Pierre Moscovici ahead of an Austrian National Bank panel discussion in Vienna, Austria, February 16, 2017. REUTERS/Heinz-Peter Bader 6/8 left right FILE PHOTO:European Economic and Financial Affairs Commissioner Pierre Moscovici presents the EU executive''s economic forecasts during a news conference at the EU Commission headquarters in Brussels, Belgium, February 13, 2017. REUTERS/Francois Lenoir/File Photo 7/8 left right FILE PHOTO:European Economic and Financial Affairs Commissioner Pierre Moscovici speaks at a news conference at the EU Commission headquarters in Brussels, Belgium, November 16, 2016. REUTERS/Francois Lenoir/File Photo 8/8 By Francois Murphy - VIENNA VIENNA The European Commission''s top financial official called on Thursday for deeper integration in the euro zone, dismissing fears that a move in that direction would split the European Union as it reels from Britain walking away. "Some argue that deepening the euro area might be divisive as not all 27 member states are members of the euro. I believe this would be a deep mistake," Pierre Moscovici, a French socialist and European commissioner for economic and financial affairs, said in a speech in Vienna. Though they disagree on details, Germany, France and many of the 17 other states that use the euro currency are keen to bind the euro zone closer together after years of crisis in which investors have doubted the currency''s survival. But some countries around the periphery of the bloc fear creating a system in which a hard core of states pushes the European Union as a whole into policies they do not want. By voting to leave, Britain, the largest EU economy not in the euro zone, has taken away some clout from those countries. Moscovici said he supported setting up new institutions specifically for the euro zone, including a budget separate from that of the European Union. It should also have its own finance minister, who would also be a commissioner, he said. "I''m in favour of a treasury for the euro zone. I''m in favour of a budget or a fiscal capacity of the euro zone of a limited amount capable of helping us to invest on the one hand and also fight unemployment," he told reporters before his speech, adding that the main threat to growth was a lack of investment. While Moscovici said the planned banking union needed to be completed to ensure financial stability, he also underlined the importance of keeping voters onside, an apparent reference to rising populism and Britain''s vote to leave the European Union. "Nothing will be possible if the architecture
'016840dc932908b574f7af1ee596ed8ceab2a14d'|'Germany''s Stada says has received third takeover bid'|' 55pm GMT Germany''s Stada says has received third takeover bid BERLIN Germany''s Stada ( STAGn.DE ) said it has received a third takeover approach but cannot yet foresee whether one or more of the three potential bidders'' offers will succeed. The generic drugs and consumer care group said on Thursday the third offer was based on a price of 58 euros (<28>50) per share. It is still weighing up its options on how to react, Stada said. Earlier this week, the firm said it had invited rival suitors Cinven Partners and Advent International to the negotiating table, after months of courtship. (Reporting by Andreas Cremer; Editing by Madeline Chambers)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-stada-m-a-idUKKBN15V2NZ'|'2017-02-17T02:55:00.000+02:00'
'fc193ade5e7ba0f2975601f017cf9c8b0eb7a7e4'|'Swift deal on Greece needed to avert fresh uncertainty - EU''s Dombrovskis'|' 54am GMT Swift deal on Greece needed to avert fresh uncertainty - EU''s Dombrovskis European Commission Vice-President Valdis Dombrovskis addresses a news conference at the EU Commission headquarters in Brussels, Belgium, July 27, 2016. REUTERS/Francois Lenoir ATHENS There are costs in delaying agreement on Greece''s bailout review, the European Commission''s vice president responsible for the euro was quoted as saying on Thursday, and a solution needs to be found swiftly. Inconclusive talks between Greece and its international creditors on economic reforms and debt relief have cast doubt over the future of Greece''s 85 billion euro bailout programme. "There is a common understanding that time lost in reaching an agreement will have a cost for everyone," Valdis Dombrovskis told Greek news portal Euro2day. Dombrovskis, however, said the situation in Greece could not be compared with to the situation in early 2015 when the country narrowly avoided default and toppling out of the euro zone. Delays in the bailout review mean delays in financial aid. Greece has about 7.5 billion euros (6 billion pounds) of debt falling due by July, which it is unable to pay without more loans from lenders. So far it has received some 31.7 billion from the latest bailout accord, its third since 2010. Disagreements over labour and energy market reforms lenders want Greece to adopt have been complicated by broader misgivings from the International Monetary Fund, which will not participate in the most recent bailout because of concerns Athens will never be able to extricate itself from debt. European policymakers have said that the bailout programme cannot continue without IMF input, although a German politician close to Chancellor Angela Merkel said on Thursday IMF participation is no longer crucial. The fundamentals of the Greek economy have been strengthened, Dombrovskis said, but that strong growth potential was contingent on reforms being implemented. "So policy makers are faced with this choice <20> work hard to reach an agreement that will build on progress made or slip back into uncertainty. I think the choice is obvious," he said. Recent Greek economic data has shown how tenuous the recovery is. (Writing By Michele Kambas Editing by Jeremy Gaunt.)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eurozone-greece-dombrovskis-idUKKBN15V121'|'2017-02-16T16:54:00.000+02:00'
'3d924a14c3b3ca037c17b4be8d3ff75b8ee9bd81'|'FTSE retreats from one-month peak, commodity-linked stocks weigh'|' 32am GMT FTSE retreats from one-month peak, commodity-linked stocks weigh 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 retreated from a one-month high on Thursday, weighed down by a fall among mining firms and those trading ex-dividend, while mid-cap engineer Cobham ( COB.L ) slumped after results. The blue FTSE 100 index .FTSE was down 0.4 percent at 7,272.58 points, in line with a broader decline among European indexes. Falls among banks .FTNMX8350, oil & gas stocks .FTNMX0530 and mining firms .FTNMX1770 were the biggest weights, with shares in Anglo American ( AAL.L ) and Antofagasta ( ANTO.L ) falling more than 2 percent as the price of copper eased. [MET/L] Likewise a number of heavyweight companies dropped after trading without entitlement to their latest dividend payout, which included AstraZeneca ( AZN.L ), BP ( BP.L ), Royal Dutch Shell ( RDSa.L ) and Imperial Brands, all falling between 1.7 percent to 3.5 percent. British mid-cap stocks .FTMC , however, saw some dramatic results-driven moves. Engineering firm Cobham ( COB.L ) tumbled 20 percent and was on track for its worst day on record after reporting earnings. Cobham took a 150 million pound sterling charge on a troubled contract with Boeing and downgraded its 2016 trading profit again. Drax Group ( DRX.L ) also fell, down more than 11 percent, after reporting a disappointing set of results, with its core annual earnings falling 17 percent on weaker power prices and the loss of revenue from a green energy scheme. "Because we are in a situation where global economic growth is weaker than it has been ... there is a premium that is attached to growth companies," Laith Khalaf, senior analyst at Hargreaves Lansdown, said. "If those growth companies falter, then you can see a bit of doubt creeping into investors'' minds and that can influence the share price." However, a profit beat propelled Lancashire Holding''s ( LRE.L ) shares more than 9 percent. The property and casualty insurer posted a better-than-expected 2016 profit, helped by lower expenses and higher gains in the final quarter. (Editing by Jeremy Gaunt)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-stocks-idUKKBN15V16M'|'2017-02-16T17:32:00.000+02:00'
'f8fa3705acf7c2ab0d82dce0d5ab8d7c6813d165'|'Schaeuble defends himself, regulator over banks dividend scandal'|'Business News - Thu Feb 16, 2017 - 5:15pm GMT Schaeuble defends himself, regulator over banks dividend scandal German Finance Minister Wolfgang Schaeuble in Berlin, Germany February 10, 2017. REUTERS/Hannibal Hanschke BERLIN German Finance Minister Wolfgang Schaeuble dismissed criticism on Thursday that he waited too long to ban a practice that let two parties claim ownership of the same shares and cost the state billions of euros in tax. The double ownership loophole, which allowed both parties to claim tax rebates, was closed in 2012. It sparked anger in Germany and embarrassed Schaeuble, who regularly lectures other countries about the need to crack down on tax avoidance. A parliamentary inquiry is looking into the matter and Schaeuble, who became finance minister at the end of 2009, gave evidence on it on Thursday. Schaeuble said he had only become involved in dealing with the loophole a few months after taking office. In mid-2010, he decided to alter the system and that process took a long time, he said. In addition, banks needed time to adjust to the new system so the change came into force only in Jan. 2012. The schemes centres on "short sales" - the sale of borrowed shares. A bank would loan out the stock in a way that made both the bank and eventual buyer appear briefly to be simultaneous owners of the shares. This allowed both parties to receive a divided tax rebate. Schaeuble also defended financial sector regulator BaFin. "It is not the job of BaFin to check the enforcement of tax laws," he said, adding that its remit was rather to guarantee the solvency of banks and the stability of the financial system. Opposition lawmakers from the Greens and radical Left party have criticised the ministry and regulators for failing to exchange information. Schaeuble said it was up to the tax authorities in Germany''s 16 federal states to ensure banks were adhering to the rules. (Reporting by Matthias Sobolewski; Writing by Madeline Chambers; Editing by Tom Heneghan) Next In Business News Latest British ''family spending'' data raises questions about true economic strength LONDON British household spending barely rose in the year to the end of March 2016 and was around 5 percent below the level before the financial crisis, an official survey showed on Thursday, suggesting a much more muted picture than previous data.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-germany-dividends-schaeuble-idUKKBN15V2BQ'|'2017-02-17T00:15:00.000+02:00'
'41d01777e31716623bf831f1b919efd41441d052'|'Enbridge, Spectra Energy to settle charges merger would harm competition -FTC'|'Energy - Thu Feb 16, 2017 - 12:54pm EST Enbridge, Spectra Energy to settle charges merger would harm competition: FTC The Enbridge Tower is pictured on Jasper Avenue in Edmonton, Alberta, Canada on August 4, 2012. REUTERS/Dan Riedlhuber/File Photo - RTX2RSAX WASHINGTON Energy infrastructure firms Enbridge Inc ( ENB.TO ) and Spectra Energy Corp ( SE.N ) have agreed to settle charges their merger would hurt competition in the market for gas pipeline transportation in three areas off the Louisiana coast, the Federal Trade Commission said on Thursday. The FTC said the firms agreed to resolve the charges by adopting a consent decree that would require Enbridge to notify the panel before acquiring an ownership interest in any natural gas pipeline operating in the Grand Canyon, Walker Ridge and Keathley Canyon areas off Louisiana. The decree also would require Enbridge to notify the FTC before increasing Spectra''s ownership interest in certain pipelines in the area and would require Enbridge to establish firewalls to limit its access to non-public information about Discovery Pipeline. Spectra affiliated firms have a 40 percent interest in Discovery, the FTC said. (Reporting by David Alexander; Editing by Chizu Nomiyama) Next In Energy'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-enbridge-spectra-energy-merger-idUSKBN15V2EG'|'2017-02-17T00:41:00.000+02:00'
'84613cf45a7947189218277da652e2fc3cc7c77b'|'Argentina''s rising grains production strands vessels in river traffic'|'Thu Feb 16, 2017 - 6:24am GMT Argentina''s rising grains production strands vessels in river traffic left right Grain is loaded onto ships for export at a port on the Parana river near Rosario, Argentina, January 31, 2017. Picture taken January 31, 2017. REUTERS/Marcos Brindicci 1/8 left right A dredging boat of the Luxembourg-based company Jan De Nul sprays sand at the shore on the Parana river near Rosario, Argentina, January 31, 2017. Picture taken January 31, 2017. REUTERS/Marcos Brindicci 2/8 left right A boat of the Luxembourg-based company Jan De Nul dredges sand from the Parana river near Rosario, Argentina, January 31, 2017. Picture taken January 31, 2017. REUTERS/Marcos Brindicci 3/8 left right A dredging boat of the Luxembourg-based company Jan De Nul is seen at work on the Parana river near Rosario, Argentina, January 31, 2017. Picture taken January 31, 2017. REUTERS/Marcos Brindicci 4/8 left right A boat of the Luxembourg-based company Jan De Nul dredges sand from the Parana river near Rosario, Argentina, January 31, 2017. Picture taken January 31, 2017. REUTERS/Marcos Brindicci 5/8 left right An employee of the Luxembourg-based company Jan De Nul operates a dredging boat on the Parana river near Rosario, Argentina, January 31, 2017. Picture taken January 31, 2017. REUTERS/Marcos Brindicci 6/8 left right Grain is loaded onto a ship for export at a port on the Parana river near Rosario, Argentina, January 31, 2017. Picture taken January 31, 2017. REUTERS/Marcos Brindicci 7/8 left right A dredging boat (L) of the Luxembourg-based company Jan De Nul is seen at work next to a ship used to carry grains for export on the Parana river near Rosario, Argentina, January 31, 2017. Picture taken January 31, 2017. REUTERS/Marcos Brindicci 8/8 By Hugh Bronstein - ROSARIO, Argentina ROSARIO, Argentina When a boat carrying soy oil destined for India ran aground on the Parana River near Buenos Aires in late January, ships loaded with most of Argentina''s grains exports were blocked for hours. It was the latest accident on one of the world''s great food highways, which is straining to carry rising volumes of Argentine agricultural products embarking on the first leg of the journey from the fields of the Pampas to the feeding troughs of cattle, pigs and chickens worldwide. Increasing congestion on the Parana, which carries 80 percent of Argentina''s grains exports, could hamper President Mauricio Macri''s efforts to expand farm output and pull the country out of recession. Macri wants Argentina to grow 25 percent more grains to boost rural income and has cut export taxes to attract more investment in the sector. But to haul all that grain to market, Macri needs the log jams on the river to end. The government is studying how to accommodate the growing flotilla plying the waterway without driving up shipping costs - which could cancel out the benefits of the export tax cut to farmers and agricultural businesses. "The entire river system is at its current limit," said Koen Robijns, Argentine operations manager for Jan De Nul, the privately-owned, Luxemburg-based company that operates the Parana and is responsible for dredging. The grounding in January made commerce grind to a halt, Robijns said in an interview aboard one of the company''s dredging vessels near Argentina''s main grains hub of Rosario, some 300 kilometers northwest of Buenos Aires. "Every ship behind it, all the way up to Rosario, had to stop or slow down for more than an hour," he said. Efforts to develop the waterway to carry more of Argentina''s burgeoning exports, however, could be delayed by negotiations between the channel''s operator and the traders that ship grain along it. Jan De Nul favors dredging the channel deeper. The firm declined to provide an estimate on how much that would cost, but the shippers say the bill would be billions of dollars. That would likely mean an increase in the toll, currently $3 per net ton, which the shippers w
'efa09b5c397f516ad91ef5025d691c5e4bf4d967'|'New home owners gagged over poor build and compensation claims - Business'|'New home owners are being forced to sign gagging orders after making successful claims for compensation about the quality of their new homes.The Guardian has been made aware of NHBC, the regulator of new homes, issuing gagging orders or so-called non-disclosure agreement that not only restrict the homeowner from contacting the media about the problems with their property but also talking to neighbours in the development.The gagging orders raise further questions about NHBC , which provides warranties for most new-build properties. Critics of the organisation claim it is failing to protect consumers amid a wave of complaints about the quality of new-build properties .An industry source who advises new home buyers in the south of England said one family they were working with had received an offer from NHBC to buy back their troublesome new home and pay their removal costs as long as they did not disclose the agreement. The source said of other clients: <20>People tell me they have problems [with their new home] but then they go quiet.<2E>The NHBC warranty <20> which is called Buildmark <20> is a form of insurance to compensate home buyers or fix faults in the new property if there are problems within the first 10 years.How buying a Bovis home came with hundreds of snags Read more Paula Higgins, chief executive of the Homeowners Alliance, said: <20>Gagging orders are unfair. NHBC are acting as if they have something to hide. As guardians of quality of new homes in Britain they should operate openly and transparently rather than resorting to desperate measures. <20>Silencing those who have a reason to complain will make it more likely to push down standards in the industry rather than pushing them up.<2E>An NHBC spokesperson said it included a confidentiality clause in a <20>small number of rare circumstances<65>, but declined to disclose the number.They said: <20>Buildmark is an insurance product. Claims made are settled either by NHBC arranging for repairs to be carried out, or paying the homeowner the cost of doing so. <20>When we make a payment, we ask the homeowner to sign a letter to acknowledge that the payment settles their claim. These letters do not include confidentially or non-disclosure clauses.<2E>Only in a small number of rare circumstances will we include a confidentiality clause on settling a claim. In line with standard practice in the insurance industry, and to protect commercial confidentiality, this would be in specific cases that are subject to a formal legal agreement or when NHBC has agreed to meet the costs of a claim over and above the Buildmark policy requirements.<2E>'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/feb/16/new-home-owners-gagged-over-poor-build-and-compensation-claims'|'2017-02-16T14:00:00.000+02:00'
'47842852162d7ae004bdce15b794e9a0727ad30f'|'Consultancy files complaints with Chinese government over McDonald''s China sale'|'Deals  11am EST Consultancy files complaints with Chinese government over McDonald''s China sale Customers eat dinner at a McDonald''s store in Beijing, China January 9, 2017. REUTERS/Jason Lee By Michelle Price and Julie Zhu - HONG KONG HONG KONG A Chinese consultancy that has previously helped to win antitrust battles against Coca-Cola and Apple has taken aim at McDonald''s Corp, arguing in a complaint to regulators that the American fast food giant''s China sale may hurt workers and consumers. McDonald''s said last month it had agreed to sell the bulk of its China and Hong Kong business to state-backed conglomerate CITIC Ltd and U.S. private equity firm Carlyle Group LP for up to $2.1 billion, in a deal that will see the consortium act as the master franchisee for a 20-year period. The complaint, which follows allegations from a U.S. labor union that the transaction will likely lead to poorer pay and conditions for McDonald''s 120,000 workers in China, could delay regulatory approval for the deal. Beijing-based Hejun Vanguard Group, a Chinese management consultancy that has a track-record of representing domestic companies against foreign firms, filed two separate complaints against McDonald''s with the Ministry of Commerce''s (MOFCOM) antimonopoly bureau and its franchise office, Hejun Vanguard told Reuters. MOFCOM did not immediately respond to a request for comment. CITIC, CITIC Capital and Carlyle declined to comment. "The deal will put enormous downward pressure on McDonald''s master franchisees, existing franchisees that operate individual stores, and the workers and customers of those stores," said Li Su, CEO of Hejun Vanguard Group in a statement. "Regulators should investigate the transaction and impose restrictions to prevent McDonald<6C>s from abusing its dominant market position." CITIC and CITIC Capital, an affiliate company that manages private equity funds, will hold 52 percent following the deal. Carlyle will control 28 percent of the business, while McDonald''s will retain a 20 percent stake. McDonald''s currently owns and operates most of its outlets on the mainland but the deal will see the fast-foot giant move to a franchise model that should allow it to continue to profit from sales while cutting costs. (Reporting by Michelle Price; Edited by Martin Howell) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-china-mcdonalds-antitrust-idUSKBN15V0Y6'|'2017-02-16T16:08:00.000+02:00'
'68e13e0abd7a3c1bd89a31380d238e184ea4ee16'|'BRIEF-Denison announces CAD$20 mln bought deal private placement of common and flow-through shares'|' 54am EST BRIEF-Denison announces CAD$20 mln bought deal private placement of common and flow-through shares Feb 16 Denison Mines Corp * Denison announces CAD$20m bought deal private placement of common and flow-through shares * Denison Mines - underwriters have agreed to purchase 8.5 million flow-through common shares at a price of CAD$1.12 per share * Denison Mines Corp - private placement of 5.8 million common shares of company at a price of CAD$0.95 per common share * Denison Mines - underwriters have agreed to purchase a further 4.1 million flow-through common shares at a price of CAD$1.23 per share * Denison Mines - intends to use proceeds from sale of common shares for exploration, development at co''s Canadian uranium mining projects in Saskatchewan * Denison Mines Corp - intends to use gross proceeds from sale of shares for exploration, development activities at co''s Canadian uranium mining projects    '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSASB0B0QC'|'2017-02-16T19:54:00.000+02:00'
'f12865f588ce91691ae375ea940ebfd52c4269cb'|'Investors fret over South Africa''s Shoprite-Steinhoff tie-up'|'By Tiisetso Motsoeneng - JOHANNESBURG JOHANNESBURG Minority investors in South Africa''s Shoprite ( SHPJ.J ) are worried they''re getting a raw deal in the supermarket chain''s potential tie-up with international furniture and household goods merchant Steinhoff ( SNHG.DE ) to create an African retail giant.Under the proposed deal, Steinhoff will sell its African assets to Shoprite in return for a controlling stake in the $8 billion grocery chain, and Steinhoff will exchange its shares for those of Shoprite''s top two shareholders.If approved, it will allow Steinhoff to hive off its struggling African assets - made up mainly of clothing, shoe and textile company Pepkor - into a new, separately listed merged entity called Retail Africa and possibly prompt a higher investor rating for its fast-growing European businesses.But three minority shareholders in Shoprite that spoke to Reuters are not in favor of a merger they say will short-change them and benefit Steinhoff investors and Christo Wiese, a top shareholder in both companies and the architect of the estimated 180 billion rand ($14 billion) proposed deal.The push back, although not enough to torpedo the deal at this stage, could complicate it if their views spread, and could test the retail billionaire''s determination to bring more of his assets under one roof.At the heart of the Shoprite investors'' complaints are a lack of obvious cost savings from overlaps between Pepkor''s shoe, furniture and clothing chains and grocery retailer Shoprite and exchanging a stock with bigger potential for what they called inferior businesses."It''s a good deal for Steinhoff shareholders but it''s not a great deal for Shoprite shareholders," said Tota Tsotsotso, managing director at Bataung Capital, a Shoprite shareholder. He declined to disclose the stake the fund holds in the company."Through this deal, Shoprite will inherit some problematic businesses in Steinhoff while Steinhoff will add a defensive, fast-growing supermarket chain to its portfolio."Steinhoff''s African businesses, which include furniture store JD Group and electronics brand Incredible Connection, have been a drag on earnings due to weak consumer spending, slowing economies and faltering currencies.Operating profit at those businesses grew just 1 percent last year, compared with a 16 percent rise at Steinhoff''s European chains and almost double in Australasia.SHARES UNDER PRESSUREThe deal has depressed Shoprite''s stock price. It booked its worst one-day fall in more than a decade on Dec. 14 when the talks were announced and has extended losses to about 15 percent at around 175 rand since then as of this week.Zwelakhe Mnguni, chief investment officer at Benguela Global Fund Manager, a Shoprite investor, said a merger could further dampen a stock that has big upside potential because Shoprite''s store and supply chain network outside its maturing home market had reached a stage where it can be scaled up.Shoprite''s shares should be trading at 205 rand, or nearly 20 percent higher that the current level, based on its most likely earnings growth trajectory, according to Thomson Reuters Starmine intrinsic valuation model."Our assessment is that this deal is not in the best interests of our clients," said Mnguni, whose firm owns nearly 1 billion rand ($75 million) worth of Shoprite shares. "There are no obvious synergies in the deal, so the idea of creating an African retail giant doesn''t make sense."Shoprite and Steinhoff have said the deal will not lead to job cuts.Another fund manager, who owns shares in Shoprite, said the takeover appeared tailored to benefit Wiese, who told Reuters in September a merger would be a "natural development" as he continued to look for ways to consolidate his assets."I can''t see either party adding value to each other. It''s obviously in Christo Wiese''s long-term interests and doesn''t mean it''s in other shareholders'' interests," said Evan Walker, a fund manager at 360ne Ass
'3016b97f5c0b7deabf38de0e23885aff7574f2ea'|'UK raises alarm over threat to Vauxhall from GM-Peugeot deal'|'By Kate Holton - LONDON LONDON Britain and its leading union expressed concerns on Wednesday at a plan by General Motors ( GM.N ) to sell its European operations to France''s PSA Group ( PEUP.PA ) in a deal that could put GM''s Vauxhall operations in England at risk after Brexit.Britain''s largely foreign-owned car industry has thrived in recent years, but the vote to leave the European Union has cast doubt on future growth by raising the prospect of tariffs which would make UK plants less competitive.Prime Minister Theresa May''s government has already been forced to pull a deal together to persuade Nissan to keep investing in Britain, saying it would counter any loss of competitiveness caused by Brexit.On Tuesday the news that GM had entered into talks with France''s PSA over a deal to merge its loss-making Opel and Vauxhall brands with the French group''s Peugeot, Citroen and DS names raised fears that the British Vauxhall brand could look vulnerable if an enlarged group needs to cut costs."The government remains in close contact with GM as we closely monitor the situation," a spokesman for the British Department of Business said, adding that the minister Greg Clark had already raised his concerns with GM President Dan Ammann.Britain''s car industry, which ships more than half of its exports to the other 27 countries in the EU, had lobbied hard against Brexit.Since the vote last June, Prime Minister May has said that Britain will leave the EU single market, which guarantees unfettered trade on the continent, but suggested that certain industries may be able to retain elements of free trade.Vauxhall employs around 4,500 staff in two plants near Liverpool and Luton, north of London, and supports other jobs through supply chain and retail links.The Unite workers'' union said the president of GM had given a private assurance last year that there would be no surprises in terms of GM''s plants in Britain, and that these commitments had not been upheld."To Peugeot I say, talk to us," Unite General Secretary Len McCluskey said in a statement. "Our members have helped to make the UK auto industry the most competitive and productive in Europe and will do so again with the right backing."McCluskey met Business Minister Clark on Wednesday to discuss the potential impact on Vauxhall and said he had urged the government to give the same assurances it had given to Nissan to other carmakers."It cannot be that the future of UK car workers<72> jobs now lie in the hands of the French government and their backing for Peugeot," he said.(Additional reporting by Ritvik Carvalho, editing by Estelle Shirbon and Jason Neely)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-opel-m-a-psa-britain-idINKBN15U0Z3'|'2017-02-15T09:54:00.000+02:00'
'abf85ba92537483a2a4dc99f0b7df1c9d251f98b'|'Trump to meet with retail CEOs who oppose border tax'|'Business News - Wed Feb 15, 2017 - 9:41am EST Trump to meet with retail CEOs who oppose border tax FILE PHOTO: Then U.S. President-elect Donald Trump speaks at his election night rally in Manhattan, New York, U.S., November 9, 2016. REUTERS/Carlo Allegri/File Photo By Ginger Gibson - WASHINGTON WASHINGTON U.S. President Donald Trump will welcome the chief executive officers of Target Corp ( TGT.N ), Best Buy Co Inc ( BBY.N ) and six other major retailers to the White House on Wednesday morning to discuss tax reform and infrastructure. Best Buy and Target have been fighting a proposal to impose a border tax on imported goods, among sweeping changes presented by the Republican-controlled House of Representatives. Convincing Trump to oppose the measure would probably bring an end to it. Trump plans to announce his own tax plan in the coming weeks. The meeting will include Target''s Brian Cornell, Best Buy''s Hubert Joly, Gap Inc''s ( GPS.N ) Art Peck, Autozone Inc''s ( AZO.N ) William Rhodes, Walgreens Boots Alliance Inc''s ( WBA.O ) Stefano Pessina, J.C. Penney Co Inc''s ( JCP.N ) Marvin Ellison, Jo-Ann Stores'' Jill Soltau and Tractor Supply Co''s ( TSCO.O ) Gregory Sandfort. The group will also meet on Wednesday with the heads of the two tax-writing congressional committees, Kevin Brady, chairman of the House Ways and Means Committee, and Senator Orrin Hatch, chairman of the Senate Finance Committee. Brady and House Speaker Paul Ryan are leading the push to overhaul the tax code by cutting the corporate income tax to 20 percent from 35 percent, imposing a 20 percent tax on imports and excluding export revenue from taxable income. Companies that rely heavily on imports, such as retailers, automakers and refiners, say a border tax would outweigh the benefit of a lower headline corporate tax. Trump has voiced some concern about the House tax proposal, calling it "too complicated." But the White House also has said a border tax on goods from Mexico is one option under review to pay for a wall along the nation''s southern border. The prospect of a big import tax is also pitting some of the largest U.S. companies against one another. A group of major exporters, including Boeing Co ( BA.N ), General Electric Co ( GE.N ) and Pfizer Inc ( PFE.N ), have formed their own coalition to support the import tax. (Reporting by Ginger Gibson; Editing by Lisa Von Ahn) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-trump-retail-ceos-idUSKBN15U1UL'|'2017-02-15T21:41:00.000+02:00'
'c10bc8ac40d27ea26363bc91b81317458b746a5a'|'BRIEF-Samson Resources confirms global settlement joint plan of reorganization, moves toward emergence from Chapter 11'|'Feb 13 Samson Resources:* Samson Resources confirms global settlement joint plan of reorganization and moves toward emergence from Chapter 11* Settlement plan was approved by voting creditors, including 100 percent of first lien, second lien lenders,holders of over 99 percent of unsecured claims Source text for Eikon:'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/idINASB0AZZ0'|'2017-02-13T16:39:00.000+02:00'
'd69e2a67d29e0d73014c2656dae4e4756d4eeeab'|'Freeport Indonesia CEO resigns after force majeure on copper exports'|'JAKARTA Feb 18 Chappy Hakim, the chief executive of Freeport-McMoran Inc''s Indonesian unit, has resigned, the firm said in a statement on Saturday, after its parent company declared force majeure on copper concentrate shipments from its giant Grasberg mine in Papua.Hakim, a former air force chief, had only been in the job for a few months. He was appointed to use his connections to guide Freeport Indonesia through regulatory uncertainty."I have decided it is in the best interests of PTFI (Freeport Indonesia) and my family to step down from my duties as president director while continuing to support the company in an advisory role," Hakim was cited as saying in the statement.Freeport, which has been negotiating with the Indonesian government after halting exports following the introduction of new mining rules, said on Friday it could not meet contractual obligations for copper concentrate shipments from Grasberg following a five-week export ban. (Reporting by Agustinus Beo Da Costa; Writing by Gayatri Suroyo)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/indonesia-freeport-mcmoran-ceo-idINL4N1G3040'|'2017-02-18T06:32:00.000+02:00'
'c1eec366b3aeff0e828f85ef1e4abeebce0a8615'|'Freeport Indonesia CEO resigns after force majeure on copper exports'|'Commodities - Sat Feb 18, 2017 - 4:36am EST Freeport Indonesia CEO resigns after force majeure on copper exports Chappy Hakim, new chief executive of Indonesia''s local unit of U.S. mining giant Freeport McMoRan, speaks to reporters outside parliament in Jakarta, Indonesia December 7, 2016. REUTERS/Bernadette Christina Munthe JAKARTA Chappy Hakim, the chief executive of Freeport-McMoran Inc''s Indonesian unit, has resigned, the firm said in a statement on Saturday, after its parent company declared force majeure on copper concentrate shipments from its giant Grasberg mine in Papua. Hakim, a former air force chief, had only been in the job for a few months. He was appointed to use his connections to guide Freeport Indonesia through regulatory uncertainty. "I have decided it is in the best interests of PTFI (Freeport Indonesia) and my family to step down from my duties as president director while continuing to support the company in an advisory role," Hakim was cited as saying in the statement. Freeport, which has been negotiating with the Indonesian government after halting exports following the introduction of new mining rules, said on Friday it could not meet contractual obligations for copper concentrate shipments from Grasberg following a five-week export ban. (Reporting by Agustinus Beo Da Costa; Writing by Gayatri Suroyo) Next In Commodities'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-indonesia-freeport-mcmoran-ceo-idUSKBN15X082'|'2017-02-18T16:32:00.000+02:00'
'18c5d9f11b205a7d49cefe4f916e1e559c456867'|'UPDATE 1-Speculators pare back U.S. dollar longs to 4-month low -CFTC, Reuters'|' 43pm EST UPDATE   dollar positioning was the lowest since the week ended Oct. 11. The dollar has underperformed so far this year, falling 1.2 percent against a basket of currencies, after gains of 3.6 percent in 2016. The dollar has been hurt by a combination of comments from the Trump administration about preference for a weaker dollar as well as mixed U.S. economic data suggesting growth in the world''s largest economy may not be as strong as many initially thought. The greenback''s soft trend so far in 2017, however, is not expected to last long with a Federal Reserve in the midst of an interest rate hiking cycle. Fed Chair Janet Yellen earlier this week affirmed the U.S. central bank''s commitment to raising interest rates multiple times this year, noting that "every FOMC (Federal Open Market Committee) meeting is a live meeting." "It is only a matter of time before the dollar resumes its rise," said Kathy Lien, managing director of FX strategy at BK Asset Management in New York. "The (dollar) bulls could be hanging back until President Trump announces his ''phenomenal'' tax plan," she added. CFTC data also showed net shorts of 51,284 Japanese yen contracts, the lowest in more than two months. The yen has gained 3.5 percent so far this year as the U.S. dollar struggled. The Japanese currency''s movements have been mostly tied to the greenback''s outlook. "The inability of U.S. bond yields to hold onto recent gains highlights the fading confidence surrounding the administration''s ability to enact swift and meaningful fiscal legislation," said Omer Esiner, chief market analyst at Commonwealth Foreign Exchange in Washington. The Reuters calculation for the aggregate U.S. dollar position is derived from net positions of International Monetary Market speculators in the yen, euro, British pound, Swiss franc and Canadian and Australian dollars. Japanese Yen (Contracts of 12,500,000 yen) $5.611 billion 14 Feb 2017 Prior week week Long 27,701 25,874 Short 78,985 80,934 Net -51,284 -55,060 EURO (Contracts of 125,000 euros) $6.183 billion 14 Feb 2017 Prior week week Long 125,333 126,708 Short 172,097 171,659 Net -46,764 -44,951 POUND STERLING (Contracts of 62,500 pounds sterling) $5.106 billion 14 Feb 2017 Prior week week Long 39,039 38,135 Short 104,567 102,674 Net -65,528 -64,539 SWISS FRANC (Contracts of 125,000 Swiss francs) $1.428 billion 14 Feb 2017 Prior week week Long 6,608 7,059 Short 18,092 21,680 Net -11,484 -14,621 CANADIAN DOLLAR (Contracts of 100,000 Canadian dollars) $-1.479 billion 14 Feb 2017 Prior week week Long 53,152 46,127 Short 33,812 37,577 Net 19,340 8,550 AUSTRALIAN DOLLAR (Contracts of 100,000 Aussie dollars) $-1.855 billion 14 Feb 2017 Prior week week Long 79,313 66,545 Short 55,095 49,797 Net 24,218 16,748 MEXICAN PESO (Contracts of 500,000 pesos) $1.486 billion 14 Feb 2017 Prior week week Long 30,271 31,229 Short 90,484 89,717 Net -60,213 -58,488 NEW ZEALAND DOLLAR (Contracts of 100,000 New Zealand dollars) $-0.206 billion 14 Feb 2017 Prior week week Long 36,565 34,860 Short 33,689 33,015 Net 2,876 1,845 (Reporting by Gertrude Chavez-Dreyfuss; Editing by Richard Chang and Meredith Mazzilli)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/cftc-forex-idUSL1N1G21J7'|'2017-02-18T04:43:00.000+02:00'
'05029e361d7222208e8b2ea1228ecb664480be7d'|'UK watchdog wants more power to punish company directors'|'Business News - Thu Feb 16, 2017 - 8:24am GMT UK watchdog wants more power to punish company directors LONDON Britain''s accounting and corporate governance watchdog has called on the government to give it powers to punish directors of listed companies caught up in financial reporting breaches. The Financial Reporting Council (FRC) made its call as it announced a fundamental review of its 25-year-old codes of best practice for companies. The FRC said that it also wants company boards to take better account of stakeholder views and ensure there is a link between executive pay and performance. The watchdog was responding to a discussion paper from the government on reforming corporate governance, though FRC Chairman Win Bischoff said the basic tenets of the body''s codes would not be changed. "In pursuing any changes, the current strengths of UK governance: the unitary board, strong shareholder rights, the role of stewardship and the ''comply or explain'' approach, must be preserved," he said in a statement. The "comply or explain" approach refers to companies disclosing how they complied with FRC codes or saying why they chose not to apply them. Being given powers to punish company directors caught up in financial reporting breaches would mark a significant widening of the watchdog''s remit. The FRC''s existing powers mean it can only ban or fine company executives who are trained accountants or actuaries belonging to professional bodies. It would be up to the government to bolster the watchdog''s powers. The FRC said it would start a public consultation on its proposals later this year based on the outome of its review of the codes and responses to the government''s discussion paper. (Reporting by Huw Jones; Editing by David Goodman) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-companies-regulator-idUKKBN15V0TA'|'2017-02-16T15:24:00.000+02:00'
'cfcf309f8600dae3c57986a9bde6723b609e6a50'|'Technically, Britain could be waving goodbye to positive bond yields'|'Business News - Thu Feb 16, 2017 - 4:56pm GMT Technically, Britain could be waving goodbye to positive bond yields By John Geddie - LONDON LONDON Investors may soon be paying for the privilege of lending to the British government for as long as ten years, according to a form of technical analysis known as Elliot Wave. Daniel Loughney, a portfolio manager at AllianceBernstein, has used this model to predict that Britain''s 10-year bond yield could fall below zero by 2018 - as has happened in Japan and Germany where central banks have used unprecedented monetary stimulus to prop up economies. This is not a consensus view. With inflation expected to spike as a result of the sharp depreciation of the pound since last June''s Brexit vote, markets are priced for the Bank of England to raise interest rates over the next two years. Economists polled by Reuters expect Britain''s 10-year bond yield, currently around 1.30 percent GB10YT=TWEB, to rise to 1.60 percent by the end of 2017, while some predict it may reach as high as 2.10 percent. reuters://realtime/verb=Open/url=cpurl://apps.cp./Apps/mm-bondyield-polls?s=6J&st=G "There is an endemic bias in markets that always wants to think that yields are going up and the economy will do well," said Loughney. "I try with technicals to disassociate with all of the economic data and from this perspective there is a very good chance yields will fall below previous lows and potentially into negative territory in the U.K." While AllianceBernstein predicts British 10-year yields will remain around current levels over the next year, the fund is slightly overweight the debt because of the technical outlook. Loughney''s calculations are based on the Elliot Wave theory of market psychology which assumes historical price trends known as ''waves'' follow set rules and can predict future movements. In a five-way wave count such as Loughney''s, waves one, three and five show the trend, while two and four are corrective phases. Based on his analysis of price moves since 2008, Loughney said yields could fall to between 0.7 percent and minus 0.1 percent by end-2018. Based on a longer-term pattern dating to 1990, he says they could drop as low as minus 0.9 percent. To view the charts, click here: reut.rs/2kNiy5S reut.rs/2lP4r4h Loughney said he used the same theory to predict German bond yields would fall into negative territory a couple of years before it happened in June 2016. (Editing by Ruth Pitchford)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-bonds-technicals-idUKKBN15V2A2'|'2017-02-16T23:56:00.000+02:00'
'96a6a134f65973127f52244acc34f626f4181227'|'China will step up anti-money laundering supervision - central bank'|'Business News - Fri Feb 17, 2017 - 11:43am GMT China will step up anti-money laundering supervision - central bank People walk past the headquarters of the People''s Bank of China (PBOC), the central bank, as two paramilitary police officials patrol around it in Beijing November 20, 2013. REUTERS/Jason Lee/File Photo BEIJING China will strengthen anti-money laundering supervision activities and improve mechanisms to prevent money laundering, the central bank said on Friday. Financial risks remain and there are still challenges to financial stability, the People''s Bank of China said on its website. China added new rules on cross-border capital flows in December as part of what it said were measures to prevent money laundering. (Reporting by Beijing Monitoring Desk; Editing by Richard Borsuk) Next In Business News Britain, China pledge to promote free trade SHANGHAI China and Britain have pledged to promote free trade and cooperate on building a open world economy, fanning efforts to shore up what the two governments have called a "golden era" in their relationship, the Xinhua news agency reported on Friday.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-china-economy-cenbank-idUKKBN15W15T'|'2017-02-17T18:43:00.000+02:00'
'22df90a7ce1d60641aacbb28ca3270019213d7d9'|'Britain says PSA bosses wish to build on Vauxhall''s success'|'LONDON Bosses at the Peugeot-maker PSA Group ( PEUP.PA ) have told the British government they would seek to build on the strengths of the Vauxhall car business if they succeed in buying its parent company, Opel.Britain''s Business minister Greg Clark went to Paris on Thursday evening to meet French politicians and PSA executives to discuss their plan to buy the European operations of General Motors ( GM.N ), Opel, which include the Vauxhall plants in Britain.The talks have set political alarm bells ringing in Britain and Germany, where there are fears that a sale could lead to heavy job losses at the two businesses.In a short statement Clark said the PSA executives had "stressed that they valued highly the enduring strength of the Vauxhall brand, underpinned by its committed workforce.""While discussions are still on-going, they made clear to me that in any deal these were strengths they would wish to build on," he said. Clark had previously contacted GM President Dan Ammann to express concern over the future of Opel''s UK plants.Clark said on Thursday he had been reassured by General Motors that the firm did not intend to "rationalize" its Vauxhall operations in Britain.Germany expects the proposed acquisition to go ahead, a German minister said on Thursday.(Reporting by Kate Holton; Editing by Adrian Croft)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-opel-m-a-psa-britain-idINKBN15W0OO'|'2017-02-17T05:10:00.000+02:00'
'100963444f052213b18db9904b2beb7491128154'|'Straumann on hunt for 3D printer partner, could take stake - CEO'|' 50am GMT Straumann on hunt for 3D printer partner, could take stake - CEO ZURICH Straumann ( STMN.S ) Chief Executive Marco Gadola is on the hunt for a 3D printing partner, saying on Thursday it is likely that the Swiss dental implant maker will reach distribution agreement over the next 12 months that includes a possible ownership stake. "What we have to offer is a worldwide distribution network, especially when it comes to penetrating dentists'' offices," Gadola said in an interview . "More and more dentists are looking at 3D printing in their own offices." Gadola said fast-growing 3D printing applications for dentists is one of the few remaining gaps in the company''s push to become what he calls a "total solutions" provider. "The probability is rather high" that such a distribution pact will emerge over the next year, he said. Straumann''s full-year 2016 net income tripled to 230 million Swiss francs ($229 million), helped by a one-time tax gain related to the acquisition of Brazil''s Neodent. It plans to pay a dividend of 4.25 francs per share. ($1 = 1.0043 Swiss francs) (Reporting by John Miller; Editing by Michael Shields)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-straumann-results-3d-printing-idUKKBN15V0PQ'|'2017-02-16T14:50:00.000+02:00'
'6bd0c31277eafb04a08d14c5d891fb5f669d2f65'|'PSA''s chief seeks meeting with British PM on planned Vauxhall takeover'|'PARIS PSA Group''s Chief Executive Officer has asked for a meeting with British Prime Minister Theresa May on the planned acquisition of General Motors'' Opel and Vauxhall operations, a spokesman for the French carmaker said on Saturday."Carlos Tavares has asked to meet Theresa May," the spokesman said. "It''s the same approach that we''ve engaged with the German authorities."Talks on a sale of GM''s European arm to PSA were confirmed by both companies on Tuesday, raising concerns in London and Berlin over possible job cuts. Germany accounts for half of GM Europe''s 38,000 staff, with 4,500 in Britain where the company operates under the Vauxhall brand.Two sources close to PSA said on Thursday that job and plant cuts were part of the tie-up talks, with the two Vauxhall sites in Britain in the front line.(Reporting by Laurence Frost; Writing by Mathieu Rosemain; editing by John Stonestreet)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/opel-m-a-psa-britain-idINKBN15X0GD'|'2017-02-18T10:59:00.000+02:00'
'637c4c142ca2f6a4ed15164f01e641fdcc05d22f'|'China says policies unaffected by Trump plan to bring factories back to U.S.'|'Business News - Sat Feb 18, 2017 - 4:52am GMT China says policies unaffected by Trump plan to bring factories back to U.S. FILE PHOTO - A factory floor in Xuzhou, Jiangsu province, China August 14, 2015. REUTERS/Brenda Goh/File Photo SHANGHAI China is closely following U.S. President Donald Trump''s plans to create more domestic jobs by encouraging U.S. companies to bring home or "reshore" their overseas production, but the government will not change its overall strategy, Industry Minister Miao Wei said on Friday. "Regarding President Trump''s efforts to revitalise U.S. manufacturing and allow more U.S. companies to move back to the United States, we are paying close attention to these policies but they will not affect the development of China''s manufacturing industry," Miao said at a press briefing. He said China would continue to encourage foreign enterprises to invest in China while at the same time encouraging domestic firms to go overseas. "We will not change our goal of opening up to the outside world," he said. Worried its export-dependent industries will suffer, China has repeatedly urged global leaders to reject protectionism, which Trump has championed with his "America First" campaign. Speaking at the World Economic Forum in Davos last month, Chinese president Xi Jinping likened protectionism to "locking oneself in a dark room" and cutting off "light and air". China''s steel sector has been under particular scrutiny, with mills subject to increasing numbers of anti-dumping moves amid accusations that they were selling at less than cost and forcing foreign competitors out of business. Vice industry minister Xu Lejiang said at the same press briefing on Friday that China''s decision to slash 65 million tonnes of steel capacity last year had already brought prices back up, with a composite index run by the China Iron and Steel Association (CISA) rising 76.5 percent in 2016. Xu said the total number of loss-making steelmakers fell 51 percent last year, while overall sector profits rose more than twofold in 2016. China announced early last year that it would close as much as 150 million tonnes of production over the 2016-2020 period. (Reporting by David Stanway; Editing by Eric Meijer)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-china-manufacturing-trump-idUKKBN15X03Q'|'2017-02-18T11:52:00.000+02:00'
'431d97a719f3f91995123f4397ec689a53996979'|'Gulf States to maintain defence spending despite oil price slump'|'Business News - Sat Feb 18, 2017 - 3:02am EST Gulf States to maintain defense spending despite oil price slump By Stanley Carvalho - ABU DHABI ABU DHABI Gulf Arab states are poised to continue to spend billions of dollars on defense despite low oil prices causing severe budget deficits forcing Gulf States to introduce austerity measures and cut spending. Saudi Arabia''s total defense budget is forecast at $82 billion in 2016, steadily rising to $87 billion in 2020 while that of UAE is put at $15.1 billion in 2016 reaching $17.0 billion in 2020, according to Teal Group, a U.S-based defense analysis firm which has also forecast increased spending by Kuwait, Qatar, Oman and Bahrain. "Defense spending is linked to national security and threat perception, not resource prices," said Richard Aboulafia, vice president of Teal Group. Oil prices more than halved in 2016 from their peaks in 2014. "Even if low oil prices might complicate the timing of defense deals, it really has little to do with the total medium- and long-term volume of sales," he added. Saudi Arabia and the UAE''s defense spend as a share of their GDP is the highest in the world, according to the Stockholm International Peace Research Institute. That means big business for arms manufacturers at the biennial International Defense Exhibition (IDEX), starting on Sunday in Abu Dhabi, capital of the United Arab Emirates. Big contracts at stake include the UAE''s requirements for up to 60 fighter jets. Talks have been ongoing with France''s Dassault Aviation and Britain''s BAE Systems. Saudi Arabia is in the middle of its Eurofighter and F-15 acquisition programs, but they are due to be completed by 2019, after which the country will need more fighters to meet its ambitious force structure goals.Kuwait has requested 28 Boeing F/A-18 E/F Super Hornets, with an option for a total of 40 aircraft while Bahrain has expressed interest in the Lockheed Martin F-16. Aside from fighter jets, countries in the region are looking to upgrade missile systems and to buy helicopters, tanks, drones, and other hardware to strengthen internal and external security. The UAE will announce deals at IDEX 2017, the only time such contracts are awarded officially. At the 2015 IDEX, it announced deals worth $5 billion, up 30 percent over 2013. "High or low oil prices, defense and security are irreplaceable, we cannot compromise," a senior UAE military official told Reuters. Around 1,235 companies from 57 countries are exhibiting at the expo, the region<6F>s largest such show. (Reporting By Stanley Carvalho; Editing by Eric Meijer) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-emirates-defence-idUSKBN15X05Z'|'2017-02-18T14:48:00.000+02:00'
'8e3315fa64ad4603c2a1a203ecb82012909163fc'|'REFILE-UPDATE 2-Dean Foods profit forecast misses on weak milk demand'|'(Corrects paragraph 2 to add dropped word "percent")* Sees Q1 adj. profit of $0.12-$0.20/shr vs est $0.40* Reports Q4 adj profit of $0.38/shr vs. est. $0.41* Shares down 8.6 pctFeb 16 Dean Foods Co forecast first-quarter profit well below analysts'' estimates due to weak demand for milk and higher investments in a recently announced joint venture to expand its organic milk business.Shares of the largest U.S. dairy processor fell as much as 8.6 percent in morning trading on Thursday.Dean Foods formed a joint venture with America''s largest cooperative of organic dairy farmers, CROPP, in November to process and supply organic milk as the company seeks newer avenues for growth.Milk consumption has been falling in the United States, in part due to years of high prices amid a drought-induced supply deficit and shifting consumer preferences towards lower fat alternatives such as juices and vitamin water.For the first quarter, the company forecast adjusted profit of 12-20 cents per share. Analysts on average expected earnings of 40 cents, according to Thomson Reuters I/B/E/S.Dean Foods said its profit forecast assumes an almost 20 percent rise in dairy commodity prices and about 1 percent drop in the company''s sales volumes.However, the company said it may not pass on the entire increase in commodity prices to customers.Instead, Dean Foods plans to spend more modestly, setting a capital expenditure budget of $120 million-$130 million for 2017, down from $145 million in 2016.The company said it was also laying the groundwork to implement zero-based budgeting across the company this year, under which managers have to justify expenses in each new budgeting period.Volume sales fell 0.8 percent in the fourth quarter ended Dec. 31, while raw milk prices dropped 2 percent, the owner of DairyPure and Meadow Gold milk said.The company''s net income rose to $32.83 million, or 36 cents per share, in the latest quarter from $18.48 million, or 20 cents per share, a year earlier.Excluding items, the company earned 38 cents per share, missing the analysts'' average estimate of 41 cents.Net sales were little changed at $2.02 billion, marking eight quarters of no revenue growth.The company said it expected minimal contribution to its earnings this year from the joint venture.Dean Food''s shares, which have fallen 1 percent in the last 12 months, were down 8.1 percent at $18.79 on the New York Stock Exchange. (Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by Savio D''Souza and Anil D''Silva)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/dean-foods-results-idINL4N1G140F'|'2017-02-16T12:54:00.000+02:00'
'973f3840dd972f4249393a0250434a9c61ca3547'|'PRESS DIGEST- Financial Times - Feb 17'|'Company News  52pm EST PRESS DIGEST- Financial Times - Feb 17 Feb 17 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/2kY1n40 Overview Allianz SE said it would launch a share buyback worth up to 3 billion euro, as Europe''s largest insurance group posted a 23 per cent rise in fourth-quarter profits. Shares in UK aerospace and defence company Cobham Plc dropped almost 20 per cent after it issued its fifth profit warning in just over a year and said earnings could fall further next year. Bruce Carnegie-Brown is set to be named as the new chairman of Lloyd''s, the London insurance market. The 58-year-old will replace John Nelson, who has held the post since 2011 and is due to step down later this year. Stock in Samsung Electronics Co Ltd fell as much as 1.6 per cent at the open on Friday after the early-morning arrest of Lee Jae-yong, heir apparent of Samsung Group. (Compiled by Abinaya Vijayaraghavan in Bengaluru; Editing by Sandra Maler) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-press-ft-idUSL4N1G2096'|'2017-02-17T07:52:00.000+02:00'
'9e024e21db0c4ef81389af8adb42dc96c1675964'|'Mongolia agrees economic bailout plan worth $5.5 billion with IMF, other partners'|'Business News - Sun Feb 19, 2017 - 3:38am GMT Mongolia agrees economic bailout plan worth $5.5 billion with IMF, other partners FILE PHOTO - An employee looks at the Oyu Tolgoi mine in Mongolia''s South Gobi region June 23, 2012. REUTERS/David Stanway/File Photo ULAANBAATAR Mongolia has agreed with the International Monetary Fund and other partners for a $5.5 billion (4 billion pounds) economic stabilisation package, according to a statement from the IMF on Sunday. Asia Development Bank, World Bank and bilateral partners, including Japan and South Korea, will provide up to $3 billion, while People''s Bank of China will expand a swap line worth 15 billion yuan ($2.19 billion), the IMF said. IMF will offer three-year loans worth about $440 million. (Reporting by Terrence Edwards; Editing by Himani Sarkar) Next In Business News ECB''s Lautenschlaeger welcomes inflation rise but says too soon for rate move BERLIN European Central Bank board member Sabine Lautenschlaeger has said the ECB needs to wait to see if inflation stabilises in its target zone of just under 2 percent before interest rates can be raised, but that she hopes its bond-buying programme can be scaled down before year-end.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-mongolia-imf-idUKKBN15Y02O'|'2017-02-19T10:38:00.000+02:00'
'fb833ccc0370410756b9b9d0bcd681107ef05472'|'Iranian minister who oversaw plane deals survives no-confidence vote'|'Company   7:19am EST Iranian minister who oversaw plane deals survives no-confidence vote ANKARA Feb 19 Iran''s transport minister survived a no-confidence vote in parliament on Sunday, state media reported, defeating a motion which could have derailed Iran''s landmark deals with planemakers Boeing and Airbus . In a session broadcast live on state radio, 176 lawmakers voted against and 74 for the no-confidence motion which accused Roads and Urban Development Minister Abbas Akhoundi of mismanagement after a railroad collision and over alleged lack of transparency in the plane purchases. (Reporting by Ankara newsroom; Editing by Janet Lawrence) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/iran-minister-transports-idUSL8N1G40EH'|'2017-02-19T19:19:00.000+02:00'
'8b4db13dcea799dfe3f06c4b4e04251116a9f810'|'UPDATE 1-U.S. mortgage rates fall in latest week -Freddie Mac'|'Business  32pm EST U.S. mortgage rates fall in latest week -Freddie Mac NEW YORK U.S. mortgage rates fell in the latest week even as bond yields rose on upbeat U.S. economic data and Federal Reserve Chair Janet Yellen''s hint of a possible faster pace of interest rate increases, 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 4.15 percent in the week ended Feb. 16, down from 4.17 percent the previous week, Freddie Mac said. The 30-year mortgage rate has held below its two-plus year high of 4.32 percent set in late December. Average interest rates on 15-year fixed-rate and five-year adjustable rate home loans fell 4 basis points and 3 basis points, respectively, from the prior week. The benchmark 10-year Treasury yield US10YT=RR was 2.452 percent on Thursday, up 4 basis points so far this week after last week''s 8 basis-point decline, according to Reuters data. Fed Chair Yellen during her testimony before Congress on Tuesday and Wednesday hinted a faster pace of rate increases may be needed if the job market improves further and inflation reaches the Fed''s 2 percent goal. Her remarks on rate hikes came as data on Wednesday showed retail sales rose faster than forecast in January and consumer prices posted their biggest monthly increase in nearly four years. "For the last 46 years, the 30-year mortgage rate has been almost perfectly correlated with the yield on the 10-year Treasury, but not this year," Freddie Mac chief economist Sean Becketti said in a statement. "While we expect mortgage rates to fall into line with Treasury yields shortly, this just may be a year full of surprises." Mortgage rates have scaled back from their spike following Donald Trump''s U.S. presidential win in November, helping to stabilize demand for mortgages. The pullback in home financing costs should also support home sales and construction in the coming months. Earlier on Thursday, data showed housing starts fell 2.6 percent in January but building permits reached a one-year high. Below is a summary of Freddie Mac''s average mortgage rates in the week ended Feb. 16: Loan type Latest week (pct) Week ago (pct) Year ago (pct) 30-year fixed 4.15 4.17 3.65 15-year fixed 3.35 3.39 2.95 5-year ARM 3.18 3.21 2.85 (Reporting by Richard Leong; Editing by Meredith Mazzilli) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-mortgages-freddiemac-idUSKBN15V27B'|'2017-02-17T00:31:00.000+02:00'
'8508fe423974d410b4d21e2e5fbf01b4658f0d94'|'Air France-KLM profit beats expectations, targets more cost cuts'|'Business News - Thu Feb 16, 2017 - 6:35am GMT Air France-KLM profit beats expectations, targets more cost cuts An Airbus A321 plane of the French airline Air France is seen on the tarmac at the Marseille-Provence airport in Marignane on the first day of a strike by Air France stewards, France, July 27, 2016. REUTERS/Philippe Laurenson By Victoria Bryan and Cyril Altmeyer - BERLIN BERLIN Air France-KLM ( AIRF.PA ) reported better than expected operating profit for 2016 and said it had made a "resilient" start to 2017 as it promised further cost-cutting efforts this year. The Franco-Dutch carrier reported a 2016 operating result of 1.049 billion euros, better than analyst expectations for 969 million euros, and helped by low fuel prices and efforts to restrict the number of extra seats it put on the market. The group wants to do more flying more this year though, with plans to increase capacity by between 3 and 3.5 percent, against an increase of 0.7 last year. Rival Lufthansa plans to increase capacity by 4 percent this year. It said that while there was a high level of uncertainty around revenues from tickets, unit revenue had fallen by just 0.7 percent in January, compared with a decline of 5 percent for 2016 as a whole. "Unit revenues are more reasonable at the start of 2017 than for 2016," Chief Financial Officer Frederic Gagey told journalists, saying it was too early to extrapolate it to the rest of the year. He said Air France-KLM was aiming to reduce costs by at least 1.5 percent this year, after a fall of 1 percent last year. Similar to rival Lufthansa ( LHAG.DE ), Air France-KLM is trying to cut costs and is planning a new Air France unit, dubbed Boost, that will operate at lower costs out of its hub at Charles de Gaulle. Under the proposals, pilots'' costs would be reduced by 15 percent while those of cabin crew by 40 percent. Pilots'' unions have so far expressed scepticism about the plans, which Air France presented last week and which would cover a maximum of 18 short-haul and 10 long-haul planes. In 2016, the Air France unit made an operating margin of 2.4 percent, against 6.9 percent for the KLM division. Gagey said the difference was because the Air France unit was hit by strikes by pilots and cabin crew, and also by the impact of a series of deadly Islamist militant attacks in France that have weighed on the country''s tourism industry. (Reporting by Victoria Bryan and Cyril Altmeyer; Editing by Sudip Kar-Gupta) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-air-france-klm-results-idUKKBN15V0IG'|'2017-02-16T13:35:00.000+02:00'
'e51d6c55eb890285a979e0c612fedc296a262d30'|'BRIEF-Quanta Services sees FY 2017 adjusted non-gaap EPS $1.80 to $2.05 from cont ops'|' 19am EST BRIEF-Quanta Services sees FY 2017 adjusted non-gaap EPS $1.80 to $2.05 from cont ops Feb 21 Quanta Services Inc * Quanta services reports 2016 fourth quarter and annual results * Sees fy 2017 adjusted non-gaap earnings per share $1.80 to $2.05 from continuing operations * Sees fy 2017 earnings per share $1.52 to $1.77 from continuing operations * Q4 adjusted non-gaap earnings per share $0.56 from continuing operations * Sees fy 2017 revenue $7.9 billion to $8.5 billion * Q4 revenue $2.1 billion versus i/b/e/s view $2.15 billion * Q4 earnings per share view $0.56 -- Thomson Reuters I/B/E/S * Fy2017 earnings per share view $2.02, revenue view $8.14 billion -- Thomson Reuters I/B/E/S * Quanta services inc - negatively impacting q4 of 2016 were litigation costs incurred of approximately $6.0 million * Qtrly net income from continuing operations $0.57 per diluted share   Further  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-quanta-services-sees-fy-2017-adjus-idUSASB0B15Q'|'2017-02-21T18:19:00.000+02:00'
'd1b88128e8b62e8fb8c11a0b9716afaa236cfc6e'|'European stocks scale the political wall of worry'|' 43am EST European stocks scale the political wall of worry * European clouds lifting ... except in politics * GRAPHIC: U.S., euro zone P/E ratios: bit.ly/2kZcuY3 * Euro zone economy humming along nicely By Jamie McGeever LONDON, Feb 21 Politics have rarely been more fraught on either side of the Atlantic in the post-war era, and yet European stocks are marching steadily higher - casting doubt on the old adage that markets don''t like uncertainty. Voters go to the polls this year in France, The Netherlands and Germany on a rising tide of populism that is out to challenge the established order built since World War Two. None of the far-right parties seems to have a strong chance of securing power. Nevertheless, since the surprise outcome of last year''s U.S. presidential election, financial markets remain particularly apprehensive about the possibility - however slim - of the anti-euro Marine Le Pen winning the French presidency. But the improving European economy and a recovery in corporate profits, at a time when debt yields are still historically low, gives investors little choice but to remain heavily invested in riskier, higher-yielding assets such as equities. That leaves bond markets to reflect the anxiety. Figures on Tuesday showed that despite the political uncertainty, euro zone private sector and manufacturing growth accelerated to near a six-year high in February and job creation reached its fastest since August 2007. "We just don''t know how these political risks will play out. It''s incredibly difficult to take actionable, informed investment decisions in this environment, so some portfolio managers aren''t making any changes," said Neil Dwane, global strategist at Allianz Global Investors. "In the meantime, investors have to hunt for a return," said Dwane, who was previously the group''s Europe Equities chief investment officer. That''s a widely held view in an investment community still struggling to explain 2016. Even those who sailed against the tide to predict Britons would vote to leave the EU and Donald Trump would make it to the White House would probably have been wrong-footed by the subsequent moves across stock markets. Apart from initial short-lived volatility, they have climbed steadily. Investor bets on Trump''s fiscal largesse and tax cuts reflating the U.S. economy have put a rocket under Wall Street, especially bank stocks, and Europe has benefited too. Euro zone stocks have lagged Wall Street this year. The Eurostoxx 50 is up 2 percent year to date, less than half the 5 percent increase that has lifted all three major U.S. indices - the S&P 500, the Dow Jones Industrial Average and the Nasdaq Composite - to record highs. But over a slightly longer period, the Eurostoxx 50 has outperformed the S&P 500 since Trump''s victory on Nov. 8, rising 11 percent compared with 10 percent. That has been achieved without the huge inflows from retail investment funds which have propelled U.S. stocks. According to fund flows tracker EPFR, U.S. equity funds have drawn a net inflow of $84 billion since the election, of which $10.9 billion has come this year. European funds have posted a $511 million net outflow since election day, but a $606 million inflow this year. "People are still under-allocated to Europe. Retail money has gone into U.S. markets, but not Europe. Not yet," said Stephen Macklow-Smith, head of European equity strategy at JP Morgan Asset Management. VALUATION GAME In The Netherlands the anti-Muslim, anti-EU party of Geert Wilders holds a narrow lead in opinion polls but even if he wins parliamentary elections he will struggle to form a coalition government with mainstream parties. In Germany, the far-right Alternative for Germany is polling just in double figures but conservative Chancellor Angela Merkel''s chief threat is from the mainstream, pro-Europe Social Democrats. That leaves investors to worry particularly about Le Pen''s anti-euro stance in France. Polls this week showed the National F
'7381565395b06d99761b6e32b74f79edda06689c'|'VW back-pedals on some cost cut demands, workers say'|'Business News - Tue Feb 21, 2017 - 2:38pm GMT VW back-pedals on some cost cut demands, workers say Volkswagen Atlas R-Line SUVs are displayed during the North American International Auto Show in Detroit, Michigan, U.S., January 10, 2017. REUTERS/Mark Blinch By Andreas Cremer - BERLIN BERLIN Volkswagen ( VOWG_p.DE ) has rowed back on some demands for larger cost cuts than previously agreed with unions at its core VW brand, the works council said on Tuesday, as both sides seek to end a dispute over implementing a turnaround plan. The carmaker''s labour bosses earlier this month halted cooperation with VW brand management on issues such as raising weekly hours for engineers and limiting apprenticeships after accusing executives of pushing for savings beyond those agreed in the brand''s so-called "future pact". But the works council said on Tuesday management had abandoned some demands, including scrapping a night shift on the Golf hatchback''s assembly line and tightening performance-based pay rules. "The works committee has asked management to return to the path towards the future pact," a works council spokesman quoted labour chief Bernd Osterloh as saying at a staff gathering in Wolfsburg. "We have meanwhile received a letter from management that pledges that we will return to the contract status." Management and labour leaders agreed in November to cut 30,000 jobs at the VW division in exchange for a commitment to avoid forced redundancies in Germany until 2025, a deal that leaves profitability still lagging rivals such as PSA Group ( PEUP.PA ) and Toyota ( 7203.T ). But the turnaround plan won''t yield the quick savings that brand chief Herbert Diess, who was known as a cost-cutter at BMW ( BMWG.DE ), is seeking, and labour leaders have accused him of trying to cut temporary jobs more swiftly and deeply. Diess on Tuesday reinforced his call for a swift implementation of the future pact, which he dubbed a "concrete and bold plan" to revive VW''s largest division by sales. He did not mention a letter to the works council. Despite weakening demand for core models such as the Golf and Passat, VW last year started making "first progress" in cutting fixed costs and raising productivity, Diess said. "2017 will be a good but strenuous year," he said. (Additional reporting by Jan Schwartz; Editing by Maria Sheahan and Mark Potter) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-volkswagen-emissions-outlook-idUKKBN1601P6'|'2017-02-21T21:38:00.000+02:00'
'f19bdd8288c59ad3640fd71ef85bb246c15d7e97'|'Oil steady, but down for the week as glut worries face OPEC cuts'|'Business News - Fri Feb 17, 2017 - 9:45pm GMT Oil steady, but down for the week as glut worries face OPEC cuts 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 Devika Krishna Kumar - NEW YORK NEW YORK Oil prices ended steady on Friday but lower on the week, with U.S. crude notching its first weekly decline in five weeks, as the market weighed rising U.S. drilling and record stockpiles against efforts by major producers to cut output to reduce a global glut. U.S. energy companies added oil rigs for a fifth straight week, Baker Hughes said, extending a nine-month recovery with producers encouraged by buoyant crude prices, which have held mostly over $50 a barrel since late November. Globally, the Organization of the Petroleum Exporting Countries (OPEC) and other producers, including Russia, agreed to cut output almost 1.8 million barrels per day (bpd) during the first half of 2017. Estimates suggest compliance by OPEC is around 90 percent, and Reuters reported on Thursday that OPEC could extend the pact or apply deeper cuts from July if global crude inventories fail to drop enough. "It''s encouraging that it may not be a six-month deal but one of the issues is if you look at OPEC and other members basically reducing their supply and U.S. shale producers profiting from it, that''s going to produce some turmoil," said Mark Watkins, regional investment manager at U.S. Bank Private Client Group. "At some point, it''s going to be difficult for that agreement to stay in place when member countries can drill more and make more money." Brent futures settled 16 cents, or 0.3 percent, firmer at $55.81 a barrel, while U.S. West Texas Intermediate (WTI) crude settled up 4 cents at $53.40 a barrel. Book squaring in March WTI ahead of its expiration on Tuesday weighed on prices, traders said. The U.S. market will be closed on Monday for the Presidents Day holiday. WTI ended the week down 1 percent and Brent fell 2 percent for the week. Oil prices were within an average band of about $1.30 per barrel so far this year, one of the most range-bound periods since the price slump began in mid-2014. U.S. gasoline futures ended nearly 1 percent lower, with the gasoline crack spread <RBc1-CLc1 >, a key indicator of refining margins, slumping more than 11 percent early in the day to one-year lows. Rising U.S. output helped boost crude and gasoline inventories to record highs last week, amid faltering demand growth for the motor fuel. The oil market was also pressured by a second week of gains in the dollar index, which rose on Friday, making greenback-denominated oil more expensive for holders of other currencies. Hedge funds and other money managers raised their net long U.S. crude futures and options positions in the week to February 14 to a new record high, data from the U.S. Commodity Futures Trading Commission (CFTC) showed on Friday. The increase in long positions leaves the market vulnerable to a downward correction, analysts have said. (Additional reporting by Libby George in London, Henning Gloystein in Singapore; Editing by Marguerita Choy and David Gregorio) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-global-oil-idUKKBN15W088'|'2017-02-18T04:36:00.000+02:00'
'46aaa60059f15a789b7bd5e46fbe5c259171dc38'|'METALS-Copper and zinc rebound on supply concerns'|'Company   7:11am EST METALS-Copper and zinc rebound on supply concerns * Freeport says could damages in Grasberg dispute * Officials at Chile mine put conditions on meeting with union * LME on-warrant zinc inventories slide to lowest since 2009 (Adds quotes, updates prices; changes dateline from MELBOURNE) By Eric Onstad LONDON, Feb 20 Copper bounced back above $6,000 a tonne on Monday as a dispute escalated over the world''s second-biggest copper operation in Indonesia while zinc was boosted by a drop in inventories. Supply issues dominated the base metals market, with nickel also gaining ground to reach a two-month high as the market tracked the latest plans by the Philippines to close mines on environmental grounds. In copper, U.S. mining giant Freeport-McMoRan Inc warned on Monday that it could take the Indonesian government to arbitration and seek damages over a contractual dispute that has halted operations at its huge Grasberg mine. "From a fundamental perspective, it really is supply that''s supporting prices, because we''re not very clear on demand at the moment given the delays to Chinese data," said Caroline Bain, chief commodities economist at Capital Economics. Three-month copper on the London Metal Exchange had risen 0.9 percent to $6,016 a tonne by 1145 GMT, recovering from losses on Friday. Further tightening supply is a strike at Chile''s Escondida copper mine, the world''s biggest, which has extended into a second week. Both Grasberg and Escondida declared force majeure last week. "We expect the copper market to move into deficit in 2017 for the first time in six years," Citi said in a report. "We believe market tightness, and associated positive investor flows, will prompt copper prices to sustain a push above $6,000/T (in the second-half of 2017), with peaks of close to $7,000/T expected before year-end." Copper prices hit $6,204 a week ago after Escondida, operated by BHP Billiton, declared force majeure, though industry sources said that smelters and fabricators were still amply supplied with metal. Escondida representatives plan to attend talks with striking workers on Monday as long as the union does not interfere with a shift change for non-union employees. LME zinc gained 1.3 percent to $2,845 after LME data showed on-warrant inventories MZNSTX-TOTAL -- those not earmarked for shipment from warehouses and therefore available to investors -- slid 11 percent to 258,050 tonnes, the lowest since January 2009. Zinc has gained 10 percent this year on concerns that the closure and suspensions of big mines will create shortages. "Turnover has really picked up since the (inventory) announcement ... over four times the 20-day average," Alastair Munro at Marex Spectron said in a note. Nickel extended recent gains, adding 0.2 percent to $11,075, the highest since Dec. 19. The Philippines'' environment minister said on Monday that she stands by her decision to shut more than half the country''s operating mines and bar mining in watershed zones ahead of an inter-agency meeting later in the day to review the move. PRICES'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/global-metals-idUSL4N1G5337'|'2017-02-20T19:11:00.000+02:00'
'9ab4203bc1d56f106bc5c6a04442f452576a282d'|'BRIEF-Dr Reddy''s says U.S. court finds co''s product infringes some patents'|' 14pm EST BRIEF-Dr Reddy''s says U.S. court finds co''s product infringes some patents Feb 16 Dr.Reddy''s Laboratories Ltd * Says Dr. Reddy''s Laboratories announces U.S. district court''s opinion relating to patent infringement * Court found that asserted claims of the "094" and "980" patents were not invalid * Court found that co''s proposed palonosetron hydrochloride product infringes certain claims of some U.S. patents Source text: bit.ly/2ks6WZY  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1G019U'|'2017-02-16T11:14:00.000+02:00'
'8687f669ebb11b4d97c57007d5b588e341e481fd'|'Boeing wins union vote at South Carolina plant'|'U.S. - Wed Feb 15, 2017 - 8:34pm EST Boeing wins union vote at South Carolina plant left right Workers walk through the Boeing South Carolina Plant while voting started on Wednesday whether the plant will be unionized in North Charleston, South Carolina, U.S. February 15, 2017. REUTERS/Randall Hill 1/5 left right Boeing South Carolina Plant is pictured in North Charleston, South Carolina, U.S. February 15, 2017. REUTERS/Randall Hill 2/5 left right A worker walks through the Boeing South Carolina Plant while voting started Wednesday whether the plant will be unionized in North Charleston, South Carolina, U.S. February 15, 2017. REUTERS/Randall Hill 3/5 left right Cars enter the front gate at the Boeing South Carolina Plant while voting started Wednesday whether the plant will be unionized in North Charleston, South Carolina, U.S. February 15, 2017. REUTERS/Randall Hill 4/5 left right Photo shows part of the Boeing South Carolina Plant while voting started Wednesday whether the plant will be unionized in North Charleston, South Carolina, U.S. February 15, 2017. REUTERS/Randall Hill 5/5 NORTH CHARLESTON, S.C. Boeing Co defeated a union drive by workers at the company''s aircraft factory in South Carolina on Wednesday, as workers voted to reject union representation. The secret ballot vote, conducted by the National Labor Relations Board (NLRB) at polling locations throughout the North Charleston plant, was the first for Boeing and a high-profile test for organized labor in the nation''s most strongly anti-union state. (Reporting by Alwyn Scott and Harriet McLeod; Editing by Bill Rigby) Next In U.S. Key Senate committee chairman wants briefing on Flynn WASHINGTON The Republican and Democratic leaders of the U.S. Senate Judiciary Committee asked Attorney General Jeff Sessions and FBI Director James Comey on Wednesday to send the committee documents and provide a briefing on the resignation of President Donald Trump''s national security adviser.'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-boeing-machinists-idUSKBN15V04Q'|'2017-02-16T08:34:00.000+02:00'
'5827f4ecdb6cd2004425df864618c7881745a8e0'|'First Quantum says restores access to Ravensthorpe nickel mine'|'SYDNEY Feb 16 Access to the Ravensthorpe nickel mining complex in Australia has been re-established following heavy rains last weekend that flooded local roadways, owner First Quantum Minerals said on Thursday.There were concerns that supplies of nickel from Ravensthorpe would be cut off, exacerbating an already tight global supply pool that has pushed the metal''s price to its highest since mid-December.In a statement emailed to Reuters, the company said the road leading to the port of Esperance, where it exports about 25,000 tonnes of nickel annually, had reopened.There was no declaration of force majeure due to the incident, according to the company.First Quantum told Reuters on Feb. 13 it had reserved the right to declare force majeure if required."We have re-routed transporters so they can use the open highway to the east via Esperance," First Quantum said.Up to 126 mm of rain fell in areas around the mine, according to the weather bureau. (Reporting by James Regan; Editing by Tom Hogue)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/australia-nickel-rains-idINL4N1G12N6'|'2017-02-16T04:32:00.000+02:00'
'9283e0f219200d1519f69ea8031167096378fad5'|'Aston Martin CEO expects return to profitability in 2018'|'Company News  17pm EST Aston Martin CEO expects return to profitability in 2018 By Allison Lampert - TORONTO TORONTO Feb 15 Aston Martin Holdings Ltd expects a return to profitability in 2018, as the now money-losing luxury automaker plans to boost revenues with renewed versions of its sports cars, chief executive Andy Palmer said on Wednesday. The British automaker, whose sports cars were popularized by James Bond films, is investing heavily to update existing models and develop several new vehicles through the end of 2019, including its first SUV, and the 2 million pound ($2.5 million) to 3 million pound ($3.7 million) Formula 1-inspired AM-RB 001, the most expensive new car ever built by Aston Martin. "You''ve got a complete renewal during the course of 2018 of the sports cars," Palmer told Reuters on the sidelines of the Canadian International Auto Show in Toronto. Unlike other luxury sports car brands, which are part of mass-volume auto groups and can benefit from economies of scale, Aston Martin remains independent, Palmer said. "We have to amortize the R&D (costs) on a small volume," he said. "That''s what justifies the car being expensive." The carbon fiber AM-RB 001, which is being developed with Red Bull Advanced Technologies for expected delivery in 2019, is using Canadian composite specialist Multimatic as a supplier, Palmer said. All 150 cars have been sold, with another 25 to be manufactured as a separate variant for the track. Palmer said one of Aston Martin''s highest volume models will be its DBX SUV, which when delivered in late 2019 would compete with the Bentayga produced by Bentley Motors Ltd, a division of the Volkswagen Auto Group. Pickups and SUVs accounted for 59.5 percent of U.S. auto sales in 2016, up from 55.8 percent in 2015, and North American appetite has prompted luxury makers such as Rolls Royce and Lamborghini to come out with new SUV models. Palmer said Aston Martin expects to build between 4,000 to 5,000 SUVs a year. "We don''t want to go to big volume," he said. "It''s basically high price, low volume, exclusivity." Aston Martin, which is to publish its 2016 financial figures at the end of February, is held by Kuwait''s Tejara and Italy''s Investindustrial. The private equity firms hold an equal voting stake, he said. Daimler has a 5 percent stake in Aston Martin in return for access to certain technologies for connected and autonomous cars. ($1 = 0.8026 pounds) (Reporting by Allison Lampert; Editing by Denny Thomas and James Dalgleish) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/astonmartin-ceo-idUSL1N1FZ2AV'|'2017-02-16T06:17:00.000+02:00'
'9b6aeab72f4f4b6ea6a4db7afc644f0fa66a04dc'|'BRIEF-Arianne Phosphate signs MOU with Constructions Proco'|' 54am EST BRIEF-Arianne Phosphate signs MOU with Constructions Proco Feb 16 Arianne Phosphate Inc * Arianne Phosphate - Co advancing Lac <20> Paul project in Quebec''s Saguenay-Lac-Saint-Jean region, signs MOU with Constructions Proco * Arianne Phosphate - Agreement to cover structural, architectural engineering, steel fabrication,construction of mill process, utilities buildings    '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1G10JX'|'2017-02-16T19:54:00.000+02:00'
'2e7657e6e5ee86160fdedbca7ab7dc198d11346f'|'UPDATE 1-MPLX files with U.S. agency to expand Ozark pipeline'|'Company  23am EST UPDATE 1-MPLX files with U.S. agency to expand Ozark pipeline (Adds information on pipeline, background) Feb 16 MPLX LP filed a petition with the Federal Energy Regulatory Commission on Wednesday seeking permission to expand the 230,000 barrel per day (bpd) Ozark crude pipeline. MPLX expects the commission to act by May 10, so that the additional capacity on the Cushing, Oklahoma to Wood River, Illinois, pipeline could be in service in the second quarter of 2018. The expansion will increase the total capacity by 115,000 bpd to 345,000 bpd, the filing said. In 2016, there were 19 active shippers on the pipeline. On Monday, an MPLX subsidiary agreed to purchase the Ozark pipeline, currently owned by Enbridge Inc, for about $220 million. MPLX is a master limited partnership formed in 2012 by Marathon Petroleum Corporation, according to its website. In 2015, it bought MarkWest Energy Partners, a deal that made it the fourth-largest MLP by market value in the United States. (Reporting by Eileen Soreng in Bengaluru and Catherine Ngai in New York; Editing by Jeffrey Benkoe and W Simon) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/mplx-ozark-ferc-idUSL1N1G10XS'|'2017-02-16T22:23:00.000+02:00'
'2e7085f4160a00950649d1f63f8b3254afd158b5'|'Aston Martin CEO expects return to profitability in 2018'|'Business News - Wed Feb 15, 2017 - 11:20pm GMT Aston Martin CEO expects return to profitability in 2018 left right Aston Martin CEO Andy Palmer peers down the lines of a display model of a AM-RB 001 in Toronto, Ontario, Canada, February 15, 2017. REUTERS/Peter Power 1/2 left right Aston Martin CEO Andy Palmer poses with the display model of a AM-RB 001 in Toronto, Ontario, Canada, February 15, 2017. REUTERS/Peter Power 2/2 By Allison Lampert - TORONTO TORONTO Aston Martin Holdings Ltd expects a return to profitability in 2018, as the now money-losing luxury automaker plans to boost revenues with renewed versions of its sports cars, chief executive Andy Palmer said on Wednesday. The British automaker, whose sports cars were popularized by James Bond films, is investing heavily to update existing models and develop several new vehicles through the end of 2019, including its first SUV, and the 2 million pound ($2.5 million) to 3 million pound ($3.7 million) Formula 1-inspired AM-RB 001, the most expensive new car ever built by Aston Martin. "You''ve got a complete renewal during the course of 2018 of the sports cars," Palmer told Reuters on the sidelines of the Canadian International Auto Show in Toronto. Unlike other luxury sports car brands, which are part of mass-volume auto groups and can benefit from economies of scale, Aston Martin remains independent, Palmer said. "We have to amortize the R&D (costs) on a small volume," he said. "That''s what justifies the car being expensive." The carbon fibre AM-RB 001, which is being developed with Red Bull Advanced Technologies for expected delivery in 2019, is using Canadian composite specialist Multimatic as a supplier, Palmer said. All 150 cars have been sold, with another 25 to be manufactured as a separate variant for the track. Palmer said one of Aston Martin''s highest volume models will be its DBX SUV, which when delivered in late 2019 would compete with the Bentayga produced by Bentley Motors Ltd, a division of the Volkswagen Auto Group ( VOWG_p.DE ). Pickups and SUVs accounted for 59.5 percent of U.S. auto sales in 2016, up from 55.8 percent in 2015, and North American appetite has prompted luxury makers such as Rolls Royce and Lamborghini to come out with new SUV models. Palmer said Aston Martin expects to build between 4,000 to 5,000 SUVs a year. "We don''t want to go to big volume," he said. "It''s basically high price, low volume, exclusivity." Aston Martin, which is to publish its 2016 financial figures at the end of February, is held by Kuwait''s Tejara and Italy''s Investindustrial. The private equity firms hold an equal voting stake, he said. Daimler ( DAIGn.DE ) has a 5 percent stake in Aston Martin in return for access to certain technologies for connected and autonomous cars. ($1 = 0.8026 pounds) (Reporting by Allison Lampert; Editing by Denny Thomas and James Dalgleish) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-astonmartin-ceo-idUKKBN15U2WF'|'2017-02-16T06:20:00.000+02:00'
'e694152b2a9feca67a4336585651de3cede40e64'|'Canada''s Sun Life sees benefits from Trump''s pro-growth agenda'|'TORONTO Sun Life Financial ( SLF.TO ), expects to benefit from a more favourable interest rate and economic environment under new U.S. President Donald Trump, the chief executive of Canada''s third-biggest insurer said.Shares in Sun Life have risen by 12 percent since Trump''s election win Nov. 8 and a subsequent rise in interest rates.The stock has benefited from market expectations that pro-growth policies pursued by the new administration, such as a $1 trillion infrastructure spending programme, will lead to higher employment and consumer spending and a return to a more inflationary environment following years of lacklustre growth.Higher interest rates are beneficial to insurance companies, which invest premiums they collect from customers in fixed income assets such as government bonds."Clearly, higher interest rates will benefit our business," CEO Dean Cooper said in an interview on Thursday after Sun Life reported quarterly results."More generally, assuming the economic climate continues to be positive in the States to the extent that it grows the employment base and payrolls, those are two drivers of growth in our group benefits business. The number of people we cover and the salaries that they''re covered for life insurance and disability grow and that would be a positive for us," he said.(Reporting by Matt Scuffham; Editing by Alan Crosby)'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/sun-life-results-idINKBN15V2K6'|'2017-02-16T15:47:00.000+02:00'
'91f7a12da7dfc49c470031ef9a98130942301ab9'|'BRIEF-Ballard inks deal with Broad-Ocean for fuel cell engine manufacture & sales in China'|'Company  20am EST BRIEF-Ballard inks deal with Broad-Ocean for fuel cell engine manufacture & sales in China Feb 16 Ballard Power Systems Inc * Ballard inks $25m deal with Broad-Ocean for fuel cell engine manufacture & sales in China * Says deal has an estimated value of approximately $25 million in revenue to ballard over initial 5-year term * Ballard Power Systems - Will have exclusive right to purchase fuel cell engines from any of Broad-Ocean manufacturing operations for sale outside China Source text for Eikon:'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1G01AU'|'2017-02-16T17:20:00.000+02:00'
'55aec4fc947ffa87062c5bab8807224d72aae752'|'BRIEF-Canopy Growth Corp renews agreement with XIB Consulting'|'  5:03pm EST BRIEF-Canopy Growth Corp renews agreement with XIB Consulting Feb 17 Canopy Growth Corp * Canopy Growth Corporation renews agreement with XIB Consulting Inc. * Canopy Growth - Has renewed engagement agreement with XIB Consulting Inc. that co announced on April 7, 2016 and subsequently renewed October 7, 2016 Source text for Eikon:   UPDATE 3-Enbridge CEO says Canada only needs two more export pipelines CALGARY, Alberta, Feb 17 Two new crude oil export pipelines will provide enough capacity to ship Canadian production to market until at least the mid 2020s, Enbridge Inc Chief Executive Al Monaco said on Friday, making clear his company''s Line 3 should be one of them. * Reached a confidential agreement to settle the proceedings filed by the minority shareholders in court 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-canopy-growth-corp-renews-agreemen-idUSFWN1G210F'|'2017-02-18T05:03:00.000+02:00'
'4f729560dbef8f0230fc15a6fb340ae8cd90643d'|'UK offers Peugeot assurances on post-Brexit auto industry - FT'|'Company News - Sat Feb 18, 2017 - 7:48am EST UK offers Peugeot assurances on post-Brexit auto industry - FT LONDON Feb 18 Britain has offered Peugeot manufacturer PSA Group assurances on post-Brexit trade and supply chains in an attempt to protect Vauxhall car plants after a possible takeover, the Financial Times reported on Saturday. Business minister Greg Clark met French politicians and PSA executives in Paris on Thursday to discuss their plan to buy General Motors'' European unit, Opel, which include Vauxhall plants in Britain. The talks have set political alarm bells ringing in Britain and Germany, where there are fears that a sale to the French company could lead to heavy job losses. Clark said on Friday, after the meeting, that PSA executives had "stressed that they valued highly the enduring strength of the Vauxhall brand, underpinned by its committed workforce". The FT reported on Saturday, citing a person with knowledge of the meeting, that Clark had also made commitments similar to those he gave Nissan last year before it announced it would build two new models in Britain. Clark promised Nissan that he would ensure more car part suppliers were based in Britain, support training and research into electric and low-emission vehicles, and push for "free and unencumbered" access to European Union markets for carmakers after Britain leaves the EU. The government has declined to give exact details of its promises to Nissan, citing commercial confidentiality, though government auditors who saw the letter said it did not make the government liable for Brexit-related costs incurred by Nissan. Britain''s business ministry declined to comment on Saturday on whether Clark had made similar commitments to PSA. The FT quoted Clark as saying that he and PSA executives had "talked generally about our commitments and enthusiasm for research in electric vehicles and batteries", but added that the minister did not give further detail. (Reporting by David Milliken; Editing by Helen Popper) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/opel-ma-psa-britain-idUSL8N1G308W'|'2017-02-18T19:48:00.000+02:00'
'd987636b09186bace0e62bc2ff224a827d74382d'|'BRIEF-Himax Technologies Q4 adj earnings per share $0.026'|'  5:07am EST BRIEF-Himax Technologies Q4 adj earnings per share $0.026 Feb 16 Himax Technologies Inc * Himax Technologies, Inc. reports fourth quarter and full year 2016 financial results; provides first quarter 2017 guidance * Q4 revenue $203.4 million versus I/B/E/S view $202.6 million * Q4 Non-GAAP earnings per share $0.026 * Q4 earnings per share view $0.07 -- Thomson Reuters I/B/E/S * Himax Technologies Inc - Company remains positive on its 2017 and long term business outlook. * Provides first quarter 2017 guidance revenue to decrease 18.0% to 25.0% sequentially * Himax Technologies Inc - Sees FY 2017 GAAP EPS to be 0.5 to 2.0 cents per diluted ads * Sees first quarter 2017 gross margin to be around 23.0% to 24.0% Source text for Eikon:'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSASB0B0NV'|'2017-02-16T17:07:00.000+02:00'
'899eda7cec2a9408009d7a91ead357d79c56c740'|'EU Commission to warn Italy on Wednesday over rising debt'|'Business News - Sun Feb 19, 2017 - 9:33pm GMT EU Commission to warn Italy on Wednesday over rising debt European flags fly at the entrance of the European Commission headquarters in Brussels, Belgium September 29, 2015. REUTERS/Yves Herman The European Commission will warn Italy on Wednesday it could face EU disciplinary action for not reducing its huge public debt as required by EU laws, unless Rome delivers on deficit cutting measures as promised, an EU official said. The warning comes after the latest round of Commission economic forecasts for the 28-nation bloc, which showed Italy''s public debt would rise to an all-time high of 133.3 percent of gross domestic product this year from 132.8 percent in 2016. EU rules say Italy should instead reduce its debt by about 3.6 percent of GDP annually. The warning on Wednesday is to put more pressure on Rome to deliver on promises made in a letter to the EU executive on Feb. 7, pledging Italy would cut its structural deficit by 0.2 percent of GDP this year through measures to be adopted by the end of April. "Unless Italy specifies its commitments properly, next week will show that they are not compliant with the debt rule," said the EU official, who has insight into the process but spoke on condition of anonymity. "They committed to measures in their letter to do 0.2 percent of measures to reduce the structural deficit. We need to see that happening," the official said. The disciplinary action that the Commission could launch against Italy in May if the measures are not in place is called an excessive deficit procedure and could, in theory, end up in fines for Rome, although this is unlikely. France, Spain and Portugal have all been treated leniently over the last two years, despite also breaking EU rules, as public opinion in Europe sees the laws as bad austerity policies imposed by Brussels, rather than prudent economic thinking. Italy''s structural deficit, which excludes business cycle swings in spending and tax revenue and one-off items, is also growing. In 2016 it rose to 1.6 percent of GDP from 1.0 percent in 2015. It is set to increase to 2.0 percent this year and 2.5 percent in 2018. EU rules, meanwhile, say that governments have to cut their structural deficits by at least 0.5 percent of GDP each year until they reach balance or surplus. (Editing by Susan Thomas)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eu-deficits-italy-idUKKBN15Y0VU'|'2017-02-20T04:33:00.000+02:00'
'062819e15b77dbee99cd0a65b4d6904caa0f7b74'|'Ford sees big Russia gamble vindicated as sales finally turn corner'|'Business News - Sun Feb 19, 2017 - 12:03pm GMT Ford sees big Russia gamble vindicated as sales finally turn corner left right Ford cars are on sale at a dealership of Genser company in Moscow, Russia, February 14, 2017. REUTERS/Maxim Shemetov 1/3 left right Visitors walk past Ford cars at a dealership of Genser company in Moscow, Russia, February 14, 2017. REUTERS/Maxim Shemetov 2/3 left right The logo of Ford Motor Company is on display at a dealership of Genser company in Moscow, Russia, February 14, 2017. REUTERS/Maxim Shemetov 3/3 By Jack Stubbs and Gleb Stolyarov - MOSCOW MOSCOW Ford ( F.N ) has become the first major foreign carmaker in Russia to see sales grow after three bad years, potentially vindicating its decision to double down on a notoriously volatile market when rivals decided to cut and run. Sales of cars in Russia have fallen by more than half since a 2012 peak of 2.9 million vehicles, due to an economic crisis brought on by low oil prices and Western sanctions. The market fell by 11 percent last year, and was down a further 5 percent in January from a year earlier. Ford''s big U.S. rival General Motors ( GM.N ) pulled out of Russia two years ago. But Ford chose not only to stay, but to keep investing, launching new models with modifications designed to suit the country''s harsh driving conditions. Since 2011, its joint venture with Sollers SVAZ.MM, a Russian partner, has ploughed $1.5 billion (<28>1.2 billion) into making cars locally to local specifications. Now Ford''s sales have turned a corner and rose 10 percent last year, an achievement the company says is proof its strategy is at last paying off. The 40,000 Fords sold in Russia last year are still barely more than a fifth of the almost 190,000 vehicles the company sold in 2008, before the global financial crisis brought the first of two collapses in the Russian car industry in less than a decade. During the latest crisis, Ford''s share of the market for foreign cars fell at the expense of Korean competitors Kia ( 000270.KS ) and Hyundai ( 005380.KS ), which chose to shore up market share through aggressive pricing. But now their sales are still falling, while Ford''s are on the rise. The Russian market is "starting to turn", Ford CEO Mark Fields told Reuters last week, promising to stand by the company''s investments in Russia. "Our intent is to build on that." The Association of European Businesses lobby group forecasts the Russian car market to finally stabilise this year and grow by 4 percent. But it will still be years before a full rebound. "Despite the economic turbulence, we didn''t cut investments and delivered the initial plan to launch seven new vehicles with a significant level of localisation," Mark Ovenden, CEO of the Ford Sollers joint venture, told Reuters. He noted that the company opened a $275 million engine plant in 2015, a year in which Ford''s Russia sales nosedived 41 percent. The joint venture now operates four plants in Russia. New models, such as the Fiesta hatchback and EcoSport SUV, have been adapted for Russian conditions of bad roads and extreme cold, with higher ground clearance, anti-corrosion finishes and engines adapted for lower grade fuel, Ovenden said. Ford would not say when it thinks its Russian operations will earn money. A spokeswoman declined to comment on profitability in Russia, saying Ford does not break down its European operations by individual market. Vladimir Bespalov, an analyst at Russia''s VTB bank, said Ford''s Russian operations were still loss-making but could be profitable as soon as 2018. IHS analysts predict Ford''s sales in Russia could rise to 60,000 vehicles by 2020. "But it''s going to be a long, slow build up," said Tim Urquhart, principal analyst at IHS Automotive. Even at such small numbers, sales growth in Russia would mark a bright spot for Ford''s European operations after it warned last month that the impact of Britain''s vote to leave the EU would put a $600 million d
'6e8535c0afce7ff9e6689ea45839710c211b465f'|'Iranian minister who oversaw plane deals survives no-confidence vote'|'ANKARA Feb 19 Iran''s transport minister survived a no-confidence vote in parliament on Sunday, state media reported, defeating a motion which could have derailed Iran''s landmark deals with planemakers Boeing and Airbus .In a session broadcast live on state radio, 176 lawmakers voted against and 74 for the no-confidence motion which accused Roads and Urban Development Minister Abbas Akhoundi of mismanagement after a railroad collision and over alleged lack of transparency in the plane purchases. (Reporting by Ankara newsroom; Editing by Janet Lawrence)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/iran-minister-transports-idINL8N1G40EH'|'2017-02-19T09:19:00.000+02:00'
'0e01b4521ab331082767e5aecda16bb17a33757e'|'BRIEF-Health Canada approves Otsuka and Lundbeck''s REXULTI as a treatment for schizophrenia in adults'|'  5:09pm EST BRIEF-Health Canada approves Otsuka and Lundbeck''s REXULTI as a treatment for schizophrenia in adults Feb 17 H Lundbeck A/S * Health Canada approves Otsuka and Lundbeck''s REXULTI(tm) (brexpiprazole) as a treatment for schizophrenia in adults * Lundbeck Canada - REXULTI will be co-marketed by two companies and is expected to become commercially available in Canada this spring Source text: [ bit.ly/2kxY0C9 ]   UPDATE 3-Enbridge CEO says Canada only needs two more export pipelines CALGARY, Alberta, Feb 17 Two new crude oil export pipelines will provide enough capacity to ship Canadian production to market until at least the mid 2020s, Enbridge Inc Chief Executive Al Monaco said on Friday, making clear his company''s Line 3 should be one of them. * Reached a confidential agreement to settle the proceedings filed by the minority shareholders in court 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-health-canada-approves-otsuka-and-idUSFWN1G210E'|'2017-02-18T05:09:00.000+02:00'
'6b1a53a2a2cb04850d1308488c12df7ebe649991'|'BRIEF-Rogers Corp reports Q4 EPS $0.65'|' 58pm EST BRIEF-Rogers Corp reports Q4 EPS $0.65 Feb 20 Rogers Corp * Rogers corp qtrly net sales of $173.0 million, up 13.1 pct * Q4 earnings per share $0.65 * Q4 adjusted earnings per share $0.94 * Sees 2017 Q1 net sales to a range of $185 million to $195 million * Sees 2017 Q1 earnings in range of $0.81 to $0.91 per diluted share * Sees for full year 2017, Rogers expects capital expenditures to be in a range of $30 million to $35 million * Sees 2017 Q1 adjusted earnings to a range of $1.09 to $1.19 per diluted share * Q1 earnings per share view $0.99, revenue view $179.8 million -- Thomson Reuters I/B/E/S  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-rogers-corp-reports-q4-eps-idUSFWN1G50GS'|'2017-02-21T04:58:00.000+02:00'
'baa1b618d6dbb3cd3ea8e27fde0ee2b005675f23'|'Six banks pitched for Aramco IPO role on Saudi bourse - sources'|'Business News - Tue Feb 21, 2017 - 3:21pm GMT Six banks pitched for Aramco IPO role on Saudi bourse - sources A Saudi Aramco employee sits in the area of its 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 By Hadeel Al Sayegh , Tom Arnold and Katie Paul - DUBAI/RIYADH DUBAI/RIYADH Saudi oil giant Aramco has received proposals from at least six banks for an advisory role on the firm''s planned initial public offering on the Saudi stock exchange, sources familiar with the process told Reuters on Tuesday. Saudi authorities are planning to list up to five percent of the world''s largest oil producer on both the Saudi stock exchange in Riyadh, the Tadawul, and one or more international markets in an IPO that could raise $100 billion (80 billion pounds). Riyadh-based HSBC Saudi Arabia, a joint venture between Saudi British Bank and HSBC, NCB Capital, Samba Capital, Saudi Fransi Capital, Riyad Capital and GIB Capital, the investment banking arm of Bahrain-based Gulf International Bank, submitted proposals to Aramco in early February, the sources said. Two of the sources said bank appointments were expected before the end of the month. The sources declined to be identified because details of the pitching process are confidential. Aramco did not immediately respond to a Reuters query for comment. HSBC declined to comment while the other financial companies did not immediately respond to email requests for comments. (additional reporting by Celine Aswad and Reem Shamseddine; Editing by Saeed Azhar and Louise Heavens) Next In Business News Chancellor Hammond closes in on budget goal LONDON Chancellor of the Exchequer Philip Hammond appears to be on track to meet his target for improving the country''s weak public finances this year, potentially giving him a bit of room to ease the squeeze on spending in a budget plan next month.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-saudiaramco-ipo-idUKKBN1601TT'|'2017-02-21T22:21:00.000+02:00'
'98d0c6da35f09426229776430b82c8cb5145db59'|'Export companies tell U.S. Congress to push tax code rewrite'|'Business  35am EST Export companies tell U.S. Congress to push tax code rewrite FILE PHOTO -- Cargo containers sit idle at the Port of Los Angeles as a back-log of over 30 container ships sit anchored outside the Port in Los Angeles, California, February 18, 2015. REUTERS/Bob Riha, Jr./File Photo By Ginger Gibson - WASHINGTON WASHINGTON Chief executive officers of 16 companies, including Boeing Co ( BA.N ), Caterpillar Inc ( CAT.N ) and General Electric Co ( GE.N ), have urged the U.S. Congress to pass a comprehensive tax code rewrite, including a controversial border tax. In a letter to Republican and Democratic leadership on Tuesday, the CEOs said a Republican-proposed border adjustment tax would make U.S.-manufactured products more competitive abroad and at home by making imported goods face the same level of taxation. "If we miss this chance to fundamentally reshape the tax code, it might take another 30 years before we have another chance to try," the group of CEOs wrote in the letter, according to a copy that Reuters obtained. It is the latest move in a back-and-forth lobbying effort from companies that proposed changes to the tax code would affect. Republican House Speaker Paul Ryan has proposed lowering the corporate income tax to 20 percent from 35 percent, imposing a 20 percent tax on imports and excluding export revenue from taxable income. The proposal has pitted large U.S. corporations that require imports, like retailers and auto manufacturers, against those that export much of their goods and therefore support the tax code changes. A group of retail CEOs met last week with President Donald Trump and congressional leaders to argue against the border adjustment tax. Trump is expected to release his own tax proposal in the coming weeks. While he has said the border adjustment tax is too "complicated," his administration has said taxing goods from Mexico could fund construction of a wall along the nation''s southern border. The letter supporting the border tax was signed by 16 CEOs: Dennis Muilenburg of Boeing, John Coors of CoorsTek, Jim Umpleby of Caterpillar, Andrew Liveris of Dow Chemical Co ( DOW.N ), Mark Rohr of Celanese Corp ( CE.N ); Jeffrey Immelt of GE, Mark Alles of Celgene Corp ( CELG.O ), David Ricks of Eli Lilly and Co ( LLY.N ), Tony Simmons of McIlhenny Co, Thomas Kennedy of Raytheon Co ( RTN.N ), Kenneth Frazier of Merck & Co Inc ( MRK.N ), Douglas Peterson of S&P Global Inc ( SPGI.N ), Safra Catz of Oracle Corp ( ORCL.N ), Gregory Hayes of United Technologies Corp ( UTX.N ), Ian Read of Pfizer Inc ( PFE.N ) and Dow Wilson of Varian Medical Systems Inc ( VAR.N ). (Reporting by Ginger Gibson; Editing by Lisa Von Ahn) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-congress-tax-idUSKBN1601E8'|'2017-02-21T19:32:00.000+02:00'
'405af72412a808ed1b915ea0a456c7af977c8dbe'|'Japan households most cash-loving among major economies - central bank'|' 26am GMT Japan households most cash-loving among major economies - central bank A picture illustration shows Japanese 10,000 yen notes featuring a portrait of Yukichi Fukuzawa, the founding father of modern Japan, August 2, 2011. REUTERS/Yuriko Nakao/File Photo TOKYO Japanese households hold roughly 11 times more of their assets in cash or savings accounts than ones in Sweden do, according to a survey that shows their love for cash remains intact. In 2015, the ratio of Japanese households'' cash holdings, including bank accounts, to nominal gross domestic product was 19.4 percent, according to a Bank of International Settlements survey cited by the Bank of Japan. The BOJ, in a report on Tuesday, said Japan''s ratio was the highest among 24 countries surveyed by the Basel-based institution. Japan''s level was roughly 11 times that of lowest-ranking Sweden, which is among the world''s most cashless societies. It isn''t that Japanese households do not have credit cards. According to the survey, on average they possessed 7.7 credit, debit and electronic-settlement cards, second only to Singapore. "Japanese households carry around a lot of cards, even though they don''t spend big sums with them," the BOJ said in the report. Japanese policymakers have long blamed the public''s preference to hold onto cash and aversion to risk as among key reasons for economic stagnation, as it meant households were less likely to spend their huge cash-pile. (Reporting by Sumio Ito and Leika Kihara; Editing by Richard Borsuk)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-japan-economy-cash-idUKKBN1600ZT'|'2017-02-21T17:26:00.000+02:00'
'5e5b981bd4103acd5a913bd025ae8373e252b3eb'|'BRIEF-Home Depot Q4 EPS $1.44'|' 21am EST BRIEF-Home Depot Q4 EPS $1.44 Feb 21 Home Depot Inc: * The Home Depot announces fourth quarter and fiscal 2016 results; * Q4 earnings per share $1.44 * Q4 sales $22.2 billion versus I/B/E/S view $21.81 billion * Q4 earnings per share view $1.34 -- Thomson Reuters I/B/E/S * Home Depot Inc - comparable store sales for q4 of fiscal 2016 were positive 5.8 percent * Sees 2017 sales growth of approximately 4.6 percent * Home Depot Inc - sees FY comparable store sales growth of approximately 4.6 percent * Home Depot Inc - sees six new stores for fiscal 2017 * Sees 2017 diluted earnings-per-share growth after anticipated share repurchases of approximately 10.5 percent, or $7.13 * Home Depot Inc - sees FY gross margin decrease of approximately 15 basis points * Sees 2017 capital spending of approximately $2.0 billion * Home Depot Inc - for fiscal 2017 sees share repurchases of approximately $5.0 billion * Home Depot Inc - increases quarterly dividend by 29 percent * Fy earnings per share view $7.17, revenue view $98.45 billion -- Thomson Reuters I/B/E/S * Home Depot Inc - targeted dividend payout ratio will be increased from 50 percent to 55 percent of net earnings * Home Depot Inc - announces $15 billion share repurchase authorization * Home Depot Inc - board of directors declared a 29 percent increase in quarterly dividend to $0.89 per share   Further  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-home-depot-q4-eps-idUSASB0B15I'|'2017-02-21T18:21:00.000+02:00'
'cf3931149e3362e89b063b5d58acdc36485575e2'|'PSA willing to cooperate with Opel labour chiefs'|'Deals  13am EST PSA willing to cooperate with Opel labor chiefs A Peugeot car drives past the logos of French car maker Peugeot and German car maker Opel at a dealership in Villepinte, near Paris, France, February 20, 2017. REUTERS/Christian Hartmann FRANKFURT PSA Group ( PEUP.PA ) said it would adhere to labor agreements at General Motors'' ( GM.N ) Opel and expressed its willingness to cooperate with labor chiefs to safeguard jobs, PSA and workers'' representatives at Opel said in a joint statement on Tuesday. PSA chief executive Carlos "Tavares communicated convincingly in the talks that he is interested in a sustainable development for Opel/Vauxhall as an independent company... Thus, we are ready to explore further the chances of a potential coming together," Wolfgang Schaefer-Klug, chairman of the Opel/Vauxhall European Works Council, said in the statement. GM and PSA said last week they were in talks over a potential deal for the French carmaker to buy GM''s European arm Opel, sparking concerns in Germany and Britain of job losses. Germany accounts for about half of Opel''s 38,000 staff, while 4,500 are in Britain where Opel operates as Vauxhall. (Reporting by Maria Sheahan; Editing by Edward Taylor) Next In Deals Exclusive: China''s Sinochem may sell 40 percent stake in Brazil''s Peregrino oilfield - sources SINGAPORE/NEW DELHI/BEIJING China''s Sinochem is exploring the sale of its 40 percent stake in Brazil''s Peregrino offshore oilfield, four people familiar with the matter told Reuters, a deal that could see the state-owned conglomerate walk away from what was once touted as a key overseas asset because of historically low oil prices. Toshiba seeks $8.8 billion for chip unit stake as banks fret over risks TOKYO Japan''s Toshiba Corp wants to raise at least 1 trillion yen ($8.8 billion) by selling most of its flash memory chip business, seeking to create a buffer for any fresh financial problems, a source with direct knowledge of the matter said. Restaurant Brands International Inc, owner of the Burger King and Tim Hortons fast-food chains, is nearing a deal to acquire Popeyes Louisiana Kitchen Inc, people familiar with the matter said on Monday. 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-opel-m-a-psa-idUSKBN160100'|'2017-02-21T17:07:00.000+02:00'
'f08a42a7baaf49cfbe5f028eb6c09a290874f8e2'|'Prospects for more BOJ stimulus fading, economists split on next move - Poll'|' 28am GMT Prospects for more BOJ stimulus fading, economists split on next move - Poll A Japanese flag flutters atop the Bank of Japan building in Tokyo, Japan, September 21, 2016. REUTERS/Toru Hanai/File Photo By Kaori Kaneko - TOKYO TOKYO The likelihood of more monetary stimulus in Japan is diminishing, according to a Reuters poll of economists who were largely split on the central bank''s next policy move, signalling a possible turning point in expectations for its easing cycle. The latest Reuters survey of economists conducted Feb. 13-17 showed the outlook for growth and inflation for the world''s third-largest economy broadly in line with the January poll. However, economists have pared back their expectations for the Bank of Japan to ease its already ultra-accommodative monetary policy, as the outlook for global growth improves and the yen''s outlook softens. While the analysts don''t expect any change soon, 15 of those surveyed said it will pull back from its ultra-easy monetary policy when the BOJ does decide to alter its policy, while 17 said its next move will be to ease. That compares with 12 to 18 in the January poll and 10 to 21 in December. The BOJ will likely stay the course this year, said Yoshimasa Maruyama, chief market economist at SMBC Nikko Securities, though he expects inflation to pick up and wages to improve in 2018. "So the BOJ could raise the 10-year government bond yield target in the middle of next year," he said. "But that would be too early to raise negative interest rates." The central bank has lowered short-term interest rates to minus 0.1 percent and bought billions of yen worth of bonds and other assets in a campaign to boost inflation and growth. In September, it adopted the unusual tactic of trying to keep the 10-year bond yield around zero percent. Some analysts expect the BOJ will likely cut the pace of its annual increase in Japanese government bond (JGB) holdings from the current 80 trillion yen sometime this year. "The BOJ has shifted its policy targets to interests rates, so we expect the central bank will drop the target of the amount of an increase in JGB holdings eventually," said Takeshi Minami, chief economist at Norinchukin Research Institute. The poll showed the BOJ will maintain its interest rates at minus 0.1 percent imposed on some excess bank reserves at least until the second quarter of 2018. Easing would mean lowering the short- and long-term rate targets, while tightening would mean raising them or cutting back on its massive asset-buying, a measure market participants call "tapering." Analysts who forecast a possibility for further easing say that would happen in the case of sudden spikes in the yen, which hurt exporters by eroding their overseas earned income. BOJ Governor Haruhiko Kuroda said on Tuesday it was too early for the central bank to raise interest rates. "Rates are rising in other countries, but it would be premature to assume that the BOJ will raise either its short- or long-term interest rate targets simply because rates are rising overseas," he told parliament. The government will tolerate the yen strengthening to about 100 against the dollar, according to 16 of the 27 economists who responded to the question on the currency. Three economists pegged it between 110 to 105 yen. The remaining eight economists said beyond 100 yen, and to as far as 80 yen was acceptable. The currency was last trading around 113.40 yen to the dollar on Tuesday. In a separate Reuters survey, FX analysts maintained their view for a weaker yen outlook, with the Japanese currency forecast to weaken about 7 percent to around 120.0 in a year from the poll date. TRUMP SUMMIT A rise in protectionism poses the biggest threat to the pace of economic growth in major economies, which are vulnerable to political forces at a time when global trade is at risk. But the summit between Prime Minister Shinzo Abe and U.S. President Donald Trump earlier this month was la
'a3fb1806e013860bcb5763607673706274e92c41'|'SpaceX rocket poised for second launch try from historic NASA pad'|'Company   2:00am EST SpaceX rocket poised for second launch try from historic NASA pad By Irene Klotz - CAPE CANAVERAL, Fla. CAPE CANAVERAL, Fla. Feb 19 Countdown clocks were ticking down on Sunday for the launch of a SpaceX Falcon 9 rocket from a historic launchpad leased from NASA at the Kennedy Space Center in Florida. Blastoff of Space Exploration Technology Corp''s Falcon 9 rocket is targeted for 9:38 a.m. local time/1438 GMT on a mission to fly supplies and science experiments to the International Space Station. SpaceX scrubbed its first launch attempt on Saturday seconds before liftoff due to concerns about the steering system in the rocket''s upper stage, the company said. SpaceX founder and Chief Executive Elon Musk wrote on Twitter after the delay, "99% likely to be fine ... but that 1% chance isn''t worth rolling the dice. Better to wait a day." The National Aeronautics and Space Administration, which hired SpaceX to fly cargo to the station after the shuttle program ended, will closely monitor Sunday''s launch to learn more about SpaceX''s operations before it clears the company to fly NASA astronauts on SpaceX rockets. "We''re going in and listening to their launches and getting smart so we can have intelligent discussions with them and offer feedback about how things might be different if you''re launching people," Stephen Payne, NASA''s launch integration manager for the commercial space taxi program, said in an interview. SpaceX and Boeing are scheduled to begin flying crew to the station by the end of 2018. But a Government Accountability Office report last week said both firms face technical hurdles that likely will delay their programs. This is the first time SpaceX is launching a rocket from Kennedy Space Center''s historic Launch Complex 39A, which was originally built for the 1960s-era Apollo moon program and later repurposed for the space shuttles. SpaceX leased the pad from NASA in 2014 and is spending upwards of $100 million to ready it for a variety of NASA, commercial and military launches, SpaceX President Gwynne Shotwell said. "It means a lot to see the pad just not sit and waste away," Kennedy Space Center director Bob Cabana told reporters. SpaceX hopes to have its second Florida launchpad, located at the nearby Cape Canaveral Air Force Station, back in operation this summer. That pad was heavily damaged in a Sept. 1 rocket explosion. (Editing by Alex Dobuzinskis and Himani Sarkar) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/space-spacex-launch-idUSL1N1G4024'|'2017-02-19T14:00:00.000+02:00'
'424c8126a49068991cb5f9cb904827bd5d46f0e1'|'Chinese investors find their cash is losing its cachet'|'Business News - Mon Feb 20, 2017 - 11:59pm GMT Chinese investors find their cash is losing its cachet FILE PHOTO - A logo of yuan is seen at a foreign exchange store in Shanghai, China, December 1, 2015. REUTERS/Aly Song/File Photo By John Ruwitch and Dasha Afanasieva - SHANGHAI/LONDON SHANGHAI/LONDON For years, cash-rich Chinese investors have been highly sought after the world over. Now, their cash is losing its cachet. China''s increasing efforts to prevent capital from leaving the country are eroding the confidence of domestic and foreign investors about getting deals done inside and outside of the world''s second-biggest economy. Chinese bidders had become ubiquitous in deals in the past two years and were welcomed, said Severin Brizay, head of Europe, the Middle East and Africa mergers and acquisitions for the investment bank UBS. "Clients were asking if it would be possible to make sure they are involved. Now, we are seeing the reverse: some clients are asking if we can do it without Chinese bidders because of the domestic challenges they face," he said. Dealmakers said many Chinese firms are unable to close deals because they can not secure official permission to transfer yuan into foreign exchange. This follows a series of measures by authorities since late last year to tighten restrictions on capital outflows and rein in what officials have called "irrational" outbound investment. The Institute of International Finance estimated capital outflows surged to a record $725 billion last year and it expects even higher outflows this year. The yuan fell more than 6.5 percent last year against the dollar, its steepest decline since 1994, prompting the central bank to spend hundreds of billions of dollars in reserves to prevent the slide from turning into a slump. China''s foreign exchange regulator, the State Administration of Foreign Exchange, did not respond to requests for comment. IMPACT The measures by authorities have had a dramatic impact. Overseas direct investment (ODI) by Chinese in December fell almost 40 percent from a year earlier to $8.41 billion, the lowest monthly level in 2016. In January, overseas property purchases by Chinese corporations plunged. Global stock index provider MSCI expressed concern about the capital outflow measures and China shelved plans for a new crude futures contract because potential foreign participants were worried they would not be able to take yuan profits out of the country. Chinese conglomerate and cinema chain operator Dalian Wanda''s proposed $1 billion purchase of U.S. entertainment group Dick Clark Productions Inc collapsed over problems getting currency out of China and regulatory approval, online website The Wrap said on Monday. In another case, a Chinese investor was unable to get permission from authorities to exchange yuan into $30 million to close a U.S. deal, a consultant involved in the project said. The planned $100 million investment in a U.S. residential property portfolio fell through. "Sellers nowadays will request certain proof," said Jeffrey Sun, a Shanghai-based partner at the legal practice of Orrick, Herrington and Sutcliffe. <20>From the sellers<72> side, the worry is justified.<2E> Still, while Chinese regulators are putting proposed deals under greater scrutiny, it does not mean they are shutting the door on outbound investment, lawyers said. Regulators will approve deals if they make economic sense, Sun said. For example, a steel manufacturer buying a soccer club "is unlikely" to be approved, he said. "FREAKED OUT" Fund managers that help Chinese invest abroad, such as China Orient Summit Capital, are changing tack. The firm had been raising money in China for funds to target U.S. and European real estate. It is now looking to raise money in offshore markets, an executive at the company said. China Orient Summit Capital declined a request for a formal interview. Companies are also looking to avoid the approval process for buying foreign exchange if they ha
'6bfd61683d9ca9f78c0ba991e35861d3757c0091'|'Kraft withdraws offer to merge with Unilever'|'Deals - Americas - Sun Feb 19, 2017 - 11:33pm IST Kraft withdraws offer to merge with Unilever Bottles of salad dressing, made by food conglomerate Kraft Heinz, are seen on a supermarket shelf in Seattle, Washington, U.S., February 10, 2017. REUTERS/Chris Helgren Kraft Heinz Co ( KHC.O ) has agreed to withdraw its proposal for a $143 billion merger with larger rival Unilever Plc ( ULVR.L ), the companies said on Sunday. U.S.-based Kraft had made a surprise offer for Unilever in a bid to build a global consumer goods behemoth, although it was flatly rejected on Friday by Unilever, the maker of Lipton tea and Dove soap. (Reporting by Ismail Shakil in Bengaluru; Editing by Jeffrey Benkoe) Next In Deals - Americas'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-unilever-nv-m-a-kraft-heinz-idINKBN15Y0RR'|'2017-02-20T01:05:00.000+02:00'
'a3ffc14febc002f01d0fa206edb8c408cbb25231'|'PSA pledges to keep Opel''s four German sites running - Bild am Sonntag'|'Money News - Sun Feb 19, 2017 - 8:00pm IST PSA pledges to keep Opel''s four German sites running - Bild am Sonntag The logo of German General Motors daughter Opel and the bank of French car maker Peugeot are seen at a Opel and Peugeot dealership in Leverkusen near Cologne October 22, 2012. REUTERS/Wolfgang Rattay/File Photo FRANKFURT PSA Group has pledged to the German government to continue operating all four of Opel''s German production sites as part of the French carmaker''s planned takeover of General Motors'' European arm, German Sunday paper Bild am Sonntag reported. The planned sale was confirmed by both companies on Tuesday, raising the spectre of cutbacks in the wake of a deal because Europe''s car industry has been dogged for years by overcapacity. Government sources told Reuters that PSA had signalled it was open to German demands to preserve sites, jobs and existing collective bargaining contracts but talks with Britain, home to Opel''s sister brand Vauxhall, would also have to tie into a final job deal. The paper said PSA''s General Counsel Olivier Bourges told two deputy ministers and an adviser to Chancellor Angela Merkel on Thursday that Opel would continue as a separate entity within PSA group and that no German sites would be closed, without specifying its sources. The takeover deal will likely be signed by March 9, the beginning of the Geneva auto show, the paper added. Germany''s economy minister Brigitte Zypries on Thursday said she expected the deal to go ahead, after the U.S. carmaker sought to allay fears of large-scale plant closures in the country. Two sources close to PSA have, however, told Reuters that job and plant cuts were part of the tie-up talks, with the two British sites of Vauxhall in the front line. PSA''s chief executive will meet British Prime Minister Theresa May to discuss the deal, officials said on Saturday, amid concern Britain''s departure from the European Union could put Vauxhall sites at a disadvantage to Opel''s. Germany accounts for about half of GM Europe''s 38,000 staff, while there are 4,500 in Britain. Other countries with Opel production sites include Spain and Poland. A PSA spokesman confirmed only that a meeting between PSA representatives and German officials had taken place last week and that discussions had been constructive. Opel declined to comment. (Writing by Ludwig Burger; Reporting by Matthias Sobolewski, Gernot Heller, Ralf Bode in Berlin, Mathieu Rosemain in Paris, Jan Schwartz in Hamburg; Editing by Mark Potter) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/opel-m-a-psa-talks-idINKBN15Y0LC'|'2017-02-19T21:30:00.000+02:00'
'55fe58c1c9ce2026aa79d664be7764166356cf68'|'Japan business mood mixed in export-led recovery - Reuters Tankan'|'Business News - Thu Feb 16, 2017 - 11:23pm GMT Japan business mood mixed in export-led recovery - Reuters Tankan Newly manufactured cars await export at port in Yokohama, Japan, January 16, 2017. Picture taken January 16, 2017. REUTERS/Toru Hanai By Tetsushi Kajimoto and Izumi Nakagawa - TOKYO TOKYO Confidence among Japanese manufacturers rose for a sixth straight month in February to a 2-1/2 year high but the service sector''s mood fell for the first time in four months, a Reuters poll showed, underscoring the export-led nature of the economic recovery. The Reuters'' monthly poll - which tracks the Bank of Japan''s key quarterly tankan - found confidence at manufacturers slipping over the next three months and service-sector firms holding steady. In the poll of 531 large- and mid-sized firms, conducted between Jan. 31 and Feb. 14 in which 255 responded, the sentiment index for manufacturers rose to 20 from 18 in January, led by steel/nonferrous metals, chemicals and electric machinery. It was the highest reading since August 2014, and is expected to drop to 19 in May. The Reuters Tankan follows data this week that showed Japan''s economy grew moderately in October-December driven by exports, but tepid private consumption and uncertainty over policies of U.S. President Donald Trump cloud the outlook. "The yen''s weakening since Trump''s election has brightened business sentiment. But what he says and does could make companies cautious about the future," a manager at a electric machinery firm wrote in the survey, which companies answer anonymously. The manager said Trump may turn up the heat against a weak yen and Japanese car exporters, although the president held off from criticizing Japan''s trade surplus with the United States during a meeting with Prime Minister Shinzo Abe last week. The Reuters Tankan service-sector index fell to 26 in February from a 1 1/2-year high of 30 in the previous month. It was the first decline in four months, dragged down by retailers and wholesalers, underlining fragility in the private consumption that constitutes about 60 percent of the economy. The Bank of Japan''s last tankan in December showed sentiment among big Japanese manufacturers improved for the first time in six quarters to hit a one-year high, as a weak yen and a pick-up in global demand brightened prospects for exporters. In a quarterly review of its forecasts issued last month, the BOJ raised its growth estimates for the fiscal year beginning in April to 1.5 percent from the 1.3 percent forecast in November, nodding to brightening prospects for exports. Data on Monday showed Japan''s economy, the world''s third-largest, grew an annualised 1.0 percent in October-December, following a revised 1.4 percent expansion in July-September. It was the fourth straight quarter of expansion. (Reporting by Tetsushi Kajimoto; Editing by Eric Meijer) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-japan-economy-tankan-idUKKBN15V2ZO'|'2017-02-17T06:23:00.000+02:00'
'd10fa1b292f5b5aa39111e8413209553b89ea91b'|'Apple to start India manufacturing in coming months with iPhone SE - source'|'Technology Photos   11:54am IST Apple to start India manufacturing in coming months with iPhone SE: source A man speaks on his mobile phone as he walks past an Apple iPhone SE advertisement billboard in a street in New Delhi, India, April 25, 2016. REUTERS/Anindito Mukherjee By Sankalp Phartiyal - MUMBAI MUMBAI Apple Inc will in the coming months start assembling its lower-priced iPhone SE models at a contract manufacturer''s plant in the southern Indian technology hub of Bengaluru, an industry source with direct knowledge of the matter said on Friday. Apple''s Taiwanese manufacturing partner Wistron Corp is setting up a plant in Bengaluru to focus solely on assembling iPhones, a separate source told Reuters earlier this month. Apple''s move comes as it seeks to boost its share in the world''s fastest growing major mobile market, where handsets far cheaper than Apple''s iPhones dominate. It also comes as smartphone sales growth is slowing in Asia''s other massive market, China. To lower prices, Apple has been seeking to set up local production and has been in talks with the Indian federal government regarding issues such as tax concessions. The industry source told Reuters the initial manufacturing of the iPhone SE model was not contingent on those concessions. Apple did not immediately respond to a request for comment. The Economic Times newspaper earlier on Friday reported Apple planned to initially assemble 300,000 to 400,000 iPhone SE handsets in India. The industry source told Reuters the numbers would be substantially lower to begin with. The source also said it was too early to say what other phone models Apple would assemble at the Bengaluru plant. Apple shipped 2.5 million iPhones to India last year, with a third coming in the December quarter, according to market researcher Counterpoint, which estimates that three-quarters of smartphones sold in India were made locally. In the fourth quarter, Apple ranked 10th in India''s smartphone market but led the premium segment with a 62 percent market share, Counterpoint said. Samsung Electronics Co Ltd and a host of Chinese players including Xiaomi and Vivo dominate India''s smartphone market where the vast majority of phones sold are priced below 15,000 rupees ($225). In comparison, the entry level iPhone SE model sells on Amazon.com''s India site for 28,433 rupees ($424). (Writing by Devidutta Tripathy; Editing by Euan Rocha and Christopher Cushing) Next In Technology Photos Facebook CEO warns against reversal of global thinking SAN FRANCISCO Facebook Inc Chief Executive Mark Zuckerberg laid out a vision on Thursday of his company serving as a bulwark against rising isolationism, writing in a letter to users that the company''s platform could be the "social infrastructure" for the globe.'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-apple-india-manufacturing-idINKBN15W0FH'|'2017-02-17T13:17:00.000+02:00'
'13c3ce5f0a5fce403f99ce7d8415da959c8681c5'|'RBS proposes new 750-million-pound plan to abandon Williams & Glyn unit sale'|'Royal Bank of Scotland Group Plc ( RBS.L ) said on Friday it had proposed abandoning the planned sale of its Williams & Glyn unit after a seven-year struggle to sell the small business lender to meet European Union state aid demands.The taxpayer-backed bank has instead proposed an alternative series of measures, worth around 750 million pounds ($931.28 million), to help so-called challenger banks and boost competition among lenders.The new plan includes setting up a fund that challenger banks can access to boost their business banking capabilities, funding the cost of customers switching from RBS to other banks and allowing other lenders to use its branch network.If the plan is accepted it would end one of the bank''s biggest headaches after it was ordered to sell Williams & Glyn as a condition of its state-backed rescue at the height of the financial crisis.RBS and the UK Treasury have been working on the plan for the last few months after the bank abandoned an idea to build an independent technology platform and to sell it as a stand-alone bank, according to a person with knowledge of the talks.Ending the bank''s state aid commitments is seen as a major milestone in the lender''s recovery, returning the bank to full private ownership and restoration of dividends.The EU commissioner for competition backs the new plan but it now needs the approval of the full European Commission.The plan would allow the bank to meets its obligations more quickly and with more certainty, RBS Chief Executive Ross McEwan said in a statement.The bank has provisioned 750 million pounds in its 2016 annual results for the proposal, it added.European regulators originally ordered a sale of Williams & Glyn by 2013 to prevent RBS, Britain''s largest small-business lender, from having an unfair advantage and posing a systemic threat to its economy.RBS has blamed the complexities of creating a standalone technology platform for the delays in selling Williams & Glyn.The bank, which is more than 70 percent state-owned, is still in the throes of a restructuring, including asset sales, job cuts and tackling multi-billion dollar charges to settle litigation for past misconduct.Later this year, RBS is expected to pay the biggest fine in its history to settle claims that it mis-sold mortgage bonds in the run-up to the global financial crisis.(Reporting by Ismail Shakil in Bengaluru and Andrew MacAskill in London; Editing by David Evans and Gareth Jones)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-royal-bank-scot-divestiture-williams-idUSKBN15W2BF'|'2017-02-18T00:18:00.000+02:00'
'874ae7f29751877872cff94bc7030f44f8a0b252'|'Iraq''s oil reserves increase to 153 billion barrels, oil minister says'|'Business News - Sun Feb 19, 2017 - 11:01am GMT Iraq''s oil reserves increase to 153 billion barrels, oil minister says A general view of Tawke oil field near Dahuk, 400 km (249 miles) north of Baghdad, June 27, 2009. REUTERS/Azad Lashkari BAGHDAD Iraq''s oil reserves have increased to 153 billion barrels, from a previous estimate of 143 billion barrels, Oil Minister Jabal al-Luaibi said on Sunday. Iraq will ask the Organization of the Petroleum Exporting Countries to adopt the new figure as the official estimate for its reserves, he said in a statement. The increased estimate is the result of appraisals and exploration carried out at seven oil fields in central and southern Iraq, he said. (Reporting by Maher Chmaytelli; Editing by Mark Potter) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-iraq-oil-reserves-opec-idUKKBN15Y0DM'|'2017-02-19T21:02:00.000+02:00'
'd1c2115f70b49f5ead315d39f5d031b0150e30ae'|'BHP Billiton boosts interim dividend as iron ore prices soar'|'SYDNEY Feb 21 Mining giant BHP Billiton rewarded shareholders with a bigger than expected dividend on Tuesday, signalling its growing confidence amid a resurgence in commodity prices.The world''s biggest miner reported a near eight-fold rise in underlying first-half net profit to $3.24 billion from $412 million a year earlier, just missing market forecasts for $3.4 billion. It declared a first-half dividend of 40 cents, up from 16 cents a year ago."This is a strong result that follows several years of a considered and deliberate approach to improve productivity and redesign our portfolio and operating model," Chief Executive Andrew Mackenzie said in a statement.(Reporting by James Regan; Editing by Richard Pullin)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/bhp-billiton-results-idINL4N1G52MP'|'2017-02-21T02:40:00.000+02:00'
'3a9b0a578c210a4d3d2eb9b9f3e344a27bb139df'|'Las Vegas Sands CEO says Japan casino resort could cost up to $10 billion'|'Business News -  20am GMT Las Vegas Sands CEO says Japan casino resort could cost up to $10 billion Las Vegas Sands Corp Chairman and Chief Executive Sheldon Adelson testifies on the witness stand at the Regional Justice Center in Las Vegas, Nevada, U.S. on April 4, 2013. REUTERS/Jeff Scheid/Pool/File Photo By Thomas Wilson - TOKYO TOKYO A resort hosting casinos in Japan could cost up to $10 billion (8.03 billion pounds) to build, Las Vegas Sands Corp''s ( LVS.N ) chief said, as the casino operator looks to win operating rights in what is widely expected to become the world''s second-biggest casino market. "It would be at least what we paid in Singapore, $6 billion including the land, but it could be as much as $10 billion," Chairman and Chief Executive Officer Sheldon Adelson said on Tuesday at an investor conference in Tokyo, referring to the Marina Bay Sands property in Singapore. Japan legalised casinos late last year and is now drafting rules, due by December, on how to regulate the industry and pick operators and locations of so-called "integrated resorts" - large-scale complexes combining casinos, hotels and shopping. Though estimates of the potential size of the Japanese market vary, brokerage CLSA said just two resorts in major cities could generate a total of $10 billion in annual revenue, growing to $25 billion with more locations. Major U.S. operators including MGM Resorts International ( MGM.N ) and Wynn Resorts Ltd ( WYNN.O ) are also among the runners for the first licence, while Galaxy Entertainment Corp Ltd ( GALE.BO ) and Australia''s Melco Crown Entertainment Ltd ( MPEL.O ) have also expressed interest. Political sources previously told Reuters that Japan is likely to pick casino operators and locations by 2019, with the first casinos opening by 2023. (Reporting by Thomas Wilson; Editing by Christopher Cushing) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-japan-casinos-idUKKBN1600AX'|'2017-02-21T11:20:00.000+02:00'
'f2c42c43fe27314749201a5a2e8c1bc573a3fcc5'|'BRIEF-Pengrowth announces plan to reduce outstanding debt by $530 mln'|' 03am EST BRIEF-Pengrowth announces plan to reduce outstanding debt by $530 mln Feb 21 Pengrowth Energy Corp * Pengrowth announces plan to reduce outstanding debt by $530 mln through retirement of $127 mln of convertible debentures and the prepayment of us $300 mln of the 6.35 pct senior notes due July 26, 2017 * Pengrowth Energy Corp - plan to reduce its outstanding debt through use of existing cash on hand * Pengrowth Energy Corp - intends to use cash on hand to retire $127 million of convertible debentures, on maturity on March 31, 2017 * Pengrowth Energy - to use remaining cash to pre-pay us $300 million principal amount outstanding of us $400 million 6.35 pct senior notes maturing July 26, 2017 * Pengrowth Energy Corp - following payments, co expects pro-forma debt to be reduced to about $1.1 billion and comprised entirely of senior term notes Source text for Eikon:   Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-pengrowth-announces-plan-to-reduce-idUSASB0B17W'|'2017-02-21T21:03:00.000+02:00'
'bbca9aabf4112995d85a1230dd02382d8aa7cbef'|'Proposed ETF would track flowering marijuana market -regulatory filing'|'Money  37pm EST Proposed ETF would track flowering marijuana market: regulatory filing An investment company is making plans to launch what could be the first exchange-traded fund to profit on marijuana. The Emerging AgroSphere ETF would give investors an opportunity to buy a group of companies making prescription drugs using cannabis extracts, selling hemp derivatives and other related stocks, fund backer ETF Managers Group LLC said in a filing with the U.S. Securities and Exchange Commission last week. More than two dozen U.S. states have legalized some form of marijuana for medical or recreational use, though the drug remains illegal at the federal level. Support for legalization of marijuana has risen to nearly 60 percent among U.S. adults, the Pew Research Center said last year. Ten years ago, just 32 percent of adults favored legalization, while 60 percent were opposed to it. The investment company did not disclose a ticker symbol, its fees or a launch date but said the fund will be listed on NYSE Arca. A spokesman for ETF Managers Group LLC declined to comment. Legal cannabis spending could rise to $21.6 billion in 2021, from $6.9 billion last year, according to the Arcview Group LLC, an investment and research company. The ETF, which would buy stocks globally, "will not invest in any companies that are focused on serving the non-medical marijuana market in the United States, Canada or any other country unless and until such time as the production and sale of non-medical marijuana becomes legal in the United States, Canada or such other country," the prospective fund''s managers said in the filing. (Reporting by Trevor Hunnicutt; editing by Grant McCool) Next In Money'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-etf-marijuana-idUSKBN1602C3'|'2017-02-22T01:27:00.000+02:00'
'f1c2eb05184d8e0884bae1b64c9d7672ff36cf4d'|'Nikkei boosted by weaker yen; paper sector outperforms'|' 27am EST Nikkei boosted by weaker yen; paper sector outperforms TOKYO Feb 21 Japanese stocks rose on Tuesday as the weaker yen helped overall sentiment, while the paper sector outperformed on a report that a major producer intends to raise printing paper prices. Trading volumes were low, however, as a holiday in the United States on Monday left investors short of the usual leads. The Nikkei gained 0.7 percent to 19,381.44. The broader Topix rose 0.6 percent to 1,555.60, with 1.528 billion shares changing hands, compared to a 30-day average volume of 1.902 billion shares. The JPX-Nikkei Index 400 climbed 0.6 percent to 13,959.68. The paper & pulp sector soared 3.8 percent and was the best performer on the board, with Nippon Paper Industries jumping 6.8 percent after the Nikkei business daily reported that the company will raise the prices of printing paper for the first time since February 2015. (Reporting by Ayai Tomisawa; Editing by Eric Meijer)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/japan-stocks-close-idUSL4N1G62CE'|'2017-02-21T13:27:00.000+02:00'
'e950a0c00d00ff7333ba17a99d253acc7863c6fd'|'Trump administration mulls changes to trade deficit calculations - WSJ'|'Business News - Sun Feb 19, 2017 - 8:18pm GMT Trump administration mulls changes to trade deficit calculations - WSJ U.S. President Donald Trump (C) dellivers remarks after attending a swearing-in ceremony for Defense Secretary James Mattis (R) with Vice President Mike Pence at the Pentagon in Washington, U.S., January 27, 2017. REUTERS/Carlos Barria WASHINGTON U.S. President Donald Trump''s administration is mulling changes to how it calculates U.S. trade deficits in a way that would likely help bolster political arguments to renegotiate key trade deals, the Wall Street Journal reported on Sunday, citing people involved in the discussions. The main idea being discussed is whether to exclude "re-exports" from the calculation of U.S. exports, sources told the newspaper. Re-exports refer to goods that are imported into the United States, then transferred to another country. Trump has been highly critical of trade deals including the North American Free Trade Agreement (NAFTA) with Mexico and Canada. By using a metric that widens the trade deficit, it could give him political leverage to make sweeping changes, the paper reported. If the government adopted the new method, the deficit with Mexico would be nearly twice as high. The Journal reported that career government employees at the U.S. Trade Representative''s (USTR) office objected to a request to prepare data using the new methodology. Although they complied with the request, the newspaper reported, the staffers explained why they disagreed with the approach. In a statement to the newspaper, the office of the U.S. Trade Representative''s deputy chief of staff, Payne Griffin, said officials there are not close to a decision yet on whether to adopt a new approach. <20>We had a meeting with the Commerce Department, and we said, <20>Would it be possible to collect those other statistics?''" he was quoted as saying. USTR officials did not immediately respond to a request for comment from Reuters. (Reporting by Sarah N. Lynch; Editing by Jeffrey Benkoe) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-trump-trade-idUKKBN15Y0V3'|'2017-02-20T03:18:00.000+02:00'
'3f9cc4f51202b62233d0cc6d2cbddaaf04f4c28d'|'One in four UK families have less than <20>95 in savings, report finds - Society'|'The gap between rich and poor in the UK is growing, as savings and home ownership decline among the poorest families but rise among the richest, a report by insurer Aviva shows.In a sign of growing financial strain, low-income families had just <20>95 of savings and investments, excluding pensions, this winter, compared with <20>136 in the same period last year. That figure jumps to <20>62,885 among high-income families, up from <20>50,208 a year earlier.Millions of people fall below the UK''s minimum income standard <20> in data Read more It means the savings gap between the richest and poorest has grown by 25% over the past year, from <20>50,072 to <20>62,790.<2E>The gulf between low- and high-income families is showing signs of widening, in a worrying indication that those less fortunate are finding their finances increasingly stretched,<2C> said Paul Brencher of Aviva UK. <20>While high income families have been able to increase their savings pots, those with low incomes have seen theirs fall to less than <20>100.<2E>One in four families in the UK are classed as low income, according to Aviva, with net monthly earnings below <20>1,500. Less than one in 10 (8%) fall under the high income classification of net monthly earnings of <20>5,001 or more.Across all families, savings fell to the lowest level in 18 months. Home ownership in the UK was at the lowest level in four years, at 64% of families. Low-income families were the least likely to own their homes at 41% <20> down from 43%. Home ownership rose among high-income families to 90% from 88%.Aviva said declining rates of home ownership could be a sign of difficulties getting a mortgage for first-time buyers or families not considered <20>prime<6D> borrowers. Brencher said: <20>Although mortgage rates are at record lows, qualifying for these deals and getting a deposit can be difficult for those with limited household income or unusual circumstances. Britain<69>s broken housing market means becoming a homeowner is a distant dream for many families and government plans must swiftly be turned into action to stem the tide of inequality.<2E>Inflation was a growing concern among families, with 43% saying that significant increases in the price of basic necessities was one of the biggest threats to their standard of living in the next three months, up from 36% last summer.''I borrowed money from my mum to buy food'': life on universal credit Read more Economists have warned that households will come under increased pressure in 2017 , as inflation rises while wage growth remains weak. The headline rate of annual inflation rose to 1.8% in January from 1.6% in December , the highest in more than two years. It is expected to rise to about 3% early next year, as the sharp fall in the pound since the Brexit vote pushes up the price of goods imported from overseas. Brencher said: <20>With inflation climbing fast, families are understandably concerned about the impact of rising prices on the household purse. Poor returns on savings and rising inflation means families could well see their safety net eroded if they don<6F>t keep up regular contributions and try to boost savings pots whenever possible.<2E>Average debt, tracked by Aviva since 2011, has now surpassed its previous peak of <20>14,950 in the summer of 2013 to reach <20>17,630 in winter 2016-17. Personal loans are the single biggest contributor to household debt, with families owing an average of <20>2,770.'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/society/2017/feb/20/one-in-four-uk-families-have-less-than-95-in-savings-report-finds'|'2017-02-20T14:01:00.000+02:00'
'71d627f9bff2d9d38214d9428d13bb5106b8ac30'|'Marathon Oil beats estimates, doubles 2017 capital budget'|'Commodities  30pm EST Marathon Oil beats estimates, doubles 2017 capital budget Marathon Oil Corp, a U.S. shale exploration company, on Wednesday doubled its projected capital spending for the full year, as crude prices stabilize following a two-year rout. The company, which reported a smaller-than-expected wider fourth-quarter loss on Wednesday, expects to spend more as it ramps up activity in Oklahoma and the Bakken Shale formation. Oil producers are betting big on a continued rise in crude prices by buying up acreage and raising capital spending. Marathon said it plans to spend about $2.2 billion this year, or roughly double the $1.1 billion it spent in 2016. Industry peers Exxon Mobil, Chevron Corp and Hess Corp also boosted their capital budgets for the year. Marathon''s net loss widened to $1.37 billion, or $1.62 per share, in the fourth quarter ended Dec. 31, from $793 million, or $1.17 per share, a year earlier. Excluding items, the company posted a loss of 10 cents per share, lower than analysts'' average estimate for a loss of 15 cents. Revenue fell 5.8 percent to $1.39 billion, above the Street''s estimate of $1.19 billion. Marathon shares ended down 0.67 percent at $16.30 in regular Thursday trading on the New York Stock Exchange. (Reporting by John Benny in Bengaluru, editing by G Crosse) Next In Commodities New labor laws in Chile embolden striking miners SANTIAGO/ANTOFAGASTA Workers at the world''s largest copper mine in Chile are digging in for a long strike, emboldened by new labor laws that are likely to result in tough wage negotiations in the industry in 2017 in one of Latin America''s most free-market economies.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-marathn-oil-outlook-idUSKBN15V01R'|'2017-02-16T07:28:00.000+02:00'
'a245a5284ba63b760fc156359b577abfcb339b3e'|'RPT-"It would be huge": U.S. border town confronts possible import tax'|'Company News - Thu Feb 16, 2017 - 7:00am EST RPT-"It would be huge": U.S. border town confronts possible import tax (Repeats with no change to text) By Lisa Baertlein and Paul Ingram NOGALES, Arizona Feb 16 For up to 16 hours a day, tomatoes, peppers, cucumbers and mangoes grown in Mexico flow north through a border checkpoint into Nogales, Arizona, helping to ensure a year-round supply of fresh produce across the United States. This is a city built on cross-border trade. Each year, some 330,000 trucks and 75,000 train cars carrying $17 billion worth of goods move through Nogales, according to U.S. Customs and Border Protection. Economists estimate trade supports nearly one in three jobs here, ranging from workers who inspect the goods to forklift operators who unload them in distribution centers. In many ways, Nogales represents the flip side of free trade deals that have battered industrial cities in the Midwest, where jobs have been outsourced and manufacturing plants shut down. The cities where Donald Trump''s promise to throttle what he calls unfair competition resonated most profoundly during the presidential campaign. It also represents potential risks that new trade barriers could pose for businesses and residents along the border. Only a tall, rusted fence separates Nogales, Arizona, from Nogales, Mexico; the cities are so intertwined that locals call them by a single name, "Ambos Nogales" or "Both Nogales." Now in office, Trump is considering a 20 percent tax on imports from Mexico, one of several ideas under review in Washington, and is promising to renegotiate the North American Free Trade Agreement. More than a dozen city officials, employers and workers interviewed here said a border tax, if enacted, could choke the flow of imports from Mexico. They described a chain of events that would harm the economy, threaten local jobs and lead to higher prices for U.S. consumers. "President Trump should take a good look at the effects of whatever he does, because he''s going to end up with a real problem," said Nogales Mayor John Doyle, who joined other lawmakers from Arizona, New Mexico and Texas in denouncing the import tax plan in letters to U.S. lawmakers. Food, autos and electronics go both ways across the border checkpoint, sometimes more than once. Mexican mangoes and melons come north while California almonds and apples from Washington state go south. U.S. car parts sent to Mexican factories are imported back as finished vehicles. "There are hundreds of products that come back and forth through the port of entry in Nogales," Doyle said. The Trump administration told Reuters that any tax deal would protect U.S. interests. "The American people can rest assured that any policy President Trump pursues will be designed to increase wages for American workers, reduce the U.S. trade deficit, and strengthen the economy so that it works for all," a White House official said in an email. TIED TO TRADE Since the 1994 implementation of NAFTA, trade between Mexico and the United States has risen more than six fold. Each country exported about $40 billion to the other in 1993. Last year the United States imported $294 billion in goods from Mexico and exported $231 billion back, U.S. Census data show. Nationwide, nearly 5 million jobs are now tied to trade with Mexico, from importers to jobs dependent on low-cost goods, according to a study by the non-partisan Wilson Center''s Mexico Institute. In Santa Cruz County, surrounding Nogales, the produce import industry and supporting businesses account for more than 22 percent of jobs, according to a 2013 report by economists at the University of Arizona. Trade and support for factories across the border account for another 10 percent of the workforce. The report''s lead author, Vera Pavlakovich-Kochi, said a 20 percent border tax would create the strictest barriers to trade in five decades. In addition to Trump''s proposal of a 20 percent tax on imports from Mexi
'0805badca3b6f9bc1e1648b7f9da5a70a1fba84d'|'ECB policymakers call for steady hand, patience - minutes'|' 35pm GMT ECB policymakers call for steady hand, patience - minutes European Central Bank (ECB) President Mario Draghi addresses a news conference at the ECB headquarters in Frankfurt, Germany, January 19, 2017. REUTERS/Kai Pfaffenbach FRANKFURT The European Central Bank needs to maintain a ''steady hand'' approach to reassure markets and should look through the current inflation surge, policymakers agreed at the bank''s January 19 meeting, the minutes of the discussion showed on Thursday. The surge in energy prices is temporary and has not increased the price of other goods and services, so substantial ECB stimulus was still needed to revive persistently weak underlying inflation, rate setters agreed. Although Executive Board member Yves Mersch recent called on the bank to remove the prospect of lower rates from its guidance, policymakers at the meeting widely agreed to keep the guidance intact, the ECB said in a document that did not show evidence of serious disagreement. "The Governing Council was seen as well advised to remain patient and maintain a ''steady hand'' to provide stability and predictability in an environment still characterised by a high level of uncertainty," the ECB said. "The recent increases in energy prices had thus far not translated into indirect or second-round effects on broader inflation," it added. Inflation has surged this year, essentially hitting the ECB''s target of almost 2 percent last month. This has fuelled calls from traditionally conservative policymakers in places like Germany for the bank to curtail stimulus. ECB President Mario Draghi has rebuffed those calls, pleading for patience and arguing that the surge is temporary and mostly due to a blip in oil prices, not the type of sustained rise that would warrant action. Having already extended asset buys until the end of the year, the ECB did not change its policy last month and even kept the door open to more stimulus in case of unexpected shocks. Market see an unchanged policy stance for most of this year. (Reporting by Balazs Koranyi; Editing by Francesco Canepa)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ecb-policy-idUKKBN15V1IQ'|'2017-02-16T19:35:00.000+02:00'
'7885dc93470da5390a1267fac891b30c166c35c7'|'BRIEF-Unique Fabricating sees Q4 revenue of about $43.7 mln'|' 54am EST BRIEF-Unique Fabricating sees Q4 revenue of about $43.7 mln Feb 16 Unique Fabricating Inc * Unique fabricating announces preliminary unaudited full-year 2016 results and provides 2017 guidance * Sees FY 2017 adjusted earnings per share $0.90 to $0.94 * Sees FY 2017 revenue $183 million to $187 million * Preliminary Q4 revenue of approximately $43.7 million * Preliminary unaudited full-year 2016 adjusted diluted earnings per share of approximately $0.17    '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSASB0B0PZ'|'2017-02-16T19:54:00.000+02:00'
'bba05797c54820b94ea31d6b9a8eb74ae3321c2d'|'BRIEF-MGM Resorts International posts Q4 earnings $0.04/shr'|' 25am EST BRIEF-MGM Resorts International posts Q4 earnings $0.04/shr Feb 16 MGM Resorts International * MGM Resorts International reports fourth quarter and full year financial and operating results; announces quarterly dividend * Q4 earnings per share $0.04 * Q4 same store sales rose 4 percent * Q4 earnings per share view $0.21 -- Thomson Reuters I/B/E/S * MGM Resorts International says initiated a quarterly dividend program * MGM Resorts International - domestic resorts casino revenue for Q4 of 2016 increased 33 pct compared to prior year quarter * MGM Resorts International - dividend of $0.11 per share will be payable on March 15, 2017 * Qtrly domestic resorts rooms revenue increased 10 pct compared to prior year quarter * Qtrly REVPAR growth of 3 pct over prior year quarter * Qtrly revenues $2.46 billion versus $2.19 billion * Q4 revenue view $2.46 billion -- Thomson Reuters I/B/E/S * MGM Resorts International- board of directors approved a quarterly dividend of $0.11 per share * MGM Resorts International- MGM China net revenues of $500 million, a $1 million increase compared to prior year quarter  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSASB0B0Q9'|'2017-02-16T20:25:00.000+02:00'
'3f7bfd83387260fa4459ad3116e96efe5330d622'|'PRESS DIGEST- Financial Times - Feb 16'|'Feb 16 The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy.HeadlinesDBS net profit drops 9 per cent in Q4 as bad loans growon.ft.com/2kLrrNiSpotify to add 1,000 jobs in New York, move U.S. HQ to World Trade Centre siteon.ft.com/2kry4IwAnger in Berlin over GM plans to sell Opel to Peugeoton.ft.com/2krIbgiBritain''s oldest steelmaker receives fresh granton.ft.com/2krtNVoOverviewDBS Group Holdings Ltd saw net profit drop markedly in the quarter ended December as bad loans increased and net interest margin shrank for the Singaporean banking and financial services company.Spotify is set add 1,000 jobs in New York by 2018 and move its U.S. headquarters to the World Trade Centre site as part of its ongoing expansion in the United States.Berlin is furious it received no prior notification that General Motors Co planned to sell its ailing European business to French rival Peugeot SA, as concerns grow that a sale could lead to heavy job losses in Germany just months before an election.Sheffield Forgemasters, Britain''s oldest steelmaker, received a fresh grant from the government to support its 6.5 million pound investment in new machinery as the lossmaking company attempts to reduce its reliance on sluggish oil and gas markets. (Compiled by Abinaya Vijayaraghavan in Bengaluru; Editing by Sandra Maler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/britain-press-ft-idINL1N1G101I'|'2017-02-15T21:46:00.000+02:00'
'6bab61bd179bdaec1c8061b0d20eac763507a9b5'|'PRESS DIGEST- The New York Times business news - Feb 16'|' 26am EST PRESS DIGEST- The New York Times business news - Feb 16 Feb 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. - Union organizers fell far short on Wednesday in a bid to enlist workers at Boeing''s South Carolina facilities in what was widely viewed as an early test of labor''s strength in the Trump era. nyti.ms/2kV0SYp - The fast-food executive Andrew Puzder withdrew his nomination to be labor secretary on Wednesday as Republican senators turned sharply against him, the latest defeat for a White House besieged by infighting and struggling for traction even with a Republican-controlled Congress. nyti.ms/2kV7shy - Soon after Yahoo disclosed the first of two enormous data breaches that threatened to upend a $4.8 billion deal it had reached with Verizon Communications, the embattled company began to confront an unpleasant potential future. nyti.ms/2kV4KsD - Janet Yellen, the Federal Reserve chairwoman, sparred with House Republicans on Wednesday about the value of financial regulation and the effectiveness of monetary policy in a testy session that showed the gulf between the central bank and the conservatives who control Capitol Hill. nyti.ms/2kV7EgM (Compiled by Vishal Sridhar in Bengaluru)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/press-digest-nyt-idUSL4N1G12C7'|'2017-02-16T13:26:00.000+02:00'
'6198b424f7bee6566bf95069fb60f75429b2d969'|'BRIEF-Covanta Holding Q4 earnings per share $0.08'|'Company  22am EST BRIEF-Covanta Holding Q4 earnings per share $0.08 Feb 16 Covanta Holding Corp * Covanta holding corporation reports 2016 fourth quarter and full year results and provides 2017 guidance * Q4 adjusted earnings per share $0.08 * Q4 earnings per share $0.08 * Q4 revenue $457 million versus I/B/E/S view $425.5 million * Q4 earnings per share view $0.13 -- Thomson Reuters I/B/E/S * Sees FY adjusted EBITDA $400 million - $440 million Source text for Eikon:'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSASB0B0NH'|'2017-02-16T17:22:00.000+02:00'
'b18e9a232124d4e8fa8ff97711c1d57b5df3445a'|'UPDATE 1-Brazil judge lifts order mandating Odebrecht payments to gov''t'|'(Adds comment from the attorney general''s office)SAO PAULO Feb 17 A federal judge in Brazil on Friday suspended an order that required two units of construction firm Odebrecht to make monthly payments amounting to 3 percent of their monthly revenues to a government account, according to a court document.Judge Friedmann Wendpap ruled that the two units of the Brazilian builder, at the center of the biggest-ever corruption scandal in Brazil, no longer needed to make the payments because of a leniency deal Odebrecht signed with Brazilian, U.S. and Swiss prosecutors in December.The two units, Construtora Norberto Odebrecht and Odebrecht Plantas Industriais e Participa<70><61>es, had been obliged to make the payments in connection with the ongoing "Car Wash" investigation into political kickbacks centered around state-run oil company Petrobras.The leniency deal Odebrecht signed includes $2 billion in fines: the largest such penalty yet levied against any company. Since then, several nations where Odebrecht has admitted to paying bribes are also seeking to levy fines against the company.The judge said that Brazil''s attorney general''s office, which had asked the court to order the Odebrecht units'' payments in November, had 30 days to appeal his order.The attorney general''s office said in an emailed statement that it had lodged a filing with the judge, which it declined to describe, and that it was awaiting an answer to take "the appropriate judicial action" - which was also not clarified. (Reporting by Eduardo Simoes and Brad Brooks; Editing by Jonathan Oatis)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brazil-corruption-odebrecht-idINL1N1G21NP'|'2017-02-17T19:29:00.000+02:00'
'91b0f2fca01e27d82fb3f637b3e16194caaf4246'|'BRIEF-Ecolab Q4 earnings per share $1.24'|' 04am EST BRIEF-Ecolab Q4 earnings per share $1.24 Feb 21 Ecolab Inc: * Ecolab fourth quarter reported diluted eps $1.24; adjusted diluted eps $1.25, +2%; expects full year 2017 adjusted diluted eps of $4.70 to $4.90 * Sees q1 2017 adjusted earnings per share $0.77 to $0.83 * Q4 earnings per share $1.24 * Q4 earnings per share view $1.27 -- Thomson Reuters I/B/E/S * Q4 adjusted earnings per share $1.25 * Sees fy 2017 adjusted earnings per share $4.70 to $4.90 * Ecolab inc - expect second half of year to show "better earnings growth" comparisons than first half * Ecolab inc - "we believe global economic growth will remain sluggish" * Ecolab inc - expect a full year special charge associated with swisher and recently announced anios acquisition, to be approximately $0.06 per share * Ecolab inc - "expect energy market to stabilize around current levels and currency translation challenges to moderate" * Ecolab inc - we expect a q1 2017 special charge associated with swisher and recently announced anios acquisition to be approximately $0.03 per share * Q1 earnings per share view $0.89 -- Thomson Reuters I/B/E/S * Fy2017 earnings per share view $4.90 -- Thomson Reuters I/B/E/S * Ecolab inc sees 2017 adjusted eps, excluding special gains and charges, in the range of $4.70 - $4.90 * Ecolab - expect foreign currency translation to have unfavorable impact of about 1 percentage point on full year sales in 2017 * Ecolab - expect foreign currency translation to have estimated 2 percentage point unfavorable impact on diluted earnings per share in 2017 Source text for Eikon:   Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-ecolab-q4-earnings-per-share-idUSASB0B19D'|'2017-02-21T21:04:00.000+02:00'
'70eedef56c12459fe7ad128885dded75a5bc795c'|'UK offers Peugeot assurances on post-Brexit auto industry: FT'|'Business News - Sat Feb 18, 2017 - 8:00am EST UK offers Peugeot assurances on post-Brexit auto industry: FT A Peugeot car is seen parked outside the Opel headquarters in Ruesselsheim, Germany February 14, 2017. REUTERS/Ralph Orlowski LONDON Britain has offered Peugeot manufacturer PSA Group ( PEUP.PA ) assurances on post-Brexit trade and supply chains in an attempt to protect Vauxhall car plants after a possible takeover, the Financial Times reported on Saturday. Business minister Greg Clark met French politicians and PSA executives in Paris on Thursday to discuss their plan to buy General Motors'' ( GM.N ) European unit, Opel, which include Vauxhall plants in Britain. The talks have set political alarm bells ringing in Britain and Germany, where there are fears that a sale to the French company could lead to heavy job losses. Clark said on Friday, after the meeting, that PSA executives had "stressed that they valued highly the enduring strength of the Vauxhall brand, underpinned by its committed workforce". The FT reported on Saturday, citing a person with knowledge of the meeting, that Clark had also made commitments similar to those he gave Nissan ( 7201.T ) last year before it announced it would build two new models in Britain. Clark promised Nissan that he would ensure more car part suppliers were based in Britain, support training and research into electric and low-emission vehicles, and push for "free and unencumbered" access to European Union markets for carmakers after Britain leaves the EU. The government has declined to give exact details of its promises to Nissan, citing commercial confidentiality, though government auditors who saw the letter said it did not make the government liable for Brexit-related costs incurred by Nissan. Britain''s business ministry declined to comment on Saturday on whether Clark had made similar commitments to PSA. The FT quoted Clark as saying that he and PSA executives had "talked generally about our commitments and enthusiasm for research in electric vehicles and batteries", but added that the minister did not give further detail. (Reporting by David Milliken; Editing by Helen Popper) Next In Business News Kraft Heinz bids $143 billion for Unilever in global brand grab LONDON U.S. food company Kraft Heinz Co made a surprise $143 billion offer for Unilever Plc in a bid to build a global consumer goods giant, although it was flatly rejected on Friday by the maker of Lipton tea and Dove soap.'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-opel-m-a-psa-britain-idUSKBN15X0EB'|'2017-02-18T20:00:00.000+02:00'
'b9482d37574d05fa6fb3f8f8f6db205652714b81'|'BRIEF-Mosaic Co files for potential mixed shelf, size undisclosed - SEC filing'|'  4:59pm EST BRIEF-Mosaic Co files for potential mixed shelf, size undisclosed - SEC filing Feb 17 Mosaic Co * Mosaic Co files for potential mixed shelf, size undisclosed - SEC filing Source text for Eikon: ( bit.ly/2m4Ugob )   UPDATE 3-Enbridge CEO says Canada only needs two more export pipelines CALGARY, Alberta, Feb 17 Two new crude oil export pipelines will provide enough capacity to ship Canadian production to market until at least the mid 2020s, Enbridge Inc Chief Executive Al Monaco said on Friday, making clear his company''s Line 3 should be one of them. * Reached a confidential agreement to settle the proceedings filed by the minority shareholders in court 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-mosaic-co-files-for-potential-mixe-idUSFWN1G210A'|'2017-02-18T04:59:00.000+02:00'
'af15aed0710963e9a5c4c3cacb772d830f1358de'|'SoftBank willing to cede control of Sprint to entice T-Mobile-sources'|'Business News - Fri Feb 17, 2017 - 10:32pm GMT Exclusive : SoftBank willing to cede control of Sprint to entice T-Mobile - sources SoftBank Corp. Chief Executive Masayoshi Son speaks as the logo of their U.S. unit Sprint is backgroud in Tokyo May 11, 2015. REUTERS/Issei Kato By Liana B. Baker - NEW YORK NEW YORK Japan''s SoftBank Group Corp ( 9984.T ) is prepared to give up control of Sprint Corp ( S.N ) to Deutsche Telekom AG''s ( DTEGn.DE ) T-Mobile US Inc ( TMUS.O ) to clinch a merger of the two U.S. wireless carriers, according to people familiar with the matter. SoftBank has not yet approached Deutsche Telekom to discuss any deal because the U.S. Federal Communications Commission has imposed strict anti-collusion rules that ban discussions between rivals during an ongoing auction of airwaves. After the auction ends in April, the two parties are expected to begin negotiations, the sources told Reuters this week. Two and a half years ago, SoftBank abandoned talks to acquire T-Mobile for Sprint amid opposition from U.S. antitrust regulators. That deal would have put SoftBank in control of the merged company, with Deutsche Telekom becoming a minority shareholder. T-Mobile was worth around $30 billion at the time, but its market value has since risen to more than $50 billion as it overtook Sprint as the No. 3 wireless carrier by subscribers. Sprint''s market value is around $36 billion (28.94 billion pounds), roughly the same as in 2014. Deutsche Telekom Chief Executive Tim Hoettges has said in recent months that the German company is no longer willing to part with T-Mobile, prompting SoftBank to explore a new strategy towards a potential combination, the people said. Deutsche Telekom owns about 65 percent of T-Mobile. SoftBank, which owns about 83 percent of Sprint, has been frustrated with its inability to grow significantly on its own in the U.S market, which is dominated by Verizon Communications Inc ( VZ.N ) and AT&T Inc ( T.N ), the two largest U.S. carriers. While SoftBank is still open to discussing other options, it is now willing to surrender control of Sprint and retain a minority stake in a merger with T-Mobile, the sources said. They asked not to be identified because the deliberations are confidential. The Reuters report sent shares of T-Mobile surging as much as 7.9 percent before they eased back to close up 5.5 percent at $63.92. Shares of Sprint ended 3.3 percent higher at $9.30. Investors have said a merger between T-Mobile and Sprint, ranked third and fourth respectively, would still face antitrust challenges, but made strategic sense as the industry moves to fifth-generation wireless technology. Carriers will need to spend billions of dollars to upgrade to 5G networks that promise to be 10 times to 100 times faster than current speeds. SoftBank, Sprint, Deutsche Telekom and T-Mobile all declined to comment. "We may buy, we may sell. Maybe a simple merger, we may be dealing with T-Mobile, we may be dealing with totally different people, different company," SoftBank Chief Executive Masayoshi Son told analysts on the company''s latest quarterly earnings call earlier this month. With the advent of 5G, Deutsche Telekom may receive offers for T-Mobile from other U.S. companies, such as DISH Network Corp ( DISH.O ) and Comcast Corp ( CMCSA.O ). Sprint could also be an acquisition target for other companies, the sources said. Dish declined to comment and Comcast did not immediately respond to a request for comment. DISCOUNTING PLANS Under CEO John Legere, T-Mobile has rolled out unlimited data plans and international roaming packages. Combined with aggressive marketing, this has boosted T-Mobile customer base at the expense of its rivals. T-Mobile said it had 71.5 million total customers while Sprint had 59.5 million at the end of 2016. T-Mobile is now almost as big as Deutsche Telekom''s German business. "We are not in the mood of selling the business," Hoettges told investors last November. W
'2b013e4793d54b12fd23ddb5a3b9ef619485c20b'|'Ten of every 100 euros paid via ECB would fall through in worst crisis - research'|'Business News - Tue Feb 21, 2017 - 4:05pm GMT Ten of every 100 euros paid via ECB would fall through in worst crisis - research 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 - RTX24TAP By Francesco Canepa - FRANKFURT FRANKFURT Ten of every 100 euros (85 pounds) sent through the European Central Bank''s payment system would not reach their destination if the most extreme financial stress modelled in an ECB paper materialised. But under most scenarios, including one more severe than the crisis of 2008, the Target 2 system would hold up well, partly thanks to the unprecedented amount of liquidity being supplied under the ECB''s asset purchase programme. Published on Tuesday, the study by ECB and national euro zone central bank economists coincides with rising concerns about a possible new euro crisis, fuelled by calls for an exit from the currency union in Italy and France and drawn-out bailout negotiations in Greece. Based on data from 2008 to 2013, the study into Target 2''s resilience plotted an extreme scenario of a 70 percent collapse in the value of banks'' collateral. If the assets banks pledge to borrow cash fell by that amount, payments worth 238 billion euros would not be settled, the study found. That equates to 10.6 percent of the turnover of Target 2, through which bank payments in the euro zone are routed. A reduction in the value of collateral such as bonds and loan bundles would make it harder for banks to obtain credit from their peers and the ECB, reducing their ability to make payments on behalf of their customers or on their own account. The proportion of failed transactions would fall to 6.3 percent, or 143 billion euros, if collateral values fell by 30 percent. "(But) not even during the past financial crisis were general drops in asset prices of about 30 percent from one day to the other observed," the economists said. Banks and ancillary systems such as clearing houses and stock exchanges accounted for 85 percent of the value of failed transactions across the simulation. Looking at volumes, bank customers fared the worst, making up 55 percent of unsettled payments in the most severe scenario. "Target 2 stress-testing indicates that the system is resilient under the stress scenarios and that liquidity levels seem to be appropriate," the study concluded. "Even very severe liquidity shocks caused by the most extreme collateral deteriorations lead to relatively mild results." (Reporting By Francesco Canepa; editing by John Stonestreet) Next In Business News Chancellor Hammond closes in on budget goal LONDON Chancellor of the Exchequer Philip Hammond appears to be on track to meet his target for improving the country''s weak public finances this year, potentially giving him a bit of room to ease the squeeze on spending in a budget plan next month.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ecb-payment-crisis-idUKKBN1601YR'|'2017-02-21T23:05:00.000+02:00'
'4c305faabf7f4a8dce3b3e8cae6a2aad05f4ddd8'|'John Wood Group posts 62 percent fall in FY profit, shares fall'|'Business News - Tue Feb 21, 2017 - 8:19am GMT John Wood Group posts 62 percent fall in FY profit, shares fall Oilfield services company John Wood Group Plc ( WG.L ) reported a 62 percent fall in its 2016 profit as weak oil prices continued to force oil producers to slash spending. Shares in the company fell as much as 10 percent to 736.50 pence in morning trade on the London Stock Exchange. John Wood Group''s profit fell to $34.4 million for the year ended Dec. 31, from $90.1 million a year earlier. The company said it expected EBITDA margin, which fell to 7.4 percent in 2016 from 8 percent the year before, to fall further by the end of the current year. However the UK-based company said it was seeing signs of a potential uptick in onshore spending in North America, as the rig count in the United States rises. (Reporting by Sanjeeban Sarkar in Bengaluru; Editing by Amrutha Gayathri) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-wood-group-results-idUKKBN1600PI'|'2017-02-21T15:19:00.000+02:00'
'5b39b55c88c799412e7fdab2bef2c8f7c852b14d'|'US STOCKS-Wall St mints fresh record highs, boosted by Wal-Mart'|' 36pm EST US STOCKS-Wall St mints fresh record highs, boosted by Wal-Mart * Wal-Mart shares lead Dow after quarterly report * Popeyes shares soar after $1.8 bln buyout agreement * All S&P 500 sectors in positive territory * Indexes up: Dow 0.47 pct, S&P 0.43 pct, Nasdaq 0.27 pct (Updates to late afternoon) By Lewis Krauskopf Feb 21 U.S. stocks rose to fresh record highs on Tuesday, boosted by strong earnings reports from Wal-Mart and other retailers and continued optimism about the economic agenda of President Donald Trump. Wal-Mart''s shares were the top stock in the Dow Jones Industrial Average, rising 3.3 percent after the world''s largest retailer reported higher-than-expected U.S. sales. More than one in every six stocks on the S&P 500 hit a new 52-week high as a post-election rally extended. The benchmark index has climbed more than 10 percent since Trump''s Nov. 8 election, sparked by the promise of tax reforms, reduced regulations and increased infrastructure spending. "There was a period last week, I think, where people were getting a little worried about whether the administration was getting sidetracked," said Rick Meckler, president of LibertyView Capital Management in Jersey City, New Jersey. "A couple days later, those worries seem to have temporarily subsided," Meckler said. "If their platform can go through, I think a lot of investors see it as very positive for stock valuations." The Dow Jones Industrial Average rose 96.03 points, or 0.47 percent, to 20,720.08, the S&P 500 gained 10.19 points, or 0.43 percent, to 2,361.35 and the Nasdaq Composite added 15.79 points, or 0.27 percent, to 5,854.37. All three indexes tallied intraday all-time highs. The S&P is trading at 17.8 times earnings estimates for the next 12 months, above the long-term average of 15 times, according to Thomson Reuters Datastream. "There is no doubt in anyone''s mind that the market has become over-extended and is due for a pullback," said Quincy Krosby, market strategist at Prudential Financial in Newark, New Jersey. "That said, when you have this kind of momentum, it is very hard to sit on the sidelines." Aside from Wal-Mart, shares of department store operator Macy''s and home improvement chain Home Depot rose modestly after their quarterly reports. Overall profit for S&P 500 companies is estimated to have risen 7.5 percent in the fourth quarter, Thomson Reuters I/B/E/S said in a report last Friday. All 11 major S&P sectors were higher on Tuesday. In other corporate news, Popeyes Louisiana Kitchen jumped 19 percent after Burger King owner Restaurant Brands agreed to acquire the restaurant chain for $1.8 billion. Advancing issues outnumbered declining ones on the NYSE by a 1.99-to-1 ratio; on Nasdaq, a 1.12-to-1 ratio favored advancers. The S&P 500 posted 88 new 52-week highs and no new lows; the Nasdaq Composite recorded 204 new highs and 24 new lows. (Additional reporting by Yashaswini Swamynathan in Bengaluru; Editing by Saumyadeb Chakrabarty and Nick Zieminski)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-stocks-idUSL1N1G61AI'|'2017-02-22T02:36:00.000+02:00'
'a99fe41bed6afb46be5b995f540acb3d33aa42c1'|'Verizon, Yahoo agree to cut deal price by as much as $350 million - WSJ'|'Business News - Tue Feb 21, 2017 - 12:46pm GMT Verizon, Yahoo agree to cut deal price by as much as $350 million - WSJ A Verizon sign is seen at a retail store in San Diego, California, U.S. on April 21, 2016. REUTERS/Mike Blake/File Photo Verizon agreed to a revised deal to buy Yahoo Inc''s ( YHOO.O ) core internet business for $4.83 billion (<28>4 billion), as much as $350 million less than the original price, the Wall Street Journal reported, citing people familiar with the matter. The revised agreement could be announced as soon as Tuesday, the Journal said. Verizon Communications Inc ( VZ.N ) had been trying to persuade Yahoo since last year to amend the terms of the agreement to reflect the economic damage from two cyber attacks. The two companies will also split any future liabilities and costs that arise from the data breaches, the WSJ reported. Yahoo and Verizon were not immediately available for comment. (Reporting by Anya George Tharakan in Bengaluru; Editing by Sayantani Ghosh) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-yahoo-m-a-verizon-idUKKBN1601ES'|'2017-02-21T19:46:00.000+02:00'
'491df1c0b012b5bacc161c7b65553b7262571fac'|'BRIEF-Cracker Barrel Q2 earnings per share $2.19'|' 06am EST BRIEF-Cracker Barrel Q2 earnings per share $2.19 Feb 21 Cracker Barrel Old Country Store Inc : * Cracker barrel reports results for second quarter fiscal 2017 and reaffirms earnings guidance for fiscal 2017 * Sees q3 2017 earnings per share $1.75 to $1.85 * Q2 earnings per share $2.19 * Q2 revenue $772.7 million versus i/b/e/s view $780.8 million * Q2 earnings per share view $2.14 -- Thomson Reuters I/B/E/S * Reaffirms fy 2017 earnings per share view $8.10 to $8.25 * Sees fy 2017 revenue about $2.95 billion * Cracker barrel old country store inc - compared to prior year q2, q2 comparable store restaurant sales increased 0.6% * Cracker barrel old country store inc - company now expects total revenue of approximately $2.95 billion for 2017 * Cracker barrel old country store inc - company now expects comparable store restaurant sales of between 0.5% and 1.0% for 2017 * Cracker barrel old country store inc - company now expects comparable store retail sales of approximately down 2.0% for 2017 * Sees 2017 capital expenditures of approximately $125 million * Cracker barrel old country store inc - expects depreciation expense between $85 million and $87 million in 2017 * Cracker barrel old country store inc - company expects food commodity deflation of approximately 4.0% for year 2017 * Fy2017 earnings per share view $8.28, revenue view $2.98 billion -- Thomson Reuters I/B/E/S * Q3 earnings per share view $1.93 -- Thomson Reuters I/B/E/S Source text for Eikon:   Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-cracker-barrel-q2-earnings-per-sha-idUSASB0B19I'|'2017-02-21T21:06:00.000+02:00'
'fd4a3d842ec141787c8d67665b5bba86e66879de'|'Mongolia dollar bonds jump after $5.5bln loan deal with IMF, other lenders'|'LONDON Feb 20 Mongolian dollar bonds rose across the curve on Monday after the country staved off default risk with a $5.5 billion loan package agreed on the weekend with the International Monetary Fund and other lenders.Bonds maturing 2018, 2021 and 2022 traded one cent, 3.9 cents and 4 cents higher respectively, ,, according to Tradeweb data. The package includes $440 million from the IMF, $3 billion from the World Bank and others as well as a 15 billion yuan swap line extension from ChinaBonds from the quasi-sovereign Development Bank of Mongolia issue, which mature next month, rose 2 cents according to Reuters data. (Reporting by Sujata Rao; editing by Karin Strohecker)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/emerging-mongolia-bonds-idINL8N1G513E'|'2017-02-20T04:58:00.000+02:00'
'eeb2d4617fd492304dc7dd3d835df311054c868c'|'Kraft withdraws offer to merge with Unilever'|'Business News - Sun Feb 19, 2017 - 6:03pm GMT Kraft withdraws offer to merge with Unilever Bottles of salad dressing, made by food conglomerate Kraft Heinz, are seen on a supermarket shelf in Seattle, Washington, U.S., February 10, 2017. REUTERS/Chris Helgren Kraft Heinz Co ( KHC.O ) has agreed to withdraw its proposal for a $143 billion merger with larger rival Unilever Plc ( ULVR.L ), the companies said on Sunday. U.S.-based Kraft had made a surprise offer for Unilever in a bid to build a global consumer goods behemoth, although it was flatly rejected on Friday by Unilever, the maker of Lipton tea and Dove soap. (Reporting by Ismail Shakil in Bengaluru; Editing by Jeffrey Benkoe) Next In Business News ECB''s Lautenschlaeger welcomes inflation rise but says too soon for rate move BERLIN European Central Bank board member Sabine Lautenschlaeger has said the ECB needs to wait to see if inflation stabilizes in its target zone of just under 2 percent before interest rates can be raised, but that she hopes its bond-buying program can be scaled down before year-end. China says policies unaffected by Trump plan to bring factories back to U.S. SHANGHAI China is closely following U.S. President Donald Trump''s plans to create more domestic jobs by encouraging U.S. companies to bring home or "reshore" their overseas production, but the government will not change its overall strategy, Industry Minister Miao Wei said on Friday. 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-unilever-nv-m-a-kraft-heinz-idUKKBN15Y0RR'|'2017-02-20T01:03:00.000+02:00'
'4af0bda02566b3e631997831edbf988d65923c6e'|'Trump administration drafts plan to raise asylum bar, speed deportations'|'By Julia Edwards Ainsley WASHINGTON, Feb 18 The Department of Homeland Security has prepared new guidance for immigration agents aimed at speeding up deportations by denying asylum claims earlier in the process. The new guidelines, contained in a draft memo dated February 17 but not yet sent to field offices, directs agents to only pass applicants who have a good chance of ultimately getting asylum, but does not give specific criteria for establishing credible fear of persecution if sent home. The guidance instructs asylum officers to "elicit all relevant information" in determining whether an applicant has <20>credible fear<61> of persecution if returned home, the first obstacle faced by migrants on the U.S.-Mexico border requesting asylum. (Graphic: tmsnrt.rs/2m4aPAs ) Three sources familiar with the drafting of the guidance said the goal of the new instructions is to raise the bar on initial screening. The administration''s plan is to leave wide discretion to asylum officers by allowing them to determine which applications have a "significant possibility" of being approved by an immigration court, the sources said. The guidance was first reported and posted on the internet by McClatchy news organization. In 2015, just 18 percent of asylum applicants whose cases were ruled on by immigration judges were granted asylum, according to the Justice Department. Applicants from countries with a high rate of political persecution have a higher chance of winning their asylum cases. A tougher approach to asylum seekers would be an element of President Donald Trump''s promise to crackdown on immigration and tighten border security, a cornerstone of his election campaign and a top priority of his first month in office. The DHS declined to comment for this story, referring questions to the White House, which did not respond to a request for comment. WHAT IS "CREDIBLE FEAR"? Under the Immigration and Nationality Act, an applicant must generally demonstrate "a well-founded fear of persecution on account of race, religion, nationality, membership in a particular social group, or political opinion." Immigration lawyers say any applicants who appear to meet that criteria in their initial interviews should be allowed to make their cases in court. They oppose encouraging asylum officers to take a stricter stance on questioning claims and rejecting applications. Interviews to assess credible fear are conducted almost immediately after an asylum request is made, often at the border or in detention facilities by immigration agents or asylum officers, and most applicants easily clear that hurdle. Between July and September of 2016, U.S. asylum officers accepted nearly 88 percent of the claims of credible fear, according to U.S. Citizenship and Immigration Services data. Asylum seekers who fail the credible fear test can be quickly deported unless they file an appeal. Currently, those who pass the test are eventually released and allowed to remain in the United States awaiting hearings, which are often scheduled years into the future because of a backlog of more than 500,000 cases in immigration courts. Between October 2015 and April 2016, nearly 50,000 migrants claimed credible fear, 78 percent of whom were from Honduras, El Salvador, Guatemala or Mexico, according to statistics from USCIS. The number of migrants from those three countries who passed credible fear and went to court to make their case for asylum rose sharply between 2011 and 2015, from 13,970 claims to 34,125, according to data from the Justice Department. Former border patrol chief Mike Fisher credits that trend to advice from immigration lawyers who know "asylum officers are going to err on the side of caution and refer most cases to a judge." The new guidance on asylum seekers is for border personnel implementing Trump''s Jan. 25 executive order on tightening U.S. border security. Among other measures, the president<6E>s directive calls for expediting eligibility cl
'18081aee2db3874fe6d343abf4321a9f83ee916f'|'Italy freezes assets of banker accused of using Vatican for market rigging'|'  3:44pm GMT Italy freezes assets of banker accused of using Vatican for market rigging FILE PHOTO: Giampietro Nattino, chairman of Banca Finnat Euroamerica S.p.A. is seen in front of his private bank in Rome, Italy, September 20, 2011. Picture taken on September 20, 2011. REUTERS/Luigi Mistrulli/File Photo By Philip Pullella - ROME ROME Investigating magistrates in Italy on Tuesday froze millions of euros worth of assets belonging to a prominent Italian banker they believe used the Vatican bank and another Holy See financial department for market manipulation. The financial crimes police said in a statement that they had executed the magistrates'' orders, sequestering 2.5 million euros (<28>2 million) in buildings, stocks and land belonging to Giampietro Nattino, head of Banca Finnat Euramerica SpA. [BFE.MI] Magistrates accuse him of market manipulation and providing false information to Consob, Italy''s stock regulator. Nattino said in a statement that the frozen assets belonged to him personally and not to his bank, and that he would cooperate with investigators. Shares in his private bank fell 3.6 percent before recovering some of that loss. Tuesday''s developments followed an exclusive report by Reuters in November, 2015 about a Vatican investigation into Nattino''s accounts at the Vatican bank, known as the Institute for Works of Religion, and at APSA, an office that oversees Vatican real estate and investments. reut.rs/2m7SvYh A confidential document seen by Reuters at the time covered the period from 2000 to 2011 and was passed on to Italian and Swiss investigators for their checks because some activity tied to the accounts allegedly took place in these countries. Vatican investigators suspected that on one occasion when his bank handled a stock placement, the APSA accounts were used to buy shares before they were allocated to other investors. In their statement on Tuesday, police said Nattino had used the "cover" of the Vatican financial institutions to carry out "a complex stock operation which resulted in criminal behaviour regarding market manipulation". The police statement said Nattino had employed "misleading and false" methods to "substantially alter" the price of shares in his bank. It said Italian magistrates were investigating two people who were managers at APSA in 2011 on suspicion of complicity. The Vatican had no immediate comment on the Italian magistrates'' order or on who the former Vatican officials were. Nattino''s statement on Tuesday referred back to one issued in 2015 in which he said his work had "always been characterised by maximum transparency and correctness". The Vatican, a sovereign state surrounded by Rome, has enacted a number of provisions to cleanse its finances and make them more transparent in recent years, particularly since the election of Pope Francis in 2013. Among the reforms was the closing of accounts held by outsiders such as Nattino. APSA made headlines in June 2013 with the arrest of Monsignor Nunzio Scarano, who worked there for 22 years as a senior accountant. Last year he was acquitted of charges of conspiracy to smuggle 20 million euros in cash into Italy from Switzerland to help friends avoid taxes. Scarano, who still faces a separate trial on money laundering charges, denies all wrongdoing. (Additional reporting by Stefano Bernabei and Antonella Cinelli; editing by John Stonestreet) Next In Business News Chancellor    '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-vatican-banker-idUKKBN1601X5'|'2017-02-21T22:44:00.000+02:00'
'8eb833f74356d2e76b657392a20c8ceb307aaadb'|'EU banking watchdog revises new payments rules'|' 47am GMT EU banking watchdog revises new payments rules 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 LONDON The European Union''s banking watchdog has eased its proposed rules for increasing choice in how people pay for products and services after the sector warned of unfair competition. The European Banking Authority Chairman Andrea Enria said changes have been made to the watchdog''s draft rules that flesh out the bloc''s revised payments services law from January 2018 to prise open a core part of banking to newcomers. EBA startled the industry last year by proposing that only payments of 10 euros ($10.54) or less would be exempt from mandatory "strong authentification", such as the customer provider a password or fingerprint. Enria told a conference on Tuesday this limit would be increased to 30 euros. "However, we disagreed with a number of comments that suggested adding further exemptions, such as on corporate payments," Enria told a Westminster Business Forum conference. He said the watchdog has also made changes after financial technology or "fintech" firms said they would have difficulty in retrieving data from a customer''s bank account, giving lenders an unfair advantage. "The banks will be obliged to provide both the provider and customers the same level of access," Enria said. ($1 = 0.9487 euros) (Reporting by Huw Jones, editing by Louise Heavens)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eu-banks-payments-idUKKBN16018M'|'2017-02-21T18:47:00.000+02:00'
'740de762364346451b1f79b109bc3ff89328b64b'|'South Africa grants Barclays Africa some immunity in FX rigging probe'|' 24am GMT South Africa grants Barclays Africa some immunity in FX rigging probe CAPE TOWN South Africa''s competition watchdog has granted Barclays Africa ( BGAJ.J ) conditional immunity from prosecution in return for its continuing cooperation in the rand currency rigging probe, the head of Competition Commission said on Tuesday. "We have a conditional agreement with them on immunity but this is subject to confirmation depending on the extent of their cooperation," Tembinkosi Bonakele told a committee meeting of parliament on Tuesday. (Reporting by Wendell Roelf; Editing by James Macharia)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-safrica-rand-rigging-idUKKBN1600PS'|'2017-02-21T15:24:00.000+02:00'
'27ffe00b85827b36799fb665bc560592ac5658b5'|'BRIEF-New York Mortgage Q4 EPS $0.09'|' 41pm EST BRIEF-New York Mortgage Q4 EPS $0.09 Feb 21 New York Mortgage Trust Inc * New york mortgage trust reports fourth quarter and full year 2016 results * Q4 earnings per share $0.09 * Q4 earnings per share view $0.16 -- Thomson Reuters I/B/E/S * New york mortgage trust inc qtrly net interest income of $14.8 million versus $16 million Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-new-york-mortgage-q4-eps-idUSASB0B1CM'|'2017-02-22T04:41:00.000+02:00'
'b847bb4ad749c126c1e530fe4d29a581639e1813'|'BRIEF-BMW, Mobileye agree to generate new kind of sensor data'|' 07am EST BRIEF-BMW, Mobileye agree to generate new kind of sensor data Feb 21 BMW * Says BMW, Mobileye agree to generate new kind of sensor data * Says BMW, Mobileye have signed agreement introducing Mobileye''s road experience management (REM) data generation technology in newly developed BMW models entering market in 2018 Source text: bit.ly/2m3YbW8  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-bmw-mobileye-agree-to-generate-new-idUSFWN1G60IR'|'2017-02-21T21:07:00.000+02:00'
'3ca5d1308a09e5e1e6f29d27cdeb58a51dcd94ca'|'German court bars discussion of dieselgate documents in Audi case'|'Company News  32pm EST German court bars discussion of dieselgate documents in Audi case HEILBRONN, Germany Feb 21 A German labour court on Tuesday barred the public disclosure of documents relating to Volkswagen''s emissions scandal during a hearing for wrongful dismissal brought by a former employee at VW subsidiary Audi. The hearing in Heilbronn in southern Germany began in public but Audi''s lawyers requested confidentiality when the plaintiff''s lawyer mentioned an email exchange in 2012 between engineers about emissions of Audi cars in the United States. The court accepted Audi''s motion and judge Carsten Witt asked observers to leave the hearing so the emails and other documents could be discussed behind closed doors. "I regret that the public was barred," said Hans-Georg Kauffeld, the lawyer for Ulrich Weiss, the engineer who was fired by Audi last week following investigations into the scandal. Kauffeld declined to comment further to reporters. 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. emission limits. VW in December agreed to a $1 billion settlement to fix or buy back about 80,000 polluting diesel vehicles sold in the country. Audi''s lawyer, Christian Bitsch of law firm Bluedex, told the court on Tuesday that Kauffeld''s client knew about the emissions manipulations in September 2015 but failed to inform his superiors. Bitsch also accused the engineer of destroying documents and encouraging his staff to do likewise. Kauffeld rejected the allegations. (Reporting by Ilona Wissenbach; writing by Andreas Cremer; editing by David Clarke) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/volkswagen-emissions-audi-idUSL8N1G652Y'|'2017-02-22T01:32:00.000+02:00'
'ee1c410ffc2358e0ecc4d784caad3fa4e4d66c71'|'Verizon revises deal with Yahoo to $4.48 billion'|'Verizon Communications Inc, the No. 1 U.S. wireless carrier, said on Tuesday it agreed to buy the core internet business of Yahoo Inc for $4.48 billion, reflecting a $350 million cut to the original price.The deal, which is expected to close in the second quarter, will combine Yahoo''s search, email and messenger assets as well as advertising technology tools with its AOL unit.Verizon had been trying to persuade Yahoo to amend the terms of the agreement to reflect the economic damage from two cyber attacks.Under the amended terms, Yahoo and Verizon will split any future liabilities and costs that arise from the data breaches.(Reporting by Aishwarya Venugopal in Bengaluru; Editing by Saumyadeb Chakrabarty)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/yahoo-m-a-verizon-idINKBN1601IW'|'2017-02-21T10:20:00.000+02:00'
'127ec643aebbe0347b1437389e984ab1b184d6ec'|'Trevena''s painkiller succeeds in two late-stage studies'|'Health  28am EST Trevena''s painkiller succeeds in two late-stage studies Trevena Inc said on Tuesday that its lead experimental drug oliceridine outperformed a placebo in two late-stage studies in patients suffering from acute pain. The intravenous formulation was being tested in patients with moderate-to-severe acute pain following bunionectomy and abdominoplasty. (Reporting by Natalie Grover in Bengaluru; Editing by Shounak Dasgupta) Next In Health News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-trevena-study-idUSKBN1601DQ'|'2017-02-21T19:21:00.000+02:00'
'37960077cb8c65f75a2d84a93d11e7476b86b09b'|'BRIEF-Wireless Telecom Group announces acquisition of Commagility Ltd'|' 05am EST BRIEF-Wireless Telecom Group announces acquisition of Commagility Ltd Feb 21 Wireless Telecom Group Inc: * Wireless telecom group announces acquisition of commagility, ltd. * Wireless telecom group inc says initial purchase price for commagility is comprised of $12.5 million in cash and $6.25 million of wireless telecom common stock * Wireless telecom group inc - deal immediately accretive to margins and earnings * Wireless telecom group inc says acquisition is expected to be immediately accretive to wireless telecom''s gross and adjusted ebitda margins * Wireless telecom group inc says total purchase consideration includes up to $12.5 million of additional cash consideration in form of a 24-month earn-out * Wireless telecom group -cash portion of deal at close was funded from combination of cash on hand and borrowings from newly issued senior credit facility Source text for Eikon:   Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-wireless-telecom-group-announces-a-idUSASB0B19B'|'2017-02-21T21:05:00.000+02:00'
'636b6f653abeb2c9ee847104fc3e77c11a2f9352'|'Tronox expands titanium dioxide business with $1.67 bln deal'|'Chemical maker Tronox Ltd ( TROX.N ) said it would expand a business that makes titanium dioxide, a whitening pigment used in paints, with a $1.67 billion deal.Shares of the company were up 4 percent in premarket trading on Tuesday.Tronox is buying the titanium dioxide unit of privately held chemical and mining company Cristal.Cristal will hold a 24 percent stake in the new Tronox, which will include the expanded pigments unit.Tronox also plans to sell its alkali business. The unit makes natural soda ash, which is used in the production of glass, detergents, chemicals, pulp and paper.The cash portion of the deal is expected to be partly funded through the sale of the alkali business and other non-core assets.Cristal will also get two board seats on Tronox''s nine-member board.Post the deal, Tronox will operate 11 titanium dioxide plants in eight countries with a total capacity of 1.3 million metric tons per year.Credit Suisse was Tronox''s financial adviser, while Kirkland & Ellis LLP and Willkie Farr & Gallagher LLP were its legal advisers.(Reporting by Komal Khettry in Bengaluru; Editing by Shounak Dasgupta)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-tronox-ltd-titanium-dioxide-idINKBN1601JB'|'2017-02-21T10:24:00.000+02:00'
'b8b870cdfd1cc8508571e83fb76f7096effc58d8'|'OPEC chief sees higher compliance with oil cut, says confidence returning - Reuters'|'By Rania El Gamal and Alex Lawler - LONDON LONDON OPEC and outside producers including Russia will boost compliance with agreed oil output curbs in a bid to clear a supply glut that has weighed on prices, the group''s secretary general said on Tuesday.OPEC Secretary General Mohammad Barkindo also said he was "cautiously optimistic" on the outlook for the oil market, almost two months into the group''s supply cut deal with Russia and other producers."Confidence has returned to this market," he said at a news conference at Energy Institute''s IP Week, an annual gathering of the oil trading industry in London. "It''s work in progress, but the trend I think has commenced."Oil prices rose after the comments, trading above $57 a barrel in London. Crude, while up from the low $30s a year ago, is still half its level of mid-2014 because of a persistent supply glut.The Organization of the Petroleum Exporting Countries is curbing its output by about 1.2 million barrels per day (bpd) from Jan. 1, the first cut in eight years. Russia and 10 other non-OPEC producers agreed to cut half as much.Barkindo said that the production data for January in OPEC''s most recent monthly report showed conformity from participating OPEC nations with agreed output curbs above 90 percent."All countries involved remain resolute in the determination to achieve a higher level of conformity," he said in a speech.Russia and the other outside producers have so far delivered a smaller percentage, but Barkindo told reporters this would increase."You have to give them the benefit of the doubt in the initial stages," he said, explaining that voluntary output restraint is a new activity for the outside producers."I am confident that the non-OPEC will also raise their level of conformity to bring it at par with OPEC."PREMATURE TO TALK OF NEW STEPSHe said it was too early to say if the supply cut, which lasts for six months from Jan. 1, would need to be extended or deepened at the next OPEC meeting in May."I think it will be very premature," he told reporters. "The market is so dynamic it is becoming increasingly challenging for even professional forecasters."OPEC sources last week said extending or deepening the cut was a possibility if stocks do not fall.Barkindo said that oil inventories were expected to decline this year."It is expected that we will see a further drop during 2017," he said. "We will continue to focus on the level of inventory drawdown to bring the level closer to the five-year industry average.(Reporting by Alex Lawler and Rania El Gamal, editing by Louise Heavens)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/opec-oil-idINKBN1601UJ'|'2017-02-21T12:24:00.000+02:00'
'c9643e414d4faaeb5d95819d6b4df9357e4577bd'|'BRIEF-Galena Biopharma board appoints Stephen Ghiglieri as interim CEO'|' 41pm EST BRIEF-Galena Biopharma board appoints Stephen Ghiglieri as interim CEO Feb 21 Galena Biopharma Inc: * Galena Biopharma board of directors appoints Stephen F. Ghiglieri as interim chief executive officer * Galena Biopharma Inc - Ghiglieri will also continue to serve as company''s chief financial officer Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-galena-biopharma-board-appoints-st-idUSASB0B1DM'|'2017-02-22T04:41:00.000+02:00'
'90baf5ab7a426ee33dd695de683147c46777ef67'|'PSA willing to cooperate with Opel labour chiefs'|' 22am GMT PSA willing to cooperate with Opel labour chiefs An Opel logo is seen on the steering wheel of a car in Bordeaux, France, February 20, 2017. REUTERS/Regis Duvignau FRANKFURT PSA Group ( PEUP.PA ) said it would adhere to labour agreements at General Motors'' ( GM.N ) Opel and expressed its willingness to cooperate with labour chiefs to safeguard jobs, PSA and workers'' representatives at Opel said in a joint statement on Tuesday. PSA chief executive Carlos "Tavares communicated convincingly in the talks that he is interested in a sustainable development for Opel/Vauxhall as an independent company... Thus, we are ready to explore further the chances of a potential coming together," Wolfgang Schaefer-Klug, chairman of the Opel/Vauxhall European Works Council, said in the statement. GM and PSA said last week they were in talks over a potential deal for the French carmaker to buy GM''s European arm Opel, sparking concerns in Germany and Britain of job losses. Germany accounts for about half of Opel''s 38,000 staff, while 4,500 are in Britain where Opel operates as Vauxhall. (Reporting by Maria Sheahan; Editing by Edward Taylor)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-opel-m-a-psa-idUKKBN1600ZF'|'2017-02-21T17:22:00.000+02:00'
'593208a17ef8164eb1bc0ca9645a43b85eeeed06'|'Asia stocks steady amid lack of cues; China gains'|'  6:01am GMT Asia stocks consolidate recent gains; China shines left right An investor walks in front of an electronic board showing stock information on the first trading day after the New Year holiday at a brokerage house in Shanghai, China, January 3, 2017. REUTERS/Aly Song 1/2 left right 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 2/2 By Saikat Chatterjee - HONG KONG HONG KONG Asian stocks held ground on Tuesday though Chinese equities surged to a fresh 2-1/2 month high as domestic funds piled into financial counters on expectations the world''s second biggest economy may have turned a corner. MSCI''s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS was up 0.2 percent on Tuesday and held below a 19-month peak hit last Thursday. The index is up more than 11 percent since Dec. 23, which marked the trough in a selloff triggered by Donald Trump''s surprise win at the U.S. election in November. With U.S. markets closed for the Presidents Holiday on Monday, Asian markets have had few global cues off which to trade. European markets are broadly expected to follow in Asia''s wake and seen drifting in a narrow band. Chinese stocks led regional gainers with mainland indexes extending a nearly 7 percent rise over the last month thanks to an influx of fresh funds from domestic institutional investors and a brightening outlook for the domestic economy. "We upgraded our China equities call last month because of the strong economic data and comments coming out from the new U.S. administration pointing to a softer stance toward China," said Francis Cheung, head of China-Hong Kong strategy at CLSA. China''s blue-chip index .CSI300 clocked its best day in six months on Monday on reports pension funds will begin pumping in funds into the country''s stock markets. Meanwhile, turnover in Hong Kong shares has jumped noticeably in recent weeks. Despite the bounce in mainland stocks, valuations remained broadly middle of the pack in Asia with price-to-earnings multiples for Chinese stocks at 19.7, far below Australia''s and India''s at 25 and 23, respectively. Some investors such as Lan Wang Simond, manager of the Mandarin Fund at Pictet Asset Management, are cautious about companies in the old economy such as manufacturing giants who have not adapted to changing demand patterns. EURO CAUTION In currency markets, the euro nursed overnight losses as lingering concerns about the looming French election rattled the currency region''s bonds. The single currency declined to $1.0581 EUR= , having moved little on Monday, due partly to the absence of U.S. investors because of the public holiday. It has fallen nearly 2 percent so far this month. Political concerns have been front and center of investors'' minds over the past week or so, with markets wary about the outcome of the French elections in the wake of Brexit. "Everybody has learned lessons from last year''s big surprises. People probably don''t want to take big risks. The euro could face further pressure given there''s still time before the election," said Ayako Sera, market strategist at Sumitomo Mitsui Trust Bank. The premium investors demand to hold French bonds instead of German debt rose to its highest since late 2012 after a poll showed the far-right Marine Le Pen narrowing the gap with more centrist opponents. The latest French poll overshadowed optimism that Greece may avert another crisis after a government official said the country had agreed with euro zone finance ministers to resume negotiations over its bailout review. Fears that cooperation on the left could lead to a run-off between Socialist candidate Benoit Hamon or hard-left candidate Jean-Luc Melenchon and Le Pen, eliminating three main moderate candidates, have dogged the euro since Friday when the two leftists said they were discussing such cooperation. Close
'3b52283288bedb804a0c53298774da7851d41d07'|'Former French president Sarkozy joins AccorHotels'' board'|'Business News - Tue Feb 21, 2017 - 6:35pm GMT Former French president Sarkozy joins AccorHotels'' board left right The logo of the French hotel operator AccorHotels group is pictured on their headquarters in Issy-les-Moulineaux as the Eiffel tower is seen in the background, outside Paris, France, February 19, 2017. REUTERS/Christian Hartmann 1/2 left right Nicolas Sarkozy, former head of the Les Republicains political party, attends a French Ligue 1 Paris St Germain soccer match in Paris, France, on the eve of French center-right primary elections, November 19, 2016. REUTERS/Gonzalo Fuentes 2/2 PARIS Former French President Nicolas Sarkozy has been appointed as a director of AccorHotels ( ACCP.PA ) and will chair its newly created international strategy committee, Europe''s largest hotels group said on Tuesday. 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. At AccorHotels the 62-year-old replaces Nadra Moussalem, the head of private equity firm Colony Europe which sold its 4.9 percent stake earlier this month. This is the first time that a former French president has joined the board of directors of a French blue chip company. Sarkozy becomes an independent director, effective from Tuesday and for the remainder of Moussalem''s term, which ends at the close of the shareholders'' meeting that will approve financial accounts for 2018, the company said in a statement. The strategy committee Sarkozy will head will focus on the development of AccorHotels'' network and brand portfolio throughout the world, as well as on the promotion of French tourism. "The international expertise of Nicolas Sarkozy and his perfect knowledge of geopolitical issues are tremendous assets for the group," said Sebastien Bazin, chairman and chief executive. AccorHotels is due to report its financial results for 2016 on February 22. (Reporting by Dominique Vidalon; Editing by Greg Mahlich) Next In Business News Chancellor Hammond closes in on budget goal LONDON Chancellor of the Exchequer Philip Hammond appears to be on track to meet his target for improving the country''s weak public finances this year, potentially giving him a bit of room to ease the squeeze on spending in a budget plan next month.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-accorhotels-sarkozy-idUKKBN1602B5'|'2017-02-22T01:35:00.000+02:00'
'e4f9053154bc1c5c8c2534baaaa42766367b00a8'|'Swiss banks paid SNB more in negative rates in 2016'|' 33am GMT Swiss banks paid SNB more in negative rates in 2016 The logo of Swiss National Bank SNB is seen outside their branch in Bern, Switzerland April 13, 2016. REUTERS/Ruben Sprich By Angelika Gruber and Brenna Hughes Neghaiwi - ZURICH ZURICH Commercial banks paid more to park cash at the Swiss National Bank in 2016, as the central bank''s currency interventions inflated their deposits with the SNB and generated more charges in the form of negative interest rates. Data published by the SNB on Tuesday showed banks'' total sight deposits at the central bank were 465.09 billion Swiss francs (371 billion pounds) based on average daily figures in December 2016, some 15 percent higher from a year before. Since January 2015 the SNB has charged banks with Swiss licenses 0.75 percent on deposits held at the central bank which exceed 20 times the lender''s minimum reserve requirement. Deposits subject to negative interest rates rose by roughly 30 percent over the course of 2016, according to Reuters calculations. Negative interest rates and currency interventions are the SNB''s two-pillared approach to reduce the franc''s attractiveness and stem inflows to the safe-haven currency. Sight deposits are seen as a guide to the central bank''s intervention in foreign currency markets. To weaken the franc against the euro EURCHF=, the SNB buys euros and credits the corresponding franc value to banks'' SNB accounts. While holdings subject to negative rates rose across all three banking categories listed by the SNB, it was particularly pronounced for Switzerland''s two biggest banks, UBS ( UBSG.S ) and Credit Suisse ( CSGN.S ). In 2016, sight deposits held by the two jointly rose nearly 36 percent, while their combined average of deposits subject to negative interest rates quadrupled compared to 2015. Until June 2015, the two big banks'' combined deposits had fallen below the exemption threshold. The SNB generated 1.1 billion Swiss francs from negative interest charged to banks and other deposit-holding institutions in the first nine months of 2016, just below the 1.2 billion francs generated for all of 2015. While the SNB has not yet given a figure for how much it pocketed from the charge in full-year 2016, analysts estimate the figure to be around 1.5 billion francs. (Editing by Catherine Evans)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-swiss-snb-banks-idUKKBN16017I'|'2017-02-21T18:33:00.000+02:00'
'4f01823d55ef8fd4b4ba5b731d8a7de3ee1ed92b'|'China''s top coal miners push for Beijing to cap output again - sources'|' 36am GMT China''s top coal miners push for Beijing to cap output again - sources left right FILE PHOTO: A worker speaks as he loads coal on a truck at a depot near a coal mine from the state-owned Longmay Group on the outskirts of Jixi, in Heilongjiang province, China, October 24, 2015. REUTERS/Jason Lee/File Photo 1/3 left right FILE PHOTO: A driver gets off a loading vehicle at local businessman Sun Meng''s small coal depot near a coal mine of the state-owned Longmay Group on the outskirts of Jixi, in Heilongjiang province, China, October 23, 2015. REUTERS/Jason Lee/File Photo 2/3 left right FILE PHOTO: A man stands amidst coal at a factory in Shaoxing, Zhejiang province, April 29, 2014. REUTERS/William Hong/File Photo 3/3 BEIJING China''s major coal miners pushed for the government to reinstate limits on thermal coal output at an industry meeting on Tuesday citing weakening demand and growing supply, two sources briefed on the gathering said. It''s not clear if a government representative was at the meeting, which took place at the China Coal Association headquarters in Beijing. Beijing is considering reimposing tough measures to cut output after the peak winter heating season ends, spurring a rally in prices to three-month highs on Tuesday. The sources declined to be named as they were not authorised to speak to the media. If reintroduced, it would be the third major shift in policy by the government in the past year as Beijing aims to move the world''s largest energy market towards cleaner, renewable fuel sources, while ensuring utilities have enough fuel. Executives from top miners China Coal Energy Co Ltd ( 601898.SS ) and China Shenhua Energy Co Ltd ( 601088.SS ) were among the attendees, sources said. The companies and the Coal Association did not respond to requests for immediate comment. Speculation about a cut pushed domestic thermal coal futures CZCcv1 to 562 yuan (<28>65.75) per tonne on Tuesday, their highest since mid-November and up 16 percent since the start of the year. In April last year, the government ordered mines to limit the number of days they operate each year to 276 days from 330 as part of its effort to cut inefficient surplus capacity, triggering an historic surge in prices as supplies to utilities tightened. In November, the NDRC reversed the curbs in a bid to avert a winter energy crisis. Some mining executives and analysts have said the government may take a more flexible approach to the policy this year, chastened by the wild price lurches in 2016. Global miners were the main beneficiaries of the price rally, helping the industry exit a long bear market. (Reporting by Meng Meng and Josephine Mason; editing by Jason Neely and Louise Heavens) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-china-coal-output-idUKKBN16017Q'|'2017-02-21T18:36:00.000+02:00'
'f0a73de70dcef1b692f3b477275887c5278315dc'|'UPS tests drone deliveries in Florida with eye to cost cuts'|'Technology  34am EST UPS tests drone deliveries in Florida with eye to cost cuts A United Parcel Service (UPS) employee unloads packages from the cargo of an airplane at the Regional Air Hub in Rockford, Illinois, December 9, 2014. Picture taken December 9, 2014. REUTERS/Jim Young By Luciana Lopez Package delivery company United Parcel Service Inc tested home delivery by drone in Lithia, Florida, on Monday, the first step in what the company hopes will be a move toward more automated delivery. A drone launched from a UPS car roof, flew autonomously toward its destination, dropped a package and then returned to the vehicle, as the driver separately continued on a delivery route. The Tampa-area test, which UPS said went as expected, came less than a month after UPS said it would push forward investment in automation and technology as the company, along with rival FedEx Corp, struggles with slimmer margins from e-commerce business. "We see this as an exploration into this new technology," said John Dodero, vice president of industrial engineering at UPS. The company has conducted drone tests before, and is weighing other uses for the technology, such as in inventory control and helping inspect planes and vehicles within hangars and warehouses. But UPS has no timeline for when drones might be put into wider use, Dodero said, partly because federal authorities are still developing regulations on how to use the technology. UPS sees potential particularly in rural routes, such as in Monday''s test. Cities are dense enough that drivers typically have deliveries grouped relatively close together. But rural routes are more spread out, and thus more expensive. If drones can handle some of those deliveries, the company can be more efficient along those areas and lower some costs, Dodero said. He declined to say whether the company''s workforce could be trimmed by attrition as UPS expands drone delivery. "We have no idea how all that will play out until we find out how to integrate them into the business," he said. However, Dodero added UPS is not looking to use drones as a replacement for drivers. "UPS is never looking to replace our UPS drivers," he said, calling them "the face of our company." (Reporting by Luciana Lopez; Editing by Alan Crosby) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-united-parcel-drones-idUSKBN1601VQ'|'2017-02-21T22:30:00.000+02:00'
'05cb532b7b6bc8f60331c49f7441d9535267dc13'|'Institutional investors pull $469 bln from equities in 2016 - report'|'By Claire Milhench - LONDON LONDON Institutional investors pulled $468.8 billion out of equities in 2016, a report by the research firm eVestment showed on Tuesday, notwithstanding a rally late in the year that drove stock markets to record highs.Investors piled into stocks after Donald Trump was elected as U.S. President in early November, betting that his much-touted tax cuts and spending plans would stimulate growth.Both U.S. and world stocks have powered to record highs, with the S&P 500''s market capitalisation climbing past $20 trillion this month for the first time ever.But in the fourth quarter of 2016, institutional investors continued to pull money from external asset managers, with equities suffering $147.9 billion of net outflows, the latest data from eVestment showed.The tide may be turning - international equity strategies are attracting the most searches in eVestment''s database, a clue to future asset flows. But it takes time to implement investment decisions, so the trend will not be clear for several quarters, eVestment said.The firm, which tracks more than $37 trillion in institutional money globally, aggregates data from asset managers overseeing money for pension funds, insurers, sovereign wealth funds and foundations.The fourth-quarter selling was broad-based, with client accounts domiciled in the United States, Europe, Britain, Canada, Africa, the Middle East and Australia all seeing redemptions.Emerging market equities suffered heavy net redemptions of $742.5 million in the fourth quarter, U.S. equity strategies reported outflows of $98.9 billion, and global stocks recorded outflows of $26.5 billion, the data showed.However, the selling was mainly from active equity strategies, which had net outflows of $155.8 billion in the fourth quarter. Passive equity mandates attracted $6.6 billion, eVestment said.Fixed income had net outflows of $4.9 billion, after attracting a revised $126.2 billion of net inflows in the third quarter. Emerging markets fixed income reported net outflows of $15.1 billion.By client type, corporate accounts, public funds, insurance accounts, foundations and endowments and sovereign wealth funds were all net sellers in the fourth quarter. Defined contribution pension plans bucked the trend, attracting $4.9 billion, bringing net inflows for 2016 to $2.5 billion.(Reporting by Claire Milhench, editing by Larry King)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/global-investment-flows-idINKBN1601GN'|'2017-02-21T10:00:00.000+02:00'
'd2eaddbbd7140570f423715478f36a8f6046e23c'|'Deutsche Boerse, LSE plan further concession for EU merger approval: sources'|'Deutsche Boerse AG ( DB1Gn.DE ) and the London Stock Exchange Group Plc ( LSE.L ) are planning further concessions to satisfy the European Commission''s concerns about their planned merger, two sources familiar with the matter said on Tuesday.The antitrust regulator informed the companies after a market test that their offer to sell their French clearing business LCH.Clearnet SA was not enough to win them an approval, the sources said.As part of the plan, one of the companies is looking to dispose its repo and cash bond clearing business, one source added.Both companies said earlier that they will sell LSE''s Clearnet SA to Euronext if the merger is approved by regulators .Deutsche Boerse declined to comment while the LSE was not immediately available.News of the two exchanges discussing further offerings was earlier reported by the Financial Times.(Reporting by Andreas Kroener in Frankfurt, Foo Yun Chee in Brussels and Ismail Shakil in Bengaluru)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-deutsche-boerse-m-a-lse-eu-idUSKBN1602MP'|'2017-02-22T00:38:00.000+02:00'
'0dd0cde19828259ceb3cdd3b9f218fb58fb6cb46'|'Uber hires ex-U.S. Attorney General Holder to probe sexual harassment'|'Technology   1:15am GMT Uber hires ex-U.S. Attorney General Holder to probe sexual harassment Former Attorney General Eric Holder takes the stage during the Democratic National Convention in Philadelphia, Pennsylvania, U.S. July 26, 2016. REUTERS/Gary Cameron By Subrat Patnaik Uber Technologies Inc has hired former U.S. Attorney General Eric Holder to conduct a review of sexual harassment claims at the ride-hailing service made by a former employee. Holder and Tammy Albarran, who are partners at the law firm Covington & Burling, will look into the complaints about a manager at Uber, as well as general questions about diversity and inclusion, Chief Executive Travis Kalanick told his employees in a memo on Monday that was seen by Reuters. Last year, Airbnb hired Holder, who served under former President Barack Obama, to help craft a policy to combat discrimination occurring through the online lodging service''s platform. reut.rs/2m5Z9xZ Arianna Huffington, who joined Uber''s board last year, Liane Hornsey, Uber''s chief human resources officer, and Angela Padilla, the company''s associate general counsel, will also help conduct the review, Kalanick said in the memo. Huffington, Kalanick and Hornsey will meet on Tuesday, the memo said. "There have been many questions about the gender diversity of Uber''s technology teams," Kalanick said. Uber will publish a broader diversity report for the company in the coming months, he said. Susan Fowler, the former Uber employee who complained of being the target of sexual harassment by her manager, wrote in a blog post on Sunday that when she reported the offense to human resources officials and management, they declined to punish the alleged offender because he "was a high performer." bit.ly/2kCE416 In a statement sent to Reuters on Sunday, Kalanick called Fowler''s allegations "abhorrent and against everything Uber stands for and believes in." (Reporting by Subrat Patnaik in Bengaluru; Editing by Tom Brown) Next In Technology News Toshiba wants to raise at least $8.8 billion from sale of chip unit majority stake: source TOKYO Toshiba Corp wants to raise as least 1 trillion yen ($8.83 billion) from the sale of a majority stake in its NAND flash memory business to plug a hole in its finances from a $6.3 billion writedown of its U.S. nuclear unit, a source said. Snap bets on hardware as Facebook threat looms SAN FRANCISCO Snap Inc takes to the road in London on Monday to promote its initial public offering with a daring proposition: that it can build hot-selling hardware gadgets and ad-friendly software features fast enough to stay one step ahead of Facebook. LONDON Online retailer Amazon is set to create more than 5,000 jobs in Britain this year, the company said on Monday, boosting its investment in the country once more even as it prepares to leave the European Union. 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-uber-tech-sexual-harassment-idUKKBN160041'|'2017-02-21T08:14:00.000+02:00'
'9ab4c8069d45e760af88427780e8b0c876a95adb'|'Wanda''s $1 billion purchase of Dick Clark Productions falls apart - report'|'Business News - Mon Feb 20, 2017 - 9:37pm GMT Wanda''s $1 billion purchase of Dick Clark Productions falls apart - report Wang Jianlin, chairman of Dalian Wanda Group, speaks during a news conference in Beijing, China, July 13, 2016. REUTERS/Sue-Lin Wong Chinese conglomerate and cinema chain operator Dalian Wanda<64>s proposed $1 billion (<28>802 million) purchase of Dick Clark Productions Inc has fallen apart, online entertainment news website The Wrap reported on Monday, citing unnamed sources. Wanda, run by China''s richest man, Wang Jianlin, said in early November that it would buy all of Dick Clark Productions, the company that runs the Golden Globe awards and Miss America pageants. The deal collapsed over problems getting currency out of China and regulatory approval from the Chinese government, The Wrap said. Wanda already owns Legendary Entertainment, co-producer of film hits such as "Jurassic World," and U.S. cinema chain AMC Entertainment Holdings Inc (AMC.N). It also has business ties with Sony Pictures and Sony Corp''s (6758.T) film unit in China. The Dick Clark takeover had raised concerns among some U.S. lawmakers about China''s influence in Hollywood and the impact it might have on U.S. media, although Jianlin had said his interest in the company stemmed from business and not politics. Dick Clark Productions and Dalian Wanda were not immediately available for comment. Dick Clark''s owner, media investment holding company Eldridge Industries, was also not immediately available for comment. (Reporting by Diptendu Lahiri in Bengaluru; Editing by Tom Brown) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-dick-clark-m-a-wanda-idUKKBN15Z25G'|'2017-02-21T04:37:00.000+02:00'
'32700ba097264b9110db140d74a18d842e608889'|'MIDEAST STOCKS - Factors to watch - Feb 19'|'Company News   11:06pm EST MIDEAST STOCKS - Factors to watch - Feb 19 DUBAI Feb 19 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-World stocks edge lower; Wall Street at record * MIDEAST STOCKS-Gulf ends week on firm footing, Egypt rebounds * Oil steady, but down for the week as glut worries face OPEC cuts * PRECIOUS-Gold steadies as global equities lose momentum * U.S.'' Tillerson calms allies on Syria ahead of Geneva talks * Iran sees oil output reaching 4 mln bpd by April, aims for 4.7 mln bpd * Tillerson denies suggesting he wants to scrap Iran nuclear deal * After Tillerson meet, France says U.S. position on Mideast peace "confused and worrying" * Russia says Syrian ceasefire allows it to up efforts against Islamic State * Iran finds 2 bln barrels shale oil reserves in western province * Gulf States to maintain defence spending despite oil price slump * Turkey detains 26 people after car bomb, governor says PKK responsible * Turkey''s Garanti sees subdued demand for project finance in 2017 * Iraq plans to acquire "large fleet" of oil tankers * UN shifts on Syria talks language, in concession to Assad * Germany says building more Israeli settlements may end two-state solution * U.S. ambassador at U.N. says Trump supports two-state solution * West Mosul residents told battle is imminent as Iraqi forces begin moving EGYPT * Export Summary-Egypt buys wheat, United States sells corn * Egypt''s GASC seeking soybean oil, sunflower oil in tender * Egypt''s GASC says buys 360,000 tonnes of Russian, Ukrainian and Romanian wheat * Egypt central bank leaves key interest rates unchanged as pound strengthens * Average yields jump on Egyptian six-month and one-year T-bills * INTERVIEW-Egyptian food producer Juhayna to cut investment in 2017 SAUDI ARABIA * Saudi Aramco says contains "limited" oil pipeline leak, one person died * JPMorgan set to be underwriter on Saudi Aramco IPO- FT, citing sources * Saudi Arabia debating shape of Aramco ahead of IPO - sources * Saudi stock exchange appoints first female chair * Saudi bourse, executives to lure Asian investment on March trip * Saudi foreign minister optimistic about overcoming Mideast challenges * Saudi''s Al Rajhi Bank eyes corporate banking business growth UNITED ARAB EMIRATES * Trump''s defense chief visits UAE in first Middle East trip * UAE Central Bank drafts rules pushing banks to lend to SMEs * Abu Dhabi''s new $125 bln fund to start operating in May * Dubai expected to issue dollar bond this quarter <20>sources * UAE telecoms firm du targets $272 million in savings by 2019 * Middle East Crude-April light grades weaken after ADNOC offers more oil QATAR * Mavshack signs a strategic partner agreement with Ooredoo * Tekfen Holding unit Tekfen Insaat''s JV to sign $342.5 mln agreement in Qatar KUWAIT * Kuwait''s Burgan Bank Q4 net profit rises 14.6 pct * Kuwait''s First Investment receives 6.3 mln shares of Abar from its unit under liquidation BAHRAIN * TABLE-Bahrain bank lending growth slows in November, M2 picks up OMAN * Middle East Crude-Oman bucks trend to hit 18-mth high * Oman considers taking early payments for oil to avoid new debt <20>sources (Reporting by Dubai Newsroom) Trump sons open Dubai golf course, praise U.S. ally DUBAI, Feb 18 U.S. President Donald Trump''s eldest sons Donald Trump Jr. and Eric Trump were guests of honour at the opening of a Trump-branded golf course in Dubai on Saturday, the first Trump property project launched since their father''s inauguration. UPDATE 2-Launch of SpaceX Falcon rocket aborted seconds before liftoff CAPE CANAVERAL, Fla., Feb 18 SpaceX called off the planned launch of a Falcon 9 rocket from a historic launchpad in Florida seconds before liftoff on Saturday to investigate a potential problem with the steering system in the upper stage of the booster. PARIS/LONDON, Feb 18 The chief executive of P
'0d5682cec5488deef293217b4589529ce8571dfb'|'BRIEF-Celanese announces acetic acid price increase in China'|' 19pm EST BRIEF-Celanese announces acetic acid price increase in China Feb 20 Celanese Corp * Celanese announces acetic acid price increase in China   NEW YORK, Feb 20 Wells Fargo & Co has appointed Karen Peetz and Ronald Sargent as new independent directors to its board, the bank said in a statement on Monday. 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-celanese-announces-acetic-acid-pri-idUSFWN1G50FO'|'2017-02-21T06:19:00.000+02:00'
'242aa527cebbea2b7dcf9b090b0f3f8ef3a03c68'|'UPDATE 1-Nordic Nanovector sees interest in its Non-Hodgkin Lymphoma treatment'|'* Developing treatment for Non-Hodgkin Lymphoma* Sees launch of first drug Betalutin by end of decade* Broker predicts 55 pct chance of Betalutin success* Shares rise 6.7 percent (Adds Quote: s, bullets, background, share price)By Camilla KnudsenOSLO, Feb 20 Norwegian biotech newcomer Nordic Nanovector, which seeks ways to treat blood-related cancers, says other companies are showing intrest in buying the firm."We talk a lot with companies, and as the data improves and the company develops, the more interest we have, that''s for sure," chief executive officer Luigi Costa told Reuters.While Nanovector, founded in 2009 and listed on Oslo''s stock market in 2015, may eventually be bought, it could also launch drugs independently or through partnership, Costa said, adding the firm will be "opportunistic about this".Its shares rose 6.7 percent in Oslo following the comments.Nanovector is currently preparing a final test phase for its Betalutin drug candidate, a treatment for Non-Hodgkin Lymphoma (NHL) designed to attach itself to tumours in a novel way before killing them with a dose of radiation.If successful, the drug will be filed for U.S. Food and Drug Administration (FDA) approval in two years'' time. The company says it can have a final product on the market by the end of 2019."Our time-line is based on the assumption that the FDA will grant us a breakthrough therapy designation and accelerated approval ... Last year the probability (of approval) increased significantly," Costa said.In December, Nanovector presented data showing positive effects of Betalutin in patients and, in a separate study on mice, promising results when combined with Rituximab, also known as Rituxan, a drug sold by Roche and Biogen."Rituximab has been the standard care for years ... but is now off patent so there is increasing competition for the development of additional products," Costa said.Brokerage ABG Sundal Collier recently gave a 55 percent probability that Betalutin will eventually launch. It rated the share, currently around 95 crowns, a buy with a price target of 142 Norwegian crowns.After a tenfold rise in its shares during 2016, Nanovector in December raised 500 million Norwegian crowns ($60 million) in new equity to expand and develop its nascent portfolio.Last October it signed two research and development deals with South Korea''s Legochem and Heidelberg Pharma, a unit of Germany''s Wilex AG to explore treatments of leukemias.Its current market value is 4.4 billion Norwegian crowns.($1 = 8.3303 Norwegian crowns) (Editing by Terje Solsvik/Ruth Pitchford)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/nordic-nano-ma-idINL8N1G52M3'|'2017-02-20T09:36:00.000+02:00'
'8829a7d31d438d14238f4bf86f469495e884d932'|'Top Vale shareholders plan to end holding company -report'|'Business News - Sun Feb 19, 2017 - 3:23pm GMT Top Vale shareholders plan to end holding company -report RIO DE JANEIRO The largest shareholders of Vale SA have decided to dissolve an investment holding company through which they controlled the world''s biggest iron ore producer for 20 years, newspaper O Globo reported on Sunday. The decision, amid ongoing efforts to renew a shareholder accord, would allow the individual shareholders to directly control their stakes in Vale and begin to vote on their own. The newspaper, in Vale''s hometown of Rio de Janeiro, did not say how soon the actual dissolution of the holding company would occur. The partners in Valepar SA, as the holding company is known, include Bradespar SA ( BRAP4.SA ), Mitsui & Co. ( 8031.T ), several Brazilian state-run pension funds led by Previ Caixa de Previd<69>ncia [PREVI.UL], and Brazil''s state development bank, known as the BNDES. Reuters reported on Jan. 19 that members of Valepar were negotiating an effort to extinguish the bloc over a six-year period. By that point, Vale would become a company with diluted share ownership. O Globo said the partners in Valepar would announce their decision next month. The current 20-year Valepar shareholder accord expires in April. With Valepar no longer acting as a bloc, Bradespar and Previ believe the company will be more attractive to other investors, people familiar with the matter told Reuters in January. A more dispersed shareholder structure could result in enhanced transparency and less meddling by Brazil''s government, which can influence decisions through the BNDES and the pension funds. It can also exert veto power through a so-called golden share, which allows it to fend off hostile takeover attempts and shape strategic decisions. In addition to Previ, the pension funds with stakes in Valepar include Petros Funda<64><61>o [PETROS.UL], Funcef [FUNCEF.UL] and privately-owned Funda<64><61>o Cesp. Previ and Bradespar did not have an immediate comment on the O Globo report. Spokespeople for BNDES and Petros did not immediately return calls by Reuters on Sunday seeking comment. Officials at Mitsui could not immediately be reached for comment. (Reporting by Guillermo Parra-Bernal; Editing by Alan Crosby) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-vale-shareholders-idUKKBN15Y0MP'|'2017-02-19T22:23:00.000+02:00'
'50ca44c67c8e42c518f53d64638410d4faa63e62'|'Ford sees big Russia gamble vindicated as sales finally turn corner'|'Sun Feb 19, 2017 - 2:55pm GMT Ford sees big Russia gamble vindicated as sales finally turn corner left right FILE PHOTO: Visitors walk past Ford cars at a dealership of Genser company in Moscow, Russia, February 14, 2017. REUTERS/Maxim Shemetov/File Photo 1/3 left right FILE PHOTO: Ford cars are seen on sale at a dealership of Genser company in Moscow, Russia, February 14, 2017. REUTERS/Maxim Shemetov/File Photo 2/3 left right FILE PHOTO: Ford cars are seen on sale at a dealership of Genser company in Moscow, Russia, February 14, 2017. REUTERS/Maxim Shemetov/File Photo 3/3 By Jack Stubbs and Gleb Stolyarov - MOSCOW MOSCOW Ford ( F.N ) has become the first major foreign carmaker in Russia to see sales grow after three bad years, potentially vindicating its decision to double down on a notoriously volatile market when rivals decided to cut and run. Sales of cars in Russia have fallen by more than half since a 2012 peak of 2.9 million vehicles, due to an economic crisis brought on by low oil prices and Western sanctions. The market fell by 11 percent last year, and was down a further 5 percent in January from a year earlier. Ford''s big U.S. rival General Motors ( GM.N ) pulled out of Russia two years ago. But Ford chose not only to stay, but to keep investing, launching new models with modifications designed to suit the country''s harsh driving conditions. Since 2011, its joint venture with Sollers SVAZ.MM, a Russian partner, has ploughed $1.5 billion into making cars locally to local specifications. Now Ford''s sales have turned a corner and rose 10 percent last year, an achievement the company says is proof its strategy is at last paying off. The 40,000 Fords sold in Russia last year are still barely more than a fifth of the almost 190,000 vehicles the company sold in 2008, before the global financial crisis brought the first of two collapses in the Russian car industry in less than a decade. During the latest crisis, Ford''s share of the market for foreign cars fell at the expense of Korean competitors Kia ( 000270.KS ) and Hyundai ( 005380.KS ), which chose to shore up market share through aggressive pricing. But now their sales are still falling, while Ford''s are on the rise. The Russian market is "starting to turn", Ford CEO Mark Fields told Reuters last week, promising to stand by the company''s investments in Russia. "Our intent is to build on that." The Association of European Businesses lobby group forecasts the Russian car market to finally stabilize this year and grow by 4 percent. But it will still be years before a full rebound. "Despite the economic turbulence, we didn''t cut investments and delivered the initial plan to launch seven new vehicles with a significant level of localization," Mark Ovenden, CEO of the Ford Sollers joint venture, told Reuters. He noted that the company opened a $275 million engine plant in 2015, a year in which Ford''s Russia sales nosedived 41 percent. The joint venture now operates four plants in Russia. New models, such as the Fiesta hatchback and EcoSport SUV, have been adapted for Russian conditions of bad roads and extreme cold, with higher ground clearance, anti-corrosion finishes and engines adapted for lower grade fuel, Ovenden said. Ford would not say when it thinks its Russian operations will earn money. A spokeswoman declined to comment on profitability in Russia, saying Ford does not break down its European operations by individual market. Vladimir Bespalov, an analyst at Russia''s VTB bank, said Ford''s Russian operations were still loss-making but could be profitable as soon as 2018. IHS analysts predict Ford''s sales in Russia could rise to 60,000 vehicles by 2020. "But it''s going to be a long, slow build up," said Tim Urquhart, principal analyst at IHS Automotive. Even at such small numbers, sales growth in Russia would mark a bright spot for Ford''s European operations after it warned last month that the impact of Britain''s vote to leave the EU wo
'7c18f376953296ce306627191a638ba46d7aaa2f'|'Chile''s SQM lithium demand growing 8-10 pct this year - paper'|'BUENOS AIRES Feb 19 Chile''s SQM expects demand for lithium to grow between 8 percent and 10 percent this year and is working to improve financial performance by 2020, an executive told local paper El Mercurio on Sunday.SQM, one of the world''s biggest producers of lithium and iodine, has been trying to consolidate its position with investments abroad.In 2020 SQM expects annual earnings before interest, taxes, depreciation and amortization (EBITDA) of $1 billion. Currently quarterly EBITDA is less than $200 million, Gerardo Illanes, vice president of finances, told the newspaper."The prices in the lithium market and the growth in demand have been quite relevant in recent years. We expect growth in demand for this product of between 8 and 10 percent," Illanes said.SQM plans to invest $100 million to increase its production capacity this year, which combined with its capital injection in Argentina would lead to a total investment of around $300 million, he said.Illanes said SQM would not have a problem financing its projects although he did not rule out tapping debt markets. (Reporting by Fabi<62>n Andr<64>s Cambero; Writing by Caroline Stauffer; Editing by Jeffrey Benkoe)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/sqm-demand-idINL1N1G407H'|'2017-02-19T11:52:00.000+02:00'
'3c134ca256513ff05dbd5572a3d2ef021a1b1115'|'Trump sons open Dubai golf course, praise U.S. ally'|'Sat Feb 18, 2017 - 6:53pm GMT Trump sons open Dubai golf course, praise U.S. ally left right U.S. President Donald Trump''s son Eric Trump attends the opening ceremony of the Trump International Golf Club in Dubai, United Arab Emirates, February 18, 2017. REUTERS/William Maclean 1/3 left right Fireworks explode during the opening of the Trump International Golf Club in Dubai, United Arab Emirates, February 18, 2017. REUTERS/Alexander Cornwell 2/3 left right Fireworks explode during the opening of the Trump International Golf Club in Dubai, United Arab Emirates, February 18, 2017. REUTERS/Alexander Cornwell 3/3 DUBAI U.S. President Donald Trump''s eldest sons Donald Trump Jr. and Eric Trump were guests of honor at the opening of a Trump-branded golf course in Dubai on Saturday, the first Trump property project launched since their father''s inauguration. Speaking on a stage in front of the clubhouse at the Trump International Golf Club Dubai, Donald Trump Jr. praised the development of the United Arab Emirates (UAE), a close U.S. ally that is also a global trade, transport and tourism hub. "To see the incredible vision Sheikh Mohammed has been able to put forward for this country is truly awe-inspiring," he said, referring to UAE Vice-President, Prime Minister and Dubai ruler Sheikh Mohammed bin Rashid al Maktoum. "As a developer, which lets us be somewhat artists at times, it is truly incredible to be part of that vision." A ceremony featuring fireworks and a classical music ensemble marked the opening of the project announced by the Trump Organisation and Dubai-listed developer DAMAC Properties in 2013. The relationship between President Trump and Damac Chairman Hussain Sajwani came under scrutiny last month when then-President-elect Trump said without elaborating that he had turned down a $2-billion deal offered by Sajwani because he did not want to "take advantage". President Trump''s sons praised their close relationship with Sajwani in their remarks. Eric Trump said Sajwani was "a great friend" with a "truly amazing family". "We are going to have a lot of fun years together and this is just the beginning of those days," Eric Trump said. The Trump International Gulf Club Dubai is part of a 42 million square foot wider development known as DAMAC Hills, according to DAMAC. Sajwani said it was the first new golf course to open in the city in "many years". Trump has been criticized for not distancing himself enough from his family business, the Trump Organization, since he was elected president in November. DAMAC pays a licensing fee to the Trump Organization to use the Trump brand. Last month, before the inauguration, Trump announced that he would maintain ownership of his global business empire but had handed control to Donald Jr. and Eric while he is president. The Trump organization would not enter into any new overseas deals while he is president, Trump adviser Sheri Dillon has said. (Reporting by Alexander Cornwell and William Maclean; Editing by Adrian Croft) Up Next Kraft Heinz bids $143 billion for Unilever in global brand grab LONDON U.S. food company Kraft Heinz Co made a surprise $143 billion offer for Unilever Plc in a bid to build a global consumer goods giant, although it was flatly rejected on Friday by the maker of Lipton tea and Dove soap. China says policies unaffected by Trump plan to bring factories back to U.S. SHANGHAI China is closely following U.S. President Donald Trump''s plans to create more domestic jobs by encouraging U.S. companies to bring home or "reshore" their overseas production, but the government will not change its overall strategy, Industry Minister Miao Wei said on Friday. NORTH CHARLESTON, S.C. President Donald Trump promised to boost U.S. manufacturing and punish companies for moving jobs overseas during a visit on Friday to a South Carolina Boeing Co plant to celebrate the unveiling of its latest Dreamliner jet. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending
'88e44d0d48ae246abed97a0bd28fd1b863adc56c'|'Morning News Call - India, February 21'|' 27pm EST Morning News Call - India, February 21 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 9:00 am: N. Chandrasekaran to take over as new chairman of Tata Sons in Mumbai. 11:00 am: Microsoft CEO Satya Nadela to meet Electronics and IT Minister Ravi Shankar Prasad in New Delhi. 12:00 pm: Environment Minister Anil Dave briefs media on air pollution in New Delhi. 1:30 pm: Reliance Industries Chairman Mukesh Ambani video statement in Mumbai. 2:00 pm: Finance Secretary Ashok Lavasa to speak at an event in New Delhi. 3:00 pm: Foreign Investment Promotion Board meets to consider 24 FDI proposals in New Delhi. LIVECHAT-INDIAN CRICKET BEYOND BCCI AND IPL Cricketer Jatin Paranjpe joins us at 11:00 am to share his views on cricket in the Kohli era, IPL and on why despite repeated attempts cricket still remains a passionate sport in a handful of countries. To join the conversation, click on the link: here LIVECHAT- FOREX PULSE We explore the outlook for FX markets with Derek Halpenny, European head of FX research at Bank of Tokyo-Mitsubishi UFJ at 3:30 pm. To join the conversation, click on the link: here INDIA TOP NEWS <20> TCS announces up to $2.4 bln share buyback Software services exporter Tata Consultancy Services will buy back shares worth up to 160 billion rupees, it said on Monday, adding to pressure on similarly cash-rich rival Infosys to follow suit. <20> Rosneft-led consortium plans to complete Essar acquisition next month -sources A consortium led by Russian oil major Rosneft plans to finally complete its $12.9 billion acquisition of India''s Essar Oil next month, two Russian sources close to the deal told Reuters. <20> Reliance''s Jio hails Uber ride in payments battle with PayTM Uber users in India, who until now had Chinese Internet giant Alibaba-backed PayTM as the only payment wallet option available to book a ride, will now be able to pay through Reliance Jio Infocomm''s Jio Money. <20> Goldman unit launches up to $82 mln block deal in Max Financial - terms A unit of Goldman Sachs has launched a block deal to sell up to $82.1 million worth of shares in Max Financial Services Ltd with an upsize option of $41.1 million, a deal term sheet showed on Monday. <20> Russia to start deliveries of helicopters to India in 2019 Russia will start initial deliveries of military helicopters to India in 2019, with assembly and manufacturing to follow in Asia''s fastest growing economy, the chief executive of state-owned manufacturer Russian Helicopters said on Monday. <20> India looks to expand energy ties with Myanmar India plans to sell refined crude oil products to Myanmar as part of New Delhi''s efforts to deepen ties with its eastern neighbour, which is expected to see strong demand for fuels as it builds new roads, factories, utilities and airports. <20> India extends anti-dumping duty on some Chinese steel items by 5 yrs India has extended anti-dumping duty on some steel products from China by five years, in a bid to retain protectionist barriers and stem the tide of cheap foreign products. GLOBAL TOP NEWS <20> Outspoken general named Trump''s top security adviser U.S. President Donald Trump on Monday named Lieutenant General Herbert Raymond McMaster as his new national security adviser, choosing a military officer known for speaking his mind and challenging his superiors. <20> Toshiba seeking $8.8 bln for majority stake in chip unit -source Toshiba Corp wants to raise at least 1 trillion yen from the sale of a majority stake in its flash memory chip business as a buffer against any fresh financial problems, a source with direct knowledge of the matter said. <20> Malaysian PM says probe into airport killing will be fair Malaysia''s Prime Minister Najib Razak said on Monday his government''s investigation of the killing of the North Korean leader''s half-brother, Kim Jong Nam, will be "objective", as tensions rose between the countries. GLOBAL MARKETS <20> Asian stocks
'd9cecac8fcadba4040553d962124096d261bdf54'|'EMERGING MARKETS-Naira forwards fall on devaluation expectations'|'Company News  44am EST EMERGING MARKETS-Naira forwards fall on devaluation expectations By Claire Milhench - LONDON LONDON Feb 21 Nigeria''s naira currency weakened on Tuesday against the dollar in the non-deliverable forwards market as expectations of a devaluation grew, while the rand slipped too before a key budget speech by the finance minister. Emerging equities held steady near 19-month highs, while currencies such as the rouble and the Turkish lira were also more or less unchanged against the firmer dollar . Earlier in the day, the Philippine peso plumbed a 10-year low. The spotlight was on Africa, with most attention focused on the naira after Nigeria''s central bank effectively devalued the currency for private individuals while holding the official exchange rate at 305 per dollar. People can now access hard currency at a rate of 366 per dollar to pay for foreign school fees and travel, though the black market rate is around 520. Three-month naira-dollar NDFs weakened almost 6 percent while one-month NDFs traded 4 percent lower - their weakest levels since November, according to Reuters data . The naira also slipped 6 percent in the six-month NDF market, showing a rate of 395 per dollar. Nigeria has tried to make the exchange rate more flexible before, leading to a 30 percent devaluation last year, only to reimpose a quasi-currency peg. "The story of a possible devaluation has come back as the latest moves seem to show a small entry towards to a weaker exchange rate," said William Jackson at Capital Economics. "My worry is that they are not moving to a fully floating rate but to a more complex system of parallel rates, which will add to the confusion but won''t help exporters." Nigerian five-year credit default swaps traded at a one-year high of 618 basis points, according to Markit. The rand, which has gained 5 percent against the dollar this year on the back of firmer commodity prices, slipped 0.7 percent on jitters before Finance Minister Pravin Gordhan''s speech. Gordhan, respected by markets, has pointed to "green shoots" of growth in the economy but warned of a "difficult political year". Investors still fear that President Jacob Zuma wants to replace Gordhan in mooted cabinet changes. "The markets will be looking to see what fiscal tightening will be undertaken to reduce the budget deficit, stabilise debt ratios and maintain the investment grade rating," Jackson said. "What people also want to see is a realistic growth forecast as the consensus is increasingly bearish." The South African central bank''s leading business cycle indicator rose by 0.7 percent month-on-month in December as the price of dollar-based commodity exports rose but this failed to lift stocks, which slipped 0.3 percent. Bank stocks fell 1.3 percent as South Africa''s competition watchdog warned it would seek maximum penalties in a probe into alleged rand rigging. Some other emerging market currencies were able to make gains, with the recently devalued Egyptian pound trading just off three-month highs. The Kazakh tenge firmed 0.7 percent to its strongest since December 2015, after gaining over 5 percent so far this year. The tenge has been buoyed by stronger oil prices -- so much so that the central bank cut interest rates by 100 basis points on Monday. Eastern European bourses enjoyed strong gains, with Warsaw up 1.4 percent and Bucharest up 0.8 percent to its highest level since June 2008. The lower house of Romania''s parliament will vote today on withdrawing a decree on graft prosecution rules which caused huge street protests three weeks ago. The government has already agreed to scrap the degree. The gains carry on from strong performance in Asia earlier in the day when Chinese mainland stocks closed near three-month highs, helped by reports that pension funds will begin pumping money into the market. South Korean stocks also closed near 20-month highs. For GRAPHIC on emerging market FX performance 2017, see tmsnrt.rs/2e
'3e0d4335baef108dfa51964f3cfe4536c96a7d57'|'Stock exchange crown jewels must stay in London - MP'|'Business News - Tue Feb 21, 2017 - 2:44pm GMT Stock exchange crown jewels must stay in London - MP A woman walks past the London Stock Exchange building in the City of London, Britain, January 16 , 2017. REUTERS/Toby Melville By John O''Donnell and Andreas Kr<4B>ner - FRANKFURT FRANKFURT Britain should block any attempt by Germany to shift the headquarters of the London Stock Exchange ( LSE.L ) to Frankfurt after it merges with rival Deutsche Boerse ( DB1Gn.DE ), an MP said on Tuesday. Under the terms of the deal to create Europe''s biggest stock market, Deutsche Boerse ( DB11.DE ) Chief Executive Carsten Kengeter is due to head the combined group, with London the home of the main holding company and its joint board. But a number of German politicians have made it clear they want the headquarters to be in Frankfurt if they are to back the $27 billion merger (<28>22 billion), which was agreed before Britain voted in June to leave the European Union. Now political pressure is also rising in Britain. Bill Cash, a British eurosceptic Conservative MP who is due to lead a parliamentary debate on the issue on Tuesday, said keeping the LSE headquartered in London was a matter of national interest and the British government must dig in. "It''s not a normal commercial operation. This is much more about the acquisition of the crown jewels," Cash, who chairs the House of Commons'' European Scrutiny Committee, told Reuters in a telephone interview. "That''s a matter of national interest. There is no conceivable reason why it can be in our national interest to have it transferred to Frankfurt," he said. Cash said he hoped the debate would trigger wider discussion about an issue that has received little attention from the British media or the government so far as preparations for divorce talks with the European Union hog the headlines. If the British government were to adapt the position advocated by Cash, it would put London on a collision course with Berlin and potentially torpedo the merger. The location of what will be Europe''s biggest stock exchange has symbolic and operational significance, with regulators keen for oversight of its derivatives processing business. Advisers and company executives are divided about whether London''s status as the main headquarters can be changed. Some people involved argue it could require a new vote by shareholders of both exchanges, which could upset the deal. LSE chief executive Xavier Rolet recently insisted that "the deal is set". Deutsche Boerse chief Kengeter described the question of a move only as "speculative". However, Britain''s departure from the European Union may isolate London as Europe''s financial centre and that has turned the tables in favour of Frankfurt. "The reasons for the headquarters being in Frankfurt are crystal clear," Thomas Schaefer, the finance minister of the state of Hesse, home to Frankfurt and Deutsche Boerse, told Reuters earlier this month. One of the chief concerns for EU regulators is that London-based LCH Clearnet, majority owned by the London Stock Exchange, clears more than half of all interest rate swaps traded around the world, many of which are in euros. That means as soon as Britain leaves the European Union, the clearing and regulation of euro transactions will be outside the bloc. (Writing by John O''Donnell; editing by David Clarke) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-lse-m-a-deutsche-boerse-idUKKBN1601PQ'|'2017-02-21T21:44:00.000+02:00'
'a7cee42e2c1331b9e3c9308736a5a978b8bdb73d'|'CANADA STOCKS-TSX posts record high as Restaurant Brands jumps on acquisition'|'Company News   12:09pm EST CANADA STOCKS-TSX posts record high as Restaurant Brands jumps on acquisition * TSX up 73.86 points, or 0.47 percent, to 15,912.49 * Index touches a new intraday all-time high at 15,943.09. * Nine of the TSX''s 10 main groups rise TORONTO, Feb 21 Canada''s main stock index reached a new record high on Tuesday, led by Restaurant Brands International Inc after it announced an acquisition, while heavyweight financial and energy shares also gained as oil prices rose. The Toronto Stock Exchange''s S&P/TSX composite index gained as data showed the fastest pace of growth in euro zone business activity for six years, while Wall Street also reached record-highs as investors cheered strong results of top U.S. retailers. Shares of Restaurant Brands International Inc surged nearly 7 percent to C$75.58. The owner of the Burger King and Tim Hortons fast-food chains said it would acquire Popeyes Louisiana Kitchen for $1.8 billion in cash. ECN Capital Corp jumped 11.6 percent to C$3.56 after it said it would sell its U.S. commercial and vendor finance business to PNC Financial Services Group for about $1.25 billion in cash. The overall financials group rose 0.3 percent, while the energy group climbed 0.9 percent as oil prices rose. U.S. crude prices were up 1.8 percent at $54.35 a barrel after OPEC said it was sticking to its agreement to cut production and hoped compliance with the deal would be even higher. At 11:43 a.m. ET (1643 GMT), the TSX rose 73.86 points, or 0.47 percent, to 15,912.49. The index has surged 38 percent since hitting a three-year trough in January last year and touched a new intraday all-time high on Tuesday at 15,943.09. Ritchie Bros. Auctioneers Inc surged more than 13 percent to C$45.91 after it reported fourth quarter and 2016 annual results. The materials group, which includes precious and base metals miners and fertilizer companies, added 0.3 percent. Teck Resources Ltd rose nearly 4 percent to C$29.09 but Goldcorp Inc retreated 1.3 percent to C$22.46. Gold futures fell 0.1 percent to $1,236.3 an ounce and copper prices advanced 0.1 percent to $6,073.5 a tonne. Telecoms was the only one of the index''s 10 main groups which failed to gain ground but it fell less than 0.1 percent. Domestic data on Monday, when the index was closed for a market holiday, showed that wholesale trade rose for the third straight month in December. (Reporting by Fergal Smith; Editing by Chizu Nomiyama) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-idUSL1N1G60ZD'|'2017-02-22T00:09:00.000+02:00'
'9de9d564953b82ce453a6d477feeffe3e768c36c'|'France joins the party as euro zone economic outlook shines'|' 43am GMT France joins the party as euro zone economic outlook shines left FILE PHOTO:Shopping mall Euro Industriepark in Munich, Germany January 17, 2017. REUTERS/Michael Dalder/File Photo 1/2 left right FILE PHOTO:A worker walks in the foundry at the Areva Creusot Forge site in Le Creusot, France, January 11, 2017. REUTERS/Robert Pratta/File Photo 2/2 The euro zone''s economy improved sharply this month and enjoyed some rare positive news about jobs, with French business activity unexpectedly matching that in big beast Germany just as its presidential race heats up. Euro zone economy graphic - here Graphic on French presidential candidates - here Preliminary purchasing manager surveys on Tuesday for both countries and the whole 19-member euro zone were nearly all better than anyone polled by Reuters had expected and suggested the economy will be increasingly robust in the near-term. The euro zone''s jobs component grew at its fastest since August 2007, propelled by strong demand and rising optimism. Employment is one of the euro zone''s primary weaknesses, with joblessness running just below 10 percent, double the rate in the United States. Overall, euro zone private sector and manufacturing growth accelerated to near a six-year high in February, according to IHS Markit''s monthly Purchasing Managers'' Indexes (PMIs), which gauge businesses'' expectations of how the economy will perform. "With domestic demand strengthening and a weaker euro boosting orders from abroad, the euro zone economy is seeing robust growth for the moment," ING economists said in a note. There was also evidence within the reports of rising inflation, something the European Central Bank will doubtless note if not yet act upon. But the flash survey for France is likely to have raised eyebrows the most. The picture it painted of a solid recovery will play straight into spring''s presidential election, in which far-right National Front candidate Marine Le Pen is seeking to harness popular discontent to beat more mainstream rivals. At 56.2, France''s PMI combining both manufacturing and services for February was the highest it has been in nearly six years. It was also better than the 56.1 reading for Germany, the euro zone''s economic powerhouse. "France (is) joining the party," Chris Williamson, chief business economist at PMI compiler IHS Markit, said. Most of the French improvement came in the services sector, with the manufacturing index actually falling short of expectations although it remained well above the 50 line that denotes growth. All three leading presidential candidates in France have argued that deep changes are needed in the French economy. Le Pen wants to take France out of the euro currency bloc as a matter of national sovereignty and also promises popular moves such as lowering the retirement age, taxing the wealthy and cutting energy prices. Centrist Emmanuel Macron wants closer ties between euro zone governments and labour reform, while conservative Francois Fillon wants to cut public sector jobs, raise the retirement age and cut public spending. ALL AHEAD Germany was no slouch either. Growth in its private sector picked up to the highest level in nearly three years, driven mainly by its bustling factories. The composite PMI for Germany rose to 56.1 from 54.8 in January - a 34-month high and much better than the consensus forecast in a Reuters poll of 54.7. IHS Markit''s Williamson said the data suggested the German economy was likely to grow 0.6 percent in the first three months of 2017 after expanding 0.4 percent in 2016''s final quarter. Reflecting stronger growth in output and new business, German firms continued to hire more staff in February, with the overall rate of job creation picking up to reach its highest since June 2011. For the euro zone as a whole the flash, or preliminary, composite survey rose sharply to 56.0, the highest since April 2011, from 54.4 in January, confounding expectations for a slight dip to 5
'48bb58272787c212270f7b8bbc556eb571dc3fed'|'METALS-London copper holds steady, supply threats underpin'|' 44pm EST METALS-London copper holds steady, supply threats underpin * LME aluminium at risk of near term correction - JP Morgan * Coming Up: Germany Markit Mnfg Flash PMI Feb at 0830 GMT (Adds comment, detail, updates prices) By Melanie Burton MELBOURNE, Feb 21 London copper held its ground on Tuesday, trading near its highest levels in a week amid ongoing supply concerns from industrial action in Chile and an Indonesian export permit dispute. Three-month copper on the London Metal Exchange edged up 0.1 percent to $6,075 a tonne by 0312 GMT, holding gains after a 1.9 percent rally the session before when it struck $6,105 a tonne, the strongest since Feb. 14. Shanghai Futures Exchange copper traded up 1.5 percent to 49,160 yuan ($7,140) a tonne. Other metals were also buoyed by supply concerns, with Shanghai zinc leading sister metal lead up more than 2 percent, following gains in London overnight after a steep fall in available zinc inventory on the LME. A government-mediated meeting between BHP Billiton and striking workers at its Escondida copper mine in Chile has failed, and workers will head back to their encampment without any future dialogue planned, a union spokesman said on Monday. U.S. mining giant Freeport-McMoRan Inc warned on Monday it could take the Indonesian government to arbitration and seek damages over a contractual dispute that has halted operations at the world''s second-biggest copper mine. In other metals, a major aluminium producer has made an indicative offer of a premium of $125 per tonne to Japanese buyers for April-June primary metal shipments, up 32 percent from the last quarter, three sources directly involved in pricing talks said on Monday. LME aluminium prices are at risk of a correction lower near term as surplus Chinese production flows into warehouses and drags on global prices, JP Morgan said in a report. "Chinese inventories of aluminum look set to continue to increase over the coming weeks as physical fundamentals in China remain slack," the bank said. "We still maintain that the potential for environmentally driven Chinese smelting capacity closures to skew aluminum price risk higher in the medium term....(and) look to re-initiate length at better prices in the coming weeks." China''s steel mills and traders were scrambling to find alternative supplies of coking coal for steel making after Beijing slapped a surprise ban on coal imports from its isolated northern neighbour. PRICES'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/global-metals-idUSL4N1G61KP'|'2017-02-21T10:44:00.000+02:00'
'd7d8f49ebad648a3fedc84703ee1612c8248cb17'|'Exclusive: Petronas considers $1 billion stake sale in offshore gas project - sources'|'Business   6:53am GMT Exclusive: Petronas considers $1 billion stake sale in offshore gas project - sources FILE PHOTO - A logo of a Petronas fuel station is seen against a darkening sky in Kuala Lumpur, Malaysia February 10, 2016. REUTERS/Olivia Harris/File Photo By Anshuman Daga - SINGAPORE SINGAPORE Malaysian state-owned oil and gas firm Petronas is aiming to sell a large minority stake in a prized upstream local gas project for up to $1 billion (804.57 million pounds) as it seeks to raise cash and cut development costs, two sources familiar with the matter said. Petroliam Nasional Bhd (Petronas) is looking to sell a stake of as much as 49 percent in the SK316 offshore gas block in Malaysia''s Sarawak state, the sources told Reuters, a move that would be one of its first major recent sales as it grapples with oil prices that have slumped by half from two-and-a-half years ago. Petronas [PETR.UL] is working with an investment bank on the stake sale and kicked off the process this month, one of the sources said. Petronas did not respond to a request for comment. Gas from the NC3 field in the SK316 block feeds Malaysia''s liquefied natural gas (LNG) export project, known as LNG 9, Petronas'' joint venture with JX Nippon Oil & Energy Corp ( 5020.T ) that started commercial production in January. The sources said the stake is expected to include a combination of the producing NC3 gas field, the potential development of the Kasawari field in the same block and other exploration acreage in the block. The funds raised could contribute to the future development of the Kasawari field, one of the largest non-associated gas fields in Malaysia, which has an estimated recoverable hydrocarbon resource of about three trillion standard cubic feet. The stake could appeal to firms such as Indonesia''s state-owned Pertamina, Thailand''s PTT Exploration, and Production PCL ( PTTEP.BK ) and some Japanese companies, the sources said. As huge production comes online in Australia and the United States, LNG markets are oversupplied, resulting in an almost 70 percent slump in the Asian spot LNG price LNG-AS since 2014 to $6.40 per million British thermal units now. Despite this, Malaysia''s LNG assets are viewed as attractive thanks to comparatively low production costs and due to their proximity to North Asia''s big consumption hubs of Japan, China, and South Korea. Petronas is currently gauging interest from potential bidders, said the sources, who declined to be identified as they were not authorised to speak about the matter. A slump in oil markets since 2014, which has seen crude prices LCOc1 halve to little more than $50 per barrel, has squeezed Petronas'' cashflow and forced it to announce a 50 billion Malaysian ringgit ($11.2 billion) cut in capital expenditure in January 2016 over four years. ($1 = 4.4560 ringgit) (Reporting by Anshuman Daga; Additional reporting by Florence Tan and Henning Gloystein in SINGAPORE and Praveen Menon in KUALA LUMPUR; Editing by Muralikumar Anantharaman) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-petronas-m-a-exclusive-idUKKBN15Z0I4'|'2017-02-20T13:53:00.000+02:00'
'6ef40b9ccee949e595f8c24acef70ce319b6415a'|'Peugeot maker PSA told UK it takes pride in not closing plants - minister'|' 34am EST Peugeot maker PSA told UK it takes pride in not closing plants - minister LONDON Feb 20 Britain''s business minister said on Monday that executives from Peugeot manufacturer PSA , which is in talks to take over General Motors'' European brands, told him last week that PSA took pride in not shutting plants. There are mounting concerns in Britain, where GM operates a car plant and a van facility under the Vauxhall brand, that a takeover deal could prompt job losses and site closures. "One of the points the PSA executives made to me was that since the new management of PSA has been in place, they have taken some pride in having part of their strategy not to close plants," Greg Clark told lawmakers on Monday. Clark also said he mentioned the importance of looking after current and former employees who are part of the Vauxhall pension scheme, which has a deficit of up to 1 billion pounds ($1.25 billion) according to a source. ($1 = 0.8022 pounds) (Reporting by Costas Pitas, editing by David Milliken)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/oepl-ma-peugeot-plants-idUSL9N1FN009'|'2017-02-20T23:34:00.000+02:00'
'a12dbec19e33da1649a8cbe94ad1ae0288655161'|'UK fashion retailer Reiss names Angelides as CEO'|'Business News - Mon Feb 20, 2017 - 11:30am GMT UK fashion retailer Reiss names Angelides as CEO LONDON British fashion retailer Reiss named former Next ( NXT.L ) executive Christos Angelides as its new chief executive on Monday in a move aimed at allowing founder and chairman David Reiss to scale back his responsibilities. Reiss, which is majority owned by private equity firm Warburg Pincus [WP.UL], said the appointment was part of a planned succession process. It ends speculation that Angelides might join Marks & Spencer ( MKS.L ) to lead its struggling clothing division. Angelides, who spent 28 years at Next with 14 as group product director, had a brief stint as president of Abercrombie and Fitch ( ANF.N ) based in the United States. He will start his new role at the end of March and will resign as a non-executive director of rival French Connection ( FCCN.L ) on Feb. 28. "I am delighted that Christos has agreed to lead Reiss ... and look forward to working closely with him in order to ensure an orderly succession," said David Reiss, who will remain chairman but give up the CEO role. Last month Reiss reported total sales up 19.7 percent in the six weeks to Jan. 7. (Reporting by James Davey; Editing by Alexander Smith) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-reiss-ceo-idUKKBN15Z13D'|'2017-02-20T18:30:00.000+02:00'
'594f320e8b73e0171a0bff59648c92db25a59cc6'|'UPDATE 1-UK Stocks-Factors to watch on Feb. 20'|' 33am EST UPDATE 1-UK Stocks-Factors to watch on Feb. 20 (Adds futures, company news items) Feb 20 Britain''s FTSE 100 index is seen opening up 11 points at 7,310 on Monday, according to financial bookmakers, with futures 0.3 percent higher ahead of the cash market open. * The benchmark FTSE 100 index finished 0.3 percent higher on Friday and gained 0.6 percent for the week. The index, dominated by companies that trade internationally, was also supported by weakness in sterling after a drop in British retail sales for January. * KRAFT HEINZ/UNILEVER: U.S. food company Kraft Heinz Co withdrew its proposal for a $143-billion merger with larger rival Unilever Plc, the companies said on Sunday, raising questions about whether Kraft will turn its focus to another target. * BOVIS HOMES: British housebuilder Bovis Homes, whose boss left in January just days after the firm warned it would not meet market expectations, said its full-year pretax profit fell in 2016 and it will build fewer homes this year. * RBS: Royal Bank of Scotland Group Plc said on Friday it had proposed abandoning the planned sale of its Williams & Glyn unit after a seven-year struggle to sell the small business lender to meet European Union state aid demands. * OIL: Oil prices held steady on Monday as investors gauged whether an increase in U.S. drilling rigs and record stockpiles would undermine efforts by producers to cut output and bring the market into balance. * COPPER: London copper edged up on Monday to stay near the key level of $6,000 per tonne, buoyed by supply worries after the world''s second-biggest copper mine in Indonesia said it could not deliver promised shipments due to export permit issues. * GOLD: Gold prices held steady on Monday, with investors looking ahead to a clutch of speeches from U.S. Federal Reserve officials later in the week for clues on the timing of possible interest rate hikes. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets * UK CORPORATE DIARY: Hammerson Plc Full Year 2016 Earnings Bovis Homes Group Plc Full Year 2016 Earnings Gemfields Plc Half Year 2017 Earnings BGEO Group Plc Q4 2016 Earnings 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 Sanjeeban Sarkar in Bengaluru; Editing by Sunil Nair)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-stocks-factors-idUSL4N1G52L8'|'2017-02-20T14:33:00.000+02:00'
'4e74c08a05585ff4342c8c66c9fb1e0cf9651b5f'|'EMERGING MARKETS-Brazil stocks rise on new Vale shareholder accord'|'Company  12am EST EMERGING MARKETS-Brazil stocks rise on new Vale shareholder accord By Bruno Federowski SAO PAULO, Feb 20 Brazilian stocks rose on Monday after miner Vale SA unveiled a proposal to become a company with no defined controlling shareholders. Shares of Vale added the most points to Brazil''s benchmark Bovespa stock index, which rose 0.9 percent. Shares in Bradespar, a key shareholder in holding company Valepar SA, posted their biggest intraday jump ever, adding as much as 20 percent. Analysts said the accord increases the value of Bradespar''s net assets while freeing it up from having to make a large cash payment for renewing the accord. Other Latin American markets were little changed in thin trading volumes amid a U.S. market holiday. The Brazilian real strengthened 0.2 percent, while the Mexican peso was flat. Yields paid on Brazilian interest rate futures tightened slightly as traders maintained bets that the central bank will refrain from accelerating the pace of rate cuts at its meeting this week. Reuters calculations showed rate future yields indicated an 82 percent probability of a 75-basis-point cut in the benchmark Selic overnight lending rate. Weaker-than-expected inflation figures in recent weeks had stirred some expectations of a steep 100-basis-point reduction. Key Latin American stock indexes and currencies at 1610 GMT: Stock indexes daily % YTD % change change Latest MSCI Emerging Markets 943.66 0.49 8.9 MSCI LatAm 2654.38 1.13 12.14 Brazil Bovespa 68352.42 0.89 13.49 Mexico IPC 47359.02 0.41 3.76 Chile IPSA 4358.88 0.2 5.00 Chile IGPA 21791.67 0.38 5.10 Argentina MerVal 19903.36 1.12 17.65 Colombia IGBC 9989.85 -0.21 -1.36 Venezuela IBC 34946.54 -0.25 10.22 Currencies daily % YTD % change change Latest Brazil real 3.0846 0.24 5.34 Mexico peso 20.4175 0.06 1.60 Chile peso 642.1 0.36 4.45 Colombia peso 2885.2 -0.01 4.03 Peru sol 3.251 0.37 5.01 Argentina peso (interbank) 15.6700 0.06 1.31 Argentina peso (parallel) 16.47 0.06 2.13 (Reporting by Bruno Federowski; Editing by James Dalgleish) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/emerging-markets-latam-idUSL1N1G50NE'|'2017-02-20T23:12:00.000+02:00'
'85146a3b18a8c51ca680b05fee913f31357979f9'|'UAE awards 7 billion dirhams of military contracts, Russia gets big deal'|' 36pm GMT UAE awards 7 billion dirhams of military contracts, Russia gets big deal Munitions are on display during the International Defence Exhibition and Conference (IDEX) in Abu Dhabi, United Arab Emirates February 19, 2017. REUTERS/Stringer ABU DHABI The United Arab Emirates on Monday awarded 7 billion dirhams (<28>1.5 billion) of military procurement deals including a 2.6 billion dirham contract for Russia''s Rosoboronexport, the spokesman for the Idex military exhibition said. Rosoboronexport will supply 5,000 anti-armour missiles plus training and support to the UAE armed forces, Rashid al Shamsi said. Sweden''s SAAB AB ( SAABb.ST ) won a contract for 865.7 million dirhams to provide new airborne surveillance systems and spares, while UAE firm Maximus Air was awarded a 1.8 billion dirham contract to supply air cargo planes. On Sunday, the UAE awarded 4.5 billion dirhams worth of contracts. Idex, the region''s largest military show, began on Sunday and will end on Thursday. Over 1,200 companies are participating. (Reporting by Stanley Carvalho; Editing by Andrew Torchia)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-emirates-idex-deals-idUKKBN15Z1H2'|'2017-02-20T21:36:00.000+02:00'
'ef10ee9644e72cf12342a55b3b5765b3431c10fb'|'Snap bets on hardware as Facebook threat looms'|'Technology   6:04am GMT Snap bets on hardware as Facebook threat looms   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 1/2   A Snapchat sign hangs on the facade of the New York Stock Exchange (NYSE) in New York City, U.S., January 23, 2017. REUTERS/Brendan McDermid/File Photo 2/2 By Heather Somerville - SAN FRANCISCO SAN FRANCISCO Snap Inc takes to the road in London on Monday to promote its initial public offering with a daring proposition: that it can build hot-selling hardware gadgets and ad-friendly software features fast enough to stay one step ahead of Facebook. No longer just a purveyor of a smartphone app for disappearing messages, Snap has hired hundreds of hardware engineers, built a secretive product development lab and scoured the landscape for acquisitions as it pursues its newly stated ambition to be "a camera company." These efforts, which are aimed at developing hardware and so-called augmented reality technologies, are central to the strategy of a company that is seeking a valuation of up to $22 billion in its early March IPO despite heavy losses and the specter of stiff competition for advertising dollars with a far-larger Facebook. (Graphic: tmsnrt.rs/2kXZxA7 ) It is a big gamble and the odds against Snap are long. There is little precedent for a company with its roots in software and social networking succeeding in the notoriously difficult consumer hardware business. Few U.S. firms aside from Apple have made big profits on hardware, and camera and wearable gadget makers have much lower valuations than Snap is seeking. Once-hot camera start-up GoPro is a cautionary tale: its stock sits 61 percent below its 2014 IPO price. More broadly, creating new products and features that have mass-market appeal and cannot be readily mimicked is a huge challenge, analysts say. "It<49>s worrisome,<2C> said Paul Meeks, chief investment officer at Sloy, Dahl & Holst, which manages more than $1 billion in assets. <20>Snapchat is going to have to continue to be really innovative and distinctive. It<49>s going to be very tough to trump Facebook.<2E> Snap declined to comment for this story. Snap first signaled its new focus with the September reveal of Spectacles, funky sunglasses with an embedded video camera for posting to the Snapchat app. The company spent $184 million on research and development last year, nearly half its revenue. Augmented reality, which refers to computer-generated images overlaid on real surroundings and viewed through a smartphone or special glasses, is a big part of the plan. Snap''s "lenses" image-overlay feature has been a hit, and gives Snap an advertising format that''s unique, at least for now. "If you''re going to make the bet longer-term on Snap, you are betting they are going to come up with innovative products that Facebook can''t copy," said Nabil Elsheshai, senior equity analyst at Thrivent Financial, who is considering whether to recommend that his firm buy Snap''s IPO. Facebook-owned Instagram last year rolled out a feature called Stories, modeled after Snapchat''s feature by the same name. Snapchat had about 100 million fewer downloads than Instagram in 2016, according to market research firm App Annie. NEW GADGETS Snap had 158 million daily active users in the fourth quarter, up just 3 percent from the previous quarter, compared to 14 percent growth during the same period in 2015, according to Snap''s IPO filing. New gadgets that offer more ways to interact with Snapchat could help attract new users and get existing users to spend more time on the app. "Ultimately, that''s what advertisers are going to be looking at," said Douglas Melsheimer, managing director at investment bank and consulting firm Bulger Partners. Snap, along with Facebook and host of online rivals ranging from Google to BuzzFeed, is capitalizing on the shift of video advertising dollars from traditional 
'1ff0f6540bc082f85df586d6f06fdfda0edb18ce'|'Ex-divs to take 12.3 points off FTSE 100 on Feb. 23'|'  Ex-divs to take 12.3 points off FTSE 100 on Feb. 23 LONDON, Feb 20 The following FTSE 100 companies will go ex-dividend on Thursday, after which investors will no longer qualify for the latest dividend payout. According to Reuters calculations at current market prices, the effect of the resulting adjustment to prices by market-makers would take 12.3 points off the index. COMPANY (RIC) DIVIDEND IMPACT (pence) Carnival 35 (US cents) 0.20 Diageo 23.7 2.36 Easyjet 53.8 0.53 GlaxoSmithKline 23 4.42 Rio Tinto 100.56 4.81 Among FTSE 250 companies going ex-dividend are: COMPANY (RIC) DIVIDEND (pence) Lancashire 8 (Reporting by Helen Reid)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-stocks-exdiv-idUSL8N1G535T'|'2017-02-20T20:18:00.000+02:00'
'27b992dd71a8a619c1d28675b18e7b87b4c9f4fc'|'GM shares could climb 35 percent if it sells Opel: Barron''s'|'General Motors Co ( GM.N ) shares could climb by as much as 35 percent if it succeeds in selling its European Opel brand and focuses on its healthier markets, Barron''s said on Sunday.Last week, GM confirmed reports that it was in talks to sell its Opel business to Paris-based PSA Group, which manufactures brands including Peugeot.If the deal goes through, it could net GM as much as $1 billion in cash, Barron''s says, citing analysts. However, the real value from the sale would come from offloading a money-losing business and refocusing on operations in China, Latin America and North America, it said.Last year, GM reported a $257 million operating loss from its Opel unit. Cutting away Opel could gain GM nearly $1 billion in additional annual cash flow, on top of the immediate proceeds from the deal, Barron''s said.It also said that investors might reward GM''s stock because the sale would demonstrate a willingness by Chief Executive Mary Barra to focus on value-generating business.Barron''s added that, although GM is a cyclical stock and a downturn in auto sales is widely expected in the near future, its trough earnings per share will be better than many investors expect, perhaps around $3 to $4.GM shares are trading around $37.(Reporting by Carl O''Donnell; Editing by Phil Berlowitz)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-gm-opel-strategy-idINKBN15Z065'|'2017-02-19T23:39:00.000+02:00'
'0ae756364624a4353ba6e534446e7e4daa0b1b3b'|'WORLD NEWS SCHEDULE AT 2300 GMT/6 PM ET'|' 01pm EST WORLD NEWS SCHEDULE AT 2300 GMT/6 PM ET Editor: Peter Cooney +1 202 898 8362 Picture Desk: Singapore + 65 6870 3775 Graphics queries: + 65 6870 3595 (All times GMT) TOP STORIES Iraq launches offensive on last Islamic State stronghold in Mosul BAGHDAD/ERBIL, Iraq - U.S.-backed Iraqi forces launch a ground offensive to dislodge Islamic State militants from the western part of the city of Mosul and put an end to their ambitions for territorial rule in Iraq. (MIDEAST-CRISIS/IRAQ-MOSUL (WRAPUP 3), moved, by Maher Chmaytelli and Isabel Coles, 800 words) Trump administration drafts plan to raise asylum bar, speed deportations WASHINGTON - The U.S. Department of Homeland Security has prepared new guidance for immigration agents aimed at speeding up deportations by denying asylum claims earlier in the process. (USA-IMMIGRATION/ASYLUM (UPDATE 1, GRAPHIC, PIX), moved, by Julia Edwards Ainsley, 1,102 words) Saudi Arabia, Israel present de facto united front against Iran MUNICH - Saudi Arabia and Israel call for a new push against Iran, signalling a growing alignment in their interests, while U.S. lawmakers promise to seek new sanctions on the Shi''ite Muslim power. (MIDEAST-CRISIS/IRAN (UPDATE 1), moved, by Andrea Shalal and John Irish, 700 words) Exit polls sees Ecuador leftist ahead, runoff unclear QUITO - Ecuadorean exit polls put ruling party leftist Lenin Moreno clearly ahead in the presidential election, although it is unclear whether he has enough votes to avoid an April runoff against conservative ex-banker Guillermo Lasso. (ECUADOR-ELECTION/ (UPDATE 6, PIX, TV), expect by 0100 GMT/7 PM ET, by Alexandra Ulmer and Alexandra Valencia, 400 words) UNITED STATES Trump''s national security candidates promised autonomy as search continues WASHINGTON - President Donald Trump''s next pick for national security adviser will have autonomy over staffing and key decisions, the White House says as it scrambles to fill the post following the turbulent departure of Michael Flynn. (USA-TRUMP/SECURITY (UPDATE 1, PIX, TV, GRAPHIC), moving shortly, by Andy Sullivan and Sarah N. Lynch, 404 words) Trump baffles Sweden, says his remarks was based on news report STOCKHOLM/WEST PALM BEACH, Fla. - U.S. President Donald Trump says his remarks on Saturday suggesting an immigration-related security incident had occurred in Sweden were based on a report he had seen on television about immigrants in the Scandinavian country. (USA-TRUMP/SWEDEN (UPDATE 3, TV), moving shortly, by Anna Ringstrom and Jeff Mason, 474 words) Suppressing free press is ''how dictators get started''- U.S. Senator McCain MUNICH - U.S. Senator John McCain, defending the media against the latest attack by President Donald Trump, warns that suppressing the free press is "how dictators get started." (USA-TRUMP/MCCAIN (UPDATE 1), moved, by Jonathan Landay, 400 words) + See also: - USA-TRUMP/PRESS-MATTIS (UPDATE 1, PIX, TV), moved, by Phil Stewart in Abu Dhabi, 400 words U.S. carrier group patrols in tense South China Sea BANGKOK - A United States aircraft carrier strike group has begun patrols in the South China Sea amid growing tension with China over control of the disputed waterway and concerns it could become a flashpoint under the new U.S. administration. (SOUTHCHINASEA-CHINA/USA (UPDATE 1), moved, 283 words) SpaceX launches rocket from historic NASA pad in Florida CAPE CANAVERAL - A SpaceX Falcon rocket blasts off from a Florida launch pad once used to send NASA astronauts to the moon, a step forward for billionaire entrepreneur Elon Musk and his company''s goal of ferrying astronauts to the International Space Station. (SPACE-SPACEX/LAUNCH (UPDATE 4, PIX, TV), moved, by Irene Klotz, 412 words) MIDDLE EAST Syrian government forces press attack on Damascus outskirts - monitors, medic BEIRUT - Syrian government forces fire rockets at a rebel-held area on Damascus''s outskirts, pressing an attack that began the day before and has killed up to 16 people, a medical worker and war monitors sa
'bdb4c9a6a9f04a977194242f903037821ff57e19'|'Toshiba wants to raise at least $8.8 billion from sale of chip unit majority stake - source'|'Business News - Tue Feb 21, 2017 - 12:45am GMT Toshiba wants to raise at least $8.8 billion from sale of chip unit majority stake - source 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 TOKYO Toshiba Corp wants to raise as least 1 trillion yen ($8.8 billion/<2F>7.1 billion) from the sale of a majority stake in its NAND flash memory business to plug a hole in its finances from a $6.3 billion writedown of its U.S. nuclear unit, a source said. The Japanese industrial conglomerate wants to ensure it can cope with any future potential financial problems as it has been unable to issue new shares since the Tokyo Stock Exchange put it on a watchlist following its earlier $1.3 billion accounting scandal, the source with direct knowledge of the planned sale said. The sale should be completed by the end of March next year, added the source, who asked not to be identified because he was not authorised to talk to the media. The Japanese industrial conglomerate, which initially said it planned to sell less than 20 percent of the chips unit, last week said it could sell a majority, even all, of the prized business. (Reporting by Makiko Yamazaki and Taro Fuse; writing by Tim Kelly; Editing by Stephen Coates) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-toshiba-accounting-chips-idUKKBN16002P'|'2017-02-21T07:45:00.000+02:00'
'b8ccd251fad9a04485b5af51fbb1b7b9f04a9c2e'|'EMERGING MARKETS-Naira forwards fall on devaluation expectations'|'By Claire Milhench - LONDON LONDON Feb 21 Nigeria''s naira currency weakened on Tuesday against the dollar in the non-deliverable forwards market as expectations of a devaluation grew, while the rand slipped too before a key budget speech by the finance minister.Emerging equities held steady near 19-month highs, while currencies such as the rouble and the Turkish lira were also more or less unchanged against the firmer dollar . Earlier in the day, the Philippine peso plumbed a 10-year low.The spotlight was on Africa, with most attention focused on the naira after Nigeria''s central bank effectively devalued the currency for private individuals while holding the official exchange rate at 305 per dollar.People can now access hard currency at a rate of 366 per dollar to pay for foreign school fees and travel, though the black market rate is around 520.Three-month naira-dollar NDFs weakened almost 6 percent while one-month NDFs traded 4 percent lower - their weakest levels since November, according to Reuters data . The naira also slipped 6 percent in the six-month NDF market, showing a rate of 395 per dollar.Nigeria has tried to make the exchange rate more flexible before, leading to a 30 percent devaluation last year, only to reimpose a quasi-currency peg."The story of a possible devaluation has come back as the latest moves seem to show a small entry towards to a weaker exchange rate," said William Jackson at Capital Economics."My worry is that they are not moving to a fully floating rate but to a more complex system of parallel rates, which will add to the confusion but won''t help exporters."Nigerian five-year credit default swaps traded at a one-year high of 618 basis points, according to Markit.The rand, which has gained 5 percent against the dollar this year on the back of firmer commodity prices, slipped 0.7 percent on jitters before Finance Minister Pravin Gordhan''s speech.Gordhan, respected by markets, has pointed to "green shoots" of growth in the economy but warned of a "difficult political year". Investors still fear that President Jacob Zuma wants to replace Gordhan in mooted cabinet changes."The markets will be looking to see what fiscal tightening will be undertaken to reduce the budget deficit, stabilise debt ratios and maintain the investment grade rating," Jackson said."What people also want to see is a realistic growth forecast as the consensus is increasingly bearish."The South African central bank''s leading business cycle indicator rose by 0.7 percent month-on-month in December as the price of dollar-based commodity exports rose but this failed to lift stocks, which slipped 0.3 percent.Bank stocks fell 1.3 percent as South Africa''s competition watchdog warned it would seek maximum penalties in a probe into alleged rand rigging.Some other emerging market currencies were able to make gains, with the recently devalued Egyptian pound trading just off three-month highs.The Kazakh tenge firmed 0.7 percent to its strongest since December 2015, after gaining over 5 percent so far this year. The tenge has been buoyed by stronger oil prices -- so much so that the central bank cut interest rates by 100 basis points on Monday.Eastern European bourses enjoyed strong gains, with Warsaw up 1.4 percent and Bucharest up 0.8 percent to its highest level since June 2008.The lower house of Romania''s parliament will vote today on withdrawing a decree on graft prosecution rules which caused huge street protests three weeks ago. The government has already agreed to scrap the degree.The gains carry on from strong performance in Asia earlier in the day when Chinese mainland stocks closed near three-month highs, helped by reports that pension funds will begin pumping money into the market.South Korean stocks also closed near 20-month highs.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 rep
'56dde4213564df38b21e9741a9ac154dbc27bd49'|'Lufthansa Technik, MTU agree on new maintenance joint venture'|'Company News - Tue Feb 21, 2017 - 5:20am EST Lufthansa Technik, MTU agree on new maintenance joint venture BERLIN Feb 21 Lufthansa''s maintenance arm and aircraft engine maker MTU Aero Engines have agreed on a new joint venture to serve growing demand for maintenance and repair of geared-turbofan engines that are used in planes such as the Airbus A320neo. The two companies will each own a 50 percent stake in the new company and total investment is expected to be around 150 million euros ($158 million), Lufthansa Technik said in a statement on Tuesday. The two companies are still considering a suitable location for the new venture, but expect a decision in the next few months. The unit will employ around 500 people and start operating in 2020. The two hope the joint venture will allow them to increase efficiency and keep costs down as they cater to growing fleets of narrow body jets using the PW1000G Pratt & Whitney engines. ($1 = 0.9487 euros) (Reporting by Victoria Bryan; Editing by Maria Sheahan) Next In Company News CEE MARKETS-Bucharest stocks hit 9-year high, banks perform well * Bucharest stocks at 9-year high, Banca Transilvania record high * Budapest shares set record high again, driven by OTP Bank * Banks prospects have improved in region By Sandor Peto BUDAPEST, Feb 21 Bucharest stocks hit a 9-year high on Tuesday, driven by surging Banca Transilvania as bank stocks fuelled a rally in Central European equities markets. The region''s stocks have tracked the gains in global equities in the past weeks as new U.S. President Donald T'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/lufthansa-mtu-aero-engines-maintenance-idUSFWN1G608B'|'2017-02-21T17:20:00.000+02:00'
'fb52685e7f0f6e1a528db118f906516ab3dc48c0'|'US STOCKS SNAPSHOT-Wall St hits record on retail boost'|'Company News - Tue Feb 21, 2017 - 4:02pm EST US STOCKS SNAPSHOT-Wall St hits record on retail boost NEW YORK Feb 21 U.S. stocks rose to fresh record highs on Tuesday, boosted by strong earnings reports from Wal-Mart and other retailers and continued optimism about the economic agenda of President Donald Trump. The Dow Jones Industrial Average rose 114.88 points, or 0.56 percent, to 20,738.93, the S&P 500 gained 14.01 points, or 0.60 percent, to 2,365.17 and the Nasdaq Composite added 27.37 points, or 0.47 percent, to 5,865.95. (Reporting by Chuck Mikolajczak; Editing by Nick Zieminski) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-stocks-idUSZXN0RYC2I'|'2017-02-22T04:02:00.000+02:00'
'5464cf8b9b8f0da6a3615f90c2800ad7869f1b98'|'BRIEF-Delta Natural Gas to be acquired by Peoples Gas'|' 06am EST BRIEF-Delta Natural Gas to be acquired by Peoples Gas Feb 21 Delta Natural Gas Company Inc * Delta Natural Gas enters agreement to be acquired by Peoples Gas * Delta Natural Gas Company Inc - Delta shareholders will receive $30.50 in cash per Delta share * Delta Natural Gas Company Inc says prior to closing, transaction is expected to have no impact on Delta''s dividend * Delta Natural Gas Company Inc - following close of transaction, Delta will be a wholly-owned subsidiary of PNG Companies Llc * Delta Natural Gas Company Inc - Delta shareholders will continue to receive dividends at an annualized rate of $0.83 per share until closing * Delta Natural Gas Company Inc - Peoples plans to increase Delta''s investments in infrastructure improvement projects * Existing employees are planned to continue with Delta after merger * Delta Natural Gas Company - following close of deal, one member of Delta''s board to be independent representative of Delta''s constituents'' interests Source text for Eikon:   Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-delta-natural-gas-to-be-acquired-b-idUSFWN1G60HX'|'2017-02-21T21:06:00.000+02:00'
'74623f91d8ce0e13d0e0cd396630ada4989a4a13'|'Northern Trust buys UBS Asset Management administration units'|'ZURICH U.S.-based Northern Trust ( NTRS.O ) is buying UBS Group''s ( UBSG.S ) UBS Asset Management fund administration servicing units in Luxembourg and Switzerland, UBS said in a statement on Monday.Financial terms were not disclosed.Northern Trust will become the fund administration services provider for UBS funds with about 420 billion Swiss francs($418.91 billion)in assets.UBS clients will continue to work with their existing relationship management teams, it said.Northern Trust is expanding in Europe, while UBS said shifting the administration of its funds to another company would boost efficiency.In 2015, UBS sold its Alternative Fund Services (AFS) business in the Cayman Islands to Mitsubishi UFG Financial Group ( 8306.T ).Analysts from Zuercher Kantonalbank said fund administration is a "commodity business" where size is the most important factor."It makes no sense for UBS to tie up resources in this business," analyst Javier Lodeiro wrote in a note to investors. "Even so, Monday''s transaction has neither the dimensions nor the strategic significance to have an impact on UBS shares."(Reporting by John Miller; editing by Jason Neely)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-ubs-group-m-a-nthern-trust-idINKBN15Z0NC'|'2017-02-20T05:07:00.000+02:00'
'7cfdf93c1be00c09da5afc3094be1fe2f8a2b5bc'|'Verizon, Yahoo agree to cut deal price by as much as $350 mln - WSJ'|'Business  38am EST Verizon, Yahoo agree to cut deal price by as much as $350 million - WSJ FILE PHOTO: The Verizon logo is seen on one of their retail stores in San Diego, California, U.S. April 21, 2016. REUTERS/Mike Blake/File Photo Verizon agreed to a revised deal to buy Yahoo Inc''s ( YHOO.O ) core internet business for $4.83 billion, as much as $350 million less than the original price, the Wall Street Journal reported, citing people familiar with the matter. The revised agreement could be announced as soon as Tuesday, the Journal said. ( on.wsj.com/2m7IcDc ) Verizon Communications Inc ( VZ.N ) had been trying to persuade Yahoo since last year to amend the terms of the agreement to reflect the economic damage from two cyber attacks. The two companies will also split any future liabilities and costs that arise from the data breaches, the WSJ reported. Yahoo and Verizon were not immediately available for comment. (Reporting by Anya George Tharakan in Bengaluru; Editing by Sayantani Ghosh) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-yahoo-m-a-verizon-idUSKBN1601EK'|'2017-02-21T19:35:00.000+02:00'
'8f360f5e52df56860eafeeea15f9fa2c2190093c'|'Wall Street challenges U.S. regulator over proposed commodities rule'|'Business News - Tue Feb 21, 2017 - 6:06pm GMT Wall Street challenges U.S. regulator over proposed commodities rule 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 Wall Street is pushing back against a proposed rule to force U.S. banks like Goldman Sachs Group Inc to hold more capital against investments in commodities, placing what some see as an overly restrictive limit on banks'' ties to the sector. In a comment letter filed late on Friday and not yet made public, the industry argues the proposed rule would hurt the economy, and that fears about environmental risks from physical commodities activities are overblown. The U.S. Federal Reserve handed down the proposal in September, after a public backlash stemming from the belief that big banks<6B> involvement in commodities markets hurt consumers by driving up prices. The comment letter, filed by the Securities Industry and Financial Markets Association and the Institution of International Bankers and seen by Reuters, comes as big banks face an uncertain future in Washington. Even though President Donald Trump has said he favors deregulation and has hired several Wall Street executives as advisers, it is unclear how he or the new Congress will approach various rules. Apart from Goldman Sachs, few banks have large exposure to physical commodities any longer. At one time, it was a big and lucrative business for both Goldman and Morgan Stanley, due to a quirk in their regulatory structure. Other banks, including JPMorgan Chase & Co, eventually plunged into the business as well, but exited as global capital requirements got more onerous, making such investments too costly to maintain. The Fed<65>s proposed rule would formalize and increase those standards, imposing what it has called a 1,250 percent risk weighting on banks that own, trade and move physical commodities. Among other measures, $1 in capital would need to be held for every $1 investment, the regulator''s highest charge for the riskiest investments. The rule could potentially force banks to withdraw from the commodities business altogether, because such capital charges would severely depress returns. In its proposal, the Fed said new measures would shield banks and the broader financial system from a costly mishap like the 2010 Deepwater Horizon oil spill in the Gulf of Mexico. Advocates say the rule is also needed to help mitigate commodity price fluctuations and social conflicts that arise from commodity-related activities. In the letter filed on Friday, the bank-affiliated groups said the rule would hurt <20>competition, end users, the liquidity of commodities markets ... and thus the real economy." A number of utility and power companies, including Calpine Corp, have also cited liquidity and price concerns. Big banks have been using similar arguments in lobbying to roll back existing rules, including the Volcker rule limiting risky, speculative trading and the Durbin rule, which caps the fees they can charge retailers for processing debit card transactions. Industry sources say the fight against the Fed<65>s proposal is more about regaining a competitive edge than protecting an existing source of revenue. Between 2007 and 2009, commodities trading accounted for as much as one-fifth of revenue for Morgan Stanley and Goldman Sachs. But over the past five years, Morgan Stanley has decreased its physical commodity assets to $179 million from $9.7 billion. Goldman Sachs has shed much of its energy infrastructure as well, though it is still a major trader of fossil fuels, trading more natural gas than both Chevron Corp and ExxonMobil Corp in certain quarters, according to Natural Gas Intelligence. As regulated banks have scaled back, specialists like Glencore Plc, Vitol Group and Mercuria Energy Group have gained ground. (Reporting by Olivia Oran in New York; editing by Lauren LaCapra and Tom 
'544296bffaa6d2d3235395f23bdd7ac484d3ad21'|'US STOCKS-Wall St hits record highs as retailers post strong results'|' 47am EST US STOCKS-Wall St hits record highs as retailers post strong results * Wal-Mart, Home Depot, Macy''s rise after results * Popeyes up after Restaurant Brands agrees to buy company * Kraft Heinz top drag on S&P after failed Unilever bid * Indexes up: Dow 0.54 pct, S&P 0.53 pct, Nasdaq 0.37 pct (Adds details, comments, updates prices) By Yashaswini Swamynathan Feb 21 U.S. stocks hit record intraday highs on Tuesday amid gains across sectors as strong earnings from top retailers underscored the strength of the U.S. economy. One in every six stocks on the S&P 500 hit a new 52-week high as a rally sparked by President Donald Trump''s promise of tax reforms shows no sign of fading despite concerns around valuations. "There is no doubt in anyone''s mind that the market has become over extended and is due for a pullback," said Quincy Krosby, market strategist at Prudential Financial in Newark, New Jersey. "That said, when you have this kind of momentum, it is very hard to sit on the sidelines." In the one month of Trump''s presidency, the S&P 500 hit record intraday highs 10 times, gained 3.9 percent and surpassed $20 trillion in market capitalization. Robust earnings have added to the momentum. Overall profit for S&P 500 companies is estimated to have risen 7.5 percent in the latest quarter - the biggest rise since the fourth quarter of 2014. Wal-Mart''s shares provided the biggest boost to the Dow, rising 4 percent after the company reported higher-than-expected U.S. sales. Department store bellwether Macy''s and home improvement chain Home Depot rose after the companies posted profits that topped estimates. All 11 major S&P sectors were higher on Tuesday, led by a 1 percent gain in the energy index as oil prices rose. At 11:01 a.m. ET (1601 GMT), the Dow Jones Industrial Average was up 112.22 points, or 0.54 percent, at 20,736.27, the S&P 500 was up 12.59 points, or 0.53 percent, at 2,363.75 and the Nasdaq Composite was up 21.51 points, or 0.37 percent, at 5,860.08. Popeyes Louisiana Kitchen jumped 19 percent to $78.80 after Restaurant Brands agreed to acquire the quick-service restaurant chain for $1.8 billion. Kraft Heinz shares were the top drag on the S&P, falling 3.3 percent after the company walked away from its $143 billion offer to buy Unilever, a day after the Anglo-Dutch company rejected the proposal. Unilever''s U.S.-listed shares were down 8.4 percent. Advancing issues outnumbered decliners on the NYSE by 2,054 to 797. On the Nasdaq, 1,570 issues rose and 1,128 fell. The S&P 500 index showed 83 new 52-week highs and no new lows, while the Nasdaq recorded 184 new highs and 16 new lows. (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-idUSL4N1G64G6'|'2017-02-21T23:47:00.000+02:00'
'cee66f18683815bd3b4e4a8426cfbb7310e24781'|'Foreign investment is not leaving China - commerce minister'|'Business News -  31am GMT Foreign investment is not leaving China - commerce minister China''s Commerce Minister Gao Hucheng attends a session during the 2016 G20 Trade Ministers Meeting in Shanghai, China July 10, 2016. REUTERS/Aly Song BEIJING China''s commerce minister on Tuesday sought to assuage concerns that foreign investment is leaving the country, saying claims to that effect were "biased." In comments made to reporters, Gao didn''t elaborate on the ministry''s views though data over the past few months have shown a pick up in fund outflows. "In recent years some products have indeed moved offshore but at the same time many high-end industries have moved to China," Gao told reporters. Foreign direct investment to China fell 9.2 percent in January to 80.1 billion yuan. An annual survey from the American Chamber of Commerce in China released last month showed that more than 80 percent of its members felt less welcome in China than before and most had little confidence in China''s vows to open its markets. Since late last year, authorities have also been tightening restrictions on capital outflows, reining in what officials have called "irrational" outbound investment. The curbs probably explained a fall in outbound direct investment, which plummeted 35.7 percent in January to 53.27 billion yuan, the weakest in over a year. Gao added that consumption will continue to grow rapidly this year, while the foreign trade environment will remain complex. Cooperation is the only option for the U.S.-China trade relations as a healthy relationship is beneficial for both sides, he said. Although there have been disagreements between the two countries in the past, they were solved through negotiation, Gao added. Tensions between China and the United States have heightened since the start of the year after U.S. President Donald Trump criticized Beijing for harming American companies and consumers by devaluing its yuan currency. Throughout his election campaign, Trump threatened to levy punitive tariffs against China in order to bring down the U.S. trade deficit, keeping global markets on edge. (Reporting by Elias Glenn; Writing by Sue-Lin Wong; Editing by Shri Navaratnam) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-china-economy-idUKKBN1600BQ'|'2017-02-21T11:31:00.000+02:00'
'23d9e7e64ec79affddd7314b869cb7303ef2e8ec'|'CVC to buy Polish retail chain Zabka from Mid Europa'|'WARSAW Private equity fund CVC Capital Partners [CVC.UL] has agreed to buy Zabka Polska SA, one of Poland''s biggest chains of convenience stores, from Mid Europa Partners, CVC said on Tuesday.CVC did not disclose the price paid. Earlier analysts had expected Zabka, which has 4,500 franchised shops, to be worth up to 1.5 billion euros ($1.58 billion). Mid Europa bought Zabka in 2011 for 400 million euros.($1 = 0.9489 euros)(Reporting by Marcin Goclowski; Editing by Greg Mahlich)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-zabka-m-a-cvc-capital-partners-idINKBN1601VV'|'2017-02-21T12:34:00.000+02:00'
'7907d9550253c47a4b17d5b0511ed6aebf689427'|'PSA says Opel acquisition would honour all existing union deals'|'PARIS PSA Group ( PEUP.PA ) will honour existing agreements and job guarantees in place at all Opel sites if its proposed acquisition of General Motors'' ( GM.N ) European division goes through, the French carmaker said on Tuesday after talks with German unions.PSA boss Carlos Tavares met Opel''s German unions and gave a "commitment to respect the existing agreements in all European countries", the maker of Peugeot and Citroen cars said.PSA plans to work closely with Opel unions including IG Metall to "find a path to the creation of a European champion with Franco-German roots", the Paris-based company said in an emailed statement.(Reporting by Laurence Frost and Gilles Guillaume; editing by Jason Neely)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-opel-m-a-psa-idINKBN160100'|'2017-02-21T07:41:00.000+02:00'
'272f28555c7fb6a0bdaf0dbff5fee709a6a9ffdc'|'PSA pledges to keep Opel''s four German sites running - Bild am Sonntag'|'FRANKFURT Feb 19 PSA Group has pledged to the German government to continue operating all four of Opel''s German production sites as part of the French carmaker''s planned takeover of General Motors'' European arm, German Sunday paper Bild am Sonntag reported.The planned sale was confirmed by both companies on Tuesday, raising the spectre of cutbacks in the wake of a deal because Europe''s car industry has been dogged for years by overcapacity.Government sources told Reuters that PSA had signalled it was open to German demands to preserve sites, jobs and existing collective bargaining contracts but talks with Britain, home to Opel''s sister brand Vauxhall, would also have to tie into a final job deal.The paper said PSA''s General Counsel Olivier Bourges told two deputy ministers and an adviser to Chancellor Angela Merkel on Thursday that Opel would continue as a separate entity within PSA group and that no German sites would be closed, without specifying its sources.The takeover deal will likely be signed by March 9, the beginning of the Geneva auto show, the paper added.Germany''s economy minister Brigitte Zypries on Thursday said she expected the deal to go ahead, after the U.S. carmaker sought to allay fears of large-scale plant closures in the country.Two sources close to PSA have, however, told Reuters that job and plant cuts were part of the tie-up talks, with the two British sites of Vauxhall in the front line.PSA''s chief executive will meet British Prime Minister Theresa May to discuss the deal, officials said on Saturday, amid concern Britain''s departure from the European Union could put Vauxhall sites at a disadvantage to Opel''s.Germany accounts for about half of GM Europe''s 38,000 staff, while there are 4,500 in Britain. Other countries with Opel production sites include Spain and Poland.A PSA spokesman confirmed only that a meeting between PSA representatives and German officials had taken place last week and that discussions had been constructive.Opel declined to comment. (Writing by Ludwig Burger; Reporting by Matthias Sobolewski, Gernot Heller, Ralf Bode in Berlin, Mathieu Rosemain in Paris, Jan Schwartz in Hamburg; Editing by Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/opel-ma-psa-talks-idINL8N1G40EV'|'2017-02-19T10:12:00.000+02:00'
'20f3d8221eca017b3f4d084eba92907245d54b15'|'Northern Trust buys UBS Asset Management administration units'|'Deals   3:07am EST Northern Trust buys UBS Asset Management administration units ZURICH U.S.-based Northern Trust ( NTRS.O ) is buying UBS Group''s ( UBSG.S ) UBS Asset Management fund administration servicing units in Luxembourg and Switzerland, UBS said in a statement on Monday. Financial terms were not disclosed. Northern Trust will become the fund administration services provider for UBS funds with about 420 billion Swiss francs($418.91 billion)in assets. UBS clients will continue to work with their existing relationship management teams, it said. Northern Trust is expanding in Europe, while UBS said shifting the administration of its funds to another company would boost efficiency. In 2015, UBS sold its Alternative Fund Services (AFS) business in the Cayman Islands to Mitsubishi UFG Financial Group ( 8306.T ). Analysts from Zuercher Kantonalbank said fund administration is a "commodity business" where size is the most important factor. "It makes no sense for UBS to tie up resources in this business," analyst Javier Lodeiro wrote in a note to investors. "Even so, Monday''s transaction has neither the dimensions nor the strategic significance to have an impact on UBS shares." (Reporting by John Miller; editing by Jason Neely) Next In Deals Inbound China M&A takes flight on consumer promise HONG KONG Overseas acquisitions by Chinese buyers are cooling after two record years as Beijing reins in capital outflows, but deals into China are on the rise, and new rules will make it easier for foreign buyers to tap China''s giant consumer potential.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-ubs-group-m-a-nthern-trust-idUSKBN15Z0NC'|'2017-02-20T15:05:00.000+02:00'
'debebe748069ab49597899214ac8752b62282481'|'EU pushes for 2017 conclusion to Japan free trade talks'|' 56pm GMT EU pushes for 2017 conclusion to Japan free trade talks FILE PHOTO - Containers are seen at an industrial port in Yokohama, Japan, January 16, 2017. REUTERS/Kim Kyung-Hoon/File Photo BRUSSELS The European Union should be able to conclude a free trade agreement with Japan this year after failing to hit an end-2016 deadline, a European Commission source close to the negotiations said on Monday. A trade deal between the two has taken on added significance after U.S. President Donald Trump''s withdrawal from a planned Trans-Pacific Partnership (TPP) trade alliance including Japan and as the EU looks beyond America for trade partnerships. "We don''t intend to slip into next year. In fact, we''d like to do this much faster than that. I have no idea whether it''s March, June, September," said the Commission source. The key issue is to balance Europe''s wish to sell more food and drinks in Japan and gain access to Japanese public tenders, with Tokyo''s demand for tariff-free access for its auto industry, including car parts. "I don''t see any reason in the negotiations as they are why it shouldn''t be done this year. And if it''s not done this year, we will have to ask ourselves the serious question of whether it can be done at all," the Commission source said. Trade Commissioner Cecilia Malmstrom and Japanese Foreign Minister Fumio Kishida agreed at a meeting last week on a commitment to secure a deal soon. For Europe, a deal with Japan would represent not only an economic boost but a further symbolic success for its trade agenda, with the EU-Canada trade pact set to go into force in the coming months after fierce opposition. For Japan, the deal would show it can still do deals despite the apparent demise of the TPP, once a pillar of Washington''s Asia policy. Japan, the world''s third-largest economy, is the EU''s sixth-biggest export market. For Japan, the EU ranks as the third-largest destination for its goods. (Reporting by Philip Blenkinsop; editing by Andrew Roche)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eu-trade-japan-idUKKBN15Z1SM'|'2017-02-20T23:56:00.000+02:00'
'ce30cfb30b0ebac805e94f4a80b2d6b4d6fd5ac9'|'Nikkei slips on yen, uncertainty on Trump policies'|'* Market down for third day as yen gains* Nikkei supported at Ichimoku cloud top* Softbank gains on report on U.S. subsidiaryBy Hideyuki SanoTOKYO, Feb 20 Japanese shares fell for a third consecutive session on Monday as the yen''s gains and uncertainty about U.S. economic policies prompted profit-taking.The Nikkei dropped as much as 0.6 percent to 19,115 -- its lowest level since Feb. 9 -- where it had a pivotal technical support from the top of Ichimoku cloud, which stood at 19,114.The Nikkei last stood down 0.2 percent at 19,190, having declined 1.7 percent from a six-week high of 19,519 hit a week ago."We''ve seen some upgrades in this earnings season. But even taking that into consideration, the market is hardly cheap now," said Shingo Ide, chief equity strategist at NLI Research Institute."Unless the yen weakens a bit more, there are few reasons to buy Japanese shares aggressively," he added.The yen has risen to around 113 per dollar from Wednesday''s low of 114.955, as the dollar quickly lost momentum after a relief rally following the meeting with U.S. President Donald Trump and Japanese Prime Minister Shinzo Abe."Although there was no tough talk on trade at the meeting, we are likely to see a comprehensive economic talk between Japan and the United States in April, when U.S. Vice President Mike Pence is expected to visit Japan," said Norihiro Fujito, senior investment strategist at Mitsubishi UFJ Morgan Stanley Securities.The uncertainty over Trump''s policies on international trade and tax is encouraging investors to take profits when they can.Japanese institutional investors also have additional incentives to take profits as they eye their financial year end on March 31.Amid the lack of a clear macro picture, Softbank was the most actively traded stock in the morning, rising as much as 3.3 percent after sources told Reuters that the company is prepared to cede control of Sprint Corp to T-Mobile US Inc.Softbank''s previous attempt to merge a struggling Sprint with T-Mobile fell through amid opposition from U.S. antitrust regulators.Bridgestone jumped to a 15-month high after the tyre manufacturer announced on Friday it will buy back up to 6.4 percent of its own stock, or about 50 million shares, and retire 20 million Treasury stocks.The broader Topix was down 0.2 percent at 1,541.30, with 28 of the Tokyo Stock Exchange''s 33 industry subindexes in the red in late morning trade. (Reporting by Hideyuki Sano; Editing by Sunil Nair)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/japan-stocks-midday-idINL4N1G51DU'|'2017-02-19T23:41:00.000+02:00'
'6f6ea235371728cdfd19d5d15b31bc01fc631da8'|'Saudi favours New York for Aramco IPO, also considers Toronto, London - WSJ'|'Business News - Mon Feb 20, 2017 - 7:20pm GMT Saudi favours New York for Aramco IPO, also considers Toronto, London - WSJ Oil tanks seen at the Saudi Aramco headquarters during a media tour at Damam city November 11, 2007. REUTERS/ Ali Jarekji Saudi Arabia is favouring New York to list state oil giant Saudi Aramco IPO-ARMO.SE, while also considering London and Toronto for the prospect of floating the firm, the Wall Street Journal reported on Monday. Saudi officials also talked to exchanges in Singapore, Hong Kong, Tokyo and Shanghai but are unlikely to pursue listing in those places, the newspaper said, citing people familiar with the matter. The listing is the centrepiece of a Saudi Arabian government plan to transform the kingdom by enticing investment and diversifying the economy away from a reliance on oil. Saudi officials expect the IPO to value Aramco at a minimum of $2 trillion (<28>1.61 trillion). Saudi Arabian Oil Co, known as Saudi Aramco, was not immediately available for comment. (Reporting by Ismail Shakil in Bengaluru; Editing by Jonathan Oatis) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-saudi-aramco-ipo-idUKKBN15Z214'|'2017-02-21T02:20:00.000+02:00'
'64d564e90a9ec14fefa93679fdca24ef28ab0703'|'Sun Art''s shares slide after it rejects reports of Alibaba talks'|'Hong Kong Shares of hypermarket operator Sun Art Retail Group Ltd ( 6808.HK ) slid as much as 18 percent on Monday after it rejected media reports that it was in talks with Alibaba Group Holdings Ltd ( BABA.N ) to sell its supermarket chain RT-Mart.Sun Art, which competes with China Resources and Wal-Mart Stores Inc ( WMT.N ) in China, said in a statement late on Friday it was in very early talks with certain third parties, including Suning Commerce Group Co Ltd ( 002024.SZ ), regarding a co-operation deal, although Alibaba was not part of those discussions.On Sunday, the company posted a 5.2 percent rise in 2016 net profit as steady demand from lower-tier cities helped offset growing pressure from the rapidly expanding e-commerce sector.Shares of Sun Art, which had risen nearly 30 percent up to Friday, were down 11.3 percent at 0305 GMT, lagging a 0.2 percent gain for the benchmark index .HSI .(Reporting by Anne Marie Roantree; Editing by Christopher Cushing)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-sun-art-retail-stocks-idINKBN15Z07Y'|'2017-02-20T00:17:00.000+02:00'
'90f9ed7bc3e4f1026c90ea8360e0cd8b234f9e39'|'Indonesia mining minister says govt also has right to bring Freeport to arbitration'|' 41am EST Indonesia mining minister says govt also has right to bring Freeport to arbitration JAKARTA Feb 20 Indonesia''s mining minister Ignasius Jonan on Monday said the government can also bring Freeport-McMoRan Inc to arbitration if both sides fail to reach an agreement over a mining contract. Earlier on Monday, Freeport-McMoRan chief executive Richard Adkerson said the company may commence arbitration if it and the government cannot negotiate within 120 days a dispute over its mining contract in Indonesia. "If there''s no agreement, this can be brought to arbitration. Not only Freeport, the government also has a right to bring this to arbitration," Jonan told reporters. (Reporting by Wilda Asmarini; Writing by Gayatri Suroyo; Editing by Tom Hogue)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/indonesia-freeport-minister-idUSJ9N1FN005'|'2017-02-20T14:41:00.000+02:00'
'f8fc9731f0b6e11b895f3a1de15bfdba838ed854'|'REFILE-UPDATE 1-Australia''s Fairfax halts trade pending Domain announcement'|'(Fixes typo in EBITDA in graf 5)SYDNEY Feb 21 Australian newspaper and radio group Fairfax Media Ltd on Tuesday entered a trading halt pending an announcement related to its real estate advertising arm, Domain Group.The Australian Financial Review, a newspaper owned by Fairfax, on Monday reported the company was considering a spin-off of Domain into a separate listed vehicle, citing unnamed sources.Analysts expect Domain to be worth about A$2 billion ($1.54 billion) as a separately listed entity, the newspaper said.Fairfax, which has a market value of A$2 billion including Domain, is due to report its first half financial results on Wednesday.Domain reported a 40 percent rise in earnings before interest, tax, depreciation and amortisation (EBITDA) to A$120 million in the 12 months ended June 30, making it the company''s highest-earning division.Domain is a similar business to larger listed rival REA Group Ltd, which is controlled by News Corp.REA Group, which has a market value of A$7.3 billion, on Feb. 10 reported a 13 percent rise in first-half EBITDA to A$200.1 million. ($1 = 1.3016 Australian dollars) (Reporting by Jamie Freed; Editing by Jonathan Oatis)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/fairfax-media-divestiture-idINL4N1G543J'|'2017-02-20T21:00:00.000+02:00'
'af564d62c4bcd39975c9d99c0988c8ebe8a7da24'|'UPDATE 1-Portugal to flesh out terms of Novo Banco sale with Lone Star'|'(Adds Lone Star statement)LISBON Feb 20 The Bank of Portugal will hold a final round of exclusive negotiations with U.S. private equity firm Lone Star as it seeks to flesh out the terms of the potential sale of state-rescued lender Novo Banco, the central bank said on Monday.The start of exclusive talks with Lone Star, which reaffirmed its commitment to reaching a deal, comes as Portugal faces an August 2017 deadline to sell the bank that was carved out of Banco Espirito Santo after its 2014 collapse."The Bank of Portugal has decided to select potential investor Lone Star for a concluding round of exclusive negotiations, with a view to finalising the possible terms of the sale," the central bank said in a short statement, without providing more details.Olivier Brahin, president of Lone Star for Europe, said in a separate statement his firm was "committed to confirming a final agreement with the Bank of Portugal to support Novo Banco" with capital and expertise and ensure it remains a strong player in the local banking sector."We are deeply confident in Novo Banco<63>s future. Having conducted a thorough analysis of the bank over the last several months, we are convinced of Novo Banco<63>s value to the strong future of the Portuguese economy."Lone Star said that upon reaching an agreement with the Bank of Portugal, it would work with the current Novo Banco management to strengthen the bank''s capital position and launch new financial products and services.The central bank last month picked Lone Star ahead of other prospective buyers including China''s Minsheng Financial Holding and U.S. fund Apollo.It said then that Lone Star had set conditions that could have an impact on public accounts, which the state sought to minimise via further talks.The first attempt to sell Novo Banco, which in 2014 received an injection of 3.9 billion euros in public funds, failed in 2015 after the state considered bids as too low.Even now, it is only expected to recover a portion of that money. The government has said that no option, including nationalisation, is ruled out for Novo Banco, but anything other than a sale would be a last-resort measure and would have to be discussed with European authorities. (Reporting by Andrei Khalip; Editing by Louise Heavens and Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/portugal-novobanco-lone-star-idINL8N1G544N'|'2017-02-20T14:07:00.000+02:00'
'f36c3b211c33b773180aa7d77fdfe0c7a2f1d29d'|'Euro zone mulls IMF involvement in Greece, mission to unblock new loans'|'Business  53am EST Euro zone mulls IMF involvement in Greece, mission to unblock new loans left right Greek Finance Minister Euclid Tsakalotos talks to European Economic and Financial Affairs Commissioner Pierre Moscovici (R) during a eurozone finance ministers meeting in Brussels, Belgium February 20, 2017. REUTERS/Francois Lenoir 1/5 left right Greek Finance Minister Euclid Tsakalotos meets Dutch Finance Minister and Eurogroup President Jeroen Dijsselbloem (R) during a eurozone finance ministers meeting in Brussels, Belgium February 20, 2017. REUTERS/Francois Lenoir 2/5 left right Greek Finance Minister Euclid Tsakalotos talks to Dutch Finance Minister and Eurogroup President Jeroen Dijsselbloem (R) during a eurozone finance ministers meeting in Brussels, Belgium February 20, 2017. REUTERS/Francois Lenoir 3/5 left right European Central Bank (ECB) President Mario Draghi attends a eurozone finance ministers meeting in Brussels, Belgium February 20, 2017. REUTERS/Francois Lenoir 4/5 left right (L-R) Italy''s Finance Minister Pier Carlo Padoan, Greek Finance Minister Euclid Tsakalotos and European Economic and Financial Affairs Commissioner Pierre Moscovici attend a eurozone finance ministers meeting in Brussels, Belgium February 20, 2017. REUTERS/Francois Lenoir 5/5 By Jan Strupczewski and Francesco Guarascio - BRUSSELS BRUSSELS Euro zone finance ministers will discuss on Monday what reforms Greece must make to release new loans from the bloc''s governments and get the International Monetary Fund to join the bailout. If the ministers reach an agreement, they will dispatch to Athens a mission of experts from the European Commission, the European Central Bank, the euro zone bailout fund ESM and the IMF to complete a review of the needed reforms. "Today we will just discuss getting the mission of the institutions back to Athens and that requires agreement on substantial reforms and additional measures to be taken," the chairman of euro zone ministers Jeroen Dijsselbloem said. The last such mission broke down in acrimony in December over differences as to what still needed to be done and how to ensure Greece meets agreed fiscal targets in the years to come. Talks on how to proceed have been dragging on since then and now appear set to continue during election campaigns in the Netherlands and France, which euro zone officials have said may make a deal more difficult. But Belgian Finance Minister Johan Van Overtveldt said on entering the meeting that a deal with Greece should not be rushed because of the European election calendar, especially as Greece did not face major financing needs until July, when it has to repay 7.2 billion euros in maturing debt. "Of course elections may always pose a problem when trying to get good decisions but on the other end, we shouldn''t take... half-baked solutions because elections are coming up," he said. Until July Greece has enough money to get by, ministers said, so there was no reason to talk about a new crisis. A stalemate in reform talks between the lenders and Greece in 2015 led to a default on the IMF by Greece and the introduction of capital controls to prevent Greeks from taking their savings out of the country. DIFFERENCES REMAIN But an agreement with Greece on what reforms still need to be completed is made more difficult by differences between the lenders themselves -- euro zone governments and the International Monetary Fund. The IMF says that with the reforms agreed now, Greece cannot reach and maintain a primary surplus of 3.5 percent of Gross Domestic Product from 2018 onwards as promised to the euro zone. It insists therefore that either Athens undertakes further reforms, or the euro zone should agree to lower the primary surplus target to 1.5 percent of GDP and grant Greece debt relief to make it sustainable. Unless the targets and reforms add up, the IMF says it cannot join the bailout despite insistence from Berlin that it should. At the same time, German
'af39bed025d401b4d67b4ea47266df74dd442814'|'Germany a favorite for Citi''s Europe investment banking HQ: paper'|'Business News   12:45pm EST Germany a favorite for Citi''s Europe investment banking HQ: paper Traders work in the Citigroup booth on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., May 25, 2016. REUTERS/Brendan McDermid FRANKFURT U.S. bank Citigroup ( C.N ) may choose Frankfurt as the headquarters for its European investment banking and trading activities as part of its Brexit contingency plans, the bank''s European chief told Frankfurter Allgemeine Zeitung. The bank will be making a decision in the first half of this year, James Cowles, Citi''s Chief Executive Officer for Europe, the Middle East & Africa (EMEA), told the paper. "Germany is among our favorites," Cowles was quoted as saying. He also said the professionalism of regulator Bafin and the availability of highly qualified staff added to Frankfurt''s attractiveness. Citi will move several hundred jobs outside of London in the wake of Britain''s decision to leave the European Union, a step that will likely make it harder to do pan-European business out of London, the newspaper said. In Frankfurt, Citi has around 370 employees, FAZ said. (Reporting by Edward Taylor. Editing by Jane Merriman) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-britain-eu-citigroup-idUSKBN16027H'|'2017-02-22T00:45:00.000+02:00'
'5239e8b9f74b69e1f4290504dd16637742ad9c77'|'BRIEF-Whiting Petroleum Q4 2016 average production 118,890 boe/d'|' 41pm EST BRIEF-Whiting Petroleum Q4 2016 average production 118,890 boe/d Feb 21 Whiting Petroleum Corp * Whiting petroleum corporation announces fourth quarter 2016 financial and operating results * Whiting petroleum corp - q4 2016 average production of 118,890 boe/d * Whiting petroleum corp - full-year 2016 capex on target at $554 million * Whiting petroleum corp - 2017 quarterly production forecast to grow 23% from q1 to q4 * Whiting petroleum corp - whiting projects a 2017 capital budget of $1.1 billion * Whiting petroleum corp - company forecasts 2017 production of 45.0 to 46.0 mmboe * Whiting petroleum corp sees q1 production 10.2 mmboe - 10.6 mmboe * Whiting petroleum corp sees full year 2017 45.0 mmboe - 46.0 mmboe Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-whiting-petroleum-q4-2016-average-idUSASB0B1CJ'|'2017-02-22T04:41:00.000+02:00'
'57311d09702f378b59fe64e831d0a802a316c6f2'|'Spain''s BBVA ups stake in Turkey''s Garanti to just under 50 percent'|'  7:17pm GMT Spain''s BBVA ups stake in Turkey''s Garanti to just under 50 percent A woman with an umbrella walks past a BBVA bank branch in central Madrid, Spain, April 4, 2016. REUTERS/Andrea Comas MADRID Spain''s second-biggest lender BBVA ( BBVA.MC   had agreed to buy an extra 9.95 percent of Turkey''s Garanti Bank ( GARAN.IS ) from Dogus Holding for 859 million euros ($905 million), bringing its stake to just under 50 percent. BBVA said in a statement to Spain''s stock market regulator that the deal, which needs approval from Dogus''s shareholders, was expected to take effect in the first half of 2017. Dogus''s stake in Garanti would be cut to just 0.05 percent. The Spanish bank added that the acquisition would hit its core capital ratio under the strictest ''fully-loaded'' criteria by around 19 basis points. ($1 = 0.9489 euros) (Reporting by Sarah White; Editing by Angus Berwick)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-bbva-garanti-idUKKBN1602F7'|'2017-02-22T02:17:00.000+02:00'
'72e1c0adb62008a4525b2a62ed25725396c984f2'|'Canada stresses talks on NAFTA will involve all three members'|'By David Ljunggren - TORONTO TORONTO Any talks to renew the North American Free Trade Agreement would involve all three member nations, a top Canadian official said on Tuesday, dampening speculation the United States might seek to sit down with Canada first and then Mexico."We very much recognize that NAFTA is a three-nation agreement and were there to be any negotiations, those would be three-way negotiations," Foreign Minister Chrystia Freeland told a conference on the future of North America.U.S. President Donald Trump - who says free trade treaties have cost countless thousands of American jobs - wants NAFTA to be renegotiated with a focus on cutting his country''s large trade deficit with Mexico.Trump says he needs only to tweak trade ties with Canada, prompting one Canadian official to suggest to a newspaper that Washington would want to negotiate with Ottawa first. Mexico opposes the idea, which trade experts say is almost unworkable."NAFTA is a three-party agreement and any conversation we have regarding that ... will be a three-party conversation; it has to be," Mexican Foreign Minister Luis Videgaray told reporters in Toronto after Freeland''s comments.Mexican Economy Minister Guajardo Ildefonso earlier told the conference that the bulk of the NAFTA talks would have to be carried out on a trilateral basis to give investors confidence that the same set of investment rules applied everywhere.Trump has revealed little about his intentions for NAFTA, which took effect in 1994, except that he wants large changes with Mexico. [nL1N1FY0SP]The Mexican government expects the talks to start this summer, said Guajardo, who stressed several times how well Canada and Mexico had worked together in the past on trade.Former Canadian Prime Minister Brian Mulroney, who helped launch the original NAFTA talks, dismissed the idea that Canada might abandon Mexico to its fate."This under-the-bus stuff is for losers, not for winners," he told the conference.Freeland noted that Trump''s choices for commerce secretary and trade representative had yet to be confirmed. "We all have to collectively be careful not to get ahead of ourselves," she said.One idea floating in Washington is that of a border tariff, which could hit Mexican exports."Nothing in the new NAFTA should be a step backward. We will definitely not include any type of trade management measures, like quotas, or open the Pandora''s box of tariffs," Guajardo said. "That will be disastrous in any process moving forward."(Reporting by David Ljunggren; Editing by Dan Grebler)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/us-usa-nafta-canada-idINKBN1602AK'|'2017-02-21T15:56:00.000+02:00'
'efe9da557df9d7eff810ae1e9cdb43a752ed950a'|'Chaparral Energy aims to sell pipeline in push to exit bankruptcy'|'By Jim Christie - SAN FRANCISCO SAN FRANCISCO Chaparral Energy Inc [CHARN.UL] aims to have its bankruptcy exit plan confirmed next month, which may require suing a co-owner of a carbon dioxide pipeline to advance the sale of the asset, the bankrupt oil and gas producer said in court papers on Friday.Chaparral has a hearing on March 9 to confirm its plan to emerge from Chapter 11 bankruptcy, funded in part by asset sales. The company filed for bankruptcy in May after talks with stakeholders failed to produce a restructuring support agreement to tackle its financial troubles.Chaparral said it no longer needed the pipeline in Oklahoma running from a Koch Fertilizer LLC fertilizer plant. It transports carbon dioxide used in "flooding" fields to help extract oil and gas from depleted wells.Chaparral and Merit Energy Co together own more than 90 percent of the pipeline. Under an agreement, Merit bought CO2 from the Koch plant and set aside a portion for Chaparral''s use.Their deal expired in December and talks to renew it failed, Chaparral said, adding that talks to acquire CO2 directly from Koch had also failed.The company said it had determined, along with its major stakeholders, that even if it were to get access to the CO2, it would only be able to extract "relatively modest" amounts of oil and gas in the two fields, making the pipeline sale the best option.Chaparral noted that the pipeline could be converted to transport oil, making its location in central Oklahoma a valuable asset. A number of companies have expressed interest, but they want full ownership of the pipeline, Chaparral said.If the pipeline''s co-owners do not consent to a sale, Chaparall will press an adversary proceeding within its Chapter 11 case to force a sale, the Oklahoma City, Oklahoma-headquartered company said.The case is In re Chaparral Energy Inc et al, in U.S. Bankruptcy Court for the District of Delaware, No. 16-11144.For Chaparral: Joseph Barsalona II, Mark Collins, John Knight and Brendan Schlauch of Richards Layton & Finger, and Richard Levy, Keith Simon and David McElhoe of Latham & Watkins(Reporting by Jim Christie; Editing by Richard Chang)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-bankruptcy-chaparral-idINKBN1602K4'|'2017-02-21T17:46:00.000+02:00'
'4c1d0a8358bbeacaf1223590336fd86bb4aa951b'|'BRIEF-Servicesource International Q4 non-gaap earnings per share $0.02'|' 40pm EST BRIEF-Servicesource International Q4 non-gaap earnings per share $0.02 Feb 21 Servicesource International Inc: * Servicesource reports fourth quarter and fiscal year 2016 financial results * Q4 non-gaap earnings per share $0.02 * Q4 gaap loss per share $0.10 * Q4 revenue rose 5.7 percent to $68.7 million * Servicesource international inc sees Q1 of fiscal 2017 revenue of $55 million to $58 million * Servicesource international inc sees Q1 of fiscal 2017 gaap gross margin of 26% to 29% * Servicesource international inc sees Q1 of fiscal 2017 non-gaap net loss of $1.5 million to $3.5 million * Servicesource International Inc sees fiscal 2017 revenue of $248 million to $258 million * Servicesource international inc sees fiscal 2017 gaap gross margin of 32% to 34% * Servicesource international inc sees fiscal 2017 non-gaap net income of $2 million to $5 million * Fy2017 revenue view $270.2 million -- Thomson Reuters I/B/E/S * Q1 revenue view $63.8 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-servicesource-international-q4-non-idUSASB0B1CY'|'2017-02-22T04:40:00.000+02:00'
'5d6c9e39e1399a65faf7d00c6f72c9194cc66e99'|'UPDATE 1-Chinese investors find their cash is losing its cachet'|'Company News - Tue Feb 21, 2017 - 5:36am EST UPDATE 1-Chinese investors find their cash is losing its cachet * Tight capital controls, deal scrutiny hurt investor confidence * Chinese firms struggle to close deals owing to lack of FX * Overseas direct investment dropping sharply * Sellers want Chinese buyers to provide proof of funds * Regulators will approve deals that make economic sense (Adds FX regulator comment in paragraph 8-9) By John Ruwitch and Dasha Afanasieva SHANGHAI/LONDON, Feb 21 For years, cash-rich Chinese investors have been highly sought after the world over. Now, their cash is losing its cachet. China''s increasing efforts to prevent capital from leaving the country are eroding the confidence of domestic and foreign investors about getting deals done inside and outside of the world''s second-biggest economy. Chinese bidders had become ubiquitous in deals in the past two years and were welcomed, said Severin Brizay, head of Europe, the Middle East and Africa mergers and acquisitions for the investment bank UBS. "Clients were asking if it would be possible to make sure they are involved. Now, we are seeing the reverse: some clients are asking if we can do it without Chinese bidders because of the domestic challenges they face," he said. Dealmakers said many Chinese firms are unable to close deals because they can not secure official permission to transfer yuan into foreign exchange. This follows a series of measures by authorities since late last year to tighten restrictions on capital outflows and rein in what officials have called "irrational" outbound investment. The Institute of International Finance estimated capital outflows surged to a record $725 billion last year and it expects even higher outflows this year. The yuan fell more than 6.5 percent last year against the dollar, its steepest decline since 1994, prompting the central bank to spend hundreds of billions of dollars in reserves to prevent the slide from turning into a slump. China''s foreign exchange regulator, the State Administration of Foreign Exchange, said there were no restrictions on "genuine and compliant" international payments or transfers, and that it supported "healthy and orderly" overseas investment. "We have all along supported foreign investment by companies with the ability and the conditions to do so," it said in response to Reuters'' questions. IMPACT Still, the measures have had a dramatic impact, lawyers, bankers and analysts said. Overseas direct investment (ODI) by Chinese in December fell almost 40 percent from a year earlier to $8.41 billion, the lowest monthly level in 2016. In January, overseas property purchases by Chinese corporations plunged. Global stock index provider MSCI expressed concern about the capital outflow measures and China shelved plans for a new crude futures contract because potential foreign participants were worried they would not be able to take yuan profits out of the country. Chinese conglomerate and cinema chain operator Dalian Wanda''s proposed $1 billion purchase of U.S. entertainment group Dick Clark Productions Inc collapsed over problems getting currency out of China and regulatory approval, online website The Wrap said on Monday. In another case, a Chinese investor was unable to get permission from authorities to exchange yuan into $30 million to close a U.S. deal, a consultant involved in the project said. The planned $100 million investment in a U.S. residential property portfolio fell through. "Sellers nowadays will request certain proof," said Jeffrey Sun, a Shanghai-based partner at the legal practice of Orrick, Herrington and Sutcliffe. <20>From the sellers<72> side, the worry is justified.<2E> Still, while Chinese regulators are putting proposed deals under greater scrutiny, it does not mean they are shutting the door on outbound investment, lawyers said. Regulators will approve deals if they make economic sense, Sun said. For example, a steel manufacturer buying a soccer cl
'b42fe4f9f5ebec196fd4c061c76580af6e84ecb7'|'UPDATE 1-Vale in plan to merge shares into single class with no controlling bloc'|'Company News - Mon Feb 20, 2017 - 7:26am EST UPDATE 1-Vale in plan to merge shares into single class with no controlling bloc (Recasts with context; adds details on decision, analyst comment, background) By Guillermo Parra-Bernal SAO PAULO Feb 20 Vale SA will become a company with no defined controlling shareholder under an agreement announced on Monday, a step aimed at enhancing transparency and equal rights for all shareholders in the world''s largest iron ore producer. The change represents a milestone in a country long hobbled by corporate governance abuses. The largest shareholders in Rio de Janeiro-based Vale said in a statement that they agreed to renew an accord that keeps them together as a controlling bloc for another three and a half years while they prepare a proposal to merge the company''s different classes of stock into a single, common one. "The transaction seems to be a win-win for both controlling and minority shareholders," said Rodolfo de Angele, a senior basic materials analyst with JPMorgan Securities. In a first tranche, the existing 20-year accord will be extended for six months, guaranteeing a transition to Vale''s new corporate structure. Under the plan, holders of Vale''s Class A preferred shares will receive 0.9342 common share based on a 30-day average through Feb. 17. After that step is competed, Vale will incorporate Valepar SA, the investment holding company that controls it, and pay Valepar''s owners a 10 percent premium for their shares. That step will dilute minority shareholders by 3 percent and is a pre-condition to the rest of the process transforming Vale''s structure, which will cease to exist in November 2020. Reuters reported on Jan. 19 the planned to make Vale a company with diluted share ownership and the listing of a single type of stock. People familiar with the matter told Reuters in January that Bradespar SA and pension fund Previ Caixa de Previd<69>ncia sought the plan to boost Vale''s appeal among investors. Once the accord expires, no shareholder could own more than 25 percent of Vale or else will have to buy out other shareholders. Vale''s management plans to discuss the accord with investors at a conference call later on Monday. "A RE-RATING OF VALE''S SHARES" Currently, Vale''s American depositary receipts trade at the equivalent of 10.5 times estimated earnings for this year, below Rio Tinto Plc''s 10.7 times and BHP Billiton Plc''s 15.9 times, according to Thomson Reuters data. JPMorgan''s Angele said the single share class structure "is likely to translate into a re-rating of Vale''s shares." The plan will also help limit government meddling in Vale - an aspect that weighed down the company''s stock during President Dilma Rousseff''s five years in office. Improved governance stemming from the move could help Vale''s stock cut the valuation gap relative to its global mining peers. The partners in Valepar include Previ - currently Vale''s largest shareholder, - Bradespar, Japan''s Mitsui & Co, an arm of state development bank BNDES, and pension funds Petros Funda<64><61>o, Funcef and Funda<64><61>o Cesp. The transitional agreement needs backing from the equivalent of 20 percent of Vale''s voting shares, guaranteeing the necessary governance to implement the diluted ownership plan, the statement said. The 3.073 billion-real ($990 million) goodwill generated by Vale''s incorporation of Valepar will be split among all shareholders equally, the statement said. ($1 = 3.1035 reais) (Additional reporting by Brad Haynes and Paula Arend Laier in S<>o Paulo; Editing by Leslie Adler) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/vale-sa-equity-agreement-idUSL1N1G508L'|'2017-02-20T19:26:00.000+02:00'
'e2b9e7483ad02083ac63ebfac87bbcd13cee7f34'|'Air France pilots vote to accept principle of low-cost unit'|'  5:44pm GMT Air France pilots vote to accept principle of low-cost unit An Air France passenger jet takes off from the Charles-de-Gaulle International Airport in Roissy, France, October 2, 2015. REUTERS/Stephane Mahe PARIS Air France pilots have voted to accept the principle of creating a new low-cost subsidiary, the SNPL pilots union said on Monday, removing a hurdle to detailed talks on the management proposal. Parent Air France-KLM ( AIRF.PA ) aims to reduce costs by at least 1.5 percent this year with initiatives such as a new Air France unit, dubbed Boost, that would operate at lower costs out of its hub at Charles de Gaulle in Paris. In a referendum of all Air France pilots, some 58.1 percent supported the idea in principle after a turnout of 73.8 percent, the union said in a statement, adding that it took note of the decision. Pilots were voting on the principle rather than the plan itself. The ''yes'' vote overcomes one key hurdle for the airline''s management, but the plan is subject to detailed talks with pilots and cabin staff before it can go ahead. Pilot costs would be cut by 15 percent and cabin crew by 40 percent under the proposals, which were greeted with scepticism by pilots'' unions when presented by Air France last week. (Reporting by Tim Hepher, Cyril Altmeyer)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-airfrance-pilots-idUKKBN15Z1W2'|'2017-02-21T00:44:00.000+02:00'
'1af6fbc4311c5e5f069ca2c32730b9fb4be31e82'|'May to meet Peugeot head, determined to protect UK car industry'|' 08pm GMT May to meet Peugeot head, determined to protect UK car industry left right British Prime Minister Theresa May smiles as she greets her French counterpart Bernard Cazeneuve at Number 10 Downing Street in London, Britain, February 17, 2017. REUTERS/Toby Melville 1/2 left right FILE PHOTO: The logo of Opel and the bank of French car maker Peugeot are seen at a Opel and Peugeot dealership in Leverkusen, Germany, October 22, 2012. REUTERS/Wolfgang Rattay/File Photo 2/2 LONDON Prime Minister Theresa May will have a private conversation with the chief executive of Peugeot Carlos Tavares this week and is determined to protect Britain''s car industry, her spokesman said on Monday "It''s going to be a private conversation. There''s been a request for a meeting and we will try to make that meeting happen, but I am not going to go into what the nature of that conversation will be," the spokesman told reporters, adding that the timing of the meeting depended on "diary compatibility". "What we have been clear on is our determination to see Britain''s important automotive industry to continue to flourish," he said. (Reporting by Elizabeth Piper; editing by Stephen Addison)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-opel-m-a-peugeot-may-idUKKBN15Z156'|'2017-02-20T19:08:00.000+02:00'
'd7ace81e70f043b12099386e8fe1b98e611f17a2'|'METALS-London copper little changed, supply threats underpin'|' 32pm EST METALS-London copper little changed, supply threats underpin MELBOURNE Feb 21 London copper held its ground on Tuesday, near its highest in a week, supported by supply concerns amid industrial action in Chile and an Indonesian export permit dispute. FUNDAMENTALS * Three-month copper on the London Metal Exchange traded flat at $6,071 a tonne by 0112 GMT, holding gains after a 1.9 percent rally the session before when it struck $6,105 a tonne, the strongest since Feb. 14. * Shanghai Futures Exchange copper traded up 1.5 percent to 49,120 yuan ($7,142) a tonne. * Other metals were also buoyed by supply concerns, with Shanghai zinc leading sister metal lead up more than 2 percent, following London''s gains overnight after a steep fall in available zinc inventory on the LME. * A government-mediated meeting between BHP Billiton and striking workers at its Escondida copper mine in Chile has failed, and workers will head back to their encampment without any future dialogue planned, a union spokesman said on Monday. * U.S. mining giant Freeport-McMoRan Inc warned on Monday it could take the Indonesian government to arbitration and seek damages over a contractual dispute that has halted operations at the world''s second-biggest copper mine. * A major aluminium producer has made an indicative offer of a premium of $125 per tonne to Japanese buyers for April-June primary metal shipments, up 32 percent from the last quarter, three sources directly involved in pricing talks said on Monday. * China''s steel mills and traders were scrambling to find alternative supplies of coking coal for steel making after Beijing slapped a surprise ban on coal imports from its isolated northern neighbour. * For the top stories in metals and other news, click or MARKETS NEWS * Asian stocks held near 1-1/2-year highs in subdued early trade on Tuesday as a holiday in the United States left investors with few catalysts, while the euro nursed overnight losses as lingering concerns about the looming French election rattled its bonds. DATA AHEAD (GMT) 0800 France Markit manufacturing flash PMI Feb 0830 Germany Markit manufacturing flash PMI Feb 0900 Euro zone Markit manufacturing flash PMI Feb 1445 U.S. Markit manufacturing flash PMI Feb PRICES'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/global-metals-idUSL4N1G6194'|'2017-02-21T08:32:00.000+02:00'
'71742d9dc0667106e38f56a15cfcb535dd090e7d'|'BRIEF-Nordson corp announces agreement to acquire an unit of Vention Medical'|' 39pm EST BRIEF-Nordson corp announces agreement to acquire an unit of Vention Medical Feb 20 Nordson Corp * Nordson corp announces agreement to acquire advanced technologies business of Vention Medical * Deal for for $705 million in an all cash transaction * Says transaction will be financed through cash and debt * Nordson corp says Vention at employs approximately 775 people and will operate as part of Nordson''s advanced technology systems segment * Says deal expected to accelerate nordson top and bottom line growth and be accretive to ebitda margins  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-nordson-corp-announces-agreement-t-idUSASB0B14I'|'2017-02-21T04:39:00.000+02:00'
'3c2bf28af02069514265682809e08cce3435a0c5'|'Ashford Hospitality offers to buy FelCor, starts proxy fight'|'Lodging real estate investment trust Ashford Hospitality Trust Inc ( AHT.N ) offered to buy FelCor Lodging Trust Inc ( FCH.N ) in a deal valued at about $1.27 billion and launched a proxy battle for the control of the company''s board.FelCor''s shares rose as much as 13 percent to $8.16 on Tuesday, but were trading well below the offer price of $9.27 per share.Ashford Hospitality, which has a stake of about 4.5 percent in FelCor, said it nominated seven independent directors to the company''s board, adding that FelCor had been unwilling to share "usual and customary information."FelCor said on Tuesday it would review Ashford Hospitality''s proposal.The companies have been in talks since "several months" and that it had formed a transaction committee in December, FelCor said.However, the parties have not been able to reach mutually agreeable terms, Felcor saidReuters calculation of the deal value is based on FelCor''s 137.5 million shares outstanding as of Sept. 30.Ashford Hospitality, which invests in upper upscale and full-service hotels, said the combined company would be the second-largest pure-play publicly traded lodging real estate investment trust by room count and the third-largest by enterprise value.BofA Merrill Lynch was the financial adviser for FelCor.Ashford shares were slightly down at $7.63.(Reporting by Ankit Ajmera in Bengaluru; Editing by Maju Samuel)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-felcor-m-a-ashford-hosp-idINKBN160242'|'2017-02-21T14:01:00.000+02:00'
'90bfecc0fc0985774f05b9088f31145a53a55298'|'Wells Fargo fires four executives amid probe into sales practices'|'Business News - Tue Feb 21, 2017 - 7:42pm GMT Wells Fargo fires four executives amid probe into sales practices A Wells Fargo logo is seen in New York City, U.S. January 10, 2017. REUTERS/Stephanie Keith - RTX2YDSK By Dan Freed Wells Fargo & Co ( WFC.N ) has fired four mid-level executives and stripped them of bonuses and stock awards as a result of an investigation into improper sales practices in its retail bank, according to a company announcement on Tuesday. The board of directors voted unanimously to fire them for cause as part of its investigation into employees opening as many as 2 million deposit and credit card accounts without customers'' permission. Since the scandal and paying a $185 million (<28>148.5 million) fine to the U.S. government, Wells Fargo has been trying to show it is holding management accountable. Claudia Russ Anderson, former chief risk officer for the Wells Fargo branch banking unit where the sales problems occurred, was among those fired. She chose to take a personal leave from the bank in September, bank spokeswoman Mary Eshet said. Anderson could not immediately be reached for comment. The others fired by the bank were Pamela Conboy, Arizona lead regional president; Shelley Freeman, former Los Angeles regional president and now head of consumer credit solutions; and Matthew Raphaelson, head of community bank strategy and initiatives. None of them could immediately be reached for comment. The four executives will not get bonuses for 2016 and will forfeit unvested equity awards and vested outstanding options. A spokesman for the Wells Fargo board of directors, Paul Scarpetta at Sard Verbinnen & Co, declined to comment further. The scandal led to the departure of former Chairman and Chief Executive Officer John Stumpf last October. Wells Fargo said on Tuesday the board''s investigation was ongoing and was expected to be completed before the company''s annual shareholder meeting in April. (Reporting by Dan Freed in New York and Arathy S Nair in Bengaluru; Editing by Lauren Tara LaCapra and Lisa Shumaker) Next In Business News Chancellor Hammond closes in on budget goal LONDON Chancellor of the Exchequer Philip Hammond appears to be on track to meet his target for improving the country''s weak public finances this year, potentially giving him a bit of room to ease the squeeze on spending in a budget plan next month. Oil up 2 percent as OPEC chief sees higher compliance with cuts NEW YORK Oil prices rose about 2 percent to near three-week highs on Tuesday after OPEC said it was sticking to its agreement to cut production and hoped compliance with the deal would be even higher as it expects other producers join its efforts to curb a global glut. FRANKFURT Britain''s government played down suggestions the London Stock Exchange''s headquarters could move to Frankfurt after merging with Deutsche Boerse , but cautioned it was watching the deal closely. 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-wells-fargo-accounts-idUKKBN1602GI'|'2017-02-22T02:42:00.000+02:00'
'41223853dc40d45db781d92844d1b53174f4a310'|'Brazil''s Creditas gets $19 mln amid boom in local fintech financing'|'Technology News   3:43pm EST Brazil''s Creditas gets $19 million amid boom in local fintech financing By Guillermo Parra-Bernal - SAO PAULO SAO PAULO Creditas Solu<6C><75>es Financeiras Ltda, a Brazilian financial technology firm focused on secured consumer loans, has obtained $19 million from investors in a financing round that will allow it to provide borrowers with funds for one-fourth of what they pay to domestic lenders. S<>o Paulo-based Creditas said in a statement on Tuesday the so-called Series B round drew investors including the World Bank''s International Finance Corp, Naspers Ltd''s fintech arm and Brazilian venture capital firm Redpoint eventures. Redpoint had already taken part in a $7.5 million round for Creditas in June. Creditas uses innovative credit scoring systems and borrowers'' assets to offer loans charging one-fourth to one-half of what banks and rival domestic fintechs do. Borrowers in Latin America''s biggest country pay an average 190 percent a year for unsecured, riskier overdraft, credit card and consumer loans, the highest among the world''s 20 major economies. Creditas''s hybrid financing model allows it to originate loans using the borrower''s home or automobile as collateral. It funds loans using capital from investors or through partnerships with other, traditional financial institutions. The latest round of investment in Creditas, which was founded by Spanish-born entrepreneur Sergio Furi<72>, comes about two months after Redpoint and other firms pumped $80 million into credit card fintech Nubank, whose platform charges a fraction of the 400 percent-plus average interest rate that card loans bear in Brazil. Fresh financing will allow Creditas, formerly known as BankF<6B>cil, to develop new distribution channels and cut the minimum interest rate on secured loans to a monthly 1.99 percent from 2.15 percent previously, the statement said. The average consumer lending rate in Brazil now stands at about 7 percent. "With the new round and joint efforts to distribute secured loans, I''m certain we can increase participation of this type of loan in Brazil''s credit market," Furi<72> said in the statement. The boom in fundraising for fintechs underscores the challenge facing Brazilian banks, which are looking to ride a wave that caught peers in more mature markets off-guard over the past decade. While fintechs in Brazil still represent a small portion of banking services, segments such as credit cards or consumer lending are expanding rapidly. Furi<72> founded Creditas to help debt-laden consumers substitute unsecured loans with credits that bear lower interest rates because of the collateral. The latest financing round for Creditas, which employs 120 people, is the IFC''s first Brazilian fintech investment and for Naspers Fintech''s new Latin America branch. (Reporting by Guillermo Parra-Bernal; Editing by Chizu Nomiyama) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-brazil-tech-creditas-idUSKBN1602JW'|'2017-02-22T03:40:00.000+02:00'
'f00f9b4c48a90cc26fbec17e61704b33b6e7ad74'|'Britain risks EU clash over RBS bailout terms'|' 54am GMT Britain risks EU clash over RBS bailout terms People walk past a Royal Bank of Scotland office in London, Britain, February 6, 2013. REUTERS/Neil Hall/File Photo By Andrew MacAskill and Francesco Guarascio - LONDON/BRUSSELS LONDON/BRUSSELS Britain''s plan to free Royal Bank of Scotland ( RBS.L ) from an obligation to sell more than 300 branches risks a clash with the European Commission weeks before the government is due to start formal talks to leave the trading bloc. European regulators originally told RBS to sell the branches by 2013 to prevent the state-backed bank, Britain''s largest small-business lender, from having an unfair advantage. The sale was one of the conditions attached to RBS''s 45.5 billion pound ($55.87 billion) state bailout in the financial crisis. RBS has spent more than 1.5 billion pounds and seven years trying to spin-off the branches - which were to be branded Williams & Glyn - but has struggled to separate them from its IT system. Now British finance minister Philip Hammond is pushing for RBS to be let off the EU''s demand to sell the branches in return for providing around 750 million pounds ($931.73 million) to help to boost competition in banking. For the plan to work, the EU would have to approve changes to the terms of RBS''s government bailout, which included the sale of the branches and other divestments. The British government and the European Commission say they have had "constructive" discussions over the matter. RBS shares surged to a one-year high on Monday as investors bet the proposals would be accepted. An end to the bank''s state aid commitments is seen as a big milestone on the path towards the bank''s recovery and the restoration of dividends. But the plan still needs to be vetted by the European Commissioners, who may reject the British government''s proposals and seek to impose tougher conditions on RBS to free it from the branch sale obligation, according to sources familiar with the matter. The Commission will have to assess whether the measures that RBS will take are equivalent to selling the branches, a process likely to take at least several weeks. On paper, analysts said the proposals looked to be very much in the bank''s favour, given it was expected to have had to sell Williams & Glyn with a hefty writedown. The 750 million pounds RBS is proposing to spend on alternative measures to help so-called challenger banks and boost competition is substantially less than the charge that many had expected it would have to book for a distressed sale, Sandy Chen, an analyst at Cenkos Securities, said. EU officials said on Monday that they were still waiting for formal notice of RBS''s plan, but that it would go through thorough vetting. "In order to gather information on this proposal, the Commissioner responsible for EU competition policy, Margrethe Vestager, will in the coming weeks propose to the college of commissioners to open proceedings," a spokesman said on Monday. The Treasury said in a statement the plan provided a blueprint to increase competition and any final decision about what RBS must do would be made following the Commission''s investigation and reaction to the plan from smaller banks. RBS declined to comment. The British government will argue that the new plan would deal with the state-owned bank''s EU obligations more quickly and with more certainty than selling off the branches. The government will also say that the current plans would boost competition to a larger number of smaller banks, according to government officials. The Treasury began working on an alternative plan in the autumn soon after RBS abandoned an idea to build an independent technology platform for Williams & Glyn, according to people with knowledge of the talks. If a deal is reached it would remove one of the two remaining uncertainties hanging over RBS - the sale of the branches and an expected multi-billion dollar fine in the United States for claims that RBS mis-sold mortgage bonds in t
'3a9a828bd5da57dacde6566de254b8555fbdbca1'|'German lawmakers to drop support for Greece bailout if IMF quits - senior MP'|'Economic  28am IST German lawmakers to drop support for Greece bailout if IMF quits - senior MP By Michael Nienaber - BERLIN BERLIN German lawmakers will not back further financial support for Greece if the International Monetary Fund withdraws from Athens''s bailout programme, the deputy parliamentary floor leader of Chancellor Angela Merkel''s conservative bloc said. Greece needs a new tranche of financial aid under its third bailout programme by July to meet its debt repayments. But the IMF says Greece also needs substantial debt relief to make its public finances more sustainable, while Germany, one of Athens'' biggest creditors through the euro zone''s rescue mechanism, opposes such a step. Asked if there could be any scenario under which the German Bundestag, or lower house of parliament, would support the bailout without IMF participation, Hans-Peter Friedrich told Reuters in an interview on Tuesday: "No chance. This was an explicit condition for the third bailout programme." "Without IMF participation, there won''t be any further assistance loans. The IMF must stay on board," said Friedrich, a member of the Christian Social Union (CSU), the Bavarian sister party of Merkel''s Christian Democratic Union (CDU). Berlin has long argued that the IMF''s expertise and independence are crucial to make Greece''s third bailout, worth up to 86 billion euros ($91 billion), a success. The Fund''s continued involvement will be the main issue on the agenda on Wednesday when IMF Managing Director Christine Lagarde meets Merkel in Berlin. Friedrich urged the Fund to show flexibility and to back off its demand for the euro zone to grant Greece some debt relief. Earlier on Tuesday German Finance Minister Wolfgang Schaeuble accused Greece of using the debt issue as "an excuse" for not focusing on what he said should be Athens''s top priority, implementation of reforms agreed with its lenders. Germany is preparing for what is likely to be a close-run national election in September and a new parliamentary vote on Greece in the coming months could complicate Merkel''s efforts to get re-elected. But Friedrich said German elections should not prevent lawmakers from halting aid to Greece if the IMF decides against participating in the bailout programme. "Electoral reasons should not play a role when dealing with Greece. It''s an international issue," he said. "After all, there is always an election somewhere in Europe." Greece and its lenders agreed on Monday to resume talks on a bailout review, easing a standoff which had threatened to block the release of the next tranche of its bailout. ($1 = 0.9485 euros) (Reporting by Michael Nienaber; Editing by Gareth Jones) FILE PHOTO - German Chancellor Angela Merkel and members of the lower house of parliament cast their votes on Greece''s third bailout programme, during a session of the Bundestag, in Berlin, Germany, August 19, 2015. REUTERS/Axel Schmidt Next In Economic News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/eurozone-greece-imf-germany-idINKBN1602C7'|'2017-02-22T01:38:00.000+02:00'
'ab60e344af38e962054eb5263bd24dd42e2dff10'|'Snap arrives in London to woo sceptical investors ahead of IPO'|'Technology News - Mon Feb 20, 2017 - 11:39pm GMT Snap arrives in London to woo skeptical investors ahead of IPO left right FILE PHOTO: A billboard displays the logo of Snapchat above Times Square in New York March 12, 2015. To match Analysis SNAP-IPO/HARDWARE REUTERS/Lucas Jackson/File Photo 1/2 left right 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. To match Analysis SNAP-IPO/HARDWARE REUTERS/Lucy Nicholson/File Photo 2/2 By Simon Jessop and Sophie Sassard - LONDON LONDON Snap Inc, owner of popular messaging app Snapchat, kicked off its first investor roadshow on Monday, looking to persuade London money managers to back its initial public offering in the face of concerns about its growth prospects, valuation and corporate governance. The U.S. company, which has yet to make a profit, is targeting a valuation of between $19.5 billion and $22.3 billion from listing on the New York Stock Exchange, after cutting its initial target of $20 billion-$25 billion last week following investor feedback. Investors attending Monday''s event said Snap''s 26-year-old Chief Executive Evan Spiegel gave a sleek presentation. However, they were disappointed there were no projections on the company''s future revenues or advertising share - an indication of how quickly Snap thinks it can make money from its huge user base. "That''s the million dollar question and we won''t find out for some time," said one potential backer on his way out from the hour-long event where Spiegel ditched his usual casual wear and wore a suit with no tie. Some were disappointed that it was just a question-and-answer session with no demonstration of Snapchat''s spectacles, launched in the United States late last year, which come with a built-in camera. One attendee, however, said it made sense not to push the hardware angle too much at this stage. Few U.S. firms aside from Apple have made big profits on hardware, and camera and wearable gadget makers have much lower valuations than Snap is seeking. Most of the questions related to how the company plans to manage its engagement with advertisers and users, and monetize that better, according to people who were in the room. Its responses won over some potential investors. "Management did a good show, they were very convincing," said one attendee. Los Angeles-based Snap also plans roadshows in New York, Boston and San Francisco. It expects to price its IPO after the U.S. market closes on March 1, according to a confidential document seen by Reuters. GOVERNANCE CONCERNS Some fund managers have said they will stay away from Snap given its decision to adopt a three class share structure - the first of its kind - that will mean shareholders who buy in through the IPO will not have any voting rights. Instead Spiegel and his co-founder Bobby Murphy will have the right to 10 votes for every share, and existing investors one vote for each of their shares. "My view would be investors should tread with caution here, the fact the shares will carry no voting rights would be a major concern for me from a governance perspective," Richard Saldanha, global equities fund manager at Aviva Investors, said ahead of the roadshow. Aviva manages 318 billion pounds across a range of asset classes. Mike Fox, head of sustainable investments at Royal London Asset Management, said the inability to vote against a company at its annual general meeting was a "major red flag" and he would not be taking part in the IPO. "It is worth noting that while many U.S. tech firms have delivered tremendous returns for investors following their listing, performance of firms in this sector has not always matched investor expectations following an IPO," he said, also before the meeting. Others were less worried, though. "Snapchat offers a cocktail of hype, insane valuations, dubious fundamentals and weak governance. However, the same was said abo
'38ecd753cb59a441c981e267eac4eadc47850750'|'HSBC''s 2016 pre-tax profit falls 62 percent on one-time charges'|' 23am GMT HSBC''s 2016 pre-tax profit falls 62 percent on one-time charges A traffic light shines orange near the HSBC bank logo, pictured at the bank buidling in Paris, June 15, 2015. REUTERS/Christian Hartmann HONG KONG HSBC Holdings'' ( HSBA.L ) 2016 pre-tax profit fell 62 percent, below analysts'' estimates, as it grappled with slowing economic growth in its core markets of Hong Kong and Britain and took one-time charges related to some of its businesses. HSBC reported profit before tax for 2016 of $7.1 billion compared with $18.87 billion the year before and below the average analyst estimate of $14.4 billion according to Thomson Reuters data. The 2016 profit reflected a $3.2 billion impairment of goodwill in its global private banking business in Europe and the impact of its sale of operations in Brazil, the bank said in a statement to the stock exchanges on Tuesday. HSBC''s shares have been among the best-performing European bank stocks since Britain voted in June to leave the European Union, climbing 53 percent against a 28 percent increase in the STOXX Europe index of 600 banks .SX7P as the bank benefited from appreciation of the U.S. dollar and stronger capital levels. (Reporting By Sumeet Chatterjee and Lawrence White; Editing by Muralikumar Anantharaman) Up Next'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-hsbc-results-idUKKBN1600BL'|'2017-02-21T11:22:00.000+02:00'
'c3c590ee84f202c03ccdaa513a64bd89e3bc3ae2'|'EE balloons and drones to help fix mobile blackspots - Business'|'A fleet of blimp balloons is bringing mobile phone and wireless broadband coverage to rural communities in a landmark scheme for the UK.Mobile phone operator EE says the fleet will enable remote communities to maintain voice and data services when coverage is lost due to natural disasters such as flooding. EE expects to launch its first <20>helikite<74> <20> a mobile broadcast site tethered to helium balloons <20> later this year. EE is also preparing to deliver coverage via drones, although that project is not ready to launch.The balloons will allow a mobile signal to be beamed into the area below, allowing communities to make calls and access the internet when the traditional mobile phone mast system goes down or needs more capacity.The future of shopping: drones, digital mannequins and leaving without paying Read more Marc Allera, the chief executive of EE, said that the balloons <20> and ultimately the drones <20> could also be used to boost coverage at major events and venues such as Glastonbury or Wembley Stadium, where mobile phone users often struggle to connect to networks.<2E>I see innovations like this revolutionising the way people connect,<2C> he said. <20>In the future, why couldn<64>t an event organiser request temporary EE capacity increase in a rural area. Or a climber going up Ben Nevis order EE aerial coverage to follow them as they climb?<3F>However, the company added that airspace regulations could hamper wider use at football matches and music festivals.The company said the helikite balloons are best suited for ensuring coverage in the case of natural disasters and events, because they can stay airborne for up to a month and have a signal radius of up to 5km. The balloons are more weather-resistant than the drones, although the company said lightning strikes posed a risk.Because they are motor-powered the drones can only stay airborne for a few hours at a time, and only have a signal range of up to 2km, making them best suited for shorter usage such as search and rescue operations.Facebook Twitter Pinterest An EE drone Photograph: Dan Wong Photography/EE Balloons and drones have been identified as a cheap solution to problems delivering mobile and broadband services to communities where it is expensive to build a traditional network of masts. Facebook has signed up almost half the countries in Africa to its free internet service and is exploring options including deploying solar-powered drones to reach remote communities.Last month, it emerged that Google had scrapped its project exploring the development of massive solar-powered drones to deliver internet to rural and remote parts of thew world a year ago. It is still investing in Project Loon, which sends balloons to the edge of space to beam internet signal to the land below it.Allera, who launched the scheme at London<6F>s Oval cricket ground on Tuesday, said EE<45>s <20>air mast<73> solution, which the company is currently in the process of patenting, is primarily intended to be used for keeping rural communities connected in times of disaster and helping search and rescue missions.He said the balloons and drones are not being designed as a permanent solution to ensuring universal mobile and internet coverage across the UK.<2E>Rural parts of the UK provide more challenges to mobile coverage than anywhere else,<2C> he said. EE expects that its 4G network will cover 92% of Britain geographically by the end of this year, excluding balloon and drone coverage.The mobile operator also has the contract for the UK<55>s Emergency Services Network to supply communications to the police, fire and ambulance services. The fleet of helikites are not going to be used to support the ESN, at least initially.EE Telecommunications industry Telecoms Drones (non-military) news  '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/feb/21/ee-balloons-drones-blackspots-helikites-coverage'|'2017-02-21T19:54:00.000+02:00'
'15b133be66a10f738c666cf724587ef9ce041696'|'Burger King and Tim Hortons owner to buy Popeyes for $1.8 billion'|'Restaurant Brands International Inc, owner of the Burger King and Tim Hortons fast-food chains, said on Tuesday it would acquire Popeyes Louisiana Kitchen for $1.8 billion in cash.Popeyes shareholders will get $79.00 for each share they hold, a 19.5 percent premium to the stock''s Friday close.(Reporting by John Benny in Bengaluru; Editing by Maju Samuel)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/popeyes-m-a-restaurant-brands-idINKBN1601LZ'|'2017-02-21T10:56:00.000+02:00'
'32619f2b0f16d1bb45a6f6a4bac12eefa984ae03'|'BRIEF-Depomed reports Q4 loss per share $0.72'|' 39pm EST BRIEF-Depomed reports Q4 loss per share $0.72 Feb 21 Depomed Inc- * Depomed reports fourth quarter and full year 2016 financial results * Q4 revenue $124 million versus I/B/E/S view $123 million * Quarterly loss per share $0.72 * Quarterly non-gaap earnings per share $0.48 * Sees 2017 total revenue $490 million to $520 million * Sees 2017 non-gaap adjusted ebitda $170 to $195 million * Q4 earnings per share view $0.36 -- Thomson Reuters I/B/E/S * FY2017 earnings per share view $1.18, revenue view $516.7 million -- Thomson Reuters I/B/E/S * Recorded $43 million gaap tax expense charge related to establishment of a reserve against co''s deferred tax assets during Q4 of 2016 Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-depomed-reports-q4-loss-per-share-idUSASB0B1CO'|'2017-02-22T04:39:00.000+02:00'
'6792f6cdea0d1c890a4592c20aa4cb8e4a3eff48'|'BRIEF-LSI Industries says acquires Atlas Lighting Products'|' 20pm EST BRIEF-LSI Industries says acquires Atlas Lighting Products Feb 21 LSI Industries Inc: * LSI Industries Inc Acquires Atlas Lighting Products, Inc * Terms of agreement include a cash payment of $96.9 million * Terms of agreement include 200,000 five-year warrants to purchase LSI''s common stock at an exercise price of $9.95 * LSI intends to keep Atlas brand * Funding for deal to be provided by combination of cash on hand, $66 million from new $100 million commercial bank facility provided by PNC Bank * Intend to maintain Atlas facility in Burlington, NC * Anticipate acquisition will be accretive to LSI''s results beginning in fiscal 2018 * Anticipate "significant cost synergies" with the acquisition   (Bengaluru Newsroom: +91 806 749 1136)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-lsi-industries-says-acquires-atlas-idUSASB0B1AS'|'2017-02-22T01:20:00.000+02:00'
'04ebd00d46b0b87a440e35d9c378193e741fd1fb'|'PSA boss gives Merkel assurances on Opel jobs - German spokesman'|'BERLIN Feb 21 PSA Group''s chief executive gave guarantees to Germany''s Angela Merkel in a phone call that Opel would remain independent in a merged company with PSA and also gave jobs and investment assurances, the chancellor''s spokesman said on Tuesday."PSA Chief (Carlos) Tavares stressed that both companies would complement each other well," spokesman Steffen Seibert said in a statement."He stressed to the chancellor that PSA would preserve the independence of Opel in a merged company and would give plant, investment and job guarantees," Seibert added. (Reporting by Andreas Rinke; Writing by Madeline Chambers; Editing by Michelle Martin)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/opel-ma-germany-merkel-idINB4N1FH000'|'2017-02-21T12:17:00.000+02:00'
'2e10e184aec71fecc77348c1c706ddff479374bb'|'PRESS DIGEST - Wall Street Journal - Feb 21'|'Feb 21 The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy.- Deal talks between Kraft Heinz and Unilever are dead, but both consumer-goods giants now find themselves under heightened pressure to make bold moves to accelerate growth. on.wsj.com/2lpm6wk- President Trump selected Lt. Gen. H.R. McMaster, an active duty Army officer, now director of a key military integration and operations center, as his next national security adviser. on.wsj.com/2lpgWjT- Defense Secretary Jim Mattis appears to be at odds with President Trump on Russia and other key issues, setting up potential discord but also helping to nudge the White House toward more conventional policy stances. on.wsj.com/2lpcS36- Russia''s ambassador to the United Nations, Vitaly Churkin, died unexpectedly Monday, according to an announcement at the U.N. and Russia media reports. on.wsj.com/2lp1VOV- Toys "R" US Inc recently laid off between 10 percent and 15 percent of its corporate employees, the latest retailer to cut jobs as shopping rapidly shifts from physical stores to online ones. on.wsj.com/2lpd4PZ- Uber Technologies Inc said it is investigating claims by a former employee that the company failed to discipline a manager who mistreated female employees and ignored complaints of sexual harassment. on.wsj.com/2lpjtKP- Saudi Arabia IPO-ARMO.SE is leaning toward listing its giant, state-run oil company in New York, London or Toronto and has soured on the prospect of floating the firm on an Asian stock exchange. on.wsj.com/2lpg4vn- China''s suspension of coal imports from its ally North Korea gives Beijing more leverage to press the U.S. for fresh diplomatic efforts in curbing Pyongyang''s nuclear ambitions. on.wsj.com/2lpqOu1(Compiled by Vishal Sridhar in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/press-digest-wsj-idINL4N1G625E'|'2017-02-21T03:00:00.000+02:00'
'13ffaa1c1832b2b1dd254c130912cc7d29a1db44'|'German lawmakers to drop support for Greece bailout if IMF quits - senior MP'|' 11am IST German lawmakers to drop support for Greece bailout if IMF quits: senior MP 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 By Michael Nienaber - BERLIN BERLIN German lawmakers will not back further financial support for Greece if the International Monetary Fund withdraws from Athens''s bailout program, the deputy parliamentary floor leader of Chancellor Angela Merkel''s conservative bloc said. Greece needs a new tranche of financial aid under its third bailout program by July to meet its debt repayments. But the IMF says Greece also needs substantial debt relief to make its public finances more sustainable, while Germany, one of Athens'' biggest creditors through the euro zone''s rescue mechanism, opposes such a step. Asked if there could be any scenario under which the German Bundestag, or lower house of parliament, would support the bailout without IMF participation, Hans-Peter Friedrich told Reuters in an interview on Tuesday: "No chance. This was an explicit condition for the third bailout program." "Without IMF participation, there won''t be any further assistance loans. The IMF must stay on board," said Friedrich, a member of the Christian Social Union (CSU), the Bavarian sister party of Merkel''s Christian Democratic Union (CDU). Berlin has long argued that the IMF''s expertise and independence are crucial to make Greece''s third bailout, worth up to 86 billion euros ($91 billion), a success. The Fund''s continued involvement will be the main issue on the agenda on Wednesday when IMF Managing Director Christine Lagarde meets Merkel in Berlin. Friedrich urged the Fund to show flexibility and to back off its demand for the euro zone to grant Greece some debt relief. Earlier on Tuesday German Finance Minister Wolfgang Schaeuble accused Greece of using the debt issue as "an excuse" for not focusing on what he said should be Athens''s top priority, implementation of reforms agreed with its lenders. Germany is preparing for what is likely to be a close-run national election in September and a new parliamentary vote on Greece in the coming months could complicate Merkel''s efforts to get re-elected. But Friedrich said German elections should not prevent lawmakers from halting aid to Greece if the IMF decides against participating in the bailout program. "Electoral reasons should not play a role when dealing with Greece. It''s an international issue," he said. "After all, there is always an election somewhere in Europe." Greece and its lenders agreed on Monday to resume talks on a bailout review, easing a standoff which had threatened to block the release of the next tranche of its bailout. ($1 = 0.9485 euros) (Reporting by Michael Nienaber; Editing by Gareth Jones)   Oil     Wall   SAN FRANCISCO San Francisco Federal Reserve Bank President John Williams warned Tuesday that the global drop in interest rates since the financial crisis is likely to persist and will make it harder for central banks to keep world economies healthy. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-eurozone-greece-imf-germany-idINKBN1602C9'|'2017-02-22T01:38:00.000+02:00'
'd198368f07d3290a1eaac055cc04f28ba70d3545'|'BIS agrees to delay start of new chief Carstens'' term'|' 05am GMT BIS agrees to delay start of new chief Carstens'' term Mexican Central Bank Governor Agustin Carstens addresses the audience during a seminar at the Instituto Tecnologico Autonomo de Mexico in Mexico City, Mexico January 12, 2017. REUTERS/Carlos Jasso LONDON The Bank for International Settlements said on Tuesday it had agreed to delay the start date of its new head, Mexico''s central bank governor Agustin Carstens, by two months to December. A source told Reuters on Monday that Mexican President Enrique Pena Nieto asked Carstens to remain in his current role until the end of November amid uncertainty about U.S. President Donald Trump''s policies on Latin America''s second biggest economy. "The Board of Directors of the Bank for International Settlements (BIS) has agreed to a request from Agust<73>n Carstens to postpone the date of his appointment as BIS General Manager by two months to 1 December 2017," the BIS, known as the central bank for the world''s central banks, said in a statement. Current head Jaime Caruana has agreed to stay on until 30 November 2017, it added. (Reporting by Marc Jones; Editing by John Geddie)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-mexico-carstens-bis-idUKKBN1600Y5'|'2017-02-21T17:05:00.000+02:00'
'164fe2a474a2725c707f6e98af6cf7785b57a5ed'|'Peru eyeing bond sale to finance water works -state news agency'|'LIMA Feb 21 Peru''s finance ministry is considering selling bonds to help state water company Sedapal build up to 10 billion soles ($3 billion) in infrastructure projects through 2021, state news agency Andina reported on Tuesday.Andina did not mention the timing or currency denomination of the offering.The finance ministry did not immediately respond to requests for comment.The government said earlier this month that it was also evaluating selling bonds to help pay for an expansion at state-owned energy company Petroperu''s refinery.Last year Peru sold a 10.25 billion sol bond in a debt swap transaction that the government described as one of the biggest global issuances of a bond denominated in an emerging market currency.($1=3.246)(Reporting by Mitra Taj; Editing by Richard Chang)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/peru-bonds-idINL1N1G619Q'|'2017-02-21T15:58:00.000+02:00'
'59cb95b74c98f32956b1984f6b1fbf363cdc64ec'|'Saudi favors New York for Aramco IPO, also considers Toronto, London: WSJ'|'Saudi Arabia is favoring New York to list state oil giant Saudi Aramco IPO-ARMO.SE, while also considering London and Toronto for the prospect of floating the firm, the Wall Street Journal reported on Monday.Saudi officials also talked to exchanges in Singapore, Hong Kong, Tokyo and Shanghai but are unlikely to pursue listing in those places, the newspaper said, citing people familiar with the matter. on.wsj.com/2m54QfHThe listing is the centerpiece of a Saudi Arabian government plan to transform the kingdom by enticing investment and diversifying the economy away from a reliance on oil.Saudi officials expect the IPO to value Aramco at a minimum of $2 trillion.Saudi Arabian Oil Co, known as Saudi Aramco, was not immediately available for comment.(Reporting by Ismail Shakil in Bengaluru; Editing by Jonathan Oatis)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-saudi-aramco-ipo-idINKBN15Z216'|'2017-02-20T16:17:00.000+02:00'
'28f98266ccd8f1a0f34c8c4e19c7b4c951554a31'|'UK fashion retailer Reiss names Angelides as CEO'|'LONDON Feb 20 British fashion retailer Reiss named former Next executive Christos Angelides as its new chief executive on Monday in a move aimed at allowing founder and chairman David Reiss to scale back his responsibilities.Reiss, which is majority owned by private equity firm Warburg Pincus, said the appointment was part of a planned succession process. It ends speculation that Angelides might join Marks & Spencer to lead its struggling clothing division.Angelides, who spent 28 years at Next with 14 as group product director, had a brief stint as president of Abercrombie and Fitch based in the United States.He will start his new role at the end of March and will resign as a non-executive director of rival French Connection on Feb. 28."I am delighted that Christos has agreed to lead Reiss ... and look forward to working closely with him in order to ensure an orderly succession," said David Reiss, who will remain chairman but give up the CEO role.Last month Reiss reported total sales up 19.7 percent in the six weeks to Jan. 7. ($1 = 0.8026 pounds) (Reporting by James Davey; Editing by Alexander Smith)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/reiss-ceo-idUSL8N1G5296'|'2017-02-20T14:24:00.000+02:00'
'e906d90d8679649c05309d8395347411671989af'|'Vale scraps controlling bloc, merges shares in major transparency move'|' 18pm GMT Vale scraps controlling bloc, merges shares in major transparency move By Guillermo Parra-Bernal - SAO PAULO SAO PAULO Vale SA ( VALE.N ) plans to become a company with no defined controlling shareholder as soon as possible, in a landmark step aimed at enhancing transparency and equal rights for all shareholders in the world''s largest iron ore producer. In a Monday statement, Vale said controlling shareholders grouped under holding company Valepar SA agreed to renew an accord that keeps them together for three and a half years. The controlling shareholders will have to soon present a proposal to merge the company''s several classes of stock into a single, common one by November. The existing 20-year accord governing Valepar, which expires in May, will be extended through November to guarantee a transition to Vale''s new structure. Holders of Vale''s Class A preferred shares ( VALE5.SA ) will receive 0.9342 common share ( VALE3.SA ) based on the 30-day average through last Friday, as part of the process. After that step is completed, Vale would pay owners of Valepar a 10 percent premium for their shares. That step, which should dilute minority shareholders by 3 percent, is a pre-condition to the rest of the process, the statement said. The change represents a milestone in a country long hobbled by corporate governance abuses and reorganizations that hampered minority investors in most cases. Reuters reported on Jan. 19 the planned to make Vale a company with dispersed share ownership and the listing of a single type of stock. "The transaction seems to be a win-win for both controlling and minority shareholders," said Rodolfo de Angele, a senior basic materials analyst with JPMorgan Securities. People   Reuters at the time that Bradespar SA ( BRAP4.SA ) and pension fund Previ Caixa de Previd<69>ncia [PREVI.UL] sought the plan to boost Vale''s appeal among investors. Once the accord expires, no shareholder could own more than 25 percent of Vale or else will have to buy out other shareholders. The partners in Valepar include Previ - currently Vale''s largest shareholder, - Bradespar, Japan''s Mitsui & Co ( 8031.T ), an arm of state development bank BNDES, and pension funds Petros Funda<64><61>o [PETROS.UL], Funcef [FUNCEF.UL] and Funda<64><61>o Cesp. "BRUTAL CHANGE" Vale''s management plans to discuss the accord with investors at a conference call later on Monday. The transitional agreement needs backing from the equivalent of 20 percent of Vale''s voting shares, guaranteeing the necessary governance to implement the diluted ownership plan, the statement said. The 3.073 billion-real (<28>795.5 million) goodwill generated by Vale''s incorporation of Valepar will be split equally among all shareholders, the statement said. The plan will also help limit government meddling in Vale - an aspect that weighed down the company''s stock during President Dilma Rousseff''s five years in office. Improved governance stemming from the move could help Vale''s stock cut the valuation gap relative to its global mining peers. Currently, Vale''s American depositary receipts ( VALE.N ) trade at the equivalent of 10.5 times estimated earnings for this year, below Rio Tinto Plc''s ( RIO.L ) 10.7 times and BHP Billiton Plc''s ( BLT.L ) 15.9 times, according to Thomson Reuters data. The implications of Monday''s announcement on investor perception about Vale''s governance should translate into a faster convergence of Vale and Rio Tinto share prices, Banco BTG Pactual''s trading desk said in a client note, adding that the move could help unleash 21 percent more value for Vale shareholders. "It''s a brutal change of governance for the company," the note said.   Brad Haynes and Paula Arend Laier in S<>o Paulo; Editing by Leslie Adler)   UK    '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-vale-sa-equity-agreement-idUKKBN15Z1BV'|'2017-02-20T20:18:00.000+02:00'
'befca5d75f88028803bd4dbb6ab2133e52b6a545'|'Alibaba forms partnership with supermarket operator Bailian Group'|'Money News - Mon Feb 20, 2017 - 8:59am IST Alibaba forms partnership with supermarket operator Bailian Group An employee is seen behind a glass wall with the logo of Alibaba at the company''s headquarters on the outskirts of Hangzhou, Zhejiang province, April 23, 2014. REUTERS/Chance Chan/Files SHANGHAI Chinese tech giant Alibaba Group Holdings Ltd has formed a strategic partnership with supermarket operator Bailian Group, extending its push into bricks-and-mortar retail as online growth slows. Alibaba has also struck a recent deal for a stake in retailer Suning Commerce Group Co Ltd and is seeking to take a controlling stake in Intime Retail Group Co Ltd. Bailian and Alibaba will initially cooperate on supply chain technology using Alibaba''s big data capabilities as well as integrating Alipay payments with Bailian Group''s existing membership program. (Reporting by Cate Cadell and Adam Jourdan; Editing by Edwina Gibbs) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/alibaba-bailian-idINKBN15Z08U'|'2017-02-20T10:29:00.000+02:00'
'cd8e42994be93cedf169a16e219155a2eca519f2'|'Greece needs "far less" money than agreed in third bailout - ESM head'|'Business News - Mon Feb 20, 2017 - 7:29am GMT Greece needs "far less" money than agreed in third bailout - ESM head European Stability Mechanism Managing Director Klaus Regling talk to media after a meeting with Cypriot President Nicos Anastasiades outside the Presidential Palace in Nicosia, Cyprus November 1, 2016. REUTERS/Yiannis Kourtoglou BERLIN Greece will need less in emergency loans from international lenders than originally agreed in its third bailout programme due to a better-than-expected budgetary development, the head of the euro zone bailout fund said in comments published on Monday. Klaus Regling told German newspaper Bild that at the end of Greece''s money-against-reforms package in August 2018, the European Stability Mechanism (ESM) will "probably have paid out far less than the agreed maximum amount of 86 billion euros" because the Greek budget was developing better than expected. The comments came shortly before euro zone finance ministers will meet in Brussels to assess Greece''s progress in fulfilling the conditions of its bailout. (Editing by Alison Williams)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eurozone-greece-esm-regling-idUKKBN15Z0JG'|'2017-02-20T14:29:00.000+02:00'
'503a0181194b9029d0581c0024b3ab002ddb466f'|'GLOBAL MARKETS-Asia subdued amid US holiday, eyes on Unilever'|'Business  40pm EST Asia subdued amid U.S. holiday, eyes on Unilever 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 Wayne Cole - SYDNEY SYDNEY Asian share markets got off to a subdued start on Monday as political uncertainty kept the mood cautious, while the U.S. dollar softened a touch ahead of a busy week for Federal Reserve speakers. Turnover was light with U.S. markets closed for the Presidents Day holiday. MSCI''s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS eased 0.1 percent to inch away from a 19-month peak set last week. Japan''s Nikkei .N225 slipped 0.5 percent as domestic data showed exports disappointed in January even as imports outpaced forecasts. Shares in Unilever Plc ( ULVR.L ) could retreat after   ( KHC.O )   merger. Unilever''s shares had jumped 13 percent on Friday on news of the bid. Wall Street had ended last week on a roll, with all three major indexes making historic highs and the Dow Jones Industrial Average reaching a seventh straight record close. [.N] A host of results from retailers are due this week, including Wal-Mart Stores Inc ( WMT.N ), Macy''s ( M.N ) and Home Depot Inc ( HD.N ). The results will be watched for a read on spending as well as for commentary from executives on President Donald Trump''s proposal to tax imports. On the interest rate front, no less than five heads of regional Federal Reserve bank are due to speak this week while Fed Board Governor Jerome Powell appears on Wednesday. Speculation the central bank could hike as soon as March has generally underpinned the U.S. dollar, though large long positions leave the market vulnerable to sudden pull backs. On Monday, the dollar was down 0.1 percent against a basket of currencies at 100.850 .DXY and little changed on the yen at 112.91 JPY= . European politics kept the euro skittish. Germany''s center-left Social Democrats (SPD) moved ahead of Chancellor Angela Merkel''s conservative Christian Democrats (CDU/CSU) in an opinion poll by the Emnid institute for the first time since 2006, Bild am Sonntag said. On Friday, news the French left could unite behind one candidate in the presidential elections seemed to increase the chance of anti-EU, anti-immigrant Marine Le Pen winning and knocked the single currency lower. The euro stood at $1.0619 EUR= on Monday, having fallen 0.6 percent on Friday, not far from the recent five-week low of $1.0520. Risk aversion sparked a rally in German bonds while widening the spread against French debt. Oil prices were barely changed having suffered the first weekly decline in five weeks as the market weighed rising U.S. drilling and record stockpiles against efforts by major producers to cut output to reduce a global glut. Brent futures LCOc1 were off 4 cents at $55.77 a barrel, while U.S. West Texas Intermediate crude CLc1 for April delivery added a cent to $53.79 a barrel. (Editing by Sam Holmes) Japan Inc signals boost to domestic capex but less keen on the U.S.: Reuters poll TOKYO One third of Japanese firms are looking to lift business investment at home in the next financial year, but companies are less bullish about capital spending in the United States due to uncertainty over the Trump administration''s policies, a Reuters poll showed.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-global-markets-idUSKBN15Z01Z'|'2017-02-20T07:32:00.000+02:00'
'338e698083d78d7cadaaf45362488e0768a2d364'|'METALS-London copper little changed, supply threats underpin'|'MELBOURNE Feb 21 London copper held its ground on Tuesday, near its highest in a week, supported by supply concerns amid industrial action in Chile and an Indonesian export permit dispute.FUNDAMENTALS* Three-month copper on the London Metal Exchange traded flat at $6,071 a tonne by 0112 GMT, holding gains after a 1.9 percent rally the session before when it struck $6,105 a tonne, the strongest since Feb. 14.* Shanghai Futures Exchange copper traded up 1.5 percent to 49,120 yuan ($7,142) a tonne.* Other metals were also buoyed by supply concerns, with Shanghai zinc leading sister metal lead up more than 2 percent, following London''s gains overnight after a steep fall in available zinc inventory on the LME. * A government-mediated meeting between BHP Billiton and striking workers at its Escondida copper mine in Chile has failed, and workers will head back to their encampment without any future dialogue planned, a union spokesman said on Monday.* U.S. mining giant Freeport-McMoRan Inc warned on Monday it could take the Indonesian government to arbitration and seek damages over a contractual dispute that has halted operations at the world''s second-biggest copper mine.* A major aluminium producer has made an indicative offer of a premium of $125 per tonne to Japanese buyers for April-June primary metal shipments, up 32 percent from the last quarter, three sources directly involved in pricing talks said on Monday.* China''s steel mills and traders were scrambling to find alternative supplies of coking coal for steel making after Beijing slapped a surprise ban on coal imports from its isolated northern neighbour.* For the top stories in metals and other news, click orMARKETS NEWS* Asian stocks held near 1-1/2-year highs in subdued early trade on Tuesday as a holiday in the United States left investors with few catalysts, while the euro nursed overnight losses as lingering concerns about the looming French election rattled its bonds.DATA AHEAD (GMT)0800 France Markit manufacturing flash PMI Feb0830 Germany Markit manufacturing flash PMI Feb0900 Euro zone Markit manufacturing flash PMI Feb1445 U.S. Markit manufacturing flash PMI FebPRICESThree 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 tin($1 = 6.8778 Chinese yuan renminbi) (Reporting by Melanie Burton; Editing by Richard Pullin)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/global-metals-idINL4N1G6194'|'2017-02-20T22:32:00.000+02:00'
'7b2632986cc475f4f9fc98273f8a1fc56beed7dc'|'Foreign investment is not leaving China: commerce minister'|'Business News - Mon Feb 20, 2017 - 11:28pm EST Foreign investment is not leaving China: commerce minister China''s Commerce Minister Gao Hucheng attends a session during the 2016 G20 Trade Ministers Meeting in Shanghai, China July 10, 2016. REUTERS/Aly Song BEIJING China''s commerce minister on Tuesday sought to assuage concerns that foreign investment is leaving the country, saying claims to that effect were "biased." In comments made to reporters, Gao Hucheng didn''t elaborate on the ministry''s views though data over the past few months have shown a pick up in fund outflows. "In recent years some products have indeed moved offshore but at the same time many high-end industries have moved to China," Gao told reporters. Foreign direct investment to China fell 9.2 percent in January to 80.1 billion yuan. An annual survey from the American Chamber of Commerce in China released last month showed that more than 80 percent of its members felt less welcome in China than before and most had little confidence in China''s vows to open its markets. Since late last year, authorities have also been tightening restrictions on capital outflows, reining in what officials have called "irrational" outbound investment. The curbs probably explained a fall in outbound direct investment, which plummeted 35.7 percent in January to 53.27 billion yuan, the weakest in over a year. Gao added that consumption will continue to grow rapidly this year, while the foreign trade environment will remain complex. Cooperation is the only option for the U.S.-China trade relations as a healthy relationship is beneficial for both sides, he said. Although there have been disagreements between the two countries in the past, they were solved through negotiation, Gao added. Tensions between China and the United States have heightened since the start of the year after U.S. President Donald Trump criticized Beijing for harming American companies and consumers by devaluing its yuan currency. Throughout his election campaign, Trump threatened to levy punitive tariffs against China in order to bring down the U.S. trade deficit, keeping global markets on edge. (Reporting by Elias Glenn; Writing by Sue-Lin Wong; Editing by Shri Navaratnam) Next In Business News Snap arrives in London to woo skeptical investors ahead of IPO LONDON Snap Inc, owner of popular messaging app Snapchat, kicked off its first investor roadshow on Monday, looking to persuade London money managers to back its initial public offering in the face of concerns about its growth prospects, valuation and corporate governance.'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-china-economy-idUSKBN1600BP'|'2017-02-21T11:28:00.000+02:00'
'adc9cc469a731680e37d3804e0af98ba6731544d'|'China coal firms to discuss moves to stabilise output on Tuesday - media'|'Business News - Mon Feb 20, 2017 - 2:35am GMT China coal firms to discuss moves to stabilise output on Tuesday - media FILE PHOTO - A worker speaks as he loads coal on a truck at a depot near a coal mine from the state-owned Longmay Group on the outskirts of Jixi, in Heilongjiang province, China, October 24, 2015. REUTERS/Jason Lee/File Photo BEIJING China''s top coal producers will meet on Tuesday to discuss plans for stabilising output this year, the official Shanghai Securities News reported. The meeting organised by the China Coal Association will assess current operations and explore further measures to ensure stable output, the newspaper said in a report on its website on Monday. Talk in the market that the government will reinstall daily limits on coal mining output after the winter heating period pushed up thermal coal futures last week. Coke and coking coal futures rose on Monday after Beijing suspended imports of North Korean coal as part of its efforts to implement United Nations sanctions against the country. The output cuts, introduced in April 2016, ordered mines to limit the number of days they operate each year to 276 from 330 as part of Beijing''s effort to cut inefficient surplus capacity. But the limits were abandoned in November after a double-digit percentage drop in output triggered a sharp rally in prices ahead of the key winter heating season. The report said that Shenhua Group, China National Coal Group and others are backing renewed cuts to 276 working days from 330, but that details on the implementation still needed to be worked out by the government. It added that targetted output cuts in 2017 are expected to be lower than last year but more difficult to achieve. (Reporting by Dominique Patton)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-china-coal-output-idUKKBN15Z05W'|'2017-02-20T09:35:00.000+02:00'
'c8e44cd64098a48cd57ce97a99cc9428111df508'|'UK union fears grow over future of GM''s Vauxhall plants - source'|' 22pm GMT UK   FILE PHOTO: Employees work on the Astra production line at the Vauxhall Motors plant in Ellesmere Port, Britain, May 17, 2012. REUTERS/Phil Noble/File Photo By Costas Pitas - LONDON   Peugeot-maker PSA is in talks to buy GM''s loss-making European business, which operates under the Vauxhall and Opel brands, with overcapacity at existing sites, Britain''s move to leave the European Union and pension liabilities all likely to influence any deal and possible restructuring. PSA boss Carlos Tavares is also due to meet business minister Greg Clark "towards the end of the week," a government source said, in a key test of Britain''s ability to retain investment after its Brexit vote in June. German media reports over the weekend suggested PSA had told Berlin it would continue production at all four of Opel''s German sites, although Germany''s deputy economy minister said on Monday there had been no binding assurances. "We are increasingly concerned after reports that German plants are safe," the trade union source told Reuters, adding the head of the Unite trade union, Len McCluskey, was likely to meet Tavares in London on Friday. The pensions deficit at GM''s British division is up to 1 billion pounds, a separate source   Reuters. Many multinational companies are trying to rein in rising pension liabilities. Britain''s overwhelmingly foreign-owned car industry has been lauded as a success story by politicians and is set to hit record production levels by the turn of the decade, but any tariffs following Britain''s departure from the EU would hit margins and could see output cut. Last year, Japanese carmaker Nissan asked for a pledge of compensation if its plant was hit by Brexit, but went on to invest in two new models after what a source described as a government promise of extra support to counter any loss of competitiveness. Prime Minister Theresa May also plans to speak with Tavares and is determined to protect Britain''s car industry, her spokesman said on Monday. "It''s going to be a private conversation. There''s been a request for a meeting and we will try to make that meeting happen, but I am not going to go into what the nature of that conversation will be," he told reporters, adding the timing of the meeting depended on "diary compatibility".   Elizabeth Piper in London and Edward Taylor in Frankfurt; Editing by Kate Holton and Mark Potter)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-opel-m-a-psa-britain-idUKKBN15Z0XX'|'2017-02-20T20:22:00.000+02:00'
'48ff8b491c298410256752887da2dce1e812476a'|'MOVES-Kerr to step down from GSO'|'By Hannah Brenton Feb 20 Alan Kerr is stepping down from his role as senior managing director at Blackstone<6E>s credit arm GSO Capital Partners, the firm said in a statement.Kerr was one of the co-founders of Harbourmaster Capital, which was purchased by GSO in 2012.He is head of GSO<53>s European Customized Credit Strategies (CCS) business, which includes collateralised loan obligations.Kerr is looking forward to tackling new challenges after taking some time out with his family, the statement said.He will be transitioning his management responsibilities to Alex Leonard and Fiona O<>Connor and will remain as a senior adviser to Blackstone once the transition period ends in May.Leonard and O<>Connor both joined GSO at the time of Blackstone<6E>s acquisition of Harbourmaster in 2012 and have been with the business for 11 and 10 years, respectively. They will report to Dan Smith, global head of CCS.Leonard is a managing director and senior portfolio manager and O<>Connor is a managing director and head of European credit research for CCS.<2E>GSO<53>s European CCS business has prospered over the last five years under Alan<61>s leadership," Bennett Goodman and Tripp Smith, co-founders of GSO, said.<2E>He has been a great partner and, while we will miss him as a full-time colleague, we are pleased that the firm will continue to benefit from his experience and advice as a senior adviser. We wish him every success in his future endeavors.<2E> (Editing by Alasdair Reilly)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/moves-gso-kerr-idINL8N1G5483'|'2017-02-20T13:20:00.000+02:00'
'ebb454491b7d7c6bf0677670a89a056f877dc761'|'VW unions see signs of how to end row with executives over cost cuts'|'Mon Feb 20, 2017 - 3:07pm GMT VW unions see signs of how to end row with execs over cost cuts FILE PHOTO: The Volkswagen logo is seen at the Frankfurt Motor Show (IAA) in Frankurt, Germany, September 10, 2013. REUTERS/Pawel Kopczynski/File Photo HAMBURG/BERLIN Volkswagen''s ( VOWG_p.DE ) works council said talks with management over the implementation of a turnaround plan for the core autos division have led to initial signs for how to resolve a festering dispute between both sides. "Staff representatives are in constructive talks with top management on the open questions regarding the future pact," a works council spokesman said by email on Monday. Workers at VW''s main plant in Wolfsburg can expect more information at a staff gathering on Tuesday, he said, without being more specific. (Reporting by Jan Schwartz and Andreas Cremer; Editing by Victoria Bryan) Up Next'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-volkswagen-emissions-costs-idUKKBN15Z1JY'|'2017-02-20T22:07:00.000+02:00'
'26500dabd5ef4f9034807e0f0210d396a771a650'|'Germany encouraged over Opel jobs, but UK union worries'|'Deals - Mon Feb 20, 2017 - 3:27pm GMT Germany encouraged over Opel jobs, but UK union worries left Opel presents their new Crossland X SUV in Frankfurt, Germany February 20, 2017. REUTERS/Ralph Orlowski 1/8 left right An Opel logo is seen on a car in Bordeaux, France, February 20, 2017. REUTERS/Regis Duvignau 2/8 Opel presents their new Crossland X SUV in Frankfurt, Germany February 20, 2017. REUTERS/Ralph Orlowski 3/8 Opel presents their new Crossland X SUV in Frankfurt, Germany February 20, 2017. REUTERS/Ralph Orlowski 4/8 Opel presents their new Crossland X SUV in Frankfurt, Germany February 20, 2017. REUTERS/Ralph Orlowski 5/8 left right FILE PHOTO: The logo of Opel is seen at the entrance of a dealership of the brand in Strasbourg, France, February 14, 2017. REUTERS/Vincent Kessler/File Photo 6/8 left right An Opel logo is seen on a car in Bordeaux, France, February 20, 2017. REUTERS/Regis Duvignau 7/8 Opel presents their new Crossland X SUV in Frankfurt, Germany February 20, 2017. REUTERS/Ralph Orlowski 8/8 By Gernot Heller and Costas Pitas - BERLIN/LONDON BERLIN/LONDON Initial talks between the German government and carmakers PSA ( PEUP.PA ) and General Motors ( GM.N ) have led to some encouraging signs that jobs at Opel factories will be preserved, though no guarantees have been made yet, a top official said on Monday. In contrast, a source close to Britain''s biggest trade union said it was increasingly concerned about the future of Vauxhall plants in England, should Peugeot-maker PSA seal a deal to buy GM''s European Opel/Vauxhall arm. Europe''s car industry has been dogged by overcapacity for years, and analysts have said the planned sale of GM''s loss making European business to France''s PSA is likely to result in some cutbacks. Two sources close to PSA told Reuters last week that job and plant cuts were part of the tie-up talks, with the two Vauxhall sites in Britain in the front line. Britain''s decision to leave the European Union, which could lead to trade tariffs, could be a factor in the decision, although the country''s politicians and unions are lobbying hard. Of GM Europe''s roughly 38,000 staff, around half are in Germany and about 4,500 in Britain. German Deputy Economy Minister Matthias Machnig said on Monday GM and PSA had so far not given any binding guarantees on German jobs, but that there had been some encouraging signs. "This is why speculation is premature at this point," Machnig told German television station ARD. He expressed hope that a combination with France''s PSA could form the basis of a better future for Opel. German newspaper Bild am Sonntag had reported that PSA had pledged to continue operating all four of Opel''s German production sites. That sent alarm bells ringing in Britain. "We are increasingly concerned after reports that German plants are safe," the trade union source told Reuters, adding the head of the Unite union, Len McCluskey, was likely to meet PSA Chief Executive Carlos Tavares in London on Friday. HIGH STAKES Germany will hold a federal election in September and any major job cuts at Opel could weaken the chances of Chancellor Angela Merkel getting re-elected for a fourth term. Merkel is constantly being updated on the progress of talks between the government and the management of the carmakers, government spokesman Steffen Seibert said during a regular news conference in Berlin on Monday. Economy Minister Brigitte Zypries will discuss the planned deal in talks with her French counterpart Michel Sapin during her visit in Paris on Thursday, a ministry spokesman said. He added Berlin was also in contact with the British government and the two countries would not let themselves be played off against each other. British business minister Greg Clark is due to meet PSA''s Tavares "towards the end of the week," a government source said, in a key test of Britain''s ability to retain investment after its Brexit vote in June. Last year, Japanese carmaker Nissan ( 7201.T 
'8cf0188209b5df5dcb7c810cf36a71a349f32d33'|'Opel jobs have not been guaranteed, says German deputy econ minister'|'Company News - Mon Feb 20, 2017 - 4:11am EST Opel jobs have not been guaranteed, says German deputy econ minister FRANKFURT Feb 20 Peugeot and General Motors have not given binding guarantees to preserve German jobs and factories at Opel, Germany''s Deputy Economy Minister Matthias Machnig said on Monday. Initial talks between the government and the management of Peugeot and General Motors have led to some encouraging signals that German jobs will be preserved, but these assurances have not been translated into binding contracts, Machnig said. "This is why speculation is premature at this point," Machnig, told German television ARD on Monday. A combination with Peugeot could form the basis for a better future for Opel, Machnig said. (Reporting by Edward Taylor; editing by Jason Neely) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/opel-ma-psa-idUSL8N1G51KY'|'2017-02-20T16:11:00.000+02:00'
'fcd337a59cba50e1117e8b5bc93fdddc3b9ac0c7'|'Shell says new LNG buyers want shorter, smaller contracts'|'Global Energy  09pm GMT Shell says new LNG buyers want shorter, smaller contracts FILE PHOTO - A Shell logo is seen at a petrol station in Ankara, Turkey, March 6, 2012. REUTERS/Umit Bektas/File Photo LONDON Royal Dutch Shell ( RDSa.L ), the world''s biggest liquefied natural gas (LNG) trader following its takeover of BG Group last year, said new LNG customers that will drive demand are looking for shorter and smaller contracts. Shell expects much of new LNG demand to come from countries that want to replace declining domestic gas production -- which has already happened in Egypt and Pakistan -- and those countries that are looking at LNG to complement pipeline and domestically produced gas, like China or Morocco. Shell said it sold LNG into six new markets in 2016, compared with a typical annual rate of 2-3 new national buyers, as countries like Egypt, Pakistan and Jordan chose to import more gas to meet domestic consumption needs. The new buyers typically need more flexibility in their gas supplies due to uncertainty over demand evolution, meaning the historical contract structure of large volumes sold in multi-decade deals is changing. "On average, term contracts are getting shorter and smaller and that''s in response to the introduction of new buyers to the market who have more uncertainty in their market positions," Steve Hill, Shell''s executive vice president for gas and energy marketing and trading, told journalists on Monday. New potential customers this year are Jamaica and Malta, which have built floating storage LNG units, as well as Ivory Coast, where Shell owns a small stake in a new LNG import project, Hill said. Shell''s LNG sales rose 45 percent last year to 57.11 million tonnes. (Reporting by Karolin Schaps; Additional reporting by Ron Bousso. Editing by Jane Merriman) Next In Global Energy News Taiwan export orders grow for 6th month as world gears up for iPhone8 TAIPEI Orders for Taiwan''s exports rose for a sixth straight month in January on strong global demand for hi-tech gadgets such as Apple Inc''s iPhones and Chinese smartphones, bolstering the government''s view that economic growth could hit a three-year high this year.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-shell-lng-idUKKBN15Z1FI'|'2017-02-20T21:09:00.000+02:00'
'e18a3e9b99f6d94995da90b3b6465c4b8800c62e'|'Inbound China M&A takes flight on consumer promise'|' 00pm EST Inbound China M&A takes flight on consumer promise * Inbound M&A in 2017 already twice same period last year * Consumer/retail account for nearly half early deals * Beijing relaxed foreign deal approval regime in October * High valuations remain an obstacle to foreign capital By Elzio Barreto HONG KONG, Feb 20 Overseas acquisitions by Chinese buyers are cooling after two record years as Beijing reins in capital outflows, but deals into China are on the rise, and new rules will make it easier for foreign buyers to tap China''s giant consumer potential. Inbound M&A deals have already reached $7.1 billion so far in 2017, almost double the amount in the same period last year and are well on track to beat the 2016 total of $46 billion, while outbound deals tumbled more than 40 percent to $8.4 billion, Thomson Reuters data showed. Deals in retail and consumer staples accounted for nearly half those early transactions, far outpacing real estate and financial deals, which usually dominate inbound M&A. Belgian investment firm Verlinvest is ahead of the trend. It set up a $300 million venture last year with Chinese state-owned conglomerate China Resources and has already deployed more than half of the funds. Verlinvest, which manages funds for the founding families of Anheuser-Busch InBev, is investing in minority and majority stakes in leading western brands so it can push them through China Resources'' distribution channels in China, said Nicholas Cator, who is responsible for the Asia business. "We''re going to be focusing on those high-growth sectors that are based on consumer trends, like health-related food and beverage products, healthcare, education, cinema or entertainment, or anything linked to kind of cultural production and content," he said. Verlinvest''s joint venture in December bought an undisclosed stake in Oatly, a Swedish maker of dairy-free products, and plans to expand it into China, and in November it bought a majority stake in Red Sun Enterprise, which owns senior care homes in Shanghai and Nanjing. LOOSER APPROVALS REGIME The leadership in Beijing has long been trying to rebalance the economy away from infrastructure, heavy industry and export-led growth and towards domestic consumption, so in theory such investment should be welcome, but in practice foreign capital has fallen foul of barriers to entry. That appears to be changing. After a trial in a few of its free-trade zones, China in October expanded to the entire country a new liberalisation programme. Apart from a "negative list" of industries deemed too sensitive, foreign investments no longer need to go through a cumbersome approval system, and there has even been some loosening in the off-limits list. "The direction China is going is that for most sectors, provided it''s not in the so-called negative list, where there would be additional scrutiny, the process for corporate establishment and changes including share transfers should be simpler," said Tracy Wut, M&A partner at law firm Baker McKenzie in Hong Kong. "From the recently amended negative list, there are further relaxations in certain sectors to which the government is trying to encourage foreign investments." CDIB Capital International Corp, part of Taiwanese financial group China Development Financial Holding (CDF), is also seizing the opportunities. Last August it invested 200 million yuan ($29.2 million) for a stake in outdoor sports retailer Tutwo (Xiamen) Outdoor Co Ltd, betting on a jump in demand for hiking, skiing and camping gear in China. "Clearly there''s going to be more of a focus on domestic growth and consumption is one of the themes," said Lionel de Saint-Exupery, president and CEO of CDIB. "Consumption is still relatively robust, but we''re not just seeking average growth, we''re seeking hyper growth and that you can see in new categories." The biggest fly in the ointment, according to David Cogman, a principal focusing on China at consulting firm McKinsey & Co, is t
'8ab100f64f4b8f3fa8b1e9ab72bfd4aa6334c72d'|'Fixed income ETF usage jumps among Asian investors - survey'|'Company News - Mon Feb 20, 2017 - 2:13am EST Fixed income ETF usage jumps among Asian investors - survey HONG KONG Feb 20 Flows into fixed income exchange-traded funds (ETFs) are growing rapidly with Asian institutional investors looking to earmark an increasing chunk of their investments into such products this year, according to a survey done by Greenwich Associates. Among 59 institutional investors participating in the research firm''s survey, 44 percent said they plan to increase allocations to bond ETFs this year, compared with 14 percent in 2016. Geir Espeskog, head of ETF and index investment Asia-Pacific distribution at BlackRock, said inflows from Asian clients have surged "thanks to the ease of usage and greater international diversification". Inflows for fixed income ETFs were around $7 billion in 2016, compared with about $2 billion the previous year, he said. While gains for equity ETFs at the expense of active money managers have been well documented, the recent popularity of fixed income ones indicates Asian institutional investors are turning towards such products in a bid to generate improved performance. In 2016, actively managed funds posted outflows of $92.3 billion globally, while index funds brought in a record $625.2 billion, with Vanguard, BlackRock and State Street grabbing the top three spots in terms of net inflows, according to Morningstar Inc. BlackRock''s Espeskog said the average spread in its U.S. listed high-yield bond ETF stood at 1 basis point compared to roughly 50 basis points on a single bond, highlighting the desire among investors to buy such products to save costs and time in trading them. In the survey, more than half of the respondents said they used ETFs to make tactical adjustments in their portfolios while core allocation needs and international diversification strategies came second and third. A factor driving increased acceptance from Asian institutional investors of ETFs is liquidity needs amid a changing interest-rate environment. While many expect the U.S. Federal Reserve to approve multiple rate hikes this year, other major central banks such as the Bank of Japan may resume monetary easing policies. Among fixed-income ETFs, usage is highest in international government bonds followed by international investment grade and high yield credit respectively, according to the survey. (Reporting by Saikat Chatterjee; Editing by Richard Borsuk) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/markets-fixedincome-etf-idUSL4N1G52B7'|'2017-02-20T14:13:00.000+02:00'
'73907b777302be272224faf0103cbd77e009ee8f'|'OPEC aims for higher compliance, sees 2017 stock fall'|'Business News - Tue Feb 21, 2017 - 10:51am GMT OPEC aims for higher compliance, sees 2017 stock fall 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 LONDON OPEC countries are aiming to boost compliance with agreed oil output curbs further from January''s high levels in a bid to clear a supply glut that has weighed on prices, the group''s secretary general said on Tuesday. The Organization of the Petroleum Exporting Countries is curbing its output by about 1.2 million barrels per day (bpd) from Jan. 1, the first cut in eight years. Russia and 10 other non-OPEC producers agreed to cut half as much. OPEC Secretary General Mohammad Barkindo said that the production data for January in OPEC''s most recent monthly report showed conformity from participating OPEC nations with agreed output curbs above 90 percent. "All countries involved remain resolute in the determination to achieve a higher level of conformity," he said in a speech in London, according to a copy of the text. The supply cut deal is helping to support oil prices, which at close to $57 a barrel LCOc1 are up from the low $30s a year ago, but still-rising U.S. inventories and expectations the OPEC cut will revive U.S. shale drilling have limited the rally. Barkindo said that oil inventories were expected to decline this year. "It was evident in the last quarter of 2016 that total OECD commercial oil stocks were falling, and it is expected that we will see a further drop during 2017," he said. "We will continue to focus on the level of inventory drawdown to bring the level closer to the five-year industry average." (Reporting by Alex Lawler and Rania El Gamal, editing by Louise Heavens) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-opec-oil-idUKKBN16013K'|'2017-02-21T17:51:00.000+02:00'
'758b734bd507a1b44c6c84153a4a1e98c73683b4'|'Exclusive: China''s Geely to bid for Malaysian car maker Proton - sources'|'BEIJING Chinese automaker Zhejiang Geely Holding Group Co is expected to bid as early as this week for a strategic partnership with struggling Malaysian car maker Proton Holdings Bhd, two people familiar with the bidding process told Reuters.As part of its pitch following discussions with Proton''s owner, Malaysian conglomerate DRB-Hicom Bhd ( DRBM.KL ), Hangzhou-based Geely, which owns Sweden''s Volvo Car Group, is expected to offer Proton some of the latest vehicle technologies it has developed with Volvo''s input.DRB-Hicom said earlier this month it was waiting for prospective foreign car makers to submit bids for a strategic partnership.Proton, founded in 1983 by former Malaysian premier Mahathir Mohamad, received 1.5 billion ringgit ($338.2 million) in government aid a year ago on the condition that it implement a turnaround plan and seek a foreign partner to help its research and development.Other potential bidders have included Peugeot maker PSA ( PEUP.PA ), Japan''s Suzuki Motor Corp ( 7269.T ) and French car maker Renault SA ( RENA.PA ).In response to Reuters requests for comment, Mahmood Razak, DRB-Hicom''s head of strategic communications, said: "We have nothing new to say," noting a previous statement about it being a complex process. It has said it expects to announce a decision in the first half of this year."We are evaluating the bids received. No disclosures until we have selected a FSP (foreign strategic partner)," he added.A Geely spokesman declined to comment.It was not clear whether Geely''s pitch - part of what the sources said was the final bidding round - includes a cash offer for a stake in Proton. The people with knowledge of the bidding said Geely is looking for at least a 51 percent stake.DRIVING ON THE LEFTBy offering Proton some of its own technologies, Geely hopes to help Proton''s sales in right-hand-drive (RHD) markets, including Malaysia, the UK, India and Australia, the people said.The technologies include those Geely has used to engineer midsize vehicles such as its GC9 sedan and Boyue sport-utility vehicle, as well as small car technologies developed with Volvo, the people said.Strong sales of the GC9 and the Boyue SUV helped Geely grow its China sales by 50 percent last year to 765,851 vehicles.Geely''s investment would help Proton - which also owns British sports car maker Lotus - grow its sales overseas and recover some of the global presence it has lost in recent years, the people said.For Geely, a significant partnership with Proton would give the Chinese firm entry into the global (RHD) market."There are 8 million RHD vehicles sold every year globally," one of the individuals said. "Geely sells roughly zero RHD cars, so even if Geely cars were sold under Proton, if nothing else Geely would make a handsome license fee.""The overall plan is basically to invest in Proton to bring it back to global (sales) levels it had in the 1990s," the person added.Geely''s offer comes amid a thaw in often chilly ties between Malaysia and China.In November, Malaysian Prime Minister Najib Razak returned from a six-day trip to China with about $34 billion worth of deals - including an agreement to buy four Chinese naval vessels - which could help lift the economy ahead of elections due by mid-2018.(Reporting by Norihiko Shirouzu in BEIJING, with additional reporting by Liz Lee in KUALA LUMPUR; Editing by Ian Geoghegan)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-proton-m-a-geely-exclusive-idUSKBN15Z138'|'2017-02-20T14:27:00.000+02:00'
'b50f499c746108cb08195d8202df13565033f041'|'Chinese investors find their cash is losing its cachet'|'Business News - Tue Feb 21, 2017 - 11:07am GMT Chinese investors find their cash is losing its cachet FILE PHOTO - A logo of yuan is seen at a foreign exchange store in Shanghai, China, December 1, 2015. REUTERS/Aly Song By John Ruwitch and Dasha Afanasieva - SHANGHAI/LONDON SHANGHAI/LONDON For years, cash-rich Chinese investors have been highly sought after the world over. Now, their cash is losing its cachet. China''s increasing efforts to prevent capital from leaving the country are eroding the confidence of domestic and foreign investors about getting deals done inside and outside of the world''s second-biggest economy. Chinese bidders had become ubiquitous in deals in the past two years and were welcomed, said Severin Brizay, head of Europe, the Middle East and Africa mergers and acquisitions for the investment bank UBS. "Clients were asking if it would be possible to make sure they are involved. Now, we are seeing the reverse: some clients are asking if we can do it without Chinese bidders because of the domestic challenges they face," he said. Dealmakers said many Chinese firms are unable to close deals because they can not secure official permission to transfer yuan into foreign exchange. This follows a series of measures by authorities since late last year to tighten restrictions on capital outflows and rein in what officials have called "irrational" outbound investment. The Institute of International Finance estimated capital outflows surged to a record $725 billion (584 billion pounds) last year and it expects even higher outflows this year. The yuan fell more than 6.5 percent last year against the dollar, its steepest decline since 1994, prompting the central bank to spend hundreds of billions of dollars in reserves to prevent the slide from turning into a slump. China''s foreign exchange regulator, the State Administration of Foreign Exchange, said there were no restrictions on "genuine and compliant" international payments or transfers, and that it supported "healthy and orderly" overseas investment. "We have all along supported foreign investment by companies with the ability and the conditions to do so," it said in response to Reuters'' questions. IMPACT Still, the measures have had a dramatic impact, lawyers, bankers and analysts said. Overseas direct investment (ODI) by Chinese in December fell almost 40 percent from a year earlier to $8.41 billion, the lowest monthly level in 2016. In January, overseas property purchases by Chinese corporations plunged. Global stock index provider MSCI expressed concern about the capital outflow measures and China shelved plans for a new crude futures contract because potential foreign participants were worried they would not be able to take yuan profits out of the country. Chinese conglomerate and cinema chain operator Dalian Wanda''s proposed $1 billion purchase of U.S. entertainment group Dick Clark Productions Inc collapsed over problems getting currency out of China and regulatory approval, online website The Wrap said on Monday. In another case, a Chinese investor was unable to get permission from authorities to exchange yuan into $30 million to close a U.S. deal, a consultant involved in the project said. The planned $100 million investment in a U.S. residential property portfolio fell through. "Sellers nowadays will request certain proof," said Jeffrey Sun, a Shanghai-based partner at the legal practice of Orrick, Herrington and Sutcliffe. <20>From the sellers<72> side, the worry is justified.<2E> Still, while Chinese regulators are putting proposed deals under greater scrutiny, it does not mean they are shutting the door on outbound investment, lawyers said. Regulators will approve deals if they make economic sense, Sun said. For example, a steel manufacturer buying a soccer club "is unlikely" to be approved, he said. "FREAKED OUT" Fund managers that help Chinese invest abroad, such as China Orient Summit Capital, are changing tack. The firm had been raising money in C
'fa9f8b7595625dbc549132a21954add427c6df5d'|'Germany a favourite for Citi''s Europe investment banking HQ - paper'|'  5:52pm GMT Germany a favourite for Citi''s Europe investment banking HQ - paper Traders work in the Citigroup booth on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., May 25, 2016. REUTERS/Brendan McDermid FRANKFURT U.S. bank Citigroup ( C.N ) may choose Frankfurt as the headquarters for its European investment banking and trading activities as part of its Brexit contingency plans, the bank''s European chief told Frankfurter Allgemeine Zeitung. The bank will be making a decision in the first half of this year, James Cowles, Citi''s Chief Executive Officer for Europe, the Middle East & Africa (EMEA), told the paper. "Germany is among our favourites," Cowles was quoted as saying. He also said the professionalism of regulator Bafin and the availability of highly qualified staff added to Frankfurt''s attractiveness. Citi will move several hundred jobs outside of London in the wake of Britain''s decision to leave the European Union, a step that will likely make it harder to do pan-European business out of London, the newspaper said. In Frankfurt, Citi has around 370 employees, FAZ said. (Reporting by Edward Taylor. Editing by Jane Merriman)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-citigroup-idUKKBN160289'|'2017-02-22T00:52:00.000+02:00'
'85da6146ea398a4383dedafc3d42c2ab55ecda62'|'U.S. Supreme Court rejects Boston Scientific''s patent licensing appeal'|'Health News - Tue Feb 21, 2017 - 9:55am EST U.S. Supreme Court rejects Boston Scientific''s patent licensing appeal The U.S. Supreme Court on Tuesday turned away an appeal by Boston Scientific Corp of a Maryland state court jury verdict ordering the medical device company to pay $308 million to a patent licensor for breach of contract concerning implantable cardiac devices. Boston Scientific had asked the justices to hear its appeal in the dispute over its licenses to patented technology on the implantable devices owned by Mirowski Family Ventures, arguing the Maryland court made mistakes applying patent law, a job typically reserved for federal courts. (Reporting by Andrew Chung in New York; Editing by Will Dunham) Next In Health News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-court-boston-scient-idUSKBN1601R4'|'2017-02-21T21:43:00.000+02:00'
'a06ed71226b9df1daa4c29fad3439c36304fbdfd'|'Swiss stocks - Factors to watch on Feb. 20'|'Company News - Mon Feb 20, 2017 - 1:12am EST Swiss stocks - Factors to watch on Feb. 20 ZURICH Feb 20 The following are some of the main factors expected to affect Swiss stocks on Monday ROCHE The pharmaceuticals company said a combination of its immunotherapy drug Tecentriq and its blockbuster cancer drug Avastin had shown encouraging results in a Phase II trial in treating a type of kidney cancer. For more news, click ADECCO The world''s biggest staffing group will move its headquarters from near Zurich airport to the centre of the city this year, newspaper SonntagsZeitung quoted a spokesman as saying. The new site is cheaper than the current one, the newspaper added. For more news, click SCHINDLER HOLDING The elevator and escalator company should decide this year whether to set up its own unit in Iran, where it currently works with a distributor, Chief Executive Thomas Oetterli told SonntagZeitung. The decision depends on the political situation, which is difficult to predict, he said. For more news, click COMPANY STATEMENTS * Also Holding said its free float increased to 48.7 percent, from 41.1 percent, due to the ongoing exchange of ALSO shares relating to the exchangeable bond issued by a Schindler. * Burckhardt Compression said it will introduce shortened working hours in March for 200 of its 700 employees at its Winterthur plant after weak order intake for its compressor manufacturing business did not improve. * UBS said Northern Trust is buying fund services units of UBS in Luxembourg and Switzerland. Northern Trust will become the fund administration services provider for funds with about 420 billion Swiss francs ($418.79 billion)in assets. * Relief Therapeutics announced numerous resignations, including the departure of founder and Chief Executive Raffaele Petrone. The company''s CFO is quitting, too, but will stay on until August. Relief also announced a new financing round, in which major shareholder GEM Global Yield will subscribe to new shares. * Basilea is due to report its full year earnings at 0615 GMT. * Arbonia said Christian Stambach will not be standing for re-election to the Board of Directors at the company''s Annual General Meeting on 28 April 2017. ECONOMY * The Swiss National Bank is due to release sight deposit data at 0900 GMT ($1 = 1.0029 Swiss francs) (Reporting by Zurich newsroom) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/markets-swiss-stocks-idUSL8N1G254I'|'2017-02-20T13:12:00.000+02:00'
'ff3cddb997648e5a8cf2f8ea7b8a5510012194a1'|'PRESS DIGEST- Financial Times - Feb 20'|'Company  23pm EST PRESS DIGEST- Financial Times - Feb 20 Feb 20 The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy. Headlines Kraft Heinz drops $143 bln pursuit of Unilever on.ft.com/2lb2hKx RBS chief Ross McEwan signals 2018 return to profit on.ft.com/2lb83Mt Philip Hammond on track to meet fiscal targets on.ft.com/2lb3NMA Amazon to hire 5,000 in latest UK tech expansion on.ft.com/2lb8Hth Overview     merger with larger rival Unilever Plc, the companies said on Sunday. Royal Bank of Scotland Group Plc could return to profit in 2018, drawing an end to a decade of losses, signalled Chief Executive Ross McEwan in an interview with the Financial Times. British finance minister Philip Hammond is likely to hit his 2016/17 deficit reduction target with 3 billion pounds ($3.72 billion) to spare, due to recent better-than-expected growth, economists working for accountants EY said on Monday. Online retailer Amazon.com Inc is set to create more than 5,000 jobs in Britain this year, the company said on Monday, boosting its investment in the country once more even as it prepares to leave the European Union. ($1 = 0.8054 pounds) (Compiled by Ismail Shakil in Bengaluru; Editing by Peter Cooney) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-press-ft-idUSL4N1G5033'|'2017-02-20T07:23:00.000+02:00'
'a9d354706949b98dcbadf87bb895d3c1da7f172b'|'Chile''s SQM sees lithium demand growing 8-10 pct this year - paper'|'Company   9:52am EST Chile''s SQM sees lithium demand growing 8-10 pct this year - paper BUENOS AIRES Feb 19 Chile''s SQM expects demand for lithium to grow between 8 percent and 10 percent this year and is working to improve financial performance by 2020, an executive told local paper El Mercurio on Sunday. SQM, one of the world''s biggest producers of lithium and iodine, has been trying to consolidate its position with investments abroad. In 2020 SQM expects annual earnings before interest, taxes, depreciation and amortization (EBITDA) of $1 billion. Currently quarterly EBITDA is less than $200 million, Gerardo Illanes, vice president of finances, told the newspaper. "The prices in the lithium market and the growth in demand have been quite relevant in recent years. We expect growth in demand for this product of between 8 and 10 percent," Illanes said. SQM plans to invest $100 million to increase its production capacity this year, which combined with its capital injection in Argentina would lead to a total investment of around $300 million, he said. Illanes said SQM would not have a problem financing its projects although he did not rule out tapping debt markets. (Reporting by Fabi<62>n Andr<64>s Cambero; Writing by Caroline Stauffer; Editing by Jeffrey Benkoe) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/sqm-demand-idUSL1N1G407H'|'2017-02-19T21:52:00.000+02:00'
'dc2d7c223e9637772f8623812f7d85d180407dcf'|'UPDATE 1-Trump administration drafts plan to raise asylum bar, speed deportations'|'(Adds proposed changes to deportation guidelines) By Julia Edwards Ainsley WASHINGTON, Feb 18 The Department of Homeland Security has prepared new guidance for immigration agents aimed at speeding up deportations by denying asylum claims earlier in the process. The new guidelines, contained in a draft memo dated February 17 but not yet sent to field offices, directs agents to only pass applicants who have a good chance of ultimately getting asylum, but does not give specific criteria for establishing credible fear of persecution if sent home. The guidance instructs asylum officers to "elicit all relevant information" in determining whether an applicant has "credible fear" of persecution if returned home, the first obstacle faced by migrants on the U.S.-Mexico border requesting asylum. (Graphic: tmsnrt.rs/2m4aPAs ) Three sources familiar with the drafting of the guidance said the goal of the new instructions is to raise the bar on initial screening in order to ease strain on the courts and reduce the number of immigrants allowed to stay in the United States, often for years, while they await a hearing. The administration''s plan is to leave wide discretion to asylum officers by allowing them to determine which applications have a "significant possibility" of being approved by an immigration court, the sources said. The guidance was first reported and posted on the internet by McClatchy news organization. In 2015, just 18 percent of asylum applicants whose cases were ruled on by immigration judges were granted asylum, according to the Justice Department. Applicants from countries with a high rate of political persecution have a higher chance of winning their asylum cases. A tougher approach to asylum seekers would be an element of President Donald Trump''s promise to crack down on immigration and tighten border security, a cornerstone of his election campaign and a top priority of his first month in office. The guidelines are contained in two draft memos signed by Homeland Security Secretary John Kelly and currently under review by the White House, according to two people familiar with them. The memos also outlined plans for greatly expanding the categories of people that immigration agents target for deportation, and gives them wide discretion in deciding who to deport. Previously, recent arrivals and convicted criminals were the prime targets. The new plan would include migrants who have been charged but not convicted of crimes, and would also apply to illegal immigrants who have been in the country for many years. The memos also call for quickly hiring 10,000 more Immigration and Customs Enforcement agents as well as 5,000 more border patrol agents. The DHS declined to comment for this story, referring questions to the White House, which did not respond to a request for comment. WHAT IS "CREDIBLE FEAR"? Under the Immigration and Nationality Act, an applicant must generally demonstrate "a well-founded fear of persecution on account of race, religion, nationality, membership in a particular social group, or political opinion." Immigration lawyers say any applicants who appear to meet that criteria in their initial interviews should be allowed to make their cases in court. They oppose encouraging asylum officers to take a stricter stance on questioning claims and rejecting applications. Interviews to assess credible fear are conducted almost immediately after an asylum request is made, often at the border or in detention facilities by immigration agents or asylum officers, and most applicants easily clear that hurdle. Between July and September of 2016, U.S. asylum officers accepted nearly 88 percent of the claims of credible fear, according to U.S. Citizenship and Immigration Services data. Asylum seekers who fail the credible fear test can be quickly deported unless they file an appeal. Currently, those who pass the test are eventually released and allowed to remain in the United States awaitin
'f795df5116531a36670e53f9158681ef790c6e10'|'Vale readies for diluted ownership as partners renew accord'|'SAO PAULO Feb 20 Brazilian miner Vale SA will become a company with dispersed share ownership, it said on Monday, in a move aimed at enhancing transparency and equal rights for all shareholders in the world''s largest iron ore producer.Vale and its largest shareholders agreed to renew their shareholder accord for another three and a half years, with substantial changes to its corporate structure, it said in a securities filing.Under the plan to turn Vale into a company with diluted ownership, holders of its Class A preferred shares will receive 0.9342 common share based on a 30-day average through Feb. 17.The agreement to change the company''s structure will last for six months. The group of shareholders running the investment holding company that controls Vale will remain together until November 2020, when the new accord is due to expire.Holding company Bradespar and pension fund Previ proposed the conversion of Vale''s different types of stock into a single common one as the first step in transforming the mining giant and increasing its allure to investors, people familiar with the matter told Reuters in January.The move should generate goodwill of 3.1 billion reais ($1 billon) to be shared among all Vale shareholders. To facilitate the migration to diluted ownership, Vale will issue new shares that will be given to members of the holding company known as Valepar SA.($1 = 3.10 reais) (Reporting by Guillermo Parra-Bernal, editing by Louise Heavens)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/vale-sa-shareholders-idINL1N1G507T'|'2017-02-20T08:01:00.000+02:00'
'9a29454b3b8bc7085df4d663b8cba9a2a0424cb0'|'Scandinavians take drastic steps to get into booming housing market'|'Company   7:06am EST Scandinavians take drastic steps to get into booming housing market * Region''s house prices soar over past decade * Low interest rates and tax perks encourage buyers * Governments worried by booming market * Graphic: tmsnrt.rs/2k1TfAt By Camilla Knudsen, Johan Sennero and Teis Jensen OSLO/STOCKHOLM/COPENHAGEN, Feb 20 Joakim Bakka, a 29-year-old shop worker, was so desperate to get into Norway''s booming housing market that he was prepared to borrow money at 13 percent for a deposit to buy a home. It would have been risky but he felt he had no choice. Bakka, from the Norwegian city of Drammen, is not alone in considering such drastic steps. Scandinavians are taking increasing risks on housing as prices have soared over the last decade, fuelled by low interest rates and tax perks that have encouraged people to buy homes rather than rent. Household debt levels have risen sharply, worrying governments that have tried without success to cool the market. "Even though my partner and I have full-time jobs, we were not able to find enough cash for a deposit, so as an emergency solution, we applied for a consumer loan of 100,000 crowns ($12,000)," Bakka told Reuters. "In the end we did not have to use it, as we managed to get a loan from a communal public bank at about 3 percent. But it was not difficult at all to get a consumer loan." House prices show no signs of slowing. In Norway they grew 12.4 percent year-on-year in January after a record high of 12.8 percent in December. Swedish house prices rose 9 percent year-on-year in January. In Denmark, prices of owner-occupied flats have risen between 50 and 75 percent in Copenhagen since 2012, according to mortgage lender Nykredit, compared with 37 percent outside the capital. Sofie Borbiconi, 29, is a radio host looking to buy a flat in Copenhagen. "It is crazy. When we visit flats, we have to queue in long lines to get in," she said. "You have to use unconventional measures," she added, although she preferred to keep them secret. GROWING CONCERN Governments are concerned. Denmark tops the OECD list of developed nations with the most household debt relative to disposable income, with Norway third and Sweden fifth. The International Monetary Fund has said Sweden''s high household debt levels could stifle other areas of the economy. "Swedish housing prices are historically high, implying downside risk to consumption, even as housing shortages lower the risk of a major decline," the IMF said in September. Both Denmark and Sweden have seen house prices collapse before. In 2008, the global crisis punctured a Danish housing bubble, triggering a local banking crisis that wiped out over a dozen lenders. Swedish house prices fell 20 percent in two years in the early 90s, contributing to the nationalisation of what is now the region''s biggest lender, Nordea, which has since been re-privatised. While high prices are encouraging new homebuilding in some parts of Scandinavia, easing upward pressure on prices, the shortage of housing, notably in Sweden, and high demand due to immigration is expected to keep prices high. "What is special in Sweden is that we have negative rates and very, very strong growth. We are one of the few countries that has that or has ever had that," Erik Thed<65>en, head of the Swedish Financial Supervisory Authority, told Swedish radio last week. "This creates what I have called a greenhouse for growing debt." CALMING MEASURES Nevertheless governments have been trying to calm the market. Norway in 2015 reduced the amount of money housebuyers can borrow from banks to 85 percent from 90 percent of the purchase price. This year the government introduced new rules, including capping borrowing at less than five times a householder''s income and stipulating that buyers of second homes in Oslo must have a deposit of at least 40 percent compared to 15 percent elsewhere. In June, Sweden banned interest-only mortgages. Denmark has proposed new tax
'd131a40cbebca44b1d1c8ed83be5436fb8254e10'|'WORLD NEWS SCHEDULE AT 2300 GMT/6 PM ET'|'Editor: Peter Cooney +1 202 898 8362Picture Desk: Singapore + 65 6870 3775Graphics queries: + 65 6870 3595(All times GMT)TOP STORIESIraq launches offensive on last Islamic State stronghold in MosulBAGHDAD/ERBIL, Iraq - U.S.-backed Iraqi forces launch a ground offensive to dislodge Islamic State militants from the western part of the city of Mosul and put an end to their ambitions for territorial rule in Iraq. (MIDEAST-CRISIS/IRAQ-MOSUL (WRAPUP 3), moved, by Maher Chmaytelli and Isabel Coles, 800 words)Trump administration drafts plan to raise asylum bar, speed deportationsWASHINGTON - The U.S. Department of Homeland Security has prepared new guidance for immigration agents aimed at speeding up deportations by denying asylum claims earlier in the process. (USA-IMMIGRATION/ASYLUM (UPDATE 1, GRAPHIC, PIX), moved, by Julia Edwards Ainsley, 1,102 words)Saudi Arabia, Israel present de facto united front against IranMUNICH - Saudi Arabia and Israel call for a new push against Iran, signalling a growing alignment in their interests, while U.S. lawmakers promise to seek new sanctions on the Shi''ite Muslim power. (MIDEAST-CRISIS/IRAN (UPDATE 1), moved, by Andrea Shalal and John Irish, 700 words)Exit polls sees Ecuador leftist ahead, runoff unclearQUITO - Ecuadorean exit polls put ruling party leftist Lenin Moreno clearly ahead in the presidential election, although it is unclear whether he has enough votes to avoid an April runoff against conservative ex-banker Guillermo Lasso. (ECUADOR-ELECTION/ (UPDATE 6, PIX, TV), expect by 0100 GMT/7 PM ET, by Alexandra Ulmer and Alexandra Valencia, 400 words)UNITED STATESTrump''s national security candidates promised autonomy as search continuesWASHINGTON - President Donald Trump''s next pick for national security adviser will have autonomy over staffing and key decisions, the White House says as it scrambles to fill the post following the turbulent departure of Michael Flynn. (USA-TRUMP/SECURITY (UPDATE 1, PIX, TV, GRAPHIC), moving shortly, by Andy Sullivan and Sarah N. Lynch, 404 words)Trump baffles Sweden, says his remarks was based on news reportSTOCKHOLM/WEST PALM BEACH, Fla. - U.S. President Donald Trump says his remarks on Saturday suggesting an immigration-related security incident had occurred in Sweden were based on a report he had seen on television about immigrants in the Scandinavian country. (USA-TRUMP/SWEDEN (UPDATE 3, TV), moving shortly, by Anna Ringstrom and Jeff Mason, 474 words)Suppressing free press is ''how dictators get started''- U.S. Senator McCainMUNICH - U.S. Senator John McCain, defending the media against the latest attack by President Donald Trump, warns that suppressing the free press is "how dictators get started." (USA-TRUMP/MCCAIN (UPDATE 1), moved, by Jonathan Landay, 400 words)+ See also:- USA-TRUMP/PRESS-MATTIS (UPDATE 1, PIX, TV), moved, by Phil Stewart in Abu Dhabi, 400 wordsU.S. carrier group patrols in tense South China SeaBANGKOK - A United States aircraft carrier strike group has begun patrols in the South China Sea amid growing tension with China over control of the disputed waterway and concerns it could become a flashpoint under the new U.S. administration. (SOUTHCHINASEA-CHINA/USA (UPDATE 1), moved, 283 words)SpaceX launches rocket from historic NASA pad in FloridaCAPE CANAVERAL - A SpaceX Falcon rocket blasts off from a Florida launch pad once used to send NASA astronauts to the moon, a step forward for billionaire entrepreneur Elon Musk and his company''s goal of ferrying astronauts to the International Space Station. (SPACE-SPACEX/LAUNCH (UPDATE 4, PIX, TV), moved, by Irene Klotz, 412 words)MIDDLE EASTSyrian government forces press attack on Damascus outskirts - monitors, medicBEIRUT - Syrian government forces fire rockets at a rebel-held area on Damascus''s outskirts, pressing an attack that began the day before and has killed up to 16 people, a medical worker and war monitors say. (MIDEAST-CRISIS/SYRIA (UPDATE 4), moved, 399 words)U.N. and others play dow
'2166ddc2e8a5f70df20e3f32b122a08e55a67d1e'|'Japan Inc signals boost to domestic capex but less keen on the U.S. -Reuters poll'|'  11:11pm GMT Japan Inc signals boost to domestic capex but less keen on the U.S. -Reuters poll People cross a street in a business district in central Tokyo, Japan, December 8, 2015. REUTERS/Thomas Peter By Tetsushi Kajimoto - TOKYO TOKYO One third of Japanese firms are looking to lift business investment at home in the next financial year, but companies are less bullish about capital spending in the United States due to uncertainty over the Trump administration''s policies, a Reuters poll showed. Japanese auto firms, however, were responsive to President Donald Trump''s campaign to put ''America First'' with nearly a third looking to boost local procurement and others planning to raise factory utilisation rates. The Reuters Corporate Survey found 33 percent of companies expect to boost domestic capital spending while 57 percent aim to maintain the previous year''s levels - a hopeful sign for Prime Minister Shinzo Abe''s efforts to engineer a sustainable economic recovery. It is the first broad poll to gauge Japan Inc''s business investment plans for the year beginning in April. Japanese firms tend to be very cautious in their initial capital spending forecasts and revise up as the year progresses. "This is a positive sign," said Hidenobu Tokuda, senior economist at Mizuho Research Institute, who reviewed the survey results. "Japanese manufacturers have taken a wait-and-see approach about capital expenditure due to slack overseas demand but they are easing this stance," he said. Any overall rise in domestic capital spending would follow a 5.5 percent increase projected for big firms during the current fiscal year which comes after a 3.4 percent increase in the previous year, according to central bank data. In contrast to plans for Japan, only nine percent of firms which took part in the Jan. 31-Feb. 14 survey currently want to boost capital spending in the United States while 79 percent saw it flat. The nine percent was also far less than the 21 percent which aim to boost capital expenditure overseas in countries other than in the U.S. The monthly survey, conducted for Reuters by Nikkei Research, polled 531 big and mid-size firms and between 190 and 240 firms answered questions on capital spending. Around 13-14 auto firms, including carmakers and their suppliers, responded to questions about their U.S. business plans. Just over half of Japanese firms said they believe U.S. demand will expand over the next year or two with many respondents saying they believed Trump''s policies would create jobs and spur consumer spending. Twenty-seven percent see demand flat while the rest predicted a contraction. But when asked if there had been any change in stance towards their U.S.-related businesses given Trump''s statements and actions since becoming president, 85 percent said there had been none. "We don''t know yet what the U.S. is going to do," wrote a manager at chemicals company, an answer echoed by many other respondents who said they were taking a wait-and-see stance. Japanese companies are weighing both negative factors such as border tax and higher tariffs as well as positive factors such as deregulation and tax cuts, all of which remain unclear, said Tokuda at Mizuho Research. Japanese auto firms were more cautious about the outlook for U.S. demand than other sectors. After record sales of more than 17.5 million vehicles in 2016, many auto executives believe the market is peaking although some consultancies are now calling for a new record to be set this year due to Trump''s policies. But the Japanese auto industry was the most responsive sector to Trump''s ''America First'' campaign with nearly a third of the 13 auto firms responding looking to boost local procurement and a fifth saying they planned to lift factory utilisation. Automakers in particular have come under fire from Trump for not creating sufficient U.S. jobs. That compares with just 4 percent of Japanese firms overall planning to 
'0cba19d3d085ac55efdd1a8f40bcff60f4be3a0c'|'Poland - Factors to Watch Feb 20'|'Company News - Mon Feb 20, 2017 - 2:02am EST Poland - Factors to Watch Feb 20 Following are news stories, press reports and events to watch that may affect Poland''s financial markets on Monday. ALL TIMES GMT (Poland: GMT + 1 hour): PKN ORLEN Poland''s energy ministry has asked the state-run refiner PKN to pour 400 million zlotys ($98.05 million) into the troubled coal firms PGG and KHW after the miners'' merger, Rzeczpospolita daily said quoting unnamed sources. HELICOPTERS Poland is expected to announce a deal to buy 16 army helicopters from Airbus, Lockheed Martin''s Sikorsky subsidiary or Leonardo-Finmeccanica this year. EU FUNDS The European Commission may urge Poland to urgently fulfil conditions for EU funds worth around 3.5 billion euros to be spend in the water segment and waste management to be admitted, Rzeczpospolita daily said quoting unnamed sources. GAS/NORWAY Poland is in final talks with Denmark and Norway on the planned construction of a gas pipeline that would help Poland receive up to 10 billion cubic metres of gas from the Norwegian shelf, Poland''s foreign minister told "Do Rzeczy" weekly. REAL ESTATE This year could see a significant increase in mergers and acquisitions in the real estate business, due to bigger restrictions in buying attractive land, Puls Biznesu daily said quoting advisors. CABLE/TELECOMS UPC Poland, Polish cable operator, which agreed to buy its smaller rival Multimedia Polska in October, is looking around for further acquisitions to catch up with Orange Polska , Puls Biznesu daily said quoting UPC CEO. GAS/SLOVAKIA Poland''s and Slovakia''s gas pipeline operators have been granted a European Union subsidy of up to 108 million euros ($115 million) to build a gas link between them, Polish state pipeline operator Gaz-System said on Friday. ****Reuters has not verified stories reported by Polish media and does not vouch for their accuracy.**** For other related news, double click on: Polish equities E.Europe equities Polish money Polish debt Eastern Europe All emerging markets Hot stocks Stock markets Market debt news Forex news For real-time index quotes, double click on: Warsaw WIG20 Budapest BUX Prague PX ($1 = 4.0797 zlotys) (Reporting by Warsaw Bureau) Next In Company News UK Stocks-Factors to watch on Feb. 20 Feb 20 Britain''s FTSE 100 index is seen opening up 11 points at 7,310 on Monday, according to financial bookmakers. * The benchmark FTSE 100 index finished 0.3 percent higher on Friday and gained 0.6 percent for the week. The index, dominated by companies that trade internationally, was also supported by weakness in sterling after a drop in British retail sales for January. * KRAFT HEINZ/UNILEVER: U.S. food company Kraft Heinz Co withdrew its proposal for a $143-bil'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/poland-factors-idUSL8N1G25C3'|'2017-02-20T14:02:00.000+02:00'
'58015020b184c0e59809b353a7b0ed64323b1ad2'|'Exclusive - Petronas considers $1 billion stake sale in offshore gas project: sources'|'Money News  28pm IST Exclusive - Petronas considers $1 billion stake sale in offshore gas project: sources A logo of a Petronas fuel station is seen against a darkening sky in Kuala Lumpur, Malaysia February 10, 2016. REUTERS/Olivia Harris/File Photo By Anshuman Daga - SINGAPORE SINGAPORE Malaysian state-owned oil and gas firm Petronas is aiming to sell a large minority stake in a prized upstream local gas project for up to $1 billion as it seeks to raise cash and cut development costs, two sources familiar with the matter said. Petroliam Nasional Bhd (Petronas) is looking to sell a stake of as much as 49 percent in the SK316 offshore gas block in Malaysia''s Sarawak state, the sources told Reuters, a move that would be among its first major recent sales as it grapples with oil prices that have slumped by half over two-and-a-half years. That slide has squeezed the cash flows of Petronas, hurt its earnings and forced it a year ago to announce a 50 billion ringgit ($11.2 billion) cut in capital expenditure over four years. Petronas, which accounts for a third of Malaysia''s oil and gas revenue, has also cut its dividend. Sources had told Reuters in September it is considering selling its majority stake in a $27 billion Canadian liquefied natural gas (LNG) plant, although the company denied it. It is now working with an investment bank on the SK316 gas block stake sale and kicked off the process this month, one of the sources said. Petronas did not respond to a request for comment. Petronas is currently gauging interest from potential buyers, said the sources, who declined to be identified as they were not authorised to speak about the matter. Gas from the NC3 field in the SK316 block feeds Malaysia''s LNG export project, known as LNG 9, Petronas'' joint venture with JX Nippon Oil & Energy Corp that started commercial production in January. The sources said the stake is expected to include a combination of the producing NC3 gas field, the potential development of the Kasawari field in the same block and other exploration acreage in the block. The funds raised could contribute to the future development of the Kasawari field, one of the largest non-associated gas fields in Malaysia, which has an estimated recoverable hydrocarbon resource of about three trillion standard cubic feet. Petronas put on hold plans to develop the field in 2015 after oil and gas prices fell, according to media reports. Prasanth Kakaraparthi, senior upstream research analyst at consultancy Wood Mackenzie said overall capital expenditure for the 316 block is estimated at around $4 billion, of which the upcoming phase of development accounts for nearly 50 to 60 percent. "Given that the second phase of development will involve a significant amount of capital commitment, it''s not completely out of the question to think that they might want to bring in some partners to sort of share some of that burden," he said. The stake could appeal to firms such as Indonesia''s state-owned Pertamina, Thailand''s PTT Exploration and Production PCL and some Japanese companies, the sources said. They said it might also appeal to the Kuwait Foreign Petroleum Exploration Company, which snapped up Royal Dutch Shell''s stake in Thailand''s Bongkot gas field for $900 million last month. A PTTEP official said the company is keen to invest in Southeast Asia but did not specify if it will invest in the SK316 block. Pertamina did not immediately provide a comment. As huge production comes online in Australia and the United States, LNG markets are oversupplied, resulting in an almost 70 percent slump in Asian spot LNG prices since 2014. Despite this, Malaysia''s LNG assets are viewed as attractive thanks to comparatively low production costs and due to their proximity to North Asia''s big consumption hubs of Japan, China, and South Korea. ($1 = 4.4560 ringgit) (Reporting by Anshuman Daga; Additional reporting by Florence Tan and Henning Gloystein in 
'07e1f02fbd337239ef8aebefc7abc9dbd8c5cd20'|'UK builder Bovis posts profit fall, to build fewer homes'|'  7:16am GMT UK builder Bovis posts profit fall, to build fewer homes A Bovis homes flag flies at a housing development near Bolton, northern England, July 9, 2008. REUTERS/Phil Noble LONDON British housebuilder Bovis Homes ( BVS.L ), whose boss left in January just days after the firm warned it would not meet market expectations, said its full-year pretax profit fell in 2016 and it will build fewer homes this year. Bovis surprised the market at the end of December by saying it would miss market forecasts after failing to build the volumes it anticipated in 2016, with the turbulence prompting a shareholder to suggest it merges with a rival. At the time it said profit would come in at between 160 and 170 million pounds ($210 million) but on Monday the firm posted a 3 percent drop to 155 million pounds. It built nearly 4,000 homes last year but said it expected volumes to fall between 10 percent and 15 percent in 2017 before a return to "normal industry production," despite almost all its peers building more homes and posting bumper profits. Last month, shareholder Schroders Investment Management ( SDR.L ) wrote to London builder Berkeley ( BKGH.L ) asking it to consider a merger, but sources close to both firms told Reuters there was little logic in such a tie-up. ($1 = 0.8046 pounds) (Reporting by Costas Pitas, Editing by Paul Sandle) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-bovis-results-idUKKBN15Z0J7'|'2017-02-20T14:16:00.000+02:00'
'4d9cafbe2619df1fc2d34fa4f022bbf8378c525a'|'Snap arrives in London to woo skeptical investors ahead of IPO'|'Technology  57am EST Snap arrives in London to woo skeptical investors ahead of IPO left right FILE PHOTO: A billboard displays the logo of Snapchat above Times Square in New York March 12, 2015. To match Analysis SNAP-IPO/HARDWARE REUTERS/Lucas Jackson/File Photo 1/2 left right 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. To match Analysis SNAP-IPO/HARDWARE REUTERS/Lucy Nicholson/File Photo 2/2 By Simon Jessop and Sophie Sassard - LONDON LONDON Snap Inc, owner of popular messaging app Snapchat, kicked off its first investor roadshow on Monday, looking to persuade London money managers to back its initial public offering in the face of concerns about its growth prospects, valuation and corporate governance. The U.S. company, which has yet to make a profit, aims to raise between $19.5 billion and $22.3 billion from listing on the New York Stock Exchange, after cutting its initial target of $20-$25 billion last week following investor feedback. Investors attending Monday''s event said Snap''s 26-year-old Chief Executive Evan Spiegel gave a sleek presentation. However, they were disappointed there were no projections on the company''s future revenues or advertising share - an indication of how quickly Snap thinks it can make money from its huge user base. "That''s the million dollar question and we won''t find out for some time," said one potential backer on his way out from the hour-long event where Spiegel ditched his usual casual wear and wore a suit with no tie. Some were disappointed that it was just a question-and-answer session with no demonstration of Snapchat''s spectacles, launched in the United States late last year, which come with a built-in camera. One attendee, however, said it made sense not to push the hardware angle too much at this stage. Few U.S. firms aside from Apple have made big profits on hardware, and camera and wearable gadget makers have much lower valuations than Snap is seeking. Most of the questions related to how the company plans to manage its engagement with advertisers and users, and monetize that better, according to people who were in the room. Its responses won over some potential investors. "Management did a good show, they were very convincing," said one attendee. Los Angeles-based Snap also plans roadshows in New York, Boston and San Francisco. It expects to price its IPO after the U.S. market closes on March 1, according to a confidential document seen by Reuters. GOVERNANCE CONCERNS Some fund managers have said they will stay away from Snap given its decision to adopt a three class share structure - the first of its kind - that will mean shareholders who buy in through the IPO will not have any voting rights. Instead Spiegel and his co-founder Bobby Murphy will have the right to 10 votes for every share, and existing investors one vote for each of their shares. "My view would be investors should tread with caution here, the fact the shares will carry no voting rights would be a major concern for me from a governance perspective," Richard Saldanha, global equities fund manager at Aviva Investors, said ahead of the roadshow. Aviva manages 318 billion pounds across a range of asset classes. Mike Fox, head of sustainable investments at Royal London Asset Management, said the inability to vote against a company at its annual general meeting was a "major red flag" and he would not be taking part in the IPO. "It is worth noting that while many U.S. tech firms have delivered tremendous returns for investors following their listing, performance of firms in this sector has not always matched investor expectations following an IPO," he said, also before the meeting. Others were less worried, though. "Snapchat offers a cocktail of hype, insane valuations, dubious fundamentals and weak governance. However, the same was said about companies like Google and Facebook when they li
'5d52ba2f81f1f1d7727065c9c3eb2a5cbd07897f'|'After OPEC cuts heavy oil, China teapot refiners pull U.S. supply to Asia'|'Business  09am GMT After OPEC cuts heavy oil, China teapot refiners pull U.S. supply to Asia 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 Florence Tan and Liz Hampton - SINGAPORE/HOUSTON SINGAPORE/HOUSTON Chinese independent, or teapot, refiners are bringing in rare cargoes of North American heavy crude in a new long-distance flow that traders say has only been made possible by OPEC''s output cuts and ample supplies in Canada and the United States. In April, at least 1 million barrels of the heavy crude Mars, pumped from the U.S. Gulf of Mexico, are expected to land in China''s Shandong province and 1 million barrels of a second unidentified heavy grade will arrive in China, trade and shipping sources said last week. This follows the arrival in January of 600,000 barrels of U.S. Gulf Blend, a heavy crude made up of a blend of various U.S. and Canadian grades loaded onto ships on the U.S. Gulf Coast, according to the sources and shipping data. Heavy crude is typically more dense and viscous than other oil grades. Refiners with facilities that can process these grades value heavy crude because its lower cost results in higher margins from producing fuels from these grades. The Organization of the Petroleum Exporting Countries'' (OPEC) output cuts have targeted heavy crude, with linchpin producer Saudi Arabia and Venezuela reducing their exports of heavy crude. That has increased the price of Middle East heavy crudes for Asian delivery, making it economical for traders to ship crude from Russia, the Atlantic Basin and the United States to Asia. "The OPEC cuts started from medium and heavy grades and Venezuela (a key supplier to China) is exporting less," said a Singapore-based crude oil trader. The tightening heavy crude supplies are occurring at a time when demand for these types has increased after refiners upgraded their plants, the trader said. Heavy crude typically yields a higher percentage of residue fuels when first processed at a refinery and that residue is then reformulated into higher-value fuels such as gasoline and diesel fuel in so-called cracking units. Since late last year, China, the world''s second-largest oil consumer, has stepped up imports from North America, one of the few regions where oil production is growing. Asia''s strong pull for heavy sour crude from the Americas led Mars WTC-MRS to hit its highest level in a year relative to North American price benchmark West Texas Intermediate (WTI) as traders forecast increased export demand from Asia. The Ligurian Sea, a Suezmax tanker, loaded 600,000 barrels of U.S. Gulf Coast Blend from Port Arthur in Texas. The tanker then went around South Africa to arrive at Lanshan port in Shandong in early January after a 55-day journey, shipping data on Thomson Reuters Eikon showed. The cargo contained Canadian Access Western Blend, a heavy sour grade with an API gravity of about 22 degrees and nearly 4 percent sulphur, said two trade sources who track oil flows. Chinese agent Sinoenergy sold the bulk of the cargo to Shandong Tianhong Chemical and the rest went to Shandong Haiyou Petrochemical Group, they said. The Mars cargo may go to Chinese independent refiner Shandong Wonfull Petrochemical Group, who are close to buying the heavy-sour grade for the first time for April delivery, said a source with knowledge of the proposed deal. The source declined to be named due to company policy. Wonfull will likely buy the cargo from Swiss trader Trafigura [TRAFG.UL], an active seller of U.S. crude in Asia, said a second trader who closely tracks oil deals in Shangdong. Castleton Commodities International (CCI) also plans to ship 1 million barrels of an unknown heavy crude grade from the United States to China onboard the Suezmax tanker Erviken which is scheduled to load on F
'8f2692121e23d55b04282be41f9ad0c65e9eab4b'|'Craft entrepreneurs express anti-Trump sentiment with protest products - Guardian Small Business Network'|'I t was the morning of the Women<65>s Marches in January when Becky Morrison, 25, came up with the idea of her best-ever selling item, the <20>Titty Tee<65>, a white T-shirt with hand-embroidered breast outlines and heart-shaped nipples. <20>My friend wanted to take something to the march that was anti-Trump in sentiment and more subtle than a sign,<2C> says Morrison, a freelance social media manager who sells hand-embroidered products as a side gig. <20>The T-shirts celebrate being a woman.<2E>When Morrison met up with some friends for brunch before the march, they were envious of the political designs. <20>I ended up sewing nipples on to their jumpers on the table.<2E> The T-shirts didn<64>t just catch the attention of her friendship group. Morrison shared pictures of her at the protest across her social media accounts and soon started receiving requests to buy them. Seizing the opportunity, she set to work making more and put them up for sale online. They are selling for <20>30 on Morrison<6F>s website and The Z List , a retail site run by her boss Sabine Zetteler (whose PR firm specialises in the creative sector).Morrison decided to donate 10% of the proceeds to Cancer Research UK, to help fight breast cancer.So far she has sold 75 T-shirts, each taking her 30 minutes to make. She says it<69>s been quite a juggle around her a full-time job, but the T-shirts have helped raise awareness of her brand.Facebook Twitter Pinterest Morrison<6F>s T-shirts: 10% of the proceeds go to Cancer Research UK. Photograph: Becky Morrison Morrison isn<73>t the only one channeling frustrations towards President Trump through craft. Opposition to the statements and decisions he has made on immigration and women have inspired many others. Recently Krista Suh and Jayna Zweiman encouraged women across the world to knit pink <20>pussy hats<74> to create a visual statement at the women<65>s marches, while a wave of independent artists have been inspired to create satirical clothing and merchandise. It<49>s a burgeoning niche for craft entrepreneurs <20> an <20>anti Trump<6D> search on eBay brings up more than 5,800 results.Patricia van den Akker, director of The Design Trust , an online business school for designers and makers, says: <20>When something important like [Trump<6D>s election and the subsequent marches] happen then there is often a reaction by creatives.<2E> However, she adds: <20>I don<6F>t think these products are about making money, but about letting your voice be heard. Especially as a female creative, using the domesticity of craft can be really powerful and humorous.<2E> For Monday<61>s nationwide march , organised by the Stop Trump coalition, Glasgow-based graphic designer Mhairi Mackenzie and her friends will be wearing her range of four handmade anti-Trump protest badges. They are inspired by placards she spotted at previous marches, but have been given a Scottish twist. <20>Up until recently I wasn<73>t particularly politically active, but I felt the need to create something in response to [Trump].<2E> says Mackenzie. Each of her protest products retail at <20>20 a piece through Bonnie Bling , her laser cut acrylic jewellery company, with <20>5 from each sale donated to Glasgow-based refugee charity Refuweegee .Facebook Twitter Pinterest Mhairi Mackenzie<69>s designs: <20>I felt the need to create something.<2E> Photograph: Mhairi Mackenzie <20>Pictures of the placards people had created around the globe made me feel more hopeful [...] and I was inspired by the creativity that others were putting into their own protests,<2C> she says. When Mackenzie created a badge for herself to wear as her own mini protest, she received so many complimentary comments in person and on Instagram that she decided to sketch some more designs and start selling them on her website. <20>Within 24 hours I had sold over 100 badges.<2E> Ellie Kate Gray, a University of West England postgraduate student, has tapped into the anti-Trump feeling with her hand-sewn dolls, which she sells on Etsy. A recent creation is a pin
'10b94337e8e3a3a586f41b566020a5aeed1d0a94'|'EQT Infrastructure to buy Lumos Networks in $950 mln deal'|'Deals   9:17am EST EQT Infrastructure to buy Lumos Networks in $950 mln deal Fiber-based service provider Lumos Networks Corp ( LMOS.O ) said on Monday it agreed to be bought by investment firm EQT Infrastructure in an all-cash deal with an enterprise value of about $950 million. The offer of $18 per share represents an 18.2 percent premium to Lumos'' closing price of $15.23 on Friday. (Reporting by Anya George; Editing by Leslie AdlerTharakan in Bengaluru) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-lumos-network-m-a-eqt-infrastructure-idUSKBN15Z1G1'|'2017-02-20T21:15:00.000+02:00'
'39858a7d42ed4f1e8cc89192727db2acf78d89a9'|'CEE MARKETS-Stocks rise slightly, Polish bonds ease a shade'|'Company News  20am EST CEE MARKETS-Stocks rise slightly, Polish bonds ease a shade * Stocks rise slightly, Moneta Bank rise helps Prague * Serbian assets mixed after PM says will run for presidency * Polish bonds mildly softer after strong output data By Sandor Peto BUDAPEST, Feb 20 Prague led a cautious rise in Central European equities on Monday, mainly driven by the gains of Moneta Money Bank, while Central European assets were mostly moving sideways. Prague''s main index firmed 0.4 percent by 0929 GMT. Moneta shares rose 1.2 percent to 85.85 Czech crowns ($3.38), after JP Morgan raised its target price to 100 from 92 crowns. Earlier this month the stock rose to all-time highs after Moneta reported higher-than-expected fourth-quarter earnings and proposed a high dividend payment to shareholders. Good earnings from Central European banks, coupled with a rally in international equities markets, helped the region''s main stock indexes reach their highest levels since 2015 - or in the case of Budapest, record highs - in the past weeks. Profit-taking pared those gains on Friday. Regional markets lacked momentum on Monday as U.S. markets remain closed due to the Presidents Day holiday. The forint and the zloty firmed 0.1 percent against the euro and the leu was flat. Serbian markets were mixed after Prime Minister Aleksandar Vucic agreed late on Friday to run for the presidency in elections tentatively slated for April. Vucic as president instead of incumbent Tomislav Nikolic could mean a quicker advance towards EU accession and a further improvement of Serbia''s ties with NATO, despite its military neutrality. The dinar firmed slightly and Belgrade shares eased 0.3 percent. Polish government bond yields were flat or a touch higher. A surge in industrial output and retail sales in January increases the odds that the Polish central bank could start to lift interest rates before 2018 and that could weigh on bonds. But a rise in inflation in Poland has been fuelled by one-off factors, therefore the bank is unlikely to bring forward rate tightening, Raiffeisen analyst Stephan Imre said in a note. Erste analysts raised their inflation forecasts for Hungary and Slovakia, but said in a note that inflation, forecast at an average 1.6 percent in Central Europe for this year, does not threaten inflation targets in the region. "Therefore, monetary policy should not react quickly, apart from the Czech Republic, where the high inflation will likely prompt the CNB to exit the FX regime in April," they said. "In Romania and Poland, we see a likely tightening only next year, while in Hungary, as reinforced by recent central banker comments, the easing bias should remain rather strong," they added. CEE SNAPS AT 1029 MARKETS HOT CET CURRENCIES Lates Previ Daily Chang t ous e bid close chang in e 2017 Czech crown 27.02 27.02 +0.0 -0.05 10 10 0% % Hungary 308.2 308.3 +0.0 0.20% forint 000 950 6% Polish 4.329 4.332 +0.0 1.73% zloty 0 7 9% Romanian 4.526 4.524 -0.03 0.20% leu 0 9 % Croatian 7.448 7.439 -0.11 1.44% kuna 0 5 % Serbian 123.8 124.0 +0.1 -0.43 dinar 800 500 4% % 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 973.3 970.0 +0.3 +5.6 6 1 5% 2% Budapest 33912 33828 +0.2 +5.9 .05 .86 5% 7% Warsaw 2191. 2188. +0.1 +12. 11 30 3% 48% Bucharest 7768. 7745. +0.3 +9.6 94 39 0% 5% Ljubljana 761.4 762.6 -0.15 +6.1 7 3 % 1% Zagreb 2190. 2192. -0.08 +9.8 99 75 % 3% Belgrade <.BELEX15 707.6 709.8 -0.31 -1.35 > 6 9 % % Sofia 597.3 597.0 +0.0 +1.8 8 1 6% 7% BONDS Yield Yield Sprea Daily d (bid) chang vs chang e Bund e in Czech sprea Republic d 2-year <CZ2YT=RR -0.41 -0.01 +040 -2bps > 6 5 bps 5-year <CZ5YT=RR 0.226 -0.04 +068 -5bps > 3 bps 10-year <CZ10YT=R 0.655 0.009 +034 -1bps R> bps Poland 2-year <PL2YT=RR 2.253 0.018 +307 +1bp > bps s 5-year <PL5YT=RR 3.189 0.001 +365 -1bps > bps 10-year <PL10YT=R 3.852 0.023 +354 +1bp R> bps s FORWARD RATE AGREEMENT 3x6 6x9
'181c92c44332cf72a56a31006f37dbc1384f67f6'|'European shares up, Unilever and Pearson weigh on FTSE - For more see the European equities LiveMarkets blog'|'Company News - Mon Feb 20, 2017 - 10:51am EST European shares up, Unilever and Pearson weigh on FTSE - For more see the European equities LiveMarkets blog LONDON Feb 20 Live coverage of European markets now available on cpurl://apps.cp./cms/?pageId=livemarkets Summary: **STOXX remains close to 13-month peak **Unilever''s slump after Kraft walks away weighs **Deutsche Telekom lifts sector on US wireless merger hopes **French, Italy banks lag positive banking sector; RBS up **Pearson among most-shorted stocks ahead of earnings **Volumes seen thin as U.S. markets closed for holiday (Reporting by Helen Reid)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/european-shares-up-unilever-and-pearson-idUSL8N1G5446'|'2017-02-20T22:51:00.000+02:00'
'4d6277a67604b8578ed99433d75c9b68276c021f'|'GE says it sells 82 turbines to wind power complex in Brazil'|'Company News - Mon Feb 20, 2017 - 3:17pm EST GE says it sells 82 turbines to wind power complex in Brazil SAO PAULO Feb 20 Heavy machines maker General Electric Co agreed to supply 82 turbines to Brazil''s CER (Companhia de Energias Renov<6F>veis), which is building a wind power complex in the country, GE''s Latin America head for wind power, Jean-Claude Robert, told Reuters on Monday. (Reporting by Luciano Costa; Writing by Marcelo Teixeira; Editing by Sandra Maler) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/ge-brazil-windfarm-idUSE6N1CG05F'|'2017-02-21T03:17:00.000+02:00'
'1aab93932b04a2de4656a383f04cc2ab2719a67a'|'Citi to improve internal systems after pays fine for South Africa forex collusion'|' 17am EST Citi to improve internal systems after pays fine for South Africa forex collusion JOHANNESBURG Feb 20 Citibank, N.A. South Africa said on Monday it aimed to improve its internal systems and monitoring processes after it agreed to pay a 69.5 million rand ($5 million) penalty for its role in a forex trading cartel. South Africa''s Competition Commission said last week it had found more than a dozen local and foreign banks colluded to coordinate trading in the South African and U.S. currencies. ($1 = 13.0555 rand) (Reporting by Tiisetso Motsoeneng; Writing by Ed Stoddard; Editing by James Macharia)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/safrica-rand-rigging-citi-citigroup-reac-idUSL8N1G53TL'|'2017-02-20T22:17:00.000+02:00'
'449988b792f713f18f4e6383b0b59f09c68c8732'|'Rags to riches? The privileged are more likely to become entrepreneurs - Guardian Small Business Network'|'W hen 28-year old Cam Worth had the idea for his agency SharpEnd three years ago, he knew he would struggle to get it off the ground. Investors weren<65>t interested in a company specialising in advising businesses about the internet of things in 2014 and, although he was working full time, he had no money, assets or savings to back it himself.<2E>One of the things that I<>ve always had from my upbringing was lack of cash in the bank,<2C> Worth, who grew up in London, says. <20>There<72>s always points in life where you feel like you<6F>re less advantaged because you<6F>re less privileged <20> I haven<65>t had a university education because we couldn<64>t afford it, for example. But I also think it teaches you resilience.<2E> Launching a new business shouldn<64>t be a privilege to those born with a silver spoon in their mouthHilary Devey Worth pitched his business idea to a client who he believed would benefit from what he wanted to offer. Happily, they agreed he was on to a good thing and offered him <20>10,000 to cover the launch costs, which SharpEnd repaid in services once the company was operational. <20>It<49>s been really great to see the initial belief that the client had with us pay off,<2C> he adds. Finding an outside funder was vital for Worth, but this is not a common route among budding business owners. Recent research commissioned by equity crowdfunding platform Crowdfinders found that 35% of aspiring entrepreneurs would use personal savings to launch their business, and 15% would use cash from friends and family.But what happens when those funds aren<65>t available? According to a review by entrepreneur Michelle Mone into the enterprise landscape in deprived UK communities, the national average rate for self-employment is 10%. However, in the country<72>s most deprived communities, the average shrinks to around 5%.<2E>For a lot of people, [being self-employed] is precarious, particularly at the start of a business,<2C> says Ben Dellot, associate director of the economy, enterprise and manufacturing department of the Royal Society for the Encouragement of Arts, Manufactures and Commerce ( RSA ). <20>Earnings are very low. That means it can lock out people from less privileged backgrounds [who don<6F>t have savings or family money to fall back on].<2E>Dellot led the RSA<53>s research into self-employment in Britain in 2015 , which found that those who owned homes were more likely to start up on their own, and 30% more likely than renters to see their company<6E>s third anniversary. <20>We tend to think of entrepreneurship as this rags to riches story, but actually [having] money plays a huge factor, and people don<6F>t talk about it,<2C> Dellot says. <20>It<49>s one of those things where you need money to make money.<2E>Former Dragons<6E> Den panellist Hilary Devey thinks the playing field is <20>no longer level<65> and most businesses need an initial cash injection. <20>To get [freight exporting company] Pall-Ex off the ground, I ended up selling my house and car. But how many young, aspiring entrepreneurs today even have their own house or car to sell? Launching a new business shouldn<64>t be a privilege to those born with a silver spoon in their mouth,<2C> she says.Limited support for growth Support does exist for those in the most financially challenged circumstances hoping to create their own employment opportunities, but it<69>s limited. The New Enterprise Allowance (NEA), for example, is designed to support those on benefits to start their own venture with mentoring, advice and a small amount of financial help (up to <20>65 per week). According to Mone<6E>s review, the scheme has helped more than 70,000 small businesses and sole traders to get started.Facebook Twitter Pinterest Winning <20>5,000 helped Jess Elliott to focus on her business, J<>s Dance Factory, full time after university. Photograph: Richard Pascoe Likewise, aspiring business owners can look to public sector schemes, non-government organisations such as the Prince<63>s Trust, universities and bank-backed enterpr
'66e59f16226d358f69948b9d9c5c4acde6e7346e'|'EMERGING MARKETS-Turkish lira, Mongolian bonds lead emerging market gains'|'Company News  18am EST EMERGING MARKETS-Turkish lira, Mongolian bonds lead emerging market gains By Karin Strohecker - LONDON LONDON Feb 20 Turkey''s lira hit the strongest level in more than six weeks against the dollar and Mongolian bonds soared after a $5.5 billion IMF-led bailout for the country, outperforming broader emerging markets. MSCI''s emerging index rose 0.2 percent, but struggled to get close to 1-1/2 year highs hit last week after Friday''s 0.7 percent fall. Meanwhile, stronger commodity prices and investors seeking higher rewards lifted some currencies as investors prepared for speeches by U.S. Federal Reserve policymakers that could provide further clues on the future path of interest rates. Speculation the Fed could hike as soon as March has generally underpinned the dollar and pressured some emerging currencies, though Monday trading was muted with U.S. markets closed for Presidents Day. Turkey''s lira strengthened 0.3 percent in its second day of gains, shrugging off data showing consumer confidence declining in February, though the gains later faded. "Two things are supporting emerging market currencies: One is the yield and the other is volatility, and - as long as volatility remains low and yields remain high - the carry trade continues and this attracts flows into lira, rouble and other high yielders," said Cristian Maggio at TD Securities. Higher oil prices and ratings agency Moody''s updating its outlook on Moscow''s sovereign rating to ''stable'' from ''negative'' propelled Russia''s rouble 0.6 percent higher against the dollar. "It signals that the acute phase of the Russian crisis is over and none of the agencies expect further deterioration on the macro and creditworthiness front," Maggio added. But South Africa''s rand slipped 0.6 percent to its weakest level in nearly a week, with investors nervous before Finance Minister Pravin Gordhan''s budget speech on Wednesday amid renewed talk of a cabinet reshuffle. Gordhan may target taxes on income, alcohol and tobacco in the budget to reassure rating agencies that he will gradually rein in the deficit, a Reuters poll found. Asian currencies were mostly weaker, with the Philippine peso hitting its lowest in more than a decade after crashing through the psychologically key 50-per-dollar level Thailand''s baht also slipped after data showed the economy expanded less than expected in the last quarter of 2016, indicating recovery will remain slow. Meanwhile, Mongolian dollar bonds rose across the curve after the country staved off default risk, clinching a $5.5 billion loan package with the International Monetary Fund, the World Bank, Beijing and other lenders. Across emerging Europe, Serbia''s dinar firmed 0.15 percent after Prime Minister Aleksandar Vucic agreed to be the presidential candidate of his centre-right Serbian Progressive Party (SNS) in an election tentatively slated for April. A victory for Vucic could mean a quicker move to EU accession by the Balkan country. 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 941.53 +2.50 +0.27 +9.19 Czech Rep 973.99 +3.98 +0.41 +5.68 Poland 2194.57 +6.27 +0.29 +12.66 Hungary 33894.35 +65.49 +0.19 +5.91 Romania 7774.16 +28.77 +0.37 +9.73 Greece 645.41 +5.95 +0.93 +0.27 Russia 1149.81 -2.40 -0.21 -0.22 South Africa 45571.75 +497.12 +1.10 +3.80 Turkey 88815.64 -14.76 -0.02 +13.66 China 3241.46 +39.38 +1.23 +4.44 India 28595.26 +126.51 +0.44 +7.39 Currencies Latest Prev Local Local close currency currency'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/emerging-markets-idUSL8N1G51UD'|'2017-02-20T17:18:00.000+02:00'
'91ec430a4ebc9409c857ca646fb617e5eee96996'|'Exclusive: China''s Geely to bid for Malaysian car maker Proton - sources'|'By Norihiko Shirouzu - BEIJING BEIJING Chinese automaker Zhejiang Geely Holding Group Co is expected to bid as early as this week for a strategic partnership with struggling Malaysian car maker Proton Holdings Bhd, two people familiar with the bidding process told Reuters.As part of its pitch following discussions with Proton''s owner, Malaysian conglomerate DRB-Hicom Bhd ( DRBM.KL ), Hangzhou-based Geely, which owns Sweden''s Volvo Car Group, is expected to offer Proton some of the latest vehicle technologies it has developed with Volvo''s input.DRB-Hicom said earlier this month it was waiting for prospective foreign car makers to submit bids for a strategic partnership.Proton, founded in 1983 by former Malaysian premier Mahathir Mohamad, received 1.5 billion ringgit ($338.2 million) in government aid a year ago on the condition that it implement a turnaround plan and seek a foreign partner to help its research and development.Other potential bidders have included Peugeot maker PSA ( PEUP.PA ), Japan''s Suzuki Motor Corp ( 7269.T ) and French car maker Renault SA ( RENA.PA ).In response to Reuters requests for comment, Mahmood Razak, DRB-Hicom''s head of strategic communications, said: "We have nothing new to say," noting a previous statement about it being a complex process. It has said it expects to announce a decision in the first half of this year."We are evaluating the bids received. No disclosures until we have selected a FSP (foreign strategic partner)," he added.A Geely spokesman declined to comment.It was not clear whether Geely''s pitch - part of what the sources said was the final bidding round - includes a cash offer for a stake in Proton. The people with knowledge of the bidding said Geely is looking for at least a 51 percent stake.DRIVING ON THE LEFTBy offering Proton some of its own technologies, Geely hopes to help Proton''s sales in right-hand-drive (RHD) markets, including Malaysia, the UK, India and Australia, the people said.The technologies include those Geely has used to engineer midsize vehicles such as its GC9 sedan and Boyue sport-utility vehicle, as well as small car technologies developed with Volvo, the people said.Strong sales of the GC9 and the Boyue SUV helped Geely grow its China sales by 50 percent last year to 765,851 vehicles.Geely''s investment would help Proton - which also owns British sports car maker Lotus - grow its sales overseas and recover some of the global presence it has lost in recent years, the people said.For Geely, a significant partnership with Proton would give the Chinese firm entry into the global (RHD) market."There are 8 million RHD vehicles sold every year globally," one of the individuals said. "Geely sells roughly zero RHD cars, so even if Geely cars were sold under Proton, if nothing else Geely would make a handsome license fee.""The overall plan is basically to invest in Proton to bring it back to global (sales) levels it had in the 1990s," the person added.Geely''s offer comes amid a thaw in often chilly ties between Malaysia and China.In November, Malaysian Prime Minister Najib Razak returned from a six-day trip to China with about $34 billion worth of deals - including an agreement to buy four Chinese naval vessels - which could help lift the economy ahead of elections due by mid-2018.(Reporting by Norihiko Shirouzu in BEIJING, with additional reporting by Liz Lee in KUALA LUMPUR; Editing by Ian Geoghegan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-proton-m-a-geely-exclusive-idINKBN15Z138'|'2017-02-20T08:27:00.000+02:00'
'b7872226fdfd050d6d5eac2173e5126615474003'|'UK environment agency pension fund may raise infrastructure exposure - CIO'|' 34pm GMT UK environment agency pension fund may raise infrastructure exposure - CIO LONDON Britain''s three billion pound Environment Agency Pension Fund (EAPF) is looking to raise its allocation to high-yielding infrastructure projects to 7 percent from 5 percent, its chief investment officer Mark Mansley said on Monday. Mansley, who was speaking to Reuters on the sidelines of a conference, declined to give a specific timing for the possible adoption of the new target. Governments are eager for long-term investors to put money into new infrastructure projects such as alternative energy, bridges or roads. But investors, who generally only invest a small amount of their portfolios in these alternative assets, are often reluctant to take on "greenfield" schemes, which include construction risk. However, the EAPF is starting to explore direct investments and the possibility of taking some construction risk, perhaps for onshore wind farms or solar power projects, which can be erected relatively quickly, Mansley added. "Investing in greenfield projects can be quite a rewarding area, taking them through to completion, holding them for the next 25 years or selling them if the market is still over-rich," he said. "The key thing is having good partners who know how to mitigate the construction risk." The fund, which has a strong focus on responsible and sustainable investment, currently invests mainly through pooled funds such as Copenhagen Infrastructure II K/S, which has made an investment in British biomass-fired power plant project Brite. Mansley told the Stirling Infrastructure Partners conference in London that at one level infrastructure was becoming a crowded trade: "There are lots of people chasing lots of deals ... Prices are getting squeezed. As an investor you have to be careful about where you want to be." As a result, he said the fund was moving away slightly from some of its core infrastructure equity exposure, which was looking quite expensive. Demand for infrastructure equity in developed markets has rapidly outstripped supply, prompting investors to bid up prices to get access to the choicest assets. Mansley said he was a "slight sceptic on size" and it might pay for investors to look at smaller projects, where the EAPF had made a number of investments. "The 1 billion pound projects are the popular ones," said Mansley. "But in the hundreds of millions size, the queues are less long and the prices are a bit more attractive." (Reporting by Claire Milhench; Editing by Gareth Jones)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/britain-infrastructure-eapf-idUKKBN15Z1H0'|'2017-02-20T21:34:00.000+02:00'
'2583879cdaa4a293838863349e46dd953b36f5f5'|'Euro zone consumer confidence falls in February'|'Business News - Mon Feb 20, 2017 - 3:03pm GMT Euro zone consumer confidence falls in February A woman shop windows at a Zara store in Madrid, Spain, June 10, 2015. REUTERS/Andrea Comas BRUSSELS Euro zone consumer confidence fell in February in both the euro zone and the wider European Union, figures released on Monday showed. The European Commission said a flash estimate showed euro zone consumer morale dropping to -6.2 in February from an upwardly revised -4.8 in January. In the European Union as a whole, consumer sentiment fell by 0.9 points to -5.2. For European Commission data click on: (Reporting by Robert-Jan Bartunek; editing by Foo Yun Chee) Next In Business News UK union fears grow over future of GM''s Vauxhall plants - source LONDON The head of Britain''s biggest trade union is likely to meet the CEO of PSA Group on Friday amid growing concerns over the future of Vauxhall plants if the French carmaker buys the business from General Motors, a union source told Reuters.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eurozone-economy-consumersentiment-idUKKBN15Z1JO'|'2017-02-20T22:03:00.000+02:00'
'd7f1d305d4cc1e09ab78dd1ab893799d0b535968'|'Trump administration drafts plan to raise asylum bar, speed deportations'|'Company News - Sat Feb 18, 2017 - 11:43pm EST Trump administration drafts plan to raise asylum bar, speed deportations By Julia Edwards Ainsley WASHINGTON, Feb 18 The Department of Homeland Security has prepared new guidance for immigration agents aimed at speeding up deportations by denying asylum claims earlier in the process. The new guidelines, contained in a draft memo dated February 17 but not yet sent to field offices, directs agents to only pass applicants who have a good chance of ultimately getting asylum, but does not give specific criteria for establishing credible fear of persecution if sent home. The guidance instructs asylum officers to "elicit all relevant information" in determining whether an applicant has <20>credible fear<61> of persecution if returned home, the first obstacle faced by migrants on the U.S.-Mexico border requesting asylum. (Graphic: tmsnrt.rs/2m4aPAs ) Three sources familiar with the drafting of the guidance said the goal of the new instructions is to raise the bar on initial screening. The administration''s plan is to leave wide discretion to asylum officers by allowing them to determine which applications have a "significant possibility" of being approved by an immigration court, the sources said. The guidance was first reported and posted on the internet by McClatchy news organization. In 2015, just 18 percent of asylum applicants whose cases were ruled on by immigration judges were granted asylum, according to the Justice Department. Applicants from countries with a high rate of political persecution have a higher chance of winning their asylum cases. A tougher approach to asylum seekers would be an element of President Donald Trump''s promise to crackdown on immigration and tighten border security, a cornerstone of his election campaign and a top priority of his first month in office. The DHS declined to comment for this story, referring questions to the White House, which did not respond to a request for comment. WHAT IS "CREDIBLE FEAR"? Under the Immigration and Nationality Act, an applicant must generally demonstrate "a well-founded fear of persecution on account of race, religion, nationality, membership in a particular social group, or political opinion." Immigration lawyers say any applicants who appear to meet that criteria in their initial interviews should be allowed to make their cases in court. They oppose encouraging asylum officers to take a stricter stance on questioning claims and rejecting applications. Interviews to assess credible fear are conducted almost immediately after an asylum request is made, often at the border or in detention facilities by immigration agents or asylum officers, and most applicants easily clear that hurdle. Between July and September of 2016, U.S. asylum officers accepted nearly 88 percent of the claims of credible fear, according to U.S. Citizenship and Immigration Services data. Asylum seekers who fail the credible fear test can be quickly deported unless they file an appeal. Currently, those who pass the test are eventually released and allowed to remain in the United States awaiting hearings, which are often scheduled years into the future because of a backlog of more than 500,000 cases in immigration courts. Between October 2015 and April 2016, nearly 50,000 migrants claimed credible fear, 78 percent of whom were from Honduras, El Salvador, Guatemala or Mexico, according to statistics from USCIS. The number of migrants from those three countries who passed credible fear and went to court to make their case for asylum rose sharply between 2011 and 2015, from 13,970 claims to 34,125, according to data from the Justice Department. Former border patrol chief Mike Fisher credits that trend to advice from immigration lawyers who know "asylum officers are going to err on the side of caution and refer most cases to a judge." The new guidance on asylum seekers is for border personnel implementing Trump''s Jan. 25 executive order 
'8dd1719584225d8e72d9b79678900f985922cb40'|'MIDEAST STOCKS - Factors to watch - Feb 19'|'DUBAI Feb 19 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-World stocks edge lower; Wall Street at record* MIDEAST STOCKS-Gulf ends week on firm footing, Egypt rebounds* Oil steady, but down for the week as glut worries face OPEC cuts* PRECIOUS-Gold steadies as global equities lose momentum* U.S.'' Tillerson calms allies on Syria ahead of Geneva talks* Iran sees oil output reaching 4 mln bpd by April, aims for 4.7 mln bpd* Tillerson denies suggesting he wants to scrap Iran nuclear deal* After Tillerson meet, France says U.S. position on Mideast peace "confused and worrying"* Russia says Syrian ceasefire allows it to up efforts against Islamic State* Iran finds 2 bln barrels shale oil reserves in western province* Gulf States to maintain defence spending despite oil price slump* Turkey detains 26 people after car bomb, governor says PKK responsible* Turkey''s Garanti sees subdued demand for project finance in 2017* Iraq plans to acquire "large fleet" of oil tankers* UN shifts on Syria talks language, in concession to Assad* Germany says building more Israeli settlements may end two-state solution* U.S. ambassador at U.N. says Trump supports two-state solution* West Mosul residents told battle is imminent as Iraqi forces begin movingEGYPT* Export Summary-Egypt buys wheat, United States sells corn* Egypt''s GASC seeking soybean oil, sunflower oil in tender* Egypt''s GASC says buys 360,000 tonnes of Russian, Ukrainian and Romanian wheat* Egypt central bank leaves key interest rates unchanged as pound strengthens* Average yields jump on Egyptian six-month and one-year T-bills* INTERVIEW-Egyptian food producer Juhayna to cut investment in 2017SAUDI ARABIA* Saudi Aramco says contains "limited" oil pipeline leak, one person died* JPMorgan set to be underwriter on Saudi Aramco IPO- FT, citing sources* Saudi Arabia debating shape of Aramco ahead of IPO - sources* Saudi stock exchange appoints first female chair* Saudi bourse, executives to lure Asian investment on March trip* Saudi foreign minister optimistic about overcoming Mideast challenges* Saudi''s Al Rajhi Bank eyes corporate banking business growthUNITED ARAB EMIRATES* Trump''s defense chief visits UAE in first Middle East trip* UAE Central Bank drafts rules pushing banks to lend to SMEs* Abu Dhabi''s new $125 bln fund to start operating in May* Dubai expected to issue dollar bond this quarter <20>sources* UAE telecoms firm du targets $272 million in savings by 2019* Middle East Crude-April light grades weaken after ADNOC offers more oilQATAR* Mavshack signs a strategic partner agreement with Ooredoo* Tekfen Holding unit Tekfen Insaat''s JV to sign $342.5 mln agreement in QatarKUWAIT* Kuwait''s Burgan Bank Q4 net profit rises 14.6 pct* Kuwait''s First Investment receives 6.3 mln shares of Abar from its unit under liquidationBAHRAIN* TABLE-Bahrain bank lending growth slows in November, M2 picks upOMAN* Middle East Crude-Oman bucks trend to hit 18-mth high* Oman considers taking early payments for oil to avoid new debt <20>sources(Reporting by Dubai Newsroom)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/mideast-factors-idINL8N1G30GC'|'2017-02-19T01:06:00.000+02:00'
'd6a749ccd3c2d470a29db6886f2ae0ab8a48c122'|'Top Vale shareholders plan to end holding company -report'|'RIO DE JANEIRO Feb 19 The largest shareholders of Vale SA have decided to dissolve an investment holding company through which they controlled the world''s biggest iron ore producer for 20 years, newspaper O Globo reported on Sunday.The decision, amid ongoing efforts to renew a shareholder accord, would allow the individual shareholders to directly control their stakes in Vale and begin to vote on their own.The newspaper, in Vale''s hometown of Rio de Janeiro, did not say how soon the actual dissolution of the holding company would occur.The partners in Valepar SA, as the holding company is known, include Bradespar SA, Mitsui & Co., several Brazilian state-run pension funds led by Previ Caixa de Previd<69>ncia, and Brazil''s state development bank, known as the BNDES.Reuters reported on Jan. 19 that members of Valepar were negotiating an effort to extinguish the bloc over a six-year period. By that point, Vale would become a company with diluted share ownership.O Globo said the partners in Valepar would announce their decision next month. The current 20-year Valepar shareholder accord expires in April.With Valepar no longer acting as a bloc, Bradespar and Previ believe the company will be more attractive to other investors, people familiar with the matter told Reuters in January.A more dispersed shareholder structure could result in enhanced transparency and less meddling by Brazil''s government, which can influence decisions through the BNDES and the pension funds.It can also exert veto power through a so-called golden share, which allows it to fend off hostile takeover attempts and shape strategic decisions.In addition to Previ, the pension funds with stakes in Valepar include Petros Funda<64><61>o, Funcef and privately-owned Funda<64><61>o Cesp.Previ and Bradespar did not have an immediate comment on the O Globo report. Spokespeople for BNDES and Petros did not immediately return calls by Reuters on Sunday seeking comment.Officials at Mitsui could not immediately be reached for comment. (Reporting by Guillermo Parra-Bernal; Editing by Alan Crosby)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/vale-shareholders-idINL1N1G409D'|'2017-02-19T12:18:00.000+02:00'
'075a8642244cc207bf14c841c3b5c43fd424d4c7'|'You can now buy Snapchat Spectacles online 20,'|'An afternoon with Snap Spectacles You no longer have to find a special vending machine to get your hands on a pair of Snapchatting sunglasses. Snap announced Monday morning that Spectacles will now be available on Spectacles.com . The $130 Spectacles let you film "snaps" at the touch of a button. A wireless video camera embedded in the sunglasses captures 10 seconds of video and saves it to your Snapchat app. You can then edit and share the videos with friends and add to your Snapchat Story. Snap launched Spectacles in November 2016 . People waited hours to get their hands on a pair, which at first were only available from a vending machine on Venice Beach. At the beginning of the Spectacles frenzy, resellers listed the black, orange and blue glasses for more than $900 on eBay. Related: Snapchat''s IPO has a Twitter problem The unusual retail campaign plopped down Snapbots -- one-eyed vending machines that look like cartoon Minions -- in select cities across the country. Snap will continue to roll out Snapbots so you can still buy them in person. However, the iconic New York pop-up store closed on Sunday. Despite the hype, Snap admits that it''s not making any money off the glasses. According to recent Snap''s IPO filing, Spectacles have not generated any revenue for the company. "There is no guarantee that investing in new lines of business, new products and other initiatives will succeed," the company wrote in its filing. Snap is expected to go public the first week of March. CNNMoney (San Francisco)   20, 2017: 8:18 AM ET'|'cnn.com'|'http://rss.cnn.com/rss/money_technology.rss'|'http://money.cnn.com/2017/02/20/technology/buy-snapchat-spectacles-online/index.html'|'2017-02-20T15:18:00.000+02:00'
'104b1be050fb1c5de1bf62da5db11bcb9c545ecd'|'Telefonica to sell up to 40 percent of Telxius to KKR for 1.3 billion euros'|'  7:17am GMT Telefonica to sell up to 40 percent of Telxius to KKR for 1.3 billion euros A man stands under a logo of Spain''s telecom giant Telefonica at the company''s headquarters in Madrid, Spain, February 26, 2016. REUTERS/Juan Medina/File Photo - RTSPNJA MADRID Spain''s Telefonica ( TEF.MC ) said on Tuesday it had agreed to sell up to a 40 percent stake in its telecom masts subsidiary Telxius to private equity firm KKR ( KKR.N ) for 1.275 billion euros (1.08 billion pounds) The sale would be seen as a small step in bringing down Telefonica''s 50 billion-euro debt pile, but will help to show investors that last year''s dividend cut, aimed at waiting for a more profitable asset sale, is paying off. The accord includes a call option for 62 million Telxius shares - around 24.8 percent of Telxius - for 790.5 million euros and put options for 38 million shares - around 15.2 percent - for at least 484.5 million euros. The operation gives an enterprise value for Telxius, including debt, of 3.678 billion euros, Telefonica said in a statement to the market regulator. Telxius owns and operates a large portfolio of nearly 16,000 telecommunications towers in five countries and manages an international network with approximately 65,000 kilometers of submarine fibre optic cables. The operation is subject to regulatory approval. ($1 = 0.9446 euros) (Reporting by Paul Day; Editing by Emma Pinedo)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-telefonica-m-a-kkr-idUKKBN1600L4'|'2017-02-21T14:17:00.000+02:00'
'40f669fec3005fa75f7ea265fe7e006de071840f'|'BHP Billiton boosts interim dividend as iron ore prices soar'|'Business News - Tue Feb 21, 2017 - 6:04am GMT BHP Billiton boosts interim dividend as iron ore prices soar FILE PHOTO - A sign adorns the building where mining company BHP Billiton has their office in Perth, Western Australia, November 19, 2015. REUTERS/David Gray/File Photo SYDNEY Mining giant BHP Billiton ( BHP.AX ) ( BLT.L ) rewarded shareholders with a bigger than expected dividend on Tuesday, signalling its growing confidence amid a resurgence in commodity prices. The world''s biggest miner reported a near eight-fold rise in underlying first-half net profit to $3.24 billion from $412 million a year earlier, just missing market forecasts for $3.4 billion. It declared a first-half dividend of 40 cents, up from 16 cents a year ago. "This is a strong result that follows several years of a considered and deliberate approach to improve productivity and redesign our portfolio and operating model," Chief Executive Andrew Mackenzie said in a statement. (Reporting by James Regan; Editing by Richard Pullin) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-bhp-billiton-results-idUKKBN1600EC'|'2017-02-21T13:04:00.000+02:00'
'86ca7efeaeec3be954ba28615b869181982d3c46'|'French business activity surges above expectations despite election uncertainty - PMI'|'Business News - Tue Feb 21, 2017 - 8:06am GMT French business activity surges above expectations despite election uncertainty - PMI - French business activity surged passed expectations in February to near a six-year high, led by resurgent services, unfazed by political uncertainty two months from a presidential election, a monthly poll showed on Tuesday. Data compiler IHS Markit said its preliminary composite purchasing managers index jumped to 56.2 in February from 54.1 in January, reaching the highest level since May 2011. The increase beat economists'' expectations for a decline to 53.7 according to a Reuters poll, and marked the eight month in a row the index has been above the 50-point threshold dividing an expansion from a contraction in activity. "It''s a big surprise to see growth accelerate this markedly, especially in the run-up to a general elections," IHS Markit chief economist Chris Williamson said. "Expectations about the outlook are picking up with very few instances of companies saying they were worried about the election result on the economy," he said. Although most polls show far-right leader Marine Le Pen would come out on top in the April 23 first round of France''s presidential election, she is also seen being easily beaten in a May 7 runoff round against independent Emmanuel Macron or conservative Francois Fillon. Williamson said business activity at levels seen in February were commensurate with economic growth of 0.6 percent in the first quarter, which would be the best quarterly rate in a year. A breakdown of the data showed that the service sector index jumped to 56.7 from 54.1 in January against expectations for a slight dip to 53.8. Service providers saw new business surge as they stepped up price cuts, even though input prices rose at the fastest pace since the end of 2011, leaving profit margins squeezed. With new business flowing in, services took on new staff at the fastest pace in over six years, which should help a nascent recovery in France''s struggling labour market. Meanwhile, manufacturing saw its index slip to 52.3 from 53.6. Economists had forecast virtually no change at 53.5 on average. Manufacturers'' output was stable from last month, but new orders eased as they sought to pass rising input prices on to customers, driving selling prices to the highest level since July 2011. ((Reporting by Leigh Thomas, editing by Larry King); ((leigh.thomas@thomsonreuters.com; +33 1 4949 5143; Reuters; Messaging: leigh.thomas.thomsonreuters.com@reuters.net))) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-france-economy-pmi-idUKKBN1600OO'|'2017-02-21T15:06:00.000+02:00'
'9d600e8967a2e3635efd155ce79927be9487c724'|'Capita writes down value of historic contracts, says trading in line'|'  7:22am GMT Capita writes down value of historic contracts, says trading in line LONDON Outsourcing group Capita ( CPI.L ), under pressure from a slowdown in demand from customers, said it had written off the value of a number of historic contracts but was otherwise trading in line with the guidance it gave in December. Capita, which downgraded profit forecasts twice in three months at the end of 2016, said on Tuesday assets amounting to around 50 million pounds ($62 million) would be written off as a non-underlying charge. Accrued income of around 40 million pounds will also be written down as a charge. The assets date back to 2009, with the majority relating to the period between 2012 and 2014. "Excluding the impact of accrued income written down, our guidance regarding trading performance for 2016 remains as last stated on 8 December 2016," it said. ($1 = 0.8031 pounds) (Reporting by Kate Holton; Editing by Mark Potter)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-capita-outlook-idUKKBN1600LG'|'2017-02-21T14:22:00.000+02:00'
'a1273f3c4144bcb4ffab610d24a460091c0a8475'|'China''s property investment to grow less rapidly this year - report'|'Business News - Sun Feb 19, 2017 - 8:12am GMT China''s property investment to grow less rapidly this year - report A new residential quarter of the Country Garden is seen in Shanghai, China, February 10, 2017. Picture taken February 10, 2017. REUTERS/Aly Song BEIJING China''s investment in the property sector will likely expand at a slower pace in 2017 as Beijing looks to curb speculation, while infrastructure spending is expected to maintain a double-digit growth, state media cited a government adviser as saying. Li Wei, president of the State Council''s Development Research centre, made the comments over the weekend at a seminar, China Economic Daily reported on Sunday. Li also said China''s exports would likely resume positive growth this year, as commodity prices stabilise and the impact of an appreciation in the U.S. dollar gets gradually absorbed. China, the world''s largest trading nation, posted a 7.7 percent decline in exports in 2016, the second annual drop in a row and the worst since the depths of the global crisis in 2009, in the face of persistently weak global demand. The country''s real estate investment rose 6.9 percent in 2016 as national sales posted their strongest annual growth in seven years thanks to a furious property boom in top-tier cities. "From mid to long term, the downward channel for Chinese economy has narrowed significantly," Li was quoted as saying. Consumer spending, a key driver for the economy, is also expected to extend a double-digit growth this year, Li added. China''s consumer spending rose 10.4 percent last year, while its infrastructure spending expanded 17.4 percent. The government should prioritise risk management in the financial sector this year, said Li, echoing the country''s central bank that has said it plans to tighten up its oversight in a range of areas, including corporate debt and bank assets. The government has been fretting over fast-rising leverage and the risk of asset bubbles in the rapidly growing economy, which expanded 6.7 percent in 2016. Surging home prices have already led to restrictions on purchases and lending in dozens of cities since October. (Reporting by Chen Aizhu and Zhang Min; Editing by Himani Sarkar) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-china-economy-adviser-idUKKBN15Y07C'|'2017-02-19T15:12:00.000+02:00'
'a5de0d0041291881aadc84f6fc0c6d870a31723c'|'Airbus faces multiple challenges as it enters new era'|'Business News  36pm GMT Airbus faces multiple challenges as it enters new era FILE PHOTO - The logo of Airbus is pictured on a scale model during the annual Airbus Commercial Press Briefing in Blagnac, Southwestern France, January 11, 2017. REUTERS/Regis Duvignau/File Photo By Tim Hepher - PARIS PARIS Airbus will draw a line under two decades of M&A dealmaking and frenetic orders on Wednesday as it reports its first results since the European aerospace and defence group unified under its dominant planemaking arm last month. The sense of Airbus entering a new era is palpable, with the complex reorganisation set in motion by the swallowing of parent Airbus Group (formerly EADS), by the subsidiary it was created to oversee, coinciding with waning demand from airlines. The company is expected to report a 7 percent drop in full-year core earnings and confirm that orders for new planes this year will drop below the number of jets it delivers for only the second time in 14 years. Mounting legal problems, uncertainty over two major programmes and a changing of the guard among senior management also blur the outlook for Europe''s largest aerospace company. EADS was created in 2000 from multiple mergers to form a civil and defence giant, incorporating the older Airbus, and later became Airbus Group. After failing to buy BAE Systems in 2012, defence ambitions dimmed and the era of shareholder-led consolidation is now drawing to a close, with Airbus Group absorbed by its Airbus planemaking subsidiary. The technical completion of the internal merger is due to take place later this year. In a careful reshuffle, Tom Enders keeps overall leadership but can only achieve this by resuming his former post as head of the planemaker "Airbus SAS" -- until now merely a division. That means Fabrice Bregier has had to abandon the civil business''s separate CEO privileges to became chief operating officer of the wider group as a powerful No.2 -- a delicate move in a company with a long history of see-sawing job moves. How that balance works in the coming months is seen as key to avoiding a resumption of political in-fighting that could prove a worrying distraction as the company prepares for a number of high-profile departures over the next 1-2 years. Group strategy chief Marwan Lahoud, 50, announced plans to step down this month and commercial sales chief John Leahy, 66, has already scheduled his retirement in 2018, though some believe he could step down before the end of this year. Two top executives credited with improving industrial performance -- operations head Tom Williams and programmes chief Didier Evrard -- are also nearing retirement, though Airbus says that any changes will be gradual. CULTURE CLASH Taken collectively, however, the looming changes suggest that the relentless drive for market share under Leahy, and M&A under Lahoud, have peaked. "It is a move away from the traditional managers, cheerleaders and engineers towards the bottom line-focused crowd," said Teal Group consultant Richard Aboulafia. The internal overhaul also brings a shift in power from heavyweight engineers to a new breed of managers. Convinced that digital technology will alter the way aircraft are made, Enders recently hired 36-year-old ex-Google executive Paul Eremenko as chief technology officer. The appointment has raised questions among some Airbus watchers over how long engineering chief Charles Champion will stay at the company. Champion could not be reached for comment. Company tensions have also been inflamed by a UK investigation into the use of middlemen to sell jets, people close to the matter say. Legal exposure widened when Austria instigated legal action against Airbus last week, alleging fraud related to a fighter jet order in 2003. Airbus denied the allegations. Also consuming attention are concerns about the delayed A400M military aircraft and questions over the future of the A380 superjumbo. The loss of a Singapore Airlines order to rival Boei
'3000eda6db8c78776325ba1ff2a981d55c8c56f5'|'PSA says will honour existing Opel job guarantees'|'Deals  37pm GMT PSA says will honor existing Opel job guarantees A Peugeot car drives past the logos of French car maker Peugeot and German car maker Opel at a dealership in Villepinte, near Paris, France, February 20, 2017. REUTERS/Christian Hartmann By Edward Taylor and Laurence Frost - FRANKFURT/PARIS FRANKFURT/PARIS PSA Group ( PEUP.PA ) has pledged to respect existing Opel and Vauxhall job guarantees if it buys the European arm of General Motors ( GM.N ), though some analysts say thousands of jobs are eventually likely to go for the deal to work. As part of a broader charm offensive, PSA Chief Executive Carlos Tavares met with representatives of powerful German labor union IG Metall and Opel''s European works council on Monday to discuss the impact of any deal on existing sites. "PSA Group reaffirmed its commitment to respect the existing agreements in the European countries and to continue the dialogue with all parties," Peugeot maker PSA said in a statement on Tuesday. General Motors (GM) has pledged not to impose forced redundancies on some of its German workforce until the of end 2018, IG Metall said, while some existing agreements about building certain models at Opel stretch beyond 2020. However, some analysts say PSA will eventually need to make big cuts to turn around loss-making Opel and sister brand Vauxhall in a European car industry that has struggled for years with overcapacity. "It<49>s about hard restructuring in Germany, the UK and in Spain resulting in at least 5,000 manufacturing job cuts. In the end, an integrated General Motors Europe will likely have 20 to 30 percent fewer workers," Evercore analysts said in a note. Germany accounts for about half of Opel''s 38,000 staff, while 4,500 are in Britain where Opel operates as Vauxhall. Two sources close to PSA told Reuters last week that job and plant cuts were part of the tie-up talks, with the two Vauxhall sites in Britain in the front line. Paris-based PSA said in an emailed statement it planned to work closely with Opel unions including IG Metall to "find a path to the creation of a European champion with Franco-German roots." "Tavares communicated convincingly in the talks that he is interested in a sustainable development for Opel/Vauxhall as an independent company," European works council chief Wolfgang Schaefer-Klug said in a separate statement. Britain''s Unite union has yet to receive assurances from PSA officials regarding the possible takeover of Vauxhall, with the first opportunity at the works council on Wednesday followed by a meeting between Tavares and union head Len McCluskey in London on Friday. (Additional reporting by Maria Sheahan in Frankfurt and Costas Pitas in London; Editing by Mark Potter) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-opel-m-a-psa-idUKKBN160100'|'2017-02-21T22:35:00.000+02:00'
'1dfaddeb8d9fd1ba30f6df40d55e8e447d1e2ed9'|'UK Stocks-Factors to watch on Feb. 21'|' 43am EST UK Stocks-Factors to watch on Feb. 21 Feb 21 Britain''s FTSE 100 index is seen opening down 2 points at 7298 on Tuesday, according to financial bookmakers. * The blue-chip FTSE 100 index closed flat in percentage terms at 7,299.86 points after climbing to an intra-day high of 7,329.56, the highest level since the middle of January. * BHP: Mining giant BHP Billiton rewarded shareholders with a bigger-than-expected dividend on Tuesday, signalling its growing confidence amid a resurgence in commodity prices. * HSBC: HSBC Holdings reported a 62 percent slump in annual pre-tax profit that fell way short of analysts'' estimates due to one-time charges related to some businesses, and announced a new $1 billion share buy-back. * COPPER: Three-month copper on the London Metal Exchange traded flat at $6,071 a tonne by 0112 GMT, holding gains after a 1.9 percent rally the session before when it struck $6,105 a tonne, the strongest since Feb. 14. * GOLD: Spot gold inched down 0.2 percent to $1,235.08 per ounce at 0058 GMT, while U.S. gold futures GCcv1 also fell 0.2 percent to $1,236.2. The dollar index edged up 0.1 percent to 101.09. * OIL: U.S. West Texas Intermediate crude was up 27 cents, or 0.5 percent, at $53.67 a barrel at 0511 GMT, after rising about 0.5 percent in a shortened session on Monday due to a U.S. national holiday. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets * UK CORPORATE DIARY: Galliford Try Plc Half Year 2017 Earnings HSBC Holdings Plc Full Year 2016 Earnings BHP Billiton Plc Half Year 2017 Earnings Anglo American Plc Full Year 2016 Earnings Vernalis Plc Q2 2017 Earnings John Wood Group Plc Full Year 2016 Earnings InterContinental Hotels Group Plc Preliminary 2016 Earnings 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 Sanjeeban Sarkar in Bengaluru; Editing by Sunil Nair)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-stocks-factors-idUSL4N1G62FD'|'2017-02-21T13:43:00.000+02:00'
'68932c09f68ee69d44dfdc58ec439fd01c42a7bb'|'Growth in Germany''s private sector picks up to highest in nearly three years - PMI'|' 34am GMT Growth in Germany''s private sector picks up to highest in nearly three years - PMI The city''s main shopping street, '''' Zeil '''', is photographed from a tourist platform early evening in Frankfurt, Germany, January 31, 2017. REUTERS/Kai Pfaffenbach BERLIN Growth in Germany''s private sector picked up in February to reach its highest level in nearly three years, driven by humming factories, a survey showed on Tuesday, pointing to a strong first quarter in Europe''s biggest economy. Markit''s flash composite Purchasing Managers'' Index (PMI), rose to 56.1 from 54.8 in January. The index tracks activity in manufacturing and services, which account for more than two-thirds of the German economy. The reading, comfortably above the 50 line that separates growth from contraction, marked a 34-month high and came in much better than the consensus forecast in a Reuters poll of 54.7. IHS Markit economist Chris Williamson said the data suggested that the German economy was likely to grow 0.6 percent in the first three months of 2017 after expanding 0.4 percent in the final quarter of 2016. "This is a broad-based upturn driven by manufacturing, but also helped by Germany''s solid labour market," Williamson said. The survey showed growth in manufacturing accelerated for the third consecutive month to reach 57.0, the highest level in nearly six years. Analysts had expected growth in manufacturing to slow to 56.0 after January''s 56.4. In the service sector, business activity accelerated more strongly than expected to hit a three-month high at 54.4. Analysts had expected a weaker pick-up to 53.6 from 53.4 in January. Reflecting stronger growth in output and new business, firms continued to hire more staff in February, with the overall rate of job creation picking up to reach its highest since June 2011. The survey also signalled the sharpest increase in both input and output prices since mid-2011, pointing to rising inflation pressure in the euro zone''s biggest economy. German inflation picked up further in January, to 1.9 percent from 1.7 percent in December, to reach a three-and-a-half-year high and touch the European Central Bank''s target for price stability of just under 2 percent. The German economy grew by 1.9 percent last year, the strongest rate in half a decade, driven by private consumption, increased state spending on roads and refugees and rising investment in housing. For this year, the German government expects weaker growth of 1.4 percent, mainly because of weaker exports and fewer workdays. The Bundesbank has said in its latest monthly report, however, that the German economy will stay on a strong footing in the coming months thanks to high industrial and construction activity. (Reporting by Michael Nienaber, editing by Larry King)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-germany-economy-pmi-idUKKBN1600QL'|'2017-02-21T15:34:00.000+02:00'
'd37026870dd60551f174f435d34bbb4bce37e7f1'|'Telefonica to sell up to 40 pct of Telxius to KKR for 1.3 bln euros'|'MADRID Feb 21 Spain''s Telefonica said on Tuesday it had agreed to sell up to a 40 percent stake in its telecom masts subsidiary Telxius to private equity firm KKR for 1.275 billion euros ($1.35 billion).The sale would be seen as a small step in bringing down Telefonica''s 50 billion-euro debt pile, but will help to show investors that last year''s dividend cut, aimed at waiting for a more profitable asset sale, is paying off. The accord includes a call option for 62 million Telxius shares - around 24.8 percent of Telxius - for 790.5 million euros and put options for 38 million shares - around 15.2 percent - for at least 484.5 million euros.The operation gives an enterprise value for Telxius, including debt, of 3.678 billion euros, Telefonica said in a statement to the market regulator.Telxius owns and operates a large portfolio of nearly 16,000 telecommunications towers in five countries and manages an international network with approximately 65,000 kilometers of submarine fibre optic cables.The operation is subject to regulatory approval. ($1 = 0.9446 euros) (Reporting by Paul Day; Editing by Emma Pinedo)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/telefonica-ma-kkr-idINE8N1E801K'|'2017-02-21T04:00:00.000+02:00'
'c31a23e8560617cc69cdd67c9384d6020049dfdf'|'Business rates row: senior ministers write to Tory MPs to head off revolt - Business'|'Senior ministers have written to Tory MPs in an attempt to stave off a rebellion over the business rates revaluation.The communities and local government secretary, Sajid Javid , and the Treasury chief secretary, David Gauke, said there had been <20>a <20>relentless campaign of distortions and half-truths<68> about the move. They insisted that bills will not rise for most firms.However, The Times reported that a list attached to the email sent to MPs revealed many of the areas facing rate rises are in Tory heartlands, with the home counties facing some of the biggest increases.Small shops recoil in the face of business rates that will more than double Read more The newspaper said rates in Theresa May<61>s Maidenhead constituency will rise by an average 10%. Chancellor Philip Hammond<6E>s Runnymede and Weybridge seat in Surrey will experience increases of about 13%.The private letter to MPs said: <20>This year<61>s revaluation has been preceded by a series of reports claiming that rates are going to soar, that appeals are being banned and that hundreds of thousands of businesses will be forced to close.<2E>Such claims are simply untrue.<2E>The ministers said <20>the biggest ever cut in business rates<65> will happen in 2017-2018 and that <20>three-quarters of all businesses, right across the country, will see their rates either fall or stay the same<6D>.They said the <20>misinformation circulating in the news<77> meant it was <20>understandable that business owners and lobby groups have raised concerns with many of you<6F>, but they insisted the changes coming into effect in April were <20>not something to be afraid of<6F>.However, the newspaper quoted one senior MP branding the letter <20>completely counter-productive<76> while another predicted Hammond would face <20>backbench Tory pressure<72> to climb down.Senior Tory MP Mark Field, who represents the Cities of London and Westminster seat, told BBC Radio 4<>s Westminster Hour that he believed Hammond would <20>tweak<61> the planned revaluation.Field, vice-chairman of the Conservative party, said: <20>I<EFBFBD>m very confident that he is in listening mode and <20>tweak<61> is the right word.<2E>I think my own central London constituency probably is, in fairness, one of the minority of areas that lose out.<2E>But it will lose out and that particularly applies to small, independent retailers and the hospitality operators.<2E>He said most firms facing rises wanted a <20>smoother transition period<6F> because <20>some of these very hefty increases will come in, effectively, over the next two or three years and that doesn<73>t give time for businesses who are affected by the increase to either adapt or plan in full<6C>.Field said the change was meant to be revenue neutral but <20>now it<69>s apparent there will be a little more money and that provides the Treasury with a little bit of wriggle room<6F>.He said he wanted ministers to <20>smooth things out a little bit<69> and have <20>some sort of cap in place<63> lower than the present <20>colossal<61> 42% limit on rises.The issue is likely to be raised with Hammond when he addresses the influential 1922 Committee of backbench Tories in parliament, Field said.'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/feb/20/business-rates-revaluation-row-javid-gauke-write-tory-mps-revolt'|'2017-02-20T16:31:00.000+02:00'
'18f688aaf4edc9eec51cfb1a8cb58e9cf2f7736e'|'Kraft''s failed Unilever bid shows it needs growth over cost cuts'|'Business News - Mon Feb 20, 2017 - 6:52pm GMT Kraft''s failed Unilever bid shows it needs growth over cost cuts FILE PHOTO -- A Heinz Ketchup bottle sits between a box of Kraft macaroni and cheese and a bottle of Kraft Original Barbecue Sauce on a grocery store shelf in New York City, New York, U.S. March 25, 2015. REUTERS/Brendan McDermid By Lauren Hirsch Acquire, slash costs, repeat. Billionaire investor Warren Buffet and buyout firm 3G Capital''s failed $143 billion bid to combine their food conglomerate Kraft Heinz Co ( KHC.O ) with Unilever Plc ( ULVR.L ) shows their winning formula now needs a growth boost. Buffett and 3G built Kraft into the world''s fifth-largest food and beverage company through acquisitions followed by a relentless drive to boost profit margins. While this cost cut-driven business model wowed industry observers, it appears to be reaching its limits, with Kraft''s sales stagnating and margins flattening. Kraft''s bid for Unilever was aimed at addressing these challenges. About 60 percent of Unilever''s business is comprised of household products and personal care (HPC) goods, rather than food. Not only would a deal give Kraft plenty of new ground on which to implement its cost-cutting model, it would boost its revenue by allowing it to expand in several emerging markets. Investment bankers and industry analysts now say Kraft is more likely to pursue another company with a big, growing HPC business, rather than a peer in the food sector that would require it to repeat the same M&A cycle a couple of years later. "Perhaps Kraft will now acquire another medium-sized U.S. food company, like General Mills Inc ( GIS.N ), Kellogg Co ( K.N ), or Mondelez International Inc ( MDLZ.O ). But after three years this M&A ''beast'' will need to be fed once again, and the number of attractive U.S. targets is getting smaller," Sanford C. Bernstein analysts wrote in a note on Monday. Kraft declined to comment on which company it may seek to acquire next. Investors are already adjusting their bets. Shares of Unilever peers Colgate-Palmolive Co ( CL.N ), Clorox Co ( CLX.N ) and Church & Dwight Co Inc ( CHD.N ) rose 4.3 percent, 2.8 percent and 1.6 percent on Friday, respectively, on hopes of them being acquisition targets. Conversely, shares of General Mills, Kellogg and Mondelez dropped 3.8 percent, 2.4 percent, and 1.6 percent on Friday, respectively, as investors saw the chances of them being acquisitions targets for Kraft decreasing. What is more, some of the food companies have been strengthening their takeover defenses by seeking to do themselves what Kraft would have otherwise done to them. Mondelez spent a portion of its latest quarterly earnings call boasting about its cost-cutting initiatives, while Kellogg recently made changes to its distribution model to cut costs even more. Another reason Kraft is seeking to diversify its business is that consumers have themselves been gradually changing their diet, becoming more health conscious and moving away from the processed and sugar-rich foods that account for much of Kraft''s offerings. To address this, Kraft would need to spend top dollar on inventing and marketing new food brands, which requires expertise not developed by its reliance on acquisitions. Moving into HPC, particularly by acquiring a global company that would help it diversify its U.S.-focused business, now looks like a more attractive option. SHEDDING ITS REPUTATION To be sure, Kraft would need to overcome the same hurdles that resulted in it being spurned by Unilever. Under the stewardship of 3G, Kraft has developed a reputation for extreme cost cuts that risk hurting a company''s top line by stifling investment in innovation and marketing. Indeed, Unilever''s rejection of Kraft''s bid was not just based on price considerations. The company feared that a merger with Kraft risked eroding the value of its brands and could impede its expansion in emerging markets, which requires more inv
'1231deec8fdbc4d7f6b9c32ac0a509707d0531d0'|'U.S. economy now on ''sound footing'' - Fed''s Mester'|'Business News - Mon Feb 20, 2017 - 1:18am GMT U.S. economy now on ''sound footing'' - Fed''s Mester Cleveland Fed President Loretta Mester takes part in a panel convened to speak about the health of the U.S. economy in New York November 18, 2015. REUTERS/Lucas Jackson SINGAPORE The U.S. economy is on "sound footing," a hawkish Federal Reserve official said on Monday in a speech that cautioned against asking the central bank to solve problems beyond its control such as low productivity growth. Cleveland Fed President Loretta Mester, at a forum in Singapore, did not comment specifically on interest rates. However she has dissented in the past in favour of quicker rate hikes and on Monday urged the Fed to focus on returning to a more normal policy footing, including trimming its $4.5-trillion bond portfolio. The Fed has raised rates twice in two years and expects to pick up the pace of tightening this year as unemployment, at 4.8 percent, has fallen to near an equilibrium level and as the Republican-controlled White House and Congress are expected to provide fiscal stimulus. The U.S. economy is "now on sound footing," Mester, who does not vote on monetary policy until next year, said in prepared remarks to The Global Interdependence Center. However, she said, "am very doubtful that monetary policy could be targeted to spur a strong pickup in the types of investment in human capital and physical capital that would raise productivity growth." Years of disappointing productivity growth has stymied the Fed''s expectations that the U.S. economy would grow sustainably quicker than its roughly 2-percent rate. Turning to the balance sheet, which the Fed quadrupled in the wake of the financial crisis to spur investment and hiring, Mester reiterated the central bank expected to shed its mortgage-backed bonds and return to an all-Treasuries portfolio. "The return to primarily Treasuries will take some time, but it will be welcome because ... it may help guard against future calls for the Federal Reserve to enter into the realm of fiscal policy," she said. (Reporting by Masayuki Kitano; Writing by Jonathan Spicer; Editing by Phil Berlowitz) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-usa-fed-mester-idUKKBN15Z03G'|'2017-02-20T08:18:00.000+02:00'
'5a21cfc61078043eab4ffdf1d2b0e8dbb6bff845'|'FTSE steadies after setting one-month high, Unilever slumps'|'Business News - Mon Feb 20, 2017 - 10:53am GMT FTSE steadies after setting one-month high, Unilever slumps A man walks past the London Stock Exchange in the City of London October 11, 2013. REUTERS/Stefan Wermuth By Atul Prakash - LONDON LONDON Britain''s top share index .FTSE steadied after hitting a new one-month high on Monday, with a slump in Unilever ( ULVR.L ) after Kraft ditched its bid offset by stronger firms like Royal Bank of Scotland ( RBS.L ) and Rolls Royce ( RR.L ). Unilever shares tumbled nearly 7 percent and were on track for their biggest one-day fall since 2008 after U.S. food giant Kraft Heinz ( KHC.O ) withdrew its proposal for a $143-billion merger with its larger rival. Kraft had made a surprise offer for Unilever to build a global consumer goods behemoth that was flatly rejected on Friday by Unilever, the maker of Lipton tea and Dove soap. "What exactly happened in this whirlwind of a story is yet to be fully revealed, but it looks like Unilever isn<73>t just playing hard to get," said George Salmon, equity analyst at Hargreaves Lansdown. "It was always going to be a difficult pitch to convince shareholders to relinquish their grip on Unilever, given the expectations for the company to keep churning out resilient growth in the years to come." Pearson ( PSON.L ) also lost ground, with its shares falling 4 percent after Berenberg sharply cut its target price for the stock to 400 pence from 500 pence, saying it did not see a short-term fix for the company amid serious structural and cyclical issues at the key higher education courseware division. The blue-chip FTSE 100 index was flat in percentage terms at 7,298.91 points after climbing to an intra-day high of 7,329.56, the highest level since the middle of January. The broader index stayed steady despite sharp falls in shares of companies like Unilever and Pearson as some other firms made strong gains. Royal Bank of Scotland ( RBS.L ) shares rose 6 percent, the top gainers in the FTSE 100 index, as the lender said late on Friday that it had proposed abandoning the disposal of its Williams & Glyn business after a seven-year struggle to sell the unit to meet European Union state aid demands. "On the face of it, removing this uncertainty would seem like good news for RBS investors, reflecting the fact that executing a disposal of Williams & Glyn was a key hurdle that the group needed to overcome before it could recommence paying dividends," Shore Capital analyst Gary Greenwood said. Rolls Royce ( RR.L ) gained 4 percent after Goldman Sachs added the stock to its "Conviction List" and upgraded its rating on the aero-engine maker to "buy" from "neutral", saying that its earnings performance was expected to improve. Elsewhere, British builder Bovis ( BVS.L ) slumped more than 9 percent, the biggest faller in the FTSE mid-cap index .FTMC , after the company said profit would drop again this year as it builds fewer homes and focuses on improving quality. (Reporting by Atul Prakash, editing by Ed Osmond) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-stocks-idUKKBN15Z106'|'2017-02-20T17:53:00.000+02:00'
'd2852fc961f6d3cd9514ca913b336ae4325fefd4'|'RPT-Pearson''s turbulent markets to put Fallon''s homework to the test'|'Company   7:01pm EST RPT-Pearson''s turbulent markets to put Fallon''s homework to the test (Repeats Feb 17. story with no changes to text) * Full-year results due Feb. 24 after fifth profit warning * CEO Fallon under pressure to show he can grow Pearson * Investors want a review of group structure and CEO * Focus on newly rebased dividend By Kate Holton LONDON, Feb 17 John Fallon needs to show he has a plan to navigate Pearson through the sinking sands of its main markets when the world''s biggest education company reports full-year results. Shareholders, still reeling from Pearson''s latest profit warning, are already calling on the board to review both Fallon''s role as chief executive and its overall structure. A warning in January, sparked by U.S. students opting to rent textbooks at lower prices rather than buy them, sent shares in the 173-year-old British firm down 30 percent in a day. Fallon''s fifth such warning during his four-year tenure will mean a dividend cut for the first time in more than two decades and has damaged his credibility with analysts and investors, who are awaiting Pearson''s full year results on Feb. 24. But while some question Fallon''s ability to see the scale of the challenge ahead and are now urging action, there is little consensus on what Pearson, which sold the Financial Times and a stake in the Economist magazine in 2015, should do next. "When you''ve given up on something like 22 years of dividend growth, you need to get on and do something drastic," one top 30 shareholder told Reuters, on the condition of anonymity. Employing 35,000 people, Pearson provides everything from textbooks to school testing, college courses and online degrees, with Britain, the U.S., South Africa, Brazil and China its most important markets. "It''s not about cost control any more, it''s about are these markets structurally changing. Do we have the right people? What could we be, what could we do? There are no sacred cows," the shareholder said. Pearson has focused on the once stable business of education and grown strongly since the turn of the century, but has been hit by the same digital shift that shook-up music and newspapers and has now caught up with the classroom. ACHIEVABLE AND REALISTIC Fallon, a 20-year company veteran, has said he accepts responsibility for failing to predict the changes in the market but that his job now is to prepare Pearson for the rapid move to digital. The group has said it will move more aggressively into ebooks by slashing prices and will launch a print rental programme, which analysts note will dent its finances. "This is going to become a materially smaller industry," said analyst Sarah Simon at Berenberg Bank. Pearson shares have risen 19 percent since the January warning on hopes of a further cost cutting drive to prop up earnings but, having already cut nearly 8,000 jobs in recent years, it will have to avoid damaging its sales capability. Analysts at Barclays also warn that previous cost cutting drives have merely worked to counter falling revenue and higher investment needs, and have not driven meaningful growth. With so many challenges, the top 30 shareholder and some analysts question the conglomerate model and whether value could be found in selling off some the group''s assets. "We''re finding out that education is fragmented, some positions are strong, some are less strong. I would put a real question mark against that and say it''s something they should review," the shareholder said. Pearson has already said it will seek to sell its 47 percent stake in the Penguin Random House book joint venture, but any further break up could be complicated by integration between different assets. For now, yield-hungry investors want more guidance on how low a rebasing of Pearson''s dividend could go. "What you''ve got here is no sign of stabilisation," Neil Campling, head of Global TMT Research for Northern Trust Capital Markets, said. "If they come out and 
'abd8e5ddc493e6c85d14d1ff62c712d05b861136'|'UPDATE 1-Germany sees encouraging signs on jobs in Opel talks'|'(Adds comments by government, economy ministry spokespeople)BERLIN Feb 20 Initial talks between the German government and carmakers PSA and General Motors have led to some encouraging signals that jobs at Opel factories will be preserved, but no guarantees have been made yet, a top official said on Monday.Europe''s car industry has been dogged by overcapacity for years, and the planned sale of GM''s European Opel/Vauxhall arm to Peugeot-maker PSA has raised the spectre of cutbacks in the wake of a deal.GM and PSA so far have not given binding guarantees to preserve German jobs and factories at Opel, Deputy Economy Minister Matthias Machnig said when asked to comment on media reports, but he added there had been some encouraging signals."This is why speculation is premature at this point," Machnig told German television station ARD. He expressed hope that a combination with France''s PSA could form the basis of a better future for Opel.German newspaper Bild am Sonntag had reported that PSA had pledged to continue operating all four of Opel''s German production sites.Germany is heading towards a federal election in September and any major job cuts at Opel could weaken the chances of Chancellor Angela Merkel getting re-elected for a fourth term.Merkel is constantly being updated on the progress of talks between the government and the management of the carmakers, government spokesman Steffen Seibert said during a regular news conference in Berlin on Monday.An economy ministry spokesman reiterated the government''s main goal was to preserve jobs.He added Berlin was also in contact with the British government and that both countries would not let themselves being played off against each other.Economy Minister Brigitte Zypries will discuss the planned deal in talks with her French counterpart Michel Sapin during her visit in Paris on Thursday, the ministry spokesman said.Zypries, a senior member of Germany''s co-governing Social Democrats, said last Thursday she expected the deal to go ahead.Germany accounts for half of GM Europe''s 38,000 staff, while there are 4,500 in Britain where the company operates under the Vauxhall brand.Two sources close to PSA said last Thursday that job and plant cuts were part of the tie-up talks, with the two Vauxhall sites in Britain in the front line. (Reporting by Gernot Heller and Michael Nienaber; Editing by Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/opel-ma-psa-germany-idINL8N1G52RC'|'2017-02-20T10:26:00.000+02:00'
'6319d1064e73116416c0ece03d370a15637158c7'|'Stronger growth to help UK beat 2016/17 budget target - EY ITEM Club'|'Business News - Mon Feb 20, 2017 - 12:08am GMT Stronger growth to help UK beat 2016/17 budget target - EY ITEM Club Britain''s Chancellor of the Exchequer Philip Hammond leaves 11 Downing Street, London, January 31, 2017. REUTERS/Peter Nicholls LONDON Chancellor Philip Hammond is likely to hit his 2016/17 deficit reduction target with 3 billion pounds ($3.7 billion) to spare, due to recent better-than-expected growth, economists working for accountants EY said on Monday. Hammond will present his first annual budget on March 8 and aims to reduce the budget deficit to 68.2 billion pounds, after government forecasters said in November that June''s Brexit vote had made his predecessor George Osborne''s 55.5 billion pound goal unrealistic. Economists at EY ITEM Club said a new deficit forecast from the Office for Budget Responsibility of 65 billion pounds for 2016/17 now looked plausible, even if the longer-run budget outlook remained sombre. "The OBR will paint a marginally better picture of the UK economy and public finances in the short term, but fiscal policy faces major challenges on both the revenue and spending sides in the longer term," said Martin Beck of EY ITEM Club said. Britain''s budget deficit last year was one of the largest among big advanced economies at 4 percent of gross domestic product, and the OBR does not currently forecast it to drop to 1 percent until 2019/20. Beck added that he expected the OBR to revise up its forecast for 2017 growth to 1.6 percent from 1.4 percent. Economists polled by Reuters last week on average forecast 1.5 percent for this year, while the Bank of England sees 2 percent. Almost all forecasters expect inflation to rise sharply to towards 3 percent by the end of 2017, and EY said Hammond might cut fuel tax or defer a tax rise on airfares to ease concerns about the rising cost of living. Britain''s statistics agency is due to release January data on the public finances on Tuesday, which economists expect to show a large seasonal surplus due to annual income tax payments falling due at the end of last month. ECONGB ($1 = 0.8046 pounds) (Reporting by David Milliken, editing by Andy Bruce) Next In Business News Asking prices for UK homes show smallest February rise since 2009 - Rightmove LONDON Asking prices for homes in England and Wales are rising more slowly due to rising consumer price inflation, worries about Brexit and tighter lending rules, property data firm Rightmove said on Monday, adding to signs of a slowing property market.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-budget-idUKKBN15Z007'|'2017-02-20T07:08:00.000+02:00'
'0d1555fc48661071f75b347655ff9d08b4fe9652'|'Asset manager Vanguard calls for fund fees ''health warning'''|'Business News - Mon Feb 20, 2017 - 11:12am GMT Asset manager Vanguard calls for fund fees ''health warning'' By Simon Jessop and Carolyn Cohn - LONDON LONDON Vanguard, the world''s second biggest asset manager, called on Monday for a ''health warning'' to be attached to funds to help investors understand the impact fees have on their returns. Vanguard managed $4 trillion in assets at the end of January 2017, mainly in low-cost passive funds, a spokesman said. Around $1 trillion of this is in active funds, the spokesman added. The suggestion formed part of its response to Britain''s regulator, the Financial Conduct Authority, which in November released its interim findings into the asset management industry as it looks to boost competition and value for money in the sector. "Performance is a potential. Costs are a certainty, hence investors should focus as much, if not more, on costs," Sean Hagerty, Head of Vanguard<72>s European business, said in a statement. "A ''health warning'' on the impact of costs would be a clear sign of intent from the industry that it''s putting the needs of the investor first." Warnings on fees should receive equal prominence to current warnings on past performance not being a reliable indicator of future results, Vanguard added. The FCA said last year it planned to overhaul the way Britain''s 7 trillion pound asset management industry operates to ensure both retail and institutional investors get value for money. The regulator flagged widespread concern about the performance of actively-managed funds relative to the fees charged, the level of competition in the industry and the information shared with investors to help them make decisions. Among its solutions were one "all-in" fee so investors can easily see what is being taken from the fund by the manager. The watchdog''s final report, along with any proposed rule changes, is expected to be published in the summer. The deadline for consultation responses was Monday. (Editing by Ruth Pitchford)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-funds-review-vanguard-idUKKBN15Z11Y'|'2017-02-20T18:12:00.000+02:00'
'd9c0a2aa8c03aff4aa85064f528fb44f4a53641c'|'UPDATE 1-Freeport Indonesia says could seek arbitration over mining contract violations'|' 41pm EST UPDATE 1-Freeport Indonesia says could seek arbitration over mining contract violations (Adds background, details) JAKARTA Feb 20 Freeport-McMoRan Inc''s Indonesian unit said on Monday it hoped to resolve a dispute with the government over its mining contract, but reserved the right to start arbitration against the government and seek damages. Freeport has submitted a notification to Indonesia''s mining ministry describing breaches and violations of its contract of work by the government, the company said. Freeport warned in a statement of "severe unfavourable consequences for all stakeholders" if the dispute is not resolved. The consequences could include "the suspension of capital investments, a significant reduction in domestic purchases of goods and services, and job losses for contractors and workers as we are forced to adjust our business costs to match constrained production," it said. Freeport has been negotiating with the Indonesian government over the terms of a special mining permit to replace its contract of work after halting its exports of copper concentrate due to new mining rules. On Friday, it said it could not meet contractual obligations for copper concentrate shipments from the mine following a five-week export stoppage. All mining work was stopped last week at its giant Grasberg mine in the eastern Indonesian province of Papua. The chief executive of Freeport''s Indonesian unit, Chappy Hakim, appointed in November to lead the company through a period of regulatory uncertainty, resigned on Saturday. Under its current contract signed in 1991, Freeport said on Monday it had invested $12 billion in Indonesia. But the company cannot make the $15 billion additional capital investment to develop underground mining without fiscal and legal guarantees from the government, Freeport-McMoRan''s CEO Richard Adkerson told a news conference in Jakarta. Indonesia''s mining minister, Ignasius Jonan, on Saturday warned Freeport that bringing the dispute to arbitration could harm the relationship between the company and the government, "but it would be a much better step rather than always using the issue of firing workers as a tool to pressure the government." Adkerson also said on Monday the company''s Indonesian unit has made its first lay-offs since the dispute over its mining contract started with the Indonesian government and may let go of more workers this week. (Reporting by Fergus Jensen and Wilda Asmarini; Writing by Gayatri Suroyo; Editing by Tom Hogue)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/indonesia-freeport-idUSL4N1G51S5'|'2017-02-20T11:41:00.000+02:00'
'f049c5f13cf96b609c61e8f9bc5d4038955eddf5'|'Gemfields says India''s demonetisation drive to hurt full year results'|'Business  27am GMT Gemfields says India''s demonetisation drive to hurt full year results By Sanjeeban Sarkar British precious stone miner Gemfields plc ( GEM.L ) said on Monday India''s move to scrap higher value banknotes forced the company to delay an emerald auction and would hurt its full-year revenue and core earnings. Shares in the company fell as much as 7.9 percent to 46.50 pence in morning trading before recovering to 48.6 pence by 0832 GMT. The auction, which was pushed to February from December, sold about 84 percent of the total emeralds on sale by weight, and generated $22.3 million (17.94 million pounds) in revenue, the company said in a statement on Monday. The sale yielded the third highest value per carat to date for the company, with an average price of $63.61 per carat and total volume of 349,935 carats, Gemfields said. "A normal high quality auction delivers revenue normally of $32-$35 million on 500,000-600,000 carats of sales. Today they delivered very good pricing... but it was only on 350,000 carats sold, so a significantly smaller auction," analyst Michael Stoner at brokerage Peel Hunt told Reuters. "We would like to see that kind of strength to pricing on higher volumes," he said. The company, which mines for emeralds and amethysts in Zambia and for ruby and corundum in Mozambique, reported a loss of $4.3 million for the half year ended Dec. 31. Revenue fell 45.7 percent to 51 million pounds. The company rescheduled the auction for higher quality rough emeralds due to India''s demonetisation programme and had cancelled another higher quality emerald auction, Chief Executive Ian Harebottle said in a statement. Indian Prime Minister Narendra Modi scrapped 500-rupee and 1,000-rupee banknotes in November in a bid to flush out cash earned through illegal activities, or earned legally but never disclosed. (Reporting by Sanjeeban Sarkar in Bengaluru; Editing by Amrutha Gayathri) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-gemfields-outlook-idUKKBN15Z0TM'|'2017-02-20T16:27:00.000+02:00'
'af5845b559e4b1c2920fa8a053127b3952ecab9b'|'UPDATE 2-Mongolia bonds rally as $5.5 bln bailout rewards tenacious investors'|'(Adds investor comment, Moody''s statement)By Karin Strohecker and Umesh DesaiLONDON/HONG KONG Feb 20 Mongolian bonds rallied on Monday after a $5.5 billion loan package agreed on the weekend staved off default and rewarded investors who had hung on despite signs of mounting stress.Investors had been particularly concerned about a $580 million repayment due March 21 on a bond issued by state-run Development Bank of Mongolia (DBM). The country''s lawmakers had appealed for donations from local businesses and citizens to help the cash-strapped government pay creditors.That bond, which the government hopes to soon swap for a new one, rallied as much as 2 cents in price on Monday . Issues maturing 2018, 2021 and 2022 rose 1.1 cent, 3.9 cents and 4.2 cents respectively, ,, according to Tradeweb data."I have been long Mongolia for a long time - this is very good," said Shahzad Hasan, a portfolio manager for emerging markets fixed income at Allianz Global Investors."This will invite foreign investment in the country, especially in the mining sector, and it will improve confidence of foreign investors in Mongolia, so it is all very positive and very constructive."Mongolia will meet this week with foreign investors to see if it can swap the DBM bond for another state-guaranteed issue.Depending on exchange offer terms, such as swap could be classed as a default, Moody''s warned on Monday, just days after putting Mongolia on review for a ratings downgrade because of the possibility of a DBM default. However, the bailout could help Mongolia''s credit profile, it added.The loan agreement for the mineral-rich country includes $440 million from the International Monetary Fund, $3 billion from the World Bank and others, as well as a 15 billion-yuan swap line extension from China.RECOVERYMongolia was seen by many as a classic case of the "resource curse". It enjoyed double-digit annual growth over 2011-2013, but its boom went into reverse amid government over-spending and falling commodity prices.However, investors largely kept faith with its bonds, betting either the IMF or China, the biggest buyer of Mongolian coal and metals, would come to the rescue.The country''s mineral wealth was also a lure for longer-term investors, especially as the Rio Tinto-led Oyu Tolgoi project is expected to produce 560,000 tonnes of copper annually from 2025."The IMF program, along with the broader bailout package ... should go a long way towards restoring investor confidence in the sovereign," analysts at Nomura told clients.The IMF expects Mongolia''s economic growth to accelerate to around 8 percent by 2019, Nomura noted, compared with last year''s 1 percent, which was a seven-year low. Hard currency reserves should almost quadruple from current levels to $3.8 billion, back to the boom days of 2012."Eight percent growth is quite strong - but it can happen if the mining comes online and copper prices have rebounded," Hasan said.Economic stabilisation after the bailout should also pave the way for further investments into Mongolia''s mining sector."It brings clarity, which investors have been waiting for. It is the bottom-out everyone has been waiting for," said Dale Choi, an analyst with the Mongolia Metals and Mining, a research firm in Ulaanbaatar. (Additional reporting by Sujata Rao and Marc Jones in London, editing by Larry King)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/emerging-mongolia-bonds-idINL8N1G518U'|'2017-02-20T11:31:00.000+02:00'
'f49dedc7faac6d93ddef228a94a1dfec71ac185f'|'UPDATE 1-UK union fears grow over future of GM''s Vauxhall plants - source'|'  UPDATE 1-UK union fears grow over future of GM''s Vauxhall plants - source (Adds details, quotes) By Costas Pitas LONDON Feb 20 The head of Britain''s biggest trade union is likely to meet the CEO of PSA Group on Friday amid growing concerns over the future of Vauxhall plants if the French carmaker buys the business from General Motors, a union source told Reuters. Peugeot-maker PSA is in talks to buy GM''s loss-making European business, which operates under the Vauxhall and Opel brands, with overcapacity at existing sites, Britain''s move to leave the European Union and pension liabilities all likely to influence any deal and possible restructuring. PSA boss Carlos Tavares is also due to meet business minister Greg Clark "towards the end of the week," a government source said, in a key test of Britain''s ability to retain investment after its Brexit vote in June. German media reports over the weekend suggested PSA had told Berlin it would continue production at all four of Opel''s German sites, although Germany''s deputy economy minister said on Monday there had been no binding assurances. "We are increasingly concerned after reports that German plants are safe," the trade union source told Reuters, adding the head of the Unite trade union, Len McCluskey, was likely to meet Tavares in London on Friday. The pensions deficit at GM''s British division is up to 1 billion pounds ($1.25 billion), a separate source familiar with the matter told Reuters. Many multinational companies are trying to rein in rising pension liabilities. Britain''s overwhelmingly foreign-owned car industry has been lauded as a success story by politicians and is set to hit record production levels by the turn of the decade, but any tariffs following Britain''s departure from the EU would hit margins and could see output cut. Last year, Japanese carmaker Nissan asked for a pledge of compensation if its plant was hit by Brexit, but went on to invest in two new models after what a source described as a government promise of extra support to counter any loss of competitiveness. Prime Minister Theresa May also plans to speak with Tavares and is determined to protect Britain''s car industry, her spokesman said on Monday. "It''s going to be a private conversation. There''s been a request for a meeting and we will try to make that meeting happen, but I am not going to go into what the nature of that conversation will be," he told reporters, adding the timing of the meeting depended on "diary compatibility". (Additional reporting by Elizabeth Piper in London and Edward Taylor in Frankfurt; Editing by Kate Holton and Mark Potter)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/opel-ma-psa-britain-idUSL8N1G52JG'|'2017-02-20T20:18:00.000+02:00'
'ddb7d70313d9702af1e2758e58645c926f2d15f2'|'Japan export growth slows, Trump''s trade policies cloud outlook'|'Containers are seen at an industrial port in Yokohama, Japan, January 16, 2017. REUTERS/Kim Kyung-Hoon 2/2 TOKYO Japan''s exports rose 1.3 percent in January from a year earlier, government data showed on Monday, a slowdown from the previous month due to a decline in U.S. exports and the Chinese New Year holidays. The rise was less than a 4.7 percent increase expected by economists in a Reuters poll. It followed a 5.4 percent year-on-year rise in December. Imports rose 8.5 percent, versus the median estimate for a 4.7 percent increase. The trade balance came to a deficit of 1.09 trillion yen ($9.66 billion), versus the median estimate for a 636.8 billion yen deficit. To view full tables, go to the website of the Ministry of Finance at: (Reporting by Stanley White; Editing by Chang-Ran Kim) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-japan-economy-trade-idUKKBN15Y0YS'|'2017-02-20T07:29:00.000+02:00'
'4245196f9eef2e67e14e161ff3a77d38e370fb3c'|'Wanted: a CEO willing to hold Greek banking''s "poisoned chalice"'|'Economic News - Mon Feb 20, 2017 - 8:38pm IST Wanted: a CEO willing to hold Greek banking''s "poisoned chalice" People make their way past the National Bank of Greece headquarters in central Athens, Greece, February 19, 2017. REUTERS/Michalis Karagiannis By George Georgiopoulos - ATHENS ATHENS Wanted: a chief executive to run Greece''s bank-rescue fund. Job description: work hard and pray for a miracle. Greece has failed to find a boss for its Hellenic Financial Stability Fund since July, when its three-member executive team resigned. A new CEO, offered the job in late October quit a week later. His predecessor, an interim boss, had lasted two months. The fund, financed by euro zone and International Monetary Fund loans, has not explained its failure to find a new leader, but a source close to the recruitment process said the role was challenging and "less enticing than initially thought". Former fund executives describe it as one of the most thankless jobs in banking. One called it a "poisoned chalice". The failure to find a new CEO means the fund lacks a strong leader to push banks to make painful reforms, such as tackling bad loans. Their huge burden of bad debt, totalling 106 billion euros ($113 billion) or about half of all loans, inhibits them from providing credit to the shattered economy''s vibrant firms. The CEO''s role is to use the fund''s leverage as a major investor in three of Greece''s four major listed banks to help push through banking reforms designed by the European Union, the European Central Bank and IMF and to eventually divest its stakes, returning banks to private hands. The job now comes with an annual salary of up to 270,000 euros ($290,000), perhaps low by the international standards of senior bank executives, but higher than two years ago when then-finance minister Yannis Varoufakis capped it at 132,000 euros. Moreover, the boss has to answer to several masters who are currently at loggerheads over the broader question of Greek reforms. The government, the central bank, the EU, ECB and European Stability Mechanism are all represented on a six-member selection panel, set up in 2010, to recruit fund executives. Athens and its key lenders are in disagreement over the terms of the latest bailout. If a resolution cannot be found by July, Greece again may face insolvency. "At times you are the slave of 20 masters," a former fund executive said, adding that it was no job for a hard-driving chief executive accustomed to pushing through obstacles. The fund executives who discussed the job with Reuters declined to be identified. The selection panel has been trying to recruit a CEO to run the HFSF since the fund''s previous three-member executive team was removed in an effort to beef up leadership, which in turn was a condition of Greece''s third bailout deal with its lenders. The source close to the selection process said the panel had studied more than 70 resumes in its latest search, which began in late December, but no suitable candidate emerged. The fund kicked off yet another search last week, advertising the job. Efforts to "give the fund a stronger role through new executive leadership proved more challenging" than envisaged, the source said of the difficulty in filling the vacancy. PRAYING FOR A MIRACLE The Hellenic Financial Stability Fund employs just 32 people and has total assets of around 8 billion euros, including 375 million euros in cash, based on Sept. 30 balance sheet data. It owns 40 percent of National Bank, 26.2 percent of Piraeus Bank and 11 percent of Alpha Bank, as well as a 2.4 percent holding in Eurobank. However, the fund has lost about two-thirds of its original 25 billion euros investment, money Greece had borrowed from the EU and IMF, part of a mountain of debts for which Athens is now keen to get relief in negotiations with its official lenders. The fund pumped the cash into banks in 2013 after an overhaul of Greek debt had forced them to slash the value of thei
'13053d0efa3ece24b2033f2981f99c0c6d803b9d'|'SpaceX rocket poised for second launch try from historic NASA pad - Reuters'|'By Irene Klotz - CAPE CANAVERAL, Fla. CAPE CANAVERAL, Fla. Countdown clocks were ticking down on Sunday for the launch of a SpaceX Falcon 9 rocket from a historic launchpad leased from NASA at the Kennedy Space Center in Florida.Blastoff of Space Exploration Technology Corp''s Falcon 9 rocket is targeted for 9:38 a.m. local time/1438 GMT on a mission to fly supplies and science experiments to the International Space Station.SpaceX scrubbed its first launch attempt on Saturday seconds before liftoff due to concerns about the steering system in the rocket''s upper stage, the company said.SpaceX founder and Chief Executive Elon Musk wrote on Twitter after the delay, "99% likely to be fine ... but that 1% chance isn''t worth rolling the dice. Better to wait a day."The National Aeronautics and Space Administration, which hired SpaceX to fly cargo to the station after the shuttle program ended, will closely monitor Sunday''s launch to learn more about SpaceX''s operations before it clears the company to fly NASA astronauts on SpaceX rockets."We''re going in and listening to their launches and getting smart so we can have intelligent discussions with them and offer feedback about how things might be different if you''re launching people," Stephen Payne, NASA''s launch integration manager for the commercial space taxi program, said in an interview.SpaceX and Boeing are scheduled to begin flying crew to the station by the end of 2018. But a Government Accountability Office report last week said both firms face technical hurdles that likely will delay their programs.This is the first time SpaceX is launching a rocket from Kennedy Space Center''s historic Launch Complex 39A, which was originally built for the 1960s-era Apollo moon program and later repurposed for the space shuttles.SpaceX leased the pad from NASA in 2014 and is spending upwards of $100 million to ready it for a variety of NASA, commercial and military launches, SpaceX President Gwynne Shotwell said."It means a lot to see the pad just not sit and waste away," Kennedy Space Center director Bob Cabana told reporters.SpaceX hopes to have its second Florida launchpad, located at the nearby Cape Canaveral Air Force Station, back in operation this summer. That pad was heavily damaged in a Sept. 1 rocket explosion.(Editing by Alex Dobuzinskis and Himani Sarkar)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/space-spacex-launch-idINKBN15Y063'|'2017-02-19T04:14:00.000+02:00'
'24c7fab6cc65a100627f7d1020b30a66bb206a6c'|'Spain''s trade deficit falls 22.5 percent in 2016'|'Business News - Mon Feb 20, 2017 - 10:05am GMT Spain''s trade deficit falls 22.5 percent in 2016 A general view of a cargo terminal at the Port of Barcelona, October 23, 2013. REUTERS/Albert Gea/File Photo MADRID Spain''s trade deficit fell 22.5 percent to 18.8 billion euros (<28>16 billion) in 2016, the second lowest since 1997, as exports rose to their highest level on record while imports shrank, the economy ministry said on Monday. In 2016, exports were up 1.7 percent to 254.5 billion euros, while imports fell 0.4 percent to 273.3 billion euros, the ministry said. In December, exports rose 2.9 percent from the previous year to 20.7 billion euros while imports rose 5.6 percent to 23.2 billion euros, sending the deficit 36.4 percent higher than a year earlier to 2.4 billion euros. (Reporting by Paul Day; Editing by Tomas Cobos) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-spain-economy-trade-idUKKBN15Z0X6'|'2017-02-20T17:05:00.000+02:00'
'572e0c4cc9df376a66f5e4282eadfd23c46cb505'|'UPDATE 1-Germany sees encouraging signs on jobs in Opel talks'|'Company News - Mon Feb 20, 2017 - 8:26am EST UPDATE 1-Germany sees encouraging signs on jobs in Opel talks (Adds comments by government, economy ministry spokespeople) BERLIN Feb 20 Initial talks between the German government and carmakers PSA and General Motors have led to some encouraging signals that jobs at Opel factories will be preserved, but no guarantees have been made yet, a top official said on Monday. Europe''s car industry has been dogged by overcapacity for years, and the planned sale of GM''s European Opel/Vauxhall arm to Peugeot-maker PSA has raised the spectre of cutbacks in the wake of a deal. GM and PSA so far have not given binding guarantees to preserve German jobs and factories at Opel, Deputy Economy Minister Matthias Machnig said when asked to comment on media reports, but he added there had been some encouraging signals. "This is why speculation is premature at this point," Machnig told German television station ARD. He expressed hope that a combination with France''s PSA could form the basis of a better future for Opel. German newspaper Bild am Sonntag had reported that PSA had pledged to continue operating all four of Opel''s German production sites. Germany is heading towards a federal election in September and any major job cuts at Opel could weaken the chances of Chancellor Angela Merkel getting re-elected for a fourth term. Merkel is constantly being updated on the progress of talks between the government and the management of the carmakers, government spokesman Steffen Seibert said during a regular news conference in Berlin on Monday. An economy ministry spokesman reiterated the government''s main goal was to preserve jobs. He added Berlin was also in contact with the British government and that both countries would not let themselves being played off against each other. Economy Minister Brigitte Zypries will discuss the planned deal in talks with her French counterpart Michel Sapin during her visit in Paris on Thursday, the ministry spokesman said. Zypries, a senior member of Germany''s co-governing Social Democrats, said last Thursday she expected the deal to go ahead. Germany accounts for half of GM Europe''s 38,000 staff, while there are 4,500 in Britain where the company operates under the Vauxhall brand. Two sources close to PSA said last Thursday that job and plant cuts were part of the tie-up talks, with the two Vauxhall sites in Britain in the front line. (Reporting by Gernot Heller and Michael Nienaber; Editing by Mark Potter) Next In Company News UPDATE 2-Vale scraps controlling bloc, merges shares in major transparency move SAO PAULO, Feb 20 Vale SA plans to become a company with no defined controlling shareholder as soon as possible, in a landmark step aimed at enhancing transparency and equal rights for all shareholders in the world''s largest iron ore producer.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/opel-ma-psa-germany-idUSL8N1G52RC'|'2017-02-20T20:26:00.000+02:00'
'50e447c3d4c4df7453a35c91ad1694e8f8252dce'|'Reliance''s Jio hails Uber ride in payments battle with PayTM'|'Company  05am EST Reliance''s Jio hails Uber ride in payments battle with PayTM MUMBAI Feb 20 Uber users in India, who until now had Chinese Internet giant Alibaba-backed PayTM as the only payment wallet option available to book a ride, will now be able to pay through Reliance Jio Infocomm''s Jio Money. Reliance said on Monday it had struck a partnership with Uber Technologies Inc which will help it challenge PayTM''s dominance in digital payments. Such transactions rose in popularity after a cash crunch caused due to the Indian government''s move to scrap some currency notes in November. Reliance, which launched Jio Money in December, said it also plans to soon allow users to book and pay for Uber rides from the app itself, a feature that PayTM does not offer. (Reporting by Zeba Siddiqui in Mumbai; Editing by Alexander Smith) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/reliance-jio-uber-tech-paymentswallet-idUSL4N1G53OZ'|'2017-02-20T23:05:00.000+02:00'
'fe7f470058313bf124b09aed5c954cb7ead71000'|'BRIEF-Amazon to create more than 1,500 jobs in France this year'|' 12am EST BRIEF-Amazon to create more than 1,500 jobs in France this year PARIS Feb 20 Amazon: * Amazon expects its French staff numbers to increase to 5,500 from 4,000 this year * U.S. company announces creation of more than 1,500 ''CDI'' permanent contract jobs in France * France keen to reinforce its status as a major European business centre, in the wake of the UK''s Brexit vote last year and given the forthcoming French presidential election in April and May  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-amazon-to-create-more-than-1500-jo-idUSFWN1G5034'|'2017-02-20T13:12:00.000+02:00'
'4f1aa99dda8afcc3c6c222601bb96ad04a8ca1e4'|'Unilever shares tumble 8 percent after Kraft ditches bid'|'Business News - Mon Feb 20, 2017 - 8:16am GMT Unilever shares tumble 8 percent after Kraft ditches bid 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 Shares in Anglo-Dutch consumer goods group Unilever ( ULVR.L ) ( UNc.AS ) dropped 8 percent on Monday after U.S. rival Kraft Heinz Co ( KHC.O ) abruptly ditched its surprise $143 billion merger proposal. Backed by Warren Buffett and the private equity firm 3G, Kraft had wanted to buy Unilever to build a global consumer goods giant but its offer was flatly rejected on Friday by the maker of Lipton tea and Dove soap. According to people familiar with the matter, Kraft had not expected to encounter the resistance it received from Unilever Chief Executive Paul Polman, who dismissed the offer as having no financial or strategic merit. Concerns had also been raised about political scrutiny in Britain where Prime Minister Theresa May had indicated she would be more proactive in vetting foreign takeovers when she took office last year. May had previously singled out Kraft''s 2010 acquisition of another British household name, Cadbury Plc, as an example of a deal that should have been blocked. The Financial Times said May had ordered officials to see if the proposed deal raised any concerns for the wider British economy and merits government intervention. 3G made its name in corporate America by orchestrating large debt-laden acquisitions and then slashing costs dramatically to drive profits. Unilever''s London-listed shares, which jumped 13 percent on Friday when the approach was made public, fell 8 percent in early trading on Monday. A combination of the two firms would have been the largest acquisition of a UK-based company, according to Thomson Reuters data. It would have brought together some of the world''s best known brands, from toothpaste to ice creams, and combine Kraft''s strength in the United States with Unilever''s in Europe and Asia. But the premature exposure of Kraft''s bid left the aggressive acquisition machine scrambling to craft an appetizing message for shareholders, the press, Unilever''s rank and file, and British and Dutch leaders. (Reporting by Kate Holton; editing by Guy Faulconbridge) Next In Business News RBS shares up 5 percent on alternative plan to Williams & Glyn sale LONDON Royal Bank of Scotland Group shares rose 5 percent on Monday, after the lender said on Friday evening it had proposed abandoning the disposal of its Williams & Glyn business after a seven-year struggle to sell the unit to meet European Union state aid demands.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-unilever-m-a-kraft-idUKKBN15Z0NO'|'2017-02-20T15:16:00.000+02:00'
'f193578f7a037c3711af2fdb0be8f72d279f7e49'|'UK house prices growing at the slowest rate in four years, survey finds - Business'|'Asking prices in Britain<69>s housing market rose at the slowest annual rate in almost four years in February as buyers become wary about paying too much, according to the latest survey from Rightmove .Annual price growth fell from 3.2% in January to 2.3%, the weakest since April 2013. On a monthly basis, average asking prices rose 2% t0 <20>306,213, the slowest rate of growth in the month of February in eight years.Miles Shipside, Rightmove director and housing market analyst, said sellers would be taking a risk by overpricing their properties.He said a number of factors were making buyers more cautious, including inflation, which hit a two-year high of 1.8% in January and is expected to reach about 3% in early 2018, putting more pressure on household finances.<2E>Property prices are still 2.3% higher than a year ago, but perhaps we<77>re approaching the territory where many buyers are unable or unwilling to pay what sellers are asking, given the negative combination of rises in the cost of living, tighter lending criteria and a dose of Brexit uncertainty.<2E><>We didn''t even have room for a table<6C>: meet the 30-somethings fleeing London Read more Rightmove said the housing market was boosted in early 2016 by <20>frenzied<65> buy-to-let investors who rushed to complete transactions before new stamp duty rules were introduced in April, making this year look subdued by comparison. However, it added that demand was holding up, with more than 131m visits to its website in January, up 3% compared with a year earlier. <20>While seller pricing power appears to be on the wane overall, the numbers of deals done is very robust, scarcely lower than during last year<61>s tax-saving rush,<2C> Shipside said.Estate agents reported that buyer interest was significantly diminished if properties were priced more than 5% too high.Rightmove analysed more than 100,000 newly listed homes and found that sellers were 40% more likely to sell with that agent if the property was correctly priced when it first came to market.Kevin Shaw, national sales director at estate agency Leaders, said: <20>Tempting as it may be, it<69>s never in the interests of a seller to set an asking price above what a property is really worth. Setting an accurate price, based on local market conditions, is crucial for achieving both a quick sale and the best possible price. <20>Overpricing, particularly in a price-sensitive market, will result in the property sitting on the market until the price is dropped, losing the interest of buyers and ultimately achieving a lower price in the end.<2E> Brian Murphy, head of lending for the Mortgage Advice Bureau, said the report suggested buyers were sticking to their budgets with very little <20>wiggle room<6F>.<2E>It<49>s likely that this is due to stricter lending criteria, and suggests that buyers are getting their ducks in a row financially before they start their property search, in terms of applying for their mortgage, to understand how much they can spend,<2C> he said. This meant that agents were finding it harder to <20>upsell<6C> properties by encouraging buyers to look at properties that were out of their price range. Changes in asking price varied widely in London, according to Rightmove. The biggest annual riser was the borough of Camden, where average prices jumped 27.3% to <20>1.4m over the year to February. The worst performing area in the capital was Kensington and Chelsea, where average prices were <20>2.1m in February, down 14.6% compared with a year earlier.'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/feb/20/uk-house-prices-growth-slowest-rate-four-years-rightmove-survey'|'2017-02-20T14:01:00.000+02:00'
'9818c84017eab1631cc1f083c7c6f580d842e6a2'|'Hong Kong union joins critics of McDonald''s HK, China sale, sees pay squeeze'|'Mon Feb 20, 2017 - 4:32am GMT Hong Kong union joins critics of McDonald''s HK, China sale, sees pay squeeze A man sleeps at a 24-hour McDonald''s restaurant in Hong Kong, China November 10, 2015. REUTERS/Tyrone Siu HONG KONG The Hong Kong Confederation of Trade Unions (HKCTU) warned that McDonald''s Corp''s ( MCD.N ) up-to-$2.1 billion sale of its Hong Kong and China operations could hit workers'' pay, adding to growing criticism of the deal on the mainland and elsewhere. The fast-food giant said last month it had agreed to sell the bulk of its China and Hong Kong business to state-backed conglomerate CITIC Ltd and U.S. private equity firm Carlyle Group LP in a deal that will see the consortium act as the master franchisee for a 20-year period. The HKCTU''s statement on Monday comes just days after a Chinese consultancy, Hejun Vanguard Group, filed a formal complaint with China''s Ministry of Commerce also claiming the decision to move to a master-franchisee model may hurt its 120,000 workers in China, as well as consumers. The union group said the deal would put further pressure on pay at the U.S. company''s Hong Kong outlets, where many workers earn just above the current minimum wage of HK$32.5 ($4.20) per hour. The group represents 90 affiliate organizations and 170,000 members. "In other countries where McDonald''s has sold a large stake of its business, the resulting model has placed enormous pressure on franchisees, which has made it harder for franchise operators to provide adequate pay and conditions for their workers," HKCTU official Wong Yu Loy said in the statement. "If the buyers in Hong Kong get squeezed by McDonald''s as they have in other countries, workers here may get even less as a result," Wong said. McDonald''s did not immediately respond to a request for comment, but has said its franchise model globally is based on mutually beneficial partnerships. The sale has also been criticized by The Service Employees International Union, a U.S. labor organization, which warned in a statement last month that previous such transactions in markets - including Brazil and Puerto Rico - had hurt workers. (Reporting by Michelle Price; Editing by Kenneth Maxwell) Up Next SoftBank shares up; sources say company willing to cede control of Sprint TOKYO Shares in SoftBank Group Corp rose nearly 3 percent in morning trade on Monday after a Reuters report that the Japanese company is prepared to cede control of Sprint Corp to T-Mobile US Inc to clinch a merger of the two U.S. wireless carriers.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-mcdonalds-m-a-unions-idUKKBN15Z0CG'|'2017-02-20T11:25:00.000+02:00'
'02e23140923922813cbcb5fe13b8dd1db8fea218'|'Wanted - a CEO willing to hold Greek banking''s ''poisoned chalice'''|'Mon Feb 20, 2017 - 2:59pm GMT Wanted: a CEO willing to hold Greek banking''s "poisoned chalice" left right People make their way past the National Bank of Greece headquarters in central Athens, Greece, February 19, 2017. Picture taken February 19, 2017. REUTERS/Michalis Karagiannis 1/2 left right A man reads his newspaper as he walks past the National Bank of Greece headquarters in central Athens, Greece, February 19, 2017. Picture taken February 19, 2017. REUTERS/Michalis Karagiannis 2/2 By George Georgiopoulos - ATHENS ATHENS Wanted: a chief executive to run Greece''s bank-rescue fund. Job description: work hard and pray for a miracle. Greece has failed to find a boss for its Hellenic Financial Stability Fund since July, when its three-member executive team resigned. A new CEO, offered the job in late October quit a week later. His predecessor, an interim boss, had lasted two months. The fund, financed by euro zone and International Monetary Fund loans, has not explained its failure to find a new leader, but a source close to the recruitment process said the role was challenging and "less enticing than initially thought". Former fund executives describe it as one of the most thankless jobs in banking. One called it a "poisoned chalice". The failure to find a new CEO means the fund lacks a strong leader to push banks to make painful reforms, such as tackling bad loans. Their huge burden of bad debt, totaling 106 billion euros ($113 billion) or about half of all loans, inhibits them from providing credit to the shattered economy''s vibrant firms. The CEO''s role is to use the fund''s leverage as a major investor in three of Greece''s four major listed banks to help push through banking reforms designed by the European Union, the European Central Bank and IMF and to eventually divest its stakes, returning banks to private hands. The job now comes with an annual salary of up to 270,000 euros ($290,000), perhaps low by the international standards of senior bank executives, but higher than two years ago when then-finance minister Yannis Varoufakis capped it at 132,000 euros. Moreover, the boss has to answer to several masters who are currently at loggerheads over the broader question of Greek reforms. The government, the central bank, the EU, ECB and European Stability Mechanism are all represented on a six-member selection panel, set up in 2010, to recruit fund executives. Athens and its key lenders are in disagreement over the terms of the latest bailout. If a resolution cannot be found by July, Greece again may face insolvency. "At times you are the slave of 20 masters," a former fund executive said, adding that it was no job for a hard-driving chief executive accustomed to pushing through obstacles. The fund executives who discussed the job with Reuters declined to be identified. The selection panel has been trying to recruit a CEO to run the HFSF since the fund''s previous three-member executive team was removed in an effort to beef up leadership, which in turn was a condition of Greece''s third bailout deal with its lenders. The source close to the selection process said the panel had studied more than 70 resumes in its latest search, which began in late December, but no suitable candidate emerged. The fund kicked off yet another search last week, advertising the job. Efforts to "give the fund a stronger role through new executive leadership proved more challenging" than envisaged, the source said of the difficulty in filling the vacancy. PRAYING FOR A MIRACLE The Hellenic Financial Stability Fund employs just 32 people and has total assets of around 8 billion euros, including 375 million euros in cash, based on Sept. 30 balance sheet data. It owns 40 percent of National Bank ( NBGr.AT ), 26.2 percent of Piraeus Bank ( BOPr.AT ) and 11 percent of Alpha Bank, ( ACBr.AT ) as well as a 2.4 percent holding in Eurobank ( EURBr.AT ). However, the fund has lost about two-thirds of its original 25 billion euros i
'be1678a74fdd8e0812fc07595f9400f99885116c'|'Interserve shares slump on higher energy-from-waste exit cost'|'Business  32am GMT Interserve shares slump on higher energy-from-waste exit cost Interserve Plc''s ( IRV.L ) shares fell by more than 25 percent on Monday after the British support services and construction company spooked investors by more than doubling an expected charge for getting out of its energy-from-waste business. Interserve, whose activities range from providing care services for people in their own homes to repairing Britain''s historic Sandhurst military academy, raised the provision to about 160 million pounds ($199 million) from 70 million pounds. This followed a review of operational developments at the energy-from-waste business and an assessment of the impact of litigation related to a terminated contract in Glasgow. Interserve also warned that it could be harder and take longer to get money back from third parties as its main gasification subcontractor, Energos, was in administration. However, some analysts doubted the charge was enough. "We can have no confidence the provision is adequate," Liberum analysts wrote in a note to their clients. Interserve said it was getting out of the business in August, after cost overruns and delays. LASTING IMPACT The company has been drumming up business for its support services division as construction in the UK has been hurt by supply chain failures and pricing pressure. Peel Hunt analyst Andrew Nussey said he expected Interserve''s UK construction business to remain under pressure. "We remain nervous," he wrote in a client note, adding that Interserve''s support services business could be impacted by a reduction in discretionary spend and cost inflation in the UK. While most British support services firms have reported resilient trading since Britain voted in June to leave the EU, recent warnings from Capita ( CPI.L ) and Mitie ( MTO.L ) and a slowdown noted by Carillion ( CLLN.L ) have highlighted that Brexit uncertainty has caused customers to delay decisions. Growth in Britain''s services sector slowed for the first time in four months in January as businesses battled the sharpest rise in their costs in more than five years, a closely watched survey showed earlier this month. Interserve said it expected further cash outflows of about 60 million pounds in 2017 and its shares were down 22.5 percent at 259 pence at 0925 GMT, recouping some of their early losses. ($1 = 0.8043 pounds) (Reporting by Esha Vaish in Bengaluru; Editing by Amrutha Gayathri and Alexander Smith) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-interserve-divestiture-idUKKBN15Z0MS'|'2017-02-20T16:32:00.000+02:00'
'6c6a257172b7d32693cbb24f3c85941078ba7fcf'|'Investors raise bets on higher Brent crude prices to record high'|'Business News - Mon Feb 20, 2017 - 12:18pm GMT Investors raise bets on higher Brent crude prices to record high 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/File Photo LONDON Speculators raised their bets on a rally in Brent crude oil prices to a record high last week, data from the InterContinental Exchange showed on Monday, mirroring growing optimism in the U.S. crude market. ICE data showed money managers raised their net long holdings of Brent futures and options by 18,539 lots to a record 481,399 contracts, equivalent to 481 million barrels of oil, or around five days'' worth of total global demand. Optimism that the world''s largest exporters of crude oil will not only stick to their pledge to reduce output in the first half of this year, but could potentially prolong those curbs, has driven a wave of money in the energy sector. Investors in U.S. crude oil have raised their net holdings of futures and options to a record 421,926 lots, nearly eight times what they held at this point last year. [CFTC/] In the week to Feb. 14, the price of benchmark Brent crude futures LCOc1 rose by over 1 percent to around $55.75 a barrel. Investors in ICE gasoil futures and options raised their net long holdings by 11,545 lots to 112,271 contracts, the highest since March 2013. (Reporting by Amanda Cooper; editing by Jason Neely) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-oil-ice-idUKKBN15Z16C'|'2017-02-20T19:18:00.000+02:00'
'9f7d514d6c420ec1876586ddb760ce8df337b4eb'|'Japan Inc signals boost to domestic capex but less keen on the U.S. - Reuters poll'|'Business   3:10am GMT Japan Inc signals boost to domestic capex but less keen on the U.S.: Reuters poll left right FILE PHOTO - Toyota Motor Corp''s miniature production line model is displayed at the company''s museum in Toyota, central Japan February 9, 2010. REUTERS/Yuriko Nakao/File Photo 1/2 left right People cross a street in a business district in central Tokyo, Japan, December 8, 2015. REUTERS/Thomas Peter 2/2 By Tetsushi Kajimoto - TOKYO TOKYO One third of Japanese firms are looking to lift business investment at home in the next financial year, but companies are less bullish about capital spending in the United States due to uncertainty over the Trump administration''s policies, a Reuters poll showed. Japanese auto firms, however, were responsive to President Donald Trump''s campaign to put ''America First'' with nearly a third looking to boost local procurement and others planning to raise factory utilization rates. The Reuters Corporate Survey found 33 percent of companies expect to boost domestic capital spending while 57 percent aim to maintain the previous year''s levels - a hopeful sign for Prime Minister Shinzo Abe''s efforts to engineer a sustainable economic recovery. It is the first broad poll to gauge Japan Inc''s business investment plans for the year beginning in April. Japanese firms tend to be very cautious in their initial capital spending forecasts and revise up as the year progresses. "This is a positive sign," said Hidenobu Tokuda, senior economist at Mizuho Research Institute, who reviewed the survey results. "Japanese manufacturers have taken a wait-and-see approach about capital expenditure due to slack overseas demand but they are easing this stance," he said. Any overall rise in domestic capital spending would follow a 5.5 percent increase projected for big firms during the current fiscal year which comes after a 3.4 percent increase in the previous year, according to central bank data. In contrast to plans for Japan, only nine percent of firms which took part in the Jan. 31-Feb. 14 survey currently want to boost capital spending in the United States while 79 percent saw it flat. The nine percent was also far less than the 21 percent which aim to boost capital expenditure overseas in countries other than in the U.S. The monthly survey, conducted for Reuters by Nikkei Research, polled 531 big and mid-size firms and between 190 and 240 firms answered questions on capital spending. Around 13-14 auto firms, including carmakers and their suppliers, responded to questions about their U.S. business plans. Just over half of Japanese firms said they believe U.S. demand will expand over the next year or two with many respondents saying they believed Trump''s policies would create jobs and spur consumer spending. Twenty-seven percent see demand flat while the rest predicted a contraction. But when asked if there had been any change in stance towards their U.S.-related businesses given Trump''s statements and actions since becoming president, 85 percent said there had been none. "We don''t know yet what the U.S. is going to do," wrote a manager at chemicals company, an answer echoed by many other respondents who said they were taking a wait-and-see stance. Japanese companies are weighing both negative factors such as border tax and higher tariffs as well as positive factors such as deregulation and tax cuts, all of which remain unclear, said Tokuda at Mizuho Research. Japanese auto firms were more cautious about the outlook for U.S. demand than other sectors. After record sales of more than 17.5 million vehicles in 2016, many auto executives believe the market is peaking although some consultancies are now calling for a new record to be set this year due to Trump''s policies. But the Japanese auto industry was the most responsive sector to Trump''s ''America First'' campaign with nearly a third of the 13 auto firms responding looking to boost local procurement and a fifth
'5cef6a9fe5d925de78ec8df35ba109e31303f365'|'UPDATE 1-South African watchdog fines Citi $5 mln to settle currency rigging probe'|'Company  05am EST UPDATE 1-South African watchdog fines Citi $5 mln to settle currency rigging probe (Adds Commissioner''s quotes, details) JOHANNESBURG Feb 20 South Africa''s Competition Commission has fined the local arm of Citigroup 69.5 million rand ($5.3 million) for its role in a foreign currency trading cartel, the regulator said on Monday. The Competition Commission said last week that it had found that traders at more than a dozen local and foreign banks colluded to coordinate trading in the South African and U.S. currencies. The Commission said it had set the fine for Citi Bank NA South Africa at less than 10 percent of its annual turnover after the bank "undertook to cooperate with the Commission." Following the announcement of the settlement Citibank N.A. South Africa said that it aimed to improve its internal systems and monitoring processes. "Citi is pleased that the matter has been settled. We will continue building upon the changes that we have already made to our systems, controls, and monitoring processes. Fostering a culture of ethical behaviour has been, and continues to be, a top priority for Citi." The Commission alleged that from at least 2007 traders at Citibank N.A. and its competitors had a general agreement to collude on prices for bids, offers and bid-offer spreads for the spot trades in relation to currency trading involving the dollar and rand currency. The Commission said traders manipulated the price of bids and offers through agreements to refrain from trading and creating fictitious bids and offers at particular times. "This settlement was done to encourage speedy settlement and full disclosure to strengthen the evidence for prosecution of the other banks," said the Commissioner, Tembinkosi Bonakele. Two sources with direct knowledge of the matter told Reuters on Friday that Citibank and Barclays Plc had approached the competition regulator with information relating to the alleged rigging of the rand''s exchange rate. Barclays said on Friday it was cooperating with the regulator. No one at the Commission was immediately available on Monday to comment on whether it had also reached a settlement with Barclays. ($1 = 13.0565 rand) (Reporting by Ed Stoddard; Writing by James Macharia; Editing by Greg Mahlich) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/safrica-rand-rigging-citigroup-idUSL8N1G53OP'|'2017-02-20T23:05:00.000+02:00'
'78a3c3ad1b7e10088b844df043288c298d4903a1'|'Exclusive: Burger King and Tim Hortons owner nears deal to buy Popeyes - sources'|'By Lauren Hirsch and Greg Roumeliotis Restaurant Brands International Inc ( QSR.TO ), owner of the Burger King and Tim Hortons fast-food chains, is nearing a deal to acquire Popeyes Louisiana Kitchen Inc ( PLKI.O ), people familiar with the matter said on Monday.The deal, which will likely value Popeyes at more than $1.7 billion, is a bet by Oakville, Ontario-based Restaurant Brands that it can use its international reach to introduce Popeyes'' Louisiana-style fried chicken and buttermilk biscuits to more diners globally.It also represents a small consolation prize for Restaurant Brands shareholder 3G Capital, which lost a $143 billion bid this week to merge its biggest holding, food conglomerate Kraft Heinz Co ( KHC.O ), with consumer products firm Unilever Plc ( ULVR.L ).A deal could be announced as early as this week, the people said, asking not to be identified because the negotiations are confidential. Restaurant Brands did not respond immediately to a request for comment, while Popeyes decline to comment.Popeyes, whose fans include pop singer Beyonc<6E>, began 45 years ago as a Southern-fried "Chicken on the Run" restaurant in a New Orleans suburb. It has since expanded to more than 2,000 restaurants, of which 1,600 are in the United States.The company has benefited from strong customer loyalty, as well as from a restaurant refurbishment program.Chicken accounts for about 10 percent of the fast-food industry, according to data service IBISWorld, and Popeyes'' market share is growing. The largest brands in the sector include privately held Chick-fil-A and Yum! Brands Inc''s ( YUM.N ) KFC.Private equity firm 3G Capital, which is controlled by Brazilian billionaire Jorge Paulo Lemann, owns about 43 percent of the voting shares in Restaurant Brands. 3G Capital has made a name by acquiring major U.S. consumer companies including Kraft Heinz.Restaurant Brands was formed in 2014, when 3G Capital-backed Burger King acquired Canadian coffee and doughnut chain Tim Hortons Inc for $11 billion.3G Capital''s long-time partner, Warren Buffett''s Berkshire Hathaway Inc ( BRKa.N ), committed $3 billion of preferred equity to finance that deal.(Reporting by Lauren Hirsch and Greg Roumeliotis; Editing by Leslie Adler and Tom Brown)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-popeyes-m-a-restaurant-brands-idINKBN15Z1ZY'|'2017-02-20T16:19:00.000+02:00'
'2fbed872d61c39ee20589d11c70196fffce5de8b'|'Leftist vies with ex-banker in nail-biter Ecuador presidency vote'|'Company   1:00am EST Leftist vies with ex-banker in nail-biter Ecuador presidency vote (Advisory to clients: Ecuadorean laws prohibit the publishing of polls in the country 10 days before the election) By Alexandra Ulmer and Yury Garcia QUITO/GUAYAQUIL Feb 19 Ecuadoreans vote on Sunday in a nail biter presidential election where an ally of leftist President Rafael Correa hopes to clinch enough support to avoid a runoff against a conservative ex-banker. Lenin Moreno, 63, a disabled former vice-president, needs 40 percent of valid votes and a 10 percentage point difference with his nearest rival to avoid a second round on April 2 and continue a decade of left-wing rule in the Andean country. He looked close in an early February poll, with an estimated 38.6 percent of valid votes versus 25.7 percent for his nearest challenger Guillermo Lasso, a 61-year-old former president of Banco de Guayaquil, according to top pollster Cedatos. But should Moreno be forced into a second round, analysts expect Ecuador''s fractured opposition to coalesce around Lasso amid an economic downturn and corruption scandals in OPEC''s smallest member state. That would further bolster the right in South America, after Argentina, Brazil and Peru all shifted away from leftist rule in the past 18 months as a commodities boom ended. Still, Ecuador''s ruling Country Alliance party remains popular with many poor in the country that is home to volcano-topped Andean plateaus, lush jungles and the Galapagos Islands. "This government must continue because it''s the best one in all political history. It''s built everything: Hospitals, roads, schools," said student Cristopher Gonzalez, 26. "I don''t believe any candidate but Lenin Moreno." Moreno, who lost use of his legs two decades ago after being shot during a robbery, has a more conciliatory style than the fiery Correa and has promised benefits for the disabled, single mothers, and the elderly. But the economy is weighing heavily on voters. Unemployment is running high, the middle class is upset over tax hikes, and corruption scandals at state-run oil company PetroEcuador and Brazilian conglomerate Odebrecht have outraged many. "We''ve lived 10 years of disgrace, 10 years of theft, corruption, false honesty, a country-wide regression where only a few have benefited," said Angel Mendoza, a 45-year-old architect who was supporting Lasso. Lasso has campaigned on a platform to revive the economy, which is dependent on exports of oil, flowers, and shrimp, by slashing taxes, fostering foreign investment, and creating 1 million jobs in four years. He has also vowed a clean break with Correa''s foreign policy. He would remove Wikileaks founder Julian Assange from the country''s embassy in London by late June and take a firm stance against Venezuela''s socialist government. TRICKY PREDICTIONS Analysts caution there is still a high number of undecided voters and the fact there are eight candidates in the first round render predictions tricky. While some voters are disappointed by Correa''s governance, they cannot bring themselves to vote for a former banker seen as out of touch with most Ecuadoreans'' reality. And another opposition candidate, lawyer and former lawmaker Cynthia Viteri, is seen cutting into Lasso''s support. "It''s hard to choose, their proposals are weak," said street seller Justo Aguilera, 46 in the humid coastal city of Guayaquil. "Because they''re always fighting, they''re not speaking about the economic crisis and we unemployed folk who have to work informally every day to at least eat." The next president will face an uphill battle to create jobs, reckon with high debt levels, and maintain major social welfare plans amid lower crude prices. Correa, one of the key figures of Latin America''s leftist axis for years, has brought stability to the politically turbulent country but has aggravated many with his confrontational style. He plans to move to Belgium with his Belgian wife after lea
'92b5d4d56635b55aea619d03c34859a7561dfcd5'|'Wells Fargo fund business on the defensive amid sales scandal'|'Business News - Tue Feb 21, 2017 - 6:04am GMT Wells Fargo fund business on the defensive amid sales scandal FILE PHOTO - A Wells Fargo branch is seen in the Chicago suburb of Evanston, Illinois, U.S. on February 10, 2015. REUTERS/Jim Young/File Photo By Tim McLaughlin When a scandal over unauthorised accounts rocked Wells Fargo & Co''s ( WFC.N ) retail division last fall, executives at its asset management arm sprang into action to limit its fallout at an already tough time for their business. A Reuters'' review of minutes from about two dozen state and municipal pension board meetings across the country from October to December showed Wells Fargo wealth management executives offering apologies, weighing fee cuts and emphasizing their own controls on staff hiring and vetting. Joe Ready, head of Wells Fargo''s institutional retirement plan business, for example, told trustees of the city of San Diego''s defined contribution plan that participants'' $1 billion in assets were walled off from other parts of Wells Fargo. Last September, the bank said it reached a settlement with the authorities over findings that its branch staff opened up to 2 million unauthorised customer accounts. "Mr. Ready apologized for any inconveniences the recent incident has caused. Mr. Ready confirmed that the retirement plan accounts are not impacted by the recent events," according to minutes of the Oct. 6 meeting published on the city''s website. San Diego pension officials declined to comment for this story. Wells Fargo declined to make Ready available and said it would not comment on its interactions with specific clients, but said in a statement: "We certainly understand the concerns about what happened in our community bank and have been in regular dialogue with our investor clients regarding the settlement," the bank said. It is difficult to determine the scandal''s precise business impact. Like other fund managers, Wells Fargo is grappling with the seismic shift of money into funds that track indices. Even before the scandal erupted investors had been pulling money out of its funds. Yet its fund unit has seen faster outflows than its peers and the withdrawals accelerated in the last quarter of 2016. Wells Fargo''s core mutual funds business, for example, had the biggest market share decline among large U.S. fund families in 2016, according to Morningstar Inc data. In December alone, the funds recorded $7.1 billion in net withdrawals, two and a half times more than second-worst performer. (Graphic: tmsnrt.rs/2jYr0RH ) CYCLICAL UNDERPERFORMANCE Asked to comment on the data, the bank said in a statement it did not believe "there is a connection between our fund flows and the September 2016 sales practice settlement between Wells Fargo and regulators." "The recent underperformance of many active managers is simply cyclical," it added in the statement. The bank declined to make executives available for further comment. In one case, however, the accounts debacle played a role in a lost bid for new business. The bank''s $482 billion asset management arm was among three finalists to run a $40 million bond portfolio for Oakland''s police and fire pension fund last fall. The contract went to a firm with 17 employees and $1.5 billion in assets and David Sancewich, a consultant who helped the pension fund with the selection, told Reuters the scandal influenced Oakland''s choice. "It was one variable as part of the decision process," he said in an email. In another instance, however, Wells Fargo''s assurances appeared to have had some mitigating effect. In Vermont, administrators of Champlain College who considered dropping the bank as an underwriter of a $77 million bond because of the scandal, ultimately chose to stick with Wells Fargo following a review of the bank''s operations. When contacted, the college provided Reuters with a copy of an October memo, which said it made the decision "following a robust discussion," while stressing that th
'e4b06ea661038e14e4cddaa9a324c5a05757e963'|'BRIEF-Hainan Airlines says will launch new nonstop service from Los Angeles international airport to Chengdu and to Chongqing'|'United States  18pm EST BRIEF-Hainan Airlines says will launch new nonstop service from Los Angeles international airport to Chengdu and to Chongqing Feb 21 Hainan Airlines Co Ltd * Hainan airlines says will launch new nonstop service from los angeles international airport to chengdu and to chongqing    '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-hainan-airlines-says-will-launch-n-idUSFWN1G60S8'|'2017-02-22T01:18:00.000+02:00'
'c55664b1160d512d4707d45ea7c43b92387f044c'|'VW brand chief sees strenuous year amid struggle over cost-cut plan'|'Company  34am EST VW brand chief sees strenuous year amid struggle over cost-cut plan BERLIN Feb 21 Volkswagen brand chief Herbert Diess said 2017 would be a good but strenuous year as the carmaker grapples with putting in place a turnaround plan. "Above all we must implement the future pact swiftly and consistently," Diess said in an emailed statement published on Tuesday. Separately, the head of VW''s core autos division said more than 40 percent of 5.8 million brand vehicles affected by the diesel emissions scandal had been refitted with a software update. The carmaker has a goal to complete refitting affected models in Germany by the autumn, Diess said. (Reporting by Andreas Cremer; Editing by Maria Sheahan) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/volkswagen-emissions-outlook-idUSF9N1FN01X'|'2017-02-21T19:34:00.000+02:00'
'5e7f4bb21c2aa4353497103135e8d87167a88179'|'Exclusive : Fashion house BCBG Max Azria prepares for bankruptcy - sources'|'Deals - Sat Feb 25, 2017 - 1:25am GMT Fashion house BCBG Max Azria prepares for bankruptcy: sources Guests arrive for the BCBG Max Azria''s Fall/Winter 2016 collection fashion show during New York Fashion Week in New York, February 11, 2016. REUTERS/Brendan McDermid By Jessica DiNapoli BCBG Max Azria Group LLC, whose form-fitting party dresses have been worn by celebrities Selena Gomez, Drew Barrymore and others, is making preparations to file for bankruptcy as soon as next week, people familiar with the matter said on Friday. The fashion house is the latest casualty in the struggling U.S. retail sector, as shoppers abandon malls in favor of internet shopping. BCBG has already informed mall owners of its plans to shutter most of its approximately 200 U.S. stores. BCBG is working with its financial and legal advisers to prepare the bankruptcy filing, the people said, asking not to be identified because the plans are confidential. It is possible that some companies, including brand licensing firms, may seek to buy BCBG''s assets in bankruptcy, the people added. BCBG declined comment. Its owner, investment firm Guggenheim Partners, did not respond to requests for comment. Competing specialty retailers, including The Limited and American Apparel, have also filed for bankruptcy in recent months and are closing down their stores. In a call with landlords in January, a recording of which was heard by Reuters, BCBG said it preferred an alternative to bankruptcy as it looked to slash its secured debt load of $485 million. However, BCBG is behind on its rent, and bankruptcy would have the advantage of shielding it from legal action by landlords, which have been put under pressure by a wave of retail bankruptcies and shuttered stores. The upcoming bankruptcy is a fall from grace for BCBG, an acronym for the French phrase "bon chic, bon genre," which means good style, good attitude, and originally referred to stylish, well-to-do Parisians. Reuters reported in 2013 that it was exploring a potential sale that could have fetched as much as $1 billion. In 2015, BCBG restructured its debt and received a $135 million cash infusion from investors including affiliates of Guggenheim. BCBG was founded by Tunisian fashion designer Max Azria in 1989 and grew through its retail shops and distribution in department stores including Saks Fifth Avenue and Bloomingdale''s. It also acquired Herve Leger, maker of skin-tight dresses, and started a lower-cost line called BCBGeneration. Azria is no longer at the helm of the company. In the call with landlords last month, one of BCBG''s advisers said the company''s retail store business declined by 20 percent over the past three years. The company reported consolidated net sales of just over $600 million in the 12 months to December, according to the call. Retail accounted for 71 percent of its revenue, while wholesale accounted for 18 percent, according to the call. The percentage share for licensing and e-commerce sales were in the single digits. (Reporting by Jessica DiNapoli in New York; Editing by Bill Rigby) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-bcbgmaxazria-bankruptcy-idUKKBN16401N'|'2017-02-25T08:19:00.000+02:00'
'3bfcb94a008b672e4093979d92dbcab1014ae8f7'|'Taiwan export orders grow for 6th month as world gears up for iPhone8'|'Global Energy  19am GMT Taiwan export orders grow for 6th month as world gears up for iPhone8 By Faith Hung and Jeanny Kao - TAIPEI TAIPEI Orders for Taiwan''s exports rose for a sixth straight month in January on strong global demand for hi-tech gadgets such as Apple Inc''s iPhones and Chinese smartphones, bolstering the government''s view that economic growth could hit a three-year high this year. The export-driven economies of Taiwan and many of its Asian neighbours are benefiting from a pick-up in global growth, and particularly in demand for electronics ahead of the upcoming launch of the new iPhone 8 later this year. Export orders expanded 5.2 percent in January from a year earlier, though less than the 6.65 percent median forecast in a Reuters poll and slower than December''s 6.3 percent growth. But analysts remained optimistic it would be a solid year, with Apple leading a strong pipeline of new launches. "Export orders should grow each quarter thanks to the launch of the new iPhone this year," said Wang Cheng-hung, an analyst at Cathay Financial Holding''s fund unit. Taiwan''s export orders are a leading indicator of demand for Asia''s exports and for hi-tech gadgets, and typically lead actual exports by two to three months. Taiwan raised its 2017 economic growth target last week to 1.92 percent from a preliminary estimate of 1.4 percent in 2016, citing expectations of stronger shipments. Exports in January rose for a fourth straight month, though momentum slowed substantially from the peak year-end shopping season in late 2016. [nL4N1FR169] Export orders in January from China and the United States grew at a slightly slower pace than the previous month, but still expanded at a solid clip, while orders picked up from Europe and Japan. The next generation iPhone 8 line is expected to be released by Apple ( AAPL.O ) in the back half of 2017, while demand for some up and coming Chinese smartphone brands is expected to continue to improve both domestically and globally. Economists at Nomura believe Asia''s electronics parts production may remain strong through at least the first half of this year, with improvements in Chinese phones'' design and quality benefiting firms producing memory chips and displays across the region. However, while the new launches are seen boosting business for Asian and global companies in those supply chains, the outlook for Asian exporters also is being clouded by fears of growing U.S. trade protectionism. [nL4N1FY1RH] (Editing by Kim Coghill) Tepco sets indicative interest rates for $620 mln bond sale TOKYO, Feb 20 Tokyo Electric Power Co (Tepco) set out indicative terms for the interest rates on 70 billion yen ($620 million) of three and five-year bonds the company is planning to sell, its first sale since the 2011 Fukushima nuclear disaster. UPDATE 3-Enbridge CEO says Canada only needs two more export pipelines CALGARY, Alberta, Feb 17 Two new crude oil export pipelines will provide enough capacity to ship Canadian production to market until at least the mid 2020s, Enbridge Inc Chief Executive Al Monaco said on Friday, making clear his company''s Line 3 should be one of them. * Dollar index hits session high as U.S. Treasury yield pare fall (Adds CFTC data, paragraphs 14, 15) 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-taiwan-economy-orders-idUKKBN15Z0SR'|'2017-02-20T16:19:00.000+02:00'
'9e39b8ee770e4f81f8bdff620445076497d18b5e'|'BRIEF-Delight Restaurant Group announces acquisition of 30 Wendy''s restaurants from The Wendy''s Company'|' 54am EST BRIEF-Delight Restaurant Group announces acquisition of 30 Wendy''s restaurants from The Wendy''s Company Feb 20 Delight Restaurant Group : * Delight Restaurant Group announces acquisition of 30 Wendy''s restaurants from The Wendy''s Company as part of the company''s previously announced system optimization initiative  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-delight-restaurant-group-announces-idUSASB0B13Y'|'2017-02-20T21:54:00.000+02:00'
'd2d40b12b05cf8fa0271df1b3fe93fbf9eb860b6'|'PRESS DIGEST- New York Times business news - Feb 21'|' 45am EST PRESS DIGEST- New York Times business news - Feb 21 Feb 21 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''s WhatsApp, unveiled a version of its ''Status'' feature that takes a significant number of cues from Snap Inc''s messaging app Snapchat. Mimicking Snapchat''s Stories feature, WhatsApp''s Status now lets people share images, GIFs and videos as a status update, all of which last for 24 hours before disappearing. nyti.ms/2lgPW7w - Kraft Heinz board, including Warren Buffett and the Brazilian-born billionaire Jorge Paulo Lemann, decided to walk away from a $143 billion takeover bid for Unilever . The alternative would have been to pursue a public and possibly costly fight against Unilever but instead, the two consumer goods giants said on Sunday that Kraft Heinz had withdrawn its takeover bid after an agreement on friendly terms. nyti.ms/2lgSDG8 - Travis Kalanick, chief executive of Uber opened an internal investigation into claims of sexual harassment made by a former engineer at the company. The engineer, Susan Fowler, said in a blog post that she was sexually harassed by her direct supervisor during her time at Uber and that after she reported those claims to the human resources department, they were ignored. nyti.ms/2lgSoeg - Eurozone finance ministers agreed on Monday to begin negotiations in Athens as soon as next week over much-needed overhauls in exchange for bailout payments, with Greece appearing to win a reprieve from the crippling austerity that it has faced for years. The agreement fell short of an all-encompassing deal, with key questions unresolved over the shape of the changes to Greece''s pensions, as well as its tax and labor rules. nyti.ms/2lgYBqQ (Compiled by Sangameswaran S in Bengaluru)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/press-digest-nyt-idUSL4N1G62FP'|'2017-02-21T13:45:00.000+02:00'
'08ece521a306dbc69111939bd598ff8089d13eae'|'UPDATE 3-Peugeot maker PSA says will honour existing Opel job guarantees'|' 36am EST UPDATE 3-Peugeot maker PSA says will honour existing Opel job guarantees * PSA CEO met with Opel labour chiefs, union reps on Monday * Works council chief says ready to explore possible deal * Analyst thinks around 5,000 jobs could eventually go (Adds tweets by Opel CEO, PSA comments about Angela Merkel) By Edward Taylor and Laurence Frost FRANKFURT/PARIS, Feb 21 PSA Group told German Chancellor Angela Merkel and top labour representatives that it would uphold Opel and Vauxhall job guarantees if it buys the European arm of General Motors, though some analysts say thousands of job losses are likely eventually. As part of a sweeping charm offensive of the political and automotive establishment in Germany, PSA Chief Executive Carlos Tavares discussed his plans with Merkel on Tuesday, after seeking to reassure powerful German labour union IG Metall and Opel''s European works council on Monday about the impact of any deal on existing sites. "PSA Group reaffirmed its commitment to respect the existing agreements in the European countries and to continue the dialogue with all parties," Peugeot maker PSA said in a statement on Tuesday. Tavares''s discussion with Merkel, in a phone call, was "fruitful", PSA said. He presented the rationale for creating a European champion with five "complementary" brands with deep roots in their respective domestic markets and told Merkel Opel would benefit from considerable independence within the group. "The tone of the exchange was very convivial and Chancellor Merkel was very receptive to our arguments," PSA said. According to a German government spokesman, he also said that PSA would give plant, investment and job guarantees. The labour ministers of France and Germany said that they believed a deal between GM and PSA would be a "win-win situation" for both countries. "We believe that both locations could benefit from it - both the French and the German plants. German-French cooperation could really spawn a champion company and that''s why we''re very pleased about the development today," German Labour Minister Andrea Nahles said, speaking at a BMW motorcycle plant in Berlin with her French counterpart Myriam El Khomri. Peugeot has agreed to adhere to existing pledges by General Motors (GM) not to impose forced redundancies on some of its German workforce until the end of 2018. Some existing agreements about building certain models at Opel stretch beyond 2020. However, some analysts say PSA will eventually need to make big cuts to turn around loss-making Opel and sister brand Vauxhall in a European car industry that has struggled for years with overcapacity. "It''s about hard restructuring in Germany, the UK and in Spain, resulting in at least 5,000 manufacturing job cuts. In the end, an integrated General Motors Europe will likely have 20 to 30 percent fewer workers," Evercore analysts said in a note. Germany accounts for about half of Opel''s 38,000 staff, while 4,500 are in Britain where Opel operates as Vauxhall. Two sources close to PSA told Reuters last week that job and plant cuts were part of the tie-up talks, with the two Vauxhall sites in Britain in the front line. EUROPEAN CHAMPION Paris-based PSA said in a statement it planned to work closely with Opel labour representatives to "find a path to the creation of a European champion with Franco-German roots". Opel Chief Executive Karl-Thomas Neumann said on Twitter he believed that PSA''s comments would reassure the carmaker''s employees. "Good that PSA has now reaffirmed its pledge to respect existing agreements." PSA''s Tavares has also underlined his desire to build on Opel''s identity in conversations with German labour representatives. "Tavares communicated convincingly in the talks that he is interested in a sustainable development for Opel/Vauxhall as an independent company," European works council chief Wolfgang Schaefer-Klug said in a separate statement. Britain''s Unite union has yet to receive as
'0c7bfba373adc1fb50f27f647b4b581073238e5a'|'Six banks pitch for Aramco IPO role on Saudi bourse: sources'|'By Hadeel Al Sayegh , Tom Arnold and Katie Paul - DUBAI/RIYADH DUBAI/RIYADH Saudi oil giant Aramco [IPO-ARMO.SE] has received proposals from at least six banks for an advisory role on the firm''s planned initial public share offering, sources familiar with the process said on Tuesday.Saudi authorities are aiming to list up to 5 percent of the world''s largest oil producer on both the Saudi stock exchange in Riyadh, the Tadawul, and one or more international markets in an IPO that could raise $100 billion.HSBC Saudi Arabia, a joint venture between Saudi British Bank and HSBC , NCB Capital, Samba Capital, Saudi Fransi Capital, Riyad Capital and GIB Capital, the investment banking arm of Bahrain-based Gulf International Bank [GLFBK.UL], submitted proposals to Aramco in early February, the sources said.Aramco is also considering proposals from international banks for the global share offering, with a source saying on Feb. 17 that JPMorgan was close to being selected as an underwriter. Aramco also recently chose boutique investment bank Moelis & Co as an adviser.Two of the sources on Tuesday said bank appointments for the local mandate were expected before the end of the month.Aramco did not immediately respond to a Reuters request for comment.The local role will entail working with regulators at Saudi''s Capital Market Authority to prepare for the Tadawul listing, which is expected to be smaller than the international portion, the sources said.HSBC declined to comment while the other companies did not immediately respond to email requests for comments.Officials hope the company could be valued at around $2 trillion, which would allow them to raise as much as $100 billion from investors.Saudi Arabia is considering two options for the shape of Aramco when it sells shares in the national oil giant next year: a global industrial conglomerate, and a specialised international oil company, industry and banking sources have told Reuters.(additional reporting by Celine Aswad in Dubai and Reem Shamseddine in Khobar; Editing by Louise Heavens, Greg Mahlich)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-saudiaramco-ipo-idINKBN1601RE'|'2017-02-21T12:37:00.000+02:00'
'cd47e68da0465f452b7f4c181845b4645ca522ae'|'PRESS DIGEST- British Business - Feb 21'|' 28pm EST PRESS DIGEST- British Business - Feb 21 Feb 21 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 Unilever Plc is facing calls to simplify its complex shareholder structure amid claims that its convoluted ownership could have helped scupper a proposed 115 billion pound deal with Kraft Heinz Co. bit.ly/2m68pSP The business secretary, Greg Clark, pledged the government''s "unbounded commitment" to protect jobs at Vauxhall on Monday amid fears for the British workforce if the business is sold. bit.ly/2m68GW3 The Guardian Greece''s bailout inspectors are returning to Athens to seek changes to the country''s tax, pensions and labour market laws in a sign that Greek Prime Minister Alexis Tsipras will give way to European pressure for deeper reforms. bit.ly/2m610CV Bovis Homes Group Plc is to pay 7 million pounds ($8.72 million) to repair poorly built new homes sold to customers, raising fresh questions about the standards of new-build properties across the country and the regulation of the market. bit.ly/2m60CV1 The Telegraph The European Commission wants Britain to be paying into EU projects for four years after it has signed a Brexit deal, with final payments continuing up until the end of 2023, the Daily Telegraph has learned. bit.ly/2m5Tx73 Volkswagen AG drivers affected by the "dieselgate" scandal have been left with no choice but to sue the company, according to lawyers acting for drivers. bit.ly/2m60apG Sky News Executives at Anglo American Plc, the FTSE-100 mining group, face the prospect of forfeiting millions of pounds in share awards following an investor revolt last year which helped provide impetus for a wider government crackdown on boardroom pay. bit.ly/2m5W410 The Independent Global sales of UK food and drink have hit the 20 billion-pound mark for the first time in history, as the government prepares to ramp up its focus on international trade following UK''s decision to leave the EU. ind.pn/2m5QT0S ($1 = 0.8030 pounds) (Compiled by Subrat Patnaik in Bengaluru; Editing by Sandra Maler) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-press-business-idUSL4N1G605B'|'2017-02-21T08:28:00.000+02:00'
'770cd7f9d9ff9b8fa9ea0ccc4abe44e6c7a18e69'|'Freeport CEO says Indonesian unit has begun laying off workers'|'Company News - Sun Feb 19, 2017 - 11:36pm EST Freeport CEO says Indonesian unit has begun laying off workers JAKARTA Feb 20 Freeport McMoRan Inc''s chief executive said on Monday the company''s Indonesian unit has made its first lay-offs since a dispute over its mining contract started with the Indonesian government and may let go of more workers this week. Richard Adkerson told a news conference in Jakarta that about 10 percent of the expatriate workforce had been laid off on Friday and that this week "we will be releasing contract workers." Of Freeport Indonesia''s 32,000 workers, only 12,000 are employees and the rest are contractors, he said. (Reporting by Fergus Jensen and Wilda Asmarini; Writing by Gayatri Suroyo; Editing by Tom Hogue) Next In Company News Hong Kong union joins critics of McDonald''s HK, China sale, sees pay squeeze HONG KONG, Feb 20 The Hong Kong Confederation of Trade Unions (HKCTU) warned that McDonald''s Corp''s up-to-$2.1 billion sale of its Hong Kong and China operations could hit workers'' pay, adding to growing criticism of the deal on the mainland and elsewhere.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/indonesia-freeport-idUSJ9N1FN004'|'2017-02-20T11:36:00.000+02:00'
'ab03d597b0f5a02c73b7520455ebae3e156b3fa2'|'JP Morgan equity strategists back German market over France'|'  6:57am GMT JP Morgan equity strategists back German market over France Traders work at their desks in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, February 15, 2017. REUTERS/Ralph Orlowski PARIS JP Morgan Cazenove equity strategists on Monday backed favouring the German stock market over the French one, partly due to risks around the French presidential election and on prospects that Germany would benefit more from global economic reflation. "Germany is a good hedge on French political risk - keep pair trade DAX .GDAXI vs CAC-40 .FCHI ," they wrote in a research note. "We continue to see attractive risk-reward for Germany," they added, citing further positive impacts on the DAX from a weakening euro and relative valuations. "The DAX is trading near 25-year P/E relative lows and is exceptionally attractive versus German bonds, whose TR (total return) is flat-lining over the past 12 months," they wrote. (Reporting by Sudip Kar-Gupta)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-europe-stocks-germany-france-idUKKBN15Z0IJ'|'2017-02-20T13:57:00.000+02:00'
'a3f943b4aa4fd8fc32d8a079e6cb2ac9531d2ee7'|'EQT Infrastructure to buy Lumos Networks in $950 mln deal'|'Fiber-based service provider Lumos Networks Corp ( LMOS.O ) said on Monday it agreed to be bought by investment firm EQT Infrastructure in an all-cash deal with an enterprise value of about $950 million.The offer of $18 per share represents an 18.2 percent premium to Lumos'' closing price of $15.23 on Friday.(Reporting by Anya George; Editing by Leslie AdlerTharakan in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-lumos-network-m-a-eqt-infrastructure-idINKBN15Z1G1'|'2017-02-20T11:17:00.000+02:00'
'1a022c83e45f6c467f670776a9efc76feec3a104'|'Germany encouraged over Opel jobs, but UK union worries'|'Business News - Tue Feb 21, 2017 - 1:08am GMT Germany encouraged over Opel jobs, but UK union worries left right An Opel logo is seen on a car in Bordeaux, France, February 20, 2017. REUTERS/Regis Duvignau 1/2 Opel presents their new Crossland X SUV in Frankfurt, Germany February 20, 2017. REUTERS/Ralph Orlowski 2/2 By Gernot Heller and Costas Pitas - BERLIN/LONDON BERLIN/LONDON Initial talks between the German government and carmakers PSA ( PEUP.PA ) and General Motors ( GM.N ) have led to some encouraging signs that jobs at Opel factories will be preserved, though no guarantees have been made yet, a top official said on Monday. In contrast, a source close to Britain''s biggest trade union said it was increasingly concerned about the future of Vauxhall plants in England, should Peugeot-maker PSA seal a deal to buy GM''s European Opel/Vauxhall arm. Europe''s car industry has been dogged by overcapacity for years, and analysts have said the planned sale of GM''s loss making European business to France''s PSA is likely to result in some cutbacks. Two sources close to PSA told Reuters last week that job and plant cuts were part of the tie-up talks, with the two Vauxhall sites in Britain in the front line. Britain''s decision to leave the European Union, which could lead to trade tariffs, could be a factor in the decision, although the country''s politicians and unions are lobbying hard. Of GM Europe''s roughly 38,000 staff, around half are in Germany and about 4,500 in Britain. German Deputy Economy Minister Matthias Machnig said on Monday GM and PSA had so far not given any binding guarantees on German jobs, but that there had been some encouraging signs. "This is why speculation is premature at this point," Machnig told German television station ARD. He expressed hope that a combination with France''s PSA could form the basis of a better future for Opel. German newspaper Bild am Sonntag had reported that PSA had pledged to continue operating all four of Opel''s German production sites. That sent alarm bells ringing in Britain. "We are increasingly concerned after reports that German plants are safe," the trade union source told Reuters, adding the head of the Unite union, Len McCluskey, was likely to meet PSA Chief Executive Carlos Tavares in London on Friday. However, Business Secretary Greg Clark said PSA executives had told him they valued the Vauxhall brand and prided themselves on not closing plants. In evidence to MPs, he added PSA was not in a position to give guarantees as it was still in talks with GM. HIGH STAKES Germany will hold a federal election in September and any major job cuts at Opel could weaken the chances of Chancellor Angela Merkel getting re-elected for a fourth term. Merkel is constantly being updated on the progress of talks between the government and the management of the carmakers, government spokesman Steffen Seibert said during a regular news conference in Berlin on Monday. Economy Minister Brigitte Zypries will discuss the planned deal in talks with her French counterpart Michel Sapin during her visit in Paris on Thursday, a ministry spokesman said. He added Berlin was also in contact with the British government and the two countries would not let themselves be played off against each other. British business minister Clark is due to meet PSA''s Tavares "towards the end of the week," a government source said, in a key test of Britain''s ability to retain investment after its Brexit vote in June. Last year, Japanese carmaker Nissan ( 7201.T ) asked for a pledge of compensation if its UK plant was hit by Brexit, but went on to invest in two new models after what a source described as a government promise of extra support to counter any loss of competitiveness. Prime Minister Theresa May also plans to speak with Tavares and is determined to protect Britain''s car industry, her spokesman said on Monday. "It''s going to be a private conversation. There''s been a request for a meeting and we will 
'ee71beecb188734436ea8bc7dee1ed05468d0a0f'|'UPDATE 1-Asset manager Vanguard calls for fund fees ''health warning'''|'(Adds detail, background, updates AUM)By Simon Jessop and Carolyn CohnLONDON Feb 20 Vanguard, the world''s second biggest asset manager, called on Monday for a ''health warning'' to be attached to funds to help investors understand the impact fees have on their returns.Vanguard managed $4 trillion in assets at the end of January 2017, mainly in low-cost passive funds, a spokesman said. Around $1 trillion of this is in active funds, the spokesman added.The suggestion formed part of its response to Britain''s regulator, the Financial Conduct Authority, which in November released its interim findings into the asset management industry as it looks to boost competition and value for money in the sector."Performance is a potential. Costs are a certainty, hence investors should focus as much, if not more, on costs," Sean Hagerty, Head of Vanguard<72>s European business, said in a statement."A ''health warning'' on the impact of costs would be a clear sign of intent from the industry that it''s putting the needs of the investor first."Warnings on fees should receive equal prominence to current warnings on past performance not being a reliable indicator of future results, Vanguard added.The FCA said last year it planned to overhaul the way Britain''s 7 trillion pound ($9 trillion) asset management industry operates to ensure both retail and institutional investors get value for money.The regulator flagged widespread concern about the performance of actively-managed funds relative to the fees charged, the level of competition in the industry and the information shared with investors to help them make decisions.Among its solutions were one "all-in" fee so investors can easily see what is being taken from the fund by the manager.The watchdog''s final report, along with any proposed rule changes, is expected to be published in the summer. The deadline for consultation responses was Monday. ($1 = 0.8028 pounds) (Editing by Ruth Pitchford)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/britain-funds-review-vanguard-idINL8N1G520V'|'2017-02-20T08:05:00.000+02:00'
'f1878ea608ae6c852f467927a5188cb141c81991'|'UPDATE 3-Platts revamps Brent oil benchmark for first time in a decade'|'Commodities - Mon Feb 20, 2017 - 11:50am EST Platts revamps Brent oil benchmark for first time in a decade FILE PHOTO: An oil pump jack can be seen in Cisco, Texas, August 23, 2015. REUTERS/Mike Stone/File Photo By Alex Lawler - LONDON LONDON Oil pricing agency S&P Global Platts is making the first major overhaul of its Brent oil price assessment in a decade, to address falling supplies of the crude oil grades underpinning the benchmark that prices most of the world''s oil. A decline in supply from North Sea fields has led to concerns that physical volumes could become too thin and hence at times could be accumulated in the hands of just a few players, making the benchmark vulnerable to manipulation. Platts said on Monday it would add Norway''s Troll to the basket of four British and Norwegian crude grades which it already uses to assess dated Brent from Jan 1. 2018. This will join Brent, Forties, Oseberg and Ekofisk, or BFOE as they are known. "Overall we have had significant support for the addition of a new grade to the basket," Jonty Rushforth, global editorial director for S&P Platts Global''s oil and shipping price group, said at an industry conference. "Far and away, Troll has received the most support." Troll will add about 200,000 barrels per day, or 20 percent, to the basket of crude supplies underpinning the benchmark, Platts said. The move was in line with expectations after Platts said in December it was being considered. Brent is used to set the price of billions of dollars of daily oil trade though a forward market for BFOE crude cargoes, swaps markets, physical benchmark dated Brent and Brent crude futures. Troll, a light, sweet crude, is operated by Norwegian state producer Statoil, which also contributes to the Oseberg, Statfjord, Gullfaks, Grane and Asgard streams. Statoil on Monday said it supported the move. "We are pleased that Platts now has announced that Troll will be included," Statoil spokeswoman Elin Isaksen said in an email. "Troll will produce both oil and gas for a long time yet," she said in a separate email. OWNERSHIP STRUCTURE Platts announced the decision at its conference held a day before the start of the Energy Institute''s IP Week, an annual gathering of the oil trading industry in London. Some trade sources on Monday noted that Statoil''s share of the production used to set the benchmark will rise -- a development Platts acknowledges. "There is of course interest from the market in the ownership structure of the basket," Rushforth said at a media briefing. "It does mean that Statoil has a larger share than Shell and Total." Even so, no single company would own more than a quarter of total production in the new basket, he said in a Platts video on the company''s website. Supply of the current four BFOE grades is normally around 1 million bpd, equal to just over 1 percent of world output. The last change to the dated Brent benchmark was in 2007 when Platts added Ekofisk, a light, sweet crude. Oseberg and Forties were added in 2002. In an earlier move to boost liquidity, Platts began to apply quality premiums to two better-quality crudes - Oseberg and Ekofisk - to encourage delivery of these into contracts. There are no plans yet to apply one to Troll, said Platts, which will be sticking with the BFOE name. Thomson Reuters competes with Platts in providing news and information to the oil market. (Additional reporting by Amanda Cooper and Nerijus Adomaitis in Oslo; Editing by Mark Potter, Greg Mahlich) Next In Commodities After OPEC cuts heavy oil, China teapot refiners pull U.S. supply to Asia SINGAPORE/HOUSTON Chinese independent, or teapot, refiners are bringing in rare cargoes of North American heavy crude in a new long-distance flow that traders say has only been made possible by OPEC''s output cuts and ample supplies in Canada and the United States.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-nsea-oil-troll-idUS
'545862ac415f71d84bbf68a3b693995767ccf4d4'|'Nikkei edges up in light trading on U.S. holiday'|'TOKYO Feb 20 Japanese shares eked out small gains on Monday in a choppy session marked by low volumes as investors stayed on the sidelines with the U.S. markets closed for a holiday.The Nikkei edged up 0.1 percent to 19,251.08, after trading in the negative territory in the morning.The broader Topix rose 0.2 percent at 1,547.01, with only 1.497 billion shares changing hands, the lowest since Jan. 16. Turnover was 1.7 trillion yen, the lowest level since Dec. 20.The JPX-Nikkei Index 400 advanced 0.2 percent to 13,875.93. (Reporting by Ayai Tomisawa; Editing by Vyas Mohan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/japan-stocks-close-idINL4N1G52BK'|'2017-02-20T03:30:00.000+02:00'
'16ea1634479d3595283c0850bd487523c6c0c356'|'SoftBank shares up; sources say company willing to cede control of Sprint'|'Business News - Mon Feb 20, 2017 - 12:42am GMT SoftBank shares up; sources say company willing to cede control of Sprint SoftBank Group Corp Chairman and CEO Masayoshi Son attends a news conference in Tokyo, Japan, February 8, 2017. REUTERS/Toru Hanai TOKYO Shares in SoftBank Group Corp ( 9984.T ) rose nearly 3 percent in morning trade on Monday after a Reuters report that the Japanese company is prepared to cede control of Sprint Corp ( S.N ) to T-Mobile US Inc ( TMUS.O ) to clinch a merger of the two U.S. wireless carriers. SoftBank is expected to approach T-Mobile parent Deutsche Telekom AG ( DTEGn.DE ) for negotiations when an ongoing auction of airwaves ends in April and a ban on talks between rivals is lifted, people familiar with the matter told Reuters. A potential deal could bolster SoftBank''s shift towards what billionaire founder Masayoshi Son calls the "Berkshire Hathaway of the tech industry," or a company with cutting-edge tech investments as the telecoms services markets mature. The proceeds of the possible sale of all or a portion of its Sprint stake to a third party could improve SoftBank''s credit rating and "allow it to dedicate more of its managerial and financial resources to growth businesses," analysts at SMBC Nikko Securities said in a research note. While SoftBank''s domestic mobile business remains a cashcow necessary to fund investments, analysts have said it may be hard for Sprint to grow on its own as it lacks the scale to challenge larger rivals. Son told reporters earlier this month that he was focussed exclusively on an acquisition of T-mobile three years ago, but that Sprint''s return to profits has opened various new possibilities for SoftBank in an upcoming industry realignment. Son''s previous attempt to merge T-Mobile and Sprint, ranked third and fourth respectively, fell through amid opposition from U.S. antitrust regulators. (Reporting by Makiko Yamazaki; Editing by Chang-Ran Kim and Stephen Coates) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-sprint-corp-softbank-group-stocks-idUKKBN15Z016'|'2017-02-20T07:27:00.000+02:00'
'01623ac43ee45e35f10b1d927a991237b0f89246'|'Portugal reimburses half of IMF bailout with latest payment'|'Business News - Mon Feb 20, 2017 - 6:00pm GMT Portugal reimburses half of IMF bailout with latest payment LISBON Portugal has made a new early repayment of 1.7 billion euros (<28>1.45 billion) to the International Monetary Fund, meaning it has reimbursed half of the bailout loans provided by the IMF during the 2011 debt crisis, the Finance Ministry said on Monday. "The reimbursement has been concluded about six months earlier than planned, reflecting the robust economic and financial conditions in Portugal," the ministry said in a statement. Last week, the government said it cut the budget deficit in 2016 to 2.1 percent of GDP or less, the lowest level in the country''s democratic history and the first time it came below the European Union''s 3 percent threshold. Portugal started early reimbursements to the IMF in 2015 to save on interest payments after exiting the bailout programme. The IMF provided about a third of the joint EU/IMF 78 billion euro bailout. The IMF''s portion carries higher interest payments than both the EU''s part and current market rates, however, and the country has been repaying the costlier debt early by issuing bonds. It has preferred to keep repaying the loans even as its benchmark 10-year yields have risen to around 4 percent - near the levels of 2014, the last year under the bailout. (Reporting by Andrei Khalip; Editing by Robin Pomeroy) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-portugal-imf-idUKKBN15Z1XC'|'2017-02-21T01:00:00.000+02:00'
'2cffce31da80b24a55a4248a2858390c2658cbd4'|'RBS shares up 5 percent on alternative plan to Williams & Glyn sale'|' 26am GMT   People walk past a Royal Bank of Scotland office in London, Britain, February 6, 2013. REUTERS/Neil Hall/File Photo   ( RBS.L ) shares   RBS instead put forward an alternative series of measures, worth around 750 million pounds ($932.48 million), to help newer, smaller "challenger" banks and boost competition among lenders. Analysts said that removing the obligation to dispose of Williams & Glyn could pave the way for RBS to resume paying dividends, but cautioned that the new proposals did not look too favourable for the taxpayer-backed lender. "Overall the prospective deal looks better for the ''eligible challenger banks'' than for RBS," Joseph Dickerson, analyst at Jefferies, wrote in a research note on Monday. (Reporting by Lawrence White; editing by Jason Neely) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-royal-bank-scot-divestiture-idUKKBN15Z0OO'|'2017-02-20T15:26:00.000+02:00'
'a83439b65a9f613fa785c74d1268ff6bb9c679a9'|'Schaeuble expects no final deal on Greece at Eurogroup meeting-spokesman'|' 14pm GMT Schaeuble expects no final deal on Greece at Eurogroup meeting-spokesman German Finance Minister Wolfgang Schaeuble attends a presentation of a newly designed 2-Euro coin at the Chancellery in Berlin, Germany February 10, 2017. REUTERS/Hannibal Hanschke BERLIN German Finance Minister Wolfgang Schaeuble doesn''t expect euro zone finance ministers to reach a final deal on Greece at their meeting today in Brussels, a spokesman said on Monday. Euro zone finance ministers are meeting in the Belgian capital to assess Greece''s progress in fulfilling the conditions of its bailout. "We do not expect a final agreement from the Eurogroup meeting, rather it is an evaluation of a progress report, and with this expectations the minister left to Brussels," Finance Ministry spokesman Juerg Weissgerber said. "We hope that the institutions can return relatively quickly to Greece," he added. (Reporting by Joseph Nasr; Editing by Michael Nienaber)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eurozone-greece-germany-idUKKBN15Z15W'|'2017-02-20T19:14:00.000+02:00'
'e46fb7c01d36d46db25370ed89ddeac10ae8469a'|'Opel jobs have not been guaranteed, says German deputy econ minister'|'Business  17am GMT Opel jobs have not been guaranteed, says German deputy econ minister FILE PHOTO - The logo of Opel is seen at a dealership of the brand in Strasbourg, France, February 14, 2017. REUTERS/Vincent Kessler/File Photo FRANKFURT Peugeot ( PEUP.PA ) and General Motors ( GM.N ) have not given binding guarantees to preserve German jobs and factories at Opel, Germany''s Deputy Economy Minister Matthias Machnig said on Monday. Initial talks between the government and the management of Peugeot and General Motors have led to some encouraging signals that German jobs will be preserved, but these assurances have not been translated into binding contracts, Machnig said. "This is why speculation is premature at this point," Machnig, told German television ARD on Monday. A combination with Peugeot could form the basis for a better future for Opel, Machnig said. (Reporting by Edward Taylor; editing by Jason Neely) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-opel-m-a-psa-idUKKBN15Z0SD'|'2017-02-20T16:17:00.000+02:00'
'a62c89966d2f0b7e2e97f74dc70dd921f3c101d5'|'Highlights: Singapore''s budget follows up on long-term economic strategy'|'Money News - Mon Feb 20, 2017 - 1:56pm IST Highlights: Singapore''s budget follows up on long-term economic strategy People look out from the observation tower of the Marina Bay Sands amongst public and private residential apartment buildings in Singapore, February 22, 2016. REUTERS/Edgar Su/File Photo SINGAPORE The following are some highlights of Singapore''s budget proposals for the fiscal year that begins April 1. The budget statement comes after a key advisory panel this month proposed a 10-year strategy aimed at ensuring annual economic growth of 2-3 percent. The strategy is mainly centred on trade partnerships, deepening the workforce''s tech skills and digitalising the economy. It also comes at a time when labour market conditions have worsened amid lacklustre economic growth, with job redundancies in 2016 hitting a seven-year high and total employment recording the smallest increase in 13 years. Singapore posted its fastest growth in more than six years in the fourth quarter, expanding at an annualised 12.3 percent from the previous three months. But full-year growth in 2016 remained anaemic at 2.0 percent. INFRASTRUCTURE: -- Government will bring forward S$700 million ($494 million) of public sector infrastructure projects ECONOMY/COMPANIES -- Singapore will take steps to help weak marine, construction sectors -- The government is deferring announced foreign worker levy increases in marine and process sectors, will proceed with hikes for construction. -- Government to help firms invest in digital capabilities -- State commits up to S$600 million to help firms scale up and internationalise -- Government will put aside S$2.4 billion over four years to implement strategies proposed by the Committee on the Future Economy -- It will also top up national research fund by S$500 million and national productivity fund by S$1 billion TAXES -- S$310 million to be set aside for corporate tax rebates in 2017, 2018 ENVIRONMENT -- A carbon tax on direct emitters such as power stations will be introduced from 2019. It is looking at a carbon tax rate of S$10-20 per tonne of greenhouse gas emissions. -- Water prices will increase by 30 percent in two phases, beginning July 1, 2017 (Reporting by Singapore bureau; Editing by Richard Borsuk) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/singapore-economy-budget-idINKBN15Z0OQ'|'2017-02-20T15:26:00.000+02:00'
'b7f90803051b25d2c483b698e01aa00b2ae24332'|'UK PM May''s office was not involved in Kraft withdrawing Unilever offer -spokesman'|'LONDON Feb 20 British Prime Minister Theresa May''s office was not involved in Kraft Heinz''s decision to withdraw its $143 million bid for Unilever, her spokesman said on Monday.On Sunday, the Financial Times reported that May, who previously criticised Kraft''s 2010 acquisition of another British firm, had ordered officials to examine the proposed deal and whether it merited government intervention."I think the issue of the withdrawal from the Unilever deal by Kraft is an issue you should put to Kraft. Number 10 wasn''t involved in it," the spokesman told reporters."The simple fact is that the bid has been withdrawn so I don''t have a view on a bid that doesn''t exist." (Reporting by Elizabeth Piper, Writing by Kylie MacLellan; Editing by William James)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/unilever-ma-kraft-may-idINS8N1E703W'|'2017-02-20T09:02:00.000+02:00'
'08283e105d7f2f45ac5b40f21c34f40dcb245f0d'|'Lloyd''s of London names Carnegie-Brown as chairman'|'Mon Feb 20, 2017 - 1:48pm GMT Lloyd''s of London names Carnegie-Brown as chairman FILE PHOTO: Lloyd''s of London staff hold their annual Armistice Day service at the Lloyd''s building in the City of London, Britain November 11, 2016. REUTERS/Eddie Keogh Lloyd''s of London, the world''s biggest insurance market, appointed Bruce Carnegie-Brown as chairman on Monday, after his nomination was unanimously supported by its council. Carnegie-Brown will take up the role in June and will step down from his current role as a non-executive director of insurance and reinsurance broker Jardine Lloyd Thompson Group Plc ( JLT.L ), Lloyd''s said. Carnegie-Brown is former chief executive of Marsh Europe, a subsidiary of Marsh & McLennan Companies ( MMC.N ), a global professional services firm. (Reporting by Esha Vaish in Bengaluru; editing by Jason Neely) Up Next UK union fears grow over future of GM''s Vauxhall plants: source LONDON The head of Britain''s biggest trade union is likely to meet the CEO of PSA Group on Friday amid growing concerns over the future of Vauxhall plants if the French carmaker buys the business from General Motors, a union source told Reuters.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-lloyd-s-of-london-chairman-idUKKBN15Z1E5'|'2017-02-20T20:45:00.000+02:00'
'6fe5e97ee627093146d163b593d843349f8da0bd'|'PSA pledges to keep Opel''s four German sites running - Bild am Sonntag'|'Sun Feb 19, 2017 - 1:27pm GMT PSA pledges to keep Opel''s four German sites running: Bild am Sonntag FILE PHTO: The logo of German car manufacturer Opel is pictured at the compnay headquarters in Ruesselsheim, Germany, February 14, 2017. REUTERS/Ralph Orlowski/File Photo FRANKFURT PSA Group ( PEUP.PA ) has pledged to the German government to continue operating all four of Opel''s German production sites as part of the French carmaker''s planned takeover of General Motors'' ( GM.N ) European arm, German Sunday paper Bild am Sonntag reported. The planned sale was confirmed by both companies on Tuesday, raising the specter of cutbacks in the wake of a deal because Europe''s car industry has been dogged for years by overcapacity. Government sources told Reuters that PSA had signaled it was open to German demands to preserve sites, jobs and existing collective bargaining contracts but talks with Britain, home to Opel''s sister brand Vauxhall, would also have to tie into a final job deal. The paper said PSA''s General Counsel Olivier Bourges told two deputy ministers and an adviser to Chancellor Angela Merkel on Thursday that Opel would continue as a separate entity within PSA group and that no German sites would be closed, without specifying its sources. The takeover deal will likely be signed by March 9, the beginning of the Geneva auto show, the paper added. Germany''s economy minister Brigitte Zypries on Thursday said she expected the deal to go ahead, after the U.S. carmaker sought to allay fears of large-scale plant closures in the country. Two sources close to PSA have, however, told Reuters that job and plant cuts were part of the tie-up talks, with the two British sites of Vauxhall in the front line. PSA''s chief executive will meet British Prime Minister Theresa May to discuss the deal, officials said on Saturday, amid concern Britain''s departure from the European Union could put Vauxhall sites at a disadvantage to Opel''s. Germany accounts for about half of GM Europe''s 38,000 staff, while there are 4,500 in Britain. Other countries with Opel production sites include Spain and Poland. A PSA spokesman confirmed only that a meeting between PSA representatives and German officials had taken place last week and that discussions had been constructive. Opel declined to comment. (Writing by Ludwig Burger; Reporting by Matthias Sobolewski, Gernot Heller, Ralf Bode in Berlin, Mathieu Rosemain in Paris, Jan Schwartz in Hamburg; Editing by Mark Potter) Up Next'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-opel-m-a-psa-talks-idUKKBN15Y0K5'|'2017-02-19T20:16:00.000+02:00'
'fa0c5a95d7f2f181143c5db2fd917a1f12e777d2'|'RPT-Wall St Week Ahead-With stocks at highs, investors eye consumer results'|'Company   1:00pm EST RPT-Wall St Week Ahead-With stocks at highs, investors eye consumer results (Repeats Friday story with no changes) By Saqib Iqbal Ahmed NEW YORK Feb 17 U.S. stock investors may look to a host of results from consumer-facing companies including Wal-Mart Stores Inc next week for signs on whether the recent market rally has more room to run. The consumer names are among the last major companies of the S&P 500 earnings season to report, but the results will also be watched for a read on spending as well as for commentary from executives on President Donald Trump''s proposal to tax imports. Retail executives, some of whom met with Trump this week, have argued such a tax will raise consumer prices and hurt their businesses. Besides Wal-Mart, Macy''s and Home Depot Inc are among the heavyweights due to report next week. Investors also will keep a close eye on housing-related data to gauge if a recent rise in consumer spending and inflation data is translating into higher home prices and a pick-up in home sales, market strategists said. Wall Street ended the week on a high note, with all three major indexes registering record highs and the Dow reaching a seventh straight record close. Investors were watching consumer names this week as Trump met with chief executives of Target Corp, Best Buy Co Inc and six other major retailers. Next week, investors may be looking for more clues about the impact of Trump''s proposals on retailers, with particular focus on Wal-Mart, JJ Kinahan, chief market strategist at TD Ameritrade in Chicago said. "Maybe not so much what their earnings say as much as what their conference call will say about some of the president''s proposals around border taxes and immigration," he said. Results from some of the largest consumer-facing companies will also provide a read on whether improving consumer sentiment is reflected in actual results, said Steve Chiavarone, portfolio manager at Federated Investors. "Does sentiment continue to work higher and eventually pull up actual results or can sentiment only take you so far until you have some follow-through in the real data? Those are the things that will be on our minds," he said. Results from small-cap retail companies will also be pored over as these companies have struggled from a profitability standpoint, said Steven DeSanctis, equity strategist at Jefferies. "Though retail sales numbers have been good, profitability for a lot of the retailers has not been good," he said. "That''s going to be a big telltale sign for us. We''re overweight discretionary, thinking that was the cheapest group out there, and it still is the cheapest but... if the E drops out the PE, you run into a problem there," he said, referring to price-to-earnings for the group. (Reporting by Saqib Iqbal Ahmed; Additional reporting by Caroline Valetkevitch; Editing by James Dalgleish) Next In Company News UPDATE 3-SpaceX launches rocket from historic NASA pad in Florida CAPE CANAVERAL, Fla., Feb 19 A SpaceX Falcon rocket blasted off on Sunday from a Florida launch pad once used to send NASA astronauts to the moon, a step forward for billionaire entrepreneur Elon Musk and his company''s goal of ferrying astronauts to the International Space Station. The 229-foot tall (70-meter) Falcon 9 soared off a seaside launchpad at the Kennedy Space Center at 9:39 a.m. ET (1439 GMT) carrying a Dragon cargo ship bound for the station.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-stocks-weekahead-idUSL1N1G21QP'|'2017-02-20T01:00:00.000+02:00'
'f2a7410a3506265f4917dca26ada035b292a0227'|'UPDATE 1-China''s Sun Art''s 2016 profit up 5.2 pct, beats forecast'|'Company   7:37am EST UPDATE 1-China''s Sun Art''s 2016 profit up 5.2 pct, beats forecast (Adds more detail, context) HONG KONG Feb 19 Hypermarket operator Sun Art Retail Group Ltd on Sunday posted a 5.2 percent rise in 2016 net profit, beating forecasts, as steady demand from lower-tier cities helped offset growing pressure from the rapidly growing e-commerce sector. The retailer, a joint venture between Taiwanese conglomerate Ruentex Group and French retailer Groupe Auchan SA, posted a net profit of 2.6 billion yuan ($380 million) for the 12 months ended December, up from 2.4 billion yuan in 2015. That compared with an average forecast of 2.5 billion yuan from 16 analysts polled by Reuters. Sun Art has been grappling with a rapidly expanding e-commerce market, a slowing economy and increased offline competition in cities ranked as lower tier where the bulk of its stores are focused. Existing players in the traditional retail sector are scaling back expansion plans in a struggle to attract customers. "The growth of the consumer market was steady, although it was slower than previous periods. The competition in the retail industry was still intensive in 2016," Sun Art said in a statement filed with the Hong Kong stock exchange, adding that new store openings had driven an increase in turnover. Sun Art, which competes with China Resources and Wal-Mart Stores Inc in China, said its 2016 turnover rise 4.2 percent from a year earlier to 100.4 billion yuan. Gross profit margin increased 0.6 percentage points to 23.9 percent. Sun Art opened 38 new stores during the year, bringing its total to 446. At the end of 2016, about 45 percent of its stores were in third-tier cities, with 22 percent in fourth-tier cities and 8 percent in fifth-tier. Sun Art had 8 percent of stores in tier-one cities and 17 percent in tier two. At the end of 2015 it had 409 stores, with about 45 percent in third-tier prefecture-level cities, 22 percent in fourth-tier county-level cities, and 7 percent in fifth-tier townships and towns. It had just 9 percent in first-tier cities and 17 percent in second-tier cities. Sun Art''s shares rose 16 percent in 2016, outpacing a 0.4 percent gain for the benchmark Hang Seng Index. Shares of Sun Art have jumped nearly 30 percent so far this year. (Reporting by Donny Kwok; Editing by Mark Potter/Ruth Pitchford) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/sun-art-results-idUSL4N1G40B7'|'2017-02-19T19:37:00.000+02:00'
'e4894f5140b8be1334109424eb442a889d9a1a58'|'China''s regulator inspects inter-bank lending business in Shanghai - sources'|'  3:16am GMT China''s regulator inspects inter-bank lending business in Shanghai - sources SHANGHAI The Shanghai branch of China''s banking regulator has launched an inspection of the inter-bank lending business of small- and medium-sized financial institutions in the city, two sources with direct knowledge of the matter said. The aim of the China Banking Regulatory Commission (CBRC) inspection is to prevent risks that may arise from using inter-bank loans as a channel to invest in wealth management products, the sources said on the condition of anonymity. The Shanghai branch of the CBRC has yet to respond to a Reuters request seeking comment. (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-banking-debt-idUKKBN160095'|'2017-02-21T10:16:00.000+02:00'
'c39bbd252f133ba31c72c195be43e3dc5a587358'|'Britons say economy their top concern, overtaking immigration - poll'|'Business News - Tue Feb 21, 2017 - 12:03am GMT Britons say economy their top concern, overtaking immigration - poll FILE PHOTO: 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/File Photo LONDON Britons are now more concerned about the economy than they are about terrorism or immigration, a survey showed on Tuesday, another sign that consumers are feeling increasingly worried about Britain''s decision to leave the European Union. The survey by data and information group Nielsen found that 28 percent of Britons named the economy as one of their top two concerns at the end of 2016, up 12 percentage points from a year ago. That compared with 20 percent of people who named terrorism or immigration in their top two concerns, representing falls of 12 points and 2 points respectively since the end of 2015. Britain''s government is preparing to leave the EU with an approach that prioritises greater immigration controls over preserving the country''s unfettered access to the bloc''s single market. "As the political and economic planning for Brexit gets underway, concerns about jobs leaving the UK have unsettled consumers," said Steve Smith, managing director, Nielsen U.K. and Ireland. Consumers supported the UK economy after the Brexit vote in June last year although data last week showed shoppers unexpectedly cut back on spending in January. In January, a survey by polling firm ORB showed that greater control of immigration was more important for Britons than free trade with the EU during negotiations. The online Nielsen study surveyed 504 people. (Reporting by Alistair Smout; Editing by William Schomberg) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-economy-confidence-idUKKBN160003'|'2017-02-21T07:03:00.000+02:00'
'e89ca9c5b9893798048577e8fd8c7f6cca7589f0'|'Euro zone mulls IMF involvement in Greece, mission to unblock new loans'|'By Jan Strupczewski and Francesco Guarascio - BRUSSELS BRUSSELS Euro zone finance ministers will discuss on Monday what reforms Greece must make to release new loans from the bloc''s governments and get the International Monetary Fund to join the bailout.If the ministers reach an agreement, they will dispatch to Athens a mission of experts from the European Commission, the European Central Bank, the euro zone bailout fund ESM and the IMF to complete a review of the needed reforms."Today we will just discuss getting the mission of the institutions back to Athens and that requires agreement on substantial reforms and additional measures to be taken," the chairman of euro zone ministers Jeroen Dijsselbloem said.The last such mission broke down in acrimony in December over differences as to what still needed to be done and how to ensure Greece meets agreed fiscal targets in the years to come.Talks on how to proceed have been dragging on since then and now appear set to continue during election campaigns in the Netherlands and France, which euro zone officials have said may make a deal more difficult.But Belgian Finance Minister Johan Van Overtveldt said on entering the meeting that a deal with Greece should not be rushed because of the European election calendar, especially as Greece did not face major financing needs until July, when it has to repay 7.2 billion euros in maturing debt."Of course elections may always pose a problem when trying to get good decisions but on the other end, we shouldn''t take... half-baked solutions because elections are coming up," he said.Until July Greece has enough money to get by, ministers said, so there was no reason to talk about a new crisis.A stalemate in reform talks between the lenders and Greece in 2015 led to a default on the IMF by Greece and the introduction of capital controls to prevent Greeks from taking their savings out of the country.DIFFERENCES REMAINBut an agreement with Greece on what reforms still need to be completed is made more difficult by differences between the lenders themselves -- euro zone governments and the International Monetary Fund.The IMF says that with the reforms agreed now, Greece cannot reach and maintain a primary surplus of 3.5 percent of Gross Domestic Product from 2018 onwards as promised to the euro zone.It insists therefore that either Athens undertakes further reforms, or the euro zone should agree to lower the primary surplus target to 1.5 percent of GDP and grant Greece debt relief to make it sustainable.Unless the targets and reforms add up, the IMF says it cannot join the bailout despite insistence from Berlin that it should. At the same time, Germany says Greece does not need debt relief and will reach and maintain the agreed surplus targets."The debt is not the defining problem at the moment, it is financed in the longer term," German Finance Minister Wolfgang Schaeuble said, adding: "The IMF will be a part of this (bailout)."Schaeuble was backed by Slovakia, whose finance minister, Peter Kazimir said: "As for our friends from the IMF, we like them and it''s good to have them on board, but I''m not willing to pay any price for their participation, green-lighting the IMF kind of debt relief<65>which Greece does not need."Dijsselbloem said the issue of any further debt relief for Greece could only be discussed in 2018 when the bailout ends."We will come back to that (debt relief) at the end of the program so at the moment we need to concentrate on these deep reforms that the IMF quite rightly asks of the Greek government," he said.The IMF wants Greece to have more citizens pay income tax, arguing only half of the workforce was now contributing with the other half exempt.It also wants Athens to reform pensions, saying the system was now doubling up as an unemployment benefit system, because Greece did not have a separate unemployment welfare plan.(Additional reporting by Waverly Coleville, Robert-Jan Bartunek, Tom Koerkemeier an
'5285be6b2ba4025356541e831cc73f9e77ab6c88'|'UPDATE 1-Las Vegas Sands CEO says Japan casino resort could cost up to $10 billion'|'* Japan "integrated resort" would cost $6-10 bln -CEO* Japan is expected to become world''s No.2 casino market (Adds context)By Thomas WilsonTOKYO, Feb 21 A resort hosting casinos in Japan could cost up to $10 billion to build, Las Vegas Sands Corp''s chief said, as the casino operator looks to win operating rights in what is widely expected to become the world''s second-biggest casino market."It would be at least what we paid in Singapore, $6 billion including the land, but it could be as much as $10 billion," Chairman and Chief Executive Officer Sheldon Adelson said on Tuesday at an investor conference in Tokyo, referring to the Marina Bay Sands property in Singapore.Japan legalised casinos late last year and is now drafting rules, due by December, on how to regulate the industry and pick operators and locations of so-called "integrated resorts" - large-scale complexes combining casinos, hotels and shopping.Though estimates of the potential size of the Japanese market vary, brokerage CLSA said just two resorts in major cities could generate a total of $10 billion in annual revenue, growing to $25 billion with more locations.Major U.S. operators including MGM Resorts International and Wynn Resorts Ltd are also among the runners for the first licence, while Galaxy Entertainment Corp Ltd and Australia''s Melco Crown Entertainment Ltd have also expressed interest.Political sources previously told Reuters that Japan is likely to pick casino operators and locations by 2019, with the first casinos opening by 2023. (Reporting by Thomas Wilson; Editing by Christopher Cushing)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/japan-casinos-idINL4N1G61T7'|'2017-02-21T01:17:00.000+02:00'
'5478bfd229ace7b6f203457eb4decb5a493675bb'|'Deutsche Boerse, LSE plan further concession for EU merger approval: sources'|'Deutsche Boerse AG ( DB1Gn.DE ) and the London Stock Exchange Group Plc ( LSE.L ) are planning further concessions to satisfy the European Commission''s concerns about their planned merger, two sources familiar with the matter said on Tuesday.The antitrust regulator informed the companies after a market test that their offer to sell their French clearing business LCH.Clearnet SA was not enough to win them an approval, the sources said.As part of the plan, one of the companies is looking to dispose its repo and cash bond clearing business, one source added.Both companies said earlier that they will sell LSE''s Clearnet SA to Euronext if the merger is approved by regulators .Deutsche Boerse declined to comment while the LSE was not immediately available.News of the two exchanges discussing further offerings was earlier reported by the Financial Times.(Reporting by Andreas Kroener in Frankfurt, Foo Yun Chee in Brussels and Ismail Shakil in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-deutsche-boerse-m-a-lse-eu-idINKBN1602MP'|'2017-02-21T18:38:00.000+02:00'
'e9e5dafe8ff6988b60bcdecd5077520ca337e82c'|'Veresen to sell its power business for $1.18 bln'|'Company News   9:00am EST Veresen to sell its power business for $1.18 bln Feb 21 Canadian energy company Veresen Inc said on Tuesday it would sell its power generation business, its largest division, for $1.18 billion in three separate deals. The Calgary-based company, which owns energy infrastructure assets in Canada and the United States, said it would sell the division and use the proceeds to fund growth projects. The sale, which is expected to close in the second quarter of 2017, will also allow Veresen to strengthen its balance sheet, as well as focus on its pipeline and midstream businesses. The company owns 50 percent of a joint venture with New York-based private equity firm KKR & Co LP called Veresen Midstream, a natural gas midstream business focused on the Montney region, which straddles the Alberta-British Columbia border. TD Securities Inc is the company''s sole financial adviser on this divestiture. The company didn''t name the buyers. (Reporting by Komal Khettry in Bengaluru; Edited by Martina D''Couto) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/veresen-divestiture-idUSL4N1G640P'|'2017-02-21T21:00:00.000+02:00'
'fffe5fe7daf0ac816f67b529f512b319de26adde'|'Anglo American reports 25 percent rise in core earnings, to resume dividends'|'  7:20am GMT Anglo American reports 25 percent rise in core earnings, to resume dividends A cow is seen near the AngloAmerican sign board outside the Mogalakwena platinum mine in Mokopane , north-western part of South Africa , Limpopo province May 18, 2016. REUTERS/Siphiwe Sibeko/File Photo LONDON Anglo American ( AAL.L ) on Tuesday reported a 25 percent rise in annual earnings before interest, tax, depreciation and amortisation (EBITDA) and 34 percent fall in net debt and said it would resume dividend payments by the end of 2017. In late 2015 it announced it would suspend dividends after a commodities rout, which was followed by a rebound in raw materials prices in 2016. To shore up its balance sheet, Anglo had announced a major restructuring plan. On Tuesday it said it would retain its focus "on high-quality long-life assets" while asset sales for deleveraging were no longer necessary. (Reporting by Barbara Lewis and Sanjeeban Sarkar; editing by Jason Neely)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-anglo-results-idUKKBN1600LC'|'2017-02-21T14:20:00.000+02:00'
'79b60a8a045716f539d904d31b9febe91b42991a'|'UPDATE 2-British supermarket Asda stems rate of sales decline'|'Tue Feb 21, 2017 - 9:45am EST British supermarket Asda stems rate of sales decline left right A shopper browses produce at the Asda superstore in High Wycombe, Britain, February 8, 2017. REUTERS/Eddie Keogh/File Photo 1/2 left right Employees check stock at the Asda superstore in High Wycombe, Britain, February 8, 2017. REUTERS/Eddie Keogh/File Photo 2/2 By James Davey - LONDON LONDON Asda, the British supermarket arm of Wal-Mart, said it had stemmed the pace of sales decline over the last three months, suggesting new CEO Sean Clarke''s focus on pricing and product quality is starting to have an impact. Wal-Mart veteran Clarke, who joined Asda in July, and former Sainsbury''s executive Roger Burnley, who started as chief operations officer three months later, have focused on making Asda more competitive - sharpening its prices, improving the quality and availability of product ranges and enhancing customer service. Of Britain''s big four grocers, which also include market leader Tesco, Sainsbury''s and Morrisons, Asda has been most exposed to the advance of the German discounters Aldi and Lidl. While the other three traditional groups have upped their game in recent years, Asda was slower to respond. "We are encouraged by the early signs of our customers responding positively to the hard work that<61>s been happening in our stores throughout 2016, which saw us welcome over 140,000 customers back to Asda this last quarter," Clarke said on Tuesday. Asda, based in Leeds, northern England, said sales at stores open over a year fell 2.9 percent, excluding fuel, in the three months to Dec. 31, its fiscal fourth quarter. While that represented a 10th straight quarter of falling sales, the outcome was in line with analysts'' expectations and was a significant improvement on declines of 5.8 percent and 7.5 percent in the previous two quarters respectively. Monthly industry data has also indicated that Asda''s trading continued to improve through January. Clark was brought in after Wal-Mart announced that Asda would shift the balance of its trading strategy from protecting profit to protecting market share. Wal-Mart''s Chief Financial Officer Brett Biggs welcomed Asda''s encouraging data but cautioned: "We have a lot of work to do in this market." Asda is Britain''s third largest grocery retailer but has lost over 1 percentage point of UK market share since 2014, according to researcher Kantar Worldpanel. Its share currently stands at 15.6 percent, versus more than 28 percent for Tesco. Shares in Tesco were down 1.2 percent at 1432 GMT, while Morrisons was down 1.3 percent, with Sainsbury''s down 0.9 percent. Asda has previously said it will cut prices equating to 1.5 billion pounds ($1.9 billion) of savings to the customer over five years from November 2013, washing through at about 300 million pounds a year. Separately on Tuesday, Wal-Mart reported higher-than-expected U.S. comparable sales for the fourth quarter, driven by higher customer traffic to stores and accelerating online activity. (Editing by Kate Holton and Susan Fenton) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-asda-outlook-idUSKBN1601EI'|'2017-02-21T21:42:00.000+02:00'
'3414bcc4939be49c294270917caf5811bb3e1dc5'|'Canadian pension fund manager looks at logistics investment in India'|'By Allison Lampert - MONTREAL MONTREAL The real estate arm of Canada''s second-largest pension fund manager is looking at India''s logistics sector following the announcement this week of its first investment in the country for more than six years, President Daniel Fournier said on Friday.Ivanhoe Cambridge, the real estate unit of Caisse de depot et placement du Quebec, announced a $250 million residential investment in India on Thursday, the first in the country since Fournier was put in charge of the division in 2010."We''re starting with multi-residential opportunities, so let''s see where it takes us," Fournier said in an interview on the sidelines of a media conference at the Caisse in Montreal."Logistics ... could be the next one."India''s real estate logistics sector, which includes warehouses, distribution centres and other services, is being fuelled by the production of automotive components, textiles and pharmaceuticals, according to a research report by the real estate investment firm JLL.Export and import cargo is expected to grow to 2,800 million metric tonnes by 2020, the report said.Services like warehousing are also in demand to support the country''s fast-growing e-commerce sector. Bank of America Merrill Lynch has forecast Indian e-commerce will surge to $220 billion in value of goods sold by 2025 from about $11 billion in 2015, outpacing growth in bricks-and-mortar retail.Fournier said he wanted to take time to learn the Indian market and find the right partner before making large investments in the country."For us it''s going to be a very important market," he said.Ivanhoe Cambridge, which has C$56 billion ($42.76 billion) in assets, last year bought into LOGOS Property Group, an Australian logistics real estate specialist. Ivanhoe Cambridge plans to work with LOGOS on investments across Asia, he said.(Reporting By Allison Lampert; Editing by Bill Rigby)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/caisse-depot-qc-india-idINKBN1632J0'|'2017-02-24T19:21:00.000+02:00'
'dbec18d9afb59fde3789fbd21c32b50bfb10aa81'|'Buffett''s Berkshire says quarterly profit rises 15 pct'|'Feb 25 Warren Buffett''s Berkshire Hathaway Inc on Saturday said fourth-quarter profit rose 15 percent from a year earlier, helped by gains from investments and derivatives.Net income rose to $6.29 billion, or $3,823 per Class A share, from $5.48 billion, or $3,333 per share, in the comparable quarter the previous year.Quarterly operating profit fell 6 percent to $4.38 billion, or $2,665 per share, from $4.67 billion, or $2,843 per share.Analysts on average had forecast operating profit of $2,716.60 per share, according to Thomson Reuters I/B/E/S.Book value per share, which reflects assets minus liabilities and which Buffett considers a good yardstick for Berkshire''s intrinsic worth, was $172,108 at the end of the year, up 5 percent from three months earlier. (Reporting by Jonathan Stempel in New York; Editing by David Gregorio)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/berkshire-hatha-results-idINFWN1GA02T'|'2017-02-25T10:37:00.000+02:00'
'889dbba54f1a547cb75d50a9809929a31e8aefd3'|'Berkshire Hathaway gains $1.6 bln from its huge bite of Apple'|'NEW YORK Feb 25 Berkshire Hathaway Inc''s gain on its investment in Apple Inc. stands at more than $1.6 billion after shares of the iPhone maker surged.The stake of 61.2 million shares was acquired last year for $6.75 billion, an average of about $110.17 apiece, according to the annual report Saturday from Berkshire, which is led by billionaire chairman Warren Buffett.The holding was valued at more than $8.3 billion as of Friday''s $136.66 closing price.Berkshire became one of the top 10 Apple investors in 2016, taking a stake of more than 9 million shares in the first quarter and then accelerating purchases in the last three months of the year.The Apple investment appears to reflect much of the $12 billion of stock that Buffett said he had bought between the Nov. 8 Presidential election and the end of January. (Reporting By Jennifer Ablan; Editing by David Gregorio)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/berkshire-hatha-buffett-apple-idINL1N1GA08Q'|'2017-02-25T10:57:00.000+02:00'
'eec11548723f5bcd091e2b66d5b469f069444434'|'Siemens set to win EU approval for $4.5 billion Mentor deal: sources'|'By Foo Yun Chee and Arno Schuetze - BRUSSELS/FRANKFURT BRUSSELS/FRANKFURT German engineering group Siemens ( SIEGn.DE ) is set to gain unconditional EU antitrust approval for its $4.5 billion bid for U.S. software company Mentor Graphics, its biggest deal in this area in a decade, two people familiar with the matter said on Thursday.Siemens unveiled the deal in November last year, aiming to boost its presence in a sector with faster growth and bigger margins than other areas.The German company''s move comes in response to growing customer demand for more complex software for smart connected products such as aeroplanes, trains and cars. Siemens is targeting a rise in its software revenue by about a third from the deal.Mentor Graphics'' software helps semiconductor companies design and test their chips before they manufacture them.The European Commission, which is scheduled to decide on the deal by Feb. 27, declined to comment. Siemens also declined to comment.Mentor Graphics competes with Synopsys ( SNPS.O ) and Cadence ( CDNS.O ).(Reporting by Foo Yun Chee in Brussels and Arno Schuetze in Frankfurt, additional reporting by Jens Hack in Munich. Editing by Jane Merriman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-mentor-graphics-m-a-siemens-eu-idINKBN1621T2'|'2017-02-23T12:08:00.000+02:00'
'f7f44927c45f1e0dfeb1790d8a472b57182a630f'|'Gold prices steady, focus shifts to timing of US rate hikes'|'Money News - Mon Feb 20, 2017 - 10:06am IST Gold prices steady, focus shifts to timing of US rate hikes FILE PHOTO - Gold bullion is displayed at Hatton Garden Metals precious metal dealers in London, Britain July 21, 2015. REUTERS/Neil Hall/File Photo By Arpan Varghese Gold prices held steady on Monday, with investors looking ahead to a clutch of speeches from U.S. Federal Reserve officials later in the week for clues on the timing of possible interest rate hikes. Spot gold had edged down 0.1 percent to $1,234.28 per ounce by 0319 GMT, while U.S. gold futures fell 0.3 percent to $1,235.2. "We expect muted trading to start the week in Asia with a U.S. holiday today, although a break in gold of $1,231 may flush away some nervous long positions," said Jeffrey Halley, senior market analyst at OANDA. The U.S. markets are closed on Monday for the Presidents Day holiday. Asian share markets were mixed on Monday as political uncertainty globally kept the mood cautious, while the U.S. dollar recouped early losses ahead of the busy week for the Fed. The dollar was mostly unchanged against a basket of currencies at 100.93. At least five Fed officials are due to speak this week, while Fed Board Governor Jerome Powell appears on Wednesday. Cleveland Fed Loretta Mester said on Monday she would be comfortable raising interest rates at this point if the economy kept performing the way it did. Speculation the central bank could hike as soon as March has generally underpinned the greenback, though large long positions leave the market vulnerable to sudden pull backs. Bullion is highly-sensitive to rising U.S. interest rates, as these increase the opportunity cost of holding non-yielding bullion, while boosting the dollar, in which it is priced. "On the fundamental side, although a stronger dollar and buoyant U.S. equity could potentially act as a drag on gold, other variables will likely prevent a more significant selloff," INTL FCStone analyst Edward Meir said in a note. Concern over U.S. President Donald Trump''s policies, as well as elections in Europe this year, fueled gold''s rise to a peak of $1,244.67 on Feb. 8, the strongest in nearly three months. The metal has risen nearly 8 percent in 2017. Spot gold may break support at $1,233 per ounce, according to Reuters technical analyst Wang Tao. Meanwhile, U.S. Commodity Futures Trading Commission data showed on Friday that speculators cut their net long position in COMEX gold for the first time in three weeks in the week to Feb. 14. In other metals, silver fell 0.1 percent to $17.95 per ounce, while platinum shed 0.5 percent to $995.55. Palladium declined 0.2 percent to $774.05 per ounce, down from $795.1, the highest since Jan. 24., in the previous session. (Reporting by Arpan Varghese in Bengaluru; Editing by Richard Pullin and Joseph Radford) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/global-precious-idINKBN15Z0BQ'|'2017-02-20T11:36:00.000+02:00'
'28a8bb74eb1f4aeb425f227ecf8ed8f5eb434b4f'|'Direct Line sees less impact from personal injury rate change, shares up'|'Business News - Mon Feb 20, 2017 - 9:45am GMT Direct Line sees less impact from personal injury rate change, shares up A photo illustration shows insurance renewal notices from Direct Line in London October 10, 2012. REUTERS/Suzanne Plunkett By Simon Jessop and Carolyn Cohn - LONDON LONDON British motor insurer Direct Line ( DLGD.L ) said on Monday new rules to determine lump-sum payouts for personal injury claims would have less impact than previously estimated because it had already started to factor in a change, boosting its shares. A government review into the so-called Ogden Rate is due to be released soon, and most analysts expect the level to fall from its current maximum 2.5 percent, in place since 2001, given a slide in real interest rates since then. Any downwards move in the rate would require insurers to pay out more in cash to claimants now to ensure that returns over their lifetime met the awarded compensation, a potential hit to motor insurers'' profitability. Given its potential importance to the firm''s financial outlook, Direct Line said it had decided to delay the release of its preliminary 2016 results by a week to March 7. Direct Line said it was already applying a rate of 1.5 percent when calculating its personal injury claims liabilities, which could mitigate the impact of any downward revision of the Ogden Rate. Direct Line said in its 2015 results that a 100 basis point increase or decrease in the rate would impact pretax profit by 131.9 million pounds. It said on Monday the impact would now be "materially lower," without giving a figure. "These sensitivities have reduced over time as claims have been paid and reserves released, and as the Group''s lower reinsurance retention has reduced its net exposure on new business," it said. The company also said it continued to expect to meet its targeted combined operating ratio towards the lower end of a 93 percent to 95 percent range for the year ended December 2016. A level below 100 percent indicates an underwriting profit. In response to the statement, shares in Direct Line were up 2.6 percent, among the top gainers in a flat FTSE 100 .FTSE . "We had been perplexed over the volatility of the Direct Line share price these past few months, seemingly reflecting concerns in the market over the implications of any change to the Ogden discount rate," said Shore Capital analyst Eamonn Flanagan. "This statement should allay those fears, in our view, and hence dampen this volatility." (Reporting by Simon Jessop; Editing by Mark Potter) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-direct-line-ins-results-delay-idUKKBN15Z0V8'|'2017-02-20T16:45:00.000+02:00'
'c37936a7fd75bf7e54a1decc92c138ea30be9e08'|'UK fashion retailer Reiss names Angelides as CEO'|'LONDON Feb 20 British fashion retailer Reiss named former Next executive Christos Angelides as its new chief executive on Monday in a move aimed at allowing founder and chairman David Reiss to scale back his responsibilities.Reiss, which is majority owned by private equity firm Warburg Pincus, said the appointment was part of a planned succession process. It ends speculation that Angelides might join Marks & Spencer to lead its struggling clothing division.Angelides, who spent 28 years at Next with 14 as group product director, had a brief stint as president of Abercrombie and Fitch based in the United States.He will start his new role at the end of March and will resign as a non-executive director of rival French Connection on Feb. 28."I am delighted that Christos has agreed to lead Reiss ... and look forward to working closely with him in order to ensure an orderly succession," said David Reiss, who will remain chairman but give up the CEO role.Last month Reiss reported total sales up 19.7 percent in the six weeks to Jan. 7. ($1 = 0.8026 pounds) (Reporting by James Davey; Editing by Alexander Smith)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/reiss-ceo-idINL8N1G5296'|'2017-02-20T08:24:00.000+02:00'
'841360f57bd182a81ed04d9b4bca222ac5cf2d9c'|'UPDATE 1-Peru eyeing bond sale to finance water works -state news agency'|'(Adds comment from Moody''s analyst)LIMA Feb 21 Peru''s finance ministry is considering selling bonds to help state water company Sedapal build up to 10 billion soles ($3 billion) in infrastructure projects through 2021, state news agency Andina reported on Tuesday.Andina did not mention the timing, location or currency denomination of the potential offering.The finance ministry did not immediately respond to requests for comment.The government said earlier this month that it was also evaluating a bond sale to help pay for an expansion at state-owned energy company Petroperu''s refinery.Last year, Peru issued a 10.25 billion sol bond in a debt swap transaction that the government described as one of the biggest global issuances denominated in an emerging market currency.Peru tends to pre-fund its financing needs and so mainly sells bonds when opportunities arise to lock in better rates, said Moody''s sovereign risk senior analyst Jaime Reusche."We should expect to see one, maybe two, relatively large issuances throughout the year if conditions are appropriate, either in domestic or foreign markets, mostly with a focus on liability management," Reusche said.($1=3.246)(Reporting by Mitra Taj; Editing by Richard Chang, Bernard Orr)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/peru-bonds-idINL1N1G61F3'|'2017-02-21T17:06:00.000+02:00'
'809a608a26722859fa4f440dce7fb8e76892e4cf'|'BRIEF-Mcdermott International Q4 loss per share $0.00'|' 06am EST BRIEF-Mcdermott International Q4 loss per share $0.00 Feb 21 Mcdermott International Inc: * Sees 2017 revenues of about $3.2 billion * Sees 2017 income per share of about $0.29 * Sees 2017 CAPEX of about $120 million * Mcdermott reports fourth quarter and full-year 2016 financial and operational results * Q4 revenue $641.8 million versus I/B/E/S view $609.2 million * Q4 loss per share $0.00 * Q4 earnings per share view $-0.01 -- Thomson Reuters I/B/E/S * As of December 31, 2016, company''s backlog was $4.3 billion, compared to $3.9 billion at September 30, 2016 * At December 31, 2016, co had bids outstanding and target projects of approximately $2.2 billion and $14.4 billion, respectively * FY2017 earnings per share view $0.22, revenue view $2.89 billion -- Thomson Reuters I/B/E/S Source text for Eikon:   Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-mcdermott-international-q4-loss-pe-idUSL8N1G645Z'|'2017-02-21T21:06:00.000+02:00'
'379437a1f6dff447447d58a36a46159928ef45fe'|'Austria to reward companies for hiring locals'|' 01pm GMT Austria to reward companies for hiring locals VIENNA Austria''s coalition government approved new employment rules on Tuesday to ensure workers already in the country are given priority for new jobs over potential immigrants from other EU states in an attempt to halt an increase in unemployment. However, the plans could undermine the European Union''s principle of free movement of people and prompt opposition from Brussels. A European Commission spokesman said the EU executive would not comment on legislation it has not yet examined. Immigration into Austria''s labour market, especially from its poorer eastern European neighbours, has been rising for years due to its significantly higher wages and social benefits. Unemployment in Austria is still relatively low at 5.7 percent, under a harmonised EU measure, but is steadily rising and the government is also facing slower economic growth. Under the plans, EU nationals already resident in Austria would also enjoy priority along with Austrian citizens over newcomers from outside the country. "This has nothing to do with hostility towards foreigners. I do not care about the birth certificate but I do want to solve a problem we are dealing with in Austria," Chancellor Christian Kern said in a Facebook message. Under the new rules, the government will halve non-wage labour costs for three years starting from July for companies which create new jobs and hire people in Austria changing jobs or registered as unemployed. Graduates of an Austrian educational institution and highly-qualified third-country workers with a special working permit can also be hired under the plans. The deal will cost 2 billion euros (<28>1.69 billion) and will help to create 160,000 new jobs, the government said. Kern said he was confident of winning the green light from Brussels, adding that Austria had to find creative solutions to apply European regulations in order to curb unemployment. (Reporting by Kirsti Knolle; Editing by Gareth Jones)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-austria-employment-idUKKBN1601GJ'|'2017-02-21T20:01:00.000+02:00'
'136c3e65cc603f04b791196188717323b8bdf23c'|'BRIEF-Veeco, Ultratech announce early termination of Hart-Scott-Rodino waiting period'|' 03am EST BRIEF-Veeco, Ultratech announce early termination of Hart-Scott-Rodino waiting period Feb 21 Ultratech Inc: * Veeco and ultratech announce early termination of hart-scott-rodino waiting period * Ultratech inc - on february 17, veeco and ultratech received notice from u.s. Ftc that it granted early termination of veeco''s pending acquisition of ultratech Source text for Eikon:   Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-veeco-ultratech-announce-early-ter-idUSASB0B196'|'2017-02-21T21:03:00.000+02:00'
'15722ec23e8c285a6a96d64675a494edea2f4f88'|'HSBC drags FTSE lower'|'Business News - Tue Feb 21, 2017 - 10:37am GMT HSBC drags FTSE lower 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 Helen Reid - LONDON LONDON British shares lost 0.2 percent on Tuesday, weighed by banking stocks as a week of full-year earnings releases for major listed banks began with HSBC''s profit slump. Britain''s blue-chip FTSE .FTSE index was down 0.2 percent, with HSBC ( HSBA.L ), the first bank to report earnings this week, down 6.5 percent, heading for its worst day in 18 months after its results. The bank has a more than 6 percent weighting on the index. HSBC kickstarted a string of major bank earnings updates by announcing a 62 percent slump in profits for 2016, falling short of analysts'' estimates due to writedowns from restructuring. "The group flagged multiple headwinds (totalling <20>2.41 billion) for 2017. We believe the key question is to what extent the group will be able to offset these through volume growth," said Goldman Sachs analysts in a note. HSBC shares had rallied 70 percent from April 2016 to Monday''s close. Hargreaves Lansdown ( HRGV.L ) and Standard Chartered Bank ( STAN.L ) tracked HSBC lower. Hargreaves Lansdown was also smarting from a downgrade to "underperform" by Bernstein. The FTSE 350 banking index .FTNMX8350 was down 3.7 percent, headed for its worst day since the Brexit referendum aftermath at the end of June 2016. Lloyds, Barclays, RBS and Standard Chartered will post full-year results in the coming days. "It will be interesting to see how the other banks perform, because HSBC might have a competitive advantage because of its Asia focus and diversification," said Ipek Ozkardeskaya of LCG Capital. Mediclinic ( MDCM.L ) was down 4.7 percent after the South African private healthcare provider said it expected a drop in revenue and margins at its Middle East business. Miners Anglo American ( AAL.L ) and Fresnillo ( FRES.L ) were among top fallers, despite a solid results update from the former. Anglo American posted a 25 percent profit increase in results, saying it would resume dividends by the end of 2017. It had cut net debt to $8.5 billion, and said it would sell further assets only to sharpen its focus, rather than because it needed the money. "We are encouraged by free cash flow, deleveraging and diamonds. However, near term we are concerned Anglo is vulnerable to negative spot price momentum and South Africa headwinds," wrote UBS analyst Myles Allsop in a note. The stock was down 1.8 percent. Announcing a wind-down of asset sales could be raising investors'' concerns about the strength of Anglo''s balance sheet, Ozkardeskaya said. Rolls-Royce ( RR.L ) was the top gainer in the blue-chip index, maintaining Monday''s momentum after a Goldman Sachs upgrade to "buy". Educational publisher Sage Group ( SGE.L ) was also a top gainer, benefiting from Stifel starting coverage on the stock with a "buy" rating, up 2.3 percent. Oil services company Wood Group ( WG.L ) was the worst performing on the mid-cap FTSE 250 index .FTMC , down 7.8 percent and headed for its biggest one-day drop since July 2011, after it posted a 62 percent fall in full-year profit, missing market estimates, citing a challenging oil and gas market. (Reporting by Helen Reid; Editing by Alison Williams) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-stocks-idUKKBN160126'|'2017-02-21T17:37:00.000+02:00'
'6ff2b14d022c05bb50d3d42c7fb5c2d9d0226525'|'EXCLUSIVE - China''s Sinochem may sell 40 percent stake in Brazil''s Peregrino oilfield - sources'|'Deals  48am GMT Exclusive: China''s Sinochem may sell 40 percent stake in Brazil''s Peregrino oilfield - sources By Anshuman Daga , Nidhi Verma and Chen Aizhu - SINGAPORE/NEW DELHI/BEIJING SINGAPORE/NEW DELHI/BEIJING China''s Sinochem is exploring the sale of its 40 percent stake in Brazil''s Peregrino offshore oilfield, four people familiar with the matter told Reuters, a deal that could see the state-owned conglomerate walk away what was once touted as a key overseas asset because of historically low oil prices. The oil and chemicals firm agreed to buy the stake from Norway''s Statoil ( STL.OL ) for $3.07 billion in 2010 - beating out a raft of Chinese rivals chasing high-quality assets. The Norwegian giant owns the other 60 percent of Peregrino, the largest heavy oilfield it operates outside its home patch. But two of the people with knowledge of the matter said Sinochem is moving to sell its largest overseas upstream stake - with capacity to pump 100,000 barrels a day - as it reshapes its assets to reflect oil prices having halved in the last two and a half years. With that in mind, one person said, Sinochem was pitching the sale at a big discount to its purchase price. Earlier this month, Reuters reported Sinochem was in early talks to buy a stake in Singapore-listed commodity trader Noble Group ( NOBG.SI ), a move that would further its ambitions to become more active in global energy trade and also develop China''s gas industry. The process to sell the Brazilian stake is still at an early stage and a final decision would depend on how the negotiations progress, the people familiar with the matter said. They spoke on condition of anonymity because they were not authorized to discuss it publicly. Statoil declined to comment and Sinochem did not respond to requests for comment from Reuters. Two sources said Sinochem''s intent to sell the stake has been shared with India''s Oil and Natural Gas Corporation ( ONGC.NS ). ONGC did not respond to requests for comments. One person said the stake is also likely to be pitched to other international buyers, including some Japanese firms and Kuwait Foreign Petroleum Exploration Company, which snapped up Royal Dutch Shell''s ( RDSa.L ) stake in Thailand''s Bongkot gas field for $900 million last month. SINOCHEM - ASSET MANAGER? The potential sale of the stake in Peregrino - located 85 km off Brazil in the Campos basin below about 100 meters of water - comes as oil prices hover in a mid-$50s per barrel range, well below the highs of recent years. That trend has also prompted other industry players to consider selling once-prized assets. Earlier this week, Reuters reported Malaysian state-owned oil and gas firm Petronas is aiming to sell a large minority stake in a local gas project for up to $1 billion as it seeks to raise cash and cut development costs. For its part, Sinochem has seen growth in its key oil trading business stagnate, with increasing domestic competition from the likes of state oil traders Unipec and Chinaoil, while overseas oil and gas assets have struggled amid the prolonged low oil prices. "Sinochem is readjusting its energy asset structure," said a Beijing-based industry veteran familiar with the company''s strategy. "As a medium- to small-sized oil producer, exposure to higher cost assets like deep water has become over-challenging." "The company sees itself more as an asset manager. This becomes a clearer direction under the new management," the industry executive said, referring to Sinochem chairman Ning Gaoning who took over the helm last year. The potential sale of the Peregrino stake also comes ahead of the second phase of the project''s development, expected to cost about $3.5 billion with production from the new phase set to start by the end of the decade. The second phase is designed to add about 250 million barrels in recoverable reserves to Peregrino, which currently contains an estimated reserve of between
'11cb6ff0744ca2cb59db4b930bd471b38515a8ac'|'S.Africa anti-trust watchdog says Citi settlement to aid prosecutions in FX probe'|'Company News - Tue Feb 21, 2017 - 4:06am EST S.Africa anti-trust watchdog says Citi settlement to aid prosecutions in FX probe CAPE TOWN Feb 21 South Africa''s competition watchdog said on Tuesday it would be seeking maximum penalties against other local and foreign banks alleged to be involved in colluding to fix the rand currency. The head of Competition Commission said that although the settlement of 69.5 million rand ($5 million) it had agreed with the local arm of Citigroup was "low", it had made the compromise as part of a bigger prosecution case. ($1 = 13.1276 rand) (Reporting by Wendell Roelf; Writing by Mfuneko Toyana; Editing by James Macharia) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/safrica-rand-rigging-citibank-idUSJ8N1F902O'|'2017-02-21T16:06:00.000+02:00'
'2885525a4665ddac3e381b887534468d8bcec67d'|'BRIEF-Nordson reports Q1 GAAP EPS $0.86'|' 33pm EST BRIEF-Nordson reports Q1 GAAP EPS $0.86 Feb 20 Nordson Corp * Nordson Corp reports record first quarter sales and diluted earnings per share * Q1 GAAP earnings per share $0.86 * Q1 sales $407 million versus i/b/e/s view $396.8 million * Q1 earnings per share view $0.82 -- Thomson Reuters I/B/E/S * Sees Q2 2017 gaap earnings per share $1.21 to $1.33 * Sees Q2 2017 sales up 3 to 7 percent * Nordson Corp says backlog for quarter ended January 31, 2017 was approximately $308 million, an increase of 24 percent compared to same quarter a year ago * Q2 earnings per share view $1.22, revenue view $448.0 million -- Thomson Reuters I/B/E/S  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-nordson-reports-q1-gaap-eps-idUSASB0B14J'|'2017-02-21T04:33:00.000+02:00'
'faacc292c1f33513b931a37f0acd2624ae16c8de'|'Germany''s Stuttgart set to ban some diesel cars from city centre'|'  5:56pm GMT Germany''s Stuttgart set to ban some diesel cars from city centre Cars pass the respirable dust measuring station at Neckartor in Stuttgart, Germany, January 31, 2017. REUTERS/Michaela Rehle BERLIN Stuttgart, home to Germany''s Mercedes-Benz ( DAIGn.DE ) and Porsche ( PSHG_p.DE ), said on Tuesday it will ban from next year diesel cars which do not meet the latest emissions standards from entering the city on days when pollution is heavy. Only around 10 percent of diesel cars in use on German roads at the start of 2016 conformed with the "Euro 6" standard, which is the latest EU anti-pollution rule. Engines which adhere to the standard produce fewer nitrogen oxide fine particle emissions, which cause respiratory disease. Diesel emissions are in particular focus following the Volkswagen ( VOWG_p.DE ) scandal involving cheating mechanisms in some of its cars which made them appear less polluting than they actually were during routine testing. Particulates often exceed thresholds set by the European Union in at least 90 German towns, including Stuttgart, which is particularly affected because it is in a valley. Germany has already been sued by the EU for exceeding those thresholds for more than a maximum of 35 days per year. Exceptions to the ban in Stuttgart, which is the capital of the state of Baden-Wuerttemberg and governed by a coalition of the environmental Greens and Chancellor Angela Merkel''s conservatives, could be granted for goods vehicles. The regional government has also been sued by the German environmental organisation Deutsche Umwelthilfe (DUH) for failing to do enough to tackle pollution. As well as diesel exhaust emissions, oil-fired heaters, chimneys and tyre abrasion also contribute to the particulates problem, which is exacerbated by certain weather. The World Health Organization (WHO) said last year that outdoor air pollution in both cities and rural areas was estimated to cause 3 million premature deaths worldwide per year in 2012, due to exposure to small particulate matter which cause cardiovascular and respiratory disease and cancers. (Reporting by Markus Wacket in Berlin; Additional reporting by Edward Taylor in Frankfurt; Writing by Michelle Martin; Editing by Alexander Smith)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-germany-autos-diesel-idUKKBN16028J'|'2017-02-22T00:56:00.000+02:00'
'23e4ac02a5a85a5e77a9b00f2acb890fc3be4ac0'|'Exclusive - Burger King and Tim Hortons owner nears deal to buy Popeyes'|'  9:02pm GMT Exclusive - Burger King and Tim Hortons owner nears deal to buy Popeyes left right A popeyes restaurant sign is seen on the intersections of Broadway and New Orleans a cross the street from the John Hopkins Hospital in Baltimore, Maryland November 4, 2015. REUTERS/Carlos Barria 1/2 left right A Tim Hortons coffee cup is seen on the ground outside a shop near Times Square in New York August 26, 2014. REUTERS/Brendan McDermid 2/2 By Lauren Hirsch and Greg Roumeliotis Restaurant Brands International Inc ( QSR.TO ), owner of the Burger King and Tim Hortons fast-food chains, is nearing a deal to acquire Popeyes Louisiana Kitchen Inc ( PLKI.O ),   matter said on Monday. The deal, which will likely value Popeyes at more than $1.7 billion (<28>1.4 billion), is a bet by Oakville, Ontario-based Restaurant Brands that it can use its international reach to introduce Popeyes'' Louisiana-style fried chicken and buttermilk biscuits to more diners globally. It also represents a small consolation prize for Restaurant Brands shareholder 3G Capital, which lost a $143 billion bid this week to merge its biggest holding, food conglomerate Kraft Heinz Co ( KHC.O ), with consumer products firm Unilever Plc ( ULVR.L ). A deal could be announced as early as this week, the people said, asking not to be identified because the negotiations are confidential. Restaurant Brands did not respond immediately to a request for comment, while Popeyes decline to comment. Popeyes, whose fans include pop singer Beyonc<6E>, began 45 years ago as a Southern-fried "Chicken on the Run" restaurant in a New Orleans suburb. It has since expanded to more than 2,000 restaurants, of which 1,600 are in the United States. The company has benefited from strong customer loyalty, as well as from a restaurant refurbishment programme. Chicken accounts for about 10 percent of the fast-food industry, according to data service IBISWorld, and Popeyes'' market share is growing. The largest brands in the sector include privately held Chick-fil-A and Yum! Brands Inc''s ( YUM.N ) KFC. Private equity firm 3G Capital, which is controlled by Brazilian billionaire Jorge Paulo Lemann, owns about 43 percent of the voting shares in Restaurant Brands. 3G Capital has made a name by acquiring major U.S. consumer companies including Kraft Heinz. Restaurant Brands was formed in 2014, when 3G Capital-backed Burger King acquired Canadian coffee and doughnut chain Tim Hortons Inc for $11 billion. 3G Capital''s long-time partner, Warren Buffett''s Berkshire Hathaway Inc ( BRKa.N ), committed $3 billion of preferred equity to finance that deal. (Reporting by Lauren Hirsch and Greg Roumeliotis; Editing by Leslie Adler and Tom Brown)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-popeyes-m-a-restaurant-brands-exclusi-idUKKBN15Z20C'|'2017-02-21T04:02:00.000+02:00'
'611868b94b16927e7475bda6f396d561331c76eb'|'Scandinavians take drastic steps to get into booming housing market'|'Business News - Mon Feb 20, 2017 - 12:37pm GMT Scandinavians take drastic steps to get into booming housing market left right FILE PHOTO: People walk past apartment blocks in Stockholm, Sweden April 8, 2014. REUTERS/Ints Kalnins/File Photo 1/3 FILE PHOTO: Apartment blocks are pictured in Stockholm, Sweden April 8, 2014. REUTERS/Ints Kalnins/File Photo 2/3 left right FILE PHOTO: A view over the harbour in Stavanger, Norway October 11, 2015. REUTERS/Stine Jacobsen/File Photo 3/3 By Camilla Knudsen , Johan Sennero and Teis Jensen - OSLO/STOCKHOLM/COPENHAGEN OSLO/STOCKHOLM/COPENHAGEN Joakim Bakka, a 29-year-old shop worker, was so desperate to get into Norway''s booming housing market that he was prepared to borrow money at 13 percent for a deposit to buy a home. It would have been risky but he felt he had no choice. Bakka, from the Norwegian city of Drammen, is not alone in considering such drastic steps. Scandinavians are taking increasing risks on housing as prices have soared over the last decade, fuelled by low interest rates and tax perks that have encouraged people to buy homes rather than rent. Household debt levels have risen sharply, worrying governments that have tried without success to cool the market. "Even though my partner and I have full-time jobs, we were not able to find enough cash for a deposit, so as an emergency solution, we applied for a consumer loan of 100,000 crowns (<28>9,000)," Bakka told Reuters. "In the end we did not have to use it, as we managed to get a loan from a communal public bank at about 3 percent. But it was not difficult at all to get a consumer loan." House prices show no signs of slowing. In Norway they grew 12.4 percent year-on-year in January after a record high of 12.8 percent in December. Swedish house prices rose 9 percent year-on-year in January. In Denmark, prices of owner-occupied flats have risen between 50 and 75 percent in Copenhagen since 2012, according to mortgage lender Nykredit, compared with 37 percent outside the capital. Sofie Borbiconi, 29, is a radio host looking to buy a flat in Copenhagen. "It is crazy. When we visit flats, we have to queue in long lines to get in," she said. "You have to use unconventional measures," she added, although she preferred to keep them secret. GROWING CONCERN Governments are concerned. Denmark tops the OECD list of developed nations with the most household debt relative to disposable income, with Norway third and Sweden fifth. The International Monetary Fund has said Sweden''s high household debt levels could stifle other areas of the economy. "Swedish housing prices are historically high, implying downside risk to consumption, even as housing shortages lower the risk of a major decline," the IMF said in September. Both Denmark and Sweden have seen house prices collapse before. In 2008, the global crisis punctured a Danish housing bubble, triggering a local banking crisis that wiped out over a dozen lenders. Swedish house prices fell 20 percent in two years in the early 90s, contributing to the nationalisation of what is now the region''s biggest lender, Nordea ( NDA.ST ), which has since been re-privatised. While high prices are encouraging new homebuilding in some parts of Scandinavia, easing upward pressure on prices, the shortage of housing, notably in Sweden, and high demand due to immigration is expected to keep prices high. "What is special in Sweden is that we have negative rates and very, very strong growth. We are one of the few countries that has that or has ever had that," Erik Thed<65>en, head of the Swedish Financial Supervisory Authority, told Swedish radio last week. "This creates what I have called a greenhouse for growing debt." CALMING MEASURES Nevertheless governments have been trying to calm the market. Norway in 2015 reduced the amount of money housebuyers can borrow from banks to 85 percent from 90 percent of the purchase price. This year the government introduced new rules, including capping borrowi
'b4397c13c4a5b3b8f3b83760328736b8d34be7d1'|'UPDATE 1-UK Stocks-Factors to watch on Feb. 20'|'(Adds futures, company news items) Feb 20 Britain''s FTSE 100 index is seen opening up 11 points at 7,310 on Monday, according to financial bookmakers, with futures 0.3 percent higher ahead of the cash market open. * The benchmark FTSE 100 index finished 0.3 percent higher on Friday and gained 0.6 percent for the week. The index, dominated by companies that trade internationally, was also supported by weakness in sterling after a drop in British retail sales for January. * KRAFT HEINZ/UNILEVER: U.S. food company Kraft Heinz Co withdrew its proposal for a $143-billion merger with larger rival Unilever Plc, the companies said on Sunday, raising questions about whether Kraft will turn its focus to another target. * BOVIS HOMES: British housebuilder Bovis Homes, whose boss left in January just days after the firm warned it would not meet market expectations, said its full-year pretax profit fell in 2016 and it will build fewer homes this year. * RBS: Royal Bank of Scotland Group Plc said on Friday it had proposed abandoning the planned sale of its Williams & Glyn unit after a seven-year struggle to sell the small business lender to meet European Union state aid demands. * OIL: Oil prices held steady on Monday as investors gauged whether an increase in U.S. drilling rigs and record stockpiles would undermine efforts by producers to cut output and bring the market into balance. * COPPER: London copper edged up on Monday to stay near the key level of $6,000 per tonne, buoyed by supply worries after the world''s second-biggest copper mine in Indonesia said it could not deliver promised shipments due to export permit issues. * GOLD: Gold prices held steady on Monday, with investors looking ahead to a clutch of speeches from U.S. Federal Reserve officials later in the week for clues on the timing of possible interest rate hikes. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets * UK CORPORATE DIARY: Hammerson Plc Full Year 2016 Earnings Bovis Homes Group Plc Full Year 2016 Earnings Gemfields Plc Half Year 2017 Earnings BGEO Group Plc Q4 2016 Earnings 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 Sanjeeban Sarkar in Bengaluru; Editing by Sunil Nair)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/britain-stocks-factors-idINL4N1G52L8'|'2017-02-20T04:33:00.000+02:00'
'2fb6820b0fb4991220971bba41be1d65ca4f54a9'|'China stocks rebound on hopes of speedy pension fund investment; HK also up'|' 42pm EST China stocks rebound on hopes of speedy pension fund investment; HK also up * SSEC +0.8 pct, CSI300 +1.1 pct, HSI +0.3 pct * Non-cyclical stocks rally on pension funds hopes SHANGHAI Feb 20 China shares rebounded on Monday, led by wine makers and banks, after media reports said pension funds may begin flowing into the country''s stock markets as early as this week. The bullish sentiment spread to Hong Kong, where the market also advanced but by a more modest margin. China''s CSI300 index rose 1.1 percent to 3,457.94 points by the end of the morning session, while the Shanghai Composite Index gained 0.8 percent to 3,227.33, recouping losses on Friday. Blue chips were on pace for their best single-day performance since Nov. 11, if the gains could be sustained. Media reported on Friday China had started investing an initial 360 billion yuan ($52.42 billion) in pension insurance funds from seven provinces and cities in financial markets. The first tranche of that investment was expected to flow into the stock market as early as this week, state media reported on Monday. Cao Xuefeng, head of research at Huaxi Securities in Chengdu, said non-cyclical stocks such as pharmaceuticals and wine makers would benefit most from the pension fund investment, as "insurance firms prefer stocks with stable returns." He also said regulatory moves to restrict "excessive" and frequent" fundraising by some listed companies on late Friday would help contain speculation and boost optimism toward blue-chips. Sectors gained ground across the board in the mainland market. Wine makers were popular bets, with an index tracking the liquor sector rallied 3.6 percent at midday, as the industry has been gradually recovering from President Xi Jinping''s graft clampdown and the plasticizer scandal since 2012. Shanghai Bailian Group Co Ltd jumped 10 percent, the maximum allowed, to a 13-1/2-month high, on news of a tie-up with Alibaba Group Holding Ltd. In Hong Kong, the benchmark Hang Seng index added 0.3 percent to 24,111.85, while Hong Kong China Enterprises Index gained 0.8 percent to 10,439.67. Southbound flows through the Shanghai-Hong Kong Stock Connect recovered slightly on Monday after accounting for a mere 2.2 percent of Friday''s daily quota, down sharply from an average of 24 percent in the previous five sessions. Most sectors gained ground in the city, but property sector shed 0.1 percent ahead of a busy week for U.S. Federal Reserve speakers. Market expectation of a U.S. interest rate hike in March are curbing the demand for real estate stocks as the city''s borrowing costs closely track that of the United States due to a currency peg to the greenback. ($1 = 6.8670 Chinese yuan renminbi) (Reporting by Jackie Cai and John Ruwitch; Editing by Kim Coghill)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/china-stocks-midday-idUSL4N1G51WS'|'2017-02-20T11:42:00.000+02:00'
'293c4b53e6f03ced988ad00a76982365479eea58'|'RBS shares up 5 percent on alternative plan to Williams & Glyn sale'|' 51pm IST RBS shares up 5 percent on alternative plan to Williams & Glyn sale 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 LONDON Royal Bank of Scotland Group ( RBS.L ) shares rose 5 percent on Monday, after the lender said on Friday evening it had proposed abandoning the disposal of its Williams & Glyn business after a seven-year struggle to sell the unit to meet European Union state aid demands. RBS instead put forward an alternative series of measures, worth around 750 million pounds ($932.48 million), to help newer, smaller "challenger" banks and boost competition among lenders. Analysts said that removing the obligation to dispose of Williams & Glyn could pave the way for RBS to resume paying dividends, but cautioned that the new proposals did not look too favourable for the taxpayer-backed lender. "Overall the prospective deal looks better for the ''eligible challenger banks'' than for RBS," Joseph Dickerson, analyst at Jefferies, wrote in a research note on Monday. (Reporting by Lawrence White; editing by Jason Neely) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/royal-bank-scot-divestiture-idINKBN15Z0NY'|'2017-02-20T15:21:00.000+02:00'
'759060a066be73e701f81ac2777402fd28711f27'|'Vale scraps controlling bloc, merges shares in major transparency move'|'By Guillermo Parra-Bernal - SAO PAULO SAO PAULO Vale SA ( VALE.N ) plans to become a company with no defined controlling shareholder as soon as possible, in a landmark step aimed at enhancing transparency and equal rights for all shareholders in the world''s largest iron ore producer.In a Monday statement, Vale said controlling shareholders grouped under holding company Valepar SA agreed to renew an accord that keeps them together for three and a half years. The controlling shareholders will have to soon present a proposal to merge the company''s several classes of stock into a single, common one by November.The existing 20-year accord governing Valepar, which expires in May, will be extended through November to guarantee a transition to Vale''s new structure. Holders of Vale''s Class A preferred shares ( VALE5.SA ) will receive 0.9342 common share ( VALE3.SA ) based on the 30-day average through last Friday, as part of the process.After that step is completed, Vale would pay owners of Valepar a 10 percent premium for their shares. That step, which should dilute minority shareholders by 3 percent, is a pre-condition to the rest of the process, the statement said.The change represents a milestone in a country long hobbled by corporate governance abuses and reorganizations that hampered minority investors in most cases. Reuters reported on Jan. 19 the planned to make Vale a company with dispersed share ownership and the listing of a single type of stock."The transaction seems to be a win-win for both controlling and minority shareholders," said Rodolfo de Angele, a senior basic materials analyst with JPMorgan Securities.People familiar with the matter told Reuters at the time that Bradespar SA ( BRAP4.SA ) and pension fund Previ Caixa de Previd<69>ncia [PREVI.UL] sought the plan to boost Vale''s appeal among investors. Once the accord expires, no shareholder could own more than 25 percent of Vale or else will have to buy out other shareholders.The partners in Valepar include Previ - currently Vale''s largest shareholder, - Bradespar, Japan''s Mitsui & Co ( 8031.T ), an arm of state development bank BNDES, and pension funds Petros Funda<64><61>o [PETROS.UL], Funcef [FUNCEF.UL] and Funda<64><61>o Cesp."BRUTAL CHANGE"Vale''s management plans to discuss the accord with investors at a conference call later on Monday.The transitional agreement needs backing from the equivalent of 20 percent of Vale''s voting shares, guaranteeing the necessary governance to implement the diluted ownership plan, the statement said.The 3.073 billion-real ($990 million) goodwill generated by Vale''s incorporation of Valepar will be split equally among all shareholders, the statement said.The plan will also help limit government meddling in Vale - an aspect that weighed down the company''s stock during President Dilma Rousseff''s five years in office. Improved governance stemming from the move could help Vale''s stock cut the valuation gap relative to its global mining peers.Currently, Vale''s American depositary receipts ( VALE.N ) trade at the equivalent of 10.5 times estimated earnings for this year, below Rio Tinto Plc''s ( RIO.L ) 10.7 times and BHP Billiton Plc''s ( BLT.L ) 15.9 times, according to Thomson Reuters data.The implications of Monday''s announcement on investor perception about Vale''s governance should translate into a faster convergence of Vale and Rio Tinto share prices, Banco BTG Pactual''s trading desk said in a client note, adding that the move could help unleash 21 percent more value for Vale shareholders."It''s a brutal change of governance for the company," the note said.($1 = 3.1035 reais)(Additional reporting by Brad Haynes and Paula Arend Laier in S<>o Paulo; Editing by Leslie Adler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-vale-sa-equity-agreement-idINKBN15Z1DD'|'2017-02-20T10:37:00.000+02:00'
'89e2bd8b31cc5b88109f2d829769a17ba1fa2aef'|'Undeterred by Brexit, Vattenfall eyes growth in Britain'|'Business News - Mon Feb 20, 2017 - 12:22pm GMT Undeterred by Brexit, Vattenfall eyes growth in Britain Vattenfall logo is seen on its headquaters in Stockholm, Sweden April 18, 2016. REUTERS/Pontus Lundahl/TT News Agency/File Photo By Vera Eckert , Christoph Steitz and Tom K<>ckenhoff - FRANKFURT FRANKFURT Britain''s decision to withdraw from the European Union is no reason for Swedish utility Vattenfall [VATN.UL] to shrink its local presence, its finance chief said, adding the group was there to stay and even planning to expand its business. Britain''s Brexit decision does not include plans for the country to turn away from two of its core energy goals - reducing greenhouse gases emissions and cutting dependency on foreign suppliers, Stefan Dohler told Reuters in an interview. "We have great faith in the overall situation in UK energy," said Dohler. "Britain has a capacity problem and aims to curb its energy dependency on imports, that''ll be favourable for renewable energy," he added. At 703 megawatt (MW), Britain accounts for 28 percent of Vattenfall''s wind power capacity, including the onshore projects Pen y Cymoedd (PYC) in Wales (230 MW) and Ray (50 MW) in northern England. It is also developing the 100 MW Aberdeen offshore park. In addition, Vattenfall co-owns the NorthConnect power cable project which aims to bring Norwegian hydro and power to the UK. Future business in Britain, where Vattenfall plans to invest 4 billion Swedish crowns (<28>360 million) this year and next, could include distribution and services, said Dohler, who took over as finance chief at Vattenfall in December. "We feel at home there. We don''t see any threats to our business." Britain faces an energy supply crunch by the early 2020s as coal-fired power stations close and its oil and gas production declines. That is why it has put in place capacity auctions, under which it pays plant owners to ready back-up power to head off shortages, a scheme that suffering European power generators would love to see emulated elsewhere. Asked about currency risks, Dohler said Vattenfall would seek to hedge its positions with the aim of softening the blow from falling revenues in pound sterling. "That is not unusual. We would always guard ourselves against currency risks when taking investment decisions," he said. (Editing by Victoria Bryan)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-vattenfall-brexit-idUKKBN15Z16L'|'2017-02-20T19:22:00.000+02:00'
'abb13da65426a6dea4abc925e78aa588a344da91'|'Inbound China M&A takes flight on consumer promise'|'* Inbound M&A in 2017 already twice same period last year* Consumer/retail account for nearly half early deals* Beijing relaxed foreign deal approval regime in October* High valuations remain an obstacle to foreign capitalBy Elzio BarretoHONG KONG, Feb 20 Overseas acquisitions by Chinese buyers are cooling after two record years as Beijing reins in capital outflows, but deals into China are on the rise, and new rules will make it easier for foreign buyers to tap China''s giant consumer potential.Inbound M&A deals have already reached $7.1 billion so far in 2017, almost double the amount in the same period last year and are well on track to beat the 2016 total of $46 billion, while outbound deals tumbled more than 40 percent to $8.4 billion, Thomson Reuters data showed.Deals in retail and consumer staples accounted for nearly half those early transactions, far outpacing real estate and financial deals, which usually dominate inbound M&A.Belgian investment firm Verlinvest is ahead of the trend.It set up a $300 million venture last year with Chinese state-owned conglomerate China Resources and has already deployed more than half of the funds.Verlinvest, which manages funds for the founding families of Anheuser-Busch InBev, is investing in minority and majority stakes in leading western brands so it can push them through China Resources'' distribution channels in China, said Nicholas Cator, who is responsible for the Asia business."We''re going to be focusing on those high-growth sectors that are based on consumer trends, like health-related food and beverage products, healthcare, education, cinema or entertainment, or anything linked to kind of cultural production and content," he said.Verlinvest''s joint venture in December bought an undisclosed stake in Oatly, a Swedish maker of dairy-free products, and plans to expand it into China, and in November it bought a majority stake in Red Sun Enterprise, which owns senior care homes in Shanghai and Nanjing.LOOSER APPROVALS REGIMEThe leadership in Beijing has long been trying to rebalance the economy away from infrastructure, heavy industry and export-led growth and towards domestic consumption, so in theory such investment should be welcome, but in practice foreign capital has fallen foul of barriers to entry.That appears to be changing. After a trial in a few of its free-trade zones, China in October expanded to the entire country a new liberalisation programme.Apart from a "negative list" of industries deemed too sensitive, foreign investments no longer need to go through a cumbersome approval system, and there has even been some loosening in the off-limits list."The direction China is going is that for most sectors, provided it''s not in the so-called negative list, where there would be additional scrutiny, the process for corporate establishment and changes including share transfers should be simpler," said Tracy Wut, M&A partner at law firm Baker McKenzie in Hong Kong."From the recently amended negative list, there are further relaxations in certain sectors to which the government is trying to encourage foreign investments."CDIB Capital International Corp, part of Taiwanese financial group China Development Financial Holding (CDF), is also seizing the opportunities.Last August it invested 200 million yuan ($29.2 million) for a stake in outdoor sports retailer Tutwo (Xiamen) Outdoor Co Ltd, betting on a jump in demand for hiking, skiing and camping gear in China."Clearly there''s going to be more of a focus on domestic growth and consumption is one of the themes," said Lionel de Saint-Exupery, president and CEO of CDIB. "Consumption is still relatively robust, but we''re not just seeking average growth, we''re seeking hyper growth and that you can see in new categories."The biggest fly in the ointment, according to David Cogman, a principal focusing on China at consulting firm McKinsey & Co, is the lofty valuations for Chinese assets.Consumption and services companies listed in
'dc874ec374d4cd7746c3ac1da2d636d737114a8d'|'Euro zone investors take money abroad despite recovery - ECB data'|'  2:24pm GMT Euro zone investors take money abroad despite recovery - ECB data FILE PHOTO: European Central Bank (ECB) headquarters in Frankfurt, Germany, July 29, 2016. REUTERS/Ralph Orlowski/File Photo By Francesco Canepa - FRANKFURT FRANKFURT Euro zone investors are taking a growing share of their money outside the currency bloc, European Central Bank data showed on Monday, underscoring growing unease with the bloc despite the economic recovery and continued ECB support. Euro zone investment funds owned 4.7 trillion euros'' (<28>4 trillion) worth of the currency bloc''s debt, equity and funds at the end of 2016, compared with 4.6 trillion euros in foreign holdings, the data showed. The ratio was roughly two-to-one when records began in 2008. The difference between the size of domestic and foreign holdings started narrowing when the euro zone debt crisis broke in 2010, and it shrank rapidly last year. To see a chart: reut.rs/2mexbj1 Growing fears about the future of the euro zone, ultra-low yields and more muted growth prospects than   are all likely to have played a role in the shift. The ECB does not provide commentary with the data. Even if the euro zone''s economic recovery is taking hold, it is not benefiting all countries in the same way and calls for leaving the euro are growing louder in Italy and France before political elections. Reuters'' own allocation poll showed last month European investors had raised holdings of U.S. equities, betting President Donald Trump will embark on a spending splurge that would accelerate growth and inflation. The ECB is trying to do the same with an aggressive policy of low rates and bond buying but it has complained that its stimulus is not being matched by national governments and European institutions. (Reporting by Francesco Canepa; Editing by Robin Pomeroy)   UK union fears grow over future of GM''s Vauxhall plants - source LONDON The head of Britain''s biggest trade union is likely to meet the CEO of PSA Group on Friday amid growing concerns over the future of Vauxhall plants if the French carmaker buys the business from General Motors, a union source told Reuters.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ecb-eurozone-investment-idUKKBN15Z1GE'|'2017-02-20T21:24:00.000+02:00'
'f176dabbc6393e64c284b631773cbb6d7bd03105'|'CEE MARKETS-Stocks rise slightly, Polish bonds ease a shade'|'* Stocks rise slightly, Moneta Bank rise helps Prague * Serbian assets mixed after PM says will run for presidency * Polish bonds mildly softer after strong output data By Sandor Peto BUDAPEST, Feb 20 Prague led a cautious rise in Central European equities on Monday, mainly driven by the gains of Moneta Money Bank, while Central European assets were mostly moving sideways. Prague''s main index firmed 0.4 percent by 0929 GMT. Moneta shares rose 1.2 percent to 85.85 Czech crowns ($3.38), after JP Morgan raised its target price to 100 from 92 crowns. Earlier this month the stock rose to all-time highs after Moneta reported higher-than-expected fourth-quarter earnings and proposed a high dividend payment to shareholders. Good earnings from Central European banks, coupled with a rally in international equities markets, helped the region''s main stock indexes reach their highest levels since 2015 - or in the case of Budapest, record highs - in the past weeks. Profit-taking pared those gains on Friday. Regional markets lacked momentum on Monday as U.S. markets remain closed due to the Presidents Day holiday. The forint and the zloty firmed 0.1 percent against the euro and the leu was flat. Serbian markets were mixed after Prime Minister Aleksandar Vucic agreed late on Friday to run for the presidency in elections tentatively slated for April. Vucic as president instead of incumbent Tomislav Nikolic could mean a quicker advance towards EU accession and a further improvement of Serbia''s ties with NATO, despite its military neutrality. The dinar firmed slightly and Belgrade shares eased 0.3 percent. Polish government bond yields were flat or a touch higher. A surge in industrial output and retail sales in January increases the odds that the Polish central bank could start to lift interest rates before 2018 and that could weigh on bonds. But a rise in inflation in Poland has been fuelled by one-off factors, therefore the bank is unlikely to bring forward rate tightening, Raiffeisen analyst Stephan Imre said in a note. Erste analysts raised their inflation forecasts for Hungary and Slovakia, but said in a note that inflation, forecast at an average 1.6 percent in Central Europe for this year, does not threaten inflation targets in the region. "Therefore, monetary policy should not react quickly, apart from the Czech Republic, where the high inflation will likely prompt the CNB to exit the FX regime in April," they said. "In Romania and Poland, we see a likely tightening only next year, while in Hungary, as reinforced by recent central banker comments, the easing bias should remain rather strong," they added. CEE SNAPS AT 1029 MARKETS HOT CET CURRENCIES Lates Previ Daily Chang t ous e bid close chang in e 2017 Czech crown 27.02 27.02 +0.0 -0.05 10 10 0% % Hungary 308.2 308.3 +0.0 0.20% forint 000 950 6% Polish 4.329 4.332 +0.0 1.73% zloty 0 7 9% Romanian 4.526 4.524 -0.03 0.20% leu 0 9 % Croatian 7.448 7.439 -0.11 1.44% kuna 0 5 % Serbian 123.8 124.0 +0.1 -0.43 dinar 800 500 4% % 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 973.3 970.0 +0.3 +5.6 6 1 5% 2% Budapest 33912 33828 +0.2 +5.9 .05 .86 5% 7% Warsaw 2191. 2188. +0.1 +12. 11 30 3% 48% Bucharest 7768. 7745. +0.3 +9.6 94 39 0% 5% Ljubljana 761.4 762.6 -0.15 +6.1 7 3 % 1% Zagreb 2190. 2192. -0.08 +9.8 99 75 % 3% Belgrade <.BELEX15 707.6 709.8 -0.31 -1.35 > 6 9 % % Sofia 597.3 597.0 +0.0 +1.8 8 1 6% 7% BONDS Yield Yield Sprea Daily d (bid) chang vs chang e Bund e in Czech sprea Republic d 2-year <CZ2YT=RR -0.41 -0.01 +040 -2bps > 6 5 bps 5-year <CZ5YT=RR 0.226 -0.04 +068 -5bps > 3 bps 10-year <CZ10YT=R 0.655 0.009 +034 -1bps R> bps Poland 2-year <PL2YT=RR 2.253 0.018 +307 +1bp > bps s 5-year <PL5YT=RR 3.189 0.001 +365 -1bps > bps 10-year <PL10YT=R 3.852 0.023 +354 +1bp R> bps s FORWARD RATE AGREEMENT 3x6 6x9 9x12 3M inter bank Czech Rep < 0.27 0.3 0.35 0 PRIBOR=> Hungary < 0.36 0.55 0.69 0
'c5eac3bca5a3aa7602b96a05ece4490082c2f25b'|'Jaded Greeks resigned to more austerity'|'By Lefteris Papadimas - ATHENS ATHENS When asked what he thought about the prospect of yet more austerity to be imposed on Greece by its international creditors, Nicos Papapetrou was fairly short."I had better stop ... because I will start swearing," 49-year old Papapetrou, a shop assistant in Athens said.Greeks appeared resigned on Tuesday to accepting further budget cuts and tax rises after their government agreed to a last-minute compromise of new reforms to keep bailout funds flowing.Athens and its creditors - the euro zone and International Monetary Fund - agreed on Monday to resume talks on the long-stalled bailout review, but only after Greece agreed to examine what it described as "fiscally neutral" reforms from 2019 onwards.That, local media have speculated, will mean a drop in the income tax threshold and further pension reform, in exchange for lower VAT rates on essential items and reduce annual tax rates on real estate."It''s a left wing government and they are bringing new cutbacks to pensioners and will tax the poorest. They should be ashamed of themselves," Papapetrou said.Lenders have sought further reforms to pensions and tax credits, arguing that a present system is based on a relatively small number of taxpayers supporting a large contingent of pensioners.The Greek government has reponded that it needs not only money but some form of debt restructuring.But ordinary Greeks, who have seen a quarter of their national output wiped out by austerity attached to bailout deals since 2010 with many living off pensions because of high unemployment, take a dim view."People simply don''t have the money, people cannot afford new measures. They don''t have enough to feed themselves," said Spiridoula Gempanoglu, 47, who works at a butchers in central Athens."We used to have queues in this shop. Now we have a client an hour at best who buys a couple of pieces of chicken," she said.Nearly seven years of austerity have led to a spike in poverty levels, and the highest poverty rate increase in the European Union. Eurostat data from 2015 showed 22.2 percent of Greece''s 11 million population were "severely materially deprived".Greek also has the highest unemployment rate in the EU - at 23 percent - and has just seen its economy contract again after being in deep recession since around 2009.Prime Minister Alexis Tsipras, whose leftist-led government is lagging in opinion polls, has frequently said Greeks cannot take more austerity.But it appeared on Tuesday as if he had had to cave in.Yanis Varoufakis, who served as finance minister under Tsipras''s administration prior to accepting the nation''s third bailout in mid-2015, was scathing of the deal."Lenders once again imposed on Athens insincere and unattainable targets. Congratulations!" he said in a twitter feed.The conservative opposition New Democracy, which has a double-digit lead in opinion polls, said the government was trying to mask its complete retreat in a bid to get the bailout inspectors back to Athens."What''s certain is that the government will slap on more taxes by lowering the income tax exemption and will further cut pensions," former conservative Deputy Finance Minister Christos Satikouras said in a statement."While it was saying it would not yield to the IMF''s demands, today it is accepting them ... trapping the country in austerity policies for many more years."(Writing By Michele Kambas Editing by Jeremy Gaunt)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/eurozone-greece-idINKBN1601A4'|'2017-02-21T09:02:00.000+02:00'
'91846d4151e215ea802c2d37b99aaa04bedc9064'|'PSA acquisition of Opel is win-win for Germany and France-ministers'|'Company   9:57am EST PSA acquisition of Opel is win-win for Germany and France-ministers BERLIN Feb 21 Germany and France believe that a proposed acquisition of General Motors'' European division Opel by PSA Group would be a win-win situation for both countries, their labour ministers said on Tuesday. Andrea Nahles and Myriam El Khomri held talks in Berlin about the proposed takeover. PSA said earlier the deal would create a European champion with Franco-German roots. (Reporting by Holger Hansen; Writing by Joseph Nasr; Editing by Michelle Martin) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/opel-ma-psa-idUSB4N1DI00R'|'2017-02-21T21:57:00.000+02:00'
'd2d687a8aef91de65e3b4155022218d75d16a768'|'Rosneft becomes first oil major to pre-finance Kurdish crude'|'Commodities  23am EST Rosneft becomes first oil major to pre-finance Kurdish crude The logo of Russia''s Rosneft oil company is pictured at the central processing facility of the Rosneft-owned Priobskoye oil field outside the West Siberian city of Nefteyugansk, Russia, August 4, 2016. Picture taken August 4, 2016. REUTERS/Sergei Karpukhin LONDON Russian state oil firm Rosneft has become the first major oil firm to pre-finance crude exports from Iraq''s Kurdistan, joining trading houses in the race for crude from the semi-autonomous region. "We look forward to developing new markets for Kurdish crude oil," a statement by Rosneft quotes chief executive Igor Sechin as saying. The contract is due for 2017-2019, Rosneft said. Sechin said Rosneft would be taking Kurdish barrels to the company''s growing refining system. In Europe, Rosneft owns alarge refinery system in Germany. Rosneft also said it was looking to cooperate with Kurdistan in upstream and logistics. Kurdistan''s natural resources minister Ashti Hawrami said the deal was opening up new possibilities for cooperation between Rosneft and Kurdistan. Kurdistan has started independent crude exports from the central government in Baghdad in the past three years as it argued it was not getting its share of Iraq''s budget revenue sand needed money to fund its war against Islamic State. But as oil prices crashed, the region had to borrow as much as $3 billion from trading houses such as Vitol, Petraco, Glencore and Trafigura as well as neighboring Turkey, repayable by future crude sales. Baghdad has first pledged to sue buyers of Kurdish oil as it insisted the central government was the only legal exporter of barrels both from southern and northern Iraq. But Baghdad has lately softened its stance on the companies and traders working in Kurdistan with the barrels being sold in both Europe and Asia. (Reporting by Dmitry Zhdannikov; editing by Katya Golubkova) Next In Commodities'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-rosneft-kurdistan-idUSKBN1600L6'|'2017-02-21T14:06:00.000+02:00'
'3710380ff3824493d1078c74065690262d388691'|'China''s Sun Art''s 2016 profit up 5.2 pct, beats forecast'|'Company   6:40am EST China''s Sun Art''s 2016 profit up 5.2 pct, beats forecast HONG KONG Feb 19 Hypermarket operator Sun Art Retail Group Ltd on Sunday posted a 5.2 percent rise in 2016 net profit, beating forecasts, as steady demand from lower-tier cities helped offset increasing pressure from the country''s rapidly growing e-commerce sector. The retailer, a joint venture between Taiwanese conglomerate Ruentex Group and French retailer Groupe Auchan SA, posted a net profit of 2.6 billion yuan ($379 million) for the 12 months ended December, up from 2.4 billion yuan in 2015. That compared with an average forecast of 2.5 billion yuan from 16 analysts polled by Reuters. (Reporting by Donny Kwok; Editing by Mark Potter) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/sun-art-results-idUSL4N1G028X'|'2017-02-19T18:40:00.000+02:00'
'8644f7d76369eabefff54807a81344857143f31c'|'Wall Street hits record highs on strong retail results'|'Money News - Tue Feb 21, 2017 - 8:07pm IST Wall Street hits record highs on strong retail results 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/Files U.S. stocks opened at record intraday highs on Tuesday as oil prices rose and as better-than-expected profits at top U.S. retailers pushed consumer stocks higher. The Dow Jones industrial average was up 47.57 points, or 0.23 percent, at 20,671.62, the S&P 500 was up 5.38 points, or 0.23 percent, at 2,356.54 and the Nasdaq Composite was up 9.78 points, or 0.17 percent, at 5,848.36. (Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Saumyadeb Chakrabarty) Next In Money News Reliance Jio racks up 100 million subscribers but ends freebies MUMBAI Reliance Industries'' Jio telecoms unit will charge for its services from April, ending an almost seven month spree of free calls and data that shook up India''s telecoms sector and helped the new arrival rack up more than 100 million users.'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/usa-stocks-idINKBN1601P8'|'2017-02-21T21:37:00.000+02:00'
'f9a24fcb66db1d571ac84a9cebe3677538c6c65d'|'Cemig CFO Castellari leaves for Abu Dhabi''s Mubadala -source'|'SAO PAULO Feb 21 Paulo Castellari, who was named chief financial officer of Brazilian power utility Cia Energ<72>tica de Minas Gerais SA (Cemig) only two months ago, is joining Mubadala Development Co PJSC, a source told Reuters on Tuesday.Castellari formalized his departure from Cemig on Monday after receiving an offer to join the Abu Dhabi investment fund, the source, who has direct knowledge of the matter, said.Mubadala opened an office in Rio de Janeiro early last year to spot potential opportunities in Brazil and manage local investments in ports, properties and other sectors.Castellari joined Cemig on Dec. 21, as part of a broad management reshuffle that sought to accelerate debt-reduction plans. The management and largest shareholders of the utility have been at odds over strategy since 2015, Reuters reported late last year.A former Anglo American Plc executive in Brazil, Castellari will be replaced by Ad<41>zio Lima as CFO and head of investor relations at Cemig, the company said in a statement. Reuters was not able to contact Castellari about the move.Castellari joins Mubadala as the fund discusses buying a minority stake and injecting fresh capital into Brazilian infrastructure company Invepar SA to kick-start projects and reduce debt, three people with direct knowledge of the matter told Reuters on Feb. 9. (Reporting by Guillermo Parra-Bernal; Editing by Alexander Smith)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/cemig-moves-idINL1N1G609N'|'2017-02-21T08:31:00.000+02:00'
'33cfa95834878869b032615d5be2b31bf74583ab'|'EMERGING MARKETS-Latam currencies slip on U.S. rate hike expectations'|'Company  29am EST EMERGING MARKETS-Latam currencies slip on U.S. rate hike expectations SAO PAULO, Feb 21 Latin American currencies slipped on Tuesday after remarks by two U.S. policymakers fueled expectations of a Federal Reserve interest rate increase next month. Cleveland Fed President Loretta Mester said on Monday she would be conformable hiking rates at this point if the economy maintained its current pace. Her speech echoed comments by Philadelphia Fed President Patrick Harker to Market News International, who said a March rate increase was an option. Higher U.S. rates could drain capital away from high-yielding emerging markets, weighing on their currencies. The Brazilian real weakened 0.2 percent, while the Mexican peso fell 0.5 percent. Losses were limited by a weaker-than-expected reading on the U.S. services sector, with Markit''s U.S. services PMI falling to the lowest since September. Latin American stock markets advanced, supported by rising prices of iron ore and crude futures. Brazil''s benchmark Bovespa stock index advanced 0.3 percent as shares of state-controlled oil company Petr<74>leo Brasileiro SA rose. Still, shares of miner Vale SA fell 0.6 percent as traders booked profits on a recent rally that drove them to a four-year peak. Shares of toll road operator Ecorodovias Infraestrutura e Log<6F>stica SA were among the biggest gainers after the company reported stronger fourth-quarter revenue and operating profits. Key Latin American stock indexes and currencies at 1520 GMT: Stock indexes daily % YTD % Latest change change MSCI Emerging Markets 944.78 0.13 9.43 MSCI LatAm 2656.84 0.09 13.41 Brazil Bovespa 68759.49 0.33 14.17 Mexico IPC 47606.60 1.11 4.30 Chile IPSA 4358.45 0.06 4.99 Chile IGPA 21795.95 0.05 5.12 Argentina MerVal 20101.84 0.31 18.82 Colombia IGBC 9970.75 -0.32 -1.55 Venezuela IBC 35130.07 0.66 10.80 Currencies daily % YTD % change change Latest Brazil real 3.0965 -0.30 4.93 Mexico peso 20.4275 -0.34 1.55 Chile peso 643.6 -0.40 4.21 Colombia peso 2905.15 -0.85 3.32 Peru sol 3.25 -0.12 5.05 Argentina peso (interbank) 15.7150 0.10 1.02 Argentina peso (parallel) 16.45 0.24 2.25 (Reporting by Bruno Federowski; Editing by Meredith Mazzilli) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/emerging-markets-latam-idUSL1N1G60QR'|'2017-02-21T22:29:00.000+02:00'
'5b698f2154678e5979b88ac124d9e2e285e51f10'|'UK sells 2.0 bln stg of 2065 linker via syndication - bookrunner'|'LONDON Feb 21 Britain has sold 2 billion pounds ($2.5 billion) of an inflation-linked government bond maturing in 2065 after attracting orders of more than 11.9 billion pounds in a syndicated sale, a bookrunner on the deal said on Tuesday.The yield on the November 2065 linker was fixed at 0.25 basis points below the March 2062 gilt.Barclays, Lloyds, NatWest Markets and UBS jointly acted as bookrunners on the deal. ($1 = 0.8053 pounds) (Reporting by Andy Bruce; Editing by Dominic Evans)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/britain-bonds-idUSU8N1DF02D'|'2017-02-21T14:47:00.000+02:00'
'78d417264dfcd3edbcbada8be3eff109d3f862ef'|'UPS launching Saturday ground operations in U.S.- CEO'|'Big Story 10   9:01am EST UPS launching Saturday ground operations in U.S.- CEO NEW YORK Package delivery company United Parcel Service Inc is launching Saturday ground operations in the United States on a rolling basis, chief executive David Abney said at an investor event on Tuesday. (Reporting by Luciana Lopez) As solar refrigerator keeps mangoes cold, farmers<72> profits heat up NZIU, Kenya (Thomson Reuters Foundation) - It is a hot and cloudless morning, a sign that it will be sunny right through the afternoon. Joseph Mailu moves along rows of fruiting mango trees with a long pole in his hand, harvesting the mature fruits. Bristol-Myers Squibb Co said on Tuesday it appointed three directors to its board in a deal with JANA Partners LLC, an activist investor holding less than 1 percent of the company''s stock. 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-united-parcel-saturday-idUSKBN1601MJ'|'2017-02-21T20:57:00.000+02:00'
'd33150421a590de3af6f14e3e6e9b8c89fc3457f'|'UPDATE 1-U.S. top court rejects Boston Scientific''s patent licensing appeal'|'Company   9:55am EST UPDATE 1-U.S. top court rejects Boston Scientific''s patent licensing appeal (Adds background to case, paragraphs 3-8) By Andrew Chung Feb 21 The U.S. Supreme Court on Tuesday turned away an appeal by Boston Scientific Corp of a Maryland state court jury verdict ordering the medical device company to pay $308 million to a patent licensor for breach of contract concerning implantable cardiac devices. Boston Scientific had asked the justices to hear its appeal in the dispute over its licenses to patented technology on the implantable devices owned by Mirowski Family Ventures, arguing the Maryland court made mistakes applying patent law, a job typically reserved for federal courts. In its lawsuit, Maryland-based Mirowski claimed Massachusetts-based Boston Scientific did not pay all the royalties it owed after acquiring Guidant Corp, which had licensed the patents, and then settling patent infringement litigation involving Guidant. The patents related to devices that can correct irregular heart rhythms, preventing cardiac arrest. In 2014, a state jury awarded Mirowski about $308 million in royalties and damages for breaching a license agreement. The Maryland Court of Appeals refused to hear the appeal last July. Boston Scientific said the judge in the Maryland Circuit Court violated federal precedents by refusing to interpret the meaning of one of the patents, saying the task made him feel "queasy." The case illustrates the hazards of relegating highly technical and complex issues of patent law to state courts, Boston Scientific said. Mirowski had urged the Supreme Court not to hear the appeal, arguing the state court judge merely adopted the meaning of the patent made by a federal judge in a previous case. (Reporting by Andrew Chung in New York; Editing by Will Dunham) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-court-boston-scient-idUSL1N1G60MR'|'2017-02-21T21:55:00.000+02:00'
'0bdc80b105d93b2146087e5c563bd23886dcd416'|'PSA says Germany''s Merkel "very receptive" to case for Opel deal'|'Company   9:56am EST PSA says Germany''s Merkel "very receptive" to case for Opel deal PARIS Feb 21 German Chancellor Angela Merkel was "very receptive" to the case for PSA Group''s proposed acquisition of Opel from General Motors in a conversation with the French carmaker''s chief executive, a company spokesman said. Carlos Tavares spoke with the German leader by telephone for more than 35 minutes earlier on Tuesday, the PSA spokesman said. "The tone of the exchange was very convivial and Chancellor Merkel was very receptive to our arguments," he said. (Reporting by Laurence Frost, editin by Louise Heavens) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/opel-ma-psa-merkel-idUSL8N1G655H'|'2017-02-21T21:56:00.000+02:00'
'e544c8db9214db98a6e0b1f7c38e957d10c07d76'|'EU mergers and takeovers (Feb 21)'|'Company  25am EST EU mergers and takeovers (Feb 21) BRUSSELS Feb 21 The following are mergers under review by the European Commission and a brief guide to the EU merger process: APPROVALS AND WITHDRAWALS -- None NEW LISTINGS -- Danish container shipping company Maersk to acquire German peer Hamburg Sud (notified Feb. 20/deadline March 27) -- French bank Credit Agricole subsidiary and French asset manager Amundi to acquire rival Pioneer Investments from UniCredit (notified Feb. 20/deadline March 27) -- U.S. conglomerate Standard Industries to acquire German roof tile maker Braas Monier (notified Feb. 20/deadline March 27) -- Private equity firm Bain Capital to acquire Italian tyre maker Fintyre (notified Feb. 17/deadline March 24/simplified) EXTENSIONS AND OTHER CHANGES FIRST-STAGE REVIEWS BY DEADLINE FEB 21 -- U.S. healthcare company Johnson & Johnson to acquire U.S. peer Abbot Laboratories'' eye-surgery unit (notified Jan. 17/deadline Feb. 21) FEB 23 -- U.S. technology products distributor Tech Data to acquire U.S. electrical components distributor Avnet''s IT business (notified Jan. 19/deadline Feb. 23) FEB 27 -- German engineering company Siemens to acquire U.S. software company Mentor Graphics (notified Jan. 23/deadline Feb. 27) -- Japan''s NKT Cables to acquire Swiss power and automation company ABB''s high voltage cable business (notified Jan. 23/deadline Feb. 27) MARCH 2 -- Swiss-based chemicals group Ineos to acquire French chemical company Arkema''s Oxo-alcohols business (notified Jan. 26/deadline March 2) -- U.S. private equity firm KKR & Co LP to acquire Japanese conglomerate Hitachi''s power tools unit Hitachi Koki (notified Jan. 26/deadline March 2/simplified) -- Japanese brewer Asahi Group Holdings Ltd to acquire Anheuser-Busch InBev''s beer businesses in central and eastern Europe (notified Jan. 26/deadline March 2) MARCH 7 -- Investment group KKCG and Taiwanese technology company Hon Hai Precision Industry Co, which is also known as Foxconn, to set up a private equity fund (notified Jan. 31/deadline March 7/simplified) -- South Korean conglomerate Samsung Electronics to acquire U.S. car and audio systems maker Harman International Industries (notified Jan. 31/deadline March 7/simplified) MARCH 8 -- Canada Pension Plan Investment Board (CPPIB) to acquire minority stake and joint control along with Apax Partners over software development services provider GlobalLogic Holdings Ltd (notified Feb. 1/deadline March 8/simplified) -- UK tech company Micro Focus to acquire Hewlett-Packard Enterprise''s software business (notified Feb. 1/deadline March 8) MARCH 9 -- Private equity firm Kohlberg Kravis Roberts (KKR) to acquire a stake in German market research firm GfK (notified Feb. 2/deadline March 9/simplified) -- U.S. aircraft component maker Rockwell Collins to acquire U.S. aircraft interior maker B/E Aerospace (notified Feb. 2/deadline March 9/simplified) MARCH 10 -- Denmark''s Dong Energy, Australian investment bank Macquarie Group Ltd and Taiwanese chemicals company Swancor Ind Co Ltd to jointly acquire a Taiwanese offshore wind farm Formosa 1 Wind Power Co Ltd (notified Feb. 3/deadline March 10/simplified) -- Slovenian energy group Petrol to take majority stake in natural gas wholesaler Geoplin (notified Feb. 3/deadline March 10) -- Fairfax Financial HOldings Ltd to acquired certain Latin American and eastern European operations of American International Group (AIG). (notified Feb. 3/deadline March 10/simplified) MARCH 13 -- Canada''s Public Sector Pension Investment Board (PSPIB) and Teachers Insurance and Annuity Association of America (TIAA) to acquire joint control of U.S. data centre operator Vantage Data Centers Holding Company (notified Feb. 6/deadline March 13/simplified) -- Finnish fibre materials company Ahlstrom to merge with Finnish specialty paper maker Munksjo (notified Feb. 6/deadline March 13) -- Private equity firms KKR and KSL Capital Partners IV to acquire joint control of U.S. hospitality operator Apple Leis
'52ce0a3f8f3f5ab436b8e426779a059b49a15ceb'|'UK minister plays down German claim to stock exchange ''crown jewels'''|'By John O''Donnell and Andreas Kr<4B>ner - FRANKFURT FRANKFURT Britain''s government played down suggestions the London Stock Exchange''s ( LSE.L ) headquarters could move to Frankfurt after merging with Deutsche Boerse ( DB1Gn.DE ), but cautioned it was watching the deal closely."We are not complacent about the position of UK financial services companies," Simon Kirby, the minister responsible for the City of London, told lawmakers on Tuesday during a parliamentary debate about the stock exchange''s future.Under the terms of a merger deal struck before Britain voted to leave the European Union, Deutsche Boerse Chief Executive Carsten Kengeter is due to head the combined group, with London the home of the main holding company and its joint board.But a number of German politicians have made it clear they now want the headquarters to be in Frankfurt to back the $27 billion merger, which would create the biggest stock market in Europe.Kirby said the deal that was agreed named London as the headquarters and that this could not be changed without the backing of 75 percent of shareholders, adding that British regulators also had to approve the merger."We are following it closely and we are in touch with the regulators," he said.NATIONAL INTERESTDuring the debate, Bill Cash, a eurosceptic Conservative lawmaker, criticised the merger and said Britain stood to lose out if executive power shifted from London to Frankfurt.He said keeping the LSE headquartered in London was a matter of national interest and the British government must dig in."It''s not a normal commercial operation. This is much more about the acquisition of the crown jewels," Cash, who chairs the House of Commons'' European Scrutiny Committee, told Reuters ahead of the debate in a telephone interview."That''s a matter of national interest. There is no conceivable reason why it can be in our national interest to have it transferred to Frankfurt," he said.Cash said he hoped the debate would trigger wider discussion about an issue that has received little attention from the British media or the government so far as preparations for divorce talks with the European Union hog the headlines.The meeting itself, attended by a small group, was overshadowed by a larger discussion in the House of Lords, the upper house of the British parliament, on a bill that will formally begin divorce talks with the EU next month.If the British authorities, including the Bank of England, were to firmly oppose moving the LSE headquarters to Frankfurt, it would put London on a collision course with Berlin and potentially torpedo the merger.The location of what will be Europe''s biggest stock exchange has symbolic and operational significance, with regulators keen for oversight of its derivatives processing business.Advisers and company executives are divided about whether London''s status as the main headquarters can be changed. Some people involved argue it could require a new vote by shareholders of both exchanges, which could upset the deal.LSE chief executive Xavier Rolet recently insisted that "the deal is set". Deutsche Boerse chief Kengeter described the question of a move only as "speculative".However, Britain''s departure from the European Union may isolate London as Europe''s financial centre and that has turned the tables in favour of Frankfurt."The reasons for the headquarters being in Frankfurt are crystal clear," Thomas Schaefer, the finance minister of the state of Hesse, home to Frankfurt and Deutsche Boerse, told Reuters earlier this month.One of the chief concerns for EU regulators is that London-based LCH Clearnet, majority owned by the London Stock Exchange, clears more than half of all interest rate swaps traded around the world, many of which are in euros.That means as soon as Britain leaves the European Union, the clearing and regulation of euro transactions will be outside the bloc.(Writing by John O''Donnell; editing by David Clarke)'|'reuters.com'|'http:
'92c81bb89ec3867173f20c4c2155f5f629eac4e0'|'MOVES-Aon names new EMEA head of defined contribution solutions'|'Company  26am EST MOVES-Aon names new EMEA head of defined contribution solutions Feb 21 London-based insurance broker Aon Plc named Tony Pugh as head of defined contribution solutions for Europe, Middle East and Africa. Pugh joins from consultancy firm Mercer where he was a senior partner. (Reporting by Ankit Ajmera in Bengaluru) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/aon-plc-moves-tony-pugh-idUSL4N1G63X7'|'2017-02-21T21:26:00.000+02:00'
'3c3cc3a2f5cb88884f6b20c3131ab99aa1a11078'|'BRIEF-Align Technology announces acquisition of its Invisalign distributor for Europe, Middle East, Africa region'|' 03am EST BRIEF-Align Technology announces acquisition of its Invisalign distributor for Europe, Middle East, Africa region Feb 21 Align Technology Inc: * Align technology announces acquisition of its invisalign distributor for the europe, middle east, and africa region * Align technology inc - details of acquisition remain confidential Source text for Eikon:   Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-align-technology-announces-acquisi-idUSASB0B195'|'2017-02-21T21:03:00.000+02:00'
'7de7995faa3009c61bde4dc8e463bb3f71c92ce0'|'Investors bet on Israel tech stock windfall under Trump'|' 36am EST Investors bet on Israel tech stock windfall under Trump * Cyber-security, defence sectors could benefit most * U.S. is Israel''s largest trading partner by country * Magal Security shares surge 58 pct since U.S. election * Giuliani met Netanyahu to forge cyber cooperation * But economists yet to factor "Trump effect" into forecasts By Steven Scheer and Tova Cohen TEL AVIV, Feb 21 Investors are betting heavily that Israeli defence and cyber-security firms will reap a windfall from President Donald Trump''s big U.S. spending plans, although likely benefits for the wider economy remain like the man himself - hard to predict. Israeli technology companies are likewise well placed to pick up contracts on other planned presidential projects, such as a hugely expensive wall along the U.S. border with Mexico. Economists, however, have yet to factor any positive "Trump effect" into their Israeli growth forecasts and analysts say some of his ideas, such as moving the U.S. embassy to Jerusalem, could backfire with negative security and economic consequences. After a month in office, some of Trump''s Twitter commentary has caused bewilderment in a number of foreign capitals. But in Israel, hopes are high for stronger commercial and strategic ties with the United States, and that warmer political relations will encourage foreign investors. Companies tipped to gain include defence contractor Elbit Systems, Magal Security Systems and Check Point Software Technologies. All have seen their share prices soar since Trump''s election victory on Nov. 8. Those, and many other Israeli companies, either have U.S. subsidiaries or are incorporated in the United States - a useful hedge should Trump stick to his "America first" promise of giving priority to domestic industry. Israeli Prime Minister Benjamin Netanyahu met Trump in Washington last week, building on expectations of a friendlier relationship with the Republican president after a fractious eight years dealing with Democrat Barack Obama. "In the world of investing and economics, perceptions matter and I believe investors will notice," said Steven Schoenfeld, founder of BlueStar Indexes, which develops indexes and exchange traded-funds that track Israeli stocks. BlueStar''s Israeli technology ETF has gained 13 percent on the U.S. Nasdaq market since the election. So far, the effect on the wider market has been less remarkable. While Tel Aviv''s broad index is up 6.1 percent, it has underperformed the MSCI World index for developed countries , which has risen about 8 percent in the same period. The United States is Israel''s largest trading partner by country, with bilateral commerce valued at $25.7 billion last year. Of this, more than two-thirds were Israeli exports, giving the country a large surplus. One stock that has already seen a big surge is Magal, whose sensors and command and control systems help to secure airports, borders, power plants, seaports and prisons. Investors expect it to provide technology for the Mexican border wall, a contract that could reap vast rewards given that the project is expected to cost around $20 billion. With Magal''s shares up nearly 60 percent since the election, Chief Executive Saar Koursh is optimistic of winning work on the wall. "Our chances are more than good," he told Reuters, noting that the company, through its U.S. unit Senstar, was in touch with U.S. government officials. "This definitely would be a large scale project for us." DEFENCE AND CYBER Trump has also promised to boost defence spending and add military personnel. If he follows through, this could benefit Elbit, one of the biggest suppliers of drones and helmet based systems. Elbit shares are up 20 percent since November. Before he took office, Trump questioned the high cost of Lockheed Martin Corp''s F-35 fighter, saying he had asked Boeing Co to offer a price for a "comparable F-18 Super Hornet". Such commentary caused ructions in the United States, but the Israeli compa
'b4a048cff779805bb15886cba735f625b056d8b2'|'BMW, Mobileye in deal to collect map data for self-driving cars'|'Technology   10:04am EST BMW, Mobileye in deal to collect map data for self-driving cars General view shows the headquarters of German luxury carmaker BMW in Munich, Germany January 16, 2017. REUTERS/Michael Dalder JERUSALEM Israel''s Mobileye and German automaker BMW said on Tuesday they signed an agreement to install Mobileye''s data generation technology in BMW cars starting with 2018 models. The deal to crowdsource real-time data using vehicles equipped with Mobileye''s camera-based driver assist technology is critical for enabling autonomous driving through high definition (HD) maps aimed at making driving safer and more efficient, the companies said. BMW has said it aims to put a fleet of 40 self-driving test vehicles on the road in the second half of this year. To support the rapid creation and updating of HD mapping, BMW and Mobileye will transfer data to German digital mapping firm HERE, which will use the data to update its real-time cloud service for automated vehicles. Last week, Volkswagen ( VOWG_p.DE ) said it would cooperate with Mobileye on a road navigation system. (Reporting by Steven Scheer)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-bmw-mobiley-tech-idUSKBN1601SK'|'2017-02-21T22:01:00.000+02:00'
'c0a9647d91d02c9c53e3ea0b6116a2f66e074f3e'|'Ontario projects a smaller deficit for 2016-17'|'TORONTO Feb 21 Ontario projected a C$1.9 billion deficit in the 2016-17 fiscal year, a report updating the province''s fiscal outlook said, versus a C$4.3 billion deficit the province''s Liberal government had expected in its budget update in November.The province''s Third Quarter Finances also projected an improvement in its net debt-to-GDP ratio of 38.3 percent compared to a 39.6 percent projection in the province''s 2016 budget. (Reporting by Fergal Smith)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/canada-budget-ontario-idINL1N1G60O5'|'2017-02-21T12:24:00.000+02:00'
'55fad5bcf0c1e2ecb11818f5b4a95a6da4504841'|'CEE MARKETS-Bucharest stocks hit 9-year high, banks perform well'|'Company News  14am EST CEE MARKETS-Bucharest stocks hit 9-year high, banks perform well * Bucharest stocks at 9-year high, Banca Transilvania record high * Budapest shares set record high again, driven by OTP Bank * Banks prospects have improved in region By Sandor Peto BUDAPEST, Feb 21 Bucharest stocks hit a 9-year high on Tuesday, driven by surging Banca Transilvania as bank stocks fuelled a rally in Central European equities markets. The region''s stocks have tracked the gains in global equities in the past weeks as new U.S. President Donald Trump has pledged domestic economic stimulus. The rally lost momentum in the past days. Some indices in the region like Prague and Zagreb trod water on Tuesday. But Warsaw regained strength, well outperforming Western Europe''s main markets. Having risen 1.3 percent by 0911 GMT, it approached 18-month highs set last week when it was helped by earnings reports from some major banks. Budapest, which has been moving in record-high territory since November, set another record, rising 0.4 percent, with OTP Bank shares gaining 0.6 percent. Bucharest rose 0.8 percent to its highest levels since June 2008. It was driven by the gains of OMV Petrom, the unit of Austrian oil group OMV, and Banca Transilvania whose shares hit a record high, rising 1.9 percent. Petrom reported profits for 2016 last week, after a loss in 2015. Banca Transilvania shares have been rising since it reported its results last week. Net profits fell last year after a one-off surge in 2015, but other indicators including the ratio of non-performing loans improved. Romania''s banking sector profits mildly dropped last year to 4.2 billion lei ($981.19 million), but the negative impact of two bills launched last year, including one on the conversion of Swiss franc loans, will be lower than expected, Raiffeisen analyst Silvia Rosca said. "The cleanup of balance sheets of banks continued in 2016 resulting in a decline of NPLs ratio to 9.5 percent in December 2016 from 13.5 percent in December 2015," she added. The prospects of banks have improved across the region. Hungary cut its bank tax last year. Poland''s ruling party has softened its unfriendly rhetoric over banks and some investors speculate that a rise in Polish interest rates expected for 2018 could lift bank revenues. In contrast, the ruling Czech Social Democrats put a proposal for a special tax on banks on its election campaign agenda earlier this month. But it is uncertain whether this plan will be carried out. The stocks of Czech lender Komercni Banka have been hovering around 18-month highs since it reported a rise in fourth-quarter net profit earlier this month. The stock eased 0.6 percent on Tuesday. CEE SNAPS AT 1011 MARKETS HOT CET CURRENCIES Lates Previ Daily Chang t ous e bid close chang in e 2017 Czech crown 27.02 27.02 +0.0 -0.06 30 20 0% % Hungary 307.5 308.0 +0.1 0.40% forint 900 700 6% Polish 4.314 4.314 +0.0 2.06% zloty 8 8 0% Romanian 4.518 4.522 +0.0 0.37% leu 5 1 8% Croatian 7.449 7.448 -0.01 1.42% kuna 0 5 % Serbian 123.6 123.8 +0.1 -0.25 dinar 600 100 2% % 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 973.9 973.3 +0.0 +5.6 7 2 7% 8% Budapest 34099 33973 +0.3 +6.5 .40 .59 7% 5% Warsaw 2220. 2192. +1.2 +14. 93 79 8% 02% Bucharest 7855. 7796. +0.7 +10. 41 14 6% 87% Ljubljana 767.9 764.1 +0.4 +7.0 4 7 9% 2% Zagreb 2226. 2222. +0.1 +11. 32 97 5% 60% Belgrade <.BELEX15 708.5 711.8 -0.47 -1.24 > 0 1 % % Sofia 610.5 608.2 +0.3 +4.1 3 8 7% 1% BONDS Yield Yield Sprea Daily d (bid) chang vs chang e Bund e in Czech sprea Republic d 2-year <CZ2YT=RR -0.47 -0.05 +038 -4bps > 5 9 bps 5-year <CZ5YT=RR 0.191 -0.01 +067 -1bps > 2 bps 10-year <CZ10YT=R 0.639 -0.01 +033 -2bps R> 1 bps Poland 2-year <PL2YT=RR 2.246 0.003 +311 +2bp > bps s 5-year <PL5YT=RR 3.185 0.007 +367 +1bp > bps s 10-year <PL10YT=R 3.836 -0.00 +352 -2bps R> 3 bps FORWARD RATE AGREEMENT 3x6 6x9 9x1
'789899a79b9d7c14ede05ccb56b3aaa6670a3205'|'Made in the UK goods could cost more as import prices rise - Business'|'Britain<69>s manufacturers fear the rising cost of raw materials will soon dent a robust recovery since the Brexit vote that has included a two-year high in total orders.A survey of the sector found suggested that concerns over inflation were at their highest level for six years as firms said the weak pound was increasing the cost of imports, forcing them to raise prices or accept a severe squeeze on profits.Export orders also fell slightly, though remained well above the long-run average as manufacturers continued to benefit from the flipside of the devaluation in sterling.The CBI, which conducted the survey, said stronger demand and higher production showed the manufacturing industry remained in rude health. But it warned the chancellor, Philip Hammond, that the government would need to step in to alleviate rising cost pressures to prevent a reversal of fortunes.Rain Newton-Smith, the CBI<42>s chief economist, said: <20>With cost pressures building, businesses will be looking to the budget for relief from business rates , specifically bringing forward the adjustment from retail prices index (RPI) to the consumer prices index (CPI).<2E>Over the longer term, investment in education and innovation as part of the government<6E>s industrial strategy will really need to deliver in the face of increasing political headwinds.<2E>Hammond will unveil his first budget on 8 March with businesses becoming increasingly concerned about rising business rates and the uncertainty surrounding Britain<69>s relationship with the European Union.He is expected to resist calls for him to intervene to lower business costs while industry remains buoyant and employment is at an all-time high.Ruth Gregory, UK economist at Capital Economics , said the CBI<42>s industrial trends survey added to the evidence that the manufacturing sector was getting back on its feet.The headline total orders balance picked up from +5 in January to +8 in February, its highest level since February 2015 and well above its long-run average of -19, while the export orders balance fell from -9 to -10 in February to remain well above its long-run average of -20.Gregory said: <20>Admittedly, the drop in the pound is having a clear impact on price pressures, with the price expectations balance rising to its highest in nearly six years. <20>But the sector looks on course to provide a positive contribution to GDP growth in the first quarter. And with manufacturing exports set to benefit from the fall in sterling and solid demand from abroad, the future looks more promising for manufacturing activity than it has done for some time.<2E>Samuel Tombs, chief economist at Pantheon Macroeconomics, was more gloomy, arguing that manufacturers were failing to capitalise fully on the lower pound and relying on domestic orders.<2E>It remains difficult to see how domestic demand will maintain its momentum when producers push through even bigger price rises,<2C> he said.<2E>The percentage of producers reporting that they will raise prices over the next three months rose to +32 in February <20> its highest level since April 2011. The balance is consistent with producer output price inflation picking up to about 6% soon, from 3.5% in January. <20>The recent slowdown in household income growth, in response to flat employment and weakening wage growth, suggests consumers will have to cut back later this year when prices rise sharply. Accordingly, we continue to expect the manufacturing revival to lose considerable pace later this year.<2E>'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/feb/20/made-in-the-uk-goods-could-cost-more-as-import-prices-rise'|'2017-02-20T20:17:00.000+02:00'
'56ba362a7d86581f5b2218317f5e42a55ce59031'|'Snap arrives in London to woo sceptical investors ahead of IPO'|' 54pm GMT Snap arrives in London to woo sceptical investors ahead of IPO 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 By Simon Jessop and Sophie Sassard - LONDON LONDON Snap Inc, owner of popular messaging app Snapchat, kicked off its first investor roadshow on Monday, looking to persuade London money managers to back its initial public offering in the face of concerns about its growth prospects, valuation and corporate governance. The U.S. company, which has yet to make a profit, aims to raise between $19.5 billion and $22.3 billion (<28>15.6 billion and <20>17.9 billion) from listing on the New York Stock Exchange, after cutting its initial target of $20-$25 billion last week following investor feedback. Investors attending Monday''s event said Snap''s 26-year-old Chief Executive Evan Spiegel gave a sleek presentation. However, they were disappointed there were no projections on the company''s future revenues or advertising share - an indication of how quickly Snap thinks it can make money from its huge user base. "That''s the million dollar question and we won''t find out for some time," said one potential backer on his way out from the hour-long event where Spiegel ditched his usual casual wear and wore a suit with no tie. Some were disappointed that it was just a question-and-answer session with no demonstration of Snapchat''s spectacles, launched in the United States late last year, which come with a built-in camera. One attendee, however, said it made sense not to push the hardware angle too much at this stage. Few U.S. firms aside from Apple ( AAPL.O ) have made big profits on hardware, and camera and wearable gadget makers have much lower valuations than Snap is seeking. Most of the questions related to how the company plans to manage its engagement with advertisers and users, and monetise that better, according to people who were in the room. Its responses won over some potential investors. "Management did a good show, they were very convincing," said one attendee. Los Angeles-based Snap also plans roadshows in New York, Boston and San Francisco. It expects to price its IPO after the U.S. market closes on March 1, according to a confidential document seen by Reuters. GOVERNANCE CONCERNS Some fund managers have said they will stay away from Snap given its decision to adopt a three class share structure - the first of its kind - that will mean shareholders who buy in through the IPO will not have any voting rights. Instead Spiegel and his co-founder Bobby Murphy will have the right to 10 votes for every share, and existing investors one vote for each of their shares. "My view would be investors should tread with caution here, the fact the shares will carry no voting rights would be a major concern for me from a governance perspective," Richard Saldanha, global equities fund manager at Aviva Investors, said ahead of the roadshow. Aviva manages 318 billion pounds across a range of asset classes. Mike Fox, head of sustainable investments at Royal London Asset Management, said the inability to vote against a company at its annual general meeting was a "major red flag" and he would not be taking part in the IPO. "It is worth noting that while many U.S. tech firms have delivered tremendous returns for investors following their listing, performance of firms in this sector has not always matched investor expectations following an IPO," he said, also before the meeting. Others were less worried, though. "Snapchat offers a cocktail of hype, insane valuations, dubious fundamentals and weak governance. However, the same was said about companies like Google and Facebook when they listed," said Geir Lode, head of global equities at Hermes Investment Management. "For tech companies early in their lifecycle the weak governance structure is fairly typical, and even with those concerns
'582f57578e1773bab94062781811b903252b899b'|'South Africa watchdog settles with Citi over currency rigging'|' 47pm GMT South Africa watchdog settles with Citi over currency rigging A view of the exterior of the Citibank corporate headquarters in New York, New York, U.S. May 20, 2015. REUTERS/Mike Segar/Files JOHANNESBURG South Africa''s Competition Commission has reached an agreement with Citibank N.A. ( C.N ) for its role in a forex trading cartel, the anti-trust watchdog said on Monday. The Commission said in a statement Citi would pay a fine of 69.5 million rand (<28>4.2 million), less than the 10 percent of South African annual turnover that it said banks would pay because it "undertook to cooperate with the Commission." (Reporting by Ed Stoddard; Editing by James Macharia)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-safrica-rand-rigging-citigroup-idUKKBN15Z1I3'|'2017-02-20T21:47:00.000+02:00'
'79c4c6384ccc5c9666c6c9ed61c1a5828aa54051'|'UPDATE 1-Google to help publishers find malicious comments on articles'|'Company  20pm EST UPDATE 1-Google to help publishers find malicious comments on articles (Adds details from Cohen interview, paragraph 13) By Julia Fioretti BRUSSELS Feb 23 Alphabet Inc''s Google and subsidiary Jigsaw launched on Thursday a new technology to help news organisations and online platforms identify abusive comments on their websites. The technology, called Perspective, will review comments and score them based on how similar they are to comments people said were "toxic" or likely to make them leave a conversation. It has been tested on the New York Times and the companies hope to extend it to other news organisations such as The Guardian and The Economist as well as websites. "News organizations want to encourage engagement and discussion around their content, but find that sorting through millions of comments to find those that are trolling or abusive takes a lot of money, labour, and time. As a result, many sites have shut down comments altogether," Jared Cohen, President of Jigsaw, which is part of Alphabet, wrote in a blog post. "But they tell us that isn<73>t the solution they want. We think technology can help." Perspective examined hundreds of thousands of comments that had been labelled as offensive by human reviewers to learn how to spot potentially abusive language. CJ Adams, Jigsaw Product Manager, said the company was open to rolling out the technology to all platforms, including larger ones such as Facebook and Twitter where trolling can be a major headache. The technology could be expanded to identify personal attacks or off-topic comments too, Cohen said. Perspective will not decide what to do with comments it finds are potentially abusive; rather publishers will be able to flag them to their moderators or develop tools to help commenters understand the impact of their writing. Cohen said a significant portion of abusive comments came from people who were "just having a bad day." The initiative against trolls follows efforts by Google and Facebook to combat fake news stories in France, Germany and the United States after they came under fire during the U.S. presidential campaign when it became clear they had inadvertently fanned false news reports. The debate surrounding fake news has sparked calls from politicians for social networks to be held more liable for the content on their platforms. Jigsaw is offering the product to publishers for free and hopes to support languages other than English soon, Cohen said in an interview. While the technology is in its early days and could misinterpret language such as sarcasm, it will improve over time, Cohen said. (Additional reporting by Julia Love in San Francisco.) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/google-news-idUSL1N1G81ED'|'2017-02-24T01:20:00.000+02:00'
'cf73ae63ca894698e0a4ecfdacdd086d8846138b'|'Judge bars investors from collecting on $300 mln clerical error'|'By Jim Christie Feb 22 A judge has crushed the hopes of a group of investors in Ultra Petroleum Inc, a bankrupt natural gas company, who had sought to collect a $300 million windfall because a clerk entered a court order on the wrong date.U.S. Bankruptcy Judge Marvin Isgur approved on Feb. 13 the disclosures for Ultra''s plan to emerge from Chapter 11, although his order was not put on the docket until the morning of Feb. 14. Some holders of Ultra''s notes then argued that the delay changed the plan''s economics in their favor, until Isgur ruled against them on Tuesday."I couldn''t have imagined this would be entered on the wrong date," Isgur said, adding that it was not clear why.During a hurried conference call, the Houston bankruptcy judge said all the parties expected his order to be entered on the court''s docket the same day he approved it, not the next morning.The mix-up prompted some holders of Ultra''s notes to file court papers on Monday arguing the day difference would mean the company''s rights offering should be delayed to Wednesday from Tuesday, as originally planned.The delayed rights offering in turn would affect the formula for natural gas prices used to establish Ultra''s value in its Chapter 11 plan, reducing it to $5.5 billion from $6 billion.That in turn would impact how noteholders would split the equity in the reorganized company with its shareholders. At the lower valuation the noteholders estimated they would get an additional $303 million, according to court filings.A group of Ultra''s shareholders argued the noteholders were trying to "seize upon a clerical inadvertence to deprive equity holders of hundreds of millions of dollars of value."Isgur said he would not change the "economics" of his order, and the restructuring agreement behind Ultra''s disclosures, over a clerical error. He maintained Tuesday was the opening of Ultra''s rights offering.Ultra plans to emerge from bankruptcy by converting $1.3 billion of its notes into stock in the reorganized company and by raising $580 million from a rights offering.Ultra produces gas in Wyoming, Pennsylvania and Utah, and filed for Chapter 11 protection in April amid the worst energy price slump in a generation. (Reporting by Jim Christie; editing by Grant McCool)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/bankruptcy-ultra-idINL1N1G61XU'|'2017-02-22T18:22:00.000+02:00'
'3dca0aff2b86d3df8d52499c6356e8150850a14e'|'Peugeot CEO tells UK union not here to close GM''s Vauxhall plants'|'Business News - Fri Feb 24, 2017 - 11:09am GMT Peugeot CEO tells UK union not here to close GM''s Vauxhall plants The logo of French car maker Peugeot is seen at a dealership in Nice, France, February 23, 2017. REUTERS/Eric Gaillard LONDON The chief executive of Peugeot ( PEUP.PA ) said it was not in his nature to close car plants as he discussed the potential takeover of GM''s ( GM.N ) British brand Vauxhall, the head of the country''s biggest union told reporters on Friday. Peugeot boss Carlos Tavares was meeting the Unite union''s General Secretary Len McCluskey as concerns mount about jobs at GM''s two British plants. "He talked in terms of not being here to shut plants. That''s not his nature," McCluskey said. (Reporting by Costas Pitas, editing by James Davey) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-opel-m-a-psa-britain-idUKKBN163170'|'2017-02-24T18:09:00.000+02:00'
'013fc1d2990976f72caee0e3a72bda790493a2ae'|'Audi supervisory board backs CEO Stadler'|'  7:54am GMT Audi supervisory board backs CEO Stadler Rupert Stadler, CEO of VW''s Audi luxury car division, delivers a speech during the opening of a new plant in San Jose Chiapa, in Puebla state, Mexico, September 30, 2016. REUTERS/Imelda Medina FRANKFURT The supervisory board of Audi ( NSUG.DE ) backed its Chief Executive Rupert Stadler, saying allegations brought against him by a former Audi employee suing for wrongful termination were not accurate. "The supervisory board has in the past few days had law firm Gleiss Lutz examine the allegations brought against Rupert Stadler by the terminated Audi employee and has had the results reported to it," Audi said in a statement on Friday. "This examination comes to the conclusion that the allegations against Mr. Stadler are not accurate," it said. Two sources had told Reuters on Thursday that Stadler was expected to win the backing of top officials at Audi and parent company Volkswagen ( VOWG_p.DE ) this week, despite criticism of his handling of the group''s emissions scandal and the suit brought by the former Audi employee. (Reporting by Maria Sheahan; Editing by Harro ten Wolde)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-volkswagen-emissions-audi-idUKKBN1630OP'|'2017-02-24T14:54:00.000+02:00'
'3c16697bd1494c550f2cbe43d1765672d65cab67'|'Chemchina extends tender offer for Syngenta to April 28'|' 31am GMT Chemchina extends tender offer for Syngenta to April 28 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 1/2 left right People smoke outside the headquarters of the China National Chemical Corp, or ChemChina, in Beijing, China February 3, 2017. REUTERS/Thomas Peter 2/2 ZURICH China National Chemical Corporation (ChemChina) has extended until April 28 its $43 billion tender offer for Swiss pesticides and seeds group Syngenta ( SYNN.S ), it said on Thursday. The offer had previously been set to expire on March 2. "As previously stated, extensions to the tender offers are expected to occur until all conditions to the offers are satisfied, including obtaining all applicable regulatory approvals. All of the other terms and conditions of the tender offers remain unchanged," it said in a statement. Syngenta said this month it expected the deal to close in the second quarter. (Reporting by Michael Shields; Editing by Michael Shields) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-syngenta-m-a-chemchina-idUKKBN1620HF'|'2017-02-23T13:30:00.000+02:00'
'f0ed1473d45b4ba9dfd62dab96fd43c7d0c804a9'|'Engineering firm IMI sees drop in 2017 first-half organic revenue'|' 18am GMT Engineering firm IMI sees drop in 2017 first-half organic revenue British engineering firm IMI Plc ( IMI.L ) said it expected organic revenue for the first half of 2017 to reflect a similar percentage reduction to the first half of the previous year, due to difficult market conditions. The company had reported a 5 percent drop in organic revenue   2016. IMI''s reported group revenue rose 6 percent rise to 1.65 billion pounds for the year ended Dec. 31. However, excluding favourable exchange rate movements and disposals, group revenues on an organic basis fell 5 percent. (Reporting by Sanjeeban Sarkar in Bengaluru; Editing by Amrutha Gayathri) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-imi-outlook-idUKKBN1630RH'|'2017-02-24T15:18:00.000+02:00'
'6ba0cf35f50f04093b034252a1bf2db1e5ffd634'|'BAT looks to double number of vaping products markets'|'Business News - Thu Feb 23, 2017 - 8:02am GMT BAT looks to double number of vaping products markets FILE PHOTO - People walk past the British American Tobacco offices in London, Britain October 21, 2016. REUTERS/Stefan Wermuth/File Photo British American Tobacco ( BATS.L ) wants to double the number of countries where it sells vaping products this year and again in the next, it said on Thursday, after the world''s second-largest tobacco company saw full-year sales volumes rise only slightly. BAT and its rivals, including Philip Morris International ( PM.N ) and Japan Tobacco International ( 2914.T ), have been investing in cigarette alternatives as a growing health consciousness reduces smoking rates, and economic instability curbs consumer spending. BAT is preparing to buy its U.S. peer Reynolds American Inc ( RAI.N ) for $49.4 billion, a takeover that will create the world''s biggest listed tobacco company and boost BAT''s position in the small but growing market for e-cigarettes and other cigarette alternatives. [nL5N1F7184] BAT said on Thursday it now has the biggest "vapour" business in the world outside of the United States and is present in 10 markets, with almost 40 percent of the market in Britain and around 50 percent in Poland. The company plans to double the number of markets where it offers cigarette alternatives this year, and again next year, its Head of Corporate Affairs Jerry Abelman said. "In the future we expect to see a much bigger percentage coming from next generation products," he told Reuters on Thursday, but declined to give any figures. The maker of Dunhill and Lucky Strike cigarettes said cigarette volume grew 0.2 percent to 665 billion in 2016, adding that although it fell 0.8 percent on an organic basis as more people around the world cut back on smoking, it outperformed the industry which estimated a roughly 3 percent decline. Revenue grew 12.6 percent to 14.751 billion pounds ($18.35 billion), helped by the weakness of the British pound. Organic revenue was up 6.9 percent, driven by good pricing. [nRSW6106Xa] Adjusted profit from operations also rose 9.8 percent to 5.480 billion pounds. ($1 = 0.8037 pounds) (Reporting by Esha Vaish in Bengaluru, Emma Thomasson in Berlin and Martinne Geller in London. Editing by Jane Merriman and Susan Thomas) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-bat-results-idUKKBN1620PZ'|'2017-02-23T15:02:00.000+02:00'
'919a90069ab8beffa01b6f63567fa5f45758ee9c'|'Family Christian book chain closing its 240 U.S. stores'|'Family Christian, the biggest U.S. Christian bookstore chain, said on Thursday it was going out of business and planned to close its 240 stores across 36 states."We have prayerfully looked at all possible options, trusting God''s plan for our organization, and the difficult decision to liquidate is our only recourse," Chuck Bengochea, the company''s president, said in a statement."Despite improvements in product assortment and the store experience, sales continued to decline," he noted. "In addition, we were not able to get the pricing and terms we needed from our vendors to successfully compete in the market."The chain filed for Chapter 11 bankruptcy in February 2015 with more than $120 million in debt in the face of a sales slump amid growing competition from online stores.Bricks-and-mortar rivals also took business away by stocking best-selling Christian-market titles and Bibles.The company trailed Barnes & Noble Inc ( BKS.N ), with 640 stores, and Books-A-Million Inc, which describes itself as the second-largest U.S. book retailer and operates more than 260 stores, according to its website.Family Christian''s bankruptcy was noteworthy as U.S. Bankruptcy Judge John Gregg took the unusual step of finding that the company''s auction of its business was "flawed" and ordered a new sale.The original sale produced a $49.8 million high bid by liquidators Gordon Brothers Retail Partners and Hilco Merchant Resources. But the company instead selected a less valuable bid by FCS Acquisition, which like Family Christian is owned by the nonprofit Family Christian Resource Centers Inc.The Grand Rapids, Michigan-based retailer was eventually sold for $55 million to FCS Acquisition.(Reporting by Jim Christie in San Francisco; Editing by Peter Cooney)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-bankruptcy-family-christian-idUSKBN1622RU'|'2017-02-24T02:01:00.000+02:00'
'd8d2e0e278a8c878abaf4fdf65f0fce3398300b5'|'BRIEF-Hamilton Thorne says Q4 sales up 37 pct to over $3.6 mln'|' 22am EST BRIEF-  Feb 22 Hamilton Thorne Ltd *   * Hamilton Thorne Ltd says Q4 sales increased 37 pct to over $3.6 million * Hamilton Thorne Ltd - Q4 net income expected to be over $500,000  Navios Maritime Holdings posts Q4 earnings per share $0.24 * Navios Maritime Holdings Inc reports financial results for the fourth quarter and year ended december 31, 2016'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-hamilton-thorne-says-q4-sales-up-idUSASB0B1JH'|'2017-02-22T21:22:00.000+02:00'
'2c126f247d108f23cf0549ae119efbdb901eb41d'|'China fines nuclear component manufacturer over safety breaches'|'Global Energy  22am GMT China fines nuclear component manufacturer over safety breaches BEIJING China has fined a manufacturer of components used in nuclear power plants for safety breaches at two facilities, the environment ministry said. Dalian Teikoku Canned Motor Pump Co., Ltd , a wholly-owned unit of Japan''s Teikoku Electric Manufacturing Co., Ltd, ( 6333.T ), was found to have violated operating rules concerning unit welding at the Yangjiang Nuclear Power Station in Guangdong province, according to a statement posted on the Ministry of Environmental Protection (MEP)''s website on Feb. 14. The company also failed to register the design of a canned motor pump to be used in the Hongyanhe Nuclear Power Station in Liaoning Province, according to the MEP. Canned motor pumps are designed to offer greater protection against leaks compared with conventional pumps. The MEP demanded Dalian Teikoku immediately halt the unauthorized activities and pay a fine of 200,000 yuan ($29,064.28). It also revoked the qualification licence of a welder who undertook work at the Yangjiang facility. Safety in China''s nuclear industry has become increasingly important as the country seeks to increase exports of its nuclear technologies. Beijing has already signed agreements to build reactors in Argentina, Romania, Egypt and Kenya. China plans to build more than 60 nuclear plants in the coming decade and will see total domestic capacity rise to 58 gigawatts by the end of 2020. The International Atomic Energy Agency (IAEA) released a report into China''s nuclear safety last year saying that China''s own nuclear safety record has been strong but needs "further work" in areas such as waste management and handling ageing plants. ($1 = 6.8813 Chinese yuan renminbi) (Reporting by Beijing Monitoring Desk; Editing by Christian Schmollinger) Next In Global Energy News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-china-nuclear-idUKKBN1610J0'|'2017-02-22T13:22:00.000+02:00'
'83180f44d6afa3727df607756e4a265b7081246e'|'Asia up as Wall Street extends record rise, dollar steady'|'By Shinichi Saoshiro - TOKYO TOKYO Asian stocks edged up on Wednesday, joining a record-setting night for world markets as investors cheered upbeat factory activity in Europe and solid earnings on Wall Street.The dollar was steady after hawkish comments from top Federal Reserve officials bolstered expectations the world''s no. 1 economy was strong enough to keep policymakers on course to further raise rates this year.MSCI''s broadest index of Asia-Pacific shares outside Japan nudged up 0.1 percent, taking its cues from the world stock index rising to an all-time peak of 446.21 overnight.Japan''s Nikkei and South Korea''s Kospi each added 0.15 percent.The Dow rose 0.6 percent on Tuesday to notch a record closing high for the eighth straight session, lifted by strong earnings reports from Wal-Mart and Home Depot.That followed a strong showing in European equities, which were boosted by upbeat German and French factory activity data, with Germany''s DAX rising to its highest in nearly two years."U.S. stock markets are currently a great example of the old trading adage that the trend is your friend," wrote Ric Spooner, chief market analyst at CMC Markets."The slide in the euro as Marie Le Penn''s polls improve was the other key feature of international markets last night and is an early indicator that French elections could loom larger on the market radar over coming weeks."The euro hovered near $1.0526, the low from the previous day when it lost more than 0.7 percent.While the European political concerns remain a drag on the euro, the dollar received a further boost following hawkish comments from Cleveland and Philadelphia Fed Presidents Loretta Mester and Patrick Harker.Mester expressed comfort at raising rates at this point, while Harker reportedly said a March rate hike was on the table.The financial markets are waiting on the Fed''s Jan. 31-Feb. 1 policy meeting minutes due later in the day for fresh hints on the central bank''s stance towards interest rates.The dollar was steady at 113.660 yen after climbing 0.5 percent overnight to a five-day high of 113.780. The greenback''s index against a basket of major currencies was a shade higher at 101.400 after gaining 0.5 percent the previous day.The Australian and New Zealand dollars were flat at $0.7676 and $0.7163, respectively.In commodities, crude extended gains from the previous day when it touched 1-1/2-month peaks on OPEC''s optimism for greater compliance with its deal with other producers including Russia to curb output.U.S. crude rose 0.1 percent to $54.38 a barrel.(Editing by Shri Navaratnam)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/us-global-markets-idINKBN161039'|'2017-02-21T21:52:00.000+02:00'
'da03bf66e16150e3e3f761f07170cc16911699eb'|'Hotelier IHG posts higher profit, to return $400 million to investors'|'Business News  29am GMT Hotelier IHG posts higher profit, to return $400 million to investors A woman stands near an illuminated sign for InterContinental Hotels Group''s (IHG) new hotel brand called Hualuxe Hotels and Resorts in Beijing March 19, 2012. REUTERS/David Gray InterContinental Hotels Group Plc ( IHG.L ), one of the world''s largest hoteliers, reported a slightly better-than-expected yearly profit rise and said it would return $400 million (321.52 million pounds) to investors via a special dividend and share consolidation. IHG, which runs hotels under brands such as Crowne Plaza, Holiday Inn and InterContinental, posted a 4 percent rise in operating profit to $707 million, ahead of analysts'' estimate of about $695 million according to a company-compiled consensus. For 2015, the company had reported comparable profit of $680 million. IHG said revenue per available room (RevPAR), a key industry measure, grew 1.7 percent year-on-year in the three months through December at its hotels worldwide, faster than the 1.3 percent reported in the third quarter. RevPAR was helped by higher room rates and record occupancy levels, while profit was boosted by higher returns from its fee business, where the company franchises and manages hotels, rather than owning them. The special dividend will be paid in the second quarter of 2017, IHG said, even as it announced an 11 percent increase in the total dividend to 94 cents a share. (Reporting by Esha Vaish in Bengaluru; Editing by Mark Potter) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-intercontinental-results-idUKKBN1600LS'|'2017-02-21T14:29:00.000+02:00'
'431f9ae6cf877c2c7c07e4b99a2e01788f58d311'|'European shares edge higher on positive surveys, HSBC slumps'|'Company   4:57am EST European shares edge higher on positive surveys, HSBC slumps (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) * Pan-European STOXX 600 index up 0.2 percent * PMI surveys underpin broader stock markets * HSBC slumps after plunge in pre-tax profits By Atul Prakash LONDON, Feb 21 European equities edged higher on Tuesday, with optimism generated by encouraging manufacturing surveys outpacing a steep decline in shares of heavyweight bank HSBC after a slump in the lender''s annual pre-tax profit. Europe''s biggest bank dropped 6.5 percent and was headed for its biggest one-day fall in 8 years after its results fell far short of analysts'' estimates as it took hefty writedowns from its restructuring. HSBC has been among the best-performing European banks since Britain voted last June to leave the European Union, climbing more than 50 percent against a 28 percent increase in the European banking index as the bank benefited from appreciation of the U.S. dollar and stronger capital levels. "The bank is a shining example of how the decline in sterling has bumped up the price of some of the UK''s largest companies, without much progress in underlying profits," said Laith Khalaf, senior analyst at Hargreaves Lansdown. "Despite an underwhelming set of full year results, HSBC is making progress in de-risking and restructuring, and ultimately the bank''s focus on the Far East could be its trump card if the Chinese economy starts to fire on all cylinders." HSBC was the biggest decliner in the European banking index, which fell 1.4 percent and capped broader stock market gains. The pan-European STOXX 600 index was quoted 0.2 percent higher by 0931 GMT after falling earlier in the session. Britain''s FTSE 100 index, dominated by several global banks, underperformed. It was down 0.2 percent following a 3.6 percent plunge in the UK banking index. However, Germany''s benchmark DAX index was up 0.5 percent, underpinned by a survey showing growth in the country''s private sector picked up in February to reach its highest in nearly three years, driven by humming factories. Eurozone private sector and manufacturing growth also unexpectedly accelerated to near a six-year high in February and job creation reached its fastest since August 2007, propelled by strong demand and optimism about the future. But investors stayed concerned about the political risk. They have been rattled by the prospect of anti-euro, far-right leader Marine Le Pen staging another political surprise in the race for the French presidency, with a poll on Monday showing her closing the gap with centrist opponents. Shares moves on Tuesday remained mixed. Mid-cap firm John Wood dropped 11 percent, the biggest faller in the STOXX 600, after saying that oil and gas markets continued to present challenges and that it remained cautious on the near term outlook. However, InterContinental Hotels Group rose nearly 2 percent after reporting a slightly better-than-expected yearly profit rise. French oil storage and distribution company Rubis was up 5 percent, the top gainer in the STOXX 600 index, after the company said a would buy Dinesa and its subsidiary Sodigaz, a fuel products distributor in Haiti. (Reporting by Atul Prakash; Editing by Keith Weir) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/europe-stocks-idUSL8N1G61YK'|'2017-02-21T16:57:00.000+02:00'
'208356287e905e4637fc03c7e3317a509ea8b4fe'|'Toshiba wants to pick preferred bidder for chip unit sale by May: source'|'TOKYO Toshiba Corp ( 6502.T ) wants to pick the preferred bidder or bidders for a majority stake in its chip unit by the end of May and will hold the first round of bids next month, a source with knowledge of the plan said.The company may sell the stake to one or multiple buyers and will release conditions for the sale by the end this month, added the source, who asked not to be identified because he was not authorized to speak to the media.The Japanese conglomerate wants to raise at least 1 trillion yen ($8.8 billion) by selling most of the flash memory business to raise cash to help cover a writedown of its U.S. nuclear business and create a buffer for any fresh financial problems, a separate source said earlier.(Reporting by Taro Fuse; Writing by Tim Kelly; Editing by Edwina Gibbs)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-toshiba-accounting-auction-idINKBN1600Z5'|'2017-02-21T07:06:00.000+02:00'
'a9cf2205f32508f161d92d6d168df29f9ec3c823'|'Whiting Petroleum posts bigger quarterly loss'|'Tue Feb 21, 2017 - 4:12pm EST Whiting Petroleum posts bigger quarterly loss A trader waits for the opening of Whiting Petroleum''s stock at the post where it is traded on the floor of the New York Stock Exchange March 24, 2015. REUTERS/Brendan McDermid/File Photo Whiting Petroleum Corp ( WLL.N ), North Dakota''s largest oil producer, posted a bigger quarterly loss as production fell and expenses rose. The company''s net loss available to common shareholders widened to $173.3 million, or 59 cents per share, in the fourth quarter ended Dec. 31 from $98.7 million, or 48 cents per share, a year earlier. Production fell 23.4 percent to 118,890 barrels of oil equivalent per day. (Reporting by Komal Khettry and Diptendu lahiri in Bengaluru; Editing by Anil D''Silva) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-whiting-petrol-results-idUSKBN1602L0'|'2017-02-22T04:08:00.000+02:00'
'19484f38f685edd0ed6a864581efbd404606051a'|'Japan''s SMFG, Resona in talks to combine regional units: sources'|'TOKYO Sumitomo Mitsui Financial Group ( 8316.T ) (SMFG) and Resona Holdings Inc ( 8308.T ) are in talks to merge some of their units, sources said, in what would be the latest in a slow but steady wave of consolidation in Japan''s regional banking industry.Recently, the Bank of Japan Governor Haruhiko Kuroda - in an unusually frank call for bolder steps to deal with an over-crowded regional banking sector - said mergers and consolidation may be among options for financial institutions to boost profits amid an ultra-low interest rate environment.In 2016, Fukuoka Financial Group ( 8354.T ) and Eighteenth Bank ( 8396.T ), both based in the southwest island of Kyushu, agreed to merge, although in January they postponed their merger date by six months to October this year as the fair trade commission has yet to give its approval.SMFG and Resona, Japan''s third- and fifth-largest lenders, respectively, are in talks to merge their units that cater to the city of Osaka and its neighboring port town of Kobe, said sources with knowledge of the deal, who did not want to be named as they were not authorized to discuss the matter publicly.The total assets of the three units slated to be combined - SMFG''s Kansai Urban Banking Corp ( 8545.T ) and Minato Bank Ltd ( 8543.T ) and Resona''s Kinki Osaka Bank - stand at about 11.8 trillion yen ($104.30 billion).SMFG and Resona, however, said in separate statements on Monday that nothing had been decided on merging their units.There are more than 100 regional banks in Japan, accounting for nearly half of $4.5 trillion bank loans outstanding in the country. While these lenders are key players regionally, many have been hit by weak loan demand and falling interest rates.And unlike major banks with sizeable overseas operations, regional lenders are tied to local economies that have bleak prospects given an ageing population.The SMFG and Resona units that are reportedly being merged posted lower profits for the nine months ended December.The Nikkei business daily reported the banks would create a joint holding company that will own the three regional units, but Reuters'' sources said the structure of the merger had not yet been finalised.($1 = 113.1300 yen)(Reporting by Taro Fuse and Taiga Uranaka; Editing by Himani Sarkar)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-japan-banking-idINKBN15Z0ZV'|'2017-02-20T07:50:00.000+02:00'
'718758256b0f41d9f8f95dc92297ad660cfd6afb'|'BRIEF-Tesla posts 4th-qtr adjusted loss of 69 cents per share'|' 28pm EST BRIEF-Tesla posts 4th-qtr adjusted loss of 69 cents per share Feb 22 Tesla Inc: * Model 3 on track for initial production in July, volume production by September * Expect to deliver 47,000 to 50,000 Model S and Model X vehicles combined in the first half of 2017 * Quarterly GAAP loss per share of $0.78 * Quarterly non-GAAP loss per share $0.69 * Q4 total revenue $2.28 billion versus $1.21 billion a year ago * Q4 earnings per share view $-0.43, revenue view $2.18 billion -- Thomson Reuters I/B/E/S * Quarterly vehicle deliveries 22,252 versus 17,478 * Model 3 and solar roof launches are on track for the second half of the year * Q4 total gross margin 19.1 percent versus 18 percent * Quarterly vehicle production 24,882 versus 14,037 * Says GAAP and non-GAAP automotive gross margin should recover in Q1 to Q3 2016 levels and then continue to expand in Q2 2017 * In Q1 2017, began pushing over-the-air software updates to all Autopilot-equipped cars to further increase performance and safety * Tesla says it will prioritize profitability, cash preservation over total MW deployed ahead of solar roof launch in energy generation and storage unit * Starting in Q4, co reclassified revenue, cost of revenue of energy storage products from ''services and other'' into ''energy generation and storage'' * Later this year, expect to finalize locations for Gigafactories 3, 4 and possibly 5 * All Tesla vehicles in production have the hardware necessary for "full self-driving" * Q3 to Q4 cash increased by over $300 million to $3.4 billion * Q4 gross margin declined sequentially primarily due to lower ZEV credit sales in q4 2016 * Continue to negotiate more favorable payment terms with capital equipment suppliers, pushing some payments closer to start of Model 3 production * Initial crash test results for model 3 have been positive, all Model 3-related sourcing is on plan to support the start of production in July * Model 3 program is on track to ramp production to exceed 5,000 vehicles per week at some point in Q4, and 10,000 vehicles per week at some point in 2018 * Expect to invest between $2 billion and $2.5 billion in capital expenditures ahead of start of Model 3 production * On track to generate $500 million in cash by 2019 and achieve cost synergies committed to upon acquiring SolarCity * To reduce customer acquisition costs by cutting advertising spending, selling solar products in Tesla stores, shifting away from leasing solar systems Source text: bit.ly/2lqsPaF  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-tesla-posts-4th-qtr-adjusted-loss-idUSFWN1G70P5'|'2017-02-23T04:28:00.000+02:00'
'f280769840bec0300a5a32789b2430c38912303f'|'Carl Icahn takes stake in Bristol Myers: WSJ'|'Activist investor Carl Icahn has taken a stake in Bristol-Myers Squibb Co ( BMY.N ), the Wall Street Journal reported, citing people familiar with the matter.Icahn sees the drugmaker as a possible takeover target, the Journal said. The size of the stake was unclear, the paper reported.The company''s shares spiked as much as 4.8 percent to $57.21 in late-afternoon trading on Tuesday.Earlier in the day, Bristol-Myers said it added three directors to its board in an agreement with JANA Partners LLC, an activist investor holding less than 1 percent of the company''s stock.(Reporting by Divya Grover in Bengaluru; Editing by Sriraj Kalluvila)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-bristol-myers-carl-icahn-stake-idINKBN1602KA'|'2017-02-21T18:00:00.000+02:00'
'e0a1b4db3f71a6b8a00406bd260f4a8ad2f2e1b8'|'BRIEF-Freddie Mac prices $1.2 billion multifamily k-deal, k-062'|' 13pm EST BRIEF-Freddie Mac prices $1.2 billion multifamily k-deal, k-062 Feb 21 Federal Home Loan Mortgage Corp * Freddie Mac prices $1.2 billion multifamily k-deal, k-062 * Freddie Mac says expects to issue approximately $1.2 billion in k certificates , which are expected to settle on or about february 27, 2017    '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-freddie-mac-prices-12-billion-mult-idUSFWN1G60UR'|'2017-02-22T01:13:00.000+02:00'
'06b3cfdf771bdf66ebaea46c70e1047dc2fbe57e'|'CEE MARKETS-Bucharest stocks hit 9-year high, banks perform well'|'* Bucharest stocks at 9-year high, Banca Transilvania record high * Budapest shares set record high again, driven by OTP Bank * Banks prospects have improved in region By Sandor Peto BUDAPEST, Feb 21 Bucharest stocks hit a 9-year high on Tuesday, driven by surging Banca Transilvania as bank stocks fuelled a rally in Central European equities markets. The region''s stocks have tracked the gains in global equities in the past weeks as new U.S. President Donald Trump has pledged domestic economic stimulus. The rally lost momentum in the past days. Some indices in the region like Prague and Zagreb trod water on Tuesday. But Warsaw regained strength, well outperforming Western Europe''s main markets. Having risen 1.3 percent by 0911 GMT, it approached 18-month highs set last week when it was helped by earnings reports from some major banks. Budapest, which has been moving in record-high territory since November, set another record, rising 0.4 percent, with OTP Bank shares gaining 0.6 percent. Bucharest rose 0.8 percent to its highest levels since June 2008. It was driven by the gains of OMV Petrom, the unit of Austrian oil group OMV, and Banca Transilvania whose shares hit a record high, rising 1.9 percent. Petrom reported profits for 2016 last week, after a loss in 2015. Banca Transilvania shares have been rising since it reported its results last week. Net profits fell last year after a one-off surge in 2015, but other indicators including the ratio of non-performing loans improved. Romania''s banking sector profits mildly dropped last year to 4.2 billion lei ($981.19 million), but the negative impact of two bills launched last year, including one on the conversion of Swiss franc loans, will be lower than expected, Raiffeisen analyst Silvia Rosca said. "The cleanup of balance sheets of banks continued in 2016 resulting in a decline of NPLs ratio to 9.5 percent in December 2016 from 13.5 percent in December 2015," she added. The prospects of banks have improved across the region. Hungary cut its bank tax last year. Poland''s ruling party has softened its unfriendly rhetoric over banks and some investors speculate that a rise in Polish interest rates expected for 2018 could lift bank revenues. In contrast, the ruling Czech Social Democrats put a proposal for a special tax on banks on its election campaign agenda earlier this month. But it is uncertain whether this plan will be carried out. The stocks of Czech lender Komercni Banka have been hovering around 18-month highs since it reported a rise in fourth-quarter net profit earlier this month. The stock eased 0.6 percent on Tuesday. CEE SNAPS AT 1011 MARKETS HOT CET CURRENCIES Lates Previ Daily Chang t ous e bid close chang in e 2017 Czech crown 27.02 27.02 +0.0 -0.06 30 20 0% % Hungary 307.5 308.0 +0.1 0.40% forint 900 700 6% Polish 4.314 4.314 +0.0 2.06% zloty 8 8 0% Romanian 4.518 4.522 +0.0 0.37% leu 5 1 8% Croatian 7.449 7.448 -0.01 1.42% kuna 0 5 % Serbian 123.6 123.8 +0.1 -0.25 dinar 600 100 2% % 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 973.9 973.3 +0.0 +5.6 7 2 7% 8% Budapest 34099 33973 +0.3 +6.5 .40 .59 7% 5% Warsaw 2220. 2192. +1.2 +14. 93 79 8% 02% Bucharest 7855. 7796. +0.7 +10. 41 14 6% 87% Ljubljana 767.9 764.1 +0.4 +7.0 4 7 9% 2% Zagreb 2226. 2222. +0.1 +11. 32 97 5% 60% Belgrade <.BELEX15 708.5 711.8 -0.47 -1.24 > 0 1 % % Sofia 610.5 608.2 +0.3 +4.1 3 8 7% 1% BONDS Yield Yield Sprea Daily d (bid) chang vs chang e Bund e in Czech sprea Republic d 2-year <CZ2YT=RR -0.47 -0.05 +038 -4bps > 5 9 bps 5-year <CZ5YT=RR 0.191 -0.01 +067 -1bps > 2 bps 10-year <CZ10YT=R 0.639 -0.01 +033 -2bps R> 1 bps Poland 2-year <PL2YT=RR 2.246 0.003 +311 +2bp > bps s 5-year <PL5YT=RR 3.185 0.007 +367 +1bp > bps s 10-year <PL10YT=R 3.836 -0.00 +352 -2bps R> 3 bps FORWARD RATE AGREEMENT 3x6 6x9 9x12 3M inter bank Czech Rep < 0.27 0.3 0.35 0 PRIBOR=> Hungary < 0.37 0.55 0.69 0.24 BUBOR
'90bcca108f7793dfb41e0f5365de5153063df610'|'Rosneft becomes first oil major to pre-finance Kurdish crude'|'LONDON Feb 21 Russian state oil firm Rosneft has become the first major oil firm to pre-finance crude exports from Iraq''s Kurdistan, joining trading houses in the race for crude from the semi-autonomous region."We look forward to developing new markets for Kurdish crude oil," a statement by Rosneft Quote: s chief executive Igor Sechin as saying. The contract is due for 2017-2019, Rosneft said.Sechin said Rosneft would be taking Kurdish barrels to the company''s growing refining system. In Europe, Rosneft owns a large refinery system in Germany.Rosneft also said it was looking to cooperate with Kurdistan in upstream and logistics. Kurdistan''s natural resources minister Ashti Hawrami said the deal was opening up new possibilities for cooperation between Rosneft and Kurdistan.Kurdistan has started independent crude exports from the central government in Baghdad in the past three years as it argued it was not getting its share of Iraq''s budget revenues and needed money to fund its war against Islamic State.But as oil prices crashed, the region had to borrow as much as $3 billion from trading houses such as Vitol, Petraco, Glencore and Trafigura as well as neighbouring Turkey, repayable by future crude sales.Baghdad has first pledged to sue buyers of Kurdish oil as it insisted the central government was the only legal exporter of barrels both from southern and northern Iraq.But Baghdad has lately softened its stance on the companies and traders working in Kurdistan with the barrels being sold in both Europe and Asia. (Reporting by Dmitry Zhdannikov; editing by Katya Golubkova)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/rosneft-kurdistan-idINR4N1G100S'|'2017-02-21T04:06:00.000+02:00'
'45900a24760c7d5ede93042b264b29859230c5ca'|'Toshiba wants to pick preferred bidder for chip unit sale by end-May source'|'Technology   5:06am EST Toshiba wants to pick preferred bidder for chip unit sale by May: source FILE PHOTO: The logo of Toshiba Corp. is seen at the company''s facility in Kawasaki, Japan February 13, 2017. REUTERS/Issei Kato/File Photo TOKYO Toshiba Corp ( 6502.T ) wants to pick the preferred bidder or bidders for a majority stake in its chip unit by the end of May and will hold the first round of bids next month, a source with knowledge of the plan said. The company may sell the stake to one or multiple buyers and will release conditions for the sale by the end this month, added the source, who asked not to be identified because he was not authorized to speak to the media. The Japanese conglomerate wants to raise at least 1 trillion yen ($8.8 billion) by selling most of the flash memory business to raise cash to help cover a writedown of its U.S. nuclear business and create a buffer for any fresh financial problems, a separate source said earlier. (Reporting by Taro Fuse; Writing by Tim Kelly; Editing by Edwina Gibbs) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-toshiba-accounting-auction-idUSKBN1600Z5'|'2017-02-21T16:59:00.000+02:00'
'1a5809acd89c5ea76c02c570232647ee8bc9ceac'|'Malaysian PM says N.Korean envoy was "diplomatically rude"'|'Company News - Tue Feb 21, 2017 - 3:37am EST Malaysian PM says N.Korean envoy was "diplomatically rude" JAKARTA Feb 21 Malaysia''s Prime Minister Najib Razak said on Tuesday that comments by the North Korean ambassador casting doubt over a Malaysian investigation into the killing of the estranged half-brother of North Korea''s leader were "diplomatically rude". "The statement by the ambassador was totally uncalled for. It was diplomatically rude. But Malaysia will stand firm," Najib told reporters. North Korean ambassador Kang Chol said his country "cannot trust" Malaysia''s handling of the probe into the killing. Kim Jong Nam, the half-brother of North Korean leader Kim Jong Un, was killed at Kuala Lumpur International Airport last week. South Korean and U.S. officials believe he was assassinated by North Korean agents. (Reporting by Rozanna Latiff; Writing by Kanupriya Kapoor; Editing by Simon Cameron-Moore) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/northkorea-malaysia-kim-najib-idUSJ9N1DH00M'|'2017-02-21T15:37:00.000+02:00'
'fdee7c69c60e6df42c23f6ef5314c7626fff7036'|'BRIEF-CIGNA AND HEALTHCARE PARTNERS FORM ALLIANCE TO DELIVER HEALTH PLANS IN LOS ANGELES'|' 21pm EST BRIEF-CIGNA AND HEALTHCARE PARTNERS FORM ALLIANCE TO DELIVER HEALTH PLANS IN LOS ANGELES Feb 21 Cigna Corp * CO AND HEALTHCARE PARTNERS FORM ALLIANCE TO DELIVER HEALTH PLANS IN LOS ANGELES * HEALTHCARE PARTNERS AND CIGNA WILL OFFER HMO HEALTH PLANS TO EMPLOYERS WITH AT LEAST 100 EMPLOYEES BEGINNING APRIL 1, 2017 Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-cigna-and-healthcare-partners-form-idUSFWN1G60VT'|'2017-02-22T02:21:00.000+02:00'
'0e370493b2f6fef4b770831504f466172dd700fb'|'BRIEF-Starboard Value reports 6.6 pct stake in Tribune Media'|' 40pm EST BRIEF-Starboard Value reports 6.6 pct stake in Tribune Media Feb 21 (Reuters) - * Starboard Value LP reports 6.6 pct stake in Tribune Media Co as of Feb 10 - SEC filing * Starboard Value says purchased the shares of Tribune Media on belief that the shares, when purchased, were undervalued Source text: ( bit.ly/2lJwGRe )  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-starboard-value-reports-66-pct-sta-idUSFWN1G60WV'|'2017-02-22T04:40:00.000+02:00'
'4b97ad390f0a3610d6d6943737b14c15cfdb3ea3'|'BRIEF-Terraform Global says Q3 loss per class A share was $0.12'|' 18am EST BRIEF-Terraform Global says Q3 loss per class A share was $0.12 Feb 21 Terraform Global Inc: * Terraform Global reports 3Q 2016 financial results and files form 10-Q * Q3 loss per class a share was $0.12 * Q3 net revenue was $55 million versus $56 million in Q2 * Q3 adjusted net revenue was $55 million versus $57 million in Q2 * Does not expect to be able to file its form 10-K for 2016 by SEC deadline of March 16, 2017 * Does not expect to be able to file its form 10-Q for 1Q 2017 by SEC filing deadline of May 10, 2017   Further  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-terraform-global-says-q3-loss-per-idUSL8N1G62Z8'|'2017-02-21T18:18:00.000+02:00'
'892bd3255f3a3dfce5efb3820f046e7a4ea6debf'|'Rosneft becomes first oil major to pre-finance Kurdish crude'|'Business News - Tue Feb 21, 2017 - 7:08am GMT Rosneft becomes first oil major to pre-finance Kurdish crude FILE PHOTO: The company logo of Rosneft is seen outside a service station in Moscow, Russia, November 12, 2013. REUTERS/Maxim Shemetov/File Photo LONDON Russian state oil firm Rosneft ( ROSN.MM ) has become the firstmajor oil firm to pre-finance crude exports from Iraq''sKurdistan, joining trading houses in the race for crude from thesemi-autonomous region. "We look forward to developing new markets forKurdish crude oil," a statement by Rosneft quotes chiefexecutive Igor Sechin as saying. The contract is due for 2017-2019, Rosneft said. Sechin said Rosneft would be taking Kurdish barrels to thecompany''s growing refining system. In Europe, Rosneft owns alarge refinery system in Germany. Rosneft also said it was looking to cooperate with Kurdistanin upstream and logistics. Kurdistan''s natural resources minister Ashti Hawrami said the deal was opening up new possibilities for cooperation between Rosneft and Kurdistan. Kurdistan has started independent crude exports from thecentral government in Baghdad in the past three years as itargued it was not getting its share of Iraq''s budget revenuesand needed money to fund its war against Islamic State. But as oil prices crashed, the region had to borrow as muchas $3 billion from trading houses such as Vitol, Petraco,Glencore ( GLEN.L ) and Trafigura as well as neighbouring Turkey,repayable by future crude sales. Baghdad has first pledged to sue buyers of Kurdish oil as itinsisted the central government was the only legal exporter ofbarrels both from southern and northern Iraq. But Baghdad has lately softened its stance on the companiesand traders working in Kurdistan with the barrels being sold inboth Europe and Asia. (Reporting by Dmitry Zhdannikov; editing by Katya Golubkova) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-rosneft-kurdistan-idUKKBN1600K4'|'2017-02-21T14:08:00.000+02:00'
'becd5de74576440de1b8819d29e74fd5e0374653'|'Brazil''s bankruptcy law reform is advancing, finance minister says'|'Company  28am EST Brazil''s bankruptcy law reform is advancing, finance minister says BRASILIA Feb 21 Brazilian Finance Minister Henrique Meirelles said on Tuesday that the government is advancing in its draft to overhaul the bankruptcy law to improve guarantees for indebted companies to sell assets. Meirelles also told lawmakers that the country''s two-year recession is over and that the economy is on the path of sustainable development. (Reporting by Alonso Soto Editing by W Simon) Next In Company News EMERGING MARKETS-Latam currencies slip on U.S. rate hike expectations SAO PAULO, Feb 21 Latin American currencies slipped on Tuesday after remarks by two U.S. policymakers fueled expectations of a Federal Reserve interest rate increase next month. Cleveland Fed President Loretta Mester said on Monday she would be conformable hiking rates at this point if the economy maintained its current pace. Her speech echoed comments by Philadelphia Fed President Patrick Harker to Market News International, who said a March rate increase was an option. 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/brazil-meirelles-reform-idUSE4N1CH028'|'2017-02-21T22:28:00.000+02:00'
'198331ec4ab1dfd910517d2f5c65b415f43b448f'|'Chaparral Energy aims to sell pipeline in push to exit bankruptcy'|'Commodities   3:46pm EST Chaparral Energy aims to sell pipeline in push to exit bankruptcy By Jim Christie - SAN FRANCISCO SAN FRANCISCO Chaparral Energy Inc [CHARN.UL] aims to have its bankruptcy exit plan confirmed next month, which may require suing a co-owner of a carbon dioxide pipeline to advance the sale of the asset, the bankrupt oil and gas producer said in court papers on Friday. Chaparral has a hearing on March 9 to confirm its plan to emerge from Chapter 11 bankruptcy, funded in part by asset sales. The company filed for bankruptcy in May after talks with stakeholders failed to produce a restructuring support agreement to tackle its financial troubles. Chaparral said it no longer needed the pipeline in Oklahoma running from a Koch Fertilizer LLC fertilizer plant. It transports carbon dioxide used in "flooding" fields to help extract oil and gas from depleted wells. Chaparral and Merit Energy Co together own more than 90 percent of the pipeline. Under an agreement, Merit bought CO2 from the Koch plant and set aside a portion for Chaparral''s use. Their deal expired in December and talks to renew it failed, Chaparral said, adding that talks to acquire CO2 directly from Koch had also failed. The company said it had determined, along with its major stakeholders, that even if it were to get access to the CO2, it would only be able to extract "relatively modest" amounts of oil and gas in the two fields, making the pipeline sale the best option. Chaparral noted that the pipeline could be converted to transport oil, making its location in central Oklahoma a valuable asset. A number of companies have expressed interest, but they want full ownership of the pipeline, Chaparral said. If the pipeline''s co-owners do not consent to a sale, Chaparall will press an adversary proceeding within its Chapter 11 case to force a sale, the Oklahoma City, Oklahoma-headquartered company said. The case is In re Chaparral Energy Inc et al, in U.S. Bankruptcy Court for the District of Delaware, No. 16-11144. For Chaparral: Joseph Barsalona II, Mark Collins, John Knight and Brendan Schlauch of Richards Layton & Finger, and Richard Levy, Keith Simon and David McElhoe of Latham & Watkins (Reporting by Jim Christie; Editing by Richard Chang) Next In Commodities Exclusive: China''s Sinochem may sell 40 percent stake in Brazil''s Peregrino oilfield - sources SINGAPORE/NEW DELHI/BEIJING China''s Sinochem is exploring the sale of its 40 percent stake in Brazil''s Peregrino offshore oilfield, four people familiar with the matter told Reuters, a deal that could see the state-owned conglomerate walk away from what was once touted as a key overseas asset because of historically low oil prices.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-bankruptcy-chaparral-idUSKBN1602K4'|'2017-02-22T03:43:00.000+02:00'
'7c946c524e7507b025add9c372e2e8d9568aa5d4'|'German court bars discussion of dieselgate documents in Audi case'|'  6:49pm GMT German court bars discussion of dieselgate documents in Audi case The logo of German car manufacturer Audi is seen at a building of a car dealer in Duebendorf, Switzerland November 22, 2016. REUTERS/Arnd Wiegmann HEILBRONN, Germany A German labor court on Tuesday barred the public disclosure of documents relating to Volkswagen''s ( VOWG_p.DE ) emissions scandal during a hearing for wrongful dismissal brought by a former employee at VW subsidiary Audi ( NSUG.DE ). The hearing in Heilbronn in southern Germany began in public but Audi''s lawyers requested confidentiality when the plaintiff''s lawyer mentioned an email exchange in 2012 between engineers about emissions of Audi cars in the United States. The court accepted Audi''s motion and judge Carsten Witt asked observers to leave the hearing so the emails and other documents could be discussed behind closed doors. "I regret that the public was barred," said Hans-Georg Kauffeld, the lawyer for Ulrich Weiss, the engineer who was fired by Audi last week following investigations into the scandal. Kauffeld declined to comment further to reporters. 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. emission limits. VW in December agreed to a $1 billion settlement to fix or buy back about 80,000 polluting diesel vehicles sold in the country. Audi''s lawyer, Christian Bitsch of law firm Bluedex, told the court on Tuesday that Kauffeld''s client knew about the emissions manipulations in September 2015 but failed to inform his superiors. Bitsch also accused the engineer of destroying documents and encouraging his staff to do likewise. Kauffeld rejected the allegations. (Reporting by Ilona Wissenbach; writing by Andreas Cremer; editing by David Clarke)   Oil   Wall Street challenges U.S. regulator over proposed commodities rule Wall Street is pushing back against a proposed rule to force U.S. banks like Goldman Sachs Group Inc to hold more capital against investments in commodities, placing what some see as an overly restrictive limit on banks'' ties to the sector. SAN FRANCISCO San Francisco Federal Reserve Bank President John Williams warned Tuesday that the global drop in interest rates since the financial crisis is likely to persist and will make it harder for central banks to keep world economies healthy.  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-volkswagen-emissions-audi-idUKKBN1602DB'|'2017-02-22T01:48:00.000+02:00'
'0e631f472231d750d0fca3e1653fdf278cf6c789'|'METALS--Copper slips on profit taking; supply woes persist'|' 40pm EST METALS--Copper slips on profit taking; supply woes persist * Escondida, Grasberg outages offer support * Upcoming U.S. Fed minutes spark some selling (Adds comment, updates prices) SYDNEY Feb 22 Copper prices slipped on Wednesday as some traders took profits and reduced their positions ahead of the release of U.S. Federal Reserve minutes that could push the dollar higher. However, supply concerns limited the declines. The Fed minutes due to be released later on Wednesday are a key focus for investors, as they could either reinforce or undermine recent hawkish comments from central bank policy makers. The dollar index, which tracks the greenback against a basket of six major currencies, was last down slightly at 101.32 after hitting a six-day high of 101.600 overnight. A higher dollar raises the cost of dollar-denominated commodities, such as copper, for buyers that pay in other currencies. Still, questions remain around global supply. Output is shut because of a strike at Chile''s Escondida mine, the world''s largest. Freeport-McMoRan and Indonesia are also battling over a government decision to forbid copper concentrate exports from the country. "These concerns are well known, so the upside for now is probably limited," said a trader in Perth, speaking under condition of anonymity. "But it''s still keeping a floor under the price too." In Chile, Escondida''s owner BHP Billiton and the striking workers met for government-mediated talks but the two parties did not commit to a schedule of new wage discussions. However, BHP did say it would not start replacing the striking workers for at least 30 days as a sign of its commitment to dialogue. Meanwhile, Freeport-McMoRan has warned it could take the Indonesian government to arbitration and seek damages over a contractual dispute that has halted operations at the world''s second-biggest copper mine. Three-month copper on the London Metal Exchange was 0.4 percent lower at $6,038 a tonne by 0410 GMT after dropping 0.2 percent the previous session. Standard Chartered issued a revised average copper price forecast, putting copper at $5,900 per tonne in 2017. The most-traded copper contract on the Shanghai Futures Exchange (ShFE) dipped 0.6 percent to 48,770 yuan ($7,088) a tonne, tempered by signs home prices in China are cooling. China''s home price growth slowed for the fourth straight month as demand cooled further in the biggest cities, official data showed on Wednesday, signalling government curbs to defuse a bubble in the sector were starting to pay dividends. Aluminium dipped 0.5 percent to $1,877 a tonne, extending overnight losses amid concerns that Chinese supply is rising. ShFE aluminium was down 1.6 percent. Nickel steadied at $10,860 a tonne after closing down 2.7 percent overnight. It rose to its highest since Dec. 19 on Monday, amid a mining crackdown in the Philippines. Data from the International Nickel Study Group on Tuesday showed the market moved to a surplus of 9,700 tonnes in December from a deficit of 1,700 in November. For all of 2016, the market was at a deficit of 49,700 tonnes versus a surplus of 91,400 tonnes in 2015. PRICES'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/global-metals-idUSL4N1G71IC'|'2017-02-22T11:40:00.000+02:00'
'3d677c4d4e4d55e123878a043a8093d02af68015'|'UPDATE 1-Tronox expands titanium dioxide business with $1.67 bln deal'|'(Adds details)Feb 21 Chemical maker Tronox Ltd said it would expand a business that makes titanium dioxide, a whitening pigment used in paints, with a $1.67 billion deal.Shares of the company were up 4 percent in premarket trading on Tuesday.Tronox is buying the titanium dioxide unit of privately held chemical and mining company Cristal.Cristal will hold a 24 percent stake in the new Tronox, which will include the expanded pigments unit.Tronox also plans to sell its alkali business. The unit makes natural soda ash, which is used in the production of glass, detergents, chemicals, pulp and paper.The cash portion of the deal is expected to be partly funded through the sale of the alkali business and other non-core assets.Cristal will also get two board seats on Tronox''s nine-member board.Post the deal, Tronox will operate 11 titanium dioxide plants in eight countries with a total capacity of 1.3 million metric tons per year.Credit Suisse was Tronox''s financial adviser, while Kirkland & Ellis LLP and Willkie Farr & Gallagher LLP were its legal advisers. (Reporting by Komal Khettry in Bengaluru; Editing by Shounak Dasgupta)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/tronox-ltd-titanium-dioxide-idINL4N1G63W6'|'2017-02-21T10:15:00.000+02:00'
'07603076316704ed10e4cf0223bddad2dd7a5d7f'|'PRESS DIGEST - Wall Street Journal - Feb 21'|'  1:00am EST PRESS DIGEST - Wall Street Journal - Feb 21 Feb 21 The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy. - Deal talks between Kraft Heinz and Unilever are dead, but both consumer-goods giants now find themselves under heightened pressure to make bold moves to accelerate growth. on.wsj.com/2lpm6wk - President Trump selected Lt. Gen. H.R. McMaster, an active duty Army officer, now director of a key military integration and operations center, as his next national security adviser. on.wsj.com/2lpgWjT - Defense Secretary Jim Mattis appears to be at odds with President Trump on Russia and other key issues, setting up potential discord but also helping to nudge the White House toward more conventional policy stances. on.wsj.com/2lpcS36 - Russia''s ambassador to the United Nations, Vitaly Churkin, died unexpectedly Monday, according to an announcement at the U.N. and Russia media reports. on.wsj.com/2lp1VOV - Toys "R" US Inc recently laid off between 10 percent and 15 percent of its corporate employees, the latest retailer to cut jobs as shopping rapidly shifts from physical stores to online ones. on.wsj.com/2lpd4PZ - Uber Technologies Inc said it is investigating claims by a former employee that the company failed to discipline a manager who mistreated female employees and ignored complaints of sexual harassment. on.wsj.com/2lpjtKP - Saudi Arabia IPO-ARMO.SE is leaning toward listing its giant, state-run oil company in New York, London or Toronto and has soured on the prospect of floating the firm on an Asian stock exchange. on.wsj.com/2lpg4vn - China''s suspension of coal imports from its ally North Korea gives Beijing more leverage to press the U.S. for fresh diplomatic efforts in curbing Pyongyang''s nuclear ambitions. on.wsj.com/2lpqOu1 (Compiled by Vishal Sridhar in Bengaluru)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/press-digest-wsj-idUSL4N1G625E'|'2017-02-21T13:00:00.000+02:00'
'3912f1bac0a8b2c46c065c4ff02af21ec2835104'|'Russia announces recall of 135,491 Honda and Acura cars'|' 09pm GMT Russia announces recall of 135,491 Honda and Acura cars MOSCOW Russia''s standards agency, Rosstandart, said the local retailer of Honda and Acura cars had informed it of the recall of up to 135,491 cars due to possible airbag faults. In a statement, Rosstandart said that the retailer Honda Motor Rus said it will withdraw 135,168 Honda cars of various models and 323 Acuras manufactured between 2005 and 2016. In the vehicles covered by the recall, "the air bag may not operate properly due to faulty manufacturing," Rosstandart said in a statement. Acura is a Honda marque. (Reporting by Aleksandar Vasovic; Editing by Christian Lowe)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-russia-autos-idUKKBN1601HP'|'2017-02-21T20:09:00.000+02:00'
'ddb749340f2e8b3cc9a16f6e47385deac6b85ee8'|'Seadrill to restate earnings, postpones Q4 report'|'Company News   1:58am EST Seadrill to restate earnings, postpones Q4 report OSLO Feb 22 Oil rig firm Seadrill postponed its fourth-quarter earnings report and will restate earnings from 2015 onwards to correctly account for hedges and swaps relating to currencies and interest rates, it said on Wednesday. Restating its 2015 earnings will boost the company''s shareholder equity by between $100 million and $150 million, while a restatement for the first three quarters of 2016 will add another $20 million to $60 million, it added. The company, once the jewel in the crown of shipping tycoon John Fredriksen, has for more than a year been in talks with creditors to restructure debt and liabilities worth some $14 billion. The company''s fourth-quarter earnings will now be released on Feb. 28, rather than on Feb. 23, the company said. (Reporting by Terje Solsvik, editing by Nerijus Adomaitis) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/seadrill-results-idUSL8N1G714V'|'2017-02-22T13:58:00.000+02:00'
'ff330a1f046ff8415cdecceef115dd9e6788b7d4'|'BRIEF-Verisk Analytics Q4 adjusted EPS $0.80 from cont ops'|' 54pm EST BRIEF-Verisk Analytics Q4 adjusted EPS $0.80 from cont ops Feb 21 Verisk Analytics Inc: * Verisk Analytics Inc reports fourth-quarter 2016 financial results * Q4 adjusted earnings per share $0.80 from continuing operations * Q4 earnings per share view $0.77 -- Thomson Reuters I/B/E/S * Q4 gaap earnings per share $0.63 from continuing operations * Revenue from continuing operations grew 6.0% in Q4  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-verisk-analytics-q4-adjusted-eps-idUSASB0B1DP'|'2017-02-22T04:54:00.000+02:00'
'9c607065626448cf7551e043677d419f4e4b717d'|'Collapse of Kraft-Unilever tie-up extends run of failed mega-deals'|'By Dasha Afanasieva - LONDON LONDON Kraft Heinz''s ( KHC.O ) dropped bid to buy Unilever ( ULVR.L ) is the third-largest M&A deal to collapse, according to Thomson Reuters data, adding to a recent run of failures that highlights the appetite for the pursuit of audacious mega-mergers.The abrupt U-turn by U.S. foods giant Kraft at the weekend pushed the value of deals withdrawn this year to $205.2 billion, compared with $53.6 billion at the same point in 2016.The effect of proposed big deals on those numbers is clear, with the 87 deals to have collapsed this year significantly lower than the 111 that fell through in the corresponding period last year.The value of failed deals is likely to continue, bankers say, with companies still likely to seek ambitious acquisitions."There has been no punishment by the market or investors if a deal does not close. The overall context has been shareholder support for trying to get deals done and that has been an engine of growth in the M&A market," said Severin Brizay, head of M&A for Europe, Middle East and Africa at Swiss bank UBS ( UBSG.S )Kraft had pursued Unilever as part of its strategy to become a global consumer goods giant, but it received a hostile reception from the Anglo-Dutch company and cited a lack of "strategic" merit for its withdrawal from a deal that would have had a value of $162.2 billion based on the offer price plus Unilever''s debt.Yet the complexity of such huge deals can throw up multiple obstacles.The biggest withdrawn deal came last April when U.S. drugmaker Pfizer''s ( PFE.N ) attempt to buy Ireland-based Allergan ( AGN.N ) for $160 billion floundered on the introduction of U.S. Treasury rules to curb tax-cutting inversion deals.Honeywell International''s ( HON.N ) attempt to buy United Technologies for $90.7 billion ended in failure last February after United Tech rejected the deal on expectations that it would be blocked by antitrust regulators.Those helped to lift the value of withdrawn deals last year to an eight-year high, with transactions worth $808 billion withdrawn or rejected, compared with $538 billion in 2015.Another to fall by the wayside on competition concerns was the proposed $6.3 billion merger of office supply chain Staples ( SPLS.O ) with smaller rival Office Depot ( ODP.O )."When you are No.1 and No.2 in your sector it''s difficult for the regulator to approve," said Raj Karia, of global corporate and financial law firm Norton Rose Fulbright.Thomson Reuters classifies a deal as withdrawn if there is a public announcement by the buyer that the offer is withdrawn or financial and legal advisers agree that it has been withdrawn.(Editing by David Goodman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-global-m-a-withdrawals-idINKBN15Z22C'|'2017-02-20T16:45:00.000+02:00'
'c2b44015b013ff4464d09e09c7b11b33348647a8'|'Hong Kong union joins critics of McDonald''s HK, China sale, sees pay squeeze'|'Business News - Sun Feb 19, 2017 - 11:32pm EST Hong Kong union joins critics of McDonald''s HK, China sale, sees pay squeeze A man sleeps at a 24-hour McDonald''s restaurant in Hong Kong, China November 10, 2015. REUTERS/Tyrone Siu HONG KONG The Hong Kong Confederation of Trade Unions (HKCTU) warned that McDonald''s Corp''s ( MCD.N ) up-to-$2.1 billion sale of its Hong Kong and China operations could hit workers'' pay, adding to growing criticism of the deal on the mainland and elsewhere. The fast-food giant said last month it had agreed to sell the bulk of its China and Hong Kong business to state-backed conglomerate CITIC Ltd and U.S. private equity firm Carlyle Group LP in a deal that will see the consortium act as the master franchisee for a 20-year period. The HKCTU''s statement on Monday comes just days after a Chinese consultancy, Hejun Vanguard Group, filed a formal complaint with China''s Ministry of Commerce also claiming the decision to move to a master-franchisee model may hurt its 120,000 workers in China, as well as consumers. The union group said the deal would put further pressure on pay at the U.S. company''s Hong Kong outlets, where many workers earn just above the current minimum wage of HK$32.5 ($4.20) per hour. The group represents 90 affiliate organizations and 170,000 members. "In other countries where McDonald''s has sold a large stake of its business, the resulting model has placed enormous pressure on franchisees, which has made it harder for franchise operators to provide adequate pay and conditions for their workers," HKCTU official Wong Yu Loy said in the statement. "If the buyers in Hong Kong get squeezed by McDonald''s as they have in other countries, workers here may get even less as a result," Wong said. McDonald''s did not immediately respond to a request for comment, but has said its franchise model globally is based on mutually beneficial partnerships. The sale has also been criticized by The Service Employees International Union, a U.S. labor organization, which warned in a statement last month that previous such transactions in markets - including Brazil and Puerto Rico - had hurt workers. (Reporting by Michelle Price; Editing by Kenneth Maxwell) Next In Business News SoftBank shares up; sources say company willing to cede control of Sprint TOKYO Shares in SoftBank Group Corp rose nearly 3 percent in morning trade on Monday after a Reuters report that the Japanese company is prepared to cede control of Sprint Corp to T-Mobile US Inc to clinch a merger of the two U.S. wireless carriers.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-mcdonalds-m-a-unions-idUSKBN15Z0CG'|'2017-02-20T11:20:00.000+02:00'
'b309341b51f8637162a481910cb56739dc14eefe'|'Inbound China M&A takes flight on consumer promise'|'  11:09pm GMT Inbound China M&A takes flight on consumer promise left right FILE PHOTO: People queue outside of a newly opened duty free shop in Shanghai, China, August 8, 2016. China Daily/via REUTERS/File Photo 1/4 left right FILE PHOTO: People cross a street outside a tax-free department store popular among Chinese tourists in Tokyo, Japan, February 11, 2016. Picture taken February 11, 2016. REUTERS/Thomas Peter/File Photo 2/4 left right FILE PHOTO: A man walks outside a department store selling luxury brands in Beijing, China, November 30, 2016. REUTERS/Thomas Peter/File Photo 3/4 left right FILE PHOTO: Chinese tourists wait for their bus on a street in Tokyo''s Ginza shopping district, Japan, October 4, 2016. REUTERS/Toru Hanai/File Photo 4/4 By Elzio Barreto - HONG KONG HONG KONG Overseas acquisitions by Chinese buyers are cooling after two record years as Beijing reins in capital outflows, but deals into China are on the rise, and new rules will make it easier for foreign buyers to tap China''s giant consumer potential. Inbound M&A deals have already reached $7.1 billion so far in 2017, almost double the amount in the same period last year and are well on track to beat the 2016 total of $46 billion, while outbound deals tumbled more than 40 percent to $8.4 billion, Thomson Reuters data showed. Deals in retail and consumer staples accounted for nearly half those early transactions, far outpacing real estate and financial deals, which usually dominate inbound M&A. Belgian investment firm Verlinvest is ahead of the trend. It set up a $300 million venture last year with Chinese state-owned conglomerate China Resources and has already deployed more than half of the funds. Verlinvest, which manages funds for the founding families of Anheuser-Busch InBev ( ABI.BR ), is investing in minority and majority stakes in leading western brands so it can push them through China Resources'' distribution channels in China, said Nicholas Cator, who is responsible for the Asia business. "We''re going to be focusing on those high-growth sectors that are based on consumer trends, like health-related food and beverage products, healthcare, education, cinema or entertainment, or anything linked to kind of cultural production and content," he said. Verlinvest''s joint venture in December bought an undisclosed stake in Oatly, a Swedish maker of dairy-free products, and plans to expand it into China, and in November it bought a majority stake in Red Sun Enterprise, which owns senior care homes in Shanghai and Nanjing. To view a graphic on China''s inbound and outbound M&A since 2000, click tmsnrt.rs/2m1zDtI LOOSER APPROVALS REGIME The leadership in Beijing has long been trying to rebalance the economy away from infrastructure, heavy industry and export-led growth and towards domestic consumption, so in theory such investment should be welcome, but in practice foreign capital has fallen foul of barriers to entry. That appears to be changing. After a trial in a few of its free-trade zones, China in October expanded to the entire country a new liberalisation programme. Apart from a "negative list" of industries deemed too sensitive, foreign investments no longer need to go through a cumbersome approval system, and there has even been some loosening in the off-limits list. "The direction China is going is that for most sectors, provided it''s not in the so-called negative list, where there would be additional scrutiny, the process for corporate establishment and changes including share transfers should be simpler," said Tracy Wut, M&A partner at law firm Baker McKenzie in Hong Kong. "From the recently amended negative list, there are further relaxations in certain sectors to which the government is trying to encourage foreign investments." CDIB Capital International Corp, part of Taiwanese financial group China Development Financial Holding (CDF) ( 2883.TW ), is also seizing the opportunities. Last August it invested 200 million yuan ($29.2 million
'b0216ab41ca99caf29ba8751204969cceec87298'|'Inbound China M&A takes flight on consumer promise'|'By Elzio Barreto - HONG KONG HONG KONG Overseas acquisitions by Chinese buyers are cooling after two record years as Beijing reins in capital outflows, but deals into China are on the rise, and new rules will make it easier for foreign buyers to tap China''s giant consumer potential.Inbound M&A deals have already reached $7.1 billion so far in 2017, almost double the amount in the same period last year and are well on track to beat the 2016 total of $46 billion, while outbound deals tumbled more than 40 percent to $8.4 billion, Thomson Reuters data showed.Deals in retail and consumer staples accounted for nearly half those early transactions, far outpacing real estate and financial deals, which usually dominate inbound M&A.Belgian investment firm Verlinvest is ahead of the trend.It set up a $300 million venture last year with Chinese state-owned conglomerate China Resources and has already deployed more than half of the funds.Verlinvest, which manages funds for the founding families of Anheuser-Busch InBev ( ABI.BR ), is investing in minority and majority stakes in leading western brands so it can push them through China Resources'' distribution channels in China, said Nicholas Cator, who is responsible for the Asia business."We''re going to be focusing on those high-growth sectors that are based on consumer trends, like health-related food and beverage products, healthcare, education, cinema or entertainment, or anything linked to kind of cultural production and content," he said.Verlinvest''s joint venture in December bought an undisclosed stake in Oatly, a Swedish maker of dairy-free products, and plans to expand it into China, and in November it bought a majority stake in Red Sun Enterprise, which owns senior care homes in Shanghai and Nanjing.LOOSER APPROVALS REGIMEThe leadership in Beijing has long been trying to rebalance the economy away from infrastructure, heavy industry and export-led growth and towards domestic consumption, so in theory such investment should be welcome, but in practice foreign capital has fallen foul of barriers to entry.That appears to be changing. After a trial in a few of its free-trade zones, China in October expanded to the entire country a new liberalization program.Apart from a "negative list" of industries deemed too sensitive, foreign investments no longer need to go through a cumbersome approval system, and there has even been some loosening in the off-limits list."The direction China is going is that for most sectors, provided it''s not in the so-called negative list, where there would be additional scrutiny, the process for corporate establishment and changes including share transfers should be simpler," said Tracy Wut, M&A partner at law firm Baker McKenzie in Hong Kong."From the recently amended negative list, there are further relaxations in certain sectors to which the government is trying to encourage foreign investments."CDIB Capital International Corp, part of Taiwanese financial group China Development Financial Holding (CDF) ( 2883.TW ), is also seizing the opportunities.Last August it invested 200 million yuan ($29.2 million) for a stake in outdoor sports retailer Tutwo (Xiamen) Outdoor Co Ltd, betting on a jump in demand for hiking, skiing and camping gear in China."Clearly there''s going to be more of a focus on domestic growth and consumption is one of the themes," said Lionel de Saint-Exupery, president and CEO of CDIB. "Consumption is still relatively robust, but we''re not just seeking average growth, we''re seeking hyper growth and that you can see in new categories."The biggest fly in the ointment, according to David Cogman, a principal focusing on China at consulting firm McKinsey & Co, is the lofty valuations for Chinese assets.Consumption and services companies listed in Shenzhen and Shanghai trade at about 30 times their earnings, compared with a multiple of 17 for similar companies trading in Hong Kong and about 20 for U.S.-listed companies, Thomson Reuters dat
'9b83680bf3b00e767a2472c0260243e948a0e083'|'METALS-London copper back at $6,000/tonne, supply concerns support buying'|'Company News - Sun Feb 19, 2017 - 9:13pm EST METALS-London copper back at $6,000/tonne, supply concerns support buying MELBOURNE Feb 20 London copper rose on Monday, returning to the $6,000 per tonne mark, as near-term supply disruptions intensified after the world''s second-biggest mine said it could not fulfil its promised shipments due to export permit issues. FUNDAMENTALS * Three-month copper on the London Metal Exchange rose by 0.7 percent to $6,000 a tonne by 0210 GMT, paring losses from the previous session. Prices hit $6,204 a week ago, after top mine Escondida also declared it could not fulfil contracted shipments because of a strike, but industry sources said that smelters and fabricators were still amply supplied with metal. * Shanghai Futures Exchange copper was steady at 48590 yuan ($7,079) a tonne. * The chief executive of miner Freeport-McMoran Inc''s Indonesian unit, resigned, the company said on Saturday, after the parent firm declared force majeure on copper concentrate shipments from its Grasberg mine in Papua. * The positions of BHP Billiton, and the striking union at its Escondida copper mine in Chile, the world''s largest, remain distant even as the two parties agreed last week to return to the table. * Anglo American PLC will temporarily suspend operations at its El Soldado copper mine in Chile after failing to receive regulatory approval for a redesign that would have helped keep output flowing, the company said on Friday. * Philippine President Rodrigo Duterte said he will review his minister''s order to close more than half the country''s mines for environmental violations, following an outcry from affected producers. * Turnover was light with U.S. markets closed for the Presidents Day holiday. * China''s central bank said on Friday it plans to tighten up oversight in a range of areas including corporate debt and bank assets, as policymakers fret over fast-rising leverage and the risk of asset bubbles in the economy. * President Donald Trump''s pledge to bring massive investments in U.S. infrastructure projects showed new signs of life on Friday, as leading Republican lawmakers said proposals from the administration could be in the offing. * For the top stories in metals and other news, click or MARKETS NEWS * Asian share markets got off to a subdued start on Monday as political uncertainty kept the mood cautious, while the U.S. dollar softened a touch ahead of a busy week for Federal Reserve speakers. DATA/EVENTS 0700 Germany Producer prices for Jan 1500 Euro zone Consumer confidence flash at Feb PRICES'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/global-metals-idUSL4N1G519W'|'2017-02-20T09:13:00.000+02:00'
'eab823f99632c7b9154f2e0842085a19a60d80e3'|'UPDATE 1-Government-mediated talks between Escondida union, BHP fail'|'(Adds context, detail throughout)SANTIAGO Feb 20 A government-mediated meeting between BHP Billiton and striking workers at its Escondida copper mine in Chile has failed, and workers will head back to their encampment without any future dialogue planned, a union spokesman said on Monday."The company is continuing with their stubborn posture, and thus there is nothing to discuss anymore and we''re going back to our camp," spokesman Carlos Allendes told Reuters after the meeting.BHP was not immediately available for comment.The meeting, in the Chilean capital Santiago, was called by the government''s Labor Ministry in hopes of ending a 12-day strike that has pushed copper prices to 20-month highs amid supply concerns. The metal was trading at $6,070 per tonne at 7:38 p.m. (2239 GMT).The sitdown was aimed at getting the two sides to commit to a schedule of fresh wage talks, after initial negotiations failed.For days, however, it was unclear if the meeting would even take place as BHP blamed striking workers for interfering with non-unionized service employees on their shift changes.The union had said in response that there were no blockades and that the buses with the contractors were allowed through, but that workers had checked that no strike-breakers were entering the mine.In terms of demands, the company and union are far apart on a number of issues, including shift pattern changes, the size of a one-off bonus, and BHP''s wish to give new workers lower benefits.Escondida is majority-controlled by BHP with minority interests held by Rio Tinto and Japanese companies including Mitsubishi Corp. The mine produced about 5 percent of the world''s copper in 2016. (Reporting by Fabian Cambero; Writing by Gram Slattery; Editing by Sandra Maler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/chile-copper-escondida-idINL1N1G5110'|'2017-02-20T19:54:00.000+02:00'
'3bda1c88c7a1d0fb656c6d044bb5ad14a4ba8944'|'BRIEF-BMTC Group reports qtrly EPS $0.47'|' 19pm EST BRIEF-BMTC Group reports qtrly EPS $0.47 Feb 20 Bmtc Group Inc * Announces financial results for its year ended December 31st, 2016 * Says for quarter ended December 31st, 2016, Company''s revenues increased by $6.8 million to $197.1 million * Qtrly basic net earnings per share increased to $0.47  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-bmtc-group-reports-qtrly-eps-idUSASB0B14Q'|'2017-02-21T06:19:00.000+02:00'
'9116ad2086d13c454f24eba20fba3a39cc21d3aa'|'BRIEF-Helix Energy Solutions Group reports Q4 loss per share of $0.46'|' 17pm EST BRIEF-Helix Energy Solutions Group reports Q4 loss per share of $0.46 Feb 20 Helix Energy Solutions Group Inc * Helix reports fourth quarter and full year 2016 results * Q4 loss per share $0.46 * Q4 earnings per share view $-0.06 -- Thomson Reuters I/B/E/S * Qtrly revenues $128.0 million versus $157.7 million * Q4 revenue view $133.9 million -- Thomson Reuters I/B/E/S  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-helix-energy-solutions-group-repor-idUSASB0B14R'|'2017-02-21T06:17:00.000+02:00'
'0230c83b20398948ab973c00abed90e4082f706e'|'Two percent inflation. A call to action?'|' 49pm GMT Two percent inflation. A call to action? U.S. President Donald Trump is interviewed by Reuters in the Oval Office at the White House in Washington, U.S., February 23, 2017. REUTERS/Jonathan Ernst By Philip Blenkinsop - BRUSSELS BRUSSELS U.S. President Donald Trump''s address to Congress may make the most headlines, but inflation readings of 2 percent could prove more significant economic events next week - a call to action perhaps in America and a important milestone in Europe. The U.S. consumer price index (CPI), published mid-Feb, has already shown prices rising at their fastest monthly pace in nearly four years in January and a year-on-year rate of 2.5 percent. However, the Fed has often emphasized the inflation measure for personal consumption expenditures (PCE) because of its wider range of goods and services. And that too is now seen climbing to 2 percent on its release on Wednesday. Rob Carnell, chief international economist at ING, sees the release as pivotal, nudging more Federal Open Market Committee members, who next meet on March 14-15, to favour action as the excuse of low inflation disappears. "Their target inflation measure is hitting their longer-run objective and at that point, everybody should be waking up and saying: You know what, March is a live month," he said. In a Reuters poll of primary dealers earlier this month, none expected the next rate hike to occur before the second quarter. [FED/R] According to minutes released on Wednesday, many Federal Reserve policymakers said it may be appropriate to raise interest rates again "fairly soon", taken by markets as implying a reduced chance of a March hike. "The only thing they can point to is all the uncertainty around Trump. Well, the only uncertainty is how much stimulus he''s going to deliver," said Carnell. Trump will address Congress in a speech on Tuesday expected to include some details of his infrastructure spending and tax plans, which could include a new border tax on imports. By contrast, the European Central Bank, whose Governing Council next meets on March 9, will more easily brush aside an inflation rate of 2.0 percent, the market consensus for February, with a core rate, excluding more volatile energy and unprocessed food components, seen stubbornly below 1 percent. Headline inflation in any case is unlikely to spiral higher. Fabio Fois, European economist at Barclays, sees a "twin-peak" profile, with highs in April and September, boosted by rising airline, holiday, energy and food prices, before receding towards the core level of around 1.2-1.3 percent by the end of 2018. PRICE IMPACT ON CONSUMERS HEAVIEST IN UK If inflation fails to spur central banks, what of its effect on consumers, the main drivers of growth in Europe and the United States? U.S. consumer sentiment is seen easing further from December''s 15-year high, with stock markets more subdued after initial euphoria following Trump''s election victory. The February figure due on Tuesday will give a first consumer assessment of Trump''s turbulent first month in office and his possible impact on the economy. For the time being, rising inflation is not biting. "Last year we got a bit of a boost from low oil prices. This year, it''s more the nominal wage side, partly offset by higher oil prices," said Harm Bandholz, chief U.S. economist at UniCredit. In the euro zone''s periphery, private consumption picked up with lower energy prices last year, with a reverse effect possible 2017. Among core countries, spending should stay healthy due to a strong labour market, wage increases and low interest rates, all factors that should be in place for the next year or two. So far, consumers have shrugged off political risk factors, such as the Dutch who vote on March 15 and the British after the Brexit vote. However, British inflation could start to be felt with the rate set to approach 3 percent by the end of the year due to the fall in sterling. Christian Schulz of Citi, behind a paper entitled "U
'd0e44ea03225e68e307855cb42f0ac2ceb64891a'|'Quebec''s Caisse reports lower return in 2016 than year before'|'Company  00am EST Quebec''s Caisse reports lower return in 2016 than year before TORONTO Feb 24 Caisse de depot et placement du Quebec, Canada''s second-biggest public pension fund, reported an average return on its investments of 7.6 percent in 2016, a lower return than the year before, reflecting challenging economic conditions. The Caisse, which manages pension plans in the mostly French-speaking province, said its net assets rose to C$271 billion ($207 billion) at the end of 2016, compared with C$248 billion at the end of 2015. The performance showed a weakening trend, however. In 2015 the Caisse achieved an average return of 9.1 percent and in 2014 it achieved an average return of 12 percent. "On the economic front, the fundamental issue remains the same: slow global growth, exacerbated by low business investment. At the same time, there are also significant geopolitical risks," Chief Executive Michael Sabia said. "Given the relative complacency of markets, we need to adopt a prudent approach," he added. Canada''s biggest public pension plans have grown rapidly in recent years through a strategy of directly investing in private equity, infrastructure and real estate assets to diversify away from public equity and fixed income markets. Sabia said the Caisse would continue to invest more in less liquid assets such as private equity investments, infrastructure and real estate and less in fixed-income instruments which have been generating lower returns. He said the fund is targeting having 30 to 35 percent of its investment in less-liquid assets in "roughly four to five years," compared with 28 percent currently. ($1 = 1.3097 Canadian dollars) (Reporting by Matt Scuffham and Allison Lampert; Editing by Meredith Mazzilli) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/caisse-results-idUSL1N1G90YF'|'2017-02-24T23:00:00.000+02:00'
'a07b0e431f77b290b004ba15e02bbc8e9525950a'|'CANADA STOCKS-Futures point to a lower start as oil prices fall'|'Company  15am EST CANADA STOCKS-Futures point to a lower start as oil prices fall Feb 24 Stock futures indicated a lower start for Canada''s main stock index on Friday as oil prices slipped due to a surge in U.S. crude inventories for a seventh week. March futures on the S&P TSX index were down 0.42 percent at 7:15 a.m. ET. Canadian inflation data is due at 8:30 a.m. ET. The Toronto Stock Exchange''s S&P/TSX composite index fell to a 10-day low on Thursday as financial and industrial shares pared recent gains, while the materials group lost ground as base metal prices slumped. Dow Jones Industrial Average e-mini futures were down 0.38 percent at 7:15 a.m. ET, while S&P 500 e-mini futures were down 0.41 percent and Nasdaq 100 e-mini futures were down 0.52 percent. (Morning News Call newsletter: tmsnrt.rs/2fwPLTh ) TOP STORIES Royal Bank of Canada reported a 24 percent rise in first-quarter net income to more than C$3 billion, beating analysts expectations. MacDonald Dettwiler and Associates Ltd said it agreed to buy U.S.-based satellite imagery provider DigitalGlobe Inc for about C$3.10 billion to strengthen its position in the U.S. market. Canadian auto parts maker Magna International Inc, reported a lower-than-expected quarterly profit as costs rose. ANALYST RESEARCH HIGHLIGHTS Altus Group Ltd: Canaccord Genuity cuts price target to C$36 from C$38; rating "buy" Canadian Imperial Bank of Commerce: RBC raises target price to C$119 from C$118 Exchange Income Corp: Canaccord Genuity cuts target price to C$49 from C$49.5 COMMODITIES AT 7:15 a.m. ET Gold futures: $1253.4; +0.26 percent US crude: $54.08; -0.68 percent Brent crude: $56.13; -0.8 percent LME 3-month copper: $5889.5; +0.52 percent U.S. ECONOMIC DATA DUE ON FRIDAY 1000 U Mich Sentiment Final for Feb: Expected 96.0; Prior 95.7 1000 U Mich Conditions Final for Feb: Expected 111.2; Prior 111.2 1000 U Mich Expectations Final for Feb: Expected 85.5; Prior 85.7 1000 U Mich 1 year inflation final for Feb: Prior 2.8 pct 1000 U Mich 5 year inflation final for Feb: Prior 2.5 pct 1000 New home sales-units for Jan: Expected 0.570 mln; Prior 0.536 mln 1000 New home sales change mm for Jan: Expected 6.3 pct; Prior -10.4 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$1.31) (Reporting by Shradha Singh in Bengaluru; Editing by Savio D''Souza) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-idUSL4N1G93P8'|'2017-02-24T19:15:00.000+02:00'
'1edf7bfeffe989465afd59317a0cb772b245b8a1'|'Nissan says Brexit-induced fall in pound left it slightly worse off'|'Business News - Wed Feb 22, 2017 - 2:53pm GMT Nissan says Brexit-induced fall in pound left it slightly worse off People walk past a Nissan Motor Co''s showroom in Tokyo, Japan February 9, 2017. REUTERS/Toru Hanai - LONDON Japanese carmaker Nissan ( 7201.T ) said on Wednesday that the Brexit-induced fall in the pound, which dropped by some 15 percent against the euro after the June 23 referendum, had left it slightly worse off. When asked whether exporting cars from its north of England plant, which are now cheaper due to the depreciation in sterling, outweighed the extra cost of importing euro-denominated parts, Senior Vice President in Europe Colin Lawther said the overall effect was marginally negative. "We''re exposed to not having enough GBP pounds, so we are slightly worse off than we were in January, February the year before the currency changed dramatically," he told a conference in London on Wednesday. Nissan said last year that it would build two new models at its Sunderland plant in North East England after what a source said was a government pledge for extra support to counter any loss of competitiveness caused by Britain leaving the EU. (Reporting by Costas Pitas; editing by Maytaal Angel) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-eu-nissan-idUKKBN1611TN'|'2017-02-22T21:49:00.000+02:00'
'488a90b68ae6361c33e1d5fb74da4269e57651c1'|'NZ court grants Spark''s request for pause on Sky-Vodafone deal'|'WELLINGTON A New Zealand court on Wednesday ruled that a 36-hour pause must take place before Sky Network Television ( SKT.NZ ) can buy Vodafone''s New Zealand unit ( VOD.L ) if the competition regulator approves the deal.Rival telecommunications company Spark ( SPK.NZ ) on Monday asked the court to consider imposing the pause, saying it would provide companies "breathing space" to understand the regulator''s reasoning.Sky said it was considering the implications of the ruling.The Commerce Commission is due to rule on the proposed NZ$1.3 billion ($933 million) takeover on Feb. 23 and has previously cited concern the deal would dampen competition from rival broadband and mobile providers.Shares in Sky TV were halted, having fallen 2.7 percent, while shares in Spark edged up 0.6 percent.(Reporting by Charlotte Greenfield; Editing by Himani Sarkar)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-sky-network-tv-vodafone-group-idINKBN1610B6'|'2017-02-22T00:28:00.000+02:00'
'f2f9b8a114f23616b9c384e6f946bb2098237c99'|'Peugeot sets sales and savings goals for Opel deal - sources'|'LONDON/FRANKFURT/PARIS French carmaker PSA Group ( PEUP.PA ) expects its planned acquisition of General Motors'' ( GM.N ) Opel division to lead to combined sales of 5 million vehicles by 2022 and save as much as 2 billion euros ($2.1 billion) annually, as the talks advance towards a likely deal in early March, sources told Reuters.PSA also plans to make swift progress on technical convergence with GM''s European arm, bringing new Opel models such as the popular Corsa mini onto the Paris-based manufacturer''s own vehicle architectures to slash duplication, two people with knowledge of the matter said on Wednesday.Paris-based PSA and GM confirmed last week they were in talks over a PSA-Opel tie-up to create Europe''s second-largest carmaker by sales after Volkswagen ( VOWG_p.DE ).(Reporting by Pamela Barbaglia, Arno Schuetze and Gilles Guillaume; Writing by Laurence Frost; Editing by Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/opel-m-a-psa-goals-idINKBN1612GB'|'2017-02-22T16:06:00.000+02:00'
'd2baf78306da5d1adc567bb187e1de70bb850a0c'|'BRIEF-IDM Mining announces private placement with Osisko Gold Royalties for total proceeds of $15.25 mln'|' 10am EST BRIEF-IDM Mining announces private placement with Osisko Gold Royalties for total proceeds of $15.25 mln Feb 22 IDM Mining Ltd * IDM Mining announces private placement with Osisko Gold Royalties Ltd * IDM Mining Ltd - a private placement with Osisko Gold Royalties for total proceeds of $15.25 million * IDM Mining Ltd - agreed to purchase 29.4 million shares at a price of $0.17 per share and 41 million million flow-through shares at a price of $0.25 per share * IDM Mining Ltd - proceeds from offering will be primarily used for advancement of development of red mountain gold project Source text for Eikon:    '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-idm-mining-announces-private-place-idUSASB0B1JY'|'2017-02-22T21:10:00.000+02:00'
'27917902c6c2e7730b644f3ba56e3e068f63b77b'|'CEE MARKETS-Bucharest stocks extend rally on Banca Transilvania gains'|'* Bucharest stock index is highest since Jan 2008 * Improved bank prospects buoy stock indices in CEE * Czech central bank reiterates guidance on crown cap By Sandor Peto BUDAPEST, Feb 22 Romania''s Banca Transilvania stocks surged to a record high on Wednesday in continued reaction to expectations of growth, boosting the Bucharest stock index in a reflection of general optimism over Central European banks. The sector is emerging from a bad period marked with a jump in bad loans after 2008, solvency woes in Slovenia and Bulgaria, and increased costs from new taxes in Hungary and Poland and schemes to convert Swiss franc loans into national currencies. Bank profits are rising across the region. In the latest sign of improvement, the Bank of Slovenia reported on Tuesday that the net profit of Slovenian lenders tripled last year. Bank shares have been a key driver of a rally in Central European equities markets in the past weeks, also driven by a global rise due to expectations for economic stimulus in the U.S. Most of the region''s markets took a respite on Wednesday after robust gains on Tuesday. But Bucharest''s index, which reached its highest levels since June 2008 on Tuesday, extended its gains. It rose 0.9 percent by 0905 GMT, and was the highest since January 2008. Its gains were again driven mainly by the shares of Banca Transilvania, which traded at record highs, rising more than 2.5 percent. Banca Transilvania shares have been rising since it reported its results last week. Net profits fell last year after a one-off surge in 2015. But investors are optimistic over the prospects of the bank, which acquired Volksbank''s unit in 2015, based on improved indicators including the ratio of non-performing loans. Prague stocks rose by only 0.3 percent but that was enough to set a new 15-month high. The Czech Republic holds a government bond auction on Wednesday. The 10-year bond on offer may look attractive as its spread versus Bunds has been recently restored to more than 30 basis points from zero in January, Raiffeisen analyst Stephan Imre said in a note. Czech debt assets have been made more attractive by the widened spreads and speculation that the Czech central bank could remove its cap on the value of the crown soon, letting it firm past 27 against the euro, the analyst added. Czech central bank Vice Governor Mojmir Hampl reiterated on Wednesday that the bank most likely to abandon its weak crown policy around the middle of 2017 and it will not remove a cap on the currency before the second quarter. The crown''s implied rate in six-month forwards deals eased to a one-week low of 26.848 against the euro. CEE SNAPS AT 1005 MARKETS HOT CET CURRENCIES Lates Previ Daily Chang t ous e bid close chang in e 2017 Czech crown 27.02 27.02 +0.0 -0.05 00 30 1% % Hungary 307.2 307.3 +0.0 0.53% forint 000 650 5% Polish 4.293 4.297 +0.1 2.58% zloty 0 9 1% Romanian 4.515 4.516 +0.0 0.43% leu 5 9 3% Croatian 7.448 7.452 +0.0 1.44% kuna 0 8 6% Serbian 123.7 123.8 +0.0 -0.33 dinar 600 600 8% % 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 977.4 974.4 +0.3 +6.0 1 7 0% 5% Budapest 34248 34324 -0.22 +7.0 .85 .99 % 2% Warsaw 2248. 2248. +0.0 +15. 64 52 1% 44% Bucharest 7983. 7912. +0.9 +12. 92 64 0% 69% Ljubljana 765.1 765.6 -0.06 +6.6 6 5 % 3% Zagreb 2214. 2225. -0.51 +10. 05 48 % 99% Belgrade <.BELEX15 710.4 712.0 -0.22 -0.97 > 2 1 % % Sofia 610.2 610.5 -0.04 +4.0 9 1 % 7% BONDS Yield Yield Sprea Daily d (bid) chang vs chang e Bund e in Czech sprea Republic d 2-year <CZ2YT=RR -0.50 0.004 +038 +3bp > 9 bps s 5-year <CZ5YT=RR 0.189 -0.02 +070 +1bp > bps s 10-year <CZ10YT=R 0.663 -0.01 +038 +0bp R> 5 bps s Poland 2-year <PL2YT=RR 2.259 0.003 +315 +3bp > bps s 5-year <PL5YT=RR 3.212 0.002 +372 +3bp > bps s 10-year <PL10YT=R 3.86 -0.00 +357 +1bp R> 6 bps s FORWARD RATE AGREEMENT 3x6 6x9 9x12 3M inter bank Czech Rep < 0.28 0.31 0.35 0 PRIBOR=>
'5acbeaf0f93fd45ad455e03065cb883d40fd3a99'|'Northern Trust uses blockchain for private equity record-keeping'|'Business News   5:05am GMT Northern Trust uses blockchain for private equity record-keeping By Anna Irrera - NEW YORK NEW YORK Northern Trust Corp ( NTRS.O ) has deployed a new blockchain-based system built with International Business Machines Corp ( IBM.N ) to record information on transactions involving private equity funds, in one of the first commercial deployments of the nascent technology. The program is currently being used to manage the administration of a private equity fund run by Switzerland-based asset manager Unigestion, Northern Trust and IBM said on Wednesday. The new blockchain system records documents and information connected to transactions involving the fund, such as investments by limited partners, a process which is currently highly manual. Other than providing a central record for fund managers, investors and administrators, the program also allows regulators to access the information when required. Blockchain, which first emerged as the system underpinning cryptocurrency bitcoin, is an immutable shared ledger of transactions that is maintained by a network of computers, rather than a centralized authority. As it creates a shared golden source of data it can reduce errors and the need for reconciliation. Financial institutions have been ramping up their investment in blockchain, also known as distributed ledger technology, in the hopes that it can help make some of their processes more efficient and cheaper to manage. The new system, built using blockchain code from the Linux Foundation-led Hyperledger project, could provide greater transparency, efficiency and security to an asset class that has remained largely paper-based, Northern Trust and IBM executives told Reuters. "We decided to focus on the private equity market because the marketplace is very manual today," said Peter Cherecwich, president of corporate and institutional services, at Northern Trust. "Benefits should include a reduction in cost." The Chicago-based asset management and fund administration company plans to roll out the platform to other clients selectively, it said. While financial firms have announced numerous blockchain experiments over the past year, the vast majority still have to move into real implementations, leading skeptics to question whether the technology''s potential has been over-hyped. Private equity was an ideal market for early blockchain adoption because it involved lower volumes of transactions than other asset classes but would benefit from more automation, Northern Trust and IBM executives said. (Reporting by Anna Irrera; Editing by Cynthia Osterman) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-nthern-trust-ibm-blockchain-idUKKBN1610EJ'|'2017-02-22T12:05:00.000+02:00'
'dcc7ca35d5bf89ceae88f3cba1ed9f9aa8449f0b'|'Staffing firm Hays reports 3 percent rise in first half net fees'|'Business   7:28am GMT Staffing firm Hays reports 3 percent rise in first half net fees British recruiting company Hays ( HAYS.L ) said it remained confident for the rest of its financial year after reporting a 3 percent rise in first-half net fees at constant currencies on growth in Europe, Australia and Asia. The company, which places workers in areas such as finance and IT, has seen the UK market stabilise after stumbling in the immediate aftermath of last June''s referendum about Britain leaving the EU, Chief Executive Alistair Cox said in a statement. The UK private recruitment market showed signs of improvement towards the end of the first half and that continued into the second half, he said. Net fees rose to 465.5 million pounds in the six months ended Dec. 31, up from 396.9 million a year earlier, Hays said in its trading update. (Reporting by Esha Vaish in Bengaluru; editing by Jason Neely) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-hays-results-idUKKBN1610N9'|'2017-02-22T14:28:00.000+02:00'
'97e967553887183b7faac580499c2380e0bb4642'|'UPDATE 1-AccorHotels 2016 beats forecasts, French market improved in Q4'|'* Operating profit beats forecasts* Appoints ex-President Sarkozy to board* French market under pressure but some signs of recovery (Adds detail, background)By Dominique VidalonPARIS, Feb 22 AccorHotels, Europe''s largest hotelier, reported a forecast-beating 3.8 percent rise in operating profit for last year, helped by restructuring efforts and robust demand in most markets.The French company said earnings for its core, domestic market had been impacted as a result of weak demand following a spate of deadly, Islamist militant attacks in France, although the French market had started to recover in the fourth quarter.AccorHotels, which has more than 4,000 hotels ranging from the budget Ibis to the luxury Sofitel brand, also recruited former French President Nicolas Sarkozy as a board member to chair an international strategy committee.The group, which competes with InterContinental, Marriott and Starwood, is undergoing a reorganisation under Chief Executive Sebastien Bazin, who took over in August 2013.The overhaul has entailed cutting costs, expanding in China and strengthening its presence in the luxury hotels market, with the acquisition of FRHI Holdings, owner of prestigious hotels such as London''s Savoy and New York''s Plaza.AccorHotels has also struck several deals in order to strengthen its online and Internet offerings.Earnings before interest and taxes (EBIT) rose to 696 million euros ($732 million) in 2016. This compared with Accor''s own guidance for EBIT between 670-690 million euros, while analysts polled by Financial Inquiry for Reuters expected 676 million.Revenues also rose 2.2 percent on a like-for-like basis to 5.631 billion euros for 2016.In France, which makes 30 percent of group profit, revenues fell 2.8 percent while EBIT also declined 13 percent on a like-for-like basis.Business was very challenging in Paris where a key measure of revenue per available room (REvPar) fell 13.2 percent, although hotel demand outside the French capital was stronger.In the Paris region alone, hotel owners welcomed 1.5 million fewer tourists in 2016 compared to 2015, costing local tourism 1.3 billion euros in lost revenue, the regional tourism committee said this week.In July, AccorHotels announced a plan to turn property unit HotelInvest - whose assets are worth 6.6 billion euros - into a subsidiary in 2017 ahead of then selling the majority of its capital to institutional investors.AccorHotels reiterated on Wednesday that the plan would give it significant headroom for expansion.($1 = 0.9504 euros) (Reporting by Dominique Vidalon; Editing by Sudip Kar-Gupta)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/accorhotels-results-idINL8N1G70TX'|'2017-02-22T04:01:00.000+02:00'
'f96761014c510c55760599ed8c0c32cf5c8a969a'|'UK to set out proposed government''s role in foreign takeovers in next few weeks'|'Business News   12:46pm GMT UK to set out proposed government''s role in foreign takeovers in next few weeks Britain''s Secretary of State for Business Greg Clark arrives for a cabinet meeting in Downing Street, London, January 17, 2017. REUTERS/Neil Hall LONDON Britain''s business minister said on Wednesday he will set out proposals over the government''s stance towards the possible foreign takeover of British firms, particularly in critically important areas such as nuclear power, in the coming weeks. Anglo-Dutch firm Unilever ( ULVR.L ) ( UNc.AS ) rejected a $143 billion (115 billion pounds) bid from U.S. rival Kraft Heinz ( KHC.O ) last week and Prime Minister Theresa May intervened in a deal to build a new nuclear plant in Britain which strained relations with China, which will help pay for it, and France, which will build it. "We will be setting out some proposals in the weeks ahead," Greg Clark told a London conference on Wednesday. (Reporting by Costas Pitas; editing by Maytaal Angel) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-business-m-a-idUKKBN1611GE'|'2017-02-22T19:46:00.000+02:00'
'7d0106c9ce03ec2a2d27af49f340a7b8fdb4813c'|'How can I trace the holiday my late husband bought on Booking.com? - Money'|'My husband died in October last year after buying a holiday on Booking.com for my two daughters in Sardinia. All we know is the name of the apartment in Porto Cervo and that it<69>s for a week in June. We know my husband<6E>s email address and personal details but are struggling to trace this holiday. Booking.com has told us it can<61>t help without a reference number <20> a number we can<61>t access. My children have been through a tough time and I would like to take them on this holiday. CR, by email So much is now email-based that there must be a case for couples to swap passwords in the event of the worst happening. We asked Booking.com to help and, with a few more details, it has located the non-refundable, <20>2,000 (<28>1,700) trip. It has also provided a pin number that will enable you to change the name on the booking and use the trip. A big well done to all concerned at Booking.com.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 Money Consumer champions Consumer rights Online shopping Travel & leisure features Share on Facebook Share on Twitter Share via Email Share on LinkedIn Share on Pinterest Share on Google+ Share on WhatsApp Share on Messenger'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/2017/feb/21/booking-com-cant-find-holiday-reference-number'|'2017-02-21T14:00:00.000+02:00'
'b5ea02a1ec4122b346e0f30963afb20907bad06d'|'HSBC cuts pay of senior executives after failing to combat potential financial crime - Business - The Guardian'|'HSBC has cut the pay package of its top executives in 2016 after Britain<69>s biggest bank failed to meet demands by US regulators that it toughen up its defences against financial crime.As the bank reported a 62% slump in profits, it revealed it was being investigated in the UK for potential money laundering offences along with a list of other run-ins with regulators around the world.As a result of a <20>1.2bn fine from the US in 2012 for poor anti-money laundering controls and flouting US sanctions, a monitor was posted to HSBC<42>s offices through a so-called deferred prosecution agreement (DPA).The monitor<6F>s role is intended to ensure HSBC is bolstering its systems to fight financial crime - although it did not sign off the report for 2016.Stuart Gulliver, chief executive of HSBC, said: <20>Our monitor has raised certain concerns but we have continued to progress and our commitment remains unwavering. By the end of this year, we are on track to have our anti-money laundering and sanctions policy framework in place and to have introduced major compliance IT systems across the group<75>.The bank said the element of Gulliver<65>s bonus - and that two other main directors - which was gauged on improving defences against fighting crime had been reduced. His pay fell to <20>5.6m from <20>7.3m but this was largely the result of a change in the overall pay policy at the bank. His annual bonus rose, however, because Gulliver met other performance measures.The monitor - Michael Cherkasky - had expressed concerns a year ago as well and this year again highlighted concerns about the pace of progress and <20>instances of potential finance crime that the DoJ and HSBC are reviewing further and on-going systems and control deficiencies that in his view raised questions as to whether HSBC is adhering to all its obligations under the US DPA<50>.The remuneration report published along the results also showed that the bank reduced pay of <20>certain individuals<6C> by $12.1m to <20>reflect their involvement in certain notable events and individual transgressions<6E>.The bank, which employs around 240,000 around the world, said it <20> is subject to an investigation by the FCA into compliance with UK monetary laundering investigations and financial crime systems and control requirements<74>. The 62% fall in profits slumped $7.1bn was caused by a $3.2bn write down of its private banking operations, $3.1bn incurred by Gulliver<65>s overhaul of the bank and a number of other items including the sale of the Brazilian operations. Without these, profits were broadly flat $19.3bn.Gulliver is planning to help bolster returns to shareholder by buying back $1bn of shares, on top of $2.5bn announced in August .The bank is the process of overhauling its board and seeking a new chairman to replace Douglas Flint who said an announcement would be made <20>in due course<73>.He said the bank would need to relocate staff from London to Paris in the next two years a result of Brexit.'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/2017/feb/21/hsbc-cuts-pay-of-senior-executives-after-failing-to-combat-financial'|'2017-02-21T02:00:00.000+02:00'
'd4b9883f05d66eb4c06efe0a7f1439eda504af1e'|'REFILE-South Africa watchdog says door open for banks to seek leniency in FX probe'|'Company   4:59am EST REFILE-South Africa watchdog says door open for banks to seek leniency in FX probe (Fixes typo in headline) CAPE TOWN Feb 21 South Africa''s competition watchdog said on Tuesday the door was open for other banks to come forward with information in return for immunity from prosecution in the rand currency rigging probe. The Competition Commission has already granted Barclays Africa conditional immunity and handed Citigroup a reduced fine for their cooperation in the investigation. (Reporting by Wendell Roelf; Editing by James Macharia) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/safrica-rand-rigging-watchdog-idUSJ8N1F902Q'|'2017-02-21T16:59:00.000+02:00'
'71e4340638aa1f1f28db57b465ba3d5ee5afa02e'|'Deals of the day-Mergers and acquisitions'|'Feb 22 The following bids, mergers, acquisitions and disposals were reported by 1100 GMT on Wednesday:** Billionaire investor Carl Icahn has taken a stake in Bristol-Myers Squibb Co and sees the drugmaker as a possible takeover target, according to a report published on Tuesday that sent the company''s shares from a loss to more than 2 percent higher.** SourceHOV LLC, Novitex Holdings Inc and Quinpario Acquisition Corp 2 agreed to combine in a deal valued at about $2.8 billion, to scale up their businesses in the financial technology and business services industry.** China''s state-run Zhenhua Oil has signed a preliminary deal with Chevron to buy the U.S. oil major''s natural gas fields in Bangladesh that are worth about $2 billion, two Beijing-based Chinese oil executives said.Chevron is also in talks with the Angolan government and state oil firm Sonangol to revise tax terms and future investment will hinge on those talks, a senior company official was Quote: d as saying.** South Africa''s Murray and Roberts (M&R) said Germany''s ATM Holding GmbH has acquired a 25 percent shareholding in the engineering and construction group.** Ternium SA has agreed to buy Thyssenkrupp AG''s CSA steel plant for 1.26 billion euros ($1.3 billion), ending five years of attempts by the German industrial firm to offload the loss-making Brazilian mill.** Thailand''s PTT Pcl is interested in bidding for a stake in the SK316 offshore gas block in Malaysia''s state of Sarawak, Chief Executive Thewin Wongwanich said.** German property company Deutsche Wohnen is planning to buy a portfolio of several thousand Berlin apartments for more than 500 million euros ($525 million), three people close to the deal told Reuters.** Canadian dairy company Saputo Inc bought out Australian firm Warrnambool Cheese and Butter Factory Co Holdings Ltd''s (WCB) largest minority shareholder, Lion Pty Ltd, all but securing a takeover offer for the 12 percent of WCB that Saputo does not already own.** Grupo Aeromexico said on Tuesday that its board had determined that Delta Air Lines Inc''s offer to buy an additional 32 percent of its shares was fair.** Canadian meat packaging goods company Maple Leaf Foods Inc said on Tuesday it would buy U.S.-based Lightlife Foods Inc, a manufacturer of plant-based protein foods, for $140 million and related costs.** A consortium of Hong Kong-based private equity fund Gaw Capital Partners and individuals including Pony Ma, founder of China''s Tencent Holdings Ltd, is looking to buy the Four Seasons Resort in Bora Bora, French Polynesia, Basis Point reported.** Nutritional ingredients maker Glanbia Plc has agreed to spin off its Irish consumer food and agribusiness divisions into a joint venture it has with Irish dairy co-op Glanbia Co-operative Society Ltd.** Tobacco company Imperial Brands and nutritional ingredients maker Glanbia are attractive targets for Japanese companies looking to expand into international markets, Exane BNP Paribas analysts said in a note to clients.** A New Zealand court ruled that a 36-hour pause must take place before Sky Network Television can buy Vodafone''s New Zealand unit if the competition regulator approves the deal.** Deutsche Boerse AG and the London Stock Exchange Group Plc are planning further concessions to satisfy the European Commission''s concerns about their planned merger, two sources familiar with the matter said on Tuesday.Britain''s government played down suggestions the London Stock Exchange''s headquarters could move to Frankfurt after merging with Deutsche Boerse, but cautioned it was watching the deal closely. (Compiled by Ankit Ajmera in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/deals-day-idINL4N1G73JT'|'2017-02-22T08:11:00.000+02:00'
'dccec83aae3f1ff0ec23a8e5aacedef6386af941'|'BRIEF-Navios Maritime Holdings posts Q4 earnings per share $0.24'|' 23am EST BRIEF-Navios Maritime Holdings posts Q4 earnings per share $0.24 Feb 22 Navios Maritime Holdings Inc * Navios Maritime Holdings Inc reports financial results for the fourth quarter and year ended december 31, 2016 * Q4 revenue $99.5 million * Qtrly adjusted basic loss per share $0.28 * Navios Maritime Holdings Inc - qtrly revenue $99.5 million versus $111.7 million * Qtrly earnings per share $0.24    *  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-navios-maritime-holdings-posts-q-idUSASB0B1JI'|'2017-02-22T21:23:00.000+02:00'
'fb7ed713a9e7a8c8641818690d97cec567cdca1b'|'Saudi Aramco selects lead underwriters for $100 billion IPO: WSJ'|'Oil giant Saudi Aramco IPO-ARMO.SE has selected JPMorgan Chase & Co ( JPM.N ), Morgan Stanley ( MS.N ), and HSBC Holdings Plc ( HSBA.L ) as lead underwriters on the firm''s planned initial public share offering, the Wall Street Journal reported on Tuesday, citing people familiar with the matter.Saudi Arabian Oil Co, known as Saudi Aramco, was not immediately available for comment.Saudi authorities are aiming to list up to 5 percent of the world''s largest oil producer on both the Saudi stock exchange in Riyadh, the Tadawul, and one or more international markets in an IPO that could raise $100 billion.The listing is the centerpiece of a Saudi Arabian government plan to transform the kingdom by enticing investment and diversifying the economy away from reliance on oil.(Reporting by Ismail Shakil in Bengaluru; Editing by James Dalgleish)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-saudi-aramco-ipo-idINKBN1602U9'|'2017-02-21T20:55:00.000+02:00'
'e6625f5b11ce5b35b94f6c9c7b8b738997e8421d'|'BRIEF-Milacron Holdings'' unit entered into amendment no. 1'|' 30pm EST BRIEF-Milacron Holdings'' unit entered into amendment no. 1 Feb 21 Milacron Holdings Corp * On Feb 15, Co''s unit entered into amendment no. 1 which amends previous term loan agreement dated as of May 14, 2015 - SEC filing * Term loan agreement says borrower may request increases to term loan facility in aggregate principal amount not to exceed times $220 million  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-milacron-holdings-unit-entered-int-idUSFWN1G60X9'|'2017-02-22T05:30:00.000+02:00'
'64082e2f0845ee1f0cbb18aec723f87481cd1750'|'Deals of the day-Mergers and acquisitions'|'Company  06pm EST Deals of the day-Mergers and acquisitions (Updates ATM Holding, Maple Leaf Foods, Adds Dow Chemical, PSA Group, Power Financial Corp ) Feb 22 The following bids, mergers, acquisitions and disposals were reported by 2100 GMT on Wednesday: ** Oil giant Saudi Aramco is believed to be the front-runner to buy Turkish fuel stations business Petrol Ofisi from Austrian oil group OMV, sources familiar with the matter said. Petrol Ofisi generated sales of around 10 billion euros ($10.5 billion) in 2015. Also Malaysia''s state oil firm Petroliam Nasional Bhd (Petronas) and Saudi Aramco are expected to sign an agreement to collaborate in Malaysia''s Refinery and Petrochemical Integrated Development (RAPID) project, two industry sources said. ** Billionaire investor Carl Icahn has taken a stake in Bristol-Myers Squibb Co and sees the drugmaker as a possible takeover target, according to a report published on Tuesday that sent the company''s shares from a loss to more than 2 percent higher. ** SourceHOV LLC, Novitex Holdings Inc and Quinpario Acquisition Corp 2 agreed to combine in a deal valued at about $2.8 billion, to scale up their businesses in the financial technology and business services industry. ** China''s state-run Zhenhua Oil has signed a preliminary deal with Chevron to buy the U.S. oil major''s natural gas fields in Bangladesh that are worth about $2 billion, two Beijing-based Chinese oil executives said. Chevron is also in talks with the Angolan government and state oil firm Sonangol to revise tax terms and future investment will hinge on those talks, a senior company official was quoted as saying. ** Germany''s ATM Holding has bought a 25 percent shareholding in engineering and construction group Murray and Roberts (M&R), the South African firm said before posting a 70 percent drop in profit. ** Thyssenkrupp AG has struck a deal to sell its loss-making Brazilian steel mill CSA to Ternium SA for 1.26 billion euros ($1.3 billion), ending a foray into the Americas that led to billions of euros in losses. ** Set-top box maker Arris International Plc is nearing a deal to acquire Brocade Communications Systems Inc''s networking equipment business for roughly $1 billion, people familiar with the matter said on Tuesday. ** Thailand''s PTT Pcl is interested in bidding for a stake in the SK316 offshore gas block in Malaysia''s state of Sarawak, Chief Executive Thewin Wongwanich said. ** German property company Deutsche Wohnen is planning to buy a portfolio of several thousand Berlin apartments for more than 500 million euros ($525 million), three people close to the deal told Reuters. ** Tribune Media Co, one of the largest U.S. television station operators, said on Tuesday that activist investor Starboard Value LP had taken a 6.6 percent stake in the company. ** Canadian dairy company Saputo Inc bought out Australian firm Warrnambool Cheese and Butter Factory Co Holdings Ltd''s (WCB) largest minority shareholder, Lion Pty Ltd, all but securing a takeover offer for the 12 percent of WCB that Saputo does not already own. ** Grupo Aeromexico said on Tuesday that its board had determined that Delta Air Lines Inc''s offer to buy an additional 32 percent of its shares was fair. ** Canadian meat packaging company Maple Leaf Foods reported a smaller-than-expected profit on Wednesday and also said it would allow its biggest shareholder to take a bigger stake in the company. Maple Leaf said on Wednesday it would allow its top shareholder to take a bigger stake in the company. The company said Chief Executive Michael McCain and an organization affiliated to him could now bump up their stake to as much as 45 percent in Maple Leaf. ** A consortium of Hong Kong-based private equity fund Gaw Capital Partners and individuals including Pony Ma, founder of China''s Tencent Holdings Ltd, is looking to buy the Four Seasons Resort in Bora Bora, French Polynesia, Basis Point reported. ** Nutritional ingredients maker Glanbia Plc has agreed to 
'0764fe5613bcea0b6f530f2bff7514a949d69d16'|'Fincantieri signs $1.5 billion China cruise ship deal with Carnival'|'Italian shipbuilder Fincantieri ( FCT.MI ) and China State Shipbuilding Corp have agreed with Carnival Corp ( CCL.N ) to build two cruise ships for the fast-growing Chinese cruise market under a $1.5 billion agreement.Carnival''s Chinese joint venture will operate the ships and the agreement also includes an option to build four more ships.The design of the ships, which will be delivered from 2023, will be tailored for the "specific tastes of the Chinese travelers", the companies said on Wednesday.(Reporting by Silvia Recchimuzzi in Gdynia; editing by David Clarke)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-fincantieri-carnival-china-idINKBN16119B'|'2017-02-22T08:40:00.000+02:00'
'38628b97eacf395bfe3508abb84386e6bf96392b'|'Lloyds profit hits 10-year high as bank approaches full recovery'|'By Andrew MacAskill and Lawrence White - LONDON LONDON Lloyds Banking Group reported its highest full-year profit in a decade on Wednesday, as the taxpayer-backed bank nears a complete recovery from its crisis-era past.Britain''s biggest mortgage lender said pretax profit was 4.2 billion pounds ($5.25 billion), more than double the 1.64 billion pounds booked in the same period a year earlier.The profit is a boost to the British government as it aims to return Lloyds to full private ownership in the next few months after the bank was rescued in a 20.5 billion pound taxpayer bailout during the 2008 financial crisis.Lloyds, which is most exposed among the major British banks to any downturn in the economy, has continued to confound expectations that the economic upheaval caused by last year''s vote to quit the European Union would squeeze profits."Our performance is inextricably linked to the health of the UK economy which has been more resilient than the market expected post referendum," the bank said in a statement.Lloyds'' higher profit was driven by lower provisions to compensate customers mis-sold loan insurance after the bank set aside what it hopes will be a final 1 billion pound provision last year.The bank has so far set aside more than 17 billion pounds to pay customers back the cost of the insurance, more than any other bank, in what is Britain''s costliest consumer scandal.Total income was slightly below last year and there was a 14 percent increase in bad loan charges in an early warning that some customers could be struggling to cope with post-Brexit economic uncertainty.The bank said its net interest margin - a key performance measure <20> had widened to 2.71 percent over the period.Lloyds said it would pay a total dividend of 3.05 pence, up 11 percent on last year.The government''s stake in Lloyds has now fallen to below 5 percent.This means at the current rate the government is selling down its stake it should be fully returned to private ownership by around May.($1 = 0.8005 pounds)(Reporting By Andrew MacAskill)'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/lloyds-results-idINKBN1610VJ'|'2017-02-22T06:20:00.000+02:00'
'2063a93e41b87038157e54da541ecb98bcb8e63e'|'BRIEF-Ace Hardware posts Q4 revenue $1.2 billion, up 5.8 pct'|' 25am EST BRIEF-Ace Hardware posts Q4 revenue $1.2 billion, up 5.8 pct Feb 22 Ace Hardware Corp * Ace Hardware reports record revenues, profits and patronage dividend * Q4 revenue rose 5.8 percent to $1.2 billion * Ace Hardware Corp - Q4 net income of $21.5 million, an increase of 77.7 percent from last year    *  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-ace-hardware-posts-q4-revenue-12-b-idUSASB0B1JJ'|'2017-02-22T21:25:00.000+02:00'
'fd9dd54b85e4e79ec9724c215610a9a53f5046d0'|'New Zealand competition watchdog rejects Sky TV purchase of Vodafone NZ'|'WELLINGTON New Zealand''s competition regulator on Thursday rejected Sky Network Television''s ( SKT.NZ ) proposed acquisition of Vodafone''s New Zealand unit ( VOD.L ), saying that it would create a monopoly on premium sports content.The Commerce Commission said in a statement that its concerns about the NZ$1.3 billion ($930 million) deal outlined in October had not been assuaged."We have concerns that this could impact competitiveness of key third players in these markets," Commerce Commission Chairman Mark Berry said in the statement.Vodafone said it will consider its options after it has examined the commission''s decision."We are disappointed the Commerce Commission was unable to see the numerous benefits this merger brings to New Zealanders," Vodafone''s New Zealand CEO Russell Stanners said.The regulator had delayed its decision until February after asking Sky and Vodafone for more details on the deal, which was first proposed in June.Rival telecoms company Spark New Zealand ( SPK.NZ ) also opposed the deal and had received a court stay on Wednesday for a temporary halt if the regulator ruled in flavor of the sale."The Commerce Commission''s decision to decline the proposed merger between Sky Network Television Ltd and Vodafone New Zealand is a big positive for Kiwi consumers," Spark<72>s General Manager for Regulatory Affairs, John Wesley-Smith, said in a statement.(Reporting by Charlotte Greenfield; Editing by Toby Chopra and David Goodman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-sky-network-tv-vodafone-group-idINKBN1612KO'|'2017-02-22T17:41:00.000+02:00'
'de301d5fc4b9c116ce24d9202f598a571f0b285f'|'''The looks set to be slowing again'' - experts debate watch data'|'David Blanchflower P rofessor of economics at Dartmouth College, New Hampshire, and former member of the Bank<6E>s MPC from June 2006 to May 2009 The big economic stories this month were about prices, wages and spending and a decline in the number of workers in the UK from the EU. Inflation continued to rise in January , with the consumer prices index hitting 1.8%, the highest since June 2014 as fuel prices surged and the food price deflation enjoyed by shoppers in recent years continued to disappear. The weak pound continued to raise   which rose at the fastest pace for more than eight years.But more importantly the retail prices index measure of inflation, which is used in wage settlements, rose by 2.6%. This matters when the latest data on wage growth of total earnings showed a dramatic slowing from 2.9% in November to 1.9% in December . So prices are now rising faster than wages. As a consequence, this month real earnings, measured in constant 2000 prices, fell from <20>343 to <20>341 a week. The buying power of a pay packet is down over 4% from its pre-recession peak of <20>356 a week in April 2008. Hurt   spending. Brexit economy: can consumers can keep shoring up the UK? Read more It surprised me, as it did the Monetary Policy Committee, how much people were using up their savings to buy stuff, but this seems now to be coming to an end. It was not surprising then to see the worst bit of economic news this month, the fall in retail sales . Sales volumes fell for the third month running in January, dropping by 0.3%. Taking the latest three months together it was the weakest underlying sales performance for three years. This was the biggest story and may well be the start of something big. Prices   2017.Of note also this month also is the decline in the most recent quarter compared with the previous one of around 50,000 workers from the European Union, who are apparently beginning to be frightened away by Brexit. The big question is whether this trend will continue. The UK is a less attractive place to work with the decline in the pound. The economy looks set to be slowing again.Andrew Sentance Senior economic adviser at the consultancy PwC and former member of the Bank<6E>s MPC from October 2006 to May 2011 The pattern of economic data for the last two quarters of last year was quite clear <20>   The relatively good figures for public finances reflect that picture as tax receipts are generally a lagging economic indicator.But   uncertain. Retail sales growth is now clearly being squeezed by rising inflation . So far, a general rise in global inflation is the main reason for this. At 1.8%, UK headline inflation is in line with the eurozone and lower than in the US. But as we move thorough this year we should expect to see more imported inflation following the decline in sterling since late 2015. This is already showing up in the fact that manufacturing input costs are up over 20% on a year ago. So UK inflation could quite soon move up towards 3% and possibly higher as these price rises come through to retailers and consumers.Meanwhile, the labour market data continue to point to slowing employment growth, even though unemployment remains historically very low . Manufacturing industry continues to record respectable growth, according to business surveys , but it is the services sector which dominates the pattern of employment growth in the UK.All   spending. We could well see the first clear signs of this slowdown in the GDP figures for the first quarter of this year, when they are available in a few months<68> time.'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/2017/feb/22/economy-slowing-brexit-watch-data'|'2017-02-22T02:00:00.000+02:00'
'1441d6a208e1386f47efe730a41e6ed1428b49e2'|'BRIEF-Manulife Financial Corp prices U.S. public offering of subordinated notes'|' 33pm EST BRIEF-Manulife Financial Corp prices U.S. public offering of subordinated notes Feb 21 Manulife Financial Corp * Manulife Financial Corporation prices U.S. public offering of subordinated notes * Manulife Financial Corp - priced a public offering in United States of $750 million aggregate principal amount of 4.061% subordinated notes due 2032 * Notes are expected to be issued on February 24, 2017 and will bear interest at rate of 4.061% per year * Manulife Financial Corp - priced the offering of notes at a public offering price of 100%  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-manulife-financial-corp-prices-us-idUSASB0B1FC'|'2017-02-22T05:33:00.000+02:00'
'e3bdb14c67ffc8ea3558401f5b284d6261537a66'|'Apple says new California headquarters to open in April'|' 30pm GMT Apple says new California headquarters to open in April The Apple Campus 2 is seen under construction in Cupertino, California in this aerial photo taken January 13, 2017. REUTERS/Noah Berger Apple''s sprawling new campus, dubbed "Apple Park," will open in April, the iPhone maker said on Wednesday. Although the first wave of employees will begin moving into the new Cupertino, California, headquarters this spring, it will take about six months for all of the 12,000-plus workers to make the transition, Apple said. Construction will run through the summer. Apple also said the 1,000-seat theatre at its futuristic headquarters will be named for its late co-founder, Steve Jobs, who helped design the 175-acre campus before his death in 2011. <20>Steve invested so much of his energy creating and supporting vital, creative environments," Jony Ive, Apple<6C>s chief design officer, said in a statement. "We have approached the design, engineering and making of our new campus with the same enthusiasm and design principles that characterize our products." Apple has brought great attention to every aspect of the campus, including a 2.8 million-square-foot main building, scrutinizing even hidden features such as pipes and electrical wiring, Reuters reported earlier this month. Apple''s high standards contributed to delays on the project, former construction managers said. One door handle, for example, took at least a year and a half to design, according to a former construction manager. Apple unveiled its plans for the headquarters in 2011. (Reporting by Julia Love; Editing by Jeffrey Benkoe)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-apple-campus-idUKKBN1612D6'|'2017-02-23T01:30:00.000+02:00'
'463d741a1c11dce601a9d3c1d1ec0b014c9e86b7'|'Confident Snap brushes off concerns on second day of IPO roadshow'|'By Lauren Hirsch and Liana B. Baker - NEW YORK NEW YORK Snap Inc, owner of popular messaging app Snapchat, fended off investor skepticism on the second day of its IPO roadshow on Tuesday, betting on the charisma of CEO Evan Spiegel, 26, whom it introduced as a "once in a generation founder."Snap is targeting a valuation of between $19.5 billion and $22.3 billion from listing on the New York Stock Exchange in two weeks. It cut its initial target of $20 billion-$25 billion last week following negative investor feedback.In a room of more than 400 investors on the 36th floor of New York''s Mandarin Oriental Hotel, Spiegel brushed aside concerns of slowing user growth and stressed Snap''s potential to change "the way people live and communicate," according to sources who asked not to be identified because the meeting was closed to the press.Many investors remained unconvinced by Snap''s claim that it is more valuable than Facebook Inc ( FB.O ) based on revenue at the time of its IPO in 2012. Still, they acknowledged that Snap has built momentum as this year''s biggest technology IPO and the darling of millennials."They could have been in their underwear up there and no one would have cared," said one investor who attended the roadshow on Tuesday.In the Q&A with management that took up the entire session, not one attendee asked about the company''s first-of-its kind share structure that offers IPO investors no voting rights. Investors were wary that being too critical might prompt the company to limit their allocation in the offering, an investor said.Spiegel and co-founder Bobby Murphy will have the right to 10 votes for every share, and existing investors such as venture capital backers will get one vote for each share.Investors seeking clear answers to concerns around metrics, particularly the company''s long-touted new user growth, were disappointed. New user growth slowed in the second half of 2016, and just this week Facebook''s WhatsApp introduced a disappearing photo-messaging service similar to Snapchat''s. Last year, Facebook introduced disappearing videos to its Instagram platform that resemble Snapchat''s.Spiegel said the company''s growth is "lumpy," due to new launches that have varying degrees of success. In a recent update of its IPO registration document, the company also pointed to technical issues facing Android devices that have hindered new user growth outside the United States.Chief Strategy Officer Imran Khan asked investors to gauge how much users engaged by looking at Snap''s cost of revenue. Traditionally, investors focus on metrics such as daily active users or minutes spent on the app.Snap''s cost of revenue is primarily driven by how much the company has to pay to partners such as Alphabet Inc''s ( GOOGL.O ) Google and Amazon.com Inc ( AMZN.O ) to support data and bandwidth. This is based on how often users engage with the app and the types of features they use.One investor saw a "huge red flag" when Snap''s leaders did not answer the question of where they see the company in five years."There was so much hubris there it scared me away... This felt like the late technology bubble roadshows," one of the investors said, referring to the IPO bonanza of the dot-com boom in 2000.(Reporting by Lauren Hirsch and Liana B. Baker in New York; Additional reporting by Olivia Oran in New York; Editing by David Gregorio)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-snap-ipo-idINKBN1602UM'|'2017-02-21T21:04:00.000+02:00'
'fc38d0b8b42e9284f40500fe62063eec10b7efda'|'Amazon to create over 5,000 jobs in Britain in 2017'|'Technology   7:08pm EST Amazon to create over 5,000 jobs in Britain in 2017 An Amazon package is seen after being delivered in London, Britain February 29, 2016. REUTERS/Toby Melville/Files LONDON Online retailer Amazon ( AMZN.O ) is set to create more than 5,000 jobs in Britain this year, the company said on Monday, boosting its investment in the country once more even as it prepares to leave the European Union. Amazon, along with other tech giants such as Google ( GOOGL.O ) and Apple ( AAPL.O ), has increased its commitment to Britain in the last year, saying Britain''s referendum decision to leave the EU last June did not affect its investment plans. The plans to add over 5,000 jobs in 2017 is a record for Amazon in Britain, although at least 2,000 of the jobs had been previously announced. The moves would take its permanent workforce in the country to 24,000. Doug Gurr, UK country manager at Amazon, said the jobs would provide "even faster delivery, more selection and better value" for British customers. Amazon''s new head office in London will have capacity for more than 5,000 people by the end of the year, the firm said. The concentration of tech expertise in London has been cited by many firms as an attraction. (Reporting by Alistair Smout; Editing by Adrian Croft) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-amazon-com-employment-idUSKBN15Z005'|'2017-02-20T07:01:00.000+02:00'
'7f48c68ad460030a9bca28ad589ce3f87edb97ab'|'UPDATE 1-German drugmaker Stada opens books to rival bidders'|'* Stada says sets up data room for bidders* Starts structured bidding process* Has received takeover proposals from three bidders (Adds context on M&A process, details)FRANKFURT, Feb 25 German generic drugmaker Stada Arzneimittel is opening its books to potential acquirers after coming under pressure from its largest shareholder to consider various takeover approaches."For this purpose, a data room has been established and the potential bidders - three to date - have been invited to conduct multi-stage due diligence," Stada said in a statement on Saturday.Stada has become the subject of a bidding war between private equity firms Advent, Cinven and a third group that sources have identified as Bain Capital.Advent made a binding 3.6 billion euro ($3.8 billion) bid on Thursday and activist investor AOC, Stada''s biggest single shareholder with more than 5 percent, called a day later for the firm''s boards to run a non-biased, transparent sales process.Due diligence gives potential buyers access to the target company''s books and data.Cash-rich buyout firms looking to invest in stable healthcare businesses have been working on offers for Stada for months, people familiar with the situation told Reuters this month.Advent said its offer differed from rivals because it was binding and fully financed, adding that it supported Stada''s management and had no plans to break up the business.Three sources familiar with the matter said that information on Stada''s business given to Advent had encouraged the buyout firm to go ahead with the offer.Cinven and Bain, however, have only received limited data so far and this has prevented them from making firm bids but Advent''s move has put Stada under pressure to let others have a more detailed look at its books, the sources said. ($1 = 0.9471 euros) (Reporting by Christoph Steitz; editing by David Clarke)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/stada-ma-idINL8N1GA07U'|'2017-02-25T09:18:00.000+02:00'
'0ef7ea5f49837730c5c4c721a7385c61e0d52d5f'|'How can health services keep pace with the rapid growth of cities? - Guardian Sustainable Business'|'The relentless growth of urban populations is driving city and national governments to increase access to healthcare while tackling the root causes of poor health.According to Oxford Economics [pdf], the world<6C>s largest 750 cities will be home to 2.8 billion people by 2030 <20> more than a third of the global population. They will account for almost a third of the world<6C>s jobs and more than half its consumer spending. More than a dozen cities will have populations greater than 20 million.Rapid, uncontrolled urbanisation strains many aspects of city life that determine health. Traffic, factories, generators and construction poison the air, meanwhile water supplies can become contaminated, poor housing harms the health of children, and food supply and quality can be compromised.Unplanned urban growth drives poverty. About 900 million people worldwide live in urban slums, where overcrowding encourages the spread of infectious diseases such as tuberculosis, dengue fever and cholera. The United Nations estimates that by 2030, roughly 60% of city inhabitants will be under the age of 18, which puts huge numbers of children at risk from illnesses such as diarrhoea and pneumonia , the leading causes of global childhood death.Health services, particularly in developing countries, are concentrated in cities. As Mark Britnell notes in his study of global healthcare , many developing countries such as China, Indonesia and India suffer from a chronic shortage of health workers. This creates big disparities in care between cities and the countryside ; doctors are reluctant to work in rural areas because pay is poor, career choices are limited, hospital facilities are often inadequate and primary care tends to be underdeveloped.Five ways public-private partnerships can build healthier cities Read more Meanwhile, in the cities, hospitals become overcrowded because patients know that is where the best doctors, research and technology are found. The dominance of hospital care in cities often means primary care is neglected, which according to the World Health Organisation (WHO) [pdf] can lead to unregulated, unsafe and ineffective private services. In some African cities, public primary healthcare has almost disappeared.Britnell highlights some of the efforts being made to bridge the shortfalls. Brazil has announced new medical schools to train thousands of additional doctors, and training is being extended to include two years working in public service posts. This could add up to 36,000 working students to the system by 2021. Compulsory training in public hospitals was inspired by the NHS.In addition, Brazil has recruited at least 10,000 doctors from Cuba to work in the poverty-plagued favelas on the peripheries of cities, as well as in remote areas.The chronic shortage of clinicians is encouraging countries to make better use of volunteers and community workers. India is trying to boost its services in slums through the National Urban Health Mission , which emphasises reproductive health and works with women<65>s health committees.Toronto [pdf] has been trying to bring together its primary and hospital services to provide joined-up care for patients with several health conditions. This includes individual care plans, one point of contact, and multidisciplinary teams supporting high-risk patients after they have been discharged from hospital. The city<74>s Ageing at Home programme aims to make it easier for older people to continue to live at home after illness.Is city living bad for your health? Read more Toronto also provides impressive support for people living on the streets with mental illness. Its Streets to Homes programme includes incentives for private landlords to offer accommodation. Several thousand people have moved into their own home since 2005, and about 80% of them remain there for at least a year.Yet for many people, access to healthcare depends on the ability to pay, which excludes swa
'2443680bc9b1ab6e04748a13cf56b18c737ed588'|'EU regulators set to clear Dow, DuPont deal - sources'|'BRUSSELS Feb 22 EU antitrust regulators are set to clear the $130 billion merger of Dow Chemical and DuPont, two people familiar with the matter said on Wednesday, after the companies made minor changes to their concessions.Earlier this month, the two U.S. companies offered to sell a portion of portion of DuPont''s crop protection business and related research and development, as well as Dow''s acid copolymers and ionomers business.The companies fine-tuned their proposal after the European Commission received feedback from rivals and customers last week.The EU competition enforcer will not seek third parties'' views to the changes, a clear sign that it will approve the deal, one of the people said. (Reporting by Foo Yun Chee)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/du-pont-ma-dow-eu-idINL8N1G75MQ'|'2017-02-22T11:55:00.000+02:00'
'08514e0007581223cf9819502f191147c34a6389'|'UPDATE 2-BASF''s Q4 operating profit boosted by higher petrochemical prices'|' 44am EST UPDATE 2-BASF''s Q4 operating profit boosted by higher petrochemical prices * Q4 Adj EBIT up 15 pct at 1.18 bln eur vs 1.12 poll avg * Adj EBIT down 6 pct for 2016 * Sees 2017 adj EBIT up by as much as 10 pct * Shares fall 2.7 pct to bottom of DAX index (Adds share price, analyst''s comment) By Ludwig Burger LUDWIGSHAFEN, Germany, Feb 24 Germany''s BASF , the world''s largest chemicals group by sales, forecast a rebound in earnings this year after higher petrochemical prices boosted profits in the final three months of 2016. The company, whose products include catalytic converters for car engine exhausts, insulation foams, vitamins and plastics, said it was targeting a gain in operating profit before one-offs of up to 10 percent in 2017 after a 6 percent decline last year. Higher crude prices are expected to bolster its oil and gas division and its large petrochemical complexes, which have benefited from above-average investments over previous years, will have better utilisation rates, BASF said. But investors had hoped for an increase in operating profit of more than 12 percent in 2017 and BASF''s share price was down 2.5 percent at 87.69 euros by 1006 GMT, giving up the gains made over the last two weeks. "The market was too bullish on BASF''s earnings perspective and consequently too much hope is already in the share price," said Baader Bank analyst Markus Mayer. BASF''s fourth-quarter operating profit (EBIT) adjusted for one-off items rose a better than expected 15 percent to 1.18 billion euros ($1.25 billion). That was slightly above the 1.12 billion euros expected by analysts polled by Reuters. Strong demand for basic precursor chemicals that go into more advanced products such as engineering foams enabled the company to increase prices. "Particularly in Asia, we continually increased our sales volumes in the chemicals business," Chief Executive Kurt Bock said in a statement, adding that investments made on plants, equipment and product development in the region were paying off. The earnings gain, however, was tempered by money set aside for remuneration to senior managers, who are in for a higher bonus after BASF''s shares rallied about 14 percent in the fourth quarter. ($1 = 0.9453 euros) (Reporting by Ludwig Burger; Editing by Harro ten Wolde, Greg Mahlich)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/basf-results-idUSL8N1G90SK'|'2017-02-24T17:44:00.000+02:00'
'3ff8d87d317dbd75faa54dc80fb2480d05af2dab'|'RBS posts $8.7 billion loss in ninth straight year without a profit'|' 18pm IST RBS posts $8.7 billion loss in ninth straight year without a profit People walk past a Royal Bank of Scotland office in London, Britain, February 6, 2013. REUTERS/Neil Hall/File Photo By Andrew MacAskill and Lawrence White - LONDON LONDON Royal Bank of Scotland reported a sharp rise in losses on Friday as higher misconduct charges and restructuring costs underscored the challenges facing the lender nine years after it was bailed out in the world''s biggest bank rescue. RBS, which has not made an annual profit since 2007, booked 6.96 billion pounds ($8.74 billion) of losses for 2016, against a 1.98 billion pound loss in the same period a year earlier. Once, briefly, the world''s largest bank by assets, RBS is in the midst of a vast, multi-year restructuring of the bank, which includes asset sales, job cuts and wading through a series of legal scandals. "This is a bank that has been on a remarkable journey. We still have further to go. But the next three years will not be the same as the past three," Chief Executive Ross McEwan said in a statement. RBS said 2017 will probably be the final year the bank makes a loss as it moves nearer to closing the darkest chapter in its 290-year history, which has seen it rack up more than 58 billion pounds in losses so far. The Edinburgh-based lender also announced plans to cut 750 million pounds of costs next year to help offset the challenge of a low interest rate economy that makes it harder for the bank to make money. Although RBS did not specify where the cuts would fall they are expected to partly hit its branch network where the bank has already eliminated thousands of roles as more customers bank online. Total income was moderately down, with the jump in losses mainly driven by a 5.9 billion charge of misconduct issues relating to its behaviour in the run up to the 2007-2009 global financial crisis. RBS took charges to set aside money to cover legal cases in the U.S. where analysts expect it to pay the biggest regulatory penalty in its history for mis-selling U.S. securities backed by toxic mortgage loans. Analysts have estimated the bank could have to pay the U.S. Department of Justice as much as 9 billion pounds this year. RBS was the only British lender to fail the Bank of England''s stress test in 2016, a sign of how the bank''s future is still being dictated by its past. In some rare good news for RBS, the British government is pushing to free the bank from an obligation to sell more than 300 branches in an effort to end a seven-year struggle to sell the unit to meet European Union state aid demands. The British government, which owns more than 70 percent of RBS, has said it will not resume selling its stake until the bank settles its U.S. fine and resolves its state aid demands. ($1 = 0.7962 pounds) (Reporting By Andrew MacAskill and Lawrence White; Editing by Rachel Armstrong) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/rbs-results-idINKBN1630O5'|'2017-02-24T14:48:00.000+02:00'
'3cb7edaf9dbd7698478a5a97a2d8304873a12204'|'Cumulus Media refinancing plan rejected by U.S. judge'|'Company News  12pm EST Cumulus Media refinancing plan rejected by U.S. judge NEW YORK Feb 24 A U.S. judge on Friday rejected Cumulus Media Inc''s bid to proceed with a refinancing plan opposed by some lenders, and which the second-largest U.S. radio network hoped would help reduce its $2.4 billion debt load. The decision by U.S. District Judge Katherine Polk Failla in Manhattan came in a lawsuit the Atlanta-based company filed in December, accusing JPMorgan Chase & Co of withholding consent to parts of its refinancing plan. (Reporting by Nate Raymond in New York; Editing by Chris Reese) Next In Company News UPDATE 1-FCC chair to block stricter broadband privacy rules WASHINGTON, Feb 24 The U.S. Federal Communications Commission will block Obama administration rules that subject broadband providers to stricter scrutiny than websites, a spokesman said on Friday, in a victory for internet providers like AT&T Inc, Comcast Corp and Verizon Communications Inc. UPDATE 1-Fannie Mae secures commitments for credit transfer deal Feb 24 Fannie Mae said on Friday it secured commitments for a second transaction under which the U.S. mortgage finance agency will transfer some credit risk to reinsurers on $15 billion worth of single-family home loans it plans to buy from lenders. "Made in Paraguay" - a cheaper label for some Brazilian manufacturers HERNANDARIAS, Paraguay, Feb 24 When toymaker Estrela decided to move manufacturing capacity back to Latin America from China, it sank $2 million into a new factory not in its native Brazil - the region''s largest economy - but in its tiny southern neighbor Paraguay. 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/cumulus-media-lawsuit-idUSL1N1G91CE'|'2017-02-25T01:12:00.000+02:00'
'aad3aa390d5e0cc985efecfd1927ade86bf15379'|'Goldman says global crude stocks likely to keep falling'|'Global Energy  24am GMT Goldman says global crude stocks likely to keep falling FILE PHOTO: A view of the Goldman Sachs stall on the floor of the New York Stock Exchange in New York, U.S., July 16, 2013. REUTERS/Brendan McDermid/File Photo Goldman Sachs expects global crude oil inventories to keep falling due to production cuts and strong growth in demand, although stocks are likely to rise in the United States. "We do not view the recent U.S. builds as derailing our forecast for a gradual draw in inventories, with in fact the rest of the world already showing signs of tightness," analysts at the bank said in a note dated Feb. 21. "Given our unchanged 1.5 million barrels per day growth forecast for 2017, this higher base demand level should fully offset higher U.S. output." The Wall Street bank reiterated its forecast for Brent and U.S. crude prices to rise to $59 and $57.50 per barrel respectively in the second quarter, before dropping to $57 and $55 for the rest of 2017. Oil prices held near multi-week highs on Wednesday, with the U.S. West Texas Intermediate April crude contract CLc1 up 18 cents at $54.51 a barrel at 0228 GMT, while Brent crude LCOc1 was up 24 cents at $56.90. Surging U.S. output has pushed crude and gasoline inventories to record highs, keeping a lid on prices after they climbed following an agreement by the Organization of the Petroleum Exporting Countries (OPEC) and other producers to cut output by about 1.8 million barrels per day (bpd). "While the production cuts have so far reached a historically high level of compliance at 90 percent, the rebound in U.S. drilling activity has exceeded even our above consensus expectations," Goldman said. However, the increase in U.S. drilling points to factors including further improvement in shale productivity and funding for the industry, rather than expectations of an increase in prices, the bank said. (Reporting by Arpan Varghese in Bengaluru; Editing by Joseph Radford) Next In Global Energy News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-research-crude-goldman-idUKKBN1610J2'|'2017-02-22T13:24:00.000+02:00'
'14f0e2da30fd9660d64f4b6215054b5dac00ee79'|'BRIEF-Superior Energy Services reports Q4 loss per share $1.10 from continuing operations'|' 34pm EST BRIEF-Superior Energy Services reports Q4 loss per share $1.10 from continuing operations Feb 21 Superior Energy Services Inc- * Superior Energy Services announces fourth quarter and full year 2016 results * Q4 loss per share $1.10 from continuing operations * Q4 revenue $354.4 million versus I/B/E/S view $339.1 million * Q4 earnings per share view $-0.77 -- Thomson Reuters I/B/E/S * Q4 adjusted loss per share $0.74 from continuing operations * Superior Energy Services Inc - recorded a pre-tax expense of $73.2 million in reduction in value of assets and other charges in Q4 of 2016 * "our industry continued to transition toward recovery in U.S. Land markets during Q4" * Superior Energy Services Inc - "seems that we have entered early days of next upcycle in U.S. Land markets" Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-superior-energy-services-reports-q-idUSASB0B1FE'|'2017-02-22T05:34:00.000+02:00'
'cb680df380b61f1b0e199c5342d0877180ec5a51'|'U.S. says rebar from Turkey subsidized, sets preliminary duties'|'Company  08pm EST U.S. says rebar from Turkey subsidized, sets preliminary duties WASHINGTON Feb 22 The U.S. Commerce Department on Wednesday said it found that imports of steel concrete reinforcing bar, or rebar, from one producer in Turkey were being subsidized and it set preliminary duties on the products of 3.47 percent. The preliminary decision came in a response to a complaint from the Rebar Trade Action Coalition and its members: Bayou Steel Group, Byer Steel Group Inc, Commercial Metals Co, Gerdau Ameristeel U.S. Inc, Nucor Corp and Steel Dynamics Inc. The preliminary countervailing duty applies to privately owned Habas Sinai ve Tibbi Gazlar Istihsal Endustrisi AS, the department said in a statement. Imports of rebar from Turkey were worth an estimated $674.40 million in 2015, it said. A final determination by the Commerce Department was expected on or about May 16, 2017, it said. (Reporting by Eric Walsh; Writing by Tim Ahmann) Next In Company News UPDATE 3-Deadline looms for demonstrators to quit Dakota pipeline camp CANNON BALL, N.D., Feb 22 Protesters opposed to the Dakota Access pipeline braced for a showdown with authorities as some vowed to defy Wednesday''s deadline to abandon the camp they have occupied for months in a bid to halt the project.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-steel-rebar-idUSL1N1G71L3'|'2017-02-23T03:08:00.000+02:00'
'034b1b43cd705bda2ccd4ba978e595885424a432'|'BRIEF-Tesla Inc quarterly results press release'|'Company  05pm EST BRIEF-Tesla Inc quarterly results press release Please click on the link below for Tesla Inc''s quarterly earnings press release: Source text: bit.ly/2mdjh1d Next In Company News US STOCKS SNAPSHOT-S&P 500 dips in wake of Fed minutes; Dow rises NEW YORK, Feb 22 The S&P 500 ended modestly weaker on Wednesday, holding losses after minutes from the Federal Reserve''s last meeting kept alive a potential near-term rate hike, while DuPont shares helped the Dow eke out an all-time high for a ninth straight session. 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-tesla-inc-quarterly-results-press-idUSL4N1G74WV'|'2017-02-23T04:05:00.000+02:00'
'cae9cd0ebec3c4739d38a8a84761aa193cce21bd'|'Nissan says Brexit-induced fall in pound left it slightly worse off'|' 44am EST Nissan says Brexit-induced fall in pound left it slightly worse off LONDON Feb 22 Japanese carmaker Nissan said on Wednesday that the Brexit-induced fall in the pound, which dropped by some 15 percent against the euro after the June 23 referendum, had left it slightly worse off. When asked whether exporting cars from its north of England plant, which are now cheaper due to the depreciation in sterling, outweighed the extra cost of importing euro-denominated parts, Senior Vice President in Europe Colin Lawther said the overall effect was marginally negative. "We''re exposed to not having enough GBP pounds, so we are slightly worse off than we were in January, February the year before the currency changed dramatically," he told a conference in London on Wednesday. Nissan said last year that it would build two new models at its Sunderland plant in North East England after what a source said was a government pledge for extra support to counter any loss of competitiveness caused by Britain leaving the EU. (Reporting by Costas Pitas; editing by Maytaal Angel)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-eu-nissan-idUSL8N1G75HV'|'2017-02-22T21:44:00.000+02:00'
'c3dcafd0ec80cec76687a3bec1c2c48564568945'|'As Saudis prepare to sell shares in oil giant, some have misgivings'|'By Reem Shamseddine and Andrew Torchia - KHOBAR, Saudi Arabia/DUBAI KHOBAR, Saudi Arabia/DUBAI Jamil Farsi, a prominent Saudi Arabian jewelry tycoon, made an impassioned plea to the investment minister at a meeting of the Jeddah Chamber of Commerce this month."I don''t know anything about economics but I beg you, and I beg the officials in the country, not to sell Aramco - not 5 percent, not 1 percent," he said.Investment minister Majed al-Qasabi replied the economy would benefit from the sale of shares in national oil giant Saudi Aramco. It is expected to be the world''s largest initial public offer, raising tens of billions of dollars.But Farsi''s plea underlined misgivings among substantial parts of the public and the business community about the sale. Some fear Riyadh is relinquishing its crown jewels to foreigners cheaply at a time of low oil prices.Those misgivings are not likely to block the IPO, which is a central part of a drive to make the economy more efficient and diversify it beyond oil exports. Since 2015, the government has shown it is willing and able to carry out contentious reforms, such as cuts to civil servants'' financial allowances.But the public criticism, rare in a country where there is usually little open debate about government policies, could influence the way the IPO is structured. Up to 5 percent of the company is due to be sold next year, with listings in Riyadh and at least one foreign market.The offer''s huge size means foreign investors will have to play a big role, but the government will be under pressure to demonstrate that Saudi citizens are benefiting most from it, bankers and analysts said.That could mean reserving a large portion of the offer for individual Saudi investors, and pricing it in a way that boosts the chance of them making money on their investment, perhaps by offering them some form of discount.However, such a step could make it even more difficult to achieve a market valuation for Aramco close to the $2 trillion publicly estimated by Deputy Crown Prince Mohammed bin Salman, who heads the reform drive.Some opponents of the IPO, and some bankers and analysts, think $2 trillion is too optimistic.Last year Foreign Reports, a Washington-based oil industry consultancy, estimated that Aramco could have a market value of $250-460 billion, excluding the value of refining assets and guaranteed access to oil and gas."There is real concern among Saudis with regard to the Aramco IPO," Mohammad Sabban, a former adviser to ex-oil minister Ali al-Naimi, told Reuters.One area of concern is whether Saudi citizens will be allocated most of the issued shares; another is whether foreigners will gain any control over Aramco''s operations through this and any subsequent share offers, he said.An Aramco spokesman said: "Saudi Aramco does not comment on rumors or speculation."PUBLICRecently, supporters and opponents of the IPO have sent tweets with the hashtags in Arabic "#The people are against selling Aramco" and "#We definitely want Aramco''s IPO".Some tweets say Saudis should support any measure the government sees as right. Others compare the IPO to Egypt''s sale of the Suez Canal to British colonialists or Palestinians'' loss of their land."There is some opposition to the IPO on the grounds of economic nationalism. The company is viewed as if it were the goose that laid the golden egg," said Jim Krane, an energy fellow at Rice University in Texas."Some Saudi citizens seem to fear they won''t benefit, that there is nothing in it for them."Krane said the IPO had also become a lightning rod for resentment of tough austerity policies which Prince Mohammed has imposed since 2015 to repair state finances in an era of cheap oil. "Now some people who oppose these cuts are starting to oppose the Saudi Aramco IPO."Other prominent Saudis, while acknowledging the need for austerity, argue it isn''t necessary to sell shares in Aramco. Othman al-Khowaiter, a former Aramco vice-president,
'abfd6ccc7a72401b56ddc87df8fe561b7ba4aa41'|'UPDATE 1-PSA-Opel must address job concerns -French economy minister'|'Company News  53pm EST UPDATE 1-PSA-Opel must address job concerns -French economy minister (Adds statement after talks with PSA CEO) PARIS Feb 22 PSA Group''s proposed acquisition of Opel from General Motors offers benefits to all sides, but the companies must address concerns about jobs, French Economy Minister Michel Sapin said on Wednesday. Paris-based PSA and GM confirmed last week that they were in negotiations on a deal to create Europe''s second-largest carmaker by sales behind Volkswagen, sparking criticism in Germany and Britain amid fears of possible job losses. Sapin said the deal could create a large European carmaker, but it was up to the companies'' executives to demonstrate in talks with governments and unions that all the countries would benefit. "It''s an operation that can bear benefits for each side on certain conditions, (and) the main condition is jobs," Sapin said after a meeting with the German and Polish finance ministers. Later, after meeting with PSA Chief Executive Carlos Tavares, Sapin and French Industry Minister Christophe Sirugue issued a statement saying that they supported the deal. They added that the government would pay close attention to the impact on jobs and plants, especially in terms of existing commitments as well as developing research, innovation and production for the broader benefit of the French car industry. Sapin is due to discuss the deal with German Economy Minister Brigitte Zypries in Paris on Thursday. (Reporting by Leigh Thomas; Editing by Matthias Blamont and David Goodman) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/peugeot-opel-ma-france-idUSL8N1G77BD'|'2017-02-23T03:53:00.000+02:00'
'2f3b27fc684d8bc625051b7f9afb4b385037f6a5'|'European shares hit new 14-month high, positive earnings boost'|'LONDON European shares climbed to a new 14-month high on Wednesday, supported by well-received earnings updates from companies such as Lloyds, Telefonica Deutschland and Scor.The pan-European STOXX 600 index was up 0.5 percent at 375.19 points by 0831 GMT after setting an intra-day high of 375.42 points, the highest level since early December 2015. Germany''s DAX was up 0.4 percent after hitting levels not seen since April 2015.Telefonica Deutschland was one of the best-performing stocks, up 5.8 percent after it reported better-than-predicted core profit for the fourth quarter and raised its target for synergies from its acquisition of E-Plus.ThyssenKrupp was also a top gainer, up 5.4 percent after the German industrials and steel company said it had sold its Brazilian steel mill to Ternium, ending five years of unsuccessful efforts by the German company to exit Latin America''s largest economy.Banking and insurance stocks were the top-performing European sectors, led by Lloyds and Scor.Lloyds, the second largest British listed bank to post earnings this week, was a top gainer, up 3.5 percent after impressing investors with profits rising to a ten-year high.Shares in French insurance company Scor hit a 14-month high, up 5.6 percent after it raised its dividend and said it planned share buybacks on the back of a 5.4 percent increase in premiums.Indivior was an outlier. The British pharmaceuticals company was down 7.8 percent, the top European faller, after its results.(Reporting by Helen Reid)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/europe-stocks-idINKBN1610W4'|'2017-02-22T06:31:00.000+02:00'
'5e6a42aad77f2b7db20e214fd2be6639871ab047'|'Fresh from fending off Kraft, Unilever to review strategy'|'Deals   1:44pm GMT Fresh from fending off Kraft, Unilever to review strategy 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 Anglo-Dutch consumer goods group Unilever ( ULVR.L ) said it was reviewing its options to drive shareholder value, just days after it swiftly rejected a surprise $143 billion takeover bid from Kraft Heinz ( KHC.O ). "The events of the last week have highlighted the need to capture more quickly the value we see in Unilever," it said in a brief statement, sending its shares up 2.6 percent. "We expect the review to be completed by early April, after which we will communicate further." Kraft, which is backed by Warren Buffett and the private equity firm 3G, had wanted to buy Unilever as part of its strategy of buying competitors and cutting costs to drive profits. Unilever, the ice cream-to-shampoo producer, flatly rejected the approach on Friday, saying it saw no financial or strategic merit in a deal. But investors have called on the firm to review its costs and structures to see if it could do more to deliver the profit that Kraft had seen. Unilever''s operating profit margin falls well short of Kraft Heinz and other rivals. The review, to be led by the board, is likely to look at the firm''s cost base and its structure, including whether there is an advantage in producing food and personal and home care products. Unilever''s London-listed shares were up 2.8 percent at 1330 GMT, just 3 percent below where they were trading on Friday when news of the Kraft approach broke. (Reporting by Kate Holton; editing by Paul Sandle) Next In Deals Confident Snap brushes off concerns on second day of IPO roadshow NEW YORK Snap Inc, owner of popular messaging app Snapchat, fended off investor skepticism on the second day of its IPO roadshow on Tuesday, betting on the charisma of CEO Evan Spiegel, 26, whom it introduced as a "once in a generation founder."'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-unilever-strategy-idUKKBN1611KJ'|'2017-02-22T20:42:00.000+02:00'
'cb3d96caf42bccf86a31f2acfc949fa193110be9'|'BT<42>s crossed wires over line rental refund - Money'|'In light of its price increases, I contacted BT to cancel my service, as per the rules you recently reported . I was told that as the line rental and broadband are separate, if I cancelled I would lose my pre-paid line rental payments. I challenged this, but was told by the member of staff that BT is a big company with good lawyers and I would lose the money. Is this right? JD, by email No, what you have been told is wrong. We asked the regulator, Ofcom, about your experience, and it says: <20>We contacted BT to express concerns about the exit terms it was imposing on customers who had paid line rental upfront, and BT has now assured us that customers wishing to end their contract following its price increases will now be given a pro-rata refund of any line rental paid upfront.<2E>BT has confirmed it accepts this and will be contacting customers and briefing its advisers. To be clear, if you leave a phone company mid-contract due to a significant price rise within 30 days, you should not incur penalty charges <20> including pre-bought line rental.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'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/money/2017/feb/22/bt-refuses-refund-prepaid-line-rental-cancel-service'|'2017-02-22T02:00:00.000+02:00'
'f61fcaf5b9998c04ac2d7d8139a31a929059fc45'|'HP Inc reports 3.6 percent rise in quarterly revenue'|'Technology Photos   3:02am IST HP Inc reports 3.6 percent rise in quarterly revenue FILE PHOTO - A Hewlett-Packard logo is seen at the company''s Executive Briefing Center in Palo Alto, California January 16, 2013. REUTERS/Stephen Lam/File Photo HP Inc ( HPQ.N ), which houses the hardware business of former Hewlett-Packard Co, reported a 3.6 percent rise in quarterly revenue, largely helped by a stabilizing PC market. However, the company''s net earnings from continuing operations fell to $611 million in the first quarter ended Jan. 31, from $650 million a year earlier. The company''s earnings per share from continuing operations remained flat at 36 cents. Revenue rose to $12.68 billion from $12.25 billion. (Reporting by Laharee Chatterjee and Arunima Banerjee in Bengaluru; Editing by Sriraj Kalluvila) Next In Technology Photos'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-hpinc-results-idINKBN1612RA'|'2017-02-23T04:22:00.000+02:00'
'32a867c0bb3cabd437fb5286b891eac9658205ee'|'Pressure builds on Deutsche Boerse chief over London tie-up'|'Business News   2:02pm GMT Pressure builds on Deutsche Boerse chief over London tie-up left right Carsten Kengeter, CEO of Deutsche Boerse talks to the media during the presentation of FinTec start-up facilities provided by Deutsche Boerse in Frankfurt, Germany, February 24, 2016. REUTERS/Kai Pfaffenbach 1/3 left right FILE PHOTO: The skyline of the banking district in Frankfurt, Germany, September 18, 2014. REUTERS/Kai Pfaffenbach/File Photo 2/3 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 3/3 By John O''Donnell and Andreas Kr<4B>ner - FRANKFURT FRANKFURT The head of Deutsche Boerse ( DB1Gn.DE ) came under renewed pressure to ensure Germany has greater sway over the group after its merger with the London Stock Exchange ( LSE.L ), ahead of a meeting with regional lawmakers on Wednesday. The $27-billion (22 billion pound) plus deal to create Europe''s biggest stock market was struck before Britain voted to leave the European Union. It is now entering a critical phase, with European antitrust officials due to decide by April 3 whether to approve the deal. Brexit has prompted German politicians to demand that the merged company''s headquarters move to Frankfurt, setting the scene for a clash with Britain as it seeks to safeguard London''s standing as Europe''s financial capital. On Wednesday, Chief Executive Carsten Kengeter will attend a reception hosted by Deutsche Boerse for local lawmakers in Wiesbaden, the capital of Hesse, people familiar with the matter said. Hesse is home to Frankfurt, where Deutsche Boerse is based. He is expected to face a grilling as politicians reiterated calls by Hesse''s finance minister that the headquarters move to Frankfurt. "I think the idea of having the holding company in London is out of the question and, in this regard, I share the view of (German financial regulator) Bafin," said Michael Boddenberg, a member of Chancellor Angela Merkel''s Christian Democrat party in the regional parliament. Under the merger deal, Kengeter is due to head the group, while the main holding company and its board will be based in London. LSE Chief Executive Xavier Rolet recently insisted that "the deal is set". But Britain''s split from the 28-member bloc will isolate London and that has turned the tables in favour of Frankfurt, the financial capital of Europe''s biggest economy. Tobias Eckert, a lawmaker with the Social Democrats, said he hoped Kengeter would talk about switching to Frankfurt. "If you hold an event like this with Hesse''s politicians and at a time like this, then it can''t be just about a nice meal and chatting about the weather ... he has to say something of substance," Eckert said. Deutsche Boerse declined to comment. Kengeter is also under scrutiny after German police and prosecutors, investigating possible insider trading by the executive, searched his office and apartment. A switch to Frankfurt would face resistance in London. This week a small group of British parliamentarians urged the government to block such a shift. Bill Cash, a eurosceptic Conservative lawmaker, said keeping LSE''s headquarters in London was a matter of national interest and that the British government must protect the "crown jewels". Simon Kirby, the minister responsible for the City of London, played down the prospect of such a move. The location of the merged group has symbolic and operational significance, with regulators keen for oversight of its derivatives processing business. LCH Clearnet, which is majority owned by the London Stock Exchange, clears more than half of all interest rate swaps traded around the world, many of which are in euros. LCH Clearnet has already offered to sell its French clearing business. LSE and Deutsche Boerse are also planning further concessions to satisfy the EU antitrust authorities, two sources familiar with the matter have said. (Writing by John O''Donnell
'f85bf0b11ddfba841f7055f979afdf5816051427'|'Participants keen to conclude Basel III reforms -committee boss'|'PARIS Feb 22 All participants in talks on new Basel III banking reforms are keen to bring the process to a conclusion, Basel Committee Secretary General William Coen told the French Senate''s finance commission on Wednesday."All members are interested to bring this to conclusion," said Coen, who declined to give a deadline.Two people close to the talks told Reuters this month that banking regulators due to meet in March were not expected to agree on capital requirements rules intended to keep banks stable during a financial crisis.Approving any deal would be difficult until U.S. President Donald Trump''s administration appoints a new top financial supervisor at the Federal Reserve, the people said. (Reporting by Maya Nikolaeva and Julien Ponthus; editing by Jason Neely)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/france-banks-regulation-idUSFWN1G7086'|'2017-02-22T13:28:00.000+02:00'
'6f574a4a76c6051635687ed4ef4952460db87f2f'|'BRIEF-Hersha Hospitality Trust acquires The Ritz-Carlton, Coconut Grove'|' 28pm EST BRIEF-Hersha Hospitality Trust acquires The Ritz-Carlton, Coconut Grove Feb 22 Hersha Hospitality Trust: * Hersha Hospitality Trust acquires The Ritz-Carlton, Coconut Grove * Hersha Hospitality Trust - deal for $36.0 million. * Hersha Hospitality Trust - funded acquisition with proceeds from recent sale of Residence Inn Greenbelt, MD as part of a tax-deferred like-kind exchange * Hersha Hospitality Trust says expects Ritz-Carlton, Coconut Grove to stabilize at an 8.0% - 8.5% yield on gross invested capital * Says seller of Ritz-Carlton, Coconut Grove provided financing to company with an installment note for $3.5 million Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-hersha-hospitality-trust-acquires-idUSASB0B1MK'|'2017-02-23T04:28:00.000+02:00'
'f784186012c3ba87843958b49151290aafd6cb92'|'UK economy picks up in late 2016 but signs of Brexit hit appear'|'By Andy Bruce and William Schomberg - LONDON LONDON Britain''s economy accelerated at the end of 2016 but growth for the whole year was weaker than previously thought and there are signs of weakness ahead, data showed, suggesting the Brexit vote will start to take its toll in 2017.The pound fell after the figures, which no longer showed Britain as the fastest-growing major advanced economy last year.Gross domestic product rose by 0.7 percent in the fourth quarter compared with 0.6 percent in the previous three months, marking the strongest showing since the fourth quarter of 2015, the Office for National Statistics (ONS) said.While the figures were boosted by a rebound in trade, business investment fell and slowing household spending growth raised questions about the outlook for 2017.The ONS trimmed its estimate for 2016 growth to 1.8 percent from 2.0 percent, reflecting weaker stock-building that led to a downward revision first quarter figures.Germany''s economy grew by 1.9 percent in 2016, data showed earlier this month.Separate ONS data showed Britain''s dominant services sector expanded in December at the slowest pace in seven months.Angus Armstrong, director of macroeconomics at Britain''s National Institute of Economic and Social Research, said the familiar pattern of consumers driving the economy was likely to fade."The UK economy needs another driver if it is not to have a significant slowdown in 2017," he said. "The pattern of strong consumer spending and weaker business investment can only be a limited one."BREXIT SQUEEZEThe ONS said household spending increased 0.7 percent on the quarter, slowing from 0.9 percent in the third quarter and marking the weakest growth in a year.The Bank of England has said it expects overall economic growth this year of 2.0 percent, much stronger than most economists polled by Reuters expect. But it also predicts a growing squeeze on consumers as inflation rises due to the pound''s fall since June''s vote to leave the European Union.There are already signs this has started. Data last week showed retail sales fell in each of the three months to January and the BoE this month signalled that it is in no hurry to raise interest rates with so much Brexit-related uncertainty ahead.Business investment fell 1.0 percent in the fourth quarter compared with the July-September period. Investment by companies was 0.9 percent lower compared with the fourth quarter of 2015.Firms are expected to rein in their investment plans as Britain negotiates its departure from the EU, a process that Prime Minister Theresa May is due to kick off in coming weeks.(editing by John Stonestreet)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/britain-economy-idINKBN1611AC'|'2017-02-22T08:51:00.000+02:00'
'99642162c52d61cf0750ae83e430e43a7c7376f7'|'Swiss stocks - Factors to watch on Feb 22'|'ZURICH Feb 22 The following are some of the main factors expected to affect Swiss stocks on Wednesday:ABB* ABB said it uncovered a criminal scheme related to an embezzlement and misappropriation of funds in its South Korean subsidiary that it expects to have an impact of $100 million on its pre-tax result for 2016. ABB will publish its 2016 annual report latest by March 16.* The company also nominated Lars Forberg, Managing Partner at Cevian Capital, as a new member to its board of directors.CREDIT SUISSEOne of the Swiss bank''s largest investors, Harris Associates'' David Herro, urged Credit Suisse to reconsider its plan to sell its Swiss unit in an IPO, in an interview with Swiss financial newspaper Finanz und Wirtschaft.For more clickBELLEVUE GROUPBank am Bellevue Chief Executive Serge Monnerat resigned on Tuesday as the Swiss bank''s parent company announced the closure of the unit''s brokerage and corporate finance activities on grounds that a revenue erosion was irreversible.For more clickCOMPANY STATEMENTS* Leclanche reported revenue 2016 revenue of 28 million Swiss francs, an increased ofapproximately 56 percent for 2016 compared to 2015.* Mobimo Holding said it issued a 225 million Swiss franc, nine-year bond with a coupon of 0.75 percent and that the Swiss real estate developer would use the proceeds to pay off short term debt and to finance projects from its pipeline.ECONOMYSwiss investor sentiment is due at 0900 GMT (Reporting by Zurich newsroom)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/markets-swiss-stocks-idINL8N1G663R'|'2017-02-22T02:57:00.000+02:00'
'bbf0ada2849bb23f762dc42a91622caaa0a51c85'|'Deals of the day-Mergers and acquisitions'|' 46am EST Deals of the day-Mergers and acquisitions (Adds Saudi Aramco; updates Thyssenkrupp, Maple Leaf) Feb 22 The following bids, mergers, acquisitions and disposals were reported by 1430 GMT on Wednesday: ** Oil giant Saudi Aramco is believed to be the front-runner to buy Turkish fuel stations business Petrol Ofisi from Austrian oil group OMV, sources familiar with the matter said. Petrol Ofisi generated sales of around 10 billion euros ($10.5 billion) in 2015. Also Malaysia''s state oil firm Petroliam Nasional Bhd (Petronas) and Saudi Aramco are expected to sign an agreement to collaborate in Malaysia''s Refinery and Petrochemical Integrated Development (RAPID) project, two industry sources said. ** Billionaire investor Carl Icahn has taken a stake in Bristol-Myers Squibb Co and sees the drugmaker as a possible takeover target, according to a report published on Tuesday that sent the company''s shares from a loss to more than 2 percent higher. ** SourceHOV LLC, Novitex Holdings Inc and Quinpario Acquisition Corp 2 agreed to combine in a deal valued at about $2.8 billion, to scale up their businesses in the financial technology and business services industry. ** China''s state-run Zhenhua Oil has signed a preliminary deal with Chevron to buy the U.S. oil major''s natural gas fields in Bangladesh that are worth about $2 billion, two Beijing-based Chinese oil executives said. Chevron is also in talks with the Angolan government and state oil firm Sonangol to revise tax terms and future investment will hinge on those talks, a senior company official was quoted as saying. ** South Africa''s Murray and Roberts (M&R) said Germany''s ATM Holding GmbH has acquired a 25 percent shareholding in the engineering and construction group. ** Thyssenkrupp AG has struck a deal to sell its loss-making Brazilian steel mill CSA to Ternium SA for 1.26 billion euros ($1.3 billion), ending a foray into the Americas that led to billions of euros in losses. ** Set-top box maker Arris International Plc is nearing a deal to acquire Brocade Communications Systems Inc''s networking equipment business for roughly $1 billion, people familiar with the matter said on Tuesday. ** Thailand''s PTT Pcl is interested in bidding for a stake in the SK316 offshore gas block in Malaysia''s state of Sarawak, Chief Executive Thewin Wongwanich said. ** German property company Deutsche Wohnen is planning to buy a portfolio of several thousand Berlin apartments for more than 500 million euros ($525 million), three people close to the deal told Reuters. ** Tribune Media Co, one of the largest U.S. television station operators, said on Tuesday that activist investor Starboard Value LP had taken a 6.6 percent stake in the company. ** Canadian dairy company Saputo Inc bought out Australian firm Warrnambool Cheese and Butter Factory Co Holdings Ltd''s (WCB) largest minority shareholder, Lion Pty Ltd, all but securing a takeover offer for the 12 percent of WCB that Saputo does not already own. ** Grupo Aeromexico said on Tuesday that its board had determined that Delta Air Lines Inc''s offer to buy an additional 32 percent of its shares was fair. ** Canadian meat packaging goods company Maple Leaf Foods Inc said on Tuesday it would buy U.S.-based Lightlife Foods Inc, a manufacturer of plant-based protein foods, for $140 million and related costs. Maple Leaf said on Wednesday it would allow its top shareholder to take a bigger stake in the company. The company said Chief Executive Michael McCain and an organization affiliated to him could now bump up their stake to as much as 45 percent in Maple Leaf. ** A consortium of Hong Kong-based private equity fund Gaw Capital Partners and individuals including Pony Ma, founder of China''s Tencent Holdings Ltd, is looking to buy the Four Seasons Resort in Bora Bora, French Polynesia, Basis Point reported. ** Nutritional ingredients maker Glanbia Plc has agreed to spin off its Irish consumer food and agribusiness divisions into a joint venture
'e2db7130b6339390f5e15ec432b1ff7f1d7902eb'|'BRIEF-Skyline to suspend operations at Mansfield, Texas facility'|' 22pm EST BRIEF-Skyline to suspend operations at Mansfield, Texas facility Feb 21 Skyline Corp: * Skyline-On Feb. 14, 2017, announced to employees at corp''s Mansfield, Texas facility that corp has determined to suspend operations at Mansfield facility * Skyline-Suspension is due to plant being unable to profitably operate since it was converted from producing recreational vehicles to manufactured housing in FY 2014 * Skyline Corp - corporation anticipates having sufficient orders to maintain production at mansfield facility for next six to eight weeks * Skyline Corp - corporation is seeking potential buyers of facility * Skyline- If no buyer is found by time production is completed, majority of workforce is expected to be terminated during 2 week beginning March 27 - April 10, 2017 Source text:( bit.ly/2lDDgs3 )  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-skyline-to-suspend-operations-at-m-idUSFWN1G60Z9'|'2017-02-22T05:22:00.000+02:00'
'52c35f699315a55f3fd31d216ce19457fdc97eb1'|'BRIEF-Eaton Vance Q1 adjusted earnings per share $0.53'|' 07am EST BRIEF-Eaton Vance Q1 adjusted earnings per share $0.53 Feb 22 Eaton Vance Corp - * Q1 adjusted earnings per share $0.53 * Q1 revenue $355 million * Q1 earnings per share view $0.57 -- Thomson Reuters I/B/E/S * Consolidated net inflows of $7.8 billion in q1 of fiscal 2017 versus net inflows of $5.3 billion * Consolidated assets under management were $363.7 billion on January 31, 2017, up 20 percent * Qtrly revenue $354.96 million versus $331.6 million last year * Q1 revenue view $351.2 million -- Thomson Reuters I/B/E/S * Average consolidated assets under management were $344.9 billion in Q1, up 12 percent * Consolidated sales and other inflows were $44.9 billion in Q1, up 47 percent Source text for Eikon:    '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-eaton-vance-q1-adjusted-earnings-p-idUSASB0B1JT'|'2017-02-22T21:07:00.000+02:00'
'c5ebf13c8bad43b919254fd157abad15659c4856'|'Apple says new California headquarters to open in April'|'Company News - Wed Feb 22, 2017 - 1:11pm EST Apple says new California headquarters to open in April Feb 22 Apple''s sprawling new campus, dubbed "Apple Park," will open in April, the iPhone maker said on Wednesday. Although the first wave of employees will begin moving into the new Cupertino, California, headquarters this spring, it will take about six months for all of the 12,000-plus workers to make the transition, Apple said. Construction will run through the summer. Apple also said the 1,000-seat theater at its futuristic headquarters will be named for its late co-founder, Steve Jobs, who helped design the 175-acre campus before his death in 2011. <20>Steve invested so much of his energy creating and supporting vital, creative environments," Jony Ive, Apple<6C>s chief design officer, said in a statement. "We have approached the design, engineering and making of our new campus with the same enthusiasm and design principles that characterize our products." Apple has brought great attention to every aspect of the campus, including a 2.8 million-square-foot main building, scrutinizing even hidden features such as pipes and electrical wiring, Reuters reported earlier this month. Apple''s high standards contributed to delays on the project, former construction managers said. One door handle, for example, took at least a year and a half to design, according to a former construction manager. Apple unveiled its plans for the headquarters in 2011. (Reporting by Julia Love; Editing by Jeffrey Benkoe) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/apple-campus-idUSL1N1G715J'|'2017-02-23T01:11:00.000+02:00'
'c29624228f1f5368108a08b1c4d2a7690aefd72a'|'Covestro parent Bayer non-committal on any sale to industry peer'|'FRANKFURT Feb 22 Bayer said that various ways to divest its 64 percent stake in plastics subsidiary Covestro were on the cards, when asked to comment on the possibility of a sale to an industry peer versus placing shares on the open stock market."We have said we plan to fully divest the stake over the medium term, without speaking about the modalities. As to how that will play out, there are many ways. Covestro is a highly attractive company and that is now also reflected in the market value," Bayer Chief Executive Werner Baumann told a news conference following the publication of 2016 results.Bayer has previously shown a tendency to sell blocks of shares in Covestro on the open market, which would increase the free float.Shares in Covestro, a maker of transparent plastics, foam chemicals and coatings ingredients, are trading at around 70 euros ($73.5) apiece, well above the offer price of 24 euros at Covestro''s stock market listing in October. ($1 = 0.9522 euros) (Reporting by Ludwig Burger; Editing by Maria Sheahan)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/bayer-results-covestro-idUSL8N1G72QD'|'2017-02-22T13:51:00.000+02:00'
'376ce9aa104ef8161be0d10afa08bd90955ec090'|'UPDATE 1-Genmab and J&J''s cancer drug set for blockbuster sales this year'|'Company  04pm EST UPDATE 1-Genmab and J&J''s cancer drug set for blockbuster sales this year (Adds CEO comment on peak sales potential) COPENHAGEN Feb 22 Danish biotech drugmaker Genmab expects sales of Darzalex, used to fight cancer in bone marrow, to surpass $1 billion this year to become a blockbuster drug, the company said on Wednesday. The strong performance of Darzalex, which is currently approved to treat multiple myeloma, prompted six upward revisions to the company''s revenue and operating profit guidance for its 2016 financial year. The $1 billion a year required to achieve blockbuster is now in sight, with net sales of Darzalex -- approved in November 2015 and is marketed by Johnson & Johnson (J&J) -- expected to reach between $1.1 billion and $1.3 billion this year, up from $572 million in 2016, Genmab said. Analyst expectations, on average, are for Darzalex to generate as much as $1.18 billion in revenue this year and $2.53 billion by 2020, according to data from Thomson Reuters Cortellis. Shares in the Danish company have surged by more than 3,200 percent in the past five years as it has morphed from a cash-burning operation into a profitable business with actual drugs on the market. Genmab receives tiered royalties from J&J on its sales and expects to receive Darzalex royalties of between 930 million Danish crowns and 1,100 million crowns ($132 million-$156 million) and 800 million crowns in milestone payments this year. Operating income for 2016 came in at 1.1 billion crowns and is expected in the range of 900-1,100 million crowns in 2017. With a market capitalisation of $12 billion, Genmab is Europe''s second-biggest biotech company behind Actelion , although both still lag well behind the likes of U.S. groups Gilead, Amgen and Celgene. However, Genmab''s chief executive Jan van de Winkel believes that Darzalex has the potential to achieve peak annual sales as high as $13 billion if the drug is approved for a wider range of cancers. "It could work in other blood cancers as well as in solid tumours. So that means $13 billion potential if it would work in all the indications," van de Winkel told Reuters. He acknowledged that $13 billion would be the most rosy scenario but said that Darzalex could "definitely" achieve more than $9 billion. ($1 = 7.0497 Danish crowns) (Reporting by Stine Jacobsen; Editing by Elaine Hardcastle and David Goodman) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/genmab-results-idUSL8N1G77A1'|'2017-02-23T03:04:00.000+02:00'
'94b0eea57d1ef291ad3573988af8495f3d5ffe30'|'BRIEF-Maple Leaf foods to acquire Lightlife Foods'|' 55pm EST BRIEF-Maple Leaf foods to acquire Lightlife Foods Feb 21 Maple Leaf Foods Inc: * Maple Leaf Foods to acquire Lightlife Foods * Maple Leaf Foods Inc - transaction will be financed from cash on hand * Maple Leaf Foods Inc - based on current operating results, acquisition is expected to be accretive to Maple Leaf''s earnings in 2017  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-maple-leaf-foods-to-acquire-lightl-idUSASB0B1DQ'|'2017-02-22T04:55:00.000+02:00'
'801b9826699eb3b59e4b1793547266b382c45323'|'Homebuilder Toll Brothers posts 3.8 pct fall in quarterly profit'|'Feb 22 Toll Brothers Inc reported a 3.8 percent fall in quarterly profit, hurt by lower average selling prices for its luxury homes.The Horsham, Pennsylvania-based company''s net earnings declined to $70.42 million, or 42 cents per share, in the first quarter ended Jan. 31, from $73.18 million, or 40 cents per share, a year earlier. ( bit.ly/2lunAFv )Revenue fell to $920.73 million from $928.57 million. (Reporting by Rachit Vats in Bengaluru; Editing by Maju Samuel)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/toll-brothers-results-idUSL4N1G73FQ'|'2017-02-22T13:12:00.000+02:00'
'9d47627ba121f055c4703e294fba2f8e172912b0'|'U.S. 5-year note supply sold to soft demand'|'NEW YORK Feb 22 The U.S. Treasury Department on Wednesday sold $34 billion of five-year government debt to soft demand as it cleared at a yield of 1.937 percent, which was the lowest yield in three months, Treasury data showed.The ratio of bids to the amount offered was 2.29, the weakest level since last July and below 2.38 at the prior five-year note sale in January. (Reporting by Richard Leong; Editing by Meredith Mazzilli)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-auction-5year-idINL1N1G719F'|'2017-02-22T15:13:00.000+02:00'
'6a7f752d2ddd55d5b81df65aec783d5ae41dcf00'|'Fresh from fending off Kraft, Unilever to review strategy'|'LONDON Anglo-Dutch consumer goods group Unilever said it was reviewing its options to increase shareholder value, just days after it swiftly rejected a surprise $143 billion takeover bid from Kraft Heinz."The events of the last week have highlighted the need to capture more quickly the value we see in Unilever," it said in a brief statement. "We expect the review to be completed by early April, after which we will communicate further."Unilever rejected Kraft''s approach on Friday, saying it had no financial or strategic merit.Analysts and investors have since said they expect the firm to review its costs and structure, including the sale of some assets, to see if it is in the best possible shape.(Reporting by Kate Holton; editing by Paul Sandle)'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/unilever-strategy-idINKBN1611L0'|'2017-02-22T10:25:00.000+02:00'
'6772fe53353bbb413d84207b26ad63451a211ee8'|'Bid ratio at U.S. floating rate note auction lowest in 11 months'|'NEW YORK Feb 22 Bidding at Wednesday''s $13 billion U.S. two-year floating-rate Treasury note auction was the weakest in nearly a year, Treasury data showed.The ratio of bids to the amount offered was 3.08, the lowest since last March and below 3.16 at the prior 2-year FRN sale in January. (Reporting by Richard Leong; Editing by Chizu Nomiyama)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-auction-frn-idINL1N1G711R'|'2017-02-22T13:52:00.000+02:00'
'61db86383a919de0bc957c19c2809c2a31e57729'|'Swiss stocks - Factors to watch on Feb 23'|'ZURICH Feb 23 Here are some of the main factors that may affect Swiss stocks on Thursday:SWISS REThe world''s second-largest reinsurer posts full-year results at 0600 GMT. Analysts expect higher natural disaster losses to have taken a bite out of fourth-quarter earnings.BANKSBond trading revenue at the world''s top banks rose last year for the first time since 2012, thanks to increased activity after Britons'' voted to leave the European Union and Donald Trump won the U.S. presidential election, a survey showed.COMPANY STATEMENTS* The U.S. Teamsters labour union said 357 workers at Nestle in Milwaukee, Wisconsin, will receive 2.5 percent wage increases each year under new five-year agreement* Bell AG FY profit rose by 6.1 percent to 101 million Swiss francs ($100 million)* Charles Voegele Group AG says Juerg Bieri appointed Chief Financial Officer* Kuehne + Nagel announced the launch of its KN Eurasia Express rail transport for less-than-container-load shipments between China and Europe.ECONOMYSwiss industrial orders due at 0815 GMT (Reporting by Zurich newsroom)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/markets-swiss-stocks-idINL8N1G76GL'|'2017-02-23T02:52:00.000+02:00'
'afed7c501af5feb876531ee10ba2c445e871a335'|'METALS-London copper prices drop on China regulation concerns'|' 15am EST METALS-London copper prices drop on China regulation concerns * Firmer dollar weighs on LME metals complex * Supply concerns underpin copper * Coming Up: US weekly jobless claims at 1330 GMT (Adds comment, detail, updates prices) By Melanie Burton MELBOURNE, Feb 23 London copper prices slipped on Thursday, as concerns about fresh regulations that could dampen China''s property boom steepened a correction that began with improving prospects for a U.S. interest rate hike in March. China''s Vice Housing Minister Lu Kehua told reporters on Thursday that preparatory work was now being done for a nationwide property tax, but did not provide further details. Further property taxes could cool the construction market, a main demand driver for metals. Lu''s comments came as China also announced plans for greater oversight of its asset management industry, souring sentiment in the stock market. "It''s been around for the past few days. All these things add up and with regulators at least talking about a property tax, at some point it will come in," said a metals broker in Hong Kong. Three-month copper on the London Metal Exchange had slipped 0.9 percent to $5,987 a tonne by 0813 GMT, after easing 0.3 percent on Wednesday. Prices earlier fell to $5,960.50 a tonne, the lowest since Feb. 20. Prices have been bouncing around the $5,960-$6,200 a tonne range since the middle of February, touching a 20-month top of $6,204 on Feb. 13 after a strike was announced at Chile''s Escondida mine, the world''s biggest copper producer. Shanghai Futures Exchange copper eased 1 percent to 48,390 yuan ($7,035) a tonne. Other LME metals, zinc and nickel fell more than 1 percent. The dollar moved up from overnight lows and steadied on Thursday on the possibility of a U.S. interest rate hike next month. A stronger dollar erodes purchasing power for those paying for commodities with other currencies. Many Federal Reserve policymakers said it may be appropriate to raise interest rates again "fairly soon" should jobs and inflation data come in line with expectations, according to policy meeting minutes released on Wednesday. Copper has been underpinned by concerns over supply. BHP Billiton''s decision this week to give up its legal right to replace striking workers at Escondida is aimed at sacrificing some output to undermine the union''s position, analysts said. In news, miner and trader Glencore reported an 18 percent increase in core profits for 2016 on Thursday and said the company had never been so well positioned, although an ill-timed coal hedge had eaten into energy profits. The miner expects copper production in 2017 to be around 1.355 million tonnes, down about 5 percent from last year. PRICES'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/global-metals-idUSL4N1G82N6'|'2017-02-23T15:15:00.000+02:00'
'd7ba5327f7f87d9e67475f50ec2f10be786a9d9f'|'Exclusive - Trump says Republican border tax could boost U.S. jobs'|' 52pm GMT Exclusive: Trump says Republican border tax could boost U.S. jobs President Donald Trump is interviewed by Reuters in the Oval Office at the White House in Washington, U.S., February 23, 2017. REUTERS/Jonathan Ernst WASHINGTON President Donald Trump on Thursday spoke favorably about an export-boosting border adjustment tax proposal being pushed by Republicans in the U.S. Congress, but did not specifically endorse it. Trump had previously sent mixed signals on the proposal at the heart of a Republican plan to overhaul the U.S. tax code for the first time in more than 30 years. "It could lead to a lot more jobs in the United States," Trump told Reuters in an interview, using his most positive language to date on the proposal. Trump sent conflicting signals about his position on the border adjustability tax in separate media interviews in January, saying in one interview that it was "too complicated" and in another that it was still on the table. "I certainly support a form of tax on the border," he told Reuters on Thursday. "What is going to happen is companies are going to come back here, they''re going to build their factories and they''re going to create a lot of jobs and there''s no tax." Trump also said his administration will tackle tax reform legislation after dealing with Obamacare, the health insurance system put in place by his predecessor, President Barack Obama. (Reporting by Steve Holland and David Morgan; Editing by Kevin Drawbaugh and Paul Simao)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-usa-trump-tax-exclusive-idUKKBN1622J5'|'2017-02-24T03:45:00.000+02:00'
'f0e48e9fa2a46228412e254bf6456323b0923c70'|'BRIEF-China Distance Education Holdings reports financial results for Q1 fiscal year 2017'|' 22pm EST BRIEF-China Distance Education Holdings reports financial results for Q1 fiscal year 2017 Feb 21 China Distance Education Holdings Ltd * China Distance Education Holdings reports financial results for first quarter fiscal year 2017 * Q1 revenue rose 31.2 percent to $32 million * Sees Q2 2017 revenue $21.7 million to $22.9 million * Qtrly total course enrollments reached 1,293,000, an increase of 8.5 pct from Q1 of fiscal 2016 * Qtrly diluted net income per american depositary share $0.259 * Qtrly diluted non-GAAP net income per ads $0.275 Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-china-distance-education-holdings-idUSASB0B1F8'|'2017-02-22T05:22:00.000+02:00'
'24f3ce117c0f19c96823575e3142ad623c581056'|'New Zealand court grants Spark''s request for pause on Sky-Vodafone deal'|'  3:29am GMT New Zealand court grants Spark''s request for pause on Sky-Vodafone deal WELLINGTON A New Zealand court on Wednesday ruled that a 36-hour pause must take place before Sky Network Television ( SKT.NZ ) can buy Vodafone''s New Zealand unit ( VOD.L ) if the competition regulator approves the deal. Rival telecommunications company Spark ( SPK.NZ ) on Monday asked the court to consider imposing the pause, saying it would provide companies "breathing space" to understand the regulator''s reasoning. Sky said it was considering the implications of the ruling. The Commerce Commission is due to rule on the proposed NZ$1.3 billion ($933 million) takeover on Feb. 23 and has previously cited concern the deal would dampen competition from rival broadband and mobile providers. Shares in Sky TV were halted, having fallen 2.7 percent, while shares in Spark edged up 0.6 percent. ($1 = 1.3939 New Zealand dollars) (Reporting by Charlotte Greenfield; Editing by Himani Sarkar)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-sky-network-tv-vodafone-group-idUKKBN1610B2'|'2017-02-22T10:29:00.000+02:00'
'73d2cdd1ff8b1a53e69eb2be6aaa4eec47b14129'|'EU tells Italy to reduce fiscal gap or risk being fined'|' 30pm GMT EU tells Italy to reduce fiscal gap or risk being fined By Francesco Guarascio - BRUSSELS BRUSSELS The European Commission warned Italy on Wednesday it risked disciplinary action if it did not adopt promised measures to cut its deficit, adding to pressure on a government facing possible early elections and rising euro-sceptic sentiment. Italy is set to increase its huge public debt despite obligations to reduce it, and was already in line for disciplinary action that could trigger fines, Commission Vice President Valdis Dombrovskis said. However, he told a news conference, the EU''s executive arm was waiting to see if Rome would deliver on its promise to take measures worth at least 0.2 percent of GDP by the end of April. A disciplinary decision would only be taken after Brussels makes its next economic forecasts, which are expected in May. Publishing a report on Italy''s debt, the Commission said the country needed to "credibly" enact those cuts in its structural deficit, which excludes the impact of the business cycle and one-offs. These cuts would in turn reduce the country''s debt. The latest round of Commission economic forecasts for the 28-nation bloc showed Italy''s public debt would rise to an all-time high of 133.3 percent of gross domestic product this year from 132.8 percent in 2016. Under EU rules, Italy needs to reduce its debt by about 3.6 percent of GDP annually. In a separate report, the Commission said Italy was one of six EU countries, as well as France, Cyprus, Portugal, Croatia and Bulgaria, experiencing "excessive economic imbalances", a situation which could also trigger sanctions. Italy''s imbalances are mostly caused by its huge public debt, high unemployment and huge amount of bad bank loans. "The stock of non-performing loans has only started to stabilise and still weighs on banks'' profits and lending policies," the Commission said. Recapitalisation needs that "may emerge" for some Italian lenders could occur "in a context of difficult access to equity markets," it said. The Italian government is in talks with the EU Commission to devise rescue plans for Banca Monte dei Paschi di Siena ( BMPS.MI ) and two Veneto-based regional lenders, as Italy''s largest lender, Unicredit ( CRDI.MI ), is seeking to raise 13 billion euros (<28>11 billion) in the capital markets. EU economics commissioner Pierre Moscovici acknowledged Italy has implemented important reforms in recent years but stressed that "there seems to be a slowdown in the reforms", when a faster pace would instead be needed for "modest" growth. (Editing by Philip Blenkinsop and Louise Ireland)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eu-italy-deficit-idUKKBN1611AI'|'2017-02-22T21:30:00.000+02:00'
'b9575d145f67f34ae2272b0faaf2740705773873'|'Genoa court hands jail sentence to former Banca Carige chairman'|'Business News - Wed Feb 22, 2017 - 3:32pm GMT Genoa court hands jail sentence to former Banca Carige chairman GENOA, Italy A Genoa court said on Wednesday it had sentenced Giovanni Berneschi, the 79-year-old former chairman of local bank Banca Carige ( CRGI.MI ), to eight years and two months in jail for fraud, criminal association and money laundering. Berneschi was ousted from his job in September 2013 after 20 years as Carige''s chairman in a management overhaul imposed by the Bank of Italy following audits that revealed poor lending practices, a large derivatives exposure and questionable accounting methods. Carige, long seen as one of the weak links in Italy''s battered banking system, is preparing a new business plan after European Central Bank supervisors told it to cut its problem loans. In Italy, defendants are allowed two appeals and are considered innocent until the final court ruling is delivered, a process which can take years and is regularly cut short by the statute of limitations, which limits the amount of time a magistrate can pursue a case. Pending the final ruling, the jail sentence is suspended. But the Genoa court said it had put Berneschi under probation. "All that was left for them to do was to shoot me," he told reporters on his way out of the court. Carige''s shares have fallen sharply in the past couple of years because of uncertainty over whether the bank will need to seek more capital after raising a total of 1.6 billion euros($1.68 billion) in two successive share sales in 2014 and 2015. Carige has said in the past it considered itself a damaged party and it is expected to seek damages from its former chairman. The bank had no comment on the ruling. (Reporting by Paola Balsomini; writing by Valentina Za. Editing by Jane Merriman) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-italy-banks-carige-ruling-idUKKBN1611YK'|'2017-02-22T22:32:00.000+02:00'
'c83a196e02e841138c484a029047a429d8a6ad31'|'Tesla down ahead of first quarterly report to include SolarCity'|'By Noel Randewich - SAN FRANCISCO SAN FRANCISCO Shares of Tesla were down almost 1 percent on Wednesday ahead of the electric car maker''s first quarterly report following its $2.6 billion acquisition of solar panel installer SolarCity.Wall Street estimates for Tesla''s fourth-quarter loss per share vary widely, potentially due in part to the deal. In the previous quarter, Tesla posted its first net profit in more than three years.Over the past three months, the stock has enjoyed a 41 percent rally and is near record highs, while short bets against Tesla remain elevated despite nearly $2 billion in paper losses suffered by short sellers this year.Options trading strategies suggest investors expect a 6.5 percent move in Tesla''s stock - up or down - by Friday.Musk, the largest shareholder in both companies, combined Tesla and SolarCity in a bid to create a clean energy powerhouse. More recently, the Silicon Valley billionaire became a key figure on President Donald Trump''s business council."The recent run-up in Tesla stock has less to do, in our view, with anything around the near-term financials, and more to do with the nearly superhero status of Elon Musk," wrote Barclays analyst Brian Johnson in a note to clients on Wednesday.A year ago, Musk said Tesla would become full-year profitable in 2016, a promise that helped the stock rebound from a two-year low. Since then, the shares have doubled. In afternoon trade on Nasdaq they were around $275.75.The average analyst estimate for Tesla''s quarterly adjusted, non-GAAP loss per share is 43 cents, according to Thomson Reuters data. But Tesla could report a loss of 63 cents per share, according to the Thomson Reuters Starmine estimate, which gives more weight to analysts with stronger track records.In Wednesday''s report after markets close, Wall Street will be looking for updates on Tesla''s plan to launch volume production of its Model 3 sedan in the second half of this year. Tesla was set to begin test-building its Model 3 this past Monday, Reuters reported.Six analysts recommend buying Tesla''s stock, another six recommend selling, and eight are neutral, according to Thomson Reuters data.(Reporting by Noel Randewich; Editing by Bernard Orr)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-usa-markets-tesla-idINKBN1612HS'|'2017-02-22T16:23:00.000+02:00'
'9bdfbd42e3b0e50c12b528adfc79d5782622c6bc'|'Lonely Planet co-founder: ''The first book was an accident'' - Guardian Small Business Network'|'T ony and Maureen Wheeler co-founded Lonely Planet in 1973 after the couple travelled overland from London to Australia. The travel publisher, which has since printed more than 120 million books in 11 languages, sold a 75% stake in the business to BBC Worldwide in 2007. The Wheelers sold their remaining 25% stake in the company four years later.How did the first Lonely Planet book come about? We intended to go around the world in a year, live in Sydney for three months and come back to London. But even before we arrived [in Australia] we thought we<77>d make it a longer trip and spend three years away. We drove from London to Afghanistan in an old minivan and then made our way through Asia to Australia. While we were living in Sydney, we<77>d meet people [who<68>d ask about the trip] and they<65>d say what did you do, how did you do this, and we<77>d jot notes down for them. Back then the phrase <20>gap year<61> hadn<64>t been invented. There were people doing it, but the numbers [were much smaller] than today. Starbucks co-founder: ''We thought we''d have a couple of stores'' Read more So the first book was an accident. We both had full-time jobs in Australia <20> I was managing market research for Bayer Pharmaceuticals and Maureen was a PA at a wine company <20> and worked on it during the evenings and weekends. Then I took a day off work and went to some bookshops and said, I<>ve written this book, do you want to buy some copies? And they did. It was called Across Asia on the Cheap. It got a couple of good reviews, and it sold 1,500 copies in a week. That was just in Sydney, although we took it to Melbourne and further afield soon after. How did it progress from there? People liked it. We had to reprint it twice. We went travelling and bumped into people using it. When we wrote the second one two years later [Southeast Asia on a Shoestring], that had even more of an immediate reaction.The money we made from one book paid for the next one. We managed to grow the business bit by bit. They have a word for it now <20> bootstrapping. I always remember feeling very resentful about having to do things like pay an accountant. I thought, the money I<>m paying them, I could be sending someone out to do another book. It wasn<73>t until the end of 1977 when suddenly there was money in the bank, [and we didn<64>t have to ask] every Friday, how are we going to pay for things? The India guide book in 1981 was a real breakthrough. With someone managing the office, we could get away for six months. Maureen and I, plus two writers, headed off with an advance of $1,000 each for expenses. The resulting book was three times as big, three times as high a price and it sold three times as many copies as previous titles. I<>ve still got my heart in that book. It was a big project and we were really betting the whole shop on it.How did you balance writing the books and running the business? We got to the stage where the real problem was that we couldn<64>t be out there travelling and at home running the office. We got to 10 books and I had my name on five of them. If you did stay home and run the office, the books didn<64>t get written. So, a few years down the line, we got a friend who<68>d had this own publishing operation to come and manage the office for us.People were enthusiastic about what we were doing and were willing to do it for nothing. They<65>d turn up at the office and say, I could write a book about this place because I<>ve lived there. We had no idea if they could write or not, but we<77>d say <20>ok, do it<69>.The travel space has become a lot more crowded in recent years <20> in print and online. How did the business cope with competition? Competition is always a good thing. It keeps you on your toes. Brands get up and get their name out there now because of the instantaneous nature of the internet. [You can] jump from nothing to something with remarkable speed. But it takes a while to build a reputation. What really pleases me is that Lonely Planet i
'83ef96b5ed528953f65ed795711b779cf620784a'|'PSA boss says Opel deal would find ''speedy'' savings'|' 52am GMT PSA boss says Opel deal would find ''speedy'' savings The logo of German car maker Opel is seen at a dealership in Marseille, France, February 22, 2017. REUTERS/Jean-Paul Pelissier PARIS PSA Group''s ( PEUP.PA ) proposed acquisition of Opel would swiftly create savings and value from the General Motors ( GM.N ) European division''s turnaround and complementary brands, the French carmaker''s Chief Executive Carlos Tavares said on Thursday. Adding GM''s German Opel British Vauxhall brand would bring new customers reluctant to buy French cars, Tavares told analysts and reporters, while generating savings from shared technical underpinnings. "There is significant complementarity in terms of customer consideration between the German Opel brand and our three French brands," Tavares said, referring to the French group''s Peugeot, Citroen and DS badges. "This company needs help," he said. "What we see today with the situation of Opel ... has a lot of similarities with what we were facing four years ago." Under Tavares, PSA has rebounded from a 2014 brush with bankruptcy and state-backed bailout to record levels of profitability. On Thursday, it posted a 6 percent automotive operating margin for 2016 and raised its medium-term earnings goal. Savings with Opel, if the deal goes through, would be underpinned by rapid convergence of underlying vehicle architectures, the PSA chief also said. "When you look at the product plan you see that you can in a quite speedy way implement quite significant synergies," Tavares said. PSA expects the deal to lead to combined sales of 5 million vehicles in 2020-22 and savings between 1.5 billion and 2 billion euros, sources told Reuters on Wednesday. (Reporting by Laurence Frost. Editing by Jane Merriman)   UK    '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-peugeot-opel-m-a-idUKKBN1620UI'|'2017-02-23T15:52:00.000+02:00'
'af4482458bd4c4c310b054d13d809429421ed037'|'UK inflation expectations steady for year ahead, rise further out'|' 58am GMT UK   Shoppers are reflected in a shop window as they walk along Oxford Street on the last Saturday before Christmas, in London December 21, 2013. REUTERS/Luke MacGregor/File Photo   Short-run inflation expectations stood at 2.6 percent unchanged from January, the highest since December 2013 and above their long-run average of 2.4 percent. The Bank of England has forecast that inflation - which is rising fast after last year''s Brexit vote pushed down the value of the pound - will peak at just over 2.7 percent in mid 2018. Citi said longer-run inflation expectations for the next five to 10 years rose to 3.2 percent from 3.0 percent in January, the highest since January 2014 but not above the series average since it was launched in 2005. "We cannot rule out second-round effects when households and businesses negotiate wages and rents, perpetuating higher inflation beyond the current spike," Citi economists Christian Schulz and Ann O''Kelly said. "If the economy does not cool over the coming quarters, the BoE''s Monetary Policy Committee may come under pressure to raise Bank Rate from its current low of 0.25 percent, despite Brexit uncertainty." The survey was based on a sample of 2,059 adults polled between Feb. 20 and 21. (Reporting by William Schomberg; Editing by Alistair Smout)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-britain-inflation-citi-idUKKBN1620VH'|'2017-02-23T15:53:00.000+02:00'
'88b952ecbdbf56426c2685e3ffc27605c3d12a5d'|'MOVES-Credit Suisse, HSBC, UBS, Aldermore, HighVista Strategies'|'Company News  07am EST MOVES-Credit Suisse, HSBC, UBS, Aldermore, HighVista Strategies Feb 22 The following financial services industry appointments were announced on Wednesday. To inform us of other job changes, email moves@thomsonreuters.com. RIVERNORTH CAPITAL MANAGEMENT LLC The U.S.-based boutique investment management firm appointed Greg Uythoven as an institutional portfolio specialist. CREDIT SUISSE GROUP AG The bank appointed Christoph Schumacher as head of global real estate in its asset management unit, effective June 1. ALDERMORE GROUP PLC The British bank appointed Graeme Elliot as a business development manager in its invoice finance team. HSBC HOLDINGS PLC The bank named Tony Cripps as chief executive of HSBC Singapore, effective April 3. HIGHVISTA STRATEGIES LLC The Boston-based investment firm appointed Edmund Hajim as its chairman. NN INVESTMENT PARTNERS The asset manager has made a trio of hires to form a new Responsible Investment team, which will support all NN IP investment teams. WHIRELAND GROUP PLC The UK corporate broking and wealth management firm has appointed Adam Pollock head of its corporate advisory and broking division. CHINA MINSHENG BANKING CORP LTD Alex Lee rejoined the bank''s syndicated finance team in Hong Kong earlier this month after a brief stint at Hengfeng Bank in Shanghai. UBS AG Yuki Ikuno, managing director and head of global syndicate finance, and Haruto Tsutsumi, executive director of syndicate finance <20> have left UBS in Tokyo. (Compiled by Ankit Ajmera in Bengaluru) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/financial-moves-idUSL4N1G74HJ'|'2017-02-22T22:07:00.000+02:00'
'd5d3efb86daf2d250cef37e7b1e323aff7b14008'|'Why Uber-style public services are not the answer to the burden of bureaucracy - Guardian Sustainable Business'|'I n the film I, Daniel Blake , a middle-aged man is rendered unfit for work by a heart condition. As he undertakes the tortuous process of navigating the welfare system, the film captures the way in which the privatised bureaucracies of the modern neoliberal state are every bit as awful, soul-destroying and Kafkaesque as the government bureaucracies they replaced.As it stands, too much of what bureaucracy concerns itself with is the monitoring and punishing of ordinary citizens, and modern technologies can make matters worse. Just ask all the Australian <20>Daniel Blakes<65> harassed by Centrelink for debts they didn<64>t owe because of the introduction of an algorithm that cross-referenced government benefits with people<6C>s tax records. The idea was to detect any undeclared income but, because the data wasn<73>t adequately <20>cleansed<65> <20> checked for errors in format, duplications and the like <20> it produced a large number of false positives. This meant people were sent letters demanding they pay back money they hadn<64>t received.Senator Jenny McAllister described one example in parliament this month , in which a 67-year-old pensioner was falsely billed $36,000 and had her pension cancelled. The mistake was corrected but it is an error that will keep on happening as long as technology is imposed thoughtlessly in bureaucracies designed to discipline rather than help.The r<>sum<75> is dead: your next click might determine your next job Read more It is a good reminder of something the scholar Mark Fisher argued in his book Capitalist Realism <20> namely, that any sort of leftwing populism likely to challenge the rising tide of rightwing populism needs to be committed to getting rid of this sort of dehumanising bureaucracy.But how do you do that?Technology could help, if implemented properly. A report released by the UK thinktank Reform suggests that robots and other forms of artificial intelligence might be able to replace up to 250,000 bureaucrats within the next 15 years. It makes the point that <20>the demands on public services are changing rapidly<6C> and that an <20>ageing population, with increased prevalence of chronic conditions, requires a new way of delivering health and social care<72>.All true but, as the Centrelink example exposes, some scepticism is warranted.For all its quite reasonable analysis, the report exhibits the worst sort of techno boosterism, with a good dash of neoliberal groupthink thrown in for good measure. Not only does it presume job losses are sexy <20> efficient! streamlined! empowering! <20> the report is soaked in the hubris that assumes matters of governance can be reduced to something neat and clean like a new online platform. As noted in an article in Politico , this is a pathology straight out of Silicon Valley: <20>Whenever the tech world turns its attention to politics, there<72>s always the hint of this nerdish fascination for system: an inattention to what politics actually is or does but a fetishisation of efficiency, the latent notion that all these 18th-century structures really should just be replaced with something you can download on your phone.<2E>Minister defends Centrelink over welfare debt compliance system Read more This nerdish fascination for system is nowhere more apparent than in the report<72>s suggestion that we introduce Uber-type platforms into government processes.<2E><>Contingent labour<75> platforms,<2C> it suggests, <20>may suit hospitals and schools as an alternative to traditional agency models. It may also suit organisations who face seasonal peaks of demand <20> Using such platforms in the public sector would show its commitment to delivering working practices fit for the 21st century.<2E>Well, yes, but what is neatly skipped over is that with the rise of contingent labour comes a concomitant loss of wages and conditions. Do we really want hospitals and police forces staffed with Uber nurses and cops (or support staff) struggling to earn a living as they string together v
'51f1445dcf5d06b424fe830a838af8fa2adae311'|'UPDATE 2-First Solar raises 2017 revenue view on project timing'|'Tue Feb 21, 2017 - 6:15pm EST First Solar raises 2017 revenue view on project timing U.S. solar company First Solar Inc ( FSLR.O ) raised its 2017 sales forecast due to the timing of the sale of a major project, but said a large facility in Arizona had been canceled due to opposition to its location on tribal lands. First Solar also said it had been forced to write down the value of its Barilla Solar project in Texas because a slide in power prices since its construction in 2014 had hurt profitability. Shares of the company, which also reported better-than-expected profit and revenue, were up less than 1 percent at $36.62 in trading after the bell on Tuesday. First Solar raised its 2017 net sales forecast to $2.8 billion to $2.9 billion from $2.5 billion to $2.6 billion. The new revenue forecast allows for full recognition on the 250-megawatt Moapa project sale, located northeast of Las Vegas. First Solar said the more than 300-megawatt Tribal Solar project, which was planned for the Fort Mojave Indian Reservation in Arizona, would not be built. The company''s contract to sell the power to California utility Southern California Edison was canceled. Executives described the cancellation as a one-time event due to the unique concerns of the Fort Mojave Indian Tribe and said the company had several opportunities to offset the impact of the cancellation, including new business in Japan. Solar companies are struggling with a sharp decline in panel prices since the middle of 2016, but First Solar Chief Executive Officer Mark Widmar said bookings had picked up since the end of last year. First Solar said in November it would cut about 27 percent of its workforce and transition to a new product ahead of schedule. The company is bringing forward production of its Series 6 modules to 2018 and abandoning plans for the Series 5 product. First Solar reported a net loss of $719.9 million, or $6.92 per share, for the fourth quarter ended Dec. 31, compared with a profit of $164.1 million, or $1.60 per share, a year earlier. The company said on Tuesday it recorded $728.9 million in charges in the latest quarter related to plans to abandon the Series 5 modules and other restructuring. Excluding items, the company earned $1.24 per share, far ahead of the average analysts'' estimate of 97 cents, according to Thomson Reuters I/B/E/S. The company''s net sales nearly halved to $480.4 million, but beat analysts'' estimate of $412.8 million. (Reporting by Arathy S Nair in Bengaluru; Editing by Sriraj Kalluvila and Lisa Shumaker) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-first-solar-results-idUSKBN1602LA'|'2017-02-22T06:14:00.000+02:00'
'82b6ece836b5bd9d7ad92d38b8624c5dc45b60b8'|'Drive off with a secondhand car for less - Money'|'O ver the past three years consumers have increasingly been relying on credit to fund new car purchases, with nearly nine out of 10 private vehicles bought this way during 2016, according to the Finance & Leasing Association. The rise of the personal contract purchase (PCP), which lets you buy, say, a new Ford Fiesta for as little as <20>150 a month and a small deposit, is largely behind the boom in cars sales in Britain. But with a lot of three-year PCP deals coming to an end in 2017, it might be a good time to pick up an ex-finance bargain.Under most PCP schemes the driver makes monthly repayments for three years before being presented with three options: either make a <20>balloon<6F> payment and take legal ownership of the car; trade it in and use any equity as a deposit for another new car; or return the car to the dealership. If it is traded in or returned the dealership usually approves the ones in the best condition to re-sell. The rest are disposed of via an auctioneer, such as British Car Auctions (BCA), to a secondhand dealer or a private buyer (see box below), opening up the opportunity for bargain seekers.Buying an approved used car from a manufacturer<65>s franchised dealer is the easiest and safest way to buy secondhand. If the car is between two-and-a-half and three years old it will most likely be ex-PCP, which means it should have been well looked after and not driven into the ground. This is because many PCP deals charge for excess mileage and require that the car is maintained in accordance with the manufacturer<65>s service schedule. However, buying this way is also likely to be the most expensive way of obtaining your ex-PCP bargain.You should also heed this advice from motoring expert Rupert Pontin: <20>Buying any vehicle requires detailed national research these days to find the most competitive price. Always check the provenance of the vehicle thoroughly and make sure it has been fully checked and serviced, although every dealer selling a car of this age should be doing these things as a matter of course. Remember to factor in travelling costs too, as a car that is <20>100 cheaper but 150 miles away will probably not be worth the travel time and hassle to go and see it, buy it, and then go back to collect it.<2E>Of course, buying from a manufacturer<65>s own dealership is likely to be more expensive than buying at auction. But this method isn<73>t recommended for a novice: there is little time to make an appraisal of the vehicle as you won<6F>t be able to sit in it, never mind take it on a test drive. Moreover, you<6F>ll find it very hard to be sure that a car sold at auction is actually ex-PCP. If it is, however, it should have a full service history and be around three years old.If you do buy at auction take someone with you who knows about cars. Be aware of what the list price of the car make, model and year should be by consulting a guide to used car values, such as Glass<73>s or the Black Book from Cap HPI . Meanwhile, a spokesman for BCA told us: <20>The very good cars, well looked after and with low mileage, will often make more than the guide price.<2E>Generally, the cheapest way to pay for a car in the long run is to pay cash and haggle hard for a good discount. If you have to borrow to finance the purchase, a bank loan may be the cheapest way to do this, but you don<6F>t want to secure the loan against your property. There are also PCP deals that can be taken out to buy used cars (see below).Facebook Twitter Pinterest Motoring Consumer affairs features  '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/2017/feb/25/secondhand-car-bargain-finance-leasing-deals'|'2017-02-25T13:59:00.000+02:00'
'add33f321eb50e4ff7f6cf94fb9c9a68b857ec13'|'Trump tells CEOs he plans to bring back millions of jobs'|'Thu Feb 23, 2017 - 4:44pm GMT Trump tells CEOs he plans to bring back millions of jobs U.S. President Donald Trump speaks during a meeting with manufacturing CEOs at the White House in Washington, DC, U.S. February 23, 2017. REUTERS/Kevin Lamarque By David Shepardson and Ginger Gibson - WASHINGTON WASHINGTON President Donald Trump told about two dozen chief executives of major U.S. companies on Thursday he plans to bring many millions of jobs back to the United States. Trump also touched on his plan to deport illegal immigrants to Mexico. Secretary of State Rex Tillerson is in Mexico on what Trump called a "tough trip." Participants included CEOs from General Electric Co ( GE.N ), Lockheed Martin Corp ( LMT.N ), Dow Chemical Co ( DOW.N ), International Paper Co ( IP.N ), Ford Motor Co ( F.N ), United Technologies and Dell Technologies Inc ( DVMT.N ), Johnson & Johnson ( JNJ.N ), Corning Inc ( GLW.N ), Whirlpool, Emerson, Campbell Soup Company, Merck & Co Inc ( MRK.N ), Caterpillar Inc ( CAT.N ), 3M Co ( MMM.N ), U.S. Steel Corp ( X.N ), Archer Daniels Midland Corp ( ADM.N ) and General Dynamics Corp ( GD.N ). Trump is expected to roll out a series of proposals that could have big ramifications for companies, including a plan to overhaul the tax code that he has promised within weeks and an infrastructure package that was part of his 2016 presidential campaign promises. A former CEO himself in his first public office, Trump has convened a series of such meetings with business leaders from several industries, including pharmaceutical, automotive and aviation makers. Trump met last week with a group of CEOs from large retail companies, all of whom oppose a House Republican-backed plan to create a border adjustment tax as part of a tax code overhaul. Several of the CEOs who met Trump on Thursday are part of a coalition that supports the border adjustment tax, which would impose a 20 percent tax on goods that are imported into the country while providing write-offs for goods that are exported. On Thursday, the chief executives each attended one of four breakout sessions with Trump administration economic officials to discuss a variety of topics including conflict minerals regulations, lack of qualified workers, export regulations for defense products, vocational training and business taxes. White House spokesman Sean Spicer said on Wednesday, "The president will meet with a group of world-class business leaders to discuss specific action he can take to remove barriers to job creation." Vice President Mike Pence, Transportation Secretary Elaine Chao, Treasury Secretary Steve Mnuchin and economic aides met with the CEOs. (Reporting by David Shepardson and Ginger Gibson; Editing by Howard Goller) Up Next'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-usa-trump-ceos-idUKKBN162209'|'2017-02-23T23:43:00.000+02:00'
'4fd12cc1a5b32fb75b1f9fa2fc79c5e9459a4d2e'|'SoftBank denies interest in Vodafone-Idea Cellular merged company'|'MUMBAI Japan''s SoftBank Group ( 9984.T ) on Thursday denied it was in talks with Vodafone Plc''s ( VOD.L ) Indian unit and Idea Cellular ( IDEA.NS ) to pick up a stake in a potential merger between the two Indian wireless carriers.SoftBank''s denial follows a report in The Economic Times newspaper that the Japanese firm was looking to pick up a stake in a Vodafone-Idea merged company, citing four unidentified people aware of developments." We would like to categorically deny SoftBank''s participation in the alleged Vodafone, Idea Cellular merger in India," a SoftBank spokeswoman said."We underline that we have held no such discussions and media reports about the same are baseless and unsubstantiated."(Reporting by Sankalp Phartiyal; Editing by Rafael Nam)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-softbank-group-telecoms-india-idINKBN16214Z'|'2017-02-23T07:54:00.000+02:00'
'9234685dbe7f9bffb741f089a94f08a3db27bac4'|'UPDATE 2-UK Stocks-Factors to watch on Feb. 23'|'(Adds details, updates futures)Feb 23 Britain''s FTSE 100 index is seen opening 4 points higher, or up 0.05 percent on Thursday, according to Financial spreadbetters, with futures up 0.06 percent ahead of the cash market open.* The blue-chip FTSE 100 index ended up 0.4 percent at 7302.25 points, as Lloyds reported its highest annual profit in a decade and Unilever promised a far-reaching review.* BARCLAYS: Barclays reported a surprise increase in its core capital ratio on Thursday, as the key measure of financial strength rose to 12.4 percent against analysts'' expectations it would only climb to 11.8 percent.* BARCLAYS AFRICA: Barclays PLC has agreed to pay Barclays Africa 12.8 billion rand ($988 million) to fund investments required to separate it from its African unit, Barclays Africa said on Thursday.* LLOYDS: The British government said on Thursday it has further reduced its stake in Lloyds Banking Group, a day after the bank posted its highest profit since before the 2007-2009 global financial crisis.* GLENCORE: Miner and trader Glencore reported an 18 percent increase in core profits for 2016 on Thursday and said the company had never been so well positioned, although an ill-timed coal hedge had eaten into energy profits.* BAE: Britain''s BAE Systems said it expected increased defence budgets to boost its earnings by 5-10 percent this year after it met market expectations with a 7 percent rise in 2016.* BAT: British American Tobacco, the second-largest international tobacco company, reported a slight increase in full-year cigarette and tobacco sales volumes on Thursday.* RELX: European information and analytics provider Relx raised its dividend by a more-than-expected 21 percent on Thursday after meeting 2016 results forecasts.* CENTRICA: Centrica, Britain''s largest energy supplier, reported a 4 percent rise in annual adjusted profit on Thursday, slightly ahead of analyst estimates, and said debt levels could be low enough this year to allow an increase in its dividend.* RSA: Insurer RSA posted a 25 percent rise in 2016 operating profit to an above-forecast 655 million pounds ($814.49 million) due to strong performance in most of its core businesses, and raised its target for return on equity.* INTU PROPERTIES: British shopping centre landlord Intu Properties posted an unchanged full-year NAV from last year, as values and demand for Britain''s top malls stabilised against a weakening broader market following the country''s vote to leave the EU.* MONDI: South African paper and packaging company Mondi''s 2016 underlying profit rose, helped by good performance in all its businesses despite pricing pressure in a number of key paper grades.* RATHBONE: British wealth manager Rathbone Brothers said funds under management rose 17.1 percent in 2016 to 34.2 billion pounds ($42.55 billion), boosted by gains in the British stock market in the second half of the year.* HOWDEN JOINERY: Modular kitchen maker Howden Joinery Group Plc reported a slower full-year revenue growth for its UK depots, dragged down by weaker consumer confidence following Britain''s vote to leave the European Union.* PLAYTECH: Gambling technology company Playtech Plc said full-year revenue rose 12.5 percent, aided by strong performance in its gaming division.* BANK OF ENGLAND: Bank of England Deputy Governor Jon Cunliffe warned on Wednesday that requiring financial instruments to be cleared in a country that uses the currency in which they are denominated would bump up costs and splinter markets.* BANK OF ENGLAND/INSURERS: EU capital rules for insurers need some tweaks but are not a deterrent to investment in infrastructure as some insurers'' claim, the Bank of England said on Wednesday.* PURPLEBRICKS: British online real estate agent Purplebricks Group Plc said it intended to raise funds through a share issue to expand into the United States.* AO WORLD: AO World, the British online electricals retailer, said on Wednesday its founder John Roberts had stepped dow
'8bdbaf6137662673a18d4656c00158437f8ae261'|'Brazil''s Vale approves dividend of 4.7 bln reais'|' 24am EST Brazil''s Vale approves dividend of 4.7 bln reais BRASILIA Feb 23 Brazilian miner Vale SA said on Thursday its board had approved that a dividend of 4.7 billion reais ($1.53 billion), or 0.91 reais per share, be paid to shareholders. The payment, if approved by the company''s general assembly, will be paid from April 28. ($1 = 3.0630 reais) (Reporting by Stephen Eisenhammer. Editing by Jane Merriman)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/vale-sa-dividend-idUSE5N19901T'|'2017-02-23T16:24:00.000+02:00'
'9e8cc8674aa4cb54b20ef4eca9f5d8f478bf22a3'|'BRIEF-Comcast Asuka Nakahara was appointed to Comcast board'|' 04pm EST BRIEF-Comcast Asuka Nakahara was appointed to Comcast board Feb 23 Comcast Corp * Asuka nakahara was appointed to board, effective February 24, 2017 * Eduardo Mestre, a member board of decided not to stand for reelection to board on February 22, 2017 * Mestre will continue to serve as a director until his term ends at Comcast''s 2017 annual meeting of shareholders - SEC filing Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-comcast-asuka-nakahara-was-appoint-idUSFWN1G819C'|'2017-02-24T06:04:00.000+02:00'
'f32ac0e5df80ce3b9e8e984fbeb154500dd859a9'|'UPDATE 1-Philadelphia Energy Solutions taps its COO to lead company'|'Company News   UPDATE 1-Philadelphia Energy Solutions taps its COO to lead company (Adds comments from Gatta) By Jarrett Renshaw NEW YORK Feb 22 Philadelphia Energy Solutions has tapped chief operating officer Gregory Gatta as its next chief executive officer, the refining company said on Wednesday. Gatta, 41, an investment professional who worked at various private equity firms including Basso Capital Management and Pegasus Capital Advisors, will replace CEO Phil Rinaldi, who is retiring in March. Rinaldi has been CEO of the privately held company since 2010, when Carlyle Group and Sunoco formed a joint venture to rescue the Philadelphia refinery, the largest and oldest on the U.S. East Coast. The transition comes as the 335,000-barrel-per-day plant is fighting to survive an industry downturn that has hit the U.S. East Coast particularly hard. Despite the recent setbacks, U.S. East Coast refineries remain essential parts of the nation''s energy ecosystem, Gatta said, noting that the densely populated region is short on products, requiring Gulf Coast refiners and imports to make up the difference. "I am pretty bullish on the East Coast refining market," Gatta said in a phone interview on Wednesday. The private equity experience instilled a disciplined approach to buying assets and improving them, Gatta said. The last few years, Gatta said, he has experienced all facets of the refining industry. <20>I am a sophisticated financial investor, but I feel like I am an experienced refiner as well,<2C> he said. Gatta declined to discuss any significant operational changes he may pursue at the refinery, such as adjusting the crude slate or product yields, but noted that he and his team were going to "look under every rock" to see where they can optimize operations. Rinaldi was the region''s strongest advocate for energy expansion as the refinery turned profits off cheap crude flowing out of North Dakota. He was also the face of the effort to bring a natural gas pipeline into Philadelphia that could be used for industrial purposes. Gatta said supports Rinaldi''s vision but said he will not assume the role as the face of the effort. Boom turned to bust by the end of 2015, however, as the Bakken discount to the U.S. benchmark crude price disappeared, production dropped and more pipeline capacity came online. The refinery has suffered several high-profile setbacks in the past two years, including a failed effort to take the company public, followed by layoffs and benefit cuts amid weak margins. Moody''s and Standard & Poor''s have recently downgraded the company''s debt amid concerns about falling profits. (Reporting By Jarrett Renshaw; Editing by Chris Reese and Meredith Mazzilli) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/pes-refinery-ceo-idUSL1N1G71A9'|'2017-02-23T01:54:00.000+02:00'
'6263360b751ed1b73ec3c7dd6ab79c1211d463ce'|'Russia''s Rosneft fourth quarter net profit at 52 billion roubles, slightly down y/y'|'Business   7:21am GMT Russia''s Rosneft fourth quarter net profit at 52 billion roubles, slightly down y/y FILE PHOTO: The company logo of Rosneft is seen outside a service station in Moscow, Russia, November 12, 2013. REUTERS/Maxim Shemetov/File Photo MOSCOW Russia''s Rosneft ( ROSN.MM ), the world''s top listed oil producer by output, posted net profit of 52 billion roubles ($907.7 million) in the fourth quarter last year, slightly less than in Q4 of 2015, the company said on Wednesday. The same period last year, Rosneft saw its net profit at 53 billion roubles. Its revenue in the fourth quarter of 2016 stood at 1.5 trillion roubles, up from 1.2 trillion roubles a year ago. Rosneft also said its EBITDA was at 365 billion roubles in the last quarter of 2016, up from 278 billion roubles in the same period last year. The company said it plans to pay dividends at least twice a year. ($1 = 57.2900 roubles) (Reporting by Katya Golubkova; editing by Aleksandar Vasovic) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-russia-rosneft-results-idUKKBN1610MV'|'2017-02-22T14:21:00.000+02:00'
'a2e07d56aee7e4a4d0aeb0b2be73b6995b24303c'|'JGBs firm, BOJ''s buying offer operations in line with past amounts'|'TOKYO Feb 22 Japanese government bonds firmed on Wednesday after the Bank of Japan made purchase offers under its JGB buying operations that were in line with amounts of previous operations.The 2-year JGB yield fell 2.5 basis points (bp) to minus 0.270 percent, its lowest level since November.The benchmark 10-year JGB yield inched down 0.5 bp to 0.085 percent, while 10-year JGB futures were up 0.21 point at 150.17 in afternoon trade.Some market participants had been concerned that the BOJ would buy less in some zones -- particularly at the shorter end, where supplies have been tight. Any reduction in purchases raises fears that the BOJ might be tapering its asset buying, and tends to weigh on bond prices.But the BOJ offered to buy the same amounts as it has in its most recent operations earlier this month: 450 billion yen ($3.97 billion) of JGBs maturing in five to 10 years, 420 billion yen of JGBs maturing in three to five years, and 400 billion yen of JGBs maturing in one to three years.BOJ Governor Haruhiko Kuroda told parliament on Wednesday that the BOJ''s bond buying programme is proceeding smoothly and was unlikely to face any disruptions ahead. He also said the chance the central bank will deepen negative interest rates is low for now.Superlong JGBs also gained, with the 20-year yield falling 1.5 bp to 0.690 percent and the 30-year JGB yield also shedding 1.5 bp to 0.900 percent. ($1 = 113.4100 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-idINL4N1G71VM'|'2017-02-22T00:51:00.000+02:00'
'6ff502a76adc0e759803e535417542ea4615bfd9'|'Arris nears deal to acquire Brocade''s networking business -sources'|' 33pm EST Arris nears deal to acquire Brocade''s networking business -sources By Liana B. Baker Feb 21 Set-top box maker Arris International Plc is nearing a deal to acquire Brocade Communications Systems Inc''s networking equipment business for roughly $1 billion, people familiar with the matter said on Tuesday. An acquisition of the Brocade unit, which makes equipment that boost high-speed internet service for consumers and businesses, would add a suite of products to Arris'' portfolio that can serve areas with high demand for bandwidth, such as universities and airports. The deal could be announced as early as Wednesday, the sources said, cautioning there was always a chance for the negotiations to end without a deal. The sources asked not to be identified because the discussions were confidential. Arris and Brocade, which is set to be acquired by chipmaker Broadcom Ltd in a $5.5 billion deal that is pending regulatory approval, declined to comment. The divestiture of Brocade''s networking unit, if completed, would be the first sale of assets that Broadcom is aiming to complete, and likely the most valuable, the sources said. Broadcom has said that it plans to sell Brocade''s networking business to avoid competing with its top customers such as Cisco Systems Inc. Broadcom declined to comment. Most of the unit, known as the "network edge" business, was obtained by Brocade as part of its $1.5 billion acquisition of Ruckus Wireless last year. Reuters reported last month that Suwanee, Georgia-based company Arris was one of the bidders for the unit. Arris, which has a market capitalization of $5.6 billion, makes electronics such as modems and set-top boxes used by cable and satellite companies. It closed a deal last year to buy British rival Pace Plc for $2.1 billion, and incorporated itself in Britain in a deal structured as a corporate tax inversion. (Reporting by Liana B. Baker in New York; Editing by Himani Sarkar) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brocade-networking-arris-idUSL1N1G705I'|'2017-02-22T11:33:00.000+02:00'
'225259501ce7278ebafeb4dd6b0998ce97bed505'|'Peugeot sets sales and savings goals for Opel deal - sources'|'Company News - Wed Feb 22, 2017 - 1:58pm EST Peugeot sets sales and savings goals for Opel deal - sources LONDON/FRANKFURT/PARIS Feb 22 French carmaker PSA Group expects its planned acquisition of General Motors'' Opel division to lead to combined sales of 5 million vehicles by 2022 and save as much as 2 billion euros ($2.1 billion) annually, as the talks advance towards a likely deal in early March, sources told Reuters. PSA also plans to make swift progress on technical convergence with GM''s European arm, bringing new Opel models such as the popular Corsa mini onto the Paris-based manufacturer''s own vehicle architectures to slash duplication, two people with knowledge of the matter said on Wednesday. Paris-based PSA and GM confirmed last week they were in talks over a PSA-Opel tie-up to create Europe''s second-largest carmaker by sales after Volkswagen. (Reporting by Pamela Barbaglia, Arno Schuetze and Gilles Guillaume; Writing by Laurence Frost; Editing by Mark Potter) Next In Company News UPDATE 1-Emails show ties between new EPA head, energy firms-watchdog WASHINGTON, Feb 22 Emails released by the Oklahoma attorney general''s office show a cozy relationship between energy companies and Scott Pruitt, who was the state''s top prosecutor before being sworn in last week as the new chief U.S. environmental regulator, a media watchdog group said on Wednesday.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/opel-ma-psa-goals-idUSL8N1G76YC'|'2017-02-23T01:58:00.000+02:00'
'79a8be558453c129e22b59afd2620cd0ebc3f907'|'Nikkei edges down due to pause in yen decline'|'* Topix hits more than 1-year high before edging lower* Toshiba jumps after report on chip business'' higher valueBy Ayai TomisawaTOKYO, Feb 22 Japanese stocks edged down on Wednesday morning in choppy trade as a pause in the dollar''s rise against the yen kept investors on the sidelines as they awaited the minutes of the U.S. Federal Reserve''s latest meeting for clues for interest rate hikes.The Nikkei dropped 0.2 percent at 19,345.31 in midmorning trade after staying nearly flat.Meanwhile, the broader Topix was down 0.1 percent after hitting as high as 1,559.51 points at the open, the highest level since December 2015.Analysts said that Japanese market''s upside should be limited as there appeared to be a respite in the yen''s weaker trend, leaving investors to look for other catalysts.In Asian trade, the dollar was 0.2 percent lower at 113.52 yen, edging away from its peak of 114.955 yen touched a week ago, which was its highest since late January."If the dollar strengthens against the yen and stays above the 114 level, investors will likely chase the market higher," said Hikaru Sato, a senior technical analyst at Daiwa Securities.Exporters were mixed, with Toyota Motor Corp falling 0.1 percent, Honda Motor Co rising 1.0 percent and Panasonic Corp gaining 0.5 percent.Rakuten Inc surged 11 percent after it said it will buy back up to 8.4 percent of its own shares, worth 100 billion yen ($881.60 million).Meanwhile, Toshiba Corp jumped 12 percent after the Nikkei reported that the company has asked potential bidders for its memory chip business to peg the operations'' value at 2 trillion yen or more.The JPX-Nikkei Index 400 shed 0.2 percent to 13,939.11.(Editing by Simon Cameron-Moore)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/japan-stocks-midday-idINL4N1G71HL'|'2017-02-21T23:26:00.000+02:00'
'eefe3bbe0030f06bab8eb6c5a80df1594958ffb9'|'SAFT ON WEALTH-Companies with long-term view do prevail: James Saft'|'(James Saft is a Reuters columnist. The opinions expressed are his own)By James SaftFeb 22 In a world in which most investment managers are paid to be short- or medium-term in their thinking, companies taking the long view prove the best bet.This is one of the central ironies, not just of a delegated investment system, but of the economy itself: patience pays but is not usually rewarded.Unilever, a company long regarded as particularly focused on the long term, rejected last week a $143 billion offer from fellow food giant Kraft Heinz, in part, according to published reports, because it feared it would be forced into short-sighted cost-cutting.That may well have been wise, at least based on a reading of a discussion paper released earlier in February by the McKinsey Global Institute think tank which found companies taking a long-term view outperform in everything from financial performance to job creation. ( here )Looking at 615 nonfinance companies between 2001 and 2015 the study devised a ''Corporate Horizon Index'' in an attempt to capture which firms were playing the long game and which bending with the changing winds.A total of 164 firms made the cut as ''long term,'' and from a shareholder''s point of view, the results were pretty good.<2E>Long-term companies exhibit stronger financial performance over time. On average, their market capitalization grew $7 billion more than that of other firms between 2001 and 2014. Their total return to shareholders was also superior, with a 50 percent greater likelihood that they would be top decile or top quartile by 2014,<2C> according to the study.Interestingly, although the long-term cohort got hit harder by the fall in equity markets during the financial crisis, their share prices recovered faster.Overall, short-term focus as measured by the study has risen since 2001, a point which accords, at least superficially, with widespread concerns over the level of investment and a widespread corporate preference for financial engineering over franchise building.It is a common observation that while most fund and company managers live and die quarter by quarter, the vast majority of investors are managing their savings for the distant future.HOW TO PICK A LONG-TERM COMPANYThe study rated firms on five measures:First was the ratio of capital expenditure to depreciation, a good guide to investment.Second was accrual compared to revenues, which can tip which companies are displaying earnings which reflect underlying cash flow and which may be using accounting to flatter themselves.Third was the difference between earnings growth and revenue growth, which can reveal which firms are growing margins in an unsustainable way in order to make their numbers.Fourth was a measure of how often firms ''barely'' make their earnings-per-share targets or just miss them, again a good marker of who is managing the business and who is managing Wall Street expectations.Fifth was the difference between earnings per share growth and gross earnings growth, an indicator of how aggressive firms are being in buying back shares to boost EPS.As ever, correlation is not causation but the long-term results of the ''long-term'' cohort were a heck of a lot better than the rest.Over the time of the study average company revenue grew by 47 percent more at long-term firms compared to the rest, average earnings by 36 percent more and economic profit by 81 percent more. Important to note that these results were relative to industry peers with similar opportunities, operating in similar markets, so this is not simply an exercise in picking winners from secular change.If all firms had done as well, U.S. market capitalization would have been 4 percent higher at the end of the period, a gain of more than $1 trillion.And for you secular stagnation worriers out there, the economic impact of wider long-term management could also be huge. The long-term firms created more jobs and more output.<2E>The potential value that coul
'2fb536ee1371b8499aade0765f77b776303a25a5'|'BRIEF-Digimarc reports Q4 loss per share $0.57'|' 29pm EST BRIEF-Digimarc reports Q4 loss per share $0.57 Feb 22 Digimarc Corp- * Digimarc reports fourth quarter and full year 2016 financial results * Q4 loss per share $0.57 * Q4 revenue $5.2 million versus I/B/E/S view $5.5 million * Q4 earnings per share view $-0.58 -- Thomson Reuters I/B/E/S Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-digimarc-reports-q4-loss-per-share-idUSASB0B1N0'|'2017-02-23T04:29:00.000+02:00'
'2690744359f8f25e11e47886f7c786224dc4cf62'|'CANADA STOCKS-TSX falls as lower oil prices weigh on energy'|' 39am EST CANADA STOCKS-TSX falls as lower oil prices weigh on energy TORONTO Feb 22 Canada''s main stock index fell on Wednesday, pulling back from a record high the day before, as lower oil prices weighed on the shares of energy companies. The Toronto Stock Exchange''s S&P/TSX composite index was down 26.47 points, or 0.17 percent, at 15,895.90, shortly after the open. Eight of the index''s 10 main groups were lower. (Reporting by Fergal Smith; Editing by Chizu Nomiyama)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-open-idUSL1N1G70QK'|'2017-02-22T21:39:00.000+02:00'
'acf531f98921efc2ceb20c38da4f452bb4e42ce7'|'Peugeot seeks up to 2 billion euros savings from Opel deal: sources'|'By Pamela Barbaglia and Arno Schuetze - LONDON/FRANKFURT LONDON/FRANKFURT French carmaker PSA Group ( PEUP.PA ) aims to generate annual cost savings of between 1.5 billion and 2 billion euros ($1.6 billion-$2.1 billion) from its proposed acquisition of Opel from General Motors ( GM.N ), two sources told Reuters on Wednesday.The savings will come mainly from purchasing and research and development as the Peugeot maker pools underlying vehicle architectures and engines with GM''s European business, eliminating duplicate technologies, the sources added.Paris-based PSA and GM confirmed last week that they were in talks over a PSA-Opel tie-up to create Europe''s second-largest carmaker by sales after Volkswagen ( VOWG_p.DE ).The disclosure sparked concern for the future of GM''s Opel and Vauxhall plants in Germany and Britain, home to most of the group''s 38,000-strong European workforce.Discussions with political and labor leaders may delay the conclusion of a deal, which both carmakers now hope to announce in March, two sources with knowledge of the talks also said.Exane BNP Paribas analyst Dominic O''Brien said savings of 2 billion euros could be achieved with 1.2 billion euros from joint purchasing, 400 million from R&D and another 400 million from the eventual elimination of 6,000 jobs."The most obvious starting point for any restructuring of course lies with labor," O''Brien said, adding that layoffs would be more likely "via attrition and voluntary rather than compulsory".PSA boss Carlos Tavares is due to meet British Prime Minister Theresa May after giving assurances on Tuesday to German Chancellor Angela Merkel that all existing GM job guarantees would be honored under the deal.GM''s existing German job guarantees run to the end of next year and plant commitments until around 2019-20, unions say.The new group would have 75 billion euros in revenue and a 16 percent combined European market share, which shrank last year as both groups lost ground to rivals including VW and Renault ( RENA.PA ).($1 = 0.9512 euros)(Additional reporting by Laurence Frost; Writing by Laurence Frost; Editing by Alexander Smith)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-peugeot-opel-m-a-idINKBN161239'|'2017-02-22T13:32:00.000+02:00'
'c5bc353c12e9a524f86a5bdacd7a08e4d9440025'|'Saudi Aramco selects lead underwriters for $100 bln IPO -WSJ'|'Business News - Tue Feb 21, 2017 - 11:55pm GMT Saudi Aramco selects lead underwriters for $100 billion IPO: WSJ A Saudi Aramco employee sits in the area of its 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 Oil giant Saudi Aramco IPO-ARMO.SE has selected JPMorgan Chase & Co ( JPM.N ), Morgan Stanley ( MS.N ), and HSBC Holdings Plc ( HSBA.L ) as lead underwriters on the firm''s planned initial public share offering, the Wall Street Journal reported on Tuesday, citing   matter. Saudi Arabian Oil Co, known as Saudi Aramco, was not immediately available for comment. Saudi authorities are aiming to list up to 5 percent of the world''s largest oil producer on both the Saudi stock exchange in Riyadh, the Tadawul, and one or more international markets in an IPO that could raise $100 billion. The listing is the centerpiece of a Saudi Arabian government plan to transform the kingdom by enticing investment and diversifying the economy away from reliance on oil. (Reporting by Ismail Shakil in Bengaluru; Editing by James Dalgleish) Next In Business News Wall Street challenges U.S. regulator over proposed commodities rule Wall Street is pushing back against a proposed rule to force U.S. banks like Goldman Sachs Group Inc to hold more capital against investments in commodities, placing what some see as an overly restrictive limit on banks'' ties to the sector.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-saudi-aramco-ipo-idUKKBN1602U9'|'2017-02-22T06:47:00.000+02:00'
'ef4176231d8b41af3a3b1201d69bb2917aa349a7'|'Germany overtakes UK as fastest-growing G7 economy - Business'|'Germany overtook the UK as the fastest growing among the G7 states during 2016. Europe<70>s largest economy expanded at the fastest rate in five years, showing growth of 1.9% last year.The expansion pushed Britain into second place among the G7 industrialised nations, after the Office for National Statistics revised down annual UK growth to 1.8%, from an initial estimate of 2% .In the final quarter of 2016 Germany<6E>s economy grew by 0.4%, improving on 0.1% growth in the third quarter. It was fuelled by domestic demand as government and consumer spending rose.Germany overtakes UK to become fastest-growing G7 economy in 2016 - business live Read moreGermany proved the International Monetary Fund wrong, after the Washington-based fund predicted the UK would outpace its G7 peers .Ambassador Ammon (@GermanAmbUK) German economy was marked by strong and steady growth during 2016, with GDP increasing 1.9% - highest rate of GDP growth among G7 countries.February 23, 2017 Alan Clarke, economist at Scotiabank, said the economies of both countries had turned out a decent performance last year, and pointed out that UK growth of 0.7% had outpaced Germany in the fourth quarter.He said: <20>UK economic growth in 2016 was fractionally below that of Germany <20> no longer the fastest growing in the G7. In the big scheme of things 0.1 percentage points between friends isn<73>t something that anyone is going to notice. And if anyone wanted to pick a fight, you are only as good as your last game and the UK scored 0.7% growth in the fourth quarter. Both economies are doing pretty well and survey indicators for [each] suggest more good news early 2017.<2E>Germany<6E>s statistics office, Destatis, described the country<72>s economy as <20>solid and steady<64>. The figures suggested German consumers had so far shrugged off the uncertainty created by Britain<69>s decision to leave the European union .In the final quarter, government spending in Germany rose 0.8%, and household spending increased by 0.3%. Trade was a drag on GDP however, as the 3.1% growth in imports outpaced exports growth of 1.8%.Economists said growth in 2017 was likely to be slower than the 1.9% achieved in 2016. The German government is forecasting growth of 1.4% this year.Jennifer McKeown, chief European economist at Capital Economics , said: <20>German GDP was growing at a healthy pace at the end of last year, driven mainly by consumer spending. While business surveys suggest that growth will accelerate further in the near term, March<63>s dip in consumer confidence may be an early sign of a slowdown in spending to come. In all, the German economy remains in good health. But we doubt that it will go from strength to strength.<2E>A strong economic backdrop has helped Germany post a record budget surplus of <20>23.7bn in 2017, fuelled by higher tax revenues, rising employment and low debt costs. It was the highest budget surplus since reunification in 1990 and the third successive year the government has had a budget surplus.Olga Tschekassin, an economist at Barclays, said government and state spending would continue to be the main drivers of growth in the coming quarters. <20>However, external factors such as Brexit and US trade policy, and a series of upcoming elections in the euro area, will likely increase uncertainty and could harm investment.<2E>Economic growth (GDP) Germany European Union Europe Office for National Statistics Economics news '|'theguardian.com'|'https://www.theguardian.com/uk/business'|'https://www.theguardian.com/world/blog/2017/feb/23/germanys-gdp-shows-19-rise-over-last-year'|'2017-02-23T23:21:00.000+02:00'
'a68bcd731996478031a066b22254c8f0f56a64ae'|'Greece needs debt restructuring, interest rate cuts - IMF''s Lagarde'|' 39pm GMT Greece needs debt restructuring, interest rate cuts - IMF''s Lagarde IMF Managing Director Christine Lagarde gestures during an interview with Reuters in Dubai, United Arab Emirates February 13, 2017. REUTERS/Stringer BERLIN Greece doesn''t need a debt haircut at the moment, International Monetary Fund Chief Christine Lagarde said on Wednesday, adding that debt restructuring and interest rate cuts on bailout loans were necessary. "We are much more confident after the progress made by the Greek authorities to come in the direction of the institutions to satisfy the requirements that we have in order to engage in a program," Lagarde told German public broadcaster ARD after talks with Chancellor Angela Merkel in Berlin. She said Greece should implement pension and income tax reforms demanded by the IMF as a condition for taking part in a bailout program. "Obviously, the second leg is going to be the level of debt that the country can carry out and that debt will have to be restructured appropriately and the volume of restructuring will clearly depend how much reform, how progress, how strong the Greek economy is at the end of the program," Lagarde said. "What will be needed is not a haircut if the reforms are done but a significant extension of maturity, a significant interest rate capping and that will have to be discussed in greater details later on as progress is made on the reform front," she added. This will have to take place at the end of current bailout program for Greece. (Reporting by Joseph Nasr; Editing by Toby Chopra)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eurozone-greece-imf-idUKKBN1612DX'|'2017-02-23T01:39:00.000+02:00'
'117e2497a38f8697cdbcc9c0c08415c959a17108'|'European shares hit new 14-month high, positive earnings boost'|'LONDON Feb 22 European shares climbed to a new 14-month high on Wednesday, supported by well-received earnings updates from companies such as Lloyds, Telefonica Deutschland and Scor.The pan-European STOXX 600 index was up 0.5 percent at 375.19 points by 0831 GMT after setting an intra-day high of 375.42 points, the highest level since early December 2015. Germany''s DAX was up 0.4 percent after hitting levels not seen since April 2015.Telefonica Deutschland was one of the best-performing stocks, up 5.8 percent after it reported better-than-predicted core profit for the fourth quarter and raised its target for synergies from its acquisition of E-Plus.ThyssenKrupp was also a top gainer, up 5.4 percent after the German industrials and steel company said it had sold its Brazilian steel mill to Ternium, ending five years of unsuccessful efforts by the German company to exit Latin America''s largest economy.Banking and insurance stocks were the top-performing European sectors, led by Lloyds and Scor.Lloyds, the second largest British listed bank to post earnings this week, was a top gainer, up 3.5 percent after impressing investors with profits rising to a ten-year high.Shares in French insurance company Scor hit a 14-month high, up 5.6 percent after it raised its dividend and said it planned share buybacks on the back of a 5.4 percent increase in premiums.Indivior was an outlier. The British pharmaceuticals company was down 7.8 percent, the top European faller, after its results. (Reporting by Helen Reid)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/europe-stocks-idINL9N1FW003'|'2017-02-22T05:32:00.000+02:00'
'8e77f8089f355247765dd0bbd28f4d58d1ece4c0'|'EMERGING MARKETS-Emerging stocks sail to new 19-month highs'|'LONDON Feb 22 Wall Street''s record run helped emerging stocks sail to new 19-month highs on Wednesday with year-to-date gains of over 10 percent, while the rand firmed ahead of a key budget speech by the finance minister.MSCI''s emerging equity index firmed half a percent , led by a 1 percent rise in Hong Kong after New York shares hit record highs and European bourses were boosted by upbeat factory data in Germany and France.The index has posted a daily loss only three times so far in February, buoyed also by recovering economic growth and stronger company earnings. Analysts expect earnings-per-share to grow this year by 13.5 percent, according to I/B/E/S, having upgraded expectations from 12.4 percent in November.Hong Kong on Wednesday said its economy grew a forecast-beating 1.9 percent last year and predicted 2-3 percent growth in 2017."The macro environment is still quite constructive for emerging markets despite the risk of further rate hikes from the Fed," said Phoenix Kalen, a strategist at Societe Generale."Also, the stabilising of commodity prices, the strong rebound in metals prices <20> these are quite beneficial for EM exporters so we are seeing a cyclical pick up in trade performance alongside positive external rebalancing."Signs of improving growth have boosted central European shares this week, with Warsaw hitting 18-month highs, Budapest hovering at record highs and Bucharest on Wednesday touching a new nine-year high.Recent data showed the Polish economy, the region''s biggest, expanding at its fastest quarterly rate since 2007.The Polish zloty touched a new 10-day high versus the euro while Hungary''s forint traded just off five-week highs and the Romanian leu was at a one-week high.SOUTH AFRICA RATINGSThe South African rand firmed 0.4 percent to the dollar despite jitters over a 1200 GMT budget speech by finance minister Pravin Gordhan who is trying to prevent a ratings downgrade to junk for his country.Commerzbank analysts said the budget could see the conflict between Gordhan and President Jacob Zuma "enter the next round", referring to speculation that Zuma wants to remove Gordhan."So as to convince the rating agencies and ensure that South Africa''s rating will not be downgraded to junk status Gordhan has to demonstrate the government has got its spending under control," Commerzbank analysts wrote."Zuma on the other hand wants to rely on spending billions ... to fight racial injustice and poverty."SocGen''s Kalen said the fiscal commitment was not a risk as long as Gordhan remained in office."What worries the market is the political dynamics at this point. That does put rand on the back foot depending on how that shapes out and whether that impacts the ability of Pravin Gordhan to stay committed to a tight fiscal stance," she added.Nigeria''s naira steadied in the non-deliverable forward (NDF) market after Tuesday''s sharp falls triggered by a decision to effectively devalue the currency for private individuals needing to pay for foreign travel and school fees.Six-month NDFs are showing the naira trading around 390 per dollar versus the official rate around 305.Emerging bond issues continued to flood in, with Turkish bank Yapi Credit placing $600 million five-year debt at 5.75 percent, much tighter than initial guidance and Bahrain rushing in a $600 million deal before long-awaited Omani and Kuwaiti bonds arrive.Russian Rail was marketing a seven-year dollar issue on Wednesday, the latest Russian issuer to hit bond markets. More than $2 billion has been raised by Russian companies so far this year.Emerging sovereign bond yield spreads compressed to 312 basis points (bps), a one-week low, and having tightened around 15 bps since the start of February.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) Em
'50ec1c57fa2993b09f12177a0e9d10f0ff813259'|'Exclusive: Odebrecht seeks faster Latin America plea deals to sell assets, sources say'|'By Guillermo Parra-Bernal and Tatiana Bautzer - SAO PAULO SAO PAULO Odebrecht SA wants to negotiate graft-related fines with several Latin American countries by June, which would help the Brazilian engineering conglomerate prevent upcoming elections across the region from slowing planned asset sales, two people familiar with the matter said.According to the sources, Odebrecht [ODBES.UL] could sell some 6.5 billion reais ($2.1 billion) in project stakes and operating licenses in the region and Angola by year-end. So far, it has sold about 5 billion reais in assets out of a total goal of 12 billion reais.The fate of the pending asset sales is increasingly dependent on how quickly governments decide penalties for Odebrecht, which admitted to paying bribes to win projects in recent years. Prosecutors from 10 Latin American countries last week formed a task force to share evidence on how the scheme operated.Several planned divestitures like Angola''s Catoca mining project and a 28 percent stake in Brazil''s Santo Ant<6E>nio hydropower dam could be finalized later this year, the people said. Exiting Gasoducto Sur Peruano SA will take longer, they noted, following a decision by Peru''s government to seize the project and auction it off again.Settling plea deals in those countries as soon as possible is key to help Odebrecht mitigate reputational and political risks on the asset plan as elections loom across the region. Of the 10 countries investigating Odebrecht, eight will hold at least one congressional, regional or presidential ballot in the 18 months through December 2018.The scandal has sparked an upheaval in countries like Peru, where authorities are seeking the arrest of a former president, or in Colombia, where the company is being accused of financing the campaign of President Juan Manuel Santos.Argentina, Chile, Ecuador, Mexico, the Dominican Republic, Venezuela and Panama, apart from home turf Brazil, also are investigating the Odebrecht scheme as are prosecutors from Portugal.Salvador, Brazil-based Odebrecht declined to comment. The people spoke under condition of anonymity, because of the sensitivity of the issue.Odebrecht is the largest of Brazilian engineering firms accused of colluding to overcharge Petr<74>leo Brasileiro SA and other state firms for contracts, then using part of that to channel donations and bribes into Brazil''s former ruling Workers Party and domestic and international allies.CREDIT LINERapidly resolving legal obligations is also key for Odebrecht to win new projects and raise cash to reduce the group''s 76 billion reais in consolidated net debt.In December, Odebrecht and petrochemical subsidiary Braskem SA ( BRKM5.SA ) settled with Brazilian, U.S. and Swiss authorities a record fine of $3.5 billion. Odebrecht admitted to bribing officials in 12 countries, mostly Latin America, to help secure lucrative contracts.The quick settlement with authorities in those three countries enabled an Odebrecht-led group working on a subway project in Panama to clinch a $1.8 billion credit facility from two unnamed European banks, a third person briefed on the matter said.To weather fallout from the scandal and an economic slowdown throughout Latin America, Odebrecht has also cut costs and renegotiated obligations at some cash-strapped subsidiaries.According to the first person, talks with creditors to restructure oil drilling firm Odebrecht <20>leo & G<>s SA''s obligations could be concluded as early as next month.Other Odebrecht assets and projects that are for sale include Per<65>''s Chaglla power dam, Colombia''s Ruta del Sol highway project, several subway and toll road licenses as well as a stake in Rio de Janeiro''s international Gale<6C>o airport.($1 = 3.0949 reais)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-odebrecht-restructuring-divestiture-e-idINKBN1611PO'|'2017-02-22T11:09:00.000+02:00'
'd0d325c3ed921d2c96450577df7bea1b28f3733b'|'Braskem sees Brazil plastics market growing 2 pct in 2017 -CEO'|'Company News  13am EST Braskem sees Brazil plastics market growing 2 pct in 2017 -CEO SAO PAULO Feb 22 Petrochemical producer Braskem SA expects demand for plastic resins to grow around 2 percent this year from 2016, Chief Executive Fernando Musa said on a Wednesday earnings call. Demand for polyethylene, polypropylene and PVC in Brazil rose 13 percent in the fourth quarter from a year ago, Braskem said in an unaudited earnings release on Wednesday. (Reporting by Brad Haynes) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/braskem-results-outlook-idUSE6N1CB02G'|'2017-02-22T22:13:00.000+02:00'
'61d8cc1caa3bf58be44fc83f5d53f73d4cb6d854'|'Serco''s full-year trading profit falls 14 percent, outlook unchanged'|'Global Energy  42am GMT Serco''s full-year trading profit falls 14 percent, outlook unchanged A Serco flag is seen flying alongside a Union flag outside Doncaster Prison in northern England in this December 13, 2011 file photograph. REUTERS/Darren Staples/Files EDINBURGH British outsourcer Serco SRL.L posted a 14 percent fall in underlying trading profit to 82 million pounds ($102 million) in the year to December, meeting targets as it emerges from an overhaul. Order intake was up 40 percent in the year, giving a glimpse of better things to come, while the pipeline of larger new bid opportunities ended the year at 8.4 billion pounds, up 30 percent. Serco, which provides transport, health, justice, defence and security services in public departments and gets half of its revenues from the UK, left its 2017 outlook unchanged versus an update given in December. "Our guidance is for margins to reduce in 2017, but we would expect to show some modest improvement year-on-year in 2018," the company said on Wednesday. Revenues from continuing operations fell to 3.01 billion pounds, in line with forecasts, as Serco continued to whittle down its portfolio to concentrate on those which make money. Serco also estimated closing net debt at end 2017 could increase to between 150 million pounds and 200 million pounds. UK outsourcers have been suffering delays in contracting decisions in public departments as government officials concentrate on steering Britain out of the European Union and developing new policy. ($1 = 0.8004 pounds) (Reporting by Elisabeth O''Leary, Editing by Paul Sandle) Next In Global Energy News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-serco-results-idUKKBN1610OS'|'2017-02-22T14:42:00.000+02:00'
'ec86be8e7f42658846ef14edfc389bf23bb7333a'|'UPDATE 1-Argos says independent committee predicts trial failure, shares slump'|'Health  05am EST Argos says independent committee predicts trial failure, shares slump Argos Therapeutics Inc said on Wednesday that an independent data monitoring committee concluded that the company''s experimental treatment for metastatic renal cell carcinoma would likely fail. The company''s share plunged about 72 percent in premarket trading. Argos said the committee had recommended discontinuing the late-stage study, saying that a planned interim data analysis showed the combination treatment was unlikely to demonstrate a statistically significant improvement in patients'' overall survival. The company said it is analyzing the trial data and plans to discuss it with the U.S. Food and Drug Administration and would then decide the next steps for the clinical program. (Reporting by Akankshita Mukhopadhyay in Bengaluru; Editing by Savio D''Souza) Next In Health News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-argos-study-idUSKBN1611PA'|'2017-02-22T20:57:00.000+02:00'
'b5b9a48e5de75709c7b09e9731883674455bce64'|'BRIEF-Career Education Corp and American Intercontinental University entered into a settlement agreement with Private Plaintiffs'|' 14pm EST BRIEF-Career Education Corp and American Intercontinental University entered into a settlement agreement with Private Plaintiffs Feb 21 Career Education Corp * On february 15, 2017, Co and American Intercontinental University entered into a settlement agreement with Private Plaintiffs * Under terms of agreement, company will pay $10 million to United States - SEC filing * In addition to settlement, entered into separate settlement deal with private plaintiffs for claims for attorney''s fees, costs * Under terms of this agreement company will pay $22 million to attorneys representing private plaintiffs Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-career-education-corp-and-american-idUSFWN1G60YG'|'2017-02-22T05:14:00.000+02:00'
'f98345faa9378a05c7ada81838dc2fe19cd7d29f'|'BRIEF-Reven Housing REIT enters into agreement with H&J Properties'|' 35pm EST BRIEF-Reven Housing REIT enters into agreement with H&J Properties Feb 21 Reven Housing Reit Inc * Reven Housing REIT - on Feb 16, co entered into single family homes real estate purchase and sale agreement with H&J Properties Llc - sec filing * Reven Housing REIT Inc - total contract purchase price for 27 properties is $2.1 million, excluding closing costs and subject to certain adjustments * Reven Housing REIT - purchase and sale agreement is for purchase of a portfolio of up to 27 single-family homes located in memphis, tennessee Source text: ( bit.ly/2m9ulwi )  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-reven-housing-reit-enters-into-agr-idUSFWN1G60ZD'|'2017-02-22T05:35:00.000+02:00'
'ccd674e4718d232655d6b7d03ea93cd961106f3e'|'Samsung Elec to strengthen controls for donations amid political scandal'|'Technology News - Fri Feb 24, 2017 - 2:10am GMT Samsung Electronics to strengthen controls for donations amid political scandal left right A building of Samsung Electronics (R) is seen in Seoul, South Korea, November 8, 2016. REUTERS/Kim Hong-Ji 1/2 left right Lee Jae-yong (C), vice chairman of Samsung Electronics, arrives to be questioned as a suspect in a corruption scandal that led to the impeachment of President Park Geun-Hye, at the office of the independent counsel in Seoul on February 13, 2017. REUTERS/Jung Yeon-Je/Pool 2/2 SEOUL Tech giant Samsung Electronics Co Ltd said on Friday it will strengthen controls for financial support made to third-parties, after its vice chairman was arrested in a graft scandal that could topple South Korea''s president. Samsung said it would now require financial payments of 1 billion won ($882,460) or more to be approved by the board of directors and publicly disclosed. Previously, only payments of 680 billion won or more to third parties were subject to board approval. Jay Y. Lee, third-generation leader of Samsung Group [SAGR.UL] and Samsung Electronics'' vice president, was arrested earlier this month after being named a suspect in a probe into an influence-peddling scandal that led South Korea''s parliament to impeach President Park Geun-hye in December. (Reporting by Se Young Lee; Editing by Stephen Coates) Next In Technology News Tesla''s ''close to the edge'' cash foretells capital raise SAN FRANCISCO Tesla Inc Chief Elon Musk has taken big risks repeatedly since going public in 2010, but investors were spooked on Thursday after he said the electric car company could get "close to the edge" as it burns cash ahead of its crucial Model 3 launch. Game company seeks to block Facebook from using virtual reality code Video game publisher ZeniMax Media Inc., which earlier this month won a $500 million verdict against Facebook Inc.<2E>s Oculus virtual reality unit for unauthorized copying of computer code, has asked a federal judge to block Oculus from using the code in its products. TOKYO Toshiba Corp said on Friday it was not aware that its U.S. nuclear unit Westinghouse was considering filing for Chapter 11 bankruptcy protection. 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-southkorea-politics-samsung-elec-idUKKBN16307Y'|'2017-02-24T09:00:00.000+02:00'
'f54d7b90f7d79868ff4351e8ae41c7a79a8b4161'|'UPDATE 1-Brussels Airport prepped for sale as Australia''s Macquarie seeks exit - sources'|'(Updates)By Arno Schuetze and Dasha AfanasievaFRANKFURT/LONDON Feb 23 Brussels Airport is being prepared for a potential sale as one of its owners is planning an exit from Belgium''s main hub, according to several people close to the matter.Brussels is Europe''s 26th largest airport, located in Zaventum just outside the city which houses the main European Union and NATO headquarters.It serves as hub for Brussels Airlines, which is being fully taken over by Lufthansa.The airport saw passenger numbers drop 7 percent last year to 21.8 million as a result of deadly attacks in March, which forced the closure of the airport for 12 days.Australian Macquarie''s infrastructure fund, which owns a 36 percent stake, is currently in talks with co-owner Ontario Teachers'' Pension Plan), which has 39 percent, on whether the Canadian investor wants to increase its stake, the sources said.Macquarie wants to exit as the fund in which it holds part of its stake has matured. Brussels airport is the last remaining asset of the Macquarie European Infrastructure Fund (MEIF) I, while the remainder of the stake is held in its MEIF III, which was closed to new investors in 2010.If the negotiations fail to come to a successful end, an auction will be started to find a third party investor, the sources said, adding that JP Morgan has been tasked with overseeing the process.Macquarie and JP Morgan declined to comment. Ontario Teachers, which manages around $130 billion, and the Belgian finance ministry, which oversees the state<74>s 25 percent shareholding, did not immediately comment.Brussels Airport was forced to introduce increased safety measure last year after suicide bombers killed 16 people and injured over 150 in its departure hall in March, part of a coordinated assault on the Belgian capital''s transport system.Macquarie Airports (MAP), a fund managed by Australian investment bank Macquarie Group Ltd, originally bought a 70 percent interest in the airport for 735 million euros ($775 million) in 2004 through a consortium vehicle. It increased its stake to 75 percent in 2007.In 2011 it sold a 39 percent stake to Ontario Teachers as part of an asset swap in which it got the Canadian investor''s stake in Sydney Airport stake.Elsewhere in Europe, Ontario Teachers is looking to sell minority stakes in Britain''s Bristol and Birmingham airports to take advantage of strong demand from pension funds and other long-term investors for the often-attractive returns on offer from such infrastructure assets, a source told Reuters this month. ($1 = 0.9486 euros) (Additional reporting by Victoria Bryan; Editing by Maria Sheahan/Jeremy Gaunt)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brusselsairport-sale-idINL8N1G82RE'|'2017-02-23T06:39:00.000+02:00'
'a76abb1b4f57bf50d899c24580744e43d7490641'|'FTSE up as Barclays, RSA gains outweigh ex-divs'|'  10:23am GMT FTSE up as Barclays, RSA gains outweigh ex-divs A red London bus passes the Stock Exchange in London, Britain, February 9, 2011. REUTERS/Luke MacGregor/File Photo By Helen Reid - LONDON LONDON Britain''s blue-chip index .FTSE edged up on Thursday as strong showings from Barclays, Intu and RSA outweighed losses through companies going ex-dividend. Barclays ( BARC.L ) was the third listed British lender to report earnings this week, surprising investors and analysts with an increase in its core capital ratio, a measure of financial security. "The capital ratio increase is rather important for Barclays, because this is a bank that had lagged peers in terms of its capital and hadn''t performed well in last year''s stress tests, so any improvement in capital is well-received," said Jefferies banking analyst Joseph Dickerson. Lloyds ( LLOY.L ), which reported yesterday, was also up 1.9 percent. HSBC ( HSBA.L ) was down 1.8 percent. Insurer RSA ( RSA.L ) was a top gainer, up 4.3 percent after it posted a 2016 profit beat and increased its target for return on equity. CEO Stephen Hester said customers had benefited ''significantly'' from RSA''s not having been sold to Zurich Insurance ( ZURN.S ), which withdrew a takeover attempt in September 2015. "We like what Stephen Hester is doing at RSA and view the recent announcement of the disposal of the UK legacy book as a great deal but, in our view, this good news is now all in the share price," says Panmure Gordon analyst Barrie Cornes. The broker has a ''hold'' rating on the stock. Intu Properties ( INTUP.L ), which owns and manages shopping centres, was top FTSE gainer, up 6.7 percent and headed for its best day in six years after its earnings beat expectations and it increased its dividend. Intu was one of the most shorted stocks before its earnings report this week, according to figures from HIS Markit, with 11.9 percent of its shares outstanding on loan. Defence company BAE Systems gained 2.4 percent after it reported a better-than-expected rise in sales. BAE, which had its best day in over four years on Nov 10, the day after President Donald Trump''s election, said it stands to gain from increased defence spending in many of its markets. Miner Glencore ( GLEN.L ) gained 2.8 percent after it posted an 18 percent rise in core profit on a rebound in global commodity prices. Centrica CAN.L was losing 3.6 percent despite returning to profit growth and flagging the possibility of a dividend rise after two years of shareholder payout cuts . "Today''s dividend announcement of no growth in 2016 was a surprise," Jefferies analysts said, adding Centrica''s pension deficit ballooning to 1.1 billion in 2016 could be the reason for this. "Centrica is clearly prioritising secure credit metrics in the near term; consensus had expected 3 percent dividend growth in both 2016 and 2017." EasyJet ( EZJ.L ) and Rio Tinto ( RIO.L ) were top fallers due to going ex-dividend, down 4.8 and 3.7 percent. Companies going ex-dividend took an estimated 12.3 points off the index. Travel and leisure company Carnival ( CCL.L ) gained 2 percent despite going ex-dividend. A hike in target price from Credit Suisse from 4860p to 5380p could have been supporting the stock. (Reporting by Helen Reid, editing by Larry King)   UK inflation expectations steady for year ahead, rise further out LONDON The British public''s expectations for inflation over the coming year held at their highest level in more than three years last month but rose for inflation further ahead, a monthly survey by bank Citi and polling firm YouGov showed on Thursday.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-stocks-idUKKBN16212D'|'2017-02-23T17:23:00.000+02:00'
'98b698038dfbb1dda5128fcb2e6fc9f28bc8d8fe'|'Boeing to open first European factory, to invest 20 million pounds'|'Fri Feb 24, 2017 - 5:35pm GMT Boeing to open first European factory, to invest 20 million pounds Boeing''s logo is seen during Japan Aerospace 2016 air show in Tokyo, Japan, October 12, 2016. REUTERS/Kim Kyung-Hoon/File Photo Boeing Co ( BA.N ) said it would invest 20 million pounds ($24.98 million) to open its first production facility in Europe to make components for certain aircraft. The 25,000 square feet facility in Sheffield, UK will make actuators for Boeing''s next-generation 737, 737 MAX and 777 aircraft, the company said. ( bit.ly/2mlevPh ) Actuation systems extend and retract wing flaps during different phases of flight. Boeing said the Sheffield factory will work closely with its Portland, Oregon plant which makes machine parts, gear systems and flight controls. The investment in UK is part of Boeing''s strategy to start in-house manufacturing of key actuation components and systems in the United States and UK to reduce cost in its supply chain, the company said. The Sheffield plant will employ about 30 people, and the company expects to recruit them as early as 2018, Boeing said. ($1 = 0.8005 pounds) (Reporting by Ankit Ajmera in Bengaluru; Editing by Shounak Dasgupta) Up Next'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-boeing-plant-europe-idUKKBN16320N'|'2017-02-25T00:34:00.000+02:00'
'f5cdbfd370720718a5c8555d19cabd55b801ab16'|'Glencore reports 18 percent 2016 core profit rise on commodity rebound'|'Business News - Thu Feb 23, 2017 - 7:30am GMT Glencore reports 18 percent 2016 core profit rise on commodity rebound 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 LONDON Miner and trader Glencore ( GLEN.L ) reported an 18 percent increase in core profits for 2016 on Thursday and said the company had never been so well positioned, although an ill-timed coal hedge had eaten into energy profits. Earnings before interest, tax, depreciation and amorisation (EBITDA) were $10.3 billion, up 18 percent after a commodity price rebound in 2016 boosted income. Marketing Adjusted EBIT was $2.8 billion, up 14 percent and above previous guidance of $2.5-$2.7 billion. The decision to hedge a portion of coal production led to what Glencore labelled an "opportunity cost" of $980 million. (Reporting by Barbara Lewis and Sanjeeban Sarkar; editing by Susan Thomas) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-glencore-results-idUKKBN1620NR'|'2017-02-23T14:30:00.000+02:00'
'c39bb826acec0fb5bc1227e66c2df3a78c48328a'|'Mnuchin says dollar strength reflects confidence in U.S. economy: WSJ'|'U.S. dollar notes are seen in this November 7, 2016 picture illustration. REUTERS/Dado Ruvic/Illustration 2/2 WASHINGTON U.S. Treasury Secretary Steven Mnuchin on Wednesday praised the strong dollar as a reflection of confidence in the U.S. economy, telling The Wall Street Journal in an interview that it was "a good thing" in the long run. Echoing comments he made last month during his Senate confirmation hearing, Mnuchin said the dollar''s strength reflected the United States'' stronger economic performance compared with the rest of the world and the greenback''s status as a reserve currency. He told the Journal that the dollar''s value was "a reflection of the confidence that kind of people have in the U.S. economy." President Donald Trump said before his inauguration in January that the dollar''s strength against the Chinese yuan was "killing us" and making it hard for U.S. companies to compete, roiling global currency markets. The Treasury secretary is the traditional dollar spokesman in U.S. administrations, and Mnuchin''s comments are more in line with his predecessors'' mantra that a strong dollar is good for the United States even if it can hurt exports. But Mnuchin repeated his caveat that at times short-term dollar spikes are not always positive. "For longer-term purposes, an appreciation of the dollar is a good thing, and I would expect longer-term, as you<6F>ve seen over periods of time, the dollar does appreciate," Mnuchin told the Journal. "In the short term, there are certain aspects (of a strong currency) that are positive about the dollar for our economy and there are certain aspects that are not as positive," Mnuchin added. "A lot of the appreciation of the dollar since the election in particular is a sign of confidence in the Trump administration and the economic outlook for the next four years." (Reporting by David Lawder; Editing by Leslie Adler) Next In Business News Dow notches another record high helped by DuPont; S&P slips NEW YORK The S&P 500 ended modestly weaker on Wednesday, holding losses after minutes from the Federal Reserve''s last meeting kept alive a potential near-term interest rate hike, while DuPont shares helped the Dow close at an all-time high for a ninth straight session.'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-treasury-mnuchin-dollar-idUSKBN16200R'|'2017-02-23T07:17:00.000+02:00'
'fd8ea42e1cd8e0dd7cf8966bb22b5799b0004451'|'UK average pay deal inches up to 2 percent - XpertHR'|' 18am GMT UK average pay deal inches up to 2 percent - XpertHR A man walks past job advertisements in the window of a recruitment office in central London February 19, 2014. REUTERS/Neil Hall LONDON British companies gave staff an average 2 percent annual pay rise in the three months to the end of January, unchanged from a year earlier, according to data on Thursday which offered little sign that employees will be shielded from rising inflation. Human resources consultants XpertHR said average pay rises in January - the second most common month for them to take effect - was unchanged from January 2016 and represented only a marginal increase from the average 1.9 percent recorded in the final three months of last year. "The latest data demonstrates the caution that employers are exercising when it comes to pay awards for their employees. Despite steady economic growth and rising inflation, there are no signs that pay award levels will increase greatly this year," XpertHR analyst Sheila Atwood said. Sterling has fallen more than 15 percent against the dollar since June''s Brexit vote, and Bank of England Governor Mark Carney said on Tuesday that this was the sole reason why he expected inflation to overshoot its 2 percent target this year. Low inflation helped boost real earnings growth last year, but with the BoE forecasting inflation will exceed 2.7 percent by the end of the year, households'' incomes look set to stagnate, potentially weighing on economic growth. Average pay growth in Britain has been weak since the 2008 financial crisis, reflecting weak productivity and a big rise in the number of low-paid jobs, and rose 2.6 percent year-on-year in the final three months of 2016. Earlier this month, the BoE said that firms it had spoken to expected to lower their average pay offer to 2.2 percent this year from 2.7 percent in 2016. This was partly due to difficulties passing higher costs on to customers, but also due to a smaller increase in the minimum wage and a new levy to fund apprentices. Separately, the Resolution Foundation think tank said one reason for weak pay growth among workers born in the mid 1980s was their reluctance or inability to change employer. A job change in a person''s mid-20s typically brought a 15 percent pay rise, but the proportion of people doing so in any one year had halved compared with 10 years ago. "One of the most striking shifts in the labour market has been young people prioritising job security," said Resolution Foundation analyst Laura Gardiner. "This may be understandable in a jobs market characterised by rising temporary work and zero-hours contracts. But with ... evidence that employers have essentially stopped rewarding their long-serving staff with real annual pay increases, such job loyalty can be very costly." (Reporting by David Milliken; Editing by Alison Williams)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-jobs-idUKKBN16200T'|'2017-02-23T07:18:00.000+02:00'
'001026e957cd36106e156b904744a78d184f21bc'|'Toshiba says it is considering sale of majority stake in chip unit'|'TOKYO Toshiba Corp ( 6502.T ) said on Friday it is looking to sell a majority stake in its prized flash memory chip business to plug a hole in its finances from a $6.3 billion writedown of its U.S. nuclear unit.The beleaguered conglomerate is "aiming to make a final decision in early fiscal 2017," which starts in April, it said in a regulatory filing.Toshiba will outline terms of the sale by the end of February, conduct a first round of bids in March and aim to have chosen a preferred bidder or bidders by the end of May, a person with knowledge of the matter told Reuters earlier this week.A separate source said Toshiba wants to raise at least 1 trillion yen ($8.8 billion) to create a buffer for any fresh financial problems, with interest already received from investment funds, other chipmakers and client companies.(Reporting by Makiko Yamazaki; Editing by Edwina Gibbs)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-toshiba-accounting-chips-idINKBN1630B7'|'2017-02-24T00:24:00.000+02:00'
'48a63b4049c6d96b3734f55e249c9917505757ff'|'Many Fed policymakers said rate hike may come ''fairly soon'' - minutes'|' 35pm GMT Many Fed policymakers said rate hike may come ''fairly soon'' - minutes FILE PHOTO: A police officer keeps watch in front of the U.S. Federal Reserve building in Washington, DC, U.S., October 12, 2016. REUTERS/Kevin Lamarque//File Photo By Lindsay Dunsmuir and Jason Lange - WASHINGTON WASHINGTON Many Federal Reserve policymakers said it may be appropriate to raise interest rates again "fairly soon" should jobs and inflation data come in line with expectations, according to the minutes of the Fed''s last policy meeting released on Wednesday. The minutes of the Jan. 31-Feb. 1 discussion, at which the U.S. central bank voted to keep rates unchanged, also showed the depth of uncertainty at the Fed over the lack of clarity on the new Trump administration''s economic program. "Many participants expressed the view that it might be appropriate to raise the federal funds rate again fairly soon if incoming information on the labour market and inflation was in line with or stronger than their current expectations," the Fed said in the minutes. Last week, Fed Chair Janet Yellen said waiting too long to raise rates again would be "unwise" and gave a strong indication that the central bank remains on track to consider raising rates again by the summer. Prices for U.S. stocks fell marginally following the publication of the minutes and yields on U.S. government debt also dropped. Seventeen policymakers deliberate at each meeting on whether to change the interest rate, although only 10 of them have a vote. Among voting members there was much less urgency to raise rates with many seeing only a "modest risk" that inflation would increase significantly and that the Fed would "likely have ample time" to respond if price pressures emerged. In December, the Fed forecast it would raise rates three times in 2017 and so far robust readings on the economy have bolstered the confidence of many policymakers. Set against that is continued uncertainty over the new Trump administration''s economic plans, with Fed policymakers awaiting details in order to assess how the policies would affect the economic outlook. "Participants again emphasized their considerable uncertainty about the prospect for changes in fiscal and other government policies as well as about the timing and magnitude of the net effects of such changes," the minutes said. President Trump has announced plans to roll back financial regulations and implement tax cuts, while possible new taxes on imports and increased infrastructure spending could boost inflation. Fed policymakers noted both upside and downside risks to the economy from such policies and most "thought some time would likely be required for the outlook to become clearer." The Fed has struggled to raise rates since the Great Recession after they were cut to near zero. A rate increase at its meeting last December was only the second hike since 2006. The Fed''s rate-setting committee next meets on March 14-15. (Reporting by Lindsay Dunsmuir and Jason Lange; Editing by Andrea Ricci)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-usa-fed-minutes-idUKKBN1612HM'|'2017-02-23T02:35:00.000+02:00'
'2aaec40fd26fef40b0360d1a6d0e1a5905273038'|'Italian banks struggle to break free from soured debt cycle'|'Business   7:14am GMT Italian banks struggle to break free from soured debt cycle The skyline of Porta Nuova''s district is seen in Milan, northern Italy March 5, 2015. REUTERS/Stefano Rellandini By Valentina Za - MILAN MILAN Italian banks are stuck in what stressed-debt experts call purgatory, still forced to pay a heavy price for their past sins despite loan data that suggests they are turning a corner. The rate at which loans are souring hit an eight-year low last year, but banks still face some 8 billion euros (6.74 billion pounds) a year in fresh writedowns, based on past rates at which already-soured loans have gone into outright default. Italy has 130 billion euros in unlikely-to-pay loans, where borrowers are in trouble but remain in business. As borrowers become insolvent, their loans are added to an existing mountain of debt known aptly as "sofferenze" or "suffering." Each time that happens, banks make heavy writedowns, wiping out profits, undermining their balance sheets and adding to the instability within the euro zone''s fourth-largest banking industry, which now has 200 billion euros in sofferenze. The only way to stop loans from ending up there is for banks to get borrowers back on track. "Unlikely-to-pay loans are like purgatory: to avoid plunging into the hell of bad loans you need to wash off your sins," said Katia Mariotti, associate partner of consultancy PwC, which calculated in an unpublished study that some 26 billion euros in unlikely-to-pay (UTP) loans turned into sofferenze in 2015. "UTP loans don''t go back to performing on their own. They must be actively managed, otherwise a very large share of them is bound to turn into bad debts." In the port city of Genoa, bankers have taken the hint. Guido Bastianini, chief executive of Genoa-based lender Banca Carige ( CRGI.MI ), has set to work to recover UTP loans as part of his pledge to cut the bank''s overall problem loans, which make up a third of its loan book. "It''s an absolutely exceptional and excessive number," he told analysts on Feb. 10. One of Carige''s unlikely-to-pay debts is a $420 million loan to family-owned shipper Gruppo Messina, which used the money to renew its fleet and order eight of the world''s largest container ships from South Korea''s Daewoo Shipbuilding from 2009 to 2012. The last of the bright-red vessels was delivered in 2015, in the middle of the shipping industry''s worst slump on record as international trade slows and freight rates fall. Messina is restructuring its debts and hopes the world''s second-largest container line, Mediterranean Shipping Company, will become a shareholder. This is also Carige''s best chance of getting its money back. MSC said it and Messina were pursuing an agreement with the help of the bank. All three declined further comment. GOING SOUR When UTP loans cannot be nursed back to health they can be extinguished in two ways: sale or foreclosure. If sold, the bank incurs a huge loss because the loans are currently valued well above their market price. For example, Italy''s largest lender, UniCredit ( CRDI.MI ), is selling bad loans in the country''s biggest such deal at just 13 cents to the euro. That compares with an average net book value for UTP loans of around 72 cents to the euro -- and 41 cents to the euro for defaulted loans. Foreclosure, or seizing collateral, is a long process that would "kill" the borrower and also not recover the entire loan. The best cure normally entails both a debt and a corporate restructuring, a complex process that becomes a big challenge if the borrower is a small company, like most Italian firms, and its counterpart a loan official at a local bank branch. Timely action is key. Prelios Credit Servicing CEO Riccardo Serrini, a stressed debt specialist, said most UTP loans were corporate with property pledged as collateral. "As time passes things only get worse. Think of a half finished property development: it''s not like Barolo (wine), ageing doesn''t d
'3a459e57024f5d068d4596433741abd70a46e027'|'UPDATE 1-TransCanada launches open season for flat toll on natgas Mainline'|'Commodities  40am EST TransCanada launches open season for flat toll on natgas Mainline CALGARY, Alberta TransCanada Corp said on Wednesday it plans to offer a flat toll on its Mainline system that takes natural gas from western Canada to southern Ontario, three months after shippers balked at the previous varied toll structure that they saw as too high. After discussions with western Canadian sedimentary basin producers, the pipeline company has launched an open season to gauge interest in a "simplified" rate of 77 Canadian cents per gigajoule for a 10-year term, instead of the range of between 75 and 82 Canadian cents previously offered. The open season is expected to close on March 9. Last November, TransCanada halted its open season for the Mainline after failing to receive enough bids from shippers. In Ontario, Canadian shippers face competition from eastern U.S. shale basins like the Marcellus and Utica. They have comparable production costs to Canada''s remote Montney and Duvernay gas plays in the west, but lower delivery costs. Shippers have said TransCanada''s rates were too high for a 10-year commitment, and the company''s previous varied toll offered an option to exit after five years. (Reporting by Ethan Lou in Calgary, Alberta, and Bengaluru newsroom; Editing by Marguerita Choy) Next In Commodities'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-transcanada-gas-tolls-idUSKBN16125G'|'2017-02-22T23:38:00.000+02:00'
'a84c69cba7566bf5235ba9da941f19b364c24161'|'Dish Network profit tops estimates on surprise subscriber additions - Reuters'|'By Anjali Athavaley U.S. satellite TV provider Dish Network Corp ( DISH.O ) reported a better-than-expected profit and added pay-TV subscribers in the fourth quarter as more customers signed up for its lower-priced Sling TV streaming service.Dish said it added about 28,000 net subscribers to its satellite TV and Sling TV services in the three months ended Dec. 31. That compared to a loss of approximately 12,000 subscribers in the same period in 2015.Analysts on average had estimated Dish would lose 87,000 subscribers, according to market research firm FactSet StreetAccount.Shares rose 1 percent to $63.42 in afternoon trading.Dish''s results are closely watched because in recent years, the company has amassed spectrum, or radio frequencies that carry the growing amounts of data flowing through devices, and is widely considered by industry watchers to be an acquisition target.On the company''s post-earnings conference call, Chief Executive Charlie Ergen said a new presidential administration could create a more favorable environment for consolidation."I would imagine that we''re not the biggest company and we''re not going to drive that process, but obviously many of the assets we hold probably could be involved in that mix," he said.Dish also said on the call that it was seeing Sling TV''s demographics broaden. The service, launched in 2015, initially targeted younger consumers who had never subscribed to cable TV or already cut the cord."It''s not quite as male as it used to be," said Roger Lynch, CEO of Sling TV. "We''re getting people of all age groups."Analysts said the company''s subscriber additions were driven by Sling TV but noted that Dish''s satellite business had underperformed.Craig Moffett, an analyst at MoffettNathanson, estimated that Dish lost 245,000 satellite subscribers in the fourth quarter. "Once again, the overall picture of Dish''s video business is rather disquieting," he wrote. "Churn continues to tick higher."Churn, or the rate of customer defections, was 1.83 percent during 2016, compared to 1.71 percent in 2015.Net income attributable to Dish was $343 million, or 70 cents per share, in the quarter, compared with a loss of $125 million, or 27 cents per share, a year earlier.Revenue fell to $3.72 billion from $3.78 billion.Analysts on an average were expecting Dish to earn 66 cents per share on revenue of $3.76 billion, according to Thomson Reuters I/B/E/S.(Additional reporting by Aishwarya Venugopal in Bengaluru; Editing by Savio D''Souza and Nick Zieminski)FILE PHOTO - A satellite dish from Dish Network is pictured in Los Angeles, U.S., April 20, 2016. REUTERS/Mario Anzuoni/File Photo'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/dish-network-results-idINKBN1612OB'|'2017-02-22T17:41:00.000+02:00'
'cd2cb85c48d0065398e2aa49a0752ad744d87643'|'Greek debt: will EU and IMF finally offer light at the end of the tunnel? - Business'|'Knocked off the front pages by Brexit and Donald Trump, Greece is back on the agenda. The country<72>s two most important creditors will meet in Berlin on Wednesday when the German chancellor, Angela Merkel, hosts the head of the International Monetary Fund, Christine Lagarde .It could be a fateful meeting. Europe and the IMF have been at loggerheads for months over whether Greece will ever be able to repay its debts <20> a disagreement that has stopped the Washington-based fund from signing up to a <20>86bn-bailout programme crafted by EU leaders in July 2015 . Merkel and other European leaders, who face elections, are anxious to bring the IMF on board, to persuade sceptical voters the bailout is credible.Now signs of a compromise are emerging. This week eurozone leaders echoed the IMF in talking of the end of austerity, increasing the chances the fund will join the Greek bailout. Pierre Moscovici, the European commissioner for economic affairs, reported that 19 finance ministers of the single currency agreed that the Greek people needed to see <20>light at the end of the tunnel of austerity<74>. Greece standoff over <20>86bn bailout eases after Brussels deal Read more But while the bailout chiefs are poised to agree on a route map, the journey for the Greek people seems no less long and arduous. The crux of the dispute between the IMF and EU is a European demand for Greece to maintain a budget surplus of 3.5% for a decade from 2018, a feat few governments in the world have managed, much less one in a country with a 23% unemployment rate.The IMF has been arguing for months that Greece cannot meet this target. <20>Greece does not need more austerity at this time,<2C> two senior IMF officials wrote in a recent blog post , adding that the target for a primary budget surplus <20> the gap between government income and spending, excluding interest payments and national debt <20> would generate <20>a degree of austerity that could prevent the nascent recovery from taking hold<6C>.The EU maintains that the 3.5% target is achievable. But after a meeting of eurozone ministers on Monday, European creditors edged closer to the IMF view that more focus is needed on economic reforms, less on austerity. To deliver these <20>deep reforms<6D>, all sides agreed that EU and IMF bailout inspectors will return to Athens soon to discuss an overhaul of Greece<63>s tax and pension systems, as well as labour market reforms.In Athens commentators have been desperately trying to decode the Eurogroup agreement.It was not lost on many that what was being billed as an <20>agreement to agree<65> <20> the key to allowing bailout auditors to finally return to Greece and resume stalled talks <20> had been struck exactly two years to the day after a similar accord by the country<72>s leftist-led government. Then, the prime minister, Alexis Tsipras, had signed up to a temporary deal that allowed <20>fiscal breathing space<63> before embarking on six months of nail-biting negotiations that eventually led to Athens accepting the harshest terms attached to a bailout since the crisis began.Despite the change in tone <20> and talk of a new policy mix <20> the consensus was that Monday<61>s agreement of <20>common understanding<6E> amounted to much of the same with reforms becoming the new byword for further cuts. After vowing not to undertake more austerity, Tsipras<61> fragile two-party coalition found itself on the back foot, accused across the board of crossing its own red lines. <20>The government is trying to save its image claiming that the policy mix is supposedly changing,<2C> the Greek daily Ta Nea proclaimed from its front page. <20>But the only thing it has achieved is the pre-legislation of harsh measures that the troika [European commission, European Central Bank and IMF] will approve when it returns.<2E><>What we are seeing is a war of propaganda, a lot of doublespeak,<2C> Dimitris Tsiodras, spokesman of the centrist Potami party told the Guardian. <20>The only thing that has been attained, in reality, is the return o
'0b66e344f7cd98cf4eff78a14235769bd95ed2ff'|'Tomorrow<6F>s Cellular Networks Will Generate $3.5 Trillion in Economic Output'|'Today<61>s cellular networks can guide you to a destination in an unknown city; tomorrow<6F>s will transport you there.The wireless standard known as 4G has untethered us from our living rooms and offices, allowing us to navigate unfamiliar roads and streets using voice directions from Google Maps, stream movies on Netflix while commuting to work, and interview a prospective hire on FaceTime during a flight layover. The next iteration promises to be even more transformative, because it will support communication among objects, as well as people. In a report released in January , IHS Markit, a London-based research firm, says the arrival of 5G, sometime around 2020, will elevate wireless to an elite category economists call general purpose technologies that includes the printing press and the steam engine. The study estimates that 5G will generate $3.5 trillion in economic output and 22 million jobs worldwide by 2035.When Verizon Wireless rolled out 4G service in the U.S. in 2011, the term <20>mobile device<63> described handsets, tablets, and laptops. Cisco Systems estimates that by 2021 there will be 12 billion connected devices globally and approximately one-quarter of them will be cars, aerial drones, industrial robots, and other types of machines.The leap will require giant increases in network capacity and data transmission speeds. Today, 4G speeds in the U.S. typically max out at about 1 gigabit per second under ideal conditions; 5G will dial that up to 10 gigabits per second . You<6F>ll be able to download a high-definition movie in less than a second, a task that takes several minutes nowadays. <20>For consumers, it will mean gobs of capacity and create a truly unlimited data environment,<2C> says Roger Entner, the founder of Recon Analytics.Perhaps the biggest advance will be a vast reduction in latency<63>that is, communication lag times. Low latency is more or less a prerequisite for the commercialization of a slew of new technologies, including driverless cars, which need to ping one another multiple times per second to avoid collisions, as well as telesurgery and robotics. To shorten delays, 5G networks will have built-in processing power, store data closer to where it<69>s needed, and run on a new swath of radio-frequency spectrum.The changeover won<6F>t happen with the flip of a switch. An umbrella group of standard-setting agencies, 3GPP, is supposed to publish a set of draft specifications by late 2019. The U.S. and South Korea will probably launch prestandard 5G networks sooner than that. <20>We are moving out of PowerPoint presentations to products,<2C> says Michael Murphy, chief technology officer for North America at telecom equipment vendor Nokia, who predicts there<72>ll be what he calls <20>precommercial<61> deployments by the end of this year.This summer, AT&T and Verizon will each begin trials in select cities using 5G to beam movies and TV channels into homes wirelessly, competing with cable and satellite TV operators head-on. Australia and South Korea will demo their own 5G networks next year, the latter during the Winter Olympics. But the bulk of deployments will start in 2020, with carriers prioritizing cities.In the transition, carriers, equipment makers, and others will invest a cumulative $200 billion a year, according to IHS estimates. Some operators will be tempted to tag features onto 4G networks and slap on a new label, which will create confusion for consumers, says Tim Farrar, an analyst with researcher Telecom, Media & Finance Associates: <20>Operators will be incentivized to use 5G as a marketing term rather than being technically correct.<2E>Germany<6E>s luxury automakers announced in September that they were teaming up with Ericsson, Huawei Technologies, Intel, Nokia, and Qualcomm to form the 5G Automotive Association, whose mission is to help set standards and define uses for next-gen networks. Daimler, one of the association<6F>s founding members, envisions a future in which its car-sharing subsidiary, Car2go, c
'f721d5a27b3b3ac75f86d6f390fec37d826f24f3'|'Oil futures suggest bullish funds'' big bet on price may pay off'|' 05am GMT Oil futures suggest bullish funds'' big bet on price may pay off Fuel pump nozzles are pictured at a Helios petrol station in Almaty, Kazakhstan, June 10, 2016. REUTERS/Shamil Zhumatov By Amanda Cooper - LONDON LONDON Oil investors have placed the biggest bet in history that prices will rise, as the world''s largest exporters cut output to reduce a glut in supply, and the futures market is suggesting for the first time in a year that they could be onto a winner. Fund managers now hold more Brent oil futures and options contracts than at any time on record, equivalent to some 480 million barrels of oil and nearly double the amount held just two months ago. The pace of the increase in the benchmark April Brent futures contract LCOc1 price in that time hasn''t been as intense. The price is some 15 percent higher, around $57 a barrel, but for the first time since April last year this front-month contract is on the verge of trading above the price of longer-dated futures. This phenomenon, known as backwardation, only tends to take place when investors and traders expect prompt demand for oil to improve to the point where it overtakes supply. Total world demand averaged 97.3 million barrels per day in the fourth quarter of 2016, while supply was running at 97.9 million bpd, according to the International Energy Agency (IEA). "We estimate that the physical oil market is now in deficit, and that oil inventory levels should be falling," Investec Asset Management portfolio manager Tom Nelson, who helps manage a part of the company''s $114 billion in assets. "With approximately $1 trillion of lost investment through the recent downward trend and more constrained access to capital, we expect oil markets to remain structurally tighter for several years, suggesting a more positive period for oil prices," he said. For almost three years the world has been awash with billions of barrels of unwanted oil, after the explosion in U.S. shale production and OPEC''s strategy of producing as much crude as possible to drive out less profitable rivals. But the agreement in late November between the Organization of the Petroleum Exporting Countries and some of its competitors such as Russia to cut oil output by up to 1.2 million barrels per day   this year, and possibly beyond, has pushed benchmark Brent futures near 18-month highs. The Brent April contract now commands a premium of $1.50 over the December 2018 contract LCOZ8 and is within a few cents of trading above the second-position May contract LCOc2, something which has not happened in nearly a year, aside from contract-expiry days when these price gaps can fluctuate. BET BIG AND THE REST WILL FOLLOW With the cutting of production by OPEC, a major supplier to the ever-hungry Asian refineries, exports of crude from the North Sea hit a record of over 10 million barrels in January, and although West African exports eased that month, they held within sight of 17-month highs. When the market is in contango and near-dated prices are below those for future delivery, it becomes profitable to store oil, rather than sell it on the spot market. When this structure inverts into backwardation, stocks of oil are more likely to find their way into the market as their owners can achieve a higher selling price. Crude inventories held in the world''s richest nations are still high, but they have begun to drain, according to the IEA, which said stocks fell below the 3-billion barrel mark in December for the first time in a year. [IEA/M] "It does clearly show the market is seeing the light at the end of the tunnel," Saxo Bank senior manager Ole Hansen said. "U.S. production increases are unlikely to outweigh cuts that we''re seeing from OPEC and then adding expectations for a continued strong rise in global demand we have a market that is moving toward balance, but it is going to be uneven." The funds are betting that OPEC and its allies will be successful in forcing oil out of storage, alt
'e9c0d03906ea015f2d4b5f3b56670f8dbcf246c2'|'Mexico tequila maker has a shot at turning agave waste into fuel'|'Big Story 10   7:02am EST Mexico tequila maker has a shot at turning agave waste into fuel By Sophie Hares TEPIC, Mexico (Thomson Reuters Foundation) - One of Mexico''s most famous tequila companies, Herradura, hopes to turn into fuel the thousands of tonnes of waste it generates each year from the spiky blue agave plants used to make the spirit, and cut its energy bill, said its engineering director. Herradura, Mexico<63>s second-biggest tequila company behind Jose Cuervo, says that by drying out the 150 tonnes of fibrous agave waste it generates per day and turning it into biomass to fire up the huge boilers it uses to steam the plant, it could potentially generate 30 percent of the energy it needs. <20>Simply, we have to squeeze out the water to recycle it and use it as a fuel,<2C> said Guillermo Rodelo, director of engineering at Herradura<72>s plant in Amatit<69>n, a few miles from the colonial town of Tequila in Jalisco state. <20>We<57>re trying to reduce our environmental impact and have sustainable processes,<2C> he said by telephone. While finding machinery to dry and process the huge quantities of wet fibrous waste is tricky, Rodelo said the company hopes to have its system up and running within a year. Herradura has already shaved its energy bill by converting the residues known as stillage from its tequila-making process into biogas, which now provides about 20 percent of the energy used by the company, he explained. <20>The first big step was the one we did with the stillage to create biogas. Before it went to the agave fields, but this is much more sustainable,<2C> said Rodelo. Owned by U.S. company Brown-Forman Corporation, which makes Jack Daniel<65>s whisky, Herradura produces its eponymous tequilas and other brands including El Jimador. Like French champagne, blue agave tequila has a protected designation of origin, and can come only from the five Mexican states of Jalisco, Guanajuato, Michoac<61>n, Nayarit and Tamaulipas. Mexico produced almost 230 million liters of tequila in 2015, of which around 180 million liters were exported, according to the Tequila Regulatory Council. (Reporting by Sophie Hares; editing by Megan Rowling. Please credit the Thomson Reuters Foundation, the charitable arm of Thomson Reuters, that covers humanitarian news, climate change, resilience, women''s rights, trafficking and property rights. Visit news.trust.org/climate ) Next In Big Story 10'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-mexico-beverages-tequila-energy-idUSKBN1631CE'|'2017-02-24T19:00:00.000+02:00'
'b02f5a67d0f5a96ecc7d5a8d538480f9127c8306'|'Hilton sets $1 billion share buyback program'|'Business News  54am EST Hilton sets $1 billion share buyback program A trader wears a Hilton robe during the company''s IPO on the floor of the New York Stock Exchange (NYSE), December 12, 2013. REUTERS/Brendan McDermid Hilton Worldwide Holdings Inc ( HLT.N ), owner of the Waldorf Astoria hotel chain, said on Friday it would buy back up to $1 billion of its shares, and that it would change its corporate name to ''Hilton Inc'', effective March 6. Last week, Hilton reaffirmed its 2017 forecast for a key revenue metric and said it felt more confident about achieving it, as U.S. economic growth gains steam. Hilton''s board also declared a quarterly dividend of 15 cents per share, payable on March 31. The Conrad and Double Tree hotels owner paid a dividend of 7 cents per share in December. Based on Thursday''s closing price of $57.21, Hilton can purchase up to 17.5 million shares, or 5.3 percent of its total outstanding shares as of Feb. 7. (Reporting by Ankit Ajmera in Bengaluru; Editing by Sriraj Kalluvila) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-hilton-wrldwide-buyback-idUSKBN1631B6'|'2017-02-24T18:54:00.000+02:00'
'e5c0f8fdb30957da1dc0a7682b515ce53bf05eee'|'In tougher climate, Chinese automaker cuts jobs, shifts to green cars'|'Business News   3:40pm GMT In tougher climate, Chinese automaker cuts jobs, shifts to green cars By Jake Spring - BEIJING BEIJING Chinese automaker Qoros, founded 10 years ago, has cut jobs and is shifting its focus to faster-growth electric cars in response to increased competition in the world''s largest car market. In previously unreported cuts, Qoros, which is backed by nearly $1 billion (0.79 billion pound) each from Chery Automobile and Israeli-funded Kenon Holdings, has shed more than a fifth of its workforce - down to 1,910 from 2,450 two years ago, a spokesman said. Four former Qoros employees said the cuts included the recent loss of around 80 engineering contractors and workers, mostly more expensive non-Chinese hires and senior staff. Qoros has won quality plaudits for its petrol cars, including its Qoros 5 sport-utility vehicle launched last year, but it now highlights some of the risks that auto start-ups face as competition intensifies and a slowing Chinese economy weighs on car sales. "You tend to drink your own Kool-Aid and believe whatever forecast you had. Then you grow and grow and grow, and before you know it, you have a monster," Dan Cohen, vice chairman, said in an interview. "I see this happening now in some other (start-up) companies." There''s tougher competition all around. Established Chinese automakers such as Geely Automobile Holdings and Great Wall Motor are catching up with global rivals in quality; those global automakers are increasingly competing with cheaper models; and dozens of local electric car start-ups crowd a ''new energy'' market aggressively promoted by the government. Shanghai-based Qoros has lost around 9.5 billion yuan ($1.4 billion) since it was founded, and has missed sales targets by some margin. It has recently held talks with Chery on how to reduce costs, said one recently laid-off employee, who didn''t want to be named as he seeks new employment. Qoros is leveraging Chery''s larger scale to seek better deals in buying parts, and the two companies are considering launching "additional platforms" that can rapidly be put into mass production, Cohen said. Chery shares resources with all its partners, which include a joint venture with Jaguar Land Rover, in research, production, manufacturing and personnel related to parts, a spokeswoman told Reuters, adding: "Both shareholders of Qoros will continue as before to support its development." Cohen said Qoros must more aggressively pursue advances in battery electric and plug-in hybrid cars as well as autonomous driving to stay competitive. "Qoros eventually will be an NEV (new energy vehicle) company, that''s 100 percent sure," he said. FUNDING ADVANTAGE Electric vehicles are simpler to build - a manufacturer can easily order a battery and electric motor from a third-party and put it in a standard car frame. But if it''s that simple, rivals can do the same, increasing the competitive pressure, said Yale Zhang, managing director of consultancy Automotive Foresight. China''s government is pushing battery and plug-in hybrid cars to reduce pollution and boost local automotive technology. Sales in this segment have grown more than sixfold since 2014. In terms of survival, Qoros may have a funding advantage over other electric car start-ups, which are mainly backed by venture capitalists who will be quicker to pull the plug if sales targets are missed, Zhang said. "The Qoros investors are different. The Israeli investor looks very generous and the local investor is a state-owned enterprise," he noted. Idan Ofer, an Israeli businessman who is the principal shareholder of Kenon, inherited half of his father''s business empire and has shown an appetite for risk - investing in an electric car charging station venture called Better Place that went bankrupt in 2013, and specialist deep-water driller Pacific Drilling SA, whose U.S. market value has slumped with the price of oil. Ofer''s net worth has more than halved since 
'daa18665ad08ff2c78671e5fb2bf1cc9e2b69831'|'GIC announces joint $1.05 bln investment in Washington DC offices'|'Business News  44pm EST GIC announces joint $1.05 billion investment in Washington DC offices SINGAPORE Singapore''s sovereign wealth fund GIC said on Thursday it has formed joint ventures with investors to buy over 2.1 million sq feet (195,000 sq m) of office assets in the Washington DC metropolitan area, in an investment of more than $1.05 billion. Investors include affiliates of real estate developer Beacon Capital Partners, GIC said in a statement. One of the joint ventures includes the purchase of Lafayette Centre, a 789,000 sq feet complex of three multi-tenant buildings located in the Central Business District submarket. Another is Pentagon Centre, a 912,000 sq feet complex of two buildings fully-leased for the long term to the U.S. General Services Administration located near the Pentagon and Reagan National Airport. GIC, an established global real estate investor, has more than 350 property-related investments in over 40 countries. These include investments in the Time Warner Centre in New York and assets in the United Kingdom, Japan and Australia. (Reporting by Marius Zaharia; Editing by Richard Pullin) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-gic-property-idUSKBN16202R'|'2017-02-23T07:42:00.000+02:00'
'42248303cb67d4991093f9149dd0a2e1307800b9'|'Goldman, shareholders sell South Korea''s Daesung Industrial Gases'|'SEOUL Goldman Sachs ( GS.N ) and other shareholders said on Friday they had sold 100 percent of South Korea''s second-largest producer of industrial gases to Asian private equity firm MBK Partners.The shareholders of Daesung Industrial Gases, including Goldman and Daesung Group Partners Co Ltd, ( 005620.KS ) did not disclose the sale price.The sale price is about $2 billion, South Korean online media Money Today reported this week, citing unnamed industry sources. That would be a record high price for a private equity-to-private equity buyout deal in South Korea.A Goldman Sachs spokesman declined to comment on price.Daesung Industrial Gases makes more than half of its revenue from industries such as display, semiconductors and petrochemicals.It reported an operating profit of 53.9 billion Korean won ($47.71 million) on revenue of 581.1 billion. ($1 = 1,129.75 won)(Reporting by Joyce Lee; editing by Jason Neely)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-daesung-m-a-mbk-partners-idINKBN1631EI'|'2017-02-24T09:45:00.000+02:00'
'339ac891c7327e7075cfa66edc9b52a2958aef00'|'Elliott raises stake in Arconic, pushes harder for CEO ouster'|'Company News  34am EST Elliott raises stake in Arconic, pushes harder for CEO ouster Feb 23 Hedge fund Elliott Management Corp said on Thursday it had raised its stake in specialty metals maker Arconic Inc to about 13 percent and stepped up pressure for the ouster of Chief Executive Klaus Kleinfeld. Elliott also made a big push for hiring Larry Lawson, former CEO of aircraft parts maker Spirit AeroSystems Holdings Inc , for the top job at the company, saying Arconic shareholders deserved a "proven operator" as CEO. The activist investor, which is Arconic''s biggest shareholder, had a stake of about 11 percent in the company as of Feb 22, according to Thomson Reuters data. Kleinfeld had engineered Arconic''s spin off from aluminum producer Alcoa Corp. last year. Arconic''s shares were down 3 percent at 29.60 in late morning trading on the New York Stock Exchange. (Reporting by Ankit Ajmera in Bengaluru; Editing by Anil D''Silva) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/arconic-elliott-idUSL4N1G84Z6'|'2017-02-23T23:34:00.000+02:00'
'd54003ee1d25459f0262bb98d0de937113d0dccd'|'Prudential to review enhanced annuity sales, compensate customers'|'  1:59pm GMT Prudential to review enhanced annuity sales, compensate customers LONDON Insurer Prudential ( PRU.L ) said on Friday it had agreed with regulator the Financial Conduct Authority to review how it sold annuities and would compensate customers where appropriate. The FCA said in October a "small number" of insurers had not made it clear to customers that they might be eligible for an enhanced annuity, which pays a larger fixed income to pensioners in poor health. Prudential UK & Europe will review annuities sold without advice after July 1, 2008, the insurer said in a statement on its website, to see whether they were given enough information about enhanced annuities. "Prudential will contact customers who may not have been given sufficient information and will provide redress, where appropriate," the insurer said. Rival Standard Life ( SL.L ) said earlier on Friday it had set aside 175 million pounds in provisions as a result of the FCA review. (Reporting by Carolyn Cohn; editing by Simon Jessop)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-insurance-idUKKBN1631MV'|'2017-02-24T20:59:00.000+02:00'
'ca1501920fa819e8924840d8514f581f58d7e713'|'Centrica returns to profit growth, flags dividend rise'|'Business News - Thu Feb 23, 2017 - 8:15am GMT Centrica returns to profit growth, flags dividend rise A British Gas sign is seen outside its offices in Staines in southern England, July 31, 2014. REUTERS/Toby Melville By Karolin Schaps - LONDON LONDON Centrica ( CNA.L ), Britain''s largest energy supplier, returned to profit growth last year as it benefited from volatile energy prices and colder weather and it flagged the possibility of a dividend rise after two years of shareholder payout cuts. The utility, which owns household energy supplier British Gas, also managed to stem a loss of customers leaving to competitors in the second half of the year after cutting tariffs. Centrica lost 409,000 household energy customers in 2016, most of them in the early months of the year. It reported a 4 percent rise in 2016 adjusted operating profit to 1.52 billion pounds ($1.89 billion), compared with analyst expectations of 1.47 billion. Adjusted operating cashflow was ahead of its own guidance of up to 2.6 billion pounds, coming in at 2.69 million pounds. "Centrica enters 2017 a stronger company <20> with encouraging underlying momentum and positioned to deliver longer-term returns and growth," CEO Iain Conn said. The utility said debt levels were expected to fall to 2.5-3 billion pounds by the end of this year, a range that it said would allow it to raise its dividend payments. Centrica reduced its annual payout in 2015 after its core business was hit by weak energy prices and lowered it again last year. Its trading business benefited from volatility in the power market and with profits rising 144 percent to 161 million pounds. ($1 = 0.8043 pounds) (Additional reporting by Nina Chestney; editing by Jason Neely) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-centrica-results-idUKKBN1620MV'|'2017-02-23T14:34:00.000+02:00'
'a6e72f85202258d336a594e6228679f937a7dc23'|'Vale CEO Ferreira to step down after term expires in May'|'SAO PAULO Murilo Ferreira will step down as chief executive officer of Vale SA when his term expires on May 26, the world''s No. 1 iron ore producer said on Friday.In a statement, Vale thanked Ferreira for his achievements at Vale, listing his efforts to focus on core activities, undertaking the company''s biggest investment project ever and reducing debt. The company did not elaborate on a potential replacement or how it plans to implement a transition.(Reporting by Guillermo Parra-Bernal)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-vale-sa-ceo-idUSKBN1631GX'|'2017-02-24T16:02:00.000+02:00'
'5e50a081a0a14f36e7b35286ba9d2da50ae1111e'|'France''s Bonduelle to buy California''s Ready Pac Foods'|'Business News - Thu Feb 23, 2017 - 6:17pm GMT France''s Bonduelle to buy California''s Ready Pac Foods FILE PHOTO - Bonduelle canned processed vegetables are displayed on shelves in an Intermarche supermarket in Lanton, Southwestern France, August 30, 2013. REUTERS/Regis Duvignau/File Photo Bonduelle ( BOND.PA ) on Thursday said it struck a deal to buy Ready Pac Foods, a privately held California producer of fresh, prepared salads and other produce, in a move expected to significantly expand the French company''s U.S. presence. The purchase, which is subject to routine regulatory reviews and approvals, is slated to close by the end of March. Bonduelle said in a statement it will acquire all of Ready Pac Foods'' common stock and run the business as a wholly-owned subsidiary. Terms were not disclosed. The move comes as U.S. consumers are eating more fresh food and as grocery stores are making space in the produce aisle for products such as the bagged lettuce blends, salad kits and Bistro Bowls sold by Irwindale, California-based Ready Pac. Bonduelle, established in 1853, owns four brands of canned, frozen and fresh vegetables and has operations in Canada and across Europe. The Ready Pac deal would make the United States the largest market for the company, which is headquartered in Villeneuve-d''Ascq, France. (Reporting by Lisa Baertlein in Los Angeles; Editing by Chris Reese) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-readypacfoods-m-a-bonduell-idUKKBN1622A2'|'2017-02-24T01:17:00.000+02:00'
'3d177d77c1d02c4fb23f76c371cc3408254a2f78'|'Toshiba says not aware Westinghouse considering Chapter 11 filing - Reuters'|'TOKYO Japanese conglomerate Toshiba Corp ( 6502.T ) said on Friday it was not aware that its U.S. nuclear unit Westinghouse was considering filing for Chapter 11 bankruptcy protection.The Nikkei business daily reported earlier that a Chapter 11 filing was one of the options that Toshiba was considering.A Chapter 11 filing could help Toshiba draw a line under a decade-long U.S. nuclear venture that has pushed the Japanese group to the brink, forcing it to offer a majority stake in its chips business to cover a $6.3 billion nuclear writedown.Bankruptcy protection, however, could be a complex proposition for Toshiba, which has guaranteed as much as 793.5 billion yen ($7 billion) to cover almost 90 percent of potential liabilities due to Westinghouse''s AP1000 reactors customer in the United States.The Toshiba spokesman said he was unsure how any bankruptcy filing by the U.S. business would affect that commitment.(Reporting by Makiko Yamazaki; Editing by Clara Ferreira Marques)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-toshiba-accounting-idINKBN16307S'|'2017-02-23T23:27:00.000+02:00'
'cd94b30ad189ae883b989156c9b24a6c4b025605'|'UPDATE 1-First stab at acquisition by Australia''s South32 hits competition hurdle'|'* Regulator probing plan to buy Peabody mine* Says could curb competition in supply of coking coal* BlueScope Steel worries coal prices could rise (Adds BlueScope Steel comment)By James ReganSYDNEY, Feb 23 The first attempt at an acquisition by Australia''s South32 following its spinoff from BHP Billiton has raised competition concerns over control of the local coking coal market.Australia''s chief competition regulator on Thursday said it was concerned South32''s proposed $200 million acquisition of Peabody Energy''s Metropolitan colliery in Australia could curb competition in the supply of coking coal in the domestic market.The acquisition would also include a 16.67 percent stake in a nearby coal terminal.BlueScope Steel, Australia''s biggest steel producer, told Reuters it had made confidential submissions to the Australian Competition and Consumer Commission (ACCC) voicing concerns South32''s purchase could lead to higher coal prices."As a direct result of South32''s proposed acquisition of the Metropolitan Colliery, BlueScope is concerned about the lessening of competition which would likely have the effect of increasing coal prices for the majority of our coking coal requirements," BlueScope said in an email sent to Reuters.South32 would become the only large supplier of coking coal to the eastern Illawarra steelmaking hub, the ACCC said in a preliminary statement on Thursday.Steel producers are facing some of the highest raw materials costs in years as prices for coking coal of around $150 a tonne remain well above last year''s levels and iron ore trades at a 30-month high of almost $100 a tonne.South32 announced the deal with Peabody on Nov. 3, saying the mine would work well with its existing operations.In a statement emailed to Reuters, South32 said it would continue to engage with the ACCC and that it expected a final decision from the regulator on April 6.South32 is a collection of smaller assets spun off from mining giant BHP in 2015. Until recently it was openly pursuing the remaining 40 percent of a manganese mining and smelting business located in Australia and South Africa it jointly owns with Anglo American.South32 Chief Executive Graham Kerr this month said that his company was still interested in Anglo American''s stake at the right price, but that the transaction was not seen as a necessity.(Reporting by James Regan; Editing by Joseph Radford)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/south32-coal-idINL4N1G8103'|'2017-02-22T23:00:00.000+02:00'
'5f4e56221ed86aa71154aed7828b1ab17251a1dd'|'BRIEF-Legacy Reserves announces Q4 and annual 2016 results and 2017 guidance'|' 16pm EST BRIEF-Legacy Reserves announces Q4 and annual 2016 results and 2017 guidance Feb 22 Legacy Reserves Lp * Legacy Reserves Lp announces fourth quarter and annual 2016 results and 2017 guidance * Legacy Reserves Lp - annual production of 43,803 boe/d up 14% from 38,523 boe/d in 2015 * Sees 2017 total production 15,369 - 15,760 mboe * Sees 2017 average daily production 42,107 - 43,178 boe/d   Further   UPDATE 4-Dozens defy deadline to leave Dakota pipeline protest camp CANNON BALL, N.D., Feb 22 A few dozen demonstrators opposed to the Dakota Access pipeline defied a Wednesday deadline to leave a protest camp they have occupied for months to demand an end to construction of the project, saying they were prepared to be arrested. * Pershing Square Holdings Ltd releases regular weekly net asset value as of 21 February 2017 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-legacy-reserves-announces-q4-and-a-idUSASB0B1Q0'|'2017-02-23T05:16:00.000+02:00'
'd3bf9d2e2e3a802be8e707d6633003ff426c3d62'|'TCI says Safran is flying blind on Zodiac bid valuation'|' 23pm GMT TCI says Safran is flying blind on Zodiac bid valuation left right The Logo of a Safran propulsion systems maker is pictured in Paris, France, August 8, 2016. REUTERS/Jacky Naegelen/File Photo GLOBAL BUSINESS WEEK AHEAD PACKAGE - SEARCH ''BUSINESS WEEK AHEAD 24 OCT'' FOR ALL IMAGES - RTX2Q53G 1/2 left right 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 2/2 LONDON/PARIS Hedge fund TCI Fund Management, locked in a war of words with Safran SA ( SAF.PA ) over the aerospace firm''s proposed bid for Zodiac Aerospace SA ( ZODC.PA ), said on Thursday the company had no proof that its valuation of the deal made sense. Safran, responding earlier on Thursday to TCI''s criticisms of the deal, said its board had valued the offer at 13 times operating earnings based on Zodiac''s recent margin guidance for 2019-20 and considered this to be in line with similar deals. Commenting on the letter from Safran Chairman Ross McInnes, TCI said the valuation was based on fragile assumptions given a recent spate of Zodiac profit warnings and Safran''s inability to carry out due diligence at Zodiac''s aircraft seat factories. "The multiple he is quoting, he has no certainty whatsoever that he will be able to achieve it. If Zodiac failed to achieve that multiple, why would he be able to achieve it?", Jonathan Amouyal, a partner at UK-based TCI, told Reuters in response to the rebuttal by Safran''s McInnes. Safran, a leading aero engine maker, says it can apply state-of-the-art project skills to ensure Zodiac hits its goals. Amouyal cited a report by Bernstein analysts who valued the transaction at closer to 40 times operating earnings, among the sector''s highest for a decade, based on current performance. Safran says that Zodiac has to be valued on a medium-term perspective because it is in the midst of a turnaround. (Reporting by Maiya Keidan, Tim Hepher; Editing by Jonathan Oatis) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-zodiac-aero-m-a-safran-tci-fund-mgmt-idUKKBN1622TR'|'2017-02-24T06:23:00.000+02:00'
'3a972f6cb5d38ac5e679d8d8be4f2924744ff8d9'|'Tesla''s ''close to the edge'' cash foretells capital raise'|'Technology  14pm GMT Tesla''s ''close to the edge'' cash foretells capital raise left right A Tesla Supercharger station is shown in Cabazon, California, U.S. May 18, 2016. REUTERS/Sam Mircovich/File Photo 1/2 left right FILE PHOTO - A Tesla Supercharger station is shown in Cabazon, California, U.S. May 18, 2016. REUTERS/Sam Mircovich/File Photo 2/2 By Alexandria Sage - SAN FRANCISCO SAN FRANCISCO Tesla Inc ( TSLA.O ) Chief Elon Musk has taken big risks repeatedly since going public in 2010, but investors were spooked on Thursday after he said the electric car company could get "close to the edge" as it burns cash ahead of its crucial Model 3 launch. Facing yet another cash crunch, Tesla will likely be forced to head to Wall Street for more capital, analysts said. Shares tumbled 5.8 percent on Thursday, their biggest intraday percentage fall in eight months. Musk told investors after the company released its fourth-quarter results on Wednesday that the upcoming Model 3 sedan, the $35,000 mass-market vehicle on which the company''s future profitability hinges, requires no additional outside funding as it readies for production this year. "But we get very close to the edge," Musk said. "So we''re considering a number of options but I think it probably makes sense to raise capital to reduce risk." Tesla had $3.39 billion in cash and cash equivalents at the end of 2016, but most of that comes from a May stock offering, cash from its SolarCity acquisition and nearly $1 billion in draws on its credit facilities. The company spent $448 million in cash on operating activities in the fourth quarter. Tesla''s warning of an expected $2 billion to $2.5 billion in capital expenditures in the first half of 2017 for the Model 3 leaves potentially less than a $1 billion cushion for Tesla, at a time of "high levels of execution risk," wrote Morgan Stanley analyst Adam Jonas. Analysts estimated the company will seek $1 billion to $2.5 billion in capital in the near term. Tesla, which has had negative cash flow since 2014 and has posted a quarterly profit only twice since going public, has repeatedly gone to Wall Street for fresh capital. "The automotive business is an extremely capital intensive business and we keep seeing companies who are thinking of getting into it underestimate that," said Autotrader senior analyst Michelle Krebs, citing moves by Apple Inc and Alphabet''s Google to back off aggressive forays into the sector. Individual model launches for established car companies do not carry the same hazards as for Tesla because the risk is less concentrated. "No single launch is a ''bet the company'' launch" for established automakers, said Michigan-based auto manufacturing consultant Michael Tracy, citing larger capital reserves. "If you''re Tesla, every time you''re stepping up to the plate, financially it''s extremely risky." Additionally, Musk''s need for speed in getting the Model 3 in the hands of approximately 373,000 reservation holders after volume production begins in September means he "has to ramp up faster than any other automaker would want to do," Tracy said. (Additional reporting by Paul Lienert in Detroit; Editing by Meredith Mazzilli) Next In Technology News NYSE plans trial run for Snap IPO The New York Stock Exchange will conduct a trial run of Snap Inc''s initial public offering on Saturday, according to a notice given last week to stock traders, in anticipation of what is expected to be the biggest U.S. technology IPO in nearly five years.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-tesla-outlook-idUKKBN1621W5'|'2017-02-24T04:00:00.000+02:00'
'8b66b0c4819f2f47c22064445d741071e52549d3'|'Negative rates help Swiss swing to 2016 budget surplus'|'  9:43am GMT Negative rates help Swiss swing to 2016 budget surplus A man holds a 100 Swiss Francs bank note in front of an ATM in this illustration picture taken in Bern December 18, 2014. REUTERS/Denis Balibouse ZURICH Windfall revenue and falling debt service costs as a result of negative interest rates helped the Swiss federal budget swing to an underlying surplus of 752 million Swiss francs (<28>597 million) in 2016, the government said on Thursday. But it forecast structural deficits of 1.0 billion francs in 2018, 1.1 billion in 2019 and 0.5 billion in 2020, announcing spending cuts to ensure it meets limits on fresh borrowing. Gross debt fell to 98.8 billion francs at the end of last year from 103.8 billion, it said. (Reporting by Michael Shields; Editing by John Miller)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-swiss-budget-idUKKBN1620ZK'|'2017-02-23T16:43:00.000+02:00'
'e5ac3d939b802e698e70db0f8a1b149b603f28a5'|'Victoria''s Secret weighs on L Brands Feb comp sales forecast'|'Wed Feb 22, 2017 - 10:36pm GMT Victoria''s Secret weighs on L Brands February comparable sales forecast A director chair is seen backstage before the Victoria''s Secret Fashion Show at the Grand Palais in Paris, France, November 30, 2016. REUTERS/Benoit Tessier L Brands ( LB.N ) forecast a steeper drop in February comparable sales as its biggest brand, Victoria''s Secret, faces slowing demand, sending the company''s shares down nearly 13 percent in after-market trading on Wednesday. L Brands forecast a mid-to-high teens decline in total comparable sales, above the mid-single digit drop it had estimated previously. The company said it expected a fall of about 20 percent in February comparable sales at Victoria''s Secret and a mid-single digit decline at Bath & Body Works. L Brands has restructured its business to focus on its core brands and exited certain product categories last year, including swim and apparel business of Victoria''s Secret. The exit lowered the company''s total comparable sales for the fourth quarter by 2 percentage points, L Brands said on Wednesday. Ongoing weakness in core lingerie could be more difficult to repair as management continues to employ various incentives to rejuvenate traffic, Mizuho Securities analyst Betty Chen said in a pre-earnings note. The company''s net income fell to $631.7 million, or $2.18 per share, in the fourth quarter ended Jan. 28 from $636 million, or $2.15 per share, a year earlier. Excluding a tax settlement, L Brands earned $2.03 per share, above the average analysts'' estimate of $1.90 per share, according to Thomson Reuters I/B/E/S. Earlier this month, L Brands reported a 2 percent rise in sales, its slowest quarterly sales growth in three years. The company''s shares were trading at $50.60 after the bell. Up to Wednesday''s close, they had fallen 31 percent in the past 12 months. (Reporting by Jessica Kuruthukulangara in Bengaluru; Editing by Anil D''Silva) Up Next'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-l-brands-results-idUKKBN1612WB'|'2017-02-23T05:36:00.000+02:00'
'c7d6167ca7bd7713b6716697c731608de9d32de7'|'Morgan Stanley weighs initial 300 Brexit job moves - Bloomberg'|'Business News   1:51pm GMT Morgan Stanley weighs initial 300 Brexit job moves - Bloomberg A view of the Morgan Stanley London headquarters at Canary Wharf financial centre in London, Britain June 24, 2016. REUTERS/Russell Boyce/File Photo LONDON U.S. bank Morgan Stanley may initially move 300 staff from Britain following its exit from the European Union, and is scouting for office space in Frankfurt and Dublin, Bloomberg News reported on Thursday. The Wall Street firm will eventually choose either Frankfurt or Dublin to base its enlarged European Union hub, according to the Bloomberg report, which cited three people with knowledge of the matter. Leading financial firms warned for months before last June''s Brexit referendum that they would have to move some jobs if there was a leave vote, and have been working on plans for how they would do so for the past several months. More details are starting to emerge after Prime Minister Theresa May confirmed Britain would leave the European single market, ending banks'' hopes they might retain "passporting" rights that let them sell their services across the EU out of their London hubs. Morgan Stanley, which bases the bulk of its European staff in Britain, will have to move up to 1,000 jobs in sales and trading, risk management, legal and compliance, as well as slimming the back office in favour of locations overseas, a source involved in the process told Reuters in January. "Our focus is on ensuring that we can continue to service our clients whatever the Brexit outcome," Hugh Fraser, a spokesman for Morgan Stanley in London, said in response to the report. "Our strong franchise and material presence in Europe gives us many options, and we will adapt as the details of Brexit become clear. Given all of this, no decisions have yet been made." (Reporting by Anjuli Davies; Editing by Mark Potter) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-morgan-stanley-idUKKBN1621LU'|'2017-02-23T20:51:00.000+02:00'
'01ba174fcacff1e2d4ce59f38da383320f11400e'|'As Saudis prepare to sell shares in oil giant, some have misgivings'|'Business News   3:28pm GMT As Saudis prepare to sell shares in oil giant, some have misgivings FILE PHOTO: Men look out of a building at the Kingdom Centre Tower in Riyadh, Saudi Arabia, January 1, 2017. REUTERS/Faisal Al Nasser/File Photo By Reem Shamseddine and Andrew Torchia - KHOBAR, Saudi Arabia/DUBAI KHOBAR, Saudi Arabia/DUBAI Jamil Farsi, a prominent Saudi Arabian jewellery tycoon, made an impassioned plea to the investment minister at a meeting of the Jeddah Chamber of Commerce this month. "I don''t know anything about economics but I beg you, and I beg the officials in the country, not to sell Aramco - not 5 percent, not 1 percent," he said. Investment minister Majed al-Qasabi replied the economy would benefit from the sale of shares in national oil giant Saudi Aramco. It is expected to be the world''s largest initial public offer, raising tens of billions of dollars. But Farsi''s plea underlined misgivings among substantial parts of the public and the business community about the sale. Some fear Riyadh is relinquishing its crown jewels to foreigners cheaply at a time of low oil prices. Those misgivings are not likely to block the IPO, which is a central part of a drive to make the economy more efficient and diversify it beyond oil exports. Since 2015, the government has shown it is willing and able to carry out contentious reforms, such as cuts to civil servants'' financial allowances. But the public criticism, rare in a country where there is usually little open debate about government policies, could influence the way the IPO is structured. Up to 5 percent of the company is due to be sold next year, with listings in Riyadh and at least one foreign market. The offer''s huge size means foreign investors will have to play a big role, but the government will be under pressure to demonstrate that Saudi citizens are benefiting most from it, bankers and analysts said. That could mean reserving a large portion of the offer for individual Saudi investors, and pricing it in a way that boosts the chance of them making money on their investment, perhaps by offering them some form of discount. However, such a step could make it even more difficult to achieve a market valuation for Aramco close to the $2 trillion (1.59 trillion pound) publicly estimated by Deputy Crown Prince Mohammed bin Salman, who heads the reform drive. Some opponents of the IPO, and some bankers and analysts, think $2 trillion is too optimistic. Last year Foreign Reports, a Washington-based oil industry consultancy, estimated that Aramco could have a market value of $250-460 billion, excluding the value of refining assets and guaranteed access to oil and gas. "There is real concern among Saudis with regard to the Aramco IPO," Mohammad Sabban, a former adviser to ex-oil minister Ali al-Naimi, told Reuters. One area of concern is whether Saudi citizens will be allocated most of the issued shares; another is whether foreigners will gain any control over Aramco''s operations through this and any subsequent share offers, he said. An Aramco spokesman said: "Saudi Aramco does not comment on rumours or speculation." PUBLIC Recently, supporters and opponents of the IPO have sent tweets with the hashtags in Arabic "#The people are against selling Aramco" and "#We definitely want Aramco''s IPO". Some tweets say Saudis should support any measure the government sees as right. Others compare the IPO to Egypt''s sale of the Suez Canal to British colonialists or Palestinians'' loss of their land. "There is some opposition to the IPO on the grounds of economic nationalism. The company is viewed as if it were the goose that laid the golden egg," said Jim Krane, an energy fellow at Rice University in Texas. "Some Saudi citizens seem to fear they won''t benefit, that there is nothing in it for them." Krane said the IPO had also become a lightning rod for resentment of tough austerity policies which Prince Mohammed has imposed since 2015 to repair state finan
'2b8ba43b67ab5b508c22b33e8e2bc95a87aab977'|'Embraer''s Pellegrini to run OGMA division in Portugal'|' 31am EST Embraer''s Pellegrini to run OGMA division in Portugal SAO PAULO Feb 24 Brazilian planemaker Embraer SA said on Friday that its former head of executive aviation Marco Tulio Pellegrini will take over Portuguese maintenance and production unit OGMA starting on April 3. Embraer announced last week that Pellegrini was passing the reins of the executive aviation business to leasing industry veteran Michael Amalfitano. (Reporting by Brad Haynes; Editing by Chizu Nomiyama)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/embraer-moves-idUSE6N1CB02O'|'2017-02-24T21:31:00.000+02:00'
'b2687c2c77dd6b75e261cf48ef8ce52379890214'|'Genmab and J&J''s cancer drug set for blockbuster sales this year'|'Wed Feb 22, 2017 - 8:12pm GMT Genmab and J&J''s cancer drug set for blockbuster sales this year COPENHAGEN Danish biotech drugmaker Genmab ( GEN.CO ) expects sales of Darzalex, used to fight cancer in bone marrow, to surpass $1 billion this year to become a blockbuster drug, the company said on Wednesday. The strong performance of Darzalex, which is currently approved to treat multiple myeloma, prompted six upward revisions to the company''s revenue and operating profit guidance for its 2016 financial year. The $1 billion a year required to achieve blockbuster is now in sight, with net sales of Darzalex -- approved in November 2015 and is marketed by Johnson & Johnson (J&J)( JNJ.N ) -- expected to reach between $1.1 billion and $1.3 billion this year, up from $572 million in 2016, Genmab said. Analyst expectations, on average, are for Darzalex to generate as much as $1.18 billion in revenue this year and $2.53 billion by 2020, according to data from Thomson Reuters Cortellis. Shares in the Danish company have surged by more than 3,200 percent in the past five years as it has morphed from a cash-burning operation into a profitable business with actual drugs on the market. Genmab receives tiered royalties from J&J on its sales and expects to receive Darzalex royalties of between 930 million Danish crowns and 1,100 million crowns ($132 million-$156 million) and 800 million crowns in milestone payments this year. Operating income for 2016 came in at 1.1 billion crowns and is expected in the range of 900-1,100 million crowns in 2017. With a market capitalization of $12 billion, Genmab is Europe''s second-biggest biotech company behind Actelion ( ATLN.S ), although both still lag well behind the likes of U.S. groups Gilead ( GILD.O ), Amgen ( AMGN.O ) and Celgene. However, Genmab''s chief executive Jan van de Winkel believes that Darzalex has the potential to achieve peak annual sales as high as $13 billion if the drug is approved for a wider range of cancers. "It could work in other blood cancers as well as in solid tumors. So that means $13 billion potential if it would work in all the indications," van de Winkel told Reuters. He acknowledged that $13 billion would be the most rosy scenario but said that Darzalex could "definitely" achieve more than $9 billion. (Reporting by Stine Jacobsen; Editing by Elaine Hardcastle and David Goodman) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-genmab-results-idUKKBN1612LL'|'2017-02-23T03:11:00.000+02:00'
'7df3731db12d4088840f43ab96fc9a1a35cadc8a'|'Asia gains as Wall Street extends record rise, dollar dips'|'  3:32am GMT Asia gains as Wall Street extends record rise, dollar dips A Chinese investor monitors share prices at a securities company in Shanghai November 12, 2003. REUTERS/Claro Cortes IV/File Photo By Shinichi Saoshiro - TOKYO TOKYO Asian stocks rose on Wednesday, joining a record-setting session for global markets as investors cheered upbeat factory activity in Europe and solid earnings on Wall Street. But the dollar dipped, reversing an earlier rise made on hawkish comments from Federal Reserve officials. MSCI''s broadest index of Asia-Pacific shares outside Japan rose 0.5 percent, taking its cues from the world stock index rising to an all-time peak of 446.21 overnight. South Korea''s Kospi added 0.1 percent, Shanghai climbed 0.2 percent and Hong Kong''s Hang Seng rose 0.7 percent. Japan''s Nikkei <.N225. bucked the trend and shed 0.2 percent. The Dow rose 0.6 percent on Tuesday to notch a record closing high for the eighth straight session, lifted by strong earnings reports from Wal-Mart and Home Depot. [.N] That followed a strong showing in European equities, which were boosted by upbeat German and French factory activity data, with Germany''s DAX rising to its highest in nearly two years. "U.S. stock markets are currently a great example of the old trading adage that the trend is your friend," wrote Ric Spooner, chief market analyst at CMC Markets. "The slide in the euro as Marie Le Penn''s polls improve was the other key feature of international markets last night and is an early indicator that French elections could loom larger on the market radar over coming weeks." The euro inched up 0.1 percent to $1.0549after losing more than 0.7 percent the previous day. While the European political concerns remain a drag on the euro, the dollar had received further support following hawkish comments from Cleveland and Philadelphia Fed Presidents Loretta Mester and Patrick Harker. Mester expressed comfort at raising rates at this point, while Harker reportedly said a March rate hike was on the table. Financial markets are waiting on the Fed''s Jan. 31-Feb. 1 policy meeting minutes due later in the day for fresh hints on the central bank''s stance toward interest rates. The dollar slipped 0.3 percent to 113.350 yen after climbing to a five-day high of 113.780 overnight. The greenback''s index against a basket of major currencies was a shade lower at 101.270 after gaining 0.5 percent the previous day. A recent big mover in currencies was the Mexican peso which rallied against the dollar on news that the country''s central bank will offer up to $20 billion in currency hedges to tame market volatility. The Mexican peso surged 1.7 percent against the dollar overnight, breaking the psychological level of 20 per dollar or the first time since Donald Trump''s November U.S. election victory. Trump''s threats to impose trade barriers on Mexico had recently pushed the peso to record lows. "This is the most important change in the approach to FX policy since the Tequila Crisis," said Marco Oviedo, an economist at Barclays in Mexico City, referring to the economic crisis that pushed Mexico to adopt a free-floating peso in 1994. The Australian dollar, which has enjoyed steady gains this year on country''s relatively high yields and the rise in the price of iron ore, climbed 0.3 percent to $0.7696. In commodities, crude extended gains from the previous day when it touched 1-1/2-month peaks on OPEC''s optimism for greater compliance with its deal with other producers including Russia to curb output. [O/R] Brent crude rose 0.5 percent to $56.92 a barrel and U.S. crude added 0.4 percent to $54.53 a barrel. (Additional reporting by Michael O''Boyle, ALexandra Alper and Paulina Osorio in Mexico City; Editing by Shri Navaratnam and Kim Coghill)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-global-markets-idUKKBN161039'|'2017-02-22T10:18:00.000+02:00'
'24d60b03f6cd9dd2a132546df4af28c45e33d606'|'BRIEF-Sandstorm Gold reports Q4 revenue $16.5 mln'|' 18pm EST BRIEF-Sandstorm Gold reports Q4 revenue $16.5 mln Feb 21 Sandstorm Gold Ltd- * Sandstorm Gold announces 2016 fourth quarter and annual results * Record attributable gold equivalent ounces sold of 13,245 ounces in Q4 * Sandstorm Gold Ltd - attributable gold equivalent production for 2017 is forecast to be between 45,000 and 55,000 ounces * Quarterly revenue of $16.5 million versus $9.9 million * Sandstorm Gold Ltd - company is forecasting attributable gold equivalent production of over 65,000 ounces per annum by 2020 * Quarterly net loss of $0.02 million versus loss of $25.0 million Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-sandstorm-gold-reports-q4-revenue-idUSASB0B1EZ'|'2017-02-22T05:18:00.000+02:00'
'aedce764d7493ed920b2f4178ef44b49468cb372'|'BRIEF-Ashford Hospitality offers to buy FelCor'|' 16pm EST BRIEF-Ashford Hospitality offers to buy FelCor Feb 21 Ashford Inc- * Ashford Inc confirms support for proposed acquisition of FelCor Lodging Trust by Ashford Hospitality Trust * Says supports non-binding proposal of Ashford Hospitality Trust to acquire FelCor Lodging Trust * Says board of Ashford has authorized Ashford to participate in transaction on terms outlined in Ashford trust''s letter to Felcor Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-ashford-hospitality-offers-to-buy-idUSASB0B1E8'|'2017-02-22T05:16:00.000+02:00'
'4994d90a500a9486515b38f62d8352476ff0bb14'|'Volkswagen eyes stable 2017 earnings after underlying profit hits record - Reuters'|'WOLFSBURG, Germany Volkswagen ( VOWG_p.DE ) forecast broadly stable earnings this year after record sales of luxury Audi and Porsche cars helped it post its highest annual underlying operating profit ever.The carmaker expects to post an underlying operating margin of between 6 and 7 percent this year, compared with 6.7 percent last year, even as revenue growth accelerates to 4 percent, it said on Friday.Volkswagen (VW) also reported operating profit before special items jumped 14 percent to a record level of 14.6 billion euros ($15.5 billion), broadly in line with forecasts.It hiked its dividend more than expected, saying it would propose a payout of 2.06 euros per preferred share and 2.00 euros per ordinary share for 2017, up from 0.17 euros and 0.11 euros respectively a year earlier.Analysts had on average expected a dividend of 1.86 euros per preferred share.Record earnings before one-off items reflect progress VW has achieved on making its core brand leaner and more efficient.But VW booked bigger-than-expected one-off charges totalling 7.5 billion euros in 2016, of which 6.4 billion were related to the emissions-test rigging scandal. Analysts had on average forecast 4.2 billion euros in total.Including those charges, VW swung to a 2016 operating profit of 7.1 billion euros from a year-earlier loss of 4.1 billion, missing consensus for 10.5 billion.VW keeps struggling with the fallout from its admission 17 months ago that it rigged U.S. diesel emissions tests, a scandal that some analysts have estimated may cost over $30 billion in fines, compensation and vehicle refits and which has forced it to embrace a costly shift to more electric vehicles.(Reporting by Andreas Cremer; Writing by Maria Sheahan; Editing by Arno Schuetze)'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/volkswagen-results-idINKBN16325Q'|'2017-02-24T15:50:00.000+02:00'
'4d735baaf091184da5833f812f4c76f78ec730b2'|'BRIEF-Terex Corp reports Q4 loss per share $2.96'|' 54pm EST BRIEF-Terex Corp reports Q4 loss per share $2.96 Feb 21 Terex Corp: * Terex announces fourth quarter and full year 2016 results and provides 2017 guidance * Q4 loss per share $2.96 from continuing operations * Q4 sales $1.0 billion versus i/b/e/s view $918.8 million * Sees FY 2017 earnings per share $0.60 to $0.80 excluding items * Q4 adjusted earnings per share $0.07 from continuing operations excluding items * Sees FY 2017 sales about $3.9 billion * Q4 earnings per share view $-0.05 -- Thomson Reuters I/B/E/S * Terex Corp - income from continuing operations, as adjusted, for Q4 of 2016 was $7.4 million, or $0.07 per share * Terex Corp - "looking ahead to 2017, we expect our primary global markets to remain challenging" * Terex Corp sees 2017 adjusted earnings per share of between $0.60 and $0.80 * Terex Corp qtrly net sales $974.7 million versus $1,167.6 million  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-terex-corp-reports-q4-loss-per-sha-idUSASB0B1DW'|'2017-02-22T04:54:00.000+02:00'
'8568ad4eb3b84229cd13bde33c32d756ddc14956'|'OB CSX calls for shareholder meeting over activist investor requests'|'U.S. rail operator CSX Corp ( CSX.O ) said its board has called for a special meeting of its shareholders to discuss requests made by hedge fund Mantle Ridge LP, which is trying to install Hunter Harrison, outgoing chief executive of Canadian Pacific Railway Ltd ( CP.TO ) as the company''s chief executive.CSX said the meeting will allow shareholders to vote on Harrison''s proposed pay package, which is estimated to exceed $300 million. Shareholders will also be allowed to vote on Mantle Ridge''s proposal for substantial representation on the company''s board.Shareholders as of March 16 are eligible to vote in the special meeting, which has not yet been scheduled."We are pleased that CSX agrees that change is needed," Mantle Ridge said in a statement. The hedge fund added that they have been in constructive dialogue with CSX''s board for several weeks.Activist investor Paul Hilal''s Mantle Ridge is seeking six seats on the board, with Hilal as chairman and Harrison as chief executive officer.The hedge fund also proposes that three incumbent CSX directors in addition to current CEO Michael Ward would retire from the board as of the company''s 2017 annual meeting.CSX''s board is made up of 12 members, which include Ward who also serves as chairman. Ward has previously signaled he plans to step down.Last week, CSX extended the director nomination deadline for its board, giving it more time to reach an agreement with Hilal and Harrison.Mantle Ridge LP recently became a CSX shareholder owning less than 5 percent of the company''s stock, CSX said on Tuesday.News of the Hilal-Harrison partnership broke on Jan. 18, when Canadian Pacific announced Harrison was leaving his CEO post early.(This version of the story corrects 2nd paragraph to remove date of meeting, which has not yet been scheduled. Inserts 3rd paragraph to explain that shareholders as of March 16 are eligible to vote in the special meeting.)(Reporting by Abinaya Vijayaraghavan in Bengaluru and Michael Flaherty in New York; Editing by Bill Rigby and Sandra Maler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-csx-mantle-idINKBN1601JH'|'2017-02-21T21:16:00.000+02:00'
'6e31ba485932775e4be057688b9454150936dc79'|'German lawmakers call for inquiry into VW compliance chief exit'|'Wed Feb 22, 2017 - 4:12pm GMT German lawmakers call for inquiry into VW compliance chief exit A Volkswagen (VW) logo covered with mud and dust is seen on the wheel of a car in Grafenwoehr, Germany, October 26, 2016. REUTERS/Michaela Rehle/File Photo BERLIN Lawmakers from Volkswagen''s home region called on Wednesday for an inquiry into the sudden departure of the German carmaker''s compliance chief last month, saying they were concerned the supervisory board was not overseeing the business effectively. Christine Hohmann-Dennhardt was hired in late 2015 to help Europe''s biggest carmaker reform itself following its diesel emissions cheating scandal. But last month, after little more than a year in the job, she abruptly left. Some analysts and investors have long questioned whether Volkswagen ( VOWG_p.DE ), a business tightly controlled by its founding Porsche-Piech clan and its home state of Lower Saxony, could effectively reform itself. "(We fear) the state (Lower Saxony) and the supervisory board are only insufficiently carrying out their ownership role and controlling task," lawmaker Mathias Middelberg wrote in a letter to Stephan Weil, the prime minister of Lower Saxony. Spokespeople for Volkswagen (VW) and Weil did not immediately respond to requests for comment. Middelberg leads a delegation of 31 Lower Saxony lawmakers from Chancellor Angela Merkel''s Christian Democratic Union (CDU) in Germany''s lower house of parliament. Weil sits on VW''s 20-strong supervisory board which has the power to appoint and dismiss executives. In his letter dated Feb. 21 and seen by Reuters, Middelberg referred to media reports that said Hohmann-Dennhardt''s role as compliance chief was destined to fail. Her hiring coincided with the appointment of Manfred Doess as head of legal affairs at VW. Doess is also compliance chief at Porsche SE ( PSHG_p.DE ), the holding company of the Porsche-Piech clan. Middelberg said in his letter that Doess appeared to have more clout in the aftermath of the emissions scandal than Hohmann-Dennhardt even though he was her subordinate. Middelberg asked Weil to commission independent experts to investigate how the jurisdictions of Doess and Hohmann-Dennhardt were defined, whether a possible conflict of their duties was discussed by the supervisory board and whether the former compliance chief was granted a monthly pension of 8,000 euros ($8,411) in addition to 12 to 15 million euros in severance pay. Spiegel Online first reported Middelberg''s letter. Germany is holding federal elections in September 2017 and a regional vote in Lower Saxony in January 2018. ($1 = 0.9511 euros) (Reporting by Jan Schwartz and Andreas Cremer; Editing by Mark Potter) Up Next'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-volkswagen-emissions-management-idUKKBN161226'|'2017-02-22T23:10:00.000+02:00'
'740c0556170337ce1f5f16f6f94e406651233aab'|'Lloyds and Barratt help FTSE edge higher'|'Business News   11:29am GMT Lloyds and Barratt help FTSE edge higher FILE PHOTO: A man walks through the lobby of the London Stock Exchange in London, Britain, August 25, 2015. REUTERS/Suzanne Plunkett/File Photo By Atul Prakash - LONDON LONDON Britain''s top share index edged up on Wednesday as Lloyds ( LLOY.L ) reported its highest annual profit in a decade and the UK''s biggest housebuilder Barratt ( BDEV.L ) announced upbeat results. The blue-chip FTSE 100 index .FTSE was last up 0.2 percent at 7,288.00 points, after closing 0.3 percent lower on Tuesday. The index climbed to a one-month high earlier this week. The UK banking index .FTNMX8350 climbed 1.4 percent after Lloyds signalled it was finally recovering from the financial crisis and reported 2016 pretax profit of 4.2 billion pounds ($5.3 billion), more than double that in 2015. Lloyds shares were up 3.6 percent. "The recovery seems to be nearing completion as the bank has boosted pretax profit, supported by a positive set of metrics, with notable improvements in earnings per share and net interest margin," said Richard Hunter, head of research at Wilson King Investment Management. "Meanwhile, the capital cushion remains strong, the cost-income ratio is leading edge and the special dividend is representative of confidence in the outlook." Barratt shares rose 2 percent, the second biggest gainers in the FTSE 100 index, after the company announced a 9 percent rise in pretax profit in the six months through December. However, it said it would build around 20 percent fewer homes in London in 2016/17. Gains in the broader market were capped by weaker miners, which tracked a drop in major industrial metals such as copper CMCU3, aluminium CMAL3 and nickel CMNI3. The UK mining index .FTNMX1770 dropped 1.6 percent, dragged down by a 1.2 to 3.6 percent fall in shares of Anglo American ( AAL.L ), BHP Billiton ( BLT.L ) and Rio Tinto ( RIO.L ). The UK mid-cap index .FTMC also fell, by 0.3 percent, pressured by steep declines in shares of outsourcing group Serco ( SRP.L ) and drugmaker Indivior ( INDV.L ). Serco, which provides transport, health, justice, defence and security services in public departments, slumped 14 percent after posting a 14 percent drop in 2016 trading profit and said it was vulnerable to increased global political uncertainty in 2017. "We continue to anticipate another reduction in revenues, profitability and earnings, with another step up in net debt," Shore Capital analyst Robin Speakman said. Indivior shares were also down 14 percent, after the company reported a sharp fall in its operating profit. The market showed little reaction to data revealing that Britain''s economy accelerated at the end of 2016 but growth for the whole year was weaker than previously thought. There were also signs of weakness ahead, suggesting the Brexit vote will start to take its toll in 2017. (Reporting by Atul Prakash; Editing by Susan Fenton) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-stocks-idUKKBN161186'|'2017-02-22T18:29:00.000+02:00'
'1f5b43c77a3fe156222a9b6db4ab82de71de2bc0'|'UPDATE 1-AccorHotels 2016 profit beats forecasts, French market improved in Q4'|'Company News   2:01am EST UPDATE 1-AccorHotels 2016 profit beats forecasts, French market improved in Q4 * Operating profit beats forecasts * Appoints ex-President Sarkozy to board * French market under pressure but some signs of recovery (Adds detail, background) By Dominique Vidalon PARIS, Feb 22 AccorHotels, Europe''s largest hotelier, reported a forecast-beating 3.8 percent rise in operating profit for last year, helped by restructuring efforts and robust demand in most markets. The French company said earnings for its core, domestic market had been impacted as a result of weak demand following a spate of deadly, Islamist militant attacks in France, although the French market had started to recover in the fourth quarter. AccorHotels, which has more than 4,000 hotels ranging from the budget Ibis to the luxury Sofitel brand, also recruited former French President Nicolas Sarkozy as a board member to chair an international strategy committee. The group, which competes with InterContinental, Marriott and Starwood, is undergoing a reorganisation under Chief Executive Sebastien Bazin, who took over in August 2013. The overhaul has entailed cutting costs, expanding in China and strengthening its presence in the luxury hotels market, with the acquisition of FRHI Holdings, owner of prestigious hotels such as London''s Savoy and New York''s Plaza. AccorHotels has also struck several deals in order to strengthen its online and Internet offerings. Earnings before interest and taxes (EBIT) rose to 696 million euros ($732 million) in 2016. This compared with Accor''s own guidance for EBIT between 670-690 million euros, while analysts polled by Financial Inquiry for Reuters expected 676 million. Revenues also rose 2.2 percent on a like-for-like basis to 5.631 billion euros for 2016. In France, which makes 30 percent of group profit, revenues fell 2.8 percent while EBIT also declined 13 percent on a like-for-like basis. Business was very challenging in Paris where a key measure of revenue per available room (REvPar) fell 13.2 percent, although hotel demand outside the French capital was stronger. In the Paris region alone, hotel owners welcomed 1.5 million fewer tourists in 2016 compared to 2015, costing local tourism 1.3 billion euros in lost revenue, the regional tourism committee said this week. In July, AccorHotels announced a plan to turn property unit HotelInvest - whose assets are worth 6.6 billion euros - into a subsidiary in 2017 ahead of then selling the majority of its capital to institutional investors. AccorHotels reiterated on Wednesday that the plan would give it significant headroom for expansion. ($1 = 0.9504 euros) (Reporting by Dominique Vidalon; Editing by Sudip Kar-Gupta) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/accorhotels-results-idUSL8N1G70TX'|'2017-02-22T14:01:00.000+02:00'
'10d8257ff1a70d61ffbe989d23080e3e4775d2d0'|'UPDATE 1-EU tells Italy to reduce fiscal gap or risk being fined'|'Company  02am EST UPDATE 1-EU tells Italy to reduce fiscal gap or risk being fined * Italy''s debt set to rise despite EU rules to the reverse * Rome must take steps worth 0.2 pct of GDP, as promised -EU * Banks hurt economy, Italy saddled with pile of bad loans (Adds quotes, bank situation) By Francesco Guarascio BRUSSELS, Feb 22 The European Commission warned Italy on Wednesday it risked disciplinary action if it did not adopt promised measures to cut its deficit, adding to pressure on a government facing possible early elections and rising euro-sceptic sentiment. Italy is set to increase its huge public debt despite obligations to reduce it, and was already in line for disciplinary action that could trigger fines, Commission Vice President Valdis Dombrovskis said. However, he told a news conference, the EU''s executive arm was waiting to see if Rome would deliver on its promise to take measures worth at least 0.2 percent of GDP by the end of April. A disciplinary decision would only be taken after Brussels makes its next economic forecasts, which are expected in May. Publishing a report on Italy''s debt, the Commission said the country needed to "credibly" enact those cuts in its structural deficit, which excludes the impact of the business cycle and one-offs. These cuts would in turn reduce the country''s debt. The latest round of Commission economic forecasts for the 28-nation bloc showed Italy''s public debt would rise to an all-time high of 133.3 percent of gross domestic product this year from 132.8 percent in 2016. Under EU rules, Italy needs to reduce its debt by about 3.6 percent of GDP annually. In a separate report, the Commission said Italy was one of six EU countries, as well as France, Cyprus, Portugal, Croatia and Bulgaria, experiencing "excessive economic imbalances", a situation which could also trigger sanctions. Italy''s imbalances are mostly caused by its huge public debt, high unemployment and huge amount of bad bank loans. "The stock of non-performing loans has only started to stabilise and still weighs on banks'' profits and lending policies," the Commission said. Recapitalisation needs that "may emerge" for some Italian lenders could occur "in a context of difficult access to equity markets," it said. The Italian government is in talks with the EU Commission to devise rescue plans for Banca Monte dei Paschi di Siena and two Veneto-based regional lenders, as Italy''s largest lender, Unicredit, is seeking to raise 13 billion euros ($14 billion) in the capital markets. EU economics commissioner Pierre Moscovici acknowledged Italy has implemented important reforms in recent years but stressed that "there seems to be a slowdown in the reforms", when a faster pace would instead be needed for "modest" growth. (Editing by Philip Blenkinsop and Louise Ireland) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/eu-italy-deficit-idUSL8N1G73XH'|'2017-02-22T21:02:00.000+02:00'
'bb71a54f1eab1aaa926c39238caeeb1b1f0a625f'|'BRIEF-Chatham Lodging Trust Q4 adjusted FFO per share $0.44'|' 36am EST BRIEF-Chatham Lodging Trust Q4 adjusted FFO per share $0.44 Feb 23 Chatham Lodging Trust * Chatham Lodging Trust announces fourth quarter 2016 results * Q4 adjusted FFO per share $0.44 * Sees Q1 adjusted FFO per diluted share of $0.44-$0.47; sees FY 2017 adjusted FFO per diluted share of $2.06-$2.20 Source text for Eikon: Glencore sees debt/EBITDA falling below 1.5 times in 2017 LONDON, Feb 23 Commodities giant Glencore expects its debt to core earnings ratio to fall below 1.5 times in 2017, well below its recently lowered long-term target of 2 times, as commodities prices rise, Chief Executive Ivan Glasenberg said on Thursday. (Reporting by Dmitry Zhdannikov; editing by Jason Neely) 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-chatham-lodging-trust-q4-adjusted-idUSASB0B1RV'|'2017-02-23T15:36:00.000+02:00'
'3f053f12aebd1e741a9945d404df6279e28fa6df'|'BRIEF-Levi Strauss & Co prices EUR475 mln of 3 3/8% senior notes due 2027'|' 36pm EST BRIEF-Levi Strauss & Co prices EUR475 mln of 3 3/8% senior notes due 2027 Feb 23 Levi Strauss & Co * Levi strauss & co. Prices private placement of senior notes * Levi strauss & co says pricing of eur475 million, approximately us$501 million, of its 3 3/8 % senior notes due 2027 in a private placement * Levi strauss & co - sale of notes is expected to close on february 28, 2017  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-levi-strauss-co-prices-eur475-mln-idUSASB0B1ZB'|'2017-02-24T00:36:00.000+02:00'
'0611dc525c21504c0c9ac612ebdd96df7267b895'|'US STOCKS-Futures drop along with oil prices'|'Business  26am EST Futures drop along with oil prices Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., February 22, 2017. REUTERS/Brendan McDermid By Tanya Agrawal U.S. stock index futures were lower on Friday as a drop in oil prices weighed on the "Trump rally", with investors also seeking details regarding President Donald Trump''s plans to boost the economy. Oil prices fell after U.S. crude inventories rose for a seventh week, showing the market is still struggling to ease oversupply. [O/R] Gain in crude prices helped U.S. stocks edge higher on Thursday as did a renewed pledge by Trump to bring back jobs to the United States. Trump''s promises of tax reforms, a reduction in regulation and increased infrastructure spending, has helped spur equities to record highs. The S&P 500 is up more than 10 percent since the election. The Dow notched a record high for a tenth straight session on Thursday, its longest such streak since 1987. But, with little clarity on Trump''s proposals, those gains have come with the markets trading in a tight range. The benchmark S&P 500 index has not register a move of at least one percent in either direction since Dec. 7. U.S. Treasury Secretary Steven Mnuchin also tempered investor enthusiasm on Thursday when he said any policy steps would probably have only a limited impact this year. Investor will likely get more clarity on Trump''s plan on Tuesday, when he addresses a joint session of Congress. Data due on Friday includes a report from the U.S. Commerce Department that is likely to show new single-family home sales rebounded in January. Separately, a report from the University of Michigan is seen showing that the final consumer sentiment index held at 96.0 in February, compared with a preliminary reading of 95.7. Both reports are expected at 10 a.m. ET (1500 GMT). Shares of Hewlett Packard Enterprise ( HPE.N ) fell 6.73 percent to $23 in premarket trading after the company cut its full-year profit forecast. J.C. Penney ( JCP.N ) rose 1.9 percent to $6.99 after the department store operator said it would close about 130-140 stores over the next few months. Baidu ( BIDU.O ) was down about 1.75 percent at $181.40 as the internet search giant''s revenue fell for a second straight quarter. Futures snapshot at 7:10 a.m. EDT: Dow e-minis 1YMc1 were down 77 points, or 0.37 percent, with 22,163 contracts changing hands. S&P 500 e-minis ESc1 were down 9.75 points, or 0.41 percent, with 124,774 contracts traded. Nasdaq 100 e-minis NQc1 were down 27.25 points, or 0.51 percent, on volume of 24,413 contracts. (Reporting by Tanya Agrawal; Editing by Savio D''Souza) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-stocks-idUSKBN1631DO'|'2017-02-24T19:17:00.000+02:00'
'2fc7065c10ecd37bce6e4d714227424e93f7d017'|'Saudi Aramco taps JPMorgan, M.Stanley for IPO, HSBC a contender - source'|'By Mike Stone and Sumeet Chatterjee Oil giant Saudi Aramco has asked JPMorgan Chase & Co ( JPM.N ) and Morgan Stanley ( MS.N ) to assist with its upcoming mammoth IPO and could call on another bank with access to Chinese investors, a source with direct knowledge of the matter said.The U.S. banks have joined boutique investment bank Moelis & Co ( MC.N ) in being tapped for coveted roles in what is expected to be the world''s biggest intial public offering worth some $100 billion.HSBC Holdings Plc ( HSBA.L ) has emerged as the leading contender for a role among a list of five banks that could provide a pipeline to Chinese investors - an important part of the offering, the source said, adding that the other four are Chinese banks.The final lineup for banks could still be adjusted, the source said, declining to be identified due to the sensitivity of the matter.The IPO is the centrepiece of the Saudi government''s ambitious plan, known as Vision 2030, to diversify the economy beyond oil. Up to 5 percent of the world''s largest oil producer is likely to be listed on both the Saudi stock exchange in Riyadh and on one or more international markets.Aramco, formally known as Saudi Arabian Oil Co, declined to comment, as did JPMorgan, Morgan Stanley and HSBC.The Wall Street Journal reported earlier that JPMorgan, Morgan Stanley and HSBC had been selected as lead underwriters.Citigroup Inc ( C.N ) was also among those asked to pitch for an advisory position with Aramco, Saudi-based industry sources said last month.The IPO plan has been championed by Deputy Crown Prince Mohammed bin Salman, who oversees the country''s energy and economic policies. Last year, he said he expected the IPO would value Aramco at a minimum of $2 trillion, and that the figure might end up being higher.Saudi Arabia is considering two options for the shape of Aramco when it sells shares in the national oil giant next year: either a global industrial conglomerate or a specialised international oil company, industry and banking sources have told Reuters.Saudi Aramco has also appointed international law firm White & Case, which has a long-established relationship with the state oil giant, as legal adviser for its IPO, sources familiar with the matter told Reuters this month.Saudi Arabia is favoring New York to list Saudi Aramco, while also considering London and Toronto, the Wall Street Journal reported on Monday.The oil giant also held discussions with the Singapore Exchange regarding a potential secondary listing, sources have said.(Reporting by Mike Stone in Washington and Sumeet Chatterjee in Hong Kong; Additional reporting by Tom Arnold in Dubai, Reem Shamseddin in Khobar, Michelle Price in Hong Kong and Ismail Shakil in Bengaluru; Writing by Saeed Azhar; Editing by Edwina Gibbs)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/saudi-aramco-ipo-idINKBN16115E'|'2017-02-22T07:55:00.000+02:00'
'e9ae66e50551f51628eb321767df842dbccb498a'|'Homes at <20>300,000 <20> in pictures - Money'|'Homes at <20>300,000 <20> in pictures 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 Your six-figure budget can get you a variety of accommodation <20> from a house boat to a French manorAnna Tims Wednesday 22 February 2017 07.00 GMT Home: London SE1 Your budget will barely fund a private parking space if you insist on central London. But if you can<61>t cope with suburbia <20> and even there you<6F>ll only get a small flat <20> you could consider floating. The address of this two-bedroom barge is central London<6F>s only marina, St Katherine Docks, a handsome, hidden enclave near Tower Bridge. Space may be tight <20> a double amputation would be required to fit you in the two bath tubs <20> but it<69>s stylish, and when the <20>15,427 annual mooring fee bankrupts you, you can set sail to cheaper postcodes. Cash offers only. River Homes , 020 7407 8000 Facebook Twitter Pinterest Home: Harvington, near Evesham, Worcestershire This detached house overlooks the village green in a conservation area, and most of life<66>s essentials <20> two pubs, supermarket, school church and farm shop <20> are a stroll away. The three bedrooms are doubles, and a conservatory adds a third reception room <20> which have, between them, flagstoned, tiled and stripped wooden flooring. RA Bennett , 01386 210182 Facebook Twitter Pinterest Home: Thelbridge, Devon A trad Devon idyll <20> inglenook fireplace, wobbly walls, rustic views and a crown of thatch. But country quaintness has its drawbacks: townies may be appalled to discover that farms can be noisy and smelly, and there<72>s a working one next door; and it<69>s not always convenient, with the bathroom in this case being downstairs through the living room and kitchen, although the planners are agreeable to it being relocated upstairs with the three bedrooms (one of which is accessed via another). Cost: <20>299,950. Helmores , 01363 777999 Facebook Twitter Pinterest Away: near Cosne d<>Allier, Auvergne Why do we waste money on Britain<69>s grey skies when we could be lord of a French manor? <20>297,000 buys a six-bedroom 17th-century house beside a village church. The boring stuff like electrics, heating and the roof have been renovated, and there<72>s scope for expansion into the adjoining outbuildings and attics. Existing rooms are gracefully embellished with beams, fireplaces and large windows. A covered terrace opens on to a third of an acre of grounds. Groupe Mercure , 020 7467 5330 Facebook Twitter Pinterest Away: Cabo Roig, Costa Blanca There are sea views from this three-bedroom villa, but you don<6F>t have to schlepp the five minutes to the beach for a dip because your own pool lies beyond the glass-walled living room, and there<72>s another pool, communal this time, in the development. Up top, glass-fronted terraces overlook the garden and bring the outside in. The car gets a covered, secure slot nearby. Slightly over budget at <20>302,000. Sequre International , 0800 0112639 Facebook Twitter Pinterest'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/gallery/2017/feb/22/homes-at-300000-in-pictures'|'2017-02-22T14:00:00.000+02:00'
'9dd02923bf908b1c1dc4c8d9295727402ecae2d4'|'BRIEF-Baozun reports Q4 revenue rose 25.2 pct to rmb 1.273 bln'|' 20pm EST BRIEF-Baozun reports Q4 revenue rose 25.2 pct to rmb 1.273 bln Feb 21 Baozun Inc- * Baozun announces fourth quarter and fiscal year 2016 unaudited financial results * Q4 revenue rose 25.2 percent to rmb 1.273 billion * Sees Q1 2017 revenue rmb 800 million to rmb 810 million * Sees Q1 2017 revenue up about 20 to 21 percent * "Expect gmv during fiscal year 2017 to grow by over 50% from fiscal year 2016" * Quarterly non -gaap earnings per share per ads $0.20 * Baozun Inc says Q4 diluted net income attributable to Baozun ordinary shareholders per american depository share $0.16 Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-baozun-reports-q4-revenue-rose-idUSASB0B1F6'|'2017-02-22T05:20:00.000+02:00'
'aab36021d8a9b7441595ab3628407dd5e6cc15bd'|'EU regulators set to clear Dow, DuPont deal: sources'|'By Foo Yun Chee - BRUSSELS BRUSSELS Dow Chemical ( DOW.N ) and DuPont ( DD.N ) are set to win EU antitrust approval for their $130 billion merger, two people familiar with the matter said on Wednesday, one of three mega deals in the agrochemicals industry.The deal, which still needs approval from U.S. and other regulators, has faced intense scrutiny from the European Commission. Of particular concern is combining the two companies'' agricultural businesses which sell seeds and crop protection chemicals, including insecticides and pesticides.The EU competition enforcer had expressed concerns about whether the merged company would still be incentivized to produce new herbicides and pesticides in the future.This month, DuPont offered to sell a portion of its crop protection business and related research and development, while Dow agreed to sell its acid copolymers and ionomers business to South Korea''s SK Innovation ( 096770.KS ) if the merger goes ahead.The companies fine-tuned their concessions after the Commission received feedback from rivals and customers last week."These were very minor tweaks," one of the people said.The Commission will not seek third parties'' views on the changes, a clear sign that it will approve the deal, the source said.The Commission, which is scheduled to rule on the merger by April 4, declined to comment. Dow and DuPont did not immediately respond to a request for comment.Dow and DuPont shares added gains in New York after the Reuters story. Dow was trading 3.8 percent higher at $63.54 and DuPont was up 3.8 percent at $80.The other two big deals pending in the sector are ChemChina''s $43 billion bid for Swiss pesticides and seeds group Syngenta ( SYNN.S ), and German drugs and pesticides maker Bayer''s ( BAYGn.DE ) $66 billion deal to take over U.S. seeds giant Monsanto ( MON.N ).Sources have told Reuters that the European Commission is expected to give the green light to the ChemChina deal, the largest foreign acquisition by a Chinese company.(Reporting by Foo Yun Chee; Editing by Susan Fenton)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-du-pont-m-a-dow-eu-idINKBN16122P'|'2017-02-22T13:33:00.000+02:00'
'3c43c595d154ad6cb38881c2b3a386cc599ddb3d'|'MOVES-Credit Suisse Asset Management names head of global real estate'|' 40am EST MOVES-Credit Suisse Asset Management names head of global real estate Feb 22 Credit Suisse Group AG appointed Christoph Schumacher as head of global real estate in its asset management unit, effective June 1. He will replace Beat Schwab, who has been leading the business on an interim basis and will leave the company by the middle of 2017, Credit Suisse said. Schumacher will report to Michel Degen, head of asset management, Switzerland and Europe, Middle East and Africa. Prior to this role, Schumacher worked as a spokesman of the board of the German Property Federation "ZIA Region Nord" and as a managing director at real estate investment firm Union Investment Institutional Property GmbH in Germany. (Reporting by Ankit Ajmera in Bengaluru)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/credit-suisse-gp-moves-christoph-schumac-idUSL4N1G74B5'|'2017-02-22T21:40:00.000+02:00'
'ea51e2f88c0c39d7c214051be238641e49d0b24f'|'UPDATE 1-ConocoPhillips revises down over 1 bln bbls of oil sands reserves'|'Commodities - Tue Feb 21, 2017 - 4:58pm EST ConocoPhillips revises down over 1 billion bbls of oil sands reserves By Nia Williams - CALGARY, Alberta CALGARY, Alberta ConocoPhillips Corp has revised down over a billion barrels of oil sands reserves because of low global crude prices, a company filing showed on Tuesday, the latest sign that some of Canada''s vast hydrocarbon potential may be left untapped. The U.S. oil major said developed and undeveloped reserves of bitumen - the heavy viscous oil found in northern Alberta''s remote oil sands - totaled 1.2 billion barrels at the end of 2016, down from 2.4 billion barrels at the end of 2015. "Revisions, primarily in the oil sands, decreased proved undeveloped reserves due to lower prices," the company said in the filing. The numbers in the U.S. Securities Exchange Commission (SEC)filing provide a more detailed breakdown of the global reserves cut Conoco announced in its quarterly results in early February, when it debooked 1.75 billion barrels of oil equivalent of reserves globally. Al Hirshberg, Conoco''s executive vice president for production, drilling and projects, told investors on the quarterly call the company expects to rebook the reserves if current prices hold. Likewise Martin King, an analyst with GMP FirstEnergy in Calgary, said the debooking likely had more to do with SEC rules requiring companies to evaluate economic reserves at year-end. But the fact that the oil sands make up 70 percent of the reduction underlines how much of Canada''s resources are uneconomic in a weaker oil environment. The oil sands have some of the highest full-cycle breakeven costs in the world, with new thermal projects costing needing U.S. crude prices of $60 a barrel, according to estimates from consultancy Wood Mackenzie. Since the global crude price slump first started in mid-2014 nearly 20 oil sands projects have been deferred, including Royal Dutch Shell''s 80,000 barrel per day Carmon Creek project, which was abandoned entirely. (Reporting by Nia Williams; Editing by Marguerita Choy) Next In Commodities'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-canada-conocophillips-oil-sands-idUSKBN1602OK'|'2017-02-22T06:22:00.000+02:00'
'ae8ef293a604be66b197811bd28169a1d8616055'|'Telefonica Brasil to save money by reducing customer center calls -CEO'|'Company News  09am EST Telefonica Brasil to save money by reducing customer center calls -CEO SAO PAULO Feb 22 Telefonica Brasil SA , the country''s largest telecommunications company, believes the introduction of digital communications channels with clients will reduce costs and improve margins, Chief Executive Eduardo Navarro told analysts on an earnings call Wednesday. Navarro said those initiatives should reduce the number of customer calls to Telefonica''s call centers, each of which costs about 5 reais ($1.62). ($1 = 3.08 reais) (Reporting by Ana Mano; Editing by Chizu Nomiyama) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/telefonica-outlook-idUSE6N1DF02F'|'2017-02-22T22:09:00.000+02:00'
'a600becd505df77221989c15330fae52533b6169'|'RPT-European stocks scale the political wall of worry'|'Company News   2:00am EST RPT-European stocks scale the political wall of worry (Repeats Tuesday item) * European clouds lifting ... except in politics * GRAPHIC: U.S., euro zone P/E ratios: bit.ly/2kZcuY3 * Euro zone economy humming along nicely By Jamie McGeever LONDON, Feb 21 Politics have rarely been more fraught on either side of the Atlantic in the post-war era, and yet European stocks are marching steadily higher - casting doubt on the old adage that markets don''t like uncertainty. Voters go to the polls this year in France, The Netherlands and Germany on a rising tide of populism that is out to challenge the established order built since World War Two. None of the far-right parties seems to have a strong chance of securing power. Nevertheless, since the surprise outcome of last year''s U.S. presidential election, financial markets remain particularly apprehensive about the possibility - however slim - of the anti-euro Marine Le Pen winning the French presidency. But the improving European economy and a recovery in corporate profits, at a time when debt yields are still historically low, gives investors little choice but to remain heavily invested in riskier, higher-yielding assets such as equities. That leaves bond markets to reflect the anxiety. Figures on Tuesday showed that despite the political uncertainty, euro zone private sector and manufacturing growth accelerated to near a six-year high in February and job creation reached its fastest since August 2007. "We just don''t know how these political risks will play out. It''s incredibly difficult to take actionable, informed investment decisions in this environment, so some portfolio managers aren''t making any changes," said Neil Dwane, global strategist at Allianz Global Investors. "In the meantime, investors have to hunt for a return," said Dwane, who was previously the group''s Europe Equities chief investment officer. That''s a widely held view in an investment community still struggling to explain 2016. Even those who sailed against the tide to predict Britons would vote to leave the EU and Donald Trump would make it to the White House would probably have been wrong-footed by the subsequent moves across stock markets. Apart from initial short-lived volatility, they have climbed steadily. Investor bets on Trump''s fiscal largesse and tax cuts reflating the U.S. economy have put a rocket under Wall Street, especially bank stocks, and Europe has benefited too. Euro zone stocks have lagged Wall Street this year. The Eurostoxx 50 is up 2 percent year to date, less than half the 5 percent increase that has lifted all three major U.S. indices - the S&P 500, the Dow Jones Industrial Average and the Nasdaq Composite - to record highs. But over a slightly longer period, the Eurostoxx 50 has outperformed the S&P 500 since Trump''s victory on Nov. 8, rising 11 percent compared with 10 percent. That has been achieved without the huge inflows from retail investment funds which have propelled U.S. stocks. According to fund flows tracker EPFR, U.S. equity funds have drawn a net inflow of $84 billion since the election, of which $10.9 billion has come this year. European funds have posted a $511 million net outflow since election day, but a $606 million inflow this year. "People are still under-allocated to Europe. Retail money has gone into U.S. markets, but not Europe. Not yet," said Stephen Macklow-Smith, head of European equity strategy at JP Morgan Asset Management. VALUATION GAME In The Netherlands the anti-Muslim, anti-EU party of Geert Wilders holds a narrow lead in opinion polls but even if he wins parliamentary elections he will struggle to form a coalition government with mainstream parties. In Germany, the far-right Alternative for Germany is polling just in double figures but conservative Chancellor Angela Merkel''s chief threat is from the mainstream, pro-Europe Social Democrats. That leaves investors to worry particularly about Le Pen''s anti-euro stance i
'644d6c4a583fb06b4a5ec7b8ca5fb0b8a208a08e'|'A beach-front home in former train carriages <20> in pictures - Money'|'A beach-front home in former train carriages <20> in pictures   View more sharing options Share   Close Railway buffs can hop on board at Bognor Regis to find a berth in a unique bungalow with sea views Jill Papworth Friday 24 February 2017 07.00 GMT Made up of two extended 1950s railway carriages, this beach-front detached bungalow with sea views across the Channel is on a private residential estate in the Pagham Harbour nature reserve at Bognor Regis, West Sussex. Facebook Twitter Pinterest The carriages have been restored into a modern property with two double and two single bedrooms, plus period features including the original flooring, carriage doors and windows. Facebook Twitter Pinterest The origins of the structure mean that some rooms are narrow. The lounge/dining room, for example, is 8m (26ft) by 2m (6ft). Facebook Twitter Pinterest But the panoramic views over the patio area to the beach and sea maybe make up for its odd shape. Facebook Twitter Pinterest Other rooms include a TV snug, a kitchen with plenty of work space and units, and an inner hall with light flooding in through four skylights. Outside the front, there is a large, front-gated garden with a sun deck, as well as parking for three vehicles and a single garage for storage. Facebook Twitter Pinterest The bungalow is in a popular spot, being just five miles from the cathedral city of Chichester and close to regular events at the nearby Goodwood estate. It is currently used as a holiday let generating around <20>1,000 a week in high season. Because the property is not of standard construction, few if any lenders would advance a mortgage on it, so we are talking a cash purchase only. Price: <20>399,999. Purple Bricks , 0800 810 8008. Facebook Twitter Pinterest Money Surreal estate Rail travel Homes Property'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/gallery/2017/feb/24/beach-front-home-former-train-carriages-bognor-regis-in-pictures'|'2017-02-24T14:00:00.000+02:00'
'bf2ea2a06622d3631b5382d8424e582fc1b82001'|'First stab at acquisition by Australia''s South32 hits competition hurdle'|'Commodities  46pm EST First stab at acquisition by Australia''s South32 hits competition hurdle A sign adorns the building where Australian miner South32 has their office in Perth, Western Australia, November 19, 2015. REUTERS/David Gray/File Photo SYDNEY The first attempt at an acquisition by Australia''s South32 following its spinoff from BHP Billiton has raised competition concerns with regulators over control of the domestic coking coal market. Australia''s chief competition regulator on Thursday said it was concerned South32''s proposed $200 million acquisition of Peabody Energy''s Metropolitan colliery in Australia could curb competition in the supply of coking coal in the domestic market. The acquisition would also include a 16.67 percent stake in a nearby coal terminal. South32 would become the only large supplier of coking coal to the eastern Illawarra steelmaking hub, the Australian Competition and Consumer Commission (ACCC) said in a preliminary statement on Thursday. South32 announced the deal with Peabody on Nov. 3, saying the mine would work well with its existing operations. In a statement emailed to Reuters, South32 said it would continue to engage with the ACCC and that it expected a final decision from the regulator on April 6. Australia''s biggest steel producer and buyer of South32 coking coal, BlueScope Steel, did not immediately comment. South32 is a collection of smaller assets spun off from mining giant BHP in 2015. Until recently it was openly pursuing the remaining 40 percent of a manganese mining and smelting business located in Australia and South Africa it jointly owns with Anglo American. South32 Chief Executive Graham Kerr this month said that his company was still interested in Anglo American''s stake at the right price, but that the transaction was not seen as a necessity. (Reporting by James Regan; Editing by Joseph Radford) Next In Commodities'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-south32-coal-idUSKBN162034'|'2017-02-23T07:42:00.000+02:00'
'48e51893ea21859dbe0d5353b02cf9d034e69747'|'Barge glut chokes U.S. shipping sector despite record harvest'|' 09pm EST Barge glut chokes U.S. shipping sector despite record harvest * Covered fleet at 13,000 barges, up 24 pct from 2014 * New barge orders, coal barge conversions boost fleet size * February freight rates down 30 pct versus five-year average * Barge coal shipments lowest in at least two decades By Karl Plume and Michael Hirtzer CHICAGO, Feb 23 A glut of idled river barges is clogging Mississippi River shorelines from St. Louis to New Orleans, leaving U.S. barge companies that haul grain, coal and other bulk goods counting their losses. Even with record-large exports of corn and soybeans, typically a boon for shippers that haul grain to Gulf Coast export terminals, the collapse of coal shipments to the lowest levels in decades has left the dry bulk barge fleet chasing too little cargo. In pursuit of rising grain volumes since 2014, many shippers expanded their fleets too quickly. Barge lease rates paid to companies like Archer Daniels Midland Co''s American River Transportation Company, privately held Ingram Barge and a handful of smaller operators are at 1-1/2-month lows and more than 30 percent below the five-year average for February. Rates from St. Louis to the Gulf Coast of $8.40 per ton are down from a pre-harvest high of $18.00 - not enough for many barge companies to turn a profit. A rise in grain shipments has not been enough to offset the steeper decline in coal shipments. Grain barge shipments rose 21 percent from 2012 to 2015 to a near-record 89.7 million tons, but coal shipments dropped by nearly 47 million tons in that period, to 126.2 million tons. The U.S. Army Corps of Engineers, which tracks barge traffic, has not yet released data for 2016. Demand for barges is at "historically weak levels," barge maker Trinity Industries Inc told analysts on a conference call last week. Orders for new barges in the fourth quarter totaled just $18 million, compared with $190 million in the fourth quarter of 2015. Some barge lines are paying companies to lash their mothballed vessels along river banks rather than lose money keeping them active, according to barge brokers. At least 11 percent of the fleet was idled this winter, a number that could double by spring as South America''s harvest competes with the United States for exports, according to industry estimates. There is no reliable way to estimate industry-wide losses. One small barge company spent $75,000 in December to idle nearly half of its 225-barge fleet. The company had estimated it would lose $450,000 in the month if it kept operating the barges, said a broker who asked not to be named because he was sharing his clients'' business information. "I learned that math in the first grade. Losing $25 a day (per barge) or $150 a day. That''s a no-brainer," he said. LASTING PAIN The barge backlog and financial losses are the result of a years-long expansion of the nation''s covered barge fleet. Seeking to cash in on massive U.S. crops, barge lines ordered new barges and converted open-top vessels previously used for coal into covered barges. Today, there are an estimated 13,000 covered barges in the U.S. fleet, up from about 10,500 in 2014, barge brokers and transportation analysts said. Ideal shipping conditions have also boosted capacity since last autumn''s record corn and soybean harvests. Fewer delays at river locks and higher-than-normal water levels increased shipping speeds and barge turnover, effectively raising the fleet''s capacity by about 15 to 20 percent, industry analysts said. U.S. freight rates are expected to decline into July. Consolidation is squeezing the diminishing number of small operators. More than 80 percent of all covered barges operating on the Mississippi River system are controlled by the five largest barge companies, up from about 50 percent in 1995, according to U.S. Army Corps of Engineers and Informa Economics data. A manager at one small barge company, who requested anonymity to speak about internal company matters, 
'941971c813d44387c9803f37228b6af5bc570d17'|'Opel works council to seek contact with PSA labour bosses'|'Fri Feb 24, 2017 - 11:05am GMT Opel works council to seek contact with PSA labor bosses A combination picture shows the logos of Opel and Peugeot car manufacturers at dealerships of the brands in Strasbourg, France, February 14, 2017. REUTERS/Vincent Kessler/File Photo FRANKFURT Opel''s European works council said it had agreed to open a line of communication with its counterpart at PSA Group ( PEUP.PA ) as the French carmaker holds talks over a tie-up with the company. PSA, the Paris-based maker of Peugeot and Citroen cars, and General Motors ( GM.N ) confirmed on Feb. 14 they were in talks over a PSA-Opel tie-up to create Europe''s second-largest carmaker by sales after Volkswagen ( VOWG_p.DE ). The news has sparked criticism in Germany and Britain amid fears of possible job losses. Opel''s European works council in a joint statement with Opel on Friday called on GM to "fulfill all agreements and commitments necessary for the success of the sites and the future company". (Reporting by Maria Sheahan; Editing by Arno Schuetze) Up Next'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-opel-m-a-psa-labour-idUKKBN16315V'|'2017-02-24T17:56:00.000+02:00'
'a80607e6bcc900bd0b8cee0633334af121490ef5'|'Bonus squeeze as Europe''s investment banks feel investor ire'|'  2:50pm GMT Bonus squeeze as Europe''s investment banks feel investor ire A Barclays bank building is seen at Canary Wharf in London, Britain, October 19, 2016. REUTERS/Hannah McKay/File Photo By Anjuli Davies and Jamie McGeever - LONDON LONDON Most European investment bankers received smaller bonuses in 2016 as their employers cut costs and sought to meet shareholder demands for a greater share of profits. But while bankers'' pay has been the target of political and public anger, the financial services industry is still where the big bucks are, with the average salary about 30 percent higher than the average wage in Britain, government statistics show. Barclays ( BARC.L ) followed other banks in Europe on Thursday by saying it had cut its bonus pool, in the case of the British bank for the third year running, despite rising profits at its investment bank. Barclays said it was paying 1.5 billion pounds, down 56 pct from 3.5 billion pounds in 2010. Such bonuses were blamed for encouraging risk-taking and contributing to the 2007-2009 financial crisis, causing European regulators to cap them at 100 percent of a fixed salary, or twice that with shareholder approval. Banks tried to get round this by upping fixed pay and awarding allowances on a monthly or quarterly basis to bump up basic pay to senior staff. But that was met with calls for more restraint by shareholders, angry at European banks paying large salaries when most were struggling to turn a profit. This appears to have begun to have an impact, with a fall of around 8 percent in bankers'' total pay globally in 2016, and bonuses down by more than 10 pct, research firm Coalition estimated. European banks, who have most of their investment bankers based in London, were worst hit on aggregate. "The bonus pool is down and performance is up. So that should be a good thing for our shareholders," Jes Staley, CEO of Barclays said after posting results. HSBC ( HSBA.L ) said on Tuesday it had cut its bonus pool by 12 percent to $3 billion in 2016. EXTREME DIFFERENCES As the pressure on their business from regulation has mounted, banks have taken a tougher line on staff performance, rewarding more to those who generated the most returns in a bid to retain talent. "This year differences in bonus pay at HSBC are extreme," one source familiar with the matter said. "The overall bonus pool has gone down but distribution varies a lot. The high-performers will get paid way more, whereas average bankers will get much less." The five highest paid employees at HSBC earned a combined $45 million, with the top earner taking home over $12.9 million. Meanwhile, more than 360 of the bank''s employees earned over 1 million euros ($1.05 million) in the year, according to HSBC''s annual report. At Barclays, 11 employees were paid more than 5 million pounds in 2016, versus nine in 2015. Of the 364 bankers paid over 1 million pounds, 62 percent were based in the U.S. and 32 percent in Britain, according to its annual report. George Kuznetzov, head of research at Coalition, said banks are also able to pay out less by employing fewer senior bankers and hiring junior, less expensive, staff instead. "One of the main drivers is the <20>juniorisation<6F> of the trading floor and some headcount reductions early in the year," Kuznetzov said. An entry-level banker earned around 50,000 pounds, before taxes, in 2015, research from Emolument showed. This compares with a starting salary at London<6F>s Metropolitan Police of 29,331 pounds, for a newly qualified teacher 27,819 pounds and for a foundation year trainee doctor 36,063 pounds, data from the Met Police, Department of Education and National Health Service websites shows. Germany''s biggest lender Deutsche Bank has told employees with the titles of vice president, director and managing director that they will get no 2016 bonus at all, though they will be offered a ''retention package''. Some bankers hope that with several banks nearing the end of major 
'928d8965c650eb30863392faea1e0d7fbe380e0b'|'Automakers urge new EPA chief to withdraw Obama car fuel-efficiency rules'|'Business News - Tue Feb 21, 2017 - 7:29pm EST Automakers urge new EPA chief to withdraw Obama car fuel-efficiency rules Scott Pruitt, administrator of the Environmental Protection Agency (EPA), speaks to employees of the agency in Washington, U.S., February 21, 2017. REUTERS/Joshua Roberts By David Shepardson - WASHINGTON WASHINGTON A trade association representing General Motors Co ( GM.N ), Toyota Motor Corp ( 7203.T ), Volkswagen AG ( VOWG_p.DE ) and nine other automakers on Tuesday asked new Environmental Protection Agency chief Scott Pruitt to withdraw an Obama administration decision to lock in vehicle emission rules through 2025. On Jan. 13, then-EPA Administrator Gina McCarthy finalized a determination that landmark fuel efficiency rules instituted by President Barack Obama should be finalized through 2025, a bid to maintain a key part of his administration''s climate legacy. Mitch Bainwol, president and chief executive of the Alliance of Automobile Manufacturers, said in a letter to Pruitt the decision was "the product of egregious procedural and substantive defects" and is "riddled with indefensible assumptions, inadequate analysis and a failure to engage with contrary evidence." Automakers have argued that the rules could result in the loss of up to 1 million jobs because consumers could be less willing to buy the more fuel efficient vehicles since their engineering will result in higher price tags. The EPA had until April 2018 to decide whether the 2025 standards were feasible but in November moved up its decision to Jan. 13, just before Obama left office. EPA spokeswoman Julia Valentine said the agency is reviewing the letter and declined to comment further. Pruitt told a Senate panel earlier he will review the Obama administration''s decision. Bainwol''s request follows a separate letter to President Donald Trump earlier this month from the chief executives of GM, Ford Motor Co and Fiat Chrysler Automobiles NV, along with the top North American executives at Toyota, VW, Honda Motor Co ( 7267.T ), Hyundai Motor Co ( 005380.KS ) Nissan Motor Co ( 7201.T ) and others urging Trump to revisit the decision. Automakers say the rules impose significant costs and are out of step with consumer preferences. Environmentalists say the rules are working, saving drivers thousands in fuel costs and should not be changed. In 2011, Obama announced an agreement with automakers to raise fuel efficiency standards to 54.5 miles per gallon. This, the administration said, would save motorists $1.7 trillion in fuel costs over the life of the vehicles but cost the auto industry about $200 billion over 13 years. The EPA said in July that because Americans were buying fewer cars and more SUVs and trucks, it estimated the fleet will average 50.8 mpg to 52.6 mpg in 2025. McCarthy could not immediately be reached Tuesday but said in her determination in January the rules are "feasible, practical and appropriate" and in "the best interests of the auto industry." (Reporting by David Shepardson; Editing by Cynthia Osterman) Next In Business News Wall Street challenges U.S. regulator over proposed commodities rule Wall Street is pushing back against a proposed rule to force U.S. banks like Goldman Sachs Group Inc to hold more capital against investments in commodities, placing what some see as an overly restrictive limit on banks'' ties to the sector.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-automakers-emissions-idUSKBN16102J'|'2017-02-22T07:26:00.000+02:00'
'34fde7f5584647771e0f1cb0116eed1b25263f07'|'UPDATE 2-Strong demand helps homebuilder Toll Brothers'' profit top estimates'|'* Raises lower-end of FY 2017 home sales forecast* Q1 profit, revenue drop, but beat estimates* Q1 deliveries rise, but avg prices drop* CEO says pent-up demand may be starting to release* Shares rise 7.8 pct to 14-month high (Adds details, background, shares)Feb 22 U.S. luxury homebuilder Toll Brothers Inc reported higher-than-expected profit and revenue for the first quarter, helped by strong demand, and the company raised the low end of its deliveries forecast for the year.An improving job market and attractive mortgage rates has continued to fuel demand for housing in the United States, where homebuilders have also seen a bump in consumer sentiment post-election."The pent-up demand of the past seven years may be starting to release, bringing more buyers into the market, especially in the move-up segment, where rising home values are giving buyers more equity when they sell their homes in order to move up," Executive Chairman Robert Toll said in a statement.Toll Brothers, whose homes can cost more than $2 million, said it now expects to sell 6,700-7,500 homes in fiscal 2017, compared with its previous forecast of 6,500-7,500 units.Shares of the company, which also said after markets closed on Tuesday that it would start paying a dividend, rose as much as 7.8 percent to a 14-month high of $34.48 on Wednesday.The company said orders, which are an indicator of future revenue for homebuilders, rose about 22 percent to 1,522 homes in the first quarter ended Jan. 31.Toll Brothers said it delivered 1,190 homes in the quarter, about 12 percent more than a year earlier.But, average selling prices fell 11.4 percent to $773,700 as it rolled out a new line of lower priced homes, T-Select, to cater to millennials who are now entering their thirties and starting families.The drop in average prices weighed on the Horsham, Pennsylvania-based company''s profit and revenue.Net earnings declined 3.8 percent to $70.42 million, or 42 cents per share, while revenue slipped 0.8 percent to $920.7 million, the company said. ( bit.ly/2lunAFv )Analysts on average had expected earnings of 35 cents per share on revenue of $902.49 million, according to Thomson Reuters I/B/E/S.The company said on Tuesday it would start paying a quarterly cash dividend of 8 cents per share.Toll Brothers'' shares were up 6.1 percent at $33.95. Up to Tuesday''s close, they had risen nearly 23 percent in the past 12 months, compared with a roughly 28 percent increase in the PHLX Housing index. (Reporting by Rachit Vats and Ankit Ajmera in Bengaluru; Editing by Maju Samuel and Savio D''Souza)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/toll-brothers-results-idINL4N1G73GU'|'2017-02-22T12:58:00.000+02:00'
'7366933e5614a7056e57d8fcd3904a941cec7000'|'China''s surging steel, iron ore inventories at odds with price gains: Russell'|'By Clyde Russell - LAUNCESTON, Australia LAUNCESTON, Australia Something is not quite adding up in China''s iron and steel markets, with the reasons for the current rally in prices for both commodities jarring uncomfortably with actual data.Iron ore futures on the Dalian Commodity Exchange on Tuesday hit the highest since the contract was launched in 2013, reaching an intraday peak of 741.5 yuan ($108) a tonne, ending 3.2 percent up on the day, taking the gain since the beginning of 2016 to 258 percent.The simple explanation is that iron ore is merely tracking gains in steel rebar futures, the main Chinese benchmark traded on the Shanghai Futures Exchange.Steel futures closed on Tuesday at 3,589 yuan a tonne, having earlier reached their highest level since February 2014. Their gain since the start of 2016 stands at a fraction over 100 percent.The main reasons cited for the rally in steel are strong growth in demand because of Chinese infrastructure spending and fears over supply, given Beijing''s plans to cut excess capacity and enforce stricter pollution controls.While it''s fair to say demand for steel has been boosted by increased spending, and that steel capacity has been cut, there is little evidence that this is creating any shortage of the alloy.Production is still strong, with China''s crude steel output reaching 67.2 million tonnes in January, up 7.4 percent from the same month a year earlier, the World Steel Association said on Tuesday.Production for 2016 was 808.4 million tonnes, up 1.2 percent on the prior year, confounding expectations at the start of last year that output would decline as the industry was forced to rationalise capacity.Some 45 million tonnes of excess capacity was shut in 2016, part of a plan to shutter as much as 150 million tonnes by 2020.But it''s clear that shutting excess capacity has had zero impact on steel mills'' ability to increase production.In fact, it may have the opposite effect, as the capacity that has been closed was older, less efficient and generally loss-making, meaning the mills currently operating are more profitable and thus incentivised to boost output.Certainly, there appears to be no shortage of steel in China, with rebar inventories rising to 8.397 million tonnes in the week to Feb. 17, the highest for almost two years and more than double the recent low of 3.508 million recorded on Nov. 18 last year.It''s much the same story with iron ore, with inventories surging to 127.5 million tonnes in the week ended Feb. 17, the most since at least 2004, according to data compiler SteelHome.INVENTORIES TO PROMPT CORRECTION?What has happened in recent months is that China''s output of steel, and its imports of iron ore, have been robust on the back of the rise in steel prices.Steel production has been incentivised by the solid profits being made by steel mills, and this has led to strong gains in iron ore imports, with January''s 92 million tonnes being the second highest on record.The question is how long can the current situation be sustained?It certainly doesn''t seem logical that prices can continue to rally when inventories are reaching uncomfortably high levels.At some point the volume of steel and iron ore sitting at Chinese ports and warehouses will overwhelm even the most optimistic traders, but picking that point is far from an exact science.In the past, peaks in inventory cycles have been matched by falling prices, but the last five years are tricky given the market was also suffering from persistent oversupply in iron ore and steel, whereas now it''s more fundamentally balanced.Certainly, Andrew Mackenzie, chief executive of BHP Billiton, is cautious on iron ore, telling reporters on Tuesday that the world''s No.3 producer of the steelmaking ingredient sees risks to the downside in the short term from moderating Chinese steel demand growth, high port inventories and incremental low cost supply.So far, the paper markets for iron ore and st
'685d71b5d258c5681bbc52be03a8419f842b9313'|'Fresh from fending off Kraft, Unilever to review strategy'|'LONDON Anglo-Dutch consumer goods group Unilever ( ULVR.L ) said it was reviewing its options to drive shareholder value, just days after it swiftly rejected a surprise $143 billion takeover bid from Kraft Heinz ( KHC.O )."The events of the last week have highlighted the need to capture more quickly the value we see in Unilever," it said in a brief statement, sending its shares up 2.6 percent."We expect the review to be completed by early April, after which we will communicate further."Kraft, which is backed by Warren Buffett and the private equity firm 3G, had wanted to buy Unilever as part of its strategy of buying competitors and cutting costs to drive profits.Unilever, the ice cream-to-shampoo producer, flatly rejected the approach on Friday, saying it saw no financial or strategic merit in a deal.But investors have called on the firm to review its costs and structures to see if it could do more to deliver the profit that Kraft had seen. Unilever''s operating profit margin falls well short of Kraft Heinz and other rivals.The review, to be led by the board, is likely to look at the firm''s cost base and its structure, including whether there is an advantage in producing food and personal and home care products.Unilever''s London-listed shares were up 2.8 percent at 1330 GMT, just 3 percent below where they were trading on Friday when news of the Kraft approach broke.(Reporting by Kate Holton; editing by Paul Sandle)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-unilever-strategy-idINKBN1611KJ'|'2017-02-22T10:44:00.000+02:00'
'1088ca7eba0a22b5727470fe0d2f9dc9626cf27f'|'Supplement seller GNC perks up after interim CEO buys shares'|'Business News - Thu Feb 23, 2017 - 1:34pm EST Supplement seller GNC perks up after interim CEO buys shares By Noel Randewich - SAN FRANCISCO SAN FRANCISCO Shares of GNC jumped from record low levels on Thursday after its interim chief executive invested $5 million in the vitamin and supplement retailer. The nearly 600,000 shares bought by Robert Moran added to a smaller GNC stake he already owned, according to a U.S. Securities and Exchange Commission filing. Stock purchases by senior executives and other company insiders are often seen by investors as a positive sign. GNC''s stock surged 10.6 percent, on track for its sharpest one-day gain since Tuesday, when Moran made his purchase. On Friday, GNC closed at its lowest level ever after falling 20 percent so far in 2017. Short interest in GNC spiked to a record high in January of 22.6 percent of outstanding shares, up form 13.3 percent in December, according to Thomson Reuters data. After taking over in July, Moran revamped GNC''s branding and product pricing to try to win back customers and repair what he described as a "broken business model." But investors worry those steps are not enough to turn around falling sales. GNC and rival Vitamin Shoppe ( VSI.N ) have both been struggling with competition from online retailers and a shift toward organic and "natural" foods rather than vitamins and other supplements. GNC has also faced trouble with regulators about selling supplements made with misbranded and dangerous ingredients. The company suspended its dividend last week after reporting a 12-percent slump in same-store sales at domestic company-owned stores during the December quarter. (Reporting by Noel Randewich; editing by Grant McCool) Next In Business News Exclusive: Syria strikes big new Russian wheat deal via local firms - source DUBAI Syria''s state grain buyer has signed contracts with local traders for 1.2 million tonnes of Russian wheat, a government source said, the country''s second attempt at a huge wheat deal since October as it tries to secure supplies of the food staple. Stocks set record highs, oil jumps on inventory drop NEW YORK Global stock prices posted record highs for a third straight session on Thursday, propelled by an oil rally after a surprise drop in U.S. crude inventories and comments by U.S. Treasury Secretary Steven Mnuchin about pursuing significant tax reform. NEW YORK Oil prices rose but gains were pared Thursday after U.S. government data showed a seventh straight build in crude stocks, suggesting high inventories could undermine OPEC''s move to cut output. 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-markets-gnc-idUSKBN1622B1'|'2017-02-24T01:27:00.000+02:00'
'6eb2484c0b394a848c53e830a65b812ca11d8715'|'BRIEF-Dynex announces resignation of director'|' 06pm EST BRIEF-Dynex announces resignation of director Feb 23 Dynex Power Inc: * Dynex announces resignation of director * Dynex Power Inc - Lockwood will remain as CFO and secretary with co for time being, will step down once new chief financial officer has been recruited Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-dynex-announces-resignation-of-dir-idUSASB0B25E'|'2017-02-24T06:06:00.000+02:00'
'66340ebce11b04f454175cf92820d758cdcee9c8'|'Nissan appoints Hiroto Saikawa as CEO'|'Business  41pm EST Nissan appoints Hiroto Saikawa as CEO Nissan Motor Co Ltd ( 7201.T ) said on Wednesday it has appointed the company''s co-chief executive officer, Hiroto Saikawa, as Nissan''s chief executive, effective April 1. Carlos Ghosn, chairman of the board and CEO, will continue to serve as chairman, the company said in a statement. Ghosn will seek a renewal of his mandate at the company<6E>s general shareholders meeting in June, the company said. (Reporting by Subrat Patnaik in Bengaluru; Editing by James Dalgleish) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-nissan-moves-ceo-idUSKBN1612YT'|'2017-02-23T06:37:00.000+02:00'
'0bbf0331a0ba428e4709e455fa063804b16b1a38'|'BOJ''s Kiuchi warns against raising bond yield target'|'Business News - Thu Feb 23, 2017 - 2:19am GMT BOJ''s Kiuchi warns against raising bond yield target FILE PHOTO - Bank of Japan (BOJ) board member Takahide Kiuchi attends a joint news conference at the BOJ headquarters in Tokyo July 24, 2012. REUTERS/Issei Kato/File Photo By Leika Kihara - KOFU, Japan KOFU, Japan Dissenting Bank of Japan board member Takahide Kiuchi warned that raising the bank''s bond yield target near-term would be problematic as inflation remains well below its 2 percent goal. Kiuchi, a sole proponent in the nine-member board of winding down the BOJ''s massive stimulus program, reiterated on Thursday his calls for the central bank to normalize its unconventional monetary easing steps at an "appropriate timing." His comments highlighted the challenges of a new policy framework already facing headwinds from rising global interest rates. He criticized the objective of capping 10-year government bond yields around zero, saying that this could force the central bank to top up an already huge bond buying operation and make it unsustainable. A growing number of analysts now expect the BOJ''s next step to be a withdrawal, not an expansion, of stimulus most likely through an increase in its 10-year yield target. But Kiuchi said changing the BOJ''s yield target would not be easy as doing so frequently could erode its credibility. "It would be unreasonable to raise the 10-year bond yield target in the near future when the inflation rate remains at a low level," Kiuchi said in a speech to business leaders in Kofu, in the eastern Japanese prefecture of Yamanashi. Japan''s core consumer prices fell 0.2 percent in December from a year earlier, the slowest annual pace in nearly a year but marking the 10th straight month of declines. The BOJ revamped its policy framework in September last year to one better suited for a long-term battle with deflation, after three years of aggressive asset purchases failed to accelerate inflation to 2 percent. It now guides short-term interest rates at minus 0.1 percent and the 10-year bond yield around zero percent through massive bond purchases. The BOJ''s attempt to control the yield curve has faced challenges as global long-term interest rate rises, driven by expectations of steady rate hikes by the U.S. Federal Reserve, put upward pressure on Japanese long-term rates. A former market economist, Kiuchi has been the sole opponent of the BOJ''s massive asset-buying program and has been proposing unsuccessfully to taper asset purchases. He also voted against the BOJ''s September decision to move to a new policy framework, calling instead to target and scale down the bank''s pace of money printing. "Controlling (long-term) interest rates could increase volatility in the economy and destabilize it" by keeping borrowing costs too low and over-heating the economy, he said. The central bank''s huge bond buying also dries up market liquidity and impairs market functions, Kiuchi said. (Reporting by Leika Kihara; Editing by Simon Cameron-Moore) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-japan-economy-boj-idUKKBN16206K'|'2017-02-23T09:19:00.000+02:00'
'fefa4125a7709f652aa7b27be33c73c638c51d7e'|'METALS-London copper prices drift lower on U.S. rate hike view'|'* Firmer dollar weighs on LME metals complex* Copper market seen in 9,000 T deficit in Nov 2016 -ICSG* Coming Up: Germany Detailed GDP Q4 at 0700 GMT (Adds comment, detail, updates prices)By Melanie BurtonMELBOURNE, Feb 23 London copper prices drifted lower on Thursday, with the U.S. dollar firming as the market reassessed minutes from the Federal Reserve''s last policy meeting that kept the prospect of a March rate hike in play.Many Fed policymakers said it may be appropriate to raise interest rates again "fairly soon" should jobs and inflation data come in line with expectations, according to the policy meeting minutes released on Wednesday.The dollar moved away from overnight lows and steadied on Thursday. A stronger dollar erodes purchasing power for those paying for commodities with other currencies.Three-month copper on the London Metal Exchange had slipped 0.6 percent to $6,004 a tonne by 0330 GMT, after easing 0.3 percent on Wednesday.Prices have been bouncing around the $5,960-$6,200 a tonne range since mid-month, touching a 20-month top of $6,204 on Feb. 13 after a strike was announced at Chile''s Escondida mine, the world''s biggest copper producer.Shanghai Futures Exchange copper eased 0.3 percent to 48,760 yuan ($7,089) a tonne.Other LME metals, LME zinc nickel and aluminium also fell around half a percent.Fuelling concerns about supply, BHP Billiton''s decision this week to give up its legal right to replace striking workers at Escondida is aimed at sacrificing some output to undermine the union''s position, analysts said.The global world refined copper market showed a 9,000 tonne deficit in November, compared with a 49,000 tonne surplus in October, the International Copper Study Group (ICSG) said in its latest monthly bulletin.Citi bank said earlier this week it now expected a deficit in the global copper market for the first year in six.China''s home price growth slowed for the fourth straight month as demand cooled in its biggest cities, a welcome sign for policymakers as they seek to defuse bubbles in the world''s second-largest economy amid explosive debt growth. "Overall, we think China''s cooling measures to deflate property bubbles have taken effect," said Argonaut Securities in a report. "A steady growth in property market with moderate price growth is positive for overall economic conditions and stabilizes underlying demand for commodity and related materials, in our view," Argonaut said.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 tin($1 = 6.8778 Chinese yuan) (Reporting by Melanie Burton; Editing by Joseph Radford and Tom Hogue)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/global-metals-idINL4N1G81KM'|'2017-02-23T00:34:00.000+02:00'
'1cb374033bd2cb5f4d0da68e981b09e589f3295c'|'UPDATE 1-Magna International profit misses estimates as costs rise'|' 05am EST UPDATE 1-Magna International profit misses estimates as costs rise (Adds details) Feb 24 Canadian auto parts maker Magna International Inc reported a lower-than-expected quarterly profit as costs rose. Aurora, Ontario-based Magna said the cost of goods sold jumped 7.7 percent to $7.90 billion in the fourth quarter ended Dec. 31. Magna, which is primarily an auto parts supplier, also assembles cars under contract from motor vehicle manufacturers. Its biggest customers include General Motors Co, Volkswagen AG, BMW and Ford Motor Co . Vehicle assembly sales in the quarter fell about 30 percent to $439 million. The company said it expects total 2017 sales to be between $36.0 billion-$37.7 billion, compared with sales of $36.45 billion in 2016. Net income attributable to Magna rose to $478 million, or $1.24 per share, in the fourth quarter, from $476 million, or $1.17 per share, a year earlier. Excluding items, the company earned $1.31 per share, missing the average analysts'' estimate of $1.36, according to Thomson Reuters I/B/E/S. Magna''s total sales rose 8 percent to $9.25 billion, beating estimates of $9.23 billion. (Reporting by Vishaka George in Bengaluru; Editing by Savio D''Souza and Shounak Dasgupta) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/magna-intl-results-idUSL4N1G93G4'|'2017-02-24T18:05:00.000+02:00'
'944abc159e709b8571b66b68598595580a52f33a'|'Engaged Capital nominates five members to Rent-A-Center''s Board'|'Money  16am EST Engaged Capital nominates five members to Rent-A-Center''s Board Activist investment fund Engaged Capital LLC on Thursday nominated five members to Rent-A-Center Inc''s board, just a week after it urged the furniture retailer to explore strategic alternatives, including a sale. Engaged Capital, which has a 12.9 percent stake in Rent-A- Center, said it was concerned that the company''s board and management could take actions that would materially harm shareholders. The activist fund said its nominees include Mitchell Fadel, Rent-A-Center''s former president and chief operating officer, as well as William Butler, former COO of Aaron''s Inc, a rent-to-own furniture retailer. Engaged Capital had on Feb. 14 urged Rent-A-Center to explore a sale, to which the company responded by saying it was looking at strategies to cut costs and boost revenue. Rent-A-Center''s shares were up 2.4 percent at $8.61 in morning trading. (Reporting by Gayathree Ganesan in Bengaluru; Editing by Savio D''Souza) Next In Money'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-rent-a-center-engaged-capital-idUSKBN1621TZ'|'2017-02-23T22:09:00.000+02:00'
'4c80bd202f24ff1a759ddd5f7523d3870dd0e683'|'BRIEF-Vectren reports Q4 earnings per share $0.84'|' 21pm EST BRIEF-Vectren reports Q4 earnings per share $0.84 Feb 22 Vectren Corp: * Reports FY 2016 earnings per share $2.55 * Vectren corporation reports 2016 results; initiates 2017 earnings expectations; increases long-term outlook * Q4 earnings per share $0.84 * Q4 earnings per share view $0.79 -- Thomson Reuters I/B/E/S * Sees long term consolidated EPS growth of 6-8 percent * Sees long term utility EPS growth of 5-7 percent * Sees long term dividend growth of 6-8 percent * Vectren corp - At Dec. 31, 2016, infrastructure services had an estimated backlog of blanket contracts of $435 million and bid contracts of $290 million * Comments from Trump about increased focus on infrastructure may have positive impacts on markets in which infrastructure services'' operates in mid to long-term * Sees 2017 consolidated earnings of $2.55 to $2.65 per share   Further  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-vectren-reports-q4-earnings-per-sh-idUSL8N1G788L'|'2017-02-23T05:21:00.000+02:00'
'2167c65702522a05d73ef31b36df70bdfc007720'|'Ghosn hands Nissan reins to cost-focused lieutenant'|'Company  43am EST Ghosn hands Nissan reins to cost-focused lieutenant * Saikawa was appointed co-CEO last year * Ghosn to remain chairman at Nissan * Saikawa, 63, joined Nissan straight from university * Has held several management posts; sat on Renault board * Similar to Ghosn, has a reputation as tough cost-cutter By Norihiko Shirouzu Feb 23 Newly promoted to CEO at Nissan Motor , Hiroto Saikawa will bring a gruff, tough, no-nonsense approach to leading Japan''s second-biggest car maker at a time of rapid technological change in the industry. The 63-year-old takes over in April from Carlos Ghosn, who engineered Nissan''s recovery from years of losses and debt through broad cost-cutting and dismantling the traditionally close ties with suppliers - the informal keiretsu network once key to Japan Inc''s success. Saikawa, who joined Nissan from Tokyo University 40 years ago, has been groomed to take over from Ghosn, who was dubbed "Le Cost Killer" after making his mark at Michelin and then Renault, Nissan''s main alliance partner. "There is no difference between what I think and what he thinks," Ghosn said at a news conference in October when Saikawa was appointed co-CEO of Nissan. People who have worked with Saikawa say he, too, is an aggressive cost-cutter, who won''t shy away from tough decisions if they can improve efficiency. "Ghosn sees Saikawa as his equal," said one executive who worked under Saikawa when he was chief competitive officer from 2013, noting Saikawa is one of the longest-serving members of Nissan''s executive committee. After Ghosn, "Saikawa is the most decorated man in terms of producing tangible results," said another senior Nissan group executive, who has also worked with Saikawa for many years. "He doesn''t hold back," one of the executives said. "He''s not afraid to embarrass people in a big meeting if he thinks they''re not doing the job. Some people might not like him for that, (but) he''s very strict, very strong and aggressive." For Ghosn, and others, that can be excused as it produces results. "People in Nissan recognize him as a strong leader; he sets a target, and he will achieve it," said a third Nissan executive. None of the executives wanted to be named given the personal nature of their comments. Saikawa was tough and direct early in his career as a "tactic to get people to deliver results," said one of the three executives, but has since dialled back somewhat. "You can tell he''s changing: 10-15 years ago, he might have been gruff and almost militaristic, but now as he evolves as a leader, he''s much more diplomatic ... not so harsh." PARTS PROCUREMENT Saikawa - who also heads Japan''s auto industry lobby - has spent much of his career managing purchasing and supply chains, and helped Ghosn break up the keiretsu network to reduce costs and drive efficiencies. As chief competitive officer, Saikawa was tasked with reducing Nissan''s manufacturing costs by saving money in raw material procurement, regulatory expenses and planning and development. Two of the Nissan executives also said Saikawa was instrumental in putting together Nissan''s deal with Mitsubishi Motors Corp, the newest member of the three-way autos alliance. Nissan said in October it would take a controlling stake in Mitsubishi Motors, which is recovering from a mileage cheating scandal. Ghosn and his opposite number at Mitsubishi Motors worked out a general agreement, and Saikawa pushed it through to completion, working on the details of the new partnership, the executives said. While Ghosn will devote more time to the Mitsubishi Motors turnaround, and to Renault, where he continues as CEO, Saikawa has plenty in his in-tray: from trade ties with the new U.S. administration, and Britain''s fractious exit from the European Union, to tougher vehicle emissions laws and an industry shift to electric cars and autonomous driving. While Saikawa, who has also served on the board at Renault, is cut from the same cost-reduction cloth as
'f4a50512078f4ebe6a42aa0d8aba9f7e4a6f2f29'|'China overtakes U.S., France as Germany''s most important trading partner'|' 18pm GMT China overtakes U.S., France as Germany''s most important trading partner A German flag flutters in front of the Great Hall of the People during a welcoming ceremony for German President Joachim Gauck in Beijing, China March 21, 2016. REUTERS/Jason Lee/File Photo By Rene Wagner and Michael Nienaber - BERLIN BERLIN China for the first time became Germany''s most important trading partner in 2016, overtaking the United States, which fell back to third place behind France, data showed on Friday. German imports from and exports to China rose to 170 billion euros ($180 billion) last year, Federal Statistics Office figures reviewed by Reuters showed. The development is likely to be welcomed by the German government, which has made it a goal to safeguard global free trade after U.S. President Donald Trump threatened to impose tariffs on imports and his top adviser on trade accused Germany of exploiting a weak euro to boost exports. German Vice Chancellor Sigmar Gabriel has even suggested that the European Union should refocus its economic policy toward Asia, should the Trump administration pursue protectionism. "Given the protectionist plans of the new U.S. president one would expect that the trade ties between Germany and China will be further strengthened," Germany''s BGA trade association said in response to the shift. Neighboring France remained the second-most important business partner with a combined trade volume of 167 billion euros. The United States came in third with 165 billion euros. In 2015, the United States became the top trading partner for Germany, overtaking France for the first time since 1961 thanks to an upturn in the U.S. economy and a weaker euro. Looking at exports alone, the United States remained the biggest client for products "Made in Germany" in 2016, importing goods from Europe''s biggest economy worth some 107 billion euros. France remained the second-most important single export destination for German goods with a sum of 101 billion euros, the data showed. Britain came in third, importing German goods worth 86 billion euros. Britain accounted also for the biggest bi-lateral trade surplus: Exports surpassed imports from Britain by more than 50 billion euros, the figures showed. The United States came in second with a bi-lateral trade deficit: German exports to the U.S. surpassed imports from there by 49 billion euros. This means that Britain and the U.S. together accounted for roughly 40 percent of Germany''s record trade surplus of 252.9 billion euros in 2016. The figures are likely to fuel the debate about Germany''s export performance, its trade surplus and global economic imbalances ahead of a meeting of G20 finance ministers and central bank governors in Baden-Baden mid-March. (Editing by Jeremy Gaunt)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-germany-economy-trade-idUKKBN1622SO'|'2017-02-24T06:17:00.000+02:00'
'8243968b9da4487be1c6b30897ceda9a3af1a24a'|'Italian financial mega-deal off as Intesa ditches Generali plan'|'  9:14pm GMT Italian financial mega-deal off as Intesa ditches Generali plan The Intesa Sanpaolo logo is seen in Milan, Italy, January 18, 2016. REUTERS/Stefano Rellandini By Francesca Landini - MILAN MILAN Italy''s biggest retail bank Intesa Sanpaolo ( ISP.MI ) abandoned plans to join forces with the country''s largest insurer Assicurazioni Generali ( GASI.MI ) on Friday, saying a tie-up would not create value for its shareholders. A merger of the two would have created an Italian financial giant with a market capitalisation of around 60 billion euros (50.86 billion pounds), but Intesa''s decision to walk away leaves Generali vulnerable to a possible foreign takeover. Management changes at Generali and political weakness in Rome helped fuel bid talk in recent months, with media reports suggesting Axa ( AXAF.PA ), Germany''s Allianz ( ALVG.DE ) and Switzerland''s Zurich Insurance Group ( ZURN.S ) might be interested in the Italian insurer. However, French insurer AXA said earlier this week that it was not pursuing major deals, including Generali. Generali, whose biggest investor is influential investment bank Mediobanca ( MDBI.MI ), is seen by Rome as a strategic asset because of its large holdings of Italian government bonds. Intesa, which pledged to continue to grow "organically" in line with its 2014-2017 business plan, could also come under pressure for leaving investors guessing on its strategy for weeks and finally backtracking from its plan. The bank said last month it was examining a possible industrial combination with Generali after media reports pushed it to reveal its intentions. In an attempt to dampen market speculation, Intesa''s chief executive Carlo Messina said at the beginning of February the bank would not sacrifice its strong capital base nor a generous dividend payout for the sake of a deal. "The management has completed the assessment ... and sees no opportunities fulfilling the criteria set for the group''s growth options," Intesa said on Friday. Intesa cited value creation for its shareholders and the intention to maintain one of the strongest capital bases among Italian lenders as its criteria for possible M&A options. The bank said it would continue to expand its wealth management business and develop non-life insurance to the same level of its life business. Intesa''s shareholders had responded coolly to the idea of a merger, with its shares dropping 16 percent since its interest in Generali was revealed. The insurer''s stock rose 3 percent over the same period. (Editing by Alexander Smith)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-generali-m-a-intesa-idUKKBN16326B'|'2017-02-25T04:14:00.000+02:00'
'a3de39379b7b752e03e21f7f98a4d3f5f69ad737'|'Orange CEO says not planning to buy Vivendi''s Canal Plus'|'  10:16am GMT Orange CEO says not planning to buy Vivendi''s Canal Plus FILE PHOTO - The logo of French telecom operator Orange is seen on the facade of the Velodrome stadium in Marseille, France, September 30, 2016. REUTERS/Jean-Paul Pelissier/File Photo By Mathieu Rosemain and Gw<47>na<6E>lle Barzic - PARIS PARIS Leading French telecoms group Orange ( ORAN.PA ) does not plan to buy Vivendi''s ( VIV.PA ) Canal Plus pay TV business but is open to a partnership on sports rights, Chief Executive Stephane Richard said on Thursday. The two had until now been discussing a possible move by Orange to buy a stake in Canal Plus, which is wholly-owned by media giant Vivendi, according to sources close to the matter. However, Richard indicated a change of tack on Thursday. "No, I don''t want to buy Canal Plus," Richard said in an interview with BFM Business radio station. "Orange and Canal Plus are important partners. Can we do more together? For sure, but on a industrial and commercial basis, not through a stake acquisition." Richard was speaking after Orange reported a 1.3 percent increase in its yearly core operating profit, helped by strong sales in Spain and a reduction in labour costs. Orange has a distribution agreement with Canal Plus. French business newspaper Les Echos reported this month that Orange and Canal Plus were considering setting up a new commercial venture to address strong competition from SFR Group ( SFRGR.PA ), the country''s second-biggest telecoms operator. "Everybody knows that there''s one player relatively aggressive in building an offer in sports rights," Richard told financial analysts in an apparent reference to SFR which has bought rights to show English Premier League soccer in France. Canal Plus has rights to show matches from France''s Ligue 1 and European Champions League soccer. Richard''s comments highlight the difficulties the company has faced in a rapidly-changing sector, which faces new competition from Netflix ( NFLX.O ), Amazon ( AMZN.O ) and other new TV content providers globally. Group revenues rose by 0.6 percent to 40.92 billion euros (35 billion pounds) - the first time group turnover had increased on a yearly basis since the global financial crisis of 2008. Orange also said it would increase its dividend per share in 2017 by 0.5 euros to 0.65 euros. (Reporting by Mathieu Rosemain and Gwenaelle Barzic; Editing by Sudip Kar-Gupta and Keith Weir)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-orange-results-idUKKBN1620JC'|'2017-02-23T17:16:00.000+02:00'
'8f4aaff1dd3ca02a5c0073ababadd3f0456941cf'|'Property website Rightmove full-year profit rises'|' 38am GMT Property website Rightmove full-year profit rises British property website Rightmove ( RMV.L ) reported higher 2016 profit as more customers logged on to its sites to buy and sell houses, but said traffic to its website generated fewer leads for brokers as the Brexit vote dampened housing market activity. Operating profit grew 18 percent to 161.6 million pounds, but the number of leads it generated for its clients fell 6 percent to nearly 47 million. Rightmove also said Peter Brooks-Johnson, currently chief operating officer, would become chief executive when current CEO Nick McKittrick retires at its general meeting on May 9. (Editing by Jason Neely)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-rightmove-results-idUKKBN1630NI'|'2017-02-24T14:38:00.000+02:00'
'd483710709a8ead2df2f41f27138d940c5626c4a'|'METALS-Copper recovers some lost ground but demand concerns weigh'|' 02am EST METALS-Copper recovers some lost ground but demand concerns weigh * Copper heads for second straight weekly drop * Demand doubts counter supply pinch in Chile, Indonesia * GRAPHIC-2017 metal returns: tmsnrt.rs/2eqHKkL (Updates throughout, adds LONDON dateline) By Jan Harvey LONDON, Feb 24 Copper clawed back some of the previous session''s hefty losses on Friday as supply disruptions in Chile and Indonesia lent support, but stayed on track for a second straight weekly drop as concerns over the demand outlook weighed. The metal used in construction fell 3 percent on Thursday, its biggest one-day drop in 17 months, as traders flagged persistent worries over Chinese consumption. Some investors also cashed in after copper hit a 21-month high of $6,204 on Feb. 13 on supply outages from major copper mines and hopes a pledge by the administration of U.S. President Donald Trump to lift infrastructure spending would fuel demand. The metal remained well off its February peak on Friday. Three-month copper on the London Metal Exchange was up 0.7 percent at $5,898 a tonne at 1040 GMT, and was set to end the week 1.1 percent lower. "All the signs coming out of China are that the authorities are committed to reining in credit growth this year, rather than stimulating economic growth at all costs. That would be negative for copper," Capital Economics analyst Caroline Bain said. "Yes, there are supply disruptions, but stocks are also very high," she added. "Copper started to rally after Trump got elected in the U.S. There was optimism there about demand, given his fiscal stimulus plans ... We think again there''ll be disappointment about demand on that front." China''s refined copper imports fell 14 percent last month, Chinese customs data showed on Friday. Strike action at the Escondida copper mine in Chile, which accounts for about 6 percent of world supply, lent support. Operator BHP Billiton this week delayed its legal right to replace striking workers, a move seen as sacrificing output to undermine the union''s position. A halt to the Grasberg copper mine in Indonesia by Freeport McMoRan was also giving copper bulls solace. "Given their size, lengthy disruptions at either will eat into this year''s normal 5 percent disruption allowance," GFMS analysts at Thomson Reuters said in a recent report. "But unless accompanied by other major disruptions, they are still unlikely to prevent another year of surplus." Aluminium was 0.7 percent higher at $1,880.50 a tonne, while lead was up 0.8 percent at $2,256 a tonne. Zinc was 1.1 percent higher at $2,821.50 a tonne. Zinc prices are still nearly double the levels seen in January 2016 due to deficits arising from mine closures and shutdowns. Nickel was up 1.3 percent at $10,720 a tonne, while tin was 2 percent higher at $19,150 a tonne. PRICES'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/global-metals-idUSL4N1G936X'|'2017-02-24T18:02:00.000+02:00'
'3318bccda49edc4807523214b44be54f726c9021'|'Audi board, VW to back under-fire Audi boss - sources'|'Business News - Thu Feb 23, 2017 - 4:16pm GMT Audi board, VW to back under-fire Audi boss - sources Rupert Stadler, CEO of VW''s Audi luxury car division, delivers a speech during the opening of a new plant in San Jose Chiapa, in Puebla state, Mexico, September 30, 2016. REUTERS/Imelda Medina BERLIN/HAMBURG Audi ( NSUG.DE ) boss Rupert Stadler is expected to win the backing of top officials at the carmaker and parent company Volkswagen this week, despite criticism of his handling of the group''s emissions scandal, two sources close to the matter said. Volkswagen (VW) ( VOWG_p.DE ), Europe''s biggest carmaker, admitted in September 2015 to using illegal software to disguise the true level of toxic emissions from diesel engines. But it wasn''t for another two months that premium brand Audi, the VW group''s biggest profit engine, admitted wrongdoing, after initially saying it was not involved. That has long led to criticism of Stadler - both among staff, according to sources within the company, and the media. That criticism intensified earlier this week when a German labour court started hearing a case for wrongful dismissal of a former Audi employee, the sources said. The court on Tuesday barred public disclosure of documents related to the emissions scandal mentioned in the case. Stadler has not publicly commented on the criticism and could not be reached for comment on Thursday. Audi declined to comment on Thursday, but has said previously that Stadler testified to VW''s inquiry into the emissions scandal, led by U.S. law firm Jones Day, and that he was not accused of any wrongdoing in the detailed statement published by U.S. authorities following their investigation. "This public mudslinging not only harms Rupert Stadler as a person, but also the entire company and in the view of the works council, that definitely goes way too far," a spokesman for the Audi works council told Reuters on Thursday. Labour representatives occupy half the seats on Audi''s 20-strong supervisory board that appoints and dismisses executives. Stadler is due to attend a meeting of Audi''s supervisory board from 1430 GMT on Thursday, while VW''s supervisory panel is expected to meet from 1300 GMT on Friday, the sources said. (Reporting by Andreas Cremer and Jan Schwartz; Editing by Maria Sheahan and Mark Potter) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-volkswagen-emissions-audi-idUKKBN1621YH'|'2017-02-23T23:16:00.000+02:00'
'ce21294d6a49716e8a87427a77b61396691433cc'|'Mercedes-Benz mulls North American potential for pick-up trucks'|'Business News - Fri Feb 24, 2017 - 5:46am EST Mercedes-Benz mulls North American potential for pick-up trucks Snowflakes are seen on the grille badge of a Mercedes-Benz car in Warsaw, Poland December 17, 2016. REUTERS/Kacper Pempel STUTTGART Daimler''s ( DAIGn.DE ) Mercedes-Benz Vans division is looking closely at a growing demand in the United States for mid-sized pick-up trucks to see whether there is market potential to launch its X-Class model there, divisional head Volker Mornhinweg said on Friday. Mercedes-Benz Vans has already developed a mid-sized pick-up truck to be sold in South America and Europe, but has so far shied away from launching it in the United States because customers there have traditionally preferred full-sized vehicles. However, a recent shift in the United States back towards mid-sized trucks was encouraging, Mornhinweg said at a news conference in Stuttgart. "In the past year the mid-sized truck market has come back a bit. General Motors ( GM.N ) is launching a mid-sized truck. We are watching developments very closely, and we will take a decision at the appropriate time," Mornhinweg said. Asked where Mercedes might build the pick-ups for sale in the United States, Mornhinweg said that its current production capacity in Argentina was unlikely to be sufficient to serve the U.S. market. A new production site in the United States was likely to be considered, he added. (Reporting by Edward Taylor; Editing by Greg Mahlich) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-daimler-pickup-usa-idUSKBN163158'|'2017-02-24T17:46:00.000+02:00'
'71c22e87e6eea49945ea2c9d59e4857281cb964b'|'Toshiba says not aware Westinghouse unit considering Chapter 11 filing'|'Company   8:48pm   unit   TOKYO Feb 24 Toshiba Corp     Company News UPDATE 2-YPF, Shell sign deal for Vaca Muerta pilot project BUENOS AIRES, Feb 23 Argentina''s state-run oil company YPF SA said it reached a preliminary deal with Royal Dutch Shell Plc on Thursday to develop oil and gas assets in the Vaca Muerta shale field, involving a $300 million investment from Shell.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/toshiba-accounting-idUST9N1FM040'|'2017-02-24T08:48:00.000+02:00'
'cb4227b8f0e9c51a7cdfdb6ffda3a5509d77d079'|'Advent raises bid in three-way tussle for in tussle for Stada'|'Business News - Thu Feb 23, 2017 - 4:54pm GMT Advent raises bid in three-way tussle for in tussle for Stada 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 Ludwig Burger and Arno Schuetze - FRANKFURT FRANKFURT Buyout firm Advent International raised the stakes in the three-way bidding tussle for German drug company Stada Arzneimittel ( STAGn.DE ) on Thursday with a 3.6 billion euro (3 billion pound) takeover offer, giving management until Monday to respond. Stada has become the subject of a bidding war between Cinven, Advent and a third buyout group that sources have identified as Bain Capital. Advent''s binding offer, which was not extended to shareholders directly, is for 58 euros per share in cash plus the dividend for 2016. It is limited until Monday and subject to the approval of Stada''s executive board, Stada said in a statement. Should the management board approve the offer, it could soon be extended to shareholders, though Stada signalled that it would not dismiss other options quite yet. "The Executive Board will review the offer in the best interest of the company and will continue the open-minded talks with all interested parties," the company said. Previous expressions of interest, which have been non-binding, were 56 euros per share from Cinven and, sources said, 58 euros from Bain. Advent''s previous offer proposal was for around 55 euros, sources close to the matter said. Three sources familiar with the matter said that information on Stada''s business provided to Advent encouraged the buyout firm to go ahead with the offer. The limited data provided to Cinven and Bain, meanwhile, has so far kept them from making firm offers. Advent''s move puts pressure on Stada to allow a fuller glance at its books, the sources added. Seeking investments in stable healthcare businesses, cash-rich buyout firms -- also including Permira and CVC -- have been working on offers for months and approached Stada about a deal, people familiar with the situation have told Reuters. The approaches vindicate the strategy of activist investor Active Ownership Capital (AOC), which built a stake of about 7 percent in shares and options before May last year, when the shares were trading at about 30 euros. In the wake of the investor''s campaign for a management shake-up, long-serving Chief Executive Hartmut Retzlaff stepped down for health reasons last year. In addition, non-executive Chairman Martin Abend was replaced by Carl Ferdinand Oetker, a member of the family behind the unlisted German food group. Founded in 1895 in Dresden as a pharmacists'' cooperative, Stada is seeking to expand its non-prescription consumer care business and also expand in areas such as cosmetics, diagnostics kits and electronic cigarettes. Its generic drug business is under price pressure as medical insurers in Germany, its largest market, are seeking bulk procurement deals at low prices. Under former CEO Retzlaff, it has steered clear of a major consolidation wave in the generic drugs industry, which was driven by larger players such as Teva ( TEVA.TA ) and Allergan ( AGN.N ). Stada shares were flat at 57.65 euros at 1530 GMT. ($1 = 0.9456 euros) (Additional reporting by Alexander Huebner; Editing by David Goodman) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-stada-m-a-advent-idUKKBN162221'|'2017-02-23T23:54:00.000+02:00'
'e58b13af419fd23ef7f2ec29629c995ceb822c62'|'Alphabet''s self-driving car unit sues Uber over stolen trade secrets'|' 35pm GMT Alphabet''s self-driving car unit sues Uber over stolen trade secrets left right Waymo unveils a self-driving Chrysler Pacifica minivan during the North American International Auto Show in Detroit, Michigan, U.S., January 8, 2017. REUTERS/Brendan McDermid 1/2 left right Uber''s Volvo XC90 self driving car is shown during a demonstration of self-driving automotive technology in Pittsburgh, Pennsylvania, U.S. September 13, 2016. REUTERS/Aaron Josefczyk 2/2 By Alexandria Sage - SAN FRANCISCO SAN FRANCISCO Alphabet''s ( GOOGL.O ) Waymo self-driving car unit sued Uber Technologies [UBER.UL] and its autonomous trucking subsidiary Otto in federal court on Thursday over allegations of theft of its confidential and proprietary sensor technology. Waymo accused Uber and Otto, acquired by the ride services company in August, with stealing confidential information on Waymo''s Lidar sensor technology to help speed its own efforts in autonomous technology. Uber and Otto did not immediately respond to requests for comment. "While Waymo developed its custom LiDAR systems with sustained effort over many years, defendants leveraged stolen information to shortcut the process and purportedly build a comparable LiDAR system in only nine months," the complaint in the Northern District of California said. Waymo is seeking an unspecified amount of damages and a court order preventing Uber from using its proprietary information. Otto launched with much fanfare in May, due in part to the high profile of one of its co-founders, Anthony Levandowski, who had been an executive on Google''s self-driving project. Uber acquired the company in August for what Waymo said in the lawsuit was $680 million. Waymo said that before Levandowski''s resignation in January 2016 from Google, whose self-driving unit was renamed Waymo in December, he downloaded over 14,000 confidential files, including Lidar circuit board designs. Lidar is a main component of autonomous driving systems that bounces light pulses off objects to help vehicles know where they are on the road. Waymo accused Levandowski of attempting to "erase any forensic fingerprints" via a reformat of his laptop. (Reporting by Alexandria Sage; editing by Grant McCool) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-autonomous-lawsuit-idUKKBN1622S8'|'2017-02-24T06:11:00.000+02:00'
'bc69768d9f4a7f7af8d0d76b07f4e21ad8e5e0ab'|'Nikkei pressured by financials but small caps attract buyers'|'Company News - Thu Feb 23, 2017 - 1:20am EST Nikkei pressured by financials but small caps attract buyers TOKYO Feb 23 Japanese stocks ended marginally lower on Thursday as financials weakened after U.S. yields fell on the cautious tone struck in minutes of the latest Federal Reserve monetary policy meeting. The Nikkei ended down 0.04 percent to 19,371.46, while the broader Topix dropped 0.1 percent to 1,556.25. But while major stocks ended lower, small to mid caps attracted buyers. The Jasdaq market rose 0.4 percent to a record high of 2,977.49, and the Mothers market added 1.3 percent to 1,046.96, the highest closing level since May 2016. The JPX-Nikkei Index 400 shed 0.1 percent to 13,952.96. (Editing by Shri Navaratnam) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/japan-stocks-close-idUSL4N1G82DD'|'2017-02-23T13:20:00.000+02:00'
'099a9dcb2e239bb647246af9e8a570979641afca'|'Exclusive: Business communications services provider 8x8 explores sale - sources'|'8x8 Inc ( EGHT.O ), a U.S. provider of internet-based voice and communication services to businesses, is exploring a potential sale of the company, people familiar with the matter said on Friday.8X8 has been working with Morgan Stanley ( MS.N ) to field interest from other companies and private equity firms, the people said. There was no certainty that these talks will continue or that they will lead to a deal, the people added.The sources asked not to be identified because the negotiations were confidential. 8x8 and Morgan Stanley did not immediately respond to requests for comment.The company''s market capitalization as of Friday was $1.34 billion.(Reporting by Liana B. Baker in San Francisco and Greg Roumeliotis in New York)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-8x8-m-a-idINKBN1632DL'|'2017-02-24T17:43:00.000+02:00'
'072261c20b443928305fb3771f571e3c7496b53d'|'AIG sees uncertainty in ''too-big-to-fail'' label for insurers-filing'|'Insurance giant American International Group sees "considerable uncertainty" about U.S. regulations that deem non-bank financial institutions as being too-big-to-fail, given the recent change in White House administrations, according to a filing.The "appropriateness and federal regulation" of non-bank too big-to-fail institutions may also be questioned," AIG wrote in its 2016 annual filing.Tax reform measures, as discussed by the White House, could also affect the insurer, AIG said. A change in the U.S. corporate tax rate could reduce the values of its deferred tax assets and investments in tax exempt securities, the company said.(Reporting by Suzanne Barlyn; Editing by David Gregorio)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/us-aig-regulation-idINKBN1622QL'|'2017-02-23T19:40:00.000+02:00'
'7bb3d8bd637ab2fccfdbd80ee83b87debac302dd'|'Victoria''s Secret weighs on L Brands Feb comp sales forecast'|'Wed Feb 22, 2017 - 5:36pm EST Victoria''s Secret weighs on L Brands February comparable sales forecast A director chair is seen backstage before the Victoria''s Secret Fashion Show at the Grand Palais in Paris, France, November 30, 2016. REUTERS/Benoit Tessier L Brands ( LB.N ) forecast a steeper drop in February comparable sales as its biggest brand, Victoria''s Secret, faces slowing demand, sending the company''s shares down nearly 13 percent in after-market trading on Wednesday. L Brands forecast a mid-to-high teens decline in total comparable sales, above the mid-single digit drop it had estimated previously. The company said it expected a fall of about 20 percent in February comparable sales at Victoria''s Secret and a mid-single digit decline at Bath & Body Works. L Brands has restructured its business to focus on its core brands and exited certain product categories last year, including swim and apparel business of Victoria''s Secret. The exit lowered the company''s total comparable sales for the fourth quarter by 2 percentage points, L Brands said on Wednesday. Ongoing weakness in core lingerie could be more difficult to repair as management continues to employ various incentives to rejuvenate traffic, Mizuho Securities analyst Betty Chen said in a pre-earnings note. The company''s net income fell to $631.7 million, or $2.18 per share, in the fourth quarter ended Jan. 28 from $636 million, or $2.15 per share, a year earlier. Excluding a tax settlement, L Brands earned $2.03 per share, above the average analysts'' estimate of $1.90 per share, according to Thomson Reuters I/B/E/S. Earlier this month, L Brands reported a 2 percent rise in sales, its slowest quarterly sales growth in three years. The company''s shares were trading at $50.60 after the bell. Up to Wednesday''s close, they had fallen 31 percent in the past 12 months. (Reporting by Jessica Kuruthukulangara in Bengaluru; Editing by Anil D''Silva) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-l-brands-results-idUSKBN1612WB'|'2017-02-23T05:29:00.000+02:00'
'b8c1586e6561c55b03244b97b3ad9d298c402b2a'|'SK Hynix CEO says will consider fresh bid for Toshiba chip unit stake'|'SEOUL SK Hynix Inc will consider making a fresh bid for Toshiba Corp''s flash memory chip business should the Japanese conglomerate offer more of it for sale, the chief executive of the South Korean chipmaker said on Thursday.Toshiba initially put up almost 20 percent of the business for sale, to help it work through financial problems. It has since said it is considering selling most or all of the business. People familiar with the matter told Reuters that Toshiba aims to raise at least 1 trillion yen ($8.8 billion).SK Hynix said earlier that it had submitted a non-binding bid for a stake in the business on Feb. 3, without specifying the size of the stake. It will consider a fresh bid should Toshiba make another offer, CEO Park Sung-wook told reporters on the sidelines of an industry event in Seoul.SK Hynix trails in a NAND flash memory chip market led by Samsung Electronics Co Ltd and second-ranked Toshiba.(Reporting by Hyunjoo Jin; Editing by Christopher Cushing)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-toshiba-accounting-sk-hynix-idINKBN16208A'|'2017-02-23T00:02:00.000+02:00'
'6f1a595b87e330dc79e278bd257e565e80baef75'|'BRIEF-Sanderson Farms says received antitrust civil investigative demand from office of Attorney General, Department of Legal Affairs, Florida'|'United States  14pm EST BRIEF-Sanderson Farms says received antitrust civil investigative demand from office of Attorney General, Department of Legal Affairs, Florida Feb 22 Sanderson Farms Inc * Sanderson Farms says on Feb 21, received antitrust civil investigative demand from office of Attorney General, Department of Legal Affairs, Florida * Sanderson Farms Inc says investigative demand seeks information related to Georgia Dock Index - SEC filing * Sanderson Farms says investigative demand also seeks information on poultry, poultry products published by Georgia Department of Agriculture   ( bit.ly/2lqCZIt ) Further  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-sanderson-farms-says-received-anti-idUSFWN1G70WF'|'2017-02-23T05:14:00.000+02:00'
'b37d4f6beb0ff2d02198e6600349af530fc22eda'|'UPDATE 1-Italian financial mega-deal off as Intesa ditches Generali plan'|'(Adds Quote: s, details)By Francesca LandiniMILAN Feb 24 Italy''s biggest retail bank Intesa Sanpaolo abandoned plans to join forces with the country''s largest insurer Assicurazioni Generali on Friday, saying a tie-up would not create value for its shareholders.A merger of the two would have created an Italian financial giant with a market capitalisation of around 60 billion euros ($63.4 billion), but Intesa''s decision to walk away leaves Generali vulnerable to a possible foreign takeover.Management changes at Generali and political weakness in Rome helped fuel bid talk in recent months, with media reports suggesting Axa, Germany''s Allianz and Switzerland''s Zurich Insurance Group might be interested in the Italian insurer.However, French insurer AXA said earlier this week that it was not pursuing major deals, including Generali.Generali, whose biggest investor is influential investment bank Mediobanca, is seen by Rome as a strategic asset because of its large holdings of Italian government bonds.Intesa, which pledged to continue to grow "organically" in line with its 2014-2017 business plan, could also come under pressure for leaving investors guessing on its strategy for weeks and finally backtracking from its plan.The bank said last month it was examining a possible industrial combination with Generali after media reports pushed it to reveal its intentions.In an attempt to dampen market speculation, Intesa''s chief executive Carlo Messina said at the beginning of February the bank would not sacrifice its strong capital base nor a generous dividend payout for the sake of a deal."The management has completed the assessment ... and sees no opportunities fulfilling the criteria set for the group''s growth options," Intesa said on Friday.Intesa cited value creation for its shareholders and the intention to maintain one of the strongest capital bases among Italian lenders as its criteria for possible M&A options.The bank said it would continue to expand its wealth management business and develop non-life insurance to the same level of its life business.Intesa''s shareholders had responded coolly to the idea of a merger, with its shares dropping 16 percent since its interest in Generali was revealed. The insurer''s stock rose 3 percent over the same period. ($1 = 0.9471 euros) (Editing by Alexander Smith)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/generali-ma-intesa-idINL8N1G9648'|'2017-02-24T18:02:00.000+02:00'
'2b4fee1d91d789becda97a5cca1da21ee40b6496'|'Unilever takes steps to fend off renewed bid from Kraft Heinz - Business'|'Unilever has upgraded profit margin expectations and announced a <20>comprehensive review of options<6E> to improve value for shareholders in an apparent effort to shore itself up against a renewed bid from the US food group Kraft Heinz.The Anglo-Dutch company knocked back a <20>115bn bid from Kraft on Friday, and 48 hours later its US rival withdrew its bid, with both sides saying talks had ended <20>amicably<6C>.How Unilever foiled Kraft Heinz''s <20>115bn takeover bid Read more Kraft is now blocked from renewing its interest for six months under the UK<55>s takeover code, while Unilever has expressed confidence in the support it has from long-term investors.But management, led by the chief executive, Paul Polman, is thought to have been surprised that Unilever could be seen as an acquisition target and released two statements outlining plans to ensure shareholders wouldn<64>t be tempted by further takeover bids.In a statement to the stock market , the company said it was <20>conducting a comprehensive review of options available to accelerate delivery of value for the benefit of our shareholders<72>.<2E>The events of the last week have highlighted the need to capture more quickly the value we see in Unilever.<2E>We expect the review to be completed by early April, after which we will communicate further.<2E>The announcement is likely to revive suggestions that Unilever could look to sell its struggling standalone spreads business.The company could also examine ways to boost the company<6E>s share price by stepping up efforts to squeeze costs, a strategy that would make a renewed tilt by Kraft Heinz more expensive if successful.Unilever issued a second statement saying its forecast profit margins were already improving after it moved to cut costs last year.<2E>The management of Unilever now expects core operating margin improvement for 2017 to be at the upper end of its 40-80 basis points guidance,<2C> the company said.Shares in the company climbed 3% following the statement, having soared 13% to a record high when Kraft<66>s interest was revealed on Friday and fallen back 8% on Monday.Unilever<65>s decision to take action immediately after becoming a bid target suggests management believes Kraft could renew its interest after its billionaire backers tasted a rare defeat.Warren Buffett<74>s investment group Berkshire Hathaway and buyout house 3G, backed by the Brazilian billionaire Jorge Lemann, own 51% of Kraft Heinz between them.The duo are famed for their deal-making prowess, founded on a strategy of driving profits by slashing costs.'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/2017/feb/22/unilever-takes-steps-fend-off-future-bid-kraft-heinz'|'2017-02-22T02:00:00.000+02:00'
'8f76d615e5ae4224734dc68fae58e6cf8d3571d8'|'How one Chinese region shows risks of relying on heavy borrowing'|'Money News - Wed Feb 22, 2017 - 11:17am IST How one Chinese region shows risks of relying on heavy borrowing Residential buildings are seen shrouded in haze in Shenyang, Liaoning province, November 8, 2015. REUTERS/Stringer/Files By David Stanway - SHENYANG, China SHENYANG, China A flurry of construction in the Chinese city of Shenyang belies a regional economy in crisis, a striking example of the increasingly diminishing returns from a policy of investing heavily in infrastructure to prop up economic activity. A new exhibition centre has just opened its doors in the city, the capital of Liaoning province in northeastern China, and the skyline is dotted with cranes working on high-end shopping malls and apartments. But beyond Shenyang''s building sites, the real Liaoning is different. After years of investment in infrastructure, some of it encouraged by the central government, Liaoning is China''s only shrinking provincial economy, its population is in decline and its debt is almost three times annual revenues. Liaoning highlights the risks of relying on repeated borrowing to invest in infrastructure and fuel economic activity - a regular fall-back policy China has used when GDP risks missing annual targets, including in 2016. It also points to the urgency for China to move away from a reliance on state firms, which for decades provided China<6E>s economic backbone. Most other provinces have reduced their reliance on state-firms to a much greater extent than Liaoning and its neighbours, Heilongjiang and Jilin. But they still wield considerable influence nationwide. Traditionally, state-raised investment funds have been channelled through state-owned enterprises (SOEs) because they are big tax payers and employers. This has provided a life support mechanism for many dying state industries while crowding out the private sector on which China is staking its future. Some local authorities have provided all sorts of preferential support to state firms, said Han Liang, a section-chief in the Liaoning government pricing bureau, <20>over protecting them and making them lose their motivation to innovate.<2E> Liaoning''s provincial government, and its local development and reform commission, declined repeated requests for comment. HOPES REST ON GOVERNMENT SPENDING Nowhere are Liaoning''s challenges more evident than in Benxi, a city 29 miles (46 km) from Shenyang and dominated by a single SOE: the struggling Benxi Iron and Steel Group (Bengang). Like Liaoning, Bengang is well past its economic heyday. Its chimneys, smelters and stockyards stretch nearly a mile along the banks of the Taizi river flowing through Benxi. It provides around 60,000 jobs and most tax income for the city government, but it is struggling to compete with coastal plants because they have better access to markets and cheaper foreign feedstock. In 2015, it reported its first net loss since the global financial crisis in 2009. The firm is being squeezed by central government efforts to reduce steel production nationwide and so has branched out into real estate investment, in turn crowding out private players. General manager Chen Jizhuang said in a pep talk delivered at a meeting with company employees in December that its <20>indomitable, evergreen genes<65> would enable it to overcome all its difficulties. But the firm appears to be resting its hopes on yet another round of government spending. <20>The year 2017 is a new round of the central government<6E>s Rejuvenate the Northeast projects and it is also a key year for Bengang to set off on a new road and seize new opportunities,<2C> Chen told staff, according to the firm''s website. Bengang declined several requests seeking interviews with senior officials. LEGACY Liaoning, Heilongjiang and Jilin were once powerful industrial bases responsible for much of the coal, steel and heavy industry that underpinned China''s economy in the 1960s and 1970s. That legacy keeps the investment flowing into the region today under a prog
'b433a991f75312bee3e9bf20b14898297e345ac8'|'BRIEF-Greenlight Re Q4 earnings per share $1.31'|' 29pm EST BRIEF-Greenlight Re Q4 earnings per share $1.31 Feb 22 Greenlight Capital Re Ltd * Greenlight Re announces fourth quarter and year end 2016 financial results * Q4 earnings per share $1.31 * Greenlight Capital Re says fully diluted adjusted book value per share was $23.38 as of December 31, 2016, a 5.5% increase from December 31, 2015 * Q4 earnings per share view $1.52 -- Thomson Reuters I/B/E/S Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-greenlight-re-q4-earnings-per-shar-idUSASB0B1MY'|'2017-02-23T04:29:00.000+02:00'
'4dd747cbb6bfc239e5c37034bbbbdbff6f2268ba'|'UPDATE 1-Ex-IMF boss Rato sentenced to jail in Spain over credit card scandal'|'Company  17am EST UPDATE 1-Ex-IMF boss Rato sentenced to jail in Spain over credit card scandal (Adds details from the court ruling) MADRID Feb 23 Former International Monetary Fund chief Rodrigo Rato was sentenced to 4-1/2 years in prison by Spain''s High Court on Thursday following a scandal over the widespread misuse of company credit cards during his tenure at lender Bankia. Rato, who was economy minister in Spain and a prominent figure in the ruling People''s Party (PP) before moving to the IMF, chaired Bankia for two years until just before its state bailout in 2012. He had been on trial along with 64 other executives and former board members of Bankia and its founding savings bank Caja Madrid. The case is one of several high-level corruption investigations now coming to fruition and seen as a test of whether Spain''s rich and powerful are accountable to the law. Last week, a Spanish court found the king''s brother-in-law guilty of using royal connections to overcharge regional governments through public contracts. Rato and ex-Caja Madrid Chairman Miguel Blesa, who was sentenced to six years in jail, were convicted of misappropriating funds, the court said in a written ruling. Rato had denied any wrongdoing, arguing the expenses he accrued on the Bankia credit cards were legal. Neither Blesa''s lawyer, Carlos Aguilar, nor Ratos'' lawyer, Ignacio Ayala, responded to requests for comment. The so-called "black cards" case sparked widespread anger when the scandal first broke in 2014, at a time when Spain was recovering from years of recession, mass layoffs and a banking crisis partly triggered by Bankia''s massive bailout. The court considered in its ruling both Rato and Blesa responsible for overseeing the misuse of credit cards and said that they could have reversed the practice. "The defendants Miguel Blesa (...) and Rodrigo de Rato Figaredo were aware of the decision they made to allow business cards to circulate (...) with no legal and statutory support, based, as they said, on a principle of trust, which was not the case," the court said in its ruling. The cards were used to buy jewels, holidays and expensive clothes, according to documents filed with the court, but also to fund more mundane purchases such as trips to the cinema. Before chairing the Washington-based IMF between 2004 and 2007, Rato was deputy prime minister in the conservative PP''s government in 1996. In total, prosecutors were investigating some 12 million euros in spending on the cards between 2003 and 2012 by the 65 former Bankia executives, including Rato and Blesa. The court ruling can be appealed before Spain''s Supreme Court. (Reporting by Inmaculada Sanz and Rodrigo de Miguel; Writing by Sarah White and Jesus Aguado; Editing by Catherine Evans) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/spain-corruption-idUSL8N1G85U6'|'2017-02-23T23:17:00.000+02:00'
'74213abe89fbb7a954de390138abb13219a6a94f'|'Investors pile into stocks, closer to ''sell'' territory -BAML'|'Company  09am EST Investors pile into stocks, closer to ''sell'' territory -BAML By Jamie McGeever - LONDON LONDON Feb 24 The rise in world stocks this week to fresh all-time highs drew an eighth straight weekly inflow into equity funds, Bank of America Merrill Lynch said on Friday, while bond funds also chalked up their ninth straight weekly inflow. The $8.5 billion equity fund inflow in the week to February 22 pushed BAML''s "Bull & Bear" indicator deeper into bullish territory and closer to levels that generate a contrarian ''sell'' signal. For that to happen, however, investors need to reduce their cash holdings a little further and buy more emerging market and high-yielding assets, BAML said. MSCI''s benchmark world equity index hit a record high of 447.67 points this week, and is up 5.6 percent so far this year. A gain of that magnitude would be its best quarterly performance in over three years. The Dow Jones Industrials Average has chalked up 10 consecutive record closing highs for the first time since 1987. This has led some analysts to warn that a sharp correction, if not quite on a scale of the 1987 crash, looms large. U.S. equity funds drew a net $3 billion inflow and European funds drew inflows for the fifth week in a row, the $1.1 billion inflow being the biggest in over a year, BAML said. So far this year investors have poured $60.8 billion into equity funds, according to BAML and flows tracker EPFR Global. Some $54.3 billion of that has gone into developed market equity funds. Bond funds pulled in $7.6 billion in the latest week, the ninth consecutive inflow, BAML said. Half of that went to investment grade corporate bond funds, $1.3 billion to HY funds and $1.2 billion to EM debt funds. The notable exception was Treasury bond funds, which posted a fourth straight outflow, this time of $900 million. (Reporting by Jamie McGeever; Editing by Toby Chopra) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/markets-flows-baml-idUSL8N1G93GF'|'2017-02-24T19:09:00.000+02:00'
'67d86f026c9bba53d1407b60b7f556cb5c61ac05'|'BRIEF-Incyte to replace Spectra Energy in S&P 500'|' 09pm EST BRIEF-Incyte to replace Spectra Energy in S&P 500 Feb 23 (Reuters) - * S&P Dow Jones Indices - Incyte will replace Spectra Energy in the S&P 500 effective at the open of trading on February 28 * S&P Dow Jones Indices - CBOE Holdings will replace Pitney Bowes in the S&P 500 Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-incyte-to-replace-spectra-energy-i-idUSFWN1G819L'|'2017-02-24T06:09:00.000+02:00'
'56f92570b9ae176cdc2eb3221329c6f5847bfd44'|'Arris nears deal to acquire Brocade''s networking business - sources'|'Business News - Wed Feb 22, 2017 - 4:40am GMT Arris nears deal to acquire Brocade''s networking business - sources By Liana B. Baker Set-top box maker Arris International Plc ( ARRS.O ) is nearing a deal to acquire Brocade Communications Systems Inc''s ( BRCD.O ) networking equipment business for roughly $1 billion, people familiar with the matter said on Tuesday. An acquisition of the Brocade unit, which makes equipment that boost high-speed internet service for consumers and businesses, would add a suite of products to Arris'' portfolio that can serve areas with high demand for bandwidth, such as universities and airports. The deal could be announced as early as Wednesday, the sources said, cautioning there was always a chance for the negotiations to end without a deal. The sources asked not to be identified because the discussions were confidential. Arris and Brocade, which is set to be acquired by chipmaker Broadcom Ltd ( AVGO.O ) in a $5.5 billion deal that is pending regulatory approval, declined to comment. The divestiture of Brocade''s networking unit, if completed, would be the first sale of assets that Broadcom is aiming to complete, and likely the most valuable, the sources said. Broadcom has said that it plans to sell Brocade''s networking business to avoid competing with its top customers such as Cisco Systems Inc ( CSCO.O ). Broadcom declined to comment. Most of the unit, known as the "network edge" business, was obtained by Brocade as part of its $1.5 billion acquisition of Ruckus Wireless last year. Reuters reported last month that Suwanee, Georgia-based company Arris was one of the bidders for the unit. Arris, which has a market capitalization of $5.6 billion, makes electronics such as modems and set-top boxes used by cable and satellite companies. It closed a deal last year to buy British rival Pace Plc for $2.1 billion, and incorporated itself in Britain in a deal structured as a corporate tax inversion. (Reporting by Liana B. Baker in New York; Editing by Himani Sarkar) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-brocade-networking-arris-idUKKBN1610DR'|'2017-02-22T11:40:00.000+02:00'
'34cb1cbced432de99f81011ec76aa3eb0650df3e'|'Brazil to lower oil industry local content rules by half -minister'|' 23pm EST Brazil to lower oil industry local content rules by half -minister BRASILIA Feb 22 Brazil''s government said on Wednesday it would relax local content rules for the oil industry as of September in an effort to attract foreign investment and lower costs that have hindered development of vast offshore reserves. Mines and Energy Minister Fernando Coelho said the new rules would lower the local content requirements by half, adding that the level in the exploration of offshore oil fields would be 18 percent. (Reporting by Lisandra Paraguassu; editing by Diane Craft)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brazil-oil-idUSS0N17001G'|'2017-02-23T03:23:00.000+02:00'
'304dd311a9de698ea06520c55af71a3f77d67dae'|'Confident Snap brushes off concerns on second day of IPO roadshow'|' 18am IST Confident Snap brushes off concerns on second day of IPO roadshow 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 By Lauren Hirsch and Liana B. Baker - NEW YORK NEW YORK Snap Inc, owner of popular messaging app Snapchat, fended off investor skepticism on the second day of its IPO roadshow on Tuesday, betting on the charisma of CEO Evan Spiegel, 26, whom it introduced as a "once in a generation founder." Snap is targeting a valuation of between $19.5 billion and $22.3 billion from listing on the New York Stock Exchange in two weeks. It cut its initial target of $20 billion-$25 billion last week following negative investor feedback. In a room of more than 400 investors on the 36th floor of New York''s Mandarin Oriental Hotel, Spiegel brushed aside concerns of slowing user growth and stressed Snap''s potential to change "the way people live and communicate," according to sources who asked not to be identified because the meeting was closed to the press. Many investors remained unconvinced by Snap''s claim that it is more valuable than Facebook Inc based on revenue at the time of its IPO in 2012. Still, they acknowledged that Snap has built momentum as this year''s biggest technology IPO and the darling of millennials. "They could have been in their underwear up there and no one would have cared," said one investor who attended the roadhow on Tuesday. In the Q&A with management that took up the entire session, not one attendee asked about the company''s first-of-its kind share structure that offers IPO investors no voting rights. Investors were wary that being too critical might prompt the company to limit their allocation in the offering, an investor said. Spiegel and co-founder Bobby Murphy will have the right to 10 votes for every share, and existing investors such as venture capital backers will get one vote for each share. Investors seeking clear answers to concerns around metrics, particularly the company''s long-touted new user growth, were disappointed. New user growth slowed in the second half of 2016, and just this week Facebook''s WhatsApp introduced a disappearing photo-messaging service similar to Snapchat''s. Last year, Facebook introduced disappearing videos to its Instagram platform that resemble Snapchat''s. Spiegel said the company''s growth is "lumpy," due to new launches that have varying degrees of success. In a recent update of its IPO registration document, the company also pointed to technical issues facing Android devices that have hindered new user growth outside the United States. Chief Strategy Officer Imran Khan asked investors to gauge how much users engaged by looking at Snap''s cost of revenue. Traditionally, investors focus on metrics such as daily active users or minutes spent on the app. Snap''s cost of revenue is primarily driven by how much the company has to pay to partners such as Alphabet Inc''s Google and Amazon.com Inc to support data and bandwidth. This is based on how often users engage with the app and the types of features they use. One investor saw a "huge red flag" when Snap''s leaders did not answer the question of where they see the company in five years. "There was so much hubris there it scared me away... This felt like the late technology bubble roadshows," one of the investors said, referring to the IPO bonanza of the dot-com boom in 2000. (Reporting by Lauren Hirsch and Liana B. Baker in New York; Additional reporting by Olivia Oran in New York; Editing by David Gregorio) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/snap-ipo-idINKBN1610G8'|'2017-02-22T12:48:00.000+02:00'
'48fd0a8896fdeac8e83e4c974592ce05cc7fc063'|'Peugeot seeks up to 2 bln euros savings from Opel deal -sources'|'Company News - Wed Feb 22, 2017 - 11:09am EST Peugeot seeks up to 2 bln euros savings from Opel deal -sources By Pamela Barbaglia and Arno Schuetze - LONDON/FRANKFURT LONDON/FRANKFURT Feb 22 French carmaker PSA Group aims to generate annual cost savings of between 1.5 billion and 2 billion euros ($1.6 billion-$2.1 billion) from its proposed acquisition of Opel from General Motors, two sources told Reuters on Wednesday. The savings will come mainly from purchasing and research and development as the Peugeot maker pools underlying vehicle architectures and engines with GM''s European business, eliminating duplicate technologies, the sources added. Paris-based PSA and GM confirmed last week that they were in talks over a PSA-Opel tie-up to create Europe''s second-largest carmaker by sales after Volkswagen. The disclosure sparked concern for the future of GM''s Opel and Vauxhall plants in Germany and Britain, home to most of the group''s 38,000-strong European workforce. Discussions with political and labour leaders may delay the conclusion of a deal, which both carmakers now hope to announce in March, two sources with knowledge of the talks also said. Exane BNP Paribas analyst Dominic O''Brien said savings of 2 billion euros could be achieved with 1.2 billion euros from joint purchasing, 400 million from R&D and another 400 million from the eventual elimination of 6,000 jobs. "The most obvious starting point for any restructuring of course lies with labour," O''Brien said, adding that layoffs would be more likely "via attrition and voluntary rather than compulsory". PSA boss Carlos Tavares is due to meet British Prime Minister Theresa May after giving assurances on Tuesday to German Chancellor Angela Merkel that all existing GM job guarantees would be honoured under the deal. GM''s existing German job guarantees run to the end of next year and plant commitments until around 2019-20, unions say. The new group would have 75 billion euros in revenue and a 16 percent combined European market share, which shrank last year as both groups lost ground to rivals including VW and Renault. ($1 = 0.9512 euros) (Additional reporting by Laurence Frost; Writing by Laurence Frost; Editing by Alexander Smith) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/peugeot-opel-ma-idUSL8N1G75Y2'|'2017-02-22T23:09:00.000+02:00'
'975cd98b35257318a0cbf655656425f1d43a53be'|'Confident Snap brushes off concerns on second day of IPO roadshow'|'Technology News - Wed Feb 22, 2017 - 12:04am GMT Confident Snap brushes off concerns on second day of IPO roadshow left right FILE PHOTO - A portrait of the Snapchat logo in Ventura, California December 21, 2013. REUTERS/Eric Thayer/File Photo 1/9 left right An investor departs the Mandarin Oriental hotel holding a pamphlet of information on investing in the upcoming IPO of Snap Inc in New York, U.S., February 21, 2017. REUTERS/Lucas Jackson 2/9 left right Investors depart the Mandarin Oriental hotel holding a pamphlet of information on investing in the upcoming IPO of Snap Inc in New York, U.S., February 21, 2017. REUTERS/Lucas Jackson 3/9 left right An investor departs the Mandarin Oriental hotel holding a pamphlet of information on investing in the upcoming IPO of Snap Inc in New York, U.S., February 21, 2017. REUTERS/Lucas Jackson 4/9 left right An investor departs the Mandarin Oriental hotel holding a pamphlet of information on investing in the upcoming IPO of Snap Inc in New York, U.S., February 21, 2017. REUTERS/Lucas Jackson 5/9 left right An investor departs the Mandarin Oriental hotel holding a pamphlet of information on investing in the upcoming IPO of Snap Inc in New York, U.S., February 21, 2017. REUTERS/Lucas Jackson 6/9 left right An investor departs the Mandarin Oriental hotel holding a pamphlet of information on investing in the upcoming IPO of Snap Inc in New York, U.S., February 21, 2017. REUTERS/Lucas Jackson 7/9 left right Investors depart the Mandarin Oriental hotel holding a pamphlet of information on investing in the upcoming IPO of Snap Inc in New York, U.S., February 21, 2017. REUTERS/Lucas Jackson 8/9 left right Investors depart the Mandarin Oriental hotel holding a pamphlet of information on investing in the upcoming IPO of Snap Inc in New York, U.S., February 21, 2017. REUTERS/Lucas Jackson 9/9 By Lauren Hirsch and Liana B. Baker - NEW YORK NEW YORK Snap Inc, owner of popular messaging app Snapchat, fended off investor skepticism on the second day of its IPO roadshow on Tuesday, betting on the charisma of CEO Evan Spiegel, 26, whom it introduced as a "once in a generation founder." Snap is targeting a valuation of between $19.5 billion and $22.3 billion from listing on the New York Stock Exchange in two weeks. It cut its initial target of $20 billion-$25 billion last week following negative investor feedback. In a room of more than 400 investors on the 36th floor of New York''s Mandarin Oriental Hotel, Spiegel brushed aside concerns of slowing user growth and stressed Snap''s potential to change "the way people live and communicate," according to sources who asked not to be identified because the meeting was closed to the press. Many investors remained unconvinced by Snap''s claim that it is more valuable than Facebook Inc ( FB.O ) based on revenue at the time of its IPO in 2012. Still, they acknowledged that Snap has built momentum as this year''s biggest technology IPO and the darling of millennials. "They could have been in their underwear up there and no one would have cared," said one investor who attended the roadshow on Tuesday. In the Q&A with management that took up the entire session, not one attendee asked about the company''s first-of-its kind share structure that offers IPO investors no voting rights. Investors were wary that being too critical might prompt the company to limit their allocation in the offering, an investor said. Spiegel and co-founder Bobby Murphy will have the right to 10 votes for every share, and existing investors such as venture capital backers will get one vote for each share. Investors seeking clear answers to concerns around metrics, particularly the company''s long-touted new user growth, were disappointed. New user growth slowed in the second half of 2016, and just this week Facebook''s WhatsApp introduced a disappearing photo-messaging service similar to Snapchat''s. Last year, Facebook introduced disappearing videos to its Instagram platfor
'824a488a585f7285ca475bbd833f0b6c8e55bae4'|'Fincantieri signs $1.5 billion China cruise ship deal with Carnival'|'Business News   2:04pm GMT Fincantieri signs $1.5 billion China cruise ship deal with Carnival A view of Fincantieri shipyard is seen in Monfalcone near Trieste, in northest Italy, April 21, 2016. REUTERS/Alessandro Bianchi Italian shipbuilder Fincantieri ( FCT.MI ) and China State Shipbuilding Corp have agreed a $1.5 billion deal (1.20 billion pounds) with Carnival Corp ( CCL.N ) to build two cruise ships for the fast-growing Chinese cruise market. Fincantieri shares jumped 4 percent to a 16-month high. The agreement to build cruise ships, the first such vessels of that type to be built in China for the domestic market, comes five months after the companies signed a non-binding deal without disclosing financial details. China is set to become the world''s second largest cruise market, after the United States, by 2030, according to data from the Chinese Ministry of Transport. The market is expected to expand to 4.5 million passengers by 2020 from 1 million in 2015. "(China) will remain a key driver for cruise growth across Asia for many years to come," Carnival Asia Chief Executive Michael Thamm said. Carnival''s Chinese joint venture will operate the ships and the agreement also includes an option to build four more ships, two more than what they agreed in Sept. The design of the ships, which will be delivered from 2023, will be tailored for the "specific tastes of the Chinese travellers", the companies said on Wednesday. The companies signed the deal in a ceremony attended by Chinese President Xi Jinping and Italian President Sergio Mattarella in Beijing. (Reporting by Silvia Recchimuzzi in Gdynia; editing by David Clarke/Keith Weir) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-fincantieri-carnival-china-idUKKBN1611OQ'|'2017-02-22T21:04:00.000+02:00'
'38f0aa4b5abe1b419c14633a99b02f36c5887e6b'|'Tesla says Model 3 on track for volume production by Sept'|'Business News - Wed Feb 22, 2017 - 9:24pm GMT Tesla says Model 3 on track for volume production by September A wheel of a prototype of the Tesla Model 3 on display in front of the factory during a media tour of the Tesla Gigafactory, which will produce batteries for the electric carmaker in Sparks, Nevada, U.S. July 26, 2016. REUTERS/James Glover II/File Photo Tesla Inc ( TSLA.O ) posted a smaller quarterly loss and said its mass-market Model 3 sedan was on track for volume production by September. The company''s net loss attributable to common shareholders narrowed to $121.3 million, or 78 cents per share, for the fourth quarter ended Dec. 31 from $320.4 million, or $2.44 per share, a year earlier. Tesla, which is led by billionaire entrepreneur Elon Musk, said revenue rose 88 percent to $2.28 billion. The company is betting big on Model 3 to help it meet its goal of producing 500,000 cars annually in 2018. (Reporting by Rishika Sadam in Bengaluru; Editing by Anil D''Silva) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-tesla-results-idUKKBN1612QO'|'2017-02-23T04:22:00.000+02:00'
'2398e3a1d4ad2afa5081f946ad8dbe545022ed38'|'Genmab''s Darzalex could achieve peak annual sales of $9 billion - CEO'|' 34pm GMT Genmab''s Darzalex could achieve peak annual sales of $9 billion - CEO Genmab Chief Executive Jan van de Winkel poses for a photograph in London, Britain, October 13, 2016. REUTERS/Ben Hirschler COPENHAGEN Danish biotech drugmaker Genmab''s ( GEN.CO ) Darzalex, which is used to fight cancer in bone marrow and marketed by Johnson & Johnson ( JNJ.N ), has the potential to achieve annual peak annual sales as high as $13 billion (10.46 billion pounds), its chief executive told Reuters. "It could work in other blood cancers as well as in solid tumours. So that means $13 billion potential if it would work in all the indications, Jan van de Winkel said on Wednesday. He acknowledged that $13 billion would be the most rosy scenario but said that Darzalex could "definitely" achieve more than $9 billion. Genmab expects sales of Darzalex to surpass $1 billion this year, the company said on Wednesday. (Reporting by Stine Jacobsen; Editing by David Goodman)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-genmab-results-ceo-idUKKBN1612J5'|'2017-02-23T02:34:00.000+02:00'
'173bee30aa33671c35b230615a82d97e70ada7e7'|'UPDATE 1-Brazil builder PDG seeks court protection from creditors'|' 37pm EST UPDATE 1-Brazil builder PDG seeks court protection from creditors (Adds context, analyst comment) SAO PAULO Feb 22 Brazilian homebuilder PDG Realty SA said it was seeking protection from creditors by filing on Wednesday to restructure its debt in court, the country''s second publicly listed builder to do so in less than six months. PDG''s gross debt was 5.4 billion reais ($1.75 billion) at the end of September, according to a quarterly earnings report. The company had 235 million reais of cash on hand at the time. The company said its efforts to restructure about 74 percent of its bank debt last year "did not achieve the originally desired effect." PDG said it continues to struggle with weak demand, growing sales cancellations, stalled construction projects and lawsuits from clients and contractors. The bankruptcy filing in a S<>o Paulo court follows a similar move by Viver Incorporadora e Construtora SA in September and underscores risks for the sector, which boomed early this decade due to plentiful capital and government incentives for low-income housing. PDG passed on the low-income housing boom and focused on more custom-built projects in the middle-income segment as it pushed into new corners of the country. That made it harder to achieve economies of scale as it tripled the size of its operations in three years to become Brazil''s biggest homebuilder in 2011. As PDG''s finances deteriorated, management hired S<>o Paulo-based RK Partners in November as adviser on a new round of talks with its creditors. RK''s mandate included helping PDG access credit to obtain construction financing, the builder said in Wednesday''s filing. PDG shares fell as much as 5 percent in early Wednesday trading and then rebounded to a 3 percent gain before they were suspended at 3.33 reais on the S<>o Paulo Stock Exchange. If a court grants PDG bankruptcy protection, it will have 60 days to present a debt restructuring plan to its creditors, which then must vote to approve or reject it. Under Brazil''s bankruptcy procedures, the company is protected from lawsuits for six months, a period known as a "stay of execution." During the in-court restructuring, PDG said it would do its best to keep up commercial and operation activities and follow through on commitments to clients. ($1 = 3.0788 reais) (Reporting by Ana Mano and Gabriela Mello; Editing by Brad Haynes and Lisa Von Ahn)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/pdg-realty-sa-restructuring-idUSL1N1G70UN'|'2017-02-23T00:37:00.000+02:00'
'80bdeb6f0c87754a662a90bedbd367e485b4489f'|'India''s bankers sceptical over RBI proposal on bad loans'|'Business   3:27pm IST India''s bankers skeptical over central bank proposal on bad loans People walk past the Reserve Bank of India (RBI) building in New Delhi, India. Picture taken March 2, 2016. REUTERS/Anindito Mukherjee By Devidutta Tripathy - MUMBAI MUMBAI A proposal by India''s central bank to set up new private or state companies that would buy up bad debt from lenders was met with widespread scepticism by bankers on Wednesday, who warned the plan would add more complexity and delay any restructuring. Banks in India have record stressed loans of $133 billion, or 12.34 percent of their total loans, as of last September, and economists say dealing with them has become imperative given the load is constraining lending and delaying much needed private investment. Reserve Bank of India Deputy Governor Viral Acharya, in a major speech to bankers on Tuesday, proposed the creation of a private-based agency or a government asset management entity to buy and restructure the soured loans. But in a sign of the difficulties the RBI would face, bankers expressed opposition to the new proposal, saying it would take too long to agree on how the scheme would work and then risk further delays as the institutions are set up. Instead, bankers urged the RBI to stick to an existing framework drafted by previous Governor Raghuram Rajan, which forces banks to first admit to the true extent of bad loans they hold and then gives them flexibility to restructure them, including by selling them off to private companies. "Creating an institution itself is not an easy task," said a senior banker at a state-run lender, who declined to be identified commenting on the RBI. "The better way would be to use the existing infrastructure," he added. Critics of the existing RBI framework for restructuring bad loans have warned it leaves too much discretion to banks to solve the problems - a view echoed by Acharya, who called for a new approach of "tough love" for lenders. But the creation of a so-called "bad bank" also has its own critics, including Rajan, who believed such an approach would simply shift the soured debt from banks to another firm, and said the focus needed to be on how to restructure the bad loans. Ultimately, much will depend on the government''s stance. The Finance Ministry appears open to Acharya''s approach, having already proposed in January setting up a bad bank to buy soured loans from lenders and then restructure them, including by converting the debt to equity. But even if the government and the RBI agree on creating an institution to deal with bad debt, the structures differ under the existing plans, and the differences would need to be ironed out. Acharya was careful to avoid saying his proposal would create a bad bank, saying he wanted institutions with a narrow mandate to deal with soured loans, while warning that an unduly broad mandate risked creating "mission creep." Instead, he said his speech marked the start of fresh discussions on a topic that has cast a shadow over the economy. "There are many details to work out. But I hope this provides a start," Acharya said. (Editing by Kim Coghill)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-india-cenbank-idINKBN1610YK'|'2017-02-22T16:50:00.000+02:00'
'85c9967b26d5819f8bb54f8919ea090b0b1b4623'|'SoftBank denies interest in Vodafone-Idea Cellular merged company'|'MUMBAI Japan''s SoftBank Group ( 9984.T ) on Thursday denied it was in talks with Vodafone Plc''s ( VOD.L ) Indian unit and Idea Cellular ( IDEA.NS ) to pick up a stake in a potential merger between the two Indian wireless carriers.SoftBank''s denial follows a report in The Economic Times newspaper that the Japanese firm was looking to pick up a stake in a Vodafone-Idea merged company, citing four unidentified people aware of developments." We would like to categorically deny SoftBank''s participation in the alleged Vodafone, Idea Cellular merger in India," a SoftBank spokeswoman said."We underline that we have held no such discussions and media reports about the same are baseless and unsubstantiated."(Reporting by Sankalp Phartiyal; Editing by Rafael Nam)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-softbank-group-telecoms-india-idUSKBN16214Z'|'2017-02-23T13:54:00.000+02:00'
'49f89f65fd769b19651f896889f434834bf3196a'|'CANADA STOCKS-TSX pulls back from record high as resource shares fall'|' 24am EST CANADA   (Adds details throughout on stocks and sectors and updates prices) * TSX falls 43.87 points, or 0.28 percent, to 15,878.50 * Five of the TSX''s 10 main groups rise   At 11:03 a.m. ET (1603 GMT), the Toronto Stock Exchange''s S&P/TSX composite index fell 43.87 points, or 0.28 percent, to 15,878.50. Still, the TSX is up 3.9 percent since the start of the year after notching a 17.5 percent gain in 2016. Some of the biggest drags on the index were its major energy companies, with Canadian Natural Resources Ltd falling 1.3 percent to C$39.34 and Cenovus Energy retreating 2.9 percent to C$18.02. The overall energy group fell 1.3 percent, pressured by lower oil prices. U.S. crude prices were down 1.4 percent at $53.57 a barrel as the U.S. dollar <.DXY,> in which payments for crude are made, rose ahead of minutes of the Federal Reserve''s latest meeting. The energy group has fallen more than 7 percent year-to-date as investors weigh prospects for a proposed U.S. border adjustment which could hamper the competitiveness of Canada''s oil exports. The materials group, which includes precious and base metals miners and fertilizer companies, lost 1.2 percent, with Teck Resources Ltd losing more than 2 percent to C$28.55 and Barrick Gold Corp declining 1.6 percent to C$26.04. Gold futures fell 0.4 percent to $1,232.8 an ounce and copper prices declined 0.5 percent to $6,031 a tonne. Five of the index''s 10 main groups were lower. Among those that were higher, industrials climbed 0.6 percent as railroad stocks gained and financials firmed 0.1 percent. Meat packaging company Maple Leaf Foods reported a smaller-than-expected profit and also said it would allow its largest shareholder to take a bigger stake in the company. Its shares rose 0.4 percent to C$29.96. Waste Connections Inc advanced 2 percent to C$113.01. On Tuesday, it reported fourth-quarter results and provided a 2017 outlook. Canadian retail sales unexpectedly fell 0.5 percent in December as consumers bought fewer new cars and spent less during the holiday shopping season, putting a damper on expectations for economic growth at the year''s end. (Reporting by Fergal Smith; Editing by Meredith Mazzilli)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-idUSL1N1G70ZP'|'2017-02-22T23:24:00.000+02:00'
'548d1eac2a649343f0522ea1e012e6464828ca92'|'BRIEF-Quad/Graphics says Q4 gaap earnings per share $0.73'|' 56pm EST BRIEF-Quad/Graphics says Q4 gaap earnings per share $0.73 Feb 21 Quad/Graphics Inc- * Quad/Graphics reports fourth quarter and full-year 2016 results * Q4 gaap earnings per share $0.73 * Q4 sales fell 8.8 percent to $1.2 billion * Quad/Graphics Inc sees 2017 net sales $4.1 billion - $4.3 billion * Quad/Graphics Inc sees 2017 adjusted ebitda of $440 million to $480 million * Quad/Graphics Inc sees 2017 free cash flow $225 million - $275 million * FY2017 revenue view $4.20 billion -- Thomson Reuters I/B/E/S  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-quad-graphics-says-q4-gaap-earning-idUSASB0B1ER'|'2017-02-22T04:56:00.000+02:00'
'01196e7c09069c8c1c99fbadb911ff0703f2080f'|'Exclusive - Trump calls Chinese ''grand champions'' of currency manipulation'|'Business News - Thu Feb 23, 2017 - 10:32pm GMT Exclusive: Trump calls Chinese ''grand champions'' of currency manipulation U.S. President Donald Trump is interviewed by Reuters in the Oval Office at the White House in Washington, U.S., February 23, 2017. REUTERS/Jonathan Ernst By Steve Holland and David Lawder - WASHINGTON WASHINGTON President Donald Trump declared China the "grand champions" of currency manipulation on Thursday, just hours after his new Treasury secretary pledged a more methodical approach to analyzing Beijing''s foreign exchange practices. In an exclusive interview with Reuters, Trump said he has not "held back" in his assessment that China manipulates its yuan currency, despite not acting on a campaign promise to declare it a currency manipulator on his first day in office. "Well they, I think they''re grand champions at manipulation of currency. So I haven''t held back," Trump said. "We''ll see what happens." During his presidential campaign Trump frequently accused China of keeping its currency artificially low against the dollar to make Chinese exports cheaper, "stealing" American manufacturing jobs. But Treasury Secretary Stephen Mnuchin told CNBC on Thursday he was not ready to pass judgment on China''s currency practices. Asked if the U.S. Treasury was planning to name China a currency manipulator any time soon, Mnuchin said he would follow its normal process of analyzing the currency practices of major U.S. trading partners. The Treasury is required to publish a report on these practices on April 15 and Oct. 15 each year. "We have a process within Treasury where we go through and look at currency manipulation across the board. We''ll go through that process. We''ll do that as we have in the past," Mnuchin said in his first televised interview since formally taking over the department last week. "We''re not making any judgments until we go continue that process." A formal declaration that China or any other country manipulates its currency requires the U.S. Treasury to seek negotiations to resolve the situation, a process that could end in punitive tariffs on the offender''s goods. The U.S. Treasury designated Taiwan and South Korea as currency manipulators in 1988, the year that Congress enacted the currency review law. China was the last country to get the designation, in 1994. The current situation is complicated because China''s central bank has spent billions of dollars in foreign exchange reserves in the past year to prop up the yuan to counter capital outflows. The International Monetary Fund said last year that the yuan''s value was broadly in line with its economic fundamentals. The U.S. Treasury also said in its last currency report in October that its view of China''s external imbalances had improved somewhat. Trump''s pronouncements about the yuan could also complicate matters for Mnuchin as he prepares for his first meeting next month with his Group of 20 finance minister counterparts in Baden Baden, Germany. (Reporting by David Lawder and Steve Holland, Writing by David Lawder; Editing by Paul Simao) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-usa-trump-china-currency-exclusive-idUKKBN1622PJ'|'2017-02-24T05:32:00.000+02:00'
'55ecd537f8d0daeee853f8efcf41e4eecf5b53f2'|'Israel''s Wix buys DeviantArt for $36 million, raises revenue outlook'|'TEL AVIV Israel-based Wix.com ( WIX.O ) said on Thursday it acquired DeviantArt, an online community for artists and designers, for $36 million in cash and raised its revenue outlook for 2017.Wix, which helps small businesses build and operate websites, will have access to Los Angeles-based DeviantArt''s more than 40 million registered members and over 325 million pieces of original art.As a result of the deal, Wix raised its 2017 revenue outlook by $8 million to $417-$419 million. Investments in DeviantArt''s platform will raise headcount and decrease 2017 free cash flow by $8 million to $63-$64 million.This is the first overseas acquisition for Wix, which saw revenue grow 48 percent in the fourth quarter of 2016 to $84.2 million as it beat expectations.The company has over 100 million registered users. As of Dec. 31, Wix had $172 million in cash.Last week Wix President Nir Zohar told Reuters that the company is pursuing a strategy of courting paid subscribers by developing products for niche users such as photographers and musicians.DeviantArt will maintain its own brand as Wix helps it grow as a platform for artists to showcase their work, the companies said in a statement.As part of the deal, DeviantArt co-founder and Chief Executive Angelo Sotira will join the Wix management team.(Reporting by Yuval Ben-David; Editing by Tova Cohen)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-wix-com-deviantart-idINKBN1621HI'|'2017-02-23T10:04:00.000+02:00'
'bd48873499139557fe4ab144209f71ec0865afa1'|'BRIEF-Aspen Aerogels reports Q4 loss per share $0.25'|' 53pm EST BRIEF-Aspen Aerogels reports Q4 loss per share $0.25 Feb 23 Aspen Aerogels Inc- * Aspen Aerogels Inc reports fourth quarter 2016 and fiscal 2016 financial results and recent business developments * Q4 loss per share $0.25 * Q4 revenue $27.6 million versus I/B/E/S view $29.1 million * Q4 earnings per share view $-0.17 -- Thomson Reuters I/B/E/S * Sees FY 2017 loss per share $0.78 to $0.91 * Sees FY 2017 revenue $102 million to $112 million * FY2017 earnings per share view $-0.39, revenue view $117.0 million -- Thomson Reuters I/B/E/S  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-aspen-aerogels-reports-q4-loss-per-idUSASB0B22T'|'2017-02-24T04:53:00.000+02:00'
'cd30acacd910b6c6bdda4e9d2ac95b335cb16df2'|'India''s MobiKwik to invest $45 mln to expand user base'|'Company News   3:48am EST India''s MobiKwik to invest $45 mln to expand user base MUMBAI Feb 23 Indian digital payments firm MobiKwik will invest 3 billion rupees ($44.89 million) this year to expand its user base and rack up $10 billion worth of transactions on its platform, it said in a statement on Thursday. MobiKwik and Alibaba-backed bigger rival Paytm have been among the biggest beneficiaries of India''s drive to ban high-value currency notes late last year as more and more people used digital wallets to buy everything from groceries to fuel. MobiKwik said the investment will help it triple its user base to 150 million and drive up annual gross merchandise value, or the total value of transactions on its platform, by year end from the current $2 billion. The company is in talks to raise more funds at a level that would give the start-up a $1 billion valuation, its chief executive told Reuters earlier this month. MobiKwik''s current investors include U.S. technology venture capital investor Sequoia Capital, Taiwan''s MediaTek, Japan''s GMO Venture Partners, hedge fund Tree Line Asia and South Africa''s Net1. ($1 = 66.8325 Indian rupees) (Reporting by Sankalp Phartiyal and Devidutta Tripathy; Editing by Sunil Nair) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/mobikwik-investment-idUSL4N1G8321'|'2017-02-23T15:48:00.000+02:00'
'51352a8f25a889161f7f6bcaa68059ccb9327080'|'''Failure makes you more humble'' <20> Confessions of a Small Business - Guardian Small Business Network'|'Photograph: Diana Grave Download MP3 Supported by About this content   View more sharing options Share   Close Presented by Coco Khan and Produced by Rowan Slaney Friday 24 February 2017 12.27 GMT Subscribe and review on iTunes , Soundcloud & Mixcloud and join the discussion on Facebook and Twitter . John Stapleton, founder of New Covent Garden Soup Co, Little Dish and Glencoe Foods, was the keynote speaker at the Guardian Small Business Network<72>s Confessions of a Small Business Event on 6 February. In 1987, Stapleton co-launched New Covent Garden Soup at a time when soup was always bought in a can. He describes it as a <20>huge adventure<72> that he was <20>completely unprepared for<6F>. With big customers and orders flooding in, an overnight fire threatened to stall production for 10 weeks <20> a disaster for a product line with a short shelf life. Ten years later, he moved to California and set up Glencoe Foods but struggled to crack the US market. His third business, Little Dish, hit a speed bump in the early days, trying to find a reputable manufacturer and he and his co-founder changed factories six weeks before the planned launch date. In this podcast, Stapleton shares his thoughts on coping with failure as an entrepreneur, staying true to your values and dealing with adversity. Being an entrepreneur is all about taking risks, he says. Sometimes they work, sometimes they don<6F>t. Guardian Small Business Network Adventures in Business Entrepreneurs'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/small-business-network/audio/2017/feb/24/confessions-small-business-podcast-john-stapleton-new-covent-garden-soup'|'2017-02-24T19:27:00.000+02:00'
'92e9e99b245af48d448c5270be37f0687594e7fc'|'BRIEF-Nordstrom Q4 earnings per share $1.15'|' 52pm EST BRIEF-Nordstrom Q4 earnings per share $1.15 Feb 23 Nordstrom Inc * Q4 earnings per share $1.37 excluding items * Nordstrom fourth quarter and fiscal 2016 earnings exceeded expectations * Q4 sales $4.2 billion versus i/b/e/s view $4.35 billion * Q4 same store sales fell 0.9 percent * Sees 2017 comparable sales approximately flat * Q4 earnings per share $1.15 * Sees 2017 adjusted earnings per diluted share $2.75 to $3.00 * Nordstrom inc - company''s 2017 outlook includes impact of 53rd week, which is estimated to add approximately $200 million to total net sales * Q4 earnings per share view $1.15 -- Thomson Reuters I/B/E/S * Sees 2017 net sales increase of 3% to 4% * Fy earnings per share view $3.06, revenue view $15.43 billion -- Thomson Reuters I/B/E/S  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-nordstrom-q4-earnings-per-share-idUSL8N1G8984'|'2017-02-24T04:52:00.000+02:00'
'8d6eac673c0ea668099485d1f3faa817f7c3df8e'|'U.S. house prices to rise; analysts wary of deregulation: Reuters poll'|'The U.S. housing market will rise steadily and contribute significantly to economic growth in the coming year, according to a majority of analysts in a Reuters poll who nearly all agreed that further stimulus was not required.Steady turnover will drive home prices to rise at almost double the current rate of expected underlying consumer inflation and wages over the next few years, according to the survey conducted Feb 16-23.The S&P/Case-Shiller composite index of prices in 20 metropolitan areas is forecast to rise 4.9 percent in 2017 and 4.0 percent next year, according to the poll of about 30 analysts. Those are similar to predictions made in December.However, analysts were evenly split over the prospect of deregulation. U.S. President Donald Trump signed an executive order in early February to review major banking rules put in place after the 2008 financial crisis caused millions of people to lose their jobs and homes."Moving to ease back on those regulations now, when the market is already recovering and house prices are rising, would only increase the risk of another dangerous bubble forming," said Capital Economics property economist Matthew Pointon.Nearly a decade since the start of a crash that led to the collapse of U.S. investment bank Lehman Brothers and a punishing global recession, the U.S. housing market has recovered most of its losses.Those who said deregulation in the housing market was not a good idea cautioned of a repeat."Do you really want another housing crisis?" FAO Economics chief economist Robert Brusca said in response to the survey''s question on deregulation. "Been there. Done that. Made that mistake."Analysts said U.S. housing was strong enough to withstand the Federal Reserve''s plans for further interest rate hikes that in turn will increase mortgage costs.Poll respondents expect the 30-year mortgage rate to average 4.40 percent this year and rise to average 5.00 percent in 2018, above forecasts in the previous survey.The latest housing market data suggests no drag from higher mortgage rates and indicates the kind of turnover from before the last crisis. U.S. home resales in January rose to just below a decade high.A robust housing market ought to contribute significantly to economic growth this year, according to 24 of 37 analysts in the poll.Almost 90 percent of respondents said the housing market needed no stimulus, as that would probably make already expensive homes more unaffordable for first-time buyers."If the U.S. housing market doesn''t need one thing, it''s a boost in demand," said Ralph McLaughlin, chief economist of San Francisco-based online residential real estate website Trulia."The name of the housing game over the past several years has been tight inventory, not weak demand," McLaughlin said, "so any stimulus might cause prices to become even more out of reach in some of the country''s most expensive markets."Demand for housing has been underpinned by a strengthening labor market, which is improving employment opportunities for young adults and, in turn, boosting household formation.But a persistent shortage of properties remains a challenge. Housing inventory increased in January but remained near a record low. That led to a 7.1 percent surge in median house prices from a year earlier, the biggest increase in a year, to $228,900.Asked to rate affordability of U.S. housing on a scale of 1 being the cheapest and 10 the most unaffordable, the median answer was 6, similar to what analysts rated British property in a separate poll.While that consensus view has remained unchanged in polls since May, the range of forecasts in the latest survey is tilted toward house prices being more expensive."Rising mortgage rates and home price appreciation is becoming a substantial hurdle," said Wells Fargo senior economist Sam Bullard.(Polling and additional reporting by Vartika Sahu; Analysis by Sujith Pai and Hari Kishan; Editing by Ross Finley and Lisa Von Ahn)'|'reuters.co
'53670b404970cf0aa03e85a9c286cd874249b2c9'|'German two-year bond yields again fall to record low'|'LONDON Feb 24 Germany''s two-year government bond yield extended recent declines on Friday and again reached record lows.The European Central Bank''s bond-buying programme and upcoming regulatory changes have helped push short-dated German yields down, a trend exacerbated by investor concern over France''s presidential race.The two-year German Schatz yield fell as low as minus 0.931 percent in early Friday trade as an overnight decline in U.S. Treasury yields spilled over into German bond markets. It is on track to end the week 12 basis points lower -- more than in any single week since July 2012. (Reporting by Dhara Ranasinghe, editing by Larry King)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/eurozone-bonds-idINL8N1G910U'|'2017-02-24T04:25:00.000+02:00'
'fa148c58a617d27d1eef87f894fc564f57ade298'|'BRIEF-Stanley furniture reports 29 pct fall in Q4 sales'|' 52pm EST BRIEF-Stanley furniture reports 29 pct fall in Q4 sales Feb 22 Stanley Furniture Company Inc * Stanley furniture announces 2016 results * Q4 sales fell 29 percent to $9.8 million * Q4 loss per share $0.02 from continuing operations * Expect modest profits beginning with Q2 results and for total year * Stanley Furniture Company Inc - "sourcing delays continue to impact company''s ability to introduce new product at retail" Source  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-stanley-furniture-reports-29-pct-f-idUSASB0B1QK'|'2017-02-23T05:52:00.000+02:00'
'1033b15feb8bfc704533746d52b1c57b123e34f0'|'U.S. jobless claims up, four-week average lowest since 1973'|'WASHINGTON The number of Americans filing for unemployment benefits rose slightly more than expected last week, but the four-week average of claims fell to its lowest level since 1973, pointing to strengthening labor market conditions.Initial claims for state unemployment benefits increased 6,000 to a seasonally adjusted 244,000 for the week ended Feb. 18, the Labor Department said on Thursday. Economists polled by Reuters had forecast new claims for unemployment benefits rising to 241,000 in the latest week.The four-week moving average of claims, considered a bettermeasure of labor market trends as it irons out week-to-weekvolatility, fell 4,000 to 241,000 last week, the lowest reading since July 1973.(Reporting by Lucia Mutikani; Editing by Chizu Nomiyama)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/usa-economy-unemployment-idINKBN1621KK'|'2017-02-23T10:38:00.000+02:00'
'76fd13797f30a75dfd41ffa157216c46aa1dbd6c'|'Google, Dutch institute crack key internet security standard'|'Technology  46am EST Google, Dutch institute crack key internet security standard Attendees wait for the program to begin during the presentation of new Google hardware in San Francisco, California, U.S. October 4, 2016. REUTERS/Beck Diefenbach A collaboration between Google''s research unit and a Dutch institute on Thursday cracked a widely used cryptographic technology that has been one of the key building blocks of internet security. The algorithm, known as Secure Hash Algorithm 1 or SHA-1, is currently used to verify the integrity of digital files and signatures that secure credit card transactions as well as Git open-source software repositories. Researchers were able to demonstrate a "collision attack" using two different PDF files with the same SHA-1 fingerprint, but with different visible content, according to a paper published by Amsterdam-based Centrum Wiskunde & Informatica. "Moving forward, it''s more urgent than ever for security practitioners to migrate to safer cryptographic hashes such as SHA-256 and SHA-3," according to a post by the collaborators on Google''s security blog. (Reporting by Narottam Medhora in Bengaluru; Editing by Savio D''Souza) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-cyber-technology-idUSKBN1621R8'|'2017-02-23T21:42:00.000+02:00'
'26cc40a23721529edf8db73449c8a221392cc831'|'Ternium buys ThyssenKrupp''s Brazil mill for $1.3 billion'|'By Guillermo Parra-Bernal and Tatiana Bautzer - SAO PAULO SAO PAULO Ternium SA has agreed to buy 100 percent of ThyssenKrupp AG''s Brazilian mill CSA Cia Sider<65>rgica do Atlantico SA for 1.26 billion euros ($1.33 billion), ending five years of unsuccessful efforts by the German company to exit Latin America''s largest economy.Under terms of the deal, which was announced late on Tuesday, Ternium ( TX.N ) will also assume around 300 million euros that CSA owes to Brazil state development bank BNDES.Reuters reported in October that ThyssenKrupp and Ternium, a steelmaker in the Italian-Argentine Techint Group of industrial companies, were in advanced talks.In a statement, Daniel Novegil, Ternium''s chief executive officer, said the additional slab production from CSA will generate "new integration opportunities" with existing units in Mexico and Argentina.ThyssenKrupp sold the mill for a much lower price than the $3 billion initially expected by analysts and investors. CSA, the largest foreign investment project ever in Brazil, had an estimated cost of about $10 billion and has been operating since 2010.The CSA plant, which is located in the city of Santa Cruz in Brazil''s Rio de Janeiro state, has operated for six years with pre-license authorization after being the target of several pollution lawsuits. It only won a permanent operating license late last year.At the start of the decade, ThyssenKrupp decided to reduce exposure to steelmaking to concentrate on more profitable businesses including elevators, submarines and car parts and to grow in Europe.The company said in a statement the CSA sale was "another big step" of its strategy.ThyssenKrupp was forced to become the sole owner of CSA last April after former partner Vale SA ( VALE5.SA ), the world''s No. 1 iron ore producer, exited for a token sum.Vale announced at the time that it would have the right to receive part of what ThyssenKrupp would receive in a future sale, but the German group did not mention any payment to Vale in the statements announcing the sale.(Editing by Bill Rigby)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-csa-m-a-ternium-idINKBN16106R'|'2017-02-21T22:51:00.000+02:00'
'753a8f86bcf42165b839a472f4ec6fabfd24c14d'|'BRIEF-Papa John''s International reports Q4 earnings per share $0.88'|' 22pm EST BRIEF-Papa John''s International reports Q4 earnings per share $0.88 Feb 21 Papa John''s International Inc- * Papa John''s announces fourth quarter 2016 results * Q4 adjusted earnings per share $0.69 excluding items * Q4 gaap earnings per share $0.88 * Q4 revenue $439.6 million versus I/B/E/S view $446.9 million * Q4 earnings per share view $0.66 -- Thomson Reuters I/B/E/S * Papa John''s International Inc says system-wide North America comparable sales increases of 3.8% for Q4 and 3.5% for full year * Papa John''s International Inc sees 2017 diluted eps growth of 8.0% - 12.0% * Sees 2017 North America comparable sales of 2.0% - 4.0% * Papa John''s International Inc sees 2017 capital expenditures of $45 - $55 million * Papa John''s International Inc says international comparable sales increases of 5.6% for q4 and 6.0% for full year * Sees 2017 international comparable sales of 4.0% - 6.0% * Papa John''s International Inc sees 2017 net global new unit growth of 4.0% - 5.0% * FY2017 earnings per share view $2.83 -- Thomson Reuters I/B/E/S Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-papa-johns-international-reports-q-idUSASB0B1F5'|'2017-02-22T05:22:00.000+02:00'
'172c5b2e6cb101c2f86e08caea152d85b52335a2'|'CANADA STOCKS-TSX slumps most since Sept as energy, bank stocks weigh'|'(Adds investment advisor comment, updates prices to close)* TSX falls 247.73 points, or 1.57 percent, to 15,533.47* All TSX''s 10 main groups retreat in sharpest fall since Sept 13* Energy group falls more than 3 percentBy Alastair SharpTORONTO, Feb 24 Canada''s benchmark stock index slumped on Friday, dropping by the most in over five months in a sharp pullback from a record high set earlier in the week, as heavily-weighted energy and financial stocks led a broad-based retreat.The Toronto Stock Exchange''s S&P/TSX composite index ended down 247.73 points, or 1.57 percent, at 15,533.47, its sharpest one-day loss since Sept. 13.All of the index''s 10 main industry groups finished in the red, with the energy and financials groups - which account for 55 percent of the index''s weight - down 3.2 percent and 1.4 percent, respectively.Investors struggled to explain the severity of the declines, which contrasted with small gains on Wall Street, but also did not express surprise or concern."When you look at the run we''ve had, you''ve going to see a day like today, it''s inevitable," said Allan Small, a senior investment advisor at HollisWealth Inc."We''ll need a few days of this in a row for me to think there''s been a change in the momentum," he added.Royal Bank of Canada shares dropped 1.7 percent to C$96.61 despite beating forecasts with its first quarterly earnings of more than C$3 billion.Other heavyweight bank stocks fell by similar degrees.Suncor Energy Inc, Canada''s largest oil and gas producer, fell 3.8 percent to C$41.24.Oil prices fell about 1 percent as worries about rising U.S. supplies outweighed OPEC pledges to boost compliance with curbs on production.Husky Energy Inc shed 5.5 percent to C$15.50 even as the oil and gas producer reported a smaller-than-expected quarterly loss excluding one-time items.The company is mulling paring down its stakes in some of its eastern Canadian offshore assets, in a move that could fetch several billion dollars, people familiar with the talks told Reuters.Auto parts maker Magna International Inc tumbled 4.7 percent to C$56.43 after its profit missed estimates and it warned that a proposed U.S. border tax could hurt its operations and profitability.Shares in MacDonald Dettwiler and Associates Ltd tumbled 7.3 percent to C$63.96 after the company said it would buy U.S.-based DigitalGlobe Inc for about C$3.1 billion to strengthen its position in the satellite imagery market.The materials group, which includes precious and base metal miners and fertilizer companies, fell 1.4 percent, even as gold climbed to its highest in 3-1/2 months.Canada''s annual inflation rate jumped to a stronger-than-expected 2.1 percent in January, its highest in more than two years. (Additional reporting by Fergal Smith, editing by G Crosse)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/canada-stocks-idINL1N1G91YB'|'2017-02-24T19:24:00.000+02:00'
'c85181fdc925e6c9926c870d599f9407b60a1f51'|'Buffett calls Clayton Homes unit ''best-in-class'' despite critics'|'By Jonathan Stempel Feb 25 Warren Buffett on Saturday used part of his annual letter to Berkshire Hathaway Inc shareholders to defend the businesses practices of one of his conglomerate''s lesser-known but more controversial operating units: Clayton Homes.The mobile home unit, which Berkshire bought for $1.7 billion in 2003, came under fire in reports two years ago in the Seattle Times accusing Clayton of driving black, Latino and Native American borrowers into unaffordable subprime loans, and promoting a racist corporate culture.Clayton has forcefully denied such allegations, and Buffett''s annual letter came to its defense for the second straight year."Clayton and Berkshire have been a wonderful partnership," Buffett wrote. "Kevin Clayton came to us with a best-in-class management group and culture. Berkshire, in turn, provided unmatched staying power when the manufactured home industry fell apart during the Great Recession."Manufactured homes are often bought by people with low credit scores and incomes, with financial profiles that Buffett said can be easily damaged by divorce or death.He called such demographics a factor in Clayton''s decision to foreclose on 8,304 manufactured housing mortgages last year, or 2.5 percent of its portfolio, at a cost of $150 million, compared with 8,444 foreclosures costing $157 million in 2015.But he said the Maryville, Tennessee-based unit also gave loan extensions last year to 11,000 borrowers, and canceled $3.4 million of payments from 3,800 borrowers.About 94 percent of loan balances were current on payments, down from 95 percent a year earlier, Berkshire said.For all of 2016, Clayton''s pretax profit rose 5 percent to $744 million, mainly from its $13.3 billion mortgage portfolio.Revenue rose 18 percent to $4.23 billion, mainly from the sale of 42,075 homes, equal to 5 percent of all new American homes, Buffett said.Clayton accounts for about 2 percent of Berkshire''s overall profit. The Omaha, Nebraska-based parent has more than 90 operating units including insurers, energy providers, food and apparel producers, furniture and jewelry makers, and a railroad. (Reporting by Jonathan Stempel in New York)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/berkshire-hatha-buffett-claytonhomes-idINL1N1GA0BH'|'2017-02-25T15:29:00.000+02:00'
'51b8e37b93a521c1d6d939d9c5f521cf4952b96a'|'MOVES-Citigroup, Deutsche Bank, Sycomore, Commerzbank, J. Safra Sarasin'|'Feb 23 The following financial services industry appointments were announced on Thursday. To inform us of other job changes, email moves@thomsonreuters.com.CITIGROUP INCThe financial services company has appointed Antonin Jullier as global head of equity sales, filling the position left by the promotion of Murray Roos last year.DEUTSCHE BANK AGRaymond O''Leary, a senior official in Deutsche Bank''s emerging markets debt business, has left the firm, according to sources.ERNST & YOUNG LLPErnst & Young said TaxChat LLC''s co-founder Steve Toy joined the company after the accounting services firm bought certain assets of the on-demand tax preparation services startup.INTEGROThe insurance brokerage and risk management firm said it appointed Mike Price to lead its global sport team.SYCOMORE ASSET MANAGEMENTFrance''s asset management firm said on Thursday it appointed Alexandre Taieb as fund manager-analyst within its asset allocation team.COMMERZBANK AGCommerzbank''s Graham Lofts will leave his role as head of international loan origination after eight years to join the bank''s corporates international division as country manager UK.J. SAFRA SARASINSwiss private bank J. Safra Sarasin said Roberto Botta and a team of experienced bankers have joined its Lugano Branch to develop its domestic, Italian and international activities.ROBECO INSTITUTIONAL ASSET MANAGEMENT BVThe Netherlands-based asset management firm on Thursday appointed Peter Walsh as its UK business head. (Compiled by Ankit Ajmera in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/financial-moves-idINL4N1G84S2'|'2017-02-23T14:49:00.000+02:00'
'e259f4944e0d3ad99f8e551d05d62dccab9daaad'|'BRIEF-VBI Vaccines receives positive response from Health Canada''s initial evaluation of the proposed Sci-B-Vac Phase III clinical program'|'United States  24am EST BRIEF-VBI Vaccines receives positive response from Health Canada''s initial evaluation of the proposed Sci-B-Vac Phase III clinical program Feb 22 VBI Vaccines Inc * VBI Vaccines receives positive response from Health Canada''s initial evaluation of the proposed Sci-B-Vac Phase III clinical program * VBI Vaccines Inc - positive response from Health Canada enables us to submit formal CTA to Health Canada in first half of 2017    *  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-vbi-vaccines-receives-positive-res-idUSFWN1G70J1'|'2017-02-22T21:24:00.000+02:00'
'1048313b162610853b25b8de39f67e06f9a6fd22'|'Germany''s consumption-led upswing to continue, finance ministry says'|' 07pm GMT Germany''s consumption-led upswing to continue, finance ministry says People visit Germany''s oldest Christkindlesmarkt (Christ Child Market) in Nuremberg November 28, 2014. REUTERS/Michaela Rehle By Michael Nienaber - BERLIN BERLIN Feb 23 The German economy is doing well and its consumption-led upswing is likely to continue this year helped by record-high employment, rising real wages and ultra-low borrowing costs, the German finance ministry said on Thursday. "The German economy is on a solid growth path," the ministry said in its monthly report, adding that indicators signalled a continuation of the economic upswing in 2017. The upbeat comments should be positive news for the euro zone as a whole. As the largest economy, there is a strong correlation between what happens in Germany and in the rest of the bloc. The ministry''s report follows hard on the heels of the closely watched Ifo index, which showed on Wednesday that German business morale rose in February, boosting hopes for a robust start to 2017 despite worries about U.S. trade policies and the French election. That itself followed robust purchasing manager indexes for February showing Germany, France and the euro zone as a whole. Germany grew by 1.9 percent last year, the strongest rate in half a decade, driven by private consumption, state spending and construction. "Consumption will probably remain an important driver of economic growth," the ministry said, pointing to a number of factors such as rising employment, pay hikes, low interest rates and moderate, albeit rising energy prices. The economic upturn is pushing up tax income. In January, revenues of the federal government and the 16 regional states rose 4.0 percent on the year, the ministry said. That is above the projected rise of 2.9 percent for the whole year. The buoyant tax revenue has enabled Chancellor Angela Merkel''s government to raise state spending on roads, faster internet and refugees without taking on new debt. This means Finance Minister Wolfgang Schaeuble can stick to his cherished but internationally criticised goal of a balanced budget before federal elections in September. (Editing by Jeremy Gaunt) Peugeot sets sales and savings goals for Opel deal - sources LONDON/FRANKFURT/PARIS French carmaker PSA Group expects its planned acquisition of General Motors'' Opel division to lead to combined sales of 5 million vehicles by 2022 and save as much as 2 billion euros (1.69 billion pounds) annually, sources said, adding that a deal could be finalised in early March.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-germany-economy-idUKKBN1612XL'|'2017-02-23T06:07:00.000+02:00'
'3f0d1a46fcda7e436a8e89d1200ec6b7cf6c8477'|'Japanese stocks pare losses, heads for modest weekly gains'|' 33pm EST Japanese stocks pare losses, heads for modest weekly gains * Nikkei has added 0.6 pct for the week so far * Stocks with strong earnings prospects bought - analyst * Morinaga Milk and Morinaga & Co jump on merger report By Ayai Tomisawa TOKYO, Feb 24 Japanese stocks managed to steady from early falls on Friday as the yen weakened slightly during Asian trade, but political uncertainty abroad and U.S. tax policy kept most investors on the sidelines. The Nikkei edged down 0.1 percent to 19,347.97 in midmorning trade, crawling back from an intraday low of 19,219.58 hit at the open. For the week, the benchmark index has so far gained 0.6 percent. The broader Topix, meanwhile, was flat at 1,555.64. Traders said that investors were selective on a day of few catalysts. "Investors are cherry-picking stocks of companies which will likely outperform in the next fiscal year," said Norihiro Fujito, a senior investment strategist at Mitsubshi UFJ Morgan Stanley Securities. "It''s not like they are tilted towards defensive stocks or cyclical stocks... Even in cyclical stocks there are divided views and investors are cautious against increasing exposure to the auto sector now." Electronic components makers and industrial equipment makers with strong earnings prospects outperformed, with Alps Electric up 0.6 percent, Keyence Corp rising 1.1 percent and Advantest Corp adding 0.8 percent. Auto shares underperformed as investors fret over U.S. President Donald Trump''s protectionist stance. Toyota Motor Corp fell 0.6 percent and Mazda Motor Corp shed 0.3 percent. The transport equipment sector has fallen 2.7 percent so far this year, while the Nikkei has gained 1.3 percent. On Friday, the dollar rose 0.3 percent to 112.89 yen, compared to a two-week low of 112.55 plumbed overnight. Concerns over politics on both sides of the Atlantic helped the safe-haven yen overnight, with anti-EU French presidential candidate Marine Le Pen''s campaign and Trump''s timeline on various policies stoking demand for the yen. Also hurting the dollar was U.S. Treasury Secretary Steven Mnuchin''s comments to Fox Business Network that any policy steps the Trump administration takes would likely have a limited impact this year. He also told CNBC that he wanted to see tax reform passed before Congress'' August recess. Meanwhile, Morinaga & Co surged 6 percent and Morinaga Milk jumped 15 percent after the Nikkei reported that the two companies will integrate their businesses around April 2018. The JPX-Nikkei Index 400 was flat at 13,948.33. (Editing by Shri Navaratnam) Malaysian police looking for source of chemical used to kill N.Korean KUALA LUMPUR, Feb 24 Malaysian police are investigating whether the VX nerve agent used to kill Kim Jong Nam, the estranged half brother of North Korea''s leader, was brought into the country or produced in Malaysia, the country''s police chief said on Friday.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/japan-stocks-midday-idUSL4N1G91H0'|'2017-02-24T09:33:00.000+02:00'
'50a98bb16cc04f4bbf4b89acad547ceb431e4598'|'BRIEF-Craft Brew Alliance Inc reschedules Q4 and Full Year 2016 investor conference call'|' 09pm EST BRIEF-Craft Brew Alliance Inc reschedules Q4 and Full Year 2016 investor conference call Feb 23 Craft Brew Alliance Inc: * Craft Brew Alliance Inc says reschedules Q4 and full year 2016 investor conference call and form 10-k filing to March 13, 2017 * Craft Brew Alliance Inc says allowing more time for independent audit in light of changes in its contractual relationship with Anheuser-Busch Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-craft-brew-alliance-inc-reschedule-idUSFWN1G816U'|'2017-02-24T06:09:00.000+02:00'
'10ffea771f72191a3703b9c400d158dc6fb9d84b'|'Cautious BOK keeps interest rates steady as uncertainty dominates - Reuters'|'By Christine Kim and Cynthia Kim - SEOUL SEOUL South Korea''s central bank opted for stability on Thursday, keeping its interest rates unchanged for an eighth straight month as it faces declining consumer confidence, trade challenges, and a government in turmoil from a political scandal.The Bank of Korea left its base rate at 1.25 percent, a record-low, with Governor Lee Ju-yeol noting the board''s views on the economy had not changed since January when it last convened."There is no change to our previous stance that policy will be kept accommodative," Lee said.South Korea has worried that its exports are at risk from U.S. President Donald Trump''s threatened trade tariffs, especially if the United States declares South Korea a "currency manipulator"."I don''t see a large possibility of Korea being named a currency manipulator," Lee told a news conference."The (official stance of the BOK) is that the FX rate should be determined by the market. Authorities only smooth when volatility is extreme from herd behaviors."Yoon Yeo-sam, fixed-income analyst at Mirae Asset Daewoo Securities, shared the governor''s view that the likelihood of the United States branding Seoul a currency manipulator was remote."There is little grounds to do that," Yoon said. "There will be damage to the U.S. if it names South Korea a currency manipulator, so it seems reasonable to think that Korea won''t get that label."Lee maintained a neutral stance throughout his post-decision news conference, stressing exports were not yet out of the woods but were expected to do better this year than forecast.Inflation, despite a recent acceleration, would also linger close to the bank''s 2-percent inflation target, he said.A majority of analysts forecast the bank will stay its hand through year-end, although the Bank of Korea has been eyeing steadily snowballing household debt. Data earlier this week showed the debt soared last quarter at its fastest annual pace in more than a decade.Lee also noted that FX swap rates, used in transactions aimed at avoiding currency risk, were falling because of a narrowing interest rate differential between overseas countries and South Korea''s domestic market."Chances of FX swap rates falling further from current level aren''t that big."A BOK statement noted that the BOK board would closely monitor domestic and external threats from the U.S. Federal Reserve''s normalization of monetary policy."The BOK is likely training its focus outside the country, as policy in the United States is still fluid while there are upcoming elections in Europe," said Kim Jin-a, a fixed-income analyst at ILK Securities."At this point it looks like the BOK will keep rates unchanged all year."The South Korean central bank is also waiting for the Constitutional Court to decide in coming weeks whether it will uphold parliament''s vote to impeach President Park Geun-hye over an influence-peddling scandal.Park is accused of acting with her long-time friend, Choir Soon, to pressure big businesses including Samsung Group to donate to two foundations set up to back the president''s policy initiatives.Jay Y. Lee, scion of Samsung Group, has been kept behind bars since he was arrested on Feb. 17 for his alleged role in the corruption scandal.Park is also accused of allowing Choir to exert inappropriate influence over state affairs. Both women have denied wrongdoing.If Park is impeached, a presidential election will be automatically triggered within 60 days. This could mean many policy changes, including economic measures, and the central bank is unlikely to change policy amid such uncertainty.Concerns over trade protectionism expanding under U.S. President Donald Trump are a factor for the BOK to observe closely, given South Korean exports have begun to recover.(Reporting by Christine Kim and Cynthia Kim; Additional reporting by Dahee Kim; Editing by Eric Meijer)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/articl
'e497f7620ab855f41d173a72c7ac4f0e55fc58a5'|'Losses of <20>58bn since the 2008 bailout <20> how did RBS get here?'|'Royal Bank of Scotland Losses of <20>58bn since the 2008 bailout <20> how did RBS get here? Flawed takeover bids, bad lending, and a tower of legal bills have left the Royal Bank of Scotland deep in the red Since the taxpayer-funded bailout of 2008, the Edinburgh bank has only racked up more losses. Photograph: Andy Rain/EPA View more sharing options Jill Treanor Friday 24 February 2017 18.23 GMT Sir Howard Davies, chairman of Royal Bank of Scotland, described the <20>7bn loss the bank rang up last year as <20>stark<72>. But it is just a fraction of the bank<6E>s towering total losses of <20>58bn over the 9 years since it was bailed out by the taxpayer. And the bank will rack up even more losses this year. RBS braced for multi-billion-pound settlement for loan-misselling scandal Read more The reported losses hide the true extent of the problems inside the Edinburgh-based bank, because they have been offset by the cash RBS has continued to generate since its <20>45bn rescue. The total cost of disastrous lending, over-paying for takeovers, fines and legal bills actually tops <20>90bn. Some of the key causes of RBS<42>s long period in the red are: Troubled takeovers <20>which required more than <20>16bn of goodwill write downs in 2008. That was the year of the banking crisis and the year after RBS took over Dutch bank ABN Amro , which left the UK bank with inadequate capital levels. Fred Goodwin, who left at the time of the bailout, was famously dubbed a megalomaniac by an analyst . Included in the writedowns was <20>7.6bn for ABN and <20>4.3bn for buying the Charter One US bank in 2004. Restructuring charges <20> have left the cost of shrinking the bank at <20>13bn, as RBS has sold businesses and slashed costs in an effort to stem losses. An estimated 90,000 jobs have gone from the business since 2008, when RBS had operations in 54 countries that spanned all areas of financing, from aircraft leasing to current accounts. As a penalty for the state aid required to keep the bank in business. the EU forced RBS to sell off businesses including commodity broker Sempra , the money transmission business WorldPay, insurer Direct Line and US bank Citizens . All these took thousands of staff with them. The EU also demanded RBS get rid of 300 UK branches. They were separated and RBS tried to sell them, but that effort has now been abandoned - at a cost of <20>2.5bn. Treasury plan may allow RBS to avoid selling 300 branches Read more Bad lending and other poor trading decisions <20> caused impairment charges <20> to cover loans that will never be repaid in full, or at all <20> of more than <20>40bn. These peaked at <20>14bn in 2009, but have continued to gouge deep holes in the bank<6E>s profits well into to 2014. Ulster Bank lending was a big source of these bad debts, along with loans made by Citizens in the US, and losses in the UK on mortgages, credit card losses and to major British companies. Fines and legal costs <20> have amounted to <20>15bn. They started to bite in 2011 when RBS <20> like other banks <20> began setting aside bilions to compensate customers mis-sold payment protection insurance . Its bill for PPI has now reached almost <20>5bn, while the industry<72>s has topped <20>30bn. In 2013 RBS was also fined <20>390m for rigging Libor and <20>800m for manipulating foreign exchange markets. The bank has just set aside a new <20>5.9bn to cover a settlement with the US Department of Justice over the decade-old scandal in the US over mis-selling residential mortgage backed securities. Credit losses <20>some <20>7bn was lost on complicated credit derivatives trades in the 2007 credit crunch, which turned toxic.'|'theguardian.com'|'http://www.guardian.co.uk/business/economics/rss'|'https://www.theguardian.com/business/2017/feb/24/90bn-in-bills-since-2008-how-did-rbs-get-here-financial-crisis-'|'2017-02-25T01:23:00.000+02:00'
'55c27392f50f662690a2c9823e53452a91911566'|'One fifth of UK shoppers fear Brexit may impact spending - PwC survey'|'Business News - Thu Feb 23, 2017 - 12:08am GMT One fifth of UK shoppers fear Brexit may impact spending - PwC survey A shopper browses at a vegetable market, in London, Britain February 3, 2017. REUTERS/Peter Nicholls LONDON More than 20 percent of UK consumers are worried about the impact of Brexit on their spending plans over the next year, according to a report published by PwC on Thursday. The business advisory group said its survey also found that almost six in ten British consumers are concerned about their lack of disposable income. Last week, official data showed British shoppers unexpectedly cut back on spending in January after last year''s Brexit vote pushed up inflation - the strongest sign to date the UK economy is heading for a slowdown. Consumers were barely fazed last year by June''s decision to leave the European Union. But they are turning more cautious with prices rising quickly in response to the post-referendum slump in the value of the pound and higher oil prices. PwC''s survey of more than 1,000 UK shoppers found that price was still the most important factor for determining customer loyalty, with 59 percent of respondents saying they returned to a retailer because prices were good. Other important reasons were trust in the brand (43 percent)and items being in stock (37 percent). The report also highlighted an increasing reliance on Amazon ( AMZN.O ), with 91 percent of UK shoppers using the internet retailer. (Reporting by James Davey; Editing by Mark Potter) Next In Business News Peugeot sets sales and savings goals for Opel deal - sources LONDON/FRANKFURT/PARIS French carmaker PSA Group expects its planned acquisition of General Motors'' Opel division to lead to combined sales of 5 million vehicles by 2022 and save as much as 2 billion euros (1.69 billion pounds) annually, sources said, adding that a deal could be finalised in early March. Experts must admit uncertainty to regain trust, says top BoE official OXFORD, England Economic experts, maligned in an age of populist movements and fake news, must come clean when they are uncertain about the future if they are to regain the trust of the public, Bank of England Deputy Governor Minouche Shafik said on Wednesday. WASHINGTON Many Federal Reserve policymakers said it may be appropriate to raise interest rates again "fairly soon" should jobs and inflation data come in line with expectations, according to the minutes of the Fed''s last policy meeting released on Wednesday. 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-britain-retail-pwc-idUKKBN16200J'|'2017-02-23T07:08:00.000+02:00'
'9a840f6142a6ed29512c518d214151044b736f56'|'Aramco IPO could push other Gulf states to list oil assets: economist'|'KHOBAR, Saudi Arabia Saudi Aramco''s initial public offering (IPO) could encourage other Gulf countries to list their oil assets, a leading regional economist said, but the oil giant must clear uncertainties over taxation, OPEC policy and ownership of crude.Nasser Saidi, a former economy minister of Lebanon, told Dubai Eye Radio in an interview broadcast on Wednesday that Aramco has to address how the company will separate its assets and liabilities from those of the state."Many countries could follow in the region. (The) UAE I think could potentially be attracted to this," Saidi said."We have long discussed the possibility that well-performing state enterprises could be listed, and potentially this could open the road for that," Saidi, also a former chief economist and head of external relations at the Dubai International Financial Centre, added.While Aramco is the world''s largest oil firm, the United Arab Emirates, Kuwait and Qatar also hold major oil assets that are managed by state companies.The listing of Aramco IPO-ARMO.SE, expected to be the world''s biggest IPO and raise tens of billions of dollars, is a centerpiece of the Saudi government''s ambitious "Vision 2030" plan to diversify the economy beyond oil.When the plan was announced in June last year, it pledged to "transform Aramco from an oil-producing company into a global industrial conglomerate", although Saudi officials still debate the shape the company should take.The Saudi government plans to list up to 5 percent of Aramco next year on the local bourse and international stock markets.The proceeds will be used to invest in other sectors likely to create jobs for young Saudis.But for the plan to succeed, Saidi said Aramco must address issues related to governance, transparency and "who owns the natural resource wealth of Saudi Arabia"."The big issue really is one of public finances and separating out private ownership from public and state ownership," he added.Saidi also pointed to questions concerning the 20 percent royalty and 85 percent tax that Aramco pays to the government, which many investors believe could lower its value in an IPO."There is a lot of uncertainty as to what sort of taxation regime will be applied to Aramco, whether or not resources under the ground will be included and how do you separate out those from those above and other activities," he said.This could lead to other questions on Saudi Arabia''s leading role in the Organization of the Petroleum Exporting Countries, which sets production targets and allocates them among members."What happens if you have a board? Are you going to separate out political decision-making ... from that which is in the best interest of Aramco?" he said.(Reporting by Reem Shamseddine and Katie Paul; Editing by Sami Aboudi and Dale Hudson)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-aramco-ipo-economist-idUSKBN16219C'|'2017-02-23T14:44:00.000+02:00'
'59b251dcc81868e1a4a6236cb6ec6484de92def3'|'RSA posts 2016 operating profit beat, ups return on equity target'|'Business News - Thu Feb 23, 2017 - 7:37am GMT RSA posts 2016 operating profit beat, ups return on equity target A sign of RSA insurance company is pictured outside its office in London in this December 13, 2013 file photo. REUTERS/Toby Melville/Files LONDON Insurer RSA ( RSA.L ) posted a 25 percent rise in 2016 operating profit to an above-forecast 655 million pounds ($814.49 million) due to strong performance in most of its core businesses, and raised its target for return on equity. Analysts in a company-supplied forecast had expected an operating profit of 626 million pounds. RSA, which has been undergoing a restructuring programme under ex-RBS boss Stephen Hester, raised its target for return on tangible equity to 13-17 percent from a previous range of 12-15 percent, and said in a statement on Thursday it hoped to "perform in the upper part of this range". RSA said its cost-reduction programme was ahead of original targets and it was upgrading that target for a third time to more than 400 million sterling of gross annualised savings by 2018, from a previous target of more than 350 million sterling. The insurer said it would pay a final dividend of 11 pence per share and total dividend of 16 pence, up 52 percent from a year earlier and above a forecast 15.1 pence. ($1 = 0.8042 pounds) (Reporting by Carolyn Cohn; editing by Simon Jessop) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-rsa-results-idUKKBN1620O8'|'2017-02-23T14:37:00.000+02:00'
'1daea280fb6d4f13d244c7d2549d922cc481bba5'|'Opel works council to seek contact with PSA labour bosses'|' 51am EST Opel works council to seek contact with PSA labour bosses FRANKFURT Feb 24 Opel''s European works council said it had agreed to open a line of communication with its counterpart at PSA Group as the French carmaker holds talks over a tie-up with the company. PSA, the Paris-based maker of Peugeot and Citroen cars, and General Motors confirmed on Feb. 14 they were in talks over a PSA-Opel tie-up to create Europe''s second-largest carmaker by sales after Volkswagen. The news has sparked criticism in Germany and Britain amid fears of possible job losses. Opel''s European works council in a joint statement with Opel on Friday called on GM to "fulfil all agreements and commitments necessary for the success of the sites and the future company". (Reporting by Maria Sheahan; Editing by Arno Schuetze)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/opel-ma-psa-labour-idUSF9N1FN024'|'2017-02-24T17:51:00.000+02:00'
'c0acf019eb0998b8eb064a37ecbe43fac23b4910'|'Brussels Airport being prepped for sale as Macquarie seeks exit - sources'|' 01am GMT Brussels Airport being prepped for sale as Macquarie seeks exit - sources A security guard walks outside the departure hall at Zaventem international airport near Brussels, Belgium, August 10, 2016. REUTERS/Francois Lenoir By Arno Schuetze and Dasha Afanasieva - LONDON LONDON Brussels airport is being prepared for a potential sale as one of its owners is planning an exit from Belgium''s main hub, several people close to the matter said. Brussels is Europe''s 26th largest airport and serves as hub for Brussels Airlines, which is being fully taken over by Lufthansa ( LHAG.DE ). It saw passenger numbers drop 7 percent last year to 21.8 million as a result of the attacks in March, which forced the closure of the airport for 12 days. Australian Macquarie''s infrastructure fund, which owns a 36 percent stake, is currently in talks with co-owner Ontario Teachers'' Pension Plan (OTPP), which has 39 percent, on whether the Canadian investor wants to increase its stake, the people said. If those negotiations fail to come to a successful end, an auction will be started to find a third party investor, they said, adding that JP Morgan has been tasked with overseeing the process. Macquarie and JP Morgan declined to comment. (Additional reporting by Victoria Bryan; Editing by Maria Sheahan)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-brusselsairport-sale-idUKKBN1620VV'|'2017-02-23T16:01:00.000+02:00'
'3ee3c23c1c5fb26c19c0e78400050323adcfa0b7'|'RBS posts <20>6.96 billion loss in ninth straight year without a profit'|'  7:20am GMT RBS posts <20>6.96 billion loss in ninth straight year without a profit left right A Royal Bank of Scotland branch is seen in central London, Britain February 21, 2009. REUTERS/Luke MacGregor/File Photo 1/2 left right The Royal Bank of Scotland is seen in the High Street in Linlithgow, Scotland, Britain February 8, 2017. Picture taken February 8, 2017. REUTERS/Russell Cheyne 2/2 LONDON Royal Bank of Scotland ( RBS.L ) reported on Friday a sharp rise in losses as higher misconduct charges and restructuring costs underscored the challenges facing the lender nine years after it required the world''s biggest bank bailout. RBS, which has not made an annual profit since 2007, booked 6.96 billion pounds of losses for 2016, against a 1.98 billion pound loss in the same period a year earlier. Once, briefly, the world''s largest bank by assets, RBS is in the midst of a vast, multi-year restructuring of the bank, which includes asset sales, job cuts and wading through a series of legal scandals. "This is a bank that has been on a remarkable journey. We still have further to go. But the next three years will not be the same as the past three," Chief Executive Ross McEwan said in the statement. RBS announced plans to cut 750 million pounds of costs from the business next year to help offset the challenge of a low interest rate economy that makes it harder for the bank to make money. (Reporting By Andrew MacAskill and Lawrence White) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-rbs-results-idUKKBN1630KZ'|'2017-02-24T14:20:00.000+02:00'
'8e75e72cd8fe2e965be4f217c858232a8f192c43'|'Analysis - Peugeot-Opel deal promises Big Bang in small cars: sources'|'Business News - Thu Feb 23, 2017 - 3:36pm GMT Analysis - Peugeot-Opel deal promises Big Bang in small cars: sources left right Carlos Tavares, Chairman of the Managing Board of French carmaker PSA Peugeot Citroen, arrives to attend a news conference to present the company''s 2016 annual results at Peugeot headquarters in Paris, France, February 23, 2017. REUTERS/Gonzalo Fuentes 1/2 left right The Peugeot logo is seen on a car at a dealership of French car maker PSA Peugeot-Citroen in Selestat, eastern France, September 7, 2012. REUTERS/Vincent Kessler 2/2 By Laurence Frost and Gilles Guillaume - PARIS PARIS French carmaker PSA Group ( PEUP.PA ) is planning an engineering blitz to redevelop Opel''s core models with its own technology if it succeeds in buying General Motors'' ( GM.N ) European arm, company sources and advisers told Reuters. The Peugeot maker, which is in talks with GM on an Opel deal, wants to build the next Corsa mini on the same architecture as its Peugeot 208 and Citroen C3 models, several sources said. This presents a tough challenge as the new GM model is due for an update in two years, leaving little time for a major reworking of its design. PSA''s alternative, however, would be to wait until around 2025 - the end of its next model cycle - to tap cost savings in the best-selling vehicle category. Chief Executive Carlos Tavares outlined the plan at a PSA board meeting on Wednesday, one source said. The aim would be to fuse the small car categories that PSA and GM failed to combine under a looser 2012 alliance that missed key targets. Tavares refused on Thursday to comment on the details of possible PSA-Opel vehicle programmes as he presented record PSA earnings to reporters and analysts, stressing that the acquisition had yet to be agreed with GM. But he said the combined company would aim to sell more than 5 million vehicles annually within "a few years", confirming an earlier Reuters report. PSA and GM Europe delivered 4.3 million vehicles between them last year. "When you look at the product plan you see that you can, in a quite speedy way, implement significant synergies," Tavares said. The next Corsa and related Mokka X mini-SUV are among a wave of small Opel cars already in development for launch in 2019. The two models represent 40 percent of GM''s European sales, according to LMC Automotive data. PSA wants the Opel deal to yield cost synergies of between 1.5 billion and 2 billion euros (<28>1.26-1.77 billion), sources close to the talks have said. PSA and GM have tried before to combine their small cars - the failed centrepiece of a "global strategic alliance" unveiled in 2012 and rapidly scaled back to three shared projects from 40 initially considered. Gilles Le Borgne, the PSA engineering chief, told Reuters the earlier small car plans had foundered because GM chose instead to develop the Corsa on its own architecture, pursuing economies of scale between its Opel and Chevrolet brands. "It''s completely different now," Le Borgne said on Thursday, adding that engineering teams were ready to move fast. "It would be stupid to miss another cycle," he said, adding that it normally takes more than three years to develop a new model. JOB CONCERNS A swift convergence of small car design and production may deepen concern over possible job losses, especially in Germany - home to about half the 38,000-strong GM Europe workforce. The competing PSA and Opel small car and SUV line-ups are currently spread among no fewer than five European plants: Opel Eisenach, Germany, and Zaragoza, Spain; and PSA Poissy and Mulhouse, France, and Trnava, Slovakia. Tavares has promised to honour existing GM plant and job guarantees, but many of those expire in 2018-2020 - around the time the first jointly-developed products would be arriving. "Given the massive overlap of the two businesses, there should be no illusion as to what will need to happen," Evercore ISI analyst Arndt Ellinghorst said in a recent not
'7a81b6773cc8d555bae5dc4abd2414a70408821c'|'French, German ministers say share job concerns in PSA-Opel deal'|'Company  05am EST French, German ministers say share job concerns in PSA-Opel deal PARIS Feb 23 France and Germany share common concerns about the impact on jobs from PSA Group''s proposed tied-up with General Motor''s Opel unit, the two countries'' economy ministers said on Wednesday after talks in Paris. French Economy Minister Michel Sapin said it was in the interest of Peugeot-maker PSA that Opel''s autonomy is fully preserved in the deal. His German counterpart, Brigitte Zypries, said that the priority for Germany was that Opel''s production and research and development sites were kept going. (Reporting by Yann Le Guernigou; Writing by Leigh Thomas; Editing by Sudip Kar-Gupta) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/opel-ma-psa-ministers-idUSP6N1E300J'|'2017-02-23T21:05:00.000+02:00'
'afe708400fe17f7c47ef3ba18e68428d2f038e6b'|'UPDATE 1-Brazil''s Vale sees iron ore price above $80/tonne in 2017'|'Company News  10am EST UPDATE 1-Brazil''s Vale sees iron ore price above $80/tonne in 2017 (Adds Poppinga quotes) BRASILIA Feb 23 Brazilian miner Vale SA expects the global price of iron ore to average above $80 per tonne in 2017, on the back of increasing steel demand and a smaller rise in new production entering the market, the company''s executive director of ferrous minerals said on Thursday. "2017 will be a strong year, the demand for steel is higher than 2016 and the new supply entering the market is less than in 2016," Peter Poppinga said on a call to discuss fourth-quarter results for the world''s largest iron ore producer. Poppinga said Vale estimates just 45 million tonnes of new iron ore supply will come into the seaborne market in 2017, down from 70 million tonnes last year. The price of iron ore rose around 80 percent over 2016. On Tuesday the price of spot iron ore .IO62-CNO=MB hit $94.86, the highest since August 2014. Poppinga said the combination in China of infrastructure stimulus and the exiting of low-grade domestic iron ore production should continue to prop up prices throughout the year. Looking ahead to 2018, Poppinga said he expected at least 50 percent of fresh iron ore supply entering the market to be Vale''s own production as its new S11D mine starts to reach capacity. Vale will be careful not to upset the balance of the market, he said. "Vale will behave pretty conservatively and responsibly, always maximizing our margins," he said. (Reporting by Stephen Eisenhammer and Marta Nogueira; Editing by W Simon and Meredith Mazzilli) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/vale-results-call-idUSL1N1G80RH'|'2017-02-23T22:10:00.000+02:00'
'0f728b2b54be42ea0367a983dbe04ebeefee6207'|'Germany, France want long-term prospects for workers in PSA/Opel merger'|' 11pm GMT Germany, France want long-term prospects for workers in PSA/Opel merger The logo of German car maker Opel is seen at a dealership in Marseille, France, February 22, 2017. REUTERS/Jean-Paul Pelissier BERLIN France and Germany on Thursday called on the management of General Motors ( GM.N ) and PSA Group ( PEUP.PA ) to give a "long-term perspective" for all production sites in the proposed acquisition of Opel from the U.S. carmaker. They also said that both Opel and Peugeot should keep their own brand names and separate management entities. "The merged company needs a sustainable strategy for the future with a long-term perspective for all production sites, development centres and staff," French Economy Minister Michel Sapin and his German counterpart Brigitte Zypries said in joint statement published after talks in Paris. "Workers from both companies need clarity quickly and have to be involved in further talks," the ministers said. Paris-based PSA and GM confirmed last week that they were in negotiations on a deal to create Europe''s second-largest carmaker by sales behind Volkswagen ( VOWG_p.DE ), sparking criticism in Germany and Britain amid fears of possible job losses. (Reporting by Michael Nienaber; Editing by Madeline Chambers)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-peugeot-opel-m-a-ministers-idUKKBN1621O4'|'2017-02-23T21:11:00.000+02:00'
'195b43cbb9e270b096062d5e9f009f6ec855a51c'|'Government pension scheme begins ditching oil and gas investments - Money'|'A giant pension scheme with more than 4 million members is shifting almost 10% of its investments into a new climate change fund designed to move people<6C>s money out of fossil fuels and into renewable energy.Nest (National Employment Savings Trust), a publicly owned scheme set up by the government, said it was moving <20>130m into the fund because it wanted to protect its worker members from the risks associated with climate change by reducing their exposure to companies with reserves of coal, oil and gas.Nest has named oil groups Shell and ExxonMobil as two of the companies in which it is set to scale back its investment, with SSE, one of Britain<69>s biggest energy firms, one of those likely to be a beneficiary of the new strategy.The move has been welcomed by climate change campaigners and comes amid an ongoing global carbon divestment campaign that has succeeded in persuading hundreds of institutions, including universities, pension funds and charitable foundations, to dump billions of pounds of shares in carbon-intensive industries. The Guardian has been running its own campaign called Keep it in the ground .The move by Nest is notable because it is a public body <20> it was set up by the government to help employers meet their obligations under the automatic enrolment retirement saving initiative, which went live in 2012. Nest is now looking after the pension pots of more than 4 million UK workers, investing <20>1.5bn on their behalf, and has signed up more than 290,000 employers. These numbers are expected to increase markedly over the next few years, making Nest a major shareholder and, it hopes, a difficult voice to ignore.Most of the money looked after by Nest is invested in its retirement date funds <20> there are 47 of these, with each worker put into the one appropriate for their age. It is <20>130m of this total pot that is being moved into a new <20>climate-aware<72> fund managed by UBS Asset Management, which has been developed to allow members to <20>benefit from the transition to a low-carbon economy<6D>.However, Nest is not describing this as a divestment strategy because it is not pulling all of its funds out of oil, gas and coal companies. Instead, it will apply a positive <20>tilt<6C> that will increase investment in companies identified as vital to combating climate change, such as those working on renewable energy or those that are making the necessary changes to adapt to a lower-carbon future. At the same time it will reduce investment in companies that are heavy carbon emitters, have fossil fuel reserves or are not making the sorts of changes needed to meet emission reduction targets.The focus will also be on engagement, to encourage companies to improve and future-proof their business models.A Nest spokeswoman said: <20>This move sends a strong message to companies Nest invests in that it expects to see measurable progress towards environmental sustainability.<2E>The plan is that younger workers will have greater exposure to the new fund than older members because it is the former who are more likely to be impacted by the move to a lower-carbon economy.Mark Fawcett, chief investment officer of Nest, said: <20>As responsible long-term investors on behalf of our members, we can<61>t afford to ignore climate change risks, and we<77>ve committed to being part of the solution.<2E>Sectors where Nest/UBS will be investing less than they would otherwise include mining, oil and gas, beverages, aerospace and defence, travel and leisure, and food production. Companies where they expect to <20>dial down<77> investment include Shell, ExxonMobil and fellow oil company Chevron, plus BHP Billiton, the world<6C>s biggest mining firm.SSE is one of the companies where Nest is likely to increase its investment. In the first six months of 2016-17, SSE invested around <20>125m in renewable generation and aims to reduce the carbon intensity of its overall electricity generation by 50% between 2006 and 2020.Pensions Climate change Fossil fuels Energy Fossil fuel di
'1f3184f4f53db859f33e7ca81f2e361d7b1fe5e6'|'Low-carbon policy ''less vital than low energy bills and security'' - Business'|'Ministers should establish a new energy commission to spur on construction of power stations because successive governments have failed to encourage enough fresh power capacity in the UK, according to a House of Lords report.Subsidy-backed growth in renewable energy projects, such as windfarms, has deterred the construction of new conventional power plants, the economic affairs committee claimed. The peers envisage the new energy commission would oversee auctions where all technologies, including gas power, competed for guaranteed electricity prices. The auctions would provide the required amount of capacity and cap carbon emissions.At present the government only allows low-carbon power, such as windfarms and new nuclear power stations, to compete in auctions for such deals, known as contracts for difference.The influential cross-party group of peers concluded that successive governments have got their priorities wrong on energy policy by giving priority to carbon emissions cuts <20> a statutory duty under the Climate Change Act <20> over keeping costs down and keeping the lights on.UK offshore wind ''will lower energy bills'' more than nuclear Read more The report has sparked an angry response. Robert Gross, director of the centre for energy policy and technology at Imperial College, London, said: <20>The term <20>post truth<74> has become over-used. Yet it would be possible to take all the evidence the committee presents and tell a completely different story: there<72>s been huge success in growing renewables and reducing emissions from the power sector.<2E>Lord Hollick, the committee<65>s chair, said: <20>We are critical of the drift that<61>s taken place over the last 15 years or so, which has delivered on the decarbonisation agenda but very much at the expense of consumers paying 58% more than they were in 2003. On the affordability front we haven<65>t looked after consumers.<2E> Zero carbon emissions target to be enshrined in UK law Read more The peers, who include the former chancellor Norman Lamont, and a former head of the civil service, Andrew Turnbull, said security of supply should become the key aim of energy policy, above decarbonisation and cost. <20>Low-carbon but chronically unreliable electricity is not acceptable. Similarly very cheap prices at the expense of frequent shortages would be unacceptable,<2C> the report says, which also claims fossil fuels have remained cheaper than renewable sources.But Paul Massara, the former chief executive of npower who now runs the renewable energy firm North Star Solar, said the committee was simply wrong to say fossil fuels were always cheaper than renewables, and condemned the report as <20>backward looking<6E>.Darren Baxter, a researcher at the Institute for Public Policy Research thinktank, said: <20>A failure to keep the pace up with decarbonisation, as suggested in this report, would be a disaster for the north [of England] and its growing low-carbon economy.<2E>Greg Clark to meet energy firms over ''profiteering'' claims Read more Hollick told the Guardian that the government had micromanaged the energy market and did not need to interfere as much. He said the government <20>should now allow the energy commission to move forward, to run auctions, to fill the gap and to build a properly balanced [energy system]<5D>.Hollick denied the report was anti-renewables. <20>Exactly the opposite. We see renewables very much as the way forward,<2C> he said, arguing that more public money should go into R&D in renewables and energy storage.Toshiba crisis: unions urge government to ''get a grip'' on nuclear policy Read more The committee also urged the government to publish its plan B if the Hinkley Point C nuclear power station, which is expected to provide 7% of the UK<55>s electricity from 2025, is delayed or even cancelled. Hollick said the biggest surprise during the committee<65>s inquiry was the <20>fragility<74> of the government<6E>s nuclear ambitions, which envisage new nuclear reactors in Somerset, Suffolk, Anglesey an
'70c74674126e80b83cecb8484cf2fb26baca9907'|'Thyssenkrupp expects CSA sale to lead to net loss'|'FRANKFURT Thyssenkrupp ( TKAG.DE ) expects the sale of CSA to Ternium ( TX.N ) to lead to a net loss as it takes a 900 million euro ($946.5 million) writedown on the Brazilian steel mill.Thyssenkrupp has agreed to sell CSA to Ternium for an enterprise value of 1.5 billion euros ($1.58 billion). The deal will result in a cash inflow with closing, expected by the end of September, while the writedown is taken at signing.Thyssenkrupp previously said it expected net income for its financial year through the end of September to clearly improve from the year-earlier level of 296 million euros.(Reporting by Maria Sheahan; Editing by Victoria Bryan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-csa-m-a-ternium-idINKBN1610Y2'|'2017-02-22T06:50:00.000+02:00'
'555e47206f04a0781ad943a8b20a5fc2967e94f8'|'Hard Rock seeks up to 60 percent in Japanese casino'|'By Thomas Wilson and Emi Emoto - TOKYO TOKYO Hard Rock Cafe International is looking to buy up to a 60 percent stake in a Japanese casino resort, its chairman said on Tuesday, seeking entry into what could become the world''s second-biggest casino market.Hard Rock, famous for its music-themed restaurants, last month opened a Japan unit with a view to grabbing a slice of the action after the country''s legalization of casinos.Japan''s regulation of the sector is expected to be laid out in law by December and Florida-based Hard Rock is among a crowded field -- including Las Vegas Sands ( LVS.N ), Wynn Resorts ( WYNN.O ) and MGM Resorts International ( MGM.N ) -- vying for potentially lucrative operating rights.Hard Rock, which has 11 casinos in North America, is seeking to partner Japanese companies in a consortium, Chairman James Allen told Reuters."We are looking at 40-60 percent equity participation," he said. "It''s important to make sure our local partners are involved in the relationship, not just as blind investors."The company, privately owned by Seminole Tribe of Florida, has identified 20 to 30 potential partners, including financial firms, manufacturers and landholders, Allen said.Its Japan arm will be run by Edward Tracy, a 30-year casino industry veteran who until 2015 was chief executive of Las Vegas Sands'' China arm. Tracy and Allen first worked together at Donald Trump''s conglomerate in Atlantic City in the late 1980s.Two "integrated resorts" -- large-scale complexes featuring casinos, hotels and retail outlets -- could generate $10 billion in annual revenue, potentially growing to $25 billion with more locations, said brokerage CLSA.Other analysts have said that Japan''s wealthy population and tourist appeal could lift the figure to $40 billion, making Japan the second-biggest casino market behind the United States.Sands'' chief executive Sheldon Adelson said separately on Tuesday that a resort could cost up to $10 billion to build.Though political sources have said that Japan is unlikely to decide on casino locations and operators until 2019, with the first casinos opening by 2023, the race among potential investors is well and truly on."At some point it will be all hands on deck," Tracy said. "When you get definition around the legislation, you are on the bullet train, and hopefully you''re not trying to catch up."(Editing by David Goodman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-japan-casinos-hard-rock-idINKBN16100V'|'2017-02-21T21:09:00.000+02:00'
'adb74aea35439e1c0a32c04b6c63642507ae63f5'|'Greece should be able to borrow on markets from mid-2018, ESM head says'|'Business   9:29pm GMT Greece should be able to borrow on markets from mid-2018, ESM head says European Stability Mechanism Managing Director Klaus Regling speaks during a news conference at the Foreign Correspondents'' Club of Japan in Tokyo, Japan, January 26, 2016. REUTERS/Yuya Shino BERLIN Greece will probably be able to borrow money on the markets from the middle of next year, the head of the euro zone bailout fund told German newspaper Sueddeutsche Zeitung. In comments due to be published on Wednesday, Klaus Regling said he expected that from mid-2018 Greece would "stand on its own feet and be able to get money on the markets by itself". He also said: "If the next 18 months are used well, I''m optimistic that this is the last programme that Greece will need to do." (Reporting by Michelle Martin; Editing by Robin Pomeroy) Next In Business News Chancellor Hammond closes in on budget goal LONDON Chancellor of the Exchequer Philip Hammond appears to be on track to meet his target for improving the country''s weak public finances this year, potentially giving him a bit of room to ease the squeeze on spending in a budget plan next month. Oil rises 1 percent as OPEC sees higher compliance with cuts NEW YORK Oil prices ended about 1 percent higher after touching three-week highs on Tuesday on OPEC''s optimism for greater compliance with its deal with other producers including Russia to curb output in an effort to clear a glut that has weighed on the market. Verizon Communications Inc said on Tuesday it would buy Yahoo Inc''s core business for $4.48 billion (<28>3.9 billion), lowering its original offer by $350 million in the wake of two massive cyber attacks at the internet company. 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-eurozone-greece-regling-idUKKBN1602LR'|'2017-02-22T04:29:00.000+02:00'
'5d25828185221d4e5284c0568aff260de563aed5'|'Time Warner to sell TV station as it seeks AT&T merger OK'|'Business News   1:06pm EST Time Warner to sell TV station as it seeks AT&T merger OK Signage that reads Time Warner is seen at the Time Warner Center in New York City, U.S. on October 23, 2016. REUTERS/Stephanie Keith/File Photo By David Shepardson - WASHINGTON WASHINGTON Time Warner Inc ( TWX.N ) said on Thursday it plans to sell a broadcast station in Atlanta to Meredith Corp ( MDP.N ), which could help speed the company''s planned merger with AT&T Inc ( T.N ). In January, AT&T said it expected to be able to bypass the Federal Communications Commission in its planned $85.4 billion acquisition of Time Warner because it would not seek to transfer any Time Warner licenses. FCC Chairman Ajit Pai on Thursday declined to say if he would seek to use the proposed TV station license transfer as a way to examine the AT&T Time Warner merger. About a dozen senators have urged him to review the deal. The station that Time Warner is selling, WPCH-TV in Atlanta, is its only FCC-regulated broadcast station. But it has other, more minor FCC licenses. Meredith has operated WPCH-TV for Time Warner since 2011. It was previously know as WTBS. Time Warner said last month that since it does not plan to transfer any FCC licenses to AT&T, it would likely not need FCC approval and would only need the consent of the U.S. Justice Department. The Justice Department has to prove a proposed deal harms competition in order to block it. But the FCC has broad leeway to block a merger it deems is not in the "public interest" and can impose additional conditions. (Reporting by David Shepardson; Editing by Jonathan Oatis) Next In Business News Trump again vows to bring back U.S. jobs, but offers few details WASHINGTON President Donald Trump told about two dozen chief executives of major U.S. companies on Thursday he plans to bring millions of jobs back to the United States, but offered no specific plan on how to reverse a decades-long decline in factory jobs.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-timewarner-att-idUSKBN16228P'|'2017-02-24T00:57:00.000+02:00'
'af7aeec8410f7618996fdab55dc000dce0e213d1'|'Buffett mulls change to canny Bank of America stake if dividend rises'|'Feb 25 Warren Buffett said on Saturday he plans to stick with the shrewd bet that his Berkshire Hathaway Inc made on Bank of America Corp, but might eventually swap the preferred stock that Berkshire owns into common stock.Berkshire bought $5 billion of Bank of America preferred stock carrying a 6 percent dividend, or $300 million annually, in August 2011, when many investors worried about the second-largest U.S. bank''s capital needs.More importantly, Buffett also received warrants to buy 700 million Bank of America common shares at $7.14 each, roughly where the stock traded, by September 2021.Many analysts thought the terms agreed to by Buffett and Bank of America Chief Executive Brian Moynihan were generous to Berkshire. And so far, they have been proven right.Berkshire is now sitting on a $12 billion gain on the warrants because Bank of America''s stock price has more than tripled, to $24.23.That includes a more than 42 percent increase in the 3-1/2 months since Donald Trump won the U.S. presidential election.In his annual letter to Berkshire shareholders, Buffett said if Bank of America''s current 30 cents per share annual dividend rose above 44 cents before 2019, "we would anticipate making a cashless exchange of our preferred into common."On the other hand, Buffett said that if the Charlotte, North Carolina-based bank''s dividend stayed below 44 cents, "it is highly probable that we will exercise the warrant immediately before it expires."Bank of America spokesman Larry Di Rita declined to comment.Many U.S. banks, including Bank of America, were forced to slash their dividends because of the 2008 financial crisis.Some have since boosted payouts after getting seals of approval through annual U.S. Federal Reserve "stress tests" that examine their ability to withstand major market shocks.Bank of America last boosted its dividend 50 percent after passing its most recent stress test in June.The preferred investment was among several totaling more than $25 billion that Berkshire made from 2008 to 2011 in Dow Chemical Co, General Electric Co, Goldman Sachs Group Inc and other companies, when Berkshire was often seen as a lender of last resort.Most have since been redeemed, and Buffett has lamented the loss of their mid- to high- single-digit or double-digit income streams.The Goldman investment also included cashless warrants to buy common stock. Berkshire ended 2016 with 11.39 million Goldman shares, and assuming it still owns them is sitting on a nearly $2.2 billion gain. (Reporting by Jonathan Stempel in New York; Editing by David Gregorio)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/berkshire-hatha-buffett-bankofamerica-idUSL1N1GA0AF'|'2017-02-25T19:31:00.000+02:00'
'2cd4ff79ad72f900bffa51ce0d09fba30965f2df'|'DEALTALK-CIBC''s U.S. dream hangs in balance as PrivateBancorp deal drags'|'(For more Reuters DEALTALKS, click on)By John Tilak and Matt ScuffhamTORONTO Feb 24 Canadian Imperial Bank of Commerce''s insistence on keeping its discipline while assessing whether to increase its $2.9 billion bid for Chicago-based PrivateBancorp leaves the bank''s U.S. expansion plans in the balance.PrivateBancorp postponed a shareholder vote on the deal in December after some investors indicated they would reject it. They argued it undervalued the business following Donald Trump''s election as U.S. president, which sparked hopes of lighter financial regulation, lower tax rates and higher interest rates.Many PrivateBancorp investors had expected CIBC would come back with a higher offer when it reported results on Thursday. But it held its ground, saying it would wait to see how events in the United States unfold between now and June 27, when its current offer expires.CIBC<42>s offer is worth about $52 per PrivateBancorp share, above the $47 deal value at the time of the deal announcement but below PrivateBancorp<72>s share price of $56.50 on Friday.CIBC''s Chief Executive Victor Dodig, who had pinned his hopes on the PrivateBancorp deal reducing his bank''s dependence on a lackluster Canadian economy and frothy housing markets, is now facing an agonizing dilemma over whether to bid more or walk away.Sources close to CIBC, who declined to be identified by name, said the bank may marginally improve its initial offer but question whether that would be enough to placate PrivateBancorp shareholders, who are demanding about 25 percent more to secure the deal."The question for CIBC is, how much more can they afford to pay without entering into a transaction that is excessively dilutive?" a source familiar with the bank''s thinking said.The source said it would be tough for CIBC to find an alternative for U.S. expansion in the near-term."It took a long time for CIBC to find PrivateBancorp,<2C> the source added. "If they walk away, they''re back to being the most Canadian of the country''s big five banks."There appears to be little prospect of PrivateBancorp accepting the current offer unless unexpected events cause markets to retreat. The U.S. bank''s shares have surged nearly 60 percent since CIBC''s offer on June 29 and about 30 percent since the beginning of November."We feel CIBC''s bid undervalues the strong franchise and future of PrivateBancorp, especially given the changing banking landscape," said David Neuhauser, managing director at U.S. hedge fund Livermore Partners, which owns PrivateBancorp shares.John Rodis, research analyst at boutique U.S. investment bank FIG Partners, said PrivateBancorp shareholders are angling for the high end of the $60 to $70 range."All that I know for sure is the deal in its current form does not get done...but I would think that they would come back with at least one better offer," he saidCIBC''s Dodig said on Thursday the bank "will be disciplined and we will be patient when it comes to price."SIGNS OF CAUTION AT CIBCSome advisers said CIBC''s cautious approach made sense."CIBC is sending signals that they''re not going to buy a company of that size based on speculation around what the tax rate could be in the future or what the banking regulations might be," said one source.Another source said Thursday<61>s comments were aimed at warming up CIBC investors to the prospect of walking away."It tells me that they''re lowering expectations for a deal," he said. "They''re preparing the market for the possibility that a deal does not get done."Some bankers said CIBC investors would not be too disappointed if they chose to walk away."If I were an investor, I''d say,''That''s good discipline. They agreed to a price, they signed a contract and stuck to their guns. I wouldn''t have a problem with that,''<27> said one banking source. (Reporting by John Tilak and Matt Scuffham; Editing by Cynthia Osterman)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/p
'064a94836630967d3a2fcd28bc5fe6db856561c3'|'Busch holding in Pfeiffer edges above 30 percent in takeover bid'|'FRANKFURT German pump maker Busch''s holding in bid target Pfeiffer Vacuum ( PV.DE ) has edged up above 30 percent, two and a half weeks before its 949-million-euro ($1 billion) offer runs out.By the end of Feb. 21, eight days after Busch launched its offer, the group had 30.003 percent of shares in Pfeiffer, Busch said in a statement on Thursday.Family-owned Busch had already secured shares in Pfeiffer taking its holding in the group to 29.98 percent before it launched its offer. The acceptance period for the bid runs through to March 13.Pfeiffer has rejected Busch''s bid of 96.20 euros per share, which values the group at around 949 million euros, saying it lacked a control premium and did not reflect the growth potential for vacuum pumps.Shares in Pfeiffer traded at 102.50 euros, well above the offer price, by 0847 GMT on Thursday, down 0.8 percent from Wednesday''s close.Pfeiffer said last week its management could not recommend that shareholders accept Busch''s offer and that it was "reviewing other options to ensure that Pfeiffer Vacuum shareholders can appropriately participate in the long-term development of the company".MM Warburg analyst Eggert Kuls said he expected those options could include higher dividends, share buy-backs, acquisitions or strategic partnerships.Pfeiffer makes pumps used by manufacturers including semiconductor firms and makers of analytical devices such as electron microscopes. Busch describes itself as one of the world''s largest makers of vacuum pumps, blowers and compressors supplying all industry sectors.(Reporting by Maria Sheahan; Editing by Christoph Steitz and Jane Merriman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-pfeiffer-vacuum-m-a-busch-idINKBN1620XE'|'2017-02-23T06:18:00.000+02:00'
'd44722c8eb86ccd73183904a5a1b81534541054c'|'Volkswagen''s controlling clan backs brand boss despite criticism - sources'|'Business News - Fri Feb 24, 2017 - 12:08pm GMT Volkswagen''s controlling clan backs brand boss despite criticism - sources Dr. Herbert Diess, Chairman of the Board of Management of the Volkswagen Brand, speaks during the North American International Auto Show in Detroit, Michigan, U.S., January 8, 2017. REUTERS/Brendan McDermid HAMBURG Volkswagen''s ( VOWG_p.DE ) embattled VW brand chief Herbert Diess still has the backing of the clan that controls the carmaker, despite his recurring clashes with labour leaders over cost-cutting plans, sources said. Volkswagen''s (VW) labour bosses earlier this month had accused Diess of breaking promises made under a turnaround plan agreed in November and halted cooperation with brand management on issues including overtime work, cost savings and apprenticeships. Europe''s largest automaker is hard pressed to cut spending to fund a costly shift to electric cars and new mobility services while grappling with billions of euros in costs for its emissions test cheating scandal. But Diess, who was known as a cost-cutter at BMW ( BMWG.DE ), has repeatedly clashed with VW works council chief Bernd Osterloh since he joined VW in July 2015 over where to make those savings. The Porsche and Piech families, which control a majority of VW common stock through the family-owned holding company Porsche SE ( PSHG_p.DE ), stand behind the 58-year-old engineer despite the quarrelling, two people familiar with the matter told Reuters on Friday. VW declined to comment. Analysts have said VW''s ability to overhaul its mass-market brand, the group''s largest by sales, will be key to the company''s post-Dieselgate recovery and have urged Diess to stand firm on structural changes despite resistance from unions. The Porsche and Piech families were instrumental in choosing VW''s former finance chief Hans Dieter Poetsch to become supervisory board chairman after the emissions scandal broke in September 2015, and likewise in picking former Porsche AG boss Matthias Mueller to become VW group chief executive. VW''s supervisory board is expected to meet from 2 pm local time (1300 GMT) on Friday to discuss the carmaker''s 2016 financial results and new compensation guidelines for top executives. (Reporting by Jan Schwartz; Writing by Andreas Cremer; Editing by Maria Sheahan) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-volkswagen-emissions-management-idUKKBN1631CU'|'2017-02-24T19:08:00.000+02:00'
'9fdd45befdc81e02c7be332ebc69ec4803a39ce0'|'Safran rejects TCI criticism of Zodiac Aero bid'|'By Tim Hepher and Cyril Altmeyer - PARIS PARIS France''s Safran ( SAF.PA ) has rejected criticism by a UK hedge fund over the strategy, structure and financial terms of a proposed $9 billion friendly bid for Zodiac Aerospace and says it stands by its plans to acquire the seats manufacturer.Stepping up a war of words over its agreed offer to create the world''s third largest aerospace supplier, the French aero engine maker has sent a six-page rebuttal to TCI Fund Management and accused it of waging a public campaign to undermine its project.TCI has questioned the strategic benefits of the deal and accused Safran of paying a "hugely inflated price" for Zodiac, which has issued around eight profit warnings in the past two years due to a production crisis in its interiors business.It also objects to aspects of the deal''s complex structure, which calls for a cash offer followed by a merger to bring on board Zodiac''s core group of family shareholders. TCI believes shareholders should be able to vote on the merger plan before the cash bid for at least 50 percent of Zodiac goes ahead.In an open letter to TCI, Safran defended its strategy of diversifying from its core aero engines business to gain access to Zodiac''s profitable aircraft equipment activities, and expressed confidence in its financial goals."The board is not for turning," Safran Chairman Ross McInnes told Reuters on Thursday when asked whether the company would modify the terms or structure of its proposal to acquire Zodiac.Chief Executive Philippe Petitcolin said Safran was confident of lifting Zodiac''s operating margin to its historic levels of at least 14 percent."Even excluding the dollar effect, we should be able to restore them to the level of profitability they had before the (seats production) crisis within 2-3 years," he told Reuters.TCI owns about 4 percent of Safran and is also a shareholder of Zodiac.The fund, which recently clashed with German carmaker Volkswagen, sent an open letter to French market regulator AMF earlier this month to protest against Safran''s offer, saying it risked violating shareholders'' rights.It later said it had support from several American and European funds..Under the deal, Safran aims first to convince ordinary investors, which hold 68 percent of Zodiac, to sell their shares in the company for cash.If more than half of those investors accept, the deal will proceed to the second phase.This would offer core shareholders a chance to keep their shareholdings through a merger, taking advantage of French law that allows certain groups of long-term shareholders to maintain tax breaks - key to getting the families on board.Safran shareholders would also get a special 5.5 euro per share dividend before the merger.According to TCI, launching the first part of the offer - a cash bid aimed at ordinary investors - before allowing shareholders to vote on the subsequent merger would both violate the rights of Safran shareholders and deprive Zodiac investors of equal access to information for all shareholders.In its response, Safran said the request for a prior vote "has no basis under French corporate law and is out of line with sound governance principles".(Reporting by Tim Hepher; Editing by Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-zodiac-m-a-safran-idINKBN16226D'|'2017-02-23T14:39:00.000+02:00'
'a0a972082bf7ac01e6e5fd2010bfbd8b40e85df5'|'Traders drain pricey U.S. oil storage as OPEC deal bites'|'Fri Feb 24, 2017 - 6:14am GMT Traders drain pricey U.S. oil storage as OPEC deal bites left right 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, U.S. on March 24, 2016. REUTERS/Nick Oxford/File Photo 1/2 left right FILE PHOTO - Crude oil storage tanks are seen from above at the Cushing oil hub, in Cushing, Oklahoma, U.S. on March 24, 2016. REUTERS/Nick Oxford/File Photo 2/2 By Catherine Ngai and Liz Hampton - NEW YORK/HOUSTON NEW YORK/HOUSTON Traders are turning the spigots to drain the priciest storage tanks holding U.S. crude stockpiles as strengthening markets make it unprofitable to store for future sale and cuts in global production open export opportunities. That could signal the beginning of the end for a two-year trade play that came about during an international price war and global oil glut. It is also what the world''s largest oil exporters wanted to see when they agreed last year to work together in a historic supply cut to end the glut. From Houston through Louisiana to floating storage in the Gulf of Mexico, traders are starting to ship crude out of inventories as the rising price of oil for near-term delivery erodes the profits to be had by holding onto oil for later sale. To be sure, shipments from storage have so far made only a small dent in record U.S. crude inventories. But if prompt oil prices continue to strengthen, more storage will empty out. "Right now, traders aren''t incentivized (to store)," said Sandy Fielden, director of oil and products research at Morningstar. "It won''t all stampede out of the gate, but inventory levels will come down. What will happen is that some of it will go to refineries, but a fair amount will be exported too." To make money by holding crude, the spread between oil prices for future months needs to be wide enough to cover the cost of leasing tank space and borrowing the money to buy the fuel to fill it. For the last two years, U.S. traders have rushed to that opportunity as those price spreads widened. Since November, when the Organization of the Petroleum Exporting Countries (OPEC) and some non-OPEC producers agreed to cut output, the spread, or discount of prompt barrels to later supplies known as a contango, between the front and second month U.S. benchmark CLc1-CLc2 crude price has narrowed to as little as 26 cents from 95 cents a barrel. That is no longer enough to cover the more expensive storage options, traders said. In the Houston area, traders that took out storage at the height of capacity issues in 2015 at around $1.20 a barrel are finding it no longer economical. In the Louisiana Offshore Oil Port (LOOP), the only deep-water U.S. oil port and a major conduit for the country<72>s crude oil imports, drawdowns have been reflected in the costs of storing oil, traders said. The futures contract for oil storage there LOSc1 has fallen to around 40 cents per barrel, down about half in a month and still double the difference between front- and second-month crude prices. One of the most expensive storage options is to hold oil on tankers at sea. During the massive build up in inventory through 2015 and 2016, even some of that was profitable. Floating storage is now falling. In the U.S. Gulf, crude in offshore tankers fell to 26 million barrels last week from 35 million barrels a month ago, according to data provider ClipperData. Not all of that crude was considered to be held in floating storage. Some of it may have simply been waiting to discharge. The largest, and typically cheapest, U.S. storage facility is in Cushing, Oklahoma, which is also the delivery point for West Texas Intermediate (WTI) futures contract CLc1, one of the world''s two most important benchmarks for oil prices.Even at Cushing, market participants are emptying storage. Stocks have fallen on average by more than 600,000 barrels per week since the en
'14fea11b00655b31ff71828b82bb613217b5079c'|'Jobless claims up, four-week average lowest since 1973 - Reuters'|'WASHINGTON The number of Americans filing for unemployment benefits rose slightly more than expected last week, but the four-week average of claims fell to its lowest level since 1973, pointing to strengthening labor market conditions.Initial claims for state unemployment benefits increased 6,000 to a seasonally adjusted 244,000 for the week ended Feb. 18, the Labor Department said on Thursday. Data for the prior week was revised to show 1,000 fewer applications received than previously reported.It was the 103th straight week that claims remained below 300,000, a threshold associated with a healthy labor market. That is the longest stretch since 1970, when the labor market was much smaller. The labor market is at or close to full employment, with the unemployment rate at 4.8 percent.Economists polled by Reuters had forecast new claims for unemployment benefits rising to 241,000 in the latest week.The four-week moving average of claims, considered a better measure of labor market trends as it irons out week-to-week volatility, fell 4,000 to 241,000 last week, the lowest reading since July 1973.U.S. financial markets were little moved by the data.Minutes of the Federal Reserve''s Jan. 31-Feb monetary policy meeting published on Wednesday showed that many policymakers believed another interest rate hike might be appropriate "fairly soon" if labor market and inflation data meet or beat expectations.The U.S. central bank raised its benchmark overnight interest rate last December. It has forecast three rate increases this year.A Labor Department analyst said there were no special factors influencing last week''s claims data. Claims for Wyoming, Virginia and Hawaii were estimated.Last week''s claims report covered the survey period for the Labor Department''s nonfarm payrolls data for February. The four-week average of claims fell 6,500 between the January and February payrolls survey weeks. This suggests another month of strong job gains after payrolls increased 227,000 in January.Thursday''s claims report also showed the number of people still receiving benefits after an initial week of aid fell 17,000 to 2.06 million in the week ended Feb. 11. The four-week average of the so-called continuing claims declined 10,750 to 2.07 million.(Reporting by Lucia Mutikani; Editing by Chizu Nomiyama)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/us-usa-economy-unemployment-idINKBN1621KN'|'2017-02-23T11:15:00.000+02:00'
'3869f9a2b60f6bfbd55d101b643dc72a20aff06a'|'HP Enterprise''s revenue slips 10.4 pct'|'Technology  15pm EST HP Enterprise''s revenue slips 10.4 percent FILE PHOTO - Signs for Hewlett Packard Enterprise Co., cover the facade of the New York Stock Exchange November 2, 2015. REUTERS/Brendan McDermid Hewlett Packard Enterprise Co, the corporate hardware and enterprise software business of Hewlett-Packard Co, reported a 10.4 percent fall in revenue, largely due to sluggish demand for its servers and storage equipment. The company''s net income was flat at $267 million for the first quarter ended Jan. 31. On a per share basis, the company''s net income rose by 1 cent to 16 cents per share from a year earlier. Revenue fell to $11.41 billion from $12.72 billion. (Reporting by Rishika Sadam in Bengaluru; Editing by Sriraj Kalluvila) Next In Technology News NYSE plans trial run for Snap IPO The New York Stock Exchange will conduct a trial run of Snap Inc''s initial public offering on Saturday, according to a notice given last week to stock traders, in anticipation of what is expected to be the biggest U.S. technology IPO in nearly five years.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-hewlett-packard-results-idUSKBN1622LJ'|'2017-02-24T04:12:00.000+02:00'
'795f816a3e371e5941726eca4b09362313bfa2e6'|'Suez studying acquisition of GE water unit - spokeswoman'|'Deals   5:04am EST Suez studying acquisition of GE water unit - spokeswoman PARIS French waste and water group Suez ( SEVI.PA ) is considering an acquisition of the water business of U.S. industrial conglomerate General Electric ( GE.N ), a Suez spokeswoman said on Thursday, confirming media reports. French newspaper Le Figaro reported on Wednesday evening that Suez was among a handful of other companies, mostly private equity firms, left in the running after a second round of bidding for GE Water & Process Technologies. "GE Water is indeed a dossier that we are looking at because its activities are in line with our strategy of boosting our industrial market," the spokeswoman said. She added that Suez would make sure its financial ratios are not stretched in case of an acquisition of GE Water. GE put the unit on the block when it announced it was merging its power business with oil services group Baker Hughes on Oct. 31. GE Water earns $250-$300 million a year before interest, taxes, depreciation and amortization. (Reporting by Benjamin Mallet; Writing by Geert De Clercq; Editing by Sudip Kar-Gupta) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-suez-ge-idUSKBN162114'|'2017-02-23T16:38:00.000+02:00'
'b61dc01e2620be2a850a0c3111ff63d785700e49'|'Michael Kors, Coach in second round of Kate Spade auction: sources'|'Michael Kors Holding Inc ( KORS.N ) and Coach Inc ( COH.N ) are among the companies that have made it through to the second round of bidding for handbag and accessories maker Kate Spade & Co ( KATE.N ), people familiar with the situation said on Friday.The interest in Kate Spade underlines the appeal of its young clientele to other retailers as handbag makers struggle to capture the interest of shoppers inundated with options.Michael Kors and Coach face competition from other bidders, including a non-U.S. party, in the auction for Kate Spade, the people said, asking not to be identified because details of the sale process are confidential.The process is still roughly a month away from an outcome, and there is no certainty a sale will occur, the sources added.Kate Spade, which has a market capitalization of $2.9 billion, declined to comment. Michael Kors also declined to comment, while Coach did not immediately respond to a request for comment.Affordable luxury brands such as Michael Kors and Coach have suffered after they expanded their retail presence too quickly and sold too heavily in outlet stores, diluting the exclusivity that once caused shoppers to line up for the next hot handbag.These brands have been hurt as fewer shoppers in malls have led to fewer handbag sales, while a stronger dollar has made it difficult for them to maintain their popularity with tourists visiting the United States.Kate Spade would offer Coach and Michael Kors greater pricing power with department stores as well a younger clientele.Coach has been seeking to diversify its business beyond handbags, and it paid $574 million for designer footwear company Stuart Weitzman in 2015.Michael Kors, which sells apparel, handbags, watches and other accessories, said in its most recent earnings call it was "actively looking" at potential acquisitions and that it probably would not do small deals. The company has been focused on a turnaround by improving its outlets and stores.Kate Spade has been under pressure from a small New York-based hedge fund Caerus Investors. Caerus sent a letter to Kate Spade''s board in November, stating it was "increasingly frustrated" by the inability of the retailer''s management to achieve profit margins comparable with industry peers.Separately, investor Barry Rosenstein''s activist hedge fund Jana Partners LLC has revealed a 0.85 percent stake in the company.(Reporting by Lauren Hirsch and Greg Roumeliotis in New York; Editing by Cynthia Osterman)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-kate-spade-co-m-a-idUSKBN1632KB'|'2017-02-25T01:46:00.000+02:00'
'22d0cea99a72993a52c0288e1beaa26c5528481c'|'Oil prices up but gains pared after 7th straight stock build'|'Global Energy News - Thu Feb 23, 2017 - 9:47pm GMT Oil prices up but gains pared after 7th straight stock build A driver fills up with fuel at a Shell petrol station in London May 15, 2013. REUTERS/Luke MacGregor By Catherine Ngai - NEW YORK NEW YORK Oil prices rose on Thursday but gains were pared after U.S. government data showed a seventh straight build in crude stocks, suggesting high inventories could undermine OPEC''s move to cut output. Benchmark Brent crude oil LCOc1 rose 74 cents a barrel to settle at $56.58 after touching a high of $57.26. U.S. light crude CLc1 traded up 86 cents at $54.45 a barrel after touching $54.94 a barrel. While prices extended gains by more than 2 percent soon after the inventory data was released, much of those advances dissipated over the next 30 minutes. Both benchmarks are near the top of relatively narrow $4 ranges that have contained trade so far this year, reflecting a period of low volatility since the Organization of the Petroleum Exporting Countries and other exporters agreed to cut output. OPEC and producers including Russia aim to cut production by around 1.8 million barrels per day (bpd) to drain an oversupply that has kept prices depressed for more than two years. But some analysts considered the trading range a growing concern, particularly since high compliance among OPEC members to curb output is having little upside, according to Tariq Zahir, an analyst at Tyche Capital Advisors. "If someone told me that the OPEC cuts would be well above historic numbers, you would expect prices to be up to $60 or $65 a barrel," he said. "We''re at 90 percent (compliance) last month, what if it falls to 80 or 85 percent?" On Thursday, sources told Reuters that the joint OPEC/non-OPEC technical committee reported an 86 percent compliance on the oil cuts in January. Earlier, sources reported over 90 percent compliance within OPEC. So far, OPEC appears to be sticking to its deal, but other producers, notably U.S. shale companies, have also increased output, helping swell stocks in the United States, the world''s biggest oil consumer. U.S. crude stocks rose 564,000 barrels last week, the seventh consecutive rise, data from the U.S. Energy Information Administration showed on Thursday, although less than previously expected. [EIA/S] Still, in Cushing, inventories fell by more than 1.5 million barrels, its largest draw since October, which led to a tightening of the front to second month CLc1-CLc2, or April/May, WTI spread. Some of those draws were driven by record U.S. crude exports. Distillate stocks also dropped by the most since October 2014, EIA data added. (Additional reporting by Christopher Johnson in London and Aaron Sheldrick in Tokyo; Editing by Bernadette Baum and Leslie Adler) Next In Global Energy News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-global-oil-idUKKBN16201W'|'2017-02-24T04:47:00.000+02:00'
'e6422271804687fceaa540c514241a65657078d9'|'GM demands non-compete clauses in return for Opel patents: Spiegel'|'FRANKFURT General Motors ( GM.N ) has told PSA Group ( PEUP.PA ) it would only sell licenses for the manufacture of Opel cars to the French company if it agreed not to sell them in North America, Russia or China, German magazine Der Spiegel reported.Without saying where it got the information, the magazine said under such an agreement Opel would only be allowed to sell new models in those three markets following a possible tie-up with PSA, but not existing ones such as electric car Ampera-e.PSA declined to comment on the report. Opel was not immediately available for comment.PSA, the Paris-based maker of Peugeot and Citroen cars, and Detroit-based GM confirmed on Feb. 14 they were in talks over a PSA-Opel tie-up to create Europe''s second-largest carmaker by sales after Volkswagen ( VOWG_p.DE ).(Reporting by Maria Sheahan; additional reporting by Laurence Frost and Ilona Wissenbach; editing by David Clarke)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-opel-m-a-psa-spiegel-idINKBN1631K4'|'2017-02-24T10:33:00.000+02:00'
'194ca29818e75fc8a9bc20e5731235f25248b63a'|'Record rise in CBI retail prices gauge signals spiralling inflation'|'Business News - Thu Feb 23, 2017 - 2:07pm GMT Record rise in CBI retail prices gauge signals spiralling inflation A shopper passes a seasonally decorated store in the West End of London, Britain, December 1, 2016. REUTERS/Toby Melville By Andy Bruce - LONDON LONDON Another sign that British inflation may surge more than expected can be found in the Confederation of British Industry''s latest report. The trade group noted a record increase in its gauge of retailer selling-price expectations. The group''s quarterly balance of retailers expecting to raise prices in the next three months versus those that don''t - - a data set stretching back to 1983 - increased by a record 51 points during the first quarter to hit 65 points - its highest level since the second quarter of 2011. It is here - reut.rs/2ltW9NN - quite dramatically. The surge adds to signs that economists - who underclubbed forecasts for previous inflation spikes in 2008 and 2011 - may be too conservative about how much prices will be boosted by the pound''s fall following June''s Brexit vote. Other gauges of British inflation pressure have also increased by record amounts recently. The European Commission''s gauge of selling-price expectations in its monthly retail survey - which dates back to 1988 - showed a record increase in December. And the closely-watched Markit/CIPS Manufacturing Purchasing Managers'' Index pointed to a record increase in prices paid by factories for raw materials and energy last month. [GB/PMIM] The consensus of economists polled by Reuters shows consumer price inflation will peak at 2.9 percent before the end of the year. At the top end of forecasts, Citi and Britain''s National Institute of Economic and Social Research both see inflation hitting around 3.7 percent before the year is out. So what does it mean? As this chart - reut.rs/2ltW9NN - shows, over the last 60 years high inflation has been very bad news for household spending, probably the key driver of Britain''s economy over the last few years. (Editing by Jeremy Gaunt)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-economy-inflation-idUKKBN1621NQ'|'2017-02-23T21:07:00.000+02:00'
'cfbae1cdb25bacaeef6449068af94517384daaea'|'Germany, France want long-term prospects for workers in PSA/Opel merger'|'Company  05am EST Germany, France want long-term prospects for workers in PSA/Opel merger BERLIN Feb 23 France and Germany on Thursday called on the management of General Motors and PSA Group to give a "long-term perspective" for all production sites in the proposed acquisition of Opel from the U.S. carmaker. They also said that both Opel and Peugeot should keep their own brand names and separate management entities. "The merged company needs a sustainable strategy for the future with a long-term perspective for all production sites, development centres and staff," French Economy Minister Michel Sapin and his German counterpart Brigitte Zypries said in joint statement published after talks in Paris. "Workers from both companies need clarity quickly and have to be involved in further talks," the ministers said. Paris-based PSA and GM confirmed last week that they were in negotiations on a deal to create Europe''s second-largest carmaker by sales behind Volkswagen, sparking criticism in Germany and Britain amid fears of possible job losses. (Reporting by Michael Nienaber; Editing by Madeline Chambers) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/peugeot-opel-ma-ministers-idUSB4N1CG028'|'2017-02-23T21:05:00.000+02:00'
'883c9abf8ab2bc08a9b1049a9a7a8a0469428805'|'Quorum Health probing disclosures ahead of 2016 spin-off: sources'|'NEW YORK Hospital operator Quorum Health Corp ( QHC.N ) is investigating whether it provided adequate disclosure to investors prior to its spin-off last year, according to a letter seen by Reuters and a person familiar with the matter.Quorum has retained attorney Robert Varian from Orrick Herrington & Sutcliffe LLP as independent counsel to be part of its board''s probe into how its separation from Community Health Systems Inc ( CYH.N ) was handled in April 2016, according to the letter and the person familiar with the matter.The letter was sent to Quorum''s board by one of its investors earlier this month. It included a reference to earlier correspondence in which Quorum indicated to the investor that it was starting an internal probe and requested more information.The investigation comes after the investor, Texas-based hedge fund Q Investments LP, wrote to Quorum''s board last October, alleging that debt-laden Community Health Systems duped Quorum investors.Quorum''s stock fell as much as 80 percent in the months after the spin-off, and have since bounced back slightly, giving it a market value of $240 million. The company also had total debt of $1.24 billion as of the end of September."We believe Community Health was desperate to raise cash, and they saw an easy path to do so by stuffing new investors in Quorum with inflated guidance and concealing costs within what they knew was a disintegrating business," according to the letter from last October, which was also seen by Reuters.Q Investments called on the company to launch an investigation in the October letter.Brentwood, Tennessee-based Quorum owns or leases 36 hospitals. The company''s Chief Financial Officer Michael Culotta did not return calls on Thursday seeking comment.Community Health Systems spokeswoman Tomi Galin said: "We categorically reject the allegations by Q Investments that Community Health Systems committed fraud or any other wrongdoing in connection with the Quorum spin-off. Community Health Systems conducted itself appropriately and made all necessary disclosures throughout the process."The spin-off allowed Community Health to focus on its largest markets. As part of the separation, Quorum borrowed $1.2 billion to pay a dividend to its former parent.Four months later, Quorum cut its earnings guidance, citing high costs and weak sales, sending its stock into free-fall.Q Investments, which was a top 10 Quorum shareholder at the time of the spin-off and has since reduced its position, has said that Community Health likely knew about the costs and failed to properly disclose them. The hedge fund is also a Quorum bond holder.Community Health has been looking to turn its business around by selling some of its assets in the past few months to ease its debt load of more than $15 billion.(Editing by Greg Roumeliotis and Bill Rigby)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-quorum-health-activist-idUSKBN1622OK'|'2017-02-24T05:45:00.000+02:00'
'0dbe07252dad736f7f17c1c8a39fa1ee6912f2ae'|'European shares steady near highs, Barclays and RSA advance'|' 40am EST European shares steady near highs, Barclays and RSA advance LONDON Feb 23 European shares steadied near a 14-month high on Thursday, with a rally in stocks of companies like Barclays and RSA following their positive updates offsetting some weaker firms including Technicolor and Veolia. Barclays shares rose more than 3 percent after the British bank reported a surprise increase in its core capital ratio as it took advantage of its rising profits. Insurer RSA was up 5 percent after posting a 25 percent rise in 2016 operating profit and raising its target for return on equity. Dialog Semiconductor, the maker of chips that go in Apple Inc''s and Samsung Electronics'' smartphones, surged 7.4 percent after it said it expected "good revenue growth" in 2017. However, the pan-European STOXX 600 index was flat in percentage terms after hitting a 14-month high a day earlier. A slew of companies weakened after reporting poor results, negating some positive share moves. Germany''s DAX was also flat, with the index little changed after data highlighted the German economy quadrupled its growth rate to 0.4 percent in the fourth quarter as higher state spending, rising private consumption and construction more than offset a drag from net foreign trade. Technicolor fell more than 6 percent, the biggest decliner in the STOXX 600 index, after the French media and entertainment company reported a net loss, while French water and waste group Veolia was down 4.9 percent after pushing back its forecast for core earnings by a year. (Reporting by Atul Prakash, editing by Larry King) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/europe-stocks-idUSL8N1G8272'|'2017-02-23T15:40:00.000+02:00'
'a320237325fab6f952df028bf13f0761dff99018'|'TCI says Safran is flying blind on Zodiac bid valuation'|'LONDON/PARIS Hedge fund TCI Fund Management, locked in a war of words with Safran SA ( SAF.PA ) over the aerospace firm''s proposed bid for Zodiac Aerospace SA ( ZODC.PA ), said on Thursday the company had no proof that its valuation of the deal made sense.Safran, responding earlier on Thursday to TCI''s criticisms of the deal, said its board had valued the offer at 13 times operating earnings based on Zodiac''s recent margin guidance for 2019-20 and considered this to be in line with similar deals.Commenting on the letter from Safran Chairman Ross McInnes, TCI said the valuation was based on fragile assumptions given a recent spate of Zodiac profit warnings and Safran''s inability to carry out due diligence at Zodiac''s aircraft seat factories."The multiple he is quoting, he has no certainty whatsoever that he will be able to achieve it. If Zodiac failed to achieve that multiple, why would he be able to achieve it?", Jonathan Amouyal, a partner at UK-based TCI, told Reuters in response to the rebuttal by Safran''s McInnes.Safran, a leading aero engine maker, says it can apply state-of-the-art project skills to ensure Zodiac hits its goals.Amouyal cited a report by Bernstein analysts who valued the transaction at closer to 40 times operating earnings, among the sector''s highest for a decade, based on current performance.Safran says that Zodiac has to be valued on a medium-term perspective because it is in the midst of a turnaround.(Reporting by Maiya Keidan, Tim Hepher; Editing by Jonathan Oatis)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-zodiac-aero-m-a-safran-tci-fund-mgmt-idINKBN1622T6'|'2017-02-23T20:22:00.000+02:00'
'5cb7f1239b7c5f4dede6a98e96e4eb7e5f6ba3b4'|'BRIEF-KAR Auction Services Q4 earnings per share $0.33'|' 30pm EST BRIEF-KAR Auction Services Q4 earnings per share $0.33 Feb 21 KAR Auction Services Inc: * KAR Auction Services, Inc. Reports 2016 financial results and the fourth quarter repurchase of 1.9 million shares * Q4 earnings per share $0.33 * Q4 revenue $813.7 million versus I/B/E/S view $786.6 million * Q4 earnings per share view $0.48 -- Thomson Reuters I/B/E/S * Q4 adjusted operating earnings per share $0.45 * KAR Auction Services Inc sees 2017 net income per share $1.70 - $1.80 * Kar auction services inc - sees fy operating adjusted net income per share $2.15 - $2.25 * Sees 2017 capital expenditures of $145 million * Fy2017 earnings per share view $2.40 -- Thomson Reuters I/B/E/S  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-kar-auction-services-q4-earnings-p-idUSASB0B1EW'|'2017-02-22T05:30:00.000+02:00'
'0c3a84a2c745c961088563a0e7b6d27f04ba1112'|'PRESS DIGEST- Financial Times - Feb 22'|'Feb 22 The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy.HeadlinesLSE and D Boerse set to offer more concessions to secure merger on.ft.com/2m8X1pnHammond warns ''no pot of money'' for extra budget funds on.ft.com/2llcrscBank of England not able to forecast next recession, it admits on.ft.com/2llelckOverviewDeutsche Boerse AG and the London Stock Exchange Group Plc are planning further concessions from their fixed-income clearing businesses to satisfy the European antitrust watchdogs''s concerns about their planned merger.British finance minister Philip Hammond has told MPs that "there is no pot of money under my desk," adding that any extra spending must be paid for through higher taxes or savings elsewhere.Gertjan Vlieghe, an external member of the BoE''s Monetary Policy Committee, warned on Tuesday that the bank will not be able to forecast the next financial crisis or recession. "Our models are just not that good," Vlieghe said. (Compiled by Ismail Shakil in Bengaluru; Editing by Sandra Maler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/britain-press-ft-idINL1N1G702U'|'2017-02-21T22:26:00.000+02:00'
'324bf9db164efce62301aa52c06a3221e8df84e2'|'Icahn buys Bristol-Myers shares, adding to activist pressure'|'  9:58pm GMT Icahn buys Bristol-Myers shares, adding to activist pressure A trader passes by a screen displaying the tickers symbols for Bristol-Myers Squibb and Intelsat, Ltd. on the floor at the New York Stock Exchange, April 25, 2013. REUTERS/Brendan McDermid/File Photo Billionaire investor Carl Icahn has taken a stake in Bristol-Myers Squibb Co ( BMY.N ) and sees the drugmaker as a possible takeover target, according to a report published on Tuesday that sent the company''s shares from a loss to more than 2 percent higher. Earlier on Tuesday, Bristol-Myers said it added three directors to its board, a move supported by JANA Partners LLC, an activist investor building a stake in the company''s stock. Bristol shares were down nearly 2 percent for much of the day before jumping as high as $57.21 after the Wall Street Journal said Icahn has built a large stake. The report did not identify the size of the stake but said Icahn sees the company as a takeover target, citing anonymous sources. The shares ultimately gave back most of the gains and closed up 19 cents, or 0.35 percent, at $54.78. The addition of new board members comes as Bristol-Myers has fallen behind Merck & Co Inc ( MRK.N ) in the key field of immuno-oncology after its Opdivo drug failed to prolong survival in previously untreated patients with non-small cell lung cancer, the largest cancer market. Merck''s rival drug, Keytruda, did extend survival as a so-called front-line treatment for NSCLC. Bristol''s weaker competitive position has been reflected in its shares, which are off about 28 percent since the lung cancer setback last August. Merck shares are up more than 11 percent over the same period. Bristol-Myers also disclosed that it expects to post charges of $1.5 billion to $2 billion in connection with a restructuring announced in October. In addition, it announced a $2 billion accelerated share repurchase program to be funded with debt and cash. Bristol-Myers said company directors and executives met with JANA representatives to understand their views since the firm became a shareholder in late 2016. The board appointments followed those discussions, the company said. New York-based JANA owned 3.9 million shares of Bristol-Myers as of Dec. 31, a $226 million stake well below 1 percent of the $92 billion company. According to people familiar with the matter, JANA has substantially increased its stake since January, though it is still below 1 percent of the outstanding shares. Bristol boosted its board to 14 people with the new directors. They include Theodore Samuels, who retired this year as a senior vice president and portfolio manager at the Capital Group, one of Bristol-Myers'' largest shareholders. Samuels joined the board earlier this year at drugmaker Perrigo Co ( PRGO.N ), which later struck a deal with activist Starboard Value LP two weeks ago to add 3 more directors. Also joining the board is Robert Bertolini, an accountant and tax expert who as chief financial officer under Chief Executive Fred Hassan helped turn around a struggling Schering-Plough prior to its merger with Merck. He was later president and CFO at eye care company Bausch & Lomb. Bertolini also sits on the board of Actelion ( ATLN.S ), which is being acquired by Johnson & Johnson ( JNJ.N ) Matthew Emmens, the former chief executive officer of Vertex Pharmaceuticals Inc ( VRTX.O ) and before that Shire ( SHP.L ), was also named. Emmens, known for his experience in bringing new medicines to market, joined Vertex to oversee the highly successful launch of its hepatitis C drug Incivek, although it was soon overtaken by safer and more effective treatments. Jana on Tuesday also secured an agreement to add three directors to the board of Tiffany & Co ( TIF.N ). (Reporting by Caroline Humer, Bill Berkrot and Michael Flaherty in New York and Ankur Banerjee in Bengaluru; Editing by Bernard Orr and Dan Grebler) Next In Business News Chancellor       Verizon Communications Inc said 
'6e1316d1d52e69bae405b91a8ac93c1951e2ae80'|'ETFs could be making trading EM stocks cheaper - Greenwich'|'Company News - Wed Feb 22, 2017 - 11:07am EST ETFs could be making trading EM stocks cheaper - Greenwich LONDON Feb 22 The premium that institutional investors pay to trade emerging markets stocks rather than their peers in developed countries narrowed markedly in 2016, a Greenwich Associates survey showed on Wednesday. Stocks in emerging markets on average tend to be tougher and more expensive to trade in and out of due to regulatory barriers, lower trading volumes relative to stocks in the United States, Japan and Europe, and currency fluctuations. While commissions that institutional investors have to pay to trade emerging stocks remain higher than those in developed markets, the premium shrank to 43 percent in 2016 compared with 56 percent in 2015, according to Greenwich associates, a market structure consultancy. The rising popularity of exchange-traded funds (ETFs) could be one reason for the narrowing premiums, Greenwich said. "This trend suggests that emerging markets are becoming more accessible for equity traders, which could be a result of the ETF boom," said William Llamas, Associate Director at Greenwich Associates. ETFs have allowed both institutional and retail investors the opportunity to invest in emerging markets, where size and access barriers previously existed, the firm added. Overall, average commission rates to trade U.S. stocks through a traditional broking firm were about 12 basis points and 14.9 basis points in Europe in 2016. The comparable rate for emerging market stocks was 22.3 basis points, Greenwich said. (Reporting by Vikram Subhedar) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/etfs-could-be-making-trading-em-stocks-c-idUSL4N1G74JL'|'2017-02-22T23:07:00.000+02:00'
'647d8d2f1a78a13daac25ecf1a0891e14c4e47b9'|'RWE takes 4.3 billion euro writedown on power plants'|'Business  46am GMT RWE takes 4.3 billion euro writedown on power plants FILE PHOTO - Steam rises from the chimneys of the coal power plant of RWE Power, one of Europe''s biggest electricity and gas companies in Neurath, north-west of Cologne, Germany, March 3, 2016. REUTERS/Wolfgang Rattay/File Photo FRANKFURT RWE ( RWEG.DE ) said its 2016 earnings were hit by a 4.3 billion euro (3.62 billion pounds)writedown, mostly on its ailing German power plants that have come under intense pressure from low wholesale power prices and rivalling renewable energy. Impairments were also made on assets in Britain, the Netherlands and Turkey, triggering a net loss of 5.7 billion euros in 2016, RWE said in an unscheduled statement on Wednesday. ($1 = 0.9509 euros) (Reporting by Christoph Steitz; Editing by Maria Sheahan) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-rwe-results-idUKKBN1610OW'|'2017-02-22T14:46:00.000+02:00'
'ad7b6a8ca3cd043628c4a630e665885d8823defd'|'UPDATE 1-Brazil builder PDG seeks court protection from creditors'|'(Adds context, analyst comment)SAO PAULO Feb 22 Brazilian homebuilder PDG Realty SA said it was seeking protection from creditors by filing on Wednesday to restructure its debt in court, the country''s second publicly listed builder to do so in less than six months.PDG''s gross debt was 5.4 billion reais ($1.75 billion) at the end of September, according to a quarterly earnings report. The company had 235 million reais of cash on hand at the time.The company said its efforts to restructure about 74 percent of its bank debt last year "did not achieve the originally desired effect." PDG said it continues to struggle with weak demand, growing sales cancellations, stalled construction projects and lawsuits from clients and contractors.The bankruptcy filing in a S<>o Paulo court follows a similar move by Viver Incorporadora e Construtora SA in September and underscores risks for the sector, which boomed early this decade due to plentiful capital and government incentives for low-income housing.PDG passed on the low-income housing boom and focused on more custom-built projects in the middle-income segment as it pushed into new corners of the country.That made it harder to achieve economies of scale as it tripled the size of its operations in three years to become Brazil''s biggest homebuilder in 2011.As PDG''s finances deteriorated, management hired S<>o Paulo-based RK Partners in November as adviser on a new round of talks with its creditors. RK''s mandate included helping PDG access credit to obtain construction financing, the builder said in Wednesday''s filing.PDG shares fell as much as 5 percent in early Wednesday trading and then rebounded to a 3 percent gain before they were suspended at 3.33 reais on the S<>o Paulo Stock Exchange.If a court grants PDG bankruptcy protection, it will have 60 days to present a debt restructuring plan to its creditors, which then must vote to approve or reject it. Under Brazil''s bankruptcy procedures, the company is protected from lawsuits for six months, a period known as a "stay of execution."During the in-court restructuring, PDG said it would do its best to keep up commercial and operation activities and follow through on commitments to clients.($1 = 3.0788 reais) (Reporting by Ana Mano and Gabriela Mello; Editing by Brad Haynes and Lisa Von Ahn)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/pdg-realty-sa-restructuring-idINL1N1G70UN'|'2017-02-22T14:37:00.000+02:00'
'91854282440c8c8ba1fd4a282ae281ce45f5f140'|'Construction group Eiffage eyes further profit rise in 2017'|' 38pm GMT Construction group Eiffage eyes further profit rise in 2017 View of the logo of French construction group Eiffage on a crane at a job site in Paris, France, March 2, 2016. REUTERS/Jacky Naegelen/File Photo PARIS Eiffage ( FOUG.PA ) reported higher profits for 2016 on Wednesday, helped by cost control, a robust concessions business and an improvement in its construction business in the fourth quarter. Eiffage, which is France''s third-largest construction and concessions company behind Vinci ( SGEF.PA ) and Bouygues ( BOUY.PA ), said it expected its results to improve further this year on the back of slightly higher sales. Operating profit reached 1.597 billion euros(1.37 billion pounds) last year, up 11.6 percent year-on-year, while net profit jumped 33.3 percent to 148 million euros. Eiffage, which built the Millau Viaduct in France and the Sydney Opera House, generates roughly 85 percent of its revenue from contracting operations - which include construction and public works - and the rest from operating concessions, mainly motorways but also prisons and hospitals. Operating profit rose 11.8 percent in the concessions business, which benefited from a sharp increase in motorway traffic and cost control, while it rose 10.2 percent in contracting. In the fourth quarter alone group revenue rose 4.8 percent to 3.946 billion euros, including a 9.1 percent rise in construction. Eiffage said its order book stood at 12 billion euros, up 5.1 percent from the previous year. Rival Vinci earlier this month forecast higher revenue and profits this year on the strength of a French construction market upturn and a robust concessions business. ($1 = 0.9488 euros) (Reporting by Dominique Vidalon; Editing by Sudip Kar-Gupta and Elaine Hardcastle)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eiffage-results-idUKKBN1612DI'|'2017-02-23T01:38:00.000+02:00'
'ffa7cf4627c852a2ad4554bdff8de6b8ead910df'|'BRIEF-Getty Realty issues $50.0 mln of senior unsecured notes'|' 57pm EST BRIEF-Getty Realty issues $50.0 mln of senior unsecured notes Feb 21 Getty Realty Corp: * Getty Realty Corp announces $50 million private placement of senior unsecured notes * Getty Realty Corp - issued $50.0 million of senior unsecured notes maturing in 2025 bearing interest at a fixed rate of 4.75% * Getty Realty Corp - proceeds from transaction were used to repay outstanding indebtedness on company''s floating rate revolving credit facility  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-getty-realty-issues-500-mln-of-sen-idUSASB0B1DS'|'2017-02-22T04:57:00.000+02:00'
'f91352743bb9fa950ad8d64df0e64f3c4056144b'|'Buffett''s Berkshire says quarterly profit rises 15 pct'|'Feb 25 Warren Buffett''s Berkshire Hathaway Inc on Saturday said fourth-quarter profit rose 15 percent from a year earlier, helped by gains from investments and derivatives.Net income rose to $6.29 billion, or $3,823 per Class A share, from $5.48 billion, or $3,333 per share, in the comparable quarter the previous year.Quarterly operating profit fell 6 percent to $4.38 billion, or $2,665 per share, from $4.67 billion, or $2,843 per share.Analysts on average had forecast operating profit of $2,716.60 per share, according to Thomson Reuters I/B/E/S.Book value per share, which reflects assets minus liabilities and which Buffett considers a good yardstick for Berkshire''s intrinsic worth, was $172,108 at the end of the year, up 5 percent from three months earlier. (Reporting by Jonathan Stempel in New York; Editing by David Gregorio)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/berkshire-hatha-results-idUSFWN1GA02T'|'2017-02-25T16:37:00.000+02:00'
'5dd994ef1bd6f3da23169ab9521da508eabb506e'|'Wall Street opens lower as finance, tech weighs'|'U.S. stocks opened lower on Friday as a drop in financial and technology stocks weighed and investors assessed if the "Trump rally" had gone too far too soon.The Dow Jones Industrial Average fell 64.49 points, or 0.31 percent, to 20,745.83.The S&P 500 lost 9.52 points, or 0.40 percent, to 2,354.29.The Nasdaq Composite dropped 31.57 points, or 0.54 percent, to 5,803.94.(Reporting by Tanya Agrawal; Editing by Savio D''Souza)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-stocks-idINKBN1631N5'|'2017-02-24T11:33:00.000+02:00'
'26550e5cb09daf4f6c7d180bb62cff3375ebcac0'|'Peugeot boss offers UK union reassuring words on Vauxhall plants'|'LONDON The head of French carmaker PSA ( PEUP.PA ) played down the threat to British plants as he discussed his potential takeover of GM''s ( GM.N ) European operations during a visit to London on Friday.Carlos Tavares, chief executive of Peugeot-maker PSA, has been on a charm offensive to reassure politicians and unions that any deal to buy the Opel business would not lead to large-scale job losses.Germany accounts for about half of Opel''s 38,000 staff, while 4,500 are in Britain where Opel operates as Vauxhall.Tavares met the Unite union''s General Secretary Len McCluskey on Friday."He talked in terms of not being here to shut plants. That''s not his nature," McCluskey, the head of the country''s biggest union, told reporters, adding the talks were "relatively positive".The union leader said he was pleased with some of the assurances Tavares gave, such as production commitments being met should the takeover go-ahead.But McCluskey said there remained a lot of issues to discuss, including that of pensions.The Vauxhall pension scheme has a deficit of up to 1 billion pounds ($1.25 billion) according to a source.In a statement PSA said Tavares used the meeting to reaffirm "his commitment to conduct this dialogue in accordance with existing agreements and the ethical approach of the PSA Group."PSA said this week it would respect existing labor agreements if a deal took place.Underlining concerns about jobs, Opel''s European works council said it had agreed to open a line of communication with its counterpart at PSA Group.Tavares was also due to meet Britain''s business minister Greg Clark on Friday. He has already discussed the GM deal with Prime Minister Theresa May by phone.(Reporting by Costas Pitas, editing by James Davey)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-opel-m-a-psa-idUSKBN1631E6'|'2017-02-24T15:36:00.000+02:00'
'c337986cbeec76f7da4fdb5aa147a9b8b60518df'|'Aston Martin''s losses accelerate, new DB11 brings year-end surge to sales'|'Business News - Fri Feb 24, 2017 - 4:10pm GMT Aston Martin''s losses accelerate, new DB11 brings year-end surge to sales Aston Martin CEO Andy Palmer poses with the display model of a AM-RB 001 in Toronto, Ontario, Canada, February 15, 2017. REUTERS/Peter Power By Costas Pitas - LONDON LONDON British luxury carmaker Aston Martin reported a sharp rise in losses on Friday, failing to turn a profit for the sixth year running, but said the launch of the DB11, its first new model since restructuring, caused sales to surge at the end of 2016. The company said the 27 percent increase in pre-tax losses to 162.8 million pounds last year was largely due to the impact of the lower pound on financing costs and a writedown on old tooling and IT equipment. But the 104-year old firm, made famous by fictional secret agent James Bond''s 1960s DB5 sports car, said sales rose nearly 50 percent in the final quarter as its new DB11 model hit major markets. Aston Martin, which posted a 1.9 percent increase in full-year sales to 3,687 cars, has lagged behind rivals such as Ferrari and McLaren in recent years and is now updating its range of luxury sports cars to widen its appeal. The company, owned mainly by Kuwaiti and Italian private equity firms, is also building a new plant in Wales as part of a 200 million-pound investment to increase its range with a new crossover SUV model, the DBX. Chief Executive Andy Palmer told Reuters that with the boost in demand expected from the introduction of the DB11 and other new models the firm expects to return to profitability by next year. "I think it''s fairly easy to see the transformational effect the DB11 has on the brand. Obviously that''s going to be reiterated many times over now with Vantage and Vanquish replacements," he said. "When I talk about 2018, that was basically the end of the renewal of the core products and we will be profitable if not before." The firm, which builds all of its cars in Britain and mostly for export, said the roughly 15 percent fall in the pound against the euro and the dollar since Brexit had overall been "overwhelmingly positive" for the company. (Editing by Greg Mahlich)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-astonmartin-results-idUKKBN1631VP'|'2017-02-24T23:10:00.000+02:00'
'6adbe233faa7be7ec27623619ac555b7cc287240'|'CANADA STOCKS-TSX hits a 2-week low on widespread sell-off'|'Company News - Fri Feb 24, 2017 - 11:28am EST CANADA STOCKS-TSX hits a 2-week low on widespread sell-off (Adds details throughout on stocks and sectors and updates prices) * TSX falls 167.07 points, or 1.06 percent, to 15,614.13 * All of the TSX''s 10 main groups retreat * Energy falls more than 2 percent TORONTO, Feb 24 Canada''s main stock index hit a two-week low in Friday, extending its pullback from a record high in a broad-based sell-off that included losses for its heavyweight energy and financial services groups as oil prices fell. At 10:50 a.m. ET (1550 GMT), the Toronto Stock Exchange''s S&P/TSX composite index was down 167.07 points, or 1.06 percent, at 15,614.13. All of the index''s 10 main groups were lower. For the week, the index was on track to fall 1.4 percent, the most since before the U.S. presidential election in early November, while stocks on Wall Street also declined on Friday as investors assessed whether the "Trump rally" had gone too far too soon. Royal Bank of Canada reported quarterly earnings of more than C$3 billion for the first time, beating market forecasts. Still, its shares fell 0.9 percent to C$97.38, and the financial services sector retreated 0.8 percent. Auto parts maker Magna International Inc tumbled 5.5 percent to C$55.92 after it reported a lower-than-expected quarterly profit as costs rose. Husky Energy Inc fell 2.5 percent to C$15.99 even as the oil producer reported a smaller-than-expected quarterly loss. The energy group tumbled more than 2 percent as oil prices fell, with Suncor Energy Inc declining 2.7 percent to C$41.69. U.S. crude prices were down 0.50 percent at $54.18 a barrel after inventories rose for the seventh week. In an interview with Reuters on Thursday, U.S. President Donald Trump spoke favorably about a potentially export-boosting border adjustment tax being pushed by Republicans in the U.S. Congress. Investors worry that the border tax would reduce the competitiveness of Canada''s oil exports. Canada''s MacDonald Dettwiler and Associates Ltd said it would buy U.S.-based DigitalGlobe Inc for about C$3.10 billion to strengthen its position in the satellite imagery market. Its shares tumbled 5.1 percent to C$65.50, while the industrials group declined 0.8 percent. The materials group, which includes precious and base metal miners and fertilizer companies, fell 0.4 percent. Its losses were cushioned by gains for gold stocks as the metal climbed to its highest in 3-1/2 months. Gold futures rose 0.2 percent to $1,252.6 an ounce, and copper prices advanced 1.5 percent to $5,949.5 a tonne. Canada''s annual inflation rate jumped to a stronger-than-expected 2.1 percent in January, its highest in more than two years. (Reporting by Fergal Smith; Editing by Lisa Von Ahn) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-idUSL1N1G9120'|'2017-02-24T23:28:00.000+02:00'
'5f28543699ad2c7227becbdadbd433ecf8779ad7'|'Malaysian police looking for source of chemical used to kill N.Korean'|' 35pm EST Malaysian police looking for source of chemical used to kill N.Korean KUALA LUMPUR Feb 24 Malaysian police are investigating whether the VX nerve agent used to kill Kim Jong Nam, the estranged half brother of North Korea''s leader, was brought into the country or produced in Malaysia, the country''s police chief said on Friday. "We are investigating it," police chief Khalid Abu Bakar told reporters on the sidelines of an event. "If the amount of the chemical brought in was small, it would be difficult for us to detect." Kim Jong Nam was murdered at Kuala Lumpur International Airport on Feb. 13. (Reporting by Rozanna Latiff; Writing by Kanupriya Kapoor; Editing by Simon Cameron-Moore) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/northkorea-malaysia-kim-police-idUSJ9N1DH00S'|'2017-02-24T09:35:00.000+02:00'
'57f7fdb2459ae68aaef3c10ca6426232ccab42ae'|'Shares in Peru''s Grana y Montero down more than 20 pct'|'Company News  11pm EST Shares in Peru''s Grana y Montero down more than 20 pct LIMA Feb 24 Peruvian builder Grana y Montero''s shares dropped more than 20 percent after a report by local news magazine Hildebrandt en sus trece fanned worries that the company knew about bribes that its partner Odebrecht has acknowledged distributing. Hildebrandt cited testimony that it said was given by Odebrecht''s former executive Jorge Barata to prosecutors who are investigating bribes that Odebrecht said it gave to win two contracts for a highway that Grana helped build. The attorney general''s office, Grana and Barata did not immediately respond to requests by Reuters for comment. (Reporting By Ursula Scollo; Editing by Alden Bentley) Next In Company News UPDATE 1-FCC chair to block stricter broadband privacy rules WASHINGTON, Feb 24 The U.S. Federal Communications Commission will block Obama administration rules that subject broadband providers to stricter scrutiny than websites, a spokesman said on Friday, in a victory for internet providers like AT&T Inc, Comcast Corp and Verizon Communications Inc. UPDATE 1-Fannie Mae secures commitments for credit transfer deal Feb 24 Fannie Mae said on Friday it secured commitments for a second transaction under which the U.S. mortgage finance agency will transfer some credit risk to reinsurers on $15 billion worth of single-family home loans it plans to buy from lenders. "Made in Paraguay" - a cheaper label for some Brazilian manufacturers HERNANDARIAS, Paraguay, Feb 24 When toymaker Estrela decided to move manufacturing capacity back to Latin America from China, it sank $2 million into a new factory not in its native Brazil - the region''s largest economy - but in its tiny southern neighbor Paraguay. 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/peru-grana-y-montero-idUSL1N1G91AD'|'2017-02-25T01:11:00.000+02:00'
'f85b1b55bfcf74f6d8c64d305d0174be9116a0d8'|'DEALTALK-CIBC''s U.S. dream hangs in balance as PrivateBancorp deal drags'|'(For more Reuters DEALTALKS, click on)By John Tilak and Matt ScuffhamTORONTO Feb 24 Canadian Imperial Bank of Commerce''s insistence on keeping its discipline while assessing whether to increase its $2.9 billion bid for Chicago-based PrivateBancorp leaves the bank''s U.S. expansion plans in the balance.PrivateBancorp postponed a shareholder vote on the deal in December after some investors indicated they would reject it. They argued it undervalued the business following Donald Trump''s election as U.S. president, which sparked hopes of lighter financial regulation, lower tax rates and higher interest rates.Many PrivateBancorp investors had expected CIBC would come back with a higher offer when it reported results on Thursday. But it held its ground, saying it would wait to see how events in the United States unfold between now and June 27, when its current offer expires.CIBC<42>s offer is worth about $52 per PrivateBancorp share, above the $47 deal value at the time of the deal announcement but below PrivateBancorp<72>s share price of $56.50 on Friday.CIBC''s Chief Executive Victor Dodig, who had pinned his hopes on the PrivateBancorp deal reducing his bank''s dependence on a lackluster Canadian economy and frothy housing markets, is now facing an agonizing dilemma over whether to bid more or walk away.Sources close to CIBC, who declined to be identified by name, said the bank may marginally improve its initial offer but question whether that would be enough to placate PrivateBancorp shareholders, who are demanding about 25 percent more to secure the deal."The question for CIBC is, how much more can they afford to pay without entering into a transaction that is excessively dilutive?" a source familiar with the bank''s thinking said.The source said it would be tough for CIBC to find an alternative for U.S. expansion in the near-term."It took a long time for CIBC to find PrivateBancorp,<2C> the source added. "If they walk away, they''re back to being the most Canadian of the country''s big five banks."There appears to be little prospect of PrivateBancorp accepting the current offer unless unexpected events cause markets to retreat. The U.S. bank''s shares have surged nearly 60 percent since CIBC''s offer on June 29 and about 30 percent since the beginning of November."We feel CIBC''s bid undervalues the strong franchise and future of PrivateBancorp, especially given the changing banking landscape," said David Neuhauser, managing director at U.S. hedge fund Livermore Partners, which owns PrivateBancorp shares.John Rodis, research analyst at boutique U.S. investment bank FIG Partners, said PrivateBancorp shareholders are angling for the high end of the $60 to $70 range."All that I know for sure is the deal in its current form does not get done...but I would think that they would come back with at least one better offer," he saidCIBC''s Dodig said on Thursday the bank "will be disciplined and we will be patient when it comes to price."SIGNS OF CAUTION AT CIBCSome advisers said CIBC''s cautious approach made sense."CIBC is sending signals that they''re not going to buy a company of that size based on speculation around what the tax rate could be in the future or what the banking regulations might be," said one source.Another source said Thursday<61>s comments were aimed at warming up CIBC investors to the prospect of walking away."It tells me that they''re lowering expectations for a deal," he said. "They''re preparing the market for the possibility that a deal does not get done."Some bankers said CIBC investors would not be too disappointed if they chose to walk away."If I were an investor, I''d say,''That''s good discipline. They agreed to a price, they signed a contract and stuck to their guns. I wouldn''t have a problem with that,''<27> said one banking source. (Reporting by John Tilak and Matt Scuffham; Editing by Cynthia Osterman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/pri
'18b8d053911f739ff3cc0e9dd63f5b8fb3880c36'|'US SEC''s Stein cautions on capital formation rules'|'By Sarah N. Lynch - WASHINGTON WASHINGTON Feb 25 As the U.S. Securities and Exchange Commission gears up for an expected liberalization of the rules that govern how companies raise capital, the commission<6F>s lone Democrat on Saturday urged the agency to tread carefully and avoid unduly harming investors.In her first speech since Republican President Donald Trump won the White House, SEC Commissioner Kara Stein raised concerns about possible unintended consequences that could result if disclosure rules are whittled down."Capital finds it best uses when a wide range of participants can fairly weigh relevant, reliable information," Stein said, in prepared remarks at the Practising Law Institute''s annual "SEC Speaks" conference."Does the move to opacity impact the effectiveness and efficiency of our capital formation process? Is there sufficient transparency or should we be considering a different foundational principle?" Stein asked.Trump has promised broadly that he will work to scale back regulations that many corporations and fellow Republicans say stifle jobs and economic growth. Stein''s comments come as the SEC waits for the U.S. Senate to confirm Trump''s pick of Jay Clayton as the agency<63>s new chair.Clayton, a dealmaking attorney on Wall Street, has privately conveyed ideas to Trump and the White House about ways to spur capital formation.As chairman, he is expected to seek ways to ease regulations that some believe are stifling initial public offerings.That could include rules on public company disclosure, accounting and compliance procedures, private capital-raising, and the paperwork filed when companies go public and register their securities.Stein, a former staffer on the Senate Banking Committee, is known for advocating for views on investor protection that are cheered by progressive groups but at times have also put her at odds with other members of the SEC.She forcefully advocated for the SEC, the country<72>s top securities regulator, to consider denying regulatory waiver requests by banks that have repeatedly broken the law.In her speech Saturday, Stein raised concerns about how stock ownership is "becoming increasingly concentrated in the hands of a small group of large institutional investors" and whether that may "affect the willingness of companies to compete and invest in innovation."She also stressed the need to better understand why companies are staying private longer and whether private firms should have to follow "enhanced disclosure laws." (Reporting by Sarah N. Lynch; Editing by Cynthia Osterman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-sec-capitalformation-idINL1N1G91IS'|'2017-02-25T11:35:00.000+02:00'
'36c863cb48098394761f99f5327e6ef641475986'|'Ecopetrol extends force majeure on Vasconia crude to March exports -trade'|'Company News  13am EST Ecopetrol extends force majeure on Vasconia crude to March exports -trade Feb 23 A force majeure declared by Colombian state-run oil company Ecopetrol SA on some shipments of Vasconia crude has been extended to March deliveries, affecting at least seven cargoes of the medium grade, traders said on Thursday. Colombia''s second largest oil pipeline, the Cano Limon-Covenas, has been attacked by rebels more than a dozen times this year compared with 43 attacks for all of 2016 according to official figures, impacting exports of Vasconia. Ecopetrol declared force majeure in late January on up to five shipments for February delivery, according to traders who buy and sell that grade. After the line was halted two more times, the decision was extended to cargoes planned for March delivery. The most recent incident occurred last week, when pumping operations were halted due to a bomb attack by rebels. Ecopetrol said at the time production and exports had not been interrupted. The company did not immediately respond to a request for comment. The 485-mile (780-km) pipeline can transport up to 210,000 barrels per day of crude from oil fields operated by U.S.-based Occidental Petroleum Corp to the Caribbean port of Covenas. An alternative pipeline, the Oleoducto Central (Ocensa), and trucks are often used to transport Vasconia crude when the Cano Limon-Covenas line is out of service. But when many consecutive attacks occur or the pipeline is interrupted for a long period of time, exporters of Vasconia including Ecopetrol and Occidental, declare force majeure on affected shipments as a means to keep exports flowing to as many customers as possible. A declining number of tankers willing to move to Caribbean waters for orders due to smaller offers of Venezuelan and Colombian grades for export also has recently caused shipment delays to load Vasconia and other crudes, one of the sources said. Exports of Vasconia from Covenas terminal in Colombia have declined so far in February to some 296,000 bpd versus 306,000 bpd in January, according to Thomson Reuters Trade Flows data. (Reporting by Florence Tan in Singapore and Marianna Parraga in Houston; editing by Gary McWilliams and Marguerita Choy) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/colombia-ecopetrol-forcemajeure-idUSL1N1G71L0'|'2017-02-23T22:13:00.000+02:00'
'664bcf96788594313029f117aff98289ac40f868'|'U.S. oil rises after report shows drop in stockpiles'|' 34am GMT U.S. oil rises after report shows drop in stockpiles A driver fills up with fuel at a Shell petrol station in London May 15, 2013. REUTERS/Luke MacGregor TOKYO U.S. oil futures rose nearly 1 percent on Thursday after data released by an industry group showed a surprise decline in U.S. crude stocks as imports fell, lending support to the view that a global glut is ending. The U.S. West Texas Intermediate crude April contract CLc1 added 41 cents, or 0.8 percent, to $54.00 a barrel at 0011 GMT. Brent crude LCOc1 was yet to trade. It ended 82 cents, or 1.5 percent, lower at $55.84 a barrel on Wednesday. Crude inventories fell by 884,000 barrels in the week to Feb. 17 to 512.7 million, compared with analysts'' expectations for an increase of 3.5 million barrels, data from industry group the American Petroleum Institute showed on Wednesday. Crude stocks at the Cushing, Oklahoma, delivery hub were down by 1.7 million barrels and U.S. crude imports fell last week by 1.5 million barrels per day (bpd) to 7.398 million bpd, according to the API. Refinery crude runs fell by 182,000 bpd, the data showed, while gasoline stocks dropped by 893,000 barrels, largely in line with analysts'' expectations in a Reuters poll. Official data from the U.S. Department of Energy''s Energy Information Administration (EIA) is scheduled to be released at 11 a.m. EST (1600 GMT) on Thursday, a day later than normal because of a holiday Monday. (Reporting by Aaron Sheldrick; Editing by Richard Pullin)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-global-oil-idUKKBN16201W'|'2017-02-23T07:34:00.000+02:00'
'ca90b8302c46059e67f9616b85e0aae69c9d43e6'|'Softbank, Foxconn agree to set up joint investment company'|'TOKYO Japan''s Softbank Group ( 9984.T ) said on Friday it had reached an agreement with Foxconn Technology Group to set up a joint investment company which would be led by the Taiwanese firm.Softbank said Foxconn, which is owned by Hon Hai Precision Industry Co ( 2317.TW ), would invest $600 million in the joint venture. The nature of the planned investments was not immediately clear.(Reporting by Naomi Tajitsu; editing by David Clarke)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-softbank-foxconn-idINKBN16314Z'|'2017-02-24T07:39:00.000+02:00'
'466d44fc46541b7c3ffe91c09cc4541c92cae182'|'NYSE plans trial run for Snap IPO'|'By Chuck Mikolajczak and Lauren Hirsch The New York Stock Exchange will conduct a trial run of Snap Inc''s initial public offering on Saturday, according to a notice given last week to stock traders, in anticipation of what is expected to be the biggest U.S. technology IPO in nearly five years.In an email to NYSE traders, the exchange said it would offer a "weekend production testing opportunity" on Feb. 25 for firms to "exercise their IPO trading logic." It encouraged all firms to participate by sending samples of order flow they expect to receive from clients.The stakes are high for NYSE in handling the closely-watched offering for Snap, which runs popular messaging app Snapchat. Even the smallest hiccup could taint NYSE''s reputation, industry sources said."It''s a big deal and they clearly want to make sure it goes smoothly - you can''t fault them for that," said Ken Polcari, director of the NYSE floor division at O''Neil Securities in New York. "They want to make sure the systems are a ''go'' and there are no glitches or bugs in the system, so it is just a course of action."NYSE, which is owned by Intercontinental Exchange Inc ( ICE.N ), does not do trial runs for all IPOs. But it makes exceptions for big, high-profile unveilings, such as Twitter Inc''s ( TWTR.N ) in 2013 and Alibaba Group Holding LTD ( BABA.N ) in 2014.That has especially been the case since Nasdaq Inc ( NDAQ.O ) received intense criticism for botching Facebook''s ( FB.O ) IPO in May 2012. Its technology was unprepared for the level of demand for Facebook''s shares, leading to glitches, something a trial run could avoid.Snap''s selection of NYSE last month was a win for the exchange, which fought hard to win the listing, along with Nasdaq.(Reporting by Lauren Hirsch; Editing by Lauren Tara LaCapra and Nick Zieminski)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-snap-inc-ipo-nyse-idINKBN1621XJ'|'2017-02-23T13:11:00.000+02:00'
'ee8d9b77c031be7b4c9f4b5dc0c85eff7ea41fa0'|'Symantec sought to buy FireEye, talks end with no deal: sources'|'Security software provider Symantec Corp held talks to acquire FireEye Inc about six months ago, but is not currently pursuing a deal with the cyber security company, people familiar with the matter said on Thursday.The two companies could not reach a deal because of disagreements over price, the sources said, asking not to be identified because the negotiations were confidential. Symantec and FireEye declined to comment.Shares of FireEye had jumped earlier on Thursday after financial blog Zero Hedge published an article based on anonymous sources stating that Symantec''s LifeLock unit was willing to offer $16 per share for FireEye.FireEye shares were up 2 percent in late morning trading in New York on Thursday, giving the company a market capitalization of close to $2 billion.(Reporting by Greg Roumeliotis in New York; Editing by Chizu Nomiyama)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-fireye-m-a-symantec-idINKBN16222L'|'2017-02-23T13:57:00.000+02:00'
'81b1c8090d5607cba7476a109e5c2d4a2496b557'|'Asia stocks ease, dollar steadies after Fed-led losses'|'By Nichola Saminather - SINGAPORE SINGAPORE Asian stocks pulled back from a 19-month high on Thursday, while the dollar tried to steady from losses suffered in the wake of the U.S. Federal Reserve minutes indicating a cautious approach to more interest rate increases.MSCI''s broadest index of Asia-Pacific shares outside Japan was fractionally lower.Japan''s Nikkei slid 0.1 percent, while Australian shares retreated 0.3 percent.Overnight on Wall Street, the Dow Jones Industrial Average ended up almost 0.2 percent, its ninth straight record-close.That optimism however, didn''t flow through to other indexes, with the S&P 500 and the Nasdaq both closing about 0.1 percent lower.The dollar advanced in early trade as investors parsed the Fed''s January meeting minutes, which said that it may be appropriate to raise rates again "fairly soon" should jobs and inflation data be in line with expectations. [nL1N1G71HL]Nonetheless, markets focused on policymakers'' uncertainty due to a lack of clarity on President Donald Trump''s economic program, and voting members generally saw only a "modest risk" of inflation increasing significantly and believed the Fed would have "ample time" to respond if it did."These minutes reflect this mindset of a moderate path. They don<6F>t see a smoking gun for them to speed up. There<72>s way too much uncertainty about the content and timing on fiscal stimulus and their impact," said Robert Tipp, chief investment strategist at PGIM Fixed Income in Newark, New Jersey.The dollar edged up slightly to 113.32 yen, after tumbling as much as 0.7 percent on Thursday.The dollar index, which tracks the greenback against a basket of trade-weighted peers, added almost 0.2 percent to 101.39.The euro eased 0.1 percent to $1.05495. On Wednesday, it fell below $1.05 for the first time in six weeks on concern anti European Union candidate Marine Le Pen could win France''s presidential election in May.The common currency closed up 0.2 percent as the threat f higher U.S. rates eased following the Fed minutes, and on news of the offer of an alliance from veteran centrist Francois Bayrou to independent candidate Emmanuel Macron that could give the latter a boost in the election. [nL8N1G760G]In commodities, oil prices gained in early Asian trade after data from the American Petroleum Institute showed a surprise drop in U.S. crude stocks last week. Official data from the U.S. Department of Energy''s Energy Information Administration is expected on Thursday.U.S. crude added 0.8 percent to $54.02.The stronger dollar dragged gold lower, with the precious metal slipping 0.1 percent to $1,236.90 an ounce.(Reporting by Nichola Saminather; Additional reporting by Richard Leong; Editing by Shri Navaratnam)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-global-markets-idINKBN16203E'|'2017-02-22T21:50:00.000+02:00'
'1bd86e055d3e88669103823de6932293f76a4dc0'|'China says no intention of using currency devaluation to its advantage'|'BEIJING China said on Friday it had no intention of using currency devaluation to its advantage in trade, responding to U.S. President Donald Trump''s description of the Asian giant as the "grand champions" of currency manipulation.Trump said in an interview with Reuters on Thursday he had not "held back" in his assessment that China manipulates its yuan currency, just hours after his new treasury secretary pledged a more methodical approach to analyzing Beijing''s foreign exchange practices.Chinese Foreign Ministry spokesman Geng Shuang said he hoped the United States could "fully and correctly" view the exchange rate issue."China has no intention of seeking foreign trade advantages via an intentional devaluation of the renminbi. There is no basis for the continued devaluation of the renminbi," he told a daily media briefing in Beijing."If you must attach the label ''grand champion'' to China, then I think China is a grand champion. But we are the grand champions of economic development," Geng added.The Foreign Ministry has no say in currency policy, but it is the only Chinese government department that holds a daily briefing that foreign reporters attend.The central People''s Bank of China did not respond to a request for comment.In a commentary, the official Xinhua news agency said criticizing China for manipulating its currency to prop up trade was a "major myth that has been circulating in Washington for quite a long time"."Since July 2005, China has decided to unpeg the yuan against the U.S. dollar, and allow it to fluctuate against a basket of currencies so as to better reflect the market changes. Over the years, the renminbi has appreciated substantially against the dollar," it said.Trump has frequently accused China of keeping its currency artificially low against the dollar to make Chinese exports cheaper, "stealing" American manufacturing jobs.But he did not act on a campaign promise to declare China a currency manipulator on his first day in office.The yuan CNY=CFXS fell 6.6 percent against the dollar in 2016, its biggest annual drop since 1994, as it was pressured by worries about slowing Chinese growth and more recently by a resurgent dollar, which has spurred capital outflows from many emerging markets.Chinese authorities have taken numerous steps in recent months to curb capital flight to support the weakening yuan currency, while trying to bring in more foreign investment.Geng said there was no basis for the continued devaluation of the Chinese currency and he hoped "the relevant side can fully and correctly view the renminbi exchange rate issue".But China''s foreign exchange regulator said this month the economy still faced weak global demand and financial market volatility caused by expectations of further interest rate rises by the U.S. Federal Reserve.(Reporting by Ben Blanchard; Writing by Philip Wen; Editing by Robert Birsel)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-trump-china-currency-devaluation-idUSKBN1630O3'|'2017-02-24T15:49:00.000+02:00'
'ae5afc4b7ff72eace4cf4177e0a135a25aecc92c'|'UPDATE 1-Brazil''s BRF pledges smarter management after steep loss'|' 37am EST UPDATE 1-Brazil''s BRF pledges smarter management after steep loss (Adds details of earnings, comments from executives) By Paula Laier and Brad Haynes SAO PAULO Feb 24 Brazilian food processor BRF SA, the world''s largest poultry exporter, said on Friday it was overhauling management protocols to avoid repeating mistakes that triggered a big quarterly loss. Chairman Abilio Diniz and Chief Executive Officer Pedro Faria told analysts a lack of real-time information and miscommunication between industrial and commercial divisions had left the company with elevated inventories that must now be liquidated. BRF shares fell as much as 4 percent to a three-year low in early trading before halving losses to 2 percent at 39.84 reais. In a securities filing late on Thursday, the company reported a fourth-quarter loss of 460 million reais ($150 million) compared with a year-earlier profit of 1.4 billion reais. It cited a spike in feed costs and stiff competition in several markets. "In a genuine effort to preserve profitability, we lost perspective of the bigger picture," Faria said. Diniz said he was leading a new steering committee to help the company respond faster to market shocks like it saw in 2016. "We''re working to correct the mistakes that we made," he said, denying rumors that his family''s investment vehicle would sell its stake in the company. Diniz said he could not guarantee short-term results, but there were strong signs of a recovery in overseas markets and Brazil, which has had two years of severe recession. ($1 = 3.10 reais) (Reporting by Brad Haynes and Paula Laier; Editing by Lisa Von Ahn)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brf-outlook-idUSL1N1G90NI'|'2017-02-24T21:37:00.000+02:00'
'405d30e6cc578950fd5989ed2f34211bbd3eacdc'|'That $56 bln was here somewhere: Berkshire revises cash stake disclosure'|'By Jonathan Stempel Feb 25 Berkshire Hathaway Inc shareholders might have been forgiven on Saturday for looking at the company''s annual report and wondering why some $56 billion of cash appeared to vanish.It did not, Chairman Warren Buffett assured them.The Omaha, Nebraska-based conglomerate has changed how it reports its cash stake, and no longer includes the overall amount in its consolidated statement of cash flows.In his annual shareholder letter, Buffett said Berkshire has about $86 billion of cash and equivalents, roughly triple the $28 billion shown on the cash flow statement. Berkshire had reported $84.8 billion there as of Sept. 30.Investors care about the stake because it shows Berkshire''s capacity to make big acquisitions, or purchases such as a big new investment in iPhone maker Apple Inc, without having to sell existing businesses or investments.Buffett insists on a $20 billion cash cushion, in part for protection should natural or man-made catastrophes force big payouts by the company''s insurance units.So who was to blame for the reporting change?Accountants and auditors.In a footnote, Berkshire said it had invested "significant amounts" last year in U.S. Treasury bills maturing in more than three months.Berkshire said it had previously classified such Treasury bills as cash equivalents, noting that they are highly liquid and not that sensitive to interest-rate changes.But after consulting "relevant accounting literature" and talking with its independent auditors, "we have concluded that, notwithstanding our view of the substance of such instruments, these U.S. Treasury Bills technically do not meet a ''bright line'' definition of cash equivalents" under principles," Berkshire said.As a result, Berkshire is now reporting its longer-dated Treasury bills with its consolidated balance sheets.It reported $58.3 billion of Treasury bills there, versus just $4.6 billion a year earlier. Berkshire also revised prior cash flow statements to reflect the change."We believe that these changes have no effect whatsoever on our financial condition," Berkshire said. (Reporting by Jonathan Stempel in New York; Editing by David Gregorio)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/berkshire-hatha-buffett-cash-idINL1N1GA0E6'|'2017-02-25T15:55:00.000+02:00'
'5d4ba08de864a43d7befb168dd7abb54192aa705'|'Exclusive: KKR prepares IPO of Gardner Denver - sources'|'Buyout firm KKR & Co LP ( KKR.N ) is preparing an initial public offering (IPO) of Gardner Denver Inc that could value the U.S. industrial machinery maker at between $6 billion and $7 billion including debt, according to people familiar with the matter.Gardner Denver''s IPO would underscore the company''s recovery after energy prices edged up slightly last year. A plunge in oil and other commodity prices had hit its sales by reducing demand and capital expenditures by its energy and industrial customers.Gardner Denver may register its IPO with the U.S. Securities and Exchange Commission as early as next week, the people said on Friday. The IPO could then come later this year, the people added.The sources asked not to be identified because the deliberations are confidential. KKR declined to comment, while Gardner Denver did not immediately respond to a request for comment.Founded in 1859, Gardner Denver manufactures industrial compressors, blowers, pumps, loading arms and fuel systems used in the energy, general industrial and medical sectors.KKR took the Milwaukee, Wisconsin-based company private in 2013 for $3.9 billion.In the aftermath of a slump in energy prices in 2014, Gardner Denver took proactive restructuring actions to counterbalance some of the downward pressure on earnings, according to credit ratings agency Moody''s Investors Service Inc.A successful IPO would represent the latest successful investment of KKR''s industrials team, following the private equity firm''s sales of fall protection and rescue equipment maker Capital Safety and drug capsule manufacturer Capsugel. KKR scored a profit of around $4.25 billion on these two deals.(Reporting by Greg Roumeliotis in New York; Editing by Matthew Lewis)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-kkr-ipo-idUSKBN1632IE'|'2017-02-25T01:16:00.000+02:00'
'96a0e822b5388414ab2cba4d5e08baab1d0f6954'|'Peugeot lifts earnings goal after record year'|'Thu Feb 23, 2017 - 1:10am EST Peugeot lifts earnings goal after record year The logo of Peugeot is seen at a dealership of the brand in Strasbourg, France, February 14, 2017. REUTERS/Vincent Kessler PARIS PSA Group ( PEUP.PA ), the French carmaker in talks to buy Opel from General Motors ( GM.N ), announced its first dividend in six years and raised its medium-term profitability goal on Thursday after full-year profit almost doubled. The Paris-based maker of Peugeot and Citroen cars said stronger pricing, sales of higher-specification models and cost cuts lifted the automotive operating margin to a record 6 percent last year from 5 percent in 2015. The carmaker raised its automotive margin goal to an average 4.5 percent for the 2016-18 period while declining to comment on the ongoing Opel takeover talks with GM. "At this stage there can be no certainty as to the outcome of these talks," Chief Financial Officer Jean-Baptiste de Chatillon told reporters on a call. PSA''s 6.8 billion euros ($7.2 billion) net cash position allows the group to "deploy this cash to make profitable investments ... in the interest of our shareholders", Chatillon said. Net income rose 92 percent to 1.73 billion euros, with recurring operating income up 18 percent at 3.235 billion euros. Revenue fell 1.1 percent to 54 billion euros. PSA proposed a dividend of 0.48 euros per share on the 2016 earnings, its first such payout since 2011. The company said it expected "stable" demand in the European, Latin American and Russian markets this year, with China growing another 5 percent. (Reporting by Laurence Frost; Editing by Sudip Kar-Gupta) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-peugeot-results-idUSKBN1620FX'|'2017-02-23T13:00:00.000+02:00'
'd0400af3235877663691d04e4295c5481106d6da'|'BRIEF-Hecla Q4 earnings per share $0.05'|'Company News   4:57am EST BRIEF-Hecla Q4 earnings per share $0.05 Feb 23 Hecla Mining Co * Hecla reports fourth quarter and year 2016 results * Q4 earnings per share $0.05 * Silver cost of sales is estimated to increase to $358 million in 2017 * Looking to 2017, we estimate silver equivalent production will be higher than record we set in 2016 * Qtrly sales $164.2 million versus $115.3 million * Q4 earnings per share view $0.04, revenue view $162.2 million -- Thomson Reuters I/B/E/S * Estimated 2017 silver equivalent production of 46.5 million ounces-49.4 million ounces Source text for Eikon:'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-hecla-q4-earnings-per-share-idUSASB0B1SF'|'2017-02-23T16:57:00.000+02:00'
'aca68438fbde5e2bcdb8b0224985b1ccfaa4099c'|'BRIEF-Oasis Petroleum Inc sees 2017 production 65,500 to 70,500 boepd'|' 57pm EST BRIEF-Oasis Petroleum Inc sees 2017 production 65,500 to 70,500 boepd Feb 22 Oasis Petroleum Inc: * Oasis Petroleum Inc announces quarter and year ending December 31, 2016 earnings and provides an operational update and its 2017 outlook * Oasis Petroleum Inc - production growth in 2017 and 2018 is expected to be within cash flow. * Company is revising its 2017 and 2018 year-end exit rate guidance to 72,000 boepd and over 83,000 boepd, respectively * Oasis Petroleum Inc - average daily production was 53,150 barrels of oil equivalent per day for Q4 of 2016 * Oasis Petroleum Inc - Oasis'' total inventory increased to 3,073 gross locations, of which 770 locations are considered core, as of December 31, 2016 * "We continue to expect to bring on two additional rigs in middle of year and another rig early in 2018" * Oasis Petroleum Inc - "believe we can be free cash flow positive at current strip pricing in both 2017 and 2018" * Oasis Petroleum - investment in oms is expected to increase oms EBITDA to $155 million annualized by Q4 of 2017 * Oasis Petroleum Inc sees 2017 capex budget of $605 million * Oasis Petroleum Inc sees 2017 production 65,500 to 70,500 boepd * Oasis Petroleum Inc - plans on increasing rig count from two rigs in wild basin to four rigs running across core in 2017 Source  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-oasis-petroleum-inc-sees-2017-prod-idUSASB0B1Q5'|'2017-02-23T05:57:00.000+02:00'
'6a888bbfe3a2f0154e9a3953e52618c2ddd6c29e'|'Baidu denies CEO faces travel ban'|'Technology  04am EST Baidu denies CEO faces travel ban FILE PHOTO: Baidu Inc. Chairman and Chief Executive Robin Li speaks in Wuzhen town of Jiaxing, Zhejiang province, China, December 17, 2015. REUTERS/Aly Song/File Photo - RTSW2AX BEIJING Baidu Inc, the Internet firm behind China''s largest search engine, on Thursday denied media reports that said CEO Robin Li was subject to a travel ban. A crackdown on corruption in China, spearheaded by President Xi Jinping, has ensnared a number of high profile executives and sparked media speculation about others. Last month, Chinese billionaire Xiao Jianhua went missing after leaving his hotel in Hong Kong and is now believed to be in mainland China. Taiwanese news site Bowen Press reported on Wednesday that Baidu CEO Li had been banned from traveling outside China. A Baidu spokeswoman denied that Li faced a travel ban. Chinese media which had reported the travel ban on Li later removed their stories. Bowen Press was not available for immediate comment. Baidu will report its fourth-quarter earnings on Friday. (Reporting by Cate Cadell; Editing by Jason Neely and Susan Fenton) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-china-baidu-ceo-idUSKBN1621SN'|'2017-02-23T22:05:00.000+02:00'
'c81ef1903b43fbae6fcac93a41c50b5d7f79ebde'|'American Apparel brand will continue being made in US: Gildan CEO'|' 26am EST American Apparel brand will continue being made in US: Gildan CEO MONTREAL Feb 23 American Apparel products will continue to be manufactured in the United States, but the edgy U.S. fashion brand would also be sold at "price points relative to the competitive landscape," the chief executive of Canada''s Gildan Activewear said on Thursday. "We''re definitely going to manufacture product in the U.S.A. and support made-in-USA product," CEO Glenn Chamandy told analysts. "At the same time, we think that there''s an opportunity to offer product that''s more price centric and allow us to drive the potential of the brand." In January, Gildan won a bankruptcy auction to acquire American Apparel, for about $88 million in cash, leaving the retailer<65>s made-in-the-U.S. heritage uncertain at the time. (Reporting By Allison Lampert; Editing by Chizu Nomiyama)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/americanapparel-gildan-activewr-idUSL1N1G80OU'|'2017-02-23T21:26:00.000+02:00'
'36c83ff7fe66db3c0edace1ccafcec5a301f580c'|'SK Hynix CEO says will consider fresh bid for Toshiba chip unit stake'|'Business News -  02am GMT SK Hynix CEO says will consider fresh bid for Toshiba chip unit stake FILE PHOTO - The logo of Toshiba is pictured on its flash memory factory, seen during a media tour in Yokkaichi, western Japan September 9, 2014. REUTERS/Reiji Murai/File Photo SEOUL SK Hynix Inc ( 000660.KS ) will consider making a fresh bid for Toshiba Corp''s ( 6502.T ) flash memory chip business should the Japanese conglomerate offer more of it for sale, the chief executive of the South Korean chipmaker said on Thursday. Toshiba initially put up almost 20 percent of the business for sale, to help it work through financial problems. It has since said it is considering selling most or all of the business. People familiar with the matter told Reuters that Toshiba aims to raise at least 1 trillion yen (7.10 billion pounds) SK Hynix said earlier that it had submitted a non-binding bid for a stake in the business on Feb. 3, without specifying the size of the stake. It will consider a fresh bid should Toshiba make another offer, CEO Park Sung-wook told reporters on the sidelines of an industry event in Seoul. SK Hynix trails in a NAND flash memory chip market led by Samsung Electronics Co Ltd ( 005930.KS ) and second-ranked Toshiba. (Reporting by Hyunjoo Jin; Editing by Christopher Cushing) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-toshiba-accounting-sk-hynix-idUKKBN16208F'|'2017-02-23T10:02:00.000+02:00'
'9086273b18c00cfe0fbdf06716b953b7539d0d2b'|'Ardagh plans IPO in New York this quarter -chairman'|'Deals - Thu Feb 23, 2017 - 10:31am EST Ardagh plans IPO in New York this quarter: chairman DUBLIN Packaging conglomerate Ardagh Group [ARDGR.UL] is well advanced with plans to launch an initial public offering (IPO) and intends to float on the New York Stock Exchange later this quarter, chairman Paul Coulson said on Thursday. The Luxemburg-based supplier of glass and metal containers, controlled by Irish billionaire Coulson, said last year that it planned to list its operating company, but would only float around 5 percent <20> equating to just 250 million to 300 million euros. "The process with the IPO is well advanced and our objective is to IPO on the New York Stock Exchange later this quarter. As previously outlined, whilst the funds to be raised in the IPO are expected to be relatively modest and used for deleveraging, becoming a publicly listed company represents a very logical progression," Coulson told an investor call. (Reporting by Padraic Halpin; Editing by Susan Fenton) Next In Deals Siemens set to win EU approval for $4.5 billion Mentor deal: sources BRUSSELS/FRANKFURT German engineering group Siemens is set to gain unconditional EU antitrust approval for its $4.5 billion bid for U.S. software company Mentor Graphics, its biggest deal in this area in a decade, two people familiar with the matter said on Thursday.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-ardagh-pkg-gr-ipo-idUSKBN1621VE'|'2017-02-23T22:30:00.000+02:00'
'c6141eade76555b76d8607d5bd5638c252111157'|'Saipem sticks to 2017 guidance, sees no recovery for industry yet'|'Business News - Thu Feb 23, 2017 - 6:38pm GMT Saipem sticks to 2017 guidance, sees no recovery for industry yet A Saipem logo in seen on the bridge of the Saipem 10000 deepwater drillship in Genoa''s harbour, Italy, November 19, 2015. Picture taken November 19, 2015. REUTERS/Alessandro Garofalo MILAN Italian oil services group Saipem ( SPMI.MI ) stuck to its guidance for the year on Thursday and said it did not see any recovery for the industry despite higher oil prices. Saipem, jointly controlled by oil major Eni ( ENI.MI ) and state-lender fund FSI, reported a net loss last year of 2.1 billion euros (1.77 billion pounds) after heavy writedowns booked to deal with the slump triggered by lower oil prices. Since OPEC reached an agreement in November to cut production levels, crude prices have risen slightly but oil majors remain cautious. "Our clients are still delaying projects, especially in deep water," Saipem CEO Stefano Cao said on a call with analysts. Oil service companies around the world are finding business tough as weak crude prices force oil majors to cut billions of dollars in costs. "The low level of investments will persist in 2017, with the exception of North America and in part in the Middle East," Cao said. Confirming targets set in October, Saipem said it expected adjusted core earnings this year of around 1 billion euros while net profit should be more than 200 million euros, underpinned by work already in its backlog portfolio. In the fourth quarter, the contractor posted an adjusted net profit of 26 million euros, short of a Thomson Reuters consensus of 57 million euros. Saipem, which employs some 45,000 people, is a market leader in subsea engineering and construction (E&C) work including the world''s most expensive oil field, Kazakhstan''s Kashagan. But its onshore E&C and drilling businesses remain a problem and some analysts have said it could sell assets. "We are not studying any disposals of our units," CFO and strategy officer Giulio Bozzini told a media call. Bozzini said Saipem was asking for compensation of 600-700 million euros from Gazprom ( GAZP.MM ) for cancellation of a South Stream contract in 2015. He said he expected a decision to be made in 2018. (Reporting by Stephen Jewkes; Editing by Elaine Hardcastle) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-saipem-results-idUKKBN1622B3'|'2017-02-24T01:38:00.000+02:00'
'0d89e2c8d697567e8af5fb4364e74358c4d772da'|'Exclusive - Royal Bank of Canada reviews Asia wealth business for possible sale - sources'|' 29am GMT Exclusive: Royal Bank of Canada reviews Asia wealth business for possible sale - sources A Royal Bank of Canada (RBC) logo is seen on Bay Street in the heart of the financial district in Toronto, January 22, 2015. REUTERS/Mark Blinch/File Photo By Sumeet Chatterjee and John Tilak - HONG KONG/TORONTO HONG KONG/TORONTO Royal Bank of Canada (RBC), the country''s biggest lender, has put its Asian wealth management business under review, which could lead to its sale, four people familiar with the matter told Reuters. The Canadian bank''s move comes after several Western firms have withdrawn from private banking in Asia, hit by pressure to reduce costs at home, slowing growth in the region and rising compliance costs. Most recently, the Netherlands'' largest lender ABN Amro Group agreed in December to sell its private banking operations in Asia and the Middle East, which has $20 billion in assets, to LGT, a business run by the Princely Family of Liechtenstein. The RBC review was prompted because the bank''s global head of wealth management feels the Asian business, with less than $10 billion in assets, lacks the scale to generate adequate profit, the people added. There is, however, no certainty that the review will result in a sale, one of the people said. RBC''s main wealth management markets in Asia are Hong Kong and Singapore, the region''s two biggest wealth hubs. "There will definitely be a question mark over profitability of this kind of a business that lacks scale," said a person with knowledge of the development. "Is it a core business for RBC in Asia? The answer is, probably not." All the people Reuters spoke to declined to be named as the review is confidential. RBC spokeswoman Lisa Hutniak declined to comment on rumors or speculation. In fiscal year 2016, RBC''s revenue from international wealth management, including Asia, was C$430 million ($330 million), down from C$639 million in 2015 and C$722 million in 2014. The bank does not separately disclose the figures for Asia. That compares with C$2.45 billion in revenue from its wealth management business in Canada and C$4.12 billion from the United States. While some smaller Western wealth managers have left the region, Asia is emerging as a key battleground for bigger firms such as UBS and Credit Suisse as their traditional markets show slower growth and as countries like China and India produce more millionaires. With nearly 5 million individuals with $1 million in liquid assets, Asia Pacific is the fastest-growing wealth region in the world. Last year, Barclays agreed to sell its wealth and investment management business in Hong Kong and Singapore to a unit of Singapore''s Oversea-Chinese Banking Corp (OCBC). A crackdown on money laundering by Asia''s main private banking centers is forcing wealth managers to spend more on compliance procedures, which industry executives say may prove too onerous for smaller players. (Reporting by Sumeet Chatterjee in Hong Kong and John Tilak in Toronto; Additional reporting by Denny Thomas in Toronto; Editing by Will Waterman)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-rbc-asia-wealth-idUKKBN1630WA'|'2017-02-24T16:21:00.000+02:00'
'8939b33a7522ed395cd6bcd98a9f2a0b00f9fe1d'|'London Metal Exchange cuts deal with banks to propel gold futures'|'Business News - Thu Feb 23, 2017 - 7:47am GMT London Metal Exchange cuts deal with banks to propel gold futures Gold bars are seen at the Austrian Gold and Silver Separating Plant ''Oegussa'' in Vienna, Austria, March 18, 2016. REUTERS/Leonhard Foeger/File Photo By Peter Hobson - LONDON LONDON The London Metal Exchange has reached a 50:50 revenue-sharing deal with a company founded by a group of banks to promote trade in its new gold futures contracts, sources said, aiming to overcome market scepticism surrounding their launch in June. Usually, exchanges merely consult potential users about their needs when planning new financial and commodity contracts. But in this case, the LME has opted for a radical departure from normal practice as it tries to grab a piece of London''s $5 trillion-a-year gold market. Sources close to the matter told Reuters that the five banks and a proprietary trader which are shareholders in the new company have undertaken to bring guaranteed minimum levels of trade in the gold futures. Should they meet these levels, the project partners will receive a half share of the revenue under an incentive scheme designed to ensure the contracts have turnover, viability and credibility from the outset. "We''re all committed to market-making and will at least bring our own trading book," said a source at one of the banks involved in the project. "It''ll come with some built-in volume." The sources gave few details of the arrangement. However, one at a different bank backing the contracts said: "Do we have incentives for it to work? Yes." The LME, which is owned by Hong Kong Exchanges and Clearing Ltd ( 0388.HK ), hopes the arrangement will give its contracts enough business to take off from June 5 despite doubts among many brokers and gold producers. It also wants to shoulder aside U.S. exchanges CME Group ( CME.O ) and ICE ( ICE.N ) which launched London gold contracts last month, although they have yet to attract any business. The LME''s partners from the banking sector are Goldman Sachs ( GS.N ), ICBC Standard Bank ( 601398.SS ), Morgan Stanley ( MS.N ), Natixis ( CNAT.PA ) and Societe Generale ( SOGN.PA ). They have founded a company called EOS Precious Metals along with commodity trader OSTC and The World Gold Council, an industry market development body. Together they have invested several million dollars in designing and building the spot, futures and options contracts and formed EOS to receive their share of revenues. The LME and EOS have also offered the deal to all other market participants. However, London''s two largest gold traders - HSBC ( HSBA.L ) and JPMorgan ( JPM.N ) - are missing from the consortium, as is ScotiaMocatta ( BNS.TO ), another big bullion dealer. Robin Martin, head of market infrastructure at the World Gold Council, said EOS shareholders would not get any preferential treatment in terms of fees paid to use the new LME contracts. However, he told Reuters: "There is a commercial arrangement in place which reflects the fact that the EOS shareholders have co-funded the build-out of this service." The shareholders had invested in the project in terms of cash and time, "developing the product model and consulting with the LME over a drawn out multi-month process", he said, without detailing the financial or trading arrangements. The LME, Morgan Stanley and Societe Generale declined to comment on the deal with EOS. Natixis, Goldman Sachs and OSTC did not immediately respond to requests to comment. REVENUES FOR LIQUIDITY At the moment, London''s gold trade is dominated by over-the-counter (OTC) business conducted bilaterally among networks of brokers, producers and consumers. Gold futures trading takes place chiefly on the CME''s New York market and the Tokyo Commodity Exchange. However, the LME and its rivals see an opportunity as regulation of the market tightens, hoping this will force the trade onto transparent, centrally-cleared exchanges. Bigger banks, which rely on t
'28535f34208f065ab2df98feb947c540e1cf3064'|'BAT looks to double number of vaping products markets'|'British American Tobacco wants to double the number of countries where it sells vaping products this year and again in the next, it said on Thursday, after the world''s second-largest tobacco company saw full-year sales volumes rise only slightly.BAT and its rivals, including Philip Morris International and Japan Tobacco International, have been investing in cigarette alternatives as a growing health consciousness reduces smoking rates, and economic instability curbs consumer spending.BAT is preparing to buy its U.S. peer Reynolds American Inc for $49.4 billion, a takeover that will create the world''s biggest listed tobacco company and boost BAT''s position in the small but growing market for e-cigarettes and other cigarette alternatives.BAT said on Thursday it now has the biggest "vapour" business in the world outside of the United States and is present in 10 markets, with almost 40 percent of the market in Britain and around 50 percent in Poland.The company plans to double the number of markets where it offers cigarette alternatives this year, and again next year, its Head of Corporate Affairs Jerry Abelman said."In the future we expect to see a much bigger percentage coming from next generation products," he told Reuters on Thursday, but declined to give any figures. The maker of Dunhill and Lucky Strike cigarettes said cigarette volume grew 0.2 percent to 665 billion in 2016, adding that although it fell 0.8 percent on an organic basis as more people around the world cut back on smoking, it outperformed the industry which estimated a roughly 3 percent decline.Revenue grew 12.6 percent to 14.751 billion pounds ($18.35 billion), helped by the weakness of the British pound. Organic revenue was up 6.9 percent, driven by good pricing.Adjusted profit from operations also rose 9.8 percent to 5.480 billion pounds.($1 = 0.8037 pounds)(Reporting by Esha Vaish in Bengaluru, Emma Thomasson in Berlin and Martinne Geller in London. Editing by Jane Merriman and Susan Thomas)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/bat-results-idINKBN1620PV'|'2017-02-23T05:07:00.000+02:00'
'2b7cafdf755510784fbb77caf76255e4436baf61'|'Asian share off 1-1/2-year high, Trump''s yuan comment in focus'|'Business News - Thu Feb 23, 2017 - 8:01pm EST Asian share off 1-1/2-year high, Trump''s yuan comment in focus A man looks at a stock quotation board outside a brokerage in Tokyo, Japan, April 18, 2016. REUTERS/Toru Hanai By Hideyuki Sano - TOKYO TOKYO Asian shares took a breather on Friday, hovering just below 1-1/2-year highs as investors braced for a potentially wobbly session after U.S. President Donald Trump called China "grand champions" of currency manipulation. Over the past month or so, financial markets have been buffeted by rising protectionism under the Trump administration, and the President''s latest comments on China does little to raise confidence on trade relations between the world''s two biggest economies. His comments came just hours after his new Treasury secretary pledged a more methodical approach to analyzing Beijing''s foreign exchange practices. The offshore yuan stood flat at 6.8476 per dollar CNH=D4 . In onshore trade, the yuan fell 6.6 percent last year in its biggest drop in over 20 years. All eyes are on the Chinese markets which open shortly. MSCI''s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS was down 0.1 percent in early trade after four straight days of gains while Japan''s yen-sensitive Nikkei .N225 was off 0.7 percent. The MSCI world equity index .MIWD PUS, which tracks shares in 46 nations, rose 0.15 percent to 446.69 on Thursday, touching a record peak at 447.67 at one point and extending its gains so far this year to almost six percent. Leading the gains were emerging markets .MSCIEF, which have rallied more than 10 percent since the start of the year, thanks to signs of a pickup in global economic activity. On Wall Street, the Dow .DJI managed to notch a record high for a tenth straight session, the longest streak since 1987. The streak of gains is the longest for the index since March 2013. Traders have bet on tax cuts, less regulation and more infrastructure spending from Trump and the Republican-controlled Congress to bolster the U.S. economy. "There are strong expectations on tax cuts in the U.S. markets. On the other hand, the chance of a Fed rate hike in March seems limited, which is also helping shares," said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui Asset Management. U.S. Treasury Secretary Steven Mnuchin on Thursday laid out an ambitious schedule to enact tax relief for the middle class and businesses by August, but added the Trump administration was still studying a border tax. As Trump has promised a "phenomenal" plan by early March to cut business taxes, many investors expect more clarity when he delivers a speech to Congress on Tuesday. Wednesday''s Federal Reserve minutes, which showed that there was less urgency among voting members to raise interest rates, have helped to drive down U.S. Treasuries yield and the dollar. The 10-year U.S. Treasuries yield hit a two-week low of 2.372 percent US10YT=RR. The dollar slipped to 112.55 yen JPY= , also a two-week low, on Thursday and last stood at 112.69 yen. The euro fetched $1.0584 EUR= , off Wednesday''s six-week low of $1.0494. Oil prices held firm near the top of their trading ranges, thanks to high compliance among the OPEC countries to curb output. U.S. crude futures CLc1 traded at $54.36 per barrel. (Editing by Shri Navaratnam) Game company seeks to block Facebook from using virtual reality code Video game publisher ZeniMax Media Inc., which earlier this month won a $500 million verdict against Facebook Inc.<2E>s Oculus virtual reality unit for unauthorized copying of computer code, has asked a federal judge to block Oculus from using the code in its products.'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-global-markets-idUSKBN163041'|'2017-02-24T08:01:00.000+02:00'
'dac028a93945b93da816c98cb9a53f1dc17f0345'|'Unilever says Kraft''s shock bid to spur focus on short-term value'|'  1:58pm GMT Unilever says Kraft''s shock bid to spur focus on short-term value 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 LONDON Unilever ( ULVR.L ) said the shock of Kraft Heinz''s ( KHC.O ) opportunistic approach had jolted it to re-examine its strategy, and all aspects of the consumer goods giant''s business were up for review to increase shareholder value. Chief Financial Officer Graeme Pitkethly said the Kraft bid had created an "inflexion point", and had highlighted the importance of achieving a balance between long-term sustainable value, which it had prioritised, and short-term delivery. "It certainly was a trigger moment for Unilever, and we will not waste it," he said at the CAGNY conference in New York in a presentation streamed on its website. The U.S. company walked away from a fight with Unilever on Sunday, just two days after its $143 billion bid - and Unilever''s rejection - was made public. Unilever announced a far-reaching review on Wednesday, seeking to show shareholders it could realise the value in the business spotted by its rival. Pitkethly said the review would include options for the group''s portfolio, organisation, cost structures, balance sheet and use of cash. (Reporting by Paul Sandle in London and Siddharth Cavale in Bangaluru; editing by Kate Holton)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-unilever-strategy-idUKKBN1631M5'|'2017-02-24T20:58:00.000+02:00'
'4ea95a73be554e5400823c33c92b68c5875d679b'|'RPT-How Spain could deliver swift savings in Peugeot-Opel deal'|' 00am EST RPT-How Spain could deliver swift savings in Peugeot-Opel deal (Repeats story published on Thursday) By Sarah White VILLAVERDE, Spain Feb 23 As the only European country where carmaker PSA''s production overlaps with that of Opel, Spain could deliver the quick cost savings sought by PSA boss Carlos Tavares to convince investors to back his planned acquisition of the rival brand. Between them, PSA - maker of Peugeots and Citroens - and General Motors'' Opel operate three Spanish factories that employ about 13,000 people in total. Production at the smallest, PSA''s 1950s-era Villaverde plant in Madrid, is running at well below capacity. Its dependence on only one car model has fuelled fears among workers that its output could be absorbed by the French firm''s larger factory in Vigo or Opel''s site in Zaragoza under a combined group, union sources told Reuters. "Workers at Villaverde are worried," one source said. "This is a space that is under-utilised." The union sources cautioned, however, that nothing was clear cut because Villaverde''s productivity per worker was high compared with elsewhere in Europe, and labour costs low. When asked whether the plant could be closed after the proposed acquisition of Opel, a source at PSA in Spain said it was too soon to assess the effect of a potential deal. The Villaverde factory has narrowly escaped closure in recent years thanks to a contract to exclusively produce the Citroen C4 Cactus. It is due to assemble the C4''s next incarnation from the end of this year or early 2018. But with production of the Cactus having fallen in 2016 as demand waned, forcing 1,300 of its around 1,700 staff to take temporary reductions in their hours, Villaverde is operating at around 40 percent of its capacity, analysts estimate. If the PSA-Opel deal goes through, shifting Villaverde''s production to Zaragoza or Vigo would raise capacity utilisation at the combined group''s factories to 85 percent from around 70 percent now, according to Reuters calculations. The calculations were based on the analysts'' estimate of Villaverde utilisation and figures from PSA and Opel sources on utilisation at the Zaragoza and Vigo plants. PSA and Opel declined to comment on any of the figures. CAR POOLING Despite some European layoffs expected in a PSA-Opel deal, the bulk of savings could come from pooling vehicle platforms and engines, sources told Reuters on Wednesday. This could make the Zaragoza and Vigo plants the model for how a combined PSA and Opel group will seek to operate across Europe, as both already host an alliance between the two firms. Opel''s Zaragoza plant, Figueruelas, will start churning out PSA''s latest C3 Picasso model after the summer, the first of three cars to be produced using a shared production platform. Vigo will take on the production of the Opel Combo utility car next year. The only other plant in European to host this PSA-Opel alliance is in Sochaux, France. Neither PSA nor Opel would disclose any figures about the performance of the alliance at the two Spanish plants including any cost savings that might have been achieved. While other European capitals have expressed concern about the deal, the Spanish government has been quiet, sticking to the conciliatory approach that helped Spain attract many new models, protect jobs at the height of a recession and become Europe''s second-biggest car producer after Germany. A Spanish industry ministry spokesperson said the impact of a potential acquisition of Opel by PSA had not yet been addressed but added that Madrid''s relations with the two companies were "fluid and good". Labour reforms since 2012 in Spain, where the car industry accounts for 10 percent of economic output, have made it easier to lay off staff than in many other European countries and also dented unions'' powers. Politically, closing plants in PSA''s home country of France - where the government owns a 14 percent stake in the firm - and in Germany, which
'cdff82711f2352a211d5053a3968bd9a169ded7e'|'British Airways mixed-fleet cabin crew announce more strikes'|'Business News - Fri Feb 24, 2017 - 4:23pm GMT British Airways mixed-fleet cabin crew announce more strikes A British Airways aircraft taxis at Heathrow Airport near London, Britain October 11, 2016. REUTERS/Stefan Wermuth LONDON British Airways ( ICAG.L ) "mixed fleet" cabin crew members are to strike for another seven consecutive days from March 3, trade union Unite said on Friday. The mixed fleet crew, who make up around 15 percent of the total BA cabin staff, have been in a long-running dispute over pay and Unite said that the solid results announced earlier on Friday by BA''s owner IAG meant they could meet the union''s demands. In previous mixed-fleet strikes, British Airways has said it would keep disruption to customers to a minimum, with all customers able to reach their destinations. (Reporting by Alistair Smout; editing by Stephen Addison) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-strikes-british-airways-idUKKBN1631WE'|'2017-02-24T23:23:00.000+02:00'
'71beebaf5c684799e960d072d1bf6040b8d85aab'|'U.S. new home sales increase less than expected in January'|' 08am EST U.S. new home sales increase less than expected in January A sign advertises homes for sale in a new housing development in Dickinson, North Dakota January 21, 2016. REUTERS/Andrew Cullen WASHINGTON New U.S. single-family home sales rose less than expected in January but continued to point to a strengthening housing market despite higher prices and mortgage rates. The Commerce Department said on Friday new home sales increased 3.7 percent to a seasonally adjusted annual rate of 555,000 units last month. December''s sales pace was revised down to 535,000 units from the previously reported 536,000 units. Economists polled by Reuters had forecast single-family home sales, which account for about 9 percent of overall home sales, surging 6.3 percent to a 570,000-unit rate last month. New home sales, which are derived from building permits, are volatile on a month-to-month basis and subject to large revisions. Sales were up 5.5 percent compared to January 2016. Data this week showed sales of previously owned homes jumped 3.3 percent in January to a 10-year high. House prices increased 6.2 percent in December from a year ago. The housing market strength comes even as the 30-year fixed mortgage rate has risen above 4.0 percent, outpacing annual wage growth that has been stuck below 3 percent. The gains in housing are being driven by a strong labor market which is near full employment. Last month, new single-family homes sales soared 15.8 percent in the Northeast to their highest level since January 2008. They rose 14.8 percent in the Midwest and advanced 4.3 percent in the South. Sales, however, fell 4.4 percent in the West. The inventory of new homes on the market increased 3.5 percent to 265,000 units last month. New housing stock remains less than half of what it was at its peak during the housing boom in 2006. At January''s sales pace it would take 5.7 months to clear the supply of houses on the market, which was unchanged from December. A six-month supply is viewed as a healthy balance between supply and demand. The median price for a new home increased 7.5 percent to $312,900 in January from a year ago. (Reporting by Lucia Mutikani; Editing by Paul Simao; (Lucia.Mutikani@thomsonreuters.com; 1 202 898 8315; Reuters Messaging: lucia.mutikani.thomsonreuters.com@reuters.net))  '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-economy-housing-idUSKBN1631S0'|'2017-02-24T22:08:00.000+02:00'
'46e8a893b997aa1bd7bc07cbb4d9c371c065cb80'|'Dutch relations with euro up for debate after lawmakers commission probe'|'Business News - Fri Feb 24, 2017 - 5:07pm GMT Dutch relations with euro up for debate after lawmakers commission probe By Toby Sterling - AMSTERDAM AMSTERDAM The Netherlands'' future relationship with the euro will be comprehensively debated by its parliament following elections in March, after lawmakers commissioned a report on the currency''s future. The motion approving the investigation by the Council of State, the government''s legal advisor, coincides with a rising tide of euroscepticism in Europe, which populist parties are hoping to tap into in a series of national elections this year also taking in euro zone powerhouses France and Germany. The probe will examine whether it would be possible for the Dutch to withdraw from the single currency, and if so how, said lawmaker Pieter Omtzigt. Omtzigt, of the opposition Christian Democrats, tabled the parliamentary motion calling for the investigation, which legislators passed unanimously late on Thursday. It was prompted by concerns the ECB''s ultra-low interest rates are hurting Dutch savers, especially pensioners, and doubts as to whether its bond purchasing programmes are legal, he said. Its findings will be presented in several months, by which time the make-up of parliament will have changed dramatically. While most Dutch voters say they favour retaining the euro, the eurosceptic far-right party of Geert Wilders is expected to book large gains though it is unlikely to win enough votes to form a government. The most probable outcome of the March 15 vote is a new centrist coalition including some parties, such as Omtzigt''s Christian Democrats, that have been vocal in their opposition to current ECB policy. "The problems with the euro have not been solved," Omtzigt said. "This is a way for us to look at ways forward with no taboos." Thursday''s motion instructs the Council to look at "what political and institutional options are open for the euro," and "what are the advantages and disadvantages of each." (Reporting by Toby Sterling; editing by John Stonestreet) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-netherlands-election-euro-idUKKBN1631Z8'|'2017-02-25T00:07:00.000+02:00'
'22b2277a6c4afd432cd11e60744df221c5ffd950'|'REFILE-UPDATE 1-IPO of Snapchat company oversubscribed'|'(Refiles to additional codes)By Anthony HughesNEW YORK, Feb 24 (IFR) - Next week''s planned US$3.2bn IPO of Snap Inc, maker of the popular Snapchat app, is oversubscribed, market sources told IFR on Friday.The much-awaited deal is scheduled to price on Wednesday, with the company set to begin trading on the New York Stock Exchange the following day.Sources said underwriters told investors that the deal is oversubscribed at the marketing range of US$14-$16 per share, but they have yet to offer more specific pricing guidance.Potential buyers have been plentiful at lunches in New York and London this week during the IPO''s rodashow, though many have reservations about the company''s future.Investors have questioned the company''s slowing user growth, which was just 3% in the latest quarter versus the prior quarter.There are also doubts about Snap''s ability to sell ads to the 158m daily active users of Snapchat, and how sticky these users will be amid competing products from the likes of Facebook and Google.Some have also expressed reservation about the shares themselves, which do not come with voting rights.Snap is planning to sell 200m shares in all, 55m of them by company insiders. (Reporting by Anthony Hughes Writing by Marc Carnegie; Editing by Paul Kilby and Shankar Ramakrishnan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/snap-ipo-demand-idINL1N1G90U8'|'2017-02-24T12:10:00.000+02:00'
'6ebba8c9aa70e997c281561530cf1b07bb92cc70'|'BRIEF-Sierra Metals to spin out Cautivo mining as new public entity'|' 17pm EST BRIEF-Sierra Metals to spin out Cautivo mining as new public entity Feb 22 Sierra Metals Inc- * Sierra Metals to spin out Cautivo mining as new public entity * Sierra METALS Inc says sierra shareholders vote to spin out of Northern Peru properties into Cautivo mining   Further   UPDATE 4-Dozens defy deadline to leave Dakota pipeline protest camp CANNON BALL, N.D., Feb 22 A few dozen demonstrators opposed to the Dakota Access pipeline defied a Wednesday deadline to leave a protest camp they have occupied for months to demand an end to construction of the project, saying they were prepared to be arrested. * Pershing Square Holdings Ltd releases regular weekly net asset value as of 21 February 2017 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-sierra-metals-to-spin-out-cautivo-idUSFWN1G711Q'|'2017-02-23T05:17:00.000+02:00'
'54652813c5af06307d3923bc02ef9016dd396c08'|'PRESS DIGEST- New York Times business news - Feb 24'|'Company News - Fri Feb 24, 2017 - 1:42am EST PRESS DIGEST- New York Times business news - Feb 24 Feb 24 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 business spun out of Google''s parent company, claimed in a federal lawsuit on Thursday that Uber was using intellectual property stolen by one of Google''s former project leaders. In a federal court filing in San Francisco, Waymo said Anthony Levandowski, who runs Uber''s autonomous car division, downloaded 14,000 files from Google a month before leaving to start his own self-driving car company, Otto. nyti.ms/2lxZbQS - Lightspeed, a Silicon Valley venture capital firm, was the first institution to invest in Snap Inc and it is now set to reap more than $1 billion from what began as a mere $485,000 investment. Jeremy Liew, a Lightspeed venture capitalist embedded terms in his 2012 investment in what was then known as Snapchat. The terms gave Liew outsize power over the company''s future financing round. That ended up irking Snapchat''s chief executive Evan Spiegel, who took steps to reassert control over the company. Liew and Snap no longer have close ties, and Spiegel has not had meetings or spent time with Liew since the early investment rounds. nyti.ms/2lybcpt - Federal agents had seized largely brand new Mercedes-Benzes, BMWs and Land Rovers in 2013 claiming that Efans Trading Corporation that planned to resell them to wealthy buyers in China was engaging in an insidious fraud. The federal jury in Manhattan determined that there was not enough evidence to support a civil forfeiture lawsuit filed by federal prosecutors. The court ruled in favor of the Efans and ordered the government to return the luxury cars and $3 million in cash that was also seized from a company bank account. nyti.ms/2ly6EzJ (Compiled by Sangameswaran S in Bengaluru) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/press-digest-nyt-idUSL4N1G92H4'|'2017-02-24T13:42:00.000+02:00'
'23bb90b5846340bd2098a5bef55deca5a96c105d'|'One fifth of UK shoppers fear Brexit may impact spending: PwC survey - Reuters'|'LONDON More than 20 percent of UK consumers are worried about the impact of Brexit on their spending plans over the next year, according to a report published by PwC on Thursday.The business advisory group said its survey also found that almost six in ten British consumers are concerned about their lack of disposable income.Last week, official data showed British shoppers unexpectedly cut back on spending in January after last year''s Brexit vote pushed up inflation - the strongest sign to date the UK economy is heading for a slowdown.Consumers were barely fazed last year by June''s decision to leave the European Union. But they are turning more cautious with prices rising quickly in response to the post-referendum slump in the value of the pound and higher oil prices.PwC''s survey of more than 1,000 UK shoppers found that price was still the most important factor for determining customer loyalty, with 59 percent of respondents saying they returned to a retailer because prices were good.Other important reasons were trust in the brand (43 percent)and items being in stock (37 percent).The report also highlighted an increasing reliance on Amazon ( AMZN.O ), with 91 percent of UK shoppers using the internet retailer.(Reporting by James Davey; Editing by Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/us-britain-retail-pwc-idINKBN162007'|'2017-02-22T21:04:00.000+02:00'
'7ee5e837c799db4fdddfcb28fbc9000d6377eba0'|'Deals of the day-Mergers and acquisitions'|' 03am EST Deals of the day-Mergers and acquisitions Feb 24 The following bids, mergers, acquisitions and disposals were reported by 1100 GMT on Friday: ** France''s Safran on Thursday rejected criticism by a UK hedge fund over a proposed $9 billion offer for Zodiac Aerospace and pledged to stand firm as a spat intensified over plans to create the world''s third-largest aerospace supplier. ** Royal Bank of Canada (RBC), the country''s biggest lender, has put its Asian wealth management business under review, which could lead to its sale, four people familiar with the matter told Reuters. The RBC review was prompted because the bank''s global head of wealth management feels the Asian business, with less than $10 billion in assets, lacks the scale to generate adequate profit. ** As the only European country where carmaker PSA''s production overlaps with that of Opel, Spain could deliver the quick cost savings sought by PSA boss Carlos Tavares to convince investors to back his planned acquisition of the rival brand. ** France''s Engie SA, looking to sell a coal-fired power station in Australia that could fetch $1 billion, expects to attract more interest from international firms than local players, its Asia Pacific head said. ** Toshiba Corp, responding to media reports, said it was not aware that its U.S. nuclear unit Westinghouse was considering filing for Chapter 11 protection from creditors - an option analysts say could jeopardize the entire group. ** Argentina''s state-run oil company YPF SA said it reached a preliminary deal with Royal Dutch Shell Plc on Thursday to develop oil and gas assets in the Vaca Muerta shale field, involving a $300 million investment from Shell. ** South Africa''s Northam Platinum Ltd said it would acquire Glencore Plc''s Eland platinum mine in North West province for 175 million rand ($14 million). ** South Africa''s Liberty Holdings will acquire a 75 percent stake in a Nigerian long-term insurer for 160 million rand ($12 million), the company said, after reporting a 38 percent decline in earnings. ** Hospital operator Quorum Health Corp is investigating whether it provided adequate disclosure to investors prior to its spin-off last year, according to a letter seen by Reuters and a person familiar with the matter. ** Indonesian conglomerate PT Astra International Tbk will not sell its stake in lender PT Bank Permata Tbk , the company''s top executive said. (Compiled by Ankit Ajmera in Bengaluru) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/deals-day-idUSL4N1G93H1'|'2017-02-24T18:03:00.000+02:00'
'1f62f06ea4cf45adafc5f2ec51492e16e025a894'|'UPDATE 1-Standard Life 2016 operating profit up 9 pct, beats forecast'|'* Operating profit 723 mln stg vs 684 mln forecast* Total dividend up 8 pct to 19.82 pence per share* Assets under administration up 16 pct, GARS sees outflows* "Tens" of funds positions may move to EU post-Brexit (Adds detail, CEO comments, analyst, share price)LONDON, Feb 24 Insurer and asset manager Standard Life posted a forecast-beating 9 percent rise in 2016 operating profit, helped by building up a broader geographic spread of clients, it said on Friday.The Edinburgh-based company has been shifting focus to the asset management sector and away from life insurance. It has stopped writing annuities -- pensions that pay a fixed income for life, though it has a large business managing workplace pensions.Standard Life''s strong performance came in spite of worries about the Chinese economy early last year and broad outflows from funds in the aftermath of Britain''s vote to leave the European Union, Chief Executive Keith Skeoch told a media call."Our targeted investments and diversification helped increase our assets," he said.Assets under administration rose 16 percent to 357 billion pounds, above a forecast 335.4 billion.However, fund arm Standard Life Investments'' flagship GARS multi-asset strategy saw 4.3 billion pounds in net outflows."Going into 2017, we expect the outflows from GARS to remain elevated," Barclays analysts said in a note, reiterating their negative recommendation on the stock.The company set aside 175 million pounds in provisions for compensation following the Financial Conduct Authority''s review of annuity sales last year.Standard Life''s shares were down 0.3 percent at 374 pence at 0911 GMT, compared with a 0.21 percent fall in the FTSE 100 index.More merger activity is expected in asset management, after London-based asset manager Henderson Group agreed to buy U.S. rival Janus Capital Group Inc last year in an all-share $6 billion deal."We have long-term ambitions...we are continually scanning the horizon to see what''s available," Skeoch said of M&A, without giving more detail.Skeoch said contingency plans following the Brexit vote could mean Standard Life Investments adding "tens" of staff in Frankfurt or Luxembourg to bolster management of its funds.Operating profit before tax was 723 million pounds ($907.4 million), compared with 684 million pounds seen in a company-supplied consensus forecast.Standard Life said it would pay a final dividend of 13.35 pence per share and full-year dividend of 19.82 pence, a rise of 8 percent from a year earlier.Skeoch was paid 2.75 million pounds in 2016, following pay of 3.46 million in 2015, according to Standard Life''s annual report, published on Friday. ($1 = 0.7968 pounds) (Reporting by Carolyn Cohn; Editing by Rachel Armstrong)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/standardlife-results-idINL8N1G91PV'|'2017-02-24T06:30:00.000+02:00'
'71f074877d6596e9de4963b380cab9e81fbdacfa'|'FCC chair to block implementation of stricter broadband privacy rules'|'U.S.  42pm EST FCC chair to block implementation of stricter broadband privacy rules File Photo: Ajit Pai speaks at a FCC Net Neutrality hearing in Washington February 26, 2015. REUTERS/Yuri Gripas WASHINGTON The new U.S. Federal Communications Commission chief will move to block broadband privacy rules, approved by the Obama administration, that subject broadband providers to stricter scrutiny than websites, a spokesman said on Friday, in a victory for internet providers like AT&T Inc, Comcast Corp and Verizon Communications Corp. The spokesman for FCC Chairman Ajit Pai said Pai believes all companies in the "online space should be subject to the same rules, and the federal government should not favor one set of companies over another." Pai plans by March 2 to delay the implementation of the rules which subject companies to stricter oversight than websites under Federal Trade Commission rules, the spokesman said. (Reporting by David Shepardson; Editing by Richard Chang) Next In U.S.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-fcc-broadband-idUSKBN163222'|'2017-02-25T00:31:00.000+02:00'
'c5b60c02406fcbaf2383d9eac63ea8478f2f4145'|'Buffett expected to tout passive investing in Berkshire annual letter'|'Money - Thu Feb 23, 2017 - 3:48pm EST Buffett expected to tout passive investing in Berkshire annual letter 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 By Jonathan Stempel - NEW YORK NEW YORK Warren Buffett, widely considered one of the world''s best investors, is likely to tout the merits of passive investing this weekend to readers of his annual letter to Berkshire Hathaway Inc ( BRKa.N ) shareholders. The letter, slated for release around 8 a.m. EST on Saturday, will probably focus on familiar themes for the 86-year-old Buffett, with many single-spaced pages reviewing Berkshire''s businesses and managers, Wall Street, the economy and perhaps even politics. "The letters are written as much for sophisticated financial people as for people in high school," said Andy Kilpatrick, author of "Of Permanent Value: The Story of Warren Buffett." "It''s a fun read, and when you get through it, you think, ''Wow, I could be doing better with my life and my investing.''" Buffett believes most stock investors are better off with low-cost index funds than paying higher fees to managers who often underperform. He told Fortune magazine he expects to write "a lot" about passive investing. ( here ) Berkshire itself might seem anomalous, with shares of the Omaha, Nebraska-based conglomerate having generated a roughly 2 million percent gain in Buffett''s nearly 52 years at the helm. In 2016, Berkshire''s stock price rose about 23.4 percent, easily outpacing the market, though most investors who bought its stock in recent years have achieved closer to market-average returns. Kilpatrick expects Buffett to discuss Precision Castparts, an aircraft parts maker that Berkshire bought last January for $32.1 billion, its biggest acquisition. Buffett is likely to discuss other Berkshire businesses, such as insurance and the BNSF railroad, and shower praise on Berkshire managers, perhaps including investing deputies Todd Combs and Ted Weschler. Combs alerted Buffett to Precision Castparts, and Buffett may discuss what drove Berkshire''s unexpected, multi-billion-dollar investments in Apple Inc ( AAPL.O ) and the four biggest U.S. airlines. Buffett may also focus on his desire to spend Berkshire''s huge cash pile after Kraft Heinz Co ( KHC.O ), which Berkshire partly owns, on Sunday scrapped a bid to buy food rival Unilever Plc ( ULVR.L ) that Berkshire might have helped finance. U.S. President Donald Trump may also be a focus for Buffett, who was a vocal supporter of Hillary Clinton. Buffett alluded elliptically to Trump in last year''s letter, bemoaning the "negative drumbeat" from presidential candidates talking down U.S. economic prospects. Berkshire is also expected to report fourth-quarter results. Analysts expect operating profit of around $4.5 billion, or $2,717 per Class A share, down from $4.67 billion last year, Thomson Reuters I/B/E/S said. (Reporting by Jonathan Stempel in New York; Editing by Jennifer Ablan and Dan Grebler) Next In Money'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-berkshire-buffett-letter-idUSKBN1622JT'|'2017-02-24T03:45:00.000+02:00'
'088fbfec90066b6301a793ba9c7f3ea650fc0b53'|'Exclusive: China considers faster IPO approval to lure large tech deals - sources'|'By Julie Zhu and Elzio Barreto - HONG KONG HONG KONG China''s securities regulator is considering offering a shortcut for some of the country''s largest technology companies to list their shares, allowing them to jump a long line of applicants and boost domestic bourses, according to six people with knowledge of the proposals.The sources said companies being considered for the shortcut could include Alibaba Group''s ( BABA.N ) Ant Financial affiliate, the world''s most valuable financial technology company; Zhong An Online Property and Casualty Insurance, and security software maker Qihoo 360 Technology Co.Ant Financial, valued at $60 billion at its most recent funding round last year, is expected to be one of 2017''s largest initial public offerings (IPOs). While Ant hasn''t specified a preferred listing venue, analysts and bankers have previously said the deal will likely take place in Hong Kong, given the line in the mainland.China has been losing out to the New York Stock Exchange (NYSE) and Nasdaq on key technology listings, so more IPOs at home could mean millions of yuan in revenue for Chinese investment banks, who dominate domestic stock issuance.There are about 700 companies waiting for a green light from the China Securities Regulatory Commission (CSRC) to go public in Shanghai or Shenzhen.Though the regulator has increased the pace of approvals in recent months, that still leaves a typical 18-month wait or longer before companies are able to raise funds, making the domestic market unattractive to fast-growing technology companies in need of funds to fuel their expansion.In September the CSRC tweaked the rules to let companies in some impoverished Chinese regions skip the line, sharply reducing the vetting period for those issuers.In January, companies in the Xinjiang Uyghur Autonomous Region that borders Russia and Mongolia were among those benefiting from faster approvals.The sources said the CSRC had held talks with the technology companies for months, but no final decision had yet been reached on whether to allow the faster approval.Ant Financial, Zhong An and Qihoo declined to comment.The CSRC has yet to reply to a request for comment.GOING WESTOver recent years the United States has been a popular destination for listings by Chinese internet startups and software makers, given a larger pool of analysts familiar with the sector and fund managers used to investing in fast-growing companies who have yet to generate profits.The $25 billion record IPO of e-commerce giant Alibaba in New York in 2014 was a high-profile loss for mainland China and Hong Kong, where the company initially intended to list.More recently, however, some Chinese companies have opted to quit New York and relist back home, where valuations are several times higher than in international markets.Qihoo took its New York shares private in a $9.3 billion deal last July and has said it wants to relist in China in due course.By listing at home, Ant Financial, Zhong An and Qihoo would benefit from those high valuations, while also standing out because of their size compared with locally-listed peers. Domestic equity markets are dominated by massive state-owned enterprises (SOEs), including banks, real estate developers and conglomerates.While there are almost 400 tech companies listed in Shenzhen and Shanghai, the vast majority are small firms, with an average valuation of $1.9 billion, dwarfed by the likes of Ant Financial.The two largest-listed technology companies in China, video surveillance camera maker Hangzhou Hikvision Digital Technology ( 002415.SZ ) and display maker BOE Technology Group ( 000725.SZ ), have market values of $25.7 billion and $16.9 billion.(Additional reporting by Watson Zhang in BEIJING; Editing by Will Waterman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-china-regulator-ipo-idINKBN1630KI'|'2017-02-24T04:08:00.000+02:00'
'9135e4a7bae2294f08ed0b26851b2ff779228684'|'First stab at acquisition by Australia''s South32 hits competition hurdle'|'SYDNEY The first attempt at an acquisition by Australia''s South32 following its spinoff from BHP Billiton has raised competition concerns with regulators over control of the domestic coking coal market.Australia''s chief competition regulator on Thursday said it was concerned South32''s proposed $200 million acquisition of Peabody Energy''s Metropolitan colliery in Australia could curb competition in the supply of coking coal in the domestic market.The acquisition would also include a 16.67 percent stake in a nearby coal terminal.South32 would become the only large supplier of coking coal to the eastern Illawarra steelmaking hub, the Australian Competition and Consumer Commission (ACCC) said in a preliminary statement on Thursday.South32 announced the deal with Peabody on Nov. 3, saying the mine would work well with its existing operations.In a statement emailed to Reuters, South32 said it would continue to engage with the ACCC and that it expected a final decision from the regulator on April 6.Australia''s biggest steel producer and buyer of South32 coking coal, BlueScope Steel, did not immediately comment.South32 is a collection of smaller assets spun off from mining giant BHP in 2015. Until recently it was openly pursuing the remaining 40 percent of a manganese mining and smelting business located in Australia and South Africa it jointly owns with Anglo American.South32 Chief Executive Graham Kerr this month said that his company was still interested in Anglo American''s stake at the right price, but that the transaction was not seen as a necessity.(Reporting by James Regan; Editing by Joseph Radford)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-south32-coal-idINKBN162034'|'2017-02-22T21:46:00.000+02:00'
'e8a53330748ea0ddba78ddb218668a5618c1483c'|'British government cuts stake in Lloyds to below 4 percent'|'Business News - Thu Feb 23, 2017 - 7:10am GMT British government cuts stake in Lloyds to below 4 percent Customers use ATMs at a branch of Lloyds Bank in London, Britain, February 21, 2017. Picture taken February 21, 2017. REUTERS/Toby Melville LONDON The British government said on Thursday it has further reduced its stake in Lloyds Banking Group ( LLOY.L ), a day after the bank posted its highest profit since before the 2007-2009 global financial crisis. UK Financial Investments, which manages the government''s stake in the lender, said in a statement it has reduced its stake in the bank to 3.567 percent. Lloyds, which was rescued with a 20.5 billion pound ($25.48 billion) taxpayer bailout, is close to a complete recovery from its crisis-era past after more than doubling its profit last year and setting aside a lower amount to cover misconduct issues. At the current sell down rate, Lloyds should be fully returned to private ownership by May. (Reporting By Pamela Barbaglia)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-llyods-stake-idUKKBN1620LA'|'2017-02-23T14:10:00.000+02:00'
'48e8f458acbe5da12d6a8d913cc2f1e043c81ce1'|'Aramco IPO could push other Gulf states to list oil assets: economist'|'KHOBAR, Saudi Arabia Saudi Aramco''s initial public offering (IPO) could encourage other Gulf countries to list their oil assets, a leading regional economist said, but the oil giant must clear uncertainties over taxation, OPEC policy and ownership of crude.Nasser Saidi, a former economy minister of Lebanon, told Dubai Eye Radio in an interview broadcast on Wednesday that Aramco has to address how the company will separate its assets and liabilities from those of the state."Many countries could follow in the region. (The) UAE I think could potentially be attracted to this," Saidi said."We have long discussed the possibility that well-performing state enterprises could be listed, and potentially this could open the road for that," Saidi, also a former chief economist and head of external relations at the Dubai International Financial Centre, added.While Aramco is the world''s largest oil firm, the United Arab Emirates, Kuwait and Qatar also hold major oil assets that are managed by state companies.The listing of Aramco IPO-ARMO.SE, expected to be the world''s biggest IPO and raise tens of billions of dollars, is a centerpiece of the Saudi government''s ambitious "Vision 2030" plan to diversify the economy beyond oil.When the plan was announced in June last year, it pledged to "transform Aramco from an oil-producing company into a global industrial conglomerate", although Saudi officials still debate the shape the company should take.The Saudi government plans to list up to 5 percent of Aramco next year on the local bourse and international stock markets.The proceeds will be used to invest in other sectors likely to create jobs for young Saudis.But for the plan to succeed, Saidi said Aramco must address issues related to governance, transparency and "who owns the natural resource wealth of Saudi Arabia"."The big issue really is one of public finances and separating out private ownership from public and state ownership," he added.Saidi also pointed to questions concerning the 20 percent royalty and 85 percent tax that Aramco pays to the government, which many investors believe could lower its value in an IPO."There is a lot of uncertainty as to what sort of taxation regime will be applied to Aramco, whether or not resources under the ground will be included and how do you separate out those from those above and other activities," he said.This could lead to other questions on Saudi Arabia''s leading role in the Organization of the Petroleum Exporting Countries, which sets production targets and allocates them among members."What happens if you have a board? Are you going to separate out political decision-making ... from that which is in the best interest of Aramco?" he said.(Reporting by Reem Shamseddine and Katie Paul; Editing by Sami Aboudi and Dale Hudson)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-aramco-ipo-economist-idINKBN16219C'|'2017-02-23T08:44:00.000+02:00'
'e416797f9dd9e69ca23f5fa21a3382e97b337d4d'|'Brazil''s Taurus shipped arms to son of Yemeni smuggler -UN report'|'World  00pm EST Brazil''s Taurus shipped arms to son of Yemeni smuggler: U.N. report By Lisandra Paraguassu - BRASILIA BRASILIA Brazil''s Forjas Taurus SA, the largest weapons maker in Latin America, shipped guns to the son of a known arms trafficker in July 2015, three months after the United Nations imposed an arms embargo on his allies in Yemen''s civil war, according to a U.N. report released last week. The U.N. document cited and expanded upon a Reuters report in September that detailed the charges in Brazil against former executives at Taurus who allegedly shipped handguns in 2013 to Fares Mohammed Hassan Mana''a, a Yemeni arms smuggler sanctioned for dealings around the Horn of Africa for more than a decade. U.N. experts on the conflict in Yemen said an investigation turned up several red flags in the sale of the handguns, which were registered for use in Djibouti but allegedly destined for black markets in the region. Authorities in Saudi Arabia seized an arms shipment in November 2015 before it got to Djibouti, on suspicion the arms were bound for Houthi forces fighting a Saudi-backed coalition in Yemen, according to the report. "Had Taurus ... exercised due diligence then they would have identified aspects of this arms purchase that were suspicious in relation to the targeted arms embargo on Yemen, and could have stopped the shipment," wrote the experts. Responding to the U.N. report, the gun maker told Reuters in an email that the transaction followed all protocols required by Brazilian and international law, and the company halted any further shipments involving Djibouti after learning of concerns about the deal. "Taurus had no grounds to distrust the buyers," it said. The U.N. report questioned why an end-user certificate from Djibouti cleared the transfer of up to 80,000 pistols to the Ministry of Defense, when the country''s armed forces consist of just 16,000 active personnel and 9,500 reservists. Investigators also said the company listed as importer on the certificate appeared on none of the shipping, financial or legal documentation for the arms transfer. Instead, the report said, Taurus worked with Itkan Corporation for General Trading, a Yemeni firm owned by Adeeb Mana''a, son of the arms trafficker. The transfer was "designed to circumvent normal security and customs controls," the UN report concluded. The U.N. experts said they could not find a valid address for Itkan in Djibouti, nor did the government there respond to a request for the company''s registration and banking details. Brazil''s Defense Ministry and Djibouti''s Foreign Ministry did not respond to requests for comment about the U.N. report. The Mana''a family and Itkan Corp could not be reached for comment. Taurus told Reuters it did not know why Itkan had been selected as an intermediary for the shipment in Djibouti and it was unaware at the time of restrictions against the company or its owner. Taurus also said it had not taken part in any efforts to evade security controls and has since reinforced internal controls to avoid similar situations. Taurus noted that the April 2015 Yemen arms embargo was not implemented in Brazilian law until July 2016. (Reporting by Lisandra Paraguassu; Writing and additional reporting by Brad Haynes; Editing by Toni Reinhold) Next In World News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-brazil-arms-taurus-idUSKBN1612LA'|'2017-02-23T02:59:00.000+02:00'
'325abca272077cdf960d2f524799ac8819fd3a32'|'BRIEF-Outfront Media Q4 earnings per share $0.19'|' 26pm EST BRIEF-Outfront Media Q4 earnings per share $0.19 Feb 22 Outfront Media Inc: * Outfront Media reports fourth quarter and full year 2016 results * Q4 revenue $397.4 million versus I/B/E/S view $392.4 million * Q4 earnings per share $0.19 * Q4 earnings per share view $0.19 -- Thomson Reuters I/B/E/S * Decision to increase quarterly dividend by 6% to $0.36 per share * AFFO per diluted weighted average share was $0.56 in quarter ended December 31, 2016 and $0.55 in same prior-year period Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-outfront-media-q4-earnings-per-sha-idUSASB0B1MJ'|'2017-02-23T04:26:00.000+02:00'
'5cd6a542ebb2088a57dabce81d2e4ef9baea1664'|'British, Canadian regulators agree to assist fintechs'|'Technology News - Wed Feb 22, 2017 - 6:46pm GMT British, Canadian regulators agree to assist fintechs 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 TORONTO British and Canadian regulators have signed an agreement to make it easier for financial technology companies to expand in each other''s markets, they said on Wednesday. The agreement between the UK''s Financial Conduct Authority and the Ontario Securities Commission is meant to help fintech startups navigate regulations. The OSC, Canada''s largest and most influential securities regulator, and FCA will also share information on trends and regulatory issues involving financial services innovations. Both regulators already have their own fintech initiatives in place to help startups meet compliance requirements and test products under their supervision. Fintechs typically use technology to provide cheaper, more accessible and more efficient financial services such as payments, money transfers or trading. The global fintech sector has boomed in recent years, with startups securing billions of dollars in financing annually. Complicated regulations can prove challenging for companies looking to innovate and grow quickly. Canada, particular, has a fragmented regulatory environment. For example, fintechs may need separate approvals from each province to operate. Central banks have also expressed concern that fintechs could threaten financial stability and raise security issues such as money laundering, terrorism financing and data protection, and therefore require greater oversight. (Reporting by Solarina Ho; Editing by Lisa Von Ahn) Next In Technology News GE, Intel, AT&T team up to put cameras, mics in San Diego SEATTLE General Electric will put cameras, microphones and sensors on 3,200 street lights in San Diego this year, marking the first large-scale use of "smart city" tools GE says can help monitor traffic and pinpoint crime, but raising potential privacy concerns. Confident Snap brushes off concerns on second day of IPO roadshow NEW YORK Snap Inc, owner of popular messaging app Snapchat, fended off investor skepticism on the second day of its IPO roadshow on Tuesday, betting on the charisma of CEO Evan Spiegel, 26, whom it introduced as a "once in a generation founder." Verizon Communications Inc said on Tuesday it would buy Yahoo Inc''s core business for $4.48 billion, lowering its original offer by $350 million in the wake of two massive cyber attacks at the internet company. 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-canada-britain-fintechs-idUKKBN1612EM'|'2017-02-23T01:45:00.000+02:00'
'de0a526b7c4e5e6ff384059edc94e14728d0a1d2'|'Canada''s Saputo secures last slice of Australia''s Warrnambool Cheese and Butter'|'SYDNEY Feb 22 Canadian dairy company Saputo Inc on Wednesday bought out Australian firm Warrnambool Cheese and Butter Factory Co Holdings Ltd''s (WCB) largest minority shareholder, Lion Pty Ltd, all but securing a takeover offer for the 12 percent of WCB that Saputo does not already own."We accepted Saputo''s offer today," Lion spokeswoman Charlotte Churchill told Reuters.Saputo raised its offer price on Tuesday to A$9.05 per share from A$8.85 and Lion, ultimately owned by Japan''s Kirin Holdings Co Ltd, sold its 10.23 percent stake in WCB at that price, Churchill said, for a total consideration of A$71.3 million ($54.8 million).The revised price values WCB at A$697.6 million.Saputo could not immediately be reached for comment.Saputo acquired its majority stake in WCB in 2014, beating local rivals Murray Goulburn Ltd and Bega Cheese Ltd in one of Australia''s most hotly contested takeover battles. The company had said earlier it would would fund the acquisition from cash on hand. ($1 = 1.3006 Australian dollars) (Reporting by Tom Westbrook; Editing by Amrutha Gayathri)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/wcb-ma-saputo-idINL4N1G72BV'|'2017-02-22T03:12:00.000+02:00'
'eb3c06a4e059087bacd90496d3eda70f837fc5a1'|'EMERGING MARKETS-Mexican peso strengthens on reassurance from Mnuchin'|'Company News -  21pm EST EMERGING MARKETS-Mexican peso strengthens on reassurance from Mnuchin (Recasts, adds table) By Bruno Federowski SAO PAULO/MEXICO CITY, Feb 23 Mexico''s peso strengthened to its highest level in more than three months on Thursday after U.S. Treasury Secretary Steven Mnuchin said that any policies enacted by U.S. President Donald Trump would have a limited impact this year. In an interview with Fox Business Network, Mnuchin said he did not see any changes to the North American Free Trade Agreement (NAFTA) in the short-term and said the Trump administration has concerns about certain aspects of a border adjustment tax. The peso strengthened more than 1.5 percent to 19.61 per dollar before paring gains. In a Reuters interview with Trump later on Thursday, the U.S. president said he supported some form of an adjustment tax, without offering details. In Brazil, the real strengthened 0.45 percent, a day after central bank policymakers voted to cut the benchmark Selic rate by 75 basis points for the second straight time to 12.25 percent. In a statement, the bank said the future pace of loosening will hinge on the evolution of economic activity and inflation. Traders said U.S. data on Thursday showing a slight rise in weekly jobless claims reinforced expectations the Federal Reserve will increase interest rates at a gradual pace throughout the year. The Fed failed on Wednesday to provide a clear signal of a rate hike in March in the minutes from its latest policy meeting. A gradual pace of U.S. rate tightening would be good news for emerging market assets, which tend to lure investors seeking higher yields. Key Latin American stock indexes at 2200 GMT: Stock indexes Latest Daily pct YTD pct change change MSCI Emerging 952.12 0.12 10.42 Markets MSCI LatAm 2.668.48 -0.42 14.01 Brazil Bovespa 67.461.39 -1.64 12.01 Mexico IPC 47.206.36 0.02 3.43 Chile IPSA 4.359.13 -0.38 5.00 Chile IGPA 21.797.22 -0.34 5.13 Argentina MerVal 19.538.09 -1.89 15.49 Colombia IGBC 10.015.94 0.87 -1.11 Venezuela IBC 34.933.43 0.18 10.18 (Reporting by Bruno Federowski; Editing by Cynthia Osterman) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/emerging-markets-latam-idUSL1N1G8226'|'2017-02-24T05:21:00.000+02:00'
'84a7c338c328ab2815417f43e439c2f028055417'|'BRIEF-Amerisafe reports Q4 earnings per share $0.99'|' 51pm EST BRIEF-Amerisafe reports Q4 earnings per share $0.99 Feb 22 Amerisafe Inc- * Amerisafe announces 2016 fourth quarter and year-end results * Amerisafe Inc qtrly net premiums earned $92.1 million versus $95 million last year * Qtrly earnings per share $ 0.99 * Amerisafe Inc qtrly operating earnings per share $1.04 * Q4 earnings per share view $0.98 -- Thomson Reuters I/B/E/S Source  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-amerisafe-reports-q4-earnings-per-idUSASB0B1OW'|'2017-02-23T05:51:00.000+02:00'
'ae58afd25c6fde700fb176ffc6398aeeb8114416'|'CANADA STOCKS-TSX slumps as heavyweight energy, bank stocks slide'|'TORONTO Feb 24 Canada''s benchmark stock index slumped by the most in five months on Friday, in a broad-based retreat led by sharp falls in its heavily-weighted energy and financial sectors.The Toronto Stock Exchange''s S&P/TSX composite index unofficially closed down 247.73 points, or 1.57 percent, at 15,533.47. It lost 1.9 percent over the holiday-shortened week. (Reporting by Alastair Sharp, editing by G Crosse)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/canada-stocks-close-idINL1N1G91SW'|'2017-02-24T18:10:00.000+02:00'
'53da3b41bde392e32b1a602be364775569c788aa'|'METALS-London copper finds modest support after overnight rout'|' 35pm EST METALS-London copper finds modest support after overnight rout * LME copper finds modest support * Follows 3 pct fall overnight * China demand doubts counter supply pinch in Chile, Indonesia (Adds comment, details, updates prices) By James Regan SYDNEY, Feb 24 London copper prices found modest support on Friday after a big fall overnight amid fresh doubts over Chinese demand and some upward movement in the U.S. dollar, but were still on track for a weekly decline of around 2 percent Traders said worries persist about consumption levels in China after the country''s housing minister on Thursday suggested moves were afoot to stabilise the property market. Three-month copper on the London Metal Exchange was up 0.3 percent at $5,875 a tonne by 0218 GMT after falling 3 percent in the previous session. "Copper is below $6,000 (a tonne) again, but the drop may be seen as a little overdone, explaining the uptick today," said a commodities trader in Sydney who did not want to be named. "But I don''t see all the losses being erased." Strike action at the Escondida copper mine in Chile, accounting for about 6 percent of world supply, was offering support, although the strike "at least in the short term" was largely factored into the market, the trader added. Operator BHP Billiton''s decision this week to delay its legal right to replace striking workers is seen a move aimed at sacrificing some output to undermine the union''s position. BHP made a surprise announcement on Tuesday, saying it would not seek to exercise its right to replace the 2,500 striking workers after 15 days - which would have been Friday. Instead, it said it would wait at least 30 days. A halt to the big Grasberg copper mine in Indonesia by Freeport McMoRan was also giving copper bulls solace. The row, which centres around the sanctity of Freeport''s 30-year mining contract, comes as Indonesia seeks to squeeze more revenue out of its mining industry through a shake-up of regulations over foreign ownership and ore processing. "Given their size, lengthy disruptions at either will eat into this year''s normal 5 percent disruption allowance," GFMS, a Thomson Reuters company providing independent specialist metals market content and analysis, said in a recent report. "But unless accompanied by other major disruptions they are still unlikely to prevent another year of surplus in the refined copper market." The most-traded copper contract on the Shanghai Futures Exchange was down 2.2 percent at 47,490 yuan ($6,912) a tonne. The contract dipped by as much as 2.9 percent at the open. Lead, aluminium and zinc were largely flat after closing lower overnight. Zinc prices are still nearly double the levels seen in January 2016 due to deficits arising from mine closures and shutdowns. In Shanghai, aluminium was off 1.9 percent and zinc down 2.5 percent. PRICES'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/global-metals-idUSL4N1G91AB'|'2017-02-24T09:35:00.000+02:00'
'd049c944d94a5408268e9760511d2739064dee90'|'BRIEF-OSI Systems announces sale of its automated external defibrillator (AED) product line'|' 51pm EST BRIEF-OSI Systems announces sale of its automated external defibrillator (AED) product line Feb 22 OSI Systems Inc * OSI Systems announces sale of its automated external defibrillator (AED) product line * OSI Systems Inc says deal for approximately EUR 11.7 million in cash. * OSI Systems Inc says sale of its German healthcare subsidiary, Metrax GmbH, Source  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-osi-systems-announces-sale-of-its-idUSFWN1G711M'|'2017-02-23T05:51:00.000+02:00'
'e7e43099a6783cab6582446e84d0c8e4751526f6'|'Gundlach expects U.S. 10-year T-note yield to drop below 2.25 percent'|'Business News - Sat Feb 25, 2017 - 8:01am EST Gundlach expects U.S. 10-year T-note yield to drop below 2.25 percent Jeffrey Gundlach, Chief Executive Officer, DoubleLine Capital LP., speaks at the Sohn Investment Conference in New York City, U.S. May 4, 2016.   By Jennifer Ablan   Jeffrey Gundlach, chief executive of DoubleLine Capital, said on Friday he expects the yield on the benchmark 10-year U.S. Treasury note to drop below 2.25 percent as global investors seek safety. "There is a stealth flight to safety going on. German bond yields are leading the way down," Gundlach said in emailed comments. "Gold is rising. Speculators remain massively short bonds and the market is going to squeeze them out." Late on Friday, the yield on the 10-year note US10YT=RR was near 2.32 percent, compared with 2.388 percent late on Thursday. Yields fell as low as 2.313 percent, the lowest since Jan. 17. Gundlach, who oversees $101 billion, first introduced his view on the 10-year yield''s bottom in January. He then said on an investor webcast: "I think the 10-year Treasury will go below 2.25 percent ... not below 2 percent" before edging up again. Gundlach said with the recent rally in the bond market, the U.S. Treasury should consider issuing ultra-long-term obligations. "I<>d issue the longest maturity Treasuries that the market accepts," Gundlach said. "Start with 40-year, then keep extending if the market allows it. Do 100 if you can get there. The timing is good right now." Wall Street diverged from the bond market and edged   days. [.N/C] Gundlach noted: "Stocks are out of synch with the stealth flight to safety. Lots of hope built in." Gundlach, known on Wall Street as the ''Bond King'', said in December: "The bar was so low on Trump to the point people were expecting markets will go down 80 percent and global depression - and now this guy is the Wizard of Oz and so expectations are high. There''s no magic here." DoubleLine Total Return Fund, the Los Angeles-based firm''s flagship fund with $54.7 billion in assets, has trailed its peer category so far this year. According to Morningstar data on Friday, DoubleLine Total has posted year-to-date returns of 0.70 percent, lagging 73 percent of its peer category. On a three-year basis, however, DoubleLine Total Return Fund has posted returns of 3.67 percent, easily surpassing 92 percent of its peer category, according to Morningstar. (Reporting by Jennifer Ablan; Editing by Chris Reese    '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-funds-doubleline-idUSKBN1640E6'|'2017-02-25T20:01:00.000+02:00'
'9aa313c44cbd53e66b396ddfab501078a085528f'|'Peugeot lifts earnings goal after record year'|'Global Energy News -  44am GMT Peugeot lifts profitability goal on record year A Peugeot car drives past the logos of French car maker Peugeot and German car maker Opel at a dealership in Villepinte, near Paris, France, February 20, 2017. REUTERS/Christian Hartmann By Laurence Frost and Gilles Guillaume - PARIS PARIS PSA Group ( PEUP.PA ), the French carmaker in talks to buy Opel from General Motors ( GM.N ), announced its first dividend in six years and raised its medium-term profitability goal on Thursday after full-year profit almost doubled. The Paris-based maker of Peugeot and Citroen cars said stronger pricing, sales of higher-specification models and cost cuts lifted the automotive operating margin to a record 6 percent last year from 5 percent in 2015. The group raised its automotive margin goal to an average 4.5 percent for the 2016-18 period while declining to comment in detail on its continuing Opel takeover talks with GM. PSA''s 6.8 billion euro ($7.2 billion) in net cash equips the company to make "profitable investments in the interest of our shareholders", Chief Financial Officer Jean-Baptiste de Chatillon told reporters on a call. But he added: "At this stage there can be no certainty as to the outcome of these talks." The French group and Detroit-based GM confirmed on Feb. 14 they were in talks over a PSA-Opel tie-up to create Europe''s second-largest carmaker by sales after Volkswagen. PSA expects the deal to lead to combined sales of 5 million vehicles in 2020-22 and savings between 1.5 billion and 2 billion euros, sources told Reuters on Wednesday. Net income rose 92 percent to 1.73 billion euros last year, PSA said. Recurring operating income rose 18 percent to 3.235 billion euros on 54 billion euros in revenue, down 1.1 percent. That beat expectations of 3.14 billion euros in recurring operating income and 53.7 billion in revenue, based on the median estimates in an Inquiry Financial poll of 13 analysts. Under Chief Executive Carlos Tavares, PSA has rebounded from a 2014 brush with bankruptcy and state-backed bailout to record levels of profitability, thanks in part to a programme of cutbacks instituted by his predecessor Philippe Varin. Emergency development budget cuts left a hole in the pipeline of new models that is only now beginning to be filled. With a new product offensive in its early stages, PSA said pricing improvements contributed 365 million euros to 2016 earnings. Cost cuts in purchasing, production and overheads delivered a further 863 million euros. "The effect will be amplified this year," Chatillon said, as the pace of the launch of new models increases. PSA proposed a dividend of 0.48 euros per share on the 2016 earnings, its first such payout since 2011. The company said it expected "stable" demand in the European, Latin American and Russian markets this year, with China growing another 5 percent. ($1 = 0.9463 euros) (Reporting by Laurence Frost and Gilles Guillaume; Editing by Sudip Kar-Gupta) Next In Global Energy News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-peugeot-results-idUKKBN1620F7'|'2017-02-23T13:02:00.000+02:00'
'f673d9ec239962072d6c938525193494491943ce'|'PRESS DIGEST- British Business - Feb 24'|' 11pm EST PRESS DIGEST- British Business - Feb 24 Feb 24 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 A Eurosceptic coalition of City grandees is calling on Theresa May and Mark Carney to put the planned 24 billion pound ($30.10 billion) merger of the London Stock Exchange Group Plc and Deutsche Boerse AG on hold for two years. bit.ly/2lx13tk The Australian property group behind the Westfield London and Stratford City shopping centres gave Britain''s retail sector a post-Brexit referendum vote of confidence as it lifted its stake in UK''s biggest owner of malls. bit.ly/2lxbe17 The Guardian Germany overtook the U.K. as the fastest growing among the G7 states during 2016. Europe''s largest economy expanded at the fastest rate in five years, with growth of 1.9 percent last year. bit.ly/2lx3xb7 Barclays Plc tripled its profits last year but is still facing hefty fines and penalties and has cut its payout to shareholders. bit.ly/2lxc6CV The Telegraph Boeing Co plans to open its first manufacturing plant in Britain, picking Sheffield to make critical parts for its best-selling 737 and 777 planes. bit.ly/2lx2bNy Budget airline Ryanair Holdings Plc has urged the government to secure agreements which mimic those allowing barrier-free travel between the U.K. and the EU. bit.ly/2lxobYH Sky News The car boss eyeing a takeover of Vauxhall''s owner has said it could help turn around the loss-making company''s fortunes - but made no pledges on jobs. bit.ly/2lx2OGW John Lewis is to cut 387 jobs as part of its efforts to limit costs as the retail sector prepares for a difficult year. bit.ly/2lxdCF3 The Independent A 29-year-old Brit has been arrested in connection with a cyber attack that affected nearly a million Deutsche Telekom AG customers back in November. ind.pn/2lx21pg ($1 = 0.7973 pounds) (Compiled by Subrat Patnaik in Bengaluru)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-press-business-idUSL4N1G90AI'|'2017-02-24T08:11:00.000+02:00'
'8cd6ca2d9e42dcb17e7b599ffe6d9b74ec34ac5e'|'IAG eyes A321LR order for Aer Lingus, transatlantic routes'|' 34am EST IAG eyes A321LR order for Aer Lingus, transatlantic routes LONDON Feb 24 British Airways owner IAG looks set to order Airbus''s new long-range A321LR aircraft for its Irish carrier Aer Lingus, as transatlatic competition hots up with the deployment by low-cost newcomers of similar single-aisle aircraft. "We think that''s going to be a great aircraft, and we''re looking at it. We have options on the aircraft," IAG CEO Willie Walsh said on Friday. Budget airline Norwegian Air Shuttle on Thursday announced new routes between Ireland and the UK to the east coast of the United States using Boeing''s 737-MAX aircraft, taking advantage of the lower costs of operating smaller than normal aircraft on medium-haul routes to offer lower fares. Last year Norwegian also ordered 30 of the 206-seater Airbus A321LRs, which are due to enter service from 2019. Icelandic low-cost carrier Wow Air also flies between Europe and the United States using A320 family single-aisle planes, although a stop for refuelling is required in Iceland. Walsh said the Airbus 321LR aircraft could easily serve routes to the east coast of the United States from Ireland, Britain and Spain, or even fly south into Africa. "We think there''s an opportunity to consider quite a number of destinations that we wouldn''t consider possible with ... larger aircraft," he said, speaking after the group reported 2016 results. Walsh said the jet could be used for other airlines in the group, which also comprises Iberia and Vueling. (Reporting by Alistair Smout; Editing by Greg Mahlich)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/iag-results-transatlantic-idUSL8N1G94N7'|'2017-02-24T21:34:00.000+02:00'
'28e84f697c09c6827b1fc6948ee33071ade4b70a'|'Cautious Bank of Ireland delays resumption of dividend'|' 32am GMT Cautious Bank of Ireland delays resumption of dividend Group Chief Executive of the Bank Of Ireland, Richie Boucher, gestures during an interview with Reuters at the company''s head office in Dublin, Ireland June 12, 2009. REUTERS/Cathal McNaughton DUBLIN Bank of Ireland ( BKIR.I ) expects to pay its first dividend in a decade in the first half of 2018, a year later than initially hoped as it awaits further clarity on Britain''s vote to leave the European Union, it said on Friday. Ireland''s largest bank by assets outlined provisional plans to reinstate dividends alongside its full-year results for 2016 a year ago but warned in July that external factors, including Brexit, could force a delay. The bank also said on Friday it wanted to see recent bond market-led improvements in its pension deficit sustained. Its initial plan would have made it the first domestic Irish lender to resume dividend payments since the financial crash. "From a Brexit point of view, we haven''t seen any material negative impacts, other that the translation impact on our profits from our UK business," Bank of Ireland Chief Executive Richie Boucher told Reuters in a telephone interview, describing the dividend decision as a finely balanced call. "The pension deficit did stabilise. We don''t expect the same volatility in bond yields as we had in the first half of last year but we do want to make sure that continues to be the case. It''s probably just a bit of a caution on the bond yield issue." The bank, which was freed up to pay dividends again last year under the terms of its state bailout, reiterated that it would start at a modest level before moving steadily towards a payout ratio of about 50 percent of sustainable earnings. The bank reported an underlying full-year pretax profit of 1.07 billion euro ($1.1 billion) versus 1.2 billion euros a year ago. (Reporting by Padraic Halpin; editing by David Clarke) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-bank-of-ireland-results-idUKKBN1630MV'|'2017-02-24T14:32:00.000+02:00'
'0857b09a803881684cbe036b20f9cbc6d282203a'|'Brussels Airport being prepped for sale as Macquarie seeks exit - sources'|'Company News   3:57am EST Brussels Airport being prepped for sale as Macquarie seeks exit - sources By Arno Schuetze and Dasha Afanasieva - LONDON LONDON Feb 23 Brussels airport is being prepared for a potential sale as one of its owners is planning an exit from Belgium''s main hub, several people close to the matter said. Brussels is Europe''s 26th largest airport and serves as hub for Brussels Airlines, which is being fully taken over by Lufthansa. It saw passenger numbers drop 7 percent last year to 21.8 million as a result of the attacks in March, which forced the closure of the airport for 12 days. Australian Macquarie''s infrastructure fund, which owns a 36 percent stake, is currently in talks with co-owner Ontario Teachers'' Pension Plan (OTPP), which has 39 percent, on whether the Canadian investor wants to increase its stake, the people said. If those negotiations fail to come to a successful end, an auction will be started to find a third party investor, they said, adding that JP Morgan has been tasked with overseeing the process. Macquarie and JP Morgan declined to comment. (Additional reporting by Victoria Bryan; Editing by Maria Sheahan) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brusselsairport-sale-idUSL8N1G258S'|'2017-02-23T15:57:00.000+02:00'
'cedfa4bf1e742b3706c10d9ad8e493cdc90d70d1'|'PSA boss says Opel deal would find ''speedy'' savings'|'PARIS PSA Group''s ( PEUP.PA ) proposed acquisition of Opel would swiftly create savings and value from the General Motors ( GM.N ) European division''s turnaround and complementary brands, the French carmaker''s Chief Executive Carlos Tavares said on Thursday.Adding GM''s German Opel British Vauxhall brand would bring new customers reluctant to buy French cars, Tavares told analysts and reporters, while generating savings from shared technical underpinnings."There is significant complementarity in terms of customer consideration between the German Opel brand and our three French brands," Tavares said, referring to the French group''s Peugeot, Citroen and DS badges."This company needs help," he said. "What we see today with the situation of Opel ... has a lot of similarities with what we were facing four years ago."Under Tavares, PSA has rebounded from a 2014 brush with bankruptcy and state-backed bailout to record levels of profitability. On Thursday, it posted a 6 percent automotive operating margin for 2016 and raised its medium-term earnings goal.Savings with Opel, if the deal goes through, would be underpinned by rapid convergence of underlying vehicle architectures, the PSA chief also said."When you look at the product plan you see that you can in a quite speedy way implement quite significant synergies," Tavares said.PSA expects the deal to lead to combined sales of 5 million vehicles in 2020-22 and savings between 1.5 billion and 2 billion euros ($1.6 billion to $2.11 billion), sources told Reuters on Wednesday.(Reporting by Laurence Frost. Editing by Jane Merriman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-peugeot-opel-m-a-idINKBN1620UK'|'2017-02-23T06:07:00.000+02:00'
'c0c1fe54d2feb2265dd0e1e223c790e0aff2a0c1'|'AES and AIMCo to buy solar developer FTP Power for $853 million'|'U.S. power utility company AES Corp ( AES.N ) said on Friday it would buy a privately held company that builds utility-scale solar projects, along with Canada''s investment fund manager Alberta Investment Management Corp, for $853 million in cash.The deal to buy FTP Power LLC, popularly known as sPower, from hedge fund Fir Tree Partners also includes $724 million in debt.The deal is expected to increase AES''s stake in renewable energy projects under construction by 15.4 percent to 9,552 megawatts (MW).sPower''s portfolio includes 1,274 MW of solar and wind projects in operation or under construction, with more than 10,000 MW being developed.(Reporting by Muvija M in Bengaluru; Edited by Martina D''Couto)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-ftp-power-m-a-aes-corp-idINKBN1631N1'|'2017-02-24T11:03:00.000+02:00'
'255d169a75e862fb093852bf182b8a3ebc5e13e3'|'UPDATE 1-Peugeot boss offers UK union reassuring words on Vauxhall plants'|'Company  10am EST UPDATE 1-Peugeot boss offers UK union reassuring words on Vauxhall plants (Adds detail) LONDON Feb 24 The head of French carmaker PSA played down the threat to British plants as he discussed his potential takeover of GM''s European operations during a visit to London on Friday. Carlos Tavares, chief executive of Peugeot-maker PSA, has been on a charm offensive to reassure politicians and unions that any deal to buy the Opel business would not lead to large-scale job losses. Germany accounts for about half of Opel''s 38,000 staff, while 4,500 are in Britain where Opel operates as Vauxhall. Tavares met the Unite union''s General Secretary Len McCluskey on Friday. "He talked in terms of not being here to shut plants. That''s not his nature," McCluskey, the head of the country''s biggest union, told reporters, adding the talks were "relatively positive". The union leader said he was pleased with some of the assurances Tavares gave, such as production commitments being met should the takeover go-ahead. But McCluskey said there remained a lot of issues to discuss, including that of pensions. The Vauxhall pension scheme has a deficit of up to 1 billion pounds ($1.25 billion) according to a source. In a statement PSA said Tavares used the meeting to reaffirm "his commitment to conduct this dialogue in accordance with existing agreements and the ethical approach of the PSA Group." PSA said this week it would respect existing labour agreements if a deal took place. Underlining concerns about jobs, Opel''s European works council said it had agreed to open a line of communication with its counterpart at PSA Group. Tavares was also due to meet Britain''s business minister Greg Clark on Friday. He has already discussed the GM deal with Prime Minister Theresa May by phone. (Reporting by Costas Pitas, editing by James Davey) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/opel-ma-psa-idUSL8N1G9331'|'2017-02-24T19:10:00.000+02:00'
'394d7a5246a49630af8c7da56b344fb3e2648d2e'|'CANADA STOCKS-TSX climbs as oil price rise boosts energy stocks'|'Company  43am EST CANADA STOCKS-TSX climbs as oil price rise boosts energy stocks TORONTO Feb 23 Canada''s main stock index opened higher on Thursday, helped by strong gains for energy company stocks as oil prices rose, while banks and gold miners also lent support. The Toronto Stock Exchange''s S&P/TSX composite index was up 64.05 points, or 0.40 percent, at 15,894.27 shortly after the open. Nine of its 10 mains groups were higher. (Reporting by Fergal Smith; Editing by Bernadette Baum) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-open-idUSL1N1G80UQ'|'2017-02-23T21:43:00.000+02:00'
'db77560a5b6e1845f6790ea9c1dddfc0f287cde7'|'BRIEF-Goldman Sachs executive Toby Watson who was involved in bank''s dealings during 1mbd has left the firm- WSJ'|'United States Company News - Fri Feb 24, 2017 - 10:40am EST BRIEF-Goldman Sachs executive Toby Watson who was involved in bank''s dealings during 1mbd has left the firm- WSJ Feb 24 (Reuters) - * Goldman Sachs executive Toby Watson who was involved in bank''s dealings during 1mbd has left the firm- WSJ, citing sources Source: on.wsj.com/2mftaPf Next In Company News Brazil''s GPA should close fewer than 60 stores in 2017 - management SAO PAULO, Feb 24 Brazil''s GPA SA will close fewer than 60 food store units in 2017, a move that will help the country''s largest diversified retailer cut expenses related to a two-year internal restructuring, Chief Financial Officer Christophe Hidalgo said in an earnings call on Friday. UPDATE 3-Vale intensifies search for CEO as Ferreira to leave, sources say SAO PAULO, Feb 24 Vale SA has stepped up the search for a chief executive with incumbent CEO Murilo Ferreira poised to step down, signaling efforts by some top shareholders to shield the world''s No. 1 iron producer from political interference, three people with direct knowledge of the situation said on Friday. * CEO says focus in United States on organic growth (Adds CEO comment from conference call) 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-goldman-sachs-executive-toby-watso-idUSFWN1G90T7'|'2017-02-24T22:40:00.000+02:00'
'ecb076594b9cc6f3fd9045d0c34e6e70674a4989'|'BRIEF-CHARTWELL RETIREMENT RESIDENCES REPORTS Q4 ADJUSTED FFO PER SHARE C$0.21'|' 01pm EST BRIEF-CHARTWELL RETIREMENT RESIDENCES REPORTS Q4 ADJUSTED FFO PER SHARE C$0.21 Feb 23 Chartwell Retirement Residences * CHARTWELL ANNOUNCES FOURTH QUARTER & YEAR END 2016 RESULTS AND INCREASE TO DISTRIBUTIONS * Q4 ADJUSTED FFO PER SHARE C$0.21 * Q4 FFO PER SHARE C$0.23 * DISTRIBUTIONS INCREASE 2.5% AS OF MARCH 31, 2017 * SAME PROPERTY OCCUPANCY 93.7% IN Q4 2016 * SAME PROPERTY NET OPERATING INCOME UP 2.2% IN Q4 2016 Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-chartwell-retirement-residences-re-idUSASB0B25D'|'2017-02-24T06:01:00.000+02:00'
'2d4330b500ee82a8208ade40dcbfabfaf9ce9c21'|'UPDATE 1-Barclays gets surprise core capital boost as profit climbs'|'* CET1 ratio 12.4 pct vs 11.8pct consensus* Group PBT 3.2 bln stg vs 3.972 bln consensus* Non-core division to close 6 months early (Adds CEO Quote: , Africa agreement details)By Lawrence White and Andrew MacAskillLONDON, Feb 23 Barclays reported a surprise increase in its core capital ratio on Thursday, as the bank took advantage of its rising profits to put money aside for expected demands on its cash from legal issues and worsening global market conditions.The bank''s capital ratio, a key measure of financial strength, rose to 12.4 percent against analysts'' expectations it would only reach 11.8 percent.Barclays said the capital boost came from increased profits as the group nears the end of a major restructuring."...we are well positioned to absorb headwinds over the next few years. Certain legacy conduct issues remain and we intend to make further progress on them," Chief Executive Jes Staley said in the bank''s statement.Barclays faces a suit by the U.S. Department of Justice on civil charges of fraud in the sale of mortgage-backed securities during the run-up to the 2008-09 financial crisis.Barclays is so far alone among major banks in choosing to contest its case where rivals have settled.Barclays reported an adjusted full-year pre-tax profit of 3.2 billion pounds ($3.98 billion), compared with 1.14 billion a year earlier. That was below the average forecast of 3.97 billion from analysts'' estimates compiled by the bank.The bank said it would close its non-core division that holds its assets earmarked for sale in June, six months earlier than expected.The bank also said it had reached an agreement with its African division on the terms of their separation that will see it pay Barclays Africa 12.8 billion rand ($988 million) to fund investments required to separate the two.Staley said the result showed progress on a plan announced last March under which Barclays will shed unwanted assets including most of its stake Barclays Africa in favour of a ''transatlantic'' strategy focused on the United States and Britain."We are now just months away from completing the restructuring of Barclays, and I am more optimistic than ever for our prospects in 2017, and beyond," Staley said in the bank''s statement. ($1 = 0.8043 pounds) (Reporting By Lawrence White and Andrew MacAskill; Editing by Rachel Armstrong and Jane Merriman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/barclays-results-idINL8N1G81WA'|'2017-02-23T04:50:00.000+02:00'
'ebbce28f545ee470b606b6a5909fe4ddbb11e832'|'MOVES-Hillary promoted in further DCM changes at Morgan Stanley'|'Company News   9:54am EST MOVES-Hillary promoted in further DCM changes at Morgan Stanley By Tom Porter LONDON, Feb 24 (IFR) - Morgan Stanley has launched a senior coverage group in its Europe, Middle East and Africa fixed income capital markets business, which will be headed up by former financial institutions group co-head Cecile Hillary. In her new role, Hillary will be bringing together and delivering clients all aspects of FICM advice and content across debt capital markets. Under the new setup, Alex Menounos will take over the reporting lines of FIG, corporate and SSA DCM businesses, along with investment-grade syndicate. The client solutions business, which houses loans, securitisation and derivatives, will report into Jon Walton. Khalid Krim has a pan-European role as head of FIG capital markets advisory. Hillary, who was previously co-head of FIG fixed income capital markets for EMEA, heads the new senior coverage group. This is the second raft of changes to the FICM business in as many months. In January, Claus Skrumsager, Morgan Stanley''s co-head of global capital markets in the EMEA region, moved into the investment management division to start his own fund, triggering a series of promotions. One of them saw his fellow co-head Henrik Gobel become sole head, running DCM, ECM and leveraged finance. (Reporting by Tom Porter) Next In Company News CORRECTED-Saudi King Salman launches investment drive with Asia tour RIYADH, Feb 24 Saudi Arabia''s King Salman starts a month-long Asian tour on Sunday to build ties with the world''s fastest growing importers of Saudi oil and promote investment opportunities, including the sale of a stake in its giant state firm Saudi Aramco.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/moves-morgan-stanley-hillary-idUSL8N1G94SK'|'2017-02-24T21:54:00.000+02:00'
'f4bd56d34d75184a3f4bbc4c38bdb019858571f7'|'Exclusive - China considers faster IPO approval to lure large tech deals - sources'|'  7:08am GMT Exclusive: China considers faster IPO approval to lure large tech deals - sources left right FILE PHOTO: An advertising board (L) showing a Chinese stone lion is pictured near an entrance to the headquarters (R) of China Securities Regulatory Commission (CSRC), in Beijing, China, September 7, 2015. REUTERS/Jason Lee/File Photo 1/4 left right Logos of Qihoo 360 are seen at an expo in Beijing, China July 21, 2015. Picture taken July 21, 2015. REUTERS/China Daily 2/4 left right A logo of Ant Financial is displayed at the Ant Financial event in Hong Kong, China November 1, 2016. REUTERS/Bobby Yip 3/4 left right FILE PHOTO: A security guard stands outside the headquarters building of China Securities Regulatory Commission in Beijing, September 7, 2015. REUTERS/Jason Lee/File Photo 4/4 By Julie Zhu and Elzio Barreto - HONG KONG HONG KONG China''s securities regulator is considering offering a shortcut for some of the country''s largest technology companies to list their shares, allowing them to jump a long line of applicants and boost domestic bourses, according to six people with knowledge of the proposals. The sources said companies being considered for the shortcut could include Alibaba Group''s ( BABA.N ) Ant Financial affiliate, the world''s most valuable financial technology company; Zhong An Online Property and Casualty Insurance, and security software maker Qihoo 360 Technology Co. Ant Financial, valued at $60 billion at its most recent funding round last year, is expected to be one of 2017''s largest initial public offerings (IPOs). While Ant hasn''t specified a preferred listing venue, analysts and bankers have previously said the deal will likely take place in Hong Kong, given the line in the mainland. China has been losing out to the New York Stock Exchange (NYSE) and Nasdaq on key technology listings, so more IPOs at home could mean millions of yuan in revenue for Chinese investment banks, who dominate domestic stock issuance. There are about 700 companies waiting for a green light from the China Securities Regulatory Commission (CSRC) to go public in Shanghai or Shenzhen. Though the regulator has increased the pace of approvals in recent months, that still leaves a typical 18-month wait or longer before companies are able to raise funds, making the domestic market unattractive to fast-growing technology companies in need of funds to fuel their expansion. In September the CSRC tweaked the rules to let companies in some impoverished Chinese regions skip the line, sharply reducing the vetting period for those issuers. In January, companies in the Xinjiang Uyghur Autonomous Region that borders Russia and Mongolia were among those benefiting from faster approvals. The sources said the CSRC had held talks with the technology companies for months, but no final decision had yet been reached on whether to allow the faster approval. Ant Financial, Zhong An and Qihoo declined to comment. The CSRC has yet to reply to a request for comment. GOING WEST Over recent years the United States has been a popular destination for listings by Chinese internet startups and software makers, given a larger pool of analysts familiar with the sector and fund managers used to investing in fast-growing companies who have yet to generate profits. The $25 billion record IPO of e-commerce giant Alibaba in New York in 2014 was a high-profile loss for mainland China and Hong Kong, where the company initially intended to list. More recently, however, some Chinese companies have opted to quit New York and relist back home, where valuations are several times higher than in international markets. Qihoo took its New York shares private in a $9.3 billion deal last July and has said it wants to relist in China in due course. By listing at home, Ant Financial, Zhong An and Qihoo would benefit from those high valuations, while also standing out because of their size compared with locally-listed peers. Domestic equit
'8b5c630fa1154e862c253469dee0d51a5bd8c1a4'|'Agrokor denies reports of electricity outages after bonds drop'|'By Robert Smith LONDON, Feb 24 (IFR) - Agrokor said reports of electricity outages at its Mercator stores are not correct, after stories in local press sent the Croatian company''s bond prices tumbling on Friday.Insajder.net reported on Thursday afternoon that electricity at several Mercator stores in Serbia had been switched off, attributing the outages to unpaid rent and electricity bills to a local landlord.A spokesman for the food producer and retailer told IFR on Friday that the story was inaccurate, however."The information about Agrokor''s Mercator stores in Serbia being without electricity is not correct. They are operating under regular conditions," he said.Agrokor''s bonds sold-off sharply earlier on Friday morning, which investors attributed to an English language version of the story that appeared on website POST Online Media.Its <20>325m 9.125% 2020 senior unsecured note dropped more than six points to a cash price bid of just 71.625, according to Tradeweb. This equates to a yield of around 23%.Debt at Croatia''s largest private company has plummeted in value in recent weeks on concerns around the company''s finances, with a holding company PIK note falling to as low as 25 cents.Moody''s changed the outlook on Agrokor''s B3 credit rating from stable to negative on Friday, reflecting the "uncertainties weighing on its credit profile".The changed outlook came after the ratings agency described Agrokor''s accounting as "opaque in certain areas" in a report published last week.IFR reported earlier this month that investors were also concerned around the company''s accounting policies, particularly the way Agrokor accounts for investments at subsidiaries in its cashflow statement. (Reporting by Robert Smith)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/agrokor-debt-idINL8N1G93VM'|'2017-02-24T10:12:00.000+02:00'
'6220174f04cadf7053093ec7974ce23e4bd3bcf2'|'UPDATE 1-Mexico''s Grupo Televisa reports 59 pct drop in 4th-qtr profit'|'Company News - Wed Feb 22, 2017 - 7:11pm EST UPDATE 1-Mexico''s Grupo Televisa reports 59 pct drop in 4th-qtr profit (Adds details for decline in profit) MEXICO CITY Feb 22 Mexican broadcaster Grupo Televisa on Wednesday reported a 59 percent fall in fourth-quarter net profit compared to the year-earlier period, hit by higher financial costs. In the quarter ending Dec. 31, the company had a net profit of 643 million pesos ($31 million), it said in a statement, down from 1.571 billion pesos in the year earlier quarter. Total sales at the company rose to 27.3 billion pesos. A drop in total annual net profit in 2016 of 66 percent was partly due to non-recurring income in 2015, in addition to the higher financial costs, the company said. The company has been restructuring its advertising business as viewers switch from free-to-air channels to watch content on other platforms such as pay TV and online. The Federal Telecommunications Institute (IFT) regulator is also reviewing the measures in place against Televisa in free-to-air broadcasting, and is expected to publish the results soon. Reuters reported in January that a Mexican tribunal struck down a ruling which said that Televisa did not have market power in pay television. That means that the IFT must make its decision again, opening the door to tougher rules against the company. ($1 = 20.64 pesos on Dec. 30) (Reporting by Natalie Schachar and Christine Murray; editing by Diane Craft) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/televisa-results-idUSL1N1G7259'|'2017-02-23T07:11:00.000+02:00'
'31c9ebc1058afeed6950ce7cc8f369c0c36b9699'|'BRIEF- Westar Energy Q4 earnings per share $0.38'|' 15pm EST BRIEF- Westar Energy Q4 earnings per share $0.38 Feb 22 Westar Energy Inc- * REG-Westar Energy announces 2016 results * Q4 earnings per share $0.38 * Q4 earnings per share view $0.42 -- Thomson Reuters I/B/E/S * Qtrly total revenues $606.5 million versus $546 million * Q4 revenue view $648.0 million -- Thomson Reuters I/B/E/S   Further   UPDATE 4-Dozens defy deadline to leave Dakota pipeline protest camp CANNON BALL, N.D., Feb 22 A few dozen demonstrators opposed to the Dakota Access pipeline defied a Wednesday deadline to leave a protest camp they have occupied for months to demand an end to construction of the project, saying they were prepared to be arrested. * Pershing Square Holdings Ltd releases regular weekly net asset value as of 21 February 2017 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-westar-energy-q4-earnings-per-shar-idUSASB0B1PZ'|'2017-02-23T05:15:00.000+02:00'
'39c018deb4b8fc64233968f24872048ea03528d6'|'UPDATE 1-Sika posts 21.8 pct rise in 2016 profit, to propose higher dividend'|'(Adds details, background)Feb 24 Speciality chemicals maker Sika on Friday posted a 21.8 percent rise in net profit for 2016 and said it will propose an increased dividend for 2016.Zurich-based Sika said net profit rose to 566.6 million Swiss francs ($563.22 million), beating a forecast of 558 million francs in a Reuters poll.Sika, which makes chemicals used in the construction and automotive industries, has been embroiled in a takeover battle with construction materials company Saint-Gobain for more than two years.Saint-Gobain has been trying to take control by buying the controlling stake of Sika''s founding family - an attempt that has been resisted by Sika''s management and many of its other shareholders.Sika won an important round in the court battle in October, but the founding family has appealed to a higher court in the Swiss canton of Zug, with a decision expected later this year.Sika said it aimed to increase sales by 6 percent to 8 percent in 2017 and achieve overall revenue of 6 billion francs for the first time.At the annual general meeting, the board of directors will propose a 31 percent increase in dividend for 2016 to 102 francs per bearer share and 17.00 francs per registered share, Sika said.The company, which aims to boost profit at a higher rate than sales, said it plans to open eight new factories and set up three national subsidiaries in 2017. ($1 = 1.0060 Swiss francs) (Reporting by John Revill in Zurich and Vishal Sridhar in Bengaluru; Editing by Sunil Nair)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/sika-results-idINL4N1G91Z4'|'2017-02-24T02:03:00.000+02:00'
'8c75b8423ef02a91ef091776a1376974d1fbc5df'|'Standard Life 2016 operating profit up nine percent, beats forecast'|' 29am GMT Standard Life 2016 operating profit up nine percent, beats forecast A worker leaves the Standard Life House in Edinburgh, Scotland February 27, 2014. REUTERS/Russell Cheyne LONDON Insurer and asset manager Standard Life ( SL.L ) posted a forecast-beating 9 percent rise in 2016 operating profit, helped by increasing client diversification, it said on Friday. Operating profit before tax was 723 million pounds, compared with 684 million pounds seen in a company-supplied consensus forecast. "Despite industry headwinds, we are benefiting from our strengthening global brand and strong long-term relationships with a well-diversified range of clients and customers," chief executive Keith Skeoch said in a statement. The company said it would pay a final dividend of 13.35 pence per share and full-year dividend of 19.82 pence, compared with a forecast 19.74 pence. Assets under administration rose 16 percent to 357.1 billion pounds, above a forecast 335.4 billion. Analysts at JPMorgan Cazenove said the growth in assets under administration "bodes well for fee-based revenue for 2017". (Reporting by Carolyn Cohn; Editing by Rachel Armstrong) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-standardlife-results-idUKKBN1630MJ'|'2017-02-24T14:29:00.000+02:00'
'eb8884d5d3ce56db8c2ef1ecd2ef2faa91800afe'|'Jupiter profits buoyed by inflows, to pay special dividend'|'  8:00am GMT Jupiter profits buoyed by inflows, to pay special dividend By Simon Jessop - LONDON LONDON Jupiter Fund Management ( JUP.L ) reported a 4 percent rise in full-year pretax profit to 171.4 million pounds on Friday thanks to an inflow of new money that boosted its fee income. Against a tough market backdrop for many active fund managers, the British firm said it had seen net inflows of 1 billion pounds in 2016, helping net management fees rise 10 percent to 330.2 million pounds. "Investor sentiment was affected by a number of macro events but against this backdrop we saw inflows alongside healthy growth in profits," Chief Executive Maarten Slendebroek said in a statement. Jupiter said operating costs rose 11.2 percent to 182 million pounds, and it expected costs to rise again in 2017 as it continues diversifying its products and expanding overseas, as well as meeting new regulations. Jupiter said it would pay a full-year dividend of 10.2 pence per share to take the total ordinary dividend for the year to 14.7 pence a share, up 1 percent on 2015. It also plans to pay a special dividend of 12.5 pence per share. (Reporting by Simon Jessop; editing by Rachel Armstrong and David Clarke)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-jupiter-results-idUKKBN1630PG'|'2017-02-24T15:00:00.000+02:00'
'987db385b8858f3a2e3c0964a74cff632bf64095'|'UPDATE 1-Canada''s Hudson''s Bay posts lower quarterly sales'|' 30pm EST Canada''s Hudson''s Bay posts lower quarterly sales A man exits a Hudson''s Bay department store in Toronto, Ontario, Canada June 6, 2016. REUTERS/Chris Helgren/File Photo TORONTO Canadian department store operator Hudson''s Bay Co ( HBC.TO ) on Thursday reported lower sales in the fourth quarter, hurt by weaker results at its European, Saks OFF 5th and Gilt operations. The owner of luxury retail chain Saks Fifth Avenue said its consolidated comparable sales fell 1.2 percent on a constant currency basis during the fourth quarter ended Jan. 28. Sales fell 5.9 percent at Saks OFF 5th, which sells designer brands at a discount, and its online shopping website, Gilt. In Europe, where HBC operates Galeria Kaufhof, Galeria INNO and Sportarena, sales decreased 2 percent. Sales rose 0.6 percent at its department store banners, which include Hudson''s Bay and Lord & Taylor, and 0.1 percent at Saks Fifth Avenue. The Toronto-based company said annualized savings from an operations review are expected to be around C$75 million ($57.23 million), with most of the savings expected this year. The department store operator also said it expects one-time severance charges of close to C$30 million. Last month, Hudson''s Bay stock tumbled more than 20 percent to a record low after it cut its full-year revenue forecast for the second time, citing a challenging retail environment in the United States and Europe. Competitors including Macy''s Inc ( M.N ) and Kohl''s Corp ( KSS.N ) had also reported disappointing performances. The stock has since climbed nearly 40 percent, closing at C$12.59 on the Toronto Stock Exchange on Thursday. Earlier this month, sources said the retailer had made a takeover approach for Macy''s, which has been struggling in its efforts to overhaul operations. (Reporting by Solarina Ho; Editing by Dan Grebler and Matthew Lewis) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-hudson-s-bay-sales-idUSKBN1622MU'|'2017-02-24T05:25:00.000+02:00'
'0271b9debd46ba4590ee6b2349bc2dc8aebef11d'|'Boston Scientific recalls all Lotus Valve heart devices'|'Health News - Thu Feb 23, 2017 - 9:00am EST Boston Scientific recalls all Lotus Valve heart devices Boston Scientific Corp said on Thursday it was recalling its range of Lotus Valve heart devices, citing reports of problems with the locking mechanism. The products are expected to return to the European market and in other regions in the fourth quarter, the company added. The company''s stock was down 9.4 percent at $22.79 in premarket trading. (Reporting by Natalie Grover in Bengaluru; Edited by Martina D''Couto) Next In Health News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-boston-scientific-recall-idUSKBN1621NA'|'2017-02-23T20:58:00.000+02:00'
'861a3b11ef481a742ca3b74a22c36215e2ede71e'|'Electronics retailer hhgregg could file for bankruptcy next month: Bloomberg'|'Appliances and electronics retailer hhgregg Inc is preparing to file for bankruptcy as soon as next month, Bloomberg reported on Friday.The retailer is still seeking an out-of-court solution that would help it prevent filing a Chapter 11, Bloomberg reported, citing people familiar with the matter. ( bloom.bg/2kS4j3E )Hhgregg''s sales have fallen for 14 quarters in a row as it struggles to cope with intense competition.The company said on Feb. 15 it was pursuing a range of strategic alternatives.Indianapolis-based hhgregg''s shares fell 20 percent to 31 cents in premarket trading on Friday. The company''s stock has lost more than three-fourth of its value in the last 12 months.The company was not immediately available for comment.(Reporting by Gayathree Ganesan in Bengaluru; Editing by Savio D''Souza and Martina D''Couto)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-hhgregg-bankruptcy-idINKBN1631J0'|'2017-02-24T10:43:00.000+02:00'
'ded51dfe8a4ac0d4c3d74adf2e30b906b207a849'|'CANADA STOCKS-TSX falls for second day as materials, industrials slide'|'Company  07pm EST CANADA STOCKS-TSX falls for second day as materials, industrials slide TORONTO Feb 23 Canada''s main stock index fell for the second straight day on Thursday as financial and industrial shares pared recent gains, while the materials group lost ground as base metal prices slumped. The Toronto Stock Exchange''s S&P/TSX composite index unofficially closed down 49.02 points, or 0.31 percent, at 15,781.20. Seven of the index''s 10 main groups ended lower. (Reporting by Fergal Smith; Editing by James Dalgleish) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-close-idUSL1N1G822K'|'2017-02-24T04:07:00.000+02:00'
'ce0a2b92ed3371f1f2c3945c0c25564ba299226e'|'BRIEF-Cigna sets full year cash dividend of $0.04 per share'|' 14pm EST BRIEF-Cigna sets full year cash dividend of $0.04 per share Feb 22 Cigna Corp- * Sets FY cash dividend of $0.04per share   Further   UPDATE 4-Dozens defy deadline to leave Dakota pipeline protest camp CANNON BALL, N.D., Feb 22 A few dozen demonstrators opposed to the Dakota Access pipeline defied a Wednesday deadline to leave a protest camp they have occupied for months to demand an end to construction of the project, saying they were prepared to be arrested. * Pershing Square Holdings Ltd releases regular weekly net asset value as of 21 February 2017 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-cigna-sets-full-year-cash-dividend-idUSFWN1G70X6'|'2017-02-23T05:14:00.000+02:00'
'fa8947a22599a698823b4b520fd3f607b553f2c2'|'L Brands sees record Victoria''s Secret sales fall, shares slide'|'Business News - Thu Feb 23, 2017 - 8:23pm GMT L Brands sees record Victoria''s Secret sales fall, shares slide Buildings are reflected on a sign outside of a Victoria''s Secret store during Black Friday sales, in New York, November 29, 2013. REUTERS/Lucas Jackson By Richa Naidu and Gayathree Ganesan Shares of L Brands Inc ( LB.N ) tumbled to a three-year low on Thursday, a day after the retailer said it expected sluggish demand for Victoria''s Secret lingerie to force its biggest brand''s steepest ever monthly decline in comparable sales. Victoria''s Secret, the long-time lingerie market leader, has been struggling to boost sales amid changing trends such as the emergence of bralettes, which are cheaper and easier to size and buy online than regular bras. L Brands, which recently exited some product categories, including Victoria''s Secret''s swim and apparel business, said on Wednesday it expected February comparable sales at its biggest brand to fall by about 20 percent. Comparable sales fell 10 percent in January. Victoria''s Secret last reported a double-digit decline in comparable sales during the 2007-09 financial crisis, but even then, the decline did not surpass 15 percent. L Brands, whose shares slumped as much as 17.5 percent on Thursday, attributed about half of its overall net sales last year to Victoria''s Secret. There''s no question that bralettes have changed the intimates selling experience, removing barriers to entry that Victoria''s Secret has held and allowing other brands to start chipping away at share, Instinet analyst Simeon Siegel told Reuters. "On top of that, even though Victoria''s Secret is selling bralettes - they''re selling a nice amount of units - their problem is bralettes are lower priced (than regular bras)," Siegel added. American Eagle Outfitters Inc''s ( AEO.N ) down-to-earth and cheaper Aerie was one of the first lingerie brands to hop onto the bralette bandwagon. Aerie, one of several brands that is stealing millennial attention from Victoria''s Secret, has also gained traction through marketing campaigns targeted at the every-woman, with ads featuring models of all shapes and sizes who often aren''t air-brushed. This contrasts starkly with high-fashion, picture-perfect Victoria''s Secret "Angels". "Victoria''s Secret is still a little fake and plastic ... I think they have an image problem and if you look at the competition out there and you look at the messaging, what resonates right now is not the Victoria''s Secret message," said Gabriella Santaniello, analyst and founder at A-Line Partners. "They are sending mixed messages to the consumer and that conveys a lack of authenticity and I think the customer knows that and obviously they''re speaking with their wallets." Victoria''s Secret, which has been promoted by a string of celebrity models such as Gisele Bundchen and Adriana Lima, isn''t the only struggling high-end lingerie chain. Troubled upmarket lingerie chain Agent Provocateur has also been hit by the luxury spending slowdown. (Reporting by Richa Naidu and Gayathree Ganesan in Bengaluru; Editing by Anil D''Silva) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-l-brands-stocks-idUKKBN1622I0'|'2017-02-24T03:23:00.000+02:00'
'149db7d1558528f1c803d6ece80550ba8256fc5d'|'Tesla''s ''close to the edge'' cash foretells capital raise'|'By Alexandria Sage - SAN FRANCISCO SAN FRANCISCO Tesla Inc ( TSLA.O ) Chief Elon Musk has taken big risks repeatedly since going public in 2010, but investors were spooked on Thursday after he said the electric car company could get "close to the edge" as it burns cash ahead of its crucial Model 3 launch.Facing yet another cash crunch, Tesla will likely be forced to head to Wall Street for more capital, analysts said. Shares tumbled 5.8 percent on Thursday, their biggest intraday percentage fall in eight months.Musk told investors after the company released its fourth-quarter results on Wednesday that the upcoming Model 3 sedan, the $35,000 mass-market vehicle on which the company''s future profitability hinges, requires no additional outside funding as it readies for production this year."But we get very close to the edge," Musk said. "So we''re considering a number of options but I think it probably makes sense to raise capital to reduce risk."Tesla had $3.39 billion in cash and cash equivalents at the end of 2016, but most of that comes from a May stock offering, cash from its SolarCity acquisition and nearly $1 billion in draws on its credit facilities.The company spent $448 million in cash on operating activities in the fourth quarter.Tesla''s warning of an expected $2 billion to $2.5 billion in capital expenditures in the first half of 2017 for the Model 3 leaves potentially less than a $1 billion cushion for Tesla, at a time of "high levels of execution risk," wrote Morgan Stanley analyst Adam Jonas.Analysts estimated the company will seek $1 billion to $2.5 billion in capital in the near term.Tesla, which has had negative cash flow since 2014 and has posted a quarterly profit only twice since going public, has repeatedly gone to Wall Street for fresh capital."The automotive business is an extremely capital intensive business and we keep seeing companies who are thinking of getting into it underestimate that," said Autotrader senior analyst Michelle Krebs, citing moves by Apple Inc and Alphabet''s Google to back off aggressive forays into the sector.Individual model launches for established car companies do not carry the same hazards as for Tesla because the risk is less concentrated."No single launch is a ''bet the company'' launch" for established automakers, said Michigan-based auto manufacturing consultant Michael Tracy, citing larger capital reserves. "If you''re Tesla, every time you''re stepping up to the plate, financially it''s extremely risky."Additionally, Musk''s need for speed in getting the Model 3 in the hands of approximately 373,000 reservation holders after volume production begins in September means he "has to ramp up faster than any other automaker would want to do," Tracy said.(Additional reporting by Paul Lienert in Detroit; Editing by Meredith Mazzilli)A Tesla Supercharger station is shown in Cabazon, California, U.S. May 18, 2016. REUTERS/Sam Mircovich/Files'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/tesla-outlook-idINKBN1621WD'|'2017-02-23T19:00:00.000+02:00'
'381630d19001531b1bc7622ad2ea03ac28eb61bc'|'UPDATE 1-ValueAct''s Ubben ''disinvesting'' because of high valuations'|'(Adds additional comments from Ubben on markets, politics)By Lawrence Delevingne and Jennifer AblanNEW YORK Feb 22 Jeffrey Ubben, the chief executive of activist investor ValueAct Capital, told Reuters on Wednesday that his firm had been taking money out of the capital markets as valuations have become overextended, leaving it with $3 billion in cash."I really feel that the large-cap activist plays are very treacherous with high PEs (price-to-earnings) and not a lot of growth," Ubben said, speaking at the Reuters "Future of Shareholder Activism" event in New York.Ubben said that he was not focusing on any particular sector but instead looking for bets on idiosyncratic, mid-sized companies such as spin-offs and "weird" corporate structures.ValueAct, based in San Francisco, manages around $16 billion. The fund''s largest holding is a $2.4 billion stake in Microsoft Corp, the software company where ValueAct partner Mason Morfit is also a board director.Ubben also weighed in on the new U.S. administration, saying "everything about Trump I think is inflationary" while citing policies like a potential border tax. But he added that the looming increase in interest rates were more of a concern as a board member.Ubben said he got "super lucky" with the Trump administration''s proposed financial deregulation measures, which caused bank shares - including current ValueAct holding Morgan Stanley - to spike. He said he sold some shares in Morgan Stanley following its price increase. (Reporting By Jennifer Ablan and Lawrence Delevingne; Editing by Jonathan Oatis and Andrew Hay)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/funds-activists-valueact-idINL1N1G7273'|'2017-02-22T21:43:00.000+02:00'
'4a74a4c306498f64f3e44507def1ecb8e4a8e9fe'|'Peugeot boss offers UK union reassuring words on Vauxhall plants'|'LONDON The head of French carmaker PSA ( PEUP.PA ) played down the threat to British plants as he discussed his potential takeover of GM''s ( GM.N ) European operations during a visit to London on Friday.Carlos Tavares, chief executive of Peugeot-maker PSA, has been on a charm offensive to reassure politicians and unions that any deal to buy the Opel business would not lead to large-scale job losses.Germany accounts for about half of Opel''s 38,000 staff, while 4,500 are in Britain where Opel operates as Vauxhall.Tavares met the Unite union''s General Secretary Len McCluskey on Friday."He talked in terms of not being here to shut plants. That''s not his nature," McCluskey, the head of the country''s biggest union, told reporters, adding the talks were "relatively positive".The union leader said he was pleased with some of the assurances Tavares gave, such as production commitments being met should the takeover go-ahead.But McCluskey said there remained a lot of issues to discuss, including that of pensions.The Vauxhall pension scheme has a deficit of up to 1 billion pounds ($1.25 billion) according to a source.In a statement PSA said Tavares used the meeting to reaffirm "his commitment to conduct this dialogue in accordance with existing agreements and the ethical approach of the PSA Group."PSA said this week it would respect existing labor agreements if a deal took place.Underlining concerns about jobs, Opel''s European works council said it had agreed to open a line of communication with its counterpart at PSA Group.Tavares was also due to meet Britain''s business minister Greg Clark on Friday. He has already discussed the GM deal with Prime Minister Theresa May by phone.(Reporting by Costas Pitas, editing by James Davey)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-opel-m-a-psa-idINKBN1631E6'|'2017-02-24T09:36:00.000+02:00'
'2b49b7774dd8d8aceca76e35d6366f800599f238'|'British Airways owner IAG to buy back shares after solid results'|' 26am GMT British Airways owner IAG to buy back shares after solid results British Airways aircraft taxi at Heathrow Airport near London, Britain October 11, 2016. REUTERS/Stefan Wermuth LONDON British Airways owner IAG ( ICAG.L ) reported operating profit in line with expectations on Friday, and said it would increase cash returns to shareholders through a stock buyback. IAG said operating profit before exceptional items for 2016 was 2.5 billion euros, up 8.6 percent and roughly in line with expectations. The airline group, which also owns Spain''s Iberia, said it intended to carry out a share buyback of 500 million euros during the course of 2017. (Reporting by Alistair Smout, Editing by Paul Sandle) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-iag-results-idUKKBN1630MA'|'2017-02-24T14:26:00.000+02:00'
'd6fa6e15d68f7f4f6ffacc68f6ecaade550c9183'|'UK-based banks will have to move some operations to EU: Bundesbank'|'Business News - Fri Feb 24, 2017 - 9:07am GMT UK-based banks will have to move some operations to EU - Bundesbank 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 Banks based in Britain will struggle to access European markets once Brexit is completed so they will probably have to relocate some operations to the continent, Bundesbank board member Andreas Dombret said on Friday. Banks are likely to lose their passporting rights and any arrangement that seeks to create a substitute is likely to be fraught with risk, leaving market access in persistent limbo, Dombret added. "So it seems that the prospects for EU market access through the UK look rather dim," Dombret said in London. "I expect London to remain an eminent global financial centre," Dombret added. "Nevertheless, I also expect a number of UK-based market participants to move at least some business units in order to hedge against all possible outcomes of the negotiations." (Reporting by Balazs Koranyi; Editing by Gareth Jones) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-brexit-banks-bundesbank-idUKKBN1630V0'|'2017-02-24T15:52:00.000+02:00'
'612621e69176ac315de4b74c1fe7ce7ca0569611'|'Puerto Rico oversight board taps ex-Cleary lawyer as general counsel'|'Feb 23 The federally appointed board tasked with managing Puerto Rico''s finances hired retired attorney Jaime A. El Koury, formerly of Cleary Gottlieb Steen & Hamilton, as its general counsel, it announced on Thursday. Koury, a 1978 graduate of Yale Law School, will lead the board''s role in helping the U.S. territory restructure some $70 billion in debt. (Reporting by Nick Brown; Editing by Cynthia Osterman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/puertorico-debt-oversightboard-idINFWN1G814F'|'2017-02-23T16:34:00.000+02:00'
'5f5d64f9aeaab681232758560c7f5d7bf100da28'|'UPDATE 1-MOVES-Morgan Stanley''s Harris puts reshuffles DCM'|'Company News - Fri Feb 24, 2017 - 11:39am EST REFILE-UPDATE 1-MOVES-Morgan Stanley''s Harris reshuffles DCM (Removes extraneous word in headline) By Tom Porter LONDON, Feb 24 (IFR) - Morgan Stanley has launched a senior coverage group in its Europe, Middle East and Africa fixed income capital markets business, which will be headed by former financial institutions group co-head Cecile Hillary. The new set-up comes a few weeks after Piers Harris, previously head of corporate fixed income capital markets for Europe, was named head of fixed income capital markets for EMEA at the US bank. In her new role as head of senior FICM coverage group EMEA, Hillary will be bringing together and delivering clients all aspects of FICM advice and content across debt capital markets. Alex Menounos will take over the reporting lines of FIG, corporate and SSA DCM businesses, along with investment-grade syndicate. He is head of DCM and syndicate EMEA. The client solutions business, which houses loans, securitisation and derivatives, will report into Jon Walton. Hillary, Menounos and Walton report to Harris. Khalid Krim has a pan-European role as head of FIG capital markets advisory. He reports to Hillary. Hillary, who was previously co-head of FIG fixed income capital markets for EMEA, heads the new senior coverage group. This is the second raft of changes to the FICM business in as many months. In January, Claus Skrumsager, co-head of global capital markets in the EMEA region, moved into the investment management division to start his own fund, triggering a series of promotions. One of them saw fellow co-head Henrik Gobel become sole head, running DCM, ECM and leveraged finance. (Reporting by Tom Porter, Editing by Julian Baker) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/moves-morgan-stanley-hillary-idUSL8N1G959D'|'2017-02-24T23:33:00.000+02:00'
'20744004edf5187a084a5bc4fd9965de1eace5be'|'BRIEF-Sina reports Q4 earnings per share $0.27'|' 46pm EST BRIEF-Sina reports Q4 earnings per share $0.27 Feb 22 Sina Corp- * Sina reports fourth quarter and fiscal year 2016 financial results * Q4 non-gaap earnings per share $0.63 * Q4 earnings per share $0.27 * Q4 earnings per share view $0.55 -- Thomson Reuters I/B/E/S * Sina Corp qtrly non-gaap net revenues increased 23% year over year to $310.8 million * Sina Corp qtrly advertising revenues increased 21% year over year to $269.6 million * Sina Corp says gross margin for Q4 of 2016 was 70%, up from 65% for same period last year * Sina Corp says advertising gross margin for Q4 of 2016 was 72%, up from 65% for same period last year * Sina -sees FY non-gaap net revenues between $ 1.30 billion - $1.44 billion assume us dollar and rmb exchange rate of 6.9448, which was closing rate on Dec 31, 2016 * FY2017 revenue view $1.27 billion -- Thomson Reuters I/B/E/S * Q4 revenue view $301.6 million -- Thomson Reuters I/B/E/S  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-sina-reports-q4-earnings-per-share-idUSASB0B1OY'|'2017-02-23T04:46:00.000+02:00'
'b202654e582d21dfefc561e76a5892f2fd0c779a'|'UK Stocks-Factors to watch on Feb. 24'|' 33am EST UK Stocks-Factors to watch on Feb. 24 Feb 24 Britain''s FTSE 100 index is seen opening down 4 points at 7267 on Friday, according to financial bookmakers. * The UK blue chip index closed 0.4 percent lower at 7271.37 on Thursday, depressed by Barclays stock after the bank reported earnings, by mining sector shares and those trading ex-dividend. * PURPLEBRICKS: Shares in Purplebricks Group Plc rose as much as 19 percent on Thursday after the British online real estate agent said it would enter the U.S. market, having built a leading position in a fragmented industry at home. * SHELL: Argentina''s state-run oil company YPF SA said it reached a preliminary deal with Royal Dutch Shell Plc on Thursday to develop oil and gas assets in the Vaca Muerta shale field, involving a $300 million investment from Shell. * 3I: Investment company 3i said it was looking to conclude the sale of the struggling lingerie brand Agent Provocateur over concerns that the business could face a cash crunch next week after staff are paid, Sky News reported. * OIL: U.S. oil prices fell on Friday after government data released late in the previous session showed stockpiles rose last week for a seventh straight week, although losses were muted as inventory growth was well below expectations. * GOLD: Gold prices held steady on Friday near 3-1/2-month highs hit in the previous session following tempered expectations of a U.S. rate hike in March, and as investors awaited clarity on President Donald Trump''s economic policy. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets * UK CORPORATE DIARY: Industrial Multi Property Trust Plc Full Year 2016 Earnings Jupiter Fund Management Plc Full Year 2016 Earnings IMI Plc Full Year 2016 Earnings Kennedy Wilson Europe Real Estate Plc Full Year 2016 Earnings Pearson Plc Full Year 2016 Earnings Royal Bank of Scotland Group Plc Full Year 2016 Earnings William Hill Plc Full Year 2016 Earnings Coats Group Plc <COA.L Full Year 2016 Earnings Standard Life Plc Full Year 2016 Earnings Rightmove Plc Full Year 2016 Earnings Standard Chartered Plc Full Year 2016 Earnings 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 Sanjeeban Sarkar in Bengaluru)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-stocks-factors-idUSL4N1G92FG'|'2017-02-24T13:33:00.000+02:00'
'b4912fd57ff9aa1041119e296d094838df747d58'|'Safran core 2016 profit up 5.4 pct'|'Company News - Fri Feb 24, 2017 - 1:00am EST Safran core 2016 profit up 5.4 pct PARIS Feb 24 France''s Safran posted a 5.4 percent rise in 2016 core operating profit to 2.404 billion euros and projected stable 2017 income, based on the remaining operations as it prepares to complete the sale of its security business. The engine and parts maker, which recently set out an agreed offer for Zodiac Aerospace, said growth was driven mainly by its aircraft equipment division where overhauls of aircraft wheels and brakes fuelled higher service revenues. In the main aerospace propulsion division, widely watched civil aftermarket revenues for jet engines grew 6.9 percent in dollar terms, after a 12.5 percent bounce in the fourth quarter, and Safran predicted similar growth for 2017. Safran''s business is dominated by its 50 percent share alongside General Electric in CFM International, the world''s lagest jet engine maker by the number of units sold. Safran said production and testing of CFM''s new LEAP engine was going to plan, with Boeing on course to put its 737 MAX into service in the first half of 2017. An Airbus equivalent entered into service last year. Safran said it would invest 850 million euros to support a transition in production from the best-selling CFM56, which is used on all Boeing and some Airbus medium-haul jets, to the successor LEAP model. Safran''s total adjusted revenue grew 1.6 percent to 15.781 billion euros in 2016 and the group said it should grow by another 2 to 3 percent in 2017. (Reporting by Tim Hepher, Editng by Dominique Vidalon) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/safran-results-idUSP6N1A501X'|'2017-02-24T13:00:00.000+02:00'
'517f8f544540acb5885058932f4c27deb02a9d16'|'Charmed by U.S. tax plans, investors buy stock, bond funds'|'Money News - Fri Feb 24, 2017 - 8:48am IST Charmed by U.S. tax plans, investors buy stock, bond funds U.S. President Donald Trump is interviewed by Reuters in the Oval Office at the White House in Washington, U.S., February 23, 2017. REUTERS/Jonathan Ernst By Trevor Hunnicutt - NEW YORK NEW YORK Investors are showing increasing comfort wading into the markets, lavishing cash on U.S.-based stock and corporate bond funds in the latest week, Lipper data showed on Thursday. Those stock funds attracted $2.7 billion during the week ended Feb. 22, their fourth consecutive week of inflows, and taxable bond funds took in another $4 billion, the research service''s data showed. The bond funds have gathered money for eight straight weeks. U.S. President Donald Trump, in an interview on Thursday with Reuters, spoke favorably about a tax proposal that could cut corporate tax rates and exempt U.S. export revenues from federal taxes but impose an implicit 20 percent tax on imports. Pat Keon, senior research analyst for Thomson Reuters Lipper, said markets are increasingly charmed by tax cut and deregulation proposals touted by Republicans, including Trump. "There''s a lot of enthusiasm in the markets for that, a lot of positive investor sentiment," said Keon. "It seems like every day there''s another mini-controversy in the news about things not related to the economy, and it seems to be holding the administration back from getting going on the economy," Keon said. "You wonder how long the markets and investors will keep waiting." For now, the optimism continues, with $2.6 billion moving into investment-grade bond funds, their 10th straight week of inflows. High-yield bond funds attracted $726 million, Lipper said. The lion''s share of money in stock funds has moved into exchange-traded funds. For the week, stock ETFs attracted $2.9 billion while mutual funds posted withdrawals of $176 million. Mutual funds are seen to represent retail investors'' moves, while ETFs reflect a range of investors, including institutions such as hedge funds. The U.S. Federal Reserve released the minutes of its last policy meeting on Wednesday, which showed its officials believe it may be appropriate to raise interest rates again "fairly soon" should jobs and inflation data come in line with expectations. Investors withdrew cash from energy stock funds and interest rate-sensitive utilities and real estate funds over the last seven days, while shuffling more money into banks and technology, the data showed. Overall, demand for stock funds was roughly evenly split between funds that invest at home and those that invest abroad. The following is a broad breakdown of the flows for the week, including mutual funds and exchange-traded funds: Sector Flow Chg Pct of Assets($ Count ($ blns) Assets blns) All Equity Funds 2.745 0.05 5,770.808 11,823 Domestic Equities 1.389 0.03 4,130.341 8,437 Non-Domestic Equities 1.355 0.08 1,640.467 3,386 All Taxable Bond Funds 3.987 0.17 2,372.818 5,949 All Money Market Funds 3.964 0.17 2,346.829 1,037 All Municipal Bond Funds 0.149 0.04 371.216 1,409 (Reporting by Trevor Hunnicutt; editing by Jennifer Ablan and Jonathan Oatis) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/investment-mutualfunds-lipper-idINKBN1630AR'|'2017-02-24T10:18:00.000+02:00'
'b8eb8bb1ba4fe6ed947e94f75d37a6be2e4c448d'|'Malaysia''s Petronas, Saudi Aramco to sign agreement during Saudi King''s visit'|'Business News - Fri Feb 24, 2017 - 10:15am GMT Malaysia''s Petronas, Saudi Aramco to sign agreement during Saudi King''s visit An oil tank is seen at the Saudi Aramco headquarters during a media tour at Damam city November 11, 2007. REUTERS/ Ali Jarekji (SAUDI ARABIA) - RTX8C4 KUALA LUMPUR Malaysia''s state-owned oil firm Petroliam Nasional Bhd (Petronas) and Saudi Aramco IPO-ARMO.SE will sign an agreement during a visit by Saudi Arabia''s King Salman to Malaysia, Prime Minister Najib Razak said in a statement on Friday. "During His Majesty King Salman''s visit, we will be signing a number of new agreements and memorandums of understanding. One of these will involve two of our largest state-owned companies, Saudi Aramco and Petronas," read the statement. No further details on the agreement were given. Reuters reported earlier this week that Petronas and Aramco are expected to sign an agreement to collaborate on a 300,000 barrel-per-day oil refinery and petrochemical complex in Malaysia''s southern state of Johor that is valued at $27 billion (<28>22 billion). (Reporting by Emily Chow; Editing by Christian Schmollinger) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-petronas-aramco-idUKKBN16311I'|'2017-02-24T17:15:00.000+02:00'
'b757438506d35babfc1ba6a7336db4a5c9f96fb8'|'On visit to London, Peugeot boss offers reassuring words on Vauxhall plants'|'Deals - Fri Feb 24, 2017 - 2:52pm GMT On visit to London, Peugeot boss offers reassuring words on Vauxhall plants Carlos Tavares, Chairman of the Managing Board of French carmaker PSA Peugeot Citroen, arrives to attend a news conference to present the company''s 2016 annual results at Peugeot headquarters in Paris, France, February 23, 2017. REUTERS/Gonzalo Fuentes By Costas Pitas - LONDON LONDON The head of French carmaker PSA ( PEUP.PA ) played down the threat to British factories when he discussed the potential takeover of GM''s ( GM.N ) European operations with union officials and politicians in London on Friday. The British visit was the latest part of a charm offensive by Carlos Tavares, chief executive of Peugeot-maker PSA, after news broke last week that PSA was in talks about a possible purchase of the Opel business. Germany accounts for about half of Opel''s 38,000 staff, while 4,500 are in Britain where Opel operates as Vauxhall and there are concerns in both countries about the impact of any deal on jobs. Britain''s business minister Greg Clark said talks with Tavares focused on the firm''s desire to boost output. "We discussed how PSA''s approach is to increase market share and expand production rather than close plants. I was assured that the commitments to the plants would be honored," Clark said in a statement. "There was also recognition that members of the Vauxhall pension fund will be no worse off." Tavares said this week that the combined company would aim to sell more than 5 million vehicles annually within "a few years". PSA and GM Europe delivered 4.3 million vehicles between them last year. Tavares also delivered a similar message to the Unite union''s General Secretary Len McCluskey on Friday. "He talked in terms of not being here to shut plants. That''s not his nature," McCluskey, the head of the country''s biggest union, told reporters, adding the talks were "relatively positive". But McCluskey said there remained a lot of issues to discuss, including that of pensions. The Vauxhall pension scheme has a deficit of up to 1 billion pounds ($1.25 billion) according to a source. In a statement PSA said Tavares used the meeting to reaffirm "his commitment to conduct this dialogue in accordance with existing agreements and the ethical approach of the PSA Group." PSA said this week it would respect existing labor agreements if a deal took place. Underlining concerns about jobs, Opel''s European works council said it had agreed to open a line of communication with its counterpart at PSA Group. (Reporting by Costas Pitas; Editing by Keith Weir) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-opel-m-a-psa-idUKKBN1631E6'|'2017-02-24T21:48:00.000+02:00'
'8bf2ca62ddf3f5dd27cad5f55e283f9e274679b9'|'Mexico''s Pemex inks hydrogen refinery venture with France''s Air Liquide'|'Business News - Thu Feb 23, 2017 - 7:05pm GMT Mexico''s Pemex inks hydrogen refinery venture with France''s Air Liquide Vehicles are seen next to fuel pumps at a Pemex gas station in Mexico City, Mexico, February 18, 2017. REUTERS/Jose Luis Gonzalez MEXICO CITY Mexico''s Pemex will partner with France''s Air Liquide SA ( AIRP.PA ) to operate an existing hydrogen plant and build a second one at its Tula refinery, the Mexican state-owned oil company said in a statement on Thursday. The 20-year joint venture partnership marks the first time Petroleos Mexicanos PEMX.UL, or Pemex as it is better known, has inked a deal to cede some operations of its aging domestic refineries. The move follows Mexico''s 2013 energy market reform which opened the country''s state-run energy sector to private producers, allowing Pemex to enter joint-venture partnerships. Pemex did not immediately respond to a request for additional information. The Miguel Hidalgo refinery outside the city of Tula in central Hidalgo state is Pemex''s second largest with a crude oil processing capacity of 315,000 barrels per day. Pemex executives have said they are evaluating potentially larger joint ventures aimed at seeking partners who could improve the efficiency of its refineries. (Reporting by David Alire Garcia; Editing by Andrew Hay) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-mexico-pemex-air-liquide-idUKKBN1622D0'|'2017-02-24T02:05:00.000+02:00'
'589e63fe28443029a46f9cfb9bd89fae21161833'|'Exxon revises down oil and gas reserves by 3.3 billion barrels'|'Commodities  13pm EST Exxon revises down oil and gas reserves by 3.3 billion barrels A sign is seen in front of the Exxonmobil Baton Rouge Refinery in Baton Rouge, Louisiana, November 6, 2015. REUTERS/Lee Celano CALGARY, Alberta U.S. oil major Exxon Mobil Corp has revised down its proved crude reserves by 3.3 billion barrels of oil equivalent as a result of low oil prices throughout 2016, a company filing showed on Wednesday. The de-booking includes the entire 3.5 billion barrels of bitumen reserves at the Kearl oil sands project in northern Alberta, operated by Imperial Oil, a Calgary-based company in which Exxon has a majority share. It comes a day after ConocoPhillips Corp de-booked more than a billion barrels of its oil sands bitumen reserves, citing weak global crude prices. In total Exxon has 20 billion barrels of oil equivalent at year-end 2016, the Securities Exchange Commission filing said. The reduction reflects the number of barrels of oil equivalent that were now deemed uneconomic due to lower crude prices. In addition to the Kearl volumes, another 800 million barrels of oil equivalent in North America failed to qualify as proved reserves. However the reductions were partly offset by Exxon adding 1 billion barrels of new oil and gas reserves in the United States, Kazakhstan, Papua New Guinea, Indonesia and Norway. Under SEC rules Exxon and other U.S.-listed companies report reserves based on the average crude price on the first day of each calendar month during the year. Benchmark crude prices in 2017 have so far been higher than in 2016, meaning some of the volumes could be rebooked as proved reserves if these levels hold. (Reporting by Nia Williams; Editing by David Gregorio) Next In Commodities'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-exxon-mobil-reserves-idUSKBN1612Y9'|'2017-02-23T06:08:00.000+02:00'
'52ca4f93aae4d1423b8173d793d91b636dca533b'|'FTSE hits two-week low on poor earnings, heads for weekly loss'|'Business News - Fri Feb 24, 2017 - 11:06am GMT FTSE hits two-week low on poor earnings, heads for weekly loss People walk through the lobby of the London Stock Exchange in London, Britain August 25, 2015. REUTERS/Suzanne Plunkett/File photo By Atul Prakash - LONDON LONDON Britain''s top share index hit a two-week low on Friday and was on track for a weekly loss after three straight weeks of gains, with falls in lenders like Standard Chartered and RBS after their results pressuring the wider market. The blue-chip FTSE 100 index .FTSE was down 0.6 percent by 1040 GMT after falling to its lowest level since Feb. 10 earlier in the session. It is down nearly 1 percent so far this week. Shares in Standard Chartered ( STAN.L ) fell 4.8 percent, the biggest decliners in the FTSE 100 index, after the lender returned to profit but held off on paying a dividend as it swallows the costs of a restructuring programme. Royal Bank of Scotland ( RBS.L ) dropped 2.4 percent after reporting a sharp increase in losses as higher misconduct charges and restructuring costs underscored the challenges facing the lender nine years after it was bailed out in the world''s biggest bank rescue. "RBS is still paying for the sins of the past, though the bank is now saying that 2017 is going to be its last year in purgatory and that shareholders can look forward to a brighter, more profitable year in 2018," said Laith Khalaf, senior analyst at Hargreaves Lansdown. "That may well be the case. There is a decent bank inside RBS struggling to get out, but it<69>s those ''one-off items'' which pop up with such alarming regularity which keep pushing the bank deep into the red." The UK banking index .FTNMX8350 fell 0.7 percent and stayed among the top sectoral fallers. Miners also slipped, with the sector index .FTNMX1770 down 1.3 percent, dragged down by a 0.7 to 1.9 percent fall in shares of Rio Tinto ( RIO.L ), BHP Billiton ( BLT.L ) and Glencore GLE.L. "Miners, which have had speculator performance last year, are seeing some selling pressure as some wonder just how far the sector can run higher," Jawaid Afsar, senior trader at Securequity said. "Chinese demand concerns and the dollar also have not helped recently." The sector index has fallen for four straight sessions on concerns about metal demand in China, the world''s top consumer, following suggestions that the authorities were planning to stabilise the country''s housing market. A firmer dollar, which generally makes commodities costlier for holders of other currencies, also hurt sentiment. However, gains by some companies limited losses. Pearson ( PSON.L ) gained 3.4 percent after earning a brief respite from the turmoil in its business, as the education services giant reported no further deterioration in its trading. British Airways owner IAG ( ICAG.L ) rose 2.5 percent after reporting an 8.6 percent rise in annual operating profit and said it would increase cash returns to shareholders through a stock buyback. The broader FTSE 100 has surged 25 percent since a post-Brexit slump in late June of 2015 as some economic indicators have been resilient and consumers are still spending money. Figures showed British banks approved the highest number of mortgages in a year last month and credit card lending partly revived after a lull in December. (Editing by Hugh Lawson)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-stocks-idUKKBN163173'|'2017-02-24T18:06:00.000+02:00'
'6d5648a78625088ce6d096bb6cf5e904b9271c3a'|'METALS-London copper prices drop on China regulation concerns'|'* Firmer dollar weighs on LME metals complex* Supply concerns underpin copper* Coming Up: US weekly jobless claims at 1330 GMT (Adds comment, detail, updates prices)By Melanie BurtonMELBOURNE, Feb 23 London copper prices slipped on Thursday, as concerns about fresh regulations that could dampen China''s property boom steepened a correction that began with improving prospects for a U.S. interest rate hike in March.China''s Vice Housing Minister Lu Kehua told reporters on Thursday that preparatory work was now being done for a nationwide property tax, but did not provide further details. Further property taxes could cool the construction market, a main demand driver for metals.Lu''s comments came as China also announced plans for greater oversight of its asset management industry, souring sentiment in the stock market."It''s been around for the past few days. All these things add up and with regulators at least talking about a property tax, at some point it will come in," said a metals broker in Hong Kong.Three-month copper on the London Metal Exchange had slipped 0.9 percent to $5,987 a tonne by 0813 GMT, after easing 0.3 percent on Wednesday. Prices earlier fell to $5,960.50 a tonne, the lowest since Feb. 20.Prices have been bouncing around the $5,960-$6,200 a tonne range since the middle of February, touching a 20-month top of $6,204 on Feb. 13 after a strike was announced at Chile''s Escondida mine, the world''s biggest copper producer.Shanghai Futures Exchange copper eased 1 percent to 48,390 yuan ($7,035) a tonne.Other LME metals, zinc and nickel fell more than 1 percent.The dollar moved up from overnight lows and steadied on Thursday on the possibility of a U.S. interest rate hike next month. A stronger dollar erodes purchasing power for those paying for commodities with other currencies.Many Federal Reserve policymakers said it may be appropriate to raise interest rates again "fairly soon" should jobs and inflation data come in line with expectations, according to policy meeting minutes released on Wednesday.Copper has been underpinned by concerns over supply. BHP Billiton''s decision this week to give up its legal right to replace striking workers at Escondida is aimed at sacrificing some output to undermine the union''s position, analysts said.In news, miner and trader Glencore reported an 18 percent increase in core profits for 2016 on Thursday and said the company had never been so well positioned, although an ill-timed coal hedge had eaten into energy profits.The miner expects copper production in 2017 to be around 1.355 million tonnes, down about 5 percent from last year.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 tin($1 = 6.8782 Chinese yuan renminbi) (Reporting by Melanie Burton; Editing by Tom Hogue and Christian Schmollinger)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/global-metals-idINL4N1G82N6'|'2017-02-23T05:15:00.000+02:00'
'7b4081658494f350d8f49741018be6439a97e960'|'Olympics, smartphones push Twitter revenue up 30 pct in Brazil'|'By Brad Haynes - SAO PAULO SAO PAULO Feb 23 Twitter Inc has found a bright spot in Brazil, Latin America''s largest economy, even as weak advertising sales across the globe have punished the social network''s stock in recent weeks.Advertising revenue rose about 30 percent in Brazil last year, Twitter''s top executive in the country told Reuters, defying a two-year slowdown in the local economy and more than doubling the company''s 13 percent revenue growth globally.Twitter, which does not break down its revenue by country, gave no concrete sales numbers in Brazilian or U.S. currency. It was an unusual move for the company to give details on its performance in one country."Brazil is a motor of growth for Twitter, both in users and in revenue," said Fiamma Zarife in a recent interview.A surge of interest in real-time marketing around the Olympics, which Rio de Janeiro hosted in August, brought new clients to the platform, she said, and rising smartphone use continues to generate user growth in the country.The performance in Brazil last year may have been a bright spot for Twitter, but the company is still struggling to convince investors it can win the global war for online advertising against rivals Snapchat and Facebook Inc.Earlier this month, Twitter posted its slowest quarterly revenue growth since it went public four years ago, sending its shares down more than 10 percent to a seven-month low.THIRD-FASTESTWhile the number of Twitter''s monthly active users worldwide edged up 4 percent in the fourth quarter from a year earlier, it jumped 18 percent in Brazil, the third-fastest-growing market over that period, according to Zarife.Zarife said there is more room to run in Brazil as smartphone use continues to grow. Just 70 percent of Brazilians on Twitter connect via the mobile app, compared to about 83 percent globally.Smartphone penetration doubled in two years to 40 percent of Brazilians last year, according to pollster Ibope. That has boosted many tech companies in the country, even as Brazil''s economy struggles with its deepest recession on record.Digital ad spending in the country was expected to grow 12 percent in 2016 to 10.4 billion reais ($3.4 billion), according to industry group IAB Brasil.Zarife said her strategy for attracting both users and advertising will be to focus on video content and live events. Brazil was second only to the United States in Twitter conversations about the Super Bowl, she said.The strategy paid off during the Olympics, when Zarife said several clients including Banco Bradesco SA, a sponsor of the event, stepped up marketing on Twitter and were convinced to keep a strong presence on the platform since then.Zarife, formerly head of agency relations in Brazil, took the top job in the country last month from Guilherme Ribenboim, who remains Twitter''s vice president for Latin America.($1 = 3.06 reais) (Reporting by Brad Haynes; Editing by Bill Rigby)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/twitter-brazil-idINL1N1G71YD'|'2017-02-23T00:01:00.000+02:00'
'3b78ae70ec8a2ea1aa8c1c739226fe92f344a390'|'Exclusive: Federal Reserve approves F.N.B.''s acquisition of Yadkin - sources'|'By David French and Olivia Oran - NEW YORK NEW YORK The Federal Reserve has approved F.N.B. Corporation''s ( FNB.N ) acquisition of Yadkin Financial Corp ( YDKN.N ), two people familiar with the matter said on Friday, the first U.S. bank merger to receive regulatory clearance in 2017.The approval could be announced as soon as later on Friday, the people said, asking not to be identified because the matter is not yet public. The Fed declined to comment, while Yadkin and F.N.B. did not immediately respond to requests for comment.Raleigh, North Carolina-based Yadkin and Pittsburgh, Pennsylvania-based based F.N.B. had announced plans to merge in July 2016 in an all-stock transaction valued at $1.4 billion.The deal would give F.N.B. nearly $30 billion in assets, still below a key regulatory threshold of $50 billion. Lenders with more than $50 billion in assets are labeled systemically important financial institutions (SIFIs), meaning they are subject to enhanced Fed supervision and the central bank''s annual stress tests.The deal''s approval by the Fed could signal an improved regulatory environment for bank mergers. President Donald Trump has been a sharp critic of bank regulations enacted after the 2008 financial crisis and has called for a rollback of some of those policies.Community bank merger activity has remained sluggish since the crisis, with several recent deals called off because of failure to obtain regulatory approval.Those deals include New York Community Bancorp Inc<6E>s ( NYCB.N ) bid for Astoria Financial and Investors Bancorp Inc<6E>s ( ISBC.O ) bid for The Bank of Princeton.(Reporting by David French and Olivia Oran in New York; Editing by Meredith Mazzilli)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-yadkin-fincl-m-a-fnb-idINKBN1631W6'|'2017-02-24T13:56:00.000+02:00'
'77a575d711c2632543f2e43aee63a0c94b49d46d'|'Iran says oil prices over $55 per barrel harmful for OPEC - Fars'|' 24pm GMT Iran says oil prices over $55 per barrel harmful for OPEC - Fars 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 ISTANBUL Iran said on Thursday an increase in oil prices to more than $55 (<28>44) per barrel was not in the interest of OPEC as it would lead to a rise in output by non-OPEC producers, the semi-official Fars news agency reported. "If oil prices specifically surge over $55 or $60 per barrel, non-OPEC producers will increase their crude production to benefit the most from the price hike," Iranian Oil Minister Bijan Zanganeh was quoted by Fars as saying. "OPEC is determined to reduce its production to help manage the market." The Organization of the Petroleum Exporting Countries agreed on Nov. 30 to cut output by 1.2 million barrels per day for the first six months of 2017, in addition to 558,000 bpd of cuts pledged by independent producers such as Russia and Oman. (Writing by Parisa Hafezi; Editing by Dale Hudson)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-iran-opec-oil-idUKKBN1621PA'|'2017-02-23T21:24:00.000+02:00'
'e04e0fc6192180a4fe4366d3c3ab949fd49b5ae4'|'AXA says 2016 net income rises, on track to achieve targets'|'Business News -  12am GMT AXA says 2016 net income rises, on track to achieve targets FILE PHOTO - Logo of France''s biggest insurer Axa is seen in front the compagny headquarter in Paris, France, August 4, 2016. REUTERS/Jacky Naegelen/File Photo PARIS AXA ( AXAF.PA ), France''s biggest insurer, posted a 4 percent increase in 2016 net income, as stronger earnings from property insurance coverage and a recovery in its life and savings business helped to offset weakness in asset management. Net income rose to 5.83 billion euros in 2016, compared with 5.62 billion (4.95 billion pounds) in the same period last year, AXA said on Thursday. This was slightly below the average of analyst estimates of 5.86 billion in a Reuters poll. In the face of falling yields on its investments, AXA aims to increase earnings per share by 3 to 7 percent a year over the 2016-2020 period, seeking to lift profitability through tariff hikes and higher-margin products while reducing its costs. AXA said underlying earnings per share rose 4 percent, "despite continued low interest rates and market volatility". "We are on track on the headline targets of our Ambition 2020 plan," the insurer said in a statement. ($1 = 0.9465 euros) (Reporting by Maya Nikolaeva and Matthieu Protard; Editing by Sudip Kar-Gupta) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-axa-results-idUKKBN1620FV'|'2017-02-23T13:12:00.000+02:00'
'71bdfb095d69ebb7e7fec515f5e0522f10221e7f'|'Juncker says to push for EU at different speeds'|'BRUSSELS European Commission President Jean-Claude Juncker said on Thursday that the EU should make it easier for some member states to deepen their integration in some areas without the whole bloc following suit.The European Union executive will make proposals in a high-profile policy White Paper it will publish next week, Juncker said in a speech to Belgian students at Louvain-la-Neuve.The idea of a Europe of "multiple speeds" has long made for heated debate. After Britain''s shock vote to leave the bloc, some governments want to deepen shared sovereignty in the hope of making the EU more effective while others say Brexit and the rise of nationalist parties shows Europeans dislike the idea.Juncker, a former premier of founder member Luxembourg, made clear he favoured the former: "This is no longer a time when we can imagine everyone doing the same thing together," he said."Should it not be that those who want to go forward more rapidly can do so without bothering the others by putting in place a more structured framework that is open to everyone?"I will argue for this in the coming days."German Chancellor Angela Merkel, whom Juncker met on Wednesday, forecast "an EU at different speeds" three weeks ago, echoing other founding states including France and delighting the Italian organisers of a summit in Rome on March 25 intended to launch a reform debate in the Union.But other governments, notably among the poorer, former Communist states in the east, are concerned that the idea is divisive and could risk halting their post-Cold War progress toward Western levels of prosperity. Some argue that current EU rules already allow for "enhanced cooperation" by some states.The most obvious example is the euro zone, which comprises 19 of the 28 current members. But there are others. Juncker noted that defence was an area where some member states were keen to advance faster in cooperation than others.(Reporting by Alissa de Carbonnel and Alastair Macdonald; Editing by Catherine Evans)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/eu-future-juncker-idINKBN1622GF'|'2017-02-23T16:52:00.000+02:00'
'8198790d6ad66c752a81e021fbfc0985f5cb7552'|'BRIEF-Cousins Properties prices public offering of 63,571,336 shares of common stock'|' 07am EST BRIEF-Cousins Properties prices public offering of 63,571,336 shares of common stock Feb 22 Cousins Properties Inc * Cousins Properties prices public offering of 63,571,336 shares of common stock * Says offering 63.6 million common shares * Cousins Properties - shareholders affiliated with TPG Global, LLC have priced an underwritten public offering of 63.6 million shares of co''s common stock * Cousins Properties - 25 million shares being offered for expected gross proceeds $214.0 million; 38.6 million shares being offered by TPG for expected proceeds $330.2 million Source text for Eikon:    '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-cousins-properties-prices-public-o-idUSASB0B1JW'|'2017-02-22T21:07:00.000+02:00'
'4f5d23fded5d6691f539706f3339b2d9b5326dc4'|'Wall Street set to open flat ahead of Fed minutes'|'Money News   7:30pm IST Wall Street set to open flat ahead of Fed minutes FILE PHOTO: A Snapchat sign hangs on the facade of the New York Stock Exchange (NYSE) in New York City, U.S., January 23, 2017. REUTERS/Brendan McDermid/File Photo By Yashaswini Swamynathan U.S. stocks looked set to open little changed on Wednesday as investors awaited the minutes of the Federal Reserve''s most recent policy meeting for clues on the timing of the next interest rate hike. The Fed will release the minutes of its Jan. 31-Feb. 1 meeting at 2:00 p.m. ET (1900 GMT). Policymakers, including Fed Chair Janet Yellen, have been hinting at the possibility of a rate hike sooner than later. But traders have priced in slim chances of a move until June, even with the backdrop of strong economic data. The odds of a rate hike stand at 22 percent for March, 47 percent for May and 69 percent for June, according to Thomson Reuters data. "The market has priced in rate hikes and is welcoming it," said Andre Bakhos, managing director at Janlyn capital in Bernardsville, New Jersey. "But the one thing that could derail it is if it comes all of a sudden." Also on investors'' minds is how the Fed views uncertainty regarding economic policy under President Donald Trump. Trump''s promises of tax and regulatory reforms as well as fiscal stimulus have boosted investors'' confidence, helping send Wall Street to record highs. Wall Street''s main indexes hit record intraday highs on Tuesday, the seventh for the S&P 500 in eight sessions, helped by strong results from top U.S. retailers including Wal-Mart. "Right now the stock market is the game in town," Bakhos said. Dow e-minis 1YMc1 remained unchanged at 8:31 a.m. ET, with 22,720 contracts changing hands. S&P 500 e-minis ESc1 were down 2.25 points, or 0.1 percent, with 146,855 contracts traded. Nasdaq 100 e-minis NQc1 were down 0.5 points, or 0.01 percent, on volume of 22,950 contracts. Among stocks, Global Blood Therapeutics ( GBT.O ) slumped 11 percent in premarket trading after the drugmaker announced a $75 million public offering. UPS ( UPS.N ) slipped 1.4 percent to $106.25 after Morgan Stanley cut its price target on the package delivery company''s stock. Dish Network ( DISH.O ) edged up 1 percent to $63.50 after the satellite T.V. provider reported a higher-than-expected profit. [nL4N1G73ON] Tesla ( TSLA.O ) and HP Inc ( HPQ.N ) are some of the key companies scheduled to report results on Wednesday. (Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Savio D''Souza and Saumyadeb Chakrabarty) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/usa-stocks-idINKBN1611OU'|'2017-02-22T21:00:00.000+02:00'
'fce973a3e4205425a76df494bd07ef40fc90c56b'|'Bitcoin hits record high above $1,200 on talk of ETF approval'|'Business News - Fri Feb 24, 2017 - 4:51pm IST Bitcoin hits record high above $1,200 on talk of ETF approval FILE PHOTO: 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 Digital currency bitcoin jumped to a record high above $1,200 on Friday, as investors speculated the first bitcoin exchange-traded fund (ETF) to be issued in the United States is set to receive regulatory approval. Traditional financial players have largely shunned the web-based "crytpocurrency", viewing it as too volatile, complicated and risky, and doubting its inherent value. But bitcoin, invented in 2008, performed better than any other currency in every year since 2010 apart from 2014, when it was the worst-performing currency, and has added almost a quarter to its value so far this year. It soared to as high as $1,200 per bitcoin in early Asian trading on Europe''s Bitstamp exchange BTC=BTSP , before easing to about $1,190. reut.rs/2lR1Mqk That put the total value of all bitcoins in circulation -- or the digital currency''s "market cap", as it is known -- at close to $20 billion, around the same size as Iceland''s economy. Some analysts say regulatory approval of a bitcoin ETF would make the currency relatively attractive to the often more cautious institutional investor market. [nL8N1G85HI] But despite potentially high returns, low correlations with other currencies and assets, falling volatility and increasing liquidity, there is scant evidence so far that most major players are considering investing in the digital currency. "Bitcoin is just not liquid enough for us to even think about," said Paul Lambert, fund manager and head of currency investment at Insight, in London. "We manage billions and billions of dollars <20> we''d need to be able to go into that market and trade in hundreds of millions of dollars at a time, and my sense is it''s not like that." Three ETFs that track the value of bitcoin have been filed with the U.S. Securities and Exchange Commission for approval. The SEC will decide by March 11 whether to approve one filed almost four years ago by investors Cameron and Tyler Winklevoss. If approved, it would be the first bitcoin ETF issued and regulated by a U.S. entity. (Reporting by Jemima Kelly, graphic by Nigl Stephenson) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-global-markets-bitcoin-idINKBN16317V'|'2017-02-24T18:03:00.000+02:00'
'16ab9d01e93f4ef3717425b512be33bb4ba55aba'|'Thermo Fisher did not infringe genetic-testing patent, U.S. top court says'|'Company News  13am EST Thermo Fisher did not infringe genetic-testing patent, U.S. top court says By Andrew Chung Feb 22 The U.S. Supreme Court on Wednesday cleared a subsidiary of biotech company Thermo Fisher Scientific Inc of infringing a genetic-testing kit patent held by Promega Corp, overturning a lower court''s decision. The justices decided 8-0 that the subsidiary, Life Technologies Corp, could not be held liable for violating the patent by shipping one part of a testing kit from the United States to Britain, where it was assembled with other parts and sold overseas. (Reporting by Andrew Chung; Editing by Will Dunham) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-court-genetic-idUSW1N1DX009'|'2017-02-22T22:13:00.000+02:00'
'05ac3a2931a0e56c2b8636ceeefc1bade11dcf0b'|'BRIEF-Killam Apartment REIT announces $70 mln public offering of trust units'|' 55pm EST BRIEF-Killam Apartment REIT announces $70 mln public offering of trust units Feb 21 Killam Apartment Reit- * Killam Apartment REIT announces $70 million public offering of trust units * Killam Apartment REIT - has reached an agreement with a syndicate of underwriters to issue to public on a bought deal basis, 5.5 million trust units * Killam Apartment REIT - intends to use net proceeds from offering to redeem its 5.45% convertible subordinated debentures  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-killam-apartment-reit-announces-idUSASB0B1EQ'|'2017-02-22T04:55:00.000+02:00'
'dc01a2b459c724ed807c82d393b7711c41d40b3d'|'Energy firms may need to hike prices further, warns industry body - Business'|'Britain<69>s big six energy suppliers are under pressure to pass on more price hikes to consumers<72> energy bills, the industry trade body has warned.Npower, EDF and Scottish Power have already announced price rises for millions of customers , blaming a mix of rising wholesale costs, installation of smart meters and government policies paid for through bills. British Gas has frozen prices until August, while SSE and E.ON are yet to declare their intentions.The chief executive of Energy UK, which represents most of the 40-plus energy suppliers, told MPs on Wednesday there was justification for the rises. Scottish Power customers to be hit by 7.8% price hike Read more <20>It is plain that we have seen increases in wholesale prices over the last 12 months or so, and we can see going out into the future there are continuing pressures there,<2C> said Lawrence Slade. He said month-ahead wholesale gas prices for March were 100% higher than last year, and electricity was up 69%.In addition the cost of government policies, such as subsidies added to bills to support renewable power, <20>should not be underplayed<65>, he added. Such costs would make up <20>120 to <20>140 of the average household energy bill next year, Energy UK said.Slade refused to say whether he thought Npower<65>s recent electricity price increase of 15% was acceptable and said he had no knowledge of individual companies<65> future pricing plans.Energy supplier price rises But the head of the energy regulator, Ofgem, dismissed the idea that government policies or smart meters were adding significantly to suppliers<72> costs, and said increasing fossil fuel prices were the main pressure.<2E>There were comments by a number of firms saying it was government policy or smart metering [driving hikes]. I don<6F>t think the government policy is particularly valid on this point. I don<6F>t think smart metering by itself will be driving significant increases,<2C> Dermot Nolan told MPs on the Commons business, energy and industrial strategy committee.He argued it was <20>hard for me to judge<67> whether Npower had justified the increase in its standard variable tariff. When pushed by committee chair, Labour MP Iain Wright, on whether the regulator could cap such tariffs and if he was failing consumers by not doing so, the Ofgem chief executive said he did have such powers but the decision was one for policy-makers, not him.Despite acknowledging the big six still have 84% of market share, Nolan told the MPs that the energy market was becoming more competitive. In a reference to challenger companies First Utility and Ovo, he said the UK was moving towards having a big eight rather than big six.Calls for a price cap as proposed by Labour<75>s shadow chancellor John McDonnell are likely to be repeated in coming days. On Wednesday, ScottishPower<65>s parent company Iberdrola announced net profit up 11.7% to <20>2.7bn in 2016 , and on Thursday British Gas parent company Centrica is expected to report full-year earnings rose from <20>891m to <20>950m for its UK energy business. It is also anticipated that one of the medium-sized energy suppliers will announce a price rise on Thursday.John Penrose, a Conservative MP, has written to business secretary, Greg Clark, urging him to impose a relative price cap, so that standard variable tariffs are not more than 6% above the company<6E>s best deal.Energy industry EDF Energy Scottish Power SSE E.ON Utilities 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'|'https://www.theguardian.com/business/2017/feb/22/energy-prices-energy-uk-bills'|'2017-02-22T22:11:00.000+02:00'
'12bebdeb3a6b07e9fd6c8c226791e35870f570a2'|'UK''s appeal court cuts jail term for Libor trader'|'Business   UK''s appeal court cuts jail term for Libor trader Former Barclays trader Jay Merchant arrives for sentencing at Southwark Crown Court in London, Britain July 7, 2016. REUTERS/Neil Hall By Kirstin Ridley - LONDON LONDON A former Barclays ( BARC.L ) trader had his jail term for conspiring to rig global Libor interest rates cut by one year to five-and-a-half years by the Court of Appeal in London on Wednesday. Jay Merchant, a former New York-based derivatives trader, was convicted by a jury last year in the third case brought to trial by the Serious Fraud Office (SFO) in an investigation into alleged Libor (London interbank offered rate) manipulation. Merchant is the second person to have a Libor-related sentence reduced by London''s Court of Appeal. Tom Hayes, a former UBS ( UBSG.S ) and Citigroup ( C.N ) derivatives trader, had his initial 14-year sentence cut to 11 years on appeal in 2015. Hayes, the first person convicted worldwide by a jury of Libor-rigging offences, launched a last-ditch attempt in January to overturn his conviction by lodging an appeal with the Criminal Cases Review Commission (CCRC), which looks at miscarriages of justice. Hayes is also challenging a plan by the UK regulator to ban him from working in the UK financial services industry, according to one source familiar with the situation. Hayes''s challenge was received by London''s Upper Tribunal, which hears appeals on cases brought by the regulator, on Dec. 23, according to official listings. Hayes''s lawyer   requests for comment and the FCA   But it is standard practice for the FCA to seek to bar individuals from working in financial services after a criminal conviction. Libor, designed to reflect the cost of bank-to-bank borrowing, is a benchmark for rates on around $450 trillion (361 trillion pound) worth of financial contracts and loans worldwide. (Reporting by Kirstin Ridley; editing by Susan Thomas) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-court-libor-britain-idUKKBN1611VY'|'2017-02-22T22:13:00.000+02:00'
'2ccbf10edcf58094b087f0000b7a21991f49cc73'|'BRIEF-QTS Realty Trust Q4 FFO per share $0.62'|' 18pm EST BRIEF-QTS Realty Trust Q4 FFO per share $0.62 Feb 21 QTS Realty Trust Inc: * Q4 revenue rose 13.8 percent to $105.4 million * Q4 FFO per share $0.62 * QTS Realty Trust Inc sees 2017 operating ffo per share $2.64 - $2.76 * QTS Realty Trust Inc sees 2017 capital expenditures $325.0 million - $375.0 million * QTS Realty Trust Inc - expects 2017 revenue growth of 11pct-13pct * QTS Realty Trust Inc - sees expected 2017 churn at high end of 5pct-8pct * QTS Realty Trust Inc - expects 2017 adjusted ebitda margin to be in line with 2016 adjusted ebitda margin * Q4 FFO per share view $0.64 -- Thomson Reuters I/B/E/S * FY2017 FFO per share view $2.71 -- Thomson Reuters I/B/E/S * FY2017 revenue view $450.8 million -- Thomson Reuters I/B/E/S * Q4 revenue view $104.8 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-qts-realty-trust-q4-ffo-per-share-idUSFWN1G60YY'|'2017-02-22T05:18:00.000+02:00'
'8f23b0a2bb71fcfd011ce16f6770a6ce6dd374d4'|'Judge bars investors from collecting on $300 mln clerical error'|'Feb 22 A judge has crushed the hopes of a group of investors in Ultra Petroleum Inc, a bankrupt natural gas company, who had sought to collect a $300 million windfall because a clerk entered a court order on the wrong date.U.S. Bankruptcy Judge Marvin Isgur approved on Feb. 13 the disclosures for Ultra''s plan to emerge from Chapter 11, although his order was not put on the docket until the morning of Feb. 14. Some holders of Ultra''s notes then argued that the delay changed the plan''s economics in their favor, until Isgur ruled against them on Tuesday."I couldn''t have imagined this would be entered on the wrong date," Isgur said, adding that it was not clear why.During a hurried conference call, the Houston bankruptcy judge said all the parties expected his order to be entered on the court''s docket the same day he approved it, not the next morning.The mix-up prompted some holders of Ultra''s notes to file court papers on Monday arguing the day difference would mean the company''s rights offering should be delayed to Wednesday from Tuesday, as originally planned.The delayed rights offering in turn would affect the formula for natural gas prices used to establish Ultra''s value in its Chapter 11 plan, reducing it to $5.5 billion from $6 billion.That in turn would impact how noteholders would split the equity in the reorganized company with its shareholders. At the lower valuation the noteholders estimated they would get an additional $303 million, according to court filings.A group of Ultra''s shareholders argued the noteholders were trying to "seize upon a clerical inadvertence to deprive equity holders of hundreds of millions of dollars of value."Isgur said he would not change the "economics" of his order, and the restructuring agreement behind Ultra''s disclosures, over a clerical error. He maintained Tuesday was the opening of Ultra''s rights offering.Ultra plans to emerge from bankruptcy by converting $1.3 billion of its notes into stock in the reorganized company and by raising $580 million from a rights offering.Ultra produces gas in Wyoming, Pennsylvania and Utah, and filed for Chapter 11 protection in April amid the worst energy price slump in a generation. (Reporting by Jim Christie; editing by Grant McCool)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/bankruptcy-ultra-idUSL1N1G61XU'|'2017-02-23T00:22:00.000+02:00'
'a2199a02a2125b3fd60537c97f471bdd37866628'|'METALS-Copper tumbles as Chinese demand worries resurface'|' 22pm EST METALS-Copper tumbles as Chinese demand worries resurface * Copper sees biggest one-day fall since September 2015 * Supply disruptions in Chile and Indonesia support prices * Optimism about copper demand over next few months * Glencore still monitoring zinc situation (Adds closing prices) By Pratima Desai LONDON, Feb 23 Copper prices tumbled on Thursday as worries about demand in top consumer China resurfaced after the country''s housing minister suggested moves were afoot to stabilise the property market, while a firm dollar reinforced negative sentiment. The benchmark copper futures contract on the London Metal Exchange ended down 3 percent at $5,859 a tonne, its biggest one-day fall since September 2015. The price has slipped 5.7 percent from a 21-month high of $6,204 on Feb 13. Traders say a generally higher dollar due to mounting speculation that the U.S. Federal Reserve will raise interest rates next month was weighing on industrial metals because they are priced in dollars and cost more for holders of other currencies. "The dollar is one element," a copper trader said. "The other part is China. If they are going to try and cool the property market, it''s not good news for demand." China''s deputy housing minister Lu Kehua said preparatory work was being undertaken for a nationwide property tax, but did not give details. In the shorter term however, supply disruptions in Chile and Escondida are expected to support prices, as is stronger manufacturing growth around the world. "Demand looks like it''s going to accelerate over the next three months, the PMIs suggest solid growth and seasonally, metals markets normally see deficits in the second quarter," said Goldman Sachs analyst Max Layton. "Medium- and long-term loans for corporates, the government and households, so across the spectrum, improved dramatically." Chinese banks extended 2.03 trillion in net new yuan loans in January, the second-highest monthly tally on record and nearly double the December number. Aluminium closed down 0.9 percent at $1,867 a tonne and zinc finished 2.6 percent lower at $2,790 a tonne. Zinc prices are still nearly double the levels seen in January 2016 due to deficits arising from mine closures and shutdowns including at major producer Glencore "The market is tighter. There''s definitely a shortage of concentrate," Glencore Chief Executive Ivan Glasenberg said at a briefing. Glencore has said it would only restart capacity when the time was right. "It''s something we''re monitoring. There is no particular price target. We will make the decision at the appropriate time." Lead closed 1.7 percent lower at $2,238 a tonne. Tin was down 2.8 percent at $18,780 and nickel finished down 2.1 percent at $10,580 a tonne. PRICES'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/global-metals-idUSL4N1G83LC'|'2017-02-24T00:22:00.000+02:00'
'b0317bf21b27b03418f7dd5710017f3b8da30d8a'|'BRIEF-B&G Foods Q4 sales $413.7 million'|' 54pm EST BRIEF-B&G Foods Q4 sales $413.7 million Feb 23 B&G Foods Inc * B&G Foods reports financial results for fourth quarter and full year 2016 * Q4 adjusted earnings per share $0.29 * Q4 sales $413.7 million versus I/B/E/S view $426 million * Sees FY 2017 adjusted earnings per share $2.13 to $2.27 * Q4 earnings per share $0.20 * Sees FY 2017 sales about $1.64 billion to $1.68 billion * Q4 earnings per share view $0.39 -- Thomson Reuters I/B/E/S  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-bg-foods-q4-sales-4137-million-idUSASB0B219'|'2017-02-24T04:54:00.000+02:00'
'a1dcba45cf1ce8dbff5d96c8a84924b8dd00bd6e'|'Interdealer broker Nex Group backs stock research distribution startup'|'Company News   4:00am EST Interdealer broker Nex Group backs stock research distribution startup By Anna Irrera - NEW YORK NEW YORK Feb 23 Interdealer broker NEX Group Plc, formerly known as Icap, has invested in a RSRCHXchange, a London-based startup that runs an online marketplace for research on stocks, as regulatory changes in Europe and pressure on asset management fees spur innovation in the equity research sector. The investment, led by NEX Group''s venture arm Euclid Opportunities, was announced by the companies on Thursday, but the terms of the deal were not disclosed. The company will use the injection of cash develop the platform and expand its team, said Vicky Sanders, co-founder of RSRCHXchange. Launched in 2015 RSRCHXchange aggregates research on stocks from brokers and independent research houses on an online platform. The platform contains a series of functions to make it easier for buy side firms to procure and buy research, and track how content is consumed within their companies in compliance with new regulations. RSRCHXchange is part of a growing cohort of young technology companies looking to profit from new rules on research in the European Union''s revised Markets in Financial Instrument Directive (Mifid II), a sprawling overhaul of the bloc''s trading rulebook set to come into force in January 2018. Under Mifid II, asset managers will have to pay for research out of their own pocket, increasing demand for tools that can help vet the quality of the research, assess its value and manage payments. Brokers have traditionally "bundled" the cost of research with trading commissions. On top of regulatory changes, asset managers have been under pressure to cut fees due to weaker returns, making them more selective about how they spend their research dollars. "Mifid II research unbundling is a key challenge for our clients and the wider market in 2017," said Michael McFadgen, a managing director at Euclid Opportunities. "RSRCHXchange is bringing next generation technology to solve a complex regulatory challenge." Founded in 2011, Euclid Opportunities backs young technology companies that can help the NEX Group enhance its products and services. The division is poised to play a more strategically significant role within the group over the coming years as the company increases its focus on electronic broking and financial technology following the sale of its voice broking business to rival Tullett Prebon in December. Euclid boasts several well-known capital markets fintech companies in its portfolio, with recent investments including financial software developer OpenFin and blockchain startup Axoni. Two of its portfolio companies, analytics company Enso Financial and trade reporting firm Abide Financial, were acquired by NEX Group last year. (Reporting by Anna Irrera) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/nex-group-rsrchxchange-investment-idUSL1N1G802X'|'2017-02-23T16:00:00.000+02:00'
'a64f9686b2601429066f54d127f236927b6d8c52'|'Pearson to tighten costs, sell assets after $3.3 billion loss'|'  7:41am GMT Pearson to tighten costs, sell assets after $3.3 billion loss LONDON Pearson ( PSON.L ), the global education company battling a collapse in its biggest market, said it would take further costs out of the business and look to sell some assets after posting a $3.3 billion pretax loss and a sharp rise in debt. Pearson, which has issued five profit warnings in four years after students in the United States started renting text books rather than buying them, said its loss included an impairment of goodwill of 2.5 billion pounds, reflecting the challenges facing the business. Analysts said the full-year results would likely be taken well however as the British firm showed it was taking action to tighten its costs and showed no further deterioration in trading since its last profit warning in January. The group said it planned to sell its English language learning business GEDU and was looking for a partner to invest in its Wall Street English (WSE) unit. "Our priorities for 2017 are clear," said Chief Executive John Fallon. "We will continue to accelerate our digital transformation, simplify our portfolio, control our costs, and focus our investment on the biggest growth opportunities in education." Pearson reported 2016 adjusted operating profit of 635 million pounds, down 21 percent on the year but slightly better than expected due to tight cost control. Net debt increased to 1.1 billion pounds, from 654 million pounds the year before, but its operating cash flow jumped. "Expect relief on lower debt, disposals and cost saves," analysts at Citi said. (Reporting by Kate Holton, Editing by Paul Sandle)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-pearson-result-idUKKBN1630NR'|'2017-02-24T14:41:00.000+02:00'
'61df40024a03058b8b2bd91db292956142c9fec1'|'BRIEF-PAGP prices upsized public offering of class A shares'|'Company News - Thu Feb 23, 2017 - 10:08pm EST BRIEF-PAGP prices upsized public offering of class A shares Feb 23 Plains Gp Holdings Lp * PAGP prices upsized public offering of class A shares * Size of offering was increased by 8 million class A shares from previously announced offering size of 34 million class A shares * Total gross proceeds of offering will be approximately $1.3 billion Source text for Eikon:'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-pagp-prices-upsized-public-offerin-idUSASB0B26B'|'2017-02-24T10:08:00.000+02:00'
'c56868433fbfe3d91bdc8ea9bc2f328dd3ec15c9'|'BRIEF-Volt Information Sciences'' unit enters into an amendment to loan and security agreement'|' 03pm EST BRIEF-Volt Information Sciences'' unit enters into an amendment to loan and security agreement Feb 23 Volt Information Sciences Inc * On feb 17, Co''s unit entered into an amendment to loan and security agreement dated as of Feb 17, 2016 - SEC filing * Amendment extends revolver termination date, as defined in agreement, by one month to March 17, 2017 Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-volt-information-sciences-unit-ent-idUSFWN1G819D'|'2017-02-24T06:03:00.000+02:00'
'92cd7845e9efcaaad3f8ee07f26ecc8e8c35085e'|'Deals of the day-Mergers and acquisitions'|'Feb 24 The following bids, mergers, acquisitions and disposals were reported by 1100 GMT on Friday:** France''s Safran on Thursday rejected criticism by a UK hedge fund over a proposed $9 billion offer for Zodiac Aerospace and pledged to stand firm as a spat intensified over plans to create the world''s third-largest aerospace supplier.** Royal Bank of Canada (RBC), the country''s biggest lender, has put its Asian wealth management business under review, which could lead to its sale, four people familiar with the matter told Reuters. The RBC review was prompted because the bank''s global head of wealth management feels the Asian business, with less than $10 billion in assets, lacks the scale to generate adequate profit.** As the only European country where carmaker PSA''s production overlaps with that of Opel, Spain could deliver the quick cost savings sought by PSA boss Carlos Tavares to convince investors to back his planned acquisition of the rival brand.** France''s Engie SA, looking to sell a coal-fired power station in Australia that could fetch $1 billion, expects to attract more interest from international firms than local players, its Asia Pacific head said.** Toshiba Corp, responding to media reports, said it was not aware that its U.S. nuclear unit Westinghouse was considering filing for Chapter 11 protection from creditors - an option analysts say could jeopardize the entire group.** Argentina''s state-run oil company YPF SA said it reached a preliminary deal with Royal Dutch Shell Plc on Thursday to develop oil and gas assets in the Vaca Muerta shale field, involving a $300 million investment from Shell.** South Africa''s Northam Platinum Ltd said it would acquire Glencore Plc''s Eland platinum mine in North West province for 175 million rand ($14 million).** South Africa''s Liberty Holdings will acquire a 75 percent stake in a Nigerian long-term insurer for 160 million rand ($12 million), the company said, after reporting a 38 percent decline in earnings.** Hospital operator Quorum Health Corp is investigating whether it provided adequate disclosure to investors prior to its spin-off last year, according to a letter seen by Reuters and a person familiar with the matter.** Indonesian conglomerate PT Astra International Tbk will not sell its stake in lender PT Bank Permata Tbk , the company''s top executive said. (Compiled by Ankit Ajmera in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/deals-day-idINL4N1G93H1'|'2017-02-24T08:03:00.000+02:00'
'9d70ef8c7b7da21909507358c0a7dcd4718ede2a'|'Oil sold out of tanker storage in Asia as market slowly tightens'|'Money   8:21am IST Oil sold out of tanker storage in Asia as market slowly tightens Shipping vessels and oil tankers line up on the eastern coast of Singapore July 22, 2015. REUTERS/Edgar Su/File Photo By Mark Tay - SINGAPORE SINGAPORE Traders are selling oil held in tankers anchored off Malaysia, Singapore and Indonesia in a sign that the production cut led by OPEC is starting to have the desired effect of drawing down bloated inventories. Yet in the short-term, the crude released from tankers will weigh on markets and possibly undermine OPEC''s goal of achieving a balanced market by mid-2017. The Organization of the Petroleum Exporting Countries (OPEC) and other producers outside the group, including Russia, announced late last year that they would cut output by almost 1.8 million barrels per day (bpd) during the first half of 2017, looking to drain a glut that pulled down prices from over $100 per barrel in 2014 to around $56.50 currently. "OPEC''s strategy is targeting inventories <20> given the scale of the overhang, the market won''t rebalance in six months <20> we expect an extension into (the second half of 2017)," said Energy Aspects analyst Virendra Chauhan. As OPEC''s cuts start to leave some demand unmet, a hefty 6.8 million barrels of crude has been taken out of tanker storage from Linggi, off Malaysia''s west coast, in February, shipping data in Thomson Reuters Eikon shows. An additional 4.1 million barrels and another 1.2 million barrels have been taken out of storage on tankers in Singaporean and Indonesian waters, the data shows. DANCING CONTANGO In the short-term, the flood of crude from floating storage will add to supplies coming into Asia from as far away as the Americas and Europe. In the longer-term, however, clearing oil out of inventories like tankers is part of OPEC''s goal to rebalance markets. "Inventories will continue to decline driven by the combination of production cuts and the strong demand growth," U.S. bank Goldman Sachs said this week in a note to clients, adding that it expected Brent prices to rise slightly in the second quarter, to $59 per barrel. Traders charter supertankers like Very Large Crude Carriers (VLCC), in which they can store up to 2 million barrels of oil for extended periods of time, when a market situation known as contango is in place, with prices for later delivery higher than those for immediate dispatch. The January to June 2017 contango in the forward curve was almost $3 per barrel, compared to a June premium of under half a dollar now. With prices further out into 2018 and beyond even falling, the curve has fallen into what traders call backwardation, which makes it unattractive to store oil on chartered tankers. "Dancing contango is now not a profitable thing to do, so we''ve sold out," said one oil trading manager who, until recently, held crude stored in a tanker. He spoke on condition of anonymity due to the commercial sensitivity of the issue. (Reporting by Mark Tay; Editing by Henning Gloystein and Joseph Radford) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/asia-oil-floating-storage-idINKBN16309G'|'2017-02-24T09:51:00.000+02:00'
'b766a7a86b4215e43687e5df4ce471e1b805e628'|'BAE Systems sees earnings up 5-10 percent on increased defence spending'|'Business News - Thu Feb 23, 2017 - 7:22am GMT BAE Systems sees earnings up 5-10 percent on increased defence spending FILE PHOTO - A member of staff working in the cockpit of an aircraft on the Eurofighter Typhoon production line at BAE systems Warton plant near Preston, Britain, September 7, 2012. REUTERS/Phil Noble/File Photo LONDON Britain''s BAE Systems ( BAES.L ) said it expected increased defence budgets to boost its earnings by 5-10 percent this year after it met market expectations with a 7 percent rise in 2016. The company reported underlying earnings per share of 40.3 pence on sales up 1.1 billion pounds to 19 billion pounds, with the better-than-expected rise mainly coming from foreign exchange benefits. Chief Executive Ian King, who will retire at the end of June, said 2016 was a good year for BAE Systems. "With an improved outlook for defence budgets in a number of our markets, we are well placed to continue to generate attractive returns for shareholders," he said on Thursday. ($1 = 0.8043 pounds) (Reporting by Paul Sandle; editing by Kate Holton) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-bae-systems-results-idUKKBN1620M5'|'2017-02-23T14:22:00.000+02:00'
'3690b29a0d70d17ccab22b7ba795e3efbd7ae528'|'Europe''s recovery still fragile - ECB''s Praet'|' 12am GMT Europe''s recovery still fragile - ECB''s Praet European Central Bank executive board member Peter Praet attends the 2016 Institute of International Finance (IIF) Spring Membership meeting in Madrid, Spain, May 25, 2016. REUTERS/Susana Vera LONDON Europe''s economic recovery remains fragile, leaving little room for complacency, with risks exacerbated by political uncertainty before key elections, European Central Bank chief economist Peter Praet said on Thursday. Although recent indicators from PMI figures to confidence have surprised on the upside, Praet warned that the recovery was dependent on substantial support from the ECB. With growth picking up pace, conservative policymakers have argued for some form of monetary tightening, a call so far resisted by the Governing Council. "Despite the resilient recovery in the euro area, and strong indicators of confidence across all sectors, measures of political and policy uncertainty have been rising recently, although asset markets are not significantly pricing in tail risks," Praet said in London. "The recent bouts of uncertainty are a source of concern, and represent a downside risk to the economic outlook," Praet told a conference. (Reporting by Marc Jones; editing by Balazs Koranyi)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ecb-policy-praet-idUKKBN1620X4'|'2017-02-23T16:12:00.000+02:00'
'90fb185aebafcae52337c196c48d552fa7fdc062'|'Time Warner to sell TV station as it seeks AT&T merger OK'|'Thu Feb 23, 2017 - 6:06pm GMT Time Warner to sell TV station as it seeks AT&T merger OK Signage that reads Time Warner is seen at the Time Warner Center in New York City, U.S. on October 23, 2016. REUTERS/Stephanie Keith/File Photo By David Shepardson - WASHINGTON WASHINGTON Time Warner Inc ( TWX.N ) said on Thursday it plans to sell a broadcast station in Atlanta to Meredith Corp ( MDP.N ), which could help speed the company''s planned merger with AT&T Inc ( T.N ). In January, AT&T said it expected to be able to bypass the Federal Communications Commission in its planned $85.4 billion acquisition of Time Warner because it would not seek to transfer any Time Warner licenses. FCC Chairman Ajit Pai on Thursday declined to say if he would seek to use the proposed TV station license transfer as a way to examine the AT&T Time Warner merger. About a dozen senators have urged him to review the deal. The station that Time Warner is selling, WPCH-TV in Atlanta, is its only FCC-regulated broadcast station. But it has other, more minor FCC licenses. Meredith has operated WPCH-TV for Time Warner since 2011. It was previously know as WTBS. Time Warner said last month that since it does not plan to transfer any FCC licenses to AT&T, it would likely not need FCC approval and would only need the consent of the U.S. Justice Department. The Justice Department has to prove a proposed deal harms competition in order to block it. But the FCC has broad leeway to block a merger it deems is not in the "public interest" and can impose additional conditions. (Reporting by David Shepardson; Editing by Jonathan Oatis) Up Next Trump again vows to bring back U.S. jobs, but offers few details WASHINGTON President Donald Trump told about two dozen chief executives of major U.S. companies on Thursday he plans to bring millions of jobs back to the United States, but offered no specific plan on how to reverse a decades-long decline in factory jobs.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-timewarner-att-idUKKBN16228P'|'2017-02-24T01:00:00.000+02:00'
'51e1b504af090c35ba0b9e7513cadd9125cc9610'|'Rising Canadian home price make new regulations more likely: poll'|'Business News - Thu Feb 23, 2017 - 12:11pm EST Rising Canadian home price make new regulations more likely: poll File Photo: A real estate for sale sign is pictured in front of a home in Vancouver, British Columbia, Canada, September 22, 2016. REUTERS/Ben Nelms/File Photo By Leah Schnurr and Anu Bararia - OTTAWA/BENGALURU OTTAWA/BENGALURU Low borrowing costs and hot demand in key urban centers will keep pushing Canadian house prices higher this year, a Reuters poll showed, pressuring policymakers to take further steps to rein in a market that more experts are calling a bubble. Most economists polled said there was a risk of a sharp correction in Toronto and Vancouver, two of the most expensive markets in the country, though they were divided on the likelihood that Canada as a whole would see a painful pullback. While Canada avoided the worst of the housing crash that hit the United States a decade ago, prices have risen nearly in a straight line since, and nearly doubling, raising worries consumers have taken on too much debt that puts them at risk if prices drop. Despite a number of steps taken by policymakers in recent years, 13 out of 20 economists thought it was likely local or federal governments will introduce new regulations in the next six months. Still, the upswing is expected to continue, the poll showed. Nationally, home prices are expected to rise by a median 4.7 percent this year, the highest pace since polling for 2017 began two years ago and stronger than the 1.8 percent that was forecast in the last poll done in December. Prices are seen rising by 3.5 percent in 2018, up from the previously expected 2.0 percent, and 2.8 percent in 2019. Expectations for 2018 are the highest since polling began last year. "There''s no doubt interest rates are feeding cheap credit to homebuyers. But there''s also an element of increased investment in the market, both domestic and foreign," said Sal Guatieri, senior economist at BMO Capital Markets. He added that immigration from other countries and provinces is adding to the strength in prices. BMO recently said that Toronto and nearby cities that have seen prices rise in tandem are in a housing bubble. That sentiment was echoed by Sun Life Global Investments'' Chief Investment Officer Sadiq Adatia, who told BNN news channel on Wednesday there is a housing bubble in Toronto as well as one in Vancouver, which Adatia said had already started to burst. While Vancouver prices came off their peak last year as the province implemented a tax on foreign buyers in the city, Toronto prices have continued to climb despite tighter mortgage lending rules put in place across the country by the federal government in late 2016. In Toronto, prices are expected to climb by 9.5 percent, up from the previous 6.0 percent forecast, the poll showed. Eleven out of 19 economists said a correction in Toronto was somewhat or very likely. "We were expecting Toronto''s market to cool down in response to the new federal home financing rules but so far there''s little evidence of that playing out," said Guatieri. In Vancouver, prices are forecast to rise 2.0 percent, rather than the 1.8 percent decrease that was expected in the last poll. The risk of a correction was greater for Vancouver, with 15 saying it was somewhat or very likely. Just three economists said it was not likely. Economists were nearly equally split on whether Canada''s overall housing market would see a correction, with 11 saying it was not likely and 10 saying it was somewhat or very likely. With low interest rates and limited supply in some markets expected to underpin demand, most expect to see new regulations but it could be a delicate proposition for policymakers. With economic momentum still fragile two years after the worst of the oil price crash and Canada facing uncertainty regarding U.S. trade policy, any hit to exports or the labor market could hurt housing demand with household debt to income standing at a record
'0ec40980e18fdd8b5a95e8afa772fc8403792b80'|'CANADA STOCKS-TSX rises as higher oil prices boost energy stocks'|'Company News  42am EST CANADA STOCKS-TSX rises as higher oil prices boost energy stocks * TSX up 17.87 points, or 0.11 percent, at 15,848.09 * Seven of the TSX''s 10 main groups move higher TORONTO Feb 23 Canada''s main stock index rose on Thursday as energy company stocks were boosted by gains in oil prices, while higher prices for bullion lifted shares of gold miners. Supermarket chain Loblaw''s advanced 2.1 percent to C$70.37 after reporting a sharp jump in profit and higher-than-expected revenue. The energy group climbed 1.3 percent, as oil prices rose more than $1 a barrel after U.S. data showed a surprise decline in inventories, suggesting a global glut may be ending after moves by OPEC to cut production. Suncor Energy Inc rose 1.1 percent to C$42.60 and Canadian Natural Resources Ltd also added 1.1 percent, to C$38.58. Crescent Point Energy Corp advanced 3.5 percent to C$16.04, even as the company reported a bigger-than-expected quarterly loss as production fell about 6 percent. Pipeline operator Enbridge Inc fell 1.1 percent to C$54.71. An outage on its Line 2A pipeline in Canada''s Alberta will last about three weeks, the company said in a note to shippers seen by Reuters. At 10:29 a.m. ET (1529 GMT), the Toronto Stock Exchange''s S&P/TSX composite index was up 17.87 points, or 0.11 percent, at 15,848.09. Seven of the index''s 10 main groups were in positive territory, with two advancers for every decliner. The index is trading just off record highs. Goldcorp Inc advanced 1.5 percent to C$22.52 and Barrick Gold Corp rose 1.3 percent to C$26.44 as prices for the precious metal hit a three-month high. Bullion rose after the minutes of the latest Federal Reserve policy meeting further damped expectations of an interest rate hike in March, lowering U.S. bond yields and stalling upward momentum in the dollar. Maple Leaf Foods Inc advanced 3.2 percent to C$30.905. The meat packing company is hunting for acquisitions in the United States, after years spent upgrading old factories and shedding business lines, its chief executive officer said on Wednesday, a day after reporting a doubling of fourth-quarter profit. The financials group gained 0.2 percent, with Royal Bank of Canada advancing 0.4 percent to C$98.86 and Canadian Imperial Bank of Commerce advancing 1.0 percent to C$119.39. CIBC said it would be "disciplined" in assessing whether to raise its C$3.8 billion ($2.9 billion) offer for Chicago-based PrivateBancorp and could step up stock buybacks if the deal collapses. U.S. crude prices were up 2.0 percent to $54.64 a barrel, while Brent added 2.0 percent to $56.98. Gold futures rose 1.3 percent to $1,247.4 an ounce and copper prices fell 1.3 percent to $5,960 a tonne. The materials group was barely higher as losses for base metal miners and fertilizer companies offset the gold mining gains. First Quantum Minerals Ltd fell 2.4 percent to C$14.85 and Potash Corp shed 2.2 percent to C$23.92. (Reporting by Alastair Sharp; Editing by Bernadette Baum) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-idUSL1N1G810S'|'2017-02-23T22:42:00.000+02:00'
'2e9739415e17e1d45230de7235b372402741dd0a'|'BRIEF-Pershing Square Holdings releases weekly net asset value'|' 19pm EST BRIEF-Pershing Square Holdings releases weekly net asset value Feb 22 Pershing Square Holdings Ltd- * Pershing Square Holdings Ltd releases regular weekly net asset value as of 21 February 2017 * Pershing Square Holdings Ltd - psh nav per share as of close of business on 21 february 2017 was usd 18.58.   Further  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-pershing-square-holdings-releases-idUSASB0B1OJ'|'2017-02-23T05:19:00.000+02:00'
'537de0e8b9a2ba06cbb73235b39f11121c59e291'|'Buffett expected to tout passive investing in Berkshire annual letter'|'Business News - Fri Feb 24, 2017 - 2:33am IST Buffett expected to tout passive investing in Berkshire annual letter left right File Photo: Berkshire Hathaway CEO Warren Buffett plays bridge during the Berkshire annual meeting weekend in Omaha, Nebraska May 3, 2015. REUTERS/Rick Wilking/File Photo 1/2 left right 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 2/2 By Jonathan Stempel - NEW YORK NEW YORK Warren Buffett, widely considered one of the world''s best investors, is likely to tout the merits of passive investing this weekend to readers of his annual letter to Berkshire Hathaway Inc ( BRKa.N ) shareholders. The letter, slated for release around 8 a.m. EST on Saturday, will probably focus on familiar themes for the 86-year-old Buffett, with many single-spaced pages reviewing Berkshire''s businesses and managers, Wall Street, the economy and perhaps even politics. "The letters are written as much for sophisticated financial people as for people in high school," said Andy Kilpatrick, author of "Of Permanent Value: The Story of Warren Buffett." "It''s a fun read, and when you get through it, you think, ''Wow, I could be doing better with my life and my investing.''" Buffett believes most stock investors are better off with low-cost index funds than paying higher fees to managers who often underperform. He told Fortune magazine he expects to write "a lot" about passive investing. ( here ) Berkshire itself might seem anomalous, with shares of the Omaha, Nebraska-based conglomerate having generated a roughly 2 million percent gain in Buffett''s nearly 52 years at the helm. In 2016, Berkshire''s stock price rose about 23.4 percent, easily outpacing the market, though most investors who bought its stock in recent years have achieved closer to market-average returns. Kilpatrick expects Buffett to discuss Precision Castparts, an aircraft parts maker that Berkshire bought last January for $32.1 billion, its biggest acquisition. Buffett is likely to discuss other Berkshire businesses, such as insurance and the BNSF railroad, and shower praise on Berkshire managers, perhaps including investing deputies Todd Combs and Ted Weschler. Combs alerted Buffett to Precision Castparts, and Buffett may discuss what drove Berkshire''s unexpected, multi-billion-dollar investments in Apple Inc ( AAPL.O ) and the four biggest U.S. airlines. Buffett may also focus on his desire to spend Berkshire''s huge cash pile after Kraft Heinz Co ( KHC.O ), which Berkshire partly owns, on Sunday scrapped a bid to buy food rival Unilever Plc ( ULVR.L ) that Berkshire might have helped finance. U.S. President Donald Trump may also be a focus for Buffett, who was a vocal supporter of Hillary Clinton. Buffett alluded elliptically to Trump in last year''s letter, bemoaning the "negative drumbeat" from presidential candidates talking down U.S. economic prospects. Berkshire is also expected to report fourth-quarter results. Analysts expect operating profit of around $4.5 billion, or $2,717 per Class A share, down from $4.67 billion last year, Thomson Reuters I/B/E/S said. (Reporting by Jonathan Stempel in New York; Editing by Jennifer Ablan and Dan Grebler) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-berkshire-buffett-letter-idINKBN1622JT'|'2017-02-24T03:48:00.000+02:00'
'8f4352ea8a4b9c298a525decca97511e69bdc3c9'|'BRIEF-Titan International enters credit and security agreement'|' 01pm EST BRIEF-Titan International enters credit and security agreement Feb 23 Titan International Inc: * Titan International - on Feb. 17, 2017, co entered credit and security agreement with respect to a new $75 million revolving credit facility * Titan International - credit facility replaces $150 million revolving credit facility which was previously scheduled to terminate in Dec. 2017 * Titan International-new credit facility includes maturity of earlier of 5 years or 6 months prior to maturity of 6.875pct senior secured notes due in Oct. 2020 Source text: ( bit.ly/2leRfl2 )  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-titan-international-enters-credit-idUSFWN1G819Z'|'2017-02-24T06:01:00.000+02:00'
'cf1f4a50b64a47afb1dd91ba0aad19994c0bfc39'|'UPDATE 1-Siemens set to win EU approval for $4.5 bln Mentor deal - sources'|'Deals   10:08am EST Siemens set to win EU approval for $4.5 billion Mentor deal: sources Siemens logo is pictured at a building of the manufacturing plant of Siemens Healthineers in Forchheim near Nuremberg, Germany, October 7, 2016. REUTERS/Michaela Rehle By Foo Yun Chee and Arno Schuetze - BRUSSELS/FRANKFURT BRUSSELS/FRANKFURT German engineering group Siemens ( SIEGn.DE ) is set to gain unconditional EU antitrust approval for its $4.5 billion bid for U.S. software company Mentor Graphics, its biggest deal in this area in a decade, two people familiar with the matter said on Thursday. Siemens unveiled the deal in November last year, aiming to boost its presence in a sector with faster growth and bigger margins than other areas. The German company''s move comes in response to growing customer demand for more complex software for smart connected products such as aeroplanes, trains and cars. Siemens is targeting a rise in its software revenue by about a third from the deal. Mentor Graphics'' software helps semiconductor companies design and test their chips before they manufacture them. The European Commission, which is scheduled to decide on the deal by Feb. 27, declined to comment. Siemens also declined to comment. Mentor Graphics competes with Synopsys ( SNPS.O ) and Cadence ( CDNS.O ). (Reporting by Foo Yun Chee in Brussels and Arno Schuetze in Frankfurt, additional reporting by Jens Hack in Munich. Editing by Jane Merriman) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-mentor-graphics-m-a-siemens-eu-idUSKBN1621T2'|'2017-02-23T21:59:00.000+02:00'
'52b39e470f6261f7dcc29e19739d5c2a8f6b35e0'|'Two senior Samsung Group executives offer to resign - Yonhap'|'Business   5:37am GMT Two senior Samsung Group executives offer to resign: Yonhap Choi Gee-sung, chief executive of South Korea''s Samsung Electronics, speaks during an annual shareholders'' meeting at the company headquarters in Seoul March 18, 2011. REUTERS/Truth Leem SEOUL Two senior Samsung Group [SAGR.UL] executives have offered to resign to take responsibility for the conglomerate''s involvement in the graft scandal involving South Korean President Park Geun-hye, Yonhap news agency said on Friday, without citing sources. The report said Vice Chairman Choi Gee-sung and President Chang Choong-gi have offered to resign. Both executives were identified as suspects by the South Korean special prosecution in a graft probe that led to Samsung Group leader Jay Y. Lee''s arrest last week. Yonhap did not say whether the executives have formally submitted their resignation or whether they will remain with the conglomerate in some other capacity. Samsung Group did not immediately comment on the report. (Reporting by Se Young Lee; Editing by Edwina Gibbs) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-southkorea-politics-samsung-group-idUKKBN1630FZ'|'2017-02-24T12:35:00.000+02:00'
'2289c3a6080ff85d13606180f4985dd427df986e'|'Suez studying acquisition of GE water unit - spokeswoman'|'PARIS French waste and water group Suez ( SEVI.PA ) is considering an acquisition of the water business of U.S. industrial conglomerate General Electric ( GE.N ), a Suez spokeswoman said on Thursday, confirming media reports.French newspaper Le Figaro reported on Wednesday evening that Suez was among a handful of other companies, mostly private equity firms, left in the running after a second round of bidding for GE Water & Process Technologies."GE Water is indeed a dossier that we are looking at because its activities are in line with our strategy of boosting our industrial market," the spokeswoman said.She added that Suez would make sure its financial ratios are not stretched in case of an acquisition of GE Water.GE put the unit on the block when it announced it was merging its power business with oil services group Baker Hughes on Oct. 31. GE Water earns $250-$300 million a year before interest, taxes, depreciation and amortization.(Reporting by Benjamin Mallet; Writing by Geert De Clercq; Editing by Sudip Kar-Gupta)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-suez-ge-idINKBN162114'|'2017-02-23T07:04:00.000+02:00'
'4ec21a14ae95765ab3fd654256d964839e7b20e5'|'GOP border tax plan would hurt exports: NY Fed economist - Reuters'|'NEW YORK A Republican-backed border tax proposal that drew some praise from U.S. President Donald Trump would actually dampen both exports and imports, research co-authored by an economist at the Federal Reserve Bank of New York said on Friday.The research, which does not represent the central bank''s view, suggested that the U.S. dollar may not appreciate by the full amount of the tax, as proponents expect. This is in part because trading counterparts could respond with their own taxes, and because pricing for the vast majority of contracts governing U.S. trade is preset in dollars, it said."An unintended consequence of the proposed border tax is that it is likely to depress rather than stimulate exports, (while) the tax exemption on export revenue will mostly boost exporters'' profit margins rather than increase their export sales," said the research published by the New York Fed.Republicans in Congress have proposed a border tax adjustment in which U.S. firms would pay a 20-percent tax on all imported goods and be exempt from paying taxes on export revenue. In an interview with Reuters on Thursday, Trump, who has promised tax reform, said "it could lead to a lot more jobs in the United States."The research authors are Mary Amiti, assistant vice president in the New York Fed''s research unit, Oleg Itskhoki, an associate economics professor at Princeton University, and Jozef Konings, an economics professor at the University of Leuven."If the U.S. dollar does not appreciate by the full amount of the tax, we argue that the effect of the tax will be to lower both U.S. imports and exports in the short to medium run," they wrote. "Both firms and households will be faced with higher prices for imports and domestically produced goods alike."(Reporting by Jonathan Spicer; Editing by Andrew Hay)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/us-usa-fed-tax-research-idINKBN16327K'|'2017-02-24T15:52:00.000+02:00'
'7ab2e5c1ddf783b99f74c64c5672481c0b43ddd9'|'China says no intention of using currency devaluation to its advantage'|'Foreign Exchange Analysis  15am GMT China says no intention of using currency devaluation to its advantage A customer holds a 100 Yuan note at a market in Beijing, August 12, 2015. REUTERS/Jason Lee/File Photo BEIJING China said on Friday it has no intention of using currency devaluation to its advantage in trade, responding to an assertion from U.S. President Donald Trump that China is the "grand champions" of currency manipulation. Trump said in an interview with Reuters on Thursday he had not "held back" in his assessment that China manipulates its yuan currency, just hours after his new Treasury secretary pledged a more methodical approach to analysing Beijing''s foreign exchange practices. Chinese Foreign Ministry spokesman Geng Shuang said he hoped the United States could "fully and correctly" view the exchange rate issue. "China has no intention of seeking foreign trade advantages via an intentional devaluation of the renminbi. There is no basis for the continued devaluation of the renminbi," he told a daily media briefing in Beijing. "If you must attach the label ''grand champion'' to China, then I think China is a grand champion. But we are the grand champions of economic development," Geng added. The Foreign Ministry has no say in currency policy, but it is the only Chinese government department that holds a daily briefing that foreign reporters attend. The central People''s Bank of China did not respond to a request for comment. Trump has frequently accused China of keeping its currency artificially low against the dollar to make Chinese exports cheaper, "stealing" American manufacturing jobs. But he did not act on a campaign promise to declare China a currency manipulator on his first day in office. The yuan fell 6.6 percent against the U.S. dollar in 2016, its biggest annual drop since 1994, as it was pressured by worries about slowing Chinese growth and more recently by a resurgent dollar, which has spurred capital outflows from many emerging markets. Chinese authorities have taken a raft of steps in recent months to curb capital flight to support its weakening yuan, while trying to bring in more foreign investment. Geng said there was no basis for the continued devaluation of the renminbi and he hoped "the relevant side can fully and correctly view the renminbi exchange rate issue". But China''s foreign exchange regulator said this month the economy still faced weak global demand and financial market volatility caused by expectations of further interest rate rises by the U.S. Federal Reserve. (Reporting by Ben Blanchard; Writing by Philip Wen; Editing by Robert Birsel) Next In Foreign Exchange Analysis'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-trump-china-currency-idUKKBN1630VK'|'2017-02-24T16:15:00.000+02:00'
'58283b991ce4ccfe2658bd710c8e8f77d0df6ed9'|'BRIEF-Morinaga & Co, Morinaga Milk Industry to integrate around April 2018 - Nikkei'|'Feb 23 (Reuters) -* Morinaga & Co. , Morinaga Milk Industry to integrate around April 2018 to bolster research and development operations,share sales channels abroad - Nikkei* Based on guidance for year ending March 31, sales of the combined entity would total around 785 billion yen ($6.97 billion) - Nikkei* Morinaga & Co , Morinaga Milk Industry are expected to move under a new holding company - Nikkei* Morinaga Milk President Michio Miyahara is eyed as chairman of holding co, Toru Arai is likely to become president- Nikkei Source text - s.nikkei.com/2mbXxWT'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brief-morinaga-co-morinaga-milk-industry-idINFWN1G8120'|'2017-02-23T14:13:00.000+02:00'
'0cbc37dc177689313ea5e7d1b6ce05aa21ea88e4'|'Olympics, smartphones push Twitter revenue up 30 percent in Brazil'|' 07am GMT Olympics, smartphones push Twitter revenue up 30 percent in Brazil The Twitter logo is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 28, 2016. REUTERS/Brendan McDermid/File Photo By Brad Haynes - SAO PAULO SAO PAULO Twitter Inc has found a bright spot in Brazil, Latin America''s largest economy, even as weak advertising sales across the globe have punished the social network''s stock in recent weeks. Advertising revenue rose about 30 percent in Brazil last year, Twitter''s top executive in the country told Reuters, defying a two-year slowdown in the local economy and more than doubling the company''s 13 percent revenue growth globally. Twitter, which does not break down its revenue by country, gave no concrete sales numbers in Brazilian or U.S. currency. It was an unusual move for the company to give details on its performance in one country. "Brazil is a motor of growth for Twitter, both in users and in revenue," said Fiamma Zarife in a recent interview. A surge of interest in real-time marketing around the Olympics, which Rio de Janeiro hosted in August, brought new clients to the platform, she said, and rising smartphone use continues to generate user growth in the country. The performance in Brazil last year may have been a bright spot for Twitter, but the company is still struggling to convince investors it can win the global war for online advertising against rivals Snapchat and Facebook Inc. Earlier this month, Twitter posted its slowest quarterly revenue growth since it went public four years ago, sending its shares down more than 10 percent to a seven-month low. THIRD-FASTEST While the number of Twitter''s monthly active users worldwide edged up 4 percent in the fourth quarter from a year earlier, it jumped 18 percent in Brazil, the third-fastest-growing market over that period, according to Zarife. Zarife said there is more room to run in Brazil as smartphone use continues to grow. Just 70 percent of Brazilians on Twitter connect via the mobile app, compared to about 83 percent globally. Smartphone penetration doubled in two years to 40 percent of Brazilians last year, according to pollster Ibope. That has boosted many tech companies in the country, even as Brazil''s economy struggles with its deepest recession on record. Digital ad spending in the country was expected to grow 12 percent in 2016 to 10.4 billion reais ($3.4 billion), according to industry group IAB Brasil. Zarife said her strategy for attracting both users and advertising will be to focus on video content and live events. Brazil was second only to the United States in Twitter conversations about the Super Bowl, she said. The strategy paid off during the Olympics, when Zarife said several clients including Banco Bradesco SA, a sponsor of the event, stepped up marketing on Twitter and were convinced to keep a strong presence on the platform since then. Zarife, formerly head of agency relations in Brazil, took the top job in the country last month from Guilherme Ribenboim, who remains Twitter''s vice president for Latin America. (Reporting by Brad Haynes; Editing by Bill Rigby) Up Next'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-twitter-brazil-idUKKBN16208U'|'2017-02-23T10:06:00.000+02:00'
'6de0f3c5352d2d2c294d6d88a362a8acd85834d8'|'Warren Buffett says investors should stick with index funds'|'Business News - Sat Feb 25, 2017 - 2:13pm GMT Warren Buffett urges investors to stick with index funds File Photo: Berkshire Hathaway CEO Warren Buffett plays bridge during the Berkshire annual meeting weekend in Omaha, Nebraska May 3, 2015. REUTERS/Rick Wilking/File Photo By Trevor Hunnicutt - NEW YORK NEW YORK Billionaire Warren Buffett, whose stock picks over several decades have turned Berkshire Hathaway Inc ( BRKa.N ) into one of the most successful conglomerates, delivered another black eye to the investment management industry on Saturday, saying investors should "stick with low-cost index funds." "When trillions of dollars are managed by Wall Streeters charging high fees, it will usually be the managers who reap outsized profits, not the clients," Buffett, widely considered one of the world''s best investors, said in his annual letter to shareholders. "Both large and small investors should stick with low-cost index funds." Buffett has often said he believes most stock investors are better off with low-cost index funds than paying higher fees to managers who often underperform. During the financial crisis, Buffett bet a founder of the asset management company Protege Partners LLC $1 million that a Vanguard S&P 500 stock index fund would outperform several groups of hedge funds of over the 10 years through 2017. The index fund is up 85.4 percent, Buffett said, while the hedge fund groups are up between 2.9 percent and 62.8 percent. On Saturday, Buffett said the figures leave "no doubt" that he will win the bet. He plans to donate the money to Girls Inc of Omaha, a charity. (Reporting by Trevor Hunnicutt)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-berkshire-hatha-buffett-indexfunds-idUKKBN1640F1'|'2017-02-25T21:07:00.000+02:00'
'509ffad81ab80196becc7b0303baeaabed743118'|'First stab at acquisition by Australia''s South32 hits competition hurdle'|'Business News - Thu Feb 23, 2017 - 12:47am GMT First stab at acquisition by Australia''s South32 hits competition hurdle A sign adorns the building where Australian miner South32 has their office in Perth, Western Australia, November 19, 2015. REUTERS/David Gray/File Photo SYDNEY The first attempt at an acquisition by Australia''s South32 ( S32.AX ) following its spinoff from BHP Billiton ( BHP.AX ) ( BLT.L ) has raised competition concerns with regulators over control of the domestic coking coal market. Australia''s chief competition regulator on Thursday said it was concerned South32''s proposed $200 million (160.69 million pounds) acquisition of Peabody Energy''s ( BTUUQ.PK ) Metropolitan colliery in Australia could curb competition in the supply of coking coal in the domestic market. The acquisition would also include a 16.67 percent stake in a nearby coal terminal. South32 would become the only large supplier of coking coal to the eastern Illawarra steelmaking hub, the Australian Competition and Consumer Commission (ACCC) said in a preliminary statement on Thursday. South32 announced the deal with Peabody on Nov. 3, saying the mine would work well with its existing operations. In a statement emailed to Reuters, South32 said it would continue to engage with the ACCC and that it expected a final decision from the regulator on April 6. Australia''s biggest steel producer and buyer of South32 coking coal, BlueScope Steel ( BSL.AX ), did not immediately comment. South32 is a collection of smaller assets spun off from mining giant BHP in 2015. Until recently it was openly pursuing the remaining 40 percent of a manganese mining and smelting business located in Australia and South Africa it jointly owns with Anglo American. South32 Chief Executive Graham Kerr this month said that his company was still interested in Anglo American''s stake at the right price, but that the transaction was not seen as a necessity. (Reporting by James Regan; Editing by Joseph Radford) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-south32-coal-idUKKBN16203B'|'2017-02-23T07:47:00.000+02:00'
'114be60ebb2a64df1af408121a6d2be8c1b51042'|'HP Enterprise cuts FY profit forecast, shares slide'|'Business News - Thu Feb 23, 2017 - 11:43pm GMT HP Enterprise cuts FY profit forecast, shares slide FILE PHOTO - Signs for Hewlett Packard Enterprise Co., cover the facade of the New York Stock Exchange November 2, 2015. REUTERS/Brendan McDermid By Rishika Sadam Hewlett Packard Enterprise Co, the corporate hardware and enterprise software business of Hewlett-Packard Co, cut its full-year profit forecast, as the company faces intense competition in its cloud-related business and struggles with a strong dollar. The company''s shares were down 6.7 percent at $23 in after-market trading on Thursday. They have gained nearly 88 percent in the past 12 months. HPE also cited higher commodities costs and some "near-term execution issues" for the cut in full-year profit forecast. Since its separation from Hewlett-Packard Co in 2015, HPE has sold off most of its traditional software services, while building its cloud-related businesses, which has pitted it against much bigger and established companies such as Cisco Systems Inc and the Dell-EMC combine. "I think (the cut) is a combination of increased pressure from foreign exchange movements as well as a highly competitive environment," Edward Jones analyst Bill Kreher said. About 61 percent of HPE''s revenue comes from outside the United States. HPE said it expected full-year adjusted profit of between $1.88-$1.98 per share, down from the $2-$2.10 per share it forecast earlier. Analysts on average were expecting a profit of $2.05 per share, according to Thomson Reuters I/B/E/S. HPE also reported a revenue miss for the first quarter ended Jan. 31. Revenue fell 10.4 percent to $11.41 billion (9.10 billion pounds), well short of the analysts'' average estimate of $12.07 billion. "We saw significantly lower demand from one customer and major Tier 1 service provider facing a very competitive environment," Chief Executive Officer Meg Whitman said on a call with analysts. Revenue from its enterprise group, the company''s biggest and which offers servers, storage and networking services, fell nearly 12 percent to $6.32 billion in the quarter. Excluding items, the company earned 45 cents per share, edging past estimates by 1 cent. The Palo Alto, California-based company also forecast current-quarter adjusted profit in the range of 41 cents-45 cents per share. Analysts were expecting a profit of 47 cents. HP Inc, which holds the hardware division of Hewlett-Packard Co, reported better-than-expected revenue on Wednesday, largely helped by a stabilizing PC market. (Reporting by Rishika Sadam in Bengaluru; Editing by Sriraj Kalluvila) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-hewlett-packard-results-idUKKBN1622UO'|'2017-02-24T06:43:00.000+02:00'
'ef0f02b598108c3db9393c8b98ac20e43528aef3'|'How Spain could deliver swift savings in Peugeot-Opel deal'|'Company News  22am EST How Spain could deliver swift savings in Peugeot-Opel deal By Sarah White - VILLAVERDE, Spain VILLAVERDE, Spain Feb 23 As the only European country where carmaker PSA''s production overlaps with that of Opel, Spain could deliver the quick cost savings sought by PSA boss Carlos Tavares to convince investors to back his planned acquisition of the rival brand. Between them, PSA - maker of Peugeots and Citroens - and General Motors'' Opel operate three Spanish factories that employ about 13,000 people in total. Production at the smallest, PSA''s 1950s-era Villaverde plant in Madrid, is running at well below capacity. Its dependence on only one car model has fuelled fears among workers that its output could be absorbed by the French firm''s larger factory in Vigo or Opel''s site in Zaragoza under a combined group, union sources told Reuters. "Workers at Villaverde are worried," one source said. "This is a space that is under-utilised." The union sources cautioned, however, that nothing was clear cut because Villaverde''s productivity per worker was high compared with elsewhere in Europe, and labour costs low. When asked whether the plant could be closed after the proposed acquisition of Opel, a source at PSA in Spain said it was too soon to assess the effect of a potential deal. The Villaverde factory has narrowly escaped closure in recent years thanks to a contract to exclusively produce the Citroen C4 Cactus. It is due to assemble the C4''s next incarnation from the end of this year or early 2018. But with production of the Cactus having fallen in 2016 as demand waned, forcing 1,300 of its around 1,700 staff to take temporary reductions in their hours, Villaverde is operating at around 40 percent of its capacity, analysts estimate. If the PSA-Opel deal goes through, shifting Villaverde''s production to Zaragoza or Vigo would raise capacity utilisation at the combined group''s factories to 85 percent from around 70 percent now, according to Reuters calculations. The calculations were based on the analysts'' estimate of Villaverde utilisation and figures from PSA and Opel sources on utilisation at the Zaragoza and Vigo plants. PSA and Opel declined to comment on any of the figures. CAR POOLING Despite some European layoffs expected in a PSA-Opel deal, the bulk of savings could come from pooling vehicle platforms and engines, sources told Reuters on Wednesday. This could make the Zaragoza and Vigo plants the model for how a combined PSA and Opel group will seek to operate across Europe, as both already host an alliance between the two firms. Opel''s Zaragoza plant, Figueruelas, will start churning out PSA''s latest C3 Picasso model after the summer, the first of three cars to be produced using a shared production platform. Vigo will take on the production of the Opel Combo utility car next year. The only other plant in European to host this PSA-Opel alliance is in Sochaux, France. Neither PSA nor Opel would disclose any figures about the performance of the alliance at the two Spanish plants including any cost savings that might have been achieved. While other European capitals have expressed concern about the deal, the Spanish government has been quiet, sticking to the conciliatory approach that helped Spain attract many new models, protect jobs at the height of a recession and become Europe''s second-biggest car producer after Germany. A Spanish industry ministry spokesperson said the impact of a potential acquisition of Opel by PSA had not yet been addressed but added that Madrid''s relations with the two companies were "fluid and good". Labour reforms since 2012 in Spain, where the car industry accounts for 10 percent of economic output, have made it easier to lay off staff than in many other European countries and also dented unions'' powers. Politically, closing plants in PSA''s home country of France - where the government owns a 14 percent stake in the firm - and in Germany, which accounts for
'df3548f86877bf8aaffb07969cdd1616a16266d0'|'PRESS DIGEST- Financial Times - Feb 23'|' 27pm EST PRESS DIGEST- Financial Times - Feb 23 Feb 23 The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy. Headlines AO World founder John Roberts steps down as CEO on.ft.com/2me5LdV Unilever to review business following Kraft Heinz bid on.ft.com/2me2hb1 Ireland''s Enda Kenny defers detailing future plans until after White House visit on.ft.com/2me7OyC MPs criticise government over Heathrow air quality on.ft.com/2mechkP Overview AO World Plc''s founder and largest shareholder John Roberts has stepped down as chief executive of the British online electricals retailer but remain on the board in a new executive role, the company said on Wednesday. Unilever Plc sought to show shareholders it can go it alone on Wednesday just days after rejecting Kraft Heinz Co''s $143 billion bid, with the promise of a swift, far-reaching review. Irish Prime Minister Enda Kenny told unsettled members of his ruling Fine Gael party that he would conclusively deal with the issue of his leadership after meeting the U.S. president next month, the party''s chairman said on Wednesday. UK ministers have not done enough to prove that Heathrow airport''s planned expansion will not breach air quality standards or exceed caps on greenhouse gas emissions, according to a report by MPs on the environmental audit committee, published on Thursday. (Compiled by Ismail Shakil in Bengaluru; Editing by Sandra Maler)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-press-ft-idUSL1N1G802R'|'2017-02-23T08:27:00.000+02:00'
'fdf9a951c8c1c424ca5957c7fcdad7590e2c96c9'|'UPDATE 1-Puerto Rico oversight board taps ex-Cleary lawyer as general counsel'|'(Adds details about El Koury''s appointment, background about Puerto Rico''s crisis)By Nick BrownFeb 23 The federally appointed board tasked with managing Puerto Rico''s finances hired retired attorney Jaime A. El Koury, formerly of Cleary Gottlieb Steen & Hamilton, as its general counsel, it announced on Thursday. El Koury, a graduate of Yale Law School, will lead the board''s role in helping the U.S. territory restructure some $70 billion in debt. Cleary was counsel to the Puerto Rican government during much of ex-Governor Alejandro Garcia Padilla''s 2013-2017 administration, which ended on Jan. 2. El Koury retired from Cleary in 2014 and it was not immediately clear whether he worked for the administration while at the law firm.New Governor Ricardo Rossello, who criticized Garcia Padilla''s fiscal policies and legislative initiatives during last year''s campaign, fired Cleary when he took office.El Koury will advise the oversight board, which is separate from the island''s government, though the sides will work closely in the coming months as Puerto Rico tries to restructure debt and stave off economic crisis characterized by a 45 percent poverty rate and near-insolvent public health and pension systems.Under a 2016 federal rescue law known as PROMESA, the board must approve Puerto Rico''s budgeting and financial turnaround strategies, a source of some tension among locals and lawmakers in Puerto Rico who see it as encroaching on the island''s self-governance.El Koury, born and raised in Puerto Rico, worked on myriad corporate matters at Cleary, including mergers and acquisitions, restructuring deals and other financial transactions, the oversight board said in its statement on Thursday.<2E>We are very pleased to be able to count on Jaime<6D>s legal expertise, negotiating abilities, understanding of economics and impeccable ethical and professional credentials," Jos<6F> Carri<72>n, the board''s chairman, said in the statement.El Koury said he welcomed the chance to help revitalize his island. "PROMESA is a tool provided by Congress to help get the island back on the path of fiscal balance," he said in the statement. "And I will do my very best to help the Oversight Board achieve those goals." (Reporting by Nick Brown; Editing by Cynthia Osterman and Andrew Hay)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/puertorico-debt-oversightboard-idINL1N1G81T5'|'2017-02-23T17:34:00.000+02:00'
'57397d7551e29ebd55272f808eea01a3f4f03982'|'Samsung Display gets license to invest $2.5 billion more in Vietnam: state TV'|'HANOI Samsung Electronics Co Ltd''s display panel subsidiary has received a license to invest another $2.5 billion in Vietnam to boost capacity, Vietnam''s State Television (VTV)reported.The extra funding will boost Samsung Display''s total investment in Vietnam to $6.5 billion and increase the South Korean firm''s screen-making capacity to 220 million products a year from 180 million now, VTV said.Vietnam is a major smartphone manufacturing base for Samsung Electronics and its subsidiaries, which have already invested billions of dollars in the country.(Reporting by Mai Nguyen; editing by David Clarke)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-samsung-elec-vietnam-idUSKBN1631FL'|'2017-02-24T15:53:00.000+02:00'
'ef800dffcd8c63cc05c2b79356fe6141c6889187'|'Siemens set to win EU approval for $4.5 billion Mentor deal - sources'|'Business News - Thu Feb 23, 2017 - 3:20pm GMT Siemens set to win EU approval for $4.5 billion Mentor deal - sources Siemens AG headquarters are seen in Munich, Germany August 15, 2016. REUTERS/Michaela Rehle - By Foo Yun Chee and Arno Schuetze - BRUSSELS/FRANKFURT BRUSSELS/FRANKFURT German engineering group Siemens ( SIEGn.DE ) is set to gain unconditional EU antitrust approval for its $4.5 billion (4 billion pound) bid for U.S. software company Mentor Graphics, its biggest deal in this area in a decade, two people familiar with the matter said on Thursday. Siemens unveiled the deal in November last year, aiming to boost its presence in a sector with faster growth and bigger margins than other areas. The German company''s move comes in response to growing customer demand for more complex software for smart connected products such as aeroplanes, trains and cars. Siemens is targeting a rise in its software revenue by about a third from the deal. Mentor Graphics'' software helps semiconductor companies design and test their chips before they manufacture them. The European Commission, which is scheduled to decide on the deal by Feb. 27, declined to comment. Siemens also declined to comment. Mentor Graphics competes with Synopsys ( SNPS.O ) and Cadence ( CDNS.O ). (Reporting by Foo Yun Chee in Brussels and Arno Schuetze in Frankfurt, additional reporting by Jens Hack in Munich. Editing by Jane Merriman) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-mentor-graphics-m-a-siemens-eu-idUKKBN1621U5'|'2017-02-23T22:20:00.000+02:00'
'f11867e83a426536ebaa85d44dff38cfb9f6321c'|'METALS-London copper finds modest support after overnight rout'|'Company  30pm EST METALS-London copper finds modest support after overnight rout SYDNEY Feb 24 London copper prices found modest support on Friday after a big fall overnight amid fresh doubts over Chinese demand and some upward movement in the U.S. dollar. But traders said worries persisted about consumption levels in China after the country''s housing minister on Thursday suggested moves were afoot to stabilise the property market. FUNDAMENTALS * Three-month copper on the London Metal Exchange was up $7, or 0.1 percent, at $5,866 a tonne by 0105 GMT after falling 3 percent in the previous session. * The most-traded copper contract on the Shanghai Futures Exchange was down 2.4 percent to 47,410 yuan ($6,909) a tonne. The contract dipped by as much as 2.9 percent at the open. * The London Metal Exchange has reached a 50:50 revenue-sharing deal with a company founded by a group of banks to promote trade in its new gold futures contracts, sources said, aiming to overcome market scepticism surrounding their launch in June. * The Philippines'' environment minister on Thursday said President Rodrigo Duterte had backed her decision to ban mining in watershed areas at a meeting earlier this week, winning his support once more for her crackdown on the sector. * Kaz Minerals, a copper company focused on large scale, low-cost open pit mining in Kazakhstan, said on Thursday its earnings had surged as it brought new output online against a wider backdrop of tightening supply that has boosted prices. * For the top stories in metals and other news, click or MARKETS NEWS * Asian shares took a breather on Friday, hovering just below 1-1/2-year highs as investors braced for a potentially wobbly session after U.S. President Donald Trump called China "grand champions" of currency manipulation. * The dollar clawed back some ground on Friday after skidding to a two-week low against the yen, but was still on track for weekly losses after the Federal Reserve meeting minutes disappointed dollar bulls. DATA/EVENTS 0745 France Consumer confidence Feb 1500 U.S. New home sales Jan PRICES'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/global-metals-idUSL4N1G90TO'|'2017-02-24T08:30:00.000+02:00'
'8c69f7bdea2c470ae6de023c7d57e5a938abc8fa'|'UPDATE 1-Gildan to keep making some American Apparel styles in U.S.'|'Company  03pm EST UPDATE 1-Gildan to keep making some American Apparel styles in U.S. ([Adds further comments from Gildan conference call, context]) By Allison Lampert and Jessica DiNapoli MONTREAL/NEW YORK Feb 23 Canada''s Gildan Activewear plans to keep making key styles from its recently acquired American Apparel brand   but will also manufacture some products elsewhere, a company spokesman said on Thursday. In January, Gildan won a bankruptcy auction to acquire the edgy fashion brand''s manufacturing equipment and intellectual property rights for about $88 million in cash, leaving American Apparel''s made-in-the-U.S.A. heritage uncertain. Gildan will use contractors in the western United States to make core American Apparel styles, spokesman Garry Bell said by phone. Other items, however, will be made at Gildan plants outside the United States. "We''re definitely going to manufacture product in the U.S.A. and support made-in-USA product," Gildan Chief Executive Officer Glenn Chamandy told analysts on Thursday during a quarterly earnings call. "At the same time, we think that there''s an opportunity to offer product that''s more price-centric." Keeping jobs   has become a hot-button political issue since President Donald Trump campaigned on stopping manufacturing from moving overseas. Nearly 90 percent of Gildan<61>s 42,000 employees are in low-cost Caribbean and Central American countries. While the company makes yarn in North Carolina and Georgia, socks are the only apparel it manufactures  . Gildan expects to integrate American Apparel''s customer service, web platforms and product distribution into its printwear business in March. Chamandy said he expected Gildan''s distribution network to boost American Apparel''s international sales. American Apparel filed its second bankruptcy in as many years in November with about $177 million in debt after a turnaround plan failed. Gildan, whose branded apparel and printwear basics compete with Hanes Brands Inc, will not be taking American Apparel''s approximately 110 retail stores. Gildan has not yet determined how it would market American Apparel brand, its highest-priced product line, to consumers. "We''re going to make sure, as we go forward, that the brand is relevant with consumers, which we think will continue to help drive our printwear business," Chamandy said. Chamandy said Gildan would run a small American Apparel office in Los Angeles to keep the "heritage of the brand alive," while using social media platforms to promote it. American Apparel was known for operating some of the largest private garment-making operations  , along with its racy marketing campaigns. Last month, the company began laying off 2,400 workers in Southern California. (Reporting by Allison Lampert in Montreal and Jessica DiNapoli in New York; Editing by Chizu Nomiyama and Lisa Von Ahn) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/americanapparel-gildan-activewr-idUSL1N1G80SS'|'2017-02-24T00:03:00.000+02:00'
'de19968e26634ff4900687ecdd4e625d1cc6a8cc'|'BoE proposes changes to ease capital burden for smaller banks'|'  2:50pm GMT BoE proposes changes to ease capital burden for smaller banks The Bank of England is seen in the City of London, Britain, February 14, 2017. REUTERS/Hannah McKay By Huw Jones - LONDON LONDON The Bank of England proposed on Friday to allow new banks to hold less capital from next January to help them win more market share from the "Big Four" lenders that dominate high streets. The BoE''s Prudential Regulation Authority (PRA) published proposals to "refine" its system of "Pillar 2A" capital requirements add-ons that top up the minimum requirements all lenders must hold. "This consultation is a major step forward for the PRA in facilitating effective competition, reducing capital requirements for eligible small firms," PRA Chief Executive and BoE Deputy Governor Sam Woods said. "This will be good for competition and for safety and soundness." The government wants more competition in banking, a sector dominated by RBS ( RBS.L ), HSBC ( HSBA.L ), Lloyds ( LLOY.L ) and Barclays ( BARC.L ). "The Prudential Regulation Authority''s consultation is a positive step in closing the gap between challengers and the big banks," financial services minister Simon Kirby said. New banks have said they are penalised when it comes to setting aside capital to cover default risks from mortgages on their books. The big banks can use their own models, vetted by regulators, to calculate how much capital they should hold to cover risks from home loans. But the new banks typically use the "standard approach" set down by regulators, and which has less wiggle room. Under the proposals, PRA supervisors could take into account the greater degree of conservatism that may apply to risks from some types of exposures, especially mortgages, when deciding how much add-on capital is needed. The PRA would also apply rules now being finalised by global banking regulators to iron out differences between models and the standard approach, if they are passed. (Reporting by Huw Jones; Editing by Mark Trevelyan)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-boe-banks-regulations-idUKKBN1631R0'|'2017-02-24T21:50:00.000+02:00'
'09733e3d475fdde8e88652c47148f896786f97f4'|'BRIEF-Ocwen Financial reports Q4 loss per share $0.08'|' 20pm EST BRIEF-Ocwen Financial reports Q4 loss per share $0.08 Feb 22 Ocwen Financial Corp- * Ocwen Financial announces operating results for fourth quarter and full year 2016 * Q4 loss per share $0.08 * Q4 revenue fell 10.6 percent to $323.9 million * Q4 earnings per share view $-0.19 -- Thomson Reuters I/B/E/S * Ocwen Financial - for Q4, servicing segment recorded $43.3 million of pre-tax income, inclusive of msr fair value changes * Ocwen Financial Corp says lending segment incurred a $3.1 million pre-tax loss for Q4 of 2016   Further  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-ocwen-financial-reports-q4-loss-pe-idUSASB0B1OK'|'2017-02-23T05:20:00.000+02:00'
'6467ad5a50c0eeb6be9fa6634626cd8d80b7cc8a'|'New Greek reforms will have no fiscal impact - Finance Minister'|'Business News - Thu Feb 23, 2017 - 5:06pm GMT New Greek reforms will have no fiscal impact - Finance Minister Greek Finance Minister Euclid Tsakalotos attends a eurozone finance ministers meeting in Brussels, Belgium February 20, 2017. REUTERS/Francois Lenoir - ATHENS New reforms to pensions and income tax that Greece will have to undertake to qualify for more loans will have no "net" fiscal impact, its finance minister said on Thursday. The minister, Euclid Tsakalotos, told parliament the "basic parameters" of the agreement with its international lenders brokered on Monday were already broadly known. He did not elaborate any further. Athens and its creditors - euro zone member states and the International Monetary Fund - agreed on Monday to resume talks on Greece''s long-stalled bailout review, but only after Greece accepted to examine reforms for 2019 onwards. Tsakalotos'' comments confirmed remarks by Greek officials earlier this week that the reforms would be "fiscally neutral". "Even though you may have expected us to take two, or four, or six or eight measures, there will not be a net fiscal impact," Tsakalotos told opposition lawmakers. "Some may lose out, but some will gain. Some whom we do not assist at present - and we should help them - will gain," he said. Tsakalotos said the government would do all it could to ensure that taxpayers who suffered a bigger hit would get something in return. Lenders, who are extending a credit line of 86 billion euros (73 billion pounds) to Athens, need to sign off on a review of bailout progress before releasing fresh funds. They have repeatedly expressed misgivings over a lopsided tax system where a small pool of taxpayers are supporting a growing contingent of pensioners. Greece is edging closer towards reducing its tax-free threshold, which currently stands at 8,600 euros per annum, and pension reforms in return for tax breaks on property taxes and VAT, according to government officials. "We never said the tax system (we have had) for 40 years was the best," Tsakalotos said. (Reporting By Michele Kambas; editing by Richard Lough) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eurozone-greece-finmin-idUKKBN16223A'|'2017-02-24T00:06:00.000+02:00'
'fa8779d5607a7e7dbcc62ca315b0081c75737835'|'BRIEF-Pure Industrial Real Estate Trust announces core Houston acquisition and a $150 million unsecured credit facility'|' 53pm EST BRIEF-Pure Industrial Real Estate Trust announces core Houston acquisition and a $150 million unsecured credit facility Feb 22 Pure Industrial Real Estate Trust * Pure Industrial Real Estate Trust announces core Houston acquisition and a $150 million unsecured credit facility * Pure Industrial Real Estate Trust - deal for $83.2 million * Pure Industrial Real Estate Trust - assets are expected to be financed with a new mortgage following closing for approximately 50% of purchase price * Pure Industrial Real Estate Trust - trust will acquire Houston acquisition using cash on hand and its existing operating line * Pure Industrial Real Estate Trust - deal immediately accretive to adjusted funds from operations * Pure Industrial Real Estate Trust - new $150 million facility will replace trust''s current $110 million secured credit facility and have a three-year term * Pure Industrial Real Estate Trust - will have option to increase new facility up to an additional $100 million for a total facility limit of $250 million Source  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-pure-industrial-real-estate-trust-idUSASB0B1PR'|'2017-02-23T05:53:00.000+02:00'
'6ce00eb493ac2ced9f7d23b35e167d589c686f92'|'Family Christian book chain closing its 240 U.S. stores'|'By Jim Christie Family Christian, the biggest U.S. Christian bookstore chain, said on Thursday it was going out of business and planned to close its 240 stores across 36 states."We have prayerfully looked at all possible options, trusting God''s plan for our organization, and the difficult decision to liquidate is our only recourse," Chuck Bengochea, the company''s president, said in a statement."Despite improvements in product assortment and the store experience, sales continued to decline," he noted. "In addition, we were not able to get the pricing and terms we needed from our vendors to successfully compete in the market."The chain filed for Chapter 11 bankruptcy in February 2015 with more than $120 million in debt in the face of a sales slump amid growing competition from online stores.Bricks-and-mortar rivals also took business away by stocking best-selling Christian-market titles and Bibles.The company trailed Barnes & Noble Inc ( BKS.N ), with 640 stores, and Books-A-Million Inc, which describes itself as the second-largest U.S. book retailer and operates more than 260 stores, according to its website.Family Christian''s bankruptcy was noteworthy as U.S. Bankruptcy Judge John Gregg took the unusual step of finding that the company''s auction of its business was "flawed" and ordered a new sale.The original sale produced a $49.8 million high bid by liquidators Gordon Brothers Retail Partners and Hilco Merchant Resources. But the company instead selected a less valuable bid by FCS Acquisition, which like Family Christian is owned by the nonprofit Family Christian Resource Centers Inc.The Grand Rapids, Michigan-based retailer was eventually sold for $55 million to FCS Acquisition.(Reporting by Jim Christie in San Francisco; Editing by Peter Cooney)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-bankruptcy-family-christian-idINKBN1622RU'|'2017-02-23T20:01:00.000+02:00'
'74b2700a8be834ca57937254a77ce75eb2041bc0'|'Safran core 2016 profit up 5.4 pct'|'PARIS Feb 24 France''s Safran posted a 5.4 percent rise in 2016 core operating profit to 2.404 billion euros and projected stable 2017 income, based on the remaining operations as it prepares to complete the sale of its security business.The engine and parts maker, which recently set out an agreed offer for Zodiac Aerospace, said growth was driven mainly by its aircraft equipment division where overhauls of aircraft wheels and brakes fuelled higher service revenues.In the main aerospace propulsion division, widely watched civil aftermarket revenues for jet engines grew 6.9 percent in dollar terms, after a 12.5 percent bounce in the fourth quarter, and Safran predicted similar growth for 2017.Safran''s business is dominated by its 50 percent share alongside General Electric in CFM International, the world''s lagest jet engine maker by the number of units sold.Safran said production and testing of CFM''s new LEAP engine was going to plan, with Boeing on course to put its 737 MAX into service in the first half of 2017. An Airbus equivalent entered into service last year.Safran said it would invest 850 million euros to support a transition in production from the best-selling CFM56, which is used on all Boeing and some Airbus medium-haul jets, to the successor LEAP model.Safran''s total adjusted revenue grew 1.6 percent to 15.781 billion euros in 2016 and the group said it should grow by another 2 to 3 percent in 2017. (Reporting by Tim Hepher, Editng by Dominique Vidalon)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/safran-results-idINP6N1A501X'|'2017-02-24T03:00:00.000+02:00'
'139e6db5eb64e7a062b1676804a13cd1e5aa6f51'|'PRESS DIGEST- Financial Times - Feb 24'|'Company  21pm EST PRESS DIGEST- Financial Times - Feb 24 Feb 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 British American Tobacco aims to double size of vaping business on.ft.com/2mitkSA Macron proposes Nordic economic model for France on.ft.com/2miyjCW Former IMF chief jailed over Bankia card scandal on.ft.com/2miuiP3 Overview British American Tobacco Plc wants to double the number of countries where it sells vaping products this year and again in 2018, it said on Thursday, as it chases rival Philip Morris International Inc to grab a share of the growing market. French presidential candidate Emmanuel Macron on Thursday outlined a Nordic-style economic plan mixing fiscal discipline and public spending, amid mounting pressure to clarify his policies as the presidential election nears. Former International Monetary Fund chief Rodrigo Rato was sentenced to 4-1/2 years in prison by Spain''s High Court on Thursday following a scandal over the widespread misuse of company credit cards during his tenure at lender Bankia. (Compiled by Ismail Shakil in Bengaluru) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-press-ft-idUSL1N1G9030'|'2017-02-24T08:21:00.000+02:00'
'5e79c313957c6680c06758d12c89a5ff8aa868e4'|'US STOCKS SNAPSHOT-Wall St opens lower as finance, tech weighs'|' 32am EST US STOCKS SNAPSHOT-Wall St opens lower as finance, tech weighs Feb 24 U.S. stocks opened lower on Friday as a drop in financial and technology stocks weighed and investors assessed if the "Trump rally" had gone too far too soon. The Dow Jones Industrial Average fell 64.49 points, or 0.31 percent, to 20,745.83. The S&P 500 lost 9.52 points, or 0.40 percent, to 2,354.29. The Nasdaq Composite dropped 31.57 points, or 0.54 percent, to 5,803.94. (Reporting by Tanya Agrawal; Editing by Savio D''Souza)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-stocks-idUSL4N1G94BS'|'2017-02-24T21:32:00.000+02:00'
'de5a8e52f54fa40dcf2501738bd4f8e92512a626'|'Volkswagen caps executive pay, tightens bonus eligibility'|'Business News - Fri Feb 24, 2017 - 12:38pm EST Volkswagen caps executive pay, tightens bonus eligibility The Volkswagen logo is seen at the company''s display during the North American International Auto Show in Detroit, Michigan, U.S., January 10, 2017. REUTERS/Mark Blinch WOLFSBURG Volkswagen ( VOWG_p.DE ) is shaking up its executive pay with a cap on earnings, it said on Friday, as it looks to quell widespread anger over bonuses paid even as the carmaker suffered record losses in the aftermath of the emissions scandal in 2015. Under new rules approved by the supervisory board on Friday, Volkswagen (VW) will cap total pay for its chief executive at 10 million euros ($10.6 million) and other top managers at 5.5 million euros. VW became the target of fierce criticism from the German public and shareholders after its managers only reluctantly accepted a cut to bonus payments of about 30 percent. Bonuses were based partly on VW''s performance over the previous two years. The company did not give details on how remuneration under its revamped policy will compare with last year''s pay beyond saying that "theoretical maximum compensation will decline by as much as 40 percent". VW is due to publish last year''s executive remuneration on March 14. Former Chief Executive Martin Winterkorn was paid 7.3 million euros in 2015, two thirds of which was from bonuses, and the company aims to shift the emphasis towards fixed salaries. Eligibility for bonuses will be tightened under the new forward-looking system, which will allow for up to a 30 percent increase in fixed salaries, VW said. Managers will lose their annual bonuses if the automotive group''s operating profit stays below 9 billion euros, compared with a current threshold of 5 billion euros, and if the return on sales remains at 4 percent, the company said. Long-term bonuses, meanwhile, will track share price performance, it added, citing recommendations from Germany''s corporate governance code. VW has taken the axe to executive remuneration in the past. In 2009 executive pay was cut by 60 percent after profit plunged by 80 percent. In 2012 it adjusted the compensation scheme to limit the annual bonus for the CEO and top management after Winterkorn''s pay nearly doubled to 17.5 million euros. That made Winterkorn''s, who quit in September 2015 at the height of the emissions scandal, the highest-paid CEO among Germany''s top 30 companies on the DAX .GDAXI index. VW made headlines again in January with reports that compliance chief Christine Hohmann-Dennhardt was receiving generous severance pay after only 13 months in the job. (Reporting by Andreas Cremer and Jan Schwartz; Editing by David Goodman) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-volkswagen-results-managementpay-idUSKBN16321P'|'2017-02-25T00:38:00.000+02:00'
'e5812a6d6a55cec0954b6f17f4acb38e72f8f088'|'StanChart swings back to annual profit of $409 mln'|'LONDON Feb 24 Standard Chartered swung back to a full-year annual profit for 2016, the emerging markets-focused lender reported on Friday, as it pared back costs from chief executive Bill Winters''s restructuring program.StanChart made a statutory pretax profit of $409 million for 2016, after last year reporting its first loss in over a quarter-century on rising costs and bad loans as Winters grappled to deal with the fallout from the lender''s years of exuberant growth.The result was better than the average analysts'' estimate for a pretax profit of $366 million according to Thomson Reuters data."Our financial returns are not yet where they need to be and do not reflect the Group''s earnings potential," Chief Executive Bill Winters said in the statement.Since taking the helm in June 2015 Winters has axed more than 15,000 jobs, closed the bank''s stock trading business and overhauled its management team as he seeks to restore a slimmed-down StanChart to growing profitability. (Reporting By Lawrence White. Editing by Andrew MacAskill)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/stanchart-results-idINL4N1G247R'|'2017-02-24T05:39:00.000+02:00'
'4aea8321ed7e4b568fe2303d939c25dcd36b15cf'|'UPDATE 1-UK Stocks-Factors to watch on Feb. 21'|'Company News - Tue Feb 21, 2017 - 2:30am EST UPDATE 1-UK Stocks-Factors to watch on Feb. 21 (Adds futures, company news items) Feb 21 Britain''s FTSE 100 index is seen opening down 2 points at 7298 on Tuesday, according to financial bookmakers, with futures down 0.1 percent ahead of the cash market open. * The blue-chip FTSE 100 index closed flat in percentage terms at 7,299.86 points after climbing to an intra-day high of 7,329.56, the highest level since the middle of January. * BHP: Mining giant BHP Billiton rewarded shareholders with a bigger-than-expected dividend on Tuesday, signalling its growing confidence amid a resurgence in commodity prices. BHP Billiton said it sees a little downside risk for iron ore prices as Chinese demand moderates. * HSBC: HSBC Holdings reported a 62 percent slump in annual pre-tax profit that fell way short of analysts'' estimates due to one-time charges related to some businesses, and announced a new $1 billion share buy-back. * CAPITA: Outsourcing group Capita, under pressure from a slowdown in demand from customers, said it had written off the value of a number of historic contracts but was otherwise trading in line with the guidance it gave in December. * ANGLO AMERICAN: Anglo American reported on Tuesday a 25 percent rise in annual earnings before interest, tax, depreciation and amortisation (EBITDA) and 34 percent fall in net debt and said it would resume dividend payments by the end of 2017. * IHG: InterContinental Hotels Group Plc, one of the world''s largest hoteliers, reported a slightly better-than-expected yearly profit rise and said it would return $400 million to investors via a special dividend and share consolidation. * COPPER: Three-month copper on the London Metal Exchange traded flat at $6,071 a tonne by 0112 GMT, holding gains after a 1.9 percent rally the session before when it struck $6,105 a tonne, the strongest since Feb. 14. * GOLD: Spot gold inched down 0.2 percent to $1,235.08 per ounce at 0058 GMT, while U.S. gold futures GCcv1 also fell 0.2 percent to $1,236.2. The dollar index edged up 0.1 percent to 101.09. * OIL: U.S. West Texas Intermediate crude was up 27 cents, or 0.5 percent, at $53.67 a barrel at 0511 GMT, after rising about 0.5 percent in a shortened session on Monday due to a U.S. national holiday. * 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 Sanjeeban Sarkar in Bengaluru; Editing by Sunil Nair) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-stocks-factors-idUSL4N1G62M9'|'2017-02-21T14:30:00.000+02:00'
'4d24eb072258692e74cd40eda14b0d3788992b17'|'Asda says fourth-quarter underlying sales fall 2.9 percent'|'  12:32pm GMT British supermarket Asda stems rate of sales decline Shoppers leave the Asda superstore in High Wycombe, Britain, February 7, 2017. Picture taken February 7, 2017. REUTERS/Eddie Keogh LONDON Asda, the British supermarket arm of the world''s largest retailer Wal-Mart ( WMT.N ), reported on Tuesday a tenth straight quarter of falling underlying sales, although the rate of decline did ease significantly. The UK''s third largest grocer, which brought in a new chief executive last July in an attempt to revive its fortunes, said sales at stores open over a year fell 2.9 percent, excluding fuel, in the three months to Dec. 31, its fiscal fourth quarter. That compared to analysts'' forecasts of a fall of 2-3 percent and declines of 5.8 percent and 7.5 percent in the previous two quarters respectively. "We have a lot of work to do in this market, but we''re encouraged by some early signs of traction with improvements in the customer value proposition," said Wal-Mart''s Chief Financial Officer Brett Biggs. Of Britain''s big four grocers, which also includes market leader Tesco ( TSCO.L ), Sainsbury''s ( SBRY.L ) and Morrisons ( MRW.L ), Asda has been most exposed to the advance of the German discounters Aldi [ALDIEI.UL] and Lidl [LIDUK.UL]. While the other three traditional groups have upped their game in recent years, Asda was slower to respond. It has lost over 1 percentage point of UK grocery market share since 2014, according to researcher Kantar Worldpanel. Its share currently stands at 15.6 percent, versus more than 28 percent for Tesco. Last June David Cheesewright, CEO of Walmart International, said Asda would shift from protecting profit to protecting market share and brought in Wal-Mart veteran Sean Clarke as Asda''s chief executive to sort the business out. Clarke has focused on making Asda more competitive, on improving the look and feel of stores as well as enhancing the quality and availability of product lines. (Reporting by James Davey; editing by Kate Holton)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-asda-outlook-idUKKBN1601BZ'|'2017-02-21T19:15:00.000+02:00'
'8f17df9bd12c2167b21d5f50ab8f2b46c448e127'|'UK''s appeal court cuts jail term for Libor trader'|'Company News  05am EST UK''s appeal court cuts jail term for Libor trader By Kirstin Ridley - LONDON LONDON Feb 22 A former Barclays trader had his jail term for conspiring to rig global Libor interest rates cut by one year to five-and-a-half years by the Court of Appeal in London on Wednesday. Jay Merchant, a former New York-based derivatives trader, was convicted by a jury last year in the third case brought to trial by the Serious Fraud Office (SFO) in an investigation into alleged Libor (London interbank offered rate) manipulation. Merchant is the second person to have a Libor-related sentence reduced by London''s Court of Appeal. Tom Hayes, a former UBS and Citigroup derivatives trader, had his initial 14-year sentence cut to 11 years on appeal in 2015. Hayes, the first person convicted worldwide by a jury of Libor-rigging offences, launched a last-ditch attempt in January to overturn his conviction by lodging an appeal with the Criminal Cases Review Commission (CCRC), which looks at miscarriages of justice. Hayes is also challenging a plan by the UK regulator to ban him from working in the UK financial services industry, according to one source familiar with the situation. Hayes''s challenge was received by London''s Upper Tribunal, which hears appeals on cases brought by the regulator, on Dec. 23, according to official listings. Hayes''s lawyer did not immediately respond to requests for comment and the FCA declined to comment. But it is standard practice for the FCA to seek to bar individuals from working in financial services after a criminal conviction. Libor, designed to reflect the cost of bank-to-bank borrowing, is a benchmark for rates on around $450 trillion worth of financial contracts and loans worldwide. (Reporting by Kirstin Ridley; editing by Susan Thomas) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/court-libor-britain-idUSL8N1G75EX'|'2017-02-22T22:05:00.000+02:00'
'fb3b010ec3b8a58f8aa5a48d0a95add2c26ed170'|'Experts must admit uncertainty to regain trust, says top BoE official'|'By Andy Bruce - OXFORD, England OXFORD, England Economic experts, maligned in an age of populist movements and fake news, must come clean when they are uncertain about the future if they are to regain the trust of the public, Bank of England Deputy Governor Minouche Shafik said on Wednesday.Her comments reflect a bout of soul-searching among BoE policymakers, who have been criticised by Brexit supporters for warning that a vote to leave the European Union could lead to a sharp slowdown - something that has not yet materialised.Shafik said confidence in experts was at an all-time low.A widespread failure to predict the 2007-09 financial crisis had been compounded by banking scandals, culminating in open scepticism towards experts ahead of last June''s vote to leave the European Union, she said."Rather than pretending to be certain and risk frequently getting it wrong, being candid about uncertainty will over the long term build the credibility of experts," Shafik said in a speech to students at the Oxford Union debating society.Her colleague, Monetary Policy Committee member Gertjan Vlieghe, made newspaper headlines this week when he told lawmakers that the BoE was unlikely to be able to forecast the next financial crisis or recession.And BoE Chief Economist Andy Haldane has compared the economics profession''s troubles with meteorologists'' failure to predict a major storm in 1987, which unexpectedly tore through the south of England.Shafik also suggested that Britain''s economic think tanks and media should adopt standards of transparency and scrutiny practised by academic institutions to help rebuild trust."For example, should think tanks have to report transparently about where their funding comes from? Should journalists and bloggers be exposed for reporting or recirculating falsehoods or rumours?" she asked.Wednesday''s speech was billed as Shafik''s last as a BoE official. She is due to step down at the end of the month to head up the London School of Economics.(Editing by Alison Williams)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/britain-boe-shafik-idINKBN1612MA'|'2017-02-22T17:15:00.000+02:00'
'69333ec4bd87fab97d7d40110e71b383be81847d'|'Warren Buffett criticises Wall Street as Apple investment pays off'|'The billionaire Warren Buffett , whose stock picks over several decades have turned Berkshire Hathaway into one of the most successful conglomerates in the world, criticised Wall Street on Saturday, saying investors should <20>stick with low-cost index funds<64>.Eight men own more than 3.6 billion people do: our economics is broken - Mark Goldring Read more Buffett<74>s annual letter to shareholders also revealed that Berkshire Hathaway<61>s gain on its investment in Apple stands at more than $1.6bn, after shares of the iPhone maker surged. <20>When trillions of dollars are managed by Wall Streeters charging high fees, it will usually be the managers who reap outsized profits, not the clients,<2C> Buffet wrote in his annual letter.<2E>Both large and small investors should stick with low-cost index funds.<2E> Buffett has often said he believes most stock investors are better off with low-cost index funds than paying higher fees to managers who often underperform. During the financial crisis, he bet a founder of the asset management company Protege Partners $1m that a Vanguard S&P 500 stock index fund would outperform several groups of hedge funds of over the 10 years through 2017. The index fund is up 85.4%, Buffett said in his letter, while the hedge fund groups are up between 2.9% and 62.8%. Buffett said the figures left <20>no doubt<62> that he would win the bet. He plans to donate the money to Girls Incorporated of Omaha , a charity.Buffett<74>s Apple stake of 61.2 million shares was acquired last year for $6.75bn, an average of about $110.17 apiece, according to the annual letter. The holding was valued at more than $8.3bn as of Friday<61>s $136.66 closing price. Berkshire became one of the top 10 Apple investors, taking a stake of more than 9 million shares in the first quarter of 2016 and then accelerating purchases in the last three months of the year.The Apple investment appears to reflect much of the $12bn of stock that Buffett said he had bought between the 8 November presidential election and the end of January.Warren Buffett Investing Apple news  '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/feb/25/warren-buffett-berkshire-hathaway-wall-street-apple-annual-letter'|'2017-02-25T21:29:00.000+02:00'
'4aea83092207fe89e8a74c34057a9d51a9635c3e'|'Porsche, Audi lift VW to record underlying profit'|'  8:10pm GMT Porsche, Audi lift VW to record underlying profit Snowflakes are seen on the badge of a Volkswagen car in Warsaw, Poland December 17, 2016. REUTERS/Kacper Pempel By Andreas Cremer - WOLFSBURG, Germany WOLFSBURG, Germany Record Audi and Porsche sales helped Volkswagen ( VOWG_p.DE ) swing to a record underlying profit in 2016, although a bigger than expected charge from the diesel emissions scandal meant it missed estimates for its operating profit. Sales of the German carmaker''s luxury brands lifted underlying operating profit before special items 14 percent to 14.6 billion euros (12.43 billion pounds) in 2016, after the company reported its biggest ever loss in 2015. VW forecast broadly stable earnings this year. Underlying profit was broadly in line with forecasts for the world''s biggest car manufacturer by volume sales, which hiked its dividend more than expected after group sales rose to new highs, with an 8.1 percent jump in fourth quarter deliveries. Volkswagen (VW) is struggling with the fallout from its admission 17 months ago that it rigged U.S. diesel emissions tests, a scandal that some analysts have estimated may cost it more than $30 billion in fines, compensation and vehicle refits. VW has since embraced a costly shift to more electric vehicles and last year eclipsed Toyota ( 7203.T ) as the world''s top-selling carmaker with record deliveries of 10.3 million. ONE-OFF CHARGES Although group sales fell 4 percent in January on the back of national holidays and a tax hike on small-engine cars in China, its biggest market, VW forecast an underlying operating margin of between 6 and 7 percent for 2017, compared with the 6.7 percent it achieved last year. But the damage from the emissions cheating affair took its toll, with VW booking bigger-than-expected one-off charges of 7.5 billion euros in 2016, of which 6.4 billion were related to the emissions-test rigging scandal. Analysts had on average forecast the cost would be 4.2 billion euros in total. Including those charges, VW made a 2016 operating profit of 7.1 billion euros, missing a consensus forecast of 10.5 billion euros but a big swing from a loss of 4.1 billion euros in 2015. VW''s Chief Executive Matthias Mueller said the carmaker was now well set for the years ahead. "As the figures show, Volkswagen is very solidly positioned in both operational and financial terms. This makes us optimistic about the future," he said in VW''s results statement. The return to profit at group level may help calm tensions in Wolfsburg where labour bosses and VW''s brand management have been sparring over its ability to tackle the high cost base of VW''s German plants, which what analysts and investors say will be key to a further recovery. VW said it would propose a dividend of 2.06 euros per preferred share, more than the 1.86 euros expected by analysts on average, and 2.00 euros per ordinary share for 2016. That is up from 0.17 euros and 0.11 euros respectively a year earlier, when VW had to cut the dividend because of the cost of the diesel emissions cheating. (Writing by Maria Sheahan and Edward Taylor; Editing by Arno Schuetze and Alexander Smith) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-volkswagen-results-idUKKBN16325K'|'2017-02-25T03:10:00.000+02:00'
'f55522a62e2d0313f7ff20793b7a4344a661ce85'|'February U.S. auto sales seen up 0.6 percent: JD Power-LMC'|'Business News   9:40am EST February U.S. auto sales seen up 0.6 percent: JD Power-LMC Cars are seen in a parking lot in Palm Springs, California April 13, 2015. REUTERS/Lucy Nicholson/File Photo U.S. auto sales in February will increase less than 1 percent from a year earlier, even as consumer discounts remain at record levels, industry consultants J.D. Power and LMC Automotive said on Friday. February U.S. new vehicle sales will be about 1.35 million units, up 0.6 percent from a year earlier, the consultancies said. The seasonally adjusted annualized rate for the month will be 17.7 million vehicles, up from 17.6 million on the same basis a year earlier. Retail sales to consumers, which do not include multiple fleet sales to rental agencies, businesses and government, were set to post a 0.4 percent increase in February. LMC and J.D. Power maintained their 2017 sales forecast of 17.6 million vehicles, an increase of 0.2 percent from 2016. U.S. sales of new cars and trucks hit a record high of 17.55 million units in 2016. As the market saturates, automakers have been hiking incentives to entice consumers. Through the first 12 days of February, industry incentive spending was $3,748 per new vehicle sold, the highest level ever for the month, and up $294 from a year earlier. Incentives as a percentage of manufacturer''s suggested retail price were at 10.3 percent in February, exceeding the 10 percent level   the month since 2009, J.D. Power and LMC Automotive said. "While the retail SAAR remains robust, the elevated levels of incentives remain a fundamental threat to the long-term health of the industry," said Deirdre Borrego, senior vice president of automotive data and analytics at J.D. Power. (Reporting by Ankit Ajmera in Bengaluru; Editing by Sriraj Kalluvila) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-autos-idUSKBN1631QG'|'2017-02-24T21:40:00.000+02:00'
'928689255871580b88dc8e76d3b9a55fca6c941a'|'Alphabet''s self-driving car unit sues Uber with trade theft charge'|'Technology News - Fri Feb 24, 2017 - 8:13pm EST Alphabet''s self-driving car unit sues Uber with trade theft charge left right Waymo unveils a self-driving Chrysler Pacifica minivan during the North American International Auto Show in Detroit, Michigan, U.S., January 8, 2017. REUTERS/Brendan McDermid 1/3 left right FILE PHOTO -- An Autonomous trucking start-up Otto vehicle is shown during an announcing event in Concord, California, U.S. August 4, 2016. REUTERS/Alexandria Sage/File Photo 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 Alexandria Sage - SAN FRANCISCO SAN FRANCISCO Alphabet Inc''s ( GOOGL.O ) Waymo self-driving car unit sued Uber Technologies [UBER.UL] and its autonomous trucking subsidiary Otto on Thursday over allegations of theft of its confidential and proprietary sensor technology. Waymo accused Uber and Otto, acquired by the ride services company in August, with stealing confidential information on Waymo''s Lidar sensor technology to help speed its own efforts in autonomous technology. "Uber''s LiDAR technology is actually Waymo''s LiDAR technology," said Waymo''s complaint in the Northern District of California. Uber said it took "the allegations made against Otto and Uber employees seriously and we will review this matter carefully." Lidar, which uses light pulses reflected off objects to gauge their position on or near the road, is a crucial component of autonomous driving systems. Previous systems have been prohibitively expensive and Waymo sought to design one over 90 percent cheaper, making its Lidar technology among the company''s "most valuable assets," Waymo said. Waymo is seeking an unspecified amount of damages and a court order preventing Uber from using its proprietary information. Otto launched with much fanfare in May, due in part to the high profile of one of its co-founders, Anthony Levandowski, who had been an executive on Google''s self-driving project. Uber acquired the company in August for what Waymo said in the lawsuit was $680 million. Waymo said that before Levandowski''s resignation in January 2016 from Google, whose self-driving unit was renamed Waymo in December, he downloaded over 14,000 confidential files, including Lidar circuit board designs, thereby allowing Uber and Otto to fast-track its self-driving technology. Waymo accused Levandowski of attempting to "erase any forensic fingerprints" via a reformat of his laptop. "While Waymo developed its custom LiDAR systems with sustained effort over many years, defendants leveraged stolen information to shortcut the process and purportedly build a comparable LiDAR system in only nine months," the complaint said. Last month, Tesla Inc ( TSLA.O ) electric car company sued the former head of its Autopilot system. It said he tried to recruit Tesla engineers for his new venture with the former head of Google''s self-driving programme while still working there, and said he stole proprietary data belonging to Tesla. Waymo''s lawsuit said it learned of this use of trade secrets and patent infringement after it was inadvertently copied on an email from a component vendor that included a design of Uber''s Lidar circuit board, which bore a "striking resemblance" to Waymo''s design. Waymo noted that Google devoted over seven years to self-driving cars and said Uber''s forays into the technology through a partnership with Carnegie Mellon University had stalled by early 2016. (Reporting by Alexandria Sage; editing by Grant McCool) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-autonomous-lawsuit-idUSKBN164011'|'2017-02-25T08:13:00.000+02:00'
'c6c7d0e10bebc1ff867c69ab57b0c5ec5985a030'|'Sweden drops plans for bank tax, proposes higher resolution fund fee'|'  9:20pm GMT Sweden drops plans for bank tax, proposes higher resolution fund fee STOCKHOLM Sweden''s government has dropped plans for a bank tax after a consultation process drew largely negative feedback and will instead propose that banks pay more into the industry''s resolution fund, the finance ministry said on Friday. The centre-left minority government has long sought to impose a financial services tax, saying the sector - which is exempt from value-added tax - should pay more to the state. But critics say a tax would hit the financial services industry, which is a major contributor to the Nordic country''s economy and could push some financial firms to move jobs abroad. Banks currently pay an annual fee to the resolution fund, which is a part of the system for crisis management in the financial sector. The fees add about 7 billion crowns to state coffers, the ministry said in Friday''s statement. The new proposal, which is backed by the government and the Left Party would strengthen public finances by more than 3 billion Swedish crowns (266.35 million pounds) in 2018 and by more than 6 billion crowns in 2019 due to a growing banking sector, the ministry said. (Reporting by Bjorn Rundstrom; Editing by Catherine Evans) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-sweden-banks-tax-idUKKBN1632FT'|'2017-02-25T04:20:00.000+02:00'
'38463cc762534a6d87fae526a1b2a34824e99453'|'UPDATE 1-Puerto Rico governor hopes for ''open dialogue'' with Mnuchin'|'(Adds Quote: s, details, background on Puerto Rico''s financial crisis)By Nick BrownFeb 24 Puerto Rico Governor Ricardo Rossello said on Friday he was "committed to establishing a working relationship" and fostering "open dialogue" with U.S. Treasury Secretary Steven Mnuchin, after the two met in Washington.Rossello, who took office on Jan. 2, met with Mnuchin to discuss his efforts to "put Puerto Rico''s financial house in order," a statement from the governor''s office said.Rossello has signed more than 20 bills and executive orders aimed at cutting spending and fostering economic growth, but Puerto Rico faces a long haul out of an economic crisis characterized by a 45 percent poverty rate, near-insolvent public pensions and healthcare systems, and almost $70 billion in debt.Under former President Barack Obama, the Treasury took a hands-on approach in Puerto Rico, working with federal lawmakers on legislation aimed at giving the U.S. territory a way to cut debt. President Donald Trump has given little indication of how his administration may handle Puerto Rico.The island''s finances are under the supervision of a federally appointed board. Rossello on Tuesday is scheduled to present the board with a 10-year blueprint for the island''s fiscal turnaround.The board has said the plan should find $4.5 billion a year in savings and revenue, including a 10 percent reduction in pension benefits and $1 billion in annual savings on healthcare spending.In an interview with Reuters on Thursday, Rossello said his plan will generally meet the board''s criteria, with some exceptions, particularly on healthcare spending."A $1 billion reduction in healthcare would not only severely hamper the people of Puerto Rico, it would also cripple what is a healthy industry, the healthcare industry," Rossello said.Puerto Rico''s Medicare system is on the brink of insolvency, in part because, as a U.S. territory, it receives proportionately less federal reimbursement than states.Rossello has said he will lobby the federal government to increase such funding, but the board has said the turnaround plan should not assume any funding changes or help from Washington. (Reporting by Nick Brown; Editing by Grant McCool)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/puertorico-debt-mnuchin-idINL1N1G91BE'|'2017-02-24T15:21:00.000+02:00'
'd67abaaab0f6d591ef89b7acc18adb11a75ffa8d'|'BRIEF-Parexel International enters into a supplier receivables purchase agreement with BofA'|' 02pm EST BRIEF-Parexel International enters into a supplier receivables purchase agreement with BofA Feb 23 Parexel International Corp * On February 22, 2017, Parexel International entered into a supplier receivables purchase agreement with Bank of America * Will sell to Bank of America on an ongoing basis certain of its trade receivables, which arise under contracts with Pfizer Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-parexel-international-enters-into-idUSFWN1G819A'|'2017-02-24T06:02:00.000+02:00'
'44fb3e6b7f60b42e4bf05b57512c37450d205687'|'CPI was never meant to be real measure of inflation - Letters - Money'|'Your article ( Pension changes could cost 11m Britons thousands of pounds , 21 February) says 75% of pension schemes use the retail price index (RPI). But all the public-sector schemes, which must be more than 25%, as well as many in the private sector <20> eg BT, BA <20> have used the consumer price index (CPI) for years. The article says RPI is usually greater than CPI; in fact it is virtually always greater because of the different way they are calculated <20> it<69>s called the formula effect. To cut a long and complicated story short, RPI may overstate inflation by about 0.2% on average but CPI understates it by about 0.8%.Over time that<61>s a big difference and will of course affect future pensioners (today<61>s young) more than it will current pensioners <20> this is not a baby boomer issue. Basically CPI was never meant to be a real measure of inflation; rather it was a way of comparing inflation in EU states. Its adoption by the government as the measure of inflation rises <20> on benefits as well as pensions <20> since 2010 is basically a mendacious scam.David Quinn London <20> Could the Steve Webb who is arguing against <20>relaxing standards on inflation protection [that could] lead to millions of retired people being at risk of cuts in their real living standards<64>, if increases are calculated using CPI rather than RPI, possibly be the same one who, as pensions minister in the coalition government in 2010, did just that for civil and public servants? That led to no increase for 2016-17, and I am waiting with bated breath for the 2017-18 news, as the CPI last year, at the point at which these things are calculated, was just below 1%, which seems to entitle the government pensions agencies to say no increase will be paid.Dr Sally Cheseldine Edinburgh <20> Join the debate <20> email guardian.letters@theguardian.com <20> Read more Guardian letters <20> click here to visit gu.com/letters Pensions Inflation Economics letters  '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/2017/feb/23/cpi-was-never-meant-to-be-real-measure-of-inflation'|'2017-02-24T02:07:00.000+02:00'
'07eef1bf14409e78394384851ceb22104c809627'|'Brussels Airport being prepped for sale as Macquarie seeks exit - sources'|'By Arno Schuetze and Dasha Afanasieva - LONDON LONDON Feb 23 Brussels airport is being prepared for a potential sale as one of its owners is planning an exit from Belgium''s main hub, several people close to the matter said.Brussels is Europe''s 26th largest airport and serves as hub for Brussels Airlines, which is being fully taken over by Lufthansa. It saw passenger numbers drop 7 percent last year to 21.8 million as a result of the attacks in March, which forced the closure of the airport for 12 days.Australian Macquarie''s infrastructure fund, which owns a 36 percent stake, is currently in talks with co-owner Ontario Teachers'' Pension Plan (OTPP), which has 39 percent, on whether the Canadian investor wants to increase its stake, the people said.If those negotiations fail to come to a successful end, an auction will be started to find a third party investor, they said, adding that JP Morgan has been tasked with overseeing the process.Macquarie and JP Morgan declined to comment. (Additional reporting by Victoria Bryan; Editing by Maria Sheahan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brusselsairport-sale-idINL8N1G258S'|'2017-02-23T05:57:00.000+02:00'
'881adeba394827f02d7bb2fd2d29d428e2184995'|'Cash-rich Maple Leaf Foods sees abundant U.S. deal opportunities'|'By Rod Nickel Canadian meat packing company Maple Leaf Foods ( MFI.TO ) is hunting for acquisitions in the United States, after years spent upgrading old factories and shedding business lines, its chief executive officer said on Wednesday.Maple Leaf, which reported on Wednesday its profits doubled in the fourth quarter, sees growth opportunities from meat produced humanely and without antibiotics, and from snack foods and alternative proteins made from soy and other plants.On Tuesday, the company said it would buy U.S.-based Lightlife Foods Inc, a manufacturer of plant-based protein foods, for $140 million.It was Maple Leaf''s first material deal since 2004, and represents broadly the expected price level of future acquisitions, CEO Michael McCain said in an interview.The company, which has a C$4 billion ($3.04 billion) market cap, intends to remain a patient buyer, but after returning to healthier profits, Maple Leaf''s opportunities are the highest "in decades," he said."We have a very active portfolio today of opportunities, but that doesn''t necessarily mean we complete transactions," McCain said. "It''s important for us to have a very large pipeline but equally to be very disciplined."The Toronto-based company will use cash on hand to pay for acquisitions, McCain said. It had nearly C$404 million at the end of 2016.Fourth-quarter net earnings more than doubled to C$76.2 million, or 56 Canadian cents per share.On an adjusted basis, Maple Leaf earned 31 Canadian cents per share, missing analysts'' average estimate of 33 Canadian cents per share, according to Thomson Reuters I/B/E/S.Total sales for the Canadian pork processor fell about 5 percent to C$828.2 million, below analysts'' average estimate of C$860.5 million. Excluding the contribution of the 53rd week in 2015, sales increased by about 2 percent.McCain, 58, has steered Maple Leaf since 1995, and may be best known as the face of the company''s contrite handling of a 2008 tainted meat recall, which involved the deaths of 22 people.The company also announced changes to its governance agreement with McCain, its largest shareholder, and an affiliated organization. It allows McCain to bump up his stake to 45 percent from 35 percent currently, or to take it over entirely.The move was made to reflect changes in Canadian securities regulations, and does not signal plans to privatize or sell the company, McCain said.Maple Leaf''s shares gained 0.3 percent at C$29.94 in Toronto.(Reporting by Rod Nickel in Winnipeg, Manitoba; additional reporting by Komal Khettry in Bengaluru; Editing by Savio D''Souza and Lisa Shumaker)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-maple-leaf-foods-results-idINKBN1611GG'|'2017-02-22T20:15:00.000+02:00'
'710023776880647cedf5526fb3e8d81c7fbc80cf'|'REFILE-Bedi A. Singh to depart post at News Corp'|'(Capitalizes News Corp in headline and 1st bullet)Feb 23 News Corp* Bedi A. Singh to depart post at News Corp* News Corp says Susan Panuccio, currently chief financial officer of News Corp Australia, will become new CFO of company* News Corp says Bedi A. Singh will be departing as chief financial officer effective March 1st.* News Corp says Bedi has agreed to serve as a senior advisor to News Corp on its digital property interests in India '|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/idINFWN1G8192'|'2017-02-23T19:41:00.000+02:00'
'f227962e34f74c36052d2d393b8a09ee4a244b97'|'BRIEF-Guyana Goldfields reports quarterly earnings per share $0.02'|' 20pm EST BRIEF-Guyana Goldfields reports quarterly earnings per share $0.02 Feb 23 Guyana Goldfields Inc- * Guyana Goldfields Inc sells 156koz of gold for 2016 and ends the year with its best quarter across all operating and cost metrics * Qtrly gold production of 43,800 ounces increased by 27% versus prior quarter * Qtrly earnings per share $0.02 * Sees 2017 gold production of 160,000 ounces - 180,000 ounces  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-guyana-goldfields-reports-quarterl-idUSASB0B248'|'2017-02-24T05:20:00.000+02:00'
'3027befeb26de6d091e97cbe97938ac74823b108'|'Brazil''s Vale sees iron ore price above $80/tonne in 2017'|'Company News - Thu Feb 23, 2017 - 8:41am EST Brazil''s Vale sees iron ore price above $80/tonne in 2017 BRASILIA Feb 23 Brazilian miner Vale SA expects the global price of iron ore to average above $80 per tonne in 2017, on the back of increasing steel demand and a smaller rise in new production entering the global market, the company''s Executive Director of Ferrous Minerals Peter Poppinga said on Thursday. (Reporting by Stephen Eisenhammer Editing by W Simon) Next In Company News UPDATE 2-Oil and gas producer Apache raises 2017 budget by more than 60 pct Feb 23 U.S. oil and gas producer Apache Corp estimated its capital spending in 2017 would be more than 60 percent higher than 2016, joining a growing list of shale producers that are ramping up spending to take advantage of recovering oil prices. UPDATE 1-Microsoft, Airbus climb aboard drones software firm AirMap FRANKFURT, Feb 23 AirMap, a start-up which has become the world''s top supplier of air traffic management software for drones, is raising $26 million in new financing from a group of industry investors led by the venture capital investment arm of Microsoft. 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/vale-results-call-idUSE5N19901W'|'2017-02-23T20:41:00.000+02:00'
'092cf0cf5588a4bb48a6d84cf1c78f264ad26191'|'UPDATE 1-Standard Life 2016 operating profit up 9 pct, beats forecast'|'Company News - Fri Feb 24, 2017 - 4:30am EST UPDATE 1-Standard Life 2016 operating profit up 9 pct, beats forecast * Operating profit 723 mln stg vs 684 mln forecast * Total dividend up 8 pct to 19.82 pence per share * Assets under administration up 16 pct, GARS sees outflows * "Tens" of funds positions may move to EU post-Brexit (Adds detail, CEO comments, analyst, share price) LONDON, Feb 24 Insurer and asset manager Standard Life posted a forecast-beating 9 percent rise in 2016 operating profit, helped by building up a broader geographic spread of clients, it said on Friday. The Edinburgh-based company has been shifting focus to the asset management sector and away from life insurance. It has stopped writing annuities -- pensions that pay a fixed income for life, though it has a large business managing workplace pensions. Standard Life''s strong performance came in spite of worries about the Chinese economy early last year and broad outflows from funds in the aftermath of Britain''s vote to leave the European Union, Chief Executive Keith Skeoch told a media call. "Our targeted investments and diversification helped increase our assets," he said. Assets under administration rose 16 percent to 357 billion pounds, above a forecast 335.4 billion. However, fund arm Standard Life Investments'' flagship GARS multi-asset strategy saw 4.3 billion pounds in net outflows. "Going into 2017, we expect the outflows from GARS to remain elevated," Barclays analysts said in a note, reiterating their negative recommendation on the stock. The company set aside 175 million pounds in provisions for compensation following the Financial Conduct Authority''s review of annuity sales last year. Standard Life''s shares were down 0.3 percent at 374 pence at 0911 GMT, compared with a 0.21 percent fall in the FTSE 100 index. More merger activity is expected in asset management, after London-based asset manager Henderson Group agreed to buy U.S. rival Janus Capital Group Inc last year in an all-share $6 billion deal. "We have long-term ambitions...we are continually scanning the horizon to see what''s available," Skeoch said of M&A, without giving more detail. Skeoch said contingency plans following the Brexit vote could mean Standard Life Investments adding "tens" of staff in Frankfurt or Luxembourg to bolster management of its funds. Operating profit before tax was 723 million pounds ($907.4 million), compared with 684 million pounds seen in a company-supplied consensus forecast. Standard Life said it would pay a final dividend of 13.35 pence per share and full-year dividend of 19.82 pence, a rise of 8 percent from a year earlier. Skeoch was paid 2.75 million pounds in 2016, following pay of 3.46 million in 2015, according to Standard Life''s annual report, published on Friday. ($1 = 0.7968 pounds) (Reporting by Carolyn Cohn; Editing by Rachel Armstrong) Next In Company News Indonesia''s Amman Mineral to resume copper exports "immediately" JAKARTA, Feb 24 Indonesia''s Amman Mineral Nusa Tenggara (AMNT), a unit of Medco Energi Internasional has obtained permit to export 675,000 tonnes of copper concentrates, the company said in a statement on Friday, referring to a recommendation issued by the government last week.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/standardlife-results-idUSL8N1G91PV'|'2017-02-24T16:30:00.000+02:00'
'8d451a084c195b2f2d256fb3d97edd03a15ca3dd'|'Glencore ready for deals and dividends after profit boost'|'Thu Feb 23, 2017 - 6:07pm GMT Glencore ready for deals and dividends after profit boost By Barbara Lewis and Dmitry Zhdannikov - LONDON LONDON Commodities trader and miner Glencore reported an 18 percent rise in full-year profit on Thursday, buoyed by a rebound in raw materials prices, and said it was well-placed financially for small acquisitions or a special dividend payout. Analysts said the results beat expectations, driving the share price nearly 2 percent higher, building on gains of nearly 20 percent this year, while the wider sector fell by nearly 2 percent. Companies across the mining industry, which was pounded by the commodities market rout of 2015, have exceeded expectations after a recovery in the price of raw materials such as iron ore and coal last year. Glencore''s 2016 earnings before interest, tax, depreciation and amortization (EBITDA) were up 18 percent year on year at $10.3 billion. Its trading arm achieved adjusted earnings before interest and tax (EBIT) of $2.8 billion, up 14 percent and above previous guidance of $2.5 billion to $2.7 billion. The division is expected to deliver profit between $2.2 billion and $2.5 billion this year, the company said, adding that the lower range reflects the sale of 50 percent of Glencore Agriculture in December. Like other miners, Glencore embarked on asset sales to drive down debt and has said it will maintain a lower net debt to EBITDA ratio, a crucial measure of available cash in capital-intensive mining. Chief Executive Ivan Glasenberg said the ratio could drop below 1:1 this year if no further acquisitions are made, compared with its goal of 2:1 and the 3:1 ratio it favored previously. By the end of 2016, net debt had fallen to $15.5 billion, down $14.1 billion from 18 months ago. INVESTOR CHEER "Since our IPO in 2011 and subsequent acquisition and integration of Xstrata, Glencore has never been so well positioned as it is today," Glasenberg said. The results, which analysts said were above consensus, offered some welcome cheer for Glencore investors. "It''s another stellar quarter that shows how they''re rebounding from the depths of the crisis. The market likes the story," said David Neuhauser, managing director at U.S. hedge fund Livermore Partners, which owns Glencore shares. Glasenberg told reporters that shareholders might also benefit from rising dividends and that surplus cash could be used for small deals or "bolt-ons" on the edge of existing assets rather than huge acquisitions. "We could do many things. We could give our long-suffering shareholders a generous gift of a special dividend," Glasenberg said. "To ourselves as shareholders, that would not be a bad thing to do." Having promised late last year that payouts would be reinstated, Glencore said on Thursday that its board had recommended a dividend of 7 cents per share. On the negative side, the decision to hedge 55 million tonnes of coal in a rising market led to what Glencore labeled an "opportunity cost" of $980 million, though Glasenberg said the company would continue hedging as appropriate and was locking in coal prices with Japan over a year-long contract. He remained bullish on commodity prices, predicting good demand from China -- buyer of about half of the world''s raw materials -- and said that new supply would be offset by lower production from aging assets as miners invest conservatively. "What started the negative vibe was increased supply," Glasenberg said. "The industry has changed." (Additional reporting by Sanjeeban Sarkar in Bengaluru and John Tilak in Toronto; Editing by Susan Thomas, David Evans and David Goodman) 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 Up Next'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-glencore-results-idUKKBN16210K'|'2017-02-24T01:01:00.000+02:00'
'2e06f7fa4a2bfa51dfe28bba407abbba9d54dd21'|'Oil slips nearly 1 percent on concerns over rising U.S. output'|'Business News - Fri Feb 24, 2017 - 5:19pm GMT Oil slips nearly 1 percent on concerns over rising U.S. output A pump jack is seen at sunrise near Bakersfield, California October 14, 2014. REUTERS/Lucy Nicholson/File Photo By Devika Krishna Kumar - NEW YORK NEW YORK Oil prices fell on Friday despite OPEC pledges to boost compliance with output curbs, on concerns over rising U.S. supplies and as traders begin to pull out crude barrels from pricey storage as physical markets show signs of tightening. Book squaring ahead of the weekend and ahead of upcoming Feb. 28 expirations in Brent futures for April delivery, heating oil for March delivery HOc1, and March RBOB gasoline RBc1, also pressured prices, analysts and traders said. Brent crude oil LCOc1 was down 53 cents, or 0.9 percent, at $56.05 a barrel by 12:03 p.m. (1703 GMT), while U.S. West Texas Intermediate CLc1 fell 45 cents to $54.00 a barrel. "The oil market remains focused on the global rebalancing act, with attention centered on OPEC compliance and U.S. production growth," said Michael Tran, director of energy strategy at RBC Capital Markets in New York. "The push-pull situation between stock draws relative to price-elastic U.S. shale remains paramount to the rebalance." Prices have tumbled over the last two sessions after government data showed U.S. crude inventories rose for a seventh straight time last week.[EIA/S] But prices have been supported and trading in a tight $4-5 range since November when the Organization of the Petroleum Exporting Countries (OPEC) and other producers agreed to cut production. OPEC has so far surprised the market by showing record compliance with the deal and could do so further in coming months as the biggest laggards - the United Arab Emirates and Iraq - pledge to catch up quickly with their targets. OPEC''s average compliance is put by the International Energy Agency at a record 90 percent in January, and based on a Reuters average of production surveys, it stands at 88 percent. However, exports from the United States, which is not part of the deal, hit a record high of 1.2 million barrels per day (bpd) last week and production rose to above 9 million bpd, the highest since April, the U.S. Energy Administration Agency said. The U.S. oil drilling rig count has risen for five straight weeks so far and data from energy services company Baker Hughes on Friday is likely to reveal another uptick, traders said. [RIG/U] Meanwhile, traders are turning the spigots to drain the priciest U.S. storage tanks and selling oil held in tankers anchored off Malaysia, Singapore and Indonesia as the rising price of oil for near-term delivery erodes the profits to be had by holding onto oil for later sale. Analysts at LBBW said that the continued growth in U.S. production and oil prices that look to have reached a technical ceiling have led them to cut their year-end Brent price forecast by $5 to $55 a barrel. "Most market participants realize that the good news from OPEC seems to be priced in; therefore, and because of the shale comeback (in the U.S.), we reduced our forecast," said LBBW oil analyst Frank Klumpp. (Additional reporting by Karolin Scaps in London, Aaron Sheldrick in Tokyo; Editing by Marguerita Choy and Tom Heneghan) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-global-oil-idUKKBN163059'|'2017-02-25T00:10:00.000+02:00'
'715611d3587b3e92894b9ae997c5f4ff983c38c5'|'BRIEF-Emergent Biosolutions reports Q4 EPS $0.67'|' 52pm EST BRIEF-Emergent Biosolutions reports Q4 EPS $0.67 Feb 23 Emergent Biosolutions Inc * Fy2017 earnings per share view $2.08, revenue view $543.1 million -- Thomson Reuters I/B/E/S * Emergent Biosolutions reports fourth quarter and twelve months 2016 financial results; reaffirms 2017 guidance and provides 2020 goals * Q4 earnings per share $0.67 * Q4 earnings per share view $0.48 -- Thomson Reuters I/B/E/S  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-emergent-biosolutions-reports-q4-e-idUSASB0B22N'|'2017-02-24T04:52:00.000+02:00'
'5bc158f89db9d020671f7d1a7395cb386ad17227'|'Exclusive: China''s XCMG, Brazil''s OAS in joint venture talks, source says'|'By Guillermo Parra-Bernal - SAO PAULO SAO PAULO Chinese heavy machinery maker Xuzhou Construction Machinery Group Co Ltd [XCMGP.UL] is in talks with Brazilian engineering firm OAS SA [OAEP.UL] to form a joint venture for construction in Africa and Latin America, a person with direct knowledge of the matter said on Friday.According to the person, who was briefed on the talks, the firm commonly known as XCMG would contribute capital, equipment and financing to the venture. OAS would dole out expertise in civil construction and engineering projects and a pipeline of contracts outside Brazil, the person added.The venture would be the first major step in OAS''s efforts to rebuild itself almost three years after getting ensnared into Brazil''s biggest corruption scandal ever. In 2015, OAS became the first of Brazil''s major builders to file for bankruptcy after prosecutors accused it of bribing politicians to win lucrative contracts at state firms.Both firms see the venture thriving in Africa, where Brazilian construction firms have a stable base of customers and strong reputation following several years of successful project execution, the person added.Legal terms of the venture, or whether it would involve any cash investments or cross shareholdings, remain under discussion, said the person, who asked for anonymity to discuss the matter.For XCMG, the world''s No. 5 construction machinery firm and its listed unit XCMG Construction Machinery Co Ltd ( 000425.SZ ), teaming up with OAS would help accelerate plans to grow across developing nations at a time when the price of some commodities - the main source of revenue for most of those countries - is recovering.S<>o Paulo-based OAS declined to comment, while efforts to contact XCMG media representatives in S<>o Paulo and Xuzhou, China, were not immediately successful.OAS, which before the scandal broke in early 2014 was Brazil''s No. 4 engineering conglomerate, has shed more than 30,000 jobs, sold assets and even filed for bankruptcy protection to wrestle the impact of the scandal.If the deal materializes, OAS would become the latest in a series of Brazilian construction companies to discuss entering into a joint venture or getting acquired by Chinese counterparts.Last year, several local media reports said China Communications Construction Co Ltd ( 601800.SS ) was eyeing the purchase of Construtora Camargo Correa SA, one of Brazil''s largest builders.China Gezhouba Group Co Ltd ( 600068.SS ) is also considering buying infrastructure assets in Brazil, through concessions, partnerships or construction projects, Reuters reported in June.(Reporting by Guillermo Parra-Bernal; Editing by Christian Plumb and Lisa Shumaker)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-oas-venture-xcmg-idINKBN1632B1'|'2017-02-24T16:54:00.000+02:00'
'e41cdb5746ec69b42b60ee309432dc55790911fd'|'Buffett expected to tout passive investing in Berkshire annual letter'|'Business  03pm GMT Buffett expected to tout passive investing in Berkshire annual letter left right File Photo: Berkshire Hathaway CEO Warren Buffett plays bridge during the Berkshire annual meeting weekend in Omaha, Nebraska May 3, 2015. REUTERS/Rick Wilking/File Photo 1/2 left right 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 2/2 By Jonathan Stempel - NEW YORK NEW YORK Warren Buffett, widely considered one of the world''s best investors, is likely to tout the merits of passive investing this weekend to readers of his annual letter to Berkshire Hathaway Inc ( BRKa.N ) shareholders. The letter, slated for release around 8 a.m. EST on Saturday, will probably focus on familiar themes for the 86-year-old Buffett, with many single-spaced pages reviewing Berkshire''s businesses and managers, Wall Street, the economy and perhaps even politics. "The letters are written as much for sophisticated financial people as for people in high school," said Andy Kilpatrick, author of "Of Permanent Value: The Story of Warren Buffett." "It''s a fun read, and when you get through it, you think, ''Wow, I could be doing better with my life and my investing.''" Buffett believes most stock investors are better off with low-cost index funds than paying higher fees to managers who often underperform. He told Fortune magazine he expects to write "a lot" about passive investing. ( here ) Berkshire itself might seem anomalous, with shares of the Omaha, Nebraska-based conglomerate having generated a roughly 2 million percent gain in Buffett''s nearly 52 years at the helm. In 2016, Berkshire''s stock price rose about 23.4 percent, easily outpacing the market, though most investors who bought its stock in recent years have achieved closer to market-average returns. Kilpatrick expects Buffett to discuss Precision Castparts, an aircraft parts maker that Berkshire bought last January for $32.1 billion, its biggest acquisition. Buffett is likely to discuss other Berkshire businesses, such as insurance and the BNSF railroad, and shower praise on Berkshire managers, perhaps including investing deputies Todd Combs and Ted Weschler. Combs alerted Buffett to Precision Castparts, and Buffett may discuss what drove Berkshire''s unexpected, multi-billion-dollar investments in Apple Inc ( AAPL.O ) and the four biggest U.S. airlines. Buffett may also focus on his desire to spend Berkshire''s huge cash pile after Kraft Heinz Co ( KHC.O ), which Berkshire partly owns, on Sunday scrapped a bid to buy food rival Unilever Plc ( ULVR.L ) that Berkshire might have helped finance. U.S. President Donald Trump may also be a focus for Buffett, who was a vocal supporter of Hillary Clinton. Buffett alluded elliptically to Trump in last year''s letter, bemoaning the "negative drumbeat" from presidential candidates talking down U.S. economic prospects. Berkshire is also expected to report fourth-quarter results. Analysts expect operating profit of around $4.5 billion, or $2,717 per Class A share, down from $4.67 billion last year, Thomson Reuters I/B/E/S said. (Reporting by Jonathan Stempel in New York; Editing by Jennifer Ablan and Dan Grebler) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-berkshire-buffett-letter-idUKKBN1622JT'|'2017-02-24T03:53:00.000+02:00'
'3e7194180dac3c430c24bbc919aa9ffc45ad0616'|'China overtakes U.S., France as Germany''s most important trading partner'|'By Rene Wagner and Michael Nienaber - BERLIN BERLIN China for the first time became Germany''s most important trading partner in 2016, overtaking the United States, which fell back to third place behind France, data showed on Friday.German imports from and exports to China rose to 170 billion euros ($180 billion) last year, Federal Statistics Office figures reviewed by Reuters showed.The development is likely to be welcomed by the German government, which has made it a goal to safeguard global free trade after U.S. threatened to impose tariffs on imports and his top adviser on trade accused Germany of exploiting a weak euro to boost exports.German Vice Chancellor Sigmar Gabriel has even suggested that the European Union should refocus its economic policy toward Asia, should the Trump administration pursue protectionism."Given the protectionist plans of the new U.S. president one would expect that the trade ties between Germany and China will be further strengthened," Germany''s BGA trade association said in response to the shift.Neighbouring France remained the second-most important business partner with a combined trade volume of 167 billion euros. The United States came in third with 165 billion euros.In 2015, the United States became the top trading partner for Germany, overtaking France for the first time since 1961 thanks to an upturn in the U.S. economy and a weaker euro.Looking at exports alone, the United States remained the biggest client for products "Made in Germany" in 2016, importing goods from Europe''s biggest economy worth some 107 billion euros.France remained the second-most important single export destination for German goods with a sum of 101 billion euros, the data showed. Britain came in third, importing German goods worth 86 billion euros.Britain accounted also for the biggest bi-lateral trade surplus: Exports surpassed imports from Britain by more than 50 billion euros, the figures showed.The United States came in second with a bi-lateral trade deficit: German exports to the U.S. surpassed imports from there by 49 billion euros.This means that Britain and the U.S. together accounted for roughly 40 percent of Germany''s record trade surplus of 252.9 billion euros in 2016.The figures are likely to fuel the debate about Germany''s export performance, its trade surplus and global economic imbalances ahead of a meeting of G20 finance ministers and central bank governors in Baden-Baden mid-March.(Editing by Jeremy Gaunt)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/germany-economy-trade-idINKBN1622SE'|'2017-02-23T20:08:00.000+02:00'
'14f42065998e62df015e258e72feed6da34a15b4'|'BRIEF-Moody''s says Bharti''s acquisition of Telenor India is credit positive'|' 08am EST BRIEF-Moody''s says Bharti''s acquisition of Telenor India is credit positive Feb 24 Moody''s: * Moody''s: Bharti''s acquisition of Telenor India is credit positive * Moody''s - Expect that Bharti''s profitability will remain under pressure * Moody''s - Mobile market in India remains intensely competitive following Reliance Jio Infocomm Limited''s launch in September 2016 * Moody''s on India telecom sector - Expect intense price competition to persist over the next few quarters Source text for Eikon: RPT-How Spain could deliver swift savings in Peugeot-Opel deal VILLAVERDE, Spain, Feb 23 As the only European country where carmaker PSA''s production overlaps with that of Opel, Spain could deliver the quick cost savings sought by PSA boss Carlos Tavares to convince investors to back his planned acquisition of the rival brand. Feb 24 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. 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-moodys-says-bhartis-acquisition-of-idUSFWN1G9045'|'2017-02-24T14:08:00.000+02:00'
'a77313449a3183ee3cfadd5a749ae8e5145fd225'|'StanChart swings back to annual profit of $409 million'|'Fri Feb 24, 2017 - 8:44am GMT StanChart swings back to annual profit of $409 million 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 LONDON Standard Chartered ( STAN.L ) swung back to a full-year annual profit for 2016, the emerging markets-focused lender reported on Friday, as it pared back costs from chief executive Bill Winters''s restructuring program. StanChart made a statutory pretax profit of $409 million for 2016, after last year reporting its first loss in over a quarter-century on rising costs and bad loans as Winters grappled to deal with the fallout from the lender''s years of exuberant growth. The result was better than the average analysts'' estimate for a pretax profit of $366 million according to Thomson Reuters data. "Our financial returns are not yet where they need to be and do not reflect the Group''s earnings potential," Chief Executive Bill Winters said in the statement. Since taking the helm in June 2015 Winters has axed more than 15,000 jobs, closed the bank''s stock trading business and overhauled its management team as he seeks to restore a slimmed-down StanChart to growing profitability. (Reporting By Lawrence White. Editing by Andrew MacAskill) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-stanchart-results-idUKKBN1630TB'|'2017-02-24T15:43:00.000+02:00'
'4e37186dd31a159a5eb61849034d89705b05ef8a'|'Sequoia Fund wins dismissal of lawsuit over huge Valeant stake'|'By Jonathan Stempel - NEW YORK NEW YORK A New York state judge has dismissed a lawsuit accusing the Sequoia Fund, known for its ties to Warren Buffett, of recklessly making a huge, disastrous investment in Valeant Pharmaceuticals International Inc ( VRX.TO ), causing billions of dollars of losses.Justice O. Peter Sherwood of the State Supreme Court in White Plains, New York, said Sequoia shareholders failed to show it would have been futile, prior to suing in January 2016, to demand that the mutual fund''s directors step in to unwind the investment because of their alleged conflicts of interest.The judge said the shareholders could try to amend their complaint, but that this appeared to be "a fool''s errand."Sherwood issued his ruling during a Feb. 15 hearing. A transcript was made public eight days later.Sequoia shareholders had sued Sequoia''s investment adviser Ruane, Cunniff & Goldfarb; portfolio managers Robert Goldfarb and David Poppe; and three directors including author and chairman Roger Lowenstein.The defendants were accused of gross negligence for letting Sequoia plough nearly one-third of its assets into Valeant, despite a policy capping its stake at 25 percent.Lawyers for the shareholders did not immediately respond to requests for comment on Friday.Valeant shares have tumbled 93 percent in the last 1-1/2 years amid criticism of the Canadian drug company''s pricing and business practices, and regulatory and congressional probes.Goldfarb, who co-managed Sequoia for 36 years, retired as Ruane, Cunniff''s chief executive last March.Sequoia sold its last Valeant shares in June, but its losses have left it still trailing 98 percent of its peers over five years, while assets have shrunk by more than half to $4.2 billion, Morningstar said on Friday.Amy Roy, a lawyer at Ropes & Gray, which represents Sequoia, said its independent directors were gratified that Sherwood "recognised the central oversight role of mutual fund boards."Poppe, who remains at Sequoia, told shareholders last July that the fund had experienced "interesting times," and that "our goal is to be much less interesting" in the future.Ruane, Cunniff''s late founder, William Ruane, was a friend and classmate of Buffett. When Buffett shut his investment partnership in 1969 to focus on Berkshire Hathaway Inc ( BRKa.N ), he recommended that clients invest with Ruane.Sequoia''s largest current investment is Berkshire. Buffett last April called Valeant''s business model "enormously flawed," and Berkshire Vice Chairman Charlie Munger last week called Valeant''s story "too good to be true."The case is Epstein et al v. Ruane, Cunniff & Goldfarb Inc et al, New York State Supreme Court, New York County, No. 650100/2016.(Reporting by Jonathan Stempel in New York; Editing by Jonathan Oatis)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/sequoia-valeant-idINKBN16326W'|'2017-02-24T15:44:00.000+02:00'
'd169de14939d867a653812765f9af950bf463c5b'|'BRIEF-Sandridge Energy Inc Q4 adjusted net income of $29 million'|' 22pm EST BRIEF-Sandridge Energy Inc Q4 adjusted net income of $29 million Feb 22 Sandridge Energy Inc * Sandridge Energy Inc reports financial and operational results for fourth quarter and the full year of 2016 * Sandridge Energy Inc says production in quarter ending December 31, 2016 was 4.3 MMBOE * Sandridge Energy Inc says currently has one drilling rig running in Oklahoma, with plans to add a second rig late in Q1 * Sandridge Energy Inc says 2017 capital expenditure guidance range is for $210-$220 million * Sandridge Energy Inc says adjusted net income of $29 million, or $0.86 per diluted share, for Q4 2016 * Sandridge Energy Inc says reported a net loss of $334 million, which included a non-cash ceiling test impairment charge of $319 million in quarter   Further  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-sandridge-energy-inc-q4-adjusted-n-idUSASB0B1O8'|'2017-02-23T05:22:00.000+02:00'
'a56e803c3fc50dea53048297a95f523a2f7ecdfe'|'UK mortgage approvals hit 12-month high in January - BBA'|' 39am GMT UK mortgage approvals hit 12-month high in January - BBA A window of a house is seen in London, Britain June 3, 2015. REUTERS/Suzanne Plunkett LONDON British banks approved the highest number of mortgages in a year last month and credit card lending partly revived after a lull in December, industry figures showed on Friday, contrasting with earlier signs of a loss of economic momentum. The British Bankers'' Association said its members gave the green light to 44,657 mortgages in January, up from 43,581 in December and the highest number since January last year, when 45,794 were granted. The BBA said low mortgage rates were also driving strong interest from existing home-owners in remortgaging. Net credit card lending also picked up after stagnating in December, rising by 116 million pounds, though this was still one of the smallest increases of the past six months. (Reporting by David Milliken, editing by Andy Bruce)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-lending-bba-idUKKBN1630YG'|'2017-02-24T16:39:00.000+02:00'
'a250a81ba61ea03f0cddf550abb2b6965187447c'|'Nissan''s Ghosn says management will be ''completely accountable'' after his CEO term ends'|'Company News   3:56am EST Nissan''s Ghosn says management will be ''completely accountable'' after his CEO term ends TOKYO Feb 23 Nissan Motor Co''s Carlos Ghosn said the automaker''s management team would be "completely accountable" for the company''s operations after he steps down as chief executive, even as he stays on as chairman. "I will be chairman of the board which means I will be supporting the management team, which will be completely accountable for the performance of the companies," Ghosn told Reuters in an interview after Nissan announced on Thursday that he would step down as CEO in April. "I''m going to leave more space for the management teams to be in charge of the operation," he said, adding that he would take a similar approach with alliance partner Mitsubishi Motors Corp, for which he also serves as chairman. Ghosn will stay on as CEO of France''s Renault, the third member of the automaker group, as he believed that "there are still lots of things to be done inside the company in order to make its growth sustainable and la sting and solid." (Reporting by Naomi Tajitsu; Editing by Chris Gallagher) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/nissan-moves-ghosn-idUST9N1FM005'|'2017-02-23T15:56:00.000+02:00'
'64eb1da8912653defd39d3e28ad4d93399ff5edc'|'Peugeot CEO tells UK union not here to close GM''s Vauxhall plants'|'Company News - Fri Feb 24, 2017 - 5:56am EST Peugeot CEO tells UK union not here to close GM''s Vauxhall plants LONDON Feb 24 The chief executive of Peugeot said it was not in his nature to close car plants as he discussed the potential takeover of GM''s British brand Vauxhall, the head of the country''s biggest union told reporters on Friday. Peugeot boss Carlos Tavares was meeting the Unite union''s General Secretary Len McCluskey as concerns mount about jobs at GM''s two British plants. "He talked in terms of not being here to shut plants. That''s not his nature," McCluskey said. (Reporting by Costas Pitas, editing by James Davey) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/opel-ma-psa-britain-idUSL8N1G85YA'|'2017-02-24T17:56:00.000+02:00'
'32b8e444ba723c07dc921eeff31d200198f2da46'|'Quebec''s Caisse reports lower return in 2016 than year before'|'TORONTO Feb 24 Caisse de depot et placement du Quebec, Canada''s second-biggest public pension fund, reported an average return on its investments of 7.6 percent in 2016, a lower return than the year before, reflecting challenging economic conditions.The Caisse, which manages pension plans in the mostly French-speaking province, said its net assets rose to C$271 billion ($207 billion) at the end of 2016, compared with C$248 billion at the end of 2015.The performance showed a weakening trend, however. In 2015 the Caisse achieved an average return of 9.1 percent and in 2014 it achieved an average return of 12 percent."On the economic front, the fundamental issue remains the same: slow global growth, exacerbated by low business investment. At the same time, there are also significant geopolitical risks," Chief Executive Michael Sabia said."Given the relative complacency of markets, we need to adopt a prudent approach," he added.Canada''s biggest public pension plans have grown rapidly in recent years through a strategy of directly investing in private equity, infrastructure and real estate assets to diversify away from public equity and fixed income markets.Sabia said the Caisse would continue to invest more in less liquid assets such as private equity investments, infrastructure and real estate and less in fixed-income instruments which have been generating lower returns.He said the fund is targeting having 30 to 35 percent of its investment in less-liquid assets in "roughly four to five years," compared with 28 percent currently. ($1 = 1.3097 Canadian dollars) (Reporting by Matt Scuffham and Allison Lampert; Editing by Meredith Mazzilli)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/caisse-results-idINL1N1G90YF'|'2017-02-24T13:00:00.000+02:00'
'd80acf69a98d0bc43bb5cbba81035f65912e12db'|'Italy probes Vivendi''s Bollore for alleged market abuse'|' 44pm GMT Italy probes Vivendi''s Bollore for alleged market abuse File photo of Vincent Bollore, Chairman of media group Vivendi, reacts during the company''s shareholders meeting in Paris, France, April 21, 2016. REUTERS/Charles Platiau/File Photo By Emilio Parodi - MILAN MILAN Italian prosecutors are investigating French tycoon Vincent Bollore for alleged market manipulation when the company he chairs, Vivendi ( VIV.PA ), bought a stake in Italian broadcaster Mediaset ( MS.MI ), a source said on Friday. The probe will dampen speculation that the Berlusconis and Bollore are about to end a dispute that began last July when Vivendi abandoned a deal to buy Mediaset''s pay-TV unit. Hopes of an end to the hostility were raised when Vivendi CEO Arnaud de Puyfontaine, also being investigated according to the source, said on Thursday his company was still open to building a "strong business relationship" with Mediaset. Vivendi confirmed some of its executives were being investigated, but did not name them. In Italy, investigations do not imply guilt and do not necessarily mean charges will be laid. At 1450 GMT Mediaset shares were down 2.4 percent while Vivendi shares were 4 percent lower after it reported a sharp fall in profits late on Thursday. Mediaset has accused Vivendi of never intending to honour the deal to buy its pay-TV unit and tearing it up with the aim of driving down Mediaset''s share price to raid its stock. Vivendi questioned the pay-TV unit''s profit forecasts when it ditched the deal and later bought up Mediaset shares, acquiring a stake of just under 30 percent and becoming its second biggest investor after former prime minister Silvio Berlusconi''s family. It has denied Mediaset''s claims. "The registration of Vivendi executives by the Milan public prosecutor is the result of an unfounded and abusive lawsuit filed by the Berlusconis," Vivendi said in a statement. A source familiar with the prosecutor''s investigation said Bollore, Vivendi''s biggest shareholder with a 20.7 percent stake, and de Puyfontaine, were being investigated under a 1998 law banning the dissemination of false news that can affect share prices. Market manipulation carries a jail sentence of up to six years and a fine of up to 5 million euros (<28>4 million) which can be increased under certain circumstances. Fininvest has also filed complaints against Vivendi with Italy''s market and competition watchdogs. Vivendi''s aggressive stake building has riled the Italian government, which is concerned that Bollore could end up with too much influence in corporate Italy. The tycoon, acting through Vivendi and other firms, is already the biggest shareholder in Telecom Italia ( TLIT.MI ) and has a major stake in investment bank Mediobanca ( MDBI.MI ), which in turn controls Italy''s biggest insurer, Generali ( GASI.MI ). Rome is drafting new corporate transparency rules to force buyers who build up significant minority stakes in Italian firms to disclose what their ultimate intentions are. Industry minister Carlo Calenda said the rule would apply to any bids to buy 5 percent or more of a listed company and would be based on similar rules in France and the U.S. Vivendi has denied it plans to take over Mediaset. Under Italian law, it would be required to launch a mandatory takeover offer if it were to reach a 30 percent shareholding. ($1 = 0.9443 euros) (Additional reporting by Dominique Vidalon and Mathieu Rosemain in Paris; Writing by Stephen Jewkes; Editing by Giselda Vagnoni and Elaine Hardcastle) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-mediaset-vivendi-bollore-probe-idUKKBN1631UM'|'2017-02-24T22:44:00.000+02:00'
'5556185f98676e9fb530e8018a6b361804085eb8'|'BRIEF-Sabra Health Care REIT Inc Q4 AFFO earnings per share $0.59'|' 53pm EST BRIEF-Sabra Health Care REIT Inc Q4 AFFO earnings per share $0.59 Feb 22 Sabra Health Care REIT Inc: * Sabra reports fourth quarter 2016 results; updates Genesis sales process * Q4 earnings per share $0.31 * Qtrly FFO per share $0.62; qtrly normalized FFO per share$0.62; qtrly AFFO earnings per share $0.59; qtrly normalized AFFO earnings per share $0.54 Source  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-sabra-health-care-reit-inc-q4-affo-idUSL8N1G78K7'|'2017-02-23T05:53:00.000+02:00'
'eb27c49964253df6d193d775df372c91f04d07d8'|'UniCredit''s 13 billion euro share issue almost fully subscribed'|' 40pm GMT UniCredit''s 13-billion-euro share issue almost fully subscribed The headquarters of UniCredit bank is seen in downtown Milan, Italy, February 8, 2016. REUTERS/Stefano Rellandini MILAN UniCredit ( CRDI.MI ) said on Thursday that its record 13 billion euro ($13.7 billion) share issue had been almost fully subscribed, a boost for new boss Jean-Pierre Mustier''s strategy to relaunch Italy''s biggest bank. In a statement, the bank said the cash call had been 99.8 percent subscribed. Unexercised rights will be offered on the Italian bourse from Feb. 27. The success of the country''s biggest corporate cash call marks an important step in Italy''s efforts to restore its banking system to health after a harsh recession saddled lenders with 356 billion euros in problem loans, equal to one fifth of economic output. UniCredit will use the money to rebuild capital after a balance-sheet clean-up led to a 13.6 billion euro fourth-quarter loss. It booked 10 billion euros in loan writedowns in the period to pave the way for a 17.7 billion euro bad debt sale. UniCredit hired Mustier in July to address persistent concerns about its weak capital and large bad loan pile. UniCredit is Italy''s only global systemically important bank, but its capital ratios have lagged behind those of rivals despite having raised 14.5 billion euros in three successive share issues since the start of the financial crisis in 2008. The 55-year-old French investment banker immediately started selling assets such as a stake in online banking unit FinecoBank ( FBK.MI ), Poland''s Bank Pekao PEO.WA and asset manager Pioneer, raising more than 8 billion euros in this way. "UniCredit''s old strategies relied on size and growth but the new one is different. Much of the focus is on cutting costs and risks, with growth a secondary objective ... we applaud this approach," Berenberg analysts said this week in upgrading the stock to "buy". "What is clear from the new strategy is that revenue growth will be difficult to achieve. ... For us, cutting costs and risk is the key to generating shareholder value," they said. Under a new business plan unveiled in December, UniCredit is targeting a 4.7 billion euro net profit in 2019 despite an average annual revenue growth of just 0.6 percent between now and then. Mustier, who took a 40 percent pay cut as he unveiled plans to slash 14,000 jobs by 2019, targets recurring annual costs savings of 1.7 billion euros at the end of the period as banks grapple with low interest rates and regulatory constraints that curb revenues. (Reporting by Valentina Za, editing by Stephen Jewkes and Susan Fenton)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-unicredit-cash-call-idUKKBN1622IX'|'2017-02-24T03:37:00.000+02:00'
'9057436ede4359a1ab79e69edeb99ed833460009'|'PSA-Opel must address job concerns - French economy minister'|'PARIS Feb 22 PSA Group''s proposed acquisition of Opel from General Motors offers benefits to all sides but the companies must address concerns about jobs, French Economy Minister Michel Sapin said on Wednesday.Sapin said the deal could create a big European car maker, but it was up to the companies'' executives to demonstrate in talks with governments and unions that all the countries would benefit."It''s an operation that can bear benefits for each side on certain conditions, (and) the main condition is jobs," Sapin said after a meeting with the German and Polish finance ministers.Sapin is due to speak later on Wednesday with PSA CEO Carlos Tavares and with German Economy Minister Brigitte Zypries about the deal on Thursday. (Reporting by Leigh Thomas ; Editing by Matthias Blamont)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/peugeot-opel-ma-france-idINP6N1E300E'|'2017-02-22T13:55:00.000+02:00'
'56645275ab29a83170b6d026a70dd9d4b1835b57'|'EU regulators set to clear Dow, DuPont deal - sources'|'Company  55am EST EU regulators set to clear Dow, DuPont deal - sources BRUSSELS Feb 22 EU antitrust regulators are set to clear the $130 billion merger of Dow Chemical and DuPont, two people familiar with the matter said on Wednesday, after the companies made minor changes to their concessions. Earlier this month, the two U.S. companies offered to sell a portion of portion of DuPont''s crop protection business and related research and development, as well as Dow''s acid copolymers and ionomers business. The companies fine-tuned their proposal after the European Commission received feedback from rivals and customers last week. The EU competition enforcer will not seek third parties'' views to the changes, a clear sign that it will approve the deal, one of the people said. (Reporting by Foo Yun Chee) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/du-pont-ma-dow-eu-idUSL8N1G75MQ'|'2017-02-22T21:55:00.000+02:00'
'8b57c9fdd922b573f05a1700c8987da30a86cb24'|'Telefonica Brasil meets profit estimates on strict cost controls'|' 44pm EST Telefonica Brasil meets profit estimates on strict cost controls SAO PAULO Feb 21 Telefonica Brasil SA , the country''s biggest telephone carrier, said on Tuesday that fourth-quarter net income came in line with estimates because of cost and expense controls that helped offset tepid revenue growth. Profit rose 9 percent to 1.21 billion reais ($391 million) from the same period a year earlier, according to a securities filing. The number was in line with the average consensus estimate of 1.21 billion reais compiled by Thomson Reuters. Earnings before interest, tax, debt and amortization, a gauge of profitability known as EBITDA, rose 5.6 percent to 3.62 billion reais in the quarter, slightly above the 3.61 billion reais consensus estimate for the indicator. ($1 = 3.0949 reais) (Reporting by Ana Mano; Editing by Sandra Maler)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/telefonica-brasil-results-idUSE6N1DF023'|'2017-02-22T05:44:00.000+02:00'
'aa5f67d40edc4b0a3454c2f7382e2e22a7f922b2'|'Escondida says will wait 30 days to replace striking workers'|'Business News - Tue Feb 21, 2017 - 10:20pm GMT Escondida says will wait 30 days to replace striking workers Sheets of copper cathode are pictured at BHP Billiton''s Escondida, the world''s biggest copper mine, in Antofagasta, Chile March 31, 2008. Picture taken March 31, 2008. REUTERS/Ivan Alvarado SANTIAGO Chile''s Escondida copper mine owned by BHP Billiton ( BHP.AX )( BLT.L ) said on Tuesday it would not replace striking workers for at least 30 days into a strike to show its openness to dialogue. Legally the company can hire temporary workers after 15 days of strike. Tuesday marked 13 days since unionized workers walked off the job at the world''s biggest copper mine. (Reporting by Rosalba O''Brien; Writing by Caroline Stauffer; Editing by Chris Reese) Next In Business News Chancellor Hammond closes in on budget goal LONDON Chancellor of the Exchequer Philip Hammond appears to be on track to meet his target for improving the country''s weak public finances this year, potentially giving him a bit of room to ease the squeeze on spending in a budget plan next month. Oil rises 1 percent as OPEC sees higher compliance with cuts NEW YORK Oil prices ended about 1 percent higher after touching three-week highs on Tuesday on OPEC''s optimism for greater compliance with its deal with other producers including Russia to curb output in an effort to clear a glut that has weighed on the market. Verizon Communications Inc said on Tuesday it would buy Yahoo Inc''s core business for $4.48 billion (<28>3.9 billion), lowering its original offer by $350 million in the wake of two massive cyber attacks at the internet company. 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-chile-copper-escondida-idUKKBN1602PX'|'2017-02-22T05:20:00.000+02:00'
'605b653eb15e3abf62ba83d867236baf04bc42cf'|'Saudi Aramco selects lead underwriters for $100 bln IPO -WSJ'|'Business  42am GMT Saudi Aramco selects lead underwriters for $100 bln IPO - WSJ A Saudi Aramco employee sits in the area of its 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 Oil company Saudi Aramco IPO-ARMO.SE has selected JPMorgan Chase & Co ( JPM.N ), Morgan Stanley ( MS.N ), and HSBC Holdings Plc ( HSBA.L ) as lead underwriters on the firm''s planned initial public share offering, the Wall Street Journal reported on Tuesday, citing people familiar with the matter. Saudi Arabian Oil Co, known as Saudi Aramco, was not immediately available for comment. JPMorgan declined to comment while Morgan Stanley, and HSBC also could not be immediately reached for comment. The listing of Aramco is expected to be the world''s biggest initial public offering and could raise up to $100 billion (80.24 billion pounds). The IPO is the centrepiece of the government''s ambitious plan, known as Vision 2030, to diversify the economy beyond oil. Saudi authorities are aiming to list up to 5 percent of the world''s largest oil producer on both the Saudi stock exchange in Riyadh, the Tadawul, and on one or more international markets. Aramco received proposals from at least six banks for an advisory role on the IPO, sources familiar with the process told Reuters earlier on Tuesday. JPMorgan was close to being selected as an underwriter, Reuters reported on Friday, citing a source. Aramco also recently chose boutique investment bank Moelis & Co ( MC.N ) as an adviser. The IPO plan has been championed by Deputy Crown Prince Mohammed bin Salman, who oversees the country''s energy and economic policies. Last year, he said he expected the IPO would value Aramco at a minimum of $2 trillion, and that the figure might end up being higher. (Reporting by Ismail Shakil in Bengaluru; Editing by James Dalgleish and Diane Craft) Next In Business News Oil rises 1 percent as OPEC sees higher compliance with cuts NEW YORK Oil prices ended about 1 percent higher after touching three-week highs on Tuesday on OPEC''s optimism for greater compliance with its deal with other producers including Russia to curb output in an effort to clear a glut that has weighed on the market.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-saudi-aramco-ipo-idUKKBN1602TY'|'2017-02-22T06:47:00.000+02:00'
'91d9b749a12fe3157c6cf4b4fdba633b8de1747c'|'BRIEF-Maui Land & Pineapple Q4 earnings per share $0.39'|' 34am EST BRIEF-Maui Land & Pineapple Q4 earnings per share $0.39 Feb 23 Maui Land & Pineapple Company Inc * Maui Land & Pineapple reports 2016 net income of $21.8 million * Q4 revenue $20.3 million * Q4 earnings per share $0.39 Source text for Eikon: Glencore sees debt/EBITDA falling below 1.5 times in 2017 LONDON, Feb 23 Commodities giant Glencore expects its debt to core earnings ratio to fall below 1.5 times in 2017, well below its recently lowered long-term target of 2 times, as commodities prices rise, Chief Executive Ivan Glasenberg said on Thursday. (Reporting by Dmitry Zhdannikov; editing by Jason Neely) 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-maui-land-pineapple-q4-earnings-pe-idUSASB0B1RZ'|'2017-02-23T15:34:00.000+02:00'
'08012be8a3063a7d16ee248a6777e3804575b764'|'UPDATE 1-Fannie Mae secures commitments for credit transfer deal'|'Business News  16pm EST Fannie Mae secures commitments for credit transfer deal A stands outside Fannie Mae headquarters in Washington February 21, 2014. REUTERS/Kevin Lamarque Fannie Mae ( FNMA.PK ) said on Friday it secured commitments for a second transaction under which the U.S. mortgage finance agency will transfer some credit risk to reinsurers on $15 billion worth of single-family home loans it plans to buy from lenders. This type of security is aimed at reducing Fannie Mae''s exposure to defaults, which soared during the housing bust about a decade ago. Coverage and pricing for the risk transfer deal are committed for 12 months for loans it acquires in the first quarter, Fannie said. The Washington-based company said it will retain risk for the first 50 basis points of loss on the pool of loans tied to this deal. If this $75 million "retention layer," or cushion for loan losses, is exhausted, the participating mortgage insurance companies will cover the next 250 basis points of loss on the pool, up to a maximum coverage of approximately $375 million, it said. Fannie added that it will continue to offer credit risk transfer deals that cover existing mortgages on its portfolio. The company''s total book of business was $3.144 trillion at the end of 2016. Since 2013, it has transferred a portion of its risk on possible defaults on more than $896 billion worth of single-family mortgages. (Reporting By Richard Leong; Editing by Jonathan Oatis) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-fanniemae-credittransfer-idUSKBN16324T'|'2017-02-25T01:10:00.000+02:00'
'04778f47214b6697ecb0689f2b11e7728124467c'|'Wall Street set to open near record highs on oil rally'|'Money   8:03pm IST S&P, Dow open at record highs as oil rallies Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., February 17, 2017. REUTERS/Brendan McDermid/Files The S&P 500 and the Dow Jones Industrial Average opened at   as a rally in oil prices added to rising optimism about U.S.   proposed tax reforms. The Dow Jones Industrial Average was up 39.49 points, or 0.19 percent, at 20,815.09, the S&P 500 was up 4.73 points, or 0.200185 percent, at 2,367.55 and the Nasdaq Composite was up 2.47 points, or 0.04 percent, at 5,863.10. (Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Saumyadeb Chakrabarty) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/usa-stocks-idINKBN1621NH'|'2017-02-23T21:03:00.000+02:00'
'eb8bfd12b0a3119f71c4dd29732c9be784a65a8f'|'China''s Legend, buyout funds preparing final bids for Allfunds Bank: sources'|'By Pamela Barbaglia , Jes<65>s Aguado and Dasha Afanasieva - LONDON/MADRID LONDON/MADRID Chinese investment firm Legend Holdings ( 3396.HK ) and three groups of private equity funds are putting the finishing touches to rival bids for Allfunds Bank, a deal worth close to 2 billion euros ($2.11 billion), sources close to the matter told Reuters.Santander Asset Management and Intesa Sanpaolo ( ISP.MI ), which own 50 percent each of Allfunds Bank, a Madrid-based mutual fund platform, have agreed to push back the deadline for the binding offers to March 1 from a previous cut-off date of Feb. 27, giving prospective bidders extra time to finalize their offers, the sources said.Banco Santander ( SAN.MC ), which controls Santander Asset Management, declined to comment, while Intesa was not immediately available for comment.The deal, which is expected to wrap up by the end of March, has drawn interest from a series of U.S. and European private equity firms which have teamed up with some cash-rich sovereign wealth funds and Canadian pension funds.A consortium of Bain Capital, Advent and Singapore''s state investor Temasek is vying against two other private equity consortia led by Permira and Hellman & Friedman, respectively, the sources said, speaking on condition of anonymity as the matter is confidential.Permira has formed an alliance with PSP Investments, one of Canada''s biggest pension funds, while Hellman & Friedman is bidding in tandem with Singapore''s sovereign wealth fund GIC, the sources said.Advent, Bain Capital, Hellman & Friedman and PSP declined to comment, while Temasek, Permira and GIC were not immediately available for comment.China''s Legend Holdings, owner of computer giant Lenovo Group ( 0992.HK ), is also keen to secure control of the business, which is regulated by the Bank of Spain and has more than 250 billion euros of assets under management.If successful, Legend would clinch its first major European deal after securing a minority interest in Britain''s Pension Insurance Corporation (PIC) last year.However, Legend would need to pass the vetting of the Bank of Spain which will have the final word on Allfunds'' new ownership structure, the sources said.A spokeswoman at Legend had no immediate comment.Allfunds could be valued at about 1.8 billion euros, fetching a multiple of roughly 15 times its pro-forma earnings before interest, tax, depreciation and amortization (EBITDA) of 117 million euros, the sources said.While its core earnings fell nearly 9 percent last year to 98 million euros, it has benefited from some new contracts which have boosted its financial projections, they said.Established in 2000 to provide access to the so-called open architecture investment funds market, Allfunds offers more than 50,000 funds and has an extensive network of more than 530 clients including commercial and private banks, fund managers and insurers.(Reporting by Pamela Barbaglia; Editing by Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-allfunds-m-a-idINKBN162297'|'2017-02-23T15:09:00.000+02:00'
'48db88d02afa9f830d158a561dd4f00603bf97fb'|'Former Valeant and Philidor execs plead not guilty in fraud scheme'|'Business  39am EST Former Valeant and Philidor execs plead not guilty in fraud scheme left right Ex-senior Valeant director Gary Tanner walks on the street after exiting the Manhattan Federal Court in New York, U.S. February 23, 2017. REUTERS/Eduardo Munoz 1/2 left right Former Philidor Chief Executive Officer Andrew Davenport walks on the street after exiting the Manhattan Federal Court in New York, U.S. February 23, 2017. REUTERS/Eduardo Munoz 2/2 By Nathan Layne - NEW YORK NEW YORK A former Valeant Pharmaceuticals International Inc executive and the former chief executive of mail order pharmacy Philidor Rx Services pleaded not guilty on Thursday to charges they orchestrated a multi-million dollar fraud and kickback scheme. Federal prosecutors accused Gary Tanner, who was a senior director at Canadian drugmaker Valeant, of working with former Philidor Chief Executive Officer Andrew Davenport to drive business and funding from Valeant to Philidor. That, prosecutors said, was part of a scheme that netted Davenport $40 million, $10 million of which was secretly kicked back to Tanner. Founded in 2013, the now-defunct Philidor was a specialty mail-order pharmacy formed with Valeant''s assistance, prosecutors said. At least 90 percent of the drugs it dispensed were Valeant-branded products, they said. Tanner and Davenport were indicted on four counts, including conspiracy to commit wire fraud and conspiracy to commit money laundering. They entered their not guilty pleas before U.S. District Judge Loretta Preska in Manhattan. Both men and their lawyers declined to comment after the hearing. Valeant did not immediately reply to a request for comment. The drugmaker had said in November that it was cooperating with the authorities while noting that the charges included allegations that the defendants had defrauded the company. (Editing by Bernadette Baum)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-valeant-pharm-in-court-idUSKBN16220D'|'2017-02-23T23:28:00.000+02:00'
'cd1aa2fe0750e0fa95c9e38e6682ae1aa6971a2b'|'UPDATE 1-Brussels Airport prepped for sale as Australia''s Macquarie seeks exit - sources'|'Company News   4:39am EST UPDATE 1-Brussels Airport prepped for sale as Australia''s Macquarie seeks exit - sources (Updates) By Arno Schuetze and Dasha Afanasieva FRANKFURT/LONDON Feb 23 Brussels Airport is being prepared for a potential sale as one of its owners is planning an exit from Belgium''s main hub, according to several people close to the matter. Brussels is Europe''s 26th largest airport, located in Zaventum just outside the city which houses the main European Union and NATO headquarters. It serves as hub for Brussels Airlines, which is being fully taken over by Lufthansa. The airport saw passenger numbers drop 7 percent last year to 21.8 million as a result of deadly attacks in March, which forced the closure of the airport for 12 days. Australian Macquarie''s infrastructure fund, which owns a 36 percent stake, is currently in talks with co-owner Ontario Teachers'' Pension Plan), which has 39 percent, on whether the Canadian investor wants to increase its stake, the sources said. Macquarie wants to exit as the fund in which it holds part of its stake has matured. Brussels airport is the last remaining asset of the Macquarie European Infrastructure Fund (MEIF) I, while the remainder of the stake is held in its MEIF III, which was closed to new investors in 2010. If the negotiations fail to come to a successful end, an auction will be started to find a third party investor, the sources said, adding that JP Morgan has been tasked with overseeing the process. Macquarie and JP Morgan declined to comment. Ontario Teachers, which manages around $130 billion, and the Belgian finance ministry, which oversees the state<74>s 25 percent shareholding, did not immediately comment. Brussels Airport was forced to introduce increased safety measure last year after suicide bombers killed 16 people and injured over 150 in its departure hall in March, part of a coordinated assault on the Belgian capital''s transport system. Macquarie Airports (MAP), a fund managed by Australian investment bank Macquarie Group Ltd, originally bought a 70 percent interest in the airport for 735 million euros ($775 million) in 2004 through a consortium vehicle. It increased its stake to 75 percent in 2007. In 2011 it sold a 39 percent stake to Ontario Teachers as part of an asset swap in which it got the Canadian investor''s stake in Sydney Airport stake. Elsewhere in Europe, Ontario Teachers is looking to sell minority stakes in Britain''s Bristol and Birmingham airports to take advantage of strong demand from pension funds and other long-term investors for the often-attractive returns on offer from such infrastructure assets, a source told Reuters this month. ($1 = 0.9486 euros) (Additional reporting by Victoria Bryan; Editing by Maria Sheahan/Jeremy Gaunt) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brusselsairport-sale-idUSL8N1G82RE'|'2017-02-23T16:39:00.000+02:00'
'0f4b665375363442a43c39ff7df81509f22d4317'|'Oil futures suggest bullish funds'' big bet on price may pay off'|'Commodities - Fri Feb 24, 2017 - 3:05am EST Oil futures suggest bullish funds'' big bet on price may pay off Fuel pump nozzles are pictured at a Helios petrol station in Almaty, Kazakhstan, June 10, 2016. REUTERS/Shamil Zhumatov By Amanda Cooper - LONDON LONDON Oil investors have placed the biggest bet in history that prices will rise, as the world''s largest exporters cut output to reduce a glut in supply, and the futures market is suggesting for the first time in a year that they could be onto a winner. Fund managers now hold more Brent oil futures and options contracts than at any time on record, equivalent to some 480 million barrels of oil and nearly double the amount held just two months ago. The pace of the increase in the benchmark April Brent futures contract LCOc1 price in that time hasn''t been as intense. The price is some 15 percent higher, around $57 a barrel, but for the first time since April last year this front-month contract is on the verge of trading above the price of longer-dated futures. This phenomenon, known as backwardation, only tends to take place when investors and traders expect prompt demand for oil to improve to the point where it overtakes supply. Total world demand averaged 97.3 million barrels per day in the fourth quarter of 2016, while supply was running at 97.9 million bpd, according to the International Energy Agency (IEA). "We estimate that the physical oil market is now in deficit, and that oil inventory levels should be falling," Investec Asset Management portfolio manager Tom Nelson, who helps manage a part of the company''s $114 billion in assets. "With approximately $1 trillion of lost investment through the recent downward trend and more constrained access to capital, we expect oil markets to remain structurally tighter for several years, suggesting a more positive period for oil prices," he said. For almost three years the world has been awash with billions of barrels of unwanted oil, after the explosion in U.S. shale production and OPEC''s strategy of producing as much crude as possible to drive out less profitable rivals. But the agreement in late November between the Organization of the Petroleum Exporting Countries and some of its competitors such as Russia to cut oil output by up to 1.2 million barrels per day in the first half of this year, and possibly beyond, has pushed benchmark Brent futures near 18-month highs. The Brent April contract now commands a premium of $1.50 over the December 2018 contract LCOZ8 and is within a few cents of trading above the second-position May contract LCOc2, something which has not happened in nearly a year, aside from contract-expiry days when these price gaps can fluctuate. BET BIG AND THE REST WILL FOLLOW With the cutting of production by OPEC, a major supplier to the ever-hungry Asian refineries, exports of crude from the North Sea hit a record of over 10 million barrels in January, and although West African exports eased that month, they held within sight of 17-month highs. When the market is in contango and near-dated prices are below those for future delivery, it becomes profitable to store oil, rather than sell it on the spot market. When this structure inverts into backwardation, stocks of oil are more likely to find their way into the market as their owners can achieve a higher selling price. Crude inventories held in the world''s richest nations are still high, but they have begun to drain, according to the IEA, which said stocks fell below the 3-billion barrel mark in December for the first time in a year. [IEA/M] "It does clearly show the market is seeing the light at the end of the tunnel," Saxo Bank senior manager Ole Hansen said. "U.S. production increases are unlikely to outweigh cuts that we''re seeing from OPEC and then adding expectations for a continued strong rise in global demand we have a market that is moving toward balance, but it is going to be uneven." The funds are betting that OPEC and its allies 
'd00c26635278e2f6da6de00e7acb27d6cf35a6ec'|'Exclusive: KKR prepares IPO of Gardner Denver - sources'|'By Greg Roumeliotis Buyout firm KKR & Co LP ( KKR.N ) is preparing an initial public offering (IPO) of Gardner Denver Inc that could value the U.S. industrial machinery maker at between $6 billion and $7 billion including debt, according to people familiar with the matter.Gardner Denver''s IPO would underscore the company''s recovery after energy prices edged up slightly last year. A plunge in oil and other commodity prices had hit its sales by reducing demand and capital expenditures by its energy and industrial customers.Gardner Denver may register its IPO with the U.S. Securities and Exchange Commission as early as next week, the people said on Friday. The IPO could then come later this year, the people added.The sources asked not to be identified because the deliberations are confidential. KKR declined to comment, while Gardner Denver did not immediately respond to a request for comment.Founded in 1859, Gardner Denver manufactures industrial compressors, blowers, pumps, loading arms and fuel systems used in the energy, general industrial and medical sectors.KKR took the Milwaukee, Wisconsin-based company private in 2013 for $3.9 billion.In the aftermath of a slump in energy prices in 2014, Gardner Denver took proactive restructuring actions to counterbalance some of the downward pressure on earnings, according to credit ratings agency Moody''s Investors Service Inc.A successful IPO would represent the latest successful investment of KKR''s industrials team, following the private equity firm''s sales of fall protection and rescue equipment maker Capital Safety and drug capsule manufacturer Capsugel. KKR scored a profit of around $4.25 billion on these two deals.(Reporting by Greg Roumeliotis in New York; Editing by Matthew Lewis)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-kkr-ipo-idINKBN1632IE'|'2017-02-24T19:16:00.000+02:00'
'3d43e06646742ba56b7bf1ef40b261ec61142a81'|'Buffett mulls change to canny Bank of America stake if dividend rises'|'By Jonathan Stempel Feb 25 Warren Buffett said on Saturday he plans to stick with the shrewd bet that his Berkshire Hathaway Inc made on Bank of America Corp, but might eventually swap the preferred stock that Berkshire owns into common stock.Berkshire bought $5 billion of Bank of America preferred stock carrying a 6 percent dividend, or $300 million annually, in August 2011, when many investors worried about the second-largest U.S. bank''s capital needs.More importantly, Buffett also received warrants to buy 700 million Bank of America common shares at $7.14 each, roughly where the stock traded, by September 2021.Many analysts thought the terms agreed to by Buffett and Bank of America Chief Executive Brian Moynihan were generous to Berkshire. And so far, they have been proven right.Berkshire is now sitting on a $12 billion gain on the warrants because Bank of America''s stock price has more than tripled, to $24.23.That includes a more than 42 percent increase in the 3-1/2 months since Donald Trump won the U.S. presidential election.In his annual letter to Berkshire shareholders, Buffett said if Bank of America''s current 30 cents per share annual dividend rose above 44 cents before 2019, "we would anticipate making a cashless exchange of our preferred into common."On the other hand, Buffett said that if the Charlotte, North Carolina-based bank''s dividend stayed below 44 cents, "it is highly probable that we will exercise the warrant immediately before it expires."Bank of America spokesman Larry Di Rita declined to comment.Many U.S. banks, including Bank of America, were forced to slash their dividends because of the 2008 financial crisis.Some have since boosted payouts after getting seals of approval through annual U.S. Federal Reserve "stress tests" that examine their ability to withstand major market shocks.Bank of America last boosted its dividend 50 percent after passing its most recent stress test in June.The preferred investment was among several totaling more than $25 billion that Berkshire made from 2008 to 2011 in Dow Chemical Co, General Electric Co, Goldman Sachs Group Inc and other companies, when Berkshire was often seen as a lender of last resort.Most have since been redeemed, and Buffett has lamented the loss of their mid- to high- single-digit or double-digit income streams.The Goldman investment also included cashless warrants to buy common stock. Berkshire ended 2016 with 11.39 million Goldman shares, and assuming it still owns them is sitting on a nearly $2.2 billion gain. (Reporting by Jonathan Stempel in New York; Editing by David Gregorio)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/berkshire-hatha-buffett-bankofamerica-idINL1N1GA0AF'|'2017-02-25T13:31:00.000+02:00'
'b7d5ecdd300a2111f4e540f1f1f68ea3f115e5e8'|'ECB won''t end asset purchase programme all of a sudden, Weidmann says'|'Business News - Sat Feb 25, 2017 - 3:32pm GMT ECB won''t end asset purchase programme all of a sudden, Weidmann says FILE PHOTO: President of the Deutsche Bundesbank Jens Weidmann sits during a news conference at the 2016 World Bank-IMF Spring Meeting in Washington, U.S., April 16, 2016. REUTERS/Joshua Roberts/File Photo BERLIN The European Central Bank will not put a sudden end to its asset purchase programme, ECB policymaker Jens Weidmann said in an interview with German newspaper Frankfurter Allgemeine Sonntagszeitung. In comments due to be published on Sunday, Weidmann reiterated his criticism of the ECB''s asset purchases, saying he saw them "very critically". "Given that debts are still high in some euro zone countries, that could cause pressure to build on monetary policy to keep interest rates low for longer than is absolutely necessary," said Weidmann, who is also an ECB policymaker. But he added: "The ECB (Governing) Council will not end the purchases all of a sudden now." (Reporting by Michelle Martin; Editing by Hugh Lawson) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ecb-policy-weidmann-idUKKBN1640IY'|'2017-02-25T22:32:00.000+02:00'
'b8062dd6ee21d6916f136bdd04b9a080e2c128db'|'New Zealand competition watchdog rejects Sky TV purchase of Vodafone NZ'|'WELLINGTON New Zealand''s competition regulator on Thursday rejected Sky Network Television''s ( SKT.NZ ) proposed acquisition of Vodafone''s New Zealand unit ( VOD.L ), saying that it would create a monopoly on premium sports content.The Commerce Commission said in a statement that its concerns about the NZ$1.3 billion ($930 million) deal outlined in October had not been assuaged."We have concerns that this could impact competitiveness of key third players in these markets," Commerce Commission Chairman Mark Berry said in the statement.Vodafone said it will consider its options after it has examined the commission''s decision."We are disappointed the Commerce Commission was unable to see the numerous benefits this merger brings to New Zealanders," Vodafone''s New Zealand CEO Russell Stanners said.The regulator had delayed its decision until February after asking Sky and Vodafone for more details on the deal, which was first proposed in June.Rival telecoms company Spark New Zealand ( SPK.NZ ) also opposed the deal and had received a court stay on Wednesday for a temporary halt if the regulator ruled in flavor of the sale."The Commerce Commission''s decision to decline the proposed merger between Sky Network Television Ltd and Vodafone New Zealand is a big positive for Kiwi consumers," Spark<72>s General Manager for Regulatory Affairs, John Wesley-Smith, said in a statement.(Reporting by Charlotte Greenfield; Editing by Toby Chopra and David Goodman)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-sky-network-tv-vodafone-group-idUSKBN1612KO'|'2017-02-22T23:41:00.000+02:00'
'b1a78cc88b7dd15c8cda113815c0850316f3da44'|'U.S. fund investors less skittish on international stocks'|'Company News - Wed Feb 22, 2017 - 2:25pm EST U.S. fund investors less skittish on international stocks By Trevor Hunnicutt NEW YORK, Feb 22 Investors galloped into stocks for the third straight week, delivering U.S.-based funds invested in companies abroad the most cash since August 2015, Investment Company Institute data released on Wednesday show. World stock funds attracted $5.3 billion, the most since August 2015, the trade group said, as investors built up bets in relatively low-priced markets. "There is a perennial value investor who recognizes that we''ve had one of the biggest gaps in relative performance over the last 5 years between the U.S. and internationally that we''ve had," said Rod Smyth, chief investment strategist at RiverFront Investment Group LLC. "Maybe this will be the year where they finally keep up or do a little better." Investors could be excused for showing skepticism. In the ten years through 2016, the S&P 500 gained 6.9 percent a year. The MSCI ACWI index, which includes the United States and 45 other countries, gained just 4.1 percent a year over that period. Investors who snapped up international stock funds in 2015 were met with an oil price collapse and a Chinese currency devaluation that August. In more recent months, concerns over Britain''s exit from the European Union and Japanese monetary policy have weighed on the funds. After pouring $203 billion into the funds in 2015, investors pulled $4.4 billion last year, according to ICI. Returns have picked up in recent months, with the MSCI ACWI gaining 12 percent since July and charting new records. Economic data this month in China showed inflation, imports and exports all gaining steam, helping commodity prices and offering new evidence that the global economy is building momentum. Investors poured $1.5 billion into emerging market stock funds during the latest week, earlier data from Thomson Reuters Lipper showed, marking the funds'' seventh straight week of inflows and the biggest haul since last August. At the same time, many investors are pointing to the European and Japanese stock markets as offering a bargain. But Smyth said the gains or price momentum in international stocks still have not been impressive compared with domestic markets. "The value side is pulling us toward international markets, and the momentum side is saying, ''Em, not yet,''" he said. U.S.-based equity funds overall attracted more than $13 billion during the week through Feb. 15, according to the ICI. U.S.-based bond funds attracted $8.6 billion, their eighth straight week of inflows. The following table shows estimated ICI flows, including mutual funds and exchange-traded funds (all figures in millions of dollars): 2/15 2/8 2/1 1/25 1/18/2017 Equity 13,314 5,492 15,045 -3,933 -1,292 -Domestic 8,059 814 11,769 -8,249 -3,748 -World 5,255 4,678 3,276 4,315 2,457 Hybrid -52 155 -567 -549 -106 Bond 8,594 11,615 9,388 8,158 4,655 -Taxable 7,977 10,705 8,511 7,637 3,531 -Municipal 616 911 877 521 1,124 Commodity 327 1,061 413 -492 231 Total 22,182 18,323 24,279 3,185 3,488 (Reporting by Trevor Hunnicutt; Editing by Meredith Mazzilli) Next In Company News Peugeot sets sales and savings goals for Opel deal - sources LONDON/FRANKFURT/PARIS, Feb 22 French carmaker PSA Group expects its planned acquisition of General Motors'' Opel division to lead to combined sales of 5 million vehicles by 2022 and save as much as 2 billion euros ($2.1 billion) annually, as the talks advance towards a likely deal in early March, sources told Reuters.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-mutualfunds-ici-idUSL1N1G7129'|'2017-02-23T02:25:00.000+02:00'
'5785e3eb1dc0c3931ce0df6638ca7f477b7a8fdc'|'BRIEF-Parker Drilling announces public offerings of common stock'|' 56pm EST BRIEF-Parker Drilling announces public offerings of common stock Feb 21 Parker Drilling Co: * Parker Drilling Company announces public offerings of common stock and series a mandatory convertible preferred stock * Parker Drilling Co - commencing a registered public offering of 12 million shares of its common stock * Parker Drilling Co - commencing registered public offering of approximately $50 million of its series a mandatory convertible preferred stock  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-parker-drilling-announces-public-o-idUSASB0B1DR'|'2017-02-22T04:56:00.000+02:00'
'a38f110af8ee57721c13eadcae92578a247156a1'|'UPDATE 1-Ternium buys ThyssenKrupp''s Brazil mill for $1.3 bln'|'Company News - Tue Feb 21, 2017 - 8:32pm EST UPDATE 1-Ternium buys ThyssenKrupp''s Brazil mill for $1.3 bln By Guillermo Parra-Bernal and Tatiana Bautzer - SAO PAULO SAO PAULO Feb 21 Ternium SA has agreed to buy 100 percent of ThyssenKrupp AG''s Brazilian mill CSA Cia Sider<65>rgica do Atlantico SA for 1.26 billion euros ($1.33 billion), ending five years of unsuccessful efforts by the German company to exit Latin America''s largest economy. Under terms of the deal, which was announced late on Tuesday, Ternium will also assume around 300 million euros that CSA owes to Brazil state development bank BNDES. Reuters reported in October that ThyssenKrupp and Ternium, a steelmaker in the Italian-Argentine Techint Group of industrial companies, were in advanced talks. In a statement, Daniel Novegil, Ternium''s chief executive officer, said the additional slab production from CSA will generate "new integration opportunities" with existing units in Mexico and Argentina. ThyssenKrupp sold the mill for a much lower price than the $3 billion initially expected by analysts and investors. CSA, the largest foreign investment project ever in Brazil, had an estimated cost of about $10 billion and has been operating since 2010. The CSA plant, which is located in the city of Santa Cruz in Brazil''s Rio de Janeiro state, has operated for six years with pre-license authorization after being the target of several pollution lawsuits. It only won a permanent operating license late last year. At the start of the decade, ThyssenKrupp decided to reduce exposure to steelmaking to concentrate on more profitable businesses including elevators, submarines and car parts and to grow in Europe. The company said in a statement the CSA sale was "another big step" of its strategy. ThyssenKrupp was forced to become the sole owner of CSA last April after former partner Vale SA, the world''s No. 1 iron ore producer, exited for a token sum. Vale announced at the time that it would have the right to receive part of what ThyssenKrupp would receive in a future sale, but the German group did not mention any payment to Vale in the statements announcing the sale. (Editing by Bill Rigby) Next In Company News PRECIOUS-Gold prices steady as investors look for rate hike clues from Fed Feb 22 Gold held firm on Wednesday after falling as much as 1 percent the session before, with investors waiting for minutes from the Federal Reserve''s last meeting for clues on the timing of interest rate hikes. FUNDAMENTALS * Spot gold was steady at $1,236 per ounce at 0054 GMT, while U.S. gold futures fell 0.1 percent to $1,237. * Data showed the U.S. Purchasing Managers Index (PMI) was at 53.9 in February, down from 55.6 in January and expe'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/csa-ma-ternium-idUSL1N1G7009'|'2017-02-22T08:32:00.000+02:00'
'c82250621bbc5bdc04811df505d7362f48f6605c'|'Austria looks into broadening Airbus fraud lawsuit to U.S., Britain'|'  7:24am GMT Austria looks into broadening Airbus fraud lawsuit to U.S., Britain VIENNA Austria may broaden a lawsuit against Airbus and the Eurofighter consortium to U.S. and British courts, alleging wilful deception and fraud linked to its 2003 order for jet fighters worth nearly 2 billion euro ($2.1 billion). On Feb. 16, Austria''s defense ministry announced it would sue Airbus and Eurofighter in Austria, accusing them of misleading Vienna about the purchase price, deliverability and equipment of the jets. The incurred damage could amount to 1.1 billion euros. On Friday, a spokesman for the defense ministry confirmed a report by Austrian newspaper Kurier. He said: "From the viewpoint of compliance rules in British and U.S. American law, there are indications that the jurisdiction of English and U.S. American authorities could be justified due to the many offset deals with U.S. American parties." Airbus had earlier said it denied the accusations vigorously. The company could not immediately be reached for comment on a possible broadening of the lawsuit. The defense ministry has said it had found Airbus and the consortium illegally charged nearly 10 percent of the purchase price of 1.96 billion euros for so-called offset deals. Such deals, which involve work being given to local companies, were part of the agreement, but their cost should have been reported separately, it has said in a report. "It is not ruled out that after completing investigations, making a request to the English or U.S. American authorities might be considered," the ministry spokesman said on Friday. He added the ministry was working with U.S. law firm Skadden, Arps, Slate, Meagher & Flom. Austrian prosecutors started investigations into the case on Thursday. (Reporting By Shadia Nasralla,editingby Larry King) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-austria-airbus-group-idUKKBN1630LC'|'2017-02-24T14:23:00.000+02:00'
'a5841171aaceb9e77e3930ecd6180c25b986ae60'|'Boeing to deliver 1st tranche of converted freighters to China by end-2017'|'SHANGHAI Feb 23 Boeing Co said it was planning to deliver its first tranche of revamped old passenger jets to be used as freight haulers in China by the end of the year, amid a boom in e-commerce that is driving China''s parcel delivery market.Boeing will have the revamped versions of the popular 737-800 passenger jet ready for delivery in the fourth quarter of 2017, Anbessie Yitbarek, Boeing''s vice president of customer support for Asia Pacific told the official Xinhua news agency."In emerging markets, led by China, we''ve seen huge demand for freighters from e-commerce and express delivery entities," Yitbarek said, adding China made up half of all orders. "China has the strongest demand for standard-body freighters."A company spokesman confirmed the accuracy of the comments about the Boeing converted freighter (BCF) programme."Boeing has received up to 60 orders and commitments for the 737-800BCF. We are on schedule to re-deliver the first 737-800BCF in the fourth quarter of 2017," he said in emailed comments to Reuters on Thursday.The conversions will be done at Boeing Shanghai Aviation Services and Taikoo (Shandong) Aircraft Engineering (STAECO), Xinhua said.Boeing sells three types of dedicated freighters from the mid-sized 767 up to the larger 777 and the 747-8 jumbo. It also offers passenger-to-freight conversions of its mid-sized 767.Last year, the planemaker estimated demand for 1,440 converted freighters and 930 new ones over two decades. (Reporting by Adam Jourdan and Brenda Goh; Editing by Himani Sarkar)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/boeing-china-idINL4N1G81V6'|'2017-02-23T02:11:00.000+02:00'
'f511734a50a4020625a92a0f92c55a72565092b4'|'A London penthouse for <20>60,000 per week, plus the Isa offering 12% returns - 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 Pension changes could cost 11m Britons thousands of poundsViagogo condemned over Ed Sheeran cancer benefit concert ticketsHotpoint tells tumble dryer owners: unplug faulty machines due to fire riskAmazon, Deliveroo and Uber <20>still viable<6C> with no gig economy workersGas and electricity prices may have to rise further, warns industry bodyFeature A London penthouse for <20>60,000. No, not to buy <20> that<61>s the weekly rentFacebook Twitter Pinterest A view of Hyde Park from a balcony at the Grosvenor House Suites by Jumeirah Living. Photograph: Jumeirah In picturesHomes for around <20>300,000Facebook Twitter Pinterest Your budget will buy you this two-bedroom barge in central London<6F>s only marina, St Katherine Docks, a hidden enclave near Tower Bridge. Photograph: River Homes In the spotlightThe <20>innovative finance<63> Isa is being hailed by some as the answer to years of miserable interest rates. Rupert Jones looks at who is offering them and how they workFacebook Twitter Pinterest Cutting out the banks: peer-to-peer websites match lenders with borrowers. Photograph: Alamy Stock Photo Consumer championsI<73>m losing my unused Vodafone pay-as-you-go credit after switchingBT<42>s crossed wires over line rental refundHow can I trace the holiday my late husband bought on Booking.com?Domestic & General caught me in a spin cycle over warrantyMoney deals Get a 10% discount on Guardian travel insurance , provided by Voyager, until 28 February. Use promo code WIN10 to claim your discount.You could save on international money transfers with free online transfers and competitive exchange rates from Guardian International Money Transfers , provided by Moneycorp.Money Money Talks Pensions Isas Consumer affairs Consumer rights Savings '|'theguardian.com'|'https://www.theguardian.com/uk/business'|'https://www.theguardian.com/money/2017/feb/23/london-penthouse-60000-per-week-isa-high-returns'|'2017-02-23T23:20:00.000+02:00'
'735e057d47beb80bc4a060ce406fd875dde2c53b'|'FEATURE-Dakota protesters regroup, plot resistance to other pipelines'|'Top News - Sat Feb 25, 2017 - 6:08am EST Dakota protesters regroup, plot resistance to other pipelines A man warms up by a fire in Sacred Stone camp, one of the few remaining camps protesting the Dakota Access Pipeline in Cannon Ball, North Dakota, U.S., February 24, 2017. REUTERS/Stephen Yang By Terray Sylvester - CANNON BALL, N.D. CANNON BALL, N.D. Opponents of the Dakota Access Pipeline who were pushed out of their protest camp this week have vowed to keep up efforts to stop the multibillion-dollar project and take the fight to other pipelines as well. The Oceti Sakowin camp in Cannon Ball, North Dakota, was cleared by law enforcement on Thursday and almost 50 people, many of them Native Americans and environmental activists, were arrested. The number of demonstrators had dwindled from the thousands who poured into the camp starting in August to oppose the pipeline that critics say threatens the water resources and sacred land of the Standing Rock Sioux Tribe. The tribe has said it intends to fight the pipeline in court. The 1,170-mile (1,885 km) line, built by Energy Transfer Partners LP, will move crude from the shale oilfields of North Dakota to Illinois en route to the Gulf of Mexico, where many U.S. refineries are located. Tonya Olsen, 46, an Ihanktonwan Sioux from Sioux Falls, South Dakota, who had lived at the camp for 3-1/2 months, said she was saddened by the eviction but proud of the protesters. She has moved to another nearby camp on Standing Rock Sioux Tribe reservation land, across the Cannon Ball River. "A lot of people will take what they''ve learned from this movement and take it to another one," Olsen said. She may join a protest if one forms against the Keystone XL pipeline near the Lower Brul<75> Sioux Reservation in South Dakota, she added. Tom Goldtooth, a protest leader and executive director of the Indigenous Environmental Network, said the demonstrators'' hearts were not defeated. "The closing of the camp is not the end of a movement or fight, it is a new beginning," Goldtooth said in a statement on Thursday. "They cannot extinguish the fire that Standing Rock started." Many hope their fight against the project will spur similar protests targeting pipelines across the United States and Canada, particularly those routed near Native American land. "The embers are going to be carried all over the place," said Forest Borie, 34, a protester from Tijuana, Mexico, who spent four months in North Dakota. "This is going to be a revolutionary year," he added. NEXT TARGETS Borie wants to go next to Canada to help the Unist''ot''en Native American Tribe in their long-running opposition to pipelines in British Columbia. Energy Transfer Partners, the Dallas-based company constructing the Dakota Access pipeline, is already facing pushback from a diverse base of opposition in Louisiana, where it is planning to expand its Bayou Bridge pipeline. Other projects mentioned by protesters as possible next stops include the Sabal Trail pipeline being built to transport natural gas from eastern Alabama to central Florida, and Energy Transfer Partners'' Trans-Pecos in West Texas. Sabal Trail is a joint project of Spectra Energy Corp, NextEra Energy Inc and Duke Energy Corp. Another protest is focused on Plains All American Pipeline''s Diamond Pipeline, which will run from Cushing, Oklahoma, to Valero Energy Corp''s Memphis refinery in Tennessee. Anthony Gazotti, 47, from Denver, said he will stay on reservation land until he is forced out. Despite construction resuming on the Dakota pipeline, he said the protest was a success because it had raised awareness of pipeline issues nationwide. "It''s never been about just stopping that pipeline," he said. June Sapiel, a 47-year-old member of the Penobscot Tribe in Penobscot, Maine, also rejected the idea that the protesters in North Dakota had failed. "It''s waking people up," she said in front of a friend''s yurt where she has been staying. "We''re going to go out
'7d6f8ab7e464d72d06b0e686526397c176421c85'|'Buffett scorns tricky Wall Street accounting, but defends buybacks'|'By Trevor Hunnicutt - NEW YORK NEW YORK Billionaire investor Warren Buffett on Saturday attacked what he saw as tricks used by U.S. companies to boost earnings and stock prices, but he defended one oft-criticized practice: share buybacks."As the subject of repurchases has come to a boil, some people have come close to calling them un-American <20>characterizing them as corporate misdeeds that divert funds needed for productive endeavors," Buffett said in his annual letter to shareholders."That simply isn''t the case: Both American corporations and private investors are today awash in funds looking to be sensibly deployed. I''m not aware of any enticing project that in recent years has died for lack of capital."Some critics, including BlackRock Inc ( BLK.N ) Chief Executive Officer Larry Fink, think the practice of companies buying back their own shares to boost earnings has been used to excess.Repurchasing shares boosts earnings per share by reducing the shares remaining on the market. Critics contend the money can be better used to hire employees or buy equipment.Buybacks fell to an average $2.3 billion a day during the January-February earnings season, TrimTabs Investment Research Inc data showed on Monday, after spiking to $5.7 billion a day in early-to-mid 2015.Last month, Fink warned CEOs of S&P 500 .SPX companies in a letter that the world''s largest asset manager would be looking for an explanation of how cash from corporate tax cuts touted by U.S. President Donald Trump will be used, especially if it is deployed for buybacks.Buffett can buy Berkshire''s own shares back at 120 percent or less of book value, but that has "proved hard to do," Buffett said."Our buying out ''partners'' at a discount is not a particularly gratifying way of making money. Still, market circumstances could create a situation in which repurchases would benefit both continuing and exiting shareholders," he said. "If so, we will be ready to act."ACCOUNTING TRICKSBuffett was less sanguine on other practices used by public companies, saying "too many" are deviating from principles (GAAP) to present better earnings numbers.Buffett said it "makes us nervous" that companies regularly leave out what they call "restructuring costs" and "stock-based compensation" from their expenses, boosting profits by deviating from standard accounting practices."To tell owners year after year, ''Don''t count this,'' when management is simply making business adjustments that are necessary, is misleading. And too many analysts and journalists fall for this baloney."(Reporting by Trevor Hunnicutt; Editing by Jennifer Ablan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-berkshire-hatha-buffett-buybacks-idINKBN1640Q7'|'2017-02-25T16:45:00.000+02:00'
'09391fbab8a803ae59eb15735dc347137641340c'|'Channel Nine apologises to Gina Rinehart over House of Hancock miniseries - Business'|'Channel Nine has apologised to billionaire Gina Rinehart for its depiction of her in its 2015 miniseries The House of Hancock, and agreed not to circulate the program again.Rinehart had instigated legal action against Nine and the production company responsible for the program, Cordell Jigsaw, over the two-part miniseries recounting the family drama of one of Australia<69>s wealthiest mining dynasties.The northern Australia plan is good for Gina Rinehart, but is it good for the future? - Jason Wilson Read more Nine and Cordell Jigsaw apologised to Rinehart in a statement on Friday that clarified the program <20>was a drama, not a documentary, and certain matters were fictionalised for dramatic purposes<65>.<2E>Nine and Cordell Jigsaw accept that Mrs Rinehart had a very loving and close relationship with her mother, father and husband, and has with [her children] Hope and Ginia ...<2E>Nine and Cordell Jigsaw accept that Mrs Rinehart found the broadcast to be inaccurate. That was certainly not the intention of Nine or Cordell Jigsaw, and each unreservedly apologises to Mrs Rinehart and her family for any hurt or offence caused by the broadcast and its promotion.<2E>The statement also acknowledged Rinehart<72>s <20>significant contribution<6F> to Australia<69>s industry and economy, as well as her <20>longstanding support of elite sport and numerous worthwhile charities<65>.The program makers agreed to pay Rinehart<72>s legal costs, likely to be a six-figure sum, and confirmed that the miniseries would not be sold to streaming channels, foreign markets or released on DVD.The first episode attracted more than 1.4 million viewers when it aired on the Nine network in February 2015.Rinehart won the right to see the second episode before it was broadcast in an out-of-court settlement, and ordered Nine edit parts of it out. She later took legal action against the network <20> and subsequently the production company <20> for defamation.Rinehart<72>s solicitor, Mark Wilks, said at the time the House of Hancock was <20>twisted<65> and <20>offensive<76>, and that some scenes were <20>entirely false<73>.In a statement Rinehart said she was pleased to receive a public apology for <20>such an inaccurate and distorted mini series<65>.<2E>This case was not about money. It was about Mrs Rinehart standing up for her deeply loved family members to try to stop the further spreading of unfair and grossly disgraceful falsehoods about her family, especially when certain of her family members are no longer here able to defend themselves.<2E>She called on politicians to <20>activate long overdue reform<72> to protect public figures from unfair representations in the media.In January, an Oxfam report found Rinehart to be among the wealthiest 1% of Australians.Gina Rinehart Channel Nine Australian media Television industry news   Share   Reuse this content'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/feb/24/channel-nine-apologises-to-gina-rinehart-over-house-of-hancock-miniseries'|'2017-02-24T14:02:00.000+02:00'
'997e17cdd1875350e0fadb23f26c898e75259fa6'|'UK minister to meet Peugeot CEO on Friday over takeover of GM''s Vauxhall'|'Business News   12:36pm GMT UK minister to meet Peugeot CEO on Friday over takeover of GM''s Vauxhall The logo of French car maker Peugeot is seen at a dealership in Nice, France, February 23, 2017. REUTERS/Eric Gaillard LONDON Britain''s business minister Greg Clark will meet the chief executive of Peugeot ( PEUP.PA ) on Friday as the French carmaker explores the takeover of General Motors'' European division, known as Vauxhall in Britain and Opel on the continent. Carlos Tavares is due to meet the head of Britain''s biggest union Unite on Friday morning in London and has already discussed the deal, which has raised concerns about possible site closures and job losses, with Prime Minister Theresa May by phone. "There will be a meeting between Carlos Tavares and Greg Clark tomorrow," a business ministry spokesman told Reuters on Thursday. (Reporting by Costas Pitas; editing by Stephen Addison) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-opel-m-a-psa-britain-idUKKBN1621E9'|'2017-02-23T19:36:00.000+02:00'
'6edcbeba1cb2e9d39e82cb2ee90d480c007bb617'|'Just as neoliberalism is finally on its knees, so too is the left - Josh Bornstein'|'Friday 24 February 2017 19.30 GMT Last modified on Friday 24 February 2017 19.32 GMT T he 10th anniversary of the global financial crisis looms this year, which means it<69>s almost a decade since neoliberal economics began to fall apart. The crisis spawned a global recession, the near collapse of global finance and the subsequent eurozone crisis as governments incurred huge debts amid efforts to rescue the hapless banking industry. The then Australian prime minister, Kevin Rudd , observed in the immediate aftermath: The current crisis is the culmination of a 30-year domination of economic policy by a free-market ideology that has been variously called neoliberalism, economic liberalism, economic fundamentalism, Thatcherism or the Washington consensus. The central thrust of this ideology has been that government activity should be constrained, and ultimately replaced, by market forces. The global recession that followed was the worst in 70 years and its effects continue to be felt in many developed countries. Australia was one of the fortunate few to avoid a recession, thanks to enormous government-funded stimulus packages and the continuation of an unprecedented mining boom. Nevertheless, economic activity has been sluggish ever since, job growth has stalled, wage growth has collapsed and inequality is on the rise. We are unlikely to spot next financial crisis, Bank of England official says Read more And yet in 2017, just as neoliberalism is on its knees, so too is the left. It matters not whether we are describing social democrats, socialists, the hard left or the moderate left. A swath of populist extreme rightwing forces is sweeping through many developed countries. Europe now resembles a graveyard for social democracy. How did it come to this? First and foremost, there is incompetence. Neoliberal economics, a creation of the right and embraced to varying degrees by social democrats, has dominated western politics for nigh on four decades. Its mantras of deregulation, privatisation and cutting tax for the wealthy and corporations have been exhausted, if not discredited. There are only so many assets that can be privatised and, as the head of the Australian Competition and Consumer Commission, Rod Sims, has noted, replacing a public-sector monopoly with a private-sector monopoly has simply driven up prices . The fetish for deregulation and tax cutting has caused immense harm <20> for consumers, for workers and for governments seeking to provide services demanded of them but hampered by inadequate revenue. It is not just Pope Francis who has called for major reform of the economic system. The World Economic Forum, which met in January, advocated <20>fundamental reforms to market capitalism to tackle inequality<74>. In doing so, it echoed statements of the International Monetary Fund and World Bank, formerly strong advocates of the neoliberal agenda. Neoliberalism <20> the ideology at the root of all our problems Read more The growth of income and wealth inequality meticulously documented by the French economist Thomas Piketty is economically harmful and politically unsustainable. Extreme concentration of wealth undermines the economy, particularly by depressing demand for goods and services. It corrodes democracy as the wealthiest few exercise a disproportionate effect on the political process. The consistent smashing of climate records across the globe, wiping out species and disrupting industry, the mounting losses caused by extreme weather and the increasing numbers of climate refugees do not militate for more of the invisible hand. When it comes to the climate crisis, neoliberalism has nothing to offer. Progressive politicians and political parties have had decades to develop alternative policies and programs and then prosecute them. Overwhelmingly, they have failed. In fact, they have lagged behind conservative institutions and politicians in recognising the failings of neoliberalism and moving away f
'eb9cea0b0464ce0994171ed42830e8e691b7eb8c'|'China names new planning chief, commerce minister before key meeting'|'Business News - Fri Feb 24, 2017 - 10:50am GMT China names new planning chief, commerce minister before key meeting By Shen Yan Kevin Yao - BEIJING BEIJING China has appointed a new head for its top economic planning agency and a new commerce minister as part of a reshuffle ahead of a crucial Communist Party meeting later this year. He Lifeng, a vice chairman of the National Development and Reform Commission (NDRC), has been tapped to lead the agency, state media Xinhua said Friday on its official microblog, citing a decision by the standing committee of the National People''s Congress, replacing Xu Shaoshi, who has reached retirement age. Zhong Shan, currently a vice commerce minister, has been named new head of the ministry, the Ministry of Commerce said on its website, taking over from Gao Hucheng. Reuters had earlier reported China will appoint He and Zhong as the new chiefs of the nation''s two top economic policymakers, citing sources with direct knowledge of the matter. Zhong was previously China''s international trade representative, responsible for trade negotiations, and held official positions in Zhejiang province when Chinese President Xi Jinping served as governor and party boss of the province from 2002-2007. Beijing is struggling to cope with weak global demand and faces risks from growing U.S. trade protectionism as the Trump administration shows an aversion to globalisation, which has benefited China hugely. In an interview with Reuters, President Donald Trump declared China the "grand champions" of currency manipulation on Thursday, just hours after his new treasury secretary pledged a more methodical approach to analysing Beijing''s foreign exchange practices. The NDRC is tasked with overseeing the Chinese economy, regulating prices and approving major infrastructure projects. The once-powerful NDRC was dubbed a "super-ministry" when China had a centrally planned economy, but has seen its influence erode as Beijing pushes for market-based reforms and deregulation to let market forces play a bigger role. SUPPLY-SIDE REFORMS Prior to joining NDRC, He worked for other agencies in China''s northern city of Tianjin and southeastern Fujian province. He, 62, is expected to push supply-side reforms and spearhead a drive to cut excess capacity in the steel and coal sectors. Both Xu and Gao have reached the mandatory retirement age of 65 for a Chinese cabinet minister. Guo Shuqing, governor of eastern Shandong province, will soon be appointed as head of China''s banking regulator, financial magazine Caixin reported on Thursday on its website, citing sources familiar with the matter. The 19th Party Congress, expected to be in the autumn, will see President Xi Jinping look to further cement his grip on power. Chinese officials have pledged to maintain stable economic growth this year to ensure a successful party meeting. China''s economy grew 6.7 percent last year, the slowest rate in just over a quarter of a century, and it faces risks from rising debt and growing asset bubbles, which leaders have vowed to address this year. (Reporting by Shen Yan and Kevin Yao; Editing by Richard Borsuk & Shri Navaratnam) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-china-economy-appointments-idUKKBN163154'|'2017-02-24T17:50:00.000+02:00'
'5467e0bad2d9bf1ebf012f4b79054023e12c981f'|'UK car production reaches nine-year high in January'|' 25am GMT UK car production reaches nine-year high in January An employee works on a 2013 Mini at BMW''s plant in Oxford, southern England November 18, 2013. REUTERS/Suzanne Plunkett LONDON British car production rose by an annual 7.5 percent in January to hit its highest since 2008, as strong demand for exports compensated for a decline in demand at home, an industry body said on Thursday. Overall output hit 147,922 vehicles due to a 10.8 percent increase in sales to overseas markets, according to the Society of Motor Manufacturers and Traders (SMMT) However, there are concerns about the future of production at General Motors'' ( GM.N ) British car plant after French carmaker Peugeot ( PEUP.PA ) said it was considering a takeover of GM''s European operations, which are branded as Vauxhall in Britain and Opel on the continent. Vauxhall''s Ellesmere Port plant in northern England built nearly 120,000 vehicles out of a UK total of 1.72 million cars last year. Politicians and unions are seeking guarantees from Peugeot over future output. Britain''s overwhelmingly foreign-owned car industry, which backed remaining in the European Union, is also worried about any potential tariffs as a result of Brexit which could make production at their plants uncompetitive. "Future growth will depend upon maintaining our competitiveness, not least in terms of securing a future trade deal with the EU that allows us tariff-free access to our biggest market," SMMT Chief Executive Mike Hawes said. (Reporting by Costas Pitas; Editing by Mark Potter)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-autos-production-idUKKBN16201C'|'2017-02-23T07:25:00.000+02:00'
'b594d795998b5c14447d8175d8b65fa172241243'|'IMAX China profits tumble amid box-office slump'|' 32pm EST IMAX China profits tumble amid box-office slump SHANGHAI Feb 24 IMAX China Holding Inc saw a steep fall in profits in 2016 amid a slump in China''s box-office sales, the film company said on Friday, underlining the challenge filmmakers and cinema operators face in the world''s second-largest economy. The subsidiary of large-format movie and cinema screen giant IMAX Corp saw net profit for the year fall 13 percent to $37.6 million versus 2015. Revenues were up 7.2 percent to $118.5 million. The profit drop underscores a painful slowdown that gripped China''s box office in 2016, after years of rapid growth which have lured in Hollywood movie producers looking for a boost as the North American market cools. China''s cinema ticket sales in 2016 increased 3.2 percent against the year before to 45.3 billion yuan ($6.6 billion), according to data from box-office tracker EntGroup. That compared to nearly 50 percent growth in 2015. IMAX China, which operates and installs cinema systems, saw its own box-office takings at a network of 424 cinemas fall to $295.7 million from $312.4 million in 2015. IMAX China has tie-ups with other operators such as Wanda Cinema Line . The firm''s chairman, Richard Gelfond, said in a statement that the drop in profits and ticket sales reflected "a downturn in the PRC film industry as a whole" last year, but that he expected things to improve in 2017 with a better slate of films. "This decline was primarily a result of weaker content in 2016 and not the result of any systemic issues in the China market," he added. Despite the slowdown, China is increasingly important for U.S. producers from Walt Disney Co to Time Warner Inc''s Warner Bros. A quota system for foreign films allowed into China is expected to be increased this year. (Reporting by Adam Jourdan; Editing by Stephen Coates) Next In Company News Malaysian police looking for source of chemical used to kill N.Korean KUALA LUMPUR, Feb 24 Malaysian police are investigating whether the VX nerve agent used to kill Kim Jong Nam, the estranged half brother of North Korea''s leader, was brought into the country or produced in Malaysia, the country''s police chief said on Friday.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/imax-china-results-idUSL4N1G91HL'|'2017-02-24T09:32:00.000+02:00'
'f4cf3dc6fbea92c22daa1099a512f72618ee9532'|'Alphabet''s self-driving car unit sues Uber over stolen trade secrets'|'SAN FRANCISCO Feb 23 Alphabet''s Waymo self-driving car unit sued Uber Technologies and its autonomous trucking subsidiary Otto in federal court on Thursday over allegations of theft of its confidential sensor technology.The complaint in the Northern District of California said that Uber and Otto, acquired by the ride services company in August, stole confidential information on Waymo''s lidar sensor technology to "avoid incurring the risk, time and expense of independently developing their own technology." (Reporting By Alexandria Sage; editing by Grant McCool)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/autonomous-lawsuit-idINU5N12D01A'|'2017-02-23T19:58:00.000+02:00'
'47107665b422290d9296cf483e46206f481df372'|'Stada management receives 58 euro/share takeover offer from Advent'|'FRANKFURT Buyout firm Advent International made a legally binding 3.6 billion euro ($3.8 billion) takeover offer for Germany''s Stada Arzneimittel ( STAGn.DE ), giving its management until Monday to respond.The offer, which was not extended to shareholders directly, is for 58 euros per share in cash plus the dividend for 2016, Stada said in a statement on Thursday.Stada has become the subject of a three-way bidding war between Cinven, Advent and a third buyout group that sources identified as Bain Capital.Previous expressions of interest in Stada, which went as high as 58 euros per share, have been non-binding.($1 = 0.9456 euros)(Reporting by Ludwig Burger; Editing Arno Schuetze)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-stada-m-a-advent-idINKBN1621OS'|'2017-02-23T11:16:00.000+02:00'
'4cda0215f234a4ab151a96939ab02a1372e72c57'|'CN power outage halts train movement in Ontario'|' 35am EST CN power outage halts train movement in Ontario TORONTO Feb 24 Passenger and freight train service across south-eastern Ontario were halted on Friday following a power outage at Canadian National railway''s rail traffic control center, a CN spokesman said. "Our crews have been working to restore those systems and that is fully underway. Some of the trains have begun moving again," said CN''s Patrick Waldron. (Reporting by Solarina Ho)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-train-outages-idUSL1N1G914D'|'2017-02-24T23:35:00.000+02:00'
'8658366ba6955c3d267a3ebe1d7081e662bf85cb'|'Women in sports ad strikes nerve in Arab world'|'Company News  37am EST Women in sports ad strikes nerve in Arab world By Celine Aswad Feb 22 An online commercial released by Nike this week showing Arab women fencing, boxing and spinning on ice-skates has stirred controversy over its attempt to smash stereotypes about women leading home-bound lives in the conservative region. It begins with a woman nervously peering out of her doorway and adjusting her veil before going for a run in the street, while a female voice narrates in a Saudi dialect: "What will they say about you? Maybe they''ll say you exceeded all expectations." Within 48 hours the video was shared 75,000 times on Twitter and viewed almost 400,000 times on YouTube. "An ad (which) touches on the insecurities of women in a society digs deeper and becomes an empowerment tool rather than just a product," Sara al-Zawqari, a spokeswoman for the International Red Cross in Iraq, wrote on her Twitter page. But not all the reviews were positive. "I think this ad was an utter fail," said Nada Sahimi on the company''s Instagram page. "This is not the true representation of Arab, Muslim women. We do not wear a hijab and go running in the streets, shame on Nike," she said. Filmed in the older, rundown suburbs of the glitzy Gulf Arab emirate of Dubai, the ad reflects the struggles faced not only by women across the region but also by some its own stars. Amal Mourad, a 24-year old Emirati parkour athlete shown leaping across rooftops, told Reuters her father at first forbade her from training in a gym where men were present. "Convincing my father was the toughest part ... if you want something bad enough you stick to it, and you can get it done," said Mourad, who now teaches classes in a mixed gender gym. Women exercising in public is a rare sight in much of the region and women-only gyms are few, are not fully equipped for different sports and are often more expensive than gyms for men. In Saudi Arabia, physical education is prohibited in all-girls public schools and women''s gyms remain illegal in the kingdom because female athleticism is deemed un-Islamic. Speaking to the Okaz newspaper this month, Saudi Princess Reema bint Bandar said the government would soon provide female gyms with licenses, citing public health reasons and not women''s empowerment. "It is not my role to convince the society, but my role is limited to opening the doors for our girls to live a healthy lifestyle," said bint Bandar, who is a senior official at the General Authority of Sports. The ad''s message may also tap into an emerging new market for Arab women chafing at hidebound social norms and an entertainment industry that often relegates them to docile roles. "We need to start driving the conversation away from Arab women being subjects of segregation, or oppression ... and more towards them being enablers, achievers and go-getters," said Dubai advertising executive Nadim Ghassan. (Reporting by Celine Aswad; Editing by Noah Browning and Paul Tait) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/arab-women-nike-idUSL8N1G7304'|'2017-02-23T13:37:00.000+02:00'
'f36e756aef7771735cbe3192d8a5b514a3b0c629'|'Busch holding in Pfeiffer edges above 30 percent in takeover bid'|'FRANKFURT German pump maker Busch''s holding in bid target Pfeiffer Vacuum ( PV.DE ) has edged up above 30 percent, two and a half weeks before its 949-million-euro ($1 billion) offer runs out.By the end of Feb. 21, eight days after Busch launched its offer, the group had 30.003 percent of shares in Pfeiffer, Busch said in a statement on Thursday.Family-owned Busch had already secured shares in Pfeiffer taking its holding in the group to 29.98 percent before it launched its offer. The acceptance period for the bid runs through to March 13.Pfeiffer has rejected Busch''s bid of 96.20 euros per share, which values the group at around 949 million euros, saying it lacked a control premium and did not reflect the growth potential for vacuum pumps.Shares in Pfeiffer traded at 102.50 euros, well above the offer price, by 0847 GMT on Thursday, down 0.8 percent from Wednesday''s close.Pfeiffer said last week its management could not recommend that shareholders accept Busch''s offer and that it was "reviewing other options to ensure that Pfeiffer Vacuum shareholders can appropriately participate in the long-term development of the company".MM Warburg analyst Eggert Kuls said he expected those options could include higher dividends, share buy-backs, acquisitions or strategic partnerships.Pfeiffer makes pumps used by manufacturers including semiconductor firms and makers of analytical devices such as electron microscopes. Busch describes itself as one of the world''s largest makers of vacuum pumps, blowers and compressors supplying all industry sectors.(Reporting by Maria Sheahan; Editing by Christoph Steitz and Jane Merriman)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-pfeiffer-vacuum-m-a-busch-idUSKBN1620XE'|'2017-02-23T12:18:00.000+02:00'
'357aa902ae58ae029f1a22353742b080a5248795'|'Ecopetrol extends force majeure on Vasconia crude to March exports -trade'|'Feb 23 A force majeure declared by Colombian state-run oil company Ecopetrol SA on some shipments of Vasconia crude has been extended to March deliveries, affecting at least seven cargoes of the medium grade, traders said on Thursday.Colombia''s second largest oil pipeline, the Cano Limon-Covenas, has been attacked by rebels more than a dozen times this year compared with 43 attacks for all of 2016 according to official figures, impacting exports of Vasconia.Ecopetrol declared force majeure in late January on up to five shipments for February delivery, according to traders who buy and sell that grade. After the line was halted two more times, the decision was extended to cargoes planned for March delivery.The most recent incident occurred last week, when pumping operations were halted due to a bomb attack by rebels. Ecopetrol said at the time production and exports had not been interrupted.The company did not immediately respond to a request for comment.The 485-mile (780-km) pipeline can transport up to 210,000 barrels per day of crude from oil fields operated by U.S.-based Occidental Petroleum Corp to the Caribbean port of Covenas.An alternative pipeline, the Oleoducto Central (Ocensa), and trucks are often used to transport Vasconia crude when the Cano Limon-Covenas line is out of service.But when many consecutive attacks occur or the pipeline is interrupted for a long period of time, exporters of Vasconia including Ecopetrol and Occidental, declare force majeure on affected shipments as a means to keep exports flowing to as many customers as possible.A declining number of tankers willing to move to Caribbean waters for orders due to smaller offers of Venezuelan and Colombian grades for export also has recently caused shipment delays to load Vasconia and other crudes, one of the sources said.Exports of Vasconia from Covenas terminal in Colombia have declined so far in February to some 296,000 bpd versus 306,000 bpd in January, according to Thomson Reuters Trade Flows data. (Reporting by Florence Tan in Singapore and Marianna Parraga in Houston; editing by Gary McWilliams and Marguerita Choy)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/colombia-ecopetrol-forcemajeure-idINL1N1G71L0'|'2017-02-23T12:13:00.000+02:00'
'768672231c1f3a658bb9249a284b988da075d6bb'|'Goldman, shareholders sell South Korea''s Daesung Industrial Gases'|'Company  10am EST Goldman, shareholders sell South Korea''s Daesung Industrial Gases SEOUL Feb 24 Goldman Sachs and other shareholders said on Friday they had sold 100 percent of South Korea''s second-largest producer of industrial gases to Asian private equity firm MBK Partners. The shareholders of Daesung Industrial Gases, including Goldman and Daesung Group Partners Co Ltd, did not disclose the sale price. The sale price is about $2 billion, South Korean online media Money Today reported this week, citing unnamed industry sources. That would be a record high price for a private equity-to-private equity buyout deal in South Korea. A Goldman Sachs spokesman declined to comment on price. Daesung Industrial Gases makes more than half of its revenue from industries such as display, semiconductors and petrochemicals. It reported an operating profit of 53.9 billion Korean won ($47.71 million) on revenue of 581.1 billion. ($1 = 1,129.75 won) (Reporting by Joyce Lee; editing by Jason Neely) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/daesung-ma-mbk-partners-idUSL4N1G93P9'|'2017-02-24T19:10:00.000+02:00'
'3fe57b41a653a7009decae601bf6147df86c3a0a'|'Energy Transfer says Dakota Access pipeline 99 pct complete'|'Environment  48am EST Energy Transfer says Dakota Access pipeline 99 percent complete A police officer monitors the outskirts of the Dakota Access oil pipeline protest camp near Cannon Ball, North Dakota, U.S., January 29, 2017. REUTERS/Terray Sylvester NEW YORK Energy Transfer Partners LP said on Thursday that 99 percent of its controversial Dakota Access Pipeline is complete after receiving all federal authorizations necessary earlier this month. The crude pipeline will begin or continue line fill in late March or early April, according to executives on its fourth-quarter earnings call. It will then begin "demand charges" on subscribed volumes by June 1. Native Americans and environmental activists have said the multibillion-dollar pipeline threatens the water resources and sacred land of the Standing Rock Sioux Tribe, but President Donald Trump has quickly pushed for the completion of the pipeline since taking office last month. The pipeline will carry Bakken crude from North Dakota through the Midwest, and then be transported through a connecting pipe into the U.S. Gulf Coast. The company added that it had not yet launched its next open season for additional shippers, but expects to do so in the next 30 to 60 days. It said it remains in dialogue with potential shippers currently. Meanwhile, Energy Transfer added that work on the 24-inch (61-cm) segment on the Bayou Bridge pipeline project from Lake Charles to St. James in Louisiana is ahead of schedule and expects to start deliveries in the fourth quarter. (Reporting by Catherine Ngai; Editing by Marguerita Choy) Next In Environment'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-north-dakota-pipeline-energytransfer-idUSKBN1621WF'|'2017-02-23T22:41:00.000+02:00'
'628e231a9f98dd743c28153e82f21109356e5b13'|'Tech breakthroughs take a backseat in upcoming Apple iPhone launch'|'Business News -  14am GMT Tech breakthroughs take a backseat in upcoming Apple iPhone launch left right FILE PHOTO - An Apple iPhone 7 and the company logo are seen in this illustration picture taken in Bordeaux, France on February 1, 2017. REUTERS/Regis Duvignau/File Photo 1/3 left right FILE PHOTO - A customer buys the new iPhone 7 smartphone inside an Apple Inc. store in Los Angeles, California, U.S. on September 16, 2016. REUTERS/Lucy Nicholson/File Photo 2/3 left right FILE PHOTO - A customer buys the new iPhone 7 smartphone inside an Apple Inc. store in Los Angeles, California, U.S. on September 16, 2016. REUTERS/Lucy Nicholson/File Photo 3/3 By Stephen Nellis - SAN FRANCISCO SAN FRANCISCO When Apple Inc ( AAPL.O ) launches its much-anticipated 10th anniversary iPhone this fall, it will offer an unwitting lesson in how much the smartphone industry it pioneered has matured. The new iPhone is expected to include new features such as high-resolution displays, wireless charging and 3-D sensors. Rather than representing major breakthroughs, however, most of the innovations have been available in competing phones for several years. Apple''s relatively slow adoption of new features both reflects and reinforces the fact smartphone customers are holding onto their phones longer. Timothy Arcuri, an analyst at Cowen & Co, believes upwards of 40 percent of iPhones on the market are more than two years old, a historical high. That is a big reason why investors have driven Apple shares to an all-time high. There is pent-up demand for a new iPhone, even if it does not offer breakthrough technologies. It is not clear whether Apple deliberately held off on packing some of the new features into the current iPhone 7, which has been criticized for a lack of differentiation from its predecessor. Apple declined to comment on the upcoming product. Still, the development and roll-out of the anniversary iPhone suggest Apple<6C>s product strategy is driven less by technological innovation than by consumer upgrade cycles and Apple<6C>s own business and marketing needs. "When a market gets saturated, the growth is all about refresh," said Bob O<>Donnell of Technalysis Research. "This is exactly what happened to PCs. It''s exactly what happened to tablets. It''s starting to happen to smartphones." Apple is close-mouthed about upcoming product features, but analysts and reports from Asian component suppliers and others indicate that high-resolution displays based on OLED technology -- possibly with curved edges -- are likely to be part of the anniversary phone. A radical new design is not expected, according to analysts. Some of the anticipated new technologies, notably wireless charging, remain messy. Samsung Electronics Co Ltd ( 005930.KS ) phones, for example, feature wireless charging but support two different sets of standards, one called Qi and the other AirFuel. Apple recently joined the group backing Qi. But there are still at least five different groups working on wireless charging technology within Apple, according to a person with knowledge of the matter. As to 3-D sensors, there is already one hiding in the iPhone 7. The front camera features what is known as a time-of-flight sensor, which helps it autofocus and is used in numerous phones including the Blackberry, according to TechInsights, a firm that examines the chips inside tech devices. That sensor could be upgraded to a higher-resolution version that could handle 3-D mapping for facial recognition, said Jim Morrison, vice president at TechInsights. Some analysts also speculate the company could remove the phone''s home button, placing it and a fingerprint sensor beneath the front display glass, based on patents the company has filed. SLOW GROWTH Global smartphone sales were up only 2.3 percent to 1.47 billion units in 2016, according to IDC. Many carriers in the United States have stopped subsidizing phones, causing phone buyers to think harder about their next purchase. 
'114c0d4b654bb365ed0eb58aa135f9bc60d5356c'|'Japanese stocks down on Trump policies, political uncertainty in Europe'|' 37am EST Japanese stocks down on Trump policies, political uncertainty in Europe TOKYO Feb 24 Japanese stocks fell on Friday, with investors staying on the sidelines as a lack of clarity over U.S. economic policies under President Donald Trump and political uncertainty in Europe weighed on sentiment. The Nikkei 225 fell 0.5 percent to 19,283.54. The benchmark index however gained 0.3 percent on the week. The broader Topix index shed 0.4 percent to 1,550.14, while the JPX-Nikkei Index 400 declined 0.4 percent to close at 13,893.04. For the mid-day stocks report please see: (Reporting by Ayai Tomisawa; Editing by Biju Dwarakanath)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/japan-stocks-close-idUSL4N1G92DY'|'2017-02-24T13:37:00.000+02:00'
'cacfed1338b0a892fe6316df6abdce0bc899b471'|'China''s Legend, buyout funds preparing final bids for Allfunds Bank - sources'|'Deals - Asia - Thu Feb 23, 2017 - 6:09pm GMT China''s Legend, buyout funds preparing final bids for Allfunds Bank: sources By Pamela Barbaglia , Jes<65>s Aguado and Dasha Afanasieva - LONDON/MADRID LONDON/MADRID Chinese investment firm Legend Holdings ( 3396.HK ) and three groups of private equity funds are putting the finishing touches to rival bids for Allfunds Bank, a deal worth close to 2 billion euros ($2.11 billion), sources close to the matter told Reuters. Santander Asset Management and Intesa Sanpaolo ( ISP.MI ), which own 50 percent each of Allfunds Bank, a Madrid-based mutual fund platform, have agreed to push back the deadline for the binding offers to March 1 from a previous cut-off date of Feb. 27, giving prospective bidders extra time to finalize their offers, the sources said. Banco Santander ( SAN.MC ), which controls Santander Asset Management, declined to comment, while Intesa was not immediately available for comment. The deal, which is expected to wrap up by the end of March, has drawn interest from a series of U.S. and European private equity firms which have teamed up with some cash-rich sovereign wealth funds and Canadian pension funds. A consortium of Bain Capital, Advent and Singapore''s state investor Temasek is vying against two other private equity consortia led by Permira and Hellman & Friedman, respectively, the sources said, speaking on condition of anonymity as the matter is confidential. Permira has formed an alliance with PSP Investments, one of Canada''s biggest pension funds, while Hellman & Friedman is bidding in tandem with Singapore''s sovereign wealth fund GIC, the sources said. Advent, Bain Capital, Hellman & Friedman and PSP declined to comment, while Temasek, Permira and GIC were not immediately available for comment. China''s Legend Holdings, owner of computer giant Lenovo Group ( 0992.HK ), is also keen to secure control of the business, which is regulated by the Bank of Spain and has more than 250 billion euros of assets under management. If successful, Legend would clinch its first major European deal after securing a minority interest in Britain''s Pension Insurance Corporation (PIC) last year. However, Legend would need to pass the vetting of the Bank of Spain which will have the final word on Allfunds'' new ownership structure, the sources said. A spokeswoman at Legend had no immediate comment. Allfunds could be valued at about 1.8 billion euros, fetching a multiple of roughly 15 times its pro-forma earnings before interest, tax, depreciation and amortization (EBITDA) of 117 million euros, the sources said. While its core earnings fell nearly 9 percent last year to 98 million euros, it has benefited from some new contracts which have boosted its financial projections, they said. Established in 2000 to provide access to the so-called open architecture investment funds market, Allfunds offers more than 50,000 funds and has an extensive network of more than 530 clients including commercial and private banks, fund managers and insurers. (Reporting by Pamela Barbaglia; Editing by Mark Potter) Next In Deals - Asia'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-allfunds-m-a-idUKKBN162297'|'2017-02-24T01:08:00.000+02:00'
'0210995c46cbef73fbd1dca20c9790e683f626cb'|'BRIEF-Logiq Asset Management appoints Mary Anne Palangio as CFO'|' 32pm EST BRIEF-Logiq Asset Management appoints Mary Anne Palangio as CFO Feb 23 Logiq Asset Management Inc * Logiq Asset Management announces appointment of chief financial officer * Appointed Mary Anne Palangio as chief financial officer effective February 23, 2017 Source text for Eikon: Malaysian police looking for source of chemical used to kill N.Korean KUALA LUMPUR, Feb 24 Malaysian police are investigating whether the VX nerve agent used to kill Kim Jong Nam, the estranged half brother of North Korea''s leader, was brought into the country or produced in Malaysia, the country''s police chief said on Friday.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-logiq-asset-management-appoints-ma-idUSASB0B265'|'2017-02-24T09:32:00.000+02:00'
'4d85d1bd2abfb12d9f2f840e7744dd54d94d1c08'|'Nifty rises as IT stocks, Airtel rally'|'The Nifty ended higher on Thursday, having earlier hit a near two-year high, with IT stocks leading the gains on the day of derivatives expiry.Infosys gained 1.66 percent and Tata Consultancy Services rose 2.8 percent, while Bharti Airtel hit its highest in 18 months after the telecom operator said it would buy Norwegian Telenor''s India unit.The Nifty ended up 0.14 percent at 8,939.5, its highest close since Sept 8, 2016. The benchmark BSE index closed 0.1 percent up at 28,892.97.The market will be shut on Friday for a public holiday.(Reporting By Samantha Kareen Nair in Bengaluru; Editing by Vyas Mohan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/india-stocks-idINKBN16212N'|'2017-02-23T07:26:00.000+02:00'
'35f4fbab878f444265c04070190a1753814599fe'|'Olympics, smartphones push Twitter revenue up 30 pct in Brazil'|'By Brad Haynes - SAO PAULO SAO PAULO Twitter Inc has found a bright spot in Brazil, Latin America''s largest economy, even as weak advertising sales across the globe have punished the social network''s stock in recent weeks.Advertising revenue rose about 30 percent in Brazil last year, Twitter''s top executive in the country told Reuters, defying a two-year slowdown in the local economy and more than doubling the company''s 13 percent revenue growth globally.Twitter, which does not break down its revenue by country, gave no concrete sales numbers in Brazilian or U.S. currency. It was an unusual move for the company to give details on its performance in one country."Brazil is a motor of growth for Twitter, both in users and in revenue," said Fiamma Zarife in a recent interview.A surge of interest in real-time marketing around the Olympics, which Rio de Janeiro hosted in August, brought new clients to the platform, she said, and rising smartphone use continues to generate user growth in the country.The performance in Brazil last year may have been a bright spot for Twitter, but the company is still struggling to convince investors it can win the global war for online advertising against rivals Snapchat and Facebook Inc.Earlier this month, Twitter posted its slowest quarterly revenue growth since it went public four years ago, sending its shares down more than 10 percent to a seven-month low.THIRD-FASTESTWhile the number of Twitter''s monthly active users worldwide edged up 4 percent in the fourth quarter from a year earlier, it jumped 18 percent in Brazil, the third-fastest-growing market over that period, according to Zarife.Zarife said there is more room to run in Brazil as smartphone use continues to grow. Just 70 percent of Brazilians on Twitter connect via the mobile app, compared to about 83 percent globally.Smartphone penetration doubled in two years to 40 percent of Brazilians last year, according to pollster Ibope. That has boosted many tech companies in the country, even as Brazil''s economy struggles with its deepest recession on record.Digital ad spending in the country was expected to grow 12 percent in 2016 to 10.4 billion reais ($3.4 billion), according to industry group IAB Brasil.Zarife said her strategy for attracting both users and advertising will be to focus on video content and live events. Brazil was second only to the United States in Twitter conversations about the Super Bowl, she said.The strategy paid off during the Olympics, when Zarife said several clients including Banco Bradesco SA, a sponsor of the event, stepped up marketing on Twitter and were convinced to keep a strong presence on the platform since then.Zarife, formerly head of agency relations in Brazil, took the top job in the country last month from Guilherme Ribenboim, who remains Twitter''s vice president for Latin America.($1 = 3.06 reais)(Reporting by Brad Haynes; Editing by Bill Rigby)'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/twitter-brazil-idINKBN1620AU'|'2017-02-23T00:52:00.000+02:00'
'0fa1ac1c0681e73b79c450c55e9dd3046ba6b2f9'|'Trump seeks jobs advice from some firms that offshore U.S. work'|'Business News - Wed Feb 22, 2017 - 8:33pm GMT Trump seeks jobs advice from some firms that offshore U.S. work left right Employees work on a turbine at the General Electric plant in Belfort, France, February 22, 2017. REUTERS/Vincent Kessler 1/4 left right FILE PHOTO - The ticker symbol and trading information for Caterpillar is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York City, U.S. on December 2, 2016. REUTERS/Brendan McDermid/File Photo 2/4 left right FILE PHOTO - The ticker symbol for United Technologies is displayed at the post where it is traded on the floor of the New York Stock Exchange (NYSE) in New York, U.S. on February 23, 2016. REUTERS/Brendan McDermid/File Photo 3/4 left right FILE PHOTO - The logo of General Electric is shown at their subsidiary company GE Aviation in Santa Ana, California, U.S. on April 13, 2016. REUTERS/Mike Blake/File Photo 4/4 By Andy Sullivan - WASHINGTON WASHINGTON President Donald Trump, who has vowed to stop U.S. manufacturing from disappearing overseas, is seeking job-creation advice from at least six companies that are laying off thousands of workers as they shift production abroad. Caterpillar Inc.( CAT.N ), United Technologies Corp.( UTX.N ), Dana Inc.( DAN.N ), 3M Co.( MMM.N ), Timken Co.( TKR.N ) and General Electric Co.( GE.N ), are offshoring work to Mexico, China, India and other countries, according to a Reuters review of U.S. Labour Department records. (Graphic: tmsnrt.rs/2lk9N5W ) The six firms are part of the Manufacturing Jobs Initiative, a White House advisory council created to help Trump deliver on his promise to increase factory employment. Trump is expected to meet with several manufacturing executives on Thursday, but it is not clear whether they are part of the group. About 2,400 U.S. workers at these six companies stand to lose their jobs within the next two years as a result of the offshoring, according to the Labour Department''s Trade Adjustment Assistance Program, which provides retraining benefits to workers displaced by global trade. Reuters obtained the information through a Freedom of Information Act request. The six companies confirmed the planned job cuts to Reuters. It is not clear whether the other 19 companies on the council are currently offshoring work, as the TAA program does not cover all workers who lose their jobs due to global trade. The lost jobs amount to a small fraction of the hundreds of thousands of U.S. workers employed by the council''s 25 corporate members. General Electric, for example, employs 125,000 U.S. workers, financial filings show. On the campaign trail and in the White House, Trump has painted globalisation as a zero-sum game that has enriched low-wage countries while leaving the United States littered with abandoned factories and underemployed workers, and he has threatened to tax companies that offshore U.S. jobs. The experience of companies on Trump''s jobs council, however, shows the reality is more complex in a world where they are serving customers across the globe. Several said they were creating many new U.S. factory jobs even as they move work to other countries. It''s not clear whether Trump will opt for the carrot or the stick when he meets with the manufacturing executives on Thursday. Trump plans to meet business leaders to hear their reasons for "why they''re going offshore," said a White House aide who spoke on condition of anonymity. Blue-collar workers who share Trump''s scepticism of global trade say they will be watching closely to see if he will try to save their jobs. "I don''t think he''s a typical politician, so there is hope alive for middle-class families that he will do something," said Scott Schmidt, one of 222 workers at a GE engine plant in Waukesha, Wisconsin who are due to lose their jobs later this year when the company shifts production to Canada. General Electric says it is closing its Waukesha plant because Congress has hobbled the U.S. Ex
'61e9749e1b6b2b43ae4bd87a53a70eff47514d23'|'UPDATE 1-U.S. judge dismisses most of Euribor-rigging lawsuit'|'Business News - Tue Feb 21, 2017 - 6:23pm EST U.S. judge dismisses most of Euribor-rigging lawsuit By Jonathan Stempel - NEW YORK NEW YORK A U.S. judge on Tuesday dismissed most of an investor lawsuit accusing several major banks of conspiring to manipulate the benchmark European Interbank Offered Rate, or Euribor, and related derivatives. In a 100-page decision, U.S. District Judge Kevin Castel in Manhattan said several claims in the proposed class action must fail because of a lack of evidence that the defendants conspired to restrain trade or because they involved foreign conduct. He also said only two of the six plaintiffs had antitrust standing: the California State Teachers'' Retirement System (CalSTRS), one of the world''s largest public pension funds; and Greenwich, Connecticut-based FrontPoint Australian Opportunities Trust. The judge said investors may pursue one antitrust claim and two common law claims against Citigroup Inc ( C.N ) and JPMorgan Chase & Co ( JPM.N ). Citigroup spokesman Rob Julavits and JPMorgan spokeswoman Jessica Francisco declined to comment. Lawyers for the plaintiffs did not immediately respond to requests for comment. Other defendants included Credit Agricole SA ( CAGR.PA ), Rabobank NA, Royal Bank of Scotland Group Plc ( RBS.L ), Societe Generale SA ( SOGN.PA ) and UBS AG ( UBSG.S ), as well as electronic broker-dealer ICAP Plc. Barclays Plc ( BARC.L ) and HSBC Holdings Plc ( HSBA.L ) previously settled for a respective $94 million and $45 million, while claims against Deutsche Bank AG ( DBKGn.DE ) were put on hold and BNP Paribas SA ( BNPP.PA ) was dismissed as a defendant, court records show. Euribor is the euro-denominated equivalent of Libor, a benchmark for setting rates on hundreds of trillions of dollars of debt, including for credit cards, student loans and mortgages. The defendants were accused of violating the Sherman Act, a U.S. antitrust law, by conspiring to rig Euribor and fix prices of Euribor-based derivatives from June 2005 to March 2011 to benefit their own positions. Regulators have imposed more than $4 billion in penalties against the defendants for alleged manipulation, Judge Castel said. The surviving antitrust claim concerned the alleged coordinated submission of false quotes to the European Banking Federation trade group and to Thomson Reuters, "pushing cash" to manipulate Euribor, and transmission of "spoof" bids. Neither the EBF nor Thomson Reuters is a defendant. Many lawsuits in the federal court in Manhattan seek to hold banks liable for alleged rigging in interest rate, commodity, currency and other financial markets. The case is Sullivan et al v. Barclays Plc et al, U.S. District Court, Southern District of New York, No. 13-02811. (Reporting by Jonathan Stempel in New York; Editing by Lisa Shumaker and Jonathan Oatis) Next In Business News Wall Street challenges U.S. regulator over proposed commodities rule Wall Street is pushing back against a proposed rule to force U.S. banks like Goldman Sachs Group Inc to hold more capital against investments in commodities, placing what some see as an overly restrictive limit on banks'' ties to the sector.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/uk-euribor-lawsuit-idUSKBN1602QB'|'2017-02-22T06:15:00.000+02:00'
'f6dbf700a3483b10db902bd6bb04cdaebf597429'|'CANADA STOCKS-TSX falls the most in 3 weeks as resource shares slide'|'Company  06pm EST CANADA STOCKS-TSX falls the most in 3 weeks as resource shares slide TORONTO Feb 22 Canada''s main stock index fell the most in three weeks on Wednesday, pulling back from a record high set the day before, as lower commodity prices weighed on shares of energy and materials companies. The Toronto Stock Exchange''s S&P/TSX composite index unofficially closed down 92.15 points, or 0.58 percent, at 15,830.22. Six of the index''s 10 main groups ended lower. (Reporting by Fergal Smith; editing by Diane Craft) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-close-idUSL1N1G71R6'|'2017-02-23T04:06:00.000+02:00'
'563191a0dbb6842ec84f4a841ef67e5fa4ccf2f1'|'UK fourth-quarter growth hits a one-year high but 2016 seen weaker than previously thought'|'Business News - Wed Feb 22, 2017 - 4:57am EST UK fourth-quarter growth hits a one-year high but 2016 seen weaker than previously thought 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 Feb 22 - Britain''s economy picked up speed to grow at the fastest rate in a year during the last three months of 2016, beating a preliminary estimate and showing how little immediate impact June''s Brexit vote had on growth. But business investment fell and there were signs that a tougher year lies ahead. Household spending growth slowed in the fourth quarter and separate data showed the dominant services sector expanded in December at the slowest pace in seven months. The Office for National Statistics said gross domestic product rose by 0.7 percent in the fourth quarter compared with the previous three months, up from an initial estimate of 0.6 percent. The ONS also revised down its estimate for economic growth in 2016 as a whole to 1.8 percent from 2.0 percent. A Reuters poll of economists had suggested the second reading would confirm the initial estimates of 0.6 percent for growth on the quarter. Business investment fell 1.0 percent in the fourth quarter compared with the July-September period, the first fall since the first three months of the year, and was 0.9 percent lower compared with the fourth quarter of 2015. Companies are expected to rein in their investment plans as Britain negotiates its departure from the European Union. (Reporting by Andy Bruce and William Schomberg) Next In Business News Confident Snap brushes off concerns on second day of IPO roadshow NEW YORK Snap Inc, owner of popular messaging app Snapchat, fended off investor skepticism on the second day of its IPO roadshow on Tuesday, betting on the charisma of CEO Evan Spiegel, 26, whom it introduced as a "once in a generation founder."'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-britain-economy-idUSKBN1610X8'|'2017-02-22T16:57:00.000+02:00'
'6e9e636433c1f5dffe6e6bb4207c368fb68868f7'|'Airbus seeks new talks with European nations over A400M costs'|'By Tim Hepher and Cyril Altmeyer - PARIS PARIS Airbus called for new talks with European governments to ease "heavy penalties" for delays to its A400M military aircraft on Wednesday, after taking a fresh 1.2-billion-euro ($1.3 billion) charge in the latest blow to Europe''s largest defence project.Chief Executive Tom Enders told reporters the aerospace group was still paying for the "original sin" of striking an unrealistic procurement deal when the plane was launched in 2003.Airbus won a 3.5 billion euro bailout from seven European NATO nations in 2010 after being saddled with liability for wild cost overruns on its engines.The company said on Wednesday it needed more relief following fresh problems in supplying the troop and armoured vehicle carrier''s advanced defensive capabilities, which have led to new penalties and cash being held back by governments.Hailed at the time as an innovative, fixed-price commercial-style deal, the contract foundered over the problems with the West''s largest turboprop engines and an ambitious schedule for innovations such as ground-hugging technology to avoid radar.The 2010 bailout included 1.5 billion euros to be repaid from exports that Airbus says are now looking more challenging. So far, the only non-European buyer is Malaysia.Enders, who is said to privately regret not cancelling the project in 2010, declined to say whether Airbus would threaten to stop building the plane but denied that the project found itself in the same dire financial straits as seven years ago.Nonetheless, he described the penalties as "inappropriate" given the fact that the aircraft was playing a key operational role in Africa and elsewhere.The comments came as Airbus wrote to the core buyers - Belgium, Britain, France, Germany, Luxembourg, Spain and Turkey - formally requesting discussions over the contract revisions.''REASSURE INVESTORS''Airbus shares fell more than one percent on the fourth-quarter A400M charge, which was about twice as large as expected and pushed total writedowns on the programme above 6 billion euros."It is likely to be important for Airbus to reassure investors that the company is close to the end for this stream of significant charges," said Raymond James analyst Harry Breach in a note to investors.The charge overshadowed stronger than expected full-year earnings buoyed by record commercial jet deliveries.The company, reporting for the first time as plain Airbus after ditching the Airbus Group brand in a reorganisation that recognises the dominance of its civil business, said "adjusted" operating income fell 4 percent to 3.955 billion euros on revenues which rose 3 percent to 66.581 billion.Analysts were on average expecting a 7.3 percent drop in full-year operating earnings before one-offs to 3.83 billion euros on sales up 0.7 percent to 64.919 billion.On two broadly successful civil projects which have seen delays creep into the schedule in the past year, Airbus said the production ramp-up of A350 and A320neo jets remained "challenging". But bottlenecks in the A350 supply chain had improved and its output targets remained on track.Airbus confirmed a projection of more than 700 jetliner deliveries in 2017, up from a record 688 in 2016.It did not give a target for orders but executives have said they will trail behind deliveries for the first time since 2009 as the aircraft market slows, following a multi-year order boom.($1 = 0.9504 euros)(Reporting by Tim Hepher and Cyril Altmeyer; Editing by Keith Weir)'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/airbus-results-idINKBN161159'|'2017-02-22T07:53:00.000+02:00'
'02585e4dde5c8d1bcc37833b0ad10767ed430bbc'|'Canada stresses talks on NAFTA will involve all three members'|'By David Ljunggren - TORONTO TORONTO Any talks to renew the North American Free Trade Agreement would involve all three member nations, a top Canadian official said on Tuesday, dampening speculation the United States might seek to sit down with Canada first and then Mexico."We very much recognise that NAFTA is a three-nation agreement and were there to be any negotiations, those would be three-way negotiations," Foreign Minister Chrystia Freeland told a conference on the future of North America.U.S. President Donald Trump - who says free trade treaties have cost countless thousands of American jobs - wants NAFTA to be renegotiated with a focus on cutting his country''s large trade deficit with Mexico.Trump says he needs only to tweak trade ties with Canada, prompting one Canadian official to suggest to a newspaper that Washington would want to negotiate with Ottawa first. Mexico opposes the idea, which trade experts say is almost unworkable."NAFTA is a three-party agreement and any conversation we have regarding that ... will be a three-party conversation; it has to be," Mexican Foreign Minister Luis Videgaray told reporters in Toronto after Freeland''s comments.Mexican Economy Minister Guajardo Ildefonso earlier told the conference that the bulk of the NAFTA talks would have to be carried out on a trilateral basis to give investors confidence that the same set of investment rules applied everywhere.Trump has revealed little about his intentions for NAFTA, which took effect in 1994, except that he wants large changes with Mexico.The Mexican government expects the talks to start this summer, said Guajardo, who stressed several times how well Canada and Mexico had worked together in the past on trade.Former Canadian Prime Minister Brian Mulroney, who helped launch the original NAFTA talks, dismissed the idea that Canada might abandon Mexico to its fate."This under-the-bus stuff is for losers, not for winners," he told the conference.Freeland noted that Trump''s choices for commerce secretary and trade representative had yet to be confirmed. "We all have to collectively be careful not to get ahead of ourselves," she said.One idea floating in Washington is that of a border tariff, which could hit Mexican exports."Nothing in the new NAFTA should be a step backward. We will definitely not include any type of trade management measures, like quotas, or open the Pandora''s box of tariffs," Guajardo said. "That will be disastrous in any process moving forward."(Reporting by David Ljunggren; Editing by Dan Grebler)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/usa-nafta-canada-idINKBN1602DJ'|'2017-02-21T15:51:00.000+02:00'
'6e49e9a330652982ddbc31a72d55ec85672ec02d'|'BRIEF-Alexandria Real Estate Equities announces public offering of senior notes'|' 08am EST BRIEF-Alexandria Real Estate Equities announces public offering of senior notes Feb 22 Alexandria Real Estate Equities Inc - * Announces public offering of senior notes * Intends to use net proceeds from offering for reduction of outstanding balance on unsecured senior line of credit Source text for Eikon:    '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-alexandria-real-estate-equities-an-idUSASB0B1JS'|'2017-02-22T21:08:00.000+02:00'
'f6e5dc1df1615707be107fc91bf5f30e0b25d6a3'|'L3 reaches $34.5 mln settlement of shareholder accounting lawsuit'|'Company  02am EST L3 reaches $34.5 mln settlement of shareholder accounting lawsuit By Jonathan Stempel - NEW YORK NEW YORK Feb 23 L3 Technologies Inc said on Thursday it reached a $34.5 million settlement of a lawsuit by shareholders who accused the defense contractor of accounting fraud in its aerospace systems business. A preliminary settlement was filed on Wednesday night in Manhattan federal court, and requires approval by U.S. District Judge Valerie Caproni. L3 denied wrongdoing. The New York-based company changed its name from L-3 Communications Holdings Inc at the end of 2016. Shareholders led by two Michigan pension plans accused L3 of hiding improprieties, including those raised by an internal management-level whistleblower, tied to a contract to service U.S. Army C-12 airplanes. L3 shares slid 12.3 percent on July 31, 2014, losing about $1.3 billion of market value, after the company said it would restate two years of results and fire four people over problems with the C-12 contract, such as inflated costs and sales. Chief Executive Officer Michael Strianese and Chief Financial Officer Ralph D''Ambrosio had also been sued. Caproni dismissed claims against them last March, finding a lack of evidence that they acted recklessly or intended to defraud anyone. The lead plaintiffs are the City of Pontiac General Employees'' Retirement System, Local 1205 Pension Plan, and the City of Taylor Police and Fire Retirement System. Their law firm, Robbins Geller Rudman & Dowd, plans to seek legal fees of up to 25 percent of the settlement amount on behalf of itself and two other firms, court papers show. L3 said its insurers would fund the settlement. A company spokeswoman declined additional comment. The case, which has a different named plaintiff, is Patel v L-3 Communications Holdings Inc et al, U.S. District Court, Southern District of New York, No. 14-06038. (Editing by Lisa Von Ahn) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/l3-settlement-idUSL1N1G80UH'|'2017-02-23T22:02:00.000+02:00'
'5b15c7d93daef27324e588e259856430f5186560'|'Tesla shares slip as cash-burn raises concerns'|'Technology News  41am EST Tesla shares slip as cash-burn raises concerns FILE PHOTO - A Tesla Supercharger station is shown in Cabazon, California, U.S. May 18, 2016. REUTERS/Sam Mircovich/File Photo Tesla Inc''s ( TSLA.O ) shares fell nearly 6 percent as the electric car maker''s freewheeling cash burn deepened concerns that the company would need to raise more capital as it pushes ahead with the production of its mass-market Model 3 sedan. Chief Executive Elon Musk said on Wednesday the company was considering a number of options but "it probably makes sense to raise capital to reduce risk." Analysts have estimated that Tesla would need to raise $1 billion-$2 billion in capital ahead of the launch of the Model 3 to minimize the risk of cash on hand running too low. The company''s shares fell as much as 5.8 percent to $257.55 in morning trading - their biggest intraday percentage fall in 8 months. The stock rose 3 percent in post-market trading on Wednesday after the company reported better-than-expected results. Tesla said it plans an additional $2 billion to $2.5 billion in capital expenses before the launch and has $3.4 billion cash on hand. Morgan Stanley analyst Adam Jonas estimates that the company will have spent about $10 billion in capital expenditures and R&D from 2014 through the first half of 2017. "We''re about to find out where this invested capital is going," Jonas added. (Reporting by Narottam Medhora in Bengaluru; Editing by Saumyadeb Chakrabarty) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-tesla-outlook-idUSKBN1621W5'|'2017-02-23T22:41:00.000+02:00'
'dfae257a5ceb5c9eb3e7b753967319858c85a72b'|'William Hill full-year operating profit falls 10 percent'|' 36am GMT William Hill full-year operating profit falls 10 percent A William Hill bookmaker store is seen in London, Britain July 21, 2016. REUTERS/Peter Nicholls British bookmaker William Hill Plc ( WMH.L ) said on Friday its annual operating profit fell 10 percent as challenging trading conditions and unfavourable football results late in the year took their toll. The company, which is searching for a new chief executive and has struggled to find a partner in a fast consolidating industry, said trading in the seven weeks to Feb. 14 showed positive trends. Operating profit for the 52 weeks to Dec. 27 fell to 261.5 million pounds from 291.4 million pounds year earlier on revenue up 1 percent to 1.6 billion pounds. (Reporting by Rahul B in Bengaluru; editing by David Clarke) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-william-hill-results-idUKKBN1630N6'|'2017-02-24T14:36:00.000+02:00'
'a26e54219cf90870d0ee173932c61542ad1de7d9'|'Caisse CEO sees more Canadian buys in U.S. due to protectionism'|'MONTREAL Feb 24 The head of Canada''s second-largest pension fund said on Friday that rising protectionism in the United States would likely lead to more Canadian companies trying to buy U.S. platforms."If there is more protectionism in the United States you will probably see more Canadian companies trying to acquire U.S. -based platforms," Michael Sabia, chief executive of the Caisse de depot et placement du Quebec, told reporters."We''re in a period of very heightened uncertainty." (Reporting by Allison Lampert; Writing by Denny Thomas; Editing by Meredith Mazzilli)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/caisse-results-protectionism-idINL1N1G916I'|'2017-02-24T14:15:00.000+02:00'
'4138413b025a61a845a07eeda19ce7bbff804392'|'Top banks'' commodities revenue drops 7 percent in 2016 - survey'|' 12am GMT Top banks'' commodities revenue drops 7 percent in 2016 - survey 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 LONDON Commodities-related revenue at the 12 biggest investment banks fell by 7 percent last year, mainly due to weakness in the oil sector, a report by financial industry analytics firm Coalition said on Thursday. Revenue from commodity trading, selling derivatives to investors and other activities in the sector fell to $4.3 billion (<28>3.5 billion) in 2016 from $4.6 billion the previous year, it said in a report. "Underperformance in oil was partially offset by an improvement in U.S. power and gas on the back of structured deal activity. Metals ended the period flat with some improvement in precious metals," it said. Commodity revenue in the fourth quarter jumped 20-25 percent mainly due to power and gas activity, Coalition said last month in a preliminary report that did not provide full-year figures. Coalition tracks Bank of America Merrill Lynch ( BAC.N ), Barclays ( BARC.L ), BNP Paribas ( BNPP.PA ), Citigroup ( C.N ), Credit Suisse ( CSGN.S ), Deutsche Bank ( DBKGn.DE ), Goldman Sachs ( GS.N ), HSBC ( HSBA.L ), JPMorgan ( JPM.N ), Morgan Stanley ( MS.N ), Societe Generale ( SOGN.PA ) and UBS ( UBSG.S ). (Reporting by Eric Onstad; Editing by Susan Fenton)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-banks-commodities-idUKKBN16200P'|'2017-02-23T07:12:00.000+02:00'
'c7006df8555a89bb5459532679826fad42773e7a'|'Disrupting the disrupters: Singapore rattles sharing economy with rule change'|'Thu Feb 23, 2017 - 5:53am GMT Disrupting the disruptor''s: Singapore rattles sharing economy with rule change left right FILE PHOTO - People look out from the observation tower of the Marina Bay Sands amongst public and private residential apartment buildings in Singapore, February 22, 2016. REUTERS/Edgar Su/File Photo 1/5 left right FILE PHOTO - People pass the skyline of Singapore''s central business district shrouded by haze August 26, 2016. REUTERS/Edgar Su/File Photo 2/5 left right FILE PHOTO - A man walks past a logo of Airbnb after a news conference in Tokyo, Japan, November 26, 2015. REUTERS/Yuya Shino/File Photo 3/5 left right FILE PHOTO - A man arrives at the Uber offices in Queens, New York, U.S., February 2, 2017. REUTERS/Brendan McDermid/File Photo 4/5 left right FILE PHOTO - Commuters pass Grab transport booking service app advertisements at a train station in Singapore February 10, 2016. REUTERS/Edgar Su/File Photo 5/5 By Fathin Ungku and Jeremy Wagstaff   Singapore, a keen early adopter of the sharing economy, has fired a warning shot across the bow of Airbnb and Uber with tighter rules that could shake up their business models and growth ambitions in Asia. The rules, some say, are a sign that even governments sympathetic to companies that allow citizens to rent out their expertise or property have a hard time striking the right balance between encouraging disruptive technologies and keeping them in line. "I know a lot of people will give back their keys, that''s for sure," said Lionel Ong, 33, an Uber driver, who wants to look for a less demanding part time job. As its traditional manufacturing industry has hollowed out in the past decade or so, the affluent city-state has been quick to embrace opportunities in the digital economy, hosting the Asian headquarters of Airbnb and Uber, inviting its executives to conferences and investing in Uber''s regional rival Grab through a unit of its investment arm for Temasek. It<49>s too early to say what impact the new rules would have on Uber and Airbnb, but they highlight increasing scrutiny by regulators globally and growth challenges facing these new economy businesses. April Rinne, an expert on the sharing economy who has advised companies and governments, including Singapore, says the city state''s case mirrors other early adopter countries like Denmark, where legislators are mulling laws which would require taxis to have seat sensors, video surveillance and taxi meters. "It<49>s a watershed that should also sound warning bells," Rinne said. Singapore''s new rules, passed this month, will be implemented in stages from the second half of this year. They allow officials to suspend a ride-sharing company for up to a month after three or more instances of their drivers getting caught without a proper license or insurance. The drivers themselves face fines and jail. In the case of Airbnb, officials will have the right to force their way into homes to check whether residents were renting them out illegally, adding teeth to a rarely enforced law which bans the renting out of private property for less than six months. HIGH GROWTH MARKET, HURDLES The sharing economy business is billed for explosive growth, estimated by PricewaterhouseCoopers to reach $335 billion by 2025, from around $15 billion in 2016. So there<72>s a lot at stake for companies. And the worry, says Adrian Lee, who runs a car-sharing service called Tribecar in Singapore, is that other markets might ape the city state''s stance. <20>I''m afraid other legislators may take a leaf from our play book without allowing these services to get to critical mass." Singapore had been one of the few bright spots in Asia for Uber, which has been facing legal scrutiny in many markets across the region. Uber has suspended its service in Taiwan and has withdrawn from China after selling its business there. And in South Korea and Japan, authorities have limited its operations. Jean Chia, a Singapore-based aca
'2a8c587b042bbde094d741a25836fea5aed9c84e'|'That $56 billion was here somewhere: Berkshire revises cash stake disclosure - Reuters'|'By Jonathan Stempel Berkshire Hathaway Inc shareholders might have been forgiven on Saturday for looking at the company''s annual report and wondering why some $56 billion of cash appeared to vanish.It did not, Chairman Warren Buffett assured them.The Omaha, Nebraska-based conglomerate has changed how it reports its cash stake, and no longer includes the overall amount in its consolidated statement of cash flows.In his annual shareholder letter, Buffett said Berkshire has about $86 billion of cash and equivalents, roughly triple the $28 billion shown on the cash flow statement. Berkshire had reported $84.8 billion there as of Sept. 30.Investors care about the stake because it shows Berkshire''s capacity to make big acquisitions, or purchases such as a big new investment in iPhone maker Apple Inc, without having to sell existing businesses or investments.Buffett insists on a $20 billion cash cushion, in part for protection should natural or man-made catastrophes force big payouts by the company''s insurance units.So who was to blame for the reporting change?Accountants and auditors.In a footnote, Berkshire said it had invested "significant amounts" last year in U.S. Treasury bills maturing in more than three months.Berkshire said it had previously classified such Treasury bills as cash equivalents, noting that they are highly liquid and not that sensitive to interest-rate changes.But after consulting "relevant accounting literature" and talking with its independent auditors, "we have concluded that, notwithstanding our view of the substance of such instruments, these U.S. Treasury Bills technically do not meet a ''bright line'' definition of cash equivalents" under generally accepted accounting principles," Berkshire said.As a result, Berkshire is now reporting its longer-dated Treasury bills with its consolidated balance sheets.It reported $58.3 billion of Treasury bills there, versus just $4.6 billion a year earlier. Berkshire also revised prior cash flow statements to reflect the change."We believe that these changes have no effect whatsoever on our financial condition," Berkshire said.(Reporting by Jonathan Stempel in New York; Editing by David Gregorio)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/berkshire-hatha-buffett-cash-idINKBN165034'|'2017-02-26T00:27:00.000+02:00'
'4f97c68732265973d720a74d86eaea0e880ce77a'|'BRIEF-American Woodmark Corp Q3 earnings per share $0.89'|' 47am EST BRIEF-American Woodmark Corp Q3 earnings per share $0.89 Feb 27 American Woodmark Corp: * American Woodmark Corporation announces third quarter results * Q3 earnings per share $0.89 * Q3 sales $249.3 million versus I/B/E/S view $236.4 million * Q3 earnings per share view $0.78 -- Thomson Reuters I/B/E/S      '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-american-woodmark-corp-q3-earnings-idUSASB0B2CY'|'2017-02-27T18:47:00.000+02:00'
'2221023ab0d6ef679d348c95c3b3c92f0ba9d490'|'Litasco CEO sees oil range-bound in 2017, looks to expand'|'LONDON Oil prices are likely to stay in a tight range between $50 and $60 a barrel this year as a recovery in U.S. shale output counterbalances the OPEC supply cut deal to reduce the global glut, Litasco Chief Executive Tim Bullock said in an interview.A lack of volatility means trading houses will no longer have the extra boost as in the last two years following the 2014 oil price crash, said Bullock, a BP trading veteran who has run Litasco - one of the world''s largest traders and part of Russian oil major LUKOIL ( LKOH.MM ) - since 2012."2016 was good but it got tougher towards the end. There was less volatility and less structure ... so that made it more difficult to make money. 2017 looks like an extension of that," Bullock said."You will probably see the creation of a new reasonably tight trading range ... with the OPEC cuts and the supply and demand coming into line... It''s difficult to see Brent going much below $50 per barrel and with shale and everything lining up on the other side, it''s difficult to see it going much above $60 per barrel."Bullock also said he saw little chance for spread betting between U.S. WTI and Europe''s Brent futures contracts to pick up steam as it did during previous years of relatively low oil price volatility in 2012-2013."Now with U.S. exports, the whole system is much more linked together. It should correct itself faster - so there won''t be as much opportunity but also not as much risk," he said.Set up in 2000 as the trading arm of LUKOIL, Swiss-based Litasco focuses on selling its parent''s crude and products worldwide, serving its refineries in Italy, the Netherlands, Romania and Bulgaria and adding value through trading."We''re more like a BP or a Shell. We have a system. Our job number 1 is to serve the system, and make sure we get the best price we can for the crude and products we sell and keep the refineries wet. We''re quite European centric generally," Bullock said.However, third party contracts have increased substantially over the past few years as Litasco''s footprint expanded into the United States, Asia and Africa.Bullock said traded volumes grew slightly in 2016 from 3.2 million barrels per day (bpd) in 2015 with the split between group volumes and third party barrels remaining about 50-50.Its parent LUKOIL produces around 2.4 million barrels per day, from fields in Russia, Iraq and the former Soviet Union.Litasco is looking to expand globally with particular interest in West Africa and the United States."Basically if you want to be involved in West Africa then you have to be in Nigeria. So we''ve been trying to grow our business there over the last few years," Bullock said.Litasco secured a 2017 crude contract in Nigeria where it also delivers refined products."You start looking at Ghana, Ivory Coast, Angola ... that''s the big block that you want to be in. We''d love to get more involved in Angola, finding the right deal is always a challenge."Litasco traditionally played a strong role in the north African market thanks to its ISAB refinery in Italy. It imports crude from North Africa and supplies products to countries such as Egypt.The Mediterranean market has become one of the most oversupplied in the last year with rising Kazakh output but Bullock does not see it remaining dislocated for long, saying the glut would encourage West African or Mid-Eastern barrels to travel elsewhere instead of Europe.In the United States, Bullock said expansion was possible thanks to the huge size of the market and a "dis-intermediated" value chain, where a company can pick and choose how deeply involved it wants to be."We have a strong position in gasoline blending in the (U.S.) Gulf. I think that''s something we expect to be in for the medium term," Bullock added. "In Asia, there are more integrated companies who have got the whole chain, it''s difficult to get into the business you want to be in."(Writing by Julia Payne, editing by David Evans)'|'reuters.com'|'http://www.
'5fe4da2d17f6a4978ee0e335c66767d93267993c'|'Things looking up in euro zone? Someone should tell the consumers'|' 18pm GMT Things looking up in euro zone? Someone should tell the consumers Customers shop at Swedish retailer IKEA in Taufkirchen near Munich January 22, 2013. REUTERS/Michael Dalder By Jeremy Gaunt - LONDON LONDON Monday''s release of euro zone business and consumer sentiment roughly mirrored what was seen earlier this month in Germany: businesses are relatively bullish, consumers no so much. As the following graphs - bit.ly/2mCiW7K - show, business-conditions sentiment in the 19-member euro zone EUBUSC=ECI rose in February to its highest level since mid-2011. The same could be said for Germany''s ZEW index of economic conditions DEZEWC=ECI. Despite dipping slightly month on month, it was just off highs not seen for nearly 6 years. But consumers have another view. The euro zone final consumer confidence index EUCONS=ECI took a dive in February, as did the GfK German consumer confidence index DECONS=ECI looking ahead at March. If this disconnect were to continue, it would quickly undermine what appears to have been a robust start to the euro zone economy''s year. The cause is probably inflation and wages. Rabobank''s head of macro strategy, Elwin de Groot, says   is bubbling along as the U.S. and Chinese economies grow. But euro zone consumers are looking at rising inflation, which they are not used to, and stagnant wages. Consumer price inflation for the euro zone is expected to have hit 2 percent when its is reported on Thursday. Perhaps even more dampening to sentiment, however, is wage growth. In the fourth quarter of last year, the European Central Bank''s indicator of negotiated wage rates was at its lowest since the euro was created - and extrapolated back beyond that to 1991. (Editing by Louise Ireland)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eurozone-economy-sentiment-idUKKBN1661M8'|'2017-02-27T21:18:00.000+02:00'
'0a5a681cee131c1fb8e06885dd4e0e97c715aa1a'|'Alibaba says poor laws, enforcement behind spread of fakes'|'Business News - Mon Feb 27, 2017 - 10:43am GMT Alibaba says poor laws, enforcement behind spread of fakes A logo of Alibaba Group is pictured at its headquarters in Hangzhou, Zhejiang province, China, October 14, 2015. REUTERS/Stringer/File photo BEIJING China''s Alibaba Group Holding Ltd ( BABA.N ) on Monday blamed ambiguous laws and lax penalties at the root of its difficulties in enforcing laws against counterfeiting, as the firm lobbies to be taken off a US blacklist of marketplaces notorious for fakes. In a statement, the e-commerce giant said it reported almost 4,500 leads on counterfeiting operations to authorities in 2016, but they resulted in just 33 convictions, a vast majority of which secured probation. "Ambiguities in the law have meant that enforcement officers have found it difficult to classify and quantify cases of counterfeiting, let alone commence legal proceedings," the firm said. The minimum value limit for reporting an illegal counterfeiting operation is 50,000 yuan ($7,280), it added. Alibaba ramped up its anti-counterfeit campaign after its top e-commerce platform, Taobao, was returned to an annual U.S. Trade Representative blacklist of "notorious marketplaces" in December, following a four-year absence. The firm sued two vendors in January who allegedly sold fake Swarovski watches on Taobao, marking its first legal action against counterfeiters, in which it claimed 1.4 million yuan in contract and goodwill violations. Monday''s appeal was not aimed directly at Chinese lawmakers, an Alibaba spokeswoman said. "It''s an appeal to the public at large, since counterfeiting is a society-wide issue," she added. Alibaba, which has an active user base of around 500 million, has said it wants to tap China''s entire $4.8-trillion retail economy by developing data-driven management tools for retailers and brands. China''s e-commerce market is expected to average around 18 percent annually until 2020, according to consultancy Bain & Company, compared with an average rate of 35 percent during the preceding four years. ($1=6.8688 Chinese yuan renminbi) (Reporting by Cate Cadell; Editing by Clarence Fernandez) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-alibaba-counterfeit-idUKKBN16615U'|'2017-02-27T17:43:00.000+02:00'
'4ab104086ece479f27e03db5366a27919231141c'|'Rent-A-Center confirms receipt of director nominations from Engaged Capital'|'Feb 23 Rent-A-Center Inc:* Rent-A-Center, Inc. Confirms receipt of director nominations from Engaged Capital* Rent-A-Center Inc - board "continues to evaluate a number of cost-saving and revenue-driving opportunities"* Rent-A-Center Inc - co''s board, nominating, corporate governance committee will review engaged capital''s proposed nominees '|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brief-rent-a-center-confirms-receipt-of-idINFWN1G815Y'|'2017-02-23T19:33:00.000+02:00'
'506a6a2566f88bb9f3df861ede6f1aca040ac1fe'|'Tech groups Softbank and Foxconn to deepen ties with joint venture'|'Money News - Fri Feb 24, 2017 - 5:29pm IST Tech groups Softbank and Foxconn to deepen ties with joint venture People walk behind the logo of SoftBank Corp in Tokyo December 18, 2014. REUTERS/Toru Hanai/Files TOKYO Japan''s Softbank Group and Taiwan''s Foxconn, formally known as Hon Hai Precision Industry Co, on Friday said they would start operating a joint venture together, deepening ties between two of Asia''s biggest technology firms. The move will give Foxconn 54.5 percent of one of Softbank''s existing subsidiaries for $600 million and comes as both groups step up investments in the technology sector and consider expansion in the United States. Under the arrangement, a unit of Foxconn will invest $600 million for a majority stake in Softbank Group Capital Apac Pte Ltd, effectively transforming what had been a wholly-owned Softbank unit into a joint venture, the companies said. The nature of what the transformed JV would be was not immediately clear. Foxconn and Softbank have done business together for years. In December plans from the two companies on possibly expanding investment in the United States were revealed after a meeting between billionaire Softbank CEO Masayoshi Son and Donald Trump shortly after Trump was elected as U.S. president. (Reporting by Naomi Tajitsu; Editing by David Clarke and David Goodman) Next In Money News Founder of India''s $4 smartphone firm arrested on allegations of fraud MUMBAI The founder of an Indian tech firm that shot to prominence by offering a $4 smartphone has been arrested on allegations of fraud, after a handset dealer accused the company of not refunding him for an unfulfilled order, the police said.'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/softbank-foxconn-jointventure-idINKBN1631BS'|'2017-02-24T18:59:00.000+02:00'
'2e10dec5cf8513278d2c297a08778f0744c048b8'|'China considers faster IPO approval to lure large tech deals - sources'|' 21pm IST China considers faster IPO approval to lure large tech deals - sources An advertising board (L) showing a Chinese stone lion is pictured near an entrance to the headquarters (R) of China Securities Regulatory Commission (CSRC), in Beijing, China, September 7, 2015. REUTERS/Jason Lee/File Photo By Julie Zhu and Elzio Barreto - HONG KONG HONG KONG China''s securities regulator is considering offering a shortcut for some of the country''s largest technology companies to list their shares, allowing them to jump a long queue of applicants and boost domestic bourses, according to six people with knowledge of the proposals. The sources said companies being considered for the shortcut could include Alibaba Group''s Ant Financial affiliate, the world''s most valuable financial technology company; Zhong An Online Property and Casualty Insurance, and security software maker Qihoo 360 Technology Co. Ant Financial, valued at $60 billion at its most recent funding round last year, is expected to be one of 2017''s largest initial public offerings (IPOs). While Ant hasn''t specified a preferred listing venue, analysts and bankers have previously said the deal will likely take place in Hong Kong, given the queue in the mainland. China has been losing out to the New York Stock Exchange (NYSE) and Nasdaq on key technology listings, so more IPOs at home could mean millions of yuan in revenue for Chinese investment banks, who dominate domestic stock issuance. There are about 700 companies waiting for a green light from the China Securities Regulatory Commission (CSRC) to go public in Shanghai or Shenzhen. Though the regulator has increased the pace of approvals in recent months, that still leaves a typical 18-month wait or longer before companies are able to raise funds, making the domestic market unattractive to fast-growing technology companies in need of funds to fuel their expansion. In September the CSRC tweaked the rules to let companies in some impoverished Chinese regions skip the queue, sharply reducing the vetting period for those issuers. In January, companies in the Xinjiang Uyghur Autonomous Region that borders Russia and Mongolia were among those benefiting from faster approvals. The sources said the CSRC had held talks with the technology companies for months, but no final decision had yet been reached on whether to allow the faster approval. Ant Financial, Zhong An and Qihoo declined to comment. The CSRC has yet to reply to a request for comment. GOING WEST Over recent years the United States has been a popular destination for listings by Chinese internet startups and software makers, given a larger pool of analysts familiar with the sector and fund managers used to investing in fast-growing companies who have yet to generate profits. The $25 billion record IPO of e-commerce giant Alibaba in New York in 2014 was a high-profile loss for mainland China and Hong Kong, where the company initially intended to list. More recently, however, some Chinese companies have opted to quit New York and relist back home, where valuations are several times higher than in international markets. Qihoo took its New York shares private in a $9.3 billion deal last July and has said it wants to relist in China in due course. By listing at home, Ant Financial, Zhong An and Qihoo would benefit from those high valuations, while also standing out because of their size compared with locally-listed peers. Domestic equity markets are dominated by massive state-owned enterprises (SOEs), including banks, real estate developers and conglomerates. While there are almost 400 tech companies listed in Shenzhen and Shanghai, the vast majority are small firms, with an average valuation of $1.9 billion, dwarfed by the likes of Ant Financial. The two largest-listed technology companies in China, video surveillance camera maker Hangzhou Hikvision Digital Technology and display maker BOE Technology Group, have market values of $25.7 billion a
'9673819f2eef953da234d216a85ff08e290606c5'|'YPF, Shell sign deal for Vaca Muerta pilot project -YPF'|'Business News - Fri Feb 24, 2017 - 12:32am GMT YPF, Shell sign deal for Vaca Muerta pilot project -YPF A passenger plane flies over a Shell logo at a petrol station in west London, in this January 29, 2015 file photo. REUTERS/Toby Melville/Files BUENOS AIRES Argentina''s state-run oil company YPF SA ( YPFD.BA ) said it reached a preliminary deal with Royal Dutch Shell PLC ( RDSa.L ) on Thursday to develop oil and gas assets in the Vaca Muerta shale field, involving a $300 million (239.20 million pounds) investment from Shell. Both companies will take a 50 percent stake in the Bajada de A<>elo field to develop a pilot program, which will be operated by Shell, YPF said in a statement. The agreement is subject to approval by provincial authorities, and Shell''s investment will come in two phases, YPF said. The deal comes after President Mauricio Macri reached an agreement with oil companies and unions last month to stimulate investment in Vaca Muerta, which his government hopes can narrow Argentina''s energy deficit and reduce costly gas imports. The unconventional formation in Patagonia, at roughly 30,000 square kilometers is roughly the size of Belgium and is one of the largest shale reserves in the world. Under the January agreement, Argentina guaranteed a subsidized natural gas price for production from new wells of $7.50 per million British thermal units through 2020, while labour unions signed on to more flexible contracts. YPF and Shell, along with oil majors Chevron Corp ( CVX.N ), Total SA ( TOTF.PA ) and BP unit Pan American Energy LLC [BPPAE.UL], agreed to invest a total of $5 billion to tap the formation in 2017 and double that in coming years, Macri said. YPF said it would invest $2.3 billion in Vaca Muerta this year, while the other companies did not announce specific investments. Last year, Shell said it planned to invest $300 million per year through 2020 in Argentina in exploration, refining, distribution and marketing. Bajada de A<>elo totals some 204 square kilometers (78.76 square miles) and has both shale oil and shale gas resources, YPF said. It added that the two parties would continue negotiating the definitive agreement in the coming months. "In collaboration with YPF, we hope to improve our knowledge of the Vaca Muerta formation," Shell Argentina President Teofilo Lacroze said in the statement. A spokesman for Shell Argentina said the company had no further comment. (Reporting by Juliana Castilla and Maximiliano Rizzi; Writing by Luc Cohen; Editing by James Dalgleish and Andrew Hay) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ypf-shell-argentina-idUKKBN16301J'|'2017-02-24T07:32:00.000+02:00'
'dc7eba242b36f2438a3b742c259a283cb4e621a4'|'Exclusive: Trump says Republican border tax could boost U.S. jobs'|'WASHINGTON President Donald Trump on Thursday spoke favorably about an export-boosting border adjustment tax proposal being pushed by Republicans in the U.S. Congress, but did not specifically endorse it.Trump had previously sent mixed signals on the proposal at the heart of a Republican plan to overhaul the U.S. tax code for the first time in more than 30 years."It could lead to a lot more jobs in the United States," Trump told Reuters in an interview, using his most positive language to date on the proposal.Trump sent conflicting signals about his position on the border adjustability tax in separate media interviews in January, saying in one interview that it was "too complicated" and in another that it was still on the table."I certainly support a form of tax on the border," he told Reuters on Thursday. "What is going to happen is companies are going to come back here, they''re going to build their factories and they''re going to create a lot of jobs and there''s no tax."Trump also said his administration will tackle tax reform legislation after dealing with Obamacare, the health insurance system put in place by his predecessor, President Barack Obama.(Reporting by Steve Holland and David Morgan; Editing by Kevin Drawbaugh and Paul Simao)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/us-usa-trump-tax-exclusive-idINKBN1622J5'|'2017-02-23T17:52:00.000+02:00'
'c51d0f28d00beb412e390717404ab5644541bf6f'|'BRIEF-Albemarle and Tianqi terminate option for indirect minority interest in Albemarle subsidiary'|' 53pm EST BRIEF-Albemarle and Tianqi terminate option for indirect minority interest in Albemarle subsidiary Feb 22 Tianqi Lithium Industries Inc : * Albemarle and Tianqi terminate option for indirect minority interest in Albemarle subsidiary * Albemarle -Tianqi''s exercise of previously announced option to acquire a 20pct indirect ownership interest in rockwood lithium gmbh and units terminated Source  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-albemarle-and-tianqi-terminate-opt-idUSFWN1G70X9'|'2017-02-23T05:53:00.000+02:00'
'68fa2719fba7d18351d192c00410fbae2b55dd8f'|'BRIEF-Blackrock''s strategist expects global reflation, domestic cyclical upswing to support Chinese equities'|'Company News - Fri Feb 24, 2017 - 1:25pm EST BRIEF-Blackrock''s strategist expects global reflation, domestic cyclical upswing to support Chinese equities Feb 24 Blackrock''s strategist Kate Moore : * Blackrock''s strategist Kate Moore - Expect global reflation and domestic cyclical upswing, as reflected in Blackrock GPS, to support Chinese equities * Blackrock''s Moore says "Progress on domestic structural reforms and undemanding valuations add to China<6E>S attractions" Next In Company News UPDATE 1-FCC chair to block stricter broadband privacy rules WASHINGTON, Feb 24 The U.S. Federal Communications Commission will block Obama administration rules that subject broadband providers to stricter scrutiny than websites, a spokesman said on Friday, in a victory for internet providers like AT&T Inc, Comcast Corp and Verizon Communications Inc. UPDATE 1-Fannie Mae secures commitments for credit transfer deal Feb 24 Fannie Mae said on Friday it secured commitments for a second transaction under which the U.S. mortgage finance agency will transfer some credit risk to reinsurers on $15 billion worth of single-family home loans it plans to buy from lenders. 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-blackrocks-strategist-expects-glob-idUSFWN1G90LU'|'2017-02-25T01:25:00.000+02:00'
'25ef3c5e4482282c4d03b2f6f832cc6e35d8a282'|'BRIEF-Pegasystems reports Q4 gaap earnings per share $0.43'|' 54pm EST BRIEF-Pegasystems reports Q4 gaap earnings per share $0.43 Feb 23 Pegasystems Inc- * Pegasystems announces financial results for fourth quarter and full year 2016 * Sees FY 2017 non-gaap earnings per share $1.00 * Sees FY 2017 gaap earnings per share $0.43 * Sees FY 2017 revenue $860 million * Q4 gaap earnings per share $0.43 * Q4 revenue $860 million * Q4 revenue view $231.6 million -- Thomson Reuters I/B/E/S * Q4 earnings per share view $0.37 -- Thomson Reuters I/B/E/S * FY2017 earnings per share view $1.01, revenue view $873.0 million -- Thomson Reuters I/B/E/S  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-pegasystems-reports-q4-gaap-earnin-idUSASB0B231'|'2017-02-24T04:54:00.000+02:00'
'65fb1473696f234a7e6e2396f97e1a379128ac91'|'Permira-Backed sushi chain Sushiro plans up to $730 million IPO'|'HONG KONG/TOKYO Sushiro Global Holdings Ltd, which runs Japan''s biggest chain of conveyor-belt sushi restaurants, said shareholders including European buyout firm Permira [PERM.UL] would sell shares worth up to 82.4 billion yen ($730 million) in an initial public offering.The shareholders will sell as many as 21.1 million shares in Sushiro Global, which runs restaurants in Japan and overseas.The IPO will be arranged by Nomura Holdings Inc ( 8604.T ), Morgan Stanley ( MS.N ) and UBS AG ( UBS.N ).Permira bought Sushiro in 2012 from Japanese private equity firm Unison Capital for about 80 billion yen.(Reporting by Elzio Barreto and Junko Fujita; Editing by Amrutha Gayathri)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-sushiro-ipo-idINKBN1610SO'|'2017-02-22T05:40:00.000+02:00'
'fc6661248119b3310dec94a07dbe89e1dea03317'|'Wooden "plyscrapers" challenge concrete and steel'|'Company  52am EST Wooden "plyscrapers" challenge concrete and steel * Timber apartment block in Norway is 52.8 metres tall * Strong, new wood materials allow "timber towers" * Sustainable wood pollutes less than steel, concrete * Risk that more timber use causes forest loss By Alister Doyle and Barbara Lewis BERGEN, Norway/LONDON, Feb 22 High-rise wooden buildings, led by "The Tree", a 52.8 metre (173 feet) apartment block in Norway, are claiming a place on city skylines as the timber industry challenges the supremacy of concrete and steel. New, ultra-strong wood materials are creating a small but fast-growing market for timber used to build big, urban blocks, extending wood''s uses beyond the houses typical of Alpine villages or suburban America. Backers of timber towers say they are greener than concrete and steel, whose production emits large amounts of greenhouse gases. Those industries say felling trees harms the environment if it causes loss of forests. "Steel was the 1800s materials, concrete 1900s. Now we are in the 2000s and it is time for timber," said Susanne Rudemstan, head of the Swedish Wood Building Council. She said trees must come from properly managed forests to avoid deforestation. Records are falling fast in the world of "plyscrapers", which get their name from the plywood-like laminates glued together to form the wooden beams used to build them. The Tree ("Treet" in Norwegian), with a roof terrace atop 14 storeys on the waterfront of the port of Bergen, became the world''s tallest wooden apartment block on completion in late 2015, surpassing a building in Melbourne, Australia. Wood "is definitely part of the solution when we''re struggling towards a low-carbon world," said Ole Kleppe, project manager at Bergen property developers BOB. In September, the world title will go to Vancouver, Canada, when students move into a 53-metre, 18-storey residence at the University of British Columbia (UBC). That building will save an estimated 2,432 tonnes of carbon dioxide compared to other construction materials, the equivalent of taking 500 cars off the road for a year, UBC says. "It was quick, it was quiet, and there wasn''t a mess," John Metras, managing director for infrastructure development at UBC, said of the construction site. TOOTHPICK Elsewhere, construction began last October on an 84-metre wooden tower in Vienna, due for completion next year. And architects are considering even taller blocks, such as a 300-metre "Toothpick" in London. The cost of building with cross-laminated timber (CLT), one of the main materials, is 10-15 percent more than with masonry or cement in the main European market, a U.N. 2015-16 review said. But prices may fall as the industry matures. The use of CLT often shortens construction times, the U.N. review says, because many parts can be pre-fabricated. The frame of the Vancouver high-rise took less than 10 weeks to build, which Metras said was much shorter than for a concrete building. In Bergen, The Tree - using wood from sustainable forests - shows that people are ready to live up high with wood, although residents told Reuters that family and friends fretted unduly about fire risks. "We think it''s very fire-safe," said Soeren Skaar, 24, a psychology student who owns a flat. In a blaze, he said thick wood beams can retain strength better than metal, which can buckle. Still, some fire detectors have been over-sensitive. "We''ve had a few false fire alarms ... the first one was a guy brewing beer in the basement," said Rolf Einar Vaagheim, 26, an offshore worker who rents an apartment. Height records are a showcase for what the timber industry hopes will be wider use of wood in construction, while producers of iron ore and steel struggle with low prices. Mining companies, such as BHP and Rio Tinto, have teams to assess the impact of new materials and technology. Even so, the use of innovative wooden materials that allow big spans - such as CLT or glue laminated timber - is still v
'c47b913a3b69cadda0717036b86b71707bd233ee'|'UK online realtor Purplebricks seeks funding for U.S. launch'|' 40pm GMT UK online realtor Purplebricks seeks funding for U.S. launch British online real estate agent Purplebricks Group Plc ( PURP.L ) said it intended to raise funds through a share issue to expand into the United States. Purplebricks, backed by fund manager Neil Woodford, plans to raise up to 48.7 million pounds ($60.6 million) through the share sale at 220 pence apiece. The company said it expected to use the net proceeds from the offering to set up businesses in number of key U.S. states. Purplebricks, which estimates the U.S. real estate market to be worth about $70 billion annually in total commission income, said the first stage of its roll out in the country will begin in the second half of 2017. Zeus Capital Ltd, Peel Hunt and Investec Bank are joint bookrunners for the offering. Shares of Purplebricks, which has a market value of 560 million pounds, closed up 2.1 percent at 226 pence on Wednesday. The company had reported a sharp rise in gross profit for the six months ended Oct. 31. (Reporting by Rahul B in Bengaluru; Editing by Maju Samuel)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-purplebricks-grp-usa-idUKKBN1612EA'|'2017-02-23T01:40:00.000+02:00'
'9c4f246c687b08d1de9abacb04136070409c012c'|'Pfizer subpoenaed in U.S. over patient assistance plans'|'Health News - Fri Feb 24, 2017 - 6:43pm EST Pfizer subpoenaed in U.S. over patient assistance plans A man walks past Pfizer''s world headquarters in New York April 28, 2014. REUTERS/Andrew Kelly/File Photo Pfizer Inc on Thursday said it received subpoenas from the U.S. Attorney''s Office for the District of Massachusetts related to the drugmaker''s support for organizations that provide financial help to Medicare patients. In a regulatory filing, Pfizer said it received subpoenas in December 2015 and July 2016 related to groups that help cover patient co-payments for prescription drugs. Pfizer said it has been "providing information to the government in response to these subpoenas." Medicare is the U.S. government healthcare plan for seniors. (Reporting By Deena Beasley; Editing by Cynthia Osterman) Next In Health News Most Americans want U.S. to keep funding expanded Medicaid: poll WASHINGTON A majority of Americans say it is important to keep federal funding for an expansion of the Medicaid program for the poor under Obamacare, even as Republicans work on repealing and replacing former President Barack Obama''s healthcare law, according to a poll released on Friday.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-pfizer-subpoena-idUSKBN1632M3'|'2017-02-25T06:41:00.000+02:00'
'a6bf2bce939013b456a949b04b898a2441c23fc9'|'LPC: Bank lending undeterred by busted U.S. mergers'|'By Lynn Adler and Michelle Sierra - NEW YORK NEW YORK Banks losing fees from a string of mega-mergers scuttled by U.S. antitrust rulings are still eager to extend loans to investment-grade companies seeking big tie-ups, in the hope they will ultimately profit by winning business down the road.President Donald Trump''s administration is expected to be more lenient toward large corporate marriages, but policy shifts and scarce details on tax and financial regulatory overhauls are keeping borrowers waiting for a few sizable acquisition test cases to break the ice.Numerous merger bids, including the telecom giant AT&T<>s pending $85.4 billion takeover of media company Time Warner, have faced prolonged regulatory scrutiny or in other cases have been canceled. However, banks don<6F>t want to miss out on potential mergers and acquisitions (M&A) fees.<2E>Take AT&T and Time Warner for instance,<2C> a senior banker said. <20>A lot of people think that deal may not happen. But you want to be in if it does.<2E>While the willingness to lend persists, the barriers to completing major deals have been high.In February, planned combinations between health insurers Aetna and Humana, and Cigna and Anthem were scrapped after separate court rulings that the deals would stifle competition.Each transaction was backed by multibillion dollar bridge loans.<2E>For very large transactions where market share concentration becomes an issue, I would assume the government will view those closely,<2C> said Art de Pena, managing director and head of distribution, trading & agency for MUFG<46>s syndications group.<2E>However, that will not deter banks from supporting their clients in those M&A financing.<2E>Hovering over dealmakers is uncertainty about corporate tax rates, an equity market rally that makes mergers more expensive and the U.S. crackdown on tax inversion deals that helped unravel the $160 billion pharmaceuticals tie-up between Pfizer and Allergan last April, another senior banker said.Last year a record $804 billion of M&A transactions were pulled globally, the vast majority of which were investment-grade deals. U.S. transactions accounted for about 70 percent of that total, according to Thomson Reuters LPC data.Still, U.S. investment-grade issuers borrowed a record $182 billion in M&A-related financing in 2016, topping the prior year<61>s record $181 billion and the $174 billion in 2014.High quality loan issuance so far this year has been fairly dormant. Banks in January syndicated $21.7 billion of investment-grade loans, the lowest of any month in four years.LEANING INIn every canceled M&A transaction corporations bear the bulk of the costs, including sizable breakup and litigation fees, that are typically far greater than lost bond or M&A advisory fees or income unearned on monies tied up in loan commitments for extended periods, bankers and attorneys said.Cigna, for example, is suing Anthem for a $1.85 billion breakup fee and $13 billion in damages.Fees earned on arranging bridge loans for acquisitions are comparatively small. A portion of those -- the loan underwriting fees -- are usually paid early so even if a deal takes time to close or gets pulled the arranging banks still get to cash in.Bond fees and M&A advisory fees are richer and are generally lost when the deal gets canceled, unless, as in Aetna<6E>s case, the company has issued bonds already.In 2015, Aetna agreed a $3.2 billion three-year term loan and then the following year took a $13 billion eight-part bond. Proceeds from the term loan and bonds replaced the $16.2 billion senior unsecured bridge facility provided by Citigroup and UBS.The insurer started redeeming the bonds on February 14 after the company said that it would terminate the merger agreement because a U.S. federal court ruled against the deal earlier this year, according to IFR.For a generic $5 billion cash bid financed in the investment-grade debt capital markets, financing and advisory fees could total $80 million to $90 million, according to Freem
'aa6d6072d138edafe6c6dc931580d3b996a4fc15'|'Austria says prosecutors open fraud probe on fighter deal'|'  2:03pm GMT Austria says prosecutors open fraud probe on fighter deal By Shadia Nasralla and Kirsti Knolle - VIENNA VIENNA Austria said on Friday that Vienna prosecutors had initiated a formal criminal investigation against Airbus and the Eurofighter consortium over alleged fraud, widening the potential fallout from a $2 billion (1.59 billion pound) combat jet order more than a decade ago. Defence Minister Hans Peter Doskozil said he had been notified that the two companies had been listed as defendants by Vienna prosecutors following a recent ministry complaint. "The criminal procedure thus enters a new phase," he said in a statement. The defence ministry has alleged Airbus and the Eurofighter consortium in 2003 illegally charged nearly 10 percent of the purchase price of 1.96 billion euros for so-called offset deals. Such deals, which involve work being given to local companies, were part of the agreement, but their cost should have been reported separately, the ministry has said. Airbus has denied the accusations. "We have no comment on investigations by Austrian prosecutors," an Airbus spokesman said on Friday. Under the legal system used in Austria and several European countries, opening an investigation is a potentially significant step that falls short of filing charges but which indicates that sufficient evidence is available to warrant a formal probe. Vienna prosecutors declined to confirm opening an investigation, but said one was in preparation - a step that usually leads to the launch of such a probe. "Investigative steps are being prepared in connection with the defence ministry''s statement of the facts," a spokeswoman for the Vienna prosecutors said. The new investigation would come on top of ongoing Austrian and German investigations of the controversial aircraft purchase. Munich prosecutors have said they expect to complete separate preliminary proceedings by mid-year. The Vienna prosecutor''s office said it was co-operating with the German probe. Austria filed a criminal complaint against Airbus and the Eurofighter consortium last week, alleging wilful deception and fraud linked to the order, claiming the damage incurred could amount to 1.1 billion euros ($1.2 billion). The defence ministry said it might also seek to involve the U.S. and British authorities in the investigation. "There are indications that the jurisdiction of the English and U.S. authorities could be justified due to the many offset deals with U.S. parties," a spokesman said. Airbus is already under investigation in the UK over two cases including a Saudi security contract and suspected fraud and bribery in commercial airplane sales. It has pledged full co-operation with these and other pending legal investigations. (Reporting by Shadia Nasralla and Kirsti Knolle; Editing by Larry King and Keith Weir)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-austria-airbus-group-idUKKBN1630LI'|'2017-02-24T21:03:00.000+02:00'
'90757f7affa11d2106c19aa401e5499e635a19d2'|'Brazil''s Suzano sees paper tissue investment at $176 mln'|'Company  17am EST Brazil''s Suzano sees paper tissue investment at $176 mln SAO PAULO Feb 24 Brazilian wood pulp and paper producer Suzano Papel & Celulose SA raised the estimate for planned investments in the paper tissue segment to 540 million reais ($176 million) from a previous 425 million reais. In a Friday securities filing, Suzano said the tissue segment of the Mucuri unit is slated to begin production in the third quarter, while tissue production at the Imperatriz unit is set to start in the fourth quarter. Suzano estimated total annual output at 120 million tonnes of paper tissue. ($1 = 3.0735 reais) (Reporting by Brad Haynes and Paula Laier; Writing by Bruno Federowski) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/suzano-papel-investment-idUSE6N1CB02N'|'2017-02-24T19:17:00.000+02:00'
'b4b4ac88cee2dac8276ddc7404051ccfd4a79cdc'|'Canadian pulse crop sales to India dry up over pest-control plan'|'Commodities   1:01pm EST Canadian pulse crop sales to India dry up over pest-control plan By Rod Nickel and Rajendra Jadhav - WINNIPEG, Manitoba/MUMBAI WINNIPEG, Manitoba/MUMBAI Canadian exporters are slowing sales of peas and lentils to India, threatening C$1.1 billion ($762.95 million) in annual trade of the food staples, over risk that New Delhi may reject shipments under its tougher approach to pest control. India requires shippers to fumigate crops with methyl bromide, an insect-killing gas, in the country of origin, but has historically made an exception for Canada, the world''s biggest pulse exporter. Methyl bromide, an ozone-depleting substance, is not made in Canada, but is allowed for use in limited situations. Canada''s exemption, allowing crops to be fumigated on arrival in India, is set to expire on March 31, overlapping with the 30-40 days it takes for shipments to reach India from Canada. "It''s just a completely dead market right now for us," said Tamara Khoma, trader at Providence Grain. The company rerouted a pea shipment to China that had been headed for India. "Sales to India have been almost non-existent," said Zaid Qadoumi, chief executive at Broadgrain Commodities. "We are in waiting mode." Pulse crops are a popular protein source in India, the world''s largest importer. India<69>s pulse production looks to rise this year by 35 percent from a year ago to 22.14 million tonnes. Even so, the country also needs to import yellow peas and lentils, said Pravin Dongre, chairman of the India Pulses and Grains Association. "The entire supply chain will be disrupted if the government sticks with the new rule," Dongre said, adding that fewer imports could lift prices in India. If India does not exempt Canada, shipments may be rejected at Indian ports and have to be fumigated somewhere else at great cost, said a Mumbai-based importer not authorized to speak publicly. New Delhi''s fumigation stance may also curb wheat imports from Russia, France and Ukraine. A Canadian pulse exporter, who was not authorized to speak publicly, said it is difficult to say if its sales have slowed because of the fumigation issue, as it is a seasonally slow period and India has ample supplies. AGT Food and Ingredients Inc ( AGT.TO ), a Saskatchewan-based pulse crop shipper, is optimistic of a resolution before the deadline and that shipments will continue as normal, Chief Executive Murad Al-Katib said in an email to Reuters. Canadian Agriculture Minister Lawrence MacAulay plans to visit India early next month, and has said that his officials are working with India on the fumigation issue. Canada merits an exemption from India''s fumigation policy because its cold winters kill pests, said Gord Kurbis, director of market access at industry group Pulse Canada. Pea and lentil prices in Canada have dipped slightly, but remain strong because of demand in other markets and hopes that the fumigation issue will be resolved, said Chuck Penner, analyst at LeftField Commodity Research. (Reporting by Rod Nickel in Winnipeg, Manitoba and Rajendra Jadhav in Mumbai; Editing by Marguerita Choy) Next In Commodities Iran says oil prices over $55 per barrel harmful for OPEC: Fars ISTANBUL Iran said on Thursday an increase in oil prices to more than $55 per barrel was not in the interest of OPEC as it would lead to a rise in output by non-OPEC producers, the semi-official Fars news agency reported. Exclusive: Syria strikes big new Russian wheat deal via local firms - source DUBAI Syria''s state grain buyer has signed contracts with local traders for 1.2 million tonnes of Russian wheat, a government source said, the country''s second attempt at a huge wheat deal since October as it tries to secure supplies of the food staple. MANILA The Philippines'' environment minister on Thursday said President Rodrigo Duterte had backed her decision to ban mining in watershed areas at a meeting earlier this week, winning his support once more for her crackdown
'65e794f5d612dd7606d255a3a27c3087ac086cc1'|'Analysis - Peugeot-Opel deal promises Big Bang in small cars: sources'|'Deals - Thu Feb 23, 2017 - 3:27pm GMT Peugeot-Opel deal promises Big Bang in small cars: sources An Opel logo is seen on car at a dealership in Marseille, France, February 22, 2017. REUTERS/Jean-Paul Pelissier By Laurence Frost and Gilles Guillaume - PARIS PARIS French carmaker PSA Group ( PEUP.PA ) is planning an engineering blitz to redevelop Opel''s core models with its own technology if it succeeds in buying General Motors'' ( GM.N ) European arm, company sources and advisers told Reuters. The Peugeot maker, which is in talks with GM on an Opel deal, wants to build the next Corsa mini on the same architecture as its Peugeot 208 and Citroen C3 models, several sources said. This presents a tough challenge as the new GM model is due for an update in two years, leaving little time for a major reworking of its design. PSA''s alternative, however, would be to wait until around 2025 - the end of its next model cycle - to tap cost savings in the best-selling vehicle category. Chief Executive Carlos Tavares outlined the plan at a PSA board meeting on Wednesday, one source said. The aim would be to fuse the small car categories that PSA and GM failed to combine under a looser 2012 alliance that missed key targets. Tavares refused on Thursday to comment on the details of possible PSA-Opel vehicle programs as he presented record PSA earnings to reporters and analysts, stressing that the acquisition had yet to be agreed with GM. But he said the combined company would aim to sell more than 5 million vehicles annually within "a few years", confirming an earlier Reuters report. PSA and GM Europe delivered 4.3 million vehicles between them last year. "When you look at the product plan you see that you can, in a quite speedy way, implement significant synergies," Tavares said. The next Corsa and related Mokka X mini-SUV are among a wave of small Opel cars already in development for launch in 2019. The two models represent 40 percent of GM''s European sales, according to LMC Automotive data. PSA wants the Opel deal to yield cost synergies of between 1.5 billion and 2 billion euros ($1.6-2.1 billion), sources close to the talks have said. PSA and GM have tried before to combine their small cars - the failed centerpiece of a "global strategic alliance" unveiled in 2012 and rapidly scaled back to three shared projects from 40 initially considered. Gilles Le Borgne, the PSA engineering chief, told Reuters the earlier small car plans had foundered because GM chose instead to develop the Corsa on its own architecture, pursuing economies of scale between its Opel and Chevrolet brands. "It''s completely different now," Le Borgne said on Thursday, adding that engineering teams were ready to move fast. "It would be stupid to miss another cycle," he said, adding that it normally takes more than three years to develop a new model. JOB CONCERNS A swift convergence of small car design and production may deepen concern over possible job losses, especially in Germany - home to about half the 38,000-strong GM Europe workforce. The competing PSA and Opel small car and SUV line-ups are currently spread among no fewer than five European plants: Opel Eisenach, Germany, and Zaragoza, Spain; and PSA Poissy and Mulhouse, France, and Trnava, Slovakia. Tavares has promised to honor existing GM plant and job guarantees, but many of those expire in 2018-2020 - around the time the first jointly-developed products would be arriving. "Given the massive overlap of the two businesses, there should be no illusion as to what will need to happen," Evercore ISI analyst Arndt Ellinghorst said in a recent note. "It''s about hard restructuring in Germany, the UK and Spain resulting in at least 5,000 manufacturing job cuts," he predicted. Evercore expects three plants to close by 2021. While PSA will honor past deals, the company insists no new plant or job commitments are on the table. "We''d discuss those at a later stage," a spokesman said, declining further
'2d679234959a77ed24eef3b4a1f15334288b825c'|'BRIEF-SPX reports Q4 adj EPS $0.69'|' 55pm EST BRIEF-SPX reports Q4 adj EPS $0.69 Feb 23 Spx Corp * SPX reports fourth quarter and full-year 2016 results * Q4 adjusted earnings per share $0.69 * Q4 loss per share $0.07 from continuing operations * Q4 revenue $395.3 million versus I/B/E/S view $467.6 million * Q4 earnings per share view $0.65 -- Thomson Reuters I/B/E/S * Targeting 2017 core revenue in a range of $1.3 to $1.4 billion * Sees 2017 adjusted earnings per share is expected to be in a range of $1.55 to $1.70 * Sees 2017 core segment income margin of 12-13 pct * FY2017 earnings per share view $1.64, revenue view $1.47 billion -- Thomson Reuters I/B/E/S  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-spx-reports-q4-adj-eps-idUSASB0B22O'|'2017-02-24T04:55:00.000+02:00'
'f1dbefd3dca006ff25c1f230463a57b98a2cd052'|'If Trump imposes punitive tariffs, Europe must counter them - Merkel ally'|'Business News - Sat Feb 25, 2017 - 12:06am GMT If Trump imposes punitive tariffs, Europe must counter them - Merkel ally left right Conservative Christian Democratic Union party CDU parliamentary floor leader Volker Kauder addresses the CDU party convention in Essen, Germany, December 7, 2016. REUTERS/Wolfgang Rattay 1/2 left right German Chancellor and leader of the conservative Christian Democratic Union party CDU Angela Merkel talks to parliamentary floor leader Volker Kauder (R) at the CDU party convention in Essen, Germany, December 7, 2016. REUTERS/Kai Pfaffenbach 2/2 BERLIN Europe should impose punitive tariffs on imports from the United States if President Donald Trump acts to shield U.S. industries from foreign competitors, a senior ally of German Chancellor Angela Merkel said in a newspaper interview. Trump has already formally withdrawn the United States from the Trans-Pacific Partnership trade deal, distancing America from its Asian allies, and vowed to renegotiate the U.S. free-trade deal with Canada and Mexico. The tycoon-turned-president has also threatened German carmakers with a border tax of 35 percent on vehicles imported into the U.S. market, saying such a levy would help create more jobs on American soil. "If Donald Trump imposes punitive tariffs on German and European products, then Europe should also impose punitive tariffs on U.S. products," Volker Kauder, parliamentary floor leader of Merkel''s conservatives, told the Funke media group in an interview published on Saturday. "We cannot accept everything," Kauder added. He said German officials would have to remind "our friends in Washington" that trade wars in the past had already shown that both sides only lost from such measures. "We just have to say calmly and with self-confidence: If Trump carries out what he said, then Europe must react," Kauder said. The German government has vowed to protect global free trade after Trump threatened protectionist measures and his top adviser on trade accused Germany of exploiting a weak euro to boost exports. German Vice Chancellor Sigmar Gabriel has suggested that the European Union should refocus its economic policy toward Asia, should the Trump administration pursue protectionism. In a sign of already shifting trade flows, China became Germany''s most important trading partner for the first time in 2016, overtaking the United States, which fell back to third place behind France, data showed on Friday. (Reporting by Michael Nienaber; editing by Richard Lough)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-germany-usa-trade-idUKKBN164007'|'2017-02-25T07:06:00.000+02:00'
'0997c54e5044aa3162f392c253f2408bcf2509ce'|'BRIEF-Ctrip reports diluted earnings per RMB2.24 (US$0.32'|' 51pm EST BRIEF-Ctrip reports diluted earnings per RMB2.24 (US$0.32 Feb 22 Ctrip.Com International Ltd: * Ctrip reports unaudited fourth quarter and full year 2016 financial results * Q4 revenue RMB 5.1 billion versus I/B/E/S view RMB 4.97 billion * Diluted earnings per ads were RMB1.18 (US$0.17) for Q4 * Non-GAAP diluted earnings per ads were RMB2.24 (US$0.32) for Q4 * Ctrip.Com International - for Q4 2016, ctrip reported net revenues of RMB5.1 billion (US$730 million), representing a 76pct increase from same period in 2015 * Ctrip.Com International Ltd - gross margin was 78pct for Q4 of 2016, compared to 73pct in same period in 2015 * Ctrip.Com International Ltd - for Q1 of 2017, company expects net revenue growth to continue at a year-on-year rate of approximately 40-45pct * Ctrip.Com International Ltd - "Ctrip has been expanding its global footprint through china''s growing outbound travel demand" Source  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-ctrip-reports-diluted-earnings-per-idUSASB0B1PX'|'2017-02-23T05:51:00.000+02:00'
'2a3fd5d3233decc60ecc47be2ed4272ce934fb53'|'Treasury''s Mnuchin says wants ''very significant'' tax reform passed by August'|'Business News - Thu Feb 23, 2017 - 3:47pm GMT Treasury''s Mnuchin says wants ''very significant'' tax reform passed by August U.S.Treasury Secretary Steven Mnuchin speaks at a press briefing at the White House in Washington, U.S., February 14, 2017. REUTERS/Kevin Lamarque By David Lawder and Sweta Singh U.S. Treasury Secretary Steven Mnuchin said on Thursday that he wants to see "very significant" tax reform passed before Congress'' August recess but the Trump administration is still studying the merits of a proposed border tax system. "We are committed to pass tax reform, it will be very significant, it''s going to be focused on middle income tax cuts, simplification and making the business tax competitive with the rest of the world," Mnuchin told CNBC in his first television interview since taking office last week. ( cnb.cx/2mg9Kq7 ) "We want to get this done by the August recess," he added, acknowledging later on Fox Business Network that such a timeline was "very aggressive." Mnuchin said did not say when the plan would be rolled out. President Donald Trump has promised announcement of a "phenomenal" plan by early March to cut business taxes, which helped push equity markets to record highs in recent weeks. But some Republican senators have criticized a House Republican plan to levy a 20 percent tax on imports aimed at encouraging more U.S. production and exports and raising $1 trillion (0.79 trillion pounds) in revenue over a decade to offset lower business tax rates. Mnuchin said the plan was still being studied. "We''re looking at it seriously, there are certain aspects of it that we''re concerned about, there are certain aspects that we like," Mnuchin told Fox Business Network of the border tax adjustment plan. "It''s going to be something that''s focused on growth, and we will have listened to people''s concerns and we will have taken them into account." Mnuchin told both networks that he believed the tax reform plan would help the United States boost economic growth above 3 percent by late 2018 from 1.6 percent in 2016. Growth effects from tax reform and less business regulation would not likely start to take hold until next year, he added. He told CNBC the Trump administration would use "dynamic scoring" models that would likely assume more growth than those assumed by Congress'' Joint Committee on Taxation. This would have the effect of boosting assumed revenues from tax reform and relaxation of regulations. Given the still-low interest rate environment he said it "makes sense" for the Treasury to examine whether to issue long-term debt of 50 to 100 years "at a very slight premium", but said he was not ready to make any announcements on this topic. Mnuchin added to recent comments in the Wall Street Journal regarding the strong dollar, telling Fox Business Network that short-term increases in the dollar''s value "are a reflection of the optimism of the economic plans" of the Trump administration. Trump had pledged to declare China a currency manipulator on his first day in office, but Mnuchin told CNBC he would pursue the normal Treasury process of examining currency practices by major trading partners. Treasury is required by law to report on these findings by April 15. He added that Treasury was also studying the effects of expanding the size of loans that the U.S. Export-Import Bank can make since it is currently limited by a lack of board members to loans under $10 million. He said the Trump administration was not interested in simply subsidizing large corporations. (Reporting by Sweta Singh in Bengaluru; Editing by Savio D''Souza and Chizu Nomiyama) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-treasury-mnuchin-idUKKBN1621WJ'|'2017-02-23T22:47:00.000+02:00'
'9deafd214c78c758af7b82cab7d34a203e9126d6'|'U.S. extends ZTE''s sanctions relief until March 29'|' 20am EST U.S. extends ZTE''s sanctions relief until March 29 By Karen Freifeld - NEW YORK NEW YORK Feb 23 Chinese telecom equipment maker ZTE Corp has been granted a new reprieve from export restrictions imposed on the company by the U.S. government. In an online posting on Thursday, the U.S. Commerce Department extended ZTE''s temporary export license until March 29. The extension allows U.S. firms to continue to supply the Chinese company with components as it seeks to resolve a U.S. government probe of alleged violations of U.S. sanctions on Iran. (Reporting By Karen Freifeld; Editing by Chizu Nomiyama)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/zte-sanctions-extension-idUSL1N1G80QJ'|'2017-02-23T21:20:00.000+02:00'
'74c3e623e6edb0a68c1a979d5dac9b46dcb51319'|'Fidelity, T. Rowe poised for gains on Snap IPO'|'By Tim McLaughlin - BOSTON BOSTON Mutual funds run by Fidelity Investments and T. Rowe Price Group Inc ( TROW.O ) could be poised for a quick win on the upcoming public debut of Snap Inc ( SNAP.N ).Both fund companies made private investments just last year in the owner of the popular messaging app Snapchat, with bets that could soar in value if Snap''s expected March 1 initial public offering is a success. Snap''s planned $3.2 billion IPO is oversubscribed, market sources told IFR on Friday.That demand could indicate Snap shares would trade above the current estimated IPO range of $14 to $16 a share. T. Rowe''s Institutional Large-Cap Growth Fund this week disclosed that it valued its 1.29 million Snap shares at $15.30 apiece, as of Dec. 31.To be sure, Snap is a largely unproven company with only a five-year track record. Last year, Snap''s operating activities burned through $611.2 million in cash, up from $307 million in 2015.Revenue growth, however, offers some promise to investors, surging last year to $404.5 million from $58.7 million in 2015.Four of Fidelity''s most popular stock funds have invested about $162 million in Snap, U.S. regulatory filings show. Fidelity''s Contrafund ( FCNTX.O ) took a $58 million stake in Snap in February 2016. That investment represents only 0.06 percent of the massive fund''s $105 billion in net assets.Over the past few years, Fidelity has become one of the largest investors in pre-IPO companies. But not all of these companies become publicly traded as quickly as Snap will after a Fidelity initial investment. Contrafund''s first investment in file sharing company Dropbox Inc, for example, happened about 5 years ago. Dropbox remains a private company.Snap''s IPO roadshow came to Fidelity''s hometown of Boston on Thursday. Snap Chief Strategy Officer Imran Khan fielded most of the questions at the Boston event. Snap Chief Executive Evan Spiegel did not take part in a one hour question-and-answer session at the Four Seasons Hotel. Fidelity declined to say if Snap executives met with analysts and portfolio managers at the mutual fund company''s headquarters.Investors have a lot to consider before Snap begins trading next week.New user growth slowed in the second half of 2016, and just this week Facebook''s WhatsApp introduced a disappearing photo-messaging service similar to Snapchat''s. Last year, Facebook introduced disappearing videos to its Instagram platform.Snap is targeting a total market valuation of more than $22 billion, much smaller than rivals, such as Facebook''s $389 billion. Khan said that is one reason why Snap''s founders want control of the company''s voting stock, according to people who attended the Boston event.Khan said not having control could hurt Snap''s future.(Reporting By Tim McLaughlin; Editing by Meredith Mazzilli)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-snap-ipo-funds-idINKBN16323B'|'2017-02-24T15:00:00.000+02:00'
'0a3fe314fcd3b6c6ee6268b2ae97446d06882e63'|'Banks'' bond trading up in 2016 for first time since 2012 after Brexit, Trump - survey'|' 29am GMT Banks'' bond trading up in 2016 for first time since 2012 after Brexit, Trump - survey LONDON Bond trading revenue at the world''s top banks rose last year for the first time since 2012, thanks to increased activity after Britons'' voted to leave the European Union and Donald Trump won the U.S. presidential election, a survey showed on Thursday. The 9 percent rise in fixed income, currencies and commodities (FICC) trading last year failed to avert an overall 3 percent fall in revenue, however, due to a slump in equity and investment banking division (IBD) revenue, said industry analytics firm Coalition, based on its analysis of their public disclosures and independent research. The 13 percent fall in equity trading revenue was the biggest since 2008, when the global credit crunch crashed world markets and plunged the global economy into recession. FICC revenue was boosted by a 39 percent surge in the second half of the year, led by "robust growth" in G10 rates trading. 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. Overall FICC trading revenue at 12 of the world''s biggest banks rose to $75.9 billion (<28>61 billion) from $69.9 billion in 2015, Coalition said. The $37.7 billion accrued in the second half of the year was the best July-December period since 2012. Coalition tracks Bank of America Merrill Lynch ( BAC.N ), Barclays ( BARC.L ), BNP Paribas ( BNPP.PA ), Citigroup ( C.N ), Credit Suisse ( CSGN.S ), Deutsche Bank ( DBKGn.DE ), Goldman Sachs ( GS.N ), HSBC ( HSBA.L ), JPMorgan ( JPM.N ), Morgan Stanley ( MS.N ), Societe Generale ( SOGN.PA ) and UBS ( UBSG.S ). Within FICC, G10 rates trading revenue jumped 26 percent to $25.9 billion, and credit trading rose 20 percent to $14.8 billion. That offset declines in G10 FX, securitization, emerging markets and commodities. A "significant" decline in hedge fund activity, after many suffered a bruising 2015, was to blame for the fall in foreign exchange trading revenues, Coalition said. HEADCOUNT DOWN AGAIN Equity trading revenue, including cash equities, equity derivatives, prime services (serving hedge funds) and futures and options, slumped 13 percent to $43.4 billion from $49.8 billion the year before. The weakness was driven by poor performances in cash and derivatives. Cash equity revenue fell 17 percent to $9.5 billion and derivatives revenue fell 21 percent to $12.8 billion. Investment banking division (IBD) revenue, comprising equity and debt capital market activity, and mergers and acquisitions, fell 9 percent to $36.8 billion. Within IBD, equity capital market operations were particularly weak, with revenue falling 35 percent to $6.3 billion. Adding it all together, the world''s biggest banks raked in $156.1 billion in revenue last year across FICC, equities and IBD, down 3 percent from $160.2 billion the year before, Coalition said. Despite the rebound in bond trading, however, the longer term attrition in headcount showed no sign of slowing. The aggregated number of FICC front office staff - covering sales, trading, and research - at the top 12 global banks fell 7 percent to around 17,500 in 2016, down from 18,800 the year before. That''s 30 percent lower than in 2011. Aggregate equity headcount fell 4 percent to 18,200 and IBD staffing fell 1 percent to 17,500. Overall headcount fell 4 percent to 53,200, marking a fall since 2011 of more than 20 percent, according to Coalition data. (Reporting by Jamie McGeever; Editing by Hugh Lawson)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-banks-investment-trading-idUKKBN16201R'|'2017-02-23T07:29:00.000+02:00'
'2f99e86a0e8206c97175d602f90645096b0cbf0e'|'J.C. Penney to shut 130-140 stores; quarterly sales drop'|'Business  14am EST J.C. Penney to shut 130-140 stores; quarterly sales drop Customers ride the escalator at a J.C. Penney store in New York August 14, 2013. REUTERS/Brendan McDermid/File Photo Department store operator J.C. Penney Co Inc ( JCP.N ) said on Friday it would close about 130-140 stores over the next few months, and reported a 0.7 percent drop in same-store sales for the holiday quarter. The company will also initiate a voluntary early retirement program for about 6,000 eligible employees and close two distribution facilities. The stores being closed represent about 13-14 percent of the company''s store base and account for less than 5 percent of annual sales, the company said on Friday. J.C. Penney''s net sales fell 0.9 percent to $3.96 billion in the fourth quarter ended Jan. 28, declining for the third time this year. (Reporting by Sruthi Ramakrishnan in Bengaluru,) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-jc-penney-results-idUSKBN1631DB'|'2017-02-24T19:11:00.000+02:00'
'aa70e40d8cbcd6a03cac40552496533b79097092'|'Chemchina extends tender offer for Syngenta to April 28'|'Deals  31am EST Chemchina extends tender offer for Syngenta to April 28 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 1/2 left right People smoke outside the headquarters of the China National Chemical Corp, or ChemChina, in Beijing, China February 3, 2017. REUTERS/Thomas Peter 2/2 ZURICH China National Chemical Corporation (ChemChina) has extended until April 28 its $43 billion tender offer for Swiss pesticides and seeds group Syngenta ( SYNN.S ), it said on Thursday. The offer had previously been set to expire on March 2. "As previously stated, extensions to the tender offers are expected to occur until all conditions to the offers are satisfied, including obtaining all applicable regulatory approvals. All of the other terms and conditions of the tender offers remain unchanged," it said in a statement. Syngenta said this month it expected the deal to close in the second quarter. (Reporting by Michael Shields; Editing by Michael Shields) Next In Deals Peugeot sets sales and savings goals for Opel deal: sources LONDON/FRANKFURT/PARIS French carmaker PSA Group expects its planned acquisition of General Motors'' Opel division to lead to combined sales of 5 million vehicles by 2022 and save as much as 2 billion euros ($2.1 billion) annually, sources said, adding that a deal could be finalised in early March.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-syngenta-m-a-chemchina-idUSKBN1620HF'|'2017-02-23T13:28:00.000+02:00'
'669cb3c6e433122f77bfb787233e060db047be8a'|'Two percent inflation. A call to action?'|'  5:22pm GMT Global Economy: Two percent inflation. A call to action? FILE PHOTO:General view inside of shopping mall ''Pasing Arcaden'' in Munich, Germany August 18, 2016. REUTERS/Michaela Rehle/File Photo By Philip Blenkinsop - BRUSSELS BRUSSELS U.S. President Donald Trump''s address to Congress may make the most headlines, but inflation readings of 2 percent could prove more significant economic events next week - a call to action perhaps in America and a important milestone in Europe. The U.S. consumer price index (CPI), published mid-Feb, has already shown prices rising at their fastest monthly pace in nearly four years in January and a year-on-year rate of 2.5 percent. However, the Fed has often emphasized the inflation measure for personal consumption expenditures (PCE) because of its wider range of goods and services. And that too is now seen climbing to 2 percent on its release on Wednesday. Rob Carnell, chief international economist at ING, sees the release as pivotal, nudging more Federal Open Market Committee members, who next meet on March 14-15, to favor action as the excuse of low inflation disappears. "Their target inflation measure is hitting their longer-run objective and at that point, everybody should be waking up and saying: You know what, March is a live month," he said. In a Reuters poll of primary dealers earlier this month, none expected the next rate hike to occur before the second quarter. [FED/R] According to minutes released on Wednesday, many Federal Reserve policymakers said it may be appropriate to raise interest rates again "fairly soon", taken by markets as implying a reduced chance of a March hike. "The only thing they can point to is all the uncertainty around Trump. Well, the only uncertainty is how much stimulus he''s going to deliver," said Carnell. Trump will address Congress in a speech on Tuesday expected to include some details of his infrastructure spending and tax plans, which could include a new border tax on imports. By contrast, the European Central Bank, whose Governing Council next meets on March 9, will more easily brush aside an inflation rate of 2.0 percent, the market consensus for February, with a core rate, excluding more volatile energy and unprocessed food components, seen stubbornly below 1 percent. Headline inflation in any case is unlikely to spiral higher. Fabio Fois, European economist at Barclays, sees a "twin-peak" profile, with highs in April and September, boosted by rising airline, holiday, energy and food prices, before receding toward the core level of around 1.2-1.3 percent by the end of 2018. PRICE IMPACT ON CONSUMERS HEAVIEST IN UK If inflation fails to spur central banks, what of its effect on consumers, the main drivers of growth in Europe and the United States? U.S. consumer sentiment is seen easing further from December''s 15-year high, with stock markets more subdued after initial euphoria following Trump''s election victory. The February figure due on Tuesday will give a first consumer assessment of Trump''s turbulent first month in office and his possible impact on the economy. For the time being, rising inflation is not biting. "Last year we got a bit of a boost from low oil prices. This year, it''s more the nominal wage side, partly offset by higher oil prices," said Harm Bandholz, chief U.S. economist at UniCredit. In the euro zone''s periphery, private consumption picked up with lower energy prices last year, with a reverse effect possible 2017. Among core countries, spending should stay healthy due to a strong labor market, wage increases and low interest rates, all factors that should be in place for the next year or two. So far, consumers have shrugged off political risk factors, such as the Dutch who vote on March 15 and the British after the Brexit vote. However, British inflation could start to be felt with the rate set to approach 3 percent by the end of the year due to the fall in sterling. Christian Schulz of Citi, behind a paper entitled "UK 
'56b11a37264088e420f860ecb9bfdfedd249c1b5'|'Homes with sunrooms <20> in pictures - Money'|'Homes with sunrooms <20> in pictures View more sharing options Share CloseThese properties, from Cumbria to Essex, are ideal for catching some rays all year roundAnna TimsFriday 24 February 2017 23.45 GMTArnside, CumbriaThe panorama hangs like a painting through the windows of this four-bedroom house and the sunroom off the living room seems to float above the estuary and the fells beyond. Asking price: <20>399,950. Onthemarket.com , 01524 937960 Facebook Twitter PinterestBendochy, near Blairgowrie, PerthshireThe sunroom, snug enough for winter sunbathing, looks over some of the 5.6 acres of grounds to the mountains. Once a coach house, it<69>s been lavishly glamourised, with heated slate floors and five bedrooms. You have to get the car out if you run out of milk. Offers over <20>550,000. Savills , 0131 247 3738 Facebook Twitter PinterestWethersfield, EssexA skinny but elegant extension with a glass lantern ceiling opens onto the south-facing garden and absorbs the best of the day<61>s sun. Once the village post office, this Georgian house has four bedrooms and a large basement. The garden is petite and there<72>s no downstairs loo. Cost: <20>495,000. Fenn Wright, 01206 763 388 Facebook Twitter PinterestProperty Snooping around Homes'|'theguardian.com'|'https://www.theguardian.com/uk/business'|'https://www.theguardian.com/money/gallery/2017/feb/24/homes-with-sunrooms-in-pictures'|'2017-02-25T07:45:00.000+02:00'
'37e9afbe57ad048b64aab0023ee04ea5a68edb33'|'BRIEF-Granite Oil Corp reiterates capital budget of $16.5 mln'|' 34pm EST BRIEF-Granite Oil Corp reiterates capital budget of $16.5 mln Feb 21 Granite Oil Corp: * Granite Oil Corp announces record 2016 year end reserve metrics and operational update * Granite Oil Corp -reiterates its previously announced 2017 capital budget of $16.5 million Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-granite-oil-corp-reiterates-capita-idUSASB0B1FG'|'2017-02-22T05:34:00.000+02:00'
'f43d264d60b1963961f67a976c2e1c42a9f25534'|'Apollo affiliate Novitex, SourceHov to merge with Quinpario'|'SourceHOV LLC, Novitex Holdings Inc and Quinpario Acquisition Corp 2 ( QPACU.O ) agreed to combine in a deal valued at about $2.8 billion, to scale up their businesses in the financial technology and business services industry.Shareholders of SourceHOV and Novitex are rolling 100 percent of the current equity and will be the majority holders in the new company, to be named Exela Technologies, the companies said on Tuesday."Our combination with Novitex fundamentally increases our scale, making us a more strategic partner to customers in their quest for digital transformation," Ron Cogburn, chief executive of SourceHOV said in a statement.Novitex is owned by certain funds managed by affiliates of Apollo Global Management LLC ( APO.N ), while SourceHOV is majority owned by HandsOn Global Management.The deal will be funded through a combination of $1.35 billion in new debt financing, cash from Quinpario and rollover of equity among others, the companies said. The deal also includes committed financing from Royal Bank of Canada and Credit Suisse.The new company will have eight board members, including three nominated by HandsOn Global Management, two by Apollo and three independent directors.Exela Technologies will be listed on the Nasdaq Global Select Market.(Reporting by Vishal Sridhar in Bengaluru; Editing by Gopakumar Warrier)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-sourcehov-m-a-quinpario-acqsn-idINKBN1610DX'|'2017-02-22T01:50:00.000+02:00'
'cee012aede2755db73e0ca22351829d0f712c32c'|'Paramount CEO Brad Grey to step down'|'Business News - Wed Feb 22, 2017 - 8:57pm GMT Paramount CEO Brad Grey to step down Chairman and CEO of Paramount Pictures Brad Grey attends the premiere of ''''FENCES'''' in Manhattan, New York City, U.S., December 19, 2016. REUTERS/Andrew Kelly Brad Grey will step down as the chairman and chief executive officer of Viacom Inc''s ( VIAB.O ) Paramount Pictures film studio, the company said on Wednesday. Viacom is starting a search to identify a successor, and Grey, who headed Paramount Pictures for 12 years, will remain at the studio for a period to support the transition. Viacom shares, which have gained about 25 percent this year, were down 0.5 percent at $44.46. Grey''s departure from the studio comes after years of underperformance, producing box office bombs such as "Teenage Mutant Ninja Turtles: Out of the Shadows" and "Ben-Hur." The change in leadership follows a year of distractions for the studio as it was at the center of a bruising power struggle between Viacom''s controlling shareholder, Sumner Redstone, and his daughter, Shari, and Viacom''s former chief executive, Philippe Dauman. The battle began when Dauman, who resigned in August, proposed selling a stake in Paramount against Redstone''s wishes. Last month, Grey helped to arrange a deal for two Chinese film companies, Shanghai Film Group (SFG) and Huahua Media, to invest $1 billion in Paramount, giving the studio much-needed cash and support as it attempts to grow. As part of the agreement, SFG and Huahua Media will finance a combined 25 percent of all of Paramount''s films for the next three years, with the option to extend to a fourth year. The Chinese studios will share in the economic returns of the films, but details were not provided. During his tenure at Paramount, Grey was responsible for a seven-year marketing distribution deal with Marvel and the 2008 acquisition of DreamWorks SKG for $1.6 billion, from which Paramount got the Transformers franchise. However in recent years, the studio has struggled. Grey is the latest executive to leave Viacom Inc ( VIAB.O ) Chief Executive Officer Bob Bakish took over. In December, Denise Denson, the head of distribution for Viacom, left. In January, longtime Viacom executive Doug Herzog, a 25-year veteran who oversaw Comedy Central and MTV, left. And last month, Michael Fricklas, general counsel, announced his departure. On Friday, Reuters reported that Grey''s departure was imminent. (Reporting by Jessica Toonkel and Saqib Iqbal Ahmed; Additional reporting by Anya George Tharakan; Editing by Anil D''Silva) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-viacom-paramount-ceo-idUKKBN1612P3'|'2017-02-23T03:57:00.000+02:00'
'97ddee8d29200719d7d1a64638057b78c6ff31bd'|'Existing home sales hit 10-year high in January'|'Business News - Wed Feb 22, 2017 - 10:01am EST Existing home sales hit 10-year high in January A house-for-sale sign is seen inside the Washington DC Beltway in Annandale, Virginia January 24, 2016. REUTERS/Hyungwon Kang/Files WASHINGTON U.S. home resales surged to a 10-year high in January as buyers shrugged of higher prices and mortgage rates, a sign of growing confidence in the economy. The National Association of Realtors said on Wednesday existing home sales jumped 3.3 percent to a seasonally adjusted annual rate of 5.69 million units last month. That was the highest level since February 2007. December''s sales pace was revised up to 5.51 million units from the previously reported 5.49 million units. Economists had forecast sales rising 1.1 percent to a 5.54 million-unit pace in January. The NAR also revised sales data going back to 2014. The revisions were minor and had no impact on the characterization of the housing market. Sales were up 3.8 percent from January 2016. Demand for housing is being underpinned by a strengthening labor market, which is improving employment opportunities for young adults and, in turn, boosting household formation. A persistent shortage of properties available for sale, which is lifting house prices, remains an obstacle to a robust housing market. While the 30-year fixed mortgage rate appears to be stabilizing after rising rapidly in recent months, it still remains above 4 percent. In contrast, annual wage growth is running below 3 percent. (Reporting by Lucia Mutikani; Editing by Paul Simao) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-usa-economy-idUSKBN1611UZ'|'2017-02-22T22:01:00.000+02:00'
'b4dacf3d2aa7aeb06b043aea8d6adf944c92dc39'|'BoE says EU insurance rules need tweaks rather than overhaul'|'Business News - Wed Feb 22, 2017 - 6:17pm GMT BoE says EU insurance rules need tweaks rather than overhaul left right A bus passes the Bank of England in the City of London, Britain, February 14, 2017. REUTERS/Hannah McKay 1/3 left right Pedestrians walk past an Aviva logo outside the company''s head office in the city of London, Britain, March 5, 2009. REUTERS/Stephen Hird/File Photo 2/3 left right The logo of Legal & General insurance company is seen at their office in central London, Britain, March 17, 2008. REUTERS/Alessia Pierdomenico/File Photo 3/3 By Huw Jones - LONDON LONDON EU capital rules for insurers need some tweaks but are not a deterrent to investment in infrastructure as some insurers'' claim, the Bank of England said on Wednesday. Officials from Aviva ( AV.L ) and Legal & General ( LGEN.L ), two of Britain''s biggest insurers told the British parliament''s Treasury Select Committee last month that the EU Solvency II insurance capital law had made it costly to invest in infrastructure, a committee member said. But Sam Woods, chief executive of the BoE''s Prudential Regulation Authority (PRA), told the same committee on Wednesday that the law, introduced in January last year, was basically a sensible regime. A lack of attractive projects was the main reason for insurers'' low investment in infrastructure, he said. "I am not a cheerleader for Solvency II ... There are some bugs that need to be ironed out," Woods said, adding that insurers were exaggerating the problems. "They are overdoing it. They are giving the impression that Solvency II discourages long-term investment. At the margin, we could make it a bit better." The PRA supervises banks and insurers. Britain is keen to see more investment in infrastructure to lift economic growth and productivity. Insurers'' business plans show that infrastructure investments are set to rise in coming years, but insurance executives say it is difficult to find infrastructure assets at a suitable price, Woods said. The biggest bug in Solvency II was the "risk margin" element, he said. The margin is a type of capital add-on to help attract a "white knight" to take on the insurer''s books if it runs into trouble, providing an extra layer of protection for policyholders. Woods said it was forcing life insurers to hold more capital than they need, though transitional arrangements under the EU rules provided temporary relief until changes are made. "It''s overcooked. It''s fundamentally flawed and needs to be fixed," he said. Woods said the PRA had turned down an industry "quick fix" in favour of trying to persuade the EU to change the Solvency II law in a review next year - a sign of how Britain is expected to continue applying a version of Solvency II after it leaves the bloc in 2019. As allowed under the EU rules, the PRA has granted the sector so-called "matching adjustment" capital relief worth 59 billion pounds ($73 billion) to ease the impact of the EU rules on infrastructure investments, Woods said. The industry has said that complying with Solvency II costs 200 million-250 million pounds annually, and Woods said some reporting requirements could be eased to cut costs. "We need a decent amount of data to do the job. If we go all generalist ... it would be a disaster," Woods said. (Reporting by Huw Jones; Editing by Susan Fenton) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eu-insurance-regulations-idUKKBN1612CC'|'2017-02-23T01:17:00.000+02:00'
'a2a9754db32f02f8c62e9729a7f311ed2ba92f46'|'BRIEF-Tamarack Valley Energy reports 43 pct increase in proved producing reserves'|' 42am EST BRIEF-Tamarack Valley Energy reports 43 pct increase in proved producing reserves Feb 27 Tamarack Valley Energy Ltd: * Tamarack Valley Energy Ltd. announces a 43 pct increase in proved developed producing reserves and an operational update * Tamarack Valley Energy - PDP reserves increased by 43 pct on an absolute basis and by 5 pct per fully diluted share for 2016 * Tamarack Valley Energy - remains on target to meet its first half production guidance range of 18,500 to 19,000 boe/d    '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-tamarack-valley-energy-reports-idUSASB0B2CW'|'2017-02-27T18:42:00.000+02:00'
'1aa083f4bf495f6b382e7046e8cd560cfb64f11b'|'War rooms, brainstorms, calligraphy: where do great ideas spring from? - Guardian Small Business Network'|'B usinesses live or die by the strength of their ideas. In the modern age, products, services and brands need to be continually updated or reinvented. There are also times when businesses need to go back to the drawing board and start again.The key to generating good ideas is to get out of the meeting room and allow staff to work on different concepts, thinks Ed Molyneux, CEO and co-founder of cloud accounting software company FreeAgent . The walls of his office are covered in scribbles from team brainstorming sessions. Working holidays: a good idea or just plain exhausting? Read more Molyneux<75>s staff have also tried round-robin brainstorming, <20>brainwriting<6E> (where a person writes down all their ideas and then passes them on) and SWOT (strengths, weaknesses, opportunities and threats) analysis to evaluate ideas. But he thinks the working environment is more important than method for idea generation. <20>We<57>ve incorporated break-out areas in our office where our staff can come together and informally work on projects,<2C> says Molyneux. <20>This has been far more effective than if we<77>d just had one meeting room.<2E>For Darren Fell, founder of Brighton-based Crunch Accounting , the office itself is too constrictive and instead he opts for walking meetings. <20>It a fresh perspective and I find I am often at my most creative when moving.<2E>Academics and researchers are finding there is much to commend about both of the above approaches. Ileana Stigliani, assistant professor in design and innovation at Imperial College Business School, says businesses should let their employees <20>break free<65> to explore ideas. She recommends bosses allow their staff <20>a walk in the woods, a visit to an art gallery, or just listen to music to get inspiration<6F>. She says good ideas cannot be forced out and creative people may benefit from flexible hours. <20>Companies need to let go of the traditional nine to five working week. Team members need to come into work when they are rested and at their best.<2E>But while time out of the office can stimulate the mind, businesses do need employees to be at work sometimes. Stigliani, therefore, recommends the creation of <20>war rooms<6D> or <20>hacked spaces<65>, citing the success of Silicon Valley tech giants who use this approach. <20>The best creative spaces should have plenty of whiteboards and surface area to put sticky notes and visual imagery on the walls, with furniture that can be easily rearranged,<2C> she says. <20>Google is famous for its creative war rooms, where employees can brainstorm but also listen to music, play with toys, and generally chill out.<2E> Mark Batey, a senior lecturer in organisational psychology at Alliance Manchester Business School says we need to process information before brainstorming. <20>If you give people time, their brains can start working on ideas in the background. So when they do get to the idea-generation stage they are all ready to go.<2E>But, when seeking inspiration, business owners should also remain open-minded, watching new trends and technologies, even if they don<6F>t seem obviously relevant to their industry. <20>By looking outside of their immediate sphere, a business can find the seeds of fruitful ideas,<2C> Batey says. But he warns entrepreneur-led companies that a founder or owner can get in the way of their staff. It<49>s easy for this to happen if a company is the brainchild of one entrepreneur who has become accustomed to being the main provider of ideas and solutions. In order to avoid this, they must aim to create a culture of creativity. <20>Business owners need to ask questions [of staff] but be careful to not give the solutions when framing those questions.<2E>Vikas Shah, a professor of entrepreneurship at the Massachusetts Institute of Technology Sloan School of Management, says creative environments are generally happy ones. Entrepreneurs , he reasons, should aim to cut the stress of their employees<65> environments if they want people to perform at their bes
'aa0b7525e24fda3f80f3fad075be79e0558ce1cf'|'Blackstone, Prudential top pick for failed Bradford & Bingley''s U.K. mortgages'|' 30pm GMT Blackstone, Prudential top pick for failed Bradford & Bingley''s U.K. mortgages FILE PHOTO - A branch of Bradford & Bingley is seen in Bingley, northern England, September 29, 2008. REUTERS/Phil Noble LONDON Buyout firm Blackstone Group ( BX.N ) and insurer Prudential ( PRU.L ) are the preferred bidders for about 12.5 billion pounds in mortgages made by failed British lender Bradford & Bingley, a person with knowledge of the matter said. Bradford & Bingley, a buy-to-let mortgage provider bailed out by the British government during the financial crisis, is now owned by government vehicle UK Asset Resolution (UKAR) which declined to comment because of the contractual obligation of confidentiality. Spokesmen for Blackstone and Prudential also declined to comment on the report which was first published by Bloomberg. The person said Blackstone would take a majority of the mortgages, which are being repaid, while Prudential takes a minority. Bradford & Bingley is being run by UK Asset Resolution with the aim of winding it down. It is not writing any new business. UKAR said in 2016 it would sell Bradford & Bingley''s 15.65 billion pound mortgage portfolio, which also includes around 3 billion pounds in non-performing loans, in two or three transactions, as it seeks a speedier repayment of taxpayers'' money. Terms of the sale were not known and the person said any announcement was weeks away. ($1 = 0.8056 pounds) (Reporting by Dasha Afanasieva, Andrew MacAskill and Carolyn Cohn; Editing by Ruth Pitchford/Rachel Armstrong)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-bradford-bingley-mortgages-idUKKBN1661EW'|'2017-02-27T19:30:00.000+02:00'
'f963bead8ac07f029043f8a09bc38d894b720c4f'|'Oil sold out of tanker storage in Asia as market slowly tightens'|'Commodities - Thu Feb 23, 2017 - 8:59pm EST Oil sold out of tanker storage in Asia as market slowly tightens FILE PHOTO: Shipping vessels and oil tankers line up on the eastern coast of Singapore July 22, 2015. REUTERS/Edgar Su/File Photo By Mark Tay - SINGAPORE SINGAPORE Traders are selling oil held in tankers anchored off Malaysia, Singapore and Indonesia in a sign that the production cut led by OPEC is starting to have the desired effect of drawing down bloated inventories. Yet in the short-term, the crude released from tankers will weigh on markets and possibly undermine OPEC''s goal of achieving a balanced market by mid-2017. The Organization of the Petroleum Exporting Countries (OPEC) and other producers outside the group, including Russia, announced late last year that they would cut output by almost 1.8 million barrels per day (bpd) during the first half of 2017, looking to drain a glut that pulled down prices from over $100 per barrel in 2014 to around $56.50 currently LCOc1. "OPEC''s strategy is targeting inventories <20> given the scale of the overhang, the market won''t rebalance in six months <20> we expect an extension into (the second half of 2017)," said Energy Aspects analyst Virendra Chauhan. As OPEC''s cuts start to leave some demand unmet, a hefty 6.8 million barrels of crude has been taken out of tanker storage from Linggi, off Malaysia''s west coast, in February, shipping data in Thomson Reuters Eikon shows. An additional 4.1 million barrels and another 1.2 million barrels have been taken out of storage on tankers in Singaporean and Indonesian waters, the data shows. DANCING CONTANGO In the short-term, the flood of crude from floating storage will add to supplies coming into Asia from as far away as the Americas and Europe. In the longer-term, however, clearing oil out of inventories like tankers is part of OPEC''s goal to rebalance markets. "Inventories will continue to decline driven by the combination of production cuts and the strong demand growth," U.S. bank Goldman Sachs said this week in a note to clients, adding that it expected Brent prices to rise slightly in the second quarter, to $59 per barrel. Traders charter supertankers like Very Large Crude Carriers (VLCC), in which they can store up to 2 million barrels of oil for extended periods of time, when a market situation known as contango is in place, with prices for later delivery higher than those for immediate dispatch. The January to June 2017 contango in the forward curve was almost $3 per barrel, compared to a June premium of under half a dollar now. With prices further out into 2018 and beyond even falling, the curve has fallen into what traders call backwardation, which makes it unattractive to store oil on chartered tankers. "Dancing contango is now not a profitable thing to do, so we''ve sold out," said one oil trading manager who, until recently, held crude stored in a tanker. He spoke on condition of anonymity due to the commercial sensitivity of the issue. (Reporting by Mark Tay; Editing by Henning Gloystein and Joseph Radford) Next In Commodities Iran says oil prices over $55 per barrel harmful for OPEC: Fars ISTANBUL Iran said on Thursday an increase in oil prices to more than $55 per barrel was not in the interest of OPEC as it would lead to a rise in output by non-OPEC producers, the semi-official Fars news agency reported.'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-asia-oil-floating-storage-idUSKBN16307E'|'2017-02-24T08:59:00.000+02:00'
'66529731956346537e830f8d6edf87f5469e3510'|'Toshiba says it is considering sale of majority stake in chip unit'|'Technology   3:24am GMT Toshiba says it is considering sale of majority stake in chip unit 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 Phot TOKYO Toshiba Corp ( 6502.T ) said on Friday it is looking to sell a majority stake in its prized flash memory chip business to plug a hole in its finances from a $6.3 billion writedown of its U.S. nuclear unit. The beleaguered conglomerate is "aiming to make a final decision in early fiscal 2017," which starts in April, it said in a regulatory filing. Toshiba will outline terms of the sale by the end of February, conduct a first round of bids in March and aim to have chosen a preferred bidder or bidders by the end of May, a person with knowledge of the matter told Reuters earlier this week. A separate source said Toshiba wants to raise at least 1 trillion yen ($8.8 billion) to create a buffer for any fresh financial problems, with interest already received from investment funds, other chipmakers and client companies. (Reporting by Makiko Yamazaki; Editing by Edwina Gibbs) Next In Technology News Tesla''s ''close to the edge'' cash foretells capital raise SAN FRANCISCO Tesla Inc Chief Elon Musk has taken big risks repeatedly since going public in 2010, but investors were spooked on Thursday after he said the electric car company could get "close to the edge" as it burns cash ahead of its crucial Model 3 launch. Game company seeks to block Facebook from using virtual reality code Video game publisher ZeniMax Media Inc., which earlier this month won a $500 million verdict against Facebook Inc.<2E>s Oculus virtual reality unit for unauthorized copying of computer code, has asked a federal judge to block Oculus from using the code in its products. SAN FRANCISCO When Apple Inc launches its much-anticipated 10th anniversary iPhone this fall, it will offer an unwitting lesson in how much the smartphone industry it pioneered has matured. 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-toshiba-accounting-chips-idUKKBN1630B7'|'2017-02-24T10:23:00.000+02:00'
'335933d1116096b269cffc1150054d20710d522c'|'BRIEF-Terex authorizes new share repurchase program'|' 20pm EST BRIEF-Terex authorizes new share repurchase program Feb 21 Terex Corp: * Terex Corporation authorizes new share repurchase program and increases quarterly dividend * Increases quarterly dividend by 14 percent to $0.08 per share * Terex Corp says board of directors authorized a new share repurchase program of up to $350 million * Terex Corp says new share repurchase program to commence upon completion of company''s current $200 million program Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-terex-authorizes-new-share-repurch-idUSASB0B1EJ'|'2017-02-22T05:20:00.000+02:00'
'4e19d68c9f08edb3f16b412560eca1183199430c'|'UPDATE 1-EU regulators set to clear Dow, DuPont deal -sources'|'Deals - Wed Feb 22, 2017 - 11:16am EST EU regulators set to clear Dow, DuPont deal -sources A sign is seen at an entrance to a Dow Chemical Co plant in Plaquemine, Louisiana December 12, 2015. REUTERS/Jonathan Bachman By Foo Yun Chee - BRUSSELS BRUSSELS Dow Chemical ( DOW.N ) and DuPont ( DD.N ) are set to win EU antitrust approval for their $130 billion merger, two people familiar with the matter said on Wednesday, one of three mega deals in the agrochemicals industry. The deal, which still needs approval from U.S. and other regulators, has faced intense scrutiny from the European Commission. Of particular concern is combining the two companies'' agricultural businesses which sell seeds and crop protection chemicals, including insecticides and pesticides. The EU competition enforcer had expressed concerns about whether the merged company would still be incentivized to produce new herbicides and pesticides in the future. This month, DuPont offered to sell a portion of its crop protection business and related research and development, while Dow agreed to sell its acid copolymers and ionomers business to South Korea''s SK Innovation ( 096770.KS ) if the merger goes ahead. The companies fine-tuned their concessions after the Commission received feedback from rivals and customers last week. "These were very minor tweaks," one of the people said. The Commission will not seek third parties'' views on the changes, a clear sign that it will approve the deal, the source said. The Commission, which is scheduled to rule on the merger by April 4, declined to comment. Dow and DuPont did not immediately respond to a request for comment. Dow and DuPont shares added gains in New York after the Reuters story. Dow was trading 3.8 percent higher at $63.54 and DuPont was up 3.8 percent at $80. The other two big deals pending in the sector are ChemChina''s $43 billion bid for Swiss pesticides and seeds group Syngenta ( SYNN.S ), and German drugs and pesticides maker Bayer''s ( BAYGn.DE ) $66 billion deal to take over U.S. seeds giant Monsanto ( MON.N ). Sources have told Reuters that the European Commission is expected to give the green light to the ChemChina deal, the largest foreign acquisition by a Chinese company. (Reporting by Foo Yun Chee; Editing by Susan Fenton) Next In Deals Saudi Aramco recruits JPMorgan, Morgan Stanley for IPO, HSBC a contender: source Oil giant Saudi Aramco [IPO-ARMO.SE] has asked JPMorgan Chase & Co and Morgan Stanley to assist with its mammoth initial public share offer and could call on another bank with access to Chinese investors, a source with direct knowledge of the matter said. Exclusive: Odebrecht seeks faster Latin America plea deals to sell assets, sources say SAO PAULO Odebrecht SA wants to negotiate graft-related fines with several Latin American countries by June, which would help the Brazilian engineering conglomerate prevent upcoming elections across the region from slowing planned asset sales, two people familiar with the matter said. Confident Snap brushes off concerns on second day of IPO roadshow NEW YORK Snap Inc, owner of popular messaging app Snapchat, fended off investor skepticism on the second day of its IPO roadshow on Tuesday, betting on the charisma of CEO Evan Spiegel, 26, whom it introduced as a "once in a generation founder." 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-du-pont-m-a-dow-eu-idUSKBN16122P'|'2017-02-22T23:05:00.000+02:00'
'81e2284d0e5b6887e3055a0cb8385bac0b822eed'|'ABB uncovers criminal activity in South Korean subsidiary'|'Business  14am GMT ABB uncovers criminal activity in South Korean subsidiary The logo of Swiss engineering group ABB is seen at a plant in Zurich, Switzerland October 4, 2016. REUTERS/Arnd Wiegmann ZURICH ABB ( ABBN.S ) said it will likely have to take a $100 million (79.99 million pounds) pre-tax charge from its 2016 results after uncovering criminal activity at its South Korean subsidiary. "ABB has uncovered a sophisticated criminal scheme related to a significant embezzlement and misappropriation of funds in its South Korean subsidiary," the power and automation company said in a statement on Wednesday. The treasurer of the South Korean unit is suspected of forging documentation and colluding with third parties to steal from the company, ABB said. The suspected individual went missing on February 7, and subsequently ABB discovered significant financial irregularities. (Reporting by John Revill)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-abb-fraud-idUKKBN1610HF'|'2017-02-22T13:14:00.000+02:00'
'd0852bf48d3ca8169e16ad2ed4dd48060a19a1c5'|'Britain''s Ofgem has power to impose energy tariff price cap - CEO'|'Business News   1:59pm GMT Britain''s Ofgem has power to impose energy tariff price cap - CEO By Nina Chestney - LONDON LONDON Britain''s energy market regulator Ofgem has the power to cap energy price tariffs but the decision is a matter for the government, its chief executive told a parliamentary committee on Wednesday. Innogy-owned Npower''s ( IGY.DE ) announcement earlier this month to raise its dual-fuel annual energy bills by an average of 9.8 percent from March 16 has prompted renewed calls for reform of the UK retail energy market. A two-year inquiry by the Competition and Markets Authority into the market, which concluded last year, stopped short of imposing a widespread price cap, instead proposing a price cap on pre-payment meters, used by poorer households, among other measures. "In theory we have the powers to amend any licence condition as we see fit," Dermot Nolan told the Business, Energy and Industrial Strategy committee. "But given the framework we operate under we have never sought to put a price cap...for standard variable tariffs," he said. Standard variable tariffs are usually more expensive than other tariffs offered by energy companies because the unit prices per kilowatt hour of electricity can go up or down at any time and is not fixed. Ofgem estimates around 20 million energy customers in Britain are on such tariffs. If Ofgem did use its powers to impose a cap, it would "almost certainly" be appealed to the Competition and Markets Authority and would be contrary to the framework under which Ofgem was set up, Nolan said. Some analysts believe government intervention in the market could be likely if more utilities raise prices this year. EDF Energy ( EDF.PA ) has said its variable electricity prices would be frozen until March but then rise by 8.4 percent. "I am conscious that there is a desire for a policy shift on this but it is very much a matter for the government," Nolan said. "If the government chooses to go down that road we would support and implement it," he added. Many utilities argue that more intervention in the market creates more uncertainty, which reduces competition and stalls investment. Npower cited increases in wholesale energy prices and the cost of delivering on government policies as reasons behind its decision to raise prices. Nolan said wholesale energy costs had risen by around 15 percent by the end of last year. Of that, 12.5 percent was driven by fossil fuel price rises and the remaining 2.5 percent was down to government policies. However, Lawrence Slade, chief executive of energy industry trade association Energy UK, said policy costs were forming an "increasing part" of bills, adding that he expects them to add 120-140 pounds to the average customer bill next year. (Editing by Susan Thomas)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-energy-idUKKBN1611N3'|'2017-02-22T20:59:00.000+02:00'
'273133d437df8099a0c95fd715c97f7e3c2d0b61'|'Airbus takes new hit for A400M as core profit beats forecasts'|'Business   7:04am GMT Airbus takes new hit for A400M as core profit beats forecasts FILE PHOTO: A flight test engineer holds an Airbus Group flag after the first flight of the Airbus A320neo (New Engine Option) in Colomiers near Toulouse, France, September 25, 2014. REUTERS/Regis Duvignau/File Photo PARIS European aerospace group Airbus ( AIR.PA ) took a new 1.2 billion euro ($1.2 billion) charge for its troubled A400M military aircraft programme and called for new talks with European buyer nations to limit further financial damage, despite posting higher than expected core earnings and revenues for 2016. The fresh charge for the A400M troop carrier brings the total for last year to 2.2 billion and the total since Europe''s largest defence project was launched over a decade ago to more than 6 billion, due to persistent delays and cost overruns. The company, reporting for the first time as Airbus and with a new financial format after ditching the Airbus Group brand in a revamp that recognises the dominance of its civil business, said "adjusted" operating income fell 4 percent to 3.955 billion euros on revenues which rose 3 percent to 66.581 billion. A last-minute surge in civil jetliner deliveries last year, compensated for weaker helicopter and defence markets. Analysts were on average expecting a 7.3 percent drop in full-year operating earnings before one-offs to 3.83 billion euros on sales up 0.7 percent to 64.919 billion. The A400M programme has weathered repeated industrial mishaps including the recent discovery of problems in an engine gearbox built by an Italian subsidiary of General Electric ( GE.N ). Airbus signalled a downgrade in its expectations for exports of the aircraft, which so far has only one buyer, Malaysia, beyond a bloc of seven European NATO nations led by Germany. It also called for new talks with customer nations to limit further losses after receiving a 3.5-billion-euro bailout in 2010. "The board of Airbus has ordered management to re-engage with customers to cap the remaining exposure," a statement on Wednesday said. The A400M is one of several pressing industrial and organisational issues facing Europe''s largest aerospace group as it completes a sensitive reorganisation expected to cut 1,000 headquarters jobs. On two broadly successful civil projects which have seen delays creep into the schedule in the past year, Airbus said the production ramp-up of its A350 and A320neo jets remained "challenging" but that bottlenecks in the A350 supply chain had improved and output targets remained on track. Airbus said it expected more than 700 jetliner deliveries in 2017, up from 688 in 2016. It did not give a target for orders but executives have said they will trail behind deliveries for the first time since 2009 as the aircraft market slows, following a multi-year order boom ($1 = 0.9504 euros) (Reporting by Tim Hepher and Cyril Altmeyer; Editing by Sudip Kar-Gupta and Victoria Bryan) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-airbus-results-idUKKBN1610LM'|'2017-02-22T14:04:00.000+02:00'
'b3b062e998f06f3864754b053b166ec4af05d43a'|'BRIEF-Mic reports qtrly earnings per share $0.89'|' 33pm EST BRIEF-Mic reports qtrly earnings per share $0.89 Feb 21 Macquarie Infrastructure Corp: * MIC reports 2016 financial results in line with guidance, increases dividend * Macquarie Infrastructure Corp - expects dividend increase of 10% in 2017 * Macquarie Infrastructure Corp - reaffirms 2017/2018 guidance * Positioned to potentially exceed growth capital deployment target of $350.0 million in 2017 * Qtrly earnings per share $0.89  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-mic-reports-qtrly-earnings-per-sha-idUSASB0B1FF'|'2017-02-22T05:33:00.000+02:00'
'af7f7c564567d7beb6491fc0bb4f2979475bec50'|'CORRECTED-UPDATE 2-CSX calls for shareholder meeting over activist investor requests'|'(Corrects 2nd paragraph to remove date of meeting, which has not yet been scheduled. Inserts 3rd paragraph to explain that shareholders as of March 16 are eligible to vote in the special meeting.)Feb 21 U.S. rail operator CSX Corp said its board has called for a special meeting of its shareholders to discuss requests made by hedge fund Mantle Ridge LP, which is trying to install Hunter Harrison, outgoing chief executive of Canadian Pacific Railway Ltd as the company''s chief executive.CSX said the meeting will allow shareholders to vote on Harrison''s proposed pay package, which is estimated to exceed $300 million. Shareholders will also be allowed to vote on Mantle Ridge''s proposal for substantial representation on the company''s board.Shareholders as of March 16 are eligible to vote in the special meeting, which has not yet been scheduled."We are pleased that CSX agrees that change is needed," Mantle Ridge said in a statement. The hedge fund added that they have been in constructive dialogue with CSX''s board for several weeks.Activist investor Paul Hilal''s Mantle Ridge is seeking six seats on the board, with Hilal as chairman and Harrison as chief executive officer.The hedge fund also proposes that three incumbent CSX directors in addition to current CEO Michael Ward would retire from the board as of the company''s 2017 annual meeting.CSX''s board is made up of 12 members, which include Ward who also serves as chairman. Ward has previously signaled he plans to step down.Last week, CSX extended the director nomination deadline for its board, giving it more time to reach an agreement with Hilal and Harrison.Mantle Ridge LP recently became a CSX shareholder owning less than 5 percent of the company''s stock, CSX said on Tuesday.News of the Hilal-Harrison partnership broke on Jan. 18, when Canadian Pacific announced Harrison was leaving his CEO post early. (Reporting by Abinaya Vijayaraghavan in Bengaluru and Michael Flaherty in New York; Editing by Bill Rigby and Sandra Maler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/csx-mantle-idINL1N1G7019'|'2017-02-21T21:29:00.000+02:00'
'dc842b2154ae8834445c3f06f657eb642a3a2d6b'|'Unilever says Kraft''s shock bid to spur focus on short-term value'|'Deals   8:52am EST Unilever says Kraft''s shock bid to spur focus on short-term value 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 ( ULVR.L ) said the shock of Kraft Heinz''s ( KHC.O ) opportunistic approach had jolted it to re-examine its strategy, and all aspects of the consumer goods giant''s business were up for review to increase shareholder value. Chief Financial Officer Graeme Pitkethly said the Kraft bid had created an "inflexion point", and had highlighted the importance of achieving a balance between long-term sustainable value, which it had prioritized, and short-term delivery. "It certainly was a trigger moment for Unilever, and we will not waste it," he said at the CAGNY conference in New York in a presentation streamed on its website. The U.S. company walked away from a fight with Unilever on Sunday, just two days after its $143 billion bid - and Unilever''s rejection - was made public. Unilever announced a far-reaching review on Wednesday, seeking to show shareholders it could realize the value in the business spotted by its rival. Pitkethly said the review would include options for the group''s portfolio, organization, cost structures, balance sheet and use of cash. (Reporting by Paul Sandle in London and Siddharth Cavale in Bangaluru; editing by Kate Holton) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-unilever-strategy-idUSKBN1631M2'|'2017-02-24T20:52:00.000+02:00'
'318df10c0dbe5eab2c073176add409c6d1f71877'|'CEE MARKETS-Budapest stocks fall from record high after Magyar Telekom disappoints'|'* Budapest stocks off record on OTP Bank, Magyar Telekom retreat * Magyar Telekom guidance disappoints despite profit surge * Bucharest stocks at another 9-year high on Banca Transilvania * Currencies, bonds rangebound ahead of auctions By Sandor Peto BUDAPEST, Feb 23 Budapest stocks retreated from record highs on Wednesday, driven by Magyar Telekom which opted against raising its dividend guidance despite a surge in profits, while Central European assets mostly moved sideways. OTP, Hungary''s biggest lender also retreated, shedding 2.1 percent, following a week-long surge which saw the stock hit its highest levels since 2007 by Tuesday. Regional markets, which have tracked a worldwide rally of equities in the past weeks, took a pause, with no new cues coming from abroad and as investors reacted to earnings results. Magyar Telekom, the Hungarian unit of Deutsche Telekom , said its fourth quarter profit leapt to 19.8 billion forint ($67.84 million) from 3.35 billion a year earlier, partly due to tax changes. But it cited competitive and regulatory risks to growth this year and maintained its dividend target, disappointing investors and prompting a 2.3 percent fall in its share price. Budapest''s main stock index shed 1.1 percent by 1008 GMT. "The management''s communication signals the importance of caution over forecasts," Erste group analysts said in a note. The stocks of Deutsche Telekom''s Croatian unit, HT, meanwhile, rose 1.2 percent as the firm''s earnings report showed a rise in revenues and profits. Bank stocks were mixed in the region. The improved earnings and outlook of some banks have played a key part in the regional equities rally in the past weeks. Shares in Romania''s Banca Transilvania extended their gains after a strong earnings report last week, rising 0.4 percent and lifting the Bucharest index, which has hit new 9-year highs this week. Romania and Serbia are due to hold bond auctions. Serbia''s central bank forecast 3.5 percent economic growth for 2018 on Tuesday, and the country''s improved prospects lift the appeal of its auction, but the high amount on offer could lead to a rise in yields, Raiffeisen analysts said in a note. In Romania, the European Commission''s warning over a likely rise in the budget deficit and optimistic economic assumptions in the fresh 2017 budget indicate risks, the analysts said. "We do not see the need for changing our Hold recommendation on Romania at this stage while we would highlight fiscal risk possibly impacting the outlook," they added. CEE SNAPS AT 1119 MARKETS HOT CET CURRENCIES Lates Previ Daily Chang t ous e bid close chang in e 2017 Czech crown 27.02 27.02 +0.0 -0.05 00 00 0% % Hungary 307.9 307.8 -0.03 0.28% forint 500 700 % Polish 4.306 4.301 -0.11 2.27% zloty 0 2 % Romanian 4.518 4.519 +0.0 0.37% leu 5 5 2% Croatian 7.431 7.447 +0.2 1.67% kuna 0 5 2% Serbian 123.8 123.9 +0.0 -0.43 dinar 800 200 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 971.7 972.7 -0.10 +5.4 4 2 % 4% Budapest 33734 34112 -1.11 +5.4 .71 .89 % 1% Warsaw 2249. 2251. -0.06 +15. 68 02 % 49% Bucharest 8053. 8035. +0.2 +13. 98 25 3% 68% Ljubljana 774.0 771.6 +0.3 +7.8 5 7 1% 7% Zagreb 2245. 2234. +0.5 +12. 96 26 2% 59% Belgrade <.BELEX15 713.2 714.2 -0.15 -0.58 > 1 8 % % Sofia 609.2 610.3 -0.19 +3.8 2 5 % 9% BONDS Yield Yield Sprea Daily d (bid) chang vs chang e Bund e in Czech sprea Republic d 2-year <CZ2YT=RR -0.49 0.005 +039 -1bps > 2 bps 5-year <CZ5YT=RR 0.166 -0.08 +070 -9bps > 6 bps 10-year <CZ10YT=R 0.623 -0.05 +036 -5bps R> 5 bps Poland 2-year <PL2YT=RR 2.237 0.013 +312 +0bp > bps s 5-year <PL5YT=RR 3.209 -0.00 +374 -1bps > 5 bps 10-year <PL10YT=R 3.87 -0.02 +361 -2bps R> 9 bps FORWARD RATE AGREEMENT 3x6 6x9 9x12 3M inter bank Czech Rep < 0.27 0.29 0.31 0 PRIBOR=> Hungary < 0.355 0.505 0.62 0.24 BUBOR=> Poland < 1.76 1.795 1.88 1.73 WIBOR=> Note: FRA are for Quote: s
'2e7095a55fe830dabe148c81a09c751360c3084b'|'RBS posts $8.7 billion loss in ninth straight year without a profit'|' 09am EST RBS posts $8.7 billion loss in ninth straight year without a profit LONDON Feb 24 Royal Bank of Scotland reported on Friday a sharp rise in losses as higher misconduct charges and restructuring costs underscored the challenges facing the lender nine years after it required the world''s biggest bank bailout. RBS, which has not made an annual profit since 2007, booked 6.96 billion pounds ($8.74 billion) of losses for 2016, against a 1.98 billion pound loss in the same period a year earlier. Once, briefly, the world''s largest bank by assets, RBS is in the midst of a vast, multi-year restructuring of the bank, which includes asset sales, job cuts and wading through a series of legal scandals. "This is a bank that has been on a remarkable journey. We still have further to go. But the next three years will not be the same as the past three," Chief Executive Ross McEwan said in the statement. RBS announced plans to cut 750 million pounds of costs from the business next year to help offset the challenge of a low interest rate economy that makes it harder for the bank to make money. ($1 = 0.7962 pounds) (Reporting By Andrew MacAskill and Lawrence White) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/rbs-results-idUSL4N1G92GP'|'2017-02-24T14:09:00.000+02:00'
'521364e97dd4f16df60d6a428fe3757a0ff7fca8'|'Insurer RSA shows resilience after failed Zurich bid'|'By Carolyn Cohn - LONDON LONDON Forecast-beating 2016 results show British insurer RSA ( RSA.L ) can thrive on its own, two years after rival Zurich Insurance ( ZURN.S ) walked away from a bid, it said on Thursday.Shares in the home and motor insurer, best known in Britain for its More Than brand, rose more than 5 percent after it reported a strong performance last year across most of its main businesses in Britain, Ireland, Canada and Scandinavia.Chief Executive Stephen Hester, the former boss of British bank RBS ( RBS.L ), has cut costs and sold assets since joining RSA in 2014 with a brief to turn it around following an accounting scandal at its Irish division.Zurich pulled out of a 5.6 billion pound ($7 billion) bid for the company in September 2015, due to problems in its own business, and Hester said RSA was doing fine alone."Our shareholders are benefiting significantly from not having sold to Zurich," he told a media call.He added there were no bids on the table for RSA, and the firm "does not need a deal"."If something came along, it would need to be additive to be of interest, rather than a substitute for what we are doing," he said.Merger and acquisition talk has been swirling around European insurance markets due to strong competition in the sector and low interest rates, which have hit investment income.Italian bank Intesa Sanpaolo has said it is studying a possible combination with Assicurazioni Generali ( GASI.MI ), Italy''s biggest insurer.RSA has no plans to sell more of its businesses, Hester told Reuters by phone, after a recent deal to offload legacy business - closed to new policyholders - to Enstar ( ESGR.O )."There''s nothing meaty on the stocks," Hester said.RSA posted a 25 percent rise in 2016 operating profit to 655 million pounds and raised its target for return on tangible equity to 13-17 percent from a previous range of 12-15 percent.Its shares were the second best performer in the FTSE 100 index .FTSE at 1320 GMT, up 5.5 percent at 609 pence, after earlier hitting 617.5 pence, their highest since July 2011.RSA "has again shown real progress", RBC analysts said in a note, reiterating their "perform" recommendation on the stock.The insurer said it would pay a final dividend of 11 pence per share and total dividend of 16 pence, up 52 percent from a year earlier and above a forecast 15.1 pence.($1 = 0.8042 pounds)(Reporting by Carolyn Cohn; Editing by Keith Weir and Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-rsa-results-idINKBN1621M9'|'2017-02-23T10:52:00.000+02:00'
'bfe11b0366d2a447e470f04339e1170c4db8fba5'|'Barclays gets surprise core capital boost as profit climbs'|'By Lawrence White and Andrew MacAskill - LONDON LONDON Barclays reported a surprise increase in its core capital ratio on Thursday, as the bank took advantage of its rising profits to put money aside for expected demands on its cash from legal issues and worsening global market conditions.The bank''s capital ratio, a key measure of financial strength, rose to 12.4 percent against analysts'' expectations it would only reach 11.8 percent.Barclays said the capital boost came from increased profits as the group nears the end of a major restructuring."...we are well positioned to absorb headwinds over the next few years. Certain legacy conduct issues remain and we intend to make further progress on them," Chief Executive Jes Staley said in the bank''s statement.Barclays faces a suit by the U.S. Department of Justice on civil charges of fraud in the sale of mortgage-backed securities during the run-up to the 2008-09 financial crisis.Barclays is so far alone among major banks in choosing to contest its case where rivals have settled.Barclays reported an adjusted full-year pre-tax profit of 3.2 billion pounds ($3.98 billion), compared with 1.14 billion a year earlier. That was below the average forecast of 3.97 billion from analysts'' estimates compiled by the bank.The bank said it would close its non-core division that holds its assets earmarked for sale in June, six months earlier than expected.The bank also said it had reached an agreement with its African division on the terms of their separation that will see it pay Barclays Africa 12.8 billion rand ($988 million) to fund investments required to separate the two.Staley said the result showed progress on a plan announced last March under which Barclays will shed unwanted assets including most of its stake Barclays Africa in favour of a ''transatlantic'' strategy focused on the United States and Britain."We are now just months away from completing the restructuring of Barclays, and I am more optimistic than ever for our prospects in 2017, and beyond," Staley said in the bank''s statement.($1 = 0.8043 pounds)(Reporting By Lawrence White and Andrew MacAskill; Editing by Rachel Armstrong and Jane Merriman)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/barclays-results-idINKBN1620QP'|'2017-02-23T05:05:00.000+02:00'
'f081701e565b0a3f7a3fe09e26c927cf059df1f3'|'Rocket Internet shares tumble after Kinnevik sells half of stake'|'BERLIN Shares in Rocket Internet ( RKET.DE ) fell more than 9 percent on Thursday after Swedish investment company Kinnevik ( KINVb.ST ) sold half of its 13 percent stake in the German e-commerce company late on Wednesday.Rocket shares were down 9.3 percent at 19.35 euros at 0833 GMT (3:33 a.m. ET) after Kinnevik sold 6.6 percent of Rocket''s share capital to institutional investors at 19.25 euros per share. It committed to a lock-up period of 90 days for its remaining stake.Kinnevik was one of the first investors in Rocket and was the firm''s biggest shareholder after the Samwer brothers who founded it and who have a 37 percent stake. Kinnevik also has stakes in a number of Rocket''s major start-ups.Founded in 2007, Rocket has built up dozens of businesses from fashion e-commerce to food delivery, but its shares have slid in the last year as many investors have become concerned over heavy losses and falling valuations for its key start-ups.(Reporting by Emma Thomasson; Editing by Maria Sheahan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-rocket-internet-kinnevik-idINKBN1620V0'|'2017-02-23T05:54:00.000+02:00'
'ce6ffb7dff04386d3ab3f59ad72b35887eef04cb'|'MOVES-SocGen names Rajat Kohli head of global markets for India'|' 07am EST MOVES-SocGen names Rajat Kohli head of global markets for India Feb 27 Societe Generale said on Monday it appointed Rajat Kohli as head of global markets for India. Kohli, who has more than 14 years of experience, is charged with developing SocGen''s markets activities, including derivatives, foreign exchange and INR products, in the country. Kohli, based in Mumbai, will replace Gopal Bhattacharya. (Reporting by Sruthi Shankar in Bengaluru) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/ste-generale-moves-rajat-kohli-idUSL3N1GC3RX'|'2017-02-27T18:07:00.000+02:00'
'f18c13e19373315badb12023376b6e1b081cf53e'|'Exclusive - Wal-Mart launches new front in U.S. price war, targets Aldi in grocery aisle'|'Mon Feb 27, 2017 - 6:08am GMT Exclusive: Wal-Mart launches new front in U.S. price war, targets Aldi in grocery aisle FILE PHOTO -- Shopping carts are seen outside a new Wal-Mart Express store in Chicago July 26, 2011. REUTERS/John Gress/File Photo By Nandita Bose Wal-Mart Stores Inc ( WMT.N ) is running a new price-comparison test in at least 1,200 U.S. stores and squeezing packaged goods suppliers in a bid to close a pricing gap with German-based discount grocery chain Aldi ALDIEI.UL and other U.S. rivals like Kroger Co ( KR.N ), according to four sources familiar with the moves. Wal-Mart launched the price test across 11 Midwest and Southeastern states such as Iowa, Illinois and Florida, focusing on price competition in the grocery business that accounts for 56 percent of the company''s revenue, said vendor sources with direct knowledge of the matter who did not wish to be identified for fear of disrupting business relations with Wal-Mart. Wal-Mart''s tests are aimed at finding the right price point across a range of products that will attract more shoppers, and then adjusting prices as needed. Spot checks by Reuters on a basket of grocery items sold by competing Aldi and Wal-Mart stores in five Iowa and Illinois cities showed Wal-Mart''s bid to lower prices is already taking hold. Wal-Mart consistently offered lower prices versus Aldi, an improvement over recent analyst estimates that Wal-Mart''s prices have been as much as 20 percent higher than Aldi on many grocery staples. The competition at these stores is intense, with both competitors selling a dozen large eggs for less than a dollar. A gallon of milk at some stores was priced at around $1. For a graphic, click: tmsnrt.rs/2le6v0Y The big box retailer also held meetings last week in Bentonville, Arkansas with food and consumer products vendors, including Procter & Gamble ( PG.N ), Unilever PLC ( ULVR.L ), Conagra Brands Inc ( CAG.N ), and demanded they reduce the cost they charge the retailer by 15 percent, sources said. Wal-Mart also said it expects suppliers to help the company beat rivals on head-to-head pricing 80 percent of the time, these vendor sources said. The wide-ranging meeting with suppliers - where Wal-Mart discussed other topics - was also attended by Johnson & Johnson ( JNJ.N ) and Kraft Heinz Co ( KHC.O ), among others, sources told Reuters. The consumer goods companies did not respond to Reuters requests seeking comment. These Wal-Mart moves signal a new front in the price war for U.S. shoppers, as the pioneer of everyday low pricing seeks to regain its competitive pricing advantage in traditional retailing. For more than a year, Wal-Mart said it is investing in price while not sharing specifics. When asked by Reuters about the test and demands on grocery suppliers, Wal-Mart spokesman Lorenzo Lopez said the company is "not in a position to share our strategy for competitive reasons." Germany-based discount grocer Aldi is one of the relatively new rivals quickly gaining market share in the hotly competitive grocery sector, which already boasts Kroger, Albertsons Cos Inc and Publix Super Markets as stiff competitors on price. A second Germany-based discount grocer, Lidl, is planning to enter the U.S. market this year, and together the German discounters pose a serious threat to Wal-Mart''s U.S. grocery business. The stakes are high for Wal-Mart. According to Scott Mushkin, managing director of Wolfe Research and a leading pricing analyst, the retailer would need to spend about $6 billion to regain market share from all of its grocery rivals. Wal-Mart also needs to find ways to cut prices without further damaging its bottom line. In its latest quarter, gross margins slipped 8 basis points, while net income dropped 18 percent compared to the year-ago quarter. The company attributed the decline to factors such as price investments, which is essentially the cost of cutting prices.Vendors said Wal-Mart has told them i
'6f993bd0438488c4c96dfe3d21bf32460d38450a'|'Asian stocks seen weak on U.S. cues; bonds eyed'|' 27am GMT Asian stocks seen weak on U.S. cues; bonds eyed A man looks at a stock quotation board outside a brokerage in Tokyo, Japan, April 18, 2016. REUTERS/Toru Hanai HONG KONG Asian stocks look set to edge lower for a second day on Monday as weak cues from U.S. share markets and declining European government bond yields on political worries push investors to take profits after a recent rally. Markets are holding in recent broad trading ranges, and interest is turning to U.S. President Donald Trump''s policy speech to a joint session of Congress on Tuesday night where he is expected to provide clues on his plans to cut taxes. "With the market getting impatient with Trump''s proposed stimulus spending program, the rising political uncertainty around the globe is getting the bulk of the market''s attention," ANZ strategists wrote in a morning note. MSCI''s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS eased slightly in early trade, with early Asian stock markets treading water. The index fell 0.7 percent on Friday, but is still up more than 11 percent since end-December. U.S. stocks clawed their way to a higher close on Friday, with major indices spending much of the trading session in negative territory. In currencies, the dollar JPY= scored some early gains against the Japanese yen with the pair rising to 112.21 as a decline in European bond yields burnished the relative appeal of U.S. debt among Japanese investors. Sovereign bond yields fell on Friday on a renewed flight to safety bid thanks to weak stock markets and a looming election in France that poses a key political risk for markets. Investors fear far-right National Front leader Marine Le Pen might win the presidential election this year and lead France out of the euro zone. Polls show Le Pen losing to either centrist Emmanuel Macron or right-wing Francois Fillon, but few people are willing to count her out. Ten-year German bond yields DE10YT=TWEB have dropped nearly 30 basis points so far this month, far outpacing a 13 basis point decline in yields of comparable U.S. debt. US10YT=RR Brent crude LCOc1 edged higher to $56.04 per barrel while U.S. West Texas Intermediate CLc1 was broadly flat at $54 a barrel. (Reporting by Saikat Chatterjee; Editing by Richard Pullin) Next In Business News Phonemakers pile in to exploit Samsung weakness BARCELONA Phonemakers are piling in to fill a gap in the market left by Samsung, still licking its wounds from a costly recall of its flagship Note 7 and with no key device of its own to launch at the telecom industry''s biggest annual fair.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-global-markets-idUKKBN166019'|'2017-02-27T07:27:00.000+02:00'
'e6b0688b96bf8330b250b93d1803293629fac7fa'|'Warren Buffett, on CNBC, says bought about 120 mln Apple shares in 2017'|'Technology Photos   5:44pm IST Warren Buffett, on CNBC, says bought about 120 mln Apple shares in 2017 LIVE COVERAGE: By Sam Forgione - NEW YORK NEW YORK Warren Buffett, chairman and chief executive of Berkshire Hathaway Inc ( BRKa.N ), told CNBC on Monday that his conglomerate had purchased about 120 million shares of Apple Inc. ( AAPL.O ) in 2017 and that U.S. stocks were not in a "bubble territory." "Apple strikes me as having quite a sticky product," Buffett said. He said Berkshire''s Apple stake was now worth about $17 billion and amounted to 133 million shares. Apple Chief Executive Tim Cook had done a "terrific job," Buffett said, but added he had not bought shares since the company''s earnings report. Buffett, who told the cable television network that Berkshire had spent about $20 billion on stocks since just before the Nov. 8 U.S. election, also said the U.S. stock market was cheap with interest rates at current levels. Buffett said it was extremely difficult to attempt to find a floor in stock prices and that he did not know what would happen in the near term in the equity market. He said U.S. shares could conceivably "go down 20 percent tomorrow." Buffett said that Berkshire''s positions in airlines remained unchanged. He said pricing shares of airlines has historically been a "very tough game" and that he had never met the chief executives of any of the four airlines in which Berkshire holds stakes. (Reporting by Sam Forgione; Editing by W Simon and Bernadette Baum) Next In Technology Photos'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-berkshire-hatha-buffett-apple-idINKBN1661D6'|'2017-02-27T18:54:00.000+02:00'
'50dd75a0bbcd0c58cf104df4a311c843f1d1324b'|'Energy positive: how Denmark''s Sams<6D> island switched to zero carbon - Guardian Sustainable Business'|'A nyone doubting the potential of renewable energy need look no further than the Danish island of Sams<6D>. The 4,000-inhabitant island nestled in the Kattegat Sea has been energy-positive for the past decade, producing more energy from wind and biomass than it consumes.Sams<6D><73>s transformation from a carbon-dependent importer of oil and coal-fuelled electricity to a paragon of renewables started in 1998. That year, the island won a competition sponsored by the Danish ministry of environment and energy that was looking for a showcase community <20> one that could prove the country<72>s freshly announced Kyoto target to cut greenhouse gas emissions by 21% was, in fact, achievable. The contest didn<64>t bring with it funds to bankroll the energy transition. But it did pay for the salary of one person tasked with making the island<6E>s 10-year renewables master plan a reality. That person was S<>ren Hermansen, a Sams<6D> native vegetable farmer<65>turned<65>environmental teacher. Hermansen has wielded his pragmatic, roll-up-your-sleeves attitude to great effect over the past two decades, turning his own rural community into a green powerhouse, and evangelising to communities around the world that they, too, can make the transition. Australian consortium launches world-first digital energy marketplace for rooftop solar Read more <20>It was not an overnight process,<2C> says Hermansen, who heads the Sams<6D> Energy and Environment Organisation, and is chief executive of the Sams<6D> Energy Academy. He is currently in Australia to speak at the Community Energy Congress in Melbourne. In less than a decade, the transformation to carbon neutral was complete. By 2000, 11 one-megawatt (MW) wind turbines supplied the island<6E>s 22 villages with enough energy to make it self-sufficient. An additional 10 offshore wind turbines were erected in 2002, generating 23MW of electricity to offset emissions from the island<6E>s cars, buses, tractors and ferries that connect it to the mainland. Electricity generation wasn<73>t the only goal. Between 2002 and 2005, three district heating systems were built. These now supply <20> via <20>miles of miles of piping<6E> <20> three-quarters of the island<6E>s houses with heating and hot water from centralised biomass boilers fuelled with locally grown straw. Meanwhile, houses outside of the heating districts have replaced old oil furnaces with solar collectors or biomass boilers of their own. Sams<6D> residents can now boast a carbon footprint of negative 12 tonnes per person per year, compared with a Danish average of 6.2 tonnes and 17 tonnes in Australia in 2015 . S<>ren Hermansen was tasked with making the Danish island of Sams<6D> 100% carbon neutral <20> and he did so in less than a decade. Photograph: Sams<6D> Tourism Community buy-in was essential to making the zero-carbon master plan a reality, says Hermansen. And although there were sceptics in the beginning, the level of commitment by locals is evident in the unique patterns of ownership that have emerged. The wind turbines, for instance, are owned by a combination of private owners, investor groups, the municipal government and local cooperatives. <20>We live in a small community, so it<69>s very important that we share the ownership,<2C> says Hermansen. For the onshore wind turbines, the idea was that if you could see the turbine from your window, you could sign on as a co-investor. According to Hermansen, this approach quelled any simmering discontent (over the look of the turbines, say) that could have arisen if only some in the community stood to benefit. Locals signed on to the tune of AU $2.5m, enough to purchase two turbines outright, with the remaining nine purchased by individuals. Two offshore turbines are also cooperatively owned, and the five owned by the municipality generate income the local government can reinvest in ongoing sustainability projects. Everyone has taken the green ethos to heart. Locals own the highest number of electric cars per capita in Denmark ,
'848e77195ab839cc0e3b01c7b27f22a06de887d6'|'Citi says U.S. regulators are investigating its hiring practices'|'Business News - Fri Feb 24, 2017 - 7:38pm EST Citi says U.S. regulators are investigating its hiring practices A view of the exterior of the Citibank corporate headquarters in New York, New York, U.S. May 20, 2015. REUTERS/Mike Segar/Files Citigroup Inc ( C.N ) on Friday said that U.S. government and regulatory agencies are investigating the bank''s hiring practices. U.S. agencies, including the U.S. Securities and Exchange Commission, are looking into whether or not the bank hired candidates "referred by or related to foreign government officials" over other candidates, the filing said. ( bit.ly/2mmiCe4 ) "Citigroup is cooperating with the investigations and inquiries," the company said in the filing with the SEC. JPMorgan Chase & Co ( JPM.N ) agreed to pay $264 million in November to resolve allegations that it hired relatives of Chinese officials in order to win banking deals. (Reporting by Subrat Patnaik in Bengaluru; editing by Grant McCool) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-citigroup-probe-sec-idUSKBN16400M'|'2017-02-25T07:33:00.000+02:00'
'b73024a14d0a770215cb166e385bab7417e668f1'|'Homebuilder Toll Brothers posts 3.8 pct fall in quarterly profit'|'Feb 22 Toll Brothers Inc reported a 3.8 percent fall in quarterly profit, hurt by lower average selling prices for its luxury homes.The Horsham, Pennsylvania-based company''s net earnings declined to $70.42 million, or 42 cents per share, in the first quarter ended Jan. 31, from $73.18 million, or 40 cents per share, a year earlier. ( bit.ly/2lunAFv )Revenue fell to $920.73 million from $928.57 million. (Reporting by Rachit Vats in Bengaluru; Editing by Maju Samuel)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/toll-brothers-results-idINL4N1G73FQ'|'2017-02-22T07:12:00.000+02:00'
'580e0a3177f042a55a23ba380f1e1a6ecb3022da'|'PRESS DIGEST- British Business - Feb 22'|' 06pm EST PRESS DIGEST- British Business - Feb 22 Feb 22 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 Intercontinental Hotels Group Plc has announced a $400 million special dividend, putting to rest fears that the completion of its $8 billion asset sell-off would spell the end of cash returns to investors. bit.ly/2ll0DpC A multi-millionaire shipping heir and a former Bank of England heavyweight are among a minority of investment trust leaders who have failed to invest a penny in the companies they chair. bit.ly/2ll3oHI The Guardian The City regulator is investigating HSBC Holdings Plc over potential breaches of money laundering rules after concerns raised last year by the anti-crime monitor installed in Britain''s biggest bank. bit.ly/2lkVD4G The nuclear plant operator EDF, which will spend 18 billion pounds ($22.48 billion) building UK''s first new nuclear power station in a generation, shut unit 1 at its Flamanville plant after a fire broke out in the turbine hall. bit.ly/2ll5ibv The Telegraph Peugeot SA could be offered incentives including cut-price rates and training for staff to maintain the Vauxhall plants in Britain if it buys General Motors Co''s loss-making European arm. bit.ly/2ll4eV2 Britain''s businesses should start planning their post-Brexit trading operations now, instead of waiting for the government to negotiate with Brussels and to strike trade deals, according to the Institute of Directors. bit.ly/2ll5zLk Sky News The Communities Secretary has come under fire for apparently misleading his own MPs over business rate increases as the row over the issue intensifies. bit.ly/2ll7ijZ The entrepreneur who turned Air Miles and Nectar into two of the world''s most successful customer loyalty programmes is making a multimillion pound investment in a retail technology venture whose clients include Marks & Spencer and Arcadia. bit.ly/2llpoCj The Independent Maintenance workers on London Underground have voted to strike "following numerous unresolved breaches of agreed machineries and agreements by management". The RMT union said the strike was supported by 67 per cent of its members. ind.pn/2ll5HdO Mark Carney has defended the Bank of England''s role in the wake of the Brexit vote, suggesting the Bank helped to avert a potential financial crisis. ind.pn/2ll7jEB ($1 = 0.8006 pounds) (Compiled by Subrat Patnaik in Bengaluru; Editing by Peter Cooney)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-press-business-idUSL4N1G708G'|'2017-02-22T08:06:00.000+02:00'
'a2e2742090a28d6d96f0642ba9f29d5eb59e23c6'|'Oil rises 1 percent as OPEC sees higher compliance with cuts'|'Global Energy   8:50pm GMT Oil rises 1 percent as OPEC sees higher compliance with cuts 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 By Devika Krishna Kumar - NEW YORK NEW YORK Oil prices ended about 1 percent higher after touching three-week highs on Tuesday on OPEC''s optimism for greater compliance with its deal with other producers including Russia to curb output in an effort to clear a glut that has weighed on the market. OPEC Secretary General Mohammad Barkindo told an industry conference in London that January data showed conformity from participating OPEC nations with output curbs had been above 90 percent and oil inventories would decline further this year. "All countries involved remain resolute in the determination to achieve a higher level of conformity," Barkindo said. The Organization of the Petroleum Exporting Countries and other producers outside the group agreed in November to cut output by about 1.8 million barrels per day (bpd) in an effort to drain a glut that has depressed prices for over two years. Barkindo said it was too early to say if the supply cut, which lasts for six months from Jan. 1, would need to be extended or deepened at the next OPEC meeting in May. "While Barkindo''s statement puts a confident spin on market fundamentals, we''d say questions do remain, given that Iran seems to be signalling increased production rather than improved compliance," Tim Evans, an energy futures specialist at Citi Futures said in a note. Under the deal, Iran was allowed to boost output from its October level and Tehran expects its oil production to reach 4 million barrels per day by mid-April. Iranian Oil Minister Zanganeh told state TV that OPEC and non-OPEC oil producers are committed to the production cut. Brent crude LCOc1 ended the session at $56.66 a barrel, up 48 cents or 0.9 percent, after hitting its highest since Feb. 2 at $57.31. The U.S. March crude contract CLc1 expired 66 cents, or 1.2 percent, higher at $54.06, after peaking at $54.68, its highest since Jan. 3. The more active U.S. crude for April delivery CLJ7 closed the session up 1 percent at $54.33. U.S. gasoline futures RBc1 were the biggest drag on the energy complex, ending 1.5 percent lower at $1.4940 a gallon. That pushed gasoline crack spreads RBc1-CLc1 , an indicator of refining margins, to a fresh one-year low. From a technical perspective, the tight consolidation above last year''s key broken resistance levels suggests oil prices have been coiling to break higher, said Fawad Razaqzada, technical analyst for Forex.com. "I am anticipating both oil contracts to break out of their recent ranges and head higher." Since the OPEC deal in November, crude prices have moved in a tight $5-band. The OPEC cuts, however, have spurred a speculative move into crude oil that has pushed prices towards the top of their recent ranges that might prompt a correction. Money managers hold the highest number of net long Brent and U.S. crude futures and options on record, data showed on Monday and Friday, betting on higher prices to come as OPEC and other key exporters reduce production. [O/ICE] [CFTC/] "Should there come a time when these speculative positions decide to unwind, oil prices will be in for a significant correction," said Jonathan Chan, an investment analyst at Phillip Futures. Still, the Relative Strength Index (RSI) in U.S. crude futures remained at about 58 on Tuesday, well below the overbought level of 70, Reuters data showed. Bank of America Merrill Lynch cut its forecast for Brent crude prices to an average of $50-70 through 2022, from $55-$75 amid a recovery in U.S. shale production. (Additional reporting by Christopher Johnson in London and Aaron Sheldrick in Tokyo; Editing by Marguerita Choy and Ruth Pitchford) Next In Global Energy News'|'reuters.com'|'http://feeds.reuters.com/Reuters/
'ce36bf19ed26dc73b0e850202777177415cc7956'|'On the run from persecution: how Kenya became a haven for LGBT refugees - Global Development Professionals Network'|'T wo days will forever be etched in Amare<72>s mind. The first was when he finally accepted that he was gay. And the second was the day he realised that being gay could get him killed. That day his father, a gay pastor in Uganda , was shot dead for his sexual preference.<2E>So I ran. I ran as far and a fast as I could,<2C> he says.Amare is one of the thousands of gay refugees who have found solace in a foreign land. <20>Even if it means I have had to start from nothing, it is better than living continuously in fear,<2C> he says.Laws criminalising LGBT identity are still in place in countries in Africa, Asia-Pacific, the Middle East and North Africa, according to research by the UN<55>s refugee agency in 2015. Social exclusion and other forms of violence were reported everywhere. Who are 2017''s LGBT heroes? Tell us about the activists creating change Read more The severity of those laws can vary, but Ugandans face a particularly harsh variant. In late 2013, parliament passed the Uganda Anti-Homosexuality Act 2014 , which broadened the criminalisation of same sex relations in Uganda, stating that any man who permits a male person to have <20>carnal knowledge of him or her against the order of nature<72>, is committing an offence and is liable to imprisonment for life.While the offence of aggravated homosexuality, defined in the law as a same-sex sexual act with a person under the age of 18, carries a death penalty. The legislation also includes provisions about persons outside of Uganda who are charged with violating the act, asserting that they may be extradited to Uganda for punishment. Implementation of the act has not been smooth. On 1 August 2014, the Constitutional Court of Uganda ruled the Act invalid as it was not passed with the required quorum. <20>But, although the constitutional court ruled the act invalid on account of procedural grounds, many saw it as an opportunity to target us. They had the law to back them up. It mattered little what the courts said,<2C> Amare says.Facebook Twitter Pinterest In 2011 gay activist David Kato died after receiving serious head injuries in a brutal attack. Photograph: Stringer/AP And even before the passing of the law, the signs of a frightful future for Uganda<64>s gay community were all too visible. On 26 January 2011 Uganda<64>s most prominent gay activist, David Kato , was found with serious head injuries and later died of his injuries, in what authorities in Uganda characterised as a robbery. His death came barely weeks after winning a court victory over a tabloid that called for homosexuals to be killed.<2E>The movement into Kenya started in 2005, a year during which intolerance grew. And the politics of the day plus the intrusion into East Africa by American evangelists did not help much,<2C> Dennis Nzioka , a sexual and gender minorities activist who focuses on LGBT matters in Africa, and a founding member of the Gay a nd Lesbian Coalition of Kenya . <20>But the final push came with the passing of the anti-homosexuality bill.<2E>After the bill was passed things got worse, according to Amare. <20>Police and vigilante groups would raid our meetings and beat and arrest us. Some of my friends were left badly beaten. This is when I decided I could not stay on any longer.<2E> The threat of violence was not abstract for him. It was real and personal.And then at the end of 2014 Amare<72>s father was caught in a hotel with another man.<2E>He was shot and died on the spot. News of his death was spread on media, church, and to family members. Attention shifted to me.<2E> Why LGBT hatred suddenly spiked in Indonesia Read more Amare had started living with his father. He was an adult. <20>Everyone assumed I was like him. It was only a matter of time before they came for me,<2C> he says.So he left for Kenya<79>s capital, Nairobi. <20>I had nothing on me. Just a change of clothes,<2C> he says. He got to Nairobi alone. He says he slept in the streets for two weeks before seeking shelter in a church.Ke
'330fd13879f6bb32ce77b668fcb59373fd7b80d9'|'Russia''s VTB plans to slim down in Europe, keep London as hub'|' 42am GMT Russia''s VTB plans to slim down in Europe, keep London as hub The logo of VTB Group is seen through a window of Imperia Tower on a facade of the Federatsiya (Federation) Tower at the Moscow International Business Center also known as ''''Moskva-City'''', in Moscow, Russia, August 5, 2015. REUTERS/Maxim Zmeyev/File Photo By Alexander Winning and Kira Zavyalova - MOSCOW MOSCOW Russian bank VTB plans to cut costs by slimming down its operations in the European Union to focus on Frankfurt while keeping London as the base for its investment banking business, the bank''s first deputy president said. The reorganisation of VTB''s European business would mean the three banking licences it has in Austria, France and Germany would be merged into one held by its German bank, allowing VTB to significantly cut costs, Yuri Soloviev told Reuters. Soloviev said VTB was not looking to leave Britain due to its decision last year to leave the European Union. "London remains the international headquarters of our investment bank, VTB Capital. At the moment we are definitely not considering any reduction of our business or an exit," Soloviev said in an interview in Moscow. "If you take any Russian company on a roadshow, then absolutely the first centre where you go remains London." VTB''s global ambitions took a hit when it was included in Western economic sanctions over the Ukraine conflict, while an economic crisis in Russia from 2014 dented profits. Sources have told Reuters that VTB cut London staff in the wake of the sanctions as deal volumes fell off sharply and many of its Russian corporate clients were shut out of international capital markets. "Over the past year or two we have re-evaluated our presence in Europe," Soloviev said. "We have reformatted our business model. Our main focus now is following Russian capital. We have developed a specialisation in several countries, especially ones where global banks have pulled back. That''s some countries in Eastern Europe, Bulgaria, Serbia, former Yugoslavia in general." Among VTB Capital''s recent deals in Eastern Europe it sold Bulgaria''s leading telecoms operator Vivacom last year. In 2012 it placed a $750 million Eurobond for Serbia. Soloviev said VTB was in discussions with the European Central Bank over a pan-European banking licence. INDIAN EXPANSION Soloviev said VTB saw opportunities to expand its business in India after it helped finance the deal for a consortium led by Russian oil major Rosneft to buy India''s Essar Oil. "After the Essar transaction we have become one of the most well-known brands on the local market," he said. "We have found a very interesting niche on the level of mezzanine capital and trade cooperation between Russia and India." VTB currently has deals in India in technology, media and telecoms (TMT) and is monitoring the real estate and metallurgy sectors, Soloviev said. In Russia, Soloviev said VTB was capitalising on a pickup in investor appetite for Russian debt by organising one or two corporate Eurobond deals a week. "Our companies are lining up, making the most of the moment when spreads are tight," he said. Soloviev said VTB was on track to hit its ambitious target of doubling net profit in 2017 and that the bank did not need any additional capital for now. (Writing by Alexander Winning; Editing by Katya Golubkova and Elaine Hardcastle) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-russia-vtb-europe-idUKKBN1660XJ'|'2017-02-27T15:42:00.000+02:00'
'c4bca19fa1f284e95f3bd3d79897a4779728a675'|'Airbus appoints new manager for troubled A400M project'|'Business News - Mon Feb 27, 2017 - 6:09pm GMT Airbus appoints new manager for troubled A400M project 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 PARIS Airbus ( AIR.PA ) said on Monday it had appointed a new head of its troubled A400M airlifter project as well as a deputy leader of its broader military aircraft business, confirming an earlier Reuters report. Michael Menking, a former supplier to the International Space Station who currently runs earth observation activities at the planemaker''s space systems division, will take over the A400M, Europe''s largest defence project, on March 1. He replaces Kurt Rossner, who will take over combat aircraft activities, including Airbus''s share of the Eurofighter Typhoon, Airbus said in a statement. Alberto Gutierrez moves from that position to become no.2 of the overall military aircraft activities under Fernando Alonso. Airbus has called for more government help and new talks with engine makers following delays to the A400M, but faces a difficult set of negotiations on both fronts. (Reporting by Tim Hepher; editing by Michel Rose) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-airbus-a400m-appointments-idUKKBN16624U'|'2017-02-28T01:09:00.000+02:00'
'7d0073aa6d3e7850828f65a36ddb3ce2ba8d3033'|'U.S. says Trump order will not undermine data transfer deals with EU'|'By Julia Fioretti - BRUSSELS BRUSSELS An executive order signed by U.S. President Donald Trump to crack down on illegal immigration will not undermine two data transfer agreements between the United States and the EU, Washington wrote in a letter to allay European concerns.An executive order signed by Trump on Jan. 25 aiming to toughen enforcement of U.S. immigration law rattled the European Union as it appeared to suggest Europeans would not be given the same privacy protections as U.S. citizens.The order directs U.S. agencies to "exclude persons who are not United States citizens or lawful permanent residents from the protections of the Privacy Act regarding personally identifiable information."Securing equal treatment of EU citizens was key to agreeing the Umbrella Agreement which protects law enforcement data shared between the United States and the EU.And the EU-U.S. Privacy Shield - which makes possible about $260 billion of trade in digital services - was only clinched after Washington agreed to protect the data from excessive surveillance and misuse by companies.In the first written confirmation since the executive order stoked uncertainty over transatlantic data flows, the U.S. Department of Justice said the executive order did not affect either the Umbrella Agreement or the Privacy Shield."Section 14 of the Executive Order does not affect the privacy rights extended by the Judicial Redress Act to Europeans. Nor does Section 14 affect the commitments the United States has made under the DPPA (Umbrella Agreement) or the Privacy Shield," Bruce Swartz, Deputy Assistant Attorney General, wrote to the European Commission in a letter seen by Reuters.EU Justice Commissioner Vera Jourova, who will travel to the United States at the end of March, said she was "not worried" but remained vigilant.The EU-U.S. Privacy Shield is used by almost 2,000 companies including Google, Facebook and Microsoft to store data about EU citizens on U.S. servers.Its predecessor was struck down in 2015 by the EU''s top court for allowing U.S. agents unfettered access to Europeans'' data, forcing an acceleration of difficult talks to find a replacement.(Reporting by Julia Fioretti; Editing by Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-eu-dataprotection-usa-idINKBN1661G7'|'2017-02-27T09:53:00.000+02:00'
'c816e0295f57e94816f9d70386fe07287e7c9fd6'|'U.S. regional bank FNB says it gets regulatory nod to buy Yadkin'|'Feb 27 U.S. regional lender F.N.B. Corp said on Monday it had received all required regulatory clearances for its proposed acquisition of Yadkin Financial Corp .The board of governors of the Federal Reserve and the Office of the Comptroller of the Currency (OCC) had provided the final clearance, F.N.B. said.Pittsburgh, Pennsylvania-based F.N.B. offered to buy Raleigh, North Carolina-based Yadkin Financial in July last year in an all-stock transaction worth $1.47 billion at the time.The acquisition is expected to be completed by March 13, subject to certain conditions, F.N.B. said.Reuters reported on the approval on Friday, citing two people familiar with the matter. (Reporting by Sruthi Shankar in Bengaluru; Editing by Savio D''Souza)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/yadkin-fincl-ma-fnb-idINL3N1GC4GL'|'2017-02-27T10:55:00.000+02:00'
'2ce69b1c49bb766b8ede0ddf85edd5fe829a3353'|'Abraaj acquires Middlesex University''s Dubai campus - sources'|'Business News - Sun Feb 26, 2017 - 6:46am GMT Abraaj acquires Middlesex University''s Dubai campus - sources A student walks across the Middlesex University Dubai in Dubai July 21, 2010. REUTERS/Mosab Omar DUBAI Emerging markets-focused private equity firm Abraaj Group acquired Middlesex University''s overseas campus in Dubai, sources familiar with the matter said, in a sign of increased interest from buyout firms in the Middle East''s education sector. In June, Abraaj was chosen by shareholders of the university campus, which is owned by individual investors in the United Arab Emirates and operated by London''s Middlesex University, as a preferred bidder and was invited to conduct due diligence. The deal closed at the end of January, sources told Reuters, with Abraaj paying 11 times earnings before interest, tax, depreciation and amortisation. The deal value was not disclosed. Dubai-based Abraaj declined to comment when contacted by Reuters, while Middlesex University Dubai did not respond to queries for comment. Middlesex University Dubai''s earnings before interest, taxes, depreciation and amortisation were about $6.8 million last year, the sources said in September. The deal would have closed at about $74.8 million, according to Reuters calculations. Private universities in Dubai are beginning to attract the attention of private equity players. Investors in recent years have acquired schools, a fast growing sector amid a wealthy and growing population. The Dubai campus opened in 2005 and has more than 2,500 students, offering a variety of undergraduate and postgraduate programmes, according to its website. (Reporting by Hadeel Al Sayegh; Editing by Saeed Azhar and Kim Coghill) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-emirates-abraaj-middlesex-university-idUKKBN16506D'|'2017-02-26T13:46:00.000+02:00'
'a6d6e066b478f1a9911f9dee1f7ec3e92a1bde90'|'Apollo affiliate Novitex, SourceHov to merge with Quinpario'|'Deals   4:50am GMT Apollo affiliate Novitex, SourceHov to merge with Quinpario SourceHOV LLC, Novitex Holdings Inc and Quinpario Acquisition Corp 2 ( QPACU.O ) agreed to combine in a deal valued at about $2.8 billion, to scale up their businesses in the financial technology and business services industry. Shareholders of SourceHOV and Novitex are rolling 100 percent of the current equity and will be the majority holders in the new company, to be named Exela Technologies, the companies said on Tuesday. "Our combination with Novitex fundamentally increases our scale, making us a more strategic partner to customers in their quest for digital transformation," Ron Cogburn, chief executive of SourceHOV said in a statement. Novitex is owned by certain funds managed by affiliates of Apollo Global Management LLC ( APO.N ), while SourceHOV is majority owned by HandsOn Global Management. The deal will be funded through a combination of $1.35 billion in new debt financing, cash from Quinpario and rollover of equity among others, the companies said. The deal also includes committed financing from Royal Bank of Canada and Credit Suisse. The new company will have eight board members, including three nominated by HandsOn Global Management, two by Apollo and three independent directors. Exela Technologies will be listed on the Nasdaq Global Select Market. (Reporting by Vishal Sridhar in Bengaluru; Editing by Gopakumar Warrier) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-sourcehov-m-a-quinpario-acqsn-idUKKBN1610DX'|'2017-02-22T11:49:00.000+02:00'
'45498e2041a7f1e4c59eb913e172adc0da301dd7'|'Northern Trust uses blockchain for private equity record-keeping'|'By Anna Irrera - NEW YORK NEW YORK Feb 22 Northern Trust Corp has deployed a new blockchain-based system built with International Business Machines Corp to record information on transactions involving private equity funds, in one of the first commercial deployments of the nascent technology.The program is currently being used to manage the administration of a private equity fund run by Switzerland-based asset manager Unigestion, Northern Trust and IBM said on Wednesday.The new blockchain system records documents and information connected to transactions involving the fund, such as investments by limited partners, a process which is currently highly manual. Other than providing a central record for fund managers, investors and administrators, the program also allows regulators to access the information when required.Blockchain, which first emerged as the system underpinning cryptocurrency bitcoin, is an immutable shared ledger of transactions that is maintained by a network of computers, rather than a centralized authority. As it creates a shared golden source of data it can reduce errors and the need for reconciliation.Financial institutions have been ramping up their investment in blockchain, also known as distributed ledger technology, in the hopes that it can help make some of their processes more efficient and cheaper to manage.The new system, built using blockchain code from the Linux Foundation-led Hyperledger project, could provide greater transparency, efficiency and security to an asset class that has remained largely paper-based, Northern Trust and IBM executives told Reuters."We decided to focus on the private equity market because the marketplace is very manual today," said Peter Cherecwich, president of corporate and institutional services, at Northern Trust. "Benefits should include a reduction in cost."The Chicago-based asset management and fund administration company plans to roll out the platform to other clients selectively, it said.While financial firms have announced numerous blockchain experiments over the past year, the vast majority still have to move into real implementations, leading skeptics to question whether the technology''s potential has been over-hyped.Private equity was an ideal market for early blockchain adoption because it involved lower volumes of transactions than other asset classes but would benefit from more automation, Northern Trust and IBM executives said. (Reporting by Anna Irrera; Editing by Cynthia Osterman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/nthern-trust-ibm-blockchain-idINL1N1G61TX'|'2017-02-22T02:01:00.000+02:00'
'cac9143d03f7714b4f1b67db9e39fb7d79e9651a'|'UPDATE 1-Buyout fund EQT closes infrastructure deal at 4 bln euros'|'(Adds details)LONDON Feb 23 Swedish buyout fund EQT closed its third fund for infrastructure investments with a hard cap of 4 billion euros ($4.2 billion) which was raised in less than six months, it said on Thursday.EQT Infrastructure III will follow the fund''s overall infrastructure investment strategy and keep investing in sectors such as energy, transport and logistics, environmental, telecom and social infrastructure, mainly in Europe and North America.A source familiar with the situation said the fund was originally targeting 2.9 billion euros and was four times oversubscribed."Around two-thirds of the commitments were made by investors in prior EQT funds," said Jussi Saarinen, Partner and Head of Investor Relations at EQT Partners.The source said the fund<6E>s equity investment target will typically be between 200 and 500 million euros.The fund has already signed four acquisitions including Danish business to business data communication services provider GlobalConnect and Lumos Networks, a fibre based data and broadband service provider in the United States.The EQT Infrastructure funds have invested a total of 2.5 billion euros across 19 investments, eight of which have been realised to date.The source said EQT''s first infrastructure fund achieved a 2.4 multiple on invested capital while the second reached 1.7 and continues to invest.($1 = 0.9489 euros) (Reporting by Dasha Afanasieva; editing by Jason Neely/Ruth Pitchford)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/eqt-infrastructure-fund-close-idINL8N1G8468'|'2017-02-23T08:51:00.000+02:00'
'2892929752669840f6cc8cb599a858cbcbe8a0da'|'UPDATE 3-Vale intensifies search for CEO as Ferreira to leave, sources say'|'(Adds background)By Guillermo Parra-Bernal and Tatiana BautzerSAO PAULO Feb 24 Vale SA has stepped up the search for a chief executive with incumbent CEO Murilo Ferreira poised to step down, signaling efforts by some top shareholders to shield the world''s No. 1 iron producer from political interference, three people with direct knowledge of the situation said on Friday.Earlier in the day, Rio de Janeiro-based Vale said Ferreira will step down as chief executive when his term expires on May 26. Vale did not name a potential replacement or say how it would implement a transition.Some members of Vale''s controlling bloc lean towards picking one of Vale''s current top executives to facilitate a planned transition into a company with dispersed share ownership, the people said. Candidates currently outside the company are under consideration, the people added, with previous experience at Vale being a pre-condition.Potential candidates include Chief Financial Officer Luciano Siani; ferrous metals director Peter Poppinga; and Clovis Torres, Ferreira''s right hand man and currently Vale''s executive vice president for human resources. Nelson Silva, a former Vale executive who is now chief strategy officer at state-controlled oil firm Petr<74>leo Brasileiro SA is on the list, the people said.Other candidates include former Vale executives Jose Carlos Martins and Tito Martins, one of the people added.The choice of Vale''s top commander is crucial to ensuring the success of a plan that will phase out a 20-year controlling shareholder pact and merge Vale''s different classes of stock into a single one.INTERFERENCEA more dispersed shareholder structure is key to enhancing transparency and stifling interference from politicians, who for years have pressed Vale to invest in non-core projects.Losses in Vale''s common and preferred shares were partially reversed after the list of candidates eased concern that Ferreira''s seat may be filled by a government crony. Common shares were sliding 1.9 percent to 32.54 reais.Some of those top shareholders had proposed that Ferreira stay in the job for another year to offset political interference in the company, Reuters had reported in January. The initiative was scrapped by Ferreira, who might have asked to step aside, one of the people said.State pension funds led by Previ Caixa de Previd<69>ncia , Bradespar SA, Mitsui & Co and an investment arm of state development lender BNDES are all members of Valepar SA, the investment holding company that controls Vale.None of them had an immediate comment on the situation.Vale was partly privatized in 1997, although the government continues to wield influence over it through BNDES''s investment arm and the pension funds.Still, an unnamed government official familiar with President Michel Temer''s thinking said Vale will look for a "top-notch, non-political manager," in a process similar to the recruitment of Pedro Parente as CEO of the oil giant known as Petrobras.The presidential palace''s media office did not respond to a request seeking comment.VALEPARBradespar would agree to a change of leadership outside Vale''s current management only if potential picks go through a selection process conducted by an executive recruitment firm, one of the people added.That came after media reports earlier this month suggested members of Temer''s PMDB party and Senator Aecio Neves of the PSDB party from the mineral-rich Minas Gerais state, where Vale is based, were vying to influence the selection of the new chief executive.In a statement, Vale thanked Ferreira for his achievement, listing his efforts to focus on core activities, undertaking the company''s biggest investment project ever and reducing debt."With his experience, dedication and respect ... Murilo leaves a legacy for all future generations of executives and employees at Vale," it said.Ferreira took the reins at Vale in 2011, in the midst of a high profile political clash between the company 
'91301f1b7f293534ef95ff373d879999b7b1c9ad'|'Barclays gets surprise core capital boost as profit climbs'|'Thu Feb 23, 2017 - 7:56am GMT Barclays gets surprise core capital boost as profit climbs A Barclays bank office is seen at Canary Wharf in London, Britain, May 19, 2015. REUTERS/Suzanne Plunkett/File Photo By Lawrence White and Andrew MacAskill - LONDON LONDON Barclays ( BARC.L ) reported a surprise increase in its core capital ratio on Thursday, as the bank took advantage of its rising profits to put money aside for expected demands on its cash from legal issues and worsening global market conditions. The bank''s capital ratio, a key measure of financial strength, rose to 12.4 percent against analysts'' expectations it would only reach 11.8 percent. Barclays said the capital boost came from increased profits as the group nears the end of a major restructuring. "...we are well positioned to absorb headwinds over the next few years. Certain legacy conduct issues remain and we intend to make further progress on them," Chief Executive Jes Staley said in the bank''s statement. Barclays faces a suit by the U.S. Department of Justice on civil charges of fraud in the sale of mortgage-backed securities during the run-up to the 2008-09 financial crisis. Barclays is so far alone among major banks in choosing to contest its case where rivals have settled. Barclays reported an adjusted full-year pre-tax profit of 3.2 billion pounds ($3.98 billion), compared with 1.14 billion a year earlier. That was below the average forecast of 3.97 billion from analysts'' estimates compiled by the bank. The bank said it would close its non-core division that holds its assets earmarked for sale in June, six months earlier than expected. The bank also said it had reached an agreement with its African division on the terms of their separation that will see it pay Barclays Africa 12.8 billion rand ($988 million) to fund investments required to separate the two. Staley said the result showed progress on a plan announced last March under which Barclays will shed unwanted assets including most of its stake Barclays Africa in favor of a ''transatlantic'' strategy focused on the United States and Britain. "We are now just months away from completing the restructuring of Barclays, and I am more optimistic than ever for our prospects in 2017, and beyond," Staley said in the bank''s statement. (Reporting By Lawrence White and Andrew MacAskill; Editing by Rachel Armstrong and Jane Merriman) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-barclays-results-idUKKBN1620PB'|'2017-02-23T14:54:00.000+02:00'
'dcfc2e20bca6500fbe653d274ba651bcf8069846'|'ServiceNow appoints former eBay executive as CEO'|'Technology   3:14pm EST ServiceNow appoints former eBay executive as CEO John Donahoe attends the first day of the annual Allen and Co. media conference Sun Valley, Idaho July 8, 2015. REUTERS/Mike Blake By Liana B. Baker - SAN FRANCISCO SAN FRANCISCO ServiceNow Inc ( NOW.N ) said it had hired former eBay Inc ( EBAY.O ) executive John Donahoe to be chief executive, replacing longtime CEO Frank Slootman starting in April, a surprise move that sent shares of the enterprise software lower on Monday. Slootman, who will remain chairman of the company after Donahoe takes over, said in an interview that the board underwent a succession planning process two years ago. Donahoe, who has 30 years of management experience as a former CEO of eBay and Bain Consulting, is the chairman of PayPal Holdings Inc ( PYPL.O ) and on the boards at Nike Inc ( NKE.N ) and Intel Corp ( INTC.O ). His appointment comes as ServiceNow, which made its name helping IT departments speed up ticketing requests, has expanded to new areas such as operations management and human resources. "The opportunity will be to expand beyond just IT and the chief information officer (CIO) into helping partner with the CEO to help them address their greatest needs," Donahoe said in an interview. Donahoe said he will bring his experience at a consumer-facing company such an eBay to help create more of a "consumer orientation" at ServiceNow, whose customers are often big corporations, and to boost its public profile. ServiceNow shares fell 4.2 percent to $87.91 after dropping as low as $86.94 on Monday. The new CEO appointment could be weighing on shares because it lowers the chance of a potential sale of the company in the near term, analysts said. "We believe Mr. Donahoe<6F>s decision to join ServiceNow, while it may remove near-term M&A speculation, should be viewed quite constructively as the company expands into a mega-software vendor," Macquarie analyst Sarah Hindlian said in a research note. The enterprise software industry has been undergoing consolidation, with landmark deals in 2016 such as Oracle Corp ORCL.O buying NetSuite for $9.3 billion and Microsoft Corp''s ( MSFT.O ) $26.2 billion acquisition of LinkedIn. ServiceNow is not planning to be part of consolidation, unless it is a buyer of assets, its executives said. "The fact that the board has appointed John is a really strong statement that we are going to run this company and not view ourselves as a target of the activity," Slootman said. (Reporting by Liana B. Baker in San Francisco; Editing by Bill Rigby) Next In Technology News  '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-servicenow-ceo-idUSKBN1662B1'|'2017-02-28T03:14:00.000+02:00'
'f97636f44ce4afa7ec7959239f2db1c1a6e53c25'|'J&J says kept drug price increases below 10 percent since 2012'|' 33pm GMT J&J says kept drug price increases below 10 percent since 2012 A Johnson & Johnson building is shown in Irvine, California, U.S., January 24, 2017. REUTERS/Mike Blake By Michael Erman - NEW YORK NEW YORK Johnson & Johnson ( JNJ.N ) on Monday said the average list price of its drugs rose less than 10 percent each year since 2012, noting that the net price paid for the drugs, which includes discounts and rebates, was significantly lower. The company released a report with its price increase history in response to widespread outcry over high U.S. prices for prescription drugs. U.S. President Donald Trump has said drug companies are "getting away with murder" in what they charge the government for medicines. Johnson & Johnson, which makes Remicade for rheumatoid arthritis and the blood thinner Xarelto, said in 2016 the average increase in list price for its drugs was 8.5 percent, while the net price change was 3.5 percent. The highest average price increases at the company over the five-year period were in 2015, when the average list price rose 9.7 percent from the previous year and the average net price increase was 5.2 percent. The company said it generally limits its annual aggregate list price increase to single digit percentages. Merck ( MRK.N ) released a report on its own pricing history last month, revealing slightly larger average increases over the five year period than Johnson & Johnson. In response to the criticism of high drug prices, AbbVie Inc ( ABBV.N ), Allergan ( AGN.N ) and Danish diabetes company Novo Nordisk ( NOVOb.CO ) have pledged to keep all drug price increases in 2017 under 10 percent. (Reporting by Michael Erman; Editing by Chizu Nomiyama)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-johnson-johnson-drugpricing-idUKKBN16629F'|'2017-02-28T02:33:00.000+02:00'
'ca80504a3c4cae7aed6a173d962ab7091e15785c'|'MOVES-SocGen, eVestment, Marketaxess'|'Feb 27 The following financial services industry appointments were announced on Monday. To inform us of other job changes, email moves@thomsonreuters.com.SOCIETE GENERALEThe French bank said it appointed Rajat Kohli as head of global markets for India.MARKETAXESS HOLDINGS INCThe U.S. financial information provider said it would appoint Christophe Roupie as head of Europe and Asia for its Europe and Trax divisions.EVESTMENTThe investment data and analytics firm named Gabriel Gilarranz as vice president of business development in its London office. (Compiled by Sruthi Shankar in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/financial-moves-idINL3N1GC4R8'|'2017-02-27T12:44:00.000+02:00'
'b3eeaa1902897397f243a32dc80d35afdf620c11'|'BRIEF-Northwest Natural Gas posts Q4 earnings per share of $0.08'|' 39am EST BRIEF-Northwest Natural Gas posts Q4 earnings per share of $0.08 Feb 27 Northwest Natural Gas Co * Reports results for the three and twelve months ended Dec. 31, 2016 * Sees FY 2017 earnings per share $2.05 to $2.25 * Q4 earnings per share $0.08 * Q4 earnings per share view $1.04 -- Thomson Reuters I/B/E/S * Qtrly operating revenue $233.5 million versus $230.7 million * FY 2017 earnings per share view $2.30 -- Thomson Reuters I/B/E/S   (Bangalore.newsroom@thomsonreuters.com)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-northwest-natural-gas-posts-q4-ear-idUSASB0B2CJ'|'2017-02-27T18:39:00.000+02:00'
'4b73f327c15223b446e83fde9e591bed4a4576f7'|'Apple and SAP to release tool to build business apps'|'Technology   10:05am EST Apple and SAP to release tool to build business apps left right The Apple logo is seen on a computer screen in this illustration photo taken in Bordeaux, France, February 1, 2017. REUTERS/Regis Duvignau 1/2 SAP headquarters in Walldorf, Germany, January 24, 2017. REUTERS/Ralph Orlowski 2/2 By Stephen Nellis Apple Inc and German software maker SAP SE will release a tool aimed at helping developers build iPhone apps for big businesses, the two companies said on Monday. The software tool, to be released on March 30, is designed to let developers easily feed data between SAP''s business-oriented software systems and Apple''s consumer-oriented iOS mobile platform. Currently, most of SAP''s systems are used on personal computers rather than on mobile devices. SAP plans to change that by working directly with Apple on software tools that will make it easier to access data on SAP systems from apps on an iPhone or iPad, an effort that began last spring. The tool could, for example, let employees log into business apps with fingerprint readers common on iPhones rather than a password, or replace bulky inventory scanning guns used in warehouses with iPhones. <20>The collaboration between our two firms is unparalleled from an engineering standpoint,<2C> said Rick Knowles, a senior vice president at SAP. <20>Every five to six weeks, we<77>ve put our developers in the room with Apple<6C>s lead engineers to do a code-level review.<2E> With growth in iPhone sales losing steam, Apple has increased its efforts to sell to large businesses. In 2014, Apple launched a partnership with IBM Corp to help build custom iOS applications for businesses. In 2016, Apple made a deal with Cisco to make iPhones work better on Cisco''s networking gear, and it also partnered with Deloitte & Touche LLP [DLTE.UL] to encourage more businesses to build iOS applications. The SAP partnership also gives iOS developers a new way to gain revenue in an era when most of the App Store<72>s growth is driven by downloads in China and by game makers. Apple said earlier this year that developers made $20 billion from the App Store in 2016, an increase of 40 percent from 2015. But according to App Annie, an analytics firm that tracks App Store metrics, iOS downloads were up only 12 percent in 2016 to 30 billion apps, and 80 percent of download growth for iOS apps came from China. Moreover, 75 percent of revenue generated in the App Store came from games, App Annie reported. Business apps would represent new territory for many of these developers. And being able to run workplace software could also help Apple compete against Microsoft Corp , whose Windows software still dominates in the corporate world. (Reporting by Stephen Nellis; Editing by Andrew Hay) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-apple-sap-idUSKBN1661PZ'|'2017-02-27T22:00:00.000+02:00'
'55c3c551a6cf118c7722410e84fa5f48aa832e99'|'Exclusive - Airbus calls for European ministerial meeting on A400M'|'  3:16pm GMT Exclusive - Airbus calls for European ministerial meeting on A400M An Airbus A400M military transport plane is parked at the Airbus assembly plant during an event in the Andalusian capital of Seville, southern Spain, December 1, 2016. REUTERS/Marcelo del Pozo Airbus ( AIR.PA ) has called for a European ministerial meeting to address the latest problems engulfing the A400M military plane, saying its own viability is at stake as it seeks government help to contain fresh losses on Europe''s largest defence project. The move comes a day after Airbus took a fresh writedown of 1.2 billion euros (<28>1 billion) against A400M losses and urged seven NATO buyer nations to limit its exposure to heavy fines and payment delays caused by new technical snags and delays. In a letter to government buyers, the company spoke of "significant risks ahead" on the project, originally valued at 20 billion euros and now costing well over 30 billion euros, according to two people familiar with the letter''s contents. "We are committed to the A400M programme. However we are responsible to sustain the viability of Airbus," said the letter signed by Airbus Chairman Denis Ranque and Chief Executive Tom Enders and sent to the capitals of Belgium, France, Germany, Luxembourg, Spain and Turkey and the UK. Noting "huge losses" on the project, Airbus called for a meeting of ministers of those nations to take stock of the situation and agree on next steps in the best interests of the programme, government customers and Europe''s defence industry. It also called for talks with Europrop International (EPI), the consortium responsible for providing the troop carrier''s turboprop engines, which have been involved in some delays. EPI is owned by France''s Safran ( SAF.PA ), Britain''s Rolls-Royce ( RR.L ), Germany''s MTU Aero Engines ( MTXGn.DE ) and Industria de Turbo Propulsores (ITP) of Spain. An Airbus spokeswoman declined comment on Thursday on details of the company''s contacts with governments, but said there would be three elements to any discussions: the nations, the OCCAR pan-European procurement agency and the engine makers. Engine consortium EPI could not immediately be reached for comment. A spokesman for OCCAR had said on Wednesday the agency was in regular and ongoing dialogue with Airbus, but declined comment on the company''s request for new measures. Airbus received a 3.5 billion euro bailout from the seven core purchasing nations in 2010, but has suggested it did not go far enough in limiting the company''s financial exposure. Defence officials from the seven nations were expected to confer by telephone on Airbus requests as early as Thursday. Germany, the largest A400M buyer, has so far given a cool response, saying it is important that Airbus should resolve outstanding problems on the military programme. (Reporting by Reuters bureaus, Writing by Tim Hepher, Editing by Richard Balmforth)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-airbus-a400m-exclusive-idUKKBN1621SZ'|'2017-02-23T22:10:00.000+02:00'
'8bd3a3f317a7a1d8460470df5e2b7313755626ec'|'UPDATE 1-German two-year bonds end stellar week with biggest weekly yield drop since 2012'|'* Two-year German bond yield at fresh record low* Set for biggest weekly drop since July 2012* ECB QE, flight-to-quality pin yields lower* French bond yields set for biggest weekly fall in 2 months* Euro zone periphery govt bond yields tmsnrt.rs/2ii2Bqr (Updates with comment)By Dhara RanasingheLONDON, Feb 24 Germany''s short-dated government bond yields fell to fresh record lows on Friday and were set to end a stellar week with their biggest weekly drop since the euro debt crisis in 2012.The European Central Bank''s bond-buying programme, speculation that it will buy more shorter-dated debt for the scheme, and upcoming regulatory changes have driven two-year German bond yields down.That trend has gathered pace in the past week as concern over the far right''s strong showing in France''s presidential race gave investors another incentive to snap up top-rated German paper.Germany, the euro zone''s biggest economy, is the bloc''s benchmark bond issuer and its government debt is widely regarded as among the safest assets in the world."It''s very hard to decompose all the elements behind the fall in two-year German bond yields," said Martin van Vliet, a senior rates strategist at ING."A flight-to-safety is one theme, but there is also the impact of ECB buying and speculation that it will have to buy more bonds below the deposit rate."To free up more bonds for its massive bond-buying stimulus scheme, the ECB in December scrapped a rule that prevented it from buying bonds with yields below the minus 0.40 percent deposit rate.German bond yields were 2-3 basis points lower on Friday, taking their cue from a fall in U.S. peers on doubt about the impact of U.S. President Donald Trump''s economic policies.The two-year Schatz yield fell almost 4 bps to a record low of minus 0.94 percent. It is set to end the week 13 basis points lower -- more than in any single week since July 2012.Auctions of two and 10-year German bonds next week could be the next barometer of appetite for German paper, analysts said.The 10-year Bund yield fell 2 basis points to a five-week low around 0.21 percent, pushing the gap with Italian peers close to three-year highs above 200 basis points.Chiara Cremonesi, a strategist at Unicredit in London, said that in addition to the strength in German bonds, upcoming supply from Italy was pressuring Italian yields."The rally in German bonds and heavy supply from Italy on Monday is why we''re seeing the spread widen again," she said.A recovery in French bonds from jitters surrounding upcoming presidential elections put French 10-year bond yields on track for their biggest weekly fall in two months, while Dutch 10-year bond yields fell to 0.36 percent NL10YT-TWEB -- their lowest level in almost two months.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 Toby Chopra)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/eurozone-bonds-idINL8N1G91LE'|'2017-02-24T06:33:00.000+02:00'
'049fcc6eebd90e2efd3de3e4a465ce2297fcf788'|'Peugeot CEO tells UK union not here to close GM''s Vauxhall plants'|'LONDON Feb 24 The chief executive of Peugeot said it was not in his nature to close car plants as he discussed the potential takeover of GM''s British brand Vauxhall, the head of the country''s biggest union told reporters on Friday.Peugeot boss Carlos Tavares was meeting the Unite union''s General Secretary Len McCluskey as concerns mount about jobs at GM''s two British plants."He talked in terms of not being here to shut plants. That''s not his nature," McCluskey said. (Reporting by Costas Pitas, editing by James Davey)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/opel-ma-psa-britain-idINL8N1G85YA'|'2017-02-24T07:56:00.000+02:00'
'f16ff75bc4de147d5b42be1373649e3f22dc48ca'|'Trump vows offsetting spending cuts as he seeks to beef up defense'|'Politics - Mon Feb 27, 2017 - 10:17am EST Trump vows offsetting spending cuts as he seeks to beef up defense U.S. President Donald Trump speaks during the Governor''s Dinner in the State Dining Room at the White House in Washington, U.S., February 26, 2017. REUTERS/Joshua Roberts WASHINGTON President Donald Trump on Monday said he would propose a budget that would ramp up spending on defense, but seek savings elsewhere to pay for it. "We''re going to do more with less and make the government lean and accountable," Trump said in a meeting with governors in which he said he planned to propose a substantial increase in public safety spending. Trump also said he would talk about his plans for infrastructure spending in a speech to Congress on Tuesday. "We''re going to start spending on infrastructure big," he said. (Reporting by Steve Holland; Writing by Tim Ahmann; Editing by David Alexander) Next In Politics'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-trump-budget-idUSKBN1661R2'|'2017-02-27T22:17:00.000+02:00'
'2111d7a4ef066f7231cec3fb282f73813fd2e4ce'|'BOJ''s Kuroda: Chance of more rate cuts small for now, growth picking up'|'By Leika Kihara - TOKYO TOKYO Bank of Japan Governor Haruhiko Kuroda said on Wednesday the chance the central bank will deepen negative interest rates is low for now, backing market expectations that no additional monetary easing is forthcoming in the near future.Kuroda said Japan''s economic growth was accelerating and keeping inflation on track to hit the BOJ''s 2 percent target during the fiscal year ending in March 2019, in line with its latest quarterly forecasts made in November."The BOJ of course stands ready to ease further if needed to achieve its 2 percent inflation target," the central bank chief told parliament."With economic growth accelerating, however, the chance of deepening negative rates is low," he said, when asked about the pain the BOJ''s policy is inflicting on regional banks'' profits.Kuroda also dismissed the view that the BOJ could raise its yield targets if Japanese long-term rates their global counterparts higher, driven by expectations of steady rate hikes by the U.S. Federal Reserve."There''s still some distance to our 2 percent inflation target, so it''s necessary to maintain powerful monetary easing to achieve the target at the earliest date possible," he said.A Reuters poll showed economists were largely split on the BOJ''s next policy move as fewer of them now expect more monetary stimulus in Japan, signalling a possible turning point in expectations for its easing cycle. [nL4N1G539A]The BOJ revamped its policy framework in September last year to one better suited for a long-term battle with deflation, after three years of aggressive asset purchases failed to accelerate inflation to 2 percent.Under the current framework, the central bank pledges to guide short-term interest rates at minus 0.1 percent and the 10-year government bond yield around zero percent.The negative rate policy and the BOJ''s aggressive money printing have drawn criticism from financial institutions for narrowing their margins and drying up bond market liquidity.While the BOJ already holds roughly 40 percent of the entire Japanese government bond market, Kuroda said he saw no signs market liquidity was diminishing."I don''t think we will face difficulty buying bonds to achieve our yield curve control policy," he said.(Editing by Shri Navaratnam)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/japan-economy-boj-idINKBN1610G2'|'2017-02-22T02:43:00.000+02:00'
'f185861fdd5dd7734c79ee9d314f15ac960507db'|'BRIEF-Kaiser Aluminum Corp reports Q4 earnings per share $1.37'|' 32pm EST BRIEF-Kaiser Aluminum Corp reports Q4 earnings per share $1.37 Feb 21 Kaiser Aluminum Corp: * Kaiser Aluminum Corporation reports fourth quarter and full year 2016 financial results * Q4 adjusted earnings per share $1.27 excluding items * Q4 sales $332 million versus i/b/e/s view $328.4 million * Q4 earnings per share view $1.18 -- Thomson Reuters I/B/E/S * Q4 earnings per share $1.37 * Qtrly shipments 152 million lbs versus 147 million lbs * Kaiser Aluminum Corp says qtrly value added revenue $201 million versus. $190 million last year * Kaiser Aluminum -significant planned equipment outages,construction activity during h1 2017 that are integral to trentwood efficiency and modernization project * "We expect supply chain destocking to more than offset real demand growth in 2017" * "industry demand for our applications expected to be down approximately 5pct year-over-year in 2017" * "in 2017, while we expect double-digit growth in shipments, we anticipate single-digit growth in value added revenue" * Kaiser Aluminum - "overall, we expect 2017 to be a challenging year with headwinds from commercial aerospace supply chain inventory overhang" * Kaiser Aluminum - "for our automotive applications, we expect that north american build rates will be down approximately 1pct to 2pct in 2017"  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-kaiser-aluminum-corp-reports-q4-ea-idUSASB0B1EM'|'2017-02-22T05:32:00.000+02:00'
'626f405616355d75d0a746acb968c9fd5530f884'|'Starboard takes 6.6 percent stake in Tribune Media'|'Tribune Media Co ( TRCO.N ), one of the largest U.S. television station operators, said on Tuesday that activist investor Starboard Value LP had taken a 6.6 percent stake in the company.Tribune''s shares were up nearly 2.5 percent at $34.54 in trading after the bell.Last year, Starboard disclosed a stake in Tronc Inc ( TRNC.O ), the newspaper business that Tribune spun off in 2014.Higher programming costs and a challenging advertising environment have pushed Tribune to rethink its business strategy.The company said in November that it was working with its financial advisers on a strategic review of its assets. Tribune had hired investment banks Moelis & Co ( MC.N ) and Guggenheim Securities as financial advisers early last year.Tribune sold its media data unit Gracenote to advertising tracking company Nielsen Holdings Plc ( NLSN.N ) for $560 million in December.The company could also shed other parts of its business, Reuters had reported.Starboard, led by Jeffrey Smith, is known for shaking up boards and pushing companies into mergers and acquisitions.The stake would make the hedge fund Tribune''s seventh-largest shareholder, according to Thomson Reuters data.Tribune''s Chief Executive Peter Liguori is set to step down from his role in March.Up to Tuesday''s close, Tribune''s stock had risen nearly 30 percent in the last 12 months.(Reporting by Rishika Sadam in Bengaluru; Editing by Anil D''Silva)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-tribune-media-starboard-idINKBN1602QD'|'2017-02-21T19:54:00.000+02:00'
'319e9381a60a451701df6b2b52088c8d6279024d'|'Fed on track to gradually hike U.S. rates, Powell says'|'Business News - Wed Feb 22, 2017 - 6:05pm GMT Fed on track to gradually hike U.S. rates, Powell says Federal Reserve Governor Jerome Powell delivers remarks during a conference at the Brookings Institution in Washington August 3, 2015. REUTERS/Carlos Barria NEW YORK The Federal Reserve is set to gradually raise interest rates as long as the U.S. economy continues on its current path, an influential Fed governor said on Wednesday. In a speech that shed little light on whether the U.S. central bank would move as soon as next month to tighten policy, Governor Jerome Powell said the Fed was wise to have been patient in recent years. "But risks now seem to me to be more in balance. Going forward, I see it as appropriate to gradually tighten policy as long as the economy continues to behave roughly as expected," Powell, a permanent voter on Fed policy who is seen as a centrist, told the Forecasters Club of New York. Powell, who stressed the need for fiscal policies that encourage Americans to participate in the labor market and that invest in infrastructure, said the U.S. economy is nonetheless headed in the right direction after years of recovery from recession. He expects growth to continue at the roughly 2-percent pace currently, and inflation to reach a 2-percent Fed target over the next couple of years. Joblessness should fall a bit further while the labor market should continue to tighten, he predicted. "We appear to be close to our employment objective, and are nearing our inflation objective," Powell said. "While the pace of progress has at times been frustratingly slow, this outcome is a better one than that achieved by most other advanced economies." The Fed has raised rates once in each of the last two years in a tentative sign of optimism on the economy. But policymakers expect to pick up the pace of hikes this year as unemployment, down to 4.8 percent, is expected to boost inflation and as President Donald Trump and the Republican-controlled Congress are expected to cut taxes and boost spending. Median forecasts from December suggest they see roughly three rate hikes in 2017. (Reporting by Jonathan Spicer; Editing by Chizu Nomiyama) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-usa-fed-powell-idUKKBN1612BH'|'2017-02-23T01:05:00.000+02:00'
'5d518d243057b46b13d65573e38b79e06b429cc2'|'Barratt''s first-half profits rise but builds fewer homes'|'Business   7:17am GMT Barratt''s first-half profits rise but builds fewer homes A sold sign hangs on a new house on a Barratt Homes building site in Nuneaton, Britain, March 20, 2014. REUTERS/Darren Staples/Files LONDON Britain''s biggest housebuilder Barratt ( BDEV.L ) posted a 9 percent rise in first-half pretax profit but built fewer homes, in a move which could harm government efforts to boost supply to tackle a growing housing crisis. Barratt, which reported profit of 321 million pounds ($400 million) in the six months to end-December, had previously said it might built fewer homes this financial year despite continuing strong demand and a record forward order book. "Whilst we have increased volumes across the UK by 55 percent in the last five financial years, we have maintained our commitment to build quality and customer service," Chief Executive David Thomas said after completions fell 6 percent. Smaller rival Bovis ( BVS.L ) said on Monday it would spend an extra 7 million pounds to fix work on some of its properties after a backlash from some buyers who have criticised it for substandard building work. ($1 = 0.8004 pounds) (Reporting by Costas Pitas, Editing by Paul Sandle) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-barratt-results-idUKKBN1610MO'|'2017-02-22T14:17:00.000+02:00'
'20de031ab5fddcdcec65d1032a0d462a7dce1008'|'Brexit means Germany will have to pay more into EU budget - Oettinger'|' 42pm GMT Brexit means Germany will have to pay more into EU budget - Oettinger Guenther Oettinger, European Commissioner for Digital Economy and Society, speaks during the welcome night at the world''s biggest computer and software fair CeBit in Hanover, Germany, March 14, 2016. REUTERS/Nigel Treblin BERLIN Germany and other net contributors to the joint European Union budget will have to pay out more once Britain leaves the bloc, European Commissioner Guenther Oettinger said in comments published on Monday. Britain''s net contribution of some 9 billion euros (7.66 billion pounds) could not be offset totally through future budget cuts, he told Handelsblatt business daily in an interview for its Tuesday edition. German Oettinger''s brief covers the EU''s budget and human resources. Germany, Europe''s largest economy, makes the largest net contribution to the EU budget each year at more than 15 billion euros. According to an internal Finance Ministry report in September, Germany may have to contribute an extra 4.5 billion euros in 2019 and 2020, after Britain leaves. Senior German government officials have said the EU budget must shrink if Britain''s contribution falls away. Oettinger said the EU was considering further cut agricultural subsidies, but it still needed more funds given other issues that Brussels wanted to take on, such as tackling the causes of migration and bolstering joint defence. (Reporting by Michael Nienaber, editing by John Stonestreet)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-budget-germany-idUKKBN16626K'|'2017-02-28T01:42:00.000+02:00'
'efbeae1e29cc345118b5a98a70cea23ce205d8e1'|'Soccer-Asia confederation terminates deal with China broadcaster-sources'|'  1:04am EST Soccer-Asia confederation terminates deal with China broadcaster-sources By Michael Church - SYDNEY SYDNEY Feb 27 Chinese company LeSports had its four-year contract to broadcast Asian Football Confederation (AFC) competitions terminated by the continental governing body last week after failing to pay an instalment on the deal, sources have confirmed to Reuters. The deal, worth in excess of $100 million, was signed with the sports unit of Chinese technology giant LeEco in October 2015 and gave the company exclusive China broadcast rights to matches played under AFC auspices. The agreement was cancelled last week, sources said, after LeSports failed to pay the latest instalment on a contract that covered the Asian Champions League, Asia''s final round of qualifying for the 2018 World Cup finals and the Asian Cup from 2017 until 2020. There was no immediate reply to a request for comment from LeEco. The AFC told Reuters it was not in a position to comment. The AFC oversees all football in Asia and its showpiece club tournament, the Asian Champions League, includes the top sides from the continent as well as Australia. LeSports, which also holds the China rights for the 2018 World Cup finals in Russia, made a last-minute payment in December to ensure it was able to honour its commitments to broadcast the English Premier League. LeEco announced in January it had received new investment worth 15.04 billion yuan ($2.19 billion) from property developer Sunac China Holdings. While China''s national football team has struggled in recent years, interest in the club game has surged in China. Guangzhou Evergrande won the Asian Champions League in 2013 and 2015 and an influx of highly-paid foreign talent, including Brazilian Oscar and Argentine Carlos Tevez, has flooded into the Chinese Super League (CSL) in time for the kickoff of its new season next weekend. Chinese entities and individuals have ploughed more than $3 billion into overseas soccer investments over the past year or so but plenty of money has been spent in China too. Entrepreneurs, encouraged by avid fan President Xi Jinping, have answered the call to help swell the domestic sports market five-fold to a value of 5 trillion yuan ($727.22 billion) by 2025. LeEco has been expanding aggressively in a range of businesses including online entertainment, electric and driverless cars, smartphones as well as sports rights. LeSports signed a two-year deal at the start of 2016 worth 2.7 billion yuan ($392.70 million) for the exclusive rights to the CSL and announced plans to purchase a stake in the Beijing Guoan club, although that deal was not completed. LeEco''s billionaire chief executive, Jia Yueting, said in a letter to staff in November that the conglomerate was facing cash shortages and the announcement of cuts to staffing levels at LeSports followed in December. The next round of Asian Champions League matches will be played on Tuesday and Wednesday and the cancellation of the contract could have an impact on plans to broadcast the game between Shanghai SIPG and Australia''s Western Sydney Wanderers. ($1 = 6.8755 Chinese yuan renminbi) (Editing by Nick Mulvenney and John O''Brien) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/soccer-asia-leeco-idUSL3N1GC1Y6'|'2017-02-27T13:04:00.000+02:00'
'87720c0f40368a0bbb15a4c2c49ccfe3fafc56dc'|'Nifty volatile; financials weigh on markets'|'Money News - Mon Feb 27, 2017 - 12:25pm IST Nifty volatile; financials weigh on markets A man looks at a screen across a road displaying the Sensex on the facade of the Bombay Stock Exchange (BSE) building in Mumbai, India, June 29, 2015. REUTERS/Danish Siddiqui/Files By Samantha Kareen Nair The Nifty swung between gains and losses on Monday, taking a pause after hitting its highest in nearly two years last week, although market heavyweight Reliance Industries Ltd surged to a more than 7-1/2-year high on continued hopes about its telecom unit. The Nifty was not far from breaching the key 9,000 level which it last touched on March 4, 2015, although analysts have warned markets could see a phase of consolidation in the near term, especially with gross domestic product data due on Tuesday. Asian shares stayed below 19-month highs with caution setting in ahead of U.S. President Donald Trump''s speech to a joint session of Congress on Tuesday, where he is expected to unveil some elements of his plans to cut taxes. "Investors await key events such as Trump''s speech as well as comments from Federal Reserve officials later in the week," said Anand James, chief market strategist at Geojit Financial Services. The Nifty was 0.24 percent lower at 8,918.2 as of 0613 GMT, after touching its highest since March 4, 2015 on Thursday. The Sensex was down 0.04 percent at 28,882.52. Markets were closed on Friday for a domestic holiday. Banks have taken a hit following a six-session rally after the Economic Times reported that the oil ministry received several complaints over the past few weeks, claiming banks were still imposing fees on debit card transactions for fuel despite a clear instruction from the government not to do so. bit.ly/2leM5oo The NSE Bank index fell nearly 1 percent with Axis Bank down 2.7 percent and Bank of India shedding 1.6 percent. Meanwhile, Reliance Industries rose as much as 6.3 percent to its highest since May 18, 2009 after telecom unit Jio said last week it would start charging for its services in April after offering them for free for seven months. GMR Infrastructure Ltd rose as much as 7.4 percent to its highest since Jan. 6, 2016 after the company said it had completed strategic debt restructuring of a unit, leaving its consortium of lenders with 52.4 percent stake. (Reporting by Samantha Kareen Nair in Bengaluru; Editing by Subhranshu Sahu) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/india-stocks-sensex-idINKBN1660ME'|'2017-02-27T13:55:00.000+02:00'
'36477cff9e7252b1935804a1ba3b44fa38e2206f'|'U.S. core capital goods orders unexpectedly fall in January'|'WASHINGTON, - New orders for U.S.-made capital goods unexpectedly fell in January after three straight months of strong gains, but did little to change views thatmanufacturing was recovering from a prolonged slump amid rising commodity prices.The Commerce Department said on Monday that non-defense capital goods orders excluding aircraft, a closely watched proxy for business spending plans, dropped 0.4 percent after an upwardly revised 1.1 percent increase in December.These so-called core capital goods were previously reported to have increased 0.7 percent in December. There were declines in orders for primary metals and electrical equipment, appliances and components, as well as computers and electronic products. Orders for machinery and fabricated metal products rose.Economists polled by Reuters had forecast core capital goods gaining 0.5 percent last month. January''s drop in core capital goods orders likely reflects caution among businesses as they await details of the Trump administration''s proposed tax reform.President Donald Trump has promised a "phenomenal" tax plan that the White House said would include tax cuts for businesses and individuals. Details on the plan remain vague, though Treasury Secretary Steven Mnuchin said last week that he wanted the tax relief enacted by August.Expectations of tax cuts, increased infrastructure spending and a lighter regulatory burden have boosted business confidence in recent months, spilling over into investment on capital goods. Manufacturing, which accounts for 12 percent of the U.S. economy, is recovering after being blindsided by a collapse in crude oil prices as well as a strong dollar.Shipments of core capital goods fell 0.6 percent last month after jumping 1.6 percent in December. Core capital goods shipments are used to calculate equipment spending in the government''s gross domestic product measurement.A 6.0 percent surge in demand for transportation equipment buoyed overall orders for durable goods, items ranging from toasters to aircraft that are meant to last three years or more, which leapt 1.8 percent last month.Durable goods orders decreased 0.8 percent in December.Last month''s surged reflected a 69.9 percent jump in civilian aircraft orders. The surge came even as Boeing reported on its website that it had received orders for only 26 aircraft last month.Economists believe not all of the 290 aircraft ordered in December were reflected in the durable goods orders report for that month. Orders for motor vehicles and parts rose 0.2 percent in January, while bookings for defense aircraft soared 59.9 percent.(Reporting by Lucia Mutikani; Editing by Andrea Ricci)'|'reuters.com'|'http://www.reuters.com/finance'|'http://www.reuters.com/article/us-usa-economy-corecapitalgoods-idUSKBN1661J3'|'2017-02-27T16:36:00.000+02:00'
'593d1954de190761c426a1a7e6a79cb051d2abac'|'UPDATE 1-Disney''s ''Zootopia'' wins Oscar for best animated film'|' 25pm EST UPDATE 1-Disney''s ''Zootopia'' wins Oscar for best animated film (Adds details, quotes and background) LOS ANGELES Feb 26 Animal cartoon "Zootopia," an exploration of bias through the comedic story of a bunny who becomes a police officer, won the Academy Award on Sunday for best animated feature film. The movie from Walt Disney Co''s Disney Animation Studios was one of year''s biggest box-office hits, selling more than $1 billion in tickets worldwide. "Zootopia" features the voice of Ginnifer Goodwin as Judy Hopps, a rabbit who leaves her small hometown to join the big-city police force. The family film tackles social issues as the residents of the animal metropolis are divided by prejudice and fear. Jason Bateman voices the role of a conniving fox. The social commentary of "Zootopia" arrived in theaters as the United States grappled with issues of racism, sexism and inequality during the 2016 presidential campaign. The filmmakers started developing "Zootopia" about five years ago with "this crazy idea of talking about humanity with talking animals, in hopes when the film came out it would make the world just a slightly better place," co-director Byron Howard said as he accepted the award. Co-director Rich Moore said he was grateful to audiences around the world "that embraced this story of tolerance being more powerful than fear of the other." The Oscar win for "Zootopia" extends a renaissance for Disney Animation Studios, which took home the animation trophy in 2014 for "Frozen" and in 2015 for "Big Hero Six." "Zootopia" was co-directed by Byron Howard and Rich Moore. "Zootopia" competed against another Disney Animation film, the musical "Moana" about a young Pacific island heroine. Other nominees were stop-motion film "Kubo and the Two Strings," Swiss drama "My Life as a Zucchini," and "The Red Turtle," a film with no dialogue, from Japan''s Studio Ghibli. (Reporting by Lisa Richwine; Editing by Sandra Maler)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/awards-oscars-animation-idUSL1N1FS00O'|'2017-02-27T10:25:00.000+02:00'
'2b6cfaf531eff4626bc765366fb5cd5d16f0c467'|'UPDATE 1-New Zealand''s Spark partners with Netflix - Reuters'|'(Adds CEO comment, context)WELLINGTON Feb 27 New Zealand telecommunications company Spark said on Monday it was partnering with U.S. video streaming giant Netflix in an arrangement that was the first of its kind.Spark''s broadband customers would receive a year of Netflix''s standard plan at no extra cost, the first time the video service had been bundled with broadband in New Zealand, Spark said in a statement to the stock exchange.The deal comes at a time when New Zealand telecommunications providers are shifting towards becoming media providers.The arrangement with Netflix "is also consistent with our shift towards becoming a digital services provider, rather than just a traditional telco," said Simon Moutter, Spark''s chief executive.On Thursday New Zealand''s competition regulator ruled against pay-TV provider Sky Television''s purchase of Vodafone''s New Zealand unit.Spark had vociferously opposed the deal, gaining a temporary stay in a New Zealand court if the regulator had ruled in favour of the transaction, arguing that it would create a monopoly on premium sport content.(Reporting by Charlotte Greenfield; editing by Jeffrey Benkoe and Jason Neely)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/spark-netflix-newzealand-idINL3N1GB0E9'|'2017-02-26T17:11:00.000+02:00'
'5e5b78ac6e67b079485f1d9de80cdf009e9a3254'|'Lone Star, IL&FS to invest in struggling Indian infrastructure projects'|'MUMBAI Feb 26 U.S. private equity firm Lone Star has joined up with Indian infrastructure financier IL&FS to invest in struggling Indian infrastructure projects, the companies said on Sunday.The collaboration will have an investment capital pool of $550 million, which could result in asset purchases of up to $2.5 billion, the partners said.India''s banks have been saddled with more than $130 billion of soured loans, mostly notably from sectors such as steel and power, hurting new credit and economic growth. Resolving soured loans is one of the main targets for the government and the central bank.The Lone Star-IL&FS collaboration "seeks to assist banks, sponsors and asset reconstruction companies recycle capital, thus permitting reinvestment capital in fresh projects," the companies said. (Reporting by Devidutta Tripathy; Editing by Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/lonestar-ilfs-india-idINL3N1GB09W'|'2017-02-26T08:56:00.000+02:00'
'c724a0af4b549ffdb915f91c144b7a0adfdf45bd'|'Google''s digital assistant comes to new Android phones'|' 09pm GMT Google''s digital assistant comes to new Android phones left right The Google Pixel phone is displayed during the presentation of new Google hardware in San Francisco, California, U.S. October 4, 2016. REUTERS/Beck Diefenbach/File Photo - RTX2QX2N 1/2 left right The Google logo adorns the entrance of Google Germany headquarters in Hamburg, Germany July 11, 2016. REUTERS/Morris Mac Matzen 2/2 By Julia Love Alphabet Inc<6E>s Google announced on Sunday that it will bring its digital assistant to smartphones running the latest versions of its Android operating system, vastly expanding its reach. The Google Assistant was limited to the technology company''s own products when it was released last fall, but it has steadily been expanding to a broader range of devices. Smartphones running Android accounted for 85 percent of the global market last year, according to tech research firm IDC, compared to 15 percent for Apple Inc<6E>s iOS. The Google Assistant will roll out this week to English speakers in the United States with phones running Android 7.0 Nougat and Android 6.0 Marshmallow, the company said. English speakers in Australia, Canada and the United Kingdom will gain access to the assistant next, followed by German speakers in Germany, and the company is working on support for additional languages. Voice-powered digital assistants have been largely a novelty for consumers since Apple''s Siri introduced the technology to the masses in 2011. But many in the industry believe the technology will soon become one of the main ways users interact with devices, and Apple, Google and Amazon.com Inc are racing to present their assistants to as many people as possible. <20>Our goal is to make the Assistant available anywhere you need it,<2C> Gummi Hafsteinsson, product lead for the Google Assistant, wrote in a blog post published on Sunday. <20>With this update, hundreds of millions of Android users will now be able to try out the Google Assistant.<2E> Companies ranging from appliance maker Whirlpool Corp to Ford Motor Co announced products featuring Amazon<6F>s Alexa assistant at the Consumer Electronics Show in Las Vegas earlier this year, leading some analysts to conclude the online retailer had gained an early lead over Google. What is more, Android manufacturer Huawei Technologies Co [HWT.UL] announced it would support Alexa, highlighting the cost of Google<6C>s decision to feature the assistant on its own hardware before opening it up to partners, said analyst Jan Dawson of Jackdaw Research. <20>Clearly Google needs to move forward because their battle in the future is not going to be over the operating system, it<69>s going to be about assistant platforms,<2C> said analyst Bob O<>Donnell of TECHnalysis Research. Google cannot trust that its assistant will be the default on all devices in the Android ecosystem. Leading manufacturer Samsung Electronics has announced plans for an assistant, and other companies are reportedly working on the technology. <20>Some big manufacturers have decided to go their own way,<2C> Dawson said. <20>But a lot of manufacturers simply can<61>t afford to develop their own.<2E> (Reporting by Julia Love; Editing by Bill Rigby) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-google-assistant-idUKKBN1650F4'|'2017-02-26T19:09:00.000+02:00'
'd2d70172e44128531f1b54176bbe658cd92f83d5'|'Google''s digital assistant comes to new Android phones'|'By Julia Love Feb 26 Alphabet Inc<6E>s Google announced on Sunday that it will bring its digital assistant to smartphones running the latest versions of its Android operating system, vastly expanding its reach.The Google Assistant was limited to the technology company''s own products when it was released last fall, but it has steadily been expanding to a broader range of devices.Smartphones running Android accounted for 85 percent of the global market last year, according to tech research firm IDC, compared to 15 percent for Apple Inc<6E>s iOS.The Google Assistant will roll out this week to English speakers in the United States with phones running Android 7.0 Nougat and Android 6.0 Marshmallow, the company said.English speakers in Australia, Canada and the United Kingdom will gain access to the assistant next, followed by German speakers in Germany, and the company is working on support for additional languages.Voice-powered digital assistants have been largely a novelty for consumers since Apple''s Siri introduced the technology to the masses in 2011. But many in the industry believe the technology will soon become one of the main ways users interact with devices, and Apple, Google and Amazon.com Inc are racing to present their assistants to as many people as possible.<2E>Our goal is to make the Assistant available anywhere you need it,<2C> Gummi Hafsteinsson, product lead for the Google Assistant, wrote in a blog post published on Sunday. <20>With this update, hundreds of millions of Android users will now be able to try out the Google Assistant.<2E>Companies ranging from appliance maker Whirlpool Corp to Ford Motor Co announced products featuring Amazon<6F>s Alexa assistant at the Consumer Electronics Show in Las Vegas earlier this year, leading some analysts to conclude the online retailer had gained an early lead over Google.What is more, Android manufacturer Huawei Technologies Co announced it would support Alexa, highlighting the cost of Google<6C>s decision to feature the assistant on its own hardware before opening it up to partners, said analyst Jan Dawson of Jackdaw Research.<2E>Clearly Google needs to move forward because their battle in the future is not going to be over the operating system, it<69>s going to be about assistant platforms,<2C> said analyst Bob O<>Donnell of TECHnalysis Research.Google cannot trust that its assistant will be the default on all devices in the Android ecosystem. Leading manufacturer Samsung Electronics has announced plans for an assistant, and other companies are reportedly working on the technology.<2E>Some big manufacturers have decided to go their own way,<2C> Dawson said. <20>But a lot of manufacturers simply can<61>t afford to develop their own.<2E> (Reporting by Julia Love; Editing by Bill Rigby)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/google-assistant-idINL1N1GA02F'|'2017-02-26T09:00:00.000+02:00'
'7f9b4db727be5e10d1a622595f0a4f831b459880'|'Generali shares fall sharply after Intesa axes tie-up plan'|' 35am GMT Generali shares fall sharply after Intesa axes tie-up plan left Assicurazioni Generali logo is seen in Florence, Italy March 1, 2016. REUTERS/Tony Gentile/File Photo 1/2 left right An Intesa Sanpaolo Bank logo is seen in Milan, Italy, October 1, 2013. REUTERS/Stefano Rellandini/File Photo 2/2 MILAN Shares in Assicurazioni Generali ( GASI.MI ) fell sharply at open on Monday after bank Intesa Sanpaolo ( ISP.MI ) said late on Friday it had decided not to pursue a possible tie-up with Italy''s biggest insurer. By 0805 GMT shares in Generali lost 4.8 percent at 13.4 euros each. Shares in the insurer''s top shareholder Mediobanca ( MDBI.MI ) lost 1 percent bucking a higher banking sector. Shares in Intesa Sanpaolo, which had fallen sharply since news of its interest in Generali first leaked on Jan. 22, rose 6 percent. The stock had initially failed to start trading on Monday. Intesa, which had confirmed at the time it was studying a possible tie-up with Generali, said on Friday it had decided against such a deal because it would not create value for its shareholders. (Reporting by Valentina Za)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-intesa-sp-generali-stocks-idUKKBN1660WX'|'2017-02-27T15:35:00.000+02:00'
'a8942a42c60d39c3380436891c905bdc4322d8f3'|'G20 need to redouble efforts to boost financial market regulation - German government'|' 20pm GMT G20 need to redouble efforts to boost financial market regulation - German government German government spokesman Steffen Seibert addresses a news conference in Berlin, Germany, April 15, 2016. REUTERS/Fabrizio Bensch HAMBURG The governments of the G20 leading economies must increase their efforts to strengthen financial market regulation, a German government spokesman said on Monday. "We''re not yet there where we want to be," Steffen Seibert said on financial market regulation, adding that without the G20 group, progress on the issue would not be as far as it is. Germany holds the presidency of the G20 leading economies this year, a platform Chancellor Angela Merkel wants to use to safeguard multilateral cooperation after   questioned international alliances and obligations and insisted on putting "America first" in his policies. Trump has ordered reviews of major banking rules that were put in place after the financial crisis. German Finance Minister Wolfgang Schaeuble said earlier this month he would try to dissuade his U.S. counterpart Steven Mnuchin from deregulating the financial markets. (Reporting by Gernot Heller; Writing by Michael Nienaber; Editing by Erik Kirschbaum)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-germany-g20-financial-regulation-idUKKBN1661VR'|'2017-02-27T23:20:00.000+02:00'
'de31c4b815de23d5e90982142c88f4d43b429186'|'Bailout inspectors back in Athens on Tuesday to resume review talks'|' 29pm GMT Bailout inspectors back in Athens on Tuesday to resume review talks 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 ATHENS Bailout inspectors will resume talks with the government on Tuesday to try to complete a review of the country''s compliance with agreed reforms that has dragged on for months, the finance ministry said on Monday. Talks had stalled over delays in implementing reforms and disagreements among lenders themselves on whether the International Monetary Fund would fund a third bailout, agreed in mid-2015 and worth up to 86 billion euros ($90 billion). Inspectors from the EU Commission, the euro zone''s ESM rescue fund, the IMF and the ECB will meet with government officials to discuss energy reforms, fiscal issues and privatisations, a finance ministry official said. Last Monday, Greece and its official creditors agreed to deal in order to ease the logjam in the talks, which has held up the disbursement of bailout loans. Greece''s central bank governor said on Friday "uncertainty" could hobble economic recovery if the bailout review is not concluded soon, urging both sides to be "flexible". Prime Minister Alexis Tsipras said last week he expects the review to be concluded by March 20. The heavily indebted country needs a new tranche of financial aid under its bailout by the third quarter of the year to meet debt repayments. (Reporting by George Georgiopoulos; Editing by Louise Ireland) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-greece-bailout-talks-idUKKBN166212'|'2017-02-28T00:29:00.000+02:00'
'397486361a1d90f1f10044b3a2f9bfa597ac1426'|'Tenet Healthcare revenue falls about 3 pct on weak demand'|'Mon Feb 27, 2017 - 4:29pm EST Tenet Healthcare revenue falls about 3 percent on weak demand Tenet Healthcare Corp ( THC.N ), the third largest for-profit U.S. hospital operator, reported a 3.3 percent fall in quarterly revenue, hurt by weak demand. Net loss attributable to Tenet shareholders narrowed to $79 million, or 79 cents per share, in the fourth quarter ended Dec. 31, from a loss of $97 million, or 98 cents per share, a year earlier. Net operating revenue fell to $4.86 billion from $5.03 billion. (Reporting by Ankur Banerjee in Bengaluru; Editing by Shounak Dasgupta) Up Next HKEX 2016 profit slides on weak trading volumes, cautious on outlook HONG KONG Hong Kong''s stock exchange operator said on Monday its 2016 net profit fell 27 percent due to a decline in fees generated by stocks and metals trading on the bourse as it struggled to match stellar volumes seen during 2015''s record rally.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-tenet-healthcare-results-idUSKBN1662FG'|'2017-02-28T04:24:00.000+02:00'
'c97921893ae82dc0dabb6ed461fb80b345c84b54'|'PRESS DIGEST- Financial Times - Feb 27'|'Feb 27 The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy.HeadlinesLSE-Deutsche Boerse deal in jeopardy over antitrust hurdle on.ft.com/2mttZRmBoE official warns against return to ''light-touch'' regulation on.ft.com/2mtgmBABrussels sets out tough new line on equivalence on.ft.com/2mtHl00Oldest serving MP Gerald Kaufman dies aged 86 on.ft.com/2mtpYwpOverviewLondon Stock Exchange Group Plc said on Sunday it believes the European Commission is unlikely to approve its proposed merger with Deutsche Boerse AG after LSE''s board concluded it would not be able to meet a new condition proposed by antitrust regulators in Brussels.Prudential Regulation Authority Chief Executive and Bank of England Deputy Governor Sam Woods warned against rolling back reforms made in the wake of the financial crisis, arguing against any "retreat" to light-touch regulation after Brexit and the election of President Donald Trump.The European Commission plans to take a tough stance on rules that could provide a post-Brexit lifeline for the UK financial sector, according to a document obtained by the Financial Times, dealing a blow to the City of London''s hopes of maximising access to the EU.The Father of the House of Commons, Gerald Kaufman, died on Sunday evening having been ill for several months, his family said. He was 86. (Compiled by Ismail Shakil in Bengaluru; Editing by Peter Cooney)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/britain-press-ft-idINL3N1GC14M'|'2017-02-26T22:18:00.000+02:00'
'7fab3044bc77df102b4c818f10426fdb8f217347'|'HSH Nordbank attracts handful of potential bidders - sources'|'Company  24am EST HSH Nordbank attracts handful of potential bidders - sources BERLIN/HAMBURG Feb 27 Shipping finance provider HSH Nordbank has attracted a handful of potential bidders by a Monday deadline for indicative offers, several people familiar with the matter said. One person said the interested parties included private equity firm Apollo, peer NordLB and China''s ICBC. HSH declined to comment on how many indications of interest it had received. HSH''s owners - the German states of Schleswig-Holstein and Hamburg jointly hold 85 percent - have to privatise the bank under European state-aid rules by the end of February 2018, and have hired Citigroup to organise the process. Chief Executive Stefan Ermisch said earlier this month he expected the sale to take a while and to result in two separate deals, for HSH''s profitable core bank on the one hand and its portfolio of non-performing loans on the other hand. First-round bids are due by the end of March. (Reporting by Arno Schuetze and Jan Schwartz; Writing by Maria Sheahan; Editing by Sabine Wollrab and Victoria Bryan) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/hsh-nordbank-sale-idUSL5N1GC4X6'|'2017-02-27T22:24:00.000+02:00'
'8cd0916023ae332e217207470456ab2574a9b760'|'BRIEF-Sanatana Resources upsizes private placement'|' 14am EST BRIEF-Sanatana Resources upsizes private placement Feb 27 Sanatana Resources Inc * Sanatana upsizes private placement * Sanatana resources - increased private placement to 17.5 million flow-through units at $0.05 per ft unit, 2.5 million non-flow-through units at $0.05 per unit Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-sanatana-resources-upsizes-private-idUSASB0B2FN'|'2017-02-27T21:14:00.000+02:00'
'9f8977dd44536ba61b4d163e4b4e8ba57c2838ea'|'Malaysia''s Petronas, Saudi Aramco to enter $7 billion oil refinery deal'|'Money   2:42pm IST Malaysia''s Petronas, Saudi Aramco to enter $7 billion oil refinery deal LIVE COVERAGE: INDIA ELECTIONS 2017 A worker cleans a Petroliam Nasional Bhd (Petronas) logo at a petrolkiosk in Kuala Lumpur on June 30, 2003. REUTERS/Zainal Abd Halim/Files KUALA LUMPUR Malaysia''s Prime Minister Najib Razak announced on Monday that Saudi Arabia''s state oil company will invest $7 billion into an oil refinery to be set up by Malaysian oil company Petroliam Nasional Bhd (Petronas). Najib said the decision was made before noon on Monday after discussions between top executives from Petronas and Saudi Aramco to build the plant, part of Malaysia''s Refinery and Petrochemical Integrated Development (RAPID) project in Pengerang in the southern state of Johor. (Reporting by Rozanna Latiff; Editing by Christian Schmollinger) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/petronas-aramco-idINKBN1660Z9'|'2017-02-27T16:12:00.000+02:00'
'ff0d74e060e219c42ace62ef32a0302934c6bd3d'|'Daimler to pick new trucks chief within days: sources'|'Business News - Mon Feb 27, 2017 - 12:40pm EST Daimler to pick new trucks chief within days: sources The Daimler AG management board L-R CEO Dieter Zetsche, CFO Bodo Uebber and Wolfgang Bernhard of Daimler Trucks & Buses pose behind a Mercedes EQ concept car before the car maker''s annual news conference in Stuttgart, Germany, February 2, 2017. REUTERS/Michaela Rehle FRANKFURT Daimler ( DAIGn.DE ) will pick a new head for its truck operations in the coming days, sources close to the matter said, as the manufacturer aims to avoid a lengthy search for a successor to departed chief Wolfgang Bernhard. Bernhard, once seen as a candidate to succeed Daimler Chief Executive Diete Zetsche, stepped down a year before his contract was due to expire, the carmaker said this month. Stuttgart-based Daimler aims to decide on a successor to Bernhard before auto executives start gathering in Geneva next Monday for the city''s annual auto show, one of the sources said. The succession void left by the departure of Bernhard, who started working at Daimler in 1994 and moved through the ranks to top management, will be resolved soon, a second source said. Daimler declined to comment. Industry publication Automobilwoche reported earlier on Monday that Daimler''s supervisory board would appoint a new head of trucks operations this week. It named Hubertus Troska, head of Daimler''s China business, vans chief Volker Mornhinweg and Marc Llistosella, leader of truck operations in Asia, as the most promising candidates. (Reporting by Edward Taylor and Ilona Wissenbach; Writing by Andreas Cremer; Editing by David Goodman) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-daimler-management-idUSKBN166229'|'2017-02-28T00:40:00.000+02:00'
'7dbf11add5f0ae62e30183292604141f22a7038d'|'Exclusive - Wal-Mart launches new front in U.S. price war, targets Aldi in grocery aisle'|'By Nandita Bose Wal-Mart Stores Inc is running a new price-comparison test in at least 1,200 U.S. stores and squeezing packaged goods suppliers in a bid to close a pricing gap with German-based discount grocery chain Aldi and other U.S. rivals like Kroger Co, according to four sources familiar with the moves.Wal-Mart launched the price test across 11 Midwest and Southeastern states such as Iowa, Illinois and Florida, focusing on price competition in the grocery business that accounts for 56 percent of the company''s revenue, said vendor sources with direct knowledge of the matter who did not wish to be identified for fear of disrupting business relations with Wal-Mart.Wal-Mart''s tests are aimed at finding the right price point across a range of products that will attract more shoppers, and then adjusting prices as needed.Spot checks by Reuters on a basket of grocery items sold by competing Aldi and Wal-Mart stores in five Iowa and Illinois cities showed Wal-Mart''s bid to lower prices is already taking hold. Wal-Mart consistently offered lower prices versus Aldi, an improvement over recent analyst estimates that Wal-Mart''s prices have been as much as 20 percent higher than Aldi on many grocery staples.The competition at these stores is intense, with both competitors selling a dozen large eggs for less than a dollar. A gallon of milk at some stores was priced at around $1. For a graphic, click: tmsnrt.rs/2le6v0YThe big box retailer also held meetings last week in Bentonville, Arkansas with food and consumer products vendors, including Procter & Gamble, Unilever PLC, Conagra Brands Inc, and demanded they reduce the cost they charge the retailer by 15 percent, sources said.Wal-Mart also said it expects suppliers to help the company beat rivals on head-to-head pricing 80 percent of the time, these vendor sources said. The wide-ranging meeting with suppliers - where Wal-Mart discussed other topics - was also attended by Johnson & Johnson and Kraft Heinz Co, among others, sources told Reuters. The consumer goods companies did not respond to Reuters requests seeking comment.These Wal-Mart moves signal a new front in the price war for U.S. shoppers, as the pioneer of everyday low pricing seeks to regain its competitive pricing advantage in traditional retailing.For more than a year, Wal-Mart said it is investing in price while not sharing specifics. When asked by Reuters about the test and demands on grocery suppliers, Wal-Mart spokesman Lorenzo Lopez said the company is "not in a position to share our strategy for competitive reasons."Germany-based discount grocer Aldi is one of the relatively new rivals quickly gaining market share in the hotly competitive grocery sector, which already boasts Kroger, Albertsons Cos Inc and Publix Super Markets as stiff competitors on price. A second Germany-based discount grocer, Lidl, is planning to enter the U.S. market this year, and together the German discounters pose a serious threat to Wal-Mart''s U.S. grocery business.The stakes are high for Wal-Mart. According to Scott Mushkin, managing director of Wolfe Research and a leading pricing analyst, the retailer would need to spend about $6 billion to regain market share from all of its grocery rivals.Wal-Mart also needs to find ways to cut prices without further damaging its bottom line. In its latest quarter, gross margins slipped 8 basis points, while net income dropped 18 percent compared to the year-ago quarter. The company attributed the decline to factors such as price investments, which is essentially the cost of cutting prices.Vendors said Wal-Mart has told them it intends to maintain margins on average and lose money on some goods as part of its pricing plan. Wal-Mart told vendors it will absorb some of the losses so suppliers can adjust to the new pricing demand.A supplier of consumer goods said Wal-Mart cut prices on some of his company''s products by as much as 30 percent in some stores over 
'00c4f3350dea147ebf87b3e24373c16cc6b40e10'|'Grupo Televisa stock could rise 20 pct in a year -Barron''s'|'By Lawrence Delevingne - NEW YORK NEW YORK Feb 26 Shares of Mexican media company Grupo Televisa SAB could surge 20 percent in a year to $30 or more, according to Barron''s.In an article published Sunday, the U.S. business magazine cited a recent positive earnings report and Televisa''s "three ways to win" in the Mexican media market, including cable, satellite and broadcast television operations.The stock traded around $26 as of Friday."Grupo Televisa''s U.S.-listed shares (ticker: TV)...look undervalued, having sat out the strong rally in most U.S. cable and media stocks in the past year," Barron''s wrote.(Reporting by Lawrence Delevingne)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/televisa-barrons-idINL2N1GBJ6Y'|'2017-02-26T18:12:00.000+02:00'
'a7d39ba23656d5964e5c7008fec4bebd9c50f5bc'|'Airbus faces battle on two fronts over call for A400M aid'|'Aerospace & Defense - Mon Feb 27, 2017 - 11:36am EST Airbus faces battle on two fronts over call for A400M aid 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 By Tim Hepher - PARIS PARIS Airbus ( AIR.PA ) faces tough negotiations on two fronts as it seeks new relief from European governments and engine makers for losses on its troubled A400M military transporter plane. The planemaker called last week for new talks with European governments to ease "heavy penalties" for delays to the troop and armored vehicle carrier, after taking a fresh 1.2 billion euro ($1.3 billion) charge for Europe''s largest defense project. It has also appointed a new program manager for the A400M as part of a broader reshuffle and is set to beef up the management of its military aircraft business with a new deputy, industry sources said. Airbus declined to comment. The 20-billion-euro project has been beset by political wrangling since its inception more than a decade ago. By citing a new ''crisis'' and calling for ministerial talks, Airbus seems to be repeating tactics that led to a previous 3.5 billion euro bailout in 2010. This time, analysts and people familiar with the project say it will be harder for Chief Executive Tom Enders to get a deal to refloat the project, whose customers include Belgium, Britain, France, Germany, Luxembourg, Spain and Turkey. "I can see why Tom Enders is doing this, because they need to stop the hemorrhage," said a person involved in past negotiations. "However, it is going to be difficult. Governments aren''t awash with cash and can''t even fund what they have got." The dispute underscores problems in putting defense projects on a commercial footing, and Airbus''s difficulty in moving on from an abandoned strategy of growth in defense. Launched in 2003, the A400M was designed to extend Europe''s reach in military operations but is up to four years late and already 50 percent overbudget. Despite Airbus''s call for more support, the initial response from governments and engine makers has been cool. Germany, the largest buyer, said last week it was up to Airbus to solve the problems. Spain expressed "surprise" at Enders'' statements and invited him to attend scheduled junior ministerial talks on March 30. Engine makers have also joined the fray, refusing to help Airbus pay existing penalties or to absorb its liabilities. "It''s no. I''m very firm on that," Safran Chief Executive Philippe Petitcolin said, though he did not rule out new incentives for maintaining future deliveries. POLITICAL ''MEDDLING'' Airbus blames engine makers and political meddling for the program''s chronic problems, but has also struggled to fill gaps in parachuting or refuelling capacity as well as the defensive systems needed to take the combat aircraft to war. It had originally picked specialists Pratt & Whitney Canada ( UTX.N ) to build the West''s biggest turboprops, but buyer nations wanted a European consortium including Safran, Rolls-Royce ( RR.L ), MTU Aero Engines ( MTXGn.DE ) and Rolls unit ITP. After fresh problems with a gearbox supplied by Italy''s Avio, Airbus says the A400M project is off course again. Analysts say odds are against any quick new funding deal, leaving Airbus to burn more cash on the A440M in 2017-18. "Airbus wants to put everything on the table and increase pressure for a deal, but the nations are aware of that," said a person involved in the negotiations. Airbus''s overall position has improved since its last such appeal in 2009, while governments continue to face budget problems. Back then, its shares were recovering from record lows around 10 euros; last week they touched a peak near 70 euros. Some say the main target of Airbus''s campaign is the engine consortium, hoping to win political support for more compensation. Its decision to go public came afte
'faa771608a0175651fd2b11188d3366720898e91'|'Daimler picks U.S. trucks chief to replace Bernhard'|'Business News - Mon Feb 27, 2017 - 5:50pm GMT Daimler picks U.S. trucks chief to replace Bernhard Daimler AG sign is pictured at the IAA truck show in Hanover, Germany, September 22, 2016. REUTERS/Fabian Bimmer/File Photo BERLIN Daimler ( DAIGn.DE ) has appointed the head of its North American trucks division to run group-wide truck operations, replacing departed chief Wolfgang Bernhard, the carmaker said on Monday. Martin Daum, president and chief executive of Daimler''s trucks business in North America, will take up his position on the group''s management board on March 1 for a five-year period, the company said, citing a decision by the supervisory board. (Reporting by Andreas Cremer; Editing by Georgina Prodhan) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-daimler-management-trucks-idUKKBN16621Z'|'2017-02-28T00:50:00.000+02:00'
'c613b0fa78b53f165ee3549dbb4cb3d8bc050028'|'UPDATE 1-VimpelCom returns to growth as turnaround strategy progresses'|'Mon Feb 27, 2017 - 1:16am EST VimpelCom returns to growth as turnaround strategy progresses By Eric Auchard - BARCELONA BARCELONA Russian and emerging markets communications network operator VimpelCom Ltd ( VIP.O ) on Monday reported a return to growth in the final quarter of last year and posted solid progress in its 18-month-old turnaround strategy, including a six-fold dividend increase. For 2017, the company lifted its growth target for revenue, excluding acquisitions and disposals, to the low single digits as a percentage, compared with its prior outlook for flat to a low single digit. It also boosted its cash flow goal. Marking its determination to overhaul its telecoms business, VimpelCom said it plans to rebrand as VEON, the moniker it has adopted for the messaging app at the center of its strategy to become a major online player. In a measure of progress in reinventing itself as an Internet player, VimpelCom said it had struck its first three distribution partnerships with Vivendi SA''s ( VIV.PA ) Studio+, music streaming service Deezer SA ( DZR.PA ) and MasterCard Inc ( MA.N ). VEON is a new-model messaging app designed to compete with the likes of Facebook Inc''s ( FB.O ) WhatsApp and Rakuten Inc''s ( 4755.T ) Viber by offering free services to customers over its network without users incurring data charges as other apps do. VimpelCom aims to offer basic communication for free, while taking a cut of proceeds from partnerships with popular internet services it offers through its app, using data insights it can glean as a network operator. "We want to take this company from a telecom company to a tech company," VimpelCom Chief Executive Jean-Yves Charlier told Reuters in an interview ahead of the earnings results. "The group is in a very solid position as it moves into 2017," he added. The VEON messaging app was introduced in November in Italy and has been downloaded by nearly 1 million users since, Charlier said. It ranked among the top five social media apps in Italy in February, according to data by market research firm SimilarWeb. ( reut.rs/2lSQEZn ) The Amsterdam-based company is among the world''s 10 largest communications network operators with more than 200 million customers. VimpelCom, which operates in a dozen markets including Russia, Italy, Algeria, Pakistan and Bangladesh, aims to make a clean break from a corruption scandal in which it was accused of using shell companies and phoney contracts to funnel funds to a close relative of the president of Uzbekistan. A year ago, it paid $795 million to settle a U.S. and Dutch investigation into the scheme. Charlier, the former chief executive of SFR, Vivendi''s French telecom business before it was sold to Altice NV ( ATCA.AS ), joined in 2015 to undertake a house-cleaning, setting a strategy to first stabilize existing VimpelCom businesses before seeking to fuel faster growth with the internet. "The first stage for all of this is to regain credibility with investors and financial markets," he said. VimpelCom''s makeover is among the more radical reincarnations being considered by the world''s telecom industry, which is stuck in a rut of falling prices and tight regulation ( reut.rs/2mkvXXm ). EXPANDING SHAREHOLDER BASE VimpelCom said it aims to expand its free float to 45 percent of shares to draw more European investors in coming months. On Monday, it set out plans for a second listing on the Euronext exchange in Amsterdam besides its current Nasdaq listing. The larger float is the result of the decision by Norwegian emerging markets telecoms operator Telenor ASA ( TEL.OL ) to completely sell its one-time $2.5 billion investment in VimpelCom, following sharp disagreement over strategy ( reut.rs/2kYH742 ). Russian billionaire Mikhail Fridman holds 48 percent of VimpelCom and is said to be fed up with the commodity-like trends of the telecoms business. VEON is developing partnerships with consumer and business brands to offer services integ
'8ce87ae785fd6df2d73547f81f8f3bbf350031ad'|'MOVES-SocGen, eVestment, Marketaxess'|'Company   10:44am EST MOVES-SocGen, eVestment, Marketaxess Feb 27 The following financial services industry appointments were announced on Monday. To inform us of other job changes, email moves@thomsonreuters.com. SOCIETE GENERALE The French bank said it appointed Rajat Kohli as head of global markets for India. MARKETAXESS HOLDINGS INC The U.S. financial information provider said it would appoint Christophe Roupie as head of Europe and Asia for its Europe and Trax divisions. EVESTMENT The investment data and analytics firm named Gabriel Gilarranz as vice president of business development in its London office. (Compiled by Sruthi Shankar in Bengaluru) Next In Company News CANADA STOCKS-TSX flat as banks weigh, gold miners gain TORONTO, Feb 27 Canada''s main stock index was barely lower in morning trade on Monday, with investors pulling back from major banks ahead of their earnings later in the week, while gold miners and energy stocks gained with higher commodity prices.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/financial-moves-idUSL3N1GC4R8'|'2017-02-27T22:44:00.000+02:00'
'2487052630141a62e2cf695d6e1027a919cdccb6'|'Volkswagen''s Seat sees strong 2017 sales after jump in first two months - Reuters'|'BERLIN Volkswagen''s long-struggling Spanish division Seat expects strong sales this year after deliveries grew by double-digit percentages in the first two months thanks to new models and demand from southern Europe, its chief executive said.Full availability of the new Ateca sport-utility vehicle introduced in 2016 and the launch of its smaller sibling Arona later this year will drive demand, CEO Luca de Meo said, after Seat''s annual sales rose less than 3 percent in 2016 and 2015."2017 could be kind of a special year for Seat," de Meo told Reuters on Monday. "We have seen encouraging sales" in the first two months.Seat''s deliveries jumped 17 percent in January to 32,300 cars, parent Volkswagen (VW) said this month, the strongest growth of VW''s five main car brands including Audi and Porsche. February sales data has yet to be released.Seat, bought by VW in 1986, grappled for years with losses caused by under-used capacity at its main plant in Martorell, Spain.De Meo said Seat, which has traditionally targeted young buyers with sporty compact models, would start as early as next year selling its cars with internet-connected services, including software to route drivers around traffic jams.To underpin its push into digital services, Seat is wooing experts from technology firms and will open a research lab in Barcelona in April.The brand will also test car sharing in its home city with electric prototype cars, he said, reflecting efforts by its German parent."A new world is opening up for us," de Meo said. "Our young customers put a lot of attention on connectivity."(Reporting by Andreas Cremer; Editing by Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/volkswagen-seat-sales-idINKBN1661TQ'|'2017-02-27T12:58:00.000+02:00'
'ab62c580e62334437a45482c9298315bbea278d3'|'Advent says interested only in friendly Stada deal'|'Company  17am EST Advent says interested only in friendly Stada deal BERLIN Feb 27 Private equity firm Advent has no interest in a hostile approach to German generic drugmaker Stada Arzneimittel, a spokeswoman for Advent said on Monday. "Advent is interested only in a friendly transaction," she said. Stada has become the subject of a bidding war between Advent, Cinven and a third group that sources have identified as Bain Capital. Advent had given Stada''s management until Monday to respond to its offer, but two people familiar with the matter have told Reuters that the group will not withdraw its offer once the deadline expires but will participate in a structured bidding process. (Reporting by Arno Schuetze; Writing by Maria Sheahan; Editing by Georgina Prodhan) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/stada-ma-advent-idUSF9N1G200Q'|'2017-02-27T20:17:00.000+02:00'
'e4f0d82156e91596d8940df21275fa6dc69067ce'|'BRIEF-Enanta says CHMP gives positive opinion for AbbVie''s hep C treatment for patients with genotype 1B'|' 47am EST BRIEF-Enanta says CHMP gives positive opinion for AbbVie''s hep C treatment for patients with genotype 1B Feb 27 Enanta Pharmaceuticals Inc * Enanta announces CHMP grants positive opinion for an eight-week treatment option with Abbvie''s Viekirax<61> (ombitasvir/paritaprevir/ritonavir tablets) + exviera<72> (dasabuvir tablets) for patients with genotype 1b chronic hepatitis c * Says Abbvie''s EMA label expansion is supported by 98 percent svr 12 rate in patients in dedicated phase 3b garnet study * Says chmp positive opinion is supported by data from dedicated phase 3b garnet study     (Bangalore.newsroom@thomsonreuters.com)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-enanta-says-chmp-gives-positive-op-idUSFWN1GC0FN'|'2017-02-27T18:47:00.000+02:00'
'80cef04e20aa5e9ddcf58bf325e619942eb7d372'|'Ireland looks to LNG, France supply line in ''post-Brexit era'' - minister'|'Business News - Mon Feb 27, 2017 - 6:13pm GMT Ireland looks to LNG, France supply line in ''post-Brexit era'' - minister left right Irish Minister for Communications, Climate Action and Environment Denis Naughten reacts during an interview with Reuters in Brussels, Belgium February 27, 2017. REUTERS/Yves Herman 1/7 left right Irish Minister for Communications, Climate Action and Environment Denis Naughten reacts during an interview with Reuters in Brussels, Belgium February 27, 2017. REUTERS/Yves Herman 2/7 left right Irish Minister for Communications, Climate Action and Environment Denis Naughten reacts during an interview with Reuters in Brussels, Belgium February 27, 2017. REUTERS/Yves Herman 3/7 left right Irish Minister for Communications, Climate Action and Environment Denis Naughten reacts during an interview with Reuters in Brussels, Belgium February 27, 2017. REUTERS/Yves Herman 4/7 left right Irish Minister for Communications, Climate Action and Environment Denis Naughten reacts during an interview with Reuters in Brussels, Belgium February 27, 2017. REUTERS/Yves Herman 5/7 left right Irish Minister for Communications, Climate Action and Environment Denis Naughten reacts during an interview with Reuters in Brussels, Belgium February 27, 2017. REUTERS/Yves Herman 6/7 left right Irish Minister for Communications, Climate Action and Environment Denis Naughten reacts during an interview with Reuters in Brussels, Belgium February 27, 2017. REUTERS/Yves Herman 7/7 By Alissa de Carbonnel - BRUSSELS BRUSSELS Plans to ease Ireland''s near total dependence on energy imports via Britain have shot to the top of the agenda, the nation''s energy minister said on Monday, as it grapples with the risk of how Brexit could alter ties with its key partner. Two projects long in the planning - a power cable to France, built by French grid operator RTE and Ireland''s EirGrid, and a liquefied natural gas terminal - are newly being prioritised, minister Denis Naughten told Reuters. "It has become a bigger priority for everyone on foot of Brexit ... because we are so dependent on imports of energy, we need to have options available to us," Naughten said following a meeting of EU energy ministers in Brussels. Although Naughten said neither project was short of financing, he acknowledged they had been slowed by a lack of clarity and disputes over costing for connecting to the distribution network - issues he said were now being tackled. "We are in a very different era now post Brexit and because of that the issues that hadn''t been looked at in the past are being revisited," Naughten told Reuters. With an economy highly dependent on trade with Britain, and the only land border with the UK, Ireland is widely considered the country with the most to lose when its bigger neighbour quits the European Union. All the energy links supplying 88 percent of Ireland''s energy needs feed from Britain. One of the biggest fears is that Brexit could split Ireland''s single electricity market. While Naughten dismissed concerns over the single electricity market, he said the importance of deft management of the impact of Brexit on Ireland''s energy security should not be taken lightly. "I don''t see an impact of Brexit on the single electricity market," he said, adding the British, Irish and Northern Irish governments had all committed to maintaining it. "It is important for people to remember: The Berlin wall is gone; we still have walls," he added. "And the only way that we can provide long-term peace in northern Ireland is to have economic stability, and energy is a key part of that." (Reporting by Alissa de Carbonnel, editing by David Evans) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-eu-ireland-energy-idUKKBN16624H'|'2017-02-28T01:13:00.000+02:00'
'ea76caf7e3796da20077060c2914d591edecf856'|'Nikkei falls to 2-1/2 week lows on strong yen; financials weak'|'  1:12am EST Nikkei falls to 2-1/2 week lows on strong yen; financials weak TOKYO Feb 27 Japan''s Nikkei share average fell to 2-1/2 week lows on Monday as the yen strengthened and as financial stocks dropped on lower U.S. yields. The Nikkei ended down 0.9 percent at 19,107.47 points, its lowest closing level since Feb. 9. The broader Topix fell 1.0 percent to 1,534.00 and the JPX-Nikkei Index 400 declined 1.1 percent to 13,741.44. (Reporting by Ayai Tomisawa; Editing by Kim Coghill) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/japan-stocks-close-idUSL3N1GC2EY'|'2017-02-27T13:12:00.000+02:00'
'f016250294550635de4345aae7fd6512885c6cc1'|'Netflix CEO shows friendly face to telcos at top mobile fair'|'Company News - Mon Feb 27, 2017 - 4:29pm EST Netflix CEO shows friendly face to telcos at top mobile fair * Netflix is first media CEO to deliver day-one keynote * Needs mobile operators to fuel expansion abroad * Telecoms carriers torn between resentment and attraction By Sophie Sassard and Eric Auchard BARCELONA, Spain, Feb 27 Streaming video pioneer Netflix held out a vision of cooperation to potentially sceptical telecom partners on Monday, saying it could deliver a quality experience to mobile phones without hogging bandwidth needed for other services. In a first for a media executive, Netflix Chief Executive Reed Hastings delivered the keynote speech on the first day of the Mobile World Congress in Barcelona, the telecom industry''s biggest annual trade fair. Netflix needs partners such as mobile operators to increase its audience and shore up its tiny profits. It is expanding rapidly beyond its U.S. home base while spending at a furious pace on purchased and original content - which that won it its first Oscar on Sunday. Telecoms carriers are both resentful that Netflix can profit from their investments in network improvements and aware that offering customers a better experience in watching hit shows such as "The Crown" or "Marvel''s Luke Cage" can keep them more loyal. "You can enjoy it and not be worried about data caps. That''s where I think it is going now," said Hastings, referring to the fact that most carriers now sell unlimited data packages rather than the metred offerings of the past. He said work that Netflix had done on optimising video for internet delivery meant it could deliver "amazing" pictures at unthreatening speeds as low as 300 kilobits per second "using the operator''s bandwidth". "We are investing at many levels ... to ensure the experience on mobiles, desktops and the internet is just instant," he said in an on-stage interview that skirted awkward subjects such as so-called net neutrality, the principle that all internet providers should be treated equally on a network. Hastings is the latest in a series of top executives from industries with whom telecom operators have an ambivalent relationship to deliver a keynote at Mobile World Congress. His predecessors have included Google''s Eric Schmidt and Facebook''s Mark Zuckerberg. "I''m sure there are plentiful discussions going on behind the scenes, but telcos and Netflix need each other," said analyst Paolo Pescatore of UK-based research firm CCS Insight. "Netflix is doing what it needs to do, solely focused on content. But it needs scale, and this is where the telcos come in, especially those that do not want to invest sums in securing costly content rights," he told Reuters. Netflix, which is expected to hit 100 million subscribers this year and is available in most of the world''s countries - with the conspicuous absence of China - already has partnerships with a number of international mobile operators including Vodafone, Orange and Telecom Italia. "A number of pioneering players will start providing unlimited data at lower speed," Hastings said, without elaborating. (Reporting by Sophie Sassard and Eric Auchard; Additional reporting and writing by Georgina Prodhan; Editing by Larry King) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/telecoms-mobileworld-netflix-idUSL5N1GC64T'|'2017-02-28T04:29:00.000+02:00'
'97fd9fe5c1555a7a7e83505fbe289e11cf3c4fc9'|'City watchdog sounds alarm bells over hard - Business'|'A hard Brexit poses risks to the integrity of financial markets and could make it harder to protect consumers from wrongdoing by banks, the head of the City regulator has warned MPs.Andrew Bailey, chief executive of the Financial Conduct Authority , said a cliff-edge Brexit <20> one in which the regulatory framework changes the instant the UK leaves the EU <20> also presented competition risks, alongside threats to legal and market stability.In his latest letter to the Treasury select committee, Bailey said a sudden exit from the EU could make it difficult for regulators to obtain information about the firms they regulate.Losing banking jobs to EU ''threatens financial stability across Europe'' Read more <20>Any lack of certainty with regard to the regulatory framework may affect the ability of the FCA, and perhaps other regulators, to take enforcement action as a means of both addressing and deterring misconduct,<2C> said Bailey.He also highlighted the risks associated with the sudden loss of the <20>passport<72> that firms based in the EU use to operate freely within the 28 member states . Bailey has previously told the committee that 5,476 UK-registered firms hold at least one passport to do business in another EU or EEA member state while just over 8,000 companies authorised in other EU states use these rules to do business in the UK.There was a risk, he said, that firms could end up without the correct permissions to sell products or find themselves vulnerable to legal action if they were not able to meet pledges to provide services to customers. The FCA may not have enough time to process applications <20> which take about 23 weeks <20> if the loss of passporting is only agreed late in the negotiations.Bailey also provides an example of the impact of a sudden loss of passporting rights on contracts. Insurers use passporting provisions to conduct their business. <20>Without suitable transitional provisions, there may be considerable uncertainty created for firms and consumers as to what the loss of passporting means in practice. We cannot rule out related risks at this stage so my teams are continuing work to map and consider potential mitigations to these risks,<2C> said Bailey.<2E>None of the above risks are beyond mitigation, but the types of solutions required may be complex,<2C> said Bailey, who added that the FCA may not be able to act alone. Ministerial action and cooperation from other governments and European national regulators may be needed.'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/2017/feb/27/city-watchdog-fca-alarm-bells-hard-brexit'|'2017-02-27T02:00:00.000+02:00'
'd41565cc56cf11d37e4d0c5cfca52fbc43aed943'|'PRESS DIGEST- Financial Times - Feb 27'|' 18pm EST PRESS DIGEST- Financial Times -   in the Financial Times.   Headlines LSE-Deutsche Boerse deal in jeopardy over antitrust hurdle on.ft.com/2mttZRm BoE official warns against return to ''light-touch'' regulation on.ft.com/2mtgmBA Brussels sets out tough new line on equivalence on.ft.com/2mtHl00 Oldest serving MP Gerald Kaufman dies aged 86 on.ft.com/2mtpYwp Overview   Plc said on Sunday it believes the European Commission is unlikely to approve its proposed   after LSE''s board concluded it would not be able to meet a new condition proposed by antitrust regulators in Brussels. Prudential Regulation Authority Chief Executive and Bank of England Deputy Governor Sam Woods warned against rolling back reforms made in the wake of the financial crisis, arguing against any "retreat" to light-touch regulation after Brexit and the election of President Donald Trump. The European Commission plans to take a tough stance on rules that could provide a post-Brexit lifeline for the UK financial sector, according to a document obtained by the Financial Times, dealing a blow to the City of London''s hopes of maximising access to the EU. The Father of the House of Commons, Gerald Kaufman, died on Sunday evening having been ill for several months, his family said. He was 86.   Peter Cooney) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-press-ft-idUSL3N1GC14M'|'2017-02-27T08:18:00.000+02:00'
'1f955b3bc1de2384e955ac4f7aa8af479e7d525f'|'Nokia goes back to the future with 49 euro phone'|'By Eric Auchard - BARCELONA, Spain BARCELONA, Spain Nokia''s newly revitalised phone business went back to the future on Sunday, re-introducing a brightly coloured version of the classic 3310 talk and text phone, the world''s most popular device in the year 2000.The new model has bigger screens and is priced at just 49 euros ($52). Its 22 hours of talk time and up to one month of standby time potentially heighten the phone''s appeal as a backup for smartphone users.Analysts hailed the 3310 launch as a smart retro gambit, but one which could overshadow the Finnish company''s re-entry into the global smartphone market. Nokia also launched four moderately priced smartphones ranging from 139 to 299 euros."The love for the brand is immense. It gets a lot of affection from millions and millions of people," Nokia Chief Executive Rajeev Suri told a news conference at Mobile World Congress in Barcelona, the telecom industry''s largest annual trade fair.Once the world''s dominant phonemaker, Nokia in 2014 sold its by-then ailing handset operations to Microsoft for $7 billion, leaving it with its network equipment business and a large patent portfolio.But last year, it gave the Nokia brand a fresh start by licensing its devices brand to HMD Global, a new company led by ex-Nokia executives and backed by Chinese electronics giant Foxconn.Industry analysts say the revived Nokia 3310 has the makings of one of the hit devices of 2017, appealing to older Nokia fans in developed markets looking for an antidote to smartphone overload, while also appealing to younger crowds in emerging markets."HMD owns a retro hit and is surfing on the ''vintage'' hype to re-create buzz around the Nokia brand," said Thomas Husson, consumer devices analyst at Forrester Research.The original 3310 sold 126 million phones, the 12th best-selling phone model in history. Nine of the top 12 selling models were produced by Nokia.It also revives the one-time hit time waster game Snake featured on the original phone, the "Angry Birds" of its day. In a modern twist, fans can now play Snake in Facebook Messenger.HMD also announced three smartphones that run on Google''s Android platform: The Nokia 6 smartphone with a 5.5-inch screen, the Nokia 5 with a 5.2-inch screen and the Nokia 3 with a 5.0-inch screen.It also offered a limited edition of the Nokia 6 with added features retailing for around 299 euros.HMD appears to be in two minds as to how to market the 3310, believing on the one hand it has a blockbuster product revival, while possibly drowning out Nokia''s future-focused smartphone strategy."Our focus and future is in Android smart phones," HMD Chief Executive Arto Nummela said in an interview with while refusing to rule out dipping into Nokia''s back catalogue of popular feature phones.Under its licensing deal, HMD has sole use of the Nokia brand on all phones and tablets for the next decade. It will pay Nokia royalties for the brand and patents, but Nokia has no direct investment in HMD.While for many consumers in developed economies Nokia has disappeared as a phone brand in recent years, it remains popular in many emerging markets. There, Nokia has a reputation for delivering user-friendly feature phones at competitive prices, said Neil Mawston, an analyst with industry research firm Strategy Analytics.Feature phones accounted for a one in five of the 1.88 billion mobile phones shipped in 2016. Samsung Electronics captured a 13 percent share of the feature phone business and Nokia, No. 2 in feature phones, shipped 9 percent, according to the market research firm''s data.Ahmad Badr, strategy director for brand consulting firm Siegel+Gale, said the 3310 is a powerful reminder of Nokia<69>s historic popularity but also could limit the company''s appeal beyond its short-term nostalgia spike.<2E>Relying on the success of the 3310 helps it grab the attention of many people who are familiar with Nokia but think it is dead,<2C> Badr said in an interview.<2E>To Nokia, that nostalgia an
'ae32cd37070701cfc2af3928de1bd99c77f686bc'|'U.S. says Trump order will not undermine data transfer deals with EU'|'Politics  54am EST U.S. says Trump order will not undermine data transfer deals with EU U.S. President Donald Trump walks after speaking during the Governor''s Dinner in the State Dining Room at the White House in Washington, U.S., February 26, 2017. REUTERS/Joshua Roberts By Julia Fioretti - BRUSSELS BRUSSELS An executive order signed by U.S. President Donald Trump to crack down on illegal immigration will not undermine two data transfer agreements between the United States and the EU, Washington wrote in a letter to allay European concerns. An executive order signed by Trump on Jan. 25 aiming to toughen enforcement of U.S. immigration law rattled the European Union as it appeared to suggest Europeans would not be given the same privacy protections as U.S. citizens. The order directs U.S. agencies to "exclude persons who are not United States citizens or lawful permanent residents from the protections of the Privacy Act regarding personally identifiable information." Securing equal treatment of EU citizens was key to agreeing the Umbrella Agreement which protects law enforcement data shared between the United States and the EU. And the EU-U.S. Privacy Shield - which makes possible about $260 billion of trade in digital services - was only clinched after Washington agreed to protect the data from excessive surveillance and misuse by companies. In the first written confirmation since the executive order stoked uncertainty over transatlantic data flows, the U.S. Department of Justice said the executive order did not affect either the Umbrella Agreement or the Privacy Shield. "Section 14 of the Executive Order does not affect the privacy rights extended by the Judicial Redress Act to Europeans. Nor does Section 14 affect the commitments the United States has made under the DPPA (Umbrella Agreement) or the Privacy Shield," Bruce Swartz, Deputy Assistant Attorney General, wrote to the European Commission in a letter seen by Reuters. EU Justice Commissioner Vera Jourova, who will travel to the United States at the end of March, said she was "not worried" but remained vigilant. The EU-U.S. Privacy Shield is used by almost 2,000 companies including Google ( GOOGL.O ), Facebook ( FB.O ) and Microsoft ( MSFT.O ) to store data about EU citizens on U.S. servers. Its predecessor was struck down in 2015 by the EU''s top court for allowing U.S. agents unfettered access to Europeans'' data, forcing an acceleration of difficult talks to find a replacement. (Reporting by Julia Fioretti; Editing by Mark Potter) Next In Politics'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-eu-dataprotection-usa-idUSKBN1661G7'|'2017-02-27T19:49:00.000+02:00'
'ddb8f52ce091c37fdd82e294d7fce8564a6ccbb2'|'Takata pleads guilty to U.S. fraud charge linked to faulty air bags'|'Business News - Mon Feb 27, 2017 - 9:16pm GMT Takata pleads guilty to U.S. fraud charge linked to faulty air bags DETROIT Japan''s Takata Corp ( 7312.T ) on Monday pleaded guilty to a felony charge as part of an expected $1 billion (803.47 million pounds) deal with the U.S. Justice Department that includes compensation funds for automakers and victims of its faulty airbag inflators. After Takata''s guilty plea, a federal judge in Detroit was hearing objections on Monday to the settlement raised by lawyers for some victims of Takata inflator ruptures, who argue the settlement will be used by automakers to avoid liability, a court clerk said. Takata hopes to wins court approval of the settlement, a key hurdle to securing the backing of an investor or acquirer that can fund a turnaround effort and help it grapple with billions of dollars in costs related to the auto industry''s biggest-ever recall. (Reporting By David Shepardson in Washington and Joseph White in Detroit; Editing by Meredith Mazzilli) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-takata-settlement-idUKKBN1662EO'|'2017-02-28T04:16:00.000+02:00'
'3735111faa382cbd39fcdd00b61dbb2e188eae2d'|'BRIEF-Rexahn Pharma''s cash and investments totaled about $20.3 mln as of Dec 31, 2016'|' 16am EST BRIEF-Rexahn Pharma''s cash and investments totaled about $20.3 mln as of Dec 31, 2016 Feb 27 Rexahn Pharmaceuticals Inc: * Rexahn Pharmaceuticals reports full year 2016 financial results and provides corporate update * Rexahn Pharmaceuticals Inc - Rexahn''s cash and investments totaled approximately $20.3 million as of December 31, 2016 Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-rexahn-pharmas-cash-and-investment-idUSASB0B2FY'|'2017-02-27T21:16:00.000+02:00'
'fce564c389530e86095ff56f438a6eb5cf67cc7f'|'Goldman''s new London office set for occupancy in 2019'|'Business News - Mon Feb 27, 2017 - 2:49pm GMT Goldman''s new London office set for occupancy in 2019 FILE PHOTO - The logo of Goldman Sachs is displayed in their office located in Sydney, Australia, May 18, 2016. REUTERS/David Gray/File Photo Goldman Sachs Group Inc ( GS.N ) is building a new 1.1 million square foot office in London with initial occupancy slated for 2019, it said in a regulatory filing on Monday. The Wall Street bank, which currently has its European headquarters at Peterborough Court in London, is continuing plans for a new building despite concerns about Brexit. (Reporting by Olivia Oran in New York; Editing by Chizu Nomiyama) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-goldman-sachs-london-idUKKBN1661P2'|'2017-02-27T21:49:00.000+02:00'
'5b2a707d3ff6ae3f25bb4db619854fe1877cd0f7'|'Apple and SAP to release tool to build business apps'|'By Stephen Nellis Feb 27 Apple Inc and German software maker SAP SE will release a tool aimed at helping developers build iPhone apps for big businesses, the two companies said on Monday.The software tool, to be released on March 30, is designed to let developers easily feed data between SAP''s business-oriented software systems and Apple''s consumer-oriented iOS mobile platform.Currently, most of SAP''s systems are used on personal computers rather than on mobile devices. SAP plans to change that by working directly with Apple on software tools that will make it easier to access data on SAP systems from apps on an iPhone or iPad, an effort that began last spring.The tool could, for example, let employees log into business apps with fingerprint readers common on iPhones rather than a password, or replace bulky inventory scanning guns used in warehouses with iPhones.<2E>The collaboration between our two firms is unparalleled from an engineering standpoint,<2C> said Rick Knowles, a senior vice president at SAP. <20>Every five to six weeks, we<77>ve put our developers in the room with Apple<6C>s lead engineers to do a code-level review.<2E>With growth in iPhone sales losing steam, Apple has increased its efforts to sell to large businesses. In 2014, Apple launched a partnership with IBM Corp to help build custom iOS applications for businesses. In 2016, Apple made a deal with Cisco to make iPhones work better on Cisco''s networking gear, and it also partnered with Deloitte & Touche LLP to encourage more businesses to build iOS applications.The SAP partnership also gives iOS developers a new way to gain revenue in an era when most of the App Store<72>s growth is driven by downloads in China and by game makers. Apple said earlier this year that developers made $20 billion from the App Store in 2016, an increase of 40 percent from 2015.But according to App Annie, an analytics firm that tracks App Store metrics, iOS downloads were up only 12 percent in 2016 to 30 billion apps, and 80 percent of download growth for iOS apps came from China. Moreover, 75 percent of revenue generated in the App Store came from games, App Annie reported.Business apps would represent new territory for many of these developers. And being able to run workplace software could also help Apple compete against Microsoft Corp , whose Windows software still dominates in the corporate world. (Reporting by Stephen Nellis; Editing by Andrew Hay)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/apple-sap-idINL1N1GA00F'|'2017-02-27T12:00:00.000+02:00'
'd133bfef918dcc6317c0988776c6a885eb32eee2'|'The truth about falling gas prices - Money'|'I n December one of the <20>big six<69> energy firms, EDF, had some good news for consumers. In a press release it said it would be <20>cutting gas prices again ahead of the coldest winter months, and will hold back electricity price rises until March<63>. It added that <20>electricity costs have been rising for some time, but gas prices are not facing the same pressures. The company believes it is right that prices reflect this<69>.The response was generally positive. The Mail said the company was <20> breaking ranks <20> with rivals on gas prices, in a move that would <20>put pressure on the remaining big six<69>. The Guardian focussed on the fact that, after March, electricity prices would jump 8.4%, but dutifully reported the gas price cut. The BBC went for a straight <20> EDF to cut gas bills, but raise electricity prices <20>.But the truth is that for many of its five million customers, EDF has not cut gas prices. It has not frozen them. It has not even edged them up a bit. They have gone up by a galloping 22%.Take the example of one 90-year-old pensioner in Hastings who sent me copies of his EDF gas bill (full disclosure: it<69>s my dad). EDF wrote to him in January to say that the unit price of his gas would be increasing from 2.397p (excluding VAT) to 3.090p (ex VAT). He rang me to say <20>I read in your paper that EDF<44>s gas price was coming down. What<61>s going on?<3F> And he<68>s got a good point.I put it to EDF. How could it press release 5% cuts then raise the unit price by 28.9%? Its initial response was to sound rather puzzled and promise a response after examining his bill. It came back a week later to say that actually his price rise was 22%, because the standing charge of 26.25p per day had been frozen, so it would be wrong to report a 28.9% increase.But a 22% price rise is a long way from a 5% fall. EDF said my father<65>s gas price was rising because he was coming off one tariff and moving on to another. It said its December price fall referred to customers on its variable rate tariff (and to be fair to EDF, it did say that at the time) and that many customers would therefore benefit from price falls.But how many? EDF said that more than 50% of its customers are on variable rates, a figure I find astonishing. I asked how many customers are on the tariff my father was on, and thus facing steep hikes. Ah, that<61>s <20>commercially confidential<61>, I was told. It appears it is not commercially confidential to press release the fact that 700,000 variable rate customers will see a 5% price cut, but it is commercially confidential to say that (possibly) hundreds of thousands of customers will see a 22% price rise.When I looked at EDF<44>s announcements more closely, I found that 44% of its customers are on fixed tariffs. Many are likely to have been on the Blue+ tariff my father was on. If so, then rather than price falls the average gas bill for EDF customers must surely be rising.In a statement EDF said: <20>When setting tariff prices, we take into consideration market prices and wholesale and non-energy costs. In relation to the costs of supply, a large portion of Mr Collinson<6F>s gas bill is beyond our control, including wholesale costs (52%) and network costs (24%). It is worth noting that between February 2016 and the present time, forward contract prices for wholesale gas have increased by around 50%.<2E> It is a rather different tone to the <20>gas prices are not facing the same pressures<65> line the company was using just 10 weeks ago.EDF is, of course, hardly the first commercial organisation to want to press release the positive and keep quiet about the negative. Take, for example, all those personal loan adverts promising rates of 3.5%. They actually only have to give them to 50% of applicants. The rest are charged substantially more.But next time you hear a big six energy boss talking prices and you think, hold on, my bill seems to have gone up far more than they<65>re saying, you know what? You<6F>re right.Energy bills On reflection EDF Energy Consumer affairs Household bills Energy in
'ccabe146fb5128568f13ae5aca1b977b1ad6062d'|'BRIEF-Warren Buffett discusses various themes in Berkshire annual letter'|'Feb 25 Warren Buffett says American business, and thus a basket of stocks, is virtually certain to be worth far more in years ahead. In his letter to Berkshire Hathaway Inc shareholders:* Buffett says share repurchases are not ''un-american,'' even though Berkshire has not done any repurchases recently.* Buffett says insurance float has risen to more than $100 billion because of huge policy it recently underwrote.* Buffett, referring to insurance executive Ajit Jain, says "if there were ever to be another ajit and you could swap me for him, don''t hesitate."* Buffett says investing deputies Todd Combs and Ted Weschler now each manage more than $10 billion.* Preferred stock into common stock if Bank of America Corp annual dividend rises above $0.44 per share before 2021 from current $0.30 per share.* Buffett says if Bank of America dividend remains below 44 cents, it is ''highly probable'' that Berkshire will exercise warrants in bank immediately before they expire'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brief-warren-buffett-discusses-various-t-idINFWN1GA02S'|'2017-02-25T10:45:00.000+02:00'
'80e7d5b6eec4e2f8e0a99149392ed5aa969120fd'|'Nokia sees network gear demand recovering - Reuters'|'BARCELONA Nokia ( NOKIA.HE ) sees demand for the higher speed 4G network equipment to begin to recover this year, led by Japan, the company''s chief executive Rajeev Suri said on Sunday, while announcing a series of contracts with telecom operators.Speaking at a news conference ahead of the Mobile World Congress in Barcelona, Suri announced a string of 4G and early 5G deals in Britain and the United States, that promise to help its core network business return to sales growth in coming years, he said.The Finnish company had reached a "landmark", 3-year deal with Telefonica to build higher speed 4.5G networks in London, Suri said, adding that it had displaced a rival network supplier there.Nokia also announced that it was working with U.S. telecoms carrier Verizon and semiconductor giant Intel to supply equipment for pre-commmercial 5G services in U.S. markets, including Dallas.(Reporting by Eric Auchard, editing by Jussi Rosendahl)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-nokia-networks-idINKBN1650FV'|'2017-02-26T09:48:00.000+02:00'
'4824455d2378ce67ee318daa68ae649368ca5cef'|'UPDATE 1-Telefonica promises customers more control of own data'|'* New platform designed to answer questions about growth strategy* "Aura" allows users to decide whether to share data insights* Due for launch in key markets in coming year (Adds details of "Aura" app, background)BARCELONA, Spain, Feb 26 Spanish telecoms giant Telefonica announced a new strategy on Sunday promising to give customers back control of their own data with the help of a new digital personal assistant.The so-called "fourth platform", unveiled in Barcelona ahead of the industry''s largest annual trade fair, is Telefonica''s answer to questions about its growth strategy after it cut its dividend and announced asset disposals to repay debt last year.The new app called "Aura", which was developed using Microsoft''s artificial-intelligence expertise, allows users to decide whether or not to share insights generated by their data with third parties such as Facebook or Google .It can also answer questions about Telefonica services, create and track a request or manage access to the customer''s wifi router."It''s a new way of empowering customers," Chief Executive Jose Maria Alvarez-Pallete told a news conference ahead of the Mobile World Congress fair. "We are offering that the network belongs to them."Aura can be used as a phone app and also interacts with Amazon''s smart speaker, Echo. It is due to be launched in key markets in the coming 12 months, Telefonica said. (Reporting by Sophie Sassard; Editing by Georgina Prodhan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/telecoms-mobileworld-telefonica-idINL5N1GB0JQ'|'2017-02-26T14:33:00.000+02:00'
'fa758c808283091e66fdc914643d12df977f7237'|'Upstart analysts show banks the way in new era for research'|'Mon Feb 27, 2017 - 11:29am GMT Upstart analysts show banks the way in new era for research Portrait of Mark Hiley, the founder of The Analyst in his offices in London, Britain, February 15, 2017. REUTERS/Hannah McKay By Alasdair Pal - LONDON LONDON From a non-descript office in south London, Mark Hiley may be showing the way for Wall Street giants such as JPMorgan and Merrill Lynch to adapt to new European rules requiring them to charge an explicit fee for investment research. Unlike the big banks, boutique firms like Hiley''s The Analyst do not offer trading or corporate finance. They rely entirely on what they charge for research, as will be required under the European Union''s MiFID II directive by January 2018. "The business idea came from the fact that no one uses the sell-side (research) on the buy-side and they certainly don''t use it in the right way," Hiley, 36, told Reuters. The relationship between the sell-side, the investment banks, and the buy-side, the fund managers, has involved the cost of research being bundled into trading commissions that banks charge for buying or selling shares. But under MiFID II the buy-side is forced to cast a critical eye over what research it will pay for, which could mean cuts in the number of analysts employed by investment banks. Andrew Formica, chief executive of Henderson Global Investors, which has $125 billion of assets under management, said it was increasingly focused on quality. "It''s (MiFID II) certainly made us more discerning. Banks put out a lot of research, and not all of it''s very good and not all of it''s necessary," Formica told Reuters. A survey of fund managers by consultancy Quinlan & Associates last year concluded that analyst headcount at banks will fall by 30 percent by 2020. Fund management firms are also under pressure to improve transparency over research payments. Jupiter Fund Management said last week it would stop charging clients for research it buys from banks, joining Woodford Investment Management, M&G and Baillie Gifford who have already announced similar measures. GOLD, SILVER, BRONZE ... PLATINUM NEXT? After a decade at fund management firms, including Fidelity, Hiley was frustrated by the quality of investment banking research and founded The Analyst in 2010. It covers a small number of stocks, similar to Autonymous, which only covers banks and financial services, and technology specialist Arete. Although sell-side research analysts facilitate company visits, management meetings and conferences, which are often valued by fund managers, critics such as Hiley argue they have an incentive not to criticize companies to secure business. "The sell-side is incentivised to be nice to companies. (It is) very short term, everyone is doing the same stuff," he said. And with only 10 months to go before the MiFID II deadline, banks have yet to disclose how they will charge for research. Citigroup ( C.N ), Goldman Sachs ( GS.N ), JP Morgan ( JPM.N ) and Morgan Stanley ( MS.N ) declined to comment, while Bank of America ( BAC.N ) did not respond to requests for comment. "There will be winners and losers. Some firms are talking about very interesting and innovative models in the light of the MiFID Research and Inducements provisions," Julian Allen-Ellis, Director of MiFID at AFME, a lobby group for the financial services industry, told Reuters. "What is today a sell side cost center could turn into a profit center for those firms that adapt most successfully to the new regime," he said, adding that there was still much to be clarified in MiFID II. Meanwhile, The Analyst offers Gold, Silver and Bronze services. While Bronze provides access to the research portal, Gold allows weekly calls with analysts, at 10 times the price. The Independent Research Foundation, which sells boutique research, says access to independent research starts at $3,000 per year for a one-person macroeconomic newsletter and rises to around $250,000 per year for unlimited acces
'56e5405b299067ad5292d9b06081a8fdc82c551a'|'BRIEF-Raytheon wins $128 mln advanced mobile sensors program'|' 17am EST BRIEF-Raytheon wins $128 mln advanced mobile sensors program Feb 27 Raytheon Co: * Raytheon wins $128 million advanced mobile sensors program * Raytheon- Will operate, maintain cobra king radar aboard United States naval ship Howard O. Lorenzen and Gray Star radar aboard USNS Invincible Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-raytheon-wins-128-mln-advanced-mob-idUSFWN1GC0TG'|'2017-02-27T21:17:00.000+02:00'
'2d6acdc8c02a1f458a7562af3e1c08fd24d88251'|'BRIEF-Span-America shareholders elect directors, approve stock plan'|' 59pm EST BRIEF-Span-America shareholders elect directors, approve stock plan Feb 27 Span-America Medical Systems Inc * Span-America shareholders elect directors, approve stock plan and select auditors at annual meeting * Expects growth in medical segment sales in second half of fiscal 2017 * Span-America medical systems - expect overall sales, earnings comparisons for remainder of fiscal 2017 to improve over q1 fiscal 2017 comparative results Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-span-america-shareholders-elect-di-idUSFWN1GC13R'|'2017-02-28T04:59:00.000+02:00'
'd354714e4d4d11e8ceae74983f7878614f245919'|'Business groups, once tobacco-friendly, switch sides in fight'|'Company News - Tue Feb 28, 2017 - 1:00am EST Business groups, once tobacco-friendly, switch sides in fight By Jilian Mincer - NEW YORK NEW YORK Feb 28 The local chamber of commerce is usually a reliable ally in battles against regulation. But when it comes to smoking rules, many business groups have decided they would rather switch than fight. Even in states where tobacco has played an important role in the economy - including North Carolina, Kentucky and Missouri -chambers have endorsed cigarette tax hikes, raising the smoking age and other efforts to curb tobacco habits. The shift has accelerated since 2016, driven by a growing awareness that smoking drives up healthcare costs for employers, business groups said. Smoking restrictions often are part of broader wellness initiatives, such as promoting exercise and nutrition, aimed at improving health - and business. "Smoking isn''t just killing us, it''s bankrupting us," said Ashli Watts, a spokeswoman with the Chamber of Commerce for Kentucky, where one in four adults uses tobacco, the lung cancer rate is the nation''s highest and related healthcare and lost productivity costs nearly $5 billion a year. "Companies do look at the health of a workforce," Watts said. An unhealthy workforce "is a deterrent." In Kansas City, Missouri, the chamber joined the local Blue Cross and Blue Shield insurer in 2015 in launching a smoking cessation effort. They hoped to persuade five communities to raise the legal tobacco age to 21 by 2018. Within a month, two of the largest cities in the area had signed on, and now more than 20 communities with 1.4 million people have raised the age. Pam Whiting, a spokeswoman for the Greater Kansas City Chamber of Commerce with members in Kansas and Missouri, said the group was "happily stunned" by the results. "It is a real concern for our business members, for their employees and their bottom line," she said. In Indiana, where smoking costs an estimated $7 billion in healthcare and lost productivity, the state chamber is pushing for a $1-a-pack increase in the state cigarette tax, to raise the smoking age to 21 and for more spending on cessation. "It''s not typical for a chamber to advocate for a tax increase," said Kevin Brinegar, president and chief executive of the Indiana chamber. But, he added, the cost of smoking "gives us a black eye." TOBACCO FIGHTS BACK Cigarette makers are spending tens of millions to fight the efforts, according to a Reuters review of campaign spending data and interviews, healthcare groups and the companies. Brittany Adams, a spokeswoman for Camel cigarette maker Reynolds American Inc, said the local chambers'' efforts go against their core mission and could hurt businesses outside the tobacco industry. "Chambers of commerce are supposed to protect the interests of businesses in their communities, and supporting these kinds of bills may negatively impact local wholesalers and retailers," Adams said. Last fall, the industry spent almost $100 million to fight cigarette tax ballot measures in several states. More than $70 million of that was spent in California, where voters approved Proposition 56, raising state taxes by $2 to $2.87 per pack. Business groups in San Francisco and Los Angeles supported the measure. Tax increases failed in Colorado and North Dakota. Although adult smoking rates in California are the second lowest in the country, its large population makes it the single biggest U.S. market with 8.5 percent of cigarette sales. Marlboro cigarette maker Altria estimated tax hikes enacted in Pennsylvania and California would hurt industry sales volumes by about 1 percent this year. Wall Street analysts say the bigger risk is that more states follow suit. At least 215 states and municipalties - including Hawaii and California, as well as New York City, Chicago and Boston <20> have raised the age to 21, according to the Campaign for Tobacco-Free Kids. A spokesman said Altria wants to see the battle return to Cong
'6c66b2c93b4d802b5a33d99182cb7a6ff2bd663d'|'BRIEF-Signet Jewelers gives statement to NBC news on "sexual harassment claims"'|'UPDATE 3-JPMorgan eyes bigger investor payouts as it nears capital needs Feb 28 No. 1 U.S. bank JPMorgan Chase & Co may return more money to shareholders than it earns over the next few years, it forecast on Tuesday, an encouraging sign for investors who have been waiting for richer dividends and share repurchases. 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-signet-jewelers-gives-statement-to-idUSFWN1GD13J'|'2017-03-01T00:09:00.000+02:00'
'6914e5d0f0db3b4a1afa0db181ee08f8a6b48e82'|'France''s Eram selling discount fashion pioneer Tati'|'PARIS Tati, the iconic cut-price shop whose historic store stands near the capital''s Sacre Coeur monument, is up for sale.Family-controlled retailer Eram said on Tuesday that it had decided to sell its loss-making Agora Distribution unit, which owns the Tati brand, amongst others."Eram wishes to sell Agora and has mandated a bank to find a buyer," a group spokeswoman said, confirming a report from fashion website Boutique2mode.Eram, controlled by its founding Biotteau family and also the owner of the Bocage, Eram, Mellow Yellow and Heyraud shoe brands, bought Tati in 2003.Tati, which is well-known in France for its bright pink logo, started in 1948 in Paris when Jules Ouaki, a Tunisian and a pioneer in the low-cost textile market, opened the first store on boulevard de Rochechouart in the Barbes immigrant district of northern Paris, just downhill from the Sacre Coeur.A combination of low prices written on large labels and the presentation of the merchandise in bulk was a hit in post-war France, and from the 1990s Tati expanded abroad while also diversifying into jewelry and optics.However, Tati has since been racking up losses amid increasing competition from low-cost fashion retail giants such as H&M ( HMb.ST ), Zara ( ITX.MC ) or discount fashion retailer Primark ( ABF.L ), and Eram had already tried to sell it in 2015.Agora employs 1,720 people and operates 140 stores, of which 130 are under the Tati brand. It lost 37 million euros ($39.23 million) in 2015 on revenues of 356 million euros.(Reporting by Pascale Denis; Writing by Dominique Vidalon; Editing by Sudip Kar-Gupta)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-france-fashion-tati-idINKBN1671MK'|'2017-02-28T10:51:00.000+02:00'
'de2dc557276aa895fb79fdbcadc525ec7d9f80b7'|'UPDATE 1-Viola Davis wins first Oscar for ''Fences'''|'Company News - Sun Feb 26, 2017 - 9:59pm EST UPDATE 1-Viola Davis wins first Oscar for ''Fences'' (Adds details, quotes and background) LOS ANGELES Feb 26 Viola Davis won her first Oscar on Sunday for her supporting role as a long-suffering housewife in the African-American family drama "Fences." Davis, 51, had swept awards season in the role, taking home a Golden Globe, Screen Actors Guild statuette and numerous critics prizes. She had been nominated for an Oscar twice in the past. "I became an artist, and thank God I did, because we are the only profession that celebrates what it means to live a life," an emotional Davis said while accepting her statuette. In "Fences," the screen version of the prize-winning August Wilson play, Davis played Rose Maxson, a self-effacing wife whose modest life implodes when her charismatic husband insists on keeping a mistress. On stage, Davis heralded Wilson, whom she said "exhumed and exalted the ordinary people." Davis won a Tony Award in the same role on stage in 2010. A forceful and popular actress, Davis is known for playing strong women and for speaking out for better roles for women and people of color. On television, she became the first black woman to win a lead actress Emmy award when she took home the statuette in 2015 for playing a conflicted criminal attorney in drama "How To Get Away With Murder." Raised in an impoverished household in South Carolina and Rhode Island, Davis began acting as a teen at school and later trained at the Juilliard School in New York. She began work in the theater, winning early acclaim. After years of doing small parts in movies, she made her breakout with just one scene in the 2008 religious film "Doubt," earning her first Oscar nomination. Three years later she was nominated for best actress for "The Help," but lost out to Meryl Streep. (Reporting by Jill Serjeant; Editing by Sandra Maler) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/awards-oscars-supporting-actress-idUSL1N1FU1AO'|'2017-02-27T09:59:00.000+02:00'
'0a27379421c466e0527365285d95318b20185daf'|'UPDATE 1-Investments boost profit at Buffett''s Berkshire'|'(New throughout, adds details from results)Feb 25 Warren Buffett''s Berkshire Hathaway Inc on Saturday said fourth-quarter profit rose 15 percent from a year earlier, as gains from investments and derivatives offset lower profit from the BNSF railroad and other operating units.Net income rose to $6.29 billion, or $3,823 per Class A share, from $5.48 billion, or $3,333 per share, in the comparable quarter the previous year.Quarterly operating profit fell 6 percent to $4.38 billion, or $2,665 per share, from $4.67 billion, or $2,843 per share.Analysts on average had forecast operating profit of $2,716.60 per share, according to Thomson Reuters I/B/E/S.Book value per share, which reflects assets minus liabilities and which Buffett considers a good yardstick for Berkshire''s intrinsic worth, was $172,108 at the end of the year, up 5 percent from three months earlier and 11 percent for the year.For all of 2016, profit was virtually unchanged, dropping to $24.07 billion from $24.08 billion.Operating profit rose just 1 percent to $17.58 billion, despite January''s $32.1 billion purchase of aircraft parts maker Precision Castparts Corp, Berkshire''s largest acquisition.Buffett, 86, has run Omaha, Nebraska-based Berkshire since 1965.He has transformed it from a failing textile company into a conglomerate with more than 90 businesses in such areas as insurance, railroads, industrial products, energy, food, apparel and real estate.Quarterly results benefited as investment and derivative gains more than doubled, to $1.9 billion from $805 million.Profit from Berkshire''s insurance operations, including Geico and General Re, rose 7 percent to $1.44 billion.The insurance units ended 2016 with $91.6 billion of float, the amount of premiums held before claims are paid, and which Buffett uses to fund acquisitions and other investments.Profit at the BNSF railroad unit fell 8 percent to $993 million. The railroad has been hurt by falling volumes for coal and industrial products.In Friday trading, Berkshire''s Class A shares closed at $255,040, and its Class B shares closed at $170.22. Both were record closing highs.The shares outperformed the Standard & Poor''s 500 including dividends by 11.4 percentage points in 2016, after lagging by 13.9 percentage points in 2015. (Reporting by Jonathan Stempel in New York; Editing by David Gregorio)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/berkshire-hatha-results-idINL1N1GA08K'|'2017-02-25T11:18:00.000+02:00'
'603e3733e67c46030b32aacc8d35c4bee4403f92'|'China''s factories seen posting seventh month of modest growth in February'|'Business News - Mon Feb 27, 2017 - 3:07am GMT China''s factories seen posting seventh month of modest growth in Feb A factory floor of XCMG Group is seen in Xuzhou, Jiangsu province, China August 14, 2015. REUTERS/Brenda Goh/File Photo BEIJING Activity in China''s manufacturing sector likely grew modestly for the seventh month in a row in February as resources prices extended a rapid rally and on signs of improving global demand for Chinese exports, a Reuters poll showed. Signs of sustained solid growth could give authorities more confidence to act as they cautiously move to contain risks from a mountain of debt which has built up after years of debt-fueled stimulus. The official manufacturing Purchasing Managers'' Index (PMI)probably edged down to 51.1 in February from January''s 51.3, but remained well within positive territory, according to a median forecast of 33 economists in the Reuters poll. A reading below 50 indicates a contraction in activity, while a reading above indicates an expansion on a monthly basis. The central bank raised key short-term interest rates in late January and early February, in a further sign of policy tightening as the economy shows signs of steadying. While the rate increases were modest, they reinforced views that Chinese authorities are intent on both containing capital outflows and reining in risks to the financial system. But signs that momentum may be slowing means policymakers will likely tread carefully with any tightening as they balance increased oversight of risky activity with maintaining strong growth. China''s top leaders said last week that the country must maintain economic stability to ensure a successful party congress, a key meeting later this year where President Xi Jinping will look to cement his grip on power. But analysts warned the official factory and services sector readings on Wednesday could be distorted by the timing of the long Lunar New Year holidays, which started on Jan. 27. Many factories and offices close for a week or more. Readings on price trends will be closely watched for clues on whether inflation pressures are growing, after consumer prices and producer prices both rose more than expected in January. A sustained pick-up in inflation could bolster expectations of further tightening by the People''s Bank of China (PBOC), though consumer prices so far remain well within the central bank''s comfort zone. China''s iron ore and steel prices hit multi-year highs last week, underpinned by expectations that strong infrastructure spending would continue to spur demand for building materials. Investors will also be looking for signs of further growth in export orders. Shipments rose more than expected in January following a dismal performance in 2016, but worries of a rise in U.S. trade protectionism are clouding the outlook longer-term. The official PMI number will be released on March 1, along with the official services PMI. The private Caixin/Markit PMI survey will also be published on March 1. Analysts expect the Caixin PMI, which focuses more on small and mid-sized firms, to come in at 50.8, down slightly from December''s reading of 51.0. (Reporting by Elias Glenn; Editing by Kim Coghill) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-china-economy-pmi-idUKKBN16607T'|'2017-02-27T10:00:00.000+02:00'
'3466f2442c09aeb8fe5bc6bb99eecde553a936fe'|'UPDATE 1-Shareholders want miner Freeport to get tough with Indonesia - CEO'|'Company  25am EST UPDATE 1-Shareholders want miner Freeport to get tough with Indonesia - CEO (Adds CEO quotes, background) HOLLYWOOD, Fla. Feb 27 Shareholders are pressuring miner Freeport-McMoRan Inc to stand up to the Indonesian government over changes the southeast Asian country wants to make in the U.S. miner''s contract, Freeport''s chief executive officer said on Monday. Rio Tinto Plc, which is a partner in Freeport''s massive Grasberg copper and gold mine in Indonesia, is also supportive of Freeport''s tougher approach towards Jakarta, CEO Richard Adkerson said. In some of his strongest language yet on the issue, Adkerson said the new regulations that Indonesia wants the company to accept were "in effect a form of expropriation of our assets and we are resisting it aggressively." "Many of our shareholders feel that we have been too nice. Now we are in the position of standing up for our rights under the contract," Adkerson told a mining conference in Hollywood, Florida. He said Freeport had held talks with its large shareholders but did not name them. Freeport, the world''s biggest publicly listed copper producer, warned last week it could take the Indonesian government to arbitration and seek damages over a contractual dispute that has halted operations at Grasberg, the world''s second biggest copper mine. The row, which centers around the sanctity of Freeport''s 30-year mining contract, comes as the Indonesia government seeks to squeeze more revenue out of its mining industry through a shake-up of regulations over foreign ownership and ore processing. (Reporting by Nicole Mordant in Hollywood, Florida; Editing by Chizu Nomiyama and Jeffrey Benkoe) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/mining-bmo-freeport-mcmoran-idUSL2N1GC0KF'|'2017-02-27T22:25:00.000+02:00'
'b3e4a19874d68f530b516d439b119b23587ae285'|'Apple and SAP to release tool to build business apps'|' 12pm GMT Apple and SAP to release tool to build business apps left right The Apple logo is seen on a computer screen in this illustration photo taken in Bordeaux, France, February 1, 2017. REUTERS/Regis Duvignau 1/2 SAP logo at SAP headquarters in Walldorf, Germany, January 24, 2017. REUTERS/Ralph Orlowski/Files 2/2 By Stephen Nellis Apple Inc and German software maker SAP SE will release a tool aimed at helping developers build iPhone apps for big businesses, the two companies said on Monday. The software tool, to be released on March 30, is designed to let developers easily feed data between SAP''s business-oriented software systems and Apple''s consumer-oriented iOS mobile platform. Currently, most of SAP''s systems are used on personal computers rather than on mobile devices. SAP plans to change that by working directly with Apple on software tools that will make it easier to access data on SAP systems from apps on an iPhone or iPad, an effort that began last spring. The tool could, for example, let employees log into business apps with fingerprint readers common on iPhones rather than a password, or replace bulky inventory scanning guns used in warehouses with iPhones. <20>The collaboration between our two firms is unparalleled from an engineering standpoint,<2C> said Rick Knowles, a senior vice president at SAP. <20>Every five to six weeks, we<77>ve put our developers in the room with Apple<6C>s lead engineers to do a code-level review.<2E> With growth in iPhone sales losing steam, Apple has increased its efforts to sell to large businesses. In 2014, Apple launched a partnership with IBM Corp to help build custom iOS applications for businesses. In 2016, Apple made a deal with Cisco to make iPhones work better on Cisco''s networking gear, and it also partnered with Deloitte & Touche LLP to encourage more businesses to build iOS applications. The SAP partnership also gives iOS developers a new way to gain revenue in an era when most of the App Store<72>s growth is driven by downloads in China and by game makers. Apple said earlier this year that developers made $20 billion from the App Store in 2016, an increase of 40 percent from 2015. But according to App Annie, an analytics firm that tracks App Store metrics, iOS downloads were up only 12 percent in 2016 to 30 billion apps, and 80 percent of download growth for iOS apps came from China. Moreover, 75 percent of revenue generated in the App Store came from games, App Annie reported. Business apps would represent new territory for many of these developers. And being able to run workplace software could also help Apple compete against Microsoft Corp , whose Windows software still dominates in the corporate world. (Reporting by Stephen Nellis; Editing by Andrew Hay)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-apple-sap-idUKKBN1661QJ'|'2017-02-27T22:12:00.000+02:00'
'9990eab0dca5e81b7cd18a21aceb2ee79e90393a'|'MOVES-Marketaxess names Christophe Roupie head of Europe, Asia'|'Company  29am EST MOVES-Marketaxess names Christophe Roupie head of Europe, Asia Feb 27 U.S. financial information provider Marketaxess Holdings Inc said on Monday it would appoint Christophe Roupie as head of Europe and Asia for its Europe and Trax divisions. Roupie previously spent over a decade at AXA Investment Managers as global head of trading and securities financing. Marketaxess operates an electronic trading platform for corporate bonds and provides market data and post-trade services for global bond markets. (Reporting by Sruthi Shankar in Bengaluru; Editing by Sai Sachin Ravikumar) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/marketaxess-moves-christophe-roupie-idUSL3N1GC4OV'|'2017-02-27T22:29:00.000+02:00'
'0fdbdb74a7f6281a6deb64f5896a17509ee2605c'|'Merkel discussed China''s electro-cars plan with prime minister Li'|'Business News - Mon Feb 27, 2017 - 11:09am GMT Merkel discussed China''s electro-cars plan with prime minister Li German Chancellor Angela Merkel awaits the arrival of the new European Parliament President Antonio Tajani at the Chancellery in Berlin, Germany, February 24, 2017. REUTERS/Hannibal Hanschke BERLIN German Chancellor Angela Merkel discussed China''s plan to set quotas for the number of electric cars it wants on its roads in the future in a phone call with Prime Minister Li Keqiang, a government spokesman said on Monday "The federal chancellor had a phone call with Prime Minister Li Keqiang, it was a confidential phone call and I can give no details," Steffen Seibert told a regular government news conference in Berlin. He added that Germany supported China''s plan to put more electric cars on its roads as long as the drive was not discriminatory against foreign carmakers. Germany''s Handelsblatt business daily reported at the weekend that China would soften its stance on electric cars after a phone call between Merkel and Li. It said German carmakers were opposed to the scale and pace of the plan. (Reporting by Joseph Nasr and Erik Kirschbaum; Editing by Maria Sheahan) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-china-autos-electric-germany-idUKKBN16618J'|'2017-02-27T18:09:00.000+02:00'
'b3311ba350209fbbf6ce09786bc58a08fd1c5c62'|'Global Payments stock could rise 15 percent -Barron''s'|'Big Story 10   5:12pm EST Global Payments stock could rise 15 percent: Barron''s By Lawrence Delevingne - NEW YORK NEW YORK The stock of payment processing company Global Payments Inc could rise by 15 percent to $90 in the year ahead as revenue and profits increase, according to Barron''s. The U.S. business magazine said in a story on Sunday that Atlanta-based Global Payments will continue thrive as the use of cash declines, especially internationally. The company expanded its reach with the purchase last year of a smaller rival, Heartland Payment Systems. That integration will help reduce costs and expand reach, Barron''s said. Global Payments shares currently trade around $79. (Reporting by Lawrence Delevingne; Editing by Cynthia Osterman) Next In Big Story 10'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-global-payments-barrons-idUSKBN1650XE'|'2017-02-27T05:07:00.000+02:00'
'ebfabe6020bc301e75dffe629fc97e31875d39a2'|'HKEX 2016 net profit falls 27 percent on lower trading volumes'|'Business News - Mon Feb 27, 2017 - 4:52am GMT HKEX 2016 net profit falls 27 percent on lower trading volumes HONG KONG Hong Kong''s stock exchange operator said on Monday its 2016 net profit fell 27 percent due to a decline in fees generated by stocks and metals trading on the bourse as it struggled to match stellar volumes seen during 2015''s record rally. Hong Kong Exchanges and Clearing Ltd (HKEX) reported a net profit of HK$5.8 billion ($747.36 million) for 2016, slightly below analysts'' average estimate of HK$6 billion, according to Thomson Reuters data. "The global financial markets were volatile and overshadowed by political and economic uncertainties. At home, there were concerns that mainland China<6E>s economy was slowing down and that interest rates would rise. All these contributed to cautious sentiment among investors and created a challenging market environment for the Group," HKEX said in a statement. Average daily trading on the bourse in 2016 fell 37 percent to HK$70 billion compared with the previous year. Group profits were also dented by the bourse''s London Metal Exchange subsidiary, which saw trading volumes fall 8 percent year-on- year due to subdued metals demand. The exchange''s shares have risen around 8 percent this year, compared to a 9 percent year-to-date rally in the main Hang Seng benchmark. ($1 = 7.7607 Hong Kong dollars) (Reporting by Michelle Price; Editing by Muralikumar Anantharaman) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-hkex-results-idUKKBN1660E0'|'2017-02-27T11:52:00.000+02:00'
'6a876822f72c4c154290e457cae82495db7519e7'|'China securities regulator to focus on stability, reform'|'Business News - Sun Feb 26, 2017 - 2:35am EST China securities regulator to focus on stability, reform By Elias Glenn - BEIJING BEIJING China will focus on stable development of its capital markets this year, but will press ahead to further open its markets to foreign companies, the top securities regulator said on Sunday. "We will not waver from reforms (to make China''s capital markets) more market-based, law-based and international,<2C> Liu Shiyu, chairman of the China Securities Regulatory Commission (CSRC), told a news conference in Beijing. Chinese regulators have turned their sights on controlling risks in financial markets as speculative activity and leverage in the economy rise, with the securities regulator vowing to clear out "abnormal phenomena" from capital markets. The CSRC recently pledged to target "barbaric" leveraged buyouts and to restrict excessive fundraising by some listed companies, with a focus on private share placements. Liu said earlier this month that CSRC would take down law-breaking financial tycoons he called "giant crocodiles", saying they will not be allowed to take advantage of retail investors. China''s crackdown on illegal market activities has intensified since the mid-2015 stock market crash that wiped out almost $3 trillion of share value. Liu, who was appointed CSRC chairman in early 2016, said that balancing the needs for stability and progress were crucial, especially in managing the primary market. Limiting or halting initial share sales in order to stabilize the secondary market doesn''t "solve the problems of long-term healthy development of capital markets," Liu said. CSRC deputy chief Fang Xinghai said at the same news conference that China is discussing measures that would allow foreign firms to take a larger stake in domestic joint venture securities and futures brokerages, without providing a timetable for any changes. Morgan Stanley ( MS.N ) and UBS Group AG ( UBSG.S ) are set to raise their stakes in their separate Chinese securities joint ventures to 49 percent, people with direct knowledge of the moves confirmed last month. Fang also said there was no timetable for the launch of an international board that will allow foreign-invested enterprises to list shares domestically in China, adding that issues such as accounting treatment and disclosure rules were still being studied. Liu declined to confirm a Reuters report on Friday that regulators are considering offering a shortcut for some of the country''s largest technology companies to list their shares on domestic markets, allowing them to jump a long queue of applicants and boost domestic bourses. China has been losing out to the New York Stock Exchange (NYSE) and Nasdaq on key technology listings, so more IPOs at home could mean millions of yuan in revenue for Chinese investment banks, who dominate domestic stock issuance. (Reporting by Elias Glenn; Writing by Matthew Miller; Editing by Kim Coghill) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-china-stocks-regulator-idUSKBN16506R'|'2017-02-26T14:34:00.000+02:00'
'9ac0377bedd465db3ca838bff621f0cc84f490a8'|'China securities regulator to focus on stability, reform'|'Business News - Sun Feb 26, 2017 - 7:36am GMT China securities regulator to focus on stability, reform FILE PHOTO: Journalists take photos of Liu Shiyu, chairman of the China Securities Regulatory Commission, as he arrives for a news conference on the sidelines of the National People''s Congress (NPC), China''s parliament, in Beijing, China, March 12, 2016. REUTERS/Jason Lee/File Photo By Elias Glenn - BEIJING BEIJING China will focus on stable development of its capital markets this year, but will press ahead to further open its markets to foreign companies, the top securities regulator said on Sunday. "We will not waver from reforms (to make China''s capital markets) more market-based, law-based and international,<2C> Liu Shiyu, chairman of the China Securities Regulatory Commission (CSRC), told a news conference in Beijing. Chinese regulators have turned their sights on controlling risks in financial markets as speculative activity and leverage in the economy rise, with the securities regulator vowing to clear out "abnormal phenomena" from capital markets. The CSRC recently pledged to target "barbaric" leveraged buyouts and to restrict excessive fundraising by some listed companies, with a focus on private share placements. Liu said earlier this month that CSRC would take down law-breaking financial tycoons he called "giant crocodiles", saying they will not be allowed to take advantage of retail investors. China''s crackdown on illegal market activities has intensified since the mid-2015 stock market crash that wiped out almost $3 trillion of share value. Liu, who was appointed CSRC chairman in early 2016, said that balancing the needs for stability and progress were crucial, especially in managing the primary market. Limiting or halting initial share sales in order to stabilise the secondary market doesn''t "solve the problems of long-term healthy development of capital markets," Liu said. CSRC deputy chief Fang Xinghai said at the same news conference that China is discussing measures that would allow foreign firms to take a larger stake in domestic joint venture securities and futures brokerages, without providing a timetable for any changes. Morgan Stanley ( MS.N ) and UBS Group AG ( UBSG.S ) are set to raise their stakes in their separate Chinese securities joint ventures to 49 percent, people with direct knowledge of the moves confirmed last month. Fang also said there was no timetable for the launch of an international board that will allow foreign-invested enterprises to list shares domestically in China, adding that issues such as accounting treatment and disclosure rules were still being studied. Liu declined to confirm a Reuters report on Friday that regulators are considering offering a shortcut for some of the country''s largest technology companies to list their shares on domestic markets, allowing them to jump a long queue of applicants and boost domestic bourses. China has been losing out to the New York Stock Exchange (NYSE) and Nasdaq on key technology listings, so more IPOs at home could mean millions of yuan in revenue for Chinese investment banks, who dominate domestic stock issuance. (Reporting by Elias Glenn; Writing by Matthew Miller; Editing by Kim Coghill) Next In Business News TCL carries flickering BlackBerry flame with new phone launch BARCELONA, Spain Blackberry Ltd may have exited the device business, but fans of the pioneering email machine need not despair as Chinese smartphone maker TCL Communication has introduced its first Blackberry-licensed phone with the physical keyboard that was long its key allure.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-china-stocks-regulator-idUKKBN16506T'|'2017-02-26T14:36:00.000+02:00'
'6cf783b00e4a95ab5030738af8ee0c39ce747ae3'|'LPC-Cerba''s buyout debt shown to earybirds in a bid to ditch bonds'|'By Claire Ruckin - LONDON LONDON Feb 28 A <20>1.1bn leveraged financing backing a buyout of European medical laboratory services operator Cerba is being shown to earlybird investors in a bid to gage appetite for the deal, banking sources said on Tuesday.JP Morgan, Natixis, Credit Suisse, Deutsche Bank and BNP Paribas are leading the debt financing, which is currently split between a leveraged loan and a high-yield bond.Underwriting lenders are trying to work out how much liquidity is in each market for the deal before launching to general syndication at a bank meeting next week, the sources said.The financing has been structured to comprise around <20>550m of senior leveraged loans, guided at around 375bp over Euribor; <20>250m of senior secured bonds; and around <20>180m of subordinated bonds, the sources said.However, the structure is fluid and the likelihood is that the bonds could be scrapped altogether.Lenders are launching jumbo leveraged deals to both bond and loan investors, with the intention of dropping the bond portion of a deal if they generate enough loan support, at the right price.Germany-based building materials maker Xella raised a <20>1.45bn covenant-lite term loan B earlier this month, which was increased twice during syndication from an initial target of <20>1.15bn, after ditching plans to raise a high yield bond.TENSIONCompetitive tension between the two markets has been used as a syndication strategy for years but the difference now is that an all-loan structure is the end target before a deal has even launched. Historically there wasn<73>t the same visibility on the final composition, the sources said.Loans are generally more flexible as they don<6F>t have call protection, so an owner can prepay them and reprice them.<2E>The banks are showing that the bond market is a threat but the bonds are likely to disappear. The bond market is gradually waking up to the fact they are the stalking horse to keep pricing tension,<2C> an investor said.Partners Group and PSP Investments agreed to acquire European medical laboratory services operator Cerba from PAI Partners, the companies announced in January.Cerba employs almost 4,300 people, including 350 biologists and generated revenues of approximately <20>630m in 2016. (Editing by Christopher Mangham)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/cerba-loans-idINL5N1GD7CV'|'2017-02-28T14:25:00.000+02:00'
'2de4d2949bb2d714276b2359ef63c3ebd97cf08e'|'BRIEF-Colony Starwood Homes REPORTS Q4 loss per share $0.10'|' 26pm EST BRIEF-Colony Starwood Homes REPORTS Q4 loss per share $0.10 Feb 27 Colony Starwood Homes: * Colony Starwood Homes announces fourth quarter and full year 2016 financial and operating results * Q4 core FFO per share $0.47 * Q4 revenue $146.4 million versus I/B/E/S view $143.7 million * Q4 FFO per share $0.37 * Q4 loss per share $0.10 * Q4 earnings per share view $-0.06 -- Thomson Reuters I/B/E/S * Occupancy was 95.5pct for quarterly same store cohort of 28,146 homes * Sees 2017 core FFO/share $1.85 - $1.95 * Quarterly same store noi increased 15.5pct over Q4 2015 * Quarterly same store core noi margin was 66.2pct * Sees 2017 same store revenue growth up 4pct - 5pct * Sees 2017 same store core noi up 63pct - 65pct * Fy2017 FFO per share view $1.90 -- Thomson Reuters I/B/E/S Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-colony-starwood-homes-reports-q4-l-idUSASB0B2KA'|'2017-02-28T05:26:00.000+02:00'
'0fc3de016df0bd401b90451c213a1f00a6646106'|'Barclays appoints Ian Cheshire to chair UK retail bank'|' 26am GMT Barclays appoints Ian Cheshire to chair UK retail bank FILE PHOTO - Sir Ian Cheshire, former Group Chief Executive of Kingfisher, attends a session at the annual meeting of the World Economic Forum (WEF) in Davos January 23, 2014. REUTERS/Denis Balibouse LONDON Barclays ( BARC.L ) said on Monday that it had appointed Ian Cheshire, the former chief executive of Kingfisher Plc ( KGF.L ), to chair its ring-fenced UK retail business. Cheshire, currently the chairman of Debenhams, the department store chain, will take up the new role with Barclays at the beginning of April. "I am very much looking forward to joining the Barclays Boards and to supporting all our colleagues," Cheshire said in the statement. Britain''s ring-fencing rules aim to avoid a repeat of the 2008 financial crisis, when banks'' bad bets in wholesale financial markets put ordinary depositors'' cash at risk, and led to big taxpayer-funded bailouts. Cheshire had previously served on the board of Bradford & Bingley, that was nationalised during the financial crisis because of its heavy exposure to the slumping British housing market. (Reporting By Andrew MacAskill)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-barclays-ringfence-idUKKBN166150'|'2017-02-27T17:26:00.000+02:00'
'61d1c1d2721a069153060d92069a2eb772de3b4e'|'Warren Buffett, on CNBC, says bought about 120 million Apple shares in 2017'|'Business News - Mon Feb 27, 2017 - 11:55am GMT Warren Buffett, on CNBC, says bought about 120 million Apple shares in 2017 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 NEW YORK Warren Buffett, chairman and chief executive of Berkshire Hathaway Inc ( BRKa.N ), told CNBC on Monday that his conglomerate had purchased about 120 million shares of Apple Inc. in 2017. "Apple strikes me as having quite a sticky product," Buffett said. He said that Berkshire''s Apple stake was now worth about $17 billion and amounted to 133 million shares. (Reporting by Sam Forgione Editing by W Simon) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-berkshire-hatha-buffett-apple-idUKKBN1661BL'|'2017-02-27T18:55:00.000+02:00'
'e8010e70e9669655359c5d67ec8f297452ed18b7'|'Daimler picks U.S. trucks chief to replace Bernhard'|'Mon Feb 27, 2017 - 6:21pm GMT Germany''s Daimler picks U.S. executive to lead global trucks operations Daimler AG sign is pictured at the IAA truck show in Hanover, Germany, September 22, 2016. REUTERS/Fabian Bimmer/File Photo BERLIN Daimler ( DAIGn.DE ) has picked the head of its North American trucks division to run group-wide truck operations, it said on Monday, avoiding a lengthy search for a successor to departed chief Wolfgang Bernhard. Bernhard, 56, once seen as a candidate to succeed Daimler Chief Executive Diete Zetsche, stepped down a year before his contract was due to expire, the carmaker said this month. Martin Daum, 57, president and chief executive of Daimler''s trucks business in North America, was appointed by the company''s supervisory board to top management effective on March 1 for a five-year period, Daimler said. Daum has run Daimler''s heavy-duty vehicle business in North America since 2009, having previously held a top management post at the company''s European trucks division with responsibility for Daimler''s huge trucks plant in Woerth, Germany. "We are convinced that he will successfully meet the upcoming challenges in the next years," Daimler Chairman Manfred Bischoff said in an emailed statement. Stuttgart-based Daimler''s announcement confirms a Reuters story published earlier on Monday saying that the succession void left by Bernhard''s departure would be resolved soon. (Reporting by Andreas Cremer; Editing by Georgina Prodhan and David Goodman) Up Next Tesla deepens recent losses after Goldman recommends selling SAN FRANCISCO Shares of Tesla dropped on Monday after a downgrade by Goldman Sachs, bringing the electric carmaker''s decline to 11 percent since its quarterly report last week stoked worries about how much cash it is using to launch its Model 3 sedan.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-daimler-management-idUKKBN166229'|'2017-02-28T00:50:00.000+02:00'
'e0b646eeb42d6388e7811c46b240ac3aa84a87c9'|'UPDATE 1-Nokia sees growth opportunities in networks market'|'Company   9:09am EST UPDATE 1-Nokia sees growth opportunities in networks market (Adds comments, background) By Eric Auchard BARCELONA Feb 26 Nokia sees demand for higher speed 4G network equipment starting to recover this year, led by Japan, the company''s chief executive Rajeev Suri said on Sunday as he announced a series of contracts with telecom operators. Speaking at a news conference ahead of the Mobile World Congress in Barcelona, Suri also predicted a new wave of industry consolidation among telecom operators in the U.S. and Indian markets in the course of 2017. "Noise about carrier M&A will heat up dramatically in United States and India. The pent-up demand for action is there," Suri said. Nokia and its rivals, Sweden''s Ericsson and China''s Huawei, have struggled lately as telecom operators'' demand for faster 4G mobile broadband equipment has peaked, and upgrades to next-generation 5G equipment are still years away. Nokia repeated that while it expected the global networks market to fall around 2 percent in 2017, it spotted growth opportunities in markets such as North America, India and Japan. "We believe that the (overall) primary market in which we compete will be down again... but to be considerably better than last year," Suri said, anticipating a slower rate of decline. "Investments in 4G, particularly in advanced 4G technology, will pick back up in some key markets, such as Japan." Earlier this month, Nokia reported its profits for the final quarter of last year fell less than expected, helped by cost cuts and the acquisition of Alcatel-Lucent. The Finnish company has reached a "landmark", 3-year deal with Telefonica to build networks in London, Suri said on Sunday, adding that the contract propels Nokia to overcome Ericsson as the leading network supplier in Britain. Nokia also announced that it was working with U.S. telecoms carrier Verizon and semiconductor giant Intel to supply equipment for pre-commmercial 5G services in U.S. markets, including Dallas. Suntrust analyst Georgios Kyriakopoulos cautioned that global weakness in operator spending will likely remain for a long time and that projected consolidation will likely serve as a further drag on results for equipment vendors such as Nokia. "The fact Suri predicted more M&A in that space means Nokia''s core business faces some challenges, he said. AT&T is seeking regulatory approval for its $85.4 billion acquisition of media giant Time Warner. Meanwhile, Japan''s SoftBank Group Corp is prepared to cede control of Sprint Corp to Deutsche Telekom AG''s T-Mobile US Inc to clinch a merger of the two U.S. mobile carriers, sources told Reuters earlier this month. (Additional reporting by Sophie Sassard in Barcelona, editing by Jussi Rosendahl and Keith Weir) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/nokia-networks-idUSL5N1GB0CD'|'2017-02-26T21:09:00.000+02:00'
'ac4d72b09a07265b88cffe9fafd31f37c808dfe7'|'Deutsche Bank board member says staff not quitting over bonus cuts-paper'|'Business News - Sun Feb 26, 2017 - 7:29am EST Deutsche Bank board member says staff not quitting over bonus cuts-paper The head quarters of Germany''s Deutsche Bank are photographed early evening in Frankfurt, Germany, January 31, 2017. REUTERS/Kai Pfaffenbach FRANKFURT Bonus cuts at German flagship lender Deutsche Bank ( DBKGn.DE ), announced in January, have so far not led to a mass exodus of employees, one of its board members told a German weekly newspaper. "Fluctuation is normal and within the usual boundaries and was even lower in January compared to the previous year," Chief Administrative Officer Karl von Rohr told Frankfurter Allgemeine Sonntagszeitung (FAS) when asked if the bank had lost staff. The cuts will see the bank''s bonus pool shrink by about 80 percent and hit about a quarter of Deutsche''s roughly 100,000 staff. Carmaker Volkswagen ( VOWG_p.DE ) on Friday announced major changes to executive pay with a cap on earnings, looking to quell widespread anger over bonuses paid even as the carmaker suffered record losses after the emissions scandal. Deutsche Bank, Germany''s flagship lender, posted a net loss of 1.9 billion euros ($2.01 billion) in the final quarter of 2016 as legal costs for past misdeeds weighed heavily on results. While Deutsche Bank has drawn a line under some major legal headaches, earmarking 4.7 billion of total litigation reserves of 7.6 billion euros for settlements such as over the sale of toxic mortgages and sham Russian trades, it is not yet out of the woods. About 20 large cases account for 90 percent of the bank''s legal provisions, von Rohr said, adding half of those had either been concluded already or were about to be completed. "The rest will hopefully be largely dealt with by the end of the year." (Reporting by Christoph Steitz; Editing by Elaine Hardcastle) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-deutsche-bank-bonuses-idUSKBN1650FP'|'2017-02-26T19:29:00.000+02:00'
'c7e7a106e0eb70e59c5151cd074115f364317330'|'HMD Global launches three new Nokia smartphones'|'BARCELONA, Spain Feb 26 HMD Global, the Finnish company that owns the rights to use Nokia''s brand on mobile phones, launched three moderately priced Nokia smartphones on Sunday that run on Google''s Android platform.Prices for the three devices, named Nokia 6, Nokia 5 and Nokia 3, range from 139 to 299 euros ($147 to $316), and they will be globally available during the second quarter.HMD, led by ex-Nokia executives and backed by Chinese electronics giant Foxconn, took over the Nokia feature-phone business last year and struck a licensing deal that gave it sole use of the Nokia brand on all phones and tablets for a decade.It will pay Nokia royalties for the brand and patents, but Nokia has no direct investment in HMD. Nokia Oyj is currently focused on telecom network equipment and technology patents. ($1 = 0.9471 euros) (Reporting by Eric Auchard, writing by Jussi Rosendahl, editing by Georgina Prodhan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/telecoms-mobileworld-nokia-corp-hmd-idINF9N0ZM02P'|'2017-02-26T13:28:00.000+02:00'
'f1dc3267bb1179a191b05e5ce9cc54dd27b47168'|'UPDATE 1-"Cowardly" Tunisian security forces let down beach attack victims -UK inquiry'|'Company   9:05am EST UPDATE 1-"Cowardly" Tunisian security forces let down beach attack victims -UK inquiry (Adds detail) LONDON Feb 28 "Cowardly" Tunisian security forces let down the victims of a shooting at a beach hotel hotel, making "deliberate and unjustifiable" delays in their journey to the scene, a UK inquiry found on Tuesday. A gunman killed 30 Britons and eight other nationals on a Tunisian beach resort in 2015, having walked nearly two miles on his killing spree before being shot dead by security forces. Islamic State claimed responsibility. Summing up after a six-week inquest, Judge Nicholas Loraine-Smith severely criticised the security forces, saying that their response had been "at best shambolic, and at worst cowardly". An inquest by Tunisian authorities was also critical of local security forces'' response. Loraine-Smith did however praise the "conspicuous personal courage" showed by some staff and guests and said neither the tour operator nor the hotel had been neglectful in the unlawful killings. The British victims had booked their trips through Thomson Holidays, which is owned by TUI Group. Families of those killed have been critical of TUI for not highlighting British government warnings around travel to Tunisia in their advertising for holidays, and not making it easier to cancel trips following a previous attack in Tunis. The resort attack took place in Sousse, 140 km (87 miles) south of Tunis, three months after an attack on a museum in Tunis, with foreign tourists taken hostage. Loraine-Smith said that TUI did not update their website following the Tunis attack, and the firm''s phone operators did not direct concerned customers to the government''s travel advice for Tunisia in the wake of the museum shooting. While critical of the security arrangements at the Tunisian hotel, Loraine-Smith said that the case did not meet the requirements for a finding of "neglect", as the tourists went on holiday freely. In Britain, a coroner''s inquest establishes the facts of an incident but does not assign legal blame or guilt. (Reporting by Alistair Smout; Editing by Michael Holden and Louise Ireland) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-tunisia-inquest-idUSL5N1GD4X7'|'2017-02-28T21:05:00.000+02:00'
'34c311e8b1fe5d1224154eae09394dcc262bf881'|'REFILE-MOVES-Amia Capital makes two more appointments, bringing ex-BTG staff to 12'|'(Refiles FEB 27 story to add dropped name, paragraph 1)By Carolyn Cohn and Maiya KeidanLONDON Feb 27 New hedge fund Amia Capital, led by the former chief investment officer Antoine Estier at Brazilian financial services group BTG Pactual''s global macro fund, has made two new appointments and now employs 12 former BTG staff, according to a source close to the matter.Ex-BlueCrest risk officer Ronan Cantwell has joined London-based Amia as chief risk officer and Neila Sula, also formerly at BTG, has joined as head of treasury, the source said.Sula''s appointment takes total ex-BTG staff to 12 out of an expected team of 20, with the three other founding partners, portfolio managers Alex Garrard and Marat Djafarov and chief executive Igor Hordiyevych, also from the firm.Amia, which will bet on global macroeconomic events, is expected to launch with $500 million by the end of the first half of 2017.Assets at BTG''s hedge fund fell sharply from $5 billion after its chairman and chief executive Andre Esteves was arrested in Nov 2015 as part of a corruption probe.Esteves was freed in April last year and although the hedge fund''s assets under management quickly fell to $150 million shortly after the arrest they will have risen to more than $750 million as of March 1, according to a spokeswoman at BTG.BTG is again looking to grow its hedge funds and private equity business, Steve Jacobs, BTG Pactual Asset Management''s chief executive, told Reuters via email earlier this month."We have been, and are in hiring mode ... as we grow the business and (assets under management]," he said. (Reporting by Carolyn Cohn and Maiya Keidan; Editing by Greg Mahlich)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/moves-amia-idINL8N1D82IA'|'2017-02-28T07:17:00.000+02:00'
'62798c854b0f21e57f8a7928e4ee66ce4801d420'|'GE''s Immelt says U.S. ''diverging'' from the world'|'Business News   2:16pm GMT GE''s Immelt says U.S. ''diverging'' from the world General Electric Co Chief Executive Jeff Immelt listens during a news conference to discuss the company''s plan to move its headquarters to the city of Boston in Boston, Massachusetts, April 4, 2016. REUTERS/Brian Snyder The United States is "diverging" from the rest of the world and will be "less of a leader in trade", General Electric Co ( GE.N ) Chief Executive Jeffrey Immelt said in a letter to shareholders. There was "deep scepticism" towards the ideas that have powered economic expansion of the industry for a generation and concepts such as "innovation, productivity, and globalisation" were being challenged and "protectionism" was on the rise, he said in the letter. ( invent.ge/2mvmLfQ ) "We''re in an era when some very basic assumptions about the global economy are being tested - an era when trust in big institutions is so low that the most valued "strategy" is simply change in any form," Immelt said. President Donald Trump has vowed to stop U.S. manufacturing from disappearing overseas and in January formally withdrew the United States from the 12-nation Trans-Pacific partnership trade deal. Trump also wants to renegotiate the North American Free Trade Agreement with Mexico and Canada. However, Immelt, also said years of bad regulatory and economic practices were being stripped away to promote competitiveness. (Reporting by Ankit Ajmera in Bengaluru; Editing by Sriraj Kalluvila) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ge-ceo-letter-idUKKBN1661M3'|'2017-02-27T21:16:00.000+02:00'
'b71fcc6d159f3630e1638ee7e2d92adde4208be3'|'Paper maker Mondi''s 2016 profit rises, see challenges ahead'|'Business News - Thu Feb 23, 2017 - 7:50am GMT Paper maker Mondi''s 2016 profit rises, see challenges ahead A general view of the Mondi paper factory is seen in Merebank, Durban November 29, 2011. REUTERS/Siphiwe Sibeko/File Photo Johannesburg South African paper and packaging company Mondi''s ( MNDJ.J ) 2016 underlying profit rose, helped by good performance in all its businesses despite pricing pressure in a number of key paper grades. Mondi, which is also listed in London ( MNDI.L ), said underlying operating profit rose 3 percent to 981 million euros ($1 billion)in the full-year to end December from 957 million euros in the previous year. Group revenue was down 2 percent to 6.6 billion euros (5.60 billion pounds)due to the impact of currency movements. "We anticipate a more challenging trading environment in certain uncoated fine paper markets following price erosion in Europe over the course of 2016, combined with emerging market currency volatility," Chief Executive David Hathorn said. The paper and packaging firm declared a dividend of 38.19 euro cents per share. Shares in Johannesburg-listed Mondi were down 1.87 percent at 294.38 rand. ($1 = 0.9482 euros)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-mondi-results-idUKKBN1620P7'|'2017-02-23T14:50:00.000+02:00'
'fa536afae4209656a5daf601726b42a491508faa'|'World stocks near record highs, dollar drifts after Fed see hike fairly soon'|'By Nigel Stephenson - LONDON LONDON World stocks held near record highs on Thursday and the dollar eked out minimal gains after minutes of the latest U.S. Federal Reserve meeting showed policymakers in no big hurry to raise interest rates.U.S. and euro zone government bond yields fell or held steady as the minutes did nothing to firm up expectations of a rate rise in March. That remains a slim prospect, with futures pricing in only an 18 percent chance, according to the CME Group''s FedWatch tool.The pan-European STOXX 600 stocks index was marginally higher and close to 14-month highs touched on Tuesday. A 4 percent fall in miner Rio Tinto and a fall of nearly 5 percent in EasyJet, which were among companies whose shares went ex-dividend, weighed on the index.Miners generally dipped as metals fell.MSCI''s broadest index of Asia-Pacific shares outside Japan edged up 0.1 percent, hovering near the highest level since July 2015 it hit on Wednesday. Earlier, the index lost as much as 0.15 percent.Japan''s Nikkei closed fractionally lower, as banks fell, and Australian shares ended down 0.4 percent.MSCI''s world index also nudged higher and was within half a point of Wednesday''s record high.The minutes showed many Fed policymakers said it may be appropriate to raise rates "fairly soon" if jobs and inflation data met expectations. But they also highlighted deep uncertainty over President Donald Trump''s economic programme.Many in markets expect rates to rise in June.The dollar edged up less than 0.1 percent against a basket of major currencies but held below highs hit on Wednesday, having fallen immediately after the minutes were released.The euro, which has been buffeted by investor nerves over France''s presidential election, to be held in April and May, was flat at $1.0556. The yen was also barely changed at 113.28. Sterling strengthened 0.2 percent to $1.2468.Along with Trump''s policies on taxes, spending and trade, markets have been trying to gauge his attitude to the dollar.He said before his inauguration that the dollar''s strength against the Chinese yuan was "killing us", raising concern in the "strong dollar" policy espoused by recent U.S. administrations could change.However, Treasury Secretary Steven Mnuchin praised the strong dollar on Wednesday, telling the Wall Street Journal it reflected confidence in the economy.Yields on 10-year U.S. Treasury bonds held steady at 2.415 percent, having fallen after the minutes.German equivalents, the benchmark for euro zone borrowing, edged up 1 basis point to 0.28 percent, having closed on Wednesday at 0.27 percent.French 10-year yields fell 2 bps to 1.01 percent, reducing the premium investors demand to hold French rather than German debt, as the emergence of a centrist pact eased concerns over the upcoming election.Francois Bayrou decided not to stand and struck an alliance with centrist candidate Emmanuel Macron, a move that is seen boosting Macron''s chances. Far-right, anti-euro party leader Marine Le Pen increased her first-round lead, a new poll showed, but is still not expected to win the run-off."Yesterday''s developments in France were positive for French bonds and broader risk appetite," said Orlando Green, European fixed income strategist at Credit Agricole in London.Oil prices rose after data showed a decline in U.S. crude stockpiles as imports fell. Brent crude last traded at $56.56, up 72 cents a barrel.Prices have been rising since the Organisation of Petroleum Exporting Countries and other oil producers agreed output cuts last year."It''s a battle between how quick OPEC can cut without shale catching up," said Tony Nunan, oil risk manager at Mitsubishi Corp in Tokyo.Copper fell almost 1 percent to $5,982 a tonne on concern about fresh regulation that could affect China''s property boom.Gold rose less than 0.1 percent to $1,238 an ounce, supported by uncertainty over the Fed rate outlook. Zinc and nickel also fell more than 1 percent.(A
'ce65e69489e7624e6e49a48e27d3dc5dda656a1a'|'BRIEF-Ladder Capital reports Q4 EPS $0.63'|' 54pm EST BRIEF-Ladder Capital reports Q4 EPS $0.63 Feb 23 Ladder Capital Corp * Ladder Capital Corp reports fourth quarter and full year 2016 results * Q4 earnings per share $0.63 * Q4 non-GAAP core earnings per share $0.37 * Q4 earnings per share view $0.39 -- Thomson Reuters I/B/E/S * Net interest income for Q4 of 2016 was $28.5 million, compared to $33.4 million for comparable period in prior year  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-ladder-capital-reports-q4-eps-idUSASB0B22J'|'2017-02-24T04:54:00.000+02:00'
'63a412550cdecf300552dc0820a449026016a7fa'|'Opel works council to seek contact with PSA labor bosses'|'Deals - Fri Feb 24, 2017 - 6:05am EST Opel works council to seek contact with PSA labor bosses A combination picture shows the logos of Opel and Peugeot car manufacturers at dealerships of the brands in Strasbourg, France, February 14, 2017. REUTERS/Vincent Kessler/File Photo FRANKFURT Opel''s European works council said it had agreed to open a line of communication with its counterpart at PSA Group ( PEUP.PA ) as the French carmaker holds talks over a tie-up with the company. PSA, the Paris-based maker of Peugeot and Citroen cars, and General Motors ( GM.N ) confirmed on Feb. 14 they were in talks over a PSA-Opel tie-up to create Europe''s second-largest carmaker by sales after Volkswagen ( VOWG_p.DE ). The news has sparked criticism in Germany and Britain amid fears of possible job losses. Opel''s European works council in a joint statement with Opel on Friday called on GM to "fulfill all agreements and commitments necessary for the success of the sites and the future company". (Reporting by Maria Sheahan; Editing by Arno Schuetze) Next In Deals Exclusive: China considers faster IPO approval to lure large tech deals - sources HONG KONG China''s securities regulator is considering offering a shortcut for some of the country''s largest technology companies to list their shares, allowing them to jump a long line of applicants and boost domestic bourses, according to six people with knowledge of the proposals. NYSE plans trial run for Snap IPO The New York Stock Exchange will conduct a trial run of Snap Inc''s initial public offering on Saturday, according to a notice given last week to stock traders, in anticipation of what is expected to be the biggest U.S. technology IPO in nearly five years. WASHINGTON Time Warner Inc said on Thursday it plans to sell a broadcast station in Atlanta to Meredith Corp for $70 million, which could help speed the company''s planned merger with AT&T Inc . MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-opel-m-a-psa-labour-idUSKBN16315V'|'2017-02-24T18:05:00.000+02:00'
'c929913c50a57e901228c9f9d526c12651b74953'|'LSE had doubts over Deutsche Boerse CEO leading merged firm: sources'|'FRANKFURT The London Stock Exchange (LSE) had doubts about the suitability of Deutsche Boerse CEO Carsten Kengeter to lead a combined company after insider trading allegations were made against him, two sources familiar with the matter said on Monday.LSE ( LSE.L ) Chairman Donald Brydon wrote an email to Deutsche Boerse ( DB1Gn.DE ) Chairman Joachim Faber to express his concerns in early February, shortly after prosecutors searched Kengeter''s apartment in connection with suspected insider trading, the sources said, adding they had seen the email.Kengeter has said the allegations made against him are unfounded.Some people familiar with the matter said the LSE''s doubts over Kengeter played a role in its decision to scupper a merger with Deutsche Boerse ( DB11.DE ). The LSE decided late on Sunday not to sell its stake in Italian trading platform MTS, a step that all but ended a planned tie-up.Other sources, however, said the LSE''s reluctance to discuss moving the headquarters of the merged company to Frankfurt from London in the wake of Britain''s vote to leave the European Union was a more important consideration.Deutsche Boerse, Kengeter and the LSE declined to comment.In his email, the LSE''s chairman said advisers had told him they were no longer sure whether Kengeter was the right person to take over as chief executive following a merger, the sources said.Faber replied to Brydon by defending Kengeter, saying the presumption of innocence must prevail, the sources added.On Feb. 7, Deutsche Boerse publicly backed Kengeter as prosecutors investigated whether secret merger talks with the LSE were under way when Kengeter bought shares in his company in December 2015.(Additional reporting by Arno Schuetze; Editing by Mark Potter)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-deutsche-boerse-m-a-lse-kengeter-idUSKBN1661WA'|'2017-02-27T19:30:00.000+02:00'
'ed6094e65b1702172d976d854e7229b355deca05'|'CORRECTED-Nikkei falls to 2-1/2 week lows, hit by strong yen, weak financials'|'(Corrects the day Nikkei''s lowest level hit in 2nd paragraph)* Nikkei falls 1.2 pct amid broader Asian equity pullback* Insurer sector worst performer on board* Mining stocks underperform after oil prices tumble on FridayBy Ayai TomisawaTOKYO, Feb 27 Japan''s Nikkei share average fell to 2-1/2 week lows on Monday as the yen strengthened and as financial stocks dropped on lower U.S. yields.The Nikkei was down 1.4 percent at 19,012.43 points by midmorning, after falling to as low as 18,995.55, its weakest level since Feb. 9.Exporters lost ground as the dollar dropped to as low as 111.925 yen on Friday, its first foray below the 112 level since Feb. 9.During Asian trade on Monday, the dollar slipped a further 0.2 percent to 112.00 on worries that U.S. President Donald Trump''s first major policy address to Congress on Tuesday will not offer many new details on his tax reform or spending pledges.Honda Motor Co dropped 2.2 percent, Advantest Corp shed 2.0 percent and Panasonic Corp declined 3.6 percent."Investors recently confirmed that Japanese corporate earnings will likely be strong next fiscal year. But if the dollar falls below 110 yen, such hopes will change," said Takuya Takahashi, a strategist at Daiwa Securities.Takahashi said that while analysts expect a double-digit gain in Japanese companies'' pretax profits for the next fiscal year starting April, a dollar-yen level below 110 would stoke concerns that companies may not achieve expected growth.Financial stocks such as insurers and banks sharply underperformed the overall market after U.S. benchmark 10-year Treasury note yields dropped to five-week lows on Friday.The insurance sector tumbled 3.7 percent and was the worst performer on the board, while the banking sector was down 2.4 percent.Dai-ichi Life stumped 4.2 percent, T&D Holdings dived 4.5 percent and Mitsubishi UFJ Financial Group fell 2.7 percent.Mining stocks were also on the defensive after oil prices tumbled about 1 percent on Friday after U.S. crude inventories rose for a seventh straight week. Oil prices were little changed in early Asian trade on Monday.Inpex Corp tumbled 3.5 percent and Japan Petroleum Exploration dropped 2.1 percent.The broader Topix fell 1.3 percent to 1,529.40 and the JPX-Nikkei Index 400 declined 1.4 percent to 13,700.22.(Editing by Kim Coghill)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/japan-stocks-midday-idINL3N1GC1HZ'|'2017-02-27T03:15:00.000+02:00'
'f6228362eb0a1f2ba4e9a87193a28b2f3b91e78f'|'Brexit could count against U.K. as base for electric Mini - source'|'Business News - Mon Feb 27, 2017 - 3:45pm GMT Brexit could count against U.K. as base for electric Mini - source left right The car interior is pictured as BMW AG introduces the 2017 electric Mini Countryman at the 2016 Los Angeles Auto Show in Los Angeles, California, U.S November 16, 2016. REUTERS/Lucy Nicholson 1/2 left right BMW AG introduces the 2017 electric Mini Countryman at the 2016 Los Angeles Auto Show in Los Angeles, California, U.S November 16, 2016. REUTERS/Lucy Nicholson 2/2 FRANKFURT Uncertainty about post-Brexit tariffs makes it harder for BMW ( BMWG.DE ) to choose Britain as a production hub for an electric Mini, a person familiar with the matter said on Monday. The source said BMW would review potential production locations in Germany, Britain and the Netherlands for manufacturing a fully battery-powered electric version of its Mini hatch, which is already being produced in Born, the Netherlands, and Oxford, England. German daily Handelsblatt had reported earlier that BMW was considering producing an electric version of its Mini compact car in Germany, rather than Britain. BMW confirmed that a decision about an electric Mini is due this year, but declined to say where the vehicle would be made. "We always consider a wide range of factors to make sure we choose the most appropriate location in each case," a spokeswoman for BMW said, adding that factors such as the availability of qualified staff and a capable supplier base were key determinants. BMW reiterated that Britain''s exit from the European Union had made long-term planning more difficult for the group. "The Brexit vote creates uncertainty for the automotive sector and uncertainty is not helpful when it comes to making long-term business decisions," BMW said. It added that it was too early to comment on what Brexit would mean for business given that formal negotiations between the U.K. and the EU have not even begun. "What<61>s important for us is that the U.K.<2E>s negotiations with the EU result in uncomplicated, tariff-free access to the EU single market in future," BMW said. (Reporting by Edward Taylor; Editing by Ruth Pitchford) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-bmw-mini-idUKKBN1661SR'|'2017-02-27T22:45:00.000+02:00'
'62dbd0658186947b1a4de6f12502242a8ec89316'|'VimpelCom returns to growth in Q4; hikes dividend, cash flow targets'|'  1:12am EST VimpelCom returns to growth in Q4; hikes dividend, cash flow targets BARCELONA Feb 27 Russian and emerging markets communications network operator VimpelCom Ltd on Monday reported a return to growth in the final quarter of last year and posted solid progress in its 18-month-old turnaround strategy, including a six-fold dividend increase. For 2017, the company lifted its growth target for revenue, excluding acquisitions and disposals, to the low single digits as a percentage, compared with its prior outlook for flat to a low single digit. It also boosted its cash flow goal. For the fourth quarter, VimpelCom posted core earnings of $783 million while service revenue rose 3 percent across its dozen country markets, with strength in Pakistan and Ukraine offset by ongoing weakness in Algeria. VimpelCom generated $588 million of underlying equity-free cash flow in 2016 and raised its 2017 target to a range of $700 million to $800 million and to more than $1 billion for 2018, reflecting a return to stable growth and cost-cutting as it works to become a faster-moving data-driven company. Introducing a new dividend policy, VimpelCom said it would pay out 23 cents a share, including a 3.5 cent interim dividend paid in December and a final dividend of 19.5 cents to be paid in April. Three years earlier, it slashed its expected dividend to a token 3.5 cents from 80 cents. ( reut.rs/2leuT2c ) (Reporting by Eric Auchard; Editing by Christopher Cushing) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/vimpelcom-results-idUSL5N1GC05Y'|'2017-02-27T13:12:00.000+02:00'
'580e472c4aa2ce94e6a6675d06c30b4706c6a839'|'Malaysia''s Petronas, Saudi Aramco to enter $7 bln oil refinery deal'|'Company News   4:08am EST Malaysia''s Petronas, Saudi Aramco to enter $7 bln oil refinery deal KUALA LUMPUR Feb 27 Malaysia''s Prime Minister Najib Razak announced on Monday that Saudi Arabia''s state oil company will invest $7 billion into an oil refinery to be set up by Malaysian oil company Petroliam Nasional Bhd (Petronas). Najib said the decision was made before noon on Monday after discussions between top executives from Petronas and Saudi Aramco to build the plant, part of Malaysia''s Refinery and Petrochemical Integrated Development (RAPID) project in Pengerang in the southern state of Johor. (Reporting by Rozanna Latiff; Editing by Christian Schmollinger) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/petronas-aramco-idUSL3N1GC37Q'|'2017-02-27T16:08:00.000+02:00'
'28cc180fe8ecdd4562697eead61922311a427a21'|'Funds prepare $2 billion oil market play as supply tightens'|'  11:19pm GMT Funds prepare $2 billion oil market play as supply tightens Used oil barrels are seen outside a garage in Cuevas del Becerro, near Malaga, southern Spain February 16, 2015. REUTERS/Jon Nazca By Catherine Ngai - NEW YORK NEW YORK Passive investment funds are poised to shift an estimated $2 billion from far-term to near-term crude futures over the next week, anticipating an energy market rally as a historic OPEC output cut slashes supply. The switch may foreshadow the end of a global oil glut that built up during a two-year price war. On Friday - for the first time in six years - a rule in one of the most popular commodity market indices was triggered, requiring funds tracking the index to sell Brent crude futures contracts for December and to buy contracts for June. The S&P GSCI Enhanced Commodity Index rule aims to ensure that investors are positioned to cash in when oil market fundamentals change - in this case, when supply becomes so tight that the current price of oil becomes higher than the price of oil for delivery many months or years into the future. That structure is called backwardation. When markets are oversupplied, the opposite is true: It is cheaper to buy crude now than to buy it for delivery later. That structure is called contango. An S&P bulletin late Friday confirmed the rule had been triggered for Brent contracts. It stipulates that the funds must bring their money forward if the second and third month contract settles at a difference of less than 0.5 percent on the third to the last day of any given trading month. On Friday, the Brent May contract price settled at $56.31 a barrel, while the June price settled at $56.55 a barrel. That would make the difference about 0.4 percent. The threshold was not breached for West Texas Intermediate crude. Investors will need to start the shift on March 1 and complete it over the next five business days, moving 20 percent of their money each day. Two traders with knowledge of the indices told Reuters that they estimated that rule impacts between 35,000 and 45,000 Brent contracts. Each contract represents 1,000 barrels. So if those predictions prove true, about 40 million barrels - worth about $2 billion - will change hands. "This is just another reason to be very bullish" about oil prices, said one trader involved with the deals, who spoke on condition of anonymity. OPEC IMPACT When the Organization of the Petroleum Exporting Countries (OPEC) and some non-OPEC producers agreed in November to cut output, they wanted to stem a flood of supply that had left the contango so deep that traders found it profitable to buy crude and store it for sale later. That dynamic pushed worldwide inventories to record levels and helped drive oil prices to multi-year lows. OPEC''s output cut, however, has tightened supply and narrowed contango, prompting traders from the United States to Asia to start selling oil from more expensive storage facilities because the contango is no longer enough for them to make a profit by holding oil. If contango narrows further, tens of millions more barrels could flood out of storage. That could put downward pressure on prices in the short term, but the move to unleash stored oil is viewed by analysts as a first step toward rebalancing global markets after a period of oversupply. The fast flow of capital into front-month contracts will make it uneconomical for traders to store physical barrels, said Michael Tran, director of energy strategy at RBC Capital Markets. "The unintended consequence" of the trading shift, he added, "is helping OPEC in its objective to draw barrels from storage." It''s not clear exactly how much money is managed by firms that benchmark off the indices, but exchange-traded funds linked to them, such as the iShares S&P GSCI Commodity-Indexed Trust, have more than $1.1 billion in assets, according to ETF Securities LLC. STORAGE PLAY THREATENED Since the OPEC output cut, the spread between the front month and se
'271a66c3bd42d244249a78e1773a859a4d73a22a'|'Sterling hits lowest in a week as Brexit jitters return'|'Foreign Exchange Analysis - Mon Feb 27, 2017 - 5:21am EST Sterling hits lowest in a week as Brexit jitters return A bank employee counts pound notes at Kasikornbank in Bangkok, Thailand October 12, 2010. REUTERS/Sukree Sukplang/File Photo LONDON Sterling fell broadly against major currencies on Monday, as the prospect of another Scottish independence vote and signs a major merger was unlikely to go through renewed fears about Britain''s future as it prepares to leave the European Union. A report in the Times newspaper said British prime minister Theresa May is preparing for Scotland to call a fresh independence referendum in March. The Telegraph newspaper meanwhile reported that May is planning to curb freedom of movement for EU citizens as soon as she triggers Article 50 - Britain''s formal notification to leave the European Union. The London Stock Exchange on Sunday all but ended a planned merger with Deutsche Boerse by ruling out meeting a European anti-trust demand, saying it has strong prospects alone. Sterling slid by as much as 0.7 percent to $1.2384, its lowest in nearly a fortnight. It last traded down 0.3 percent at $1.2431. It also fell 0.5 percent to 85.15 pence per euro. "One of the reasons [sterling is down], is the announcement that the merger between LSE and Deutsche Boerse may be off the table and I think that''s flagged sentiment," said Richard Cochinos, European head of G10 currency strategy at Citi. An adviser to the devolved Edinburgh government said last week that it is increasingly convinced it can win a new independence referendum and is thinking seriously about calling one next year as Britain leaves the EU. The pound had its strongest week last week since January on Friday, as a lack of major domestic developments in Britain saw investors'' attention drawn to the U.S. economy and European politics, giving sterling some respite. "On top of soft data from the UK recently ... these fresh signals of a ''hard Brexit'' and the risk of another Scottish referendum, enhances our view that the broader outlook for sterling remains negative," analysts from retail broker IronFX said in a note to clients. "Our favourite proxy for any potential sterling softness in the foreseeable future is still sterling/yen, considering that the looming political risks in Eurozone could strengthen the yen due to its safe haven status." (Editing by Catherine Evans) Sterling dips at end of strongest week since January LONDON Sterling slid from a 2-week high to the dollar on Friday but was still on track for its strongest weekly showing in a month as concerns about politics in the United States and Europe took investors'' focus off immediate Brexit worries.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/uk-britain-sterling-idUSKBN16614J'|'2017-02-27T17:15:00.000+02:00'
'43f181f589a473760dfd71f410ac65a992ce4297'|'Britain cuts discount rate for personal injury claims in blow for insurers'|'Money - Mon Feb 27, 2017 - 8:12am GMT Britain cuts discount rate for personal injury claims in blow for insurers LONDON Britain on Monday changed the rate at which compensation payments are calculated in personal injury claims, a move likely to increase the size of lump sum pay outs and potentially hit UK motor insurers'' profits. The Ministry of Justice cut the discount rate used to calculate lump sum payouts to minus 0.75 percent from 2.5 percent, it said in a statement, a rate that had been in place since 2001. A downwards move in the discount rate is expected to force insurers to pay out more in cash to personal injury claimants now to ensure that returns over their lifetime met the awarded compensation. "The current legal framework makes clear that claimants must be treated as risk-averse investors, reflecting the fact that they may be financially dependent on this lump sum, often for long periods or the duration of their life," the Ministry of Justice said. Admiral ( ADML.L ) said on Monday it was postponing the publication of its annual results as a result of the change, to March 8 from March 1. It estimated the net financial impact on 2016 reported profit at 70-100 million pounds. Direct Line ( DLGD.L ) last week postponed the release of its annual results until after the results of the review. It said in a statement on Monday it would update the market later in the day on the implications of the change. (Reporting by Carolyn Cohn; Editing by Rachel Armstrong) Next In Money UK average pay deal inches up to 2 percent - XpertHR LONDON British companies gave staff an average 2 percent annual pay rise in the three months to the end of January, unchanged from a year earlier, according to data on Thursday which offered little sign that employees will be shielded from rising inflation.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-insurance-discountrate-idUKKBN1660T8'|'2017-02-27T15:04:00.000+02:00'
'08c01dd19bff731e85b23601bf8b148daf8ed84b'|'AIG looks at penalising or ousting CEO over turnaround plan - WSJ'|' 53pm GMT AIG looks at penalising or ousting CEO over turnaround plan - WSJ AIG CEO Peter Hancock speaks during the White House summit on cybersecurity and consumer protection in Palo Alto, California February 13, 2015. REUTERS/Robert Galbraith American International Group Inc''s ( AIG.N ) directors are discussing whether to penalise or oust Chief Executive Peter Hancock over a major setback in the insurance firm''s turnaround plan, the Wall Street Journal reported, citing people familiar with the matter. Fifteen directors are expected to debate on various potential actions at a board meeting in early March, the report said. The goals for AIG''s restructuring plan include returning $25 billion to shareholders and becoming a "leaner, more profitable and focused insurer" by trimming its property and casualty business and shedding unwanted assets. AIG could not be immediately reached for comment. (Reporting by Nikhil Subba in Bengaluru; Editing by Anil D''Silva)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-aig-ceo-idUKKBN16626W'|'2017-02-28T01:53:00.000+02:00'
'81eab8b8b81133a923e6f74c1bd0adf4a5a7a0cd'|'PRESS DIGEST- British Business - Feb 27'|' 08pm EST PRESS DIGEST- British Business -   on the business pages of British newspapers.   The Times Frontier Economics, the consultancy helping to make the competition case for Tesco Plc''s merger with Booker Group Plc, has provoked concerns over a potential conflict of interest after winning a contract with the Competition and Markets Authority. bit.ly/2mtsbrK A government green paper suggests that struggling companies could soon be allowed to dodge their liabilities to former employees by separating out their pensions funds and setting them up as standalone entities. bit.ly/2mtqMkE The Guardian Workers in UK saw their wages fall by 1 percent a year in the period following the financial crisis, putting the country in 103rd place in a global ranking of pay growth compiled by the TUC. bit.ly/2mtsHpG Transport Secretary Chris Grayling is lobbying Japan, the country that pioneered modern high-speed trains, to buy rolling stock from Derby as part of the government<6E>s post-Brexit trade push. bit.ly/2mtvL4R The Telegraph The   Plc''s   was thrown into doubt last night after the LSE''s board said addressing EU competition concerns would be "detrimental" to the business. bit.ly/2mtse6I UK has risen a place in investors'' eyes to equal Germany as the third most-important country for company growth prospects in a sign that Brexit has not weighed on the country''s international business standing, according to analysis from PwC. bit.ly/2mttSWa Sky News Barclays Plc will this week announce the appointment of Ian Cheshire as chairman of its UK-based operations, a key milestone in its planning for new rules aimed at protecting taxpayers in a future banking crisis. bit.ly/2msBlEB The Independent Gerald Kaufman, the father of the House of Commons as the oldest serving MP, has died at the age of 86. ind.pn/2mtoNwY   Cynthia Osterman) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-press-business-idUSL3N1GC0A7'|'2017-02-27T08:08:00.000+02:00'
'b2bbf7ba6bd1a377193db91fcd504b5963d77bb9'|'French yields fall as political jitters ease, world stocks mixed'|'By Jamie McGeever - LONDON LONDON French 10-year bond yields hit a one-month low on Monday, pushing other euro zone sovereign yields lower, while a more cautious mood hung over world stock markets and the dollar, both of which struggled for clear direction.The fall in French bond yields came as polls showed centrist Emmanuel Macron would easily beat far-right candidate Marine Le Pen in May''s presidential election runoff, relieving some fears that have built up in recent weeks among investors."Macron gained further support in the polls," said DZ Bank rates strategist Rene Albrecht. "Another important point is that it looks like Hamon and Melenchon won''t merge, so there is less of a chance that we will have a left-wing candidate that could outpace Macron or Fillon."Hard-left candidates Benoit Hamon and Jean-Luc Melenchon have said they are discussing cooperation in their bid for the presidency but are seen struggling to find a common platform.World stocks and the dollar trod water, while U.S. Treasury yields recovered some ground following last week''s decline, the steepest weekly fall in months.In Europe, the French-led fall in bond yields and tightening of spreads over Germany were the most notable moves at the start of a week in which U.S. President Donald Trump''s State of the Union address on Tuesday will loom large.Trump is expected to unveil some elements of his plans to cut taxes in his joint address to Congress.France''s 10-year bond yield fell 2.5 basis points to a one-month low of 0.90 percent, outperforming euro zone peers. Safe-haven German bond yields edged higher, narrowing the gap between French peers to around 70 basis points, its tightest level in just over a week.Fears about the French election had pushed the yield gap to around 84 bps last week - the highest since late 2012.Benchmark Spanish, Italian and Portuguese yields all fell between 3 and 5 basis points.The 10-year U.S. Treasury yield rose 2 basis points to 2.335 percent. On Friday it hit a five-week low of 2.31 percent, and last week''s fall of nearly 11 basis points was the steepest weekly decline since July last year.YIELDS, DOLLAR EYE TRUMP, YELLENIt was also a mixed bag in stocks. Benchmark European markets were flat, Asian bourses fell and U.S. futures pointed to a slightly higher open on Wall Street."This morning''s moves follow what was a fairly cautious end to the week on Friday for markets," said Jim Reid, markets strategist at Deutsche Bank.MSCI''s benchmark world stock index slipped 0.1 percent to 444.53 points, on course for its first consecutive daily fall for three weeks. On Thursday, it hit a record high of 447.67 points.The index of the leading 300 European stocks was flat on the day at 1,457 points. Euro zone stocks performed better, with the index of leading 50 shares up 0.3 percent, lifted by a 0.8 percent rise in bank stocks.MSCI''s broadest index of Asia-Pacific shares outside Japan fell 0.3 percent, near the day''s lows and following Friday''s 0.7 percent fall.Japan''s Nikkei closed 0.9 percent lower, hitting a 2-1/2 week low on concerns that a stronger yen would crimp corporate earnings.Though U.S. stocks clawed their way to a higher close on Friday, major indices spent much of that day''s session in negative territory, suggesting increased caution.Yet it was the Dow''s 11th consecutive record high on Friday, which is the longest such run since 1987.In currencies, the dollar was flat on an index basis. The euro was up 0.2 percent at $1.0580, but the dollar was 0.1 percent higher against the yen at 112.30 yen and sterling was down 0.3 percent at $1.2430.In addition to Trump''s address to Congress, rates and the dollar will take their cue this week from Federal Reserve Chair Janet Yellen''s speech on Friday."In order for the Fed to really have the option of hiking next month, Yellen will have to make a much stronger case relative to what''s been said recently," Deutsche''s Reid said.In commodities, Brent crude ros
'02656e585732a38b962b075e4d6b5f3fb9892291'|'Pfeiffer tells shareholders to spurn Busch takeover offer'|'FRANKFURT German pump maker Pfeiffer Vacuum''s ( PV.DE ) management and supervisory boards told shareholders to reject a takeover offer from rival Busch as too low.Family-owned Busch has offered 96.20 euros per share for Pfeiffer, valuing the group at around 949 million euros ($1 billion) and said last week it had secured more than 30 percent of shares in Pfeiffer already.Pfeiffer said in a statement on Monday that the premium that Busch was offering was well below that paid in comparable transactions and was around a 7.5 percent discount to its share price on Feb. 10, the last trading day before Busch published its offer document.Management and supervisory boards at German companies make formal recommendations on takeover bids.Pfeiffer said it believed that Busch could actively interfere with its strategy, as it had already made several attempts to influence decisions that were up to Pfeiffer''s boards."Adding to this concern is the fact that the Busch Group has been changing its stated intentions with regard to its stake in Pfeiffer Vacuum within a short period of time," it said.The acceptance period for Busch''s bid started on Feb. 13 and runs through to March 13.Shares in Pfeiffer closed at 101.70 euros on Friday.Pfeiffer makes pumps used by manufacturers including semiconductor firms and makers of analytical devices such as electron microscopes. Busch describes itself as one of the world''s largest makers of vacuum pumps, blowers and compressors supplying all industry sectors.(Reporting by Maria Sheahan; Editing by Alexander Smith)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-pfeiffer-vacuum-m-a-busch-idINKBN1660UO'|'2017-02-27T05:13:00.000+02:00'
'd6149d396601c1a299d6830ac664ad974508391e'|'Direct Line expects lower profit before tax due to discount rate change'|' 58am GMT Direct Line expects lower profit before tax due to discount rate change A photo illustration shows insurance renewal notices from Direct Line in London October 10, 2012. REUTERS/Suzanne Plunkett Direct Line Insurance Group Plc ( DLGD.L ), Britain''s largest motor insurer, said it expected profit before tax to fall due to a change in the discount rate. Britain on Monday changed the rate at which compensation payments are calculated in personal injury claims, which is likely to increase the size of lump sum pay outs and potentially hit UK motor insurers'' profit. The UK motor and home insurer said it expects profit before tax to fall by between 215 million pounds and 230 million pounds after reinsurance recoveries. Direct Line shares were down 5.8 percent, the top losers on the FTSE 100 .FTSE (Reporting by Arathy S Nair in Bengaluru; editing by Susan Thomas)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-direct-line-ins-outlook-idUKKBN1660YC'|'2017-02-27T15:58:00.000+02:00'
'56c6876041af75ed387d08ac9088e1f85a0d0697'|'Tesla deepens recent losses after Goldman recommends selling'|'Technology News - Mon Feb 27, 2017 - 6:07pm GMT Tesla deepens recent losses after Goldman recommends selling FILE PHOTO - 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 Shares of Tesla ( TSLA.O ) dropped on Monday after a downgrade by Goldman Sachs, bringing the electric carmaker''s decline to 11 percent since its quarterly report last week stoked worries about how much cash it is using to launch its Model 3 sedan. Concerns that Tesla''s Model 3 production this year might be delayed, as well as expectations the company will sell stock to raise $1.7 billion, led Goldman Sachs analyst David Tamberrino to downgrade Tesla to "sell" from "neutral". That helped push the stock down 4.83 percent to $244.52 in morning trade on Monday. If it closes at that level, it will have been the worst three-day performance for the shares since June last year. Even with the recent drop, Tesla has surged more than 30 percent since early December and is up 14 percent in 2017. Tesla has traded between $180 and $280 in recent years, and after hitting 2015 highs earlier this month, it may be headed toward the bottom of that range, Tamberrino wrote in a note to clients. Tesla investors and short sellers disagree about whether the company will become a carbon-free energy and transportation heavyweight or be overtaken first by older, deep-pocketed manufacturers such as General Motors Co ( GM.N ). Seven analysts recommend selling Tesla''s shares, while six recommend buying and seven have neutral ratings. Few stocks on Wall Street attract more "sell" than "buy" ratings. Last May, Goldman Sachs''s previous Tesla analyst, Patrick Archambault, raised his rating on Tesla to "buy" from "neutral" hours before the bank helped launch a secondary stock offer for the company. The timing of the two events attracted attention on Wall Street because banks are required to keep their underwriting activities separate from their broker research. (Reporting by Noel Randewich; Editing by Alan Crosby) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-usa-markets-tesla-idUKKBN16624D'|'2017-02-28T01:06:00.000+02:00'
'1a3fe322cc46b10b27de8a16d3009efc2be2534b'|'BRIEF-McClatchy expects 2017 capex between $12 mln-$15 mln'|' 15am EST BRIEF-McClatchy expects 2017 capex between $12 mln-$15 mln Feb 27 McClatchy Co: * McClatchy discusses strategies and 2017 outlook at J.P. Morgan global high yield and leveraged finance conference * McClatchy Co - in 2017 company expects to realize approximately $100 million in pre-tax proceeds from real estate sales * McClatchy Co - management''s expectations for 2017 are that digital-only advertising revenue will continue at a growth rate of double-digits * McClatchy Co - print is expected to be a smaller portion of total revenues in 2017 * McClatchy Co - capital expenditures are expected to be between $12 million and $15 million in 2017 * McClatchy Co - company expects to invest an estimated $10 million in Excelerate throughout 2017 * McClatchy Co - does not expect to have a required contribution to its qualified pension plan in 2017 Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-mcclatchy-expects-2017-capex-betwe-idUSASB0B2G1'|'2017-02-27T21:15:00.000+02:00'
'4dd782960f900c83f050cbc141144b34e5d8ce72'|'SoftBank nears deal to invest $3 billion in U.S. startup WeWork: CNBC - Reuters'|'TOKYO Japan''s SoftBank Group Corp ( 9984.T ) is close to finalizing an investment in U.S. office-sharing startup WeWork, in a deal expected to be worth over $3 billion, CNBC reported on Monday.The investment under discussion is a $2 billion primary tranche of funding, followed by a secondary round worth more than $1 billion, CNBC reported, citing a source.SoftBank may increase the size of the secondary investment to nearly $2 billion for a total investment of almost $4 billion, CNBC added. If the deal closed, We Work, which provides shared workspaces largely to start-up companies, would be valued at more than $20 billion.SoftBank and WeWork declined to comment.Led by founder Masayashi Son, SoftBank has made a string of surprising acquisitions and investments over the past months, most recently an all-cash deal to buy asset manager Fortress Investment Group ( FIG.N ).Son is steering SoftBank, a diverse company that holds stakes in U.S. carrier Sprint ( S.N ), Chinese e-commerce giant Alibaba ( BABA.N ) and other firms, towards cutting-edge tech investments as the telecoms services markets mature.As part of that gameplan, SoftBank bought UK chip designer ARM Holdings, Britain''s most valuable technology company, for $32 billion, and announced with Saudi Arabia the planned creation of an investment fund that could grow up to $100 billion.Son also promised a $50 billion investment and 50,000 new jobs in the United States after meeting U.S. President Donald Trump in early December.Some of SoftBank''s moves have caused concern among analysts, as it is wrestling with a heavy debt pile.(Reporting by Ismail Shakil in Bengaluru and Makiko Yamazaki in Tokyo; Editing by Cynthia Osterman and Stephen Coates)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-wework-m-a-softbank-group-idINKBN1650Z3'|'2017-02-26T21:15:00.000+02:00'
'0d137cd7a7a01e3351ca067cbac09c347626b552'|'Grain traders prepping fish oil substitutes for aquaculture, health fads'|'Company News - Tue Feb 28, 2017 - 1:00am EST Grain traders prepping fish oil substitutes for aquaculture, health fads By Rod Nickel Feb 28 The world''s top agricultural traders and biotechnology firms are finding novel ways to make fish oil substitutes from grains and algae as they seek to cash in on consumer health fads that have led to a scarcity of the fatty acids commonly found in fish. Fish are the fastest-growing protein source in a global food supply chain straining to feed a population of nearly 7.5 billion people. To keep farm-raised fish healthy, they are fed Omega 3 fatty acids that are found in the oil of other fish. The same acids are increasingly popular in fish oil dietary supplements for humans. The surging demand has pushed fish oil prices to a record high and presented the aquaculture industry with a problem: how to source more fish oil without putting depleted global fish stocks under even more pressure. About 90 percent of marine fish stocks worldwide are already fully or partially over-fished, according to the United Nations. "We have finite fish oil, growing aquaculture and a world that needs more Omega-3s," said Mark Griffin, president of animal nutrition at Omega Protein Corp, the biggest U.S. fish oil producer. "They''re going to have to come from somewhere else." The short supply has attracted the world''s largest grain traders, such as Cargill Inc, Bunge Ltd and Archer Daniels Midland Co. These agricultural giants are in the midst of transforming themselves into food processing and ingredient suppliers as they look to diversify away from bulk trading of grains and raw materials amid a four-year global supply glut. The $2.4-billion fish oil sector is niche for major grain traders and represents a fraction of their income. But fish oil is the sort of high-return product they are targeting as they grapple with slim margins in their traditional business. As demand outstripped supply, wholesale prices in top fish oil producer Peru soared to an average of $2,986 per metric tonne in 2016, the highest ever recorded. Global annual production of fish oil has for years been limited to about 1 million tonnes, said Einar Wathne, president of Cargill''s aqua nutrition business, in an interview from Norway. "It could be a kind of showstopper for growth in aquaculture if we can<61>t find other sources for these valuable Omega-3 fatty acids," Wathne said. YELLOW FIELDS IN MONTANA Cargill''s plan to produce more fish oil could soon change the color of up to half a million acres of the landlocked Montana prairie, company executives told Reuters. The firm plans to pay farmers there to grow a new variety of canola, distinctive for its bright yellow flowers. Half a million acres would be eight times as much farmland as is currently planted with canola in the state. Vegetable oil made from canola is high in Omega-3s, and Cargill teamed up in November with chemical company BASF SE to develop a canola type by 2020 that it will use to make oils for fish food. The new canola is genetically engineered to make long chain omega-3 fatty acids by introducing genes from algae in the ocean, another source of the fats. A half million acres of canola could produce about 159,000 tonnes of oil - the equivalent of one-fifth of global fish oil supplies. "It may be appealing, an opportunity to try new crops," said Tom Clark, one of Montana''s few canola growers. But he added that managing to change farmers'' habits on such a large scale would be challenging. In addition to Cargill, Dow Chemical is developing its own variety of canola to make oil with similar Omega-3 acids as fish oil, and is counting on Canadian Prairie farmers to grow it. U.S. seeds giant Monsanto is developing soybeans that can be processed into soy oil with the Omega-3 fatty acids, for food products such as baked goods and soups. ADM launched an algae-based product DHA Natur for fish diets last year, and has "robust plans in 2017" for the product, sa
'29177d1ead164bcd12f0d1e2a8d926178e209269'|'Welcome or not, ECB buying crushes German two-year bond yields'|'  11:14am EST Welcome or not, ECB buying crushes German two-year bond yields left right FILE PHOTO:Mario Draghi (R), president of the European Central Bank (ECB), sits in his car after talks at the chancellery in Berlin, Germany, June 1, 2015. REUTERS/Hannibal Hanschke/File Photo 1/2 left right FILE PHOTO:German Chancellor Angela Merkel (front R), European Central Bank (ECB) President Mario Draghi (L), French President Francois Hollande (top R) and European Commission President Jean-Claude Juncker (top L) walk through the chancellery in Berlin, Germany, June 1, 2015. REUTERS/Hannibal Hanschke/File Photo 2/2 By Dhara Ranasinghe - LONDON LONDON Germany''s record low short-term borrowing costs have further to fall as the ECB, faced with a scarcity of eligible bonds for its monetary stimulus program, takes advantage of recent rule tweaks to buy more shorter-dated paper. Traders say the German Bundesbank, acting on behalf of the European Central Bank, has been buying bonds below the minus 0.40 percent deposit rate in the past two weeks. Speculation about further buying in this area is exacerbating demand for top-rated German debt and prolonging a move that is out of kilter with a pick-up in economic growth and inflation in the euro zone''s biggest economy. "What has changed since December is that the scarcity constraints, even if faced later in the year, are having an impact on policy today," said Frederik Ducrozet, a senior economist at Pictet. "That is the most important development and holds the most risks to markets." Aware that the ECB is on the prowl, investors can''t seem to get enough of German short-term debt, paying for the privilege of lending to the government through negative yields. Germany sold two-year bonds at record low yields at auction of minus 0.92 percent on Tuesday. "Every dealer wants to buy it because they want to sell it on to the central bank," DZ Bank strategist Ren<65> Albrecht said. To free up more bonds for its 2.3 trillion euro stimulus scheme, the ECB in December scrapped a rule that prevented it from buying bonds yielding below the depo rate or with a minimum maturity of less than two years. Having signaled it would only buy bonds yielding below the depo rate as a last resort, the ECB took markets by surprise last month by using the first available opportunity to take advantage of the rule tweak. According to Commerzbank, since the deposit floor restriction was removed in January, the Bundesbank has been increasing offers on German bonds with a one-year maturity to meet its 800 million euro daily target of asset purchases. Rabobank puts the daily buying at around 625 million euros. Given that there is about 450 billion euros of outstanding German debt in the 1 to 5 year maturity range, Rabobank says it would not be unreasonable to assume that about two-thirds, or about 400 million euros, of the daily buying target is being diverted towards shorter-dated bonds. Germany''s two-year bond yield hit a record low of minus 0.96 percent DE2YT=TWEB last week and is set to end February down 21 basis points -- the biggest monthly drop in four years. The scarcity of high-quality short-term debt, which is used as collateral in funding markets, is also driving yields lower. Concern about France''s presidential election has also boosted demand for low-risk German debt. NEW DYNAMIC But ECB buying is the main driver, suggesting that short-dated bond yields will be less effective in their traditional role as a gauge of how investors view the outlook for short-term interest rates. Another side effect is a further steepening of the government bond yield curve, seen as beneficial for the banking sector. "I think we''re going to hit minus 1 percent on two-year bond yields within the next couple of weeks," said Martin van Vliet, senior rates strategist at ING. Before Tuesday''s auction, the outstanding volume of German two-year debt stood at 106 billion euros, according to German Finance Agency data. The agenc
'4215bb9f68167bf06d621006721fffc359d568d9'|'Russian announces recall of 33,275 Nissan Qashqai cars'|' 55am GMT Russian announces recall of 33,275 Nissan Qashqai cars A Nissan Qashqai is seen at its dealership in Seoul, South Korea, May 16, 2016. REUTERS/Kim Hong-Ji/File Photo MOSCOW Russia''s standards agency, the Rosstandart, said on Monday that the local retailer of Nissan cars had informed it about the recall of 33,275 Nissan Qashqai cars due to possible risks of brake liquid leaks. (Reporting by Vladimir Soldatkin; editing by Aleksandar Vasovic)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-russia-nissan-recall-idUKKBN1660Y3'|'2017-02-27T15:55:00.000+02:00'
'47a90eb73408b013e410e99798e75065a2efb1ef'|'UPDATE 1-VimpelCom returns to growth as turnaround strategy progresses'|'* Company says delivered on all its 2016 financial targets* Hikes dividend; sets higher ''17-''18 cash flow targets* Announces raft of partnerships; corporate name change to VEON* Plans second share listing in Amsterdam as Telenor sells out (Adds CEO comments, context)By Eric AuchardBARCELONA, Feb 27 Russian and emerging markets communications network operator VimpelCom Ltd on Monday reported a return to growth in the final quarter of last year and posted solid progress in its 18-month-old turnaround strategy, including a six-fold dividend increase.For 2017, the company lifted its growth target for revenue, excluding acquisitions and disposals, to the low single digits as a percentage, compared with its prior outlook for flat to a low single digit. It also boosted its cash flow goal.Marking its determination to overhaul its telecoms business, VimpelCom said it plans to rebrand as VEON, the moniker it has adopted for the messaging app at the centre of its strategy to become a major online player.In a measure of progress in reinventing itself as an Internet player, VimpelCom said it had struck its first three distribution partnerships with Vivendi SA''s Studio+, music streaming service Deezer SA and MasterCard Inc .VEON is a new-model messaging app designed to compete with the likes of Facebook Inc''s WhatsApp and Rakuten Inc''s Viber by offering free services to customers over its network without users incurring data charges as other apps do.VimpelCom aims to offer basic communication for free, while taking a cut of proceeds from partnerships with popular internet services it offers through its app, using data insights it can glean as a network operator."We want to take this company from a telecom company to a tech company," VimpelCom Chief Executive Jean-Yves Charlier told Reuters in an interview ahead of the earnings results. "The group is in a very solid position as it moves into 2017," he added.The VEON messaging app was introduced in November in Italy and has been downloaded by nearly 1 million users since, Charlier said. It ranked among the top five social media apps in Italy in February, according to data by market research firm SimilarWeb. ( reut.rs/2lSQEZn )The Amsterdam-based company is among the world''s 10 largest communications network operators with more than 200 million customers.VimpelCom, which operates in a dozen markets including Russia, Italy, Algeria, Pakistan and Bangladesh, aims to make a clean break from a corruption scandal in which it was accused of using shell companies and phoney contracts to funnel funds to a close relative of the president of Uzbekistan. A year ago, it paid $795 million to settle a U.S. and Dutch investigation into the scheme.Charlier, the former chief executive of SFR, Vivendi''s French telecom business before it was sold to Altice NV , joined in 2015 to undertake a house-cleaning, setting a strategy to first stabilise existing VimpelCom businesses before seeking to fuel faster growth with the internet."The first stage for all of this is to regain credibility with investors and financial markets," he said.VimpelCom''s makeover is among the more radical reincarnations being considered by the world''s telecom industry, which is stuck in a rut of falling prices and tight regulation ( reut.rs/2mkvXXm ).EXPANDING SHAREHOLDER BASEVimpelCom said it aims to expand its free float to 45 percent of shares to draw more European investors in coming months. On Monday, it set out plans for a second listing on the Euronext exchange in Amsterdam besides its current Nasdaq listing.The larger float is the result of the decision by Norwegian emerging markets telecoms operator Telenor ASA to completely sell its one-time $2.5 billion investment in VimpelCom, following sharp disagreement over strategy ( reut.rs/2kYH742 ).Russian billionaire Mikhail Fridman holds 48 percent of VimpelCom and is said to be fed up with the commodity-like trends of the telecoms business.VEON is developi
'3d6ebd4fa1010cfa8be73d31d9940bf7a0033bfe'|'La Jolla''s low blood pressure treatment clears key study'|' 04am EST La Jolla''s low blood pressure treatment clears key study Feb 27 La Jolla Pharmaceutical Co said its lead experimental drug to treat low blood pressure met the main goal of a late-stage study on patients with distributive shock who have not adequately responded to existing treatments. Distributive shock is a state in which the heart is pumping well enough, but the blood is not distributed properly to the vital organs leading to severe hypotention. The drug, LJPC-501, is La Jolla''s formulation of a natural peptide that regulates blood pressure. (Reporting by Natalie Grover in Bengaluru; Editing by Savio D''Souza) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/la-jolla-pharm-study-idUSL3N1GC3J2'|'2017-02-27T18:04:00.000+02:00'
'ad9cddc8655aa0a8d91701f5b6046c520c36bd94'|'Wall St. to open slightly lower after record run'|' 57am EST Wall St. to open slightly lower after record run Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., February 22, 2017. REUTERS/Brendan McDermid By Yashaswini Swamynathan U.S. stocks looked set to open slightly lower on Monday as investors paused to assess Wall Street''s recent record-setting run. Investors will be closely watching President Donald Trump''s address to a joint session of Congress on Tuesday evening for clues on his proposed tax reform and his plans to overhaul the Affordable Healthcare Act. Trump''s promise a few weeks ago of a "phenomenal" tax announcement helped rekindle a post-election rally, driving the main U.S. markets to record highs. But since then, markets have traded range-bound amid caution due to sparse details on Trump''s agenda. Utilities and telecom services stocks - traditionally defensive plays of the S&P 500 index - outperformed the other sectors last week. The Dow Jones Industrial Average .DJI hit its 11th straight record close on Friday, despite just a 0.05 percent rise. "The market activity suggests another mixed session today as investors await the key events of the week," Peter Cardillo, chief market economist at First Standard Financial wrote. Dow e-minis 1YMc1 were down 15 points, or 0.07 percent at 8:31 a.m. ET, with 28,798 contracts changing hands. S&P 500 e-minis ESc1 were down 1.5 points, or 0.06 percent, with 179,384 contracts traded. Nasdaq 100 e-minis NQc1 were down 10.5 points, or 0.2 percent, on volume of 27,353 contracts. Among stocks, electric carmaker Tesla ( TSLA.O ) slipped 3.1 percent to $249 in premarket trading after Goldman Sachs downgraded the company''s stock to "sell" from "neutral" and lowered its price target. Apple ( AAPL.O ) edged up 0.2 percent after Warren Buffett told CNBC that Berkshire Hathaway ( BRKa.N ) had bought 120 million shares of the iPhone maker this year. La Jolla Pharmaceutical ( LJPC.O ) jumped 30 percent to $25.76 following the success of its lead experimental drug in a late-stage study. Shutterstock ( SSTK.N ) dropped 11 percent to $46 after the stock image provider reported quarterly revenue that missed analysts'' average estimate. (Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Sriraj Kalluvila)  '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-stocks-idUSKBN1661KL'|'2017-02-27T20:57:00.000+02:00'
'8f2ccd44236463d7faa85872ef3f64710d275abe'|'BRIEF-Level 3 communications says entered into 12th amendment agreement to existing credit agreement'|' 18am EST BRIEF-Level 3 communications says entered into 12th amendment agreement to existing credit agreement Feb 27 Level 3 Communications Inc: * Level 3 Communications Inc- on February 22 unit entered into a twelfth amendment agreement to existing credit agreement - sec filing * Level 3 Communications Inc- tranche b 2024 term loan matures on February 22, 2024 - sec filing * Level 3 Communications - amendment to credit agreement to incur $4.6 billion in borrowings under existing credit agreement through new tranche b 2024 term loan * Level 3 Communications - proceeds of tranche b 2024 term loan used to pre-pay level 3 financing''s $815 million tranche b-iii 2019 term loan among other things Source text - bit.ly/2lgdmXG  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-level-3-communications-says-entere-idUSFWN1GC0TB'|'2017-02-27T21:18:00.000+02:00'
'88c0e2112632fba2dc14dda7b975bcb76e2d5d7a'|'Philip Green agrees 363 million pounds BHS pension deal with regulator'|' 44pm GMT Philip Green agrees 363 million pounds BHS pension deal with regulator Businessman Philip Green arrives for the Burberry 2010 Autumn/Winter collection during London Fashion Week, February 23, 2010. REUTERS/Luke MacGregor/File Photo LONDON Britain''s pensions regulator has agreed a cash settlement worth up to 363 million pounds with Philip Green, the former owner of collapsed department store BHS, it said on Tuesday. The regulator said the arrangement has the support of the trustees of the two BHS pension schemes. It will see Green provide funding for a new independent pension scheme to give pensioners the option of the same starting pension as they were originally promised by BHS, and higher benefits than they would get from the Pension Protection Fund (PPF). Billionaire Green owned BHS for 15 years before he sold the loss-making 180-store chain to Dominic Chappell, a serial bankrupt with no retail experience, for one pound in 2015. BHS went into administration in April 2016 and the last of its stores closed in August. Some 11,000 jobs were lost. ($1 = 0.8043 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-britain-retail-bhs-pensions-idUKKBN1671QA'|'2017-02-28T21:44:00.000+02:00'
'030f6dc74272c35bc87ccb891c52a53b546c1e1e'|'Years-long dream of European exchange ended in half an hour'|'By Andreas Kr<4B>ner , John O''Donnell and Foo Yun Chee - BRUSSELS/FRANKFURT BRUSSELS/FRANKFURT After more than a year of negotiations, Deutsche Boerse got only 30 minutes notice on Sunday from the London Stock Exchange that their planned merger was effectively over, sources familiar with the talks told Reuters.The LSE, in a highly unusual step, was about to publish a statement saying it would reject European Union demands needed to win approval for the 29 billion euro ($30.7 billion) deal.London''s lack of consultation with its merger partner underscores a breakdown in relations that officials and executives involved in the talks say was as responsible as any antitrust condition for the failure of the latest attempt to combine the two exchanges.The LSE move followed weeks of acrimony over German pressure to give Frankfurt preeminence as the headquarters for the combined firm over London, sources told Reuters.Its refusal to sell the MTS Italian fixed income trading business and its prediction that Europe''s antitrust authorities would likely block the deal, have all but ended the merger and knocked the share prices of LSE and Deutsche Boerse, both of which declined to comment on Tuesday.Talks were derailed by German demands that the headquarters be moved to Frankfurt and an investigation by state prosecutors into possible insider trading by Carsten Kengeter, the chief executive of Deutsche Boerse who was set to lead the combined group, the sources said. Kengeter denies any wrongdoing."There have been tensions for a longer time," said one person with knowledge of the negotiations.In early February, Thomas Schaefer, the finance minister of the state of Hesse, home to Deutsche Boerse, called for the headquarters to move to Germany because of Britain''s planned departure from the European Union.His remarks were the clearest such public demand in Germany and were noticed by lawmakers in Westminster, who afterwards held a rare public debate in the British parliament on the future of the LSE, with some questioning the merger.Schaefer had anticipated the resistance that his demand would meet in London. "They don''t want to be the first to send a clear signal that Brexit has unavoidable disadvantages for Britain," he told Reuters.Deutsche Boerse had attempted to find a compromise, fearing that German authorities would otherwise block the deal, said two people familiar with the negotiations.In the weeks that followed Schaefer''s remarks, Deutsche Boerse made attempts to discuss establishing a joint holding company with LSE, similar to that of Franco-German group Airbus."We could have talked about it and come to the conclusion that we could not agree," said one source. "But the LSE didn''t even want to speak about it."MISTRUSTThe sudden move by the LSE came despite what sources familiar with thinking at the European Commission have described as a willingness, in principle, to give its blessing to the deal to create Europe''s biggest stock market.Those people said EU antitrust officials feared that rejecting the deal would allow a rival from outside Europe, for example, Asia, to buy the London Stock Exchange (LSE), thereby dwarfing continental rivals.It nonetheless imposed strict preconditions, including the sale of MTS. A spokesman for EU antitrust chief Margrethe Vestager said on Tuesday its handling of the case was based on "facts and law and not other considerations".For some observers, the breakdown is no surprise.Dirk Schiereck of the technical university of Darmstadt, who carried out a study on the merger, predicted it last week."The Germans are afraid of London''s dominance and the Londoners are worried that Frankfurt could take away business," he told Reuters in the days ahead of the LSE''s statement.It leaves the future strategy of the exchanges uncertain and lingering disappointment in both financial centers."Frankfurt lost having a feather in its cap," Sharon Bowles, a non executive director of London Stock Exchange pl
'534524bde00c289caff8da80b54db715408787b9'|'Coal revival means big stock bonuses at bankrupt Peabody'|'Money   11:33am IST Coal revival means big stock bonuses at bankrupt Peabody LIVE COVERAGE: By Tracy Rucinski and Tom Hals - CHICAGO/WILMINGTON, Del. CHICAGO/WILMINGTON, Del. A year ago, Peabody Energy Corp''s chief executive was presiding over $2 billion of losses as the world''s largest private sector coal miner spiralled into bankruptcy. Now, CEO Glenn Kellow and other top executives stand to reap tens of millions of dollars in stock bonuses under Peabody''s bankruptcy exit plan, which sets aside 10 percent of newly minted shares for employees. The executives would collect a big portion of that stock when the company exits bankruptcy, expected in April. The shares would be worth about $15 million for Kellow and between $3 million and $5 million for each of five other executives, according to a company estimate. But some shareholders and creditors who are challenging Peabody in bankruptcy court say the executives could reap a much bigger windfall. That''s because Peabody''s estimate severely undervalues the stock, they argue. The company''s valuation, they contend, fails to properly reflect the impact of President Donald Trump''s unexpected election victory and regulatory changes in Beijing that have stoked demand for coal in China. The critics include hold-out creditors who complain they are getting shorted by a deal hammered out by Peabody executives and hedge funds that hold the bulk of the company''s debt, which totals about $8 billion. The funds - led by Elliott Management, Discovery Capital Management and Aurelius Capital Management - would benefit from a lower valuation because it would give them more shares of the newly created Peabody stock, which will be used to pay off their bonds. "You''d think this was one of the hottest IPOs in the world," said Fredrick Palmer, who retired from Peabody in 2014 as a senior vice president and will be left with Peabody''s old and essentially worthless stock. Some shareholders and creditors are expected to oppose Peabody''s Chapter 11 exit plan when the company seeks approval from the U.S. Bankruptcy Court in St. Louis in March. By any estimate, the stock in Peabody''s management incentive plan is unusually valuable for a bankrupt company. Peabody predicts it will be worth $310 million based on a $3.1 billion market capitalization, a figure the company said is appropriate given the volatile nature of global commodity markets. Critics contend the stock could be worth up to three times that amount. Palmer estimates the initial stock award to Kellow could be worth as much as $43.5 million. That would top all restricted stock grants in 2015 by U.S. public companies with at least $1 billion in revenue, according to a survey by the Equilar consulting firm. Peabody spokesman Vic Svec disputed Palmer''s estimate and said that one-time bankruptcy exit awards should not be compared with other companies'' annual stock grants. Peabody followed widely accepted pay practices for companies in Chapter 11, Svec said, and offers stock grants to all 7,000 of its employees. Companies emerging from bankruptcy generally give stock to executives to align the interests of management with new shareholders, who are usually former creditors. The percentage of stock being granted to Peabody executives is standard for a company exiting Chapter 11, according to John Dempsey, a partner at the Mercer consulting firm. AN UNLIKELY RALLY IN COAL The potentially high stock value stems from an unexpectedly positive near-term outlook for the coal industry, based in part on Trump''s promises of deregulation. "Many coal companies were convinced that Hillary Clinton would seek to destroy the industry," said Nathan Yates, director of research at Forward View Consulting. For a bankrupt company, Peabody has drawn unusually high interest among investors. The company''s bonds rallied in recent months, and the miner was able to easily raise money in financial markets. Creditors including the Appaloosa Management hedge f
'8c745258b1f659fd26778a0265376bb298350c6e'|'Huawei seeks to exploit Samsung gap with new smartphone'|'BARCELONA Feb 26 Huawei is introducing a mass-market version of its premium business phone, to take advantage of a gap created by the withdrawal of Samsung''s flagship Galaxy Note 7 after a crisis with its batteries catching fire.Huawei has aggressively expanded its mid- to high-end phones and is going head to head in Asia and Europe with Apple and Samsung in the premium phone market.Huawei''s new P10 line is expected to be cheaper than the business-oriented Mate 9, with new features including facial detection that can tell whether a user is taking a selfie or a picture with more people and select its camera mode accordingly.Huawei, the world''s third-largest phone maker after Apple and Samsung, is seen by industry analysts as having the best hope among rival Android smartphone makers of capitalising on Samsung''s woes.Richard Yu, chief executive of Huawei''s consumer business, said last year he wanted to make Huawei the world''s No. 2 phone maker within two years even before Samsung''s Note 7 meltdown.Huawei unveiled the P10 and larger P10 Plus at the annual Mobile World Congress in the Spanish city of Barcelona on Sunday. They feature dual Leica rear camera lenses, a 40 percent boost in battery life and software automation improvements.While these features are similar to those found in the company''s top-of-line Mate 9 smartphone, launched in November, the new models are expected to sell for as much as $100 less per device, if Huawei follows its traditional pricing strategy.The company has yet to disclose the actual price of the P10 line, which can also learn about users'' habits and automatically put the most frequently used apps in easy reach.Samsung withdrew the Galaxy Note 7 last October after faulty batteries led some devices to catch fire, leading to a loss of consumer trust, wiping out $5.3 billion of operating profit, and allowing Apple''s iPhone to overtake it in sales.It has not launched new models since then and is expected to reintroduce its flagship S8 phone in April.Samsung''s smartphone market share dropped to 17.7 percent in the fourth quarter, while Apple''s rose to 17.8 percent, according to market research firm Strategy Analytics.Huawei, which made its name as a builder of telecom networks and only entered the phone market this decade, narrowed the gap, expanding its market share to 10.2 percent from 8.1 percent in the last quarter of 2015.Huawei also presented a new smartwatch, two years after it entered the market. The Watch 2 has a sporty look and targets fitness users. (Reporting by Harro ten Wolde; Editing by Georgina Prodhan and Elaine Hardcastle)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/telecoms-mobileworld-huawei-idINL8N1GA0OD'|'2017-02-26T10:30:00.000+02:00'
'7decddecbc2c0fa34fdefe22045fd7972c36c604'|'UK insurer esure Group sees 2016 profit ahead of expectations'|' 29am GMT UK insurer esure Group sees 2016 profit ahead of expectations British insurer esure Group Plc ( ESUR.L ) said it expected 2016 group profit to be ahead of market expectations, helped by strong investment return. The company, which provides insurance to drivers and home owners across the UK, said its gross written premium for 2016 rose 19 percent to 655 million pounds ($812.3 million). Underlying profit after tax for 2016 is expected to be 73.4 million pounds, according to a company-compiled consensus. Separately, Britain on Monday changed the rate at which compensation payments are calculated in personal injury claims, a move likely to increase the size of lump sum pay outs and potentially hit UK motor insurers'' profit, including that of esure Group. The company said the discount rate announced was lower than it had allowed for as at Dec. 31, 2016 and that the group would see a further net impact of 1 million pounds in 2017. ($1 = 0.8063 pounds) (Reporting by Rahul B in Bengaluru; Editing by Gopakumar Warrier) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-esure-group-outlook-idUKKBN1660VV'|'2017-02-27T15:29:00.000+02:00'
'186fc0e8f5754a2283e059b8655d896046b4538c'|'Underwriter Hiscox considers two EU countries ahead of Brexit'|'Business News - Mon Feb 27, 2017 - 7:29am GMT Underwriter Hiscox considers two EU countries ahead of Brexit Lloyd''s of London underwriter Hiscox Ltd ( HSX.L ) is in talks with regulators in two European Union countries over setting up a new legal insurance base as it looks to continue servicing EU clients after Britain leaves the bloc. Hiscox, which underwrites a range of risks from oil refineries to kidnappings, said it expected to begin the process of incorporating the legal entity in the first half of the year, so that it could write new business using the new entity before the end of 2018. (Reporting by Esha Vaish and Noor Zainab Hussain in Bengaluru; editing by Susan Thomas) Next In Business News Exclusive - Wal-Mart launches new front in U.S. price war, targets Aldi in grocery aisle Wal-Mart Stores Inc is running a new price-comparison test in at least 1,200 U.S. stores and squeezing packaged goods suppliers in a bid to close a pricing gap with German-based discount grocery chain Aldi and other U.S. rivals like Kroger Co , according to four sources familiar with the moves.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-hiscox-idUKKBN1660QP'|'2017-02-27T14:29:00.000+02:00'
'c9859b1f65f52cb23b0f304b892d538a4ca7f33a'|'U.S. fourth-quarter economic growth unrevised at 1.9 percent'|'Business   1:37pm GMT U.S. fourth-quarter economic growth unrevised at 1.9 percent A woman shops at The Grove mall in Los Angeles November 26, 2013. REUTERS/Lucy Nicholson WASHINGTON - U.S. economic growth slowed in the fourth quarter as previously reported, with robust consumer spending offset by downward revisions to business and government investment. Gross domestic product increased at a 1.9 percent annual rate, the Commerce Department said on Tuesday in its second estimate for the fourth quarter, confirming the estimate published last month. Output increased at a 3.5 percent rate in the third quarter. The economy grew 1.6 percent for all of 2016, its worst performance since 2011, after expanding 2.6 percent in 2015. Economic data early in the first quarter has been mixed, with retail sales rising in January but homebuilding and business spending on capital goods easing. The economy may get a boost from President Donald Trump''s proposed stimulus package of sweeping tax cuts and infrastructure spending as well as less regulation. Trump, who pledged during last year''s election campaign to deliver 4 percent annual GDP growth, has promised a "phenomenal" tax plan that the White House said would include tax cuts for businesses and individuals. Details on the proposal remain vague, though Treasury Secretary Steven Mnuchin said on Sunday that Trump would use a policy speech to Congress on Tuesday night to preview some aspects of the tax reform plans. Economists polled by Reuters had expected fourth-quarter GDP would be revised up to a 2.1 percent rate. Consumer spending, which accounts for more than two-thirds of U.S. economic activity, was revised sharply higher to a 3.0 percent rate of growth in the fourth quarter. It was previously reported to have risen at a 2.5 percent rate. Some of the increase in demand was met with imports, which increased at a 8.5 percent rate rather than the 8.3 percent pace reported last month. Exports declined, leaving a trade deficit that subtracted 1.70 percentage point from GDP growth as previously reported. There was a small downward revision to inventory investment. Businesses accumulated inventories at a rate of $46.2 billion in the last quarter, instead of the previously reported $48.7 billion. Inventory investment added 0.94 percentage points to GDP growth, down from the 1.0 percentage point estimated last month. Business investment was revised lower to reflect a more modest pace of spending on equipment, which increased at a 1.9 percent rate instead of the previously estimated 3.1 percent pace. That was still the first increase in over a year and reflected a surge in gas and oil well drilling in line with rising crude oil prices. Spending on mining exploration, wells and shafts increased at a 23.6 percent rate instead of the previously reported 24.3 percent pace. It declined at a 30.0 percent pace in the third quarter. Investment in nonresidential structures was revised to show it falling at a less steep 4.5 percent pace in the fourth quarter. It was previously reported to have declined at a 5.0 percent rate. Spending on residential construction increased at a 9.6 percent rate, which was downwardly revised from the 10.2 percent pace reported last month. The rebound followed two straight quarterly declines. Government spending increased at a 0.4 percent rate in the fourth quarter, rather than the previously reported 1.2 percent pace of growth. (Reporting by Lucia Mutikani; Editing by Paul Simao) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-economy-gdp-idUKKBN1671KZ'|'2017-02-28T20:37:00.000+02:00'
'34383a11c32cabd94233620ba472d929c15deba9'|'How drones are helping design the solar power plants of the future - Guardian Sustainable Business'|'A t the edge of a plot of muddy farmland, a few miles down the road from the University of California at Davis, an engineer takes a few quick steps across crop rows and lets go of a three-foot drone. Within seconds, the device <20> which weighs less than 2lbs and carries a powerful camera <20> ascends hundreds of feet into the cold, clear, blue sky and begins to snap detailed photos of the ground far below, including a long row of large solar panels mounted on steel poles.This flight is just a test, demonstrated by Kingsley Chen, the drone fleet coordinator for SunPower at the solar company<6E>s research and development center, which is under construction and about a two-hour drive northeast of the San Francisco Bay Area. The drone will enable SunPower to survey a wide region and help design a solar power farm that can fit more solar panels on a piece of land, more quickly and for lower costs than it previously could.Why is corporate America picking wind power over solar? Read more The test highlights a growing use of the latest computing technologies <20> drones, robots, software, sensors and networks <20> by US companies to design, build and operate solar farms. After seeing the prices of solar panels drop dramatically over the past decade, companies are looking for new ways to cut costs and compete with fossil fuel power through project design.Cutting down the amount of land used by solar farms has additional benefits, particularly in places like California. It minimizes environmental impact, an issue that can be controversial for large projects built for utilities because they tend to spread across hundreds of acres of land in remote regions. Some of these projects have riled environmentalists, attracted lawsuits and forced solar companies, including SunPower, to commit money for land for wildlife conservation.<2E>Solar companies and service providers are using many different types of technology to optimize both the deployment of solar and the operations and maintenance of solar,<2C> says Justin Baca, the vice president of markets and research for the solar group Solar Energy Industries Association. He adds: <20>It<49>s all about cutting costs.<2E>An increase in tech investment could help to boost growth as more large solar and wind farms come online in the US and worldwide over the next few decades. The US Energy Information Administration predicts that more solar power plants will be built and provide 1.4% of the country<72>s electricity by 2018, up from less than 1% in 2016. While solar makes up a tiny portion, it<69>s among the fastest-growing sources of new electricity generation capacity in the country.Facebook Twitter Pinterest Marc Grossman, principal design engineer at SunPower, at his work station at the company<6E>s R&D center in Davis, California. Photograph: Robert Durrell for the Guardian Solar Tetris <20>It<49>s like a big Tetris puzzle,<2C> says Matt Campbell, vice president of power plant products at SunPower, as he and his team show off the company<6E>s solar farm design software.On a screen is a detailed image of land that one of SunPower<65>s 10 survey drones has collected from the sky. Overlaid on the photos are Tetris-looking colored blocks that represent solar panels and inverters, which convert the direct current produced by the panels into electricity for the grid. A SunPower engineer can use the software to fit as many of the blocks as possible while laying out the configuration of a power plant.The company designed its algorithms to take into account hundreds of factors that a human engineer might overlook, such as where transmission lines will be or how much shade will be created by the panels as they follow the sun throughout the day.A decade ago, a survey of a project site would require dispatching a crew to gather information such as the steepness of a slope and the vegetation of the region, explains SunPower<65>s CEO and president Tom Werner. In contrast, using the software and drones enables engin
'fbd4c6a188aa3528bde836d4d34229c88928cfab'|'SoftBank nears deal to invest $3 billion in U.S. startup WeWork - CNBC'|'Business News - Sun Feb 26, 2017 - 11:34pm GMT SoftBank nears deal to invest $3 billion in U.S. startup WeWork - CNBC A man talks on the phone as he stand in front of an advertising poster of the SoftBank telecommunications company in Tokyo October 16, 2015. REUTERS/Thomas Peter Japan''s SoftBank Group Corp ( 9984.T ) is close to finalising an investment in U.S. office-sharing startup WeWork in a deal expected to be worth over $3 billion, CNBC reported on Sunday. The investment under discussion is a $2 billion primary tranche of funding, followed by a secondary round worth more than $1 billion, CNBC reported, citing a source. cnb.cx/2lVk0X5 SoftBank may increase the size of the secondary investment to nearly $2 billion for a total investment of nearly $4 billion, CNBC added. SoftBank could not immediately be reached for comment. WeWork declined to comment. (Reporting by Ismail Shakil in Bengaluru; Editing by Cynthia Osterman) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-wework-m-a-softbank-group-idUKKBN1650Z1'|'2017-02-27T06:34:00.000+02:00'
'c1364706ec0ea51923e77466096d5fa6f5d30d3f'|'CANADA STOCKS-TSX flat as banks weigh, gold miners gain'|'Company   10:47am EST CANADA STOCKS-TSX flat as banks weigh, gold miners gain (Adds details on specific stocks, updates prices) * TSX down 22.7 points, or 0.15 percent, at 15,510.77 * Seven of the TSX''s 10 main groups move lower TORONTO, Feb 27 Canada''s main stock index was barely lower in morning trade on Monday, with investors pulling back from major banks ahead of their earnings later in the week, while gold miners and energy stocks gained with higher commodity prices. Valuations in Canada''s financial services sector have risen steadily since early 2016 and particularly since the U.S. election in November on expectations of softer financial regulation, lower tax rates and higher interest rates. Investors are waiting for U.S. President Donald Trump to outline plans for tax cuts, infrastructure spending, levies on imports and foreign policy in a speech on Tuesday night. Auto parts maker Magna International Inc, which is sensitive to the possibility of a border adjustment tax, advanced 2.1 percent to C$57.62 after falling sharply on Friday, when the index notched its steepest fall in over five months. At 10:40 a.m. ET (1540 GMT), the Toronto Stock Exchange''s S&P/TSX composite index fell 3.21 points, or 0.02 percent, to 15,530.26. Seven of its 10 main sectors fell. The index is trading near its lowest since Feb. 8, after hitting an all-time high last week. Bank of Nova Scotia fell 0.7 percent to C$79.82 and Bank of Montreal slipped 0.4 percent to C$99.55. Both banks are due to report quarterly earnings on Tuesday. Toronto-Dominion Bank, which reports on Thursday, lost 0.8 percent to C$68.74 and National Bank of Canada, which reports on Wednesday, declined 0.4 percent to C$99.55. Gold miners gained as the precious metal steadied near to the 3-1/2 month highs hit last week. Barrick Gold Corp advanced 1.3 percent to C$25.93 and Goldcorp Inc advanced 2.0 percent to C$22.135. Pipeline company Enbridge Inc advanced 1.2 percent to C$54.84 after announcing the completion of its acquisition of Spectra Energy Corp. The broader energy group climbed 0.7 percent, with oil prices up as investors showed record confidence in prices rising further. Valeant Pharmaceuticals International Inc advanced 3.2 percent to C$21.87 after the company said it would expand by 40 percent the sales force for its Salix gastrointestinal unit. (Reporting by Alastair Sharp; Editing by Nick Zieminski) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-idUSL2N1GC0Q2'|'2017-02-27T22:47:00.000+02:00'
'd92b9a641752a7e5b6992b8ef08226c003614b84'|'UPDATE 1-Russia proposes creating aluminium OPEC - Trade Minister'|'Commodities  01pm EST Russia proposes creating aluminum OPEC: Trade Minister An employee walks past rolls of aluminum foil in a shop of the Rusal''s SAYANAL foil mill outside the town of Sayanogorsk, Russia, September 3, 2015. REUTERS/Ilya Naymushin MOSCOW Russia is proposing the creation of an OPEC-like organization for the global aluminum industry, TASS news agency quoted Russian Industry and Trade Minister Denis Manturov as saying on Monday. Russia''s Rusal was overtaken by China''s Hongqiao as the world''s biggest aluminum producer several years ago, as Rusal cut back its production capacity due to a fall in prices. Manturov told reporters about the idea of an aluminum-making group on the sidelines of an economic conference in Russia''s Black Sea resort of Sochi. OPEC, the Organization of the Petroleum Exporting Countries, unites some of the world''s largest oil producers. Its members, together with non-OPEC oil producers such as Russia, agreed to reduce oil production and support global prices in 2016. "It is currently at the stage of a proposal," Manturov told reporters. "At the first stage" of creating such an organization for aluminum, participation of officials such as industry ministers "would be enough". "What is more important is that all governments, which are the main producers and exporters of primary aluminum, agree on principles of single policy in the area of standards and technology," the minister said. Rusal, controlled by Russian tycoon Oleg Deripaska, was not available for immediate comment. Shareholders include trading giant Glencore and Russian businessmen Viktor Vekselberg and Mikhail Prokhorov. Rusal''s 2016 production rose one percent year-on-year to 3.685 million tonnes and is expected remain stable in 2017. Prices for aluminum, used in transport and packaging, have risen 12 percent in London since the start of 2017. The metal closed 0.85 percent up at $1,901 a ton on Monday. (Reporting by Polina Devitt; Editing by Greg Mahlich/Ruth Pitchford) Next In Commodities'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-russia-aluminium-minister-idUSKBN166240'|'2017-02-28T00:52:00.000+02:00'
'67fa1bbdfbf17c0bb2b00d41c537c59cffabcdb5'|'FTSE gains despite insurers, LSE weakness'|'Business News - Mon Feb 27, 2017 - 10:36am GMT FTSE gains despite insurers, LSE weakness FILE PHOTO: A man walks 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 was up on Monday, boosted by earnings updates and a weak sterling, while motor insurers were hit by a regulatory change which could lead to higher payouts, and merger disappointment weighed on LSE shares. The FTSE .FTSE was up 0.2 percent by 0940 GMT. It was set to end the month 2.2 percent higher, after having retreated last month. Sterling fell to a 12-day low, supporting the foreign-currency earning index higher. Admiral ADM.L and Direct Line ( DLGD.L ) were top fallers on the index, down 4.5 to 7.4 percent. The motor insurers were hit by the government''s reduction of a rate which discounts certain large motor claims. The Ministry of Justice cut the discount rate to minus 0.75 percent from 2.5 percent. "We expect today''s change to lead to premium price increases, in addition to those required to pass on ongoing non-bodily injury claims inflation," UBS analysts said in a note. Direct Line said it expected profit before tax to fall by 215-230 million pounds. Consultancy PwC said the rate change would add 50 to 75 pounds to the average motor insurance policy. Direct Line was headed for its worst day since June, while Admiral was experiencing its heaviest losses since August. Insurer Aviva was also down 1.1 percent. London Stock Exchange ( LSE.L ) was a top faller after its plans to merge with Deutsche Boerse faltered. LSE said it believed the European Commission is unlikely to provide clearance for the merger with its German peer. LSE shares were down 3.2 percent, headed for their worst day since the Brexit referendum aftermath in June. RBS ( RBS.L ) was down 1.8 percent, maintaining Friday''s move down after the bank''s results disappointed. Outweighing the moves lower were steady gains led by Bunzl, Convatec and Unilever. Business supplies firm Bunzl posted better-than-expected results, boosting it to the top of the FTSE, up 2.3 percent. Convatec ( CTEC.L ), the medical supplies company, was also up 1.6 percent. Unilever ( ULVR.L ) was gaining 1.5 percent. Near Friday''s close Chief Financial Officer Graeme Pitkethly said the Kraft Heinz bid had been a "trigger moment" for Unilever to focus more on short-term value creation. Retailer ABF ( ABF.L ), which owns discount fashion brand Primark, was down 0.7 percent after its results. "Primark''s subdued like-for-like and upcoming margin headwinds are unlikely to prove conducive to continued near-term valuation rebuild," said Jefferies analysts, who have a ''hold'' rating on the stock. On the mid-cap index, bus operator National Express ( NEX.L ) was a top gainer, hitting a four-month high after Liberum, a top-rated analyst for the stock, upgraded it to ''buy'' from ''hold'', citing diversification within public transport operations as a positive for the company. Premier Oil ( PMO.L ) was the top gainer in the small-cap index, up 10.9 percent. The oil company said it was making progress over refinancing, in an update just before the close on Friday. (Editing by Ed Osmond)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-stocks-idUKKBN16615I'|'2017-02-27T17:36:00.000+02:00'
'1afee7af2a2afe779c540a2607f66584a9c8f124'|'Albemarle''s Chilean lithium plant partially closed after storm'|'Company News - Mon Feb 27, 2017 - 12:25pm EST Albemarle''s Chilean lithium plant partially closed after storm SANTIAGO Feb 27 A lithium plant at Albemarle''s operations in northern Chile was operating partially on Monday after the firm evacuated workers due to heavy weekend rains, the company told Reuters. At least three people were killed and some 19 missing following the storms, which caused mudslides and water outages. Copper mines in the top metals exporter said they were unaffected but U.S. lithium firm Albemarle''s subsidiary Rockwood said it had suspended operations at the Salar de Atacama plant during the weekend as a precaution. "Today (Monday) the plant is functioning partially and a general evaluation is being made," the company said. The Salar de Atacama salt flat is a major global source of lithium, a key ingredient in the rechargeable batteries used by electric vehicles. Chile''s SQM , which also operates in the area, said its operations had so far been unaffected. (Reporting by Felipe Iturrieta; Writing by Rosalba O''Brien; Editing by Bill Trott) Next In Company News UPDATE 5-Buffett''s Berkshire more than doubled its stake in Apple -CNBC NEW YORK, Feb 27 Billionaire investor Warren Buffett told CNBC on Monday his conglomerate Berkshire Hathaway Inc had more than doubled its stake in Apple Inc. since the end of 2016, making it one of Berkshire''s biggest equity holdings, and that U.S. stocks overall were not in "bubble territory."'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/albemarle-chile-idUSL2N1GC0X6'|'2017-02-28T00:25:00.000+02:00'
'9b67ef8efb4419ad9ebaec678cccc11e63a85c15'|'U.S. core capital goods orders unexpectedly fall in January'|'Business News   2:00pm GMT U.S. core capital goods orders unexpectedly fall in January FILE PHOTO - Honda Motor Co''s Acura NSX luxury sports car is seen in assemble line at the company''s Performance Manufacturing Center in Marysville, Ohio, U.S., November 11, 2016. REUTERS/Maki Shiraki/File Photo By Lucia Mutikani - WASHINGTON WASHINGTON New orders for U.S.-made capital goods unexpectedly fell in January after three straight months of strong gains, but did little to change views that manufacturing was recovering from a prolonged slump amid rising commodity prices. The Commerce Department said on Monday that non-defence capital goods orders excluding aircraft, a closely watched proxy for business spending plans, dropped 0.4 percent after an upwardly revised 1.1 percent increase in December. These so-called core capital goods were previously reported to have gained 0.7 percent in December. There were declines in orders for primary metals and electrical equipment, appliances and components, as well as computers and electronic products. Orders for machinery and fabricated metal products rose. Economists polled by Reuters had forecast core capital goods rising 0.5 percent last month. January''s drop in core capital goods orders likely reflects caution among businesses as they await details of the Trump administration''s proposed tax reform. U.S. financial markets were little moved by the report. President Donald Trump has promised a "phenomenal" tax plan that the White House said would include tax cuts for businesses and individuals. Details on the plan remain vague, though Treasury Secretary Steven Mnuchin said last week that he wanted the tax relief enacted by August. Expectations of tax cuts, increased infrastructure spending and a lighter regulatory burden have boosted business confidence in recent months, spilling over into investment on capital goods. Business investment shifted into higher gear in the fourth quarter, with spending on equipment increasing at a 3.1 percent rate after four straight quarterly declines. The Trump administration''s perceived business-friendly policies, together with rising oil prices, are driving manufacturing, which accounts for about 12 percent of the U.S. economy. A strong dollar, however, remains a challenge for manufacturers as it makes their goods less competitive on overseas markets. Shipments of core capital goods fell 0.6 percent last month after jumping 1.6 percent in December. Core capital goods shipments are used to calculate equipment spending in the government''s gross domestic product measurement. A 6.0 percent surge in demand for transportation equipment buoyed overall orders for durable goods, items ranging from toasters to aircraft that are meant to last three years or more, which leapt 1.8 percent last month. Durable goods orders decreased 0.8 percent in December. Last month''s surged reflected a 69.9 percent jump in civilian aircraft orders. The surge came even as Boeing reported on its website that it had received orders for only 26 aircraft last month. Economists believe not all of the 290 aircraft ordered in December were reflected in the durable goods orders report for that month. Orders for motor vehicles and parts rose 0.2 percent in January, while bookings for defence aircraft soared 59.9 percent. Pointing to continued manufacturing recovery, unfilled orders of core capital goods increased 0.5 percent last month after rising 0.4 percent in December. (Reporting by Lucia Mutikani; Editing by Andrea Ricci) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-usa-economy-idUKKBN1661L3'|'2017-02-27T21:00:00.000+02:00'
'6a01e95c6211f13d59790913130cdab161435942'|'FX industry heavyweights back new compression services'|'LONDON Feb 27 Broker Tradition was the second of Europe''s big market infrastructure players in a week to unveil new arms to a "compression" service on Monday, aiming to unclog bank balance sheets so they can back more trade in a credit-starved global currency market.Settlement service CLS and platform operator NEX Group said last week their triReduce CLS FX Forward Compression Service had now compressed more than $1 trillion in notional value of trades, launching a second phase which allows offsetting in the same cycle to further cut banks'' net exposure.Both initiatives respond to problems banks have run into with funding for both their own trading and that done by their clients, an important driver in a reduction in volumes in the $5 trillion a day global currencies market.The compression process essentially looks systematically through the trading books of the world''s largest banks for equivalent trades that can be cancelled out with the approval of the banks after the process has been run.Cancelling those trades or offsetting them with new ones which reduce the notional value provides more space on banks'' balance sheets to issue credit and trading lines to clients, particularly small ones who have been squeezed by the shortage in credit.Tradition said it was expanding its partnership with compression and analytics provider LMRKTS to include uncleared margin and had completed an initial test process with non-deliverable forwards earlier this month."Bearing in mind the pressure on balance sheet and banks ability to trade, there is a growing industry of enterprises that want to help banks de-risk and deleverage," said Tradition''s global head of strategy and business development Dan Marcus."All of these products are in the same theme. What will probably happen is the banking community will test the compression algos being used by each and conclude as to which ones work best." (Reporting by Patrick Graham, editing by Ed Osmond)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/global-forex-compression-idINL8N1GC00C'|'2017-02-27T12:59:00.000+02:00'
'ae9aa11f43f91bdb4ed6778f768e52bd15bd2db0'|'Airbus faces battle on two fronts over call for A400M aid'|'Business News - Mon Feb 27, 2017 - 4:39pm GMT Airbus faces battle on two fronts over call for A400M aid 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 By Tim Hepher - PARIS PARIS Airbus ( AIR.PA ) faces tough negotiations on two fronts as it seeks new relief from European governments and engine makers for losses on its troubled A400M military transporter plane. The planemaker called last week for new talks with European governments to ease "heavy penalties" for delays to the troop and armoured vehicle carrier, after taking a fresh 1.2 billion euro ($1.3 billion) charge for Europe''s largest defence project. It has also appointed a new programme manager for the A400M as part of a broader reshuffle and is set to beef up the management of its military aircraft business with a new deputy, industry sources said. Airbus declined to comment. The 20-billion-euro project has been beset by political wrangling since its inception more than a decade ago. By citing a new ''crisis'' and calling for ministerial talks, Airbus seems to be repeating tactics that led to a previous 3.5 billion euro bailout in 2010. This time, analysts and people familiar with the project say it will be harder for Chief Executive Tom Enders to get a deal to refloat the project, whose customers include Belgium, Britain, France, Germany, Luxembourg, Spain and Turkey. "I can see why Tom Enders is doing this, because they need to stop the haemorrhage," said a person involved in past negotiations. "However, it is going to be difficult. Governments aren''t awash with cash and can''t even fund what they have got." The dispute underscores problems in putting defence projects on a commercial footing, and Airbus''s difficulty in moving on from an abandoned strategy of growth in defence. Launched in 2003, the A400M was designed to extend Europe''s reach in military operations but is up to four years late and already 50 percent overbudget. Despite Airbus''s call for more support, the initial response from governments and engine makers has been cool. Germany, the largest buyer, said last week it was up to Airbus to solve the problems. Spain expressed "surprise" at Enders'' statements and invited him to attend scheduled junior ministerial talks on March 30. Engine makers have also joined the fray, refusing to help Airbus pay existing penalties or to absorb its liabilities. "It''s no. I''m very firm on that," Safran Chief Executive Philippe Petitcolin said, though he did not rule out new incentives for maintaining future deliveries. POLITICAL ''MEDDLING'' Airbus blames engine makers and political meddling for the programme''s chronic problems, but has also struggled to fill gaps in parachuting or refuelling capacity as well as the defensive systems needed to take the combat aircraft to war. It had originally picked specialists Pratt & Whitney Canada ( UTX.N ) to build the West''s biggest turboprops, but buyer nations wanted a European consortium including Safran, Rolls-Royce ( RR.L ), MTU Aero Engines ( MTXGn.DE ) and Rolls unit ITP. After fresh problems with a gearbox supplied by Italy''s Avio, Airbus says the A400M project is off course again. Analysts say odds are against any quick new funding deal, leaving Airbus to burn more cash on the A440M in 2017-18. "Airbus wants to put everything on the table and increase pressure for a deal, but the nations are aware of that," said a person involved in the negotiations. Airbus''s overall position has improved since its last such appeal in 2009, while governments continue to face budget problems. Back then, its shares were recovering from record lows around 10 euros; last week they touched a peak near 70 euros. Some say the main target of Airbus''s campaign is the engine consortium, hoping to win political support for more compensation. Its decision to go public came after
'daf27cb7d886d340f784cf6d3a4925c25ca632b1'|'Nikkei falls to 2-1/2 week lows, hit by strong yen, weak financials'|' 21pm EST Nikkei falls to 2-1/2 week lows, hit by strong yen, weak financials * Nikkei falls 1.2 pct amid broader Asian equity pullback * Insurer sector worst performer on board * Mining stocks underperform after oil prices tumble on Friday By Ayai Tomisawa TOKYO, Feb 27 Japan''s Nikkei share average fell to 2-1/2 week lows on Monday as the yen strengthened and as financial stocks dropped on lower U.S. yields. The Nikkei was down 1.4 percent at 19,012.43 points by midmorning, after falling to as low as 18,995.55, its weakest level since Feb. 5. Exporters lost ground as the dollar dropped to as low as 111.925 yen on Friday, its first foray below the 112 level since Feb. 9. During Asian trade on Monday, the dollar slipped a further 0.2 percent to 112.00 on worries that U.S. President Donald Trump''s first major policy address to Congress on Tuesday will not offer many new details on his tax reform or spending pledges. Honda Motor Co dropped 2.2 percent, Advantest Corp shed 2.0 percent and Panasonic Corp declined 3.6 percent. "Investors recently confirmed that Japanese corporate earnings will likely be strong next fiscal year. But if the dollar falls below 110 yen, such hopes will change," said Takuya Takahashi, a strategist at Daiwa Securities. Takahashi said that while analysts expect a double-digit gain in Japanese companies'' pretax profits for the next fiscal year starting April, a dollar-yen level below 110 would stoke concerns that companies may not achieve expected growth. Financial stocks such as insurers and banks sharply underperformed the overall market after U.S. benchmark 10-year Treasury note yields dropped to five-week lows on Friday. The insurance sector tumbled 3.7 percent and was the worst performer on the board, while the banking sector was down 2.4 percent. Dai-ichi Life stumped 4.2 percent, T&D Holdings dived 4.5 percent and Mitsubishi UFJ Financial Group fell 2.7 percent. Mining stocks were also on the defensive after oil prices tumbled about 1 percent on Friday after U.S. crude inventories rose for a seventh straight week. Oil prices were little changed in early Asian trade on Monday. Inpex Corp tumbled 3.5 percent and Japan Petroleum Exploration dropped 2.1 percent. The broader Topix fell 1.3 percent to 1,529.40 and the JPX-Nikkei Index 400 declined 1.4 percent to 13,700.22. (Editing by Kim Coghill)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/japan-stocks-midday-idUSL3N1GC1HZ'|'2017-02-27T09:21:00.000+02:00'
'c2d545a390d4b5aa57eebd9359ce078d3c398e51'|'BRIEF-Siyata Mobile reports brokered private placement'|' 19am EST BRIEF-Siyata Mobile reports brokered private placement Feb 27 Siyata Mobile Inc: * Siyata Mobile announces brokered private placement * Siyata Mobile Inc - offering will seek to raise a minimum of $1.5 million at $0.40 per unit * Siyata Mobile Inc - proceeds of offering will be used to fund company''s future growth into North American market Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-siyata-mobile-reports-brokered-pri-idUSASB0B2FR'|'2017-02-27T21:19:00.000+02:00'
'569f427acfa940ead091a86927f5be3ecf91e02b'|'Malaysia''s Petronas, Saudi Aramco to enter $7 billion oil refinery deal'|'Business News - Mon Feb 27, 2017 - 9:11am GMT Malaysia''s Petronas, Saudi Aramco to enter $7 billion oil refinery deal left right A Saudi Aramco employee sits in the area of its 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 1/2 left right A logo of a Petronas fuel station is seen against a darkening sky in Kuala Lumpur, Malaysia February 10, 2016. REUTERS/Olivia Harris/File Photo 2/2 KUALA LUMPUR Malaysia''s Prime Minister Najib Razak announced on Monday that Saudi Arabia''s state oil company will invest $7 billion into an oil refinery to be set up by Malaysian oil company Petroliam Nasional Bhd (Petronas). Najib said the decision was made before noon on Monday after discussions between top executives from Petronas and Saudi Aramco to build the plant, part of Malaysia''s Refinery and Petrochemical Integrated Development (RAPID) project in Pengerang in the southern state of Johor. (Reporting by Rozanna Latiff; Editing by Christian Schmollinger) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-petronas-aramco-idUKKBN1660Z7'|'2017-02-27T16:11:00.000+02:00'
'47f422d8c729af15323352b702384532598b5224'|'TransCanada to sell stakes in two U.S. Northeast pipelines'|'Company  18am EST TransCanada to sell stakes in two U.S. Northeast pipelines Feb 27 TransCanada Corp said it has offered to sell stakes in two natural gas pipelines that serve the U.S. Northeast to TC PipeLines LP, U.S.-based master limited partnership in which it holds a 27 percent stake. TransCanada said it would sell its 49.3 percent stake in the Iroquois gas transmission system and the remaining 11.8 percent stake it holds in the Portland natural gas transmission system. Financial terms of the deal were not disclosed. "This offer demonstrates the meaningful role that TC PipeLines, LP can fulfill in funding a portion of our C$23 billion near-term capital program," said TransCanada Chief Executive Russ Girling said in a statement. TransCanada had sold a 49.9 percent stake in the Portland pipeline to TC PipeLines in January 2016. "... We believe this investment will further strengthen our cash flows and our ability to increase our quarterly distributions this year in line with recent increases," Brandon Anderson, president of TC PipeLines GP Inc, said in a statement. TC PipeLines said the offer was subject to approval by its board of directors. The Iroquois pipeline is jointly operated by TransCanada and Dominion Resources Inc and extends from the TransCanada Mainline system at the U.S. border near New York to markets in the U.S. Northeast. The Portland pipeline connects with the TransQuebec and Maritimes pipelines at the Canadian border and shares facilities with the Maritimes and Northeast Pipeline from Westbrook, Maine to a connection with the Tennessee gas system near Boston. (Reporting by John Benny in Bengaluru; Editing by Savio D''Souza) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/transcanada-assets-idUSL3N1GC49N'|'2017-02-27T20:18:00.000+02:00'
'6b483c0559724796c14d900a2719f7e5fb260733'|'Global stocks cool, bonds heat up as Trump optimism pauses'|'  9:59pm GMT Global stocks cool, bonds heat up as Trump optimism pauses A man looks at a stock quotation board outside a brokerage in Tokyo, Japan, April 18, 2016. REUTERS/Toru Hanai By Richard Leong - NEW YORK NEW YORK Major global stock markets lost ground on Friday as investors scaled back bets U.S. President Donald Trump''s policies would promote faster economic growth and instead favoured perceived safer assets such as bonds and gold. Oil futures fell, pressuring energy stocks after data showed U.S. crude inventories rose for a seventh week, signalling oversupply despite OPEC''s efforts to rein in output. The dollar reversed earlier losses, eking out gains for a third straight week even as the Trump administration''s lack of details on fiscal reforms raised doubts about the chances for improved domestic growth in 2017. "The market will come to realize that a lot of these pro-growth policies might get pushed to the end of this year or next year and you might have this buyer''s remorse for the market," said Aaron Clark, portfolio manager at GW&K Investment Management. The MSCI world equity index, which tracks shares in 46 nations, fell 0.3 percent, to 445.32. It reached an all-time peak at 447.67 on Thursday. On Wall Street, however, the Dow Jones Industrial Average extended its winning streak to 11 sessions, the longest since 1987, and the S&P 500 rebounded from earlier losses. The Nasdaq Composite erased an earlier drop, paring its weekly loss. The Dow ended up 11.44 points, or 0.05 percent, at 20,821.76; the S&P 500 closed 3.53 points, or 0.15 percent, higher at 2,367.34 and the Nasdaq finished up 9.80 points, or 0.17 percent, to 5,845.31. The three indexes posted record highs this week, buoyed by confidence about company results in the coming quarters even without fiscal stimulus. "This has started even before the new administration," said Scott Clemons, chief investment strategist at Brown Brothers Harriman in New York. He cautioned investor optimism will diminish if the lack of progress on tax cuts, looser regulation and infrastructure spending persist. Europe''s broad FTSEurofirst 300 index ended 0.8 percent lower at 1,458.64 for a weekly loss of 0.1 percent. The greenback also clawed into positive territory after being on its back foot most of the day. The dollar index was flat at 101.09, on track for a slim 0.1 percent weekly gain. As equities and the dollar lost some of their appeal, bond yields fell, with the German two-year Schatz yield touching minus 0.953 percent. The benchmark U.S. 10-year Treasury note yield hit 2.310 percent, its lowest in over five weeks, Reuters data showed. Nervousness about the first round of the French presidential election, with anti-European Union candidate Marine Le Pen in the lead, has stoked safe-haven demand for German and U.S. government debt. Bids for less risky assets, together with traders seeing the likelihood of the Federal Reserve raising benchmark U.S. interest rates in March as being remote, bolstered gold prices to their highest in over three months. Spot gold rose $7.72 or 0.62 percent, to $1,257.06 an ounce after touching a 3-1/2-month high at $1,260.10. In the oil market, Brent crude settled down 1.04 percent at $55.99 a barrel while U.S. crude settled down 0.84 percent at $53.99. (Additional reporting by Tanya Agrawal in New York and Vikram Subhedar in London; Editing by Bernadette Baum and James Dalgleish) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-global-markets-idUKKBN1632HD'|'2017-02-25T04:59:00.000+02:00'
'b477087f4b83999254827a98a4a38092ee69fe88'|'UPDATE 1-Mexico''s Pemex sharply reduces losses as oil prices rise'|'Commodities   1:42pm EST Mexico''s Pemex sharply reduces losses as oil prices rise Prices are seen displayed on fuel pumps at a Pemex gas station in Mexico City, Mexico, February 18, 2017. REUTERS/Jose Luis Gonzalez By David Alire Garcia - MEXICO CITY MEXICO CITY Mexican state-owned oil company Pemex on Monday reported a much smaller fourth-quarter loss, due in large part to higher crude prices. The loss narrowed to $1.58 billion (32.6 billion pesos) from $9.8 billion a year earlier. "Pemex''s finances are today stable with positive trends; however, we believe there is certainly room for improvement," Chief Financial Officer Juan Pablo Newman said on a conference call with analysts. Revenue at the company officially known as Petroleos Mexicanos rose more than 20 percent to $15.67 billion, according to a filing to the Mexican stock exchange. The price of Mexico''s crude oil export mix jumped by 22 percent during the quarter to average nearly $41 per barrel. Still, Pemex has not posted a quarterly profit since 2012. Long used as a cash cow for the nation''s government, Pemex now contributes less than a fifth of federal revenue, down from more than a third a few years ago. The Mexican government is implementing an energy industry revamp finalized in 2014. It ended the decades-long production monopoly enjoyed by Pemex, which led to the first-ever competitive oil auctions and joint venture partnerships. Crude production in 2016 fell 5 percent to 2.154 million barrels per day, while fourth-quarter output dropped 9 percent to an average 2.07 million bpd from a year earlier. Pemex''s crude production has steadily declined from a peak of 3.4 million bpd in 2004. The government has said it expects crude output to average 1.94 million bpd this year and between 1.9 million to 2.0 million bpd in 2018. Natural gas production was down nearly 10 percent in 2016 to average nearly 5.8 million cubic feet per day. Crude oil processing was down about 12 percent in 2016 to average 933,000 bpd, while it dipped to just 784,000 bpd during the fourth quarter. Meanwhile, Pemex exported 1.194 million bpd last year, up nearly 2 percent from 2015, while shipments for the quarter were up nearly 7 percent. (Reporting by David Alire Garcia; Editing by Lisa Von Ahn) Next In Commodities'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-mexico-pemex-idUSKBN16626G'|'2017-02-28T01:35:00.000+02:00'
'e8155acfc33cf48971e807e69544e14e88daa928'|'Deals of the day-Mergers and acquisitions'|'(Adds Berkshire Hathaway, Telia Company, F.N.B. Corp, Cell C and CIBC; updates LSE)Feb 27 The following bids, mergers, acquisitions and disposals were reported by 1515 GMT on Monday:** The London Stock Exchange has all but ended a planned merger with Deutsche Boerse to create Europe''s biggest stock exchange by ruling out a European antitrust demand, saying it has strong prospects alone.** Warren Buffett, chairman and chief executive of Berkshire Hathaway Inc, told CNBC on Monday that his conglomerate had purchased about 120 million shares of Apple Inc in 2017 and that U.S. stocks were not in "bubble territory."** Norway''s competition authority on Monday said it may block Nordic telecom operator Telia Company''s planned 2.3 billion Norwegian crowns ($276 million) acquisition of Phonero due to competition concerns in the business segment.** U.S. regional lender F.N.B. Corp said on Monday it had received all required regulatory clearances for its proposed acquisition of Yadkin Financial Corp.** South Africa''s Cell C and its creditors have agreed a deal with Blue Label Telecoms and an unnamed investor that would lower the mobile phone firm''s debt to 6 billion rand ($463 million), Blue Label said in a statement.** Canadian Imperial Bank of Commerce''s insistence on keeping its discipline while assessing whether to increase its $2.9 billion bid for Chicago-based PrivateBancorp leaves the bank''s U.S. expansion plans in the balance.** South African trading, services and distribution firm Bidvest has access to $1 billion for acquisitions, its chief executive said on Monday.** German pump maker Pfeiffer Vacuum''s management and supervisory boards told shareholders to reject a takeover offer from rival Busch as too low.** Shares in Assicurazioni Generali fell sharply at open on Monday after bank Intesa Sanpaolo said late on Friday it had decided not to pursue a possible tie-up with Italy''s biggest insurer.** India''s state-run Oil and Natural Gas Corp will take control of Hindustan Petroleum Corp as part of the government''s plan to create an integrated public sector oil entity, the Economic Times daily reported on Monday citing top government officials.** Japan''s SoftBank Group Corp is close to making an investment in U.S. office-sharing startup WeWork expected to be worth over $3 billion, CNBC reported, as it expands its reach beyond tech and telecoms.** German generic drugmaker Stada Arzneimittel is opening its books to potential acquirers after coming under pressure from its largest shareholder to consider various takeover approaches.(Compiled by Sruthi Shankar in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/deals-day-idINL3N1GC3PM'|'2017-02-27T12:14:00.000+02:00'
'e7423635bc077b07d5b33481a61ad873819cbfb8'|'GE''s Immelt says U.S. "diverging" from the world'|'Business News - Mon Feb 27, 2017 - 9:15am EST GE''s Immelt says U.S. "diverging" from the world General Electric Co Chief Executive Jeff Immelt listens during a news conference to discuss the company''s plan to move its headquarters to the city of Boston in Boston, Massachusetts, April 4, 2016. REUTERS/Brian Snyder The United States is "diverging" from the rest of the world and will be "less of a leader in trade", General Electric Co ( GE.N ) Chief Executive Jeffrey Immelt said in a letter to shareholders. There was "deep skepticism" toward the ideas that have powered economic expansion of the industry for a generation and concepts such as "innovation, productivity, and globalization" were being challenged and "protectionism" was on the rise, he said in the letter. ( invent.ge/2mvmLfQ ) "We''re in an era when some very basic assumptions about the global economy are being tested - an era when trust in big institutions is so low that the most valued "strategy" is simply change in any form," Immelt said. President Donald Trump has vowed to stop U.S. manufacturing from disappearing overseas and in January formally withdrew the United States from the 12-nation Trans-Pacific partnership trade deal. Trump also wants to renegotiate the North American Free Trade Agreement with Mexico and Canada. However, Immelt, also said years of bad regulatory and economic practices were being stripped away to promote competitiveness. (Reporting by Ankit Ajmera in Bengaluru; Editing by Sriraj Kalluvila) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-ge-ceo-letter-idUSKBN1661LZ'|'2017-02-27T21:15:00.000+02:00'
'9a6ac273c5b6c2ee599173490d2e16b8be8ddb54'|'Chinese developers delay new home sales to counter price caps'|'Business News - Mon Feb 27, 2017 - 9:42am GMT Chinese developers delay new home sales to counter price caps left right FILE PHOTO: Residential buildings are seen in Beijing, China, January 10, 2017. Picture taken on January 10, 2017. REUTERS/Jason Lee/File Photo 1/3 left right FILE PHOTO: Apartment blocks are pictured next to a construction site on a hazy day in Wuqing district of Tianjin, China, December 10, 2016. Picture taken December 10, 2016. REUTERS/Jason Lee/File Photo 2/3 left right FILE PHOTO: Buildings are seen in heavy smog during a polluted day in Jinan, Shandong province, China, December 20, 2016. REUTERS/Stringer/File Photo ATTENTION EDITORS - THIS PICTURE WAS PROVIDED BY A THIRD PARTY. EDITORIAL USE ONLY. CHINA OUT. 3/3 By Clare Jim - HONG KONG HONG KONG Some Chinese developers are playing a game of cat-and-mouse with local governments by delaying the launch of new home sales in the hope of riding out tightening measures in the property market that have dampened prices in some major cities. They hope that when authorities start to relax some restrictions, buyers will clamour to buy new homes and they can release more supply at higher prices. Official data last week showed new home prices fell in January in 11 of 15 major cities from December levels. Prices in Beijing, Hangzhou and Chengdu were flat and Guangzhou was the only major city that posted a rise. More broadly, average home prices in the 70 cities covered by the data rose just 0.2 percent from the month before, a slowdown in price growth for the fourth straight month. Industry officials said the slowdown was largely the result of price caps imposed by different cities, rather than a sign of weakening demand. In fact, demand remains healthy, they said, pointing to a rise in prices for previously owned homes. "We just wait and we won''t sell now," said a Shanghai-based developer, referring to a development in the financial city. The official requested anonymity as the issue is sensitive. Only big developers had the financial flexibility to delay projects, the officials said. "We''re in no rush (to sell) but realistically we can''t wait too long; one year is not possible," this developer said. "It''s a game with the government. "For developers who have inventory pressure and want to build good relationships with the government in order to have better land access in the future, they may compromise. But some are willing to wait to seek higher profits." CAN''T HOLD OUT "FOREVER" A Shenzhen-based developer will delay the sale of higher-margin prime developments, such as sought-after apartments over metro stations, if the local government prolongs price caps, a senior executive of the company said. He declined to be identified because the matter is sensitive. Most new home supply in major cities dropped in January. In the four top-tier cities of Beijing, Shanghai, Shenzhen and Guangzhou, supply fell between 42 percent and 79 percent, according to data provider CRIC. Cities across China imposed restrictions on property markets last year after house prices shot higher, sparking concern an asset-price bubble was forming. The measures included home and land purchase restrictions. At the end of last year, the official Xinhua news agency reported that China will strictly limit credit flowing into speculative purchases of property in 2017. Local authorities also imposed price limits on sales, for example by capping a developer''s selling price at a certain percentage increase over a neighbouring development. The restrictions are forcing more buyers into the secondary market to purchase pre-owned homes. Nine major cities recorded rises of between 0.2 percent and 1.6 percent in January from the month before for pre-owned home sales. In the six cities where sales prices of pre-owned homes fell, three saw smaller corrections than for new homes. "There is some purchase demand shifting to the secondary market," said Andy Lee, vice president of realtor Centaline 
'5ad5dea398050eeffa393a18d02712a6ff6f0658'|'RPT-Q&A-How Freeport''s row over its Indonesian mining contract has escalated'|' 12pm EST RPT-Q&A-How Freeport''s row over its Indonesian mining contract has escalated (Repeats Feb. 24 item, no changes in text) By Fergus Jensen Feb 24 U.S. mining giant Freeport-McMoRan Inc warned this week that it could take the Indonesian government to arbitration and seek damages over a contractual dispute that has halted operations at the world''s second-biggest copper mine. Marking a sharp escalation in the row, the government also said it would go to arbitration if no resolution was reached. Here are some questions and answers on the contract dispute: WHAT IS AT STAKE FOR FREEPORT AND INDONESIA? Freeport''s 2016 copper sales from Indonesia were worth about $2.4 billion, up 130 percent since 1996. This year, its Grasberg mine is due to contribute around a third of Freeport''s global copper sales of 4.1 billion pounds. But despite being one of the largest tax payers in Indonesia, Freeport''s relations with the government have become strained, particularly as Southeast Asia''s biggest economy has sought greater control over its natural resources. Freeport and the government have been in talks on converting its 1991 mining contract to a new permit and have made some progress in recent years. Freeport has agreed to pay export taxes, higher royalties on copper, gold and silver sales, and to triple its smelter capacity and cut its concession size by more than half. In January, however, Indonesia introduced rules that prevent Freeport from exporting copper concentrate until it adopts a new permit that would terminate its current contract and impose new terms, including some different than those already agreed. Freeport''s current contract is not due to expire until 2021 and it wants guarantees that its mining rights will not change before committing to $15 billion of investment to expand its Grasberg underground mining operations. WHAT IS AT THE HEART OF THE LATEST ROW? The halt in January to Indonesia''s exports of semi-processed ore exports came as part of a renewed push for miners to build domestic smelters and squeeze more from its mineral resources. Miners like Freeport were given an option: exports could only continue once they replaced contracts of work with special mining permits. A new permit would allow Freeport to apply for an early extension to its mining rights, but would also leave it open to prevailing rules and changes to taxes and other terms from which it is currently exempt. The rules require Freeport to divest up to 51 percent of its Indonesian unit compared with 30 percent currently. So far it has divested 9.36 percent. Freeport would also have to pay a dividend tax, 10 percent VAT and an export duty of up to 7.5 percent on copper concentrate exports. WHAT ARE BOTH SIDES SAYING? Freeport says the stoppage of its exports and attempts to enforce the new rules on taxes and divestment violate its contract of work. According to Freeport, the new mining permit lacks the legal and fiscal certainty it needs, and that under Indonesian and international law its contract should be immune to changes. The company said it is only willing to adopt the new permit once it has a stable agreement providing the same rights and the same legal and fiscal certainty it has now. The government has said Freeport must comply with Indonesia''s 2009 mining law, recent regulations and its 1945 Constitution, which in some cases have different requirements than terms set out in Freeport''s 1991 contract of work. Freeport''s contract, for example, requires the company to only construct one smelter, while the government now says it must build at least one more. The government has said it will seek a resolution that does not break the law and that honours Freeport''s contract. HOW HAS THE ROW ESCALATED? On Feb. 17 the government issued a new export permit for Freeport allowing it to export up to 1.1 million tonnes of copper concentrate over the next year, while proposing a six-month window to negotiate fiscal 
'e6289704e1c584a1ce2de5c29ec8b094682052dc'|'LGBT change heroes 2017: breaking through from oppression - Global Development Professionals Network'|'Pioneers working in a country where homophobia is rifeFew <20> Forum for the Empowerment of Women <20> in Johannesburg was nominated by Jenny Ricks, convenor of the Fight Inequality network:Few is the only organisation in South Africa specifically focusing on the rights of black lesbian women. They are pioneers, working in a country where rights are guaranteed under the constitution but the daily reality is far from the ideal. Patriarchy, homophobia, violence and inequality are rife.Running for well over a decade Few has faced challenging times, not least the well-publicised violence targeting black lesbian women. In the Johannesburg area, Few has led work on combatting hate crimes, developing political education and life skills programmes for women and organising the Soweto Pride, which faced a clampdown from authorities last year .Speaking to the UN about LGBT persecution in Syria Gay Syrian refugee Subhi Nahas was nominated by several people including Jen Steele:I met Subhi in June 2013, when we both started working for Save the Children in southeastern Turkey . I was a privileged expatriate staff member. Subhi was literally running for his life. We became friends.As an out gay man in northwestern Syria , he went from being a marginalised member of society-hated by his own family to an Isis-death-squad target. He asked me to make a formal asylum claim to UNHCR on his behalf. We worked for nine months to get Subhi asylum in the US. He landed in mid-2015.He<48>s started his own NGO to help others like him. He spoke before the UN security council . He was a grand marshall of NYC Pride 2016 . The list goes on. And he<68>s still Subhi. Calm, intelligent, passionate, proud.Facebook Twitter Pinterest Subhi Nahas with US Ambassador to the UN Samantha Power. Photograph: Mike Segar/Reuters Campaigning for social justice Openly gay Brazilian MP Jean Wyllys was nominated by Marcos Oliveira : Jean Wyllys has a history of involvement with social justice, education for citizenship and the value of life and for the recognition of civil liberties, dating back to his teenage years. He has participated in actions that combat homophobia, intolerance and religious fundamentalism, discrimination against religious minorities, slave labour, sexual exploitation of children and adolescents and violence against women.He was elected federal deputy (MP) for the Socialism and Liberty party (PSOL) for two terms: 2011-2014 and 2015-2018.Facebook Twitter Pinterest Transgender Pakistani model Kami Sid. Photograph: Haseeb Siddique Combating transphobia and promoting inclusion in Pakistan Transgender Pakistani model Kami Sid was nominated by Salman Khan founder of Queeristan :<3A>Her work has been influential in trying to end transphobia at home and aboard, she has recently moved forward to promote transgender rights and gender equality through her SUB RANG SOCIETY and as an activist myself who is also passionately working for trans and queer rights in Pakistan I am happy to nominate Kami Sid as my hero, role model and inspiration.<2E>Fighting for queer studies in Turkey Human rights NGO Kaos GL from Turkey was nominated by Omer Akpinar ( Ev Geyi ):I nominate Kaos GL from Turkey because of the solidarity they built on an academic level. In 2013, Kaos GL has started running a queer studies lesson at Ankara University.The Turkish government has started a witch-hunt on oppositional voices in the country and as a result many scholars have been purged. Ankara University has been the epicentre of the latest academic silencing. The professor who was going to run next semester<65>s queer studies class has lost her job.So, Kaos GL is organising solidarity for academic freedom and sovereignty . I believe that this is a very special kind of activism in a country where opposition literally means losing your job.Kaos GL<47>s work is not only this. Its support for LGBTI refugees is priceless in a country with more than 2 million Syrian refugees 
'ad5ec7afa27a5b1c8a69532e61ea0ee27a7eba84'|'Fed may need to raise interest rates in ''near future'' - Kaplan'|'Business News - Mon Feb 27, 2017 - 6:03pm GMT Fed may need to raise interest rates in ''near future'': Kaplan The Federal Reserve Building stands in Washington April 3, 2012. REUTERS/Joshua Roberts/File Photo NORMAN, Okla. The U.S. Federal Reserve might need to raise interest rates in the near future to avoid falling behind the curve on inflation, Dallas Fed President Robert Kaplan said on Monday. Kaplan, who is a voting member on the central bank''s rate-setting committee this year, clarified a point he has made several times in recent weeks that a rate increase should come sooner than later. "Sooner rather than later means in the near future," Kaplan told journalists after speaking at an event with university students in Norman, Oklahoma. Kaplan did not specify at which policy meeting he thought the Fed should raise rates. Fed Chair Janet Yellen has cited the next three policy meetings - in March, May and June - as possible occasions for a rate increase. The Fed last raised rates in December and signaled that three further increases were likely in 2017. Kaplan said U.S. consumers were positioned to push the economy to grow more than 2 percent this year. (Reporting by Jason Lange; Editing by Paul Simao) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-usa-fed-kaplan-rates-idUKKBN16623G'|'2017-02-28T01:03:00.000+02:00'
'8c6fc74487c90ae081c59038258ed9913d1a2a6b'|'Morgan Stanley gave some clients incorrect tax information'|'  11:32pm GMT Morgan Stanley gave some clients incorrect tax information The corporate logo of financial firm Morgan Stanley is pictured on a building in San Diego, California September 24, 2013. REUTERS/Mike Blake/File Photo Morgan Stanley ( MS.N ) gave some wealth management clients incorrect information on taxes that caused some to underpay and others to overpay, according to a regulatory filing on Monday. The bank is setting aside $70 million to cover the costs and is in discussions with the Internal Revenue Service over the errors which occurred in tax years 2011 through 2016. "We are committed to making this right for our clients with minimal inconvenience to them," said a Morgan Stanley spokesman. (Reporting by Olivia Oran; Editing by Cynthia Osterman)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-morgan-stanley-tax-idUKKBN1662MY'|'2017-02-28T06:32:00.000+02:00'
'1a500d03b292ee2e2bf2f0778f524478dec70585'|'CEE MARKETS-Budapest stocks rise ahead of data, central bank meeting'|'* Budapest stocks rebound after sharp fall from record high * CEE equities mostly tread water as data-heavy week starts * Crown touches 12-day high in 12-month forward implied rate By Sandor Peto BUDAPEST, Feb 27 Hungarian stocks rebounded on Monday after two days of retreat from record highs for Budapest''s main stock index, in the first session of a week loaded with economic data releases. Stocks in most of the European Union''s emerging markets traded flat after financial stocks pushed Asian indexes down. Heavily weighted Central European bank stocks were mixed but shares in Hungary''s biggest lender, OTP firmed half a percent, after a plunge from almost 10-year highs last week. Budapest''s benchmark BUX index rose 0.5 percent, also helped by gains in Magyar Telekom and drug maker Richter , both of which fell last week. "We should watch OTP''s trading turnover," brokerage Equilor analyst Zoltan Varga said. "If it is as high as on Thursday and Friday, when the share fell, a new rising trend may start (in the bourse)," he said. Countries in the region release PMI manufacturing figures on Wednesday and several were due to publish a breakdown for fourth-quarter economic output figures this week. Even though the region''s economies slowed last year, relatively strong growth rates of about 3 percent and the prospect of a pick-up have helped currencies and stocks in the region to strengthen, on top of an improved outlook for banks. Most central banks in the region are not showing signs of any worry over a rebound in inflation. Hungary''s central bank is expected to keep its interest rates on hold and retain its dovish rhetoric on Tuesday. The forint was steady at 308.20 against the euro, near the 3-and-1/2-month highs touched last week, while the zloty and the leu firmed 0.1 percent. The Czech crown was flat near its cap against the euro of 27, which the central bank expects to lift mid-year. In 12-month forward deals, the crown''s implied exchange rate touched an 11-day high at 26.62. Czech Finance Minister Andrej Babis was re-elected on Saturday as chairman of the ANO party which is projected to win elections in the autumn. Babis reiterated that he wanted to cut taxes, in contrast with Prime Minister and Social Democratic Chairman Bohuslav Sobotka''s plans, who said last week that his party aimed to raise taxes for top earners and big firms. CEE SNAPS AT 1030 MARKETS HOT CET CURRENCIES Lates Previ Daily Chang t ous e bid close chang in e 2017 Czech crown 27.02 27.02 +0.0 -0.05 00 45 2% % Hungary 308.2 308.3 +0.0 0.20% forint 000 150 4% Polish 4.313 4.317 +0.0 2.10% zloty 5 5 9% Romanian 4.519 4.524 +0.1 0.35% leu 0 8 3% Croatian 7.431 7.427 -0.05 1.66% kuna 5 5 % Serbian 123.8 123.9 +0.1 -0.39 dinar 300 500 0% % 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 959.7 960.0 -0.03 +4.1 8 5 % 4% Budapest 33041 32886 +0.4 +3.2 .12 .03 7% 4% Warsaw 2210. 2212. -0.05 +13. 96 04 % 50% Bucharest 7953. 7953. -0.01 +12. 29 87 % 25% Ljubljana 778.0 774.5 +0.4 +8.4 3 2 5% 2% Zagreb 2236. 2243. -0.32 +12. 20 46 % 10% Belgrade <.BELEX15 716.7 715.8 +0.1 -0.08 > 7 0 4% % Sofia 608.6 607.3 +0.2 +3.7 6 8 1% 9% BONDS Yield Yield Sprea Daily d (bid) chang vs chang e Bund e in Czech sprea Republic d 2-year <CZ2YT=RR -0.52 0.011 +041 -1bps > 2 bps 5-year <CZ5YT=RR 0.104 -0.03 +069 -5bps > 5 bps 10-year <CZ10YT=R 0.623 0.022 +042 +0bp R> bps s Poland 2-year <PL2YT=RR 2.213 0.003 +315 -1bps > bps 5-year <PL5YT=RR 3.134 0.038 +372 +2bp > bps s 10-year <PL10YT=R 3.826 0.022 +362 +0bp R> bps s FORWARD RATE AGREEMENT 3x6 6x9 9x12 3M inter bank Czech Rep < 0.26 0.27 0.29 0 PRIBOR=> Hungary < 0.3 0.48 0.59 0.23 BUBOR=> Poland < 1.755 1.79 1.855 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-idINL5N1GC2AS'|'2017-02-27T07:35:00.000+02:00'
'dfdf3665cc4d3ceb649ffe2978c6a14faad5fc4c'|'METALS-London copper edges up as supply worries simmer'|' 18pm EST METALS-London copper edges up as supply worries simmer MELBOURNE Feb 27 London copper prices inched towards the key level of $6,000 a tonne on Monday, with supply concerns simmering amid production stoppages at the world''s two biggest copper mines. FUNDAMENTALS * Three-month copper on the London Metal Exchange had risen 0.2 percent to $5,940.50 a tonne by 0203 GMT, building on 1.2-percent gains from the previous session. LME copper hit a 20-month high of $6,204 a tonne on Feb. 13. * Shanghai Futures Exchange copper rose 0.8 percent to 48,130 yuan ($6,998) a tonne. * U.S. mining giant Freeport-McMoRan Inc last week warned that it could take the Indonesian government to arbitration and seek damages over a contractual dispute that has halted operations at the world''s second-largest copper mine. * BHP Billiton''s decision this week to give up its legal right to replace striking workers at the Escondida copper mine in Chile is a move aimed at sacrificing some output to undermine the union''s position, analysts said Wednesday. * New U.S. single-family home sales rose less than expected in January, likely held back by heavy rains and flooding in California, but continued to point to a strengthening housing market despite higher prices and mortgage rates. * A strike at Noranda Income Fund''s zinc processing plant in Quebec stretched into a 13th day on Friday, with no talks scheduled between management and the United Steelworkers of America union. * Hedge funds and money managers cut their net long position in copper futures and options, data from the Commodity Futures Trading Commission, showed, slashing it by 9,796 contracts to 78,511 - the lowest level in just over a month. * For the top stories in metals and other news, click or MARKETS NEWS * Asian stocks look set to edge lower for a second day on Monday as weak cues from U.S. share markets and declining European government bond yields on political worries push investors to take profits after a recent rally. DATA AHEAD (GMT) 1000 Euro zone Business climate Feb 1000 Euro zone Consumer confidence final Feb 1330 U.S. Durable goods Jan 1500 U.S. Pending homes sales Jan PRICES'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/global-metals-idUSL3N1GC1G0'|'2017-02-27T09:18:00.000+02:00'
'038d6cfebdcd80f0275bc6d8a5e95b9f88fec97b'|'BRIEF-Tenet Healthcare reports Q4 loss per share $0.79 from cont ops'|' 58pm EST BRIEF-Tenet Healthcare reports Q4 loss per share $0.79 from cont ops Feb 28 Tenet Healthcare Corp * Tenet reports results for the fourth quarter ended december 31, 2016 and issues outlook for 2017 * Tenet reports results for the fourth quarter ended december 31, 2016 and issues outlook for 2017 * Q4 loss per share $0.79 from continuing operations * Q4 earnings per share view $0.21 -- Thomson Reuters I/B/E/S * Sees q1 2017 revenue $4.75 billion to $4.95 billion * Same-Hospital exchange admissions were 4,916 in q4 of 2016, up 13.6 percent from q4 of 2015 * Same-Hospital exchange outpatient visits were 48,435 in q4 of 2016, up 26.4 percent from q4 of 2015 * Tenet Healthcare Corp qtrly net operating revenues $4,860 million versus $5,026 million * Q4 revenue view $4.96 billion -- Thomson Reuters I/B/E/S * Qtrly adjusted earnings per share from continuing operations $0.06 * Tenet Healthcare Corp sees 2017 revenue of $19.7 billion to $20.1 billion * Sees 2017 earnings per share and 2017 adjusted earnings per share from continuing operations of $1.05 to $1.30 per diluted share * Tenet Healthcare -sees q1 loss per basic share and an adjusted loss per basic share from continuing operations ranging from loss of $0.60 to loss of $0.45 * Sees 2017 adjusted free cash flow of $600 million to $800 million * Q1 earnings per share view $0.45, revenue view $4.94 billion -- Thomson Reuters I/B/E/S * Fy2017 earnings per share view $1.97, revenue view $19.98 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-tenet-healthcare-reports-q4-loss-p-idUSASB0B2JI'|'2017-02-28T04:58:00.000+02:00'
'2a285656179b4c0f36ecc1b7d0a46faa81a601fe'|'Noble Group swings to small profit in 2016, reduces debt'|' 18am GMT Noble Group swings to small profit in 2016, reduces debt The company logo of Noble Group is seen at its headquarters in Hong Kong March 23, 2015. REUTERS/Bobby Yip/File Photo SINGAPORE Noble Group Ltd ( NOBG.SI ) reported a full year profit of $8.7 million in the year ending December 2016 versus a huge loss in the previous year when the Singapore-listed commodities trader restructured its business operations. The Hong Kong-headquartered company is slowly recovering after the restructuring, cutting debt and boosting liquidity amid a long-term downtrend in commodity prices. In 2015, it reported a loss of $1.67 billion, its first in nearly two decades. "Management continues to pursue the same goals that we laid out previously - to rationalise low return or loss making businesses while devoting resources to those core businesses in which we have a competitive advantage and where we expect to see continued strong returns over a cycle," Noble said in a statement on Monday. Noble''s revenue declined 30 percent to $46.5 billion last year. In line with the company''s efforts to cut leverage, net debt to capital fell to 42 percent from 55 percent a year ago. Noble''s troubles started two years ago when its accounts were questioned by Iceberg Research, sparking a dramatic collapse in its share price and ratings agency downgrades, forcing a sale of its assets and a fund raising to allay financing worries in a brutal commodities market. Noble has stood by its accounts. (Reporting by Anshuman Daga; Editing by Muralikumar Anantharaman) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-noble-group-results-idUKKBN166144'|'2017-02-27T17:18:00.000+02:00'
'b4a912b87711bbd8a186cb82539fc2839950ff29'|'China to open further to foreign investment this year, commerce minister says'|' 30pm GMT China to open further to foreign investment this year, commerce minister says Local businessmen and foreign investors negotiate at a cross-border investment and trade fair in Guiyang, Guizhou Province, China, November 10, 2016. Picture taken November 10, 2016. REUTERS/Shu Zhang BEIJING China will further open up its economy to foreign investors, new commerce minister Zhong Shan said on Monday, and he hopes foreign companies will play a bigger role in boosting China''s slowing economy, according to Xinhua, the official news agency. The Chinese government has been looking to increase foreign investment after outbound investment surpassed inbound funding last year for the first time. Foreign direct investment into China fell 9.2 percent in January, though a Ministry of Commerce spokesman said the data should not be seen as representing a trend for the year. Zhong was appointed head of the Ministry of Commerce on Friday, replacing Gao Hucheng. Zhong said China aims this year to develop free trade zones, improve   and push forward reforms of foreign investment management, according to Xinhua. (Reporting by Elias Glenn, editing by Larry King) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-china-economy-fdi-idUKKBN1661NK'|'2017-02-27T21:30:00.000+02:00'
'38f622557563b232d40db5d7cb57d2266fb0600e'|'Hong Kong bourse working ''very hard'' to win potential Aramco listing - CEO'|'Business News - Mon Feb 27, 2017 - 9:53am GMT Hong Kong bourse working ''very hard'' to win potential Aramco listing - CEO Hong Kong Exchanges and Clearing Chief Executive Charles Li speaks during a news conference introducing Shenzhen-Hong Kong Stock Connect, at the Hong Kong Exchanges in Hong Kong August 16, 2016. REUTERS/Bobby Yip HONG KONG The Hong Kong stock exchange has had discussions with Saudi Arabia''s giant state oil company Aramco and is working "very hard" to win a potential $100 billion listing, the bourse''s CEO Charles Li said on Monday. Speaking during Hong Kong Exchanges and Clearing''s (HKEX''s) annual earnings briefing, Li said the Asian time zone and access to Chinese capital are key advantages for a potential Aramco listing in the city. The Saudi authorities are aiming to list up to 5 percent of the world''s largest oil producer on both the Saudi stock exchange in Riyadh, the Tadawul, and one or more international markets, sparking a frantic race among bankers and exchange groups to nab the mega deal. (Reporting by Michelle Price; Editing by Muralikumar Anantharaman) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-hkex-results-aramco-idUKKBN16611U'|'2017-02-27T16:53:00.000+02:00'
'b537ddcb19f3732ce6e62b38044c82982a984fd1'|'Daimler picks U.S. trucks chief to replace Bernhard'|'Company News   12:43pm EST Daimler picks U.S. trucks chief to replace Bernhard BERLIN Feb 27 Daimler has appointed the head of its North American trucks division to run group-wide truck operations, replacing departed chief Wolfgang Bernhard, the carmaker said on Monday. Martin Daum, president and chief executive of Daimler''s trucks business in North America, will take up his position on the group''s management board on March 1 for a five-year period, the company said, citing a decision by the supervisory board. (Reporting by Andreas Cremer; Editing by Georgina Prodhan) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/daimler-management-trucks-idUSFWN1GC11E'|'2017-02-28T00:43:00.000+02:00'
'9b22e69102acafdaa4559e03eef38d1644617e29'|'High energy bills here to stay but jobs heading overseas, industry group warns'|'The <20>staggering<6E> increase in energy costs faced by households and businesses will continue thanks to rising gas prices, putting jobs in jeopardy, according to the Australian Industry Group.Warning that last year<61>s steep price rises are set to become <20>the new normal<61>, the Ai Group says in a report on Tuesday that the complexities of the gas market have combined with a decline in coal-fired power generation to produce a perfect storm for consumers.Wholesale electricity prices are roughly doubling, the report said, and once fully passed through, gas and electricity prices will cost households an extra $3.6bn a year and businesses up to $8.7bn. Electricity pricing is confusing and that''s why they''re using it to mislead us - Greg Jericho Read more That equates to about $500 a household, depending on gas use, and about $100,000 just in electricity costs for many small- to medium-sized businesses. Several firms had reported that their energy costs had tripled in 2016, said Ai Group, which surveyed 285 companies across Australia for its report entitled Energy Shock: No Gas, No Power, No Future?The Ai Group chief executive, Innes Wilcox, said price rises would lead some manufacturers to question their viability and consider moving operations overseas.<2E>Politics-driven energy policies are making a bad situation worse,<2C> he said. <20>This includes decisions to put gas development on hold in NSW, Queensland and the Northern Territory, partisan warfare on energy and climate at the federal level, and entirely uncoordinated state renewable energy targets.<2E>The political warfare around energy issues shows no signs of abating with blackouts in South Australia leading to a renewed assault by former prime minister Tony Abbott on the renewable energy target .But the Ai Group report pinpointed the gas market as the main culprit behind the rises.<2E>The high and rising price of gas means that existing gas-powered [electricity] generators will be significantly more expensive,<2C> the report says. <20>The electricity market<65>s design means that gas generators often set the price for the whole market. And as they generate more often with more expensive fuel this is translating into higher average prices.<2E>One reason for the increasing importance of gas was the decline in coal-fired generation, which suffered from the rise of renewables and lack of flexibility. The closure of Hazelwood power station in Victoria, for example, would have a <20>significant impact<63> on the market. The stations were disappearing for <20>strong reasons<6E>, including age and the cost of updating plant. They were increasingly handicapped by the <20>physical and financial difficulties inflexible generators face in a market marked by frequent oversupply and occasional shortage<67>.The emergence of future renewable capacity under the RET would help push prices down, the report said, adding that greener sources of power would one day replace fossil fuels.<2E>Looking to the longer term, market forces and climate goals are likely to make conventional coal and, eventually, gas power unviable, and bring on lots of renewables.<2E>But it said problems remained with the intermittent nature of renewable power and low-cost ways had to be found to to turn <20>an abundance of energy<67> into a dependable resource. It suggested that better energy storage could stabilise the system and that technologically and geographically diverse generation <20>can reduce the impact of intermittency<63>. Neither Trump nor Turnbull can turn back the tide on renewables Read more Underpinning the surge in power prices was what the report called the <20>huge change in Australia<69>s gas markets<74> since the development of LNG export terminals across the country. This had been expected to link prices to international markets. But the $200bn projects have created supply shortages in the domestic market because the expected output of the fields has not matched up with the amount exporters committed to their clients, meaning they have scram
'ebbbbc717a61b4dd104dd90a10fc05615a3106e2'|'How talking to air conditioners could help prevent blackouts - Guardian Sustainable Business'|'F or South Australia , it was a cruelly ironic one-two punch <20> a burst of the extreme heat conditions that are so much more likely because of climate change, and a power cut linked to a simultaneous drop in wind that hobbled the renewable energy systems introduced to minimise global warming in the first place.On 8 February, South Australians had their air conditioners on full blast while sweltering through temperatures in excess of 46C in some parts of the state, and wind turbines had stopped turning just when energy demand was at its highest. The Australian Energy Market Operator chose not to bring online a standby gas generator and, thanks to an additional computer glitch at SA Power Networks, three times as many houses had their power cut than necessary <20> a familiar plunge into darkness for the sweat-laced locals of a state that has had more than its fair share of energy problems in recent times.Australian consortium launches world-first digital energy marketplace for rooftop solar Read more The persistent power-cuts and price surges have seen the Turnbull government blame the state<74>s heavy reliance on intermittent wind farms and advocate for the building of new coal-fired plants, while renewable energy advocates are looking to battery storage systems, which are coming down in price but remain expensive, as the long-term solution. The head of BuddeComm , Paul Budde, however has another idea: talking to air conditioners. The telecommunications expert envisions an Internet of Things (IoT) integrated energy grid that provides live weather updates, monitors power shortfalls, predicts demand, and reacts accordingly <20> even utilising smart meters to adjust an entire state<74>s air conditioners to reduce power consumption. <20>What you need in these emergencies is a manageable system, not just a matter of switching power on and off to entire areas, but having all this in place you could manage air cons in people<6C>s homes in such a way that it doesn<73>t overload the network,<2C> he says.Steven Travers, the executive manager of IoT Cluster for Mining and Energy Resources, says there are pros and cons to smart grid capabilities such as this.<2E>That<61>s the other part of this equation <20> how much data are we happy to give,<2C> he says. <20>This essentially gives the power company access to your house, but the trade-off is you<6F>re not getting the power switched off.<2E>Travers, whose organisation receives funding from the South Australian government, notes that IoT technologies could have also have circumvented the human error involved in the Adelaide power cut by integrating with machine learning software that would react to weather data updated at 15-minute intervals.<2E>These are all off-the-shelf things that are ready to go,<2C> he says.Energy positive: how Denmark''s Sams<6D> island switched to zero carbon Read more Budde agrees there are dozens of examples about how upgrading to a smart grid could change power distribution for the better.He says rather than power companies waiting for a number of customers to call them to notify of a problem in an area and sending a car out to investigate, they could simply have sensor technology installed that would automatically flag any issues <20> even for problems that haven<65>t happened yet. <20>The interesting thing with transformers is they are so solid it could take three to four years for a fault to actually cause a problem, but a sensor could alert you of it immediately,<2C> he says.Budde says this is all possible with long-established technology that he was promoting over a decade ago as the head of the now-shuttered SmartGrid Australia advocacy group, which he closed down in part due to changing political winds.His group successfully lobbied the former Labor federal government to undertake the $100m Smart Grid, Smart City study, which concluded in 2013 that there could be a net economic benefit from smart grid technologies of up to $28bn over 20 years, but the specific recommendations of
'b35ad398ef9b25f96a7597e432357d3b76546471'|'Berkshire energy chief Abel receives $17.5 mln compensation'|'Company News - Mon Feb 27, 2017 - 3:53pm EST Berkshire energy chief Abel receives $17.5 mln compensation By Jonathan Stempel Feb 27 Gregory Abel, chief executive of the energy unit of Warren Buffett''s Berkshire Hathaway Inc, was awarded $17.52 million in compensation last year, mainly in the form of a bonus, a regulatory filing shows. Abel, 54, received a $15 million bonus under a performance incentive plan at Berkshire Hathaway Energy, where he has been chief executive since 2008 and chairman since 2011. He also got a $1 million salary plus $1.52 million of other awards. The total amount was down from $40.77 million in 2015, which included $39.5 million of incentive and bonus pay, and made Abel one of the best-paid U.S. executives. Many investors and analysts consider Abel a top candidate to succeed Buffett, 86, as Berkshire''s chief executive. Abel also sits on the board of food company Kraft Heinz Co, controlled by Berkshire and Brazilian private equity firm 3G Capital. Buffett''s compensation is normally disclosed in March. The world''s second-richest person takes a $100,000 salary for running Berkshire. His total compensation was $470,244 in 2015, mainly reflecting the cost of security to keep him safe. Berkshire owns 90 percent of Berkshire Hathaway Energy. Its profit from the unit, which consists of utilities, natural gas pipelines, other energy businesses and a real estate brokerage, rose 7 percent in 2016 to $2.29 billion. Results benefited as lower fuel prices boosted margins at PacifiCorp, which runs a regulated utility in several western U.S. states, while acquisitions and rising home prices boosted profit at the real estate brokerage. Though Buffett did not mention Abel by name in his annual letter to Berkshire shareholders on Saturday, he said Berkshire Hathaway Energy owns assets that are "of major importance to our country" and enjoys an "ever-widening diversity of earnings streams," including from wind energy. (Reporting by Jonathan Stempel in New York; Editing by David Gregorio) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/berkshire-hatha-abel-pay-idUSL2N1GC1A9'|'2017-02-28T03:53:00.000+02:00'
'553f6c29a35307a9fe321dc2ab1f992b69035959'|'Warren Buffett, on CNBC, says bought about 120 mln Apple shares in 2017'|' 52am EST Warren Buffett, on CNBC, says bought about 120 mln Apple shares in 2017 NEW YORK Feb 27 Warren Buffett, chairman and chief executive of Berkshire Hathaway Inc, told CNBC on Monday that his conglomerate had purchased about 120 million shares of Apple Inc. in 2017. "Apple strikes me as having quite a sticky product," Buffett said. He said that Berkshire''s Apple stake was now worth about $17 billion and amounted to 133 million shares. (Reporting by Sam Forgione Editing by W Simon)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/berkshire-hatha-buffett-apple-idUSL2N1GC0B9'|'2017-02-27T18:52:00.000+02:00'
'8939f06f53a58c08b8895cece955f326c2e85830'|'REIT Ashford''s offer for FelCor "inadequate", says activist investor'|'Company  51am EST REIT Ashford''s offer for FelCor "inadequate", says activist investor Feb 27 Lodging REIT Ashford Hospitality Trust Inc''s offer to buy FelCor Lodging Trust Inc was "woefully inadequate", activist hedge fund Land and Buildings Investment Management LLC, which holds a stake in FelCor, said on Monday. Ashford offered to buy FelCor last week, in a deal valued at about $1.27 billion, and launched a proxy battle for the control of the company''s board. Land and Buildings, which owns 6.1 percent of FelCor''s shares, estimated the company''s net asset value at $10.50 per share, well above Ashford''s offer price of $9.27 per share in stock and warrants. The hedge fund also said any offer by Ashford should consist of at least $5 per share in cash, which is roughly the cash balances at Ashford and its external manager Ashford Inc . FelCor''s shares were up 1.8 percent at $7.21. Ashford''s shares, on which FBR raised its rating to "outperform" from "market perform", jumped 4.7 percent to $6.71. Up to Friday''s close, Felcor''s shares had fallen about 2 percent, since Feb. 17, the last trading day before Ashford made its offer. Ashford''s shares have dropped about 16 percent in that period. (Reporting by Ankit Ajmera in Bengaluru; Editing by Savio D''Souza) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/felcor-ma-idUSL3N1GC4LV'|'2017-02-27T21:51:00.000+02:00'
'e3f5e01ac9f774af45e020ccab18620b7c5a319b'|'Merkel discussed China''s electro-cars plan with prime minister Li'|'  6:02am EST Merkel discussed China''s electro-cars plan with prime minister Li BERLIN Feb 27 German Chancellor Angela Merkel discussed China''s plan to set quotas for the number of electric cars it wants on its roads in the future in a phone call with Prime Minister Li Keqiang, a government spokesman said on Monday "The federal chancellor had a phone call with Prime Minister Li Keqiang, it was a confidential phone call and I can give no details," Steffen Seibert told a regular government news conference in Berlin. He added that Germany supported China''s plan to put more electric cars on its roads as long as the drive was not discriminatory against foreign carmakers. Germany''s Handelsblatt business daily reported at the weekend that China would soften its stance on electric cars after a phone call between Merkel and Li. It said German carmakers were opposed to the scale and pace of the plan. (Reporting by Joseph Nasr and Erik Kirschbaum; Editing by Maria Sheahan)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/china-autos-electric-germany-idUSB4N1E301W'|'2017-02-27T18:02:00.000+02:00'
'96b1f684ef10344cc81b3fa0ba4f8432745e1ebf'|'VW''s Seat sees strong 2017 sales after jump in first two months'|'Business News - Mon Feb 27, 2017 - 4:02pm GMT VW''s Seat sees strong 2017 sales after jump in first two months View of an emblem on a Volkswagen I.D. Buzz electric concept vehicle being displayed during the North American International Auto Show in Detroit, Michigan, U.S., January 10, 2017. REUTERS/Mark Blinch BERLIN Volkswagen''s ( VOWG_p.DE ) long-struggling Spanish division Seat expects strong sales this year after deliveries grew by double-digit percentages in the first two months thanks to new models and demand from southern Europe, its chief executive said. Full availability of the new Ateca sport-utility vehicle introduced in 2016 and the launch of its smaller sibling Arona later this year will drive demand, CEO Luca de Meo said, after Seat''s annual sales rose less than 3 percent in 2016 and 2015. "2017 could be kind of a special year for Seat," de Meo told Reuters on Monday. "We have seen encouraging sales" in the first two months. Seat''s deliveries jumped 17 percent in January to 32,300 cars, parent Volkswagen (VW) said this month, the strongest growth of VW''s five main car brands including Audi and Porsche. February sales data has yet to be released. Seat, bought by VW in 1986, grappled for years with losses caused by under-used capacity at its main plant in Martorell, Spain. De Meo said Seat, which has traditionally targeted young buyers with sporty compact models, would start as early as next year selling its cars with internet-connected services, including software to route drivers around traffic jams. To underpin its push into digital services, Seat is wooing experts from technology firms and will open a research lab in Barcelona in April. The brand will also test car sharing in its home city with electric prototype cars, he said, reflecting efforts by its German parent. "A new world is opening up for us," de Meo said. "Our young customers put a lot of attention on connectivity." (Reporting by Andreas Cremer; Editing by Mark Potter) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-volkswagen-seat-sales-idUKKBN1661U7'|'2017-02-27T23:02:00.000+02:00'
'1d63a9512e5a9ce5e8bf946084e44a8594e9e993'|'U.S. judge dismisses case against Wal-Mart over Mexico bribery'|'Business News - Mon Feb 27, 2017 - 6:32pm GMT U.S. judge dismisses case against Wal-Mart over Mexico bribery A general view shows a Wal-Mart store in Monterrey, Mexico, August 10, 2016. REUTERS/Daniel Becerril By Jonathan Stempel Wal-Mart Stores Inc ( WMT.N ) on Monday won the dismissal of a U.S. lawsuit accusing the world''s largest retailer of defrauding shareholders in its Wal-Mart de Mexico unit by concealing its suspected bribery of public officials in Mexico. U.S. District Judge Katherine Polk Failla in Manhattan said holders of Wal-Mex''s ( WALMEX.MX ) American depository shares (ADRs) cannot pursue claims that Wal-Mex''s former Chairman Ernesto Vega and Chief Executive Scot Rank knew or were reckless in not knowing about the bribery allegations. She also rejected shareholder claims that Wal-Mex and Wal-Mart were liable for Vega''s and Rank''s activity, and that Wal-Mex misled shareholders by saying it operated legally and ethically during the alleged bribery scheme. Lawyers for lead plaintiff Michael Fogel did not immediately respond to requests for comment. The lawsuit is one of several targeting Wal-Mart after The New York Times in April 2012 reported that the Bentonville, Arkansas-based retailer bribed Mexican officials for years to speed up store openings. Wal-Mart''s market value fell about $17 billion over three days after that report was issued. The Times'' reporter later won a Pulitzer Prize for the report. Last September, a federal judge in Fayetteville, Arkansas said holders of Wal-Mart''s U.S.-listed shares, represented by a different law firm, may pursue their claims in a class action, potentially boosting their recovery. A federal appeals court later rejected Wal-Mart''s immediate appeal of that decision, without ruling on the merits. In the ADR case, Failla rejected as speculative a claim that Vega, who also chaired the Wal-Mex board''s audit committee, and Rank were put on notice of the alleged bribery because a senior Wal-Mex audit executive "reported" to them. Failla said it was at least equally likely that Vega in particular might not have known because his relationship with the audit executive "was attenuated, or because an employee is likely to hide his wrongdoing from his supervisor." In her 45-page decision, Failla also said statements by Wal-Mex in several annual reports that it complied with Mexican law and tried to follow "corporate best practices" amounted to "inactionable, immaterial puffery." Wal-Mart spokesman Randy Hargrove in an email said "we appreciate the court''s careful consideration of the issues and dismissing these claims," and that it "wouldn''t be appropriate" to discuss how it might affect other lawsuits. The case is Fogel v Wal-Mart de Mexico SAB de CV et al, U.S. District Court, Southern District of New York, No. 13-02282. (Reporting by Jonathan Stempel in New York; editing by Grant McCool) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-walmart-mexico-decision-idUKKBN166264'|'2017-02-28T01:32:00.000+02:00'
'9ed67424811d26ee4e955173ac7e8a61644ea2d7'|'No AT&T-Time Warner merger review expected - U.S. regulator''s chairman'|' 36pm GMT No AT&T-Time Warner merger review expected - U.S. regulator''s chairman An AT&T logo is seen at an AT&T store in New York City, October 23, 2016. REUTERS/Stephanie Keith By David Shepardson - WASHINGTON WASHINGTON The head of the U.S. Federal Communications Commission does not expect to review AT&T Inc''s planned $85.4 billion acquisition of Time Warner Inc, a spokesman for the agency said on Monday. FCC Chairman Ajit Pai had told the Wall Street Journal in an interview on Monday at the Mobile World Congress in Barcelona that he did not foresee a role for the FCC on the takeover and his comments were confirmed to Reuters by FCC spokesman Neil Grace. Last Thursday, Time Warner said it plans to sell a broadcast station in Atlanta to Meredith Corp for $70 million, which could help speed the company''s planned merger with AT&T. Pai declined to say on Thursday if he would use that transfer to try to review the broader merger. In January, AT&T said it expected to be able to bypass the FCC because it would not seek to transfer any Time Warner licenses. About a dozen U.S. senators have urged him to review the deal. The station that Time Warner is selling, WPCH-TV in Atlanta, is its only FCC-regulated broadcast station. It has other, more minor FCC licenses. Meredith has operated WPCH-TV for Time Warner since 2011. It was previously know as WTBS. Time Warner said last month it expected it would only need the consent of the U.S. Department of Justice. The Justice Department, which is reviewing documents submitted on the proposed merger, has to prove a proposed deal harms competition in order to block it. The FCC has broad leeway to block a merger it deems is not in the "public interest" and can impose additional conditions. AT&T Chief Executive Randall Stephenson told CNBC earlier this month the Justice Department review was ongoing and he thought the deal would close by the end of the year. "It''s a clean transaction," he said. People briefed on the matter do not expect the Justice Department to act on the merger until an assistant attorney general overseeing the anti-trust division is named and confirmed by the U.S. Senate. AT&T, which repeatedly clashed with the FCC under President Barack Obama over major industry regulations, said last year one benefit to its buying Time Warner is that the programming company is "lightly regulated compared to much of AT&T''s existing operations." (Reporting by David Shepardson; editing by Grant McCool)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-timewarner-att-fcc-idUKKBN16629I'|'2017-02-28T02:36:00.000+02:00'
'fae5859eaca29fef7fd0bc65b6a8261707061dfe'|'Citi says U.S. regulators are investigating its hiring practices'|'Sat Feb 25, 2017 - 12:38am GMT Citi says U.S. regulators are investigating its hiring practices A view of the exterior of the Citibank corporate headquarters in New York, New York, U.S. May 20, 2015. REUTERS/Mike Segar/Files Citigroup Inc ( C.N ) on Friday said that U.S. government and regulatory agencies are investigating the bank''s hiring practices. U.S. agencies, including the U.S. Securities and Exchange Commission, are looking into whether or not the bank hired candidates "referred by or related to foreign government officials" over other candidates, the filing said. ( bit.ly/2mmiCe4 ) "Citigroup is cooperating with the investigations and inquiries," the company said in the filing with the SEC. JPMorgan Chase & Co ( JPM.N ) agreed to pay $264 million in November to resolve allegations that it hired relatives of Chinese officials in order to win banking deals. (Reporting by Subrat Patnaik in Bengaluru; editing by Grant McCool) Up Next'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-citigroup-probe-sec-idUKKBN16400M'|'2017-02-25T07:36:00.000+02:00'
'4a448ce5adb929ac134c520f7728945b4d78b441'|'BRIEF-VisionChina Media says terminates sale of equity interest in Subway Mobile TV ad business'|' 14am EST BRIEF-VisionChina Media says terminates sale of equity interest in Subway Mobile TV ad business Feb 27 VisionChina Media Inc * VisionChina Media terminates transaction selling equity interest in its Subway Mobile TV advertising business * VisionChina Media Inc - termination was due to "parties'' disagreement over operating management philosophy for new culture" * VisionChina Media Inc - pursuant to termination agreement, company will regain 49% equity interest in new culture from Ledman * VisionChina Media Inc - will repay Ledman rmb61.0 million cash consideration, with interest equivalent to that earned in a bank deposit for same duration * VisionChina Media Inc - in addition, company will repay RMB321.2 million in cash over next three years by selling 17.1 million shares of Ledman Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-visionchina-media-says-terminates-idUSFWN1GC0OZ'|'2017-02-27T21:14:00.000+02:00'
'8e5ad8e7aa76963e1ba166d2f6ca5be9d0e58825'|'BRIEF-ServiceNow names John Donahoe president and CEO'|' 16am EST BRIEF-ServiceNow names John Donahoe president and CEO Feb 27 ServiceNow Inc: * ServiceNow names John Donahoe president and CEO * ServiceNow Inc - current president, CEO and chairman of board, Frank Slootman to remain as chairman * ServiceNow - Donahoe was formerly president and chief executive officer of Ebay Inc * ServiceNow - current president, CEO Frank Slootman will continue as chairman upon stepping down from his management role on April 3, 2017 Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-servicenow-names-john-donahoe-pres-idUSASB0B2FM'|'2017-02-27T21:16:00.000+02:00'
'cb214cc219a359c1f797e87546e87440b7b97e7b'|'Russia finmin will offer OFZ bonds for households in April'|'SOCHI, Russia Feb 27 Russia''s finance ministry will start selling rouble treasury bonds for households in April, Finance Minister Anton Siluanov said on Monday.The finance ministry aims at raising up to 30 billion ($519 million) roubles a year by selling bonds, known as OFZ bonds for people, Siluanov said.The new three-year bonds will have a yield of 8.5 percent and will be issued every six months, available at offices of Russia''s largest lenders Sberbank and VTB, Siluanov said.($1 = 57.8160 roubles) (Reporting by Darya Korsunskaya; Writing by Andrey Ostroukh; editing by Vladimir Soldatkin)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/russia-ofz-people-idINR4N1G101Z'|'2017-02-27T05:06:00.000+02:00'
'207f4846e9a2a24e8439467af1b600f2653b5f72'|'Deutsche Bank board member says staff not quitting over bonus cuts-paper'|'Sun Feb 26, 2017 - 12:29pm GMT Deutsche Bank board member says staff not quitting over bonus cuts-paper The head quarters of Germany''s Deutsche Bank are photographed early evening in Frankfurt, Germany, January 31, 2017. REUTERS/Kai Pfaffenbach FRANKFURT Bonus cuts at German flagship lender Deutsche Bank ( DBKGn.DE ), announced in January, have so far not led to a mass exodus of employees, one of its board members told a German weekly newspaper. "Fluctuation is normal and within the usual boundaries and was even lower in January compared to the previous year," Chief Administrative Officer Karl von Rohr told Frankfurter Allgemeine Sonntagszeitung (FAS) when asked if the bank had lost staff. The cuts will see the bank''s bonus pool shrink by about 80 percent and hit about a quarter of Deutsche''s roughly 100,000 staff. Carmaker Volkswagen ( VOWG_p.DE ) on Friday announced major changes to executive pay with a cap on earnings, looking to quell widespread anger over bonuses paid even as the carmaker suffered record losses after the emissions scandal. Deutsche Bank, Germany''s flagship lender, posted a net loss of 1.9 billion euros ($2.01 billion) in the final quarter of 2016 as legal costs for past misdeeds weighed heavily on results. While Deutsche Bank has drawn a line under some major legal headaches, earmarking 4.7 billion of total litigation reserves of 7.6 billion euros for settlements such as over the sale of toxic mortgages and sham Russian trades, it is not yet out of the woods. About 20 large cases account for 90 percent of the bank''s legal provisions, von Rohr said, adding half of those had either been concluded already or were about to be completed. "The rest will hopefully be largely dealt with by the end of the year." (Reporting by Christoph Steitz; Editing by Elaine Hardcastle) Up Next'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-deutsche-bank-bonuses-idUKKBN1650FP'|'2017-02-26T19:29:00.000+02:00'
'1bb377c4833979f0152fdd59d902c141edf4fdeb'|'Iran''s Rouhani chides critics as aide says he will seek re-election'|'World   7:14am EST Iran''s Rouhani chides critics as aide says he will seek re-election FILE PHOTO: Iranian President Hassan Rouhani speaks at a news conference near the United Nations General Assembly in the Manhattan borough of New York, U.S., September 22, 2016. REUTERS/Lucas Jackson/File Photo DUBAI President Hassan Rouhani on Sunday accused his hardline critics of wanting to deprive Iranians of the basic joys of life and isolate the country, as an aide said he had decided to run for a second term, state media reported. Iran will hold a presidential election on May 19, but Rouhani, a moderate who is eligible to seek a second four-year term, has stopped short of saying he would run to push ahead with reforms resisted by powerful hardliners. "Soon it''s the (Iranian) New Year, so let the people have some joy," Rouhani, who has advocated greater social freedoms, said in a speech carried live on state television. "How come crying a lot is halal (allowed under Islam) and if we laugh it''s haram (banned)," Rouhani said, in an apparent reference to hardliners who control the police and security bodies and promote an austere interpretation of Islam. Rouhani''s remarks at a meeting on public health came on the same day as a top aide said he decided to run for re-election. "In recent weeks, Mr. Rouhani has reached the conclusion to take part in the presidential election," said vice president for parliamentary affairs Hosseinali Amiri, quoted by the state news agency IRNA. In his speech, Rouhani said his government stood for opening Iran up to the outside world while his opponents sought confrontation and isolation. "We are a government that says we should use foreign capital," said Rouhani, a pragmatist who was elected in 2013. Rouhani also hit out at hardline critics who have accused officials of going on a "luxury" buying spree as Iran made deals with Airbus and U.S. rival Boeing last year to purchase about 180 passenger planes. "We say if our aircraft fleet is in need of new planes we should buy them. But some say it''s honorable to use old equipment," he said. The purchases were the first direct deals by Tehran to buy Western-built aircraft in nearly 40 years to revamp its ageing fleet. "We are steadfast in our principles and we don''t compromise on them, but we should talk to the world, engage and cooperate with it," said Rouhani, rejecting accusations that his policies amounted to selling out the principles of Iran''s 1979 Islamic Revolution. Rouhani struck a deal in 2015 with world powers on curbing Iran''s nuclear program in exchange for relief from sanctions and has sought to open Iran''s economy to foreign investors and improve relations with the West. (Reporting by Dubai newsroom; Editing by Ros Russell) Next In World News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-iran-rouhani-election-idUSKBN1650F8'|'2017-02-26T19:03:00.000+02:00'
'42c08e8c2cc73c127f344aed2a661e5b2f177ed0'|'Abraaj acquires Middlesex University''s Dubai campus-sources - Reuters'|'DUBAI Feb 26 Emerging markets-focused private equity firm Abraaj Group acquired Middlesex University''s overseas campus in Dubai, sources familiar with the matter said, in a sign of increased interest from buyout firms in the Middle East''s education sector.In June, Abraaj was chosen by shareholders of the university campus, which is owned by individual investors in the United Arab Emirates and operated by London''s Middlesex University, as a preferred bidder and was invited to conduct due diligence.The deal closed at the end of January, sources told Reuters, with Abraaj paying 11 times earnings before interest, tax, depreciation and amortization. The deal value was not disclosed.Dubai-based Abraaj declined to comment when contacted by Reuters, while Middlesex University Dubai did not respond to queries for comment.Middlesex University Dubai''s earnings before interest, taxes, depreciation and amortization were about $6.8 million last year, the sources said in September. The deal would have closed at about $74.8 million, according to Reuters calculations.Private universities in Dubai are beginning to attract the attention of private equity players. Investors in recent years have acquired schools, a fast growing sector amid a wealthy and growing population.The Dubai campus opened in 2005 and has more than 2,500 students, offering a variety of undergraduate and postgraduate programmes, according to its website.(Reporting by Hadeel Al Sayegh; Editing by Saeed Azhar and Kim Coghill)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/emirates-abraaj-middlesex-university-idINL5N1GB01L'|'2017-02-26T03:27:00.000+02:00'
'023b67c8ed6f933a6d9aa6efc1dc27000856bec0'|'Southern rail chief: we aren<65>t doing anything wrong - Business'|'The company running the Southern rail network has done nothing wrong contractually, according to its chief executive, who blamed strikes for the problems suffered by commuters.In recent months, MPs have called on the government to take over the service, saying that ministers were failing to enforce the terms of GTR<54>s contract , with hundreds of trains failing to run on time daily.However, David Brown, the boss of Go-Ahead, owners of Southern<72>s operator Govia Thameslink Railway, defended the strike-ridden firm<72>s performance. Southern rail users face more strikes as drivers reject Aslef-backed deal Read more <20>We haven<65>t actually done anything wrong in this contract <20> we<77>ve done the things we were asked to do by the government in the interests of the customers,<2C> Brown said.Brown was speaking on Tuesday, when Go-Ahead shares fell by almost 14% after the group announced a 13% drop in profits for the first half of 2016-17, partly driven by the losses on GTR. Patrick Butcher, the chief financial officer of Go-Ahead, said that GTR had made a loss of about <20>4m, but could lose as much as <20>15m over the year dependent on the negotiations. <20>We won<6F>t make money on this contract until we start running trains reliably,<2C> he added.Brown insisted <20>the issues were down to the strikes, to be blunt<6E>. He said GTR had made significant progress which would benefit customers eventually: <20>We<57>ve introduced more trains than any other franchise in the UK, we<77>ve got the largest driver recruitment school in Europe, we<77>ve opened two of the biggest depots in the UK, and we<77>re the first train operator to introduce delay repay [compensation for passengers] at 15 minutes.<2E>However, he added: <20>In terms of the customers there have been awful things that have happened.<2E> He admitted that <20>in terms of staff engagement, absolutely<6C> the firm could have done things differently, but said the firm had needed to change the railway and ways of working. <20>I regret we were in that position.<2E> He defended the way the company had pushed through plans to extend driver-only trains and downgrade the role of conductors, which led to the strike: <20>We<57>re doing this because it<69>s the right thing for the railways, for taxpayers <20> we aren<65>t doing anything wrong. It<49>s not my safety case. It was not unreasonable to assume we<77>d get this through. These are still good jobs paying lots of money.<2E> Brown claimed that, despite the fact that GTR was still officially in dispute with Aslef <20> whose drivers rejected an agreement struck by GTR with union leaders <20> and the RMT, the service was much improved. <20>My postbag has dropped a hundredfold. People are much happier. The number of cancellations is down to single digits.<2E> While Southern ran about 90% of its trains during a one-day strike by the RMT last week, Brown said: <20>We do want to reach resolution on these issues, they need to be resolved.<2E> He added that <20>our door is always open<65> to the RMT, the union that has led the majority of strikes since last April. But the union said on Tuesday that it had been snubbed by the firm, and called more strikes on Southern on 13 March in the ongoing dispute over the changes to the role and responsibilities of drivers and onboard crew. Mick Cash, the RMT general secretary, said: <20>The abject failure by Southern rail to meet with us, to clarify their exact position on the second safety-critical member of staff and to take the safety issues seriously has left us with no option but to confirm further action.<2E> Go-Ahead is still in negotiation with the Department for Transport over its responsibility for disruption on Southern <20> including a period of several months in mid-2016 when it operated an emergency timetable, cancelling hundreds of services daily even without strikes. GTR argued that it was unable to run services due to force majeure, citing levels of sickness that it claimed was unofficial industrial action <20> a claim being scrutinised by the DfT. While strikes on Southern may have abated, further dis
'85c2d4f069078cc57b7952c7cb37caabfea17931'|'China''s SF Holding jumps on strong profit, backdoor listing'|'SHANGHAI Shares of Chinese express delivery firm SF Holding ( 002352.SZ ) shot up 10 percent on Tuesday, after it announced strong profit growth and completed a backdoor listing last week, ranking owner Wang Wei fourth among the country''s richest individuals.The giant Chinese courier added the final touches to its backdoor listing on Friday after reporting strong preliminary 2016 net profit, which it said jumped 280 percent, fueled by rapid industry growth.SF Holding struck a $6.6-billion deal last year with little-known metals firm Maanshan Dingtai Rare Earth & New Materials Ltd, effectively allowing the courier to bypass a waiting list for a formal initial public offer.The firm, which formally changed its name to SF Holding Co Ltd from Maanshan Dingtai on Friday, used an asset swap and new share deal with the metals firm in a bid to help it attract investors as it eyes expansion overseas.Amid China''s e-commerce boom, logistics is a key growth sector, which has spurred similar listing efforts by smaller firms YTO Express and STO Express.SF Holding''s shares, which have now rocketed close to 70 percent over the past six trading sessions, rank owner Wang as China''s fourth richest man, with a wealth of $18.5 billion, the Forbes China Rich List shows.That puts him behind only property magnate Wang Jianlin of Dalian Wanda, Alibaba Group Holding Ltd founder ( BABA.N ) Jack Ma and Tencent Holdings Ltd''s ( 0700.HK ) Pony Ma.(Reporting by Adam Jourdan; Editing by Clarence Fernandez)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-sf-holdings-stocks-idUSKBN167148'|'2017-02-28T13:16:00.000+02:00'
'b143185c4fc5952d2fb408811c03b97461a23803'|'BRIEF-Xerox says worldwide employment,which represents xerox post-separation, was about 37,600 as of Dec 31'|' 32pm EST BRIEF-Xerox says worldwide employment,which represents xerox post-separation, was about 37,600 as of Dec 31 Feb 27 Xerox Corp * Xerox-Worldwide employment,which represents xerox post-separation, was about 37,600 as of dec 31, 2016 and down by 2,400 from dec 31, 2015-sec filing Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-xerox-says-worldwide-employmentwhi-idUSFWN1GC167'|'2017-02-28T05:32:00.000+02:00'
'f6c2318abba20525f8c3c085ef476d160b3fdc00'|'Proxy proposal on Apple directors defeated at meeting'|'Company  55pm EST Proxy proposal on Apple directors defeated at meeting CUPERTINO, California Feb 28 A proxy proposal to allow shareholders to nominate two directors on Apple''s board was defeated at the iPhone maker''s annual shareholder meeting on Tuesday. The proposal won 31.9 percent of votes at the meeting at Apple''s headquarters in Cupertino, California. An advisory vote to approve executive pay won 95.2 percent support. (Reporting by Stephen Nellis) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/apple-shareholders-idUSU5N1FN01G'|'2017-03-01T00:55:00.000+02:00'
'ac7018ac78eaf44cc12d396ac76fb7e5854a58e9'|'Satellite operators OneWeb, Intelsat plan conditional merger - sources'|' 57pm GMT Satellite operators OneWeb, Intelsat plan conditional merger - sources People walk behind the logo of SoftBank Corp in Tokyo December 18, 2014. REUTERS/Toru Hanai/File Photo By Liana B. Baker and Jessica DiNapoli - NEW YORK NEW YORK OneWeb Ltd, a U.S. satellite venture backed by SoftBank Group Corp, and debt-laden satellite operator Intelsat SA plan to merge in a deal that could be announced as soon as late Monday, according to people briefed on the plans. The merger is conditional on approval from the bondholders of Intelsat SA, which had about $15 billion in debt at Sept. 30, the people said. The Luxembourg-based company has been trying to slash its debt through bond exchanges. The combination of the two would consolidate two players in the satellite space, and allow Intelsat to address its debt pile. SoftBank announced its investment in OneWeb, which seeks to provide affordable internet service with satellites, late last year. SoftBank and OneWeb declined to comment. Intelsat did not immediately respond to a request for comment. The sources asked not to be identified because the plans for the merger have not yet been made public. Some of Intelsat''s debt was trading as low as about 40 cents on the dollar on Monday, according to Thomson Reuters data. The company had a market capitalization of approximately $500 million. Last year, Intelsat bondholder Aurelius Capital Management LP accused the company of defaulting on some of its debt and improperly paying dividends. SoftBank this month also announced that it had agreed to acquire Fortress Investment Group LLC for $3.3 billion. The merger was first reported by Sky News. (Reporting by Liana B. Baker; writing by Jessica DiNapoli; Editing by Cynthia Osterman)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-oneweb-intelsat-m-a-idUKKBN1662GN'|'2017-02-28T04:57:00.000+02:00'
'833c81d9c219ab4c72b475183738876e5a47d0fc'|'Exclusive: ICE talking to former LME chief about new metals platform'|'Business   1:27pm GMT Exclusive: ICE talking to former LME chief about new metals platform FILE PHOTO - Martin Abbott attends the 7th World Copper Conference in Santiago April 10, 2008. REUTERS/Victor Ruiz Caballero By Pratima Desai and Clara Denina - LONDON LONDON Intercontinental Exchange (ICE) ( ICE.N ) is looking into setting up a London-based metals trading system, industry sources familiar with the matter said, more than four years after its ailed attempt to buy the London Metal Exchange The sources said New York-listed ICE is talking to Martin Abbott, a former chief executive of the 140-year-old LME, the world''s largest and oldest market for trading metals. Abbott, who headed the exchange from 2006-2013, held talks with trading houses and brokers last year about launching a new trading platform for metals in a direct challenge to the LME, a move prompted by discontent over rising trading fees. Nothing came of the talks but the idea has not gone away, with ICE, which offers New York-based futures trading, showing interest. "ICE is looking at the possibility of expanding into metals (in London)," one senior broking source said. "We''ll look at it if it develops further. Any loyalty we had (to the LME) went a long time ago when they raised fees at a very difficult time for us." ICE declined to comment, while a spokesman for Abbott said: "As of today I can say that while there has been some informal contact with ICE, absolutely no formal conversations have taken place or are scheduled." Sources say any new platform would have to cater for industrial users such as consumers and producers who often want physical delivery of metals, requiring a global network of warehouses such as those registered with the LME. The LME operates a network of more than 600 warehouses, but owners of the facilities are free to store metal that is traded outside the LME. Exactly how metals might be traded on any new platform has yet to be determined. However, metal bought or sold using over-the-counter (OTC) trade contracts could be delivered from or into these warehouses. "A combination of physical and cash-settled (contracts) perhaps (might work)," one source close to ICE said. LME trading ranges from an electronic system to traditional open outcry. Abbott has been talking to other exchanges since his initial project was shelved due to a lack of financial commitment from the trading houses and brokers involved, sources said. "That project was abandoned, but the idea woke some people up," a metals industry veteran said. "There are a lot of disgruntled people because of the fees. It was a sledgehammer approach that backfired." An average 31 percent fee increase at the start of 2015 prompted many consumers and producers to abandon the exchange in favour of OTC trade, hitting LME volumes. The rise was an attempt to boost earnings for parent Hong Kong Exchanges & Clearing ( 0388.HK ), which paid $2.2 billion for the LME in 2012, in a bidding process which included ICE. The LME still dominates metals trading, but its share of overall copper trading has fallen to near 60 percent from 80 percent in 2008, while for all metal traded on exchanges the drop has been to 71 from 87 percent. ICE launched in 2000 with an electronic platform aiming to bring more transparency and accessibility to OTC energy markets. Since then it has added other futures contracts including on currencies, interest rates, precious metals and iron ore. It also has a network of clearing houses around the world. (Additional reporting by Veronica Brown; Editing by David Stamp) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-metals-exchanges-ice-exclusive-idUKKBN1671JL'|'2017-02-28T20:27:00.000+02:00'
'f2c8788c6b2e2b7115d8714bf44f1d4d8c1a7f9c'|'UPDATE 1-Mexico regulator plans vote on America Movil, Televisa rules:'|'(Adds background, companies'' no comment)MEXICO CITY Feb 27 Mexico''s telecommunications regulator plans to discuss and vote later on Monday on the antitrust rules in place against Carlos Slim''s America Movil and broadcaster Grupo Televisa, three people familiar with the matter said.The measures were part of a sweeping reform of the sector sought by President Enrique Pena Nieto''s government to reign in the country''s telecoms and broadcasting oligopolies.The rules are revised periodically to see whether the board wants to toughen, maintain or loosen regulations based on how markets are evolving.A spokesman for regulator the Federal Telecommunications Institute (IFT) said a board meeting was planned for Monday, but did not confirm what the topic would be.A spokesman for Televisa A spokeswoman for America Movil alsoAlthough planned for Monday, the vote could be pushed back, and any decision would not necessarily be announced the same day, said one of the people, who declined to be named.The IFT first has to notify the companies of their vote, and sometimes that can take several days. (Reporting by Christine Murray, editing by G Crosse)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/mexico-telecoms-idINL2N1GC17H'|'2017-02-27T18:54:00.000+02:00'
'4ba1b1ccc3420a06ad43366e34521591512a6fcb'|'Longer survival seen with Amgen''s Kyprolis vs Velcade in myeloma study'|'Health   9:02am EST Longer survival seen with Amgen''s Kyprolis vs Velcade in myeloma study Patients with relapsed multiple myeloma treated with Amgen Inc''s Kyprolis lived more than seven months longer than those who received Takeda Pharmaceutical Co''s Velcade, according to data from a late-stage study released by Amgen on Tuesday. In the head-to-head trial of 929 patients whose multiple myeloma had relapsed following prior treatment, those who received Kyprolis plus low-dose dexamethasone on average lived 47.6 months. That compared with a median survival of 40 months for those who received Velcade plus low-dose dexamethasone. Earlier published data from the trial called Endeavor demonstrated that patients with the incurable blood cancer who received Kyprolis went significantly longer before the disease worsened than those treated with Velcade, a measure known as progression-free survival (PFS). But helping patients to actually live longer is considered the gold standard. "We now know that Kyprolis not only significantly extended progression-free survival compared to Velcade, but also overall survival, making it a clinically meaningful advance in the treatment of relapsed or refractory multiple myeloma," Dr. Meletios Dimopoulos, one of the study''s lead investigators, said in a statement. Patients in the study had seen their disease progress after receiving between one and three prior treatment regimens. Amgen said it will seek to have the Kyprolis label updated to include the new overall survival data, after which the company would be able to promote the benefit. Kyprolis is approved for multiple myeloma that has progressed after treatment with other medicines. The prescribing information label already features the PFS data in which patients who received the Amgen drug went twice as long as those who got Velcade before their disease began to worsen, 18.7 months versus 9.4 months. "Endeavor is the only (relapsed multiple myeloma) study to demonstrate a survival benefit in a head-to-head comparison with a current standard of care regimen," Amgen research chief Sean Harper said in a statement. In the United States, there are nearly 95,000 people living with, or in remission from, multiple myeloma, according to the National Cancer Institute. About 30,330 Americans are diagnosed with multiple myeloma and more than 12,600 die from the disease each year. (Reporting by Bill Berkrot; Editing by Jonathan Oatis) Next In Health News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-amgen-myeloma-idUSKBN1671ND'|'2017-02-28T21:01:00.000+02:00'
'ca0e2c96fadbf020ba725ff30bca90fb5e3c81f3'|'Euro zone economy - real recovery or another Sirens'' song?'|' 12pm GMT Euro zone economy: real recovery or another Sirens'' song? left right FILE PHOTO:Fireworks explode next to the Quadriga sculpture atop the Brandenburg gate during New Year celebrations in Berlin, Germany, January 1, 2017. REUTERS/Fabrizio Bensch/File Photo 1/3 left right FILE PHOTO:A tomato plant is seen in a planter box on the rooftop of the Bon Marche store in Paris, France, August 26, 2016. REUTERS/Regis Duvignau/File Photo 2/3 left right FILE PHOTO:The ship Sierra Nava is seen at Algeciras bay on the southern Spanish coast January 28, 2007. REUTERS/Anton Meres/File Photo 3/3 By Jeremy Gaunt - LONDON LONDON Over the years, euro zone economic growth has been a bit like the Sirens in Homer''s Odyssey: singing a song of promise, only to end up pulling you onto the rocks. Will it be different this time? The strong growth registered in numerous data releases and surveys at the beginning of this year has surprised many. One eye-opening example was the release of flash purchasing managers indices for France, Germany and the euro zone on Feb 21. Of nine indexes, eight registered growth and six did so at a higher level than any economist polled by Reuters had imagined. Not surprisingly, economists and policy-makers are now looking for firm proof that the euro zone''s apparent rebound this year is sustainable, as well as noting a variety of potentially destructive economic and political hazards ahead. There has not been, they say, a specific inflexion point at which it can be said that the euro zone has recovered and is off on a growth tear. Rather it has been a slow simmer. "The euro zone has been recovering steadily for three years now, helped by monetary policy stimulus, an end to fiscal austerity and a healthier financial sector," said James McCann, OECD economist at Standard Life Investments. "(It''s) a steady recovery which has been trundling on." The numbers confirm this. The European Commission notes that real GDP in the euro zone has grown for 15 consecutive quarters - a sign of steady improvement. But putting aside some of the latest data, it has been steady rather than spectacular. Economic growth is still running at only around 1.6 percent annually, and most forecasters - from economists polled by Reuters to the Commission itself, reckon it will be about the same this year. So the question is whether the recent data has turned this on its head. Even before considering whether Greece''s debt problems will come back to bite the euro zone, there are two main strands: inflation and elections. OF POLITICS AND INFLATION While the repetition of positive January and February data in the month ahead - for example, German industrial orders soaring again - would fuel the euro zone takeoff story, inflation may hold the key. "The risk of disappointment is that higher headline inflation decelerates real income growth and consumption," said Paul Mortimer-Lee, global head of market economics at BNP Paribas. The preliminary reading of February euro zone inflation, to be reported on Wednesday, is expected to come in at 2.0 percent year-on-year, rising to the European Central Bank''s target on the back of monetary stimulus and economic growth. While far from hyper, such a level has not been seen for four years, and there has been a strong inverse path taken between inflation and retail sales over the last five years. In other words, rising prices can hurt consumer spending, which in turn drives economies. Unemployment during the financial crisis accounts for some of the dive in retail sales seen on and off since 2008. But joblessness, though improved, is still twice that of, say, the United States. So if euro zone inflation were to overshoot in the coming year, it may well stifle the very growth that engendered it. Economists, however, also see a growth killer in the bloc''s politics. Many have long argued that the euro zone cannot compete as a leading economy without substantial structural reform - particularly in the 
'85b1b79c955ff729aae5add2585317760317843e'|'Indian markets mark time ahead of Oct-Dec GDP data'|'Money   11:37am IST Indian markets mark time ahead of Oct-Dec GDP data LIVE COVERAGE: By Samantha Kareen Nair Indian shares were little changed on Tuesday after snapping a six-session winning streak in the previous session as investors took a pause ahead of key economic growth and fiscal deficit data due later in the day. Investors will be watching closely the gross domestic product (GDP) data to see if demand wilted in the final three months of last year following Prime Minister Narendra Modi''s surprise decision to ban high-value currency notes. A Reuters poll of 30 economists taken over the past week showed economic growth slowed to 6.4 percent annually in the October-December quarter. "Only if growth falls below 5.5 percent or rises above 6.5 percent, would there be some need to re-assess India''s growth trajectory in the period ahead," Deutsche Bank analysts wrote in a note. Meanwhile, broader sentiment was positive on the back of gains on Wall Street as investors awaited a speech by U.S. President Donald Trump later in the day for signals on tax reform and infrastructure spending. "Overall, the domestic market has gained quite a bit in the last few sessions. With no major trigger due immediately, markets will be rangebound in the next couple of days," said Siddharth Purohit, a senior research analyst with Angel Broking. The Nifty was 0.06 percent lower at 8,891.3 as of 0601 GMT after declining 0.5 percent on Monday, while the Sensex was down 0.01 percent at 28,809.02. The NSE Bank index was almost unchanged after snapping six consecutive sessions of gains in the previous session. Bank of India Ltd climbed 2.3 percent, while Punjab National Bank rose 1.3 percent. Shares of Bharti Airtel Ltd rose as much as 4.9 percent after the country''s largest telecoms network operator said on Monday it would scrap national roaming charges from April 1. Meanwhile, Idea Cellular Ltd declined as much as 4.8 percent after Providence Equity Partners sold its 3.3 percent stake in the company. (Reporting by Samantha Kareen Nair in Bengaluru; Editing by Subhranshu Sahu) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/india-stocks-idINKBN1670HC'|'2017-02-28T13:07:00.000+02:00'
'e94f033c568d46da20dcaec51906fa2181ce48ae'|'Growing up gay in the Caribbean, I was in constant survival mode - Global Development Professionals Network'|'I t is a strange thing growing up in an island called <20>Little England<6E>. You inherit the legal system, the educational system and even the old English mannerisms and words. But you also inherit something far more sinister; a cornucopia of archaic laws and prejudices.Imagine being a young child of six who realises that he likes boys. Now imagine this while living in a place where who you are, what you want to do and who you may choose to love is not only illegal, it<69>s seen as immoral. Imagine the impact that can have on a child. The absolute burden of knowing that you have to hide who you really are for the rest of your life.At a party you hear ''shot the batty boy'' and you cock your hand into a gun towards the guy who is even gayer than youI love my country. Its beaches and its 365 days a year sun; I love the food, the humour and the easiness of the island. But there is a dark underbelly of intolerance, of religious zealousness and of rampant hypocrisy which if you are not strong enough will slowly kill you from the inside out. I remember everything that was ever said that hurt me. Especially the words said by those I loved and who loved me. My father once shouting at my mother and saying: <20>It is because of you and your mother [my grandmother] that he is like that.<2E> My mother years later telling me that <20>she will never accept this<69> when I finally officially came out to her. And even my wonderful grandmother once saying that she hopes I <20>find more happiness than my uncle<6C>. My uncle, her son, is also gay. School was even worse. Any slight movement of the head or hand could give you away so you had to watch and plan everything carefully. A few days ago I watched a video of Wentworth Miller, the gay actor, who said that every day growing up was like being in <20>survival mode<64>. It is as if he lived my life. All of us growing up gay in the Caribbean are in survival mode. We defended ourselves against the religious leaders and followers who praise the lord by demonising that which they don<6F>t understand. Or as is common place in this island of masks <20> that which they are but don<6F>t want to see. We defended ourselves against the music. The music of Jamaica which called for gay people to be murdered and burned alive. Imagine being a gay closeted teenager and going to your first party and hearing the words <20>shot the batty boy<6F> blaring from the speakers. What do you do? You bop your head, cock your hand into the sign of a gun and point it at the guy who is even gayer than you. Point it and humiliate the ones who dared to let their masks fall.Here we live our lives through the eyes of others <20> to be gay was bad but to be the parent of a gay son was worseGrowing up in this predominantly black society as a gay boy you try to take your inspirations where you can. But who? Mr Humphries from Are You Being Served? Perhaps Steven Carrington from Dynasty? Maybe Will and Jack from Will & Grace? But where were the gay men who looked like me? Who had my story? Who could understand that the life of a black gay boy in the Caribbean had its own narrative and its own tragedy? I made it through school by never daring to dream of a life beyond quick fumbles in the back of a car or an existence of lies and excuses. I had partners but we all suffered from the sickness of invisibility and the scourge of self loathing. How could we possibly be good for each other when we were so harsh on ourselves?My coming out was a night of high drama in my house. My father hugged me, told me I was his son and he would always love me. My mother seemed more concerned about what others would think. In the Caribbean we live our lives through the eyes of others <20> to be gay was bad but to be the parent of a gay son or daughter was worse. You had failed. Your gene pool was infected. Your son or daughter was a disappointment. You get veiled sympathy and offers of beating the gay out of him. You get invitations overflowing to c
'304525e70f81854f2c29502669c70bff16a4d5bf'|'Refugees turned entrepreneurs: <20>I needed to think about the future<72> - Guardian Small Business Network'|'I t was nearly five years ago when Razan Alsous fled Syria with her husband and three children and arrived in Huddersfield with all their belongings squeezed into one suitcase. Ambitious and determined to carve out a new, and better, life, Alsous sought to find a job. But despite her scientific background and pharmacy degree, it was a massive battle; companies demanded references and a history of working in the UK that she simply didn<64>t have.At the same time, Alsous was starting to make her own halloumi from scratch using local milk. <20>We used to eat halloumi on a daily basis but here it wasn<73>t as good as it used to be back home,<2C> she says. Searching both in English and Arabic online, her microbiology background enabled Alsous to grasp the basics of making the cheese. Enthused by the outcome, she realised that there was a gap in the market for a new style of tasty halloumi. Securing a startup loan of <20>2,500 from the Local Enterprise Agency, Alsous set up Yorkshire Dama Cheese in 2014, showcasing the brand at trade shows and food festivals. <20>In Syria, I used to be active, I never sat down,<2C> says Alsous. <20>When I arrived here, instead of focusing on what we had lost, I needed to think about the future.<2E>Facebook Twitter Pinterest Princess Anne making a royal visit to the Yorkshire Dama Cheese factory. Photograph: Robert Ducker 2015 Now a five-strong team, Yorkshire Dama Cheese is sold in farm shops and delis nationwide. And there<72>s no sitting still for Alsous <20> she<68>s currently in talks with a supermarket to stock her brand and is working on a move to a new factory. <20>We<57>ll have a window where people can watch it being made and buy it.<2E>Alsous and her family are among more than 117,000 refugees thought to be living in the UK , many of whom have fled countries due to war or human rights abuses (a refugee, by definition, has proven that they would be at risk if returned to their home country). Like Alsous, many are working hard to adapt to the circumstances they find themselves in. But they face serious challenges.<2E>Around the world, refugees face significant restrictions on their economic lives,<2C> says Alexander Betts, professor of forced migration and international affairs, and director of the Refugee Studies Centre at Oxford University.<2E>Most of the world<6C>s refugees are not allowed to work. For those that are, there are other challenges: language, non-recognition of foreign qualifications, discrimination all pose barriers to finding a job. Refugees also face additional challenges in registering businesses and accessing banking facilities. But in spite of this, many refugees do set up small businesses, sometimes in the informal sector [self-employment].<2E>Edin Basic, co-founder of gourmet pizza company Firezza , was studying civil engineering in Bosnia when civil war broke out and he was forced to leave in 1992. He arrived in London not speaking a word of English. <20>That was the hardest challenge at first, along with the lack of money, as I had no help from my parents or other relatives,<2C> he says. He worked in restaurant kitchens, learning how to cook pasta and pizza, and worked his way up as an area manager for Caff<66> Uno and later, Starbucks. <20>Every step of the way was a challenge, but I am kind of grateful of that. The struggle made me who I am. Being busy meant I didn<64>t have time to think too much about what had happened.<2E>It was his time spent working in restaurants that sparked the idea for good quality pizzas. Faced with a lack of savings, along with business partner, fellow Bosnian refugee Adnan Medjedovic, Basic called in favours from contacts. <20>We were lucky to have friends including an architect, builder and graphic designer who helped us to develop the site and create a brand for Firezza. We also had an investor who saw the potential of what we were doing.<2E> After opening its Wandsworth site in the early 2000s, Firezza received a <20>250,000 investment from private equity business Y
'102b2164ae4379cf74d1f4c8f352fb85dfafdc11'|'BRIEF-TomTom announces a new project to crowdsource high-definition map data together with Qualcomm Technologies Inc'|' 50am EST BRIEF-TomTom announces a new project to crowdsource high-definition map data together with Qualcomm Technologies Inc Feb 27 Tomtom NV: * Together with Qualcomm Technologies Inc., subsidiary of Qualcomm Incorporated, announces a new project to crowdsource high-definition map data * Tomtom<6F>s HD map for autonomous vehicles will now benefit from a richer set of data due to Qualcomm Technologies offering a new chip to be used in car sensors Source text: bit.ly/2mBybh7   (Gdynia Newsroom)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-tomtom-announces-a-new-project-to-idUSFWN1GC0B5'|'2017-02-27T14:50:00.000+02:00'
'1efaa7ce9c626866703d1cd24241804caf1e7559'|'EMERGING MARKETS-Emerging market stocks soften before Trump speech'|' 07am EST EMERGING MARKETS-Emerging market stocks soften before Trump speech By Karin Strohecker - LONDON LONDON Feb 27 Emerging market stocks fell on Monday although currencies mostly strengthened against a lacklustre dollar as investors awaited policy direction from the White House on a range of issues. MSCI''s emerging market index fell 0.3 percent after tumbling nearly 1 percent on Friday, with bourses across much of Asia , South Africa, Russia and Greece chalking up losses. Chinese mainland blue chips fell 0.8 percent, their biggest one-day loss for two months as Beijing''s security regulator ramped up its crack down on speculators. Hong Kong shares slipped to 12-day lows. But currencies started the week on a brighter note. Russia''s rouble recorded its biggest gain for two weeks, rising 1.3 percent and matching a jump in oil prices. Turkey''s lira rose 0.5 percent, reversing some of Friday''s losses. But China''s yuan and South Africa''s rand both weakened against the dollar. "The dollar is trying to move higher and emerging markets currencies are very sensitive to 10-year U.S. Treasury yields - if you have a sharp rise in 10-year yields you see quite a sell off in emerging markets," ABN Amro foreign exchange strategist Georgette Boele said. Much of investors'' focus was on Tuesday, when U.S. President Donald Trump is scheduled to speak to a joint session of Congress and unveil some elements of his plans to cut taxes and boost infrastructure spending. J.P.Morgan analysts told clients they expected Trump''s speech to "probably contain more negative EM language" though no dramatic anti-trade actions but that they were generally waiting for announcements on U.S trade policy to determine how these would affect emerging markets. "This year, emerging market assets have been outperforming, putting managers in a bind: Do we keep waiting for the eventual anti-emerging market U.S. trade measures, or were all these threats just a negotiations tactic that will eventually lead to growth-positive compromises?" they said in a note. In Israel, policy makers are expected to leave short-term interest rates unchanged at 0.1 percent for a 24th straight month amid benign inflation partly due to a strong shekel, with the central bank having intervened to contain the currency. Emerging Markets Prices from Reuters Equities Latest Net Chg % Chg % Chg on year Morgan Stanley Emrg Mkt Indx 940.16 -3.36 -0.36 +9.03 Czech Rep 959.28 -0.77 -0.08 +4.09 Poland 2212.16 +0.12 +0.01 +13.57 Hungary 33068.95 +182.92 +0.56 +3.33 Romania 7973.97 +20.10 +0.25 +12.55 Greece 645.37 -4.15 -0.64 +0.27 Russia 1132.45 +3.36 +0.30 -1.73 South Africa 44550.82 -29.69 -0.07 +1.48 Turkey 88122.78 -135.67 -0.15 +12.78 China 3229.17 -24.26 -0.75 +4.04 India 28803.61 -89.36 -0.31 +8.18 Currencies Latest Prev Local Local close currency currency'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/emerging-markets-idUSL5N1GC2BM'|'2017-02-27T18:07:00.000+02:00'
'fd35c23d92ba4aaa66e98134309cf6a84f519ae4'|'BRIEF-Perrigo Company expects to reduce its workforce by about 750 employees'|' 20pm EST BRIEF-Perrigo Company expects to reduce its workforce by about 750 employees Feb 27 Perrigo Company Plc: * Perrigo Company Plc - company expects to reduce its global workforce by approximately 750 employees * Perrigo Company Plc- represents a reduction of approximately 14 pct of company''s global non-production workforce * Perrigo Company Plc - company anticipates recognizing substantially all of charges by end of fiscal 2017 * Perrigo Company Plc - on Feb. 21, 2017, company approved a workforce reduction plan * Perrigo Company - estimates that it will recognize total pre-tax restructuring charges to its GAAP financial results of approximately $70-80 million * Perrigo - global workforce reduction includes some actions already taken, 243 employees who have elected for voluntary early retirement program Source text: ( bit.ly/2m4hXk6 )  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-perrigo-company-expects-to-reduce-idUSFWN1GC143'|'2017-02-28T05:20:00.000+02:00'
'494ce04bd770fa3cfd2e8248468246b1d12e400a'|'Canadian retailer YM in bid for bankrupt U.S. peer Wet Seal: source'|'By Jessica DiNapoli Toronto-based retail operator YM Inc is preparing to submit an offer for the intellectual property of The Wet Seal LLC, as the 55-year-old U.S. teen retailer grapples with its second bankruptcy in the past two years, according to a person familiar with the matter.YM, which owns Canadian chains Stitches, Sirens and Suzy Shier, plans to submit a stalking-horse bid for Wet Seal''s intellectual property, the person said on Tuesday, asking not to be identified because the deliberations are confidential. A stalking horse bid sets the minimum price for other possible offers.Bids for Wet Seal are due later on Tuesday, according to the website for Hilco Streambank, which was hired to sell Wet Seal''s intellectual property.A spokeswoman for YM did not immediately return a request for comment. Versa Capital Management, the private equity owner of Wet Seal, declined to comment.Wet Seal filed for bankruptcy in February with liabilities between $50 million and $100 million after it failed to find financing to continue as a going concern. It sought court protection without a buyer in hand, and said it planned to sell all of its assets.Other U.S. specialty retail chains, including The Limited, American Apparel and Aeropostale, have also filed for bankruptcy in recent months, as fast-fashion competitors including Zara and H&M attract their young female customer base.Wet Seal has been holding going-out-of-business sales at its approximately 142 shops, according to bankruptcy court papers.For much of the 1990s, Wet Seal enjoyed growth through the acquisition of chain Contempo Casuals and the launch of line Arden B. But it then fell victim to the rise of fast-fashion, causing it to file for its first bankruptcy in 2015. Versa subsequently acquired Wet Seal out of its first bankruptcy.YM has already been active in the United States. An affiliate of YM bought the parent company of women''s chains Mandee and Annie Sez out of bankruptcy about four years ago, an acquisition that also saved their store locations.Wet Seal shoppers on Tuesday were lamenting the closure of the teen retailer''s shops and website with postings on Twitter Inc ( TWTR.N ).Twitter user @tayfowlz tweeted "My heart is broken gbye wet seal." Wet Seal''s website featured the message "Thanks babe, it''s been real."(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-bankruptcy-wetseal-bid-idINKBN1672EW'|'2017-02-28T17:00:00.000+02:00'
'75d08740908122a970bd1b87656c4b243902cc5c'|'Australia Post CEO says he feels sorry for Pauline Hanson over pay controversy - Business'|'The Australia Post chief executive, Ahmed Fahour, has labelled Pauline Hanson<6F>s comments about his religion <20>sad<61> and said he <20>feels sorry<72> for her for making them during the national furore about his $5.6m remuneration package.In evidence to Senate estimates on Tuesday, Fahour denied resigning due to external pressure but acknowledged he was prepared to do <20>anything it takes<65> to protect the company in the face of an onslaught of criticism.Fahour resigned last Thursday after a rolling controversy about his salary stoked in part by Hanson. He maintained he had left at a time of his choosing, but on Tuesday acknowledged that criticism of his pay had <20>sharpened his mind<6E> about the timing of his departure.The Australia Post chairman, John Stanhope, told the committee the board had received a letter from the communications minister, Mitch Fifield, and the finance minister, Mathias Cormann, asking it to consider the matter of Fahour<75>s pay, but denied being otherwise pressured by the government to cut executive pay.The postie always rings twice: Abbott and Fahour give Coalition the smell of death - Katharine Murphy Read more Fahour said he did not resign <20>because of pressure from anybody<64>. Guardian Australia reported last week Fahour and the board of Australia Post was told by the government in mid-February the chief executive needed to take a pay cut or action would be taken against the board. Asked on Tuesday if he left out of fear the board would be sacked, Fahour said that was <20>history now<6F>. <20>I will do anything it takes, within the law, to protect this brand and the employees of this company.<2E>Fahour was asked about Hanson<6F>s comments that she has a problem with his religion <20>if he<68>s actually a fundamentalist and follows the Koran to the letter, which I think denigrates women<65>.The Australia Post chief executive said the comments were <20>ill-informed<65> and <20>very hurtful<75> to himself, his wife and four children.<2E>We love our country <20> I love our country so much. I<>m grateful for every opportunity it has given our family. <20>So I feel sorry for Hanson that she feels the needs to say those things.<2E>Fahour said the comments were <20>sad<61> but he did not believe other senators shared Hanson<6F>s views.Hanson has denied her political attacks on Fahour had anything to do with racism, or objections to his religion.Despite Hanson<6F>s trenchant criticism of Fahour<75>s generous remuneration package, the One Nation leader was not present for Tuesday<61>s Senate estimates hearing <20> which was noted by other members of the committee.Sam Dastyari (@samdastyari) Where is Pauline Hanson? After bragging about Aus Post she hasn''t shown up to Senate Estimates. pic.twitter.com/XcpSdy718N February 28, 2017 Fahour was asked whether his departure from Australia Post triggered a termination payment. He told the committee he structured his departure as a resignation so it would not trigger a termination payment. <20>There<72>s no golden handshake, there<72>s no watch, I hope I<>ll get a stamp though,<2C> he quipped.Before Fahour<75>s testimony, Fifield said he had a conversation with Stanhope shortly after he became minister in September 2015 at which he commented that executive pay was a matter that drew attention from time to time.Stanhope could not recall the conversation but said it had <20>probably<6C> happened.Stanhope recalled a conversation with then-communications minister Malcolm Turnbull shortly after September 2013 at which Turnbull queried why executive pay was so high at Australia Post. Stanhope said it was to attract executive talent, because Australia Post is a parcel business that competes with commercial operators.Stanhope conceded it was a mistake for Australia Post not disclose the CEO<45>s pay when the regime changed in 2015 and no longer required it. When asked if he agreed it was a mistake, Fahour said it was not a matter for him, but he accepted it was <20>regrettable<6C> that non-disclosure had added to a perception that Post lacked transparency
'd6fb9ae2503bb8d2a8ca239e704df09d53ff9bcf'|'Swiss insurer Baloise strikes partnership to back tech startups'|'By Anna Irrera - NEW YORK NEW YORK Feb 28 Swiss insurance group Baloise Holding has joined forces with digital financial services venture capital and advisory firm Anthemis Group to invest in insurance and risk management technology startups, the latest sign of large, traditional insurers seeking to become more tech-savvy.As part of the deal Baloise has committed 50 million Swiss francs ($49.57 million) to Anthemis Baloise Strategic Ventures, which will invest in young companies in Europe and the United States, that may be able to help the insurer improve its technology.Baloise, which has about 50 billion Swiss francs ($49.55 billion) in assets under management, provides a range of insurance and banking services in Switzerland, and is also active in Belgium, Germany and Luxembourg.The move makes it the latest established financial services company to set up a formal investing initiative for financial technology - known as fintech - as older and larger firms look to increase collaboration with innovative companies in the sector.The most recent corporate venture launches in finance include global exchange operator Nasdaq Inc and Northwestern Mutual Life Insurance Co.The launch also underscores how insurance companies have turned their attention to becoming more digital-savvy, from using advanced data technology to calculate risk better to automating more of the claims management process.At the same time, a growing number of young companies are looking to use newer technology to modernize the $4.7 trillion global insurance market, which has traditionally been less of a focus for startups than banking and capital markets.London-based Anthemis also has investment partnerships with South African insurer and asset manager MMI Holdings Ltd and Italian banking group Unicredit.($1 = 1.0087 Swiss francs) (Reporting by Anna Irrera; Editing by Bill Rigby)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/baloise-hldg-tech-investment-idINL2N1GC1KI'|'2017-02-28T02:30:00.000+02:00'
'b5f94a461bd8071b589aa620959ad94b07fc1a35'|'Oscars ratings for 2017 pacing behind last year in early numbers -Nielsen'|'Company  59am EST Oscars ratings for 2017 pacing behind last year in early numbers -Nielsen Feb 27 ABC''s broadcast of The 89th Academy Awards on Sunday night drew a 22.4 overnight rating, according to Nielsen data released by the Walt Disney Co unit. The 22.4 rating is down 4 percent from last year<61>s show, which ended up translating to 34.4 million, the third-lowest rated since 1974. ABC will release viewership numbers later on Monday. (Reporting by Tim Baysinger; Editing by Chizu Nomiyama) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/awards-oscars-ratings-idUSL2N1GC0L0'|'2017-02-27T21:59:00.000+02:00'
'678c7f6b1b9b106fe9c6021356d2572cfbf09b47'|'Subsea affiliate of Singapore''s Ezra files for U.S. bankruptcy'|'Company  53pm EST Subsea affiliate of Singapore''s Ezra files for U.S. bankruptcy By Tom Hals Feb 28 A subsea and offshore contractor affiliate of Ezra Holdings Ltd, a struggling Singaporean oilfield services firm, filed for U.S. bankruptcy as it ran short of cash due to a lingering downturn in the oil-and-gas industry. The affiliate, Emas Chiyoda Subsea Ltd, said in court papers filed in Houston that the company was suffering from weak demand for its subsea contracting work and tightening credit conditions. Ezra has said it may have to take a $170 million writedown on the value of its investment in Emas Chiyoda. Oilfield service firms have been turning to bankruptcy to shed debt and raise cash after years of hunkering down after energy prices tumbled from the recent peak in 2014. Emas Chiyoda''s bankruptcy comes eight months after it teamed up with India''s Larsen & Toubro Ltd to land a $1.6 billion contract with Saudi Aramco, Saudi Arabia''s state-owned oil company, to expand the offshore Hasbah gas field. Onshore work has begun and the offshore phase of the Hasbah project will begin later this year, said Emas Chiyoda''s general counsel, Stephen McGuire, in a court filing. The company, which is based in Birmingham, United Kingdom, said it had about $550 million in debt. "As a result of the deteriorating market conditions in the oil and gas sector coupled with the company''s financial difficulties, the company''s lenders have frozen borrowing availability," McGuire said in a court filing. The company has requested court permission to borrow up to $90 million to allow it continue its current projects with minimal disruption. The company will seek access to $55 million of the proposed loan at a hearing on Wednesday in Houston. The proposed loan is being extended by Chiyoda Corp of Japan and Subsea 7 S.A. of the United Kingdom, according to court documents. The loan requires Emas Chiyoda to file a bankruptcy exit plan in 60 days and to have the plan confirmed by U.S. Bankruptcy Judge Marvin Isgur, who was assigned to the case, in 120 days. Ezra of Singapore owns 40 percent of Emas Chiyoda, Chiyoda owns 35 percent and Nippon Yusen KK of Japan owns the remainder, according to court documents. A creditor of a subsidiary of Emas Chiyoda filed a court petition this month to liquidate the unit. (Reporting by Tom Hals in Wilmington, Delaware; Editing by Noeleen Walder, Bernard Orr) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/ezra-hldgs-affiliate-bankruptcy-idUSL2N1GD118'|'2017-03-01T00:53:00.000+02:00'
'2b6e8592f8b6ad2d637658e31d9237c7ec1f4c14'|'Malaysia, Saudi Arabia firms sign over $2 billion worth of deals'|'Business News - Tue Feb 28, 2017 - 3:47am GMT Malaysia, Saudi Arabia firms sign over $2 billion worth of deals FILE PHOTO - An oil pipeline is laid next to the Vopak-Dialog oil storage facility (R) and a Refinery and Petrochemical Integrated Development (RAPID) project construction site in Pangerang in Malaysia''s southern state of Johor October 6, 2015. REUTERS/Edgar Su/File Photo KUALA LUMPUR Malaysian companies and their Saudi Arabian counterparts signed on Tuesday preliminary agreements for seven deals worth more than $2 billion (1.6 billion pounds), as the oil-rich gulf nation seeks to build ties and investment opportunities in Asia. The deals, valued at 9.74 billion ringgit ($2.19 billion), will cover joint ventures and cooperation in several sectors including oil and gas, Islamic finance, shariah compliant products, the halal industry and manufacturing, Malaysia''s Trade Minister Mustapa Mohamed said at a press conference. Saudi state oil company Aramco is also expected to sign a deal with Malaysia''s Petroliam Nasional Bhd (Petronas) on Tuesday afternoon to invest $7 billion in an oil refinery and petrochemical project in Malaysia''s southern state of Johor. (Reporting by Rozanna Latiff and Liz Lee; Editing by Muralikumar Anantharaman) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-saudi-asia-malaysia-deals-idUKKBN1670AZ'|'2017-02-28T10:47:00.000+02:00'
'549179b47736f71f2d4943c5a0481b877c56cf06'|'Europe left exposed by demise of Anglo-German exchange merger'|'Deals -  16pm GMT Europe left exposed by demise of Anglo-German exchange merger The plaque of the Deutsche Boerse AG is pictured at the entrance of the Frankfurt stock exchange February 1, 2012. REUTERS/Alex Domanski/File Photo By Huw Jones - LONDON LONDON The European Union could be left with no exchange big enough to compete with U.S. rivals and no trading link into Britain if it allows the London Stock Exchange ( LSE.L ) and Deutsche Boerse ( DB1Gn.DE ) merger to die. Although the Anglo-German tie-up is awaiting formal EU regulatory approval, the LSE said on Sunday it would not meet an extra condition from Brussels, effectively pulling the plug on the 29 billion euro ($30.7 billion) deal. For exchanges in the EU, that means a vision of creating a major trading house capable of competing with U.S. giants like InterContinentalExchange ( ICE.N ), Nasdaq ( NDAQ.O ) and CME CME.N or Asia''s growing exchanges is over for now. "Politics is ultimately going to get in the way of further movement on European financial markets," Rebecca Healey, head of market structure and strategy in Europe for Liquidnet, a trading platform, said on Tuesday. "Ultimately, national exchanges are a protected species." Deutsche Boerse Chief Executive Carsten Kengeter had warned that a failure to complete the LSE deal would weaken Frankfurt, Germany''s main financial center, robbing it of a "bridge" to London, Europe''s only global money hub. And while Deutsche Boerse could be left with no access to the British capital once Britain leaves the EU, LSE will not be isolated from the continent even if Britain fails to negotiate EU financial market access after Brexit. The London bourse has a clearing house in Paris, and owns the Italian exchange and its clearing and settlement units, giving it a strong continental base to build on. ICE COMETH AGAIN? The 200-year old British exchange could also become a target for ICE, CME or Nasdaq, even in the face of Brexit, which Britons voted for in June last year. While any such approach would face similar nationalistic concerns to the ones that beset talks with Deutsche Boerse, Britain may be open to a deal given Prime Minister Theresa May''s enthusiasm for a closer trading relationship with the U.S. A deal with a U.S. exchange would create a formidable transatlantic bridge, linking London more closely with the world''s biggest financial market, where Deutsche Boerse''s efforts have had mixed results. Frankfurt ended up selling its U.S. options business ISE to Nasdaq. Steve Grob, director of strategy at Fidessa, a trading technology company, said the fall in the value of sterling since Brexit could entice ICE to reconsider a bid for London, but others are less sure. "It would be very difficult for ICE to come in. It would run into the same complications," Larry Tabb, who heads the TABB consultancy on trading in New York, said. ICE bought NYSE Euronext, a transatlantic exchange, but spun off the Euronext stock trading arm, and kept its London derivatives platform. It also owns the New York Stock Exchange, meaning EU competition regulators would likely demand divestments before waving any new deal through. ICE, which declined to comment, noted that its CEO Jeff Sprecher told an analyst call on Feb. 7 that, "I expect that any such M&A focus will be towards smaller, complementary transactions rather than the larger deals of past years, given our confidence in the growth platform that we have today." A tie-up between Nasdaq ( NDAQ.O ) and the LSE might get backing from European antitrust officials more easily, Tabb said. Brexit also poses challenges for LSE as it will force banks in London, who are among CEO Xavier Rolet''s top customers, to begin moving some trading operations to the EU so they can still serve continental customers, raising questions about the LSE''s future valuation. The LSE also needs to digest properly some of its major acquisitions, such as the Russell suite of stock benchmarks, industry an
'748f46350de4977f69d5c4cd0e117664079cb127'|'BRIEF-Sangamo Therapeutics announces CFO succession'|' 17pm EST BRIEF-Sangamo Therapeutics announces CFO succession Feb 27 Sangamo Therapeutics Inc: * Sangamo Therapeutics announces chief financial officer succession * Says Kathy Yi appointed cfo * Sangamo Therapeutics Inc- Kathy Yi succeeds H. Ward Wolff, who will be retiring from company in early march Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-sangamo-therapeutics-announces-cfo-idUSASB0B2K3'|'2017-02-28T05:17:00.000+02:00'
'2919933d5d41ea36f04f91ddc5aba0d4f53e7eee'|'BRIEF-Chemtrade Logistics Income Fund Q4 net earnings from cont ops $6.4 mln'|' 17pm EST BRIEF-Chemtrade Logistics Income Fund Q4 net earnings from cont ops $6.4 mln Feb 27 Chemtrade Logistics Income Fund : * Chemtrade Logistics income fund reports operating results for full year 2016 and fourth quarter * Q4 revenue C$251.7 million * Chemtrade Logistics Income Fund - net earnings from continuing operations for Q4 were $6.4 million compared with net loss of $82.6 million last year Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-chemtrade-logistics-income-fund-q-idUSASB0B2KP'|'2017-02-28T05:17:00.000+02:00'
'9d88db92853f7470d0347bb1ce9be1b347ef6912'|'Airbus completes divestment of Defense Electronics unit to KKR'|'PARIS Airbus ( AIR.PA ) said on Tuesday it had finalised the sale of its Germany-based Defense Electronics business to global investment firm KKR ( KKR.N ), following a series of approvals, including a green light from the German government.The unit, which will be renamed Hensoldt, is headquartered in Ottobrunn, Germany, generates annual revenues of around 1 billion euros ($1.06 billion) and employs around 4,000 staff."Airbus has agreed to maintain a 25.1 percent minority stake for a limited number of years post-closing until the full separation of the sites," the European aerospace group said.The transaction, worth 1.1 billion euros, had been unveiled in March last year.(Reporting by Matthias Blamont; Editing by Leigh Thomas)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-airbus-m-a-kkr-idINKBN16729D'|'2017-02-28T15:10:00.000+02:00'
'0d8774070002e1a955f2bd281712127fe1cb0207'|'RPT-India firms fear lingering economic aftershocks from cash crackdown'|'Company News   6:00pm EST RPT-India firms fear lingering economic aftershocks from cash crackdown (Repeats Monday''s story with no changes in text) * India''s GDP growth tipped to slip to 3-yr low in Dec qtr * Cash conditions improve but not yet normal * Consumers turn wary following demonetisation * Firms not ready to invest until consumer spending recovers By Rajesh Kumar Singh GHAZIABAD, India, Feb 27 Struggling with customers unable to pay on time and plummeting sales, Indian small-business owner Ravi Jain fears the government''s crackdown on cash will have a much larger impact than predicted by top policymakers. Jain''s bath taps manufacturing firm Supreme, along with many other Indian businesses, has been shaken by New Delhi''s shock decision last November to scrap 86 percent of the cash in circulation. And it wasn''t certain when things will get back to normal as much depends on a revival in consumer spending. "Demonetisation has developed a psychology among customers to spend only on essential items," Jain told Reuters from his factory on the outskirts of the Indian capital. "We expect the cash situation to become normal in a couple of months, but we don''t know when this psychology will change." Asia''s third-largest economy is tipped to slow down to a near three-year low in the October-December period, losing the title of the world''s fastest-growing major economy to China. The median estimate from a Reuters poll showed economists expect economic growth to slip to 6.4 percent in the last quarter, lower than China''s 6.8 percent in the same period and slower than a 7.3 percent annual expansion in the September quarter. The data is due on Tuesday at 1200 GMT. TEMPORARY PAIN Prime Minister Narendra Modi''s currency ban, aimed at fighting tax evasion, corruption and forgery, had caused huge disruption to daily life, leaving farmers, traders and companies - reliant on cash transactions - in disarray. Chief Economic Adviser Arvind Subramanian last month said the official GDP figures may not fully reflect the "real and significant hardships" experienced by the informal sector, in which an estimated nine out of 10 Indian workers are employed. But the pain, policymakers promised, will be short-lived. The Reserve Bank of India (RBI) has called the slowdown a transitory phenomenon and expects a sharp rebound in economic growth in the next fiscal year as cash conditions improve. That confidence prompted the central bank to keep interest rates on hold this month and shift its monetary policy stance to "neutral" from "accommodative", signalling the end of the monetary-easing cycle. To be sure, the cash situation is improving gradually. Currency in circulation increased to 7.2 percent of GDP in mid-February from 5.9 percent in early January, the central bank data showed. But it was lower than the 12 percent ratio before the cash crackdown began. With the cash situation still not back to normal and weak consumer confidence, many economists predict the aftershocks of Modi''s move will linger for months. FALTERING CONFIDENCE Consumer confidence has fallen sharply with households uncertain about their income, employment and spending capability, according to RBI''s consumer confidence survey published earlier this month. In rural India, the situation is no better. Sales of two- wheeler vehicles, a proxy for rural demand, fell for a third straight month in January. Leading consumer goods firm Dabur India, with exposure to rural India, slashed its revenue growth guidance last month, citing the demonetisation fallout. Indian companies had hoped for a fiscal stimulus to revive consumer spending, but the federal budget this month belied those hopes. With factories running nearly 30 percent below capacity, companies were not ready for fresh investments until demand roars back to life. "We have seen extreme volatility in the market," Jain said about his company Supreme, whose sales have improved slightly since dropping a
'8e5d39f4473ca46772aafd3543c07487b20b2b5e'|'British PM May wants Brexit deal that allow automakers to flourish'|'Company  14am EST British PM May wants Brexit deal that allow automakers to flourish LONDON Feb 28 Prime Minister Theresa May has been clear that her government wants to secure a Brexit deal with the European Union that will allow Nissan and other automakers to flourish in Britain, her spokesman said on Tuesday. Earlier, Colin Lawther, Nissan''s senior vice president in Europe, told lawmakers the company wanted the government to help it source more in Britain to ensure it complies with "rules of origin" if the country leaves the EU''s customs union. "We have been pretty clear all along that what we want is to secure a deal that allows there to be an environment for Nissan and other companies in the automotive sector to flourish," he told reporters. "As we prepare to go in to these negotiations we do that in a spirit of optimism that we will get the right deal that allows us to secure the environment that Nissan wants ... We are ambitious about the nature of the free trade agreement that we can agree with the European Union." (Reporting by Kylie MacLellan, Writing by Elizabeth Piper; editing by Kate Holton) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-eu-nissan-may-idUSS8N1EY00Y'|'2017-02-28T23:14:00.000+02:00'
'65683291e7ee896230e75e528bc169fb9ecd8644'|'BRIEF-Dusolo provides update on status of annual financial statement filing'|'Company News  55am EST BRIEF-Dusolo provides update on status of annual financial statement filing Feb 28 Dusolo Fertilizers Inc * Dusolo provides update on status of 2016 annual financial statement filing * Company''s current estimate is that required filings will be made on or before March 3, 2017. Source text for Eikon: UPDATE 1-Malaysia to charge women for airport murder of N.Korean KUALA LUMPUR, Feb 28 Two women - an Indonesian and a Vietnamese - will be charged with murder on Wednesday over their alleged involvement in the killing of the estranged half-brother of North Korea''s leader at Kuala Lumpur''s main airport, Malaysia''s attorney general 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-dusolo-provides-update-on-status-o-idUSASB0B2M2'|'2017-02-28T13:55:00.000+02:00'
'7004486e444cbf84b762aeb98fdcee310d928956'|'Bank of China HK unit buys Indonesia, Cambodia businesses from parent'|'HONG KONG BOC Hong Kong Holdings Ltd ( 2388.HK ), a unit of Bank of China Ltd ( 3988.HK ) ( 601988.SS ), said on Tuesday it had agreed to acquire Indonesia and Cambodia businesses from its parent for about $377 million, as parts of its push into Southeast Asia.The latest move comes after BOC Hong Kong last year raised about $10 billion by divesting its holding in Hong Kong-based banks, and said a part of the proceeds would be used to expand its presence in ASEAN (the Association of South East Asian Nations).On Tuesday, BOC Hong Kong said it would acquire its parent''s Indonesian business for HK$1.6 billion ($206.15 million), and it will pay $171 million for the Cambodian operations in two separate transactions that are subject to regulatory approvals."The proposed acquisitions of these two branches will further expand BOC HK''s regional network, in line with the long-term overseas development strategy of the BOC Group," Chief Executive of BOC Hong Kong Yue Yi said in a statement.Goldman Sachs ( GS.N ) acted as financial adviser to BOC Hong Kong for the two acquisitions.($1 = 7.7613 Hong Kong dollars)(Reporting by Sumeet Chatterjee; Editing by Keith Weir)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-boc-hong-kong-m-a-idINKBN16718K'|'2017-02-28T08:24:00.000+02:00'
'a3fd7618f701ffed6d2da211dba2077449b680a4'|'Facebook''s virtual reality ambitions could be threatened by court order'|'Internet  29pm GMT Facebook''s virtual reality ambitions could be threatened by court order The Facebook logo is displayed on their website in an illustration photo taken in Bordeaux, France, February 1, 2017. REUTERS/Regis Duvignau By Jan Wolfe Facebook Inc''s big ambitions in the nascent virtual reality industry could be threatened by a court order that would prevent it from using critical software code another company claims to own, according to legal and industry experts. Last Thursday, video game publisher ZeniMax Media Inc asked a Dallas federal judge to issue an order barring Facebook unit Oculus from using or distributing the disputed code, part of the software development kit that Oculus provides to outside companies creating games for its Rift VR headset. A decision is likely a few months away, but intellectual property lawyers said ZeniMax has a decent chance of getting the order, which would mean Facebook faces a tough choice between paying a possibly hefty settlement or fighting on at risk of jeopardizing its position in the sector. For now, Facebook is fighting on. Oculus spokeswoman Tera Randall said last Thursday the company would challenge a $500 million jury verdict on Feb. 1 against Oculus and its co-founders Palmer Luckey and Brendan Iribe for infringing ZeniMax''s copyrighted code and violating a non-disclosure agreement. Randall said Oculus would possibly file an appeal that would "allow us to put this litigation behind us." She did not respond to a request for comment for this article. An injunction would require Oculus, which Facebook acquired for $3 billion in 2014, to stop distributing the code to developers or selling those games that use it. Such a court order "would put a huge stumbling block in front" of Oculus, said Stephanie Llamas, an analyst with gaming market research firm SuperData. It would offer the company''s rivals in the new market, which include HTC, Sony Corp, Alphabet Inc and others an "important opportunity for them to become first movers." Sales of the Rift itself would not be barred, but Llamas, said a lack of available titles could hinder Facebook''s offering relative to HTC''s Vive headset and Sony''s Playstation VR. That market is relatively small at the moment - sales of VR hardware and software totaled $2.7 billion in 2016 - and mainly limited to gaming. But Facebook chief executive Mark Zuckerberg has predicted the technology "will become a part of daily life for billions of people," revolutionizing social media, entertainment and medicine. SuperData says the VR market will be worth $37 billion by 2020. Likewise, investment firm Cantor Fitzgerald last year issued a report predicting VR would account for 10 percent of Facebook revenue in four years'' time. ZeniMax''s lawsuit arose from 2012 correspondence between Luckey and famed video game developer John Carmack, creator of the Doom and Quake series and then a ZeniMax employee. Luckey signed a non-disclosure agreement with ZeniMax covering his communications with Carmack. Carmack joined Oculus in 2013 as chief technology officer. ZeniMax sued in 2014, claiming Carmack''s work while its employee was crucial to the Rift. At trial, Facebook said ZeniMax concocted its claims because of "sour grapes" over missing the VR trend. Zuckerberg testified that "the idea that Oculus products are based on someone else<73>s technology is just wrong." The jury decided Oculus had not stolen trade secrets but had infringed ZeniMax''s intellectual property. It also said Oculus breached the non-disclosure agreement. IP lawyers said the judge would consider factors such as whether ZeniMax continues to be harmed and whether money is sufficient compensation. Edward Naughton, a Boston-based copyright lawyer with Brown Rudnick, said ZeniMax has a strong argument because its technology continues to be used without its permission and the jury''s verdict does not compensate for that. "I think they have a pretty good shot here," Naug
'5c06e23c68778de01dd25cfa370ffc24646b742d'|'BRIEF-Heritage-Crystal says entered into new credit agreement replacing co''s third amended previous credit agreement'|' 34pm EST BRIEF-Heritage-Crystal says entered into new credit agreement replacing co''s third amended previous credit agreement Feb 27 Heritage-crystal Clean Inc * Heritage-Crystal clean-entered into new credit agreement replacing co''s third amended previous credit agreement dated as of june 29, 2015 - sec filing * Heritage-Crystal clean - agreement provides for borrowings of up to $95 million;$65 million is in form of revolving facility,$30 million is available in form of term a loan * Heritage-Crystal clean inc- term a loan will mature on february 21, 2022 Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-heritage-crystal-says-entered-into-idUSFWN1GC169'|'2017-02-28T05:34:00.000+02:00'
'33bf586fff40e7ea36d6a2df4b0f818b22b09616'|'More austerity beckons as Greece, lenders resume talks'|'Business News - Tue Feb 28, 2017 - 3:47pm GMT More austerity beckons as Greece, lenders resume talks left right FILE PHOTO: A street vendor carries his belongings in front of the Athens'' Academy, Athens, Greece, December 23, 2008. REUTERS/Yiorgos Karahalis/File Photo 1/3 left right FILE PHOTO: A woman mops the floor of her shop before it opens in Athens, Greece, February 27, 2017. REUTERS/Michalis Karagiannis/File Photo 2/3 left right FILE PHOTO: Greek Finance Minister Euclid Tsakalotos attends a parliamentary session in Athens, Greece, September 27, 2016. REUTERS/Alkis Konstantinidis/File Photo 3/3 ATHENS Greece and its lenders resumed a long-stalled review of its bailout on Tuesday, with the government in Athens braced to commit to yet more austerity in exchange for the funds the country needs to remain solvent. The review has dragged on for months, partly due to a rift between the European Union and the International Monetary Fund over Greece''s fiscal goals and prospects next year - when the current rescue programme expires - and beyond. To help break the impasse, the leftist-led government last week agreed to pre-legislate economic reforms, including cuts in income tax breaks and pensions, to come into effect from the start of 2019, the year the next parliamentary elections are due. The lenders are asking Greece to make extra savings worth 2 percent of gross domestic product in order to meet a target of a 3.5 percent primary surplus - which excludes debt servicing costs - that they have set for 2018 and the post-bailout period. "The lenders'' representatives will ask for measures of 1 percent from lowering the tax free threshold and another 1 percent from pension cuts," an official with knowledge of the negotiations in Athens told Reuters on condition of anonymity. The government estimates the 2016 primary surplus will exceed 2 percent of GDP, well above the lenders'' 0.5 percent target, after the economy unexpectedly returned to growth last year. "Without publicly saying it, Athens wants the total (additional) measures to be worth around 1.5 percent of GDP, after the better-than-expected surplus and better economic performance," a second source close to the talks said. "The institutions could discuss a gradual implementation of the pension cuts," the second official said. The IMF, still undecided on whether to participate in what is Greece''s third rescue package, says Athens cannot meet its targets unless it is granted further debt relief and adopts extra belt-tightening measures. Debt relief is opposed by several of Greece''s European lenders, notably Germany. The uncertainty has fuelled fears of a new financial crisis among investors already nervous about how a populist revival in the euro zone will impact close-fought election races in The Netherlands, France and Germany between now and the autumn. Greece does not need more loans until the third quarter, but if bailout funds are not paid in time it will face an elevated risk of defaulting on debt repayments worth about 7.5 billion euros ($7.95 billion) in July. ($1 = 0.9419 euros) (Reporting by Lefteris Papadimas, writing by Renee Maltezou; editing by Richard Lough and John Stonestreet) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eurozone-greece-bailout-review-idUKKBN1671WJ'|'2017-02-28T22:47:00.000+02:00'
'a404cf9f010c749f8e6a336a901174ce5d184317'|'Nikkei rises after U.S. stocks gain before Trump''s speech'|' 03pm EST Nikkei rises after U.S. stocks gain before Trump''s speech * All sectors in positive territory * Exporters higher after dollar rises against yen By Ayai Tomisawa TOKYO, Feb 28 Japan''s Nikkei share average gained on Tuesday morning after U.S. stocks rose and the dollar gained on hopes that U.S.   will speak about infrastructure spending in an address to Congress later in the day. The Nikkei rose 0.7 percent to 19,235.10 in midmorning trade after dropping to 2-1/2 week lows on Monday. All of Topix''s 33 subsectors were in positive territory, with cyclical stocks outperforming after falling on the previous day. In Wall Street, the Dow Jones Industrial Average closed at a record high for a 12th straight session after Trump said he would talk about his plans for "big" infrastructure spending in his first major policy address to Congress. "Investors have seen the market fluctuating between hopes and disappointment about Trump''s growth policy and a lack of details," said Isao Kubo, equity strategist at Nissay Asset Management. "They now hope that his speech today will finally bring some details, but they are not entirely optimistic so they are still nervous about taking positions." Exporters were higher, with Toyota Motor Corp rising 0.9 percent, Honda Motor Co gaining 1.2 percent and Panasonic Corp soaring 1.3 percent after the dollar gained 0.51 percent against the yen to 112.75 yen. Meanwhile, Miura Printing Corp was untraded with a glut of buy orders after Daio Paper Corp said that it plans to acquire 32.3 million shares of Miura Printing via a takeover bid, aiming to fully acquire it. The broader Topix gained 0.9 percent to 1,547.03 and the JPX-Nikkei Index 400 advanced 0.8 percent to 13,850.75. (Editing by Simon Cameron-Moore) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/japan-stocks-midday-idUSL3N1GD1HU'|'2017-02-28T09:03:00.000+02:00'
'3c7515986fafab2285b77ea1ae4aa98803f849f6'|'UPDATE 1-TransCanada''s U.S. Keystone XL lawsuit suspended -arbitration court'|'(Adds details, background, TransCanada comment)CALGARY, Alberta Feb 28 TransCanada Corp has suspended a $15 billion suit filed against the United States over the Keystone XL pipeline after U.S. President Donald Trump approved the project last month.The monthlong suspension of the challenge under the North American Free Trade Agreement came after Trump signed orders smoothing the path for Keystone XL, inviting the company to reapply for a permit after the administration of former president Barack Obama had rejected the project.Environmentalists had campaigned against the pipeline for more than seven years.In an entry dated Monday, the website of the International Centre for the Settlement of Investment Disputes showed TransCanada''s legal challenge over the pipeline was suspended until March 27, pursuant to mutual agreement.TransCanada confirmed the challenge has been suspended but did not immediately offer additional comment.TransCanada Corp had sought $15 billion in damages, according to legal papers, seeking to recover what it says are costs and damages.The Keystone XL was designed to link existing pipeline networks in Canada and the United States to bring crude from Alberta and North Dakota to refineries in Illinois and, eventually, the Gulf of Mexico coast. (Reporting by Ethan Lou in Calgary, Alberta; Editing by Chizu Nomiyama and Bill Trott)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/canada-pipeline-lawsuit-idINL2N1GD0T8'|'2017-02-28T13:21:00.000+02:00'
'15d119f50de0e4ca72323c4e601e933f9cb7c812'|'U.S. says Trump order will not undermine data transfer deals with EU'|'Mon Feb 27, 2017 - 12:53pm GMT U.S. says Trump order will not undermine data transfer deals with EU U.S. President Donald Trump walks after speaking during the Governor''s Dinner in the State Dining Room at the White House in Washington, U.S., February 26, 2017. REUTERS/Joshua Roberts By Julia Fioretti - BRUSSELS BRUSSELS An executive order signed by U.S. President Donald Trump to crack down on illegal immigration will not undermine two data transfer agreements between the United States and the EU, Washington wrote in a letter to allay European concerns. An executive order signed by Trump on Jan. 25 aiming to toughen enforcement of U.S. immigration law rattled the European Union as it appeared to suggest Europeans would not be given the same privacy protections as U.S. citizens. The order directs U.S. agencies to "exclude persons who are not United States citizens or lawful permanent residents from the protections of the Privacy Act regarding personally identifiable information." Securing equal treatment of EU citizens was key to agreeing the Umbrella Agreement which protects law enforcement data shared between the United States and the EU. And the EU-U.S. Privacy Shield - which makes possible about $260 billion of trade in digital services - was only clinched after Washington agreed to protect the data from excessive surveillance and misuse by companies. In the first written confirmation since the executive order stoked uncertainty over transatlantic data flows, the U.S. Department of Justice said the executive order did not affect either the Umbrella Agreement or the Privacy Shield. "Section 14 of the Executive Order does not affect the privacy rights extended by the Judicial Redress Act to Europeans. Nor does Section 14 affect the commitments the United States has made under the DPPA (Umbrella Agreement) or the Privacy Shield," Bruce Swartz, Deputy Assistant Attorney General, wrote to the European Commission in a letter seen by Reuters. EU Justice Commissioner Vera Jourova, who will travel to the United States at the end of March, said she was "not worried" but remained vigilant. The EU-U.S. Privacy Shield is used by almost 2,000 companies including Google, Facebook and Microsoft to store data about EU citizens on U.S. servers. Its predecessor was struck down in 2015 by the EU''s top court for allowing U.S. agents unfettered access to Europeans'' data, forcing an acceleration of difficult talks to find a replacement. (Reporting by Julia Fioretti; Editing by Mark Potter) Up Next'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-eu-dataprotection-usa-idUKKBN1661G7'|'2017-02-27T19:52:00.000+02:00'
'078980b1c83314c6ce325d3dadd7d73943b57446'|'Saudi Aramco to invest $7 billion in Petronas'' RAPID oil refinery'|'Money News   3:27pm IST Saudi Aramco to invest $7 billion in Petronas'' RAPID oil refinery LIVE COVERAGE: INDIA ELECTIONS 2017 FILE PHOTO - An oil tank is seen at the Saudi Aramco headquarters during a media tour at Damam city November 11, 2007. REUTERS/ Ali Jarekji/File Photo KUALA LUMPUR Malaysia''s Prime Minister Najib Razak announced on Monday that Saudi Arabia''s state oil company Saudi Aramco will invest $7 billion into an oil refinery and petrochemical project in Malaysia''s southern state of Johor. Najib said the decision was made before noon on Monday after discussions between top executives from Saudi Aramco and Malaysia''s state-owned energy company Petroliam Nasional Bhd (Petronas), the sponsor of the $27 billion Refinery and Petrochemical Integrated Development (RAPID) project. Najib''s statement marks a dramatic reversal in RAPID''s fortunes after industry sources familiar with the matter said in January that Aramco planned to drop its participation in a partnership with Petronas in the project. At the time, Petronas said it would move ahead in spite of Aramco dropping out. Najib did not give any details on the change of heart. "This is a significant investment and more details will be announced tomorrow," Najib said at a brief news conference after hosting a state luncheon for Saudi Arabia''s King Salman and his entourage. "I just want to confirm that the agreement has been reached and King Salman is satisfied that the deal will be signed tomorrow," Najib said. The RAPID project, located at Pengerang in Johor, is expected to begin operations in the first quarter of 2019. RAPID will contain a 300,000-barrel-per-day oil refinery and a petrochemical complex with a production capacity of 7.7 million metric tonnes. The complex will be alongside an existing oil storage site at Pengerang. Last year, Petronas sought proposals for a $7.2 billion loan for the project, with separate guarantees from the company and Aramco, Thomson Reuters IFR reported in June. (Reporting by Rozanna Latiff, Writing by Joseph Sipalan; Editing by Christian Schmollinger) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/petronas-aramco-idINKBN16612A'|'2017-02-27T16:52:00.000+02:00'
'6b2ffa422c8d5b5cb83f46ac18b16699dc9e5eba'|'British firm Bunzl reports higher-than-expected full-year profit'|'Business News - Mon Feb 27, 2017 - 7:41am GMT British firm Bunzl reports higher-than-expected full-year profit British business supplies distributor Bunzl Plc ( BNZL.L ) reported a better-than-expected 16 percent rise in full-year profit continuing to benefit from its recent acquisitions. Bunzl, which supplies products ranging from safety gear for builders and packaging materials for supermarkets, said adjusted pretax profit rose to 478.2 million pounds in the year ended Dec. 31, from 411.2 million pounds a year ago. It rose 6 percent at constant currencies. Analysts on average had expected comparable profit of 470.6 million pounds, according to a company-compiled consensus. "Against the backdrop of mixed macroeconomic and market conditions, we believe that our ... improving organic growth rates, recent customer wins and a promising acquisition pipeline will lead to continued overall growth," Chief Executive Frank van Zanten said in a statement. (Reporting by Esha Vaish in Bengaluru; Editing by Amrutha Gayathri) Next In Business News Exclusive - Wal-Mart launches new front in U.S. price war, targets Aldi in grocery aisle Wal-Mart Stores Inc is running a new price-comparison test in at least 1,200 U.S. stores and squeezing packaged goods suppliers in a bid to close a pricing gap with German-based discount grocery chain Aldi and other U.S. rivals like Kroger Co , according to four sources familiar with the moves.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-bunzl-results-idUKKBN1660RW'|'2017-02-27T14:41:00.000+02:00'
'c91e0c0d9cacbd6c8a5e18a7830a485f32147c36'|'UPDATE 2-Perrigo sells Tysabri royalty stream, delays annual report'|'Deals   5:54pm EST Perrigo sells Tysabri royalty stream, delays annual report FILE PHOTO: Birds are seen on the logo of generic drugmaker Perrigo Co outside their new factory in the city of Yeruham, in southern Israel March 2, 2016. REUTERS/Amir Cohen By Carl O''Donnell and Greg Roumeliotis Drugmaker Perrigo Co Plc ( PRGO.N ) said on Monday it agreed to sell the royalty stream from its multiple sclerosis drug Tysabri to privately held Royalty Pharma for up to $2.85 billion. Perrigo said it would delay the filing of its annual report until March, and would review past accounting practices, specifically its historical revenue recognition of its Tysabri sales. The company also said its chief financial officer, Judy Brown, was stepping down, to be replaced by an interim finance head. Brown will join Amgen Inc ( AMGN.O ) to serve as a senior vice president in charge of global business services and finance, Amgen said. Brown is positioning herself to succeed Amgen''s current chief financial officer, David Meline, 59, when he eventually retires, according to people familiar with the matter. The deal with Royalty Pharma comprises $2.2 billion in cash at closing and up to $650 million in potential milestone payments, according to a statement by Perrigo, which confirmed an earlier Reuters report about the agreement. Perrigo also announced that it might sell a unit focused on making drug ingredients and said it expects to reduce its global nonproduction workforce by 14 percent, or 750 employees. The sale of Tysabri follows Perrigo''s settlement this month with activist hedge fund Starboard Value LP. Starboard, which won Perrigo board representation as part of the settlement, had been advocating for the company to sell assets to unlock value for shareholders. Perrigo''s stock is down more than 50 percent since its highs in late 2015, when it was fending off unwanted takeover interest from generic drugmaker Mylan NV ( MYL.O ). Perrigo succeeded in convincing investors to shun the bid, in part by citing the its potential to perform well on a standalone basis. Since then, Perrigo has largely disappointed investors, reducing earnings guidance on more than one occasion in response to pressure on its generics drug business and disappointing performance of its Omega Pharma business, which it acquired for $4.5 billion in 2014. Last year, Perrigo''s former chief executive officer, Joseph Papa left the company for a job at specialty drugmaker Valeant Pharmaceuticals International Inc ( VRX.TO ). He was replaced by Perrigo veteran John Hendrickson. (Reporting by Carl O''Donnell and Greg Roumeliotis in New York; editing by Diane Craft and David Gregorio) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-peerigo-tysabri-idUSKBN1662HN'|'2017-02-28T05:52:00.000+02:00'
'dae2094eccf25658034438aa72a4442c656d08b1'|'Icahn representative to several corporate boards has left hedge fund'|'Money   5:58pm EST Icahn representative to several corporate boards has left hedge fund Samuel Merksamer has left Icahn''s hedge fund firm, according to an internal memo. He represents billionaire investor Carl Icahn on several corporate boards. The memo, sent in late December, did not give a reason for Merksamer<65>s departure and he could not immediately be reached. According to his biography on corporate websites, he sat on the boards of American International Group Inc, Transocean Ltd, Navistar International Corp, Ferrous Resources Ltd, Hertz Global Holdings Inc and Cheniere Energy Inc on behalf of Icahn Enterprises. (Reporting by Suzanne Barlyn and Michael Flaherty; Editing by Phil Berlowitz) Next In Money'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-icahn-aig-board-idUSKBN1662L6'|'2017-02-28T05:57:00.000+02:00'
'eec6c0982b7d02d836dd03ed08d84c4053b29905'|'Raising pension age will mean many people die before getting it, say MPs'|'Further increases in the state pension age could push it to the point where many working people die before qualifying for it, MPs have warned, in a report that calls for the end of the <20>triple lock<63> guarantee on pensions.The Commons work and pensions select committee report on intergenerational fairness, published on Tuesday, claims that financing the triple lock in future will not be possible without increasing the state pension age to 70.5 years <20> leaving men in Manchester, Birmingham, Bradford and Blackpool dying on average before they receive their state pension.Under the triple lock, pensions have risen every year since 2010 by whichever is the higher figure out of the rate of inflation, average earnings or a minimum of 2.5%. This has lifted many pensioners out of poverty but the committee said it had resulted in the over-65s taking an <20>ever greater share of national income<6D>.Pension changes could cost 11m Britons thousands of pounds Read more In its November 2016 report , the committee recommended that the triple lock be replaced from 2020 by a smoothed earnings link. This would benchmark the state pension to a fixed proportion of average earnings in the long run, but would protect its purchasing power in times of inflation. Citing figures from the Institute of Fiscal Studies, the committee said the state pension age would need to rise to 70.5 years by 2060 to make the triple lock affordable, <20>meaning today<61>s young would face working lives of over 50 years before receiving a state pension<6F>.It added: <20>Making the triple lock sustainable would mean pushing the state pension age over average life expectancy in poorer areas of the UK<55>.Current male life expectancy is lowest in Blackpool, at 67.5, while it is 68.7 in parts of Bradford and 70.2 in much of Manchester. Tower Hamlets in London<6F>s East End has a male life expectancy of 69.1.Frank Field, the MP who chairs the committee, said: <20>With the triple lock in place, the only way state pension expenditure can be made sustainable is to keep raising the state pension age. This has the effect of excluding ever more people from the state pension altogether. Such people will disproportionately be from more deprived areas and manual occupations, while those benefitting most will be the relatively prosperous.<2E>By 2020, the state pension will be at a level where it will provide a decent minimum income for people in retirement to underpin private saving and any savings they have will be kept on top of, not clawed back from, the state pension. The triple lock will have done its job and it will be time therefore to retire it.<2E>But ministers have persistently rejected any suggestion that the triple lock, hugely popular among older voters, should be abandoned. A government spokesperson said: <20>The government wants to ensure economic security for people at every stage of their life, including retirement. The triple lock has protected the incomes of millions of pensioners and we are committed to it for the duration of this parliament.<2E>The publication of the report will, however, add to the growing controversy over intergenerational fairness in Britain. Pensioners are now <20>20 a week better off than working households on average <20> reversing the situation of 15 years ago, according to research published last week by the Resolution Foundation. It found that gains from property, private pensions and higher benefits have pushed incomes of retirees above working families for first time.This reversal of fortunes is not true of all retirees but relates to those who have an occupational pension, own their home and may also be still be earning.'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/money/2017/feb/28/pension-age-mps-government-triple-lock-select-committee'|'2017-02-28T02:00:00.000+02:00'
'492624ad0b45371c2d0eb34101ee2f4107d01e44'|'Huawei staff fear cuts as smartphone profits disappoint'|'  7:12am GMT Huawei staff fear cuts as smartphone profits disappoint left right Women stand outside Huawei''s booth at Mobile World Congress in Barcelona, Spain, February 26, 2017. REUTERS/Paul Hanna/File Photo 1/3 left right A man takes pictures of Huawei''s new P10 Plus device after its presentation ceremony at Mobile World Congress in Barcelona, Spain, February 26, 2017. REUTERS/Paul Hanna/File Photo 2/3 left right Visitors walk past Huawei''s booth during Mobile World Congress in Barcelona, Spain, February 27, 2017. REUTERS/Eric Gaillard/File Photo 3/3 By Sijia Jiang and Harro Ten Wolde - HONG KONG/BARCELONA HONG KONG/BARCELONA Staff at China''s Huawei Technologies Co Ltd [HWT.UL] are bracing for possible jobs cuts after internal memos highlighted intense pressure to improve earnings and an executive said the flagship smartphone business had missed internal profit targets. Huawei, which rose rapidly to become the world''s third largest smartphone maker, is aiming to narrow the gap with leaders Apple Inc ( AAPL.O ) and Samsung Electronics ( 005930.KS ). But the company faces challenges after losing its top spot in China, the world''s biggest market, to new contender Oppo last year. Huawei''s mobile unit missed an internal profit target for 2016 even though revenues exceeded targets, Richard Yu, head of its consumer business division that includes mobile device operation, told Reuters in an interview at the Barcelona Mobile World Congress this week. "It is still profitable but the profit margin is very low," Yu said of the unit that contributes around one third to the group''s revenue. In an internal memo sent last Friday, Huawei Group founder and CEO Ren Zhengfei urged all employees to work hard, saying the company would otherwise "fall apart". "Thirty-something strong men, don''t work hard, just want to count money in bed, is that possible?," Ren said in the memo seen by Reuters. "Huawei will not pay for those that don<6F>t work hard." The remarks have unnerved some of Huawei''s 170,000-strong workforce, 45 percent of which are in research and development, a division said by Huawei staff in online communities to be most insecure. "Everybody is nervous," said a 36-year old engineer in Huawei<65>s consumer business unit who declined to be identified due to the sensitivity of the issue. "We are now all thinking more of the next steps, realizing permanent employment with the company is no longer a given." According to company insiders, Huawei maintained its 5 percent annual quota to eliminate the worst performers, but was seen indirectly pushing underperformers out by asking them to relocate to undesirable posts. "Huawei does not have layoff plan," the company said in an emailed response, declining further comment. STREAMLINING Consumer business chief Yu said in his New Year''s address to staff that the company needed to adhere to a "streamline strategy" in personnel as well as product portfolio as it must make profitability its focus in 2017. "We will seek to improve efficiency and profitability by focussing on organizations at all levels, every employee, and every detail, and strictly control costs and risks to ensure sound development, " Yu said in the memo, seen by Reuters. "We will not tolerate low-performing managers, and prioritise removal of managers who fail to make noteworthy improvements after working in a position for several years." Huawei made a net profit of $5.69 billion in 2015. In another sign of profit pressure at Huawei, which is unlisted and collectively owned by some 80,000 employees, the company cut its dividend to 1.53 yuan per share in 2016 from 1.98 yuan a year earlier, according to a shareholder source. Huawei splashed out on international marketing campaigns last year, getting footballer Lionel Messi and Hollywood stars Scarlett Johannson and Henry Cavill as brand ambassadors. But analysts said the spending did not win it as much market share as expected, as rivals piled in to fill a gap in the mar
'd119f2ca318a8d1bfacb55c4363ae482c7c02e4d'|'US STOCKS-Dow hits 12th record high close; Trump talks up infrastructure spending'|'Company News   5:55pm EST US STOCKS-Dow hits 12th record high close; Trump talks up infrastructure spending * Defense stocks up on Trump''s military spending proposal * Indexes up: Dow 0.1 pct, S&P 0.1 pct, Nasdaq 0.3 pct (Updates close with latest volume, details) By Caroline Valetkevitch NEW YORK, Feb 27 U.S. stocks ended slightly higher on Monday and the Dow closed at a record high for a 12th straight session, as President Donald Trump said he would talk about his plans for infrastructure spending in an address to Congress Tuesday. The Dow''s streak of record-high closes matches a 12-day run in 1987. Boeing, UnitedHealth and Caterpillar were among the biggest boosts for the Dow on Monday. Energy gave the biggest lift to the S&P 500, which also closed at a record, with the energy index up 0.9 percent. Caterpillar gained 2.1 percent and the S&P 1500 construction and engineering index rose 1.9 percent. Construction and engineering shares sold off last week over concerns about a delay for Trump''s infrastructure package. Trump, who met with state governors at the White House, said he sees "big" infrastructure spending, and that he is seeking what he called a "historic" increase in military spending of more than 9 percent. Investors are looking for more specifics on Trump''s plans in his first address to a joint session of Congress Tuesday, given the hefty gains in the market since the Nov. 8 election. Some strategists said there is potentially more upside than downside from the address. "If he comes through with both guns blazing, so to speak, and all of his stuff is ready to roll, it doesn''t mean it''s going to get through Congress or that it''s going to get through the court system, but it would confirm he''s serious about this stuff and that would generally be bullish for the market," said Bucky Hellwig, senior vice president at BB&T Wealth Management in Birmingham, Alabama. The Dow Jones Industrial Average rose 15.68 points, or 0.08 percent, to close at 20,837.44, while the S&P 500 gained 2.39 points, or 0.10 percent, to 2,369.73. The Nasdaq Composite added 16.59 points, or 0.28 percent, to 5,861.90. In its 1987 12-day streak of record-high closes, the Dow rose 9.2 percent compared with just a 3.9 percent gain in its recent record run. While the S&P 500 is up 10.8 percent since the Nov. 8 election, the pace of the rally slowed this year. Trump''s promise a few weeks ago of a "phenomenal" tax announcement helped rekindle that post-election rally, driving the main U.S. markets to record highs. Shares of U.S. defense companies - Boeing, Raytheon, General Dynamics and Lockheed Martin - rose after Trump said he would seek to boost Pentagon spending by $54 billion in his first budget proposal. Boeing was up 1.1 percent. UnitedHealth was up 1.4 percent. Trump, who also met with chief executives of UnitedHealth and other health insurers Monday, sought to bring the nation''s largest insurance companies on board with his plans to overhaul the Affordable Care Act. Time Warner ended up 0.9 percent after news that the head of the U.S. Federal Communications Commission does not expect to review AT&T Inc''s planned $85.4 billion acquisition of Time Warner. AT&T slipped 1.3 percent. Advancing issues outnumbered declining ones on the NYSE by a 1.55-to-1 ratio; on Nasdaq, a 1.87-to-1 ratio favored advancers. The S&P 500 posted 63 new 52-week highs and one new low; the Nasdaq Composite recorded 143 new highs and 45 new lows. About 6.9 billion shares changed hands on U.S. exchanges, above the 6.8 billion daily average for the past 20 trading days, according to Thomson Reuters data. (Additional reporting by Yashaswini Swamynathan in Bengaluru; Editing by Sriraj Kalluvila and James Dalgleish) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-stocks-idUSL2N1GC1KM'|'2017-02-28T05:55:00.000+02:00'
'9a309dcf06b0eb7d1e8a21bb9d5ace8d334b5235'|'LPC-Rising European secondary loans catch traders short'|'By Claire Ruckin - LONDON LONDON Feb 28 Europe''s secondary loan market has peaked at an all-time high with the composite reaching 100.94 this month, according to Thomson Reuters LPC data, fuelled by a supply-demand imbalance that is affecting banks as traders take hits to cover costly shorts.Europe''s leveraged loan market has been flooded with liquidity from a series of new CLOs, warehouses, managed accounts and a bout of repayments. But with very little new primary supply, investors have been forced to buy paper on the secondary loan market, pushing prices higher."Secondary prices have risen to extremely high levels due to supply and demand - it is no more scientific than that. There is not enough new paper in the market to satisfy the amount of cash knocking around," an investor said.At 100.94 on February 2, Europe''s top 40 leveraged loans hit a high not even seen before the financial crisis. The closest the composite had previously reached was 100.72 on April 20 2007, according to TRLPC data.The unprecedented bid levels are catching out a number of traders, who agreed to sell paper to investors at a certain price but are finding they can only source the loans at higher levels, contradicting expectations they could find the paper at lower levels and book a profit on the difference."Everyone is desperate for paper and trying to provide liquidity to the market is very difficult. If you are able to and you do short, when the market goes like this, you can get into a right pickle," a loan trader said.GROWING TRENDSShorting individual credits in the loan market is a long-established practice, given the long settlement process. While some shorts have gone wrong previously, it is now becoming widespread as traders book losses against the wholesale increase in loan pricing.With many sales agreed in December and January, traders are now attempting to cover a series of shorts, which is also pushing prices higher as potential sellers take advantage of traders scrambling to honour trades."There is a natural ability to short loans because of the clunky nature of settlements. No one realised the market would go as high as it has and the desperate plight of traders to find the paper they have shorted is now pushing prices up even further," a second loan trader said.In some instances, traders are unable to source the paper they have shorted, which has led to the trade being pulled altogether."Somebody shorted something which was very foolish as they couldn''t source it, so they had to rip up the trade in the end. The paper was smuggled away into CLOs that are so desperate for loans that they wouldn''t sell, no matter the price. It is very unusual and has never happened before to this buyer. It is a new development and now there is the question of how to deal with this new concept," a second investor said.HEFTY LOSSESTraders are mainly booking shorts of around one to two points, equating to a 1%-2% loss on a trade. A series of these could see some hefty losses for banks."One percent of a <20>10m trade is <20>100k. That isn''t going to have much effect, but if you''ve done 10 of these shorts, that''s a loss of <20>1m on the books. That will have an impact," a third investor said.British holiday park operator Parkdean Resorts'' <20>575m term loan B, which backs the company''s buyout by Onex, allocated with an OID of 99.5 on February 9. It broke at par and was Quote: d at 101.6 on February 28. French call centre operator Webhelp''s repriced <20>560m TLB2 allocated at par on January 12, and was Quote: d at 101.25 on the break and 101.4 on February 28, according to TRLPC data.Even more tricky credits are on the rise in this market. Israeli furniture maker Keter''s <20>320m add-on term loan B3, backing its acquisition of Italian peer ABM Italia, allocated with a 97 OID on February 9 and was Quote: d at 97.46 on the break, rising to 100.6 on February 28, TRLPC data shows.A lack of supply in a liquid market and a rise in secondary prices have led borrowers 
'95d763f48ec2a0aa4c58c02a3a0cc2d27d297313'|'BRIEF-Southwest Gas Q4 EPS $1.37'|' 28pm EST BRIEF-Southwest Gas Q4 EPS $1.37 Feb 27 Southwest Gas Holdings Inc * Southwest gas holdings, inc. Announces 2016 earnings * Q4 earnings per share $1.37 * Q4 earnings per share view $1.35 -- Thomson Reuters I/B/E/S * Southwest gas holdings inc - sees fy operating income is expected to increase by 10% to 12% * Southwest gas holdings inc - capital expenditures in 2017 are estimated at approximately $570 million * Says revenues increased $11.1 million between q4 and q3, primarily due to additional pipe replacement work Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-southwest-gas-q4-eps-idUSASB0B2KR'|'2017-02-28T05:28:00.000+02:00'
'67badc8fc9c7ce511f9f4f4aa4bfe81955a5365f'|'British Land in talks to sell London''s ''Cheesegrater'''|'Feb 28 British Land and joint venture partner Oxford Properties are in advanced talks to sell the "Cheesegrater" skyscraper in London, the company said on Tuesday.Named the Leadenhall Building, the "Cheesegrater" nickname is derived from its wedge shape."It is not certain that these discussions will lead to a sale of the building," British Land said in a statement.A source told Reuters in November that British Land was looking to sell its 50 percent stake in the building, having fully renting out the office property earlier in 2016.Oxford Properties, which invests in real estate for OMERS, one of Canada''s largest pension plans, holds the other 50 percent stake in the project. (Reporting by Esha Vaish in Bengaluru; editing by Jason Neely)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/british-land-cheesegrater-idINL3N1GD2X9'|'2017-02-28T05:07:00.000+02:00'
'f63e7eda3c95ed5d6905b107dec6ce765f515197'|'Does YouGov ever pay out for surveys or is it a sham?'|'I have been completing YouGov surveys for what feels like years, hoping that I might eventually make some money out of it. There are no details on my profile but I would guess it must be about four years. Surveys used to come in every week, then they slowed down. Now I get one every two weeks and every second or third is a prize draw, so a waste of my time. The surveys take about 15 minutes but can take less if the questions are too silly! My total points are now 3,175 <20> still a long way from the 5,000 needed to earn that elusive <20>50. This is beginning to feel a bit of a sham and not ethical. I could give up, but my question is <20> how often does it pay out and how long does it take? In my experience that is a lot of time to invest. I have written to YouGov in the past with similar questions but get little satisfaction. NN, Isle of South Uist, Scotland There are a growing number of market research companies offering rewards for consumers<72> opinions and for writing reviews and testing products, although they are not all trustworthy.YouGov, however, is a legitimate organisation that does a lot of high-profile work for government and considers itself a global community, with some four million members or contributors.Rewards for surveys typically take the form of sign-up bonuses, vouchers and <20> frustratingly <20> entry into prize draws. But the reality is that you have to fill out an awful lot of surveys to make any money.A spokesman said: <20>The reason NN may not be receiving the number of surveys she wishes to complete is because of her demographic profile. Our panel is over-represented against a few of her characteristics, so each of those people receive fewer than average surveys.<2E>In order for our findings to be representative of the public, we need the right numbers of each age group. With regard to the prize draw survey, this is used to ascertain certain interests, likes and dislikes. This information should lead to the member receiving more surveys in future, as many are sent to those whom we know have certain traits. But it isn<73>t a guaranteed thing, and we can<61>t promise a certain volume of surveys to any panellist for those reasons.<2E>We can<61>t imagine this is much consolation. But there are plenty of other survey companies you could try. Have readers used any that make reasonable money?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'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/money/2017/feb/28/yougov-surveys-does-it-pay'|'2017-02-28T02:00:00.000+02:00'
'a5ca83db445de8e164b5c1e6e9e3cb798deab31f'|'BRIEF-Liberty Interactive reports Q4 and FY 2016 results'|' 49am EST BRIEF-Liberty Interactive reports Q4 and FY 2016 results Feb 28 Liberty Interactive Corp * Liberty Interactive Corporation reports fourth quarter and year end 2016 financial results * Liberty Interactive Corp - for quarter, QVC Group''s revenue decreased 3 percent to $3.1 billion * Liberty Interactive Corp - QVC''s consolidated revenue decreased 5 percent in Q4 to $2.7 billion Source text for Eikon:    '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-liberty-interactive-reports-q4-and-idUSASB0B2QI'|'2017-02-28T20:49:00.000+02:00'
'd324c19849895cb96a5e0a4ea163d38ddeed7b81'|'UPDATE 1-Trump to shift biofuel blending burden off refiners -U.S. ethanol group'|'Commodities   10:10am EST Trump to shift biofuel blending burden off refiners: U.S. ethanol group File Photo: Truck driver Randy Walker fills his rig''s tanks with biodiesel fuel at a gas station in the town of Nevada, Iowa, December 6, 2007. REUTERS/Jason Reed The head of the Renewable Fuels Association said on Tuesday that it had been informed by President Donald Trump''s administration that it would order a change to the U.S. biofuels program, lifting the responsibility for fuel blending off refiners. Oil refiners, including Valero Energy Corp and CVR Energy Inc, had long sought the change, saying the structure of the country''s biofuels program hits them with burdensome costs. The Renewable Fuel Standard requires that fuel companies use increasing amounts of biofuel blended with gasoline and diesel. "We received a call from an official with the Trump administration, informing us that a pending executive order would change the point of obligation from refiners to position holders at the terminal," Renewable Fuels Association Chief Executive Officer Bob Dinneen said. "Despite our continued opposition to the move, we were told the executive order was not negotiable," he said. The news sent prices of compliance credits used to meet annual standards tumbling to as low as 30 cents apiece on Tuesday from 47 cents to 48 cents previously. (Reporting by Chris Prentice; Writing by Richard Valdmanis; Editing by Chizu Nomiyama and Lisa Von Ahn) Next In Commodities'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-trump-renewables-idUSKBN1671PD'|'2017-02-28T22:07:00.000+02:00'
'1555b11a5a91f3bccc0933a43a01c41b5865cd36'|'China eyes 12 percent broad money supply rise in 2017 - sources'|'Money News - Tue Feb 28, 2017 - 8:48am IST China eyes 12 percent broad money supply rise in 2017 - sources LIVE COVERAGE: By Kevin Yao - BEIJING BEIJING China plans to target broad money supply growth of around 12 percent in 2017, slightly lower than last year''s goal, policy sources said, signalling a bid to contain debt risks while keeping growth on track. Under its new "prudent and neutral" policy, the People''s Bank of China (PBOC) has adopted a modest tightening bias in a bid to cool torrid credit expansion, though it is treading cautiously to avoid hurting the economy. The M2 growth target was endorsed by leaders at the closed-door Central Economic Work Conference in December, according to sources with knowledge of the meeting outcome. "It''s not necessary to maintain last year''s high money supply growth," said a source who advises the government. "A money supply rise of 11 percent should be enough for supporting growth, but we probably need to have some extra space, considering risks in the process of deleveraging." China''s State Council Information Office, the government''s public relations arm, has yet to respond to a request for comment. In 2016 the money supply target was around 13 percent, though it ultimately grew just 11.3 percent due to the effects of the central bank''s intervention to support the yuan currency, which effectively drained yuan liquidity from the economy. Still, the PBOC injected more cash through its open market operations, medium-term lending facility (MLF) and standing lending facility (SLF), underpinning record lending of 12.65 trillion yuan ($1.84 trillion) in 2016. Last year''s M2 target reflected Beijing''s focus on meeting its economic growth targets, but top leaders have pledged this year to shift the emphasis to addressing financial risks and asset bubbles. Reuters has reported that China will lower its 2017 economic growth target to around 6.5 percent from last year''s 6.5-7 percent. The economy expanded 6.7 percent in 2016. Last week, state media cited a party statement issued after a meeting of the Politburo that China must maintain stable economic development and social harmony ahead of the 19th Communist Party Congress in the autumn. Key economic targets will be announced at the opening of the annual parliament meeting on March 5. TIGHTENING BIAS There have already been some substantive indicators of tighter monetary policy this year. The central bank raised interest rates on its reverse repurchase agreements (repos) and the SLF on Feb. 3, following a rise in rates on the MLF in late January. "The central bank could raise such policy rates further. But we cannot see any possibility of raising benchmark interest rates in the near term," said one of the sources. New yuan loans hit 2.03 trillion yuan in January, the second highest on record, due to a rush among lenders to maintain market share, while M2 rose an annual 11.3 percent in January. The central bank said in a working paper published on Feb. 15 that the debt deleveraging process should be managed prudently to help avoid a liquidity crisis and asset bubbles. China''s debt-to-GDP ratio rose to 277 percent at the end of 2016 from 254 percent the previous year, with an increasing share of new credit being used to pay debt servicing costs, UBS analysts said in a recent note. "A decline in driving force from capital investment on economic growth is behind the rapid rise in leverage," Ruan Jianhong, head of the Survey and Statistics Department at the central bank, said in remarks published on Friday. In 2011, capital investment of 1 yuan could yield an increase of 0.32 yuan in GDP, but that has fallen to 0.16 yuan in 2015, Ruan told the official Financial News in an interview. "We need to maintain appropriate economic growth. If growth slows sharply, various risks may be exposed," said one of the sources. ($1 = 6.8695 Chinese yuan renminbi) (Reporting by Kevin Yao; Editing by Will Waterman) Next In Money News'|'reut
'23386bf2c8bb68cd052c306c37b7cdb36e8b10cf'|'BP says to balance books at $35-40/bbl oil price by 2021'|'Commodities   9:12am EST BP says to balance books at $35-40/bbl oil price by 2021 A BP logo is seen at a petrol station in London, Britain January 15, 2015. REUTERS/Luke MacGregor/File Photo LONDON British oil major BP said it will be able to balance its books at an oil price as low as $35-40 a barrel by 2021 as the company has reined in spending. BP also said its upstream and downstream segments, its main oil and gas business units, will generate pre-tax free cashflow of $13-14 billion and $9-10 billion a year by 2021. Earlier this month, BP raised its break-even price to $60 a barrel for this year due to higher spending. "Over the next five years we expect this to fall to around $35-40 a barrel for the group overall," CFO Brian Gilvary said in a statement on Tuesday ahead of a strategy presentation to investors. (Reporting by Karolin Schaps and Ron Bousso; Editing by Susan Fenton) Next In Commodities'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-bp-strategy-idUSKBN1671O7'|'2017-02-28T21:11:00.000+02:00'
'c897059eb1418150bb084b4218a94ad8915a9252'|'Exclusive: Merus Labs hires Rothschild to explore options - sources'|'Canadian specialty drugmaker Merus Labs International Inc ( MSL.TO ) has hired investment bank Rothschild & Co to explore strategic alternatives, including a potential sale of the company, people familiar with the matter said on Tuesday.Merus Labs has not yet started a process to sell itself, and there is no certainty that any transaction will occur, the people said, asking not to be identified because the deliberations are confidential.Merus Labs did not immediately respond to requests for comment. Rothschild declined to comment.(Reporting by Carl O''Donnell in New York and Pamela Barbaglia in London; Additional reporting by John Tilak in Toronto; Editing by Chizu Nomiyama)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-merus-labs-m-a-idINKBN1671ZN'|'2017-02-28T13:21:00.000+02:00'
'34872d69a2e2a6cefb467f26aba16a25546d875d'|'FTSE steady as miners outweigh GKN, Babcock gains'|'Global Energy   10:29am GMT FTSE steady as miners outweigh GKN, Babcock gains FILE PHOTO: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 main share index edged up on Tuesday, despite being weighed by mining stocks and wealth manager St James Place. The FTSE .FTSE was 0.1 percent higher, as gains by GKN and Pearson outweighed losses from basic resources stocks. Engineering group GKN ( GKN.L ) was top of the FTSE after it reported a 12 percent rise in profit for 2016, and sales up 22 percent, ahead of forecasts. Education services giant Pearson ( PSON.L ) was a top gainer, up 3.2 percent. The company posted results on Friday, promising to further cut costs. "We see this as a false hope," said Liberum analysts, who rate the stock a ''sell''. "The shares are not factoring in the structural risks from what seems like a similar story to what happened in other challenged sectors such as newspapers." Babcock Intl ( BAB.L ), the engineering support and outsourcing company whose biggest client is Britain''s Ministry of Defence, was a top gainer after saying it remained on track to achieve its full-year targets, and had a 30.8 billion pound pipeline. Wealth manager St James Place ( SJP.L ) was a top faller, after it posted higher costs weighing on cash earnings, and said Chief Executive David Bellamy would step down at the end of the year, to be replaced by current Chief Financial Officer Andrew Croft. "We view the internal hand over as being the best possible result for SJP," said Panmure Gordon analyst Barrie Cornes in a note. Miners were top fallers, tracking the pan-European basic resources index .SXPP lower. Randgold Resources, Fresnillo, BHP Billiton, Anglo American and Rio Tinto were all down 1.2 to 2.9 percent. Metals prices had slipped as investors took profit ahead of U.S. President Donald Trump''s speech on Tuesday. Fresnillo ( FRES.L ) reported a six-fold increase in profit for 2016 on higher commodities prices and a weak Mexican peso. "The move to a net cash position prompted a larger than expected final dividend of USc21.5/share," said UBS analysts. "In our view FRES operational performance is improving and we like its low cost core assets and industry leading growth profile." Retailers Marks & Spencer''s and Next were among top gainers, up 1.8 percent. Jefferies analysts upgraded M&S from ''underperform'' to ''buy'', saying it has closed the gap with Next for quality of website content. British mid-caps bookended the pan-European index as well, with aerospace engineer Meggitt top gainer and Moneysupermarket the top faller. Defence equipment company Meggitt ( MGGT.L ), a peer of GKN, was up 10.7 percent and headed for its best daily gains in a year after it posted a 13 percent rise in profit for 2016. Transport operator Go-Ahead Group ( GOG.L ) was the top faller on the mid-cap index, down 13.8 percent and set for its worst day in 8 1/2 months after the company cut its full-year expectations due to its GTR rail franchise, which had been beset by strikes. "We expect consensus estimates to come under pressure, and the uncertainty surrounding GTR is likely to also weigh on the shares," said Liberum analysts. (Reporting by Helen Reid; Editing by Janet Lawrence) Next In Global Energy News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-stocks-idUKKBN16714L'|'2017-02-28T17:29:00.000+02:00'
'750e99fb094544f19cf9d9f21dc8105b3274d57d'|'EU parliament says governments delayed new rules on car emissions'|'Business News - Tue Feb 28, 2017 - 11:28am EST EU parliament says governments delayed new rules on car emissions The exhaust system of a Volkswagen Passat TDI diesel car is seen in Esquibien, France, September 23, 2015. REUTERS/Mal Langsdon By Julia Fioretti and Waverly Colville - BRUSSELS BRUSSELS European governments delayed stricter car engine emissions tests by six years and did not do enough to uncover cheating by car manufacturers, a European Parliament report into the dieselgate scandal said on Tuesday. The investigation into Volkswagen''s ( VOWG_p.DE ) emissions test cheating also blamed the European Commission for failing to scrutinize governments'' legal obligation to enforce a ban on so-called defeat devices, which can scale back car exhaust pollution under certain driving conditions. "We now have a crystal-clear understanding of the failures in the oversight of the car industry that made dieselgate possible: the fraud could have been prevented," said Gerben-Jan Gerbrandy, a Dutch lawmaker who helped draft the report. It called for a drastic strengthening of market surveillance to break the cosy relationship between regulators who test emissions and car manufacturers, including new EU-level tests that could lead to fines. Lawmakers said delays to the introduction of more realistic emissions tests came about due to politicians caving in to lobbying from the car industry and seeking to avoid burdening manufacturers after the 2008 financial crisis. The non-binding report named France, Hungary, Italy, Slovakia, Spain and Romania as the main culprits blocking the adoption of more realistic emissions testing on roads, leading to a six-year delay. VW admitted in September 2015 to using defeat devices to confound nitrogen oxide (NOx) tests in the United States, prompting several European governments to launch their own investigations. They revealed that actual NOx emissions by cars on the road were as much as 15 times above regulatory limits and the use of defeat devices was widespread. More than 70,000 Europeans die prematurely each year from high levels of nitrogen dioxide pollution in cities, according to the European Environment Agency. In a bid to prevent a repeat of the VW scandal, the European Commission has proposed an overhaul of rules on how vehicles are licensed and tested throughout the bloc. A draft bill which would bolster EU oversight won the backing of the European Parliament''s internal market committee this month. But it still faces a tough battle to be approved by member states. EU Industry Commissioner Elzbieta Bienkowska has accused governments of obstructing the bloc''s efforts to rein in what it sees as wayward behavior by the car industry. Julia Poliscanova at campaign group Transport and Environment said the report had rightly pointed the finger at national regulators. "At the heart of the dieselgate scandal in Europe lies a testing system that is shrouded in secrecy and cronyism," she said. (Editing by David Clarke)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-volkswagen-emissions-europe-idUSKBN167208'|'2017-02-28T23:28:00.000+02:00'
'747671b2a8c70362298b1e720c828c5d2946e809'|'Unilever proposes changes to how directors are paid'|'Business News - Tue Feb 28, 2017 - 9:42am EST Unilever proposes changes to how directors are paid 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 LONDON Unilever ( ULVR.L ) ( UNc.AS ) on Tuesday proposed changes to how it pays executive directors that it says are meant to ensure alignment with long-term shareholder value creation. The changes were revealed in Unilever''s annual report for 2016, less than two weeks after the company saw off a $143 billion takeover bid by Kraft Heinz ( KHC.O ). The new policy will be presented to shareholders at the company''s 2017 annual general meeting. (Reporting by Martinne Geller; Editing by Susan Fenton) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-unilever-salary-idUSKBN1671Q2'|'2017-02-28T21:42:00.000+02:00'
'29e93807c5fce487fa2f92cb9d9473ae36a87b80'|'Japan January industrial output falls 0.8 percent month/month - government'|' 08am GMT Japan January industrial output falls 0.8 percent month-on-month: government FILE PHOTO - Smoke rises from a factory during sunset at Keihin industrial zone in Kawasaki, Japan, January 16, 2017. REUTERS/Toru Hanai/File Photo TOKYO Japan''s industrial output unexpectedly fell 0.8 percent in January, posting the first decline in six months,   The month-on-month fall compared with   of a 0.3 percent rise and a revised 0.7 percent gain in December, data by   (METI) showed. Manufacturers surveyed by the ministry expect output to rise 3.5 percent in February but fall 5.0 percent in March, it showed. For the full tables on METI''s website: here (Reporting by Tetsushi Kajimoto;  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-japan-economy-output-idUKKBN16700M'|'2017-02-28T06:59:00.000+02:00'
'd1c165bc92961b46c37fc7684da4676afcc1cf49'|'BRIEF-Hain Celestial receives lender waiver and extension of credit facility'|' 18pm EST BRIEF-Hain Celestial receives lender waiver and extension of credit facility Feb 27 Hain Celestial Group Inc * Hain Celestial Group Inc - As of December 31, 2016 there was $790 million in borrowings under credit facility * Hain Celestial receives lender waiver and extension of credit facility * Hain Celestial - Received a waiver and extension of certain obligations under its unsecured credit facility from its lenders until May 30, 2017 Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-hain-celestial-receives-lender-wai-idUSASB0B2JM'|'2017-02-28T05:18:00.000+02:00'
'ca32bbffa1a90b46c80d93a54c201701003b0758'|'White House budget chief expects delay in hitting debt limit'|'Business News - Tue Feb 28, 2017 - 1:32am GMT White House budget chief expects delay in hitting debt limit Mick Mulvaney testifies before a Senate Budget Committee confirmation hearing on his nomination of to be director of the Office of Management and Budget on Capitol Hill in Washington, U.S. REUTERS WASHINGTON White House budget chief Mick Mulvaney said on Monday he expects the Treasury secretary to use extraordinary cash management measures after the government''s current debt ceiling extension expires on March 15. "The secretary of the Treasury actually makes the decision and I expect him to do what all previous secretaries of the Treasury have done, at least all the ones that I''m familiar with, to use those measures to extend that date," Mulvaney said in an interview on Fox News. "But we will deal with it," he said, "certainly" before Congress recesses in August. Treasury Secretary Steven Mnuchin said at his Senate confirmation hearing last month that he would like to see an increase in the debt ceiling "sooner rather than later" to avoid another standoff with Congress that could upset financial markets. The United States is one of few nations in which the legislature must approve periodic increases in the legal limit on how much money the federal government can borrow. Rather than setting a specific dollar limit on the debt, Congress in 2015 simply suspended the ceiling until March 15, allowing normal borrowing to continue. The debt ceiling will reset at the total debt level outstanding on that day, but Congress will need to approve a new debt ceiling or extension. As of Feb. 23, the federal debt stood at about $19.88 trillion, according to Treasury data. But analysts estimate that Treasury can continue to borrow and avoid a payment default for several months past March 15 even with no action from Congress as it deploys its extraordinary cash management measures. In the past, the Treasury has been able to stave off depletion of its cash reserves with steps such as temporarily halting investments in some pension funds for federal workers and suspending sales of certain securities to state and local governments. Although such steps are known as "extraordinary measures," they are routinely used by Treasury during debt ceiling debates. In 2011, Standard & Poor''s downgraded the U.S. credit rating for the first time after a gridlocked Congress waited until the government was possibly within hours of defaulting on its debt to raise the ceiling. (Reporting by Eric Beech and David Lawder; Editing by Cynthia Osterman) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-usa-debt-idUKKBN16705Z'|'2017-02-28T08:32:00.000+02:00'
'dcd055fe3b012b940e62b9ce226be4b4e70f8db1'|'Years-long dream of European exchange ended in half an hour'|'  2:06pm GMT Years-long dream of European exchange ended in half an hour A woman walks past the London Stock Exchange building in the City of London, Britain, January 16 , 2017. REUTERS/Toby Melville By Andreas Kr<4B>ner , John O''Donnell and Foo Yun Chee - BRUSSELS/FRANKFURT BRUSSELS/FRANKFURT After more than a year of negotiations, Deutsche Boerse ( DB1Gn.DE ) got only 30 minutes notice on Sunday from the London Stock Exchange ( LSE.L ) that their planned merger was effectively over, sources familiar with the talks told Reuters. The LSE, in a highly unusual step, was about to publish a statement saying it would reject European Union demands needed to win approval for the 29 billion euro ($30.7 billion) deal. London''s lack of consultation with its merger partner underscores a breakdown in relations that officials and executives involved in the talks say was as responsible as any antitrust condition for the failure of the latest attempt to combine the two exchanges. The LSE move followed weeks of acrimony over German pressure to give Frankfurt preeminence as the headquarters for the combined firm over London, sources told Reuters. Its refusal to sell the MTS Italian fixed income trading business and its prediction that Europe''s antitrust authorities would likely block the deal, have all but ended the merger and knocked the share prices of LSE and Deutsche Boerse, both of which declined to comment on Tuesday. Talks were derailed by German demands that the headquarters be moved to Frankfurt and an investigation by state prosecutors into possible insider trading by Carsten Kengeter, the chief executive of Deutsche Boerse who was set to lead the combined group, the sources said. Kengeter denies any wrongdoing. "There have been tensions for a longer time," said one person with knowledge of the negotiations. In early February, Thomas Schaefer, the finance minister of the state of Hesse, home to Deutsche Boerse, called for the headquarters to move to Germany because of Britain''s planned departure from the European Union. His remarks were the clearest such public demand in Germany and were noticed by lawmakers in Westminster, who afterwards held a rare public debate in the British parliament on the future of the LSE, with some questioning the merger. Schaefer had anticipated the resistance that his demand would meet in London. "They don''t want to be the first to send a clear signal that Brexit has unavoidable disadvantages for Britain," he told Reuters. Deutsche Boerse had attempted to find a compromise, fearing that German authorities would otherwise block the deal, said two people familiar with the negotiations. In the weeks that followed Schaefer''s remarks, Deutsche Boerse made attempts to discuss establishing a joint holding company with LSE, similar to that of Franco-German group Airbus. "We could have talked about it and come to the conclusion that we could not agree," said one source. "But the LSE didn''t even want to speak about it." MISTRUST The sudden move by the LSE came despite what sources familiar with thinking at the European Commission have described as a willingness, in principle, to give its blessing to the deal to create Europe''s biggest stock market. Those people said EU antitrust officials feared that rejecting the deal would allow a rival from outside Europe, for example, Asia, to buy the London Stock Exchange (LSE), thereby dwarfing continental rivals. It nonetheless imposed strict preconditions, including the sale of MTS. A spokesman for EU antitrust chief Margrethe Vestager said on Tuesday its handling of the case was based on "facts and law and not other considerations". For some observers, the breakdown is no surprise. Dirk Schiereck of the technical university of Darmstadt, who carried out a study on the merger, predicted it last week. "The Germans are afraid of London''s dominance and the Londoners are worried that Frankfurt could take away business," he told Reuters in the days ahead of the 
'b355ad497704cab5166f8ce8fbb30b9d080eff26'|'Exclusive - China eyes 12 percent broad money supply rise in 2017: sources'|'Business News - Tue Feb 28, 2017 - 2:26am GMT Exclusive - China eyes 12 percent broad money supply rise in 2017: sources left right 100 Yuan notes are seen in this illustration picture in Beijing November 5, 2013. REUTERS/Jason Lee/File Photo 1/2 left right 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 2/2 By Kevin Yao - BEIJING BEIJING China plans to target broad money supply growth of around 12 percent in 2017, slightly lower than last year''s goal, policy sources said, signalling a bid to contain debt risks while keeping growth on track. Under its new "prudent and neutral" policy, the People''s Bank of China (PBOC) has adopted a modest tightening bias in a bid to cool torrid credit expansion, though it is treading cautiously to avoid hurting the economy. The M2 growth target was endorsed by leaders at the closed-door Central Economic Work Conference in December, according to sources with knowledge of the meeting outcome. "It''s not necessary to maintain last year''s high money supply growth," said a source who advises the government. "A money supply rise of 11 percent should be enough for supporting growth, but we probably need to have some extra space, considering risks in the process of deleveraging." China''s State Council Information Office, the government''s public relations arm, has yet to respond to a request for comment. In 2016 the money supply target was around 13 percent, though it ultimately grew just 11.3 percent due to the effects of the central bank''s intervention to support the yuan currency CNY=CFXS , which effectively drained yuan liquidity from the economy. (For a graphic snapshot on China''s economy and trade, click tmsnrt.rs/2iO9Q6a ) Still, the PBOC injected more cash through its open market operations, medium-term lending facility (MLF) and standing lending facility (SLF), underpinning record lending of 12.65 trillion yuan ($1.84 trillion) in 2016. Last year''s M2 target reflected Beijing''s focus on meeting its economic growth targets, but top leaders have pledged this year to shift the emphasis to addressing financial risks and asset bubbles. Reuters has reported that China will lower its 2017 economic growth target to around 6.5 percent from last year''s 6.5-7 percent. The economy expanded 6.7 percent in 2016. Last week, state media cited a party statement issued after a meeting of the Politburo that China must maintain stable economic development and social harmony ahead of the 19th Communist Party Congress in the autumn. Key economic targets will be announced at the opening of the annual parliament meeting on March 5. TIGHTENING BIAS There have already been some substantive indicators of tighter monetary policy this year. The central bank raised interest rates on its reverse repurchase agreements (repos) and the SLF on Feb. 3, following a rise in rates on the MLF in late January. "The central bank could raise such policy rates further. But we cannot see any possibility of raising benchmark interest rates in the near term," said one of the sources. New yuan loans hit 2.03 trillion yuan in January, the second highest on record, due to a rush among lenders to maintain market share, while M2 rose an annual 11.3 percent in January. The central bank said in a working paper published on Feb. 15 that the debt deleveraging process should be managed prudently to help avoid a liquidity crisis and asset bubbles. China''s debt-to-GDP ratio rose to 277 percent at the end of 2016 from 254 percent the previous year, with an increasing share of new credit being used to pay debt servicing costs, UBS analysts said in a recent note. "A decline in driving force from capital investment on economic growth is behind the rapid rise in leverage," Ruan Jianhong, head of the Survey and Statistics Department at the central bank, said in remarks published on Friday. In 2011, capital i
'35505dab134ba9eea36bff5a4ef675fc2987dc74'|'Brexit minister urges preparation for deal and no Brexit deal - May''s spokesman'|'LONDON Feb 28 Brexit minister David Davis told Britain''s top team of ministers on Tuesday to prepare not only for a negotiated settlement with the European Union but also for the "unlikely scenario" of no Brexit deal, a spokesman for Prime Minister Theresa May said.At a regular cabinet meeting of May''s top ministers, Davis set out the "scale and complexity" of the work ahead of a government which will soon trigger the formal divorce procedure to leave the EU."He then set out the need for the government to support a smooth exit from the EU, and in the full range of policy areas that will be affected and he pointed out .. that we need to prepare not just for a negotiated settlement but also for the unlikely scenario in which no mutually satisfactory agreement can be reached," May''s spokesman told reporters.The spokesman also said that May reiterated her optimism that Britain can win a good deal for the whole of the country at the talks. (Reporting by Elizabeth Piper; editing by Kate Holton)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/britain-eu-may-idINU8N0Z102Q'|'2017-02-28T09:49:00.000+02:00'
'dd957894bc15dfa44c349f332e5fd1a61c0aaebf'|'China central bank says foreign firms able to repatriate profits normally'|'Business News - Tue Feb 28, 2017 - 3:17am GMT China central bank says foreign firms able to repatriate profits normally A Chinese national flag flutters outside the headquarters of the People''s Bank of China, the Chinese central bank, in Beijing, China April 3, 2014. REUTERS/Petar Kujundzic/File Photo BEIJING China''s central bank reiterated on Tuesday that foreign companies were able to repatriate profits normally, responding to what it said were media reports claiming they had difficulty transferring profits back home. The State Administration of Foreign Exchange also posted the same announcement on its microblog. Chinese authorities said in January that repatriation of normal profits by foreign-invested firms would not be restricted. (Reporting by Yawen Chen)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-china-economy-forex-idUKKBN16709Q'|'2017-02-28T10:17:00.000+02:00'
'4bf288c7093d5dc3d3af7a8b710ef74f1598f15b'|'BRIEF-CAPREIT qtrly operating revenues $152.8 mln'|' 22pm EST BRIEF-CAPREIT qtrly operating revenues $152.8 mln Feb 27 Canadian Apartment Properties Real Estate Investment Trust: * Capreit qtrly NFFO per unit - basic $ 0.437 * Capreit qtrly operating revenues $152.8 million versus $142.8 million * Q4 FFO per share view C$0.44 -- Thomson Reuters I/B/E/S Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-capreit-qtrly-operating-revenues-idUSFWN1GC160'|'2017-02-28T05:22:00.000+02:00'
'9b4babb452b6cf9169cf83704a2ed0777f1fde6d'|'BRIEF-BP updates 5-year strategy, sets cash flow targets for units'|' 54am EST BRIEF-BP updates 5-year strategy, sets cash flow targets for units Feb 28 BP Plc: * Sees cash flow growing materially: - upstream $13-14 billion pre-tax free cash flow in 2021, downstream $9-10 billion pre-tax free cash flow in 2021 * Sees financial frame maintained to 2021, organic capital spending $15-17 billion a year, gearing 20-30 pct * Upstream production expected to grow by average of 5 pct a year from 2016 to 2021 * 9 projects now under construction expected onstream 2018-21 * Cash balance point for bp expected to fall to around $35-40/barrel in 2021 * Production ramping up from new upstream projects is expected to deliver a material improvement in operating cash flow through H2 of 2017 * Will continue that tight focus on costs and capital discipline and seek further improvements throughout group - CFO * Volume and margin growth throughout BP''s businesses are expected to increase returns over next five years * Upstream projects coming on line in 2016 and 2017 are on track to deliver 500,000 boe/d new production capacity by end of this year * New upstream projects remain on track to deliver 800,000 boe/d of new production by 2020, as previously guided * On average, new upstream projects are also expected to have operating cash margins 35% higher than average of BP''s upstream portfolio in 2015 * Downstream - underlying earnings from manufacturing businesses in 2021 are expected to be $2.5 billion higher than in 2014. * Expects significant earnings growth from its downstream marketing businesses, with underlying earnings in 2021 more than $3 billion higher than in 2014 * Downstream unit to deliver $9-10 billion of pre-tax free cash flow by 2021, with returns of around 20 pct in 2021. Source text for Eikon:   (Bengaluru Newsroom)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-bp-updates-5-year-strategy-sets-ca-idUSFWN1GD0XU'|'2017-02-28T20:54:00.000+02:00'
'eed4c8ac65b080dddc80c5d54f605ea5506deb50'|'New Zealand''s Spark partners with Netflix'|'Business   8:43pm GMT New Zealand''s Spark partners with Netflix The Netflix logo is pictured on a television remote in this illustration photograph taken in Encinitas, California, U.S., January 18, 2017. REUTERS/Mike Blake WELLINGTON New Zealand telecommunications company Spark said on Monday it was partnering with U.S. video streaming giant Netflix in an arrangement that was the first of its kind. Spark''s broadband customers would receive a year of Netflix''s standard plan at no extra cost, the first time the video service had been bundled with broadband in New Zealand, Spark said in a statement to the stock exchange. The deal comes at a time when New Zealand telecommunications providers are shifting towards becoming media providers. The arrangement with Netflix "is also consistent with our shift towards becoming a digital services provider, rather than just a traditional telco," said Simon Moutter, Spark''s chief executive. On Thursday New Zealand''s competition regulator ruled against pay-TV provider Sky Television''s purchase of Vodafone''s New Zealand unit. Spark had vociferously opposed the deal, gaining a temporary stay in a New Zealand court if the regulator had ruled in favour of the transaction, arguing that it would create a monopoly on premium sport content. (Reporting by Charlotte Greenfield; editing by Jeffrey Benkoe and Jason Neely) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-spark-netflix-newzealand-idUKKBN1650UH'|'2017-02-27T03:43:00.000+02:00'
'129fc2b14666ec9f87cad0ecd6a9f26066bbbb9a'|'Self-driving Nissan car takes to Europe''s streets for first time'|' 36pm GMT Self-driving Nissan car takes to Europe''s streets for first time left right A modified Nissan Leaf, driverless car, is seen during a pause in its first demonstration on public roads in Europe, in London, Britain February 27, 2017. REUTERS/Peter Nicholls 1/5 left right Nissan''s head of automated driving, Tetsuya Lijima, sits at the controls of a modified Nissan Leaf, driverless car, during its first demonstration on public roads in Europe, in London, Britain February 27, 2017. REUTERS/Peter Nicholls 2/5 left right A journalist walks toward a modified Nissan Leaf, driverless car, during its first demonstration on public roads in Europe, in London, Britain February 27, 2017. REUTERS/Peter Nicholls 3/5 left right Nissan''s head of automated driving, Tetsuya Lijima, sits at the controls of a modified Nissan Leaf, driverless car, during its first demonstration on public roads in Europe, in London, Britain February 27, 2017. REUTERS/Peter Nicholls 4/5 left right A modified Nissan Leaf, driverless car, is seen during its first demonstration on public roads in Europe, in London, Britain February 27, 2017. REUTERS/Peter Nicholls 5/5 By Costas Pitas - LONDON LONDON Guided by cameras and radars, and negotiating traffic and roundabouts, a self-driving Nissan car took to the streets of London on Monday for the Japanese company''s first European tests of an autonomous vehicle. Travelling at up to 50 miles (80 km) per hour and moving from local streets to a major multi-lane road, the modified Nissan LEAF electric car showcased the kind of technology many hope to be the future of travel. Britain has been wooing developers of autonomous vehicles, hoping to grab a slice of an industry it estimates could be worth 900 billion pounds ($1.1 trillion) worldwide by 2025. It also recently announced changes to allow for a single insurance policy to cover motorists driving conventionally and in autonomous mode, as it tries to get regulations in place to encourage the uptake of driverless cars from 2020. Britain''s flexible approach to testing autonomous vehicles helped Nissan pick London for its first European tests, the director of its research centre in Silicon Valley told Reuters. "It''s not everywhere in Europe that we can go and drive on the road," Maarten Sierhuis said. "You don''t want to go to the most difficult parts of London when you start. The system has to be tested," he said of the east of the capital where the trials are taking place near the ExCeL exhibition centre and London City Airport. Nissan liaised with regulator Transport for London and the police ahead of the trials, supplying details of its route and the rules it would follow, and was advised to keep a full log that it would share in the event of an incident, it said. Inside the vehicle, the car switches from conventional to self-driving mode at the touch of the button ''Enter'' and a screen identifies the nearest vehicles to the car in red and green, also showing the speed the car is travelling. Nearly two dozen cameras, radars and lasers are fitted on the top and around the side of vehicle to guide its path. A driverless car took to Britain''s streets for the first time in the southern English town of Milton Keynes in October last year but travelled at a much slower speed. Global automakers are racing to catch up with the likes of Google and Tesla which have carried out several autopilot and self-driving tests in recent months in the United States and elsewhere. Jaguar Land Rover is planning to test around 100 autonomous and internet-connected cars in Britain by 2020, while Volvo is also planning a test soon in London. Nissan, which has already tested the self-driving LEAF in Tokyo and Silicon Valley, hopes to carry out similar trials in other European cities soon after this week''s London trials. "We''re thinking of testing in the Netherlands and Paris. It''s not easy to go and test everywhere because we need to create maps, we need to get approval
'0d9452fb6f063b896087600d982863693343d63c'|'As Brexit talks loom, EU to dodge early clearing clash'|'Business News - Mon Feb 27, 2017 - 11:13pm IST As Brexit talks loom, EU to dodge early clearing clash LIVE COVERAGE: By Francesco Guarascio - BRUSSELS BRUSSELS The European Union will not pick an immediate fight with the City of London over its right to clear euro-denominated securities, EU officials said on Monday, as Britain prepares to trigger the process of quitting the bloc. On a day when the EU executive made public tough language on Brussels'' policing of financial services providers from non-EU states - Britain''s likely status in 2019 - the officials said new EU rules on derivatives trading would not reopen an old battle over clearing between Britain and the euro zone. "Territorial restrictions are definitely not going to be part of the next review," one EU official told Reuters, referring to revisions to be proposed by the European Commission in the coming weeks to the European Market Infrastructure Regulation (EMIR), the main EU legislation on derivatives trade. A second official confirmed that was the case. Britain won an EU court case two years ago to defeat a bid by the European Central Bank to deprive London of its leading role in clearing euro-denominated securities. The ECB wants such trades to be cleared in one of the 19 euro zone countries. With Britain losing the protections of membership of the EU single market on Brexit, many experts assume euro authorities will make a new attempt to pull back clearing from London. But with concern growing that ill temper may sour next month''s expected start of the two-year Brexit negotiating process, the Commission appears set to step back from immediate confrontation over this issue with Prime Minister Theresa May. Instead, the review will focus on cutting costs for small firms in the financial sector and extending beyond 2018 an exemption for pension funds from EMIR requirements. A Commission spokeswoman said the proposal would include simplifications to some "targeted rules". Previous expectations were for more comprehensive reform of EMIR, including rules governing the location of clearing. The executive has not shied away, however, from warning that London''s position as Europe''s dominant financial market may face problems on Brexit. In a somewhat unusual step, the Commission published an internal document that sets out the complexities of authorizing firms from outside the EU accessing its market. And, the paper said, such decisions, by which the EU accepts that a foreign jurisdiction has "equivalent" prudential and other rules to those in the Union, can also be revoked. "An equivalence decision may be changed or even withdrawn ...at any moment," the paper said. The spokeswoman said the publication of a document that had been commissioned before the Brexit vote was not intended as a warning to Britain, or to the Trump administration in the United States. EU ministers are concerned both countries may be tempted to pare back financial regulation to attract global business. Equivalence may let British financial firms access EU markets but EU Brexit negotiator Michel Barnier warned last month that Brussels will apply "special vigilance" over such approvals. (Editing by Alastair Macdonald and John Stonestreet) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-eu-clearing-regulations-idINKBN16622L'|'2017-02-28T00:43:00.000+02:00'
'8851eaa3fcc2ededa821f6167ff4d50c5fc39fea'|'BRIEF-McGrath RentCorp names Joseph Hanna as CEO'|' 17am EST BRIEF-McGrath RentCorp names Joseph Hanna as CEO Feb 27 McGrath RentCorp: * McGrath RentCorp names Joseph Hanna as president and chief executive officer and elevates Keith Pratt to executive vice president * McGrath RentCorp says in connection with Hanna''s appointment, office of chief executive officer was dissolved * McGrath RentCorp - Keith E. Pratt was elevated to executive vice president of company in addition to his continuing role as CFO Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-mcgrath-rentcorp-names-joseph-hann-idUSASB0B2FZ'|'2017-02-27T21:17:00.000+02:00'
'a48231ef40bd508412a1c05757e5669c05e03df3'|'Grupo Televisa stock could rise 20 pct in a year -Barron''s'|'Big Story 10   4:16pm EST Grupo Televisa stock could rise 20 percent in a year: Barron''s By Lawrence Delevingne - NEW YORK NEW YORK Shares of Mexican media company Grupo Televisa SAB could surge 20 percent in a year to $30 or more, according to Barron''s. In an article published Sunday, the U.S. business magazine cited a recent positive earnings report and Televisa''s "three ways to win" in the Mexican media market, including cable, satellite and broadcast television operations. The stock traded around $26 as of Friday. "Grupo Televisa''s U.S.-listed shares (ticker: TV)...look undervalued, having sat out the strong rally in most U.S. cable and media stocks in the past year," Barron''s wrote. (Reporting by Lawrence Delevingne)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-televisa-barrons-idUSKBN1650VU'|'2017-02-27T04:12:00.000+02:00'
'af2df544b2c664af5a16acba5e6e7980b612a48b'|'Shareholders want miner Freeport to get tough with Indonesia - CEO'|' 32pm GMT Shareholders want miner Freeport to get tough with Indonesia - CEO Freeport McMoRan Inc''s chief executive Richard Adkerson speaks during a news conference in Jakarta, Indonesia, February 20, 2017. REUTERS/Beawiharta HOLLYWOOD, Fla. Shareholders are pressuring miner Freeport-McMoRan Inc ( FCX.N ) to stand up to the Indonesian government over changes the southeast Asian country wants to make in the U.S. miner''s contract, Freeport''s chief executive officer said on Monday. Rio Tinto Plc ( RIO.L ), which is a partner in Freeport''s massive Grasberg copper and gold mine in Indonesia, is also supportive of Freeport''s tougher approach towards Jakarta, CEO Richard Adkerson said. In some of his strongest language yet on the issue, Adkerson said the new regulations that Indonesia wants the company to accept were "in effect a form of expropriation of our assets and we are resisting it aggressively." "Many of our shareholders feel that we have been too nice. Now we are in the position of standing up for our rights under the contract," Adkerson told a mining conference in Hollywood, Florida. He said Freeport had held talks with its large shareholders but did not name them. Freeport, the world''s biggest publicly listed copper producer, warned last week it could take the Indonesian government to arbitration and seek damages over a contractual dispute that has halted operations at Grasberg, the world''s second biggest copper mine. The row, which centers around the sanctity of Freeport''s 30-year mining contract, comes as the Indonesia government seeks to squeeze more revenue out of its mining industry through a shake-up of regulations over foreign ownership and ore processing. (Reporting by Nicole Mordant in Hollywood, Florida; Editing by Chizu Nomiyama and Jeffrey Benkoe)  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-mining-bmo-freeport-mcmoran-idUKKBN1661S6'|'2017-02-27T22:32:00.000+02:00'
'ac0a15e0804061f65a5b3b1238c5a4d710ebec56'|'UPDATE 1-UK Stocks-Factors to watch on Feb 28'|'(Adds company news items, futures)Feb 28 Britain''s FTSE 100 index is seen opening up about 5 points on Tuesday, according to financial bookmakers, with futures up 0.2 percent ahead of the cash market open.* The UK blue chip index closed 0.1 percent higher at 7,253.00 on Monday, helped by earnings updates and weak sterling, although motor insurers were hit by a regulatory change that could lead to higher payouts.* SHELL: A Nigerian court will rule on March 13 on a request by Royal Dutch Shell and Italy''s Eni to lift the temporary seizing of a long-disputed oilfield, a judge said on Monday.* SHELL: Royal Dutch Shell is unlikely to participate in new oil-sands projects as it looks to control costs amid an austere crude oil environment, Bloomberg reported on Monday, citing an interview with Chief Executive Ben Van Beurden. ( bloom.bg/2m2TOdy )* VIRGIN MONEY:Virgin Money Holdings Plc reported resilient demand following Britain''s vote to leave the European Union, helping the bank to a 33 percent rise in full-year underlying pretax profit.* BABCOCK: Babcock International remains on track to achieve its full-year targets, the British engineering support and outsourcing company said on Tuesday, noting that order intake remained strong.* GKN: British engineering group GKN reported a 12 percent rise in adjusted pretax profit on Tuesday, just beating market expectations, and said it would grow ahead of both its main aerospace and autos markets in 2017.* St. JAMES PLACE: British wealth manager St. James''s Place said on Tuesday posted full-year underlying profit before tax of 163.5 million pounds ($203.12 million), in line with previous year, after increased income from its funds under management.* JLT: Insurance and reinsurance broker Jardine Lloyd Thompson Group reported a one percent rise in full-year underlying pre-tax profit, with investment in its U.S. speciality business crimping earnings.* FRESNILLO: Precious metal miner Fresnillo Plc reported a more than six-fold jump in its profit for the year, boosted by higher production and metal prices and a weak Mexican Peso.* INTERSERVE: Interserve reported an annual loss and suspended its dividend on Tuesday after the British support services and construction company booked a bigger-than-expected charge on its exit from the energy-from-waste sector.* GREGGS: British baker Greggs on Tuesday beat forecasts with a 10 percent rise in 2016 profit, helped by an extension of its product range, new outlets and store refurbishments.* BT: British telecoms regulator Ofcom said it planned to force BT to cut its bills by at least 5 pounds a month for those customers that only take a landline, seeking to protect elderly and vulnerable people who rely on the service.* UNILEVER/KRAFT: U.S. food company Kraft Heinz Co is not targeting any other large deals for now after being snubbed by Unilever Plc because valuations in the sector are too high, major shareholder Warren Buffett told CNBC news on Monday.* UK CONSUMER SENTIMENT: British consumer morale edged lower in February as rising inflation following last year''s Brexit vote made householders warier about the outlook for their finances, surveys showed.* OIL: U.S. crude oil edged higher for a second day on Tuesday, underpinned by high compliance with OPEC''s production cuts even as the market remains anchored by rising U.S. production.* BREXIT: The European Union will not pick an immediate fight with the City of London over its right to clear euro-denominated securities, EU officials said on Monday, as Britain prepares to trigger the process of quitting the bloc.* UK SPENDING: The UK government is failing to recognize "clear warning signs" that public services are nearing a breaking point after six years of spending cuts, The Financial Times reported, citing a new report from the Institute for Government published on Tuesday. ( on.ft.com/2mxXcuj )* UK BUDGET: Chancellor of the Exchequer Philip Hammond will have an extra 29 billion pounds to allocate in n
'4403bc99e99c28827d2f3d1a31a95a28548f51fa'|'Frontline says DHT Holdings rejects improved offer'|'By Gwladys Fouche and Ole Petter Skonnord - OSLO OSLO Tanker firm Frontline ( FRO.OL ) said on Tuesday it had made a higher and final offer for rival DHT Holdings ( DHT.N ) which was rejected.Frontline said it had raised its all-share offer to 0.80 Frontline share per DHT share from an initial 0.725 but that DHT had again rejected the offer."As DHT''s largest shareholder we are surprised that DHT''s board has declined our repeated attempts to discuss a business combination that we believe is clearly in the best interest of all shareholders," Frontline CEO Robert Hvide Macleod said in a statement.He decline to comment further when contacted by Reuters. Frontline holds a 16 percent stake in DHT.Last month Frontline, controlled by shipping tycoon John Fredriksen, made a non-binding, all-share offer to acquire DHT to create the largest private tanker firm in the world.That initial offer was unanimously rejected by DHT''s board.In the fourth quarter, Frontline reported an operating profit of $17.8 million, below the $35 million expected by analysts polled by Reuters and down from $77 million a year earlier.In its market outlook, Frontline reiterated that it expected freight rates to remain under pressure as more new tankers enter the market but that the market would begin to tighten in 2018.Shares in Frontline were up 0.53 percent at 0801 GMT while the Oslo benchmark index .OSEBX was up 0.12 percent.(Editing by Jason Neely)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-dht-holdings-m-a-frontline-idINKBN1670TV'|'2017-02-28T05:21:00.000+02:00'
'eff8b08bec2e63ad12043010b848c4d1f7588fd1'|'Tata Sons, DoCoMo to settle $1.17 billion legal dispute: Nikkei'|'Business News - Mon Feb 27, 2017 - 6:00pm EST Tata Sons, DoCoMo to settle $1.17 billion legal dispute: Nikkei A woman walks past a brach of Japanese mobile communications company NTT Docomo in Tokyo, Japan, May 16, 2016. REUTERS/Thomas Peter India''s Tata Sons Ltd has agreed to pay Japan''s NTT DoCoMo ( 9437.T ) about $1.17 billion in connection with the termination of a joint venture in the South Asian nation, the Nikkei daily reported, without citing its sources. The deal could be announced as early as Tuesday, the Nikkei reported. ( s.nikkei.com/2mnqa3g ) Tata Sons and DoCoMo were not immediately available for comments. Tata Teleservices and DoCoMo have been locked in a long tussle over the Japanese company''s move to exit a partnership formed in 2009. Under the terms of that deal, in the event of an exit, DoCoMo was guaranteed the higher of either half its original investment, or its fair value. When DoCoMo decided to get out in 2014, Tata was unable to find a buyer for the Japanese firm''s stake and offered to buy the stake itself for half of DoCoMo''s $2.2 billion investment. India''s central bank blocked Tata''s offer, saying a rule change the previous year prevented foreign investors from selling stakes in Indian firms at a pre-determined price. Docomo proceeded to initiate arbitration in a London court, and won it. Tata was asked to pay a penalty of $1.17 billion, which it has deposited with the Delhi High Court. (Reporting by Vishaka George in Bengaluru; Editing by Anil D''Silva) Next In Business News Starwood in talks on raising initial bid for Milestone: sources TORONTO/NEW YORK Milestone Apartments Real Estate Investment Trust, which has agreed to be acquired by Starwood Capital Group for about C$1.7 billion ($1.3 billion), is in talks with the U.S. private investment firm about raising its bid, people familiar with the situation told Reuters.'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-tata-sons-ntt-docomo-idUSKBN1662KS'|'2017-02-28T06:00:00.000+02:00'
'ab934adb9aa13a8e09bbc8bfd552b58e9570fe77'|'Netflix CEO shows friendly face to telcos at top mobile fair'|'Business News - Mon Feb 27, 2017 - 9:32pm GMT Netflix CEO shows friendly face to telcos at top mobile fair Netflix''s Chief Executive Officer Reed Hastings gestures as he delivers his keynote speech during Mobile World Congress in Barcelona, Spain, February 27, 2017. REUTERS/Paul Hanna By Sophie Sassard and Eric Auchard - BARCELONA, Spain BARCELONA, Spain Streaming video pioneer Netflix held out a vision of cooperation to potentially sceptical telecom partners on Monday, saying it could deliver a quality experience to mobile phones without hogging bandwidth needed for other services. In a first for a media executive, Netflix Chief Executive Reed Hastings delivered the keynote speech on the first day of the Mobile World Congress in Barcelona, the telecom industry''s biggest annual trade fair. Netflix needs partners such as mobile operators to increase its audience and shore up its tiny profits. It is expanding rapidly beyond its U.S. home base while spending at a furious pace on purchased and original content - which that won it its first Oscar on Sunday. Telecoms carriers are both resentful that Netflix can profit from their investments in network improvements and aware that offering customers a better experience in watching hit shows such as "The Crown" or "Marvel''s Luke Cage" can keep them more loyal. "You can enjoy it and not be worried about data caps. That''s where I think it is going now," said Hastings, referring to the fact that most carriers now sell unlimited data packages rather than the metered offerings of the past. He said work that Netflix had done on optimising video for internet delivery meant it could deliver "amazing" pictures at unthreatening speeds as low as 300 kilobits per second "using the operator''s bandwidth". "We are investing at many levels ... to ensure the experience on mobiles, desktops and the internet is just instant," he said in an on-stage interview that skirted awkward subjects such as so-called net neutrality, the principle that all internet providers should be treated equally on a network. Hastings is the latest in a series of top executives from industries with whom telecom operators have an ambivalent relationship to deliver a keynote at Mobile World Congress. His predecessors have included Google''s Eric Schmidt and Facebook''s Mark Zuckerberg. "I''m sure there are plentiful discussions going on behind the scenes, but telcos and Netflix need each other," said analyst Paolo Pescatore of UK-based research firm CCS Insight. "Netflix is doing what it needs to do, solely focused on content. But it needs scale, and this is where the telcos come in, especially those that do not want to invest sums in securing costly content rights," he told Reuters. Netflix, which is expected to hit 100 million subscribers this year and is available in most of the world''s countries - with the conspicuous absence of China - already has partnerships with a number of international mobile operators including Vodafone, Orange and Telecom Italia. "A number of pioneering players will start providing unlimited data at lower speed," Hastings said, without elaborating. (Reporting by Sophie Sassard and Eric Auchard; Additional reporting and writing by Georgina Prodhan; Editing by Larry King) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-telecoms-mobileworld-netflix-idUKKBN1662FO'|'2017-02-28T04:32:00.000+02:00'
'504102848d6d9642d58e4fdf82c71ba3796bfecf'|'BRIEF-Medequities Realty Trust reports Q4 revenue $14 million'|' 18pm EST BRIEF-Medequities Realty Trust reports Q4 revenue $14 million Feb 27 Medequities Realty Trust Inc * Medequities Realty Trust reports fourth quarter 2016 results and announces 2017 guidance * Q4 adjusted FFO per share $0.27 * Q4 FFO per share $0.05 * Q4 revenue $14 million versus I/B/E/S view $14 million * Sees FY 2017 adjusted FFO per share $1.09 to $1.15 * Sees FY 2017 FFO per share $1.07 to $1.13 * FY2017 earnings per share view $0.71, revenue view $63.9 million -- Thomson Reuters I/B/E/S * Q4 FFO per share view $0.27 -- Thomson Reuters I/B/E/S * FY2017 FFO per share view $1.19 -- Thomson Reuters I/B/E/S Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-medequities-realty-trust-reports-q-idUSASB0B2JK'|'2017-02-28T05:18:00.000+02:00'
'dbddcb526a5b0b16c0299bdf99066e2636292beb'|'Markets await US growth and trade data as Trump boom continues - business live - Business'|'7.46am GMT 07:46 A positive start is expected in Europe after yet another record breaking run in the US:IGSquawk (@IGSquawk) Our European opening calls: $FTSE 7269 up 16$DAX 11841 up 19$CAC 4855 up 10 $IBEX 9485 up 21 $MIB 18967 up 53February 28, 2017 Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 7.45am GMT 07:45 Agenda: US data due, Osborne at BCC conference, Hogg at Treasury Committee Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business. The US is in focus today, with trade figures for January and the final reading for fourth quarter GDP. The trade deficit is expected to widen to $66bn from $65bn in December, something which is likely to exercise President Trump with his protectionist tendencies. As for GDP, analysts expect an annualised rate of 2.1% for the quarter, up from 1.9%. Overall the US economy is forecast to have grown at 1.6% in 2016, a growth rate Trump<6D>s team have consistenty criticised as too slow.But Republican financial John Bogle, who founded the world<6C>s second largest investment group Vanguard, told the BBC<42>s Wake up to Money that Trump<6D>s plans to grow the US economy at 4% annually were unlikely to succeed. He said:There are certain limits, irrespective of whoever sits in the White House.He added that building trade barriers would be madness and reducing immigration would harm the US economy.Meanwhile, after the US markets close, Trump will be making his long awaited address to Congress with the promise of spelling out some of his plans in detail. We already had a flavour on Monday, with Trump<6D>s talk of increased defence and infrastructure spending, probably at the expense of the environment and foreign aid.But it seems that Trump<6D>s <20>phenomenal<61> tax reforms might have to wait. Naeem Aslam, chief market analyst at Think Markets UK, said:Was there any disappointment yesterday when some details were released ahead of Mr Trump<6D>s most anticipated speech? Well, yes. It turns out that we are not going to receive any details about the anticipated tax plan and the timeframe for said plan is also vague. All we know is that it will happen sometime after a new healthcare bill replacing Obamacare has been introduced, again, something we have yet to receive a date for. This was not something the markets were expecting especially after rousing the rally by describing his tax plans as <20>phenomenal<61>. What we saw last night was disappointment across the board when the news hit. But it would be wrong to write off Mr Trump yet, as he is never short of surprises. Despite his lack of information, the market rallied, recording another record high.Indeed, the Dow Jones Industrial Average closed at a record high for the twelfth day in a row, and European markets are expected to open higher as a result.Also on the agenda, the British Chambers of Commerce holds its annual conference in London , with regional development and Brexit on the agenda and appearances scheduled from former chancellor George Osborne, mayoral hopefuls Andy Street and Andy Burnham and shadow chancellor John McDonnell.Elsewhere Charlotte Hogg will be at a Treasury committee hearing to discuss her appointment as the Bank of England<6E>s Deputy Governor for Markets and Banking. And there are results from Go-Ahead and Greggs.Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/live/2017/feb/28/markets-await-us-growth-and-trade-data-as-trump-boom-continues-business-live'|'2017-02-28T02:00:00.000+02:00'
'd1d90a48bff9074951e4ab223b330ee4f12011d8'|'UPDATE 1-Icahn representative to several corporate boards has left hedge fund'|'(Recasts adding that status is unclear)Feb 27 Samuel Merksamer, who represents billionaire investor Carl Icahn on several corporate boards, has left the hedge fund firm Icahn Enterprises, according to an internal memo.The memo, sent internally at Icahn Enterprises in late December, did not give a reason for Merksamer''s departure. He could not immediately be reached.According to his biographies on corporate websites, he sat on the boards of American International Group Inc, Transocean Ltd, Navistar International Corp, Ferrous Resources Ltd, Hertz Global Holdings Inc and Cheniere Energy Inc on behalf of Icahn''s firm.His status on the boards was not immediately clear.A representative for Icahn did not immediately respond to a request for comment. (Reporting by Suzanne Barlyn and Michael Flaherty; editing by Phil Berlowitz and Alan Crosby)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/icahn-aig-board-idINL2N1GC1LU'|'2017-02-27T20:32:00.000+02:00'
'679580107f8d500b1014cf1e14aa4eace7fc5a68'|'BRIEF-PNG Gold Corporation enters letter of intent for lease with Parkland Refining Ltd for portion of property'|' 52am EST BRIEF-PNG Gold Corporation enters letter of intent for lease with Parkland Refining Ltd for portion of property Feb 28 PNG Gold Corporation * PNG Gold Corporation - has entered into a letter of intent for lease with Parkland Refining Limited for portion of their property in Bowden, Alberta * PNG Gold Corporation - formal lease agreement will provide PNG access to Parkland''s rail and truck handling facilities; and tank farm, among others Source text for Eikon:    '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-png-gold-corporation-enters-letter-idUSFWN1GD0XM'|'2017-02-28T20:52:00.000+02:00'
'e1bd77fe36e0f308db91fbc2fd8f836f0e619fd9'|'UK watchdog warns crowdfunders not to act like banks'|'Business   12:45pm GMT UK watchdog warns crowdfunders not to act like banks 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 Britain''s loan-based "crowdfunding" platforms and some of their customers could be breaking the law by acting like banks and "accepting deposits", the Financial Conduct Authority (FCA) said on Tuesday. Crowdfunding or peer-to-peer (P2P) refers to people lending small amounts of money to a platform, which then lends the money to businesses or individuals. But if the platform is used by a financing business to obtain cash to lend on, this would be "accepting deposits", the legal term for defining banking activity, the FCA said. Banks face much tougher regulation than crowdfunders, such as strict capital requirements, to protect customers. The crowdfunding platforms, and financing businesses that use the platforms, could be in breach of FCA rules and potentially face sanctions. "We expect that you should establish whether you have been facilitating loans via your platform to lending businesses who have lent that money to others who do not have the required accepting deposits permission," the FCA said in a "Dear CEO" letter sent to heads of crowdfunding companies on Tuesday. It was signed by the watchdog''s director of supervision for retail firms, Jonathan Davidson. The crowdfunding chiefs must respond to the FCA and say whether they have been breaking the rules and, if so, what they will do about it. In the past, Dear CEO letters have been a last chance for a sector to make changes to avoid enforcement action. (Reporting by Huw Jones; Editing by Susan Fenton) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-regulator-crowdfunding-idUKKBN1671FC'|'2017-02-28T19:45:00.000+02:00'
'acb406ff7d4cf5d6c4f91b7559d32dda358e5823'|'BRIEF-Nelnet reports Q4 adjusted EPS $1.05'|' 58pm EST BRIEF-Nelnet reports Q4 adjusted EPS $1.05 Feb 28 Nelnet Inc * Nelnet reports fourth quarter 2016 results * Q4 adjusted earnings per share $1.05 * Q4 gaap earnings per share $2.32 * Nelnet inc- for q4 of 2016, nelnet reported net interest income of $79.0 million, compared with $112.2 million for same period a year ago Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-nelnet-reports-q4-adjusted-eps-idUSASB0B2JN'|'2017-02-28T04:58:00.000+02:00'
'151272bfd4a7f148e14b09150389345b28dd9ff0'|'BRIEF-Medpace Holdings sees FY 2017 adjusted earnings per share $1.58 to $1.68'|' 17pm EST BRIEF-Medpace Holdings sees FY 2017 adjusted earnings per share $1.58 to $1.68 Feb 27 Medpace Holdings Inc * Medpace Holdings, Inc. reports fourth quarter and full year 2016 results * Q4 adjusted earnings per share $0.35 * Q4 GAAP earnings per share $0.00 * Q4 earnings per share view $0.34 -- Thomson Reuters I/B/E/S * Sees FY 2017 adjusted earnings per share $1.58 to $1.68 * Net service revenue of $95.4 million in Q4 increased 11.3% from comparable prior-year period * Backlog as of December 31, 2016 grew 12.6% to $483.9 million from $429.7 million as of December 31, 2015 * Forecasts 2017 net service revenue in range of $390 million to $406 million * 2017 diluted earnings per share (GAAP) is forecasted in range of $1.06 to $1.14 * FY2017 earnings per share view $1.64, revenue view $412.9 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-medpace-holdings-sees-fy-2017-adju-idUSASB0B2JD'|'2017-02-28T05:17:00.000+02:00'
'1a05b6b6cf2a323565a7553a4954886f18e4e4c5'|'JPMorgan, Microsoft, Intel and others form new blockchain alliance'|'Mon Feb 27, 2017 - 10:52pm GMT JPMorgan, Microsoft, Intel and others form new blockchain alliance left right An advertisement is played on a set of large screens at the Microsoft office in Cambridge, Massachusetts, U.S. January 25, 2017. REUTERS/Brian Snyder 1/3 left right People walk by the JP Morgan & Chase Co. building in New York in an October 24, 2013 file photo. REUTERS/Eric Thayer/Files 2/3 left right The logo of Intel, the world''s largest chipmaker is seen at their offices in Jerusalem, April 20, 2016. REUTERS/Ronen Zvulun/File Photo 3/3 By Anna Irrera - NEW YORK NEW YORK JPMorgan Chase & Co ( JPM.N ), Microsoft Corp ( MSFT.O ), Intel Corp ( INTC.O ) and more than two dozen other companies have teamed up to develop standards and technology to make it easier for enterprises to use blockchain code Ethereum in the latest push by large firms to move toward distributed ledger systems. The Enterprise Ethereum Alliance (EEA) will work to enhance the privacy, security and scalability of the Ethereum blockchain, making it better suited to business applications, according to the founding companies, which said they plan to announce the initiative on Tuesday. Members of the 30-strong group also include Accenture Plc ( ACN.N ), Banco Santander ( SAN.MC ), BP Plc ( BP.L ), Credit Suisse Group AG ( CSGN.S ), UBS Group AG ( UBSG.S ), Banco Bilbao Vizcaya Argentaria ( BBVA.MC ), ING Groep NV ( INGA.AS ), Bank of New York Mellon Corp ( BK.N ) , Thomson Reuters Corp ( TRI.TO ) and startups ConsenSys and BlockApps. The EEA joins a growing list of joint initiatives by large companies aiming to take advantage of blockchain, a shared digital record of transactions that is maintained by a network of computers rather than a centralized authority. Companies in a wide range of industries are hoping that it can help them streamline some of their processes, such as the clearing and settling of financial securities. About 70 financial firms are involved with a R3 CEV, a New York-based startup focused on developing blockchain technology for the finance industry, while technology firms such as International Business Machines Corp ( IBM.N ) and Hitachi Ltd ( 6501.T ) are part of the Hyperledger Project, a group led by the Linux Foundation. The EEA underscores the enthusiasm around the nascent technology, but also highlights some of the hurdles that companies must still overcome before they can deploy blockchain on a large scale. This includes ensuring that the technology can support the vast number of transactions processed by large corporations, while being secure enough to meet their stringent security standards. Unlike some other collaborative efforts, members do not need to pay a fee to participate in the EEA, for now. Ethereum, a type of blockchain that can be used to develop decentralized applications, was invented by 23-year-old programer Vitalik Buterin. Several banks have already adapted Ethereum to develop and test blockchain trading applications. Alex Batlin, global blockchain lead at BNY Mellon, one of the companies on the EEA board, said over the past few years banks and other enterprises have increased collaboration with the Ethereum development community, facilitating the creation of the EEA. "There is a lot more synergy in thinking than was ever possible before," Batlin said. The EEA will collaborate with the non-profit foundation that promotes the development of Ethereum, the companies said. (Reporting by Anna Irrera; Editing by Bill Rigby) Up Next Starwood in talks on raising initial bid for Milestone: sources TORONTO/NEW YORK Milestone Apartments Real Estate Investment Trust, which has agreed to be acquired by Starwood Capital Group for about C$1.7 billion ($1.3 billion), is in talks with the U.S. private investment firm about raising its bid, people familiar with the situation told Reuters.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-ethereum-enterprises-con
'74907b496192e6817c14e0b7b6dfc12005ec6378'|'BRIEF-Freightcar America Q4 EPS $0.01'|' 22pm EST BRIEF-Freightcar America Q4 EPS $0.01 Feb 27 Freightcar America Inc * Freightcar america, inc. Reports fourth quarter and full year 2016 results * Q4 earnings per share $0.01 * Freightcar america inc says year-end backlog totaling 4,259 railcars valued at $419 million * Q4 earnings per share view $0.14 -- Thomson Reuters I/B/E/S * Freightcar america inc -expect to deliver between 3,200 and 3,800 new railcars in 2017 Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-freightcar-america-q4-eps-idUSASB0B2KM'|'2017-02-28T05:22:00.000+02:00'
'4e479a8da8021ce3923de40dd8a7a15548b453c2'|'Swiss insurer Baloise strikes partnership to back tech startups'|'FRB - Tue Feb 28, 2017 - 12:32am EST Swiss insurer Baloise strikes partnership to back tech startups By Anna Irrera - NEW YORK NEW YORK Swiss insurance group Baloise Holding has joined forces with digital financial services venture capital and advisory firm Anthemis Group to invest in insurance and risk management technology startups, the latest sign of large, traditional insurers seeking to become more tech-savvy. As part of the deal Baloise has committed 50 million Swiss francs ($49.57 million) to Anthemis Baloise Strategic Ventures, which will invest in young companies in Europe and the United States, that may be able to help the insurer improve its technology. Baloise, which has about 50 billion Swiss francs ($49.55 billion) in assets under management, provides a range of insurance and banking services in Switzerland, and is also active in Belgium, Germany and Luxembourg. The move makes it the latest established financial services company to set up a formal investing initiative for financial technology - known as fintech - as older and larger firms look to increase collaboration with innovative companies in the sector. The most recent corporate venture launches in finance include global exchange operator Nasdaq Inc and Northwestern Mutual Life Insurance Co. [NMLIC.UL] The launch also underscores how insurance companies have turned their attention to becoming more digital-savvy, from using advanced data technology to calculate risk better to automating more of the claims management process. At the same time, a growing number of young companies are looking to use newer technology to modernize the $4.7 trillion global insurance market, which has traditionally been less of a focus for startups than banking and capital markets. London-based Anthemis also has investment partnerships with South African insurer and asset manager MMI Holdings Ltd and Italian banking group Unicredit. (Reporting by Anna Irrera; Editing by Bill Rigby) Next In FRB'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-baloise-hldg-tech-investment-idUSKBN1670F8'|'2017-02-28T12:30:00.000+02:00'
'14687e326f82426606fdab7b638f0bac433d9275'|'BRIEF-CAPREIT says board of trustees approve 2.4 pct rise in monthly cash distributions'|' 18pm EST BRIEF-CAPREIT says board of trustees approve 2.4 pct rise in monthly cash distributions Feb 27 Canadian Apartment Properties Real Estate Investment Trust: * CAPREIT - board of trustees had approved a 2.4% increase in monthly cash distributions to $0.1067 per unit, or $1.28 per unit on an annualized basis Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-capreit-says-board-of-trustees-app-idUSFWN1GC15Y'|'2017-02-28T05:18:00.000+02:00'
'cd4b8657b87ec073a84469b062a73767a38648c1'|'BRIEF-Belmond repots Q4 revenue of $114.2 million'|' 32pm EST BRIEF-Belmond repots Q4 revenue of $114.2 million Feb 27 Belmond Ltd * Belmond Ltd. Reports fourth quarter and full year 2016 results * Q4 adjusted earnings per share $0.01 from continuing operations * Q4 earnings per share $0.07 * Q4 revenue $114.2 million versus I/B/E/S view $124.6 million * Q4 earnings per share view $0.06 -- Thomson Reuters I/B/E/S * Belmond Ltd - Expect that co''s Brazilian Hotels will continue to face difficulties associated with country''s fragile economic environment * Belmond Ltd - Same store revpar for owned hotels for Q4 of 2016 decreased 7% over prior-year quarter on a constant currency basis * Belmond Ltd - Sees FY same store worldwide owned hotel revpar growth guidance on a constant currency basis of 1% - 5% * On a constant currency basis, sees Q1 2017 revpar growth guidance of down 11% to down 7% Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-belmond-repots-q4-revenue-of-idUSASB0B2KS'|'2017-02-28T05:32:00.000+02:00'
'97db4064a07813018bc8b53f10d06e03b965b092'|'Golden Ocean CEO takes comfort in dry bulk order book at 15-year low'|'Company News   9:20am EST Golden Ocean CEO takes comfort in dry bulk order book at 15-year low OSLO, Feb 28 (Reuters) - ** Dry bulk shipper Golden Ocean''s CEO Birgitte Ringstad Vartdal says industry now faces more positive outlook after market brutal downturn ** Says demand is picking up, supported by increase in steel consumptions both in China and in the rest of the world; coal demand is a swing factor ** The single most important reason explaining an improving market however, is that fact that global orders for building new vessels continue to shrink ** Says order book stands at 15-year low, equivalent to 77 mln dead weight tonnes in orders at the start of the year or about 10 percent of the present dry bulk fleet ** Says actual deliveries of new vessels expected to be even lower, 53 mln dwt is more realistic ** says assuming no more orders this year, order book will stand at 3 pct of the current fleet at end-2017 ** CEO: Comparing that with the older part of the fleet, 16 pct of the vessels are more than 15 years, and with new regulations more scrapping should be expected ** CEO: I think the most important factor (for an improved market) is a limit of new orders. If that part is under control we expect to see an improvement in the market ** CEO: Seeks to maintain exposure in spot market in anticipation of a further improvement in rates ** CEO: Despite recent rise in spot rates dry bulk rate are at low level ** CFO Per Heiberg: Expects lower operational earnings in Q1 vs Q4 due to seasonality (Reporting by Ole Petter Skonnord, editing by Terje Solsvik) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/golden-ocean-grp-results-idUSL5N1GD5NT'|'2017-02-28T21:20:00.000+02:00'
'fbaf1fdf3f6a568c415a39d50d06dd51dd26bfe2'|'Valeo raises its mid-term sales and profit targets'|'  6:05am GMT Valeo raises its mid-term sales and profit targets A sign with the logo of the auto parts maker Valeo is pictured on media day at the Paris Mondial de l''Automobile, October 2, 2014. REUTERS/Benoit Tessier/File Photo By Laurence Frost - LONDON LONDON French vehicle components maker Valeo ( VLOF.PA ) set higher mid-term sales and profit targets on Tuesday - seeking to reassure investors that they need not wait too long for returns on its investments in hybrid, electrified and self-driving cars. The company, which has also recently made acquisitions in a number of areas including LED lighting and fuel-efficient automatic gearbox parts, pledged to lift sales to 27 billion euros ($29 billion) in 2021 from 16.5 billion euros last year. The maker of self-driving and self-parking systems, low-emission hybrid technologies and vehicle lighting will meet the new goals "by leveraging the growth opportunities in the automotive industry for electrification, autonomous and connected vehicles," Chief Executive Jacques Aschenbroich said before presenting his new strategy to analysts in London. Management also aims to increase its operating profit margin from last year''s 8.1 percent to 8.5 percent of sales in 2019 and about 9 percent in 2021. It had previously targeted 20 billion euros in sales and an 8-9 percent margin for 2020. Valeo''s shares have doubled in two years and are up 46 percent over the past 12 months, while the Stoxx Europe 600 Automobiles and Parts sector index <0#.SXAP> has risen 24 percent, leaving some investors wondering how much more growth to expect. The share price has lost some ground since Feb. 16, when the company published full-year results, even though they largely beat market estimates. "We disagree with the market''s ''sell the news'' disappointment and think there is more upside and compounded growth to come," Evercore ISI analyst Chris McNally said at the time, predicting that close attention would be paid to the mid-term plan. The group is also accelerating its growth in Asia, where it said on Tuesday it expects to generate 37 percent of its sales to carmakers by 2021, compared with 27 percent last year. Valeo also said it aimed to generate 3.7 billion euros in free cash flow in the 2017-2021 period, nearly double the 2 billion recorded from 2012-2016. (Additional reporting by Gilles Guillaume in Paris; Editing by Greg Mahlich)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-valeo-strategy-idUKKBN1670H8'|'2017-02-28T13:05:00.000+02:00'
'2ef5a355e38e7b3a8b079d990e36ccc5bae1f024'|'Perrigo sells Tysabri royalty stream, delays annual report'|'By Carl O''Donnell and Greg Roumeliotis Drugmaker Perrigo Co Plc ( PRGO.N ) said on Monday it agreed to sell the royalty stream from its multiple sclerosis drug Tysabri to privately held Royalty Pharma for up to $2.85 billion.Perrigo said it would delay the filing of its annual report until March, and would review past accounting practices, specifically its historical revenue recognition of its Tysabri sales.The company also said its chief financial officer, Judy Brown, was stepping down, to be replaced by an interim finance head. Brown will join Amgen Inc ( AMGN.O ) to serve as a senior vice president in charge of global business services and finance, Amgen said.Brown is positioning herself to succeed Amgen''s current chief financial officer, David Meline, 59, when he eventually retires, according to people familiar with the matter.The deal with Royalty Pharma comprises $2.2 billion in cash at closing and up to $650 million in potential milestone payments, according to a statement by Perrigo, which confirmed an earlier Reuters report about the agreement.Perrigo also announced that it might sell a unit focused on making drug ingredients and said it expects to reduce its global nonproduction workforce by 14 percent, or 750 employees.The sale of Tysabri follows Perrigo''s settlement this month with activist hedge fund Starboard Value LP. Starboard, which won Perrigo board representation as part of the settlement, had been advocating for the company to sell assets to unlock value for shareholders.Perrigo''s stock is down more than 50 percent since its highs in late 2015, when it was fending off unwanted takeover interest from generic drugmaker Mylan NV ( MYL.O ).Perrigo succeeded in convincing investors to shun the bid, in part by citing the its potential to perform well on a standalone basis.Since then, Perrigo has largely disappointed investors, reducing earnings guidance on more than one occasion in response to pressure on its generics drug business and disappointing performance of its Omega Pharma business, which it acquired for $4.5 billion in 2014.Last year, Perrigo''s former chief executive officer, Joseph Papa left the company for a job at specialty drugmaker Valeant Pharmaceuticals International Inc ( VRX.TO ). He was replaced by Perrigo veteran John Hendrickson.(Reporting by Carl O''Donnell and Greg Roumeliotis in New York; editing by Diane Craft and David Gregorio)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-peerigo-tysabri-idINKBN1662HN'|'2017-02-27T19:54:00.000+02:00'
'2e8b392ddb72a9f789eda6a4757afa12d5f0843c'|'In blow to UK, MEPs back stricter anti-tax dodging law on trusts'|'Business News - Tue Feb 28, 2017 - 2:21pm GMT In blow to UK, MEPs back stricter anti-tax dodging law on trusts BRUSSELS EU lawmakers voted on Tuesday to let the public see data about the owners of trusts and companies, tightening draft anti-money-laundering legislation that would have given such access to tax authorities but not to journalists and activists. The amendment, passed by an overwhelming majority in the economic committee of the European Parliament, rejects the British government''s traditional policy of protecting the privacy of inheritance trusts. The bill was introduced after a series of revelations about wealthy individuals'' ways of dodging tax by using shell companies, many of which came out of the "Panama Papers" leaks. Under German and British pressure to protect the privacy and competitiveness of European companies, EU states agreed to limit access to the data to those with "a legitimate interest," a definition that would include tax authorities but not the wider public. But EU lawmakers on Tuesday changed the draft to allow a wider right to access databases, aiming to step up the monitoring of dubious practices and further discourage the use of shell companies. "The proposal would enable EU citizens to access beneficial ownership registers without having to demonstrate a legitimate interest in the information," parliament said in a statement. The bill could be changed again in negotiations between the parliament, representatives of EU governments and the European Commission. (Reporting by Francesco Guarascio; Editing by Robin Pomeroy) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-britain-eu-tax-trusts-idUKKBN1671OI'|'2017-02-28T21:17:00.000+02:00'
'3b89bb4801c2994d688e435ddeaa4eead0b36871'|'Blackstone, Prudential top pick for failed Bradford & Bingley''s U.K. mortgages'|'LONDON Feb 27 Buyout firm Blackstone Group and insurer Prudential are the preferred bidders for about 12.5 billion pounds ($15.5 billion) in mortgages made by failed British lender Bradford & Bingley, a person with knowledge of the matter said.Bradford & Bingley, a buy-to-let mortgage provider bailed out by the British government during the financial crisis, is now owned by government vehicle UK Asset Resolution (UKAR) which declined to comment because of the contractual obligation of confidentiality.Spokesmen for Blackstone and Prudential also declined to comment on the report which was first published by Bloomberg.The person said Blackstone would take a majority of the mortgages, which are being repaid, while Prudential takes a minority.Bradford & Bingley is being run by UK Asset Resolution with the aim of winding it down. It is not writing any new business.UKAR said in 2016 it would sell Bradford & Bingley''s 15.65 billion pound mortgage portfolio, which also includes around 3 billion pounds in non-performing loans, in two or three transactions, as it seeks a speedier repayment of taxpayers'' money.Terms of the sale were not known and the person said any announcement was weeks away. ($1 = 0.8056 pounds) (Reporting by Dasha Afanasieva, Andrew MacAskill and Carolyn Cohn; Editing by Ruth Pitchford/Rachel Armstrong)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/bradfordbingley-mortgages-idINL5N1GC35B'|'2017-02-27T09:22:00.000+02:00'
'3f8b992208cbaabcf6842fd9ad53ede86f4363ee'|'BRIEF-Drax Group looking to buy some distressed pellet plants in U.S.'|' 38am EST BRIEF-Drax Group looking to buy some distressed pellet plants in U.S. Feb 27 Drax Group Plc * Process for potential acquisition of distressed pellet plants * participating in separate processes (1) for acquisition out of bankruptcy of operating assets of Texas pellets (2) and Louisiana pellets (2) * Has submitted initial cash bids for these assets as part of an auction process, which will be held on 1 and 2 march 2017 * whilst these are binding bids, and could be accepted by sellers, it is expected that successful buyer will be determined through auctions Source text for Eikon:    '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-drax-group-looking-to-buy-some-dis-idUSFWN1GC07G'|'2017-02-27T14:38:00.000+02:00'
'a1088ae734b20ff8805eca725f4060c22fcb58b0'|'UPDATE 2-EU open to compromise on some parts of mobile industry agenda'|'* Digital commissioner meets mobile industry heads* Open to lengthening telecom airwave licences to 25 yrs-source* Vodafone/Orange chiefs: EU policy imperils investment* U.S. telecoms watchdog to pursue light-touch regulation (Recasts with European Commission offering concessions)By Eric Auchard and Sophie SassardBARCELONA, Spain, Feb 28 The European Commission is opening up to some policy changes that telecoms companies want but is still but resisting mobile operators'' efforts to merge with competitors inside national markets, executives said on Tuesday.The CEOs of Vodafone and Orange used an annual mobile industry gathering here to renew calls to regulators to help operators build scale and boost investment after years of what they see as overly consumer-friendly policies that cut into revenues.At a closed-door meeting on Monday with senior mobile industry executives, commissioner Andrus Ansip said he supported compromise on an issue the industry considers critical, longer-term licences for airwave spectrums, according to a senior source present at the meeting.The meeting participant Quote: d Ansip as saying he was open to extending the length of airwave spectrum licences in Europe to 25 years from the current 10-15 years. "It could be 25 years - that''s what (Ansip) said."The source added: "When we had our roundtable, he was saying the right things about light-touch regulation, about having the same rules for equivalent services and on one of the biggest pain points: the duration of spectrum."Under a patchwork of national rules, European governments typically rent radio spectrum for limited periods of up to 10-15 years to network operators to build new wireless services. By contrast, U.S. rules let operators buy spectrum indefinitely.European operators must thus invest in networks to tap licensed frequencies with no certainty as to how long they will have access to these airwaves.Executives in the meeting called for a policy of 35-year or indefinite licence duration, as in the United States, the industry source said."But that''s a good step forward," the source said, referring to the 25-year licensing proposal.DRAWING THE LINEEuropean regulators are still underestimating how much the present framework hinders the capacity of telecoms operators to sustain investment, unlike the regulatory landscape enjoyed by their U.S. peers, the region''s industry leaders argue."Obviously, it is easier for a company to get some return out of huge investments that we have to make in the networks when we have credible size. It''s so obvious," Orange CEO Stephane Richard said during a panel session with regulators at the Mobile World Congress trade fair in Barcelona.The competition regulator rejects the industry''s arguments that mergers are necessary to enable big new investments in mobile broadband networks, saying that effective competition is the main driver for investment.The European Commission last year blocked Hutchison''s 10 billion pound ($12 billion) bid to buy O2 UK from Telefonica, saying it would have led to higher U.K. prices by leaving only two other network operators.That followed TeliaSonera and Telenor''s scrapping of a planned merger in Denmark after EU Competition Commissioner Margrethe Vestager said the national market needed at least four mobile network operators."There continues to be a missing element in the debate: the awareness of how much investment is needed and how low the returns are," Vodafone CEO Colao told reporters in Barcelona.Executives pointed to the looming loss of revenue from a deal clinched by European lawmakers this month to pave the way for the abolition of roaming fees consumers pay when using mobile phones in other countries."We are celebrating the death of roaming but nobody has figured out how to replace revenues for telcos," Colao said.Colao compared the position of operators in Europe to the United States, where the new chairman of the Federal Communications Commission, 
'fab2971930e3e864e261be476e95d25033b20e9a'|'Bond index trackers vulnerable to Le Pen currency plan'|'Business   1:32pm GMT Bond index trackers vulnerable to Le Pen currency plan Marine Le Pen, French National Front (FN) political party leader and candidate for French 2017 presidential election, visits Le Mont Saint Michel, France, February 27, 2017. REUTERS/Stephane Mahe By John Geddie - LONDON LONDON Investors across the world who track bond indexes may be stranded with loss-making French debt if National Front leader Marine Le Pen wins the presidential election and, as she wants, takes the country out of the euro zone. Index providers - whose clients have trillions of dollars in funds - have told Reuters that denominating bonds in a different currency would not necessarily mean they would be withdrawn from the indexes, even if ratings firms said the country was in default. That would open the door to losses in the new currency. Presidential hopeful Le Pen - an anti-euro, far-rightist with an unlikely but outside chance of snatching victory in May''s election run-off - has said she would take France out of the euro and denominate its national debt in a new currency. Such a redenomination, some analysts estimate, could mean an effective currency loss of up to 30 percent on French debt, among the highest-rated and most widely held in the euro zone. Faced with such losses, many active investors would probably have sold out long before Le Pen put her plan into action. But passive funds, or index trackers, however, could be left wearing those losses if there were no change to the fixed income indexes they follow. While some ratings firms have indicated redenomination would result in a default rating, lawyers have argued that legally there would be no default for the vast majority of French government bonds, which are governed by local legislation. Bank of America Merrill Lynch - one of the biggest bond index providers - says it would remove securities deemed in default based on their "individual legal terms" but not because a major rating agency declared an issuer to be in default. An analyst at another provider, who wished to remain anonymous, also said his firm does not rely on ratings for its main flagship indices and that bond liquidity - the ability to buy and sell smoothly - was the main qualifying criterion. He added that withdrawal could also be detrimental to the functioning of financial markets and that this would also be a factor in their decision whether to remove the bonds or not. "If there is an extraordinary event and indices across the board have to remove bonds then we have a one-way market all happening at once, so that is not necessarily beneficial for the end investor," the analyst said. While many active funds benchmarked to the indexes could still decide to sell their French debt, what they call going "underweight" or "short", some passive investors such as exchange-traded funds (ETFs) have to hold bonds in the index. Of the $6.8 trillion in fixed income-specific bond funds globally, nearly $1.3 trillion passively track indexes. Vanguard, BlackRock and Fidelity managed the biggest funds, data from research firm Morningstar shows. Passive funds tend to try to replicate an index unless the bonds are not readily available in the market. Finding a substitute for French government debt - which in some cases makes up more than 5 percent of an index - would be difficult. QUICK SOLUTION Even providers that have rating limits on their indexes said any withdrawal of French debt may not happen immediately in case ratings firms decided to quickly issue a post-default rating. In an interview with Reuters, Standard & Poor''s chief sovereign analyst, Moritz Kraemer, hinted that any French default due to redenomination might be "rather short". "There is no resolution required like in a restructuring of debt like in Greece or Argentina, so this default episode might be rather short," Kraemer said. "There is nothing to wait for. They are going to continue paying in francs, so there is no value to the capital markets in 
'6bb589336fc4d8d185d5ec5de5072e5924e1a0e2'|'BRIEF-Kindred Healthcare declares cash dividend of $0.12 per common share'|' 17pm EST BRIEF-Kindred Healthcare declares cash dividend of $0.12 per common share Feb 27 Kindred Healthcare Inc * Kindred healthcare board of directors declares cash dividend of $0.12 per common share and approves scheduled preferred stock installment payment of $18.75 per preferred share * Kindred healthcare -board determined trading levels of co''s common stock do not sufficiently reflect value of co''s quarterly cash dividend * Kindred healthcare -following payment of quarterly cash dividend, board determined to discontinue quarterly cash dividend on common stock Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-kindred-healthcare-declares-cash-d-idUSFWN1GC15S'|'2017-02-28T05:17:00.000+02:00'
'5db788938ccc3ae34800f54ab557de9cd5e47d98'|'Exclusive - China eyes 12 percent broad money supply rise in 2017: sources'|'Business News - Mon Feb 27, 2017 - 9:19pm EST Exclusive - China eyes 12 percent broad money supply rise in 2017: sources FILE PHOTO - A logo of yuan is seen at a foreign exchange store in Shanghai, China, December 1, 2015. REUTERS/Aly Song/File Photo By Kevin Yao - BEIJING BEIJING China plans to target broad money supply growth of around 12 percent in 2017, slightly lower than last year''s goal, policy sources said, signaling a bid to contain debt risks while keeping growth on track. Under its new "prudent and neutral" policy, the People''s Bank of China (PBOC) has adopted a modest tightening bias in a bid to cool torrid credit expansion, though it is treading cautiously to avoid hurting the economy. The M2 growth target was endorsed by leaders at the closed-door Central Economic Work Conference in December, according to sources with knowledge of the meeting outcome. "It''s not necessary to maintain last year''s high money supply growth," said a source who advises the government. "A money supply rise of 11 percent should be enough for supporting growth, but we probably need to have some extra space, considering risks in the process of deleveraging." China''s State Council Information Office, the government''s public relations arm, has yet to respond to a request for comment. In 2016 the money supply target was around 13 percent, though it ultimately grew just 11.3 percent due to the effects of the central bank''s intervention to support the yuan currency CNY=CFXS , which effectively drained yuan liquidity from the economy. Still, the PBOC injected more cash through its open market operations, medium-term lending facility (MLF) and standing lending facility (SLF), underpinning record lending of 12.65 trillion yuan ($1.84 trillion) in 2016. Last year''s M2 target reflected Beijing''s focus on meeting its economic growth targets, but top leaders have pledged this year to shift the emphasis to addressing financial risks and asset bubbles. Reuters has reported that China will lower its 2017 economic growth target to around 6.5 percent from last year''s 6.5-7 percent. The economy expanded 6.7 percent in 2016. Last week, state media cited a party statement issued after a meeting of the Politburo that China must maintain stable economic development and social harmony ahead of the 19th Communist Party Congress in the autumn. Key economic targets will be announced at the opening of the annual parliament meeting on March 5. TIGHTENING BIAS There have already been some substantive indicators of tighter monetary policy this year. The central bank raised interest rates on its reverse repurchase agreements (repos) and the SLF on Feb. 3, following a rise in rates on the MLF in late January. "The central bank could raise such policy rates further. But we cannot see any possibility of raising benchmark interest rates in the near term," said one of the sources. New yuan loans hit 2.03 trillion yuan in January, the second highest on record, due to a rush among lenders to maintain market share, while M2 rose an annual 11.3 percent in January. The central bank said in a working paper published on Feb. 15 that the debt deleveraging process should be managed prudently to help avoid a liquidity crisis and asset bubbles. China''s debt-to-GDP ratio rose to 277 percent at the end of 2016 from 254 percent the previous year, with an increasing share of new credit being used to pay debt servicing costs, UBS analysts said in a recent note. "A decline in driving force from capital investment on economic growth is behind the rapid rise in leverage," Ruan Jianhong, head of the Survey and Statistics Department at the central bank, said in remarks published on Friday. In 2011, capital investment of 1 yuan could yield an increase of 0.32 yuan in GDP, but that has fallen to 0.16 yuan in 2015, Ruan told the official Financial News in an interview. "We need to maintain appropriate economic growth. If growth slows sharply, various risks may b
'454d0f0551090bc5276365e3ed43c3f1cd656b4b'|'BRIEF-American Electric says Vice Chairman Robert Powers indicated his intention to retire, effective Aug 4'|' 22pm EST BRIEF-American Electric says Vice Chairman Robert Powers indicated his intention to retire, effective Aug 4 Feb 27 American Electric Power Company Inc * American electric power company - on feb 21, robert powers, co''s vice chairman indicated his intention to retire from co effective aug 4 - sec filing * Powers will remain vice chairman of company until his retirement Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-american-electric-says-vice-chairm-idUSFWN1GC14A'|'2017-02-28T05:22:00.000+02:00'
'73f42371609e2dc6ef2a1db4ce1aa339b1795db9'|'Satellite operators OneWeb and Intelsat to merge'|'OneWeb Ltd, a U.S. satellite venture backed by SoftBank Group Corp, and debt-laden satellite operator Intelsat SA on Tuesday agreed to merge in a share-for-share deal.SoftBank will invest $1.7 billion in the combined company as part of the deal.Intelsat had a market value of about $630 million as of stock''s Monday close.(Reporting by Narottam Medhora in Bengaluru; Editing by Sriraj Kalluvila)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-oneweb-intelsat-m-a-idINKBN1671CW'|'2017-02-28T09:17:00.000+02:00'
'672587ae40349cc3d111f12d8edcdf09564e2a4c'|'EU parliament says governments delayed new rules on car emissions'|'Tue Feb 28, 2017 - 4:28pm GMT EU parliament says governments delayed new rules on car emissions The exhaust system of a Volkswagen Passat TDI diesel car is seen in Esquibien, France, September 23, 2015. REUTERS/Mal Langsdon By Julia Fioretti and Waverly Colville - BRUSSELS BRUSSELS European governments delayed stricter car engine emissions tests by six years and did not do enough to uncover cheating by car manufacturers, a European Parliament report into the dieselgate scandal said on Tuesday. The investigation into Volkswagen''s ( VOWG_p.DE ) emissions test cheating also blamed the European Commission for failing to scrutinize governments'' legal obligation to enforce a ban on so-called defeat devices, which can scale back car exhaust pollution under certain driving conditions. "We now have a crystal-clear understanding of the failures in the oversight of the car industry that made dieselgate possible: the fraud could have been prevented," said Gerben-Jan Gerbrandy, a Dutch lawmaker who helped draft the report. It called for a drastic strengthening of market surveillance to break the cosy relationship between regulators who test emissions and car manufacturers, including new EU-level tests that could lead to fines. Lawmakers said delays to the introduction of more realistic emissions tests came about due to politicians caving in to lobbying from the car industry and seeking to avoid burdening manufacturers after the 2008 financial crisis. The non-binding report named France, Hungary, Italy, Slovakia, Spain and Romania as the main culprits blocking the adoption of more realistic emissions testing on roads, leading to a six-year delay. VW admitted in September 2015 to using defeat devices to confound nitrogen oxide (NOx) tests in the United States, prompting several European governments to launch their own investigations. They revealed that actual NOx emissions by cars on the road were as much as 15 times above regulatory limits and the use of defeat devices was widespread. More than 70,000 Europeans die prematurely each year from high levels of nitrogen dioxide pollution in cities, according to the European Environment Agency. In a bid to prevent a repeat of the VW scandal, the European Commission has proposed an overhaul of rules on how vehicles are licensed and tested throughout the bloc. A draft bill which would bolster EU oversight won the backing of the European Parliament''s internal market committee this month. But it still faces a tough battle to be approved by member states. EU Industry Commissioner Elzbieta Bienkowska has accused governments of obstructing the bloc''s efforts to rein in what it sees as wayward behavior by the car industry. Julia Poliscanova at campaign group Transport and Environment said the report had rightly pointed the finger at national regulators. "At the heart of the dieselgate scandal in Europe lies a testing system that is shrouded in secrecy and cronyism," she said. (Editing by David Clarke)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-volkswagen-emissions-europe-idUKKBN167208'|'2017-02-28T23:26:00.000+02:00'
'2dfa1ca12e78324d8322ace9197ed7946d081892'|'Nissan calls for government help to meet ''Made in Britain'' rule'|'Business   12:58pm GMT Nissan calls for government help to meet ''Made in Britain'' rule The Nissan company logo is seen on a modified Nissan Leaf, driverless car, during its first demonstration on public roads in Europe, in London, Britain February 27, 2017. REUTERS/Peter Nicholls By Elizabeth Piper and Michael Holden - LONDON LONDON Nissan wants the British government to help it source more in Britain to ensure the carmaker complies with "rules of origin" if the country leaves the European Union''s customs union. Nearly 60 percent of the parts in an average British-assembled car are made abroad and some components travel to and from the continent several times in the manufacturing process, which is made possible by Britain''s EU membership. But given Britain''s vote to leave the bloc, Colin Lawther, Nissan''s senior vice president in Europe, told British lawmakers on Tuesday that the Japanese automaker would have to increase the level of sterling content in its vehicles to comply with rules used to determine where a product has come from in order to gain an EU tariff preference. "Now that is our job to do that, but when you look at the supply base not all of it is in place and that is where we are asking the government to help us," he told the lawmakers. Many international trade deals require around 50 to 55 percent local content, according to car industry body the Society of Motor Manufacturers and Traders. This means many British models may not qualify and increasing the number of domestic suppliers would not be quick. Nissan said in October it was going ahead with plans to build the next X-Trail and Qashqai SUVs at its plant in Sunderland, northeast England, after obtaining written government assurances that Brexit would not be allowed to harm the site''s export competitiveness. However it has said it would re-examine the group''s investment strategy once the terms of Brexit became clear. Lawther said he expected the final trading environment agreed by the government would not be to the detriment of the business, although it would need "a whole bundle of solutions" for this, possibly including lower corporation tax. "The government will need to come up with a lot of different solutions, free import duty for parts coming from customs union in and out would be one example," he said. "An automotive specific trade deal would be another example. "At the moment we''ve got a set of circumstances that we''re quite happy with. We''ve made our decision and we''ll honour that decision and go forward. But if anything materially changes, we''d review constantly." (Reporting by Elizabeth Piper and Michael Holden; Editing by Alexander Smith) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-nissan-idUKKBN1671AX'|'2017-02-28T19:58:00.000+02:00'
'8a6822e3c6126259b0462bc75bb0ed55869acd97'|'Hochtief could bid for U.S. border wall contract: CEO'|'Business News - Tue Feb 28, 2017 - 4:55am EST Hochtief could bid for U.S. border wall contract: CEO Workers of German construction company Hochtief stand next to the company''s logo at a construction site in Essen, western Germany March 8, 2016. REUTERS/Wolfgang Rattay DUESSELDORF, Germany German builder Hochtief ( HOTG.DE ) is keen for more work in the United States, including any possible contract to build a wall on the U.S. border with Mexico, Chief Executive Marcelino Fernandez Verdes said. "No decision is yet known. But we are open for all contracts in the United States," he told journalists on Tuesday when asked if Hochtief would be interested in building the wall. The U.S. Customs and Border Protection agency said last week it would accept proposals next month for the design of a wall to be built near the U.S.-Mexican frontier, a first step in picking vendors for President Donald Trump''s proposed border wall. Fernandez Verdes was speaking after Hochtief, which is majority-owned by Spanish construction group ACS ( ACS.MC ), published 2016 financial results. (Reporting by Matthias Inverardi; Writing by Maria Sheahan; Editing by Victoria Bryan) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-hochtief-results-usa-idUSKBN167120'|'2017-02-28T16:55:00.000+02:00'
'b2d59bb84e1374c31a5c38a4ab267fe4614b3d1d'|'Christian Candy ''was hell bent on destroying'' former friend''s family - UK news'|'Property billionaires Nick and Christian Candy have been accused of frightening another businessman<61>s wife so seriously that she took to sleeping in her children<65>s bedroom, while the family hired armed guards and installed CCTV to protect their home.The claims were made in court documents by Emma Holyoake, the wife of entrepreneur Mark Holyoake, who is suing the Candy brothers for <20>132m in damages over a business deal gone sour.<2E>It seemed as if Christian was hell bent on destroying Mark and us as a family,<2C> said Emma Holyoake in a witness statement released on Tuesday. <20>At the time I remember crying and felt sick to my stomach at the risk that we appeared to be at.<2E>Her evidence included claims that Nick was bullied by his younger brother.The brothers are accused of making threats against Holyoake, with Nick saying his brother would involve <20>Russians<6E> who would <20>not think twice about hurting<6E> his family, and Christian telling him to be careful that his pregnant wife did not suffer another miscarriage.The Candys emphatically deny making threats . Their barrister raised questions on Tuesday about why the alleged threats had not at the time been reported to police in the UK or Spain.Emma Holyoake said the family were so worried that in 2012 they hired armed security professionals to guard their home in Ibiza. From the witness box in the high court in central London, she told the court that five years on guards still patrol the property. Cameras were installed in the children<65>s bedroom, and around the property.<2E>The threats made by Christian had and continue to have a very real impact on our lives ... for a period whilst I was pregnant in 2012, I started to sleep in the same room as my (then) two children at night to ensure that they were safe,<2C> Holyoake said in her statement. <20>I remain very concerned about my children<65>s safety because of the legal action Mark has taken against Nick and Christian.<2E>In a case which has examined the financial and personal dealings of two of Britain<69>s best known property developers, Holyoake<6B>s evidence painted a picture of an unhappy relationship between the brothers. She claimed to have become close to Nick<63>s wife. Before their falling out, Nick and Mark Holyoake had been close friends, often seeing each other weekly. <20>After Nick met Holly, we began to see that perhaps the relationship between Nick and Christian was not as perfect as had been portrayed,<2C> Holyoake stated. <20>Holly told me that Nick was bullied by Christian, that Christian was controlling and often spoke to Nick in a disrespectful and aggressive manner.<2E>Valance allegedly opened up to Holyoake<6B>s wife at a party in Ibiza in 2012. She allegedly claimed her husband was so distraught about his brother<65>s behaviour towards him, he had <20>lain down in a foetal position on the floor of a hotel room and wept inconsolably<6C>.Mark Holyoake alleges he was blackmailed by the brothers into making extortionate repayments on a loan. The Candys deny all charges, and allege <20>serial dishonesty and fraud<75> on the part of Holyoake. A spokesman for the Candys said: <20>Emma Holyoake has accepted in evidence that her statement is based on information provided to her by her husband whose claims are denied in their entirety. The statement has the sole purpose of causing reputational damage to the defendants. The defendants remain committed to having these matters decided at trial by the judge.<2E>Facebook Twitter Pinterest Mark Holyoake arrives at the Rolls building in London to give evidence in his case against Christian and Nick Candy. Photograph: Philip Toscano/PA Another witness statement on Tuesday saw Nick Candy accused of <20>acting like a gangster<65> in order to wrest control of a multimillion-pound tech startup.The claims were made by Ian Roberts, who was ousted as chief executive of Crowdmix, a social music app which he founded, shortly before it was taken over by Candy last year. Roberts says he joined Holyoake<6B>s suit because he could no
'5499fd69c3ef083f83ebadb4bcdf8f7f353b49d5'|'Chancellor Hammond hopes trade, investment will drive 2017 growth'|'Business   1:34pm GMT Chancellor Hammond hopes trade, investment will drive 2017 growth Britain''s Chancellor of the Exchequer Philip Hammond leaves 11 Downing Street, London, January 31, 2017. REUTERS/Peter Nicholls LONDON Chancellor Philip Hammond said on Tuesday that he hoped trade and investment would play a bigger role in driving British economic growth in 2017 after the unexpectedly strong consumer spending that followed last year''s Brexit vote. "Consumer borrowing and consumer spending have been an important component of the robustness of the economy over the last few months. What I hope to see over the course of 2017 is business investment and exports providing a greater share of growth," he told parliament. Next week Hammond will present updated growth and borrowing figures which economists expect will reflect better-than-expected economic growth over the last few months and show slightly less of a shortfall in the public finances then predicted. Hammond also said he favoured standard government debt - rather than separate infrastructure bonds - to fund future public investment, though he remained happy to offer public guarantees to certain private-sector infrastructure finance. (Reporting by David Milliken; Editing by William Schomberg) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-economy-hammond-idUKKBN1671HH'|'2017-02-28T20:34:00.000+02:00'
'6eacb71f77098f3e1a767862a195c0015453ecd5'|'Japan January retail sales rise 1.0 percent year/year - government'|' 04am GMT Japan January retail sales rise 1.0 percent year/year - government Shoppers look around goods at Aeon Style store in Chiba, Japan November 3, 2016. REUTERS/Kim Kyung-Hoon TOKYO Japanese retail sales rose 1.0 percent in January from a year earlier, versus   for a 0.9 percent increase,   To view full tables, go to the website of   at: (Reporting by Izumi Nakagawa;   JPMorgan, Microsoft, Intel and others form new blockchain alliance NEW YORK JPMorgan Chase & Co, Microsoft Corp, Intel Corp and more than two dozen other companies have teamed up to develop standards and technology to make it easier for enterprises to use blockchain code Ethereum in the latest push by large firms to move toward distributed ledger systems. LONDON/FRANKFURT The London Stock Exchange has all but ended a planned merger with Deutsche Boerse to create Europe''s biggest exchange, which had faced growing opposition since Britain''s vote to leave the European Union. 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-japan-economy-retail-idUKKBN167003'|'2017-02-28T07:04:00.000+02:00'
'd53aa791a9fb2cec149b263a55ec78fd62440247'|'Japan PM says aside from price goal, BOJ must spur growth'|'  5:37am GMT Japan PM says aside from price goal, BOJ must spur growth Japan''s Prime Minister Shinzo Abe speaks to the media after attending a concert for Premium Friday, which encourages firms to let workers out a few hours early on the last Friday of every month so that they spend money on shopping and leisure to help boost the economy, in... REUTERS/Toru Hanai TOKYO Japanese Prime Minister Shinzo Abe said on Tuesday the central bank''s aggressive monetary easing is aimed not just at achieving its 2 percent inflation target but at stimulating the economy. "I hope the BOJ conducts monetary policy to achieve its 2 percent inflation target, as well as focus on stimulating the economy," Abe told parliament. (Reporting by Leika Kihara; Editing by Chris Gallagher)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-japan-economy-boj-idUKKBN1670FG'|'2017-02-28T12:37:00.000+02:00'
'78c9ca6e1b1832f4bfdc82915a5bb35519a433da'|'Satellite operators OneWeb, Intelsat plan conditional merger:'|'By Liana B. Baker and Jessica DiNapoli - NEW YORK NEW YORK OneWeb Ltd, a U.S. satellite venture backed by SoftBank Group Corp ( 9984.T ), and debt-laden satellite operator Intelsat SA ( I.N ) plan to merge in a deal that could be announced as soon as late Monday, according to people briefed on the plans.The merger is conditional on approval from the bondholders of Intelsat SA, which had about $15 billion in debt at Sept. 30, the people said. The Luxembourg-based company has been trying to slash its debt through bond exchanges.The combination of the two would consolidate two players in the satellite space, and allow Intelsat to address its debt pile. SoftBank announced its investment in OneWeb, which seeks to provide affordable internet service with satellites, late last year.SoftBank and OneWeb Intelsat did not immediately respond to a request for comment. The sources asked not to be identified because the plans for the merger have not yet been made public.Some of Intelsat''s debt was trading as low as about 40 cents on the dollar on Monday, according to Thomson Reuters data. The company had a market capitalization of approximately $500 million.Last year, Intelsat bondholder Aurelius Capital Management LP accused the company of defaulting on some of its debt and improperly paying dividends.SoftBank this month also announced that it had agreed to acquire Fortress Investment Group LLC ( FIG.N ) for $3.3 billion.The merger was first reported by Sky News.(Reporting by Liana B. Baker; writing by Jessica DiNapoli; Editing by Cynthia Osterman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-oneweb-intelsat-m-a-idINKBN1662G8'|'2017-02-27T18:44:00.000+02:00'
'4754f39494638c8ac645bf8fa4f789662cf66cb4'|'GM CEO ''exploring opportunities'' for Opel with Peugeot'|'By David Shepardson - WASHINGTON WASHINGTON General Motors ( GM.N ) Chief Executive Mary Barra said on Tuesday the Detroit automaker is exploring opportunities with French automaker PSA Group ( PEUP.PA ), but declined to discuss a potential sale of its money-losing European Opel unit.At the Economic Club of Washington, Barra did not address in detail the talks with Peugeot that became public two weeks ago and refused to say when the largest U.S. automaker might decide whether to sell Opel, which has lost money for 16 straight years, to Peugeot."We''ve done a lot to improve the business but we''re exploring opportunities to see if we can accelerate that even more because scale does matter in this business," she said. "We''re continuing the dialogue."Barra also said that the automaker backs corporate tax reform, but raised concerns about a Republican "border adjustment" tax proposal."If not done very thoughtfully it could be problematic," she said, saying tax reform needs to avoid "unintended consequences."The planned border adjustment tax would impose a 20 percent tax on imported goods while providing write-offs for goods that are exported. Some automakers have raised concerns about the tax, especially because all U.S.-built vehicles include a significant number of foreign-produced parts.NO TIMETABLESome reports in Europe have suggested GM could have a deal with PSA as early as next week, but Barra declined to discuss a timetable.PSA, the Paris-based maker of Peugeot and Citroen cars, and Detroit-based GM confirmed on Feb. 14 they were in talks over a PSA-Opel tie-up to create Europe''s second-largest carmaker by sales after Volkswagen AG ( VOWG_p.DE ).Acquiring GM''s Opel and Vauxhall brands would give PSA a 16.3 percent share of the European passenger car market, vaulting it ahead of French rival Renault SA ( RENA.PA ).PSA and GM have tried before to combine their small cars in the failed centerpiece of a "global strategic alliance" unveiled in 2012, and rapidly scaled back to three shared projects from 40 initially considered.Last week, German magazine Der Spiegel reported GM told Peugeot it would only sell licenses for the manufacture of Opel cars to the French company if it agreed not to sell the vehicles in North America, Russia or China.(Reporting by David Shepardson; Editing by Meredith Mazzilli)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-usa-gm-idINKBN1672A9'|'2017-02-28T17:25:00.000+02:00'
'c2e42a33c9bd5e6236a75cbf775adea84f064202'|'Mexico regulator plans vote on America Movil, Televisa rules - sources'|'Business  11pm GMT Mexico regulator plans vote on America Movil, Televisa rules - sources The America Movil logo is seen on the wall of the reception area in the company''s corporate offices in Mexico City August 12, 2015. REUTERS/Henry Romero MEXICO CITY Mexico''s telecommunications regulator plans to discuss and vote later on Monday on the antitrust rules in place against Carlos Slim''s America Movil and broadcaster Grupo Televisa, three people familiar with the matter said. The measures were part of a sweeping reform of the sector sought by President Enrique Pena Nieto''s government to reign in the country''s telecoms and broadcasting oligopolies. The rules are revised periodically to see whether the board wants to toughen, maintain or loosen regulations based on how markets are evolving. A spokesman for regulator the Federal Telecommunications Institute (IFT) said a board meeting was planned for Monday, but did not confirm what the topic would be. A spokesman for Televisa ( TLVACPO.MX ) declined to comment. A spokeswoman for America Movil ( AMXL.MX ) also declined to comment. Although planned for Monday, the vote could be pushed back, and any decision would not necessarily be announced the same day, said one of the people, who declined to be named. The IFT first has to notify the companies of their vote, and sometimes that can take several days. (Reporting by Christine Murray, editing by G Crosse) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-mexico-telecoms-idUKKBN1662HD'|'2017-02-28T05:11:00.000+02:00'
'fa5118898af671f1f80a0e8198909b3d2d97043a'|'UPDATE 2-Takata plea, compensation deal clears path to potential sale'|'Company News -  23pm EST UPDATE 2-Takata plea, compensation deal clears path to potential sale (Adds details from court documents, background) By Joseph White DETROIT Feb 27 Japan''s Takata Corp on Monday removed a major obstacle to its potential sale or restructuring, pleading guilty in a U.S. federal court to a felony charge as part of a $1 billion settlement that included compensation funds for automakers and victims of its faulty airbag inflators. U.S. District Court Judge George Steeh approved the previously agreed settlement, despite objections from lawyers for victims of Takata inflator explosions that the criminal settlement identified automakers as victims of fraudulent activity. Steeh said automakers could be victims of Takata''s decisions to hide evidence over 15 years that its inflators were defective and still be subject to civil litigation for harm done to individuals. With the criminal settlement and penalties set, Takata is expected to intensify its search for a buyer or financial backer. Steeh said he considered imposing a stiffer sentence, noting federal guidelines allowed for up to $1.5 billion in fines. But the judge said he approved the settlement because Takata could otherwise be pushed into bankruptcy, delaying efforts to replace millions of potentially deadly inflators still on the road. "Destruction of the corporation would probably have been a fair outcome in this case," Steeh said, adding he had been involved in a separate case in which Takata had admitted to price fixing. Lawyers for U.S. vehicle owners have sued Honda Motor Co , Nissan Motor Co, BMW AG, Ford Motor Co, Mazda Motor Corp and other automakers, alleging they knew about the defective Takata inflators for years but kept using them. Lawyers for vehicle owners said in a court filing on Monday in Florida that automakers acted "recklessly" because "they were focused on the low price of Takata<74>s inflators and concerned that if they stopped using Takata<74>s inflators, they might not have a sufficient supply." At least 16 deaths have been linked to exploding Takata inflators. The defects have led 10 automakers to recall more than 31 million cars worldwide since 2008. All but one of the deaths have occurred in Honda vehicles. The automakers could face costs to replace all the defective airbags "that would be 5, 6 or 9 times the $850 million" set aside in the fund, Steeh said, indicating the total replacement cost could be more than $7.6 billion. The Takata airbag recall is the largest ever for the auto industry. Yoichiro Nomura, Takata''s chief financial officer, appeared in court to formally accept the plea agreement. "I would like to sincerely apologize on behalf of Takata," he said. In January, 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 physically injured by Takata<74>s airbags who have not already reached a settlement with the company. Automakers in the United States are set to continue recalling defective inflators through 2020. U.S. safety regulators have said automakers are responsible for replacing defective airbags no matter what happens to Takata. The investigation of Takata was the latest criminal probe by U.S. prosecutors of automakers or suppliers accused of trying to duck costly steps required to comply with safety or environmental regulations. Toyota and GM paid hefty fines to settle charges they unlawfully hid safety defects from regulators, and Volkswage AG in January paid $4.3 billion to settle criminal charges related to its cheating on diesel emissions tests. TURNAROUND EFFORT Takata is seeking financial backers as it faces potentially billions of dollars in recall-associated costs. It has not identified what company has been selected by a steering committee leading that process. Key Safety Systems (KSS), a Chinese-owned auto supplier, is the leading candidate, people familiar wit
'64834f758ae3da8eca0f887a8aa66ec9b1567246'|'Ex-Barclays traders put money before honesty, UK court hears'|' 18pm GMT Ex-Barclays traders put money before honesty, UK court hears left right Former Barclay''s trader Stylianos Contogoulas arrives at Southwark Crown Court in London, Britain April 4, 2016. Contogoulas is charged with conspiracy to defraud in connection with the Serious Fraud Office''s (SFO) Libor inquiry. REUTERS/Stefan Wermuth 1/2 left right Former Barclays trader Ryan Reich arrives at Southwark Crown Court in London, Britain April 4, 2016. REUTERS/Stefan Wermuth 2/2 By Kirstin Ridley - LONDON LONDON Two former Barclays ( BARC.L ) traders were driven by the desire for money and showed scant regard to honesty and integrity when they conspired to rig global Libor interest rates, a lawyer for the UK Serious Fraud Office told a London jury trial on Tuesday. Stylianos Contogoulas and Ryan Reich deny one count of dishonestly skewing Libor, a benchmark for interest rates on about $450 trillion of financial contracts and loans worldwide, to boost profits and defraud others between June 2005 and September 2007. Emma Deacon, prosecutor for the SFO, said the men "essentially cheated" others when they schemed with London-based Libor submitters, responsible for sending the bank''s daily cost of borrowing estimates to a Libor administrator, to try to ensure that U.S. dollar Libor rates would bolster their trading positions. "So this case concerns traders at Barclays bank rigging, to their own advantage, or that of the bank, what is, in fact, a global benchmark interest rate," she told the jury on the first day of a six-week trial. "In doing so, they were driven by money. Their singular goal was to make more profit on their trading and you will see, insofar as they stood in the way, honesty and integrity were matters which were entirely expendable." Deacon said Contogoulas, 45, was the London end of a team of New York-based traders who were part of the alleged scam. Allegations that banks and brokerages attempted to rig rates such as Libor (the London interbank offered rate), the average rate at which major banks say they can borrow funds from each other in different currencies over various time frames each day, first emerged during the global financial crisis in 2008. Barclays was the first bank to settle regulatory allegations of rate fixing in 2012, paying a then-record $450 million fine. Contogoulas and Reich were employed at different times by Barclays. The Greek former trader left Barclays in 2006 shortly before New York-based Reich, 35, joined the bank the same year. Contogoulas earned a salary of 60,000 pounds ($74,530) and a bonus of 140,000 pounds in 2005 and Reich, for 2007, earned a salary of $110,000 and a bonus of $690,000, the court heard. (Reporting by Kirstin Ridley. editing by Jane Merriman) Up Next'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-britain-libor-court-idUKKBN1671SY'|'2017-02-28T22:17:00.000+02:00'
'843d416b8fffda9efd5e99a560c3f308c915bdb5'|'Viagogo accused of trying to manipulate online reviews - Business'|'Ticket resale website Viagogo has been accused of trying to manipulate online reviews as it contends with a flurry of negative publicity.The company is the focus of a campaign by more than 100 customers who say they suffered financial hardship after Viagogo allegedly overcharged them and then withheld refunds . Viagogo has also been criticised for seeking to profit from charity by reselling tickets to an Ed Sheeran gig in aid of the Teenager Cancer Trust.Just days after its actions were revealed in the Guardian, Viagogo emailed 37,000 customers who used the service nearly a decade ago. It offered them the chance of a <20>100 (<28>85) voucher if they posted reviews on Trustpilot, a website that allows consumers to share their experiences.Convicted fraudsters sell Ed Sheeran tickets through Ticketmaster Read more Nobody who joined the Victim of Viagogo group on Facebook, which has 105 members in 11 countries, has said they received the email. The Facebook group has secured nearly <20>40,000 in refunds but says at least <20>27,000 more is outstanding.Members of the group have told the Guardian that they struggled to make ends meet and suffered considerable stress. Group founder Claire Turnham is to meet MPs this week to ask that Viagogo be brought before a select committee, with an evidence session understood to be pencilled in for mid-March.Turnham said: <20>I am not aware of anyone within our group who has been contacted by Viagogo and asked to provide a review to Trustpilot. Had they been, I am confident they would have shared how buying tickets through Viagogo has been a distressing, shocking and frustrating experience which they would advise anyone else to avoid.<2E>Those customers who did receive a request for a review appear to be limited to those who attended events about a decade ago, before an upsurge in complaints.Mike Scott Thomson (@michaelsthomson) Good heavens, @viagogo . You want me to leave a review now? This was 9 1/2 years ago! pic.twitter.com/ZKgREGsKwY February 21, 2017 <20>We ask companies to invite all or none of their customers to review,<2C> Trustpilot<6F>s guidelines state. <20>If that<61>s not possible, companies must select an equally impartial system <20> such as inviting every third customer.<2E>Viagogo, which pays Trustpilot nearly <20>30,000 a year according to an invoice seen by the Guardian, declined to comment. But a Trustpilot spokesperson said Viagogo claimed that it <20>accidentally<6C> sent the requests for reviews, which are now being removed.Viagogo<67>s email offered customers a place in a <20>100 prize draw in return for a comment on Trustpilot. Trustpilot says its review pages always make clear whether companies are offering financial incentives, but no such information appeared on Viagogo<67>s listing.The website said it was not aware that Viagogo was offering financial incentives and that its compliance division would look into the matter.<2E>If we find that any company is violating our guidelines, we investigate and take appropriate action,<2C> it said.A spokesperson for FanFair Alliance , which campaigns for reform of ticketing, said: <20>Viagogo enables the industrial-scale rip-off of British audiences , makes a mockery of UK consumer law and even profits from charity tickets. <20>It is a business without ethics. Little wonder it has to manipulate its own reviews.<2E>'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/2017/feb/28/viagogo-online-reviews-ticket-resale-concerts-trustpilot'|'2017-02-28T02:00:00.000+02:00'
'afa8e0abca2c9b75a4a59aef3491f966f64fb2f0'|'Chinese investors looking to postpone closing of AC Milan deal'|'MILAN The Chinese buyers that committed to the acquisition of prized Italian soccer club AC Milan are looking to further postpone the closing of the deal, two sources close to the matter told Reuters on Tuesday.The accord, valuing the club at 740 million euros ($788 million) including 220 million euros of debt, was originally supposed to close at the end of last year but was then pushed to March 3 as the Chinese buyers struggled to get final approval from Beijing.The two sources did not give the reasons behind the request for a further deadline extension.They said there were ongoing talks between the Chinese investors, grouped under investment vehicle Sino-Europe Sports Investment Management Changxing (SES), and the investment company of former prime minister Silvio Berlusconi, who has owned the team for three decades.A further downpayment to Berlusconi''s Fininvest by the Chinese might be required to further delay the closing, one of the sources said.SES has already paid Fininvest 200 million euros in three separate tranches and is due to pay an outstanding 320 million euros.($1 = 0.9439 euros)(Reporting by Elvira Pollina, writing by Giulia Segreti)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-acmilan-m-a-closing-idINKBN1672GO'|'2017-02-28T17:10:00.000+02:00'
'6ec9a26edb71ed11566e552c1ded11a30403de55'|'Snap expects some IPO investors to make year-long commitments'|'Technology  54pm EST Snap expects some IPO investors to make year-long commitments FILE PHOTO -- A billboard displays the logo of Snapchat above Times Square in New York March 12, 2015. REUTERS/Lucas Jackson/File Photo By Lauren Hirsch Snap Inc, owner of popular messaging app Snapchat, disclosed on Monday that it expected investors buying up to a quarter of the shares in its $3.2 billion initial public offering this week to agree not to sell them for a year. While Snap cautioned it had no binding commitments yet from investors accepting such a lock-up period, the disclosure is a sign of confidence from the company in what is expected to be the biggest U.S. IPO since Facebook Inc ( FB.O ). Lock-up periods help companies moderate stock volatility by preventing company insiders from selling their shares within an allotted time. A year-long lock-up period is atypically long, potentially signifying strong demand for the IPO. Snap is targeting a valuation of between $19.5 billion and $22.3 billion from listing on the New York Stock Exchange on Thursday. It is looking to price 200 million shares on Wednesday night at a range of $14 to $16 dollars a share. Orders for the IPO have begun to come in at the high-end of its range, and its "book" is already oversubscribed, according to people familiar with the process who requested anonymity. In its updated IPO registration document with the U.S. Securities and Exchange Commission on Monday, Snap said it expected approximately 50 million shares of its Class A common stock purchased by investors in the offering to be subject to a separate one-year lock-up agreement. The roughly 50 million shares are designated for new Snap IPO investors who do not currently have a stake in the company, the sources said. Lock-up periods can buoy companies at risk of a stock selloff in the months following their IPO. This risk is particularly strong for companies in the technology sector. Eight of the 10 biggest technology IPOs fell by between 25 percent and 71 percent in their first 12 months on the public market, according to a Reuters analysis of market performance. (Reporting by Lauren Hirsch in New York; Additional reporting by Olivia Oran in New York; Editing by Cynthia Osterman) Next In Technology News Buffett tells CNBC Berkshire bought 120 million Apple shares in 2017 NEW YORK Billionaire investor Warren Buffett told CNBC on Monday his conglomerate Berkshire Hathaway Inc had more than doubled its stake in Apple Inc. since the end of 2016, making it one of Berkshire''s biggest equity holdings, and that U.S. stocks overall were not in "bubble territory." Tesla plunges another 5 percent on fears of Model 3 delays SAN FRANCISCO Shares of Tesla dropped on Monday after a downgrade by Goldman Sachs, bringing the electric carmaker''s decline to 11 percent since its quarterly report last week stoked worries about how much cash it is using to launch its Model 3 sedan. JPMorgan, Microsoft, Intel and others form new blockchain alliance NEW YORK JPMorgan Chase & Co , Microsoft Corp , Intel Corp and more than two dozen other companies have teamed up to develop standards and technology to make it easier for enterprises to use blockchain code Ethereum in the latest push by large firms to move toward distributed ledger systems. 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-snap-ipo-idUSKBN16703K'|'2017-02-28T07:49:00.000+02:00'
'6e68259c52ded7775d97558697f9909300a53c4c'|'BRIEF-FelCor Lodging Trust sends letter to Ashford Hospitality Trust'|' 59pm EST BRIEF-FelCor Lodging Trust sends letter to Ashford Hospitality Trust Feb 27 Ashford Hospitality Trust Inc * FelCor Lodging Trust sends letter to Ashford Hospitality Trust * FelCor Lodging Trust Inc - "Encouraged by CEO Douglas Kessler''s statement that AHT would be willing to engage on possibility of a cash transaction" * FelCor Lodging Trust - "If AHT is willing to consider making such a revised proposal, FelCor stands ready to re-engage with AHT as soon as is practicable" Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-felcor-lodging-trust-sends-letter-idUSFWN1GC12S'|'2017-02-28T04:59:00.000+02:00'
'd4749cf8ec098ab19d5b70b326b3cf532d880e46'|'BRIEF-Slate Office REIT may purchase for cancellation up to 3.9 mln units'|' 19pm EST BRIEF-Slate Office REIT may purchase for cancellation up to 3.9 mln units Feb 27 Slate Office Reit: * Slate Office REIT- may purchase for cancellation up to maximum of 3.9 million units over 12-month period from March 2, 2017 to March 1, 2018 * Slate Office REIT- intends to fund purchases of units under its normal course issuer bid out of general funds of REIT Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-slate-office-reit-may-purchase-for-idUSFWN1GC15Z'|'2017-02-28T05:19:00.000+02:00'
'ae49934caa92bc0064be37f09805389e7fe33277'|'Cameco may cut uranium output further, as prices stay low - CEO'|'Company  10am EST Cameco may cut uranium output further, as prices stay low - CEO By Rod Nickel Feb 28 Canada<64>s Cameco Corp, the world<6C>s second-biggest uranium producer, said on Tuesday it may not be finished cutting production as prices remain low after a major customer cancelled a supply contract. Spot prices of uranium, used to fuel nuclear reactors, dipped to a 13-year low late last year and have rebounded only modestly in 2017. They have stayed stubbornly weak since a 2011 tsunami in Japan led to the shutdown of all the country<72>s nuclear reactors. This month, Tokyo Electric Power Company Holdings Inc (Tepco), the operator of the wrecked Fukushima nuclear plant, said it was scrapping its uranium supply contract with Cameco. "2017 could make us look at changes to our inventory position, our production profile and our purchasing activity; all of those effects of the Tepco situation," Cameco Chief Executive Tim Gitzel said at an investor conference in Florida. Cameco <20>won<6F>t be very compromising<6E> in its legal position against Tepco, Gitzel said. The Saskatoon, Saskatchewan based company said in January it would cut 120 jobs at three uranium mines in 2017. It reported lower-than-expected quarterly profit this month. Cameco shares eased 0.8 percent in New York to $11.20 in morning trading. (Reporting by Rod Nickel in Winnipeg, Manitoba; Editing by James Dalgleish) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/cameco-uranium-idUSL2N1GD0TV'|'2017-02-28T23:10:00.000+02:00'
'eb04c2c5b63308e74e6195af07c09f120b628af7'|'BRIEF-Humana enters into stock repurchase agreement with Goldman, Sachs & Co'|' 24pm EST BRIEF-Humana enters into stock repurchase agreement with Goldman, Sachs & Co Feb 27 Humana In: * On Feb. 22, co entered into accelerated stock repurchase agreement with Goldman, Sachs & Co to repurchase $1.5 billion of its common stock * Humana - on Feb. 27, made payment of $1.5 billion to goldman sachs from available cash on hand, received initial delivery of 5.8 million shares from goldman sachs Source text: ( bit.ly/2lZxtgy )  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-humana-enters-into-stock-repurchas-idUSFWN1GC144'|'2017-02-28T05:24:00.000+02:00'
'c34a9783307956e0bd1aa1f56ffa12b2e1f325c4'|'European shares end February near 14-month peak ahead of key Trump speech'|'Company  49pm EST European shares end February near 14-month peak ahead of key Trump speech * STOXX 600 index up 2.8 percent in February * Investors awaiting details on Trump tax, spending plans * Defence companies among leading gainers; miners drop * Burberry surges as activist investor buys stake (Adds details, closing prices) By Danilo Masoni MILAN, Feb 28 European shares edged higher on Tuesday as investors awaited U.S. President Donald Trump''s first speech to Congress for more details on his tax cuts and infrastructure spending plans. The STOXX 600 rose 0.2 percent to snap a four-session losing streak and end February up 2.8 percent, close to a 14 month peak hit earlier in the month. European shares have rallied more than 10 percent since Trump was elected in November as global stock markets surged in anticipation of his expansive economic policies. Investors have also cheered data confirming an economic recovery in Europe and a turn around in company earnings. But on Tuesday investors said there were risks that Trump''s speech later in the day could disappoint, triggering a sell-off. "This evening''s speech will have to include a convincing high level outline of tax cuts and spending increases for euphoria to be sustained," Trevor Greetham, Head of Multi Asset at Royal London Asset Management, said in a note. Before the speech, Trump called on Monday for a "historic" increase in military spending, fuelling sharp gains among defence and engineering stocks. A White House budget official put the potential boost to defence spending at $54 billion. Europe''s aerospace and defence index rose 2.1 percent to its highest closing level since December 2015. British defence and energy engineer Meggitt was the biggest gainer on the STOXX index, up 13 percent, buoyed by Trump''s remarks and a solid earnings update. The company posted a 13-percent rise in adjusted profits and raised its dividend payout. GKN was up 4.9 percent after the British engineering group reported a 12-percent rise in adjusted pretax profit, beating market expectations, and said it would grow faster than both its main aerospace and autos markets in 2017. Spanish builder Ferrovial, which is also exposed to the U.S. market, rose 4.3 percent after announcing results and saying that its order book last year was higher than in 2015. Shares in Burberry rose as much as 5 percent to a 1-1/2 year high in a late-day volume spike after activist investor GBL disclosed a 3 percent stake in the luxury goods company. Berenberg analysts said the news was a positive for Burberry shares, noting the sharp rally in Adidas after GBL disclosed a 3 percent stake in the German sportswear maker in 2015. The European basic resources index fell 1.1 percent, the biggest sectoral decliner in Europe. It was dragged lower by losses in mining heavyweights BHP Billiton, Rio Tinto and Glencore even though these stocks recovered from their lows as metal prices turned higher, lifted by ongoing strikes in Canada and Chile. Precious metal miner Fresnillo ended flat, outperforming the sector after reporting a more than six-fold jump in its profit for the year on higher output and a weak Mexican peso. Elsewhere, price comparison site Moneysupermarket.com and Dutch industrial services company Aalberts Industries fell 6.1 percent and 2.4 percent following disappointing results. (Additional reporting by Atul Prakash and Vikram Subhedar; editing by Richard Lough) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/europe-stocks-idUSL5N1GD5ZS'|'2017-03-01T00:49:00.000+02:00'
'1f6c482d1dafa507901305bb7ca8f91faf8f9a45'|'Welcome or not, ECB buying crushes German two-year bond yields'|' 21pm GMT Welcome or not, ECB buying crushes German two-year bond yields European Central Bank (ECB) President Mario Draghi testifies before the European Parliament''s Economic and Monetary Affairs Committee in Brussels, Belgium February 6, 2017. REUTERS/Yves Herman By Dhara Ranasinghe - LONDON LONDON Germany''s record low short-term borrowing costs have further to fall as the ECB, faced with a scarcity of eligible bonds for its monetary stimulus programme, takes advantage of recent rule tweaks to buy more shorter-dated paper. Traders say the German Bundesbank, acting on behalf of the European Central Bank, has been buying bonds below the minus 0.40 percent deposit rate in the past two weeks. Speculation about further buying in this area is exacerbating demand for top-rated German debt and prolonging a move that is out of kilter with a pick-up in economic growth and inflation in the euro zone''s biggest economy. "What has changed since December is that the scarcity constraints, even if faced later in the year, are having an impact on policy today," said Frederik Ducrozet, a senior economist at Pictet. "That is the most important development and holds the most risks to markets." Aware that the ECB is on the prowl, investors can''t seem to get enough of German short-term debt, paying for the privilege of lending to the government through negative yields. Germany sold two-year bonds at record low yields at auction of minus 0.92 percent on Tuesday. "Every dealer wants to buy it because they want to sell it on to the central bank," DZ Bank strategist Ren<65> Albrecht said. To free up more bonds for its 2.3 trillion euro stimulus scheme, the ECB in December scrapped a rule that prevented it from buying bonds yielding below the depo rate or with a minimum maturity of less than two years. Having signalled it would only buy bonds yielding below the depo rate as a last resort, the ECB took markets by surprise last month by using the first available opportunity to take advantage of the rule tweak. According to Commerzbank, since the deposit floor restriction was removed in January, the Bundesbank has been increasing offers on German bonds with a one-year maturity to meet its 800 million euro daily target of asset purchases. Rabobank puts the daily buying at around 625 million euros. Given that there is about 450 billion euros of outstanding German debt in the 1 to 5 year maturity range, Rabobank says it would not be unreasonable to assume that about two-thirds, or about 400 million euros, of the daily buying target is being diverted towards shorter-dated bonds. Germany''s two-year bond yield hit a record low of minus 0.96 percent DE2YT=TWEB last week and is set to end February down 21 basis points -- the biggest monthly drop in four years. The scarcity of high-quality short-term debt, which is used as collateral in funding markets, is also driving yields lower. Concern about France''s presidential election has also boosted demand for low-risk German debt. NEW DYNAMIC But ECB buying is the main driver, suggesting that short-dated bond yields will be less effective in their traditional role as a gauge of how investors view the outlook for short-term interest rates. Another side effect is a further steepening of the government bond yield curve, seen as beneficial for the banking sector. "I think we''re going to hit minus 1 percent on two-year bond yields within the next couple of weeks," said Martin van Vliet, senior rates strategist at ING. Before Tuesday''s auction, the outstanding volume of German two-year debt stood at 106 billion euros, according to German Finance Agency data. The agency plans to issue $52 billion in Schatz notes this year, down 1 billion on 2016. Many banks expect the ECB to push up against a self-imposed limit that prevents it from holding more than 33 percent of a country''s eligible bonds around year-end, even as it looks to reduce its overall monthly asset purchases by 20 billion euros to 60 billion eur
'7de773c8fda3593f0a3f2ad4207a1e4ee89260ae'|'Investors'' net shorts on U.S. Treasuries lowest since Nov -JPM'|'NEW YORK Feb 28 The margin on bearish bets on longer-dated U.S. Treasuries over bullish positions shrank to its narrowest level since before Donald Trump''s surprise U.S. presidential win in November, J.P. Morgan said on Tuesday.Investors have scaled back their bearish bets on bonds as the Trump administration and the Republican-controlled U.S. Congress have shared few specifics on their pledges on tax cuts, looser regulations and infrastructure spending.At the end of 2016, expectations on speedy implementations of these fiscal measures had stoked jitters about a spike in federal borrowing and inflation, which in turn caused a massive selloff in bond markets around the world.Investors are awaiting possible details on Trump''s plans in his scheduled speech at 9 p.m. (0200 GMT Wednesday) before a joint session of Congress.The share of "short" investors who said they were holding less longer-dated U.S. government debt than their portfolio benchmarks fell to 20 percent from 25 percent from the previous week, J.P. Morgan showed in its latest Treasury client survey.The firm''s survey of clients includes 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 18 percent from 16 percent in the previous week.Some fund managers have renewed their Treasury purchases since mid-December when the benchmark 10-year yield hit 2.64 percent, the highest since September 2014.Early on Tuesday, the 10-year yield was 2.35 percent, down 1 basis point from late on Monday.Short investors outnumbered long investors, or net shorts, by two percentage points, which was the smallest net short since Nov. 7. That was down from nine points last week.The share of "neutral" investors, who said on Monday they were holding amounts of longer-dated Treasuries that match their benchmarks, rose to 62 percent from 59 percent, the survey showed. (Reporting by Richard Leong; Editing by Meredith Mazzilli)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/treasuries-jpmorgan-idINL2N1GD0VN'|'2017-02-28T13:25:00.000+02:00'
'bcc1dc38fb1d7e087b245413ccf791aa8d54228a'|'PSA unveils new DS7 Crossback sport utility vehicle'|' 41pm GMT PSA unveils new DS7 Crossback sport utility vehicle left right French carmaker PSA unveils its new DS 7 Crossback SUV car during a media presentation in Paris, France, February 28, 2017. REUTERS/Charles Platiau 1/4 left right French carmaker PSA unveils its new DS 7 Crossback SUV car during a media presentation in Paris, France, February 28, 2017. REUTERS/Charles Platiau 2/4 left right French carmaker PSA unveils its new DS 7 Crossback SUV car during a media presentation in Paris, France, February 28, 2017. REUTERS/Charles Platiau 3/4 left right French carmaker PSA unveils its new DS 7 Crossback SUV car during a media presentation in Paris, France, February 28, 2017. REUTERS/Charles Platiau 4/4 PARIS PSA ( PEUP.PA ), the French carmaker behind the Peugeot and Citroen brands, unveiled on Tuesday its new DS7 Crossback SUV (sport utility vehicle) model, as the company looks to turn around the performance of its DS brand. The company said the new car would be manufactured in Mulhouse, France and in China, and would go on sale in the second half of this year. Last month, a senior executive told Reuters that PSA would will pull its DS cars out of Citroen showrooms in order to focus on building a smaller, distinct sales network to revive the fledgling premium brand''s sliding sales. (Reporting by Gilles Guillaume; Editing by Laurence Frost and Adrian Croft)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-peugeot-ds-launch-idUKKBN1671PT'|'2017-02-28T21:41:00.000+02:00'
'2ec4b5d6fef57bb9587586669aa58b81eedee40d'|'BRIEF-Albemarle Q4 earnings per share $5.30'|' 24pm EST BRIEF-Albemarle Q4 earnings per share $5.30 Feb 27 Albemarle Corp: * Albemarle reports strong 2016 earnings finish and record cash flow from operations * Q4 earnings per share $5.30 * Q4 sales $696.7 million versus I/B/E/S view $645.9 million * Q4 earnings per share view $0.73 -- Thomson Reuters I/B/E/S * Q4 adjusted earnings per share $0.78 from continuing operations * Q4 earnings per share $0.37 from continuing operations * Albemarle - lithium and advanced materials reported net sales of $278.3 million in Q4 of 2016, an increase of 30.0% from Q4 2015 net sales of $214.0 million * Albemarle Corp - bromine specialties reported net sales of $194.5 million in Q4 of 2016, an increase of 13.4% from Q4 2015 net sales of $171.5 million * Expect 2017 net sales to range between $2.8 billion and $2.95 billion * Albemarle Corp - refining solutions reported net sales of $193.1 million in Q4 of 2016, a decrease of 3.7% from net sales of $200.4 million in Q4 of 2015 * Sees 2017 adjusted diluted earnings per share between $4.00 and $4.25 * FY 2017 earnings per share view $4.07, revenue view $2.78 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-albemarle-q4-earnings-per-share-idUSASB0B2KU'|'2017-02-28T05:24:00.000+02:00'
'ef138b90cbb3c1020b16a9d64d20252cf16db2da'|'BRIEF-Oneok Partners announces fourth-quarter results'|' 59pm EST BRIEF-Oneok Partners announces fourth-quarter results Feb 28 Oneok Partners Lp * Oneok partners announces higher fourth-quarter and full-year 2016 financial results * Oneok partners lp says qtrly net income per limited partner unit $0.60 * Oneok partners lp says experienced lower than expected natural gas and ngl volumes in q4 Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-oneok-partners-announces-fourth-qu-idUSASB0B2JL'|'2017-02-28T04:59:00.000+02:00'
'ebf6cc2dfef40e6964651b9b3181993825903786'|'UPDATE 1-Ex-Barclays traders put money before honesty, UK court hears'|'Company  51pm EST UPDATE 1-Ex-Barclays traders put money before honesty, UK court hears (Adds details) By Kirstin Ridley LONDON Feb 28 Two former Barclays traders showed scant regard for honesty and integrity when they conspired to rig global Libor interest rates, a lawyer for the UK Serious Fraud Office (SFO) told a London jury trial on Tuesday. Greek national Stylianos Contogoulas and Ryan Reich, an American, deny one count of dishonestly skewing Libor, a benchmark for interest rates on about $450 trillion of financial contracts and loans worldwide, to boost profits and defraud others between June 2005 and September 2007. Emma Deacon, prosecuting for the SFO, said the men "essentially cheated" others when they schemed with London-based Libor submitters, responsible for sending the bank''s daily cost of borrowing estimates to a Libor administrator, to try to nudge dollar Libor rates to bolster their trading positions. "So this case concerns traders at Barclays bank rigging, to their own advantage, or that of the bank ... a global benchmark interest rate," she told the jury on the first day of a six-week trial. "In doing so, they were driven by money. Their singular goal was to make more profit on their trading and you will see, insofar as they stood in the way, honesty and integrity were matters which were entirely expendable." Deacon said Contogoulas, 45, was the London end of a team of New York-based traders who were part of an alleged scam that started in the summer of 2005, with the first evidence of New York-based Barclays traders requesting Libor rates from London-based rate submitters. Two former London-based submitters, Peter Johnson and Jonathan Mathew, have been convicted of conspiracy to defraud in a separate Libor trial, the jury were told. Presenting the jury with a cache of emails detailing trader rate requests, Deacon said Contogoulas was well placed in London to help to lobby submitters when his New York colleagues were not in the office, because of the time difference. Between December 2005 and February 2006, the prosecutor said there was "clear evidence" that traders and submitters were ignoring the proper basis for setting Libor rates. Reich and Contogoulas are expected to lay out their defence later this week. Allegations that banks and brokerages attempted to rig rates such as Libor (the London interbank offered rate), the average rate at which major banks say they can borrow funds from each other in different currencies over various time frames each day, first emerged during the global financial crisis in 2008. Barclays was the first bank to settle regulatory allegations of rate fixing in 2012, paying a then-record $450 million fine. Contogoulas and Reich were employed at different times by Barclays. The Greek former trader left Barclays in 2006 shortly before New York-based Reich, 35, joined the bank the same year. Contogoulas earned a salary of 60,000 pounds ($74,530) and a bonus of 140,000 pounds in 2005 and Reich, for 2007, earned a salary of $110,000 and a bonus of $690,000, the court heard. ($1 = 0.8050 pounds) (Reporting by Kirstin Ridley. editing by Jane Merriman) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-libor-court-idUSL5N1GD6VU'|'2017-03-01T00:51:00.000+02:00'
'80f483f31c5b559e39df8c9aef31837f71f68e43'|'Global stocks up slightly, U.S. dollar flat before Trump speech'|'By Sinead Carew - NEW YORK NEW YORK Wall Street rose slightly on Monday and U.S. Treasury yields were higher as investors held their breath a day ahead of a key speech by U.S. President Donald Trump.Oil futures'' gains were capped by rising U.S. production even as a global supply glut appeared to ease, while the S&P 500''s energy sector .SPNY saw the biggest percentage increase among benchmark index sectors.While many investors were hoping Trump would unveil details on pro-business policies including tax reform, cash repatriation or infrastructure spending during his address to Congress Tuesday night, others were not ready to make new bets as they worried that the speech would disappoint."The markets are just going to do nothing until they get into the address tomorrow night," said Jeffrey Saut, chief investment strategist at Raymond James Financial in St. Petersburg, Florida."Investors want something concrete on corporate taxes or repatriation. They''re more focused on that than the affordable care act, but the first focus of the administration is ACA."The dollar .DXY was up 0.06 percent against a basket of major currencies after Trump said Monday that tax reform details would not be revealed until after the administration''s proposal on healthcare.Investors had hoped for "more clarity around tax reform sooner rather than later" said Bipan Rai, senior macroeconomic strategist at CIBC Capital Markets in Toronto.At 2:50 p.m. ET, the Dow Jones Industrial Average .DJI was up 26.14 points, or 0.13 percent, to 20,847.9, the S&P 500 .SPX had gained 3.04 points, or 0.13 percent, to 2,370.38 and the Nasdaq Composite .IXIC had added 10.37 points, or 0.18 percent, to 5,855.67.U.S. 10-year Treasury notes US10YT=RR were last down 14/32 in price to yield 2.367 percent, from a yield of 2.317 percent late Friday. Two-year notes US2YT=RR were last down 3/32 in price to yield 1.204 percent, from a yield of 1.145 percent late Friday.MSCI''s benchmark world stock index was up 0.1 percent .MIWD PUS after it hit a record high Thursday. Europe''s benchmark index of leading 300 shares .FTEU3 fell 0.2 percent.MSCI''s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS fell 0.3 percent, while Japan''s Nikkei .N225 fell 0.9 percent for its lowest close since Feb. 9 on concerns that a stronger yen would crimp corporate earnings.The Dow Jones Industrial Average scaled its 11th consecutive record high on Friday, the longest such run since 1987, leading some to suggest it could be prone for a correction.In commodities, Brent crude LCOc1 was down 0.04 percent at $55.97 per barrel while U.S. West Texas Intermediate CLc1 settled up 0.1 percent at $54.05 per barrel as a global supply glut appeared to ease.(Additional Reporting by Sam Forgione and Karen Brettell in New York, and Jamie McGeever in London; Editing by Bernadette Baum and Nick Zieminski)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/global-markets-idINKBN1661YM'|'2017-02-27T17:15:00.000+02:00'
'b1f68f2f2bf3b648e7bb8e467cb4fca010e8ca65'|'Primark owner AB Foods maintains earnings guidance'|'Business News - Mon Feb 27, 2017 - 7:20am GMT Primark owner AB Foods maintains earnings guidance The Primark logo can be seen on windows at Primark''s new Spanish flagship store in Madrid, Spain, October 15, 2015. REUTERS/Andrea Comas LONDON Associated British Foods ( ABF.L ) maintained its full-year earnings guidance on Monday, with sales growth at its Primark discount fashion retailer supported by better performances in its sugar, grocery and ingredients businesses. The firm said on Monday it still expected progress in adjusted operating profit and adjusted earnings per share in its 2016-17 year. AB Foods made adjusted operating profit of 1.12 billion pounds ($1.39 billion) in 2015-16, with adjusted earnings per share of 106.2 pence. For its half year to March 4 the group forecast "excellent progress" in adjusted operating profit and adjusted EPS. It said first-half sales at Primark were expected to be 11 percent ahead of last year at constant currency, driven by increased retail selling space, and 21 percent ahead at actual exchange rates. ($1 = 0.8057 pounds) (Reporting by James Davey; editing by Kate Holton) Next In Business News Exclusive - Wal-Mart launches new front in U.S. price war, targets Aldi in grocery aisle Wal-Mart Stores Inc is running a new price-comparison test in at least 1,200 U.S. stores and squeezing packaged goods suppliers in a bid to close a pricing gap with German-based discount grocery chain Aldi and other U.S. rivals like Kroger Co , according to four sources familiar with the moves.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ab-foods-outlook-idUKKBN1660P4'|'2017-02-27T14:20:00.000+02:00'
'7c855ae16c6a0eeaec017a84258999e34c3b938a'|'Oil ticks up on supply cuts, rising U.S. output caps gains'|'Business News - Mon Feb 27, 2017 - 12:44am GMT Oil ticks up on supply cuts, rising U.S. output caps gains Pump jacks are seen at the Lukoil-owned Imilorskoye oil field, as the sun sets, outside the west Siberian city of Kogalym, Russia, in this January 25, 2016 file photo. REUTERS/Sergei Karpukhin/Files SINGAPORE Brent oil prices edged up on Monday and were set to rise for five out of seven sessions as a global supply glut appears to ease, but rising U.S. production limited gains. Brent crude LCOc1 was up 0.04 percent at $56.01 a barrel, while U.S. West Texas Intermediate CLc1 was unchanged at $53.99 a barrel. Oil prices tumbled on Friday after U.S. Energy Information Administration data showed U.S. crude inventories rose for a seventh straight week. <EIA/S> But the market has been supported within a tight $4 to $5 range since November, when the Organization of the Petroleum Exporting Countries (OPEC) and other producers agreed to cut production. "EIA data showed stocks rose 564,000 barrels to 518.7 million last week," ANZ said in a note. "However, it was the lowest increase over the past couple of months. If this trend of lower imports and smaller gains in inventories persists over the coming weeks, it would suggest that the OPEC led production cuts are starting to have an impact." OPEC''s record compliance with the deal has surprised the market, and the biggest laggards, the United Arab Emirates and Iraq, have pledged to catch up with their targets. The International Energy Agency put OPEC''s average compliance at a record 90 percent in January, and based on a Reuters average of production surveys, it stands at 88 percent. Saudi Arabia has offered to reduce oil production if rival Iran caps its own output this year, four sources familiar with the discussions told Reuters, as Riyadh tries to strike an elusive OPEC deal to curtail supply and boost prices. (Reporting by Naveen Thukral; Editing by Joseph Radford) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-global-oil-idUKKBN166025'|'2017-02-27T07:44:00.000+02:00'
'da52375efb2e94dedf75df5cb7527c317f92a0bd'|'India firms fear lingering economic aftershocks from cash crackdown'|'Economic News - Mon Feb 27, 2017 - 7:04pm IST India firms fear lingering economic aftershocks from cash crackdown LIVE COVERAGE: By Rajesh Kumar Singh - GHAZIABAD, India GHAZIABAD, India Struggling with customers unable to pay on time and plummeting sales, Indian small-business owner Ravi Jain fears the government''s crackdown on cash will have a much larger impact than predicted by top policymakers. Jain''s bath taps manufacturing firm Supreme, along with many other Indian businesses, has been shaken by New Delhi''s shock decision last November to scrap 86 percent of the cash in circulation. And it wasn''t certain when things will get back to normal as much depends on a revival in consumer spending. "Demonetisation has developed a psychology among customers to spend only on essential items," Jain told Reuters from his factory on the outskirts of the Indian capital. "We expect the cash situation to become normal in a couple of months, but we don''t know when this psychology will change." Asia''s third-largest economy is tipped to slow down to a near three-year low in the October-December period, losing the title of the world''s fastest-growing major economy to China. The median estimate from a Reuters poll showed economists expect economic growth to slip to 6.4 percent in the last quarter, lower than China''s 6.8 percent in the same period and slower than a 7.3 percent annual expansion in the September quarter. The data is due on Tuesday at 1200 GMT. TEMPORARY PAIN Prime Minister Narendra Modi''s currency ban, aimed at fighting tax evasion, corruption and forgery, had caused huge disruption to daily life, leaving farmers, traders and companies - reliant on cash transactions - in disarray. Chief Economic Adviser Arvind Subramanian last month said the official GDP figures may not fully reflect the "real and significant hardships" experienced by the informal sector, in which an estimated nine out of 10 Indian workers are employed. But the pain, policymakers promised, will be short-lived. The Reserve Bank of India (RBI) has called the slowdown a transitory phenomenon and expects a sharp rebound in economic growth in the next fiscal year as cash conditions improve. That confidence prompted the central bank to keep interest rates on hold this month and shift its monetary policy stance to "neutral" from "accommodative", signalling the end of the monetary-easing cycle. To be sure, the cash situation is improving gradually. Currency in circulation increased to 7.2 percent of GDP in mid-February from 5.9 percent in early January, the central bank data showed. But it was lower than the 12 percent ratio before the cash crackdown began. With the cash situation still not back to normal and weak consumer confidence, many economists predict the aftershocks of Modi''s move will linger for months. FALTERING CONFIDENCE Consumer confidence has fallen sharply with households uncertain about their income, employment and spending capability, according to RBI''s consumer confidence survey published earlier this month. In rural India, the situation is no better. Sales of two- wheeler vehicles, a proxy for rural demand, fell for a third straight month in January. Leading consumer goods firm Dabur India, with exposure to rural India, slashed its revenue growth guidance last month, citing the demonetisation fallout. Indian companies had hoped for a fiscal stimulus to revive consumer spending, but the federal budget this month belied those hopes. With factories running nearly 30 percent below capacity, companies were not ready for fresh investments until demand roars back to life. "We have seen extreme volatility in the market," Jain said about his company Supreme, whose sales have improved slightly since dropping as much as 50 percent after Modi''s November announcement. "Once things stabilize ... we will think in terms of expansion. But it would be reasonable to assume that all this will take at least a year." (Reporting by Rajesh Kum
'ea3c32dd6779bb01e92862e382cb938f3fce0569'|'UK consumer morale dips as inflation pinches households - GfK'|'Business News - Mon Feb 27, 2017 - 7:29pm GMT UK consumer morale dips as inflation pinches households - GfK Shoppers carry bags on Oxford Street in London, Britain December 18, 2016. REUTERS/Neil Hall LONDON British consumer morale edged lower in February as rising inflation following last year''s Brexit vote made householders warier about the outlook for their finances, a survey showed on Monday. The report by market research firm GfK pointed to increased financial pressure on households in the year ahead and added to signs that consumer spending - the driving force behind Britain''s economy over the last few years - is starting to wilt as price pressures mount. GfK''s monthly consumer sentiment index edged down to -6 from -5 in January, in line with forecasts in a Reuters poll of economists. For a second month running, Britons became less enthusiastic about splashing out on major purchases. "Any momentum behind the post-Brexit, debt-fuelled, consumer spending boom now appears to be softening," said Joe Staton, head of market dynamics at GfK. A Reuters poll of economists last week suggested consumer price inflation will peak at around 3 percent towards the end of this year, up from 1.8 percent in January. [ECILT/GB] The Bank of England forecasts household incomes will cease growing in inflation-adjusted terms later this year, and says it will keep a close eye on the extent to which households will seek to bridge the gap by borrowing more. The Reuters poll suggested economic growth will slow this year to around 1.5 percent, down from 1.8 percent in 2016. Prime Minister Theresa May has said she wants to trigger formal Brexit negotiations - beginning a two-year countdown to leaving the EU - by the end of March. (Writing by William Schomberg; editing by John Stonestreet) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-economy-consumersentiment-idUKKBN16628C'|'2017-02-28T02:21:00.000+02:00'
'184dc35626ad432a71e36fe0873cef26555ded6d'|'Takata pleads guilty to U.S. fraud charge linked to faulty air bags'|' 52am IST Takata pleads guilty to U.S. fraud charge linked to faulty air bags   FILE PHOTO - A recalled Takata airbag inflator is shown in Miami, Florida, U.S. on June 25, 2015. REUTERS/Joe Skipper/File Photo DETROIT Japan''s Takata Corp ( 7312.T ) on Monday pleaded guilty to a felony charge as part of an expected $1 billion deal with the U.S. Justice Department that includes compensation funds for automakers and victims of its faulty airbag inflators. After Takata''s guilty plea, a federal judge in Detroit was hearing objections on Monday to the settlement raised by lawyers for some victims of Takata inflator ruptures, who argue the settlement will be used by automakers to avoid liability, a court clerk said. Takata hopes to wins court approval of the settlement, a key hurdle to securing the backing of an investor or acquirer that can fund a turnaround effort and help it grapple with billions of dollars in costs related to the auto industry''s biggest-ever recall. (Reporting By David Shepardson in Washington and Joseph White in Detroit; Editing by Meredith Mazzilli) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/takata-settlement-idINKBN1662F0'|'2017-02-28T04:22:00.000+02:00'
'130c7c37c418ef3954cc4b146044cb14fdeaa9ff'|'Milestone, Starwood in talks over raising initial bid -sources'|'By John Tilak and Carl O''Donnell - TORONTO/NEW YORK TORONTO/NEW YORK Milestone Apartments Real Estate Investment Trust ( MST_u.TO ), which last month agreed to be acquired by Starwood Capital Group for about C$1.7 billion ($1.3 billion), has started talks with the U.S. private investment firm about raising the initial bid, people familiar with the situation told Reuters.The move comes days after proxy advisory firm Institutional Shareholder Services (ISS) issued a report recommending Milestone unitholders vote against the transaction.Milestone<6E>s units, which were unchanged before the Reuters report, rose 2 percent to C$21.48 as volume jumped, crossing the current offer of C$21.18.Milestone and Starwood could agree on a higher price and make an announcement as soon as early this week, the sources said. But they cautioned there was no certainty a deal would be reached at a higher price.The sources declined to be identified as the talks are confidential. Spokesmen for both Milestone and Starwood declined to comment.On Jan. 19, Milestone agreed to be bought out by Starwood for $16.15 per Milestone unit in an all-cash transaction.Based on currency exchange rates at the time, it translated to a premium of about 9.2 percent above the unit''s closing price of C$19.66 before the transaction was announced.Dallas-based Milestone, which went public in Toronto in 2013, owns and manages apartment properties targeting blue-collar workers across the U.S. southeast and southwest.With a focus on real estate, Barry Sternlicht-led Starwood Capital manages assets of about $52 billion.Last week, proxy advisory service Glass Lewis encouraged unitholders to vote for the transaction, while ISS went the other way.<2E>The fact pattern in the transaction indicates speed and certainty were prioritized over price, apparently out of concerns that cyclical factors will put pressure on REIT valuations,<2C> ISS said in its report on Feb. 22.In a response the same day, Milestone said its <20>board and special committee engaged in a comprehensive process to maximize value for the REIT''s unitholders.<2E>The trust received some approaches in the past two years, Milestone said in a recent regulatory filing, but had not received an alternative bid since the Starwood deal.In its report, Glass Lewis said <20>the purchase price represents a compelling value at which Milestone unitholders can cash out their investment in the REIT and immediately realize an assured value, in cash, at a meaningful premium.<2E>The deadline to vote on the existing bid is March 3.($1 = 1.3095 Canadian dollars)(Reporting by John Tilak in Toronto and Carl O''Donnell in New York; Editing by Denny Thomas and Jeffrey Benkoe)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-milestone-starwood-idINKBN166223'|'2017-02-27T14:38:00.000+02:00'
'3dd9891d2336c4c1e15953acad0f1af0a6538921'|'Nineteen EU nations back common position on carbon market reform'|'Business News - Tue Feb 28, 2017 - 5:39pm GMT Nineteen EU nations back common position on carbon market reform BRUSSELS A majority of EU environment ministers on Tuesday reached a compromise on reforms to the carbon market post 2020, moving closer to adopting the bloc''s first major law to curb greenhouse gases since the Paris accord to fight global warming. Nineteen member states, representing 71.44 percent of the EU population, backed a compromise text in the tough talks to bridge divisions over how to balance climate ambitions with protection for energy-intensive industry in reforms of the Emission Trading System (ETS). The cap-and-trade permit system is the EU''s flagship policy to meet its goal of a 43-percent cut in greenhouse gases from 11,000 industries and power plants compared with 2005. But it has suffered from excess supply since the financial crisis, which depressed prices. A minimum of 16 member states is required to back the compromise deal, representing at least 65 percent of the total EU population. Nine member states voted against the deal on Tuesday. (Reporting by Alissa de Carbonnel) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eu-carbon-vote-idUKKBN16726V'|'2017-03-01T00:39:00.000+02:00'
'bb4bf7abbc9d814d2ddabbebf020521f2ec00de6'|'Investors'' net shorts on U.S. Treasuries lowest since Nov -JPM'|'Company News - Tue Feb 28, 2017 - 11:25am EST Investors'' net shorts on U.S. Treasuries lowest since Nov -JPM NEW YORK Feb 28 The margin on bearish bets on longer-dated U.S. Treasuries over bullish positions shrank to its narrowest level since before Donald Trump''s surprise U.S. presidential win in November, J.P. Morgan said on Tuesday. Investors have scaled back their bearish bets on bonds as the Trump administration and the Republican-controlled U.S. Congress have shared few specifics on their pledges on tax cuts, looser regulations and infrastructure spending. At the end of 2016, expectations on speedy implementations of these fiscal measures had stoked jitters about a spike in federal borrowing and inflation, which in turn caused a massive selloff in bond markets around the world. Investors are awaiting possible details on Trump''s plans in his scheduled speech at 9 p.m. (0200 GMT Wednesday) before a joint session of Congress. The share of "short" investors who said they were holding less longer-dated U.S. government debt than their portfolio benchmarks fell to 20 percent from 25 percent from the previous week, J.P. Morgan showed in its latest Treasury client survey. The firm''s survey of clients includes 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 18 percent from 16 percent in the previous week. Some fund managers have renewed their Treasury purchases since mid-December when the benchmark 10-year yield hit 2.64 percent, the highest since September 2014. Early on Tuesday, the 10-year yield was 2.35 percent, down 1 basis point from late on Monday. Short investors outnumbered long investors, or net shorts, by two percentage points, which was the smallest net short since Nov. 7. That was down from nine points last week. The share of "neutral" investors, who said on Monday they were holding amounts of longer-dated Treasuries that match their benchmarks, rose to 62 percent from 59 percent, the survey showed. (Reporting by Richard Leong; Editing by Meredith Mazzilli) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/treasuries-jpmorgan-idUSL2N1GD0VN'|'2017-02-28T23:25:00.000+02:00'
'24eab53cb32a6be396ad3f1fd0dc3f3ecf6872c4'|'BRIEF-Golar LNG partners LP preliminary fourth quarter and financial year 2016 results'|' 51am EST BRIEF-Golar LNG partners LP preliminary fourth quarter and financial year 2016 results Feb 28 Golar LNG Partners LP * Golar LNG Partners LP preliminary fourth quarter and financial year 2016 results * Q4 revenue $114.9 million versus I/B/E/S view $114.5 million * Golar LNG Partners LP says Golar Tundra will also not contribute to operating earnings during 1Q 2017 * Golar LNG Partners LP says operating expenses are expected to be slightly higher in 1Q 2017 Source text for Eikon:    '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-golar-lng-partners-lp-preliminary-idUSASB0B2QW'|'2017-02-28T20:51:00.000+02:00'
'74f06271cf5babca42295f2b828ab4e7ea35b3b6'|'German automakers top U.S. magazine brand rankings'|'Company  50pm EST German automakers top U.S. magazine brand rankings By David Shepardson - WASHINGTON WASHINGTON Feb 28 German automakers dominated Consumer Reports'' annual ranking of automotive brands released on Tuesday, with Volkswagen AG''s Audi leading the pack, while U.S. brands continued to lag despite gains for many. Jake Fisher, director of auto testing at the magazine, said German automakers rose largely due to improvements in reliability. "Building one or two great vehicles is achievable, but making a whole lineup of excellent ones is much more difficult,<2C> Fisher said. Volkswagen''s Porsche unit and rival BMW AG came in second and third. General Motors Co''s Buick brand was the highest-ranked U.S. brand in 10th, down from seventh in 2016, while Ford Motor Co''s Lincoln brand was 15th, up from 17th. The Ford brand fell from 16th to 21th. GM''s Chevrolet brand moved up to 17th from 20th and its Cadillac brand moved up to 18th from 24th. Toyota Motor Corp''s flagship brand fell from eighth to 11th place, falling out of the top 10 for the first time in recent years, after the magazine said its Tacoma pickup had reliability issues. Toyota''s luxury Lexus unit fell from third to fourth. Fuji Heavy Industries'' Subaru unit fell from second to fifth, while Korean auto brand Kia jumped to sixth, up five spots, followed by Mazda Motor Corp in seventh. Tesla Inc was ranked eighth among auto brands after previously not having enough models to be ranked. The California automaker was followed by Honda Motor Co''s namesake brand in ninth. Fiat Chrysler Automobiles'' Chrysler brand jumped from 26th to 19th. GM''s Chevrolet Cruze was named best compact car, while its Impala won best large sedan. Other top picks included the Honda Ridgeline as best compact pickup, Kia Optima best midsized sedan and Audi Q7 best luxury SUV. Nissan Motor Co''s luxury Infiniti brand moved up six spots to 16, while its Nissan brand fell one spot to 22. Some German automakers struggled. The Volkswagen brand fell eight spots to 23rd and Daimler''s Mercedes-Benz fell six spots to 20th. The Fiat brand remained last again among all brands rated, and FCA''s Jeep brand remained second-lowest overall. Consumer Reports does not recommend any Fiat Chrysler vehicles, while it recommends all Porsche, Mazda and BMW vehicles. Fisher said Fiat Chrysler models suffered from serious reliability problems and are "not competitive" in most segments. The non-profit magazine has more than 8 million subscribers and surveys hundreds of thousands of car owners. Many shoppers consult the ratings, and automakers routinely tout favorable ratings in advertising. (Reporting by David Shepardson; Editing by Cynthia Osterman) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-autos-idUSL2N1GD0QO'|'2017-03-01T00:50:00.000+02:00'
'450e4c22913204b6ab121730f22bacc328b5de6b'|'UPDATE 1-Chinese buyer tipped as British Land seeks to sell London''s ''Cheesegrater'''|'(Adds media reports, analyst comments, details)Feb 28 British Land and Oxford Properties are in advanced talks to sell the "Cheesegrater" skyscraper in London, with some media reports naming China''s CC Land as the potential buyer in a billion pound ($1.2 billion) deal.A sale of the distinctive central London office building will give an indication of the health of the UK commercial property market following last June''s Brexit vote."It is not certain that these discussions will lead to a sale of the building," British Land said in a statement on Tuesday on the future of The Leadenhall Building, as the office block is formally known.For British Land, the sale would allow the company to accelerate its transition toward campus-orientated office portfolios, while disposing of a building that is now fully let.CC Land, a company run by the Chinese property magnate Cheung Chung-kiu, was seeking to buy the entire building for 1.02 billion pounds, having seen off rival bids from Korea Investment Corp and Temasek Holdings, specialist property website CoStar said.That valuation would make it the second most expensive building sold in London behind the HSBC tower in the Canary Wharf financial district.British Land had hoped to fetch about 500 million pounds for its 50 percent stake in the Cheesegrater, although it could fetch a premium due to the building''s status in London, a source told Reuters in November.CC Land was not immediately available to comment, while British Land and Cushman & Wakefield, which are managing the sale for British Land, declined to comment.The market has speculated that an overseas group would buy the building as the pound''s slide to multi-year lows since the Brexit vote has drawn in foreign buyers, especially from China.Oxford Properties, which invests in real estate for one of Canada''s largest pension plans, had also been thought of by analysts as a potential buyer. ($1 = 0.8053 pounds) (Reporting by Esha Vaish in Bengaluru, additional reporting by Michelle Price in Hong Kong; editing by Jason Neely/Keith Weir)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/british-land-cheesegrater-idUSL5N1GD45O'|'2017-02-28T17:26:00.000+02:00'
'1d0294179e46c15ef90474b9f58da94fd2a8caed'|'Wall Street to open flat as investors await Trump''s speech'|'Money News - Tue Feb 28, 2017 - 8:04pm IST Wall Street dips ahead of Trump''s speech LIVE COVERAGE: INDIA ELECTIONS 2017 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/Files U.S. stocks opened slightly lower on Tuesday, as investors remained on the sidelines, awaiting President Donald Trump''s first speech to a joint session of Congress for clues on how he planned to implement his policies. The Dow Jones Industrial Average was down 8.14 points, or 0.04 percent, at 20,829.3, the S&P 500 was down 3.92 points, or 0.165418 percent, at 2,365.83 and the Nasdaq Composite was down 7.11 points, or 0.12 percent, at 5,854.79. (Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Sriraj Kalluvila) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/usa-stocks-idINKBN1671NR'|'2017-02-28T21:06:00.000+02:00'
'e7a4e9725ad1f25e435f24fbe29c30d127584350'|'BRIEF-Exxon Mobil Corp obtains exemption from Canadian oil and gas reporting obligations'|' 22pm EST BRIEF-Exxon Mobil Corp obtains exemption from Canadian oil and gas reporting obligations Feb 27 Exxon Mobil Corp: * Exxon Mobil Corporation obtains exemption from Canadian oil and gas reporting obligations * Exxon Mobil - securities commissions for provinces of Alberta and Ontario have issued a decision document * Exxon Mobil - decision document granting co exemptive relief from disclosure requirements in national instrument "51-101" * Exxon Mobil -as a result of decision, and provided certain conditions set out in decision are met, will not be required to comply with requirements of ni 51-101 * Exxon Mobil - future disclosure on oil and gas activities will comply with U.S. rules rather than NI 51-101, Canadian oil and gas evaluation handbook Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-exxon-mobil-corp-obtains-exemption-idUSFWN1GC12T'|'2017-02-28T05:22:00.000+02:00'
'0221618c3a9e1cabbf31c2be933e47cec801e55d'|'SpaceX to send first paying tourists around moon next year'|'By Irene Klotz - CAPE CANAVERAL, Fla. CAPE CANAVERAL, Fla. SpaceX plans to launch two paying passengers on a tourist trip around the moon next year using a spaceship under development for NASA astronauts and a heavy-lift rocket yet to be flown, the launch company announced on Monday.The launch of the first privately funded tourist flight beyond the orbit of the International Space Station is tentatively targeted for late 2018, Space Exploration Technologies Chief Executive Elon Musk told reporters on a conference call.Musk declined to identify the customers or say how much they would pay to fly on the weeklong mission, except to say that it is "nobody from Hollywood."He also said the two prospective space tourists, who know each other, have put down a "substantial" deposit and would undergo "extensive training before going on the mission.""I think there''s a market for one or two of these per year," he said, estimating that space tourist fares charged by SpaceX could eventually contribute 10 to 20 percent of the company''s revenue.Plans call for SpaceX''s two-person lunar venture to fly some 300,000 to 400,000 miles (480,000 to 640,000 km) from Earth past the moon before Earth''s gravity pulls the spacecraft back into the atmosphere for a parachute landing.That trajectory would be similar to NASA''s 1968 Apollo 8 mission beyond the moon and back.Musk also said that if NASA decides it wants to be first in line for a lunar flyby mission, the U.S. space agency would take priority.At the behest of the Trump administration, NASA is conducting a study to assess safety risks, costs and potential benefits of letting astronauts fly on the debut test flight of its heavy-lift Space Launch System rocket and Orion capsule.That mission is currently planned to be uncrewed and scheduled to launch in late 2018.Musk said the privately funded moon expedition would take place after his California-based company begins flying crew to the International Space Station for the National Aeronautics and Space Administration.NASA is hoping those crew-ferrying flights begin by late 2018.SpaceX<65>s own Falcon Heavy rocket, which Musk wants to use for the lunar tourist mission, is scheduled to make a debut test flight later this year.Musk, also CEO of electric carmaker Tesla, said missions around the moon could provide practice for eventual human flights to Mars, the long-term goal of SpaceX.Except for needed communications upgrades, the Dragon spaceship in development for NASA astronauts is well suited for lunar flyby missions, Musk added.The launch would require licensing by the Federal Aviation Administration.SpaceX joins a growing list of companies developing commercial passenger spaceflight services.Virgin Galactic, an offshoot of Richard Branson<6F>s London-based Virgin Group, is testing a six-passenger, two-pilot spaceship to carry paying customers about 62 miles (100 km) above Earth, high enough to experience brief microgravity and see Earth''s curvature against the blackness of space.Tickets to ride cost $250,000 each.SpaceX has a $70 billion backlog of about 70 missions for NASA and commercial customers. The firm<72>s backers include Alphabet''s Google Inc and Fidelity Investments, which together have contributed $1 billion to Musk<73>s firm.(Reporting by Irene Klotz at Cape Canaveral, Florida; editing by Steve Gorman and Mary Milliken)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-space-spacex-tourists-idINKBN1662HJ'|'2017-02-27T21:27:00.000+02:00'
'a39db094a3097551b85f70ee5c3e982a8e54fc87'|'Asian shares on track for monthly gains, await Trump policy speech'|'  6:57am GMT Asian shares on track for monthly gains, await Trump policy speech Visitors use their mobile phones before a ceremony marking the end of trading in 2016 at the Tokyo Stock Exchange (TSE) in Tokyo, Japan December 30, 2016. REUTERS/Toru Hanai By Lisa Twaronite - TOKYO TOKYO Asian shares lost their grip on Tuesday but were still on track for a winning month, bolstered by gains on Wall Street as investors awaited a speech by U.S. President Donald Trump for signals on tax reform and infrastructure spending. In Europe, Germany''s DAX and Britain''s FTSE were expected to open higher. MSCI''s broadest index of Asia-Pacific shares outside Japan erased earlier modest gains and edged down slightly by mid-afternoon. But it was still up more than 3 percent this month and more than 9 percent for the year so far. On Monday, U.S. stocks edged up, with the Dow Jones Industrial Average closing at a record high for a 12th straight session, after Trump said he would talk about plans for "big" infrastructure spending in his first major policy address to Congress on Tuesday (9 pm ET Feb 28/0200 GMT on March 1). [.N] "Twelve in a row and counting as the Dow closed higher for yet another consecutive record close, as well as new record highs for both major U.S. benchmarks, and this looks set to translate into a positive European open this morning," wrote Michael Hewson, Chief Market Analyst at CMC Markets UK. Australia''s S&P/ASX 200 index erased gains and ended down 0.2 percent, while China''s Shanghai Composite Index was up 0.1 percent. Japan''s Nikkei stock index pared its gains but still ended up 0.1 percent, up 0.4 percent for February and nearly flat for the year to date, as investors awaited Trump. "This could be like the case of his inauguration speech, in which expectations were high, but he didn''t come up with any concrete details," said Ayako Sera, market strategist at Sumitomo Mitsui Trust Bank. "The market does not want a repeat of that, and wants to hear some actual plans, or there will be disappointment," she said. Treasury Secretary Steven Mnuchin said in a televised interview on Sunday that Trump will use the event to preview some elements of his sweeping tax reform plans. Trump will seek to boost Pentagon spending by $54 billion in his first budget proposal and slash the same amount from non-defense spending, including a large reduction in foreign aid, a White House budget official said. The dollar slipped 0.3 percent to 112.43 yen but still held above Monday''s nadir of 111.920, which was its lowest since Feb. 9. The euro was up 0.1 percent on the day at $1.0599. Hawkish comments from a U.S. Federal Reserve official also bolstered U.S. Treasury yields and underpinned the dollar. Dallas Fed President Robert Kaplan said on Monday that the Fed might need to raise interest rates in the near future to avoid falling behind the curve on inflation. The yield on benchmark 10-year U.S. Treasuries, which had slumped to more than five-week lows last week, stood at 2.363 percent in Asian trade, not far from their U.S. close of 2.367 percent on Monday. Crude oil prices were largely steady, as expectations of higher U.S. crude production offset reports of high compliance with OPEC''s production cut agreement. U.S. crude was up 0.3 percent on the day at $54.20 per barrel, while Brent crude added 0.4 percent to $56.14. Spot gold edged up 0.1 percent to $1,254.48 an ounce but remained shy of a 3-1/2-month peak scaled on Monday as investors awaited Trump''s speech. (Editing by Kim Coghill)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-global-markets-idUKKBN16702Q'|'2017-02-28T13:49:00.000+02:00'
'3027f8bb304c49eea59cfe4864c7dab1ba3f09f4'|'BRIEF-Perrigo signs agreement to divest tysabri royalty stream for up to $2.85 billion'|' 58pm EST BRIEF-Perrigo signs agreement to divest tysabri royalty stream for up to $2.85 billion Feb 27 Perrigo Company Plc * Perrigo signs agreement to divest tysabri<72> royalty stream for up to $2.85 billion * Perrigo signs agreement to divest tysabri<72> royalty stream for up to $2.85 billion * Perrigo company plc - deal includes up to $650 million in potential milestone payments based upon future global net sales of tysabri in 2018 and 2020 * Perrigo company plc - transaction is valued at a total consideration of up to $2.85 billion, including $2.2 billion in cash * Perrigo company - royalty pharma will acquire all of perrigo''s rights to receive tysabri(<28> )royalty payments from and after january 1, 2017 * Perrigo company - says royalty pharma will acquire all of perrigo''s rights to receive tysabri royalty payments from and after january 1, 2017 * Perrigo company plc - perrigo will also assign to royalty pharma certain information and audit rights under perrigo''s existing agreement with biogen * Perrigo - royalty pharma to pay additional payments of $250 million if royalties earned on global sales of tysabri meet specified thresholds during 2018 * Perrigo company- royalty pharma to pay additional payments of $400 million if royalties earned on global net sales of tysabri meet specified thresholds in 2020 Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-perrigo-signs-agreement-to-divest-idUSASB0B2I8'|'2017-02-28T04:58:00.000+02:00'
'930edb5e306cb0c1d4a430ddcf8e51fdaf9170c6'|'UK insurer Aviva to take 385 million pounds charge after discount rate cut'|' 40pm GMT UK insurer Aviva to take 385 million pounds charge after discount rate cut FILE PHOTO - A man walks past an AVIVA logo outside the company''s head office in the city of London March 5, 2009. REUTERS/Stephen Hird British insurer Aviva ( AV.L ) said it expects to take an exceptional charge of 385 million pounds to its 2016 profit after tax after Britain changed the rate at which compensation payments are calculated in personal injury claims. Some UK insurance stocks fell and analysts warned of higher insurance motor premiums after Britain''s Ministry of Justice on Monday cut the discount rate used to calculate lump sum payouts to minus 0.75 percent from 2.5 percent. The change will increase the size of lump sum pay outs, a threat to UK motor insurers'' profitability. "Aviva supports this review process and recognises the minus 0.75 percent rate announced by the Lord Chancellor may be revised," the insurer said in a statement on Tuesday. Chief executives of 15 of Britain''s biggest motor and commercial liability insurers were meeting finance minister Philip Hammond on Tuesday to ask him to stop the "crazy" decision, the Association of British Insurers said. The exceptional charge will not affect Aviva''s 2016 operating profit or dividend, the insurer said. It is due to report its 2016 results on March 9. ($1 = 0.8053 pounds) (Reporting by Rahul B in Bengaluru; editing by Carolyn Cohn in London)  '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-insurance-aviva-discountrate-idUKKBN1671PL'|'2017-02-28T21:40:00.000+02:00'
'8b4d7b0afcdc993daa4843a5cc9d465d3da2fea5'|'Millions face benefits cut-off in South African service-provider row'|'Company News  40am EST Millions face benefits cut-off in South African service-provider row By Wendell Roelf - CAPE TOWN CAPE TOWN Feb 28 Millions of South Africa''s most vulnerable people, including the disabled and the old, are in danger of missing their social security payments because of a service-provider dispute, setting the government racing to meet an April 1 deadline. Zodwa Mvulane, project manager at South Africa''s Social Security Agency (SASSA) said on Tuesday the agency was seeking to ensure as many as 17 million people continued to receive their money, despite concerns that retaining the existing service provider is both unlawful and costly. "We will be negotiating with the current service provider for a new contract," she said. The existing contract, run by Cash Paymaster Services, a unit of technology company Net1 unit, has been in doubt since South Africa''s highest court ruled four years ago that the tender process to acquire its services was unlawful. It ordered that a new contract to be negotiated. SASSA has so far failed to find a new service provider to take up the service at the start of April or set up its own payment agency, officials said, adding that they opted to renew the deal with Cash Paymaster Services despite the court order. The looming crisis saw opposition parties and ruling African National Congress members of parliament unite on Tuesday in a rare display of cross-party condemnation as SASSA officials struggled to justify the delays. For millions of South Africa''s most vulnerable SASSA money is often the difference between an empty or full belly. The Treasury has expressed misgivings about SASSA retaining Cash Paymaster Services, a move also criticised by members of parliament''s committee on public accounts. "You are literally between a rock and a hard place, because Treasury will have to approve your process and it doesn''t look like it wants to do it," said Tim Brauteseth of the opposition Democratic Alliance. Brauteseth quoted a Treasury letter to SASSA saying extending a contract declared invalid by the Constitutional Court was "not justifiable". The government''s expenditure on social grants in the 2017/18 financial year amounting to more than 150 billion rand ($12 billion), a key expenditure item in a low-growth environment. Social Development Minister Bathabile Dlamini assured beneficiaries that government would continue with payments. The minister said she would hold a news conference on Wednesday to address all questions related to SASSA. ($1 = 13.0375 rand) (Editing by James Macharia/Jeremy Gaunt) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/safrica-welfare-idUSL5N1GD3WQ'|'2017-02-28T22:40:00.000+02:00'
'69b8d932409f9435ce2df27c0507e85346954e7e'|'PRESS DIGEST- New York Times business news - Feb 28'|'Company News - Tue Feb 28, 2017 - 12:55am EST PRESS DIGEST- New York Times business news - Feb 28 Feb 28 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. - Uber has asked a senior executive to leave the company for failing to disclose a sexual harassment allegation stemming from his tenure at Alphabet Inc''s Google. nyti.ms/2ltsB0n - At least four automakers knew for years that Takata''s airbags were dangerous and could rupture violently but continued to use those airbags in their vehicles to save on costs, lawyers representing victims of the defect asserted in a court document filed on Monday. nyti.ms/2ltjLPS - An alliance of about 30 companies, including Microsoft and JPMorgan Chase, has plans to standardize data gathering and tracking with software that is seen as harder to hack. nyti.ms/2ltkAs5 - The Chinese-owned brokerage firm CLSA Americas unexpectedly shut down its stock research unit and related functions on Monday, sending some employees and analysts scrambling to pack their things. nyti.ms/2ltmNDQ - Renata Hesse, who headed the Antitrust Division at the Justice Department, is joining Sullivan & Cromwell as a partner in its Washington office, the law firm announced on Monday. nyti.ms/2ltmRDA (Compiled by Vishal Sridhar in Bengaluru) Next In Company News Malaysia to charge women for airport murder of N.Korean KUALA LUMPUR, Feb 28 Malaysian prosecutors will charge two women - an Indonesian and a Vietnamese - with murder over their alleged involvement in the killing of the estranged half-brother of North Korea''s leader, the Southeast Asian country''s attorney general said on Tuesday.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/press-digest-nyt-idUSL3N1GD2G3'|'2017-02-28T12:55:00.000+02:00'
'0d7484915c74e006fa776b12f8c5bdd5b33ab146'|'BRIEF-Immune Pharmaceuticals reports preliminary data with bertilimumab in an open label phase 2 study'|' 50am EST BRIEF-Immune Pharmaceuticals reports preliminary data with bertilimumab in an open label phase 2 study Feb 28 Immune Pharmaceuticals Inc * Immune Pharmaceuticals reports encouraging preliminary data with bertilimumab in an open label phase 2 study in the rare dermatological auto-immune disease, bullous pemphigoid * Says no significant adverse events were reported. * Immune Pharmaceuticals - based on these preliminary results, company has also submitted a request for orphan drug designation for bertilimumab in BP Source text for Eikon:    '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-immune-pharmaceuticals-reports-pre-idUSFWN1GD0VH'|'2017-02-28T20:50:00.000+02:00'
'5eb7ee4b9395cb34fb3d92e7e58be21c9063f2ff'|'China''s SF Holding jumps on strong profit, backdoor listing'|'SHANGHAI Shares of Chinese express delivery firm SF Holding ( 002352.SZ ) shot up 10 percent on Tuesday, after it announced strong profit growth and completed a backdoor listing last week, ranking owner Wang Wei fourth among the country''s richest individuals.The giant Chinese courier added the final touches to its backdoor listing on Friday after reporting strong preliminary 2016 net profit, which it said jumped 280 percent, fueled by rapid industry growth.SF Holding struck a $6.6-billion deal last year with little-known metals firm Maanshan Dingtai Rare Earth & New Materials Ltd, effectively allowing the courier to bypass a waiting list for a formal initial public offer.The firm, which formally changed its name to SF Holding Co Ltd from Maanshan Dingtai on Friday, used an asset swap and new share deal with the metals firm in a bid to help it attract investors as it eyes expansion overseas.Amid China''s e-commerce boom, logistics is a key growth sector, which has spurred similar listing efforts by smaller firms YTO Express and STO Express.SF Holding''s shares, which have now rocketed close to 70 percent over the past six trading sessions, rank owner Wang as China''s fourth richest man, with a wealth of $18.5 billion, the Forbes China Rich List shows.That puts him behind only property magnate Wang Jianlin of Dalian Wanda, Alibaba Group Holding Ltd founder ( BABA.N ) Jack Ma and Tencent Holdings Ltd''s ( 0700.HK ) Pony Ma.(Reporting by Adam Jourdan; Editing by Clarence Fernandez)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-sf-holdings-stocks-idINKBN167148'|'2017-02-28T07:16:00.000+02:00'
'760e7725569cb2cc5c176602bb8e25690251d31f'|'UK rejects Merck''s Keytruda as initial treatment for lung cancer'|'Company  40am EST UK rejects Merck''s Keytruda as initial treatment for lung cancer LONDON Feb 28 Britain''s healthcare watchdog NICE, which assesses the cost-effectiveness of medical treatments, has stopped short of recommending the use by the National Health Service (NHS) of Merck & Co Inc''s immunotherapy drug Keytruda in newly diagnosed lung cancer patients, after giving the go-ahead in December for patients who had prior treatment. Keytruda is already approved as a cost-effective treatment in melanoma and the National Institute for Health and Care Excellence also on Dec. 2 approved its use in the treatment of lung cancer patients who had started on chemotherapy, after Merck & Co cut the price further for the NHS. But trial data so far on the survival benefit of Keytruda as an initial lung cancer treatment has not been reliable enough, according to NICE''s draft guidance, which will be subject to public consultation until 21 March. "The exact size of the overall survival gain for Keytruda compared to the current standard of care was uncertain because of the immaturity of the data," a NICE spokeswoman said. Keytruda has proved effective in fighting non-small cell lung cancer in patients with high levels of a protein called PD-L1, which makes them more receptive to immunotherapy. The average cost of a course of treatment in Britain is around 29,000 pounds ($36,000) at the full list price but the NHS will pay less after getting a confidential discount. ($1 = 0.8042 pounds) (Reporting by Ludwig Burger; Editing by Greg Mahlich) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/merck-britain-cancer-idUSL5N1GD6T2'|'2017-02-28T23:40:00.000+02:00'
'89578583a3aaac180d37e1d65bf16d56769d5fc7'|'China economy faces external uncertainties, overcapacity - stats bureau'|'Business News - Tue Feb 28, 2017 - 2:01am GMT China economy faces external uncertainties, overcapacity - stats bureau BEIJING China''s economy faces international uncertainties and excess factory capacity this year, Li Xiaochao, vice head of the National Bureau of Statistics said on Tuesday. Maintaining mild inflation will be favourable for China''s economy, Li said in a statement posted on the bureau''s website. (Reporting by China monitoring desk and Kevin Yao; Editing by Simon Cameron-Moore) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-china-economy-uncertainties-idUKKBN167074'|'2017-02-28T09:01:00.000+02:00'
'a3337be630400a6ad8070114cce1f0a2ebf07ec5'|'METALS-Copper steady as attention shifts to Trump speech'|' 06pm EST METALS-Copper steady as attention shifts to Trump speech * Investors look to Trump speech for clarity on economic policy * Metals markets looking for big U.S. infrastructure spend * Supply stoppages at major copper mines support prices (Adds comment, updates prices) By James Regan SYDNEY, Feb 28 London copper was steady on Tuesday as investors looked towards a speech by U.S.   for more clarity on his economic policy, while persistent concerns over supply from large mines in Chile and Indonesia continued to buoy prices. Three-month copper on the London Metal Exchange was 0.12 percent higher at $5,941 a tonne at 0145 GMT, after edging up 0.1 percent in the previous session. The most-traded copper contract on the Shanghai Futures Exchange was up 0.31 percent at 48,020 yuan ($6,989) a tonne. Investors are waiting for a speech by Trump on Tuesday for signals on tax reform and infrastructure spending. A strike at the Escondida copper mine in Chile, the world''s largest, appeared far from ending on Monday as the conflict neared its third week, with the union denying a news report that it had returned to talks with mine owner BHP Billiton . Elsewhere, shareholders are pressuring miner Freeport-McMoRan Inc to stand up to the Indonesian government over changes the Southeast Asian country wants to make in the U.S. miner''s contract, with output halted at a giant copper mine. "The fundamentals are in the positive column for copper, that''s why we''re seeing the price where it is," said a commodities trader in Sydney, who did not want to be identified. "But if Trump''s spending plan proves disappointing or just a political manoeuvre, we could see a roll back (in prices)." Aluminium was steady at $1,899 a tonne and zinc gained 0.37 percent to $2,816.50. London zinc prices have nearly doubled over the past 13 months and are closing in on nine-year highs, but signs of tightening in the global market for refined zinc means the rally may have further to run. Tin was up 0.68 percent at $19.125 a tonne, while nickel slipped 0.18 percent to $11,025 a tonne. In ShFE trading, nickel was up 1.3 percent, with zinc 0.37 percent higher. PRICES'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/global-metals-idUSL3N1GD1EB'|'2017-02-28T09:06:00.000+02:00'
'866dacb01689f1183d3401e94c95362415c0d43e'|'Takata pleads guilty to U.S. fraud charge linked to faulty air bags'|' 12pm EST Takata pleads guilty to U.S. fraud charge linked to faulty air bags The logo of Takata Corp is seen on its display at a showroom for vehicles in Tokyo, Japan, February 9, 2017. Picture taken February 9, 2017. REUTERS/Toru Hanai DETROIT Japan''s Takata Corp ( 7312.T ) on Monday pleaded guilty to a felony charge as part of an expected $1 billion deal with the U.S. Justice Department that includes compensation funds for automakers and victims of its faulty airbag inflators. After Takata''s guilty plea, a federal judge in Detroit was hearing objections on Monday to the settlement raised by lawyers for some victims of Takata inflator ruptures, who argue the settlement will be used by automakers to avoid liability, a court clerk said. Takata hopes to wins court approval of the settlement, a key hurdle to securing the backing of an investor or acquirer that can fund a turnaround effort and help it grapple with billions of dollars in costs related to the auto industry''s biggest-ever recall. (Reporting By David Shepardson in Washington and Joseph White in Detroit; Editing by Meredith Mazzilli)  '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-takata-settlement-idUSKBN1662EA'|'2017-02-28T04:12:00.000+02:00'
'43bd53fc468680d246f3bcfefbacc1169b388554'|'BRIEF-Perrigo Company Plc files for non-timely 10-Q'|' 57pm EST BRIEF-Perrigo Company Plc files for non-timely 10-Q Feb 27 Perrigo Company Plc * Perrigo Company Plc files for non-timely 10-Q * Files for non-timely 10-Q - SEC Filing * Perrigo Company Plc - Is in the process of identifying certain deferred tax assets and other related effects at Omega Pharma Invest N.V. * Perrigo Company Plc - Company has not completed its calculation of the implied fair value of the Tysabri asset * Perrigo Company says it has not completed its calculation of the implied fair value of the Tysabri asset * Perrigo Company says its independent auditors also are evaluating the historical revenue recognition practices associated with Tysabri Source text: [ bit.ly/2l5YXlq ]  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-perrigo-company-plc-files-for-non-idUSFWN1GC140'|'2017-02-28T04:57:00.000+02:00'
'a2db4a7ef0aecdf30e870c156f6e12d3347d3312'|'BRIEF-Inuvo Inc says it''s unit and Google entered into a Google services agreement effective as of March 1'|'United States  19pm EST BRIEF-Inuvo Inc says it''s unit and Google entered into a Google services agreement effective as of March 1 Feb 27 Inuvo Inc * Inuvo inc- co''s unit and google inc. Entered into a google services agreement effective as of march 1, 2017- sec filing * Inuvo inc- under agreement, vertro has agreed to utilize google''s websearch and adsense for search on approved websites * Inuvo inc- term of agreement is from march 1, 2017 to february 28, 2019 * Inuvo inc- agreement contains customary termination provisions and either party has right to terminate agreement on january 31, 2018 Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-inuvo-inc-says-its-unit-and-google-idUSFWN1GC15X'|'2017-02-28T05:19:00.000+02:00'
'30fde8225f58f3723867e945ea1ac65665b49b40'|'BRIEF-Valeant sees continued pressure on dermatology volumes'|' 55am EST BRIEF-Valeant sees continued pressure on dermatology volumes Feb 28 Valeant Pharmaceuticals International Inc * Valeant says q4 was held back by pricing pressure, decline in dermatology prescriptions, egyptian currency * Valeant reiterates August 2016 plan is to pay down $5 billion in debt within 18 months of that statement * Valeant says has sold or agreed to sell 10 businesses to raise up to $2.7 billion to pay down debt * Valeant sees continued pressure on dermatology volumes due to higher co-pays and managed care rebates in 2017   (Reporting By Caroline Humer)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-valeant-sees-continued-pressure-on-idUSL2N1GD0FY'|'2017-02-28T20:55:00.000+02:00'
'a7c5ae58c76a21753156445947e077d1316418a8'|'CANADA STOCKS-TSX posts lowest close in 3 weeks as gold shares fall'|'(Adds portfolio manager Quote: s, background, details; updates prices)* TSX closes down 69.96 points, or 0.45 percent, at 15,463.51* Index posts its lowest close since Feb. 6.* Four of TSX''s 10 main groups end lowerBy Fergal SmithTORONTO, Feb 27 Canada''s main stock index posted its lowest close in three weeks on Monday, falling for the fourth straight session as gold stocks declined sharply, while the heavyweight financial services group also lost ground.The losing streak for the Toronto Stock Exchange''s S&P/TSX composite index follows a record high last week at 15,943.09. The index has rallied 5.5 percent since the U.S. presidential election in November, helped by prospects of U.S. economic stimulus."I am getting a sense of fatigue in the market place after that strong run up, particularly for a risk-on play like Canada," said Candice Bangsund, vice president and portfolio manager at Fiera Capital Corporation.Three-quarters of the weight of the TSX is made up of the financial, industrial, energy and materials groups, many of whose shares are seen as sensitive to the economic outlook, while some defensive sectors such as healthcare have a low weighting.Investors are waiting for U.S. President Donald Trump to outline plans for tax cuts, infrastructure spending, levies on imports and foreign policy in a speech on Tuesday night."They are waiting for more details and it feels like they are getting a bit more impatient," Bangsund said.The TSX closed down 69.96 points, or 0.45 percent, at 15,463.51, its lowest close since Feb. 6.The index fell sharply at the close due to trades related to index rebalancing after the completion by Enbridge Inc of its acquisition of Spectra Energy Corp.The materials group, which includes precious and base metals miners and fertilizer companies, lost 3.6 percent, with Barrick Gold Corp falling 3.4 percent to C$24.73 and Agnico Eagle Mines Ltd tumbling 6.6 percent to C$55.33.Gold futures fell 0.4 percent to $1,251.7 an ounce.Four of the index''s 10 main groups ended lower, including a 0.4 percent drop for financials.Bank of Nova Scotia fell 1.4 percent to C$79.25 and Bank of Montreal declined 1.4 percent to C$98.58. Both banks are due to report quarterly earnings on Tuesday.The energy group climbed 0.4 percent, with Enbridge ending up nearly 4 percent at C$56.35, while oil prices ended little changed as the prospect for U.S. crude production to continue growing offset reports of high compliance with the OPEC production cut agreement.Valeant Pharmaceuticals International Inc advanced 3.5 percent to C$21.94 after the company said it would expand by 40 percent the sales force for its Salix gastrointestinal unit. (Additional reporting by Alastair Sharp; Editing by Nick Zieminski and James Dalgleish)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/canada-stocks-idINL2N1GC1KF'|'2017-02-27T20:02:00.000+02:00'
'6a44f228c72f7025c6e482d0573cabcb3544b482'|'Snap expects some IPO investors to make year-long commitments'|'Tech  54am GMT Snap expects some IPO investors to make year-long commitments FILE PHOTO -- A billboard displays the logo of Snapchat above Times Square in New York March 12, 2015. REUTERS/Lucas Jackson/File Photo By Lauren Hirsch Snap Inc, owner of popular messaging app Snapchat, disclosed on Monday that it expected investors buying up to a quarter of the shares in its $3.2 billion initial public offering this week to agree not to sell them for a year. While Snap cautioned it had no binding commitments yet from investors accepting such a lock-up period, the disclosure is a sign of confidence from the company in what is expected to be the biggest U.S. IPO since Facebook Inc ( FB.O ). Lock-up periods help companies moderate stock volatility by preventing company insiders from selling their shares within an allotted time. A year-long lock-up period is atypically long, potentially signifying strong demand for the IPO. Snap is targeting a valuation of between $19.5 billion and $22.3 billion from listing on the New York Stock Exchange on Thursday. It is looking to price 200 million shares on Wednesday night at a range of $14 to $16 dollars a share. Orders for the IPO have begun to come in at the high-end of its range, and its "book" is already oversubscribed, according to people familiar with the process who requested anonymity. In its updated IPO registration document with the U.S. Securities and Exchange Commission on Monday, Snap said it expected approximately 50 million shares of its Class A common stock purchased by investors in the offering to be subject to a separate one-year lock-up agreement. The roughly 50 million shares are designated for new Snap IPO investors who do not currently have a stake in the company, the sources said. Lock-up periods can buoy companies at risk of a stock selloff in the months following their IPO. This risk is particularly strong for companies in the technology sector. Eight of the 10 biggest technology IPOs fell by between 25 percent and 71 percent in their first 12 months on the public market, according to a Reuters analysis of market performance. (Reporting by Lauren Hirsch in New York; Additional reporting by Olivia Oran in New York; Editing by Cynthia Osterman) Next In Tech Starwood in talks on raising initial bid for Milestone: sources TORONTO/NEW YORK Milestone Apartments Real Estate Investment Trust, which has agreed to be acquired by Starwood Capital Group for about C$1.7 billion ($1.3 billion), is in talks with the U.S. private investment firm about raising its bid, people familiar with the situation told Reuters.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-snap-ipo-idUKKBN16703K'|'2017-02-28T07:52:00.000+02:00'
'9350300ea3d3d75017d2d2a6353a8141b1090441'|'Comcast to buy remaining 49 percent stake in Universal Studios Japan'|'By Anjali Athavaley Comcast Corp ( CMCSA.O ) said on Tuesday it would buy the 49 percent it does not already own in Universal Studios Japan (USJ) for 254.8 billion yen ($2.27 billion) as the No. 1 U.S. cable operator seeks to expand its Asian theme parks business.The deal values the Japanese theme park operator at 840 billion yen ($7.5 billion), including the assumption of net debt.Comcast is buying USJ from Goldman Sachs ( GS.N ), private equity firm MBK and other owners.Elsewhere in Asia, the company is building a theme park in Beijing and licenses one in Singapore.Universal Studios Japan opened in 2001 as a Japanese company with a license from NBCUniversal. Comcast bought a 51 percent stake in 2015.The transaction is expected to close before the end of April 2017.Comcast shares fell 0.4 percent to $37.36 in morning trading on Tuesday.(Additional reporting by Anya George Tharakan in Bengaluru; Editing by Sai Sachin Ravikumar and W Simon)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-usj-m-a-comcast-idINKBN1671RQ'|'2017-02-28T12:54:00.000+02:00'